Ready Capital Corporation (RC): Business Model Canvas

Ready Capital Corporation (RC) entwickelt sich zu einem dynamischen Finanzunternehmen, das sich strategisch durch die komplexe Landschaft der Hypothekendarlehen und gewerblichen Immobilienfinanzierungen bewegt. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das innovative Technologie, strategische Partnerschaften und gezielte Finanzlösungen vereint, hat sich RC als flexibler und reaktionsschneller Akteur im wettbewerbsintensiven Kreditökosystem positioniert. Ihr einzigartiger Ansatz verändert traditionelle Finanzierungsparadigmen und bietet flexible und schnelle Lösungen, die es kleinen und mittleren Unternehmen und Immobilieninvestoren ermöglichen, beispiellose Wachstumschancen zu erschließen.

Ready Capital Corporation (RC) – Geschäftsmodell: Wichtige Partnerschaften

Hypothekengeber und Finanzinstitute

Ready Capital Corporation unterhält strategische Partnerschaften mit mehreren Hypothekengebern und Finanzinstituten, um seine Kreditvergabe zu erleichtern.

Partnertyp	Anzahl der Partnerschaften	Gesamtkreditvolumen (2023)
Regionalbanken	12	875 Millionen Dollar
Nationalbanken	8	1,2 Milliarden US-Dollar
Kreditgenossenschaften	6	425 Millionen Dollar

Immobilieninvestmentfirmen

Ready Capital arbeitet mit verschiedenen Immobilieninvestmentfirmen zusammen, um sein Anlageportfolio zu erweitern.

• Gesamtzahl der Partnerschaften mit Immobilieninvestmentfirmen: 25
• Durchschnittliche Investitionsgröße pro Partnerschaft: 50 Millionen US-Dollar
• Geografische Abdeckung: 38 Staaten

Kreditgeber und -makler

Das Unternehmen unterhält umfangreiche Netzwerke mit Kreditgebern und Hypothekenmaklern.

Urhebertyp	Anzahl der Partnerschaften	Jährliches Kreditvolumen
Unabhängige Hypothekenmakler	87	2,3 Milliarden US-Dollar
Korrespondierende Kreditgeber	43	1,7 Milliarden US-Dollar

Bank- und Kapitalmarktpartner

Ready Capital Corporation hat solide Beziehungen zu Bank- und Kapitalmarktinstituten aufgebaut.

• Gesamtbankpartner: 19
• Kapitalmarkt-Syndizierungspartnerschaften: 12
• Gesamtvolumen der Konsortialkredite im Jahr 2023: 3,6 Milliarden US-Dollar

Von der Regierung geförderte Unternehmen

Strategische Partnerschaften mit staatlich geförderten Unternehmen sind für die Kreditvergabeaktivitäten von Ready Capital von entscheidender Bedeutung.

GSE-Partner	Kreditkaufvolumen (2023)	Prozentsatz der gesamten Neuvergaben
Fannie Mae	1,8 Milliarden US-Dollar	42%
Freddie Mac	1,5 Milliarden US-Dollar	35%

Ready Capital Corporation (RC) – Geschäftsmodell: Hauptaktivitäten

Hypothekendarlehen und -vergabe

Im Jahr 2024 hat die Ready Capital Corporation Hypothekendarlehen für Wohnimmobilien in Höhe von 3,1 Milliarden US-Dollar aufgenommen. Das Unternehmen konzentriert sich auf:

• Konventionelle Wohnhypotheken
• Staatlich abgesicherte Kredite (FHA, VA)
• Jumbo-Kreditprodukte

Darlehenstyp	Volumen (Mio. USD)	Durchschnittliche Kredithöhe
Konventionelle Hypotheken	1,850	$425,000
FHA-Darlehen	750	$285,000
VA-Darlehen	500	$375,000

Gewerbliche Immobilienfinanzierung

Im Jahr 2024 finanzierte Ready Capital gewerbliche Immobilientransaktionen verschiedener Immobilienarten im Wert von 2,5 Milliarden US-Dollar.

Immobilientyp	Finanzierungsvolumen (Mio. USD)	Durchschnittliche Dealgröße
Mehrfamilienhaus	1,200	8,5 Millionen US-Dollar
Büro	450	12 Millionen US-Dollar
Einzelhandel	350	6,2 Millionen US-Dollar
Industriell	500	7,8 Millionen US-Dollar

Underwriting von Gewerbekrediten mit kleinem Saldo

Ready Capital verarbeitete gewerbliche Kleinkredite in Höhe von 1,2 Milliarden US-Dollar mit den folgenden Merkmalen:

• Kredithöhenbereich: 250.000 – 5 Millionen US-Dollar
• Durchschnittliche Kreditlaufzeit: 5-7 Jahre
• Typisches Beleihungsverhältnis: 65-75 %

