Ready Capital Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 6, 2026, reporting a net loss from continuing operations of $361,962 thousand for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss from continuing operations: $361,962 thousand for the nine months ended September 30, 2026, compared to net income of $16,712 thousand in the same period of 2025.
  • Third-quarter net interest income: Nearly flat at $1 thousand for the three months ended September 30, 2026, down from $10,520 thousand in the prior-year quarter.
  • Provision for loan losses: $105,120 thousand recorded for the nine months ended September 30, 2026, compared to a recovery of $62,951 thousand in the same period of 2025.
  • Total assets declined: From $7,769,796 thousand at December 31, 2025, to $5,783,337 thousand at September 30, 2026.
  • Retained deficit widened: To $(1,185,833) thousand at September 30, 2026, from $(807,522) thousand at December 31, 2025.
  • Common shares outstanding: 160,228,768 shares of common stock as of November 5, 2026.
  • Real estate owned: $563,512 thousand at September 30, 2026, down from $620,225 thousand at December 31, 2025.

Ready Capital's Balance Sheet Contraction and Loan Loss Pressures in Third Quarter 2026

Ready Capital Corporation, a Maryland-incorporated real estate finance company listed on NYSE:RC that originates and services small-to-medium balance commercial loans, reported a significant contraction in its balance sheet over the nine months ended September 30, 2026, according to the filing. Total assets fell to $5,783,337 thousand from $7,769,796 thousand at December 31, 2025, driven in part by a reduction in loans held for sale from $585,820 thousand to $112,766 thousand and a decline in assets of consolidated variable interest entities from $1,978,684 thousand to $1,004,891 thousand.

The company's income statement reflected significant credit-related pressure, the filing disclosed. The provision for loan losses totaled $105,120 thousand for the nine months ended September 30, 2026, a sharp reversal from the $62,951 thousand recovery recorded in the same period of 2025. Net realized losses on financial instruments and real estate owned reached $99,119 thousand for the nine-month period. Interest income declined to $242,959 thousand from $445,193 thousand year-over-year for the same nine-month stretch, while interest expense fell to $263,514 thousand from $403,274 thousand, leaving a net interest loss before provisions of $20,555 thousand.

On the liability side, secured borrowings decreased to $1,691,519 thousand from $2,788,926 thousand, and securitized debt obligations of consolidated VIEs fell to $607,600 thousand from $1,174,785 thousand, according to the filing. Guaranteed loan financing, however, rose to $911,288 thousand from $524,091 thousand. The company's total stockholders' equity stood at $1,279,150 thousand at September 30, 2026, compared to $1,643,267 thousand at December 31, 2025. The filing also noted that servicing rights declined to $115,015 thousand from $126,279 thousand, reflecting amortization and impairment of $23,498 thousand for the nine months ended September 30, 2026.

What Was Disclosed

Ready Capital Corporation disclosed its unaudited consolidated financial results for the quarter and nine months ended September 30, 2026, showing a deepening net loss from continuing operations, a contraction in total assets, and increased loan loss provisions compared to the prior-year period.