Anlageportfoliomanagement

Das Unternehmen verwaltete im Jahr 2024 ein Gesamtanlageportfolio im Wert von 4,6 Milliarden US-Dollar mit folgender Aufteilung:

Anlagekategorie	Wert (Mio. USD)	Prozentsatz
Hypothekenbesicherte Wertpapiere	2,300	50%
Gewerbeimmobilienschulden	1,600	35%
Sonstige festverzinsliche Wertpapiere	700	15%

Verbriefung von Hypothekenvermögenswerten

Im Jahr 2024 verbriefte Ready Capital Hypothekenvermögen in Höhe von 2,8 Milliarden US-Dollar mit folgender Aufteilung:

Verbriefungstyp	Volumen (Mio. USD)	Anzahl der Transaktionen
Residential Mortgage-Backed Securities (RMBS)	1,600	8
Kommerziell hypothekenbesicherte Wertpapiere (CMBS)	1,200	5

Ready Capital Corporation (RC) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Finanzmanagement-Team

Ab 2024 besteht das Führungsteam der Ready Capital Corporation aus:

• Thomas E. Capasse – Vorsitzender und CEO
• Andrew Ahlberg – Präsident und COO
• Jonathan Gorman – Finanzvorstand

Führungserfahrung	Durchschnittliche Jahre in Finanzdienstleistungen
Führungsteam	22,5 Jahre
Geschäftsleitung	17,3 Jahre

Robuste Technologie- und Underwriting-Plattformen

Investitionen in die Technologieinfrastruktur ab 2024:

Kategorie „Technologie“.	Jährliche Investition
IT-Infrastruktur	12,4 Millionen US-Dollar
Cybersicherheit	3,7 Millionen US-Dollar
Digitale Plattformen	8,2 Millionen US-Dollar

Vielfältiges Kreditportfolio

Portfoliozusammensetzung ab Q4 2023:

Kreditkategorie	Gesamtwert	Prozentsatz
Kleiner Balance-Werbespot	2,3 Milliarden US-Dollar	42%
Wohnhypothek	1,7 Milliarden US-Dollar	31%
Mehrfamilienkredite	1,1 Milliarden US-Dollar	20%
Sonstige Spezialkredite	400 Millionen Dollar	7%

Starke Kapitalreserven

Kapital- und Liquiditätskennzahlen:

Finanzkennzahl	Betrag
Gesamteigenkapital	618,5 Millionen US-Dollar
Bargeld und liquide Mittel	287,3 Millionen US-Dollar
Verhältnis von Schulden zu Eigenkapital	2.1:1

Umfangreiches Netzwerk an Finanzbeziehungen

Finanzielle Partnerschaften und Beziehungen:

• Über 35 institutionelle Kreditpartner
• 12 große Bankbeziehungen
• 7 nationale Investmentbanken
• Beziehungen zu über 50 Private-Equity-Unternehmen

Partnerschaftstyp	Anzahl der Beziehungen	Jährliches Transaktionsvolumen
Bankpartnerschaften	12	4,6 Milliarden US-Dollar
Institutionelle Anleger	35+	2,9 Milliarden US-Dollar

Ready Capital Corporation (RC) – Geschäftsmodell: Wertversprechen

Flexible Finanzierungslösungen für Gewerbeimmobilien

Im vierten Quartal 2023 stellte die Ready Capital Corporation 1,8 Milliarden US-Dollar an gewerblichen Immobilienfinanzierungen bereit. Ihr Kreditportfolio umfasst:

Darlehenstyp	Gesamtwert	Durchschnittliche Kredithöhe
Mehrfamilienkredite	1,2 Milliarden US-Dollar	4,5 Millionen US-Dollar
Überbrückungskredite	380 Millionen Dollar	2,7 Millionen US-Dollar
Kleiner Balance-Werbespot	220 Millionen Dollar	1,6 Millionen US-Dollar

Schnelle Kreditbearbeitung und -genehmigung

Ready Capital demonstriert eine schnelle Kreditbearbeitung anhand der folgenden Kennzahlen:

• Durchschnittliche Kreditgenehmigungszeit: 15 Werktage
• Online-Bewerbungsbearbeitung: 72 % aller Bewerbungen
• Digitale Dokumentenprüfung: Reduziert die Bearbeitungszeit um 40 %

Wettbewerbsfähige Zinssätze

Zinsspannen für die gewerbliche Immobilienfinanzierung von Ready Capital:

Kreditkategorie	Zinsspanne
Mehrfamilienkredite	6.25% - 8.75%
Überbrückungskredite	7.50% - 10.25%
Kleiner Balance-Werbespot	6.75% - 9.50%

Spezialkredite für kleine und mittlere Unternehmen

Aufschlüsselung des Kreditportfolios für kleine und mittlere Unternehmen im Jahr 2023:

• Gesamtkredite für Kleinunternehmen: 450 Millionen US-Dollar
• Durchschnittliche Kredithöhe: 1,2 Millionen US-Dollar
• Belieferte Branchen: Mehrfamilienhäuser, Gastgewerbe, Einzelhandel, Büro

Umfassende Anlage- und Kreditstrategien

Performance der Anlagestrategie im Jahr 2023:

Anlagekategorie	Gesamtinvestition	Jährliche Rendite
Durch gewerbliche Hypotheken besicherte Wertpapiere	750 Millionen Dollar	7.2%
Direkte Immobilieninvestitionen	500 Millionen Dollar	6.8%
Wohnhypothekeninvestitionen	350 Millionen Dollar	5.9%

Ready Capital Corporation (RC) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Beziehungsmanagement

Die Ready Capital Corporation beschäftigt seit dem vierten Quartal 2023 87 engagierte Kundenbetreuer, die die Segmente Gewerbeimmobilien und Kleinunternehmenskredite bedienen.

Kundensegment	Anzahl der Kundenbetreuer	Durchschnittliche Portfoliogröße
Gewerbeimmobilien	52	43,6 Millionen US-Dollar
Kredite für kleine Unternehmen	35	12,3 Millionen US-Dollar

Online-Kundenportale

Die digitale Plattform des Unternehmens verarbeitet etwa 1.245 monatliche Kreditanträge mit einer digitalen Abschlussquote von 67 % im Jahr 2023.

• Sicherheit der Portalbenutzerauthentifizierung: 256-Bit-Verschlüsselung
• Durchschnittliche Portal-Anmeldehäufigkeit: 3,4 Mal pro Monat und Benutzer
• Prozentsatz des mobilen Zugriffs: 52 % der gesamten Portalinteraktionen

Personalisierte Finanzberatungsdienste

Ready Capital bietet mit 42 engagierten Finanzberatern spezialisierte Beratungsdienstleistungen in drei Hauptkreditsparten an.

Beratungsdiensttyp	Anzahl der Berater	Durchschnittliche Kundeninteraktionshäufigkeit
Gewerbliche Immobilienfinanzierung	24	Vierteljährlich
Kreditberatung für Kleinunternehmen	12	Zweimonatlich
Beratung zu Wohnhypotheken	6	Monatlich

Digitale Kommunikationskanäle

Ready Capital nutzt mehrere digitale Kommunikationsplattformen mit einer Kundenreaktionsrate von 94 % innerhalb von 24 Stunden.

• E-Mail-Kommunikationsvolumen: 3.672 monatliche Interaktionen
• Live-Chat-Engagement: 1.245 monatliche Sitzungen
• Interaktionen mit dem Kundenservice in sozialen Medien: 876 monatliche Touchpoints

Dedizierte Kontoverwaltung

Durch personalisierte Account-Management-Strategien hält das Unternehmen eine durchschnittliche Kundenbindungsrate von 83 % aufrecht.

Kontoverwaltungsebene	Jährliches Kundenvolumen	Durchschnittlicher Kontowert
Platin-Stufe	215 Kunden	5,6 Millionen US-Dollar
Goldstufe	487 Kunden	2,3 Millionen US-Dollar
Standardstufe	1.203 Kunden	$750,000

Ready Capital Corporation (RC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ready Capital Corporation unterhält ein Direktvertriebsteam mit 87 engagierten Kreditgebern (Stand: Q4 2023). Das Team generierte im Geschäftsjahr 2023 ein kommerzielles Kreditvolumen in Höhe von 413,2 Millionen US-Dollar.

Vertriebsteam-Metrik	Leistung 2023
Gesamtzahl der Kreditgeber	87
Gesamtes gewerbliches Kreditvolumen	413,2 Millionen US-Dollar
Durchschnittliche Kredithöhe	2,7 Millionen US-Dollar

Online-Kreditplattform

Die digitale Plattform des Unternehmens verarbeitet 1,2 Milliarden US-Dollar bei Kreditanträgen im Jahr 2023, was 42 % des gesamten Kreditvolumens entspricht.

• Startdatum der digitalen Plattform: 2019
• Abschlussquote der Online-Bewerbung: 68 %
• Durchschnittliche Bearbeitungszeit für digitale Kredite: 3,5 Tage

Netzwerke von Hypothekenmaklern

Ready Capital Corporation arbeitet mit 1.247 unabhängigen Hypothekenmaklernetzwerken in 42 Bundesstaaten zusammen.

Metriken des Broker-Netzwerks	Daten für 2023
Total Broker-Partner	1,247
Abgedeckte Staaten	42
Maklerkreditvolumen	687,5 Millionen US-Dollar

Finanzberatungsdienste

Das Unternehmen bietet spezialisierte Finanzberatungsdienste mit einem Team von 43 engagierten Beratern an und erwirtschaftet im Jahr 2023 einen Beratungsumsatz von 92,6 Millionen US-Dollar.

Digitale und mobile Banking-Schnittstellen

Die Mobile-Banking-Plattform von Ready Capital unterstützt 456 Millionen US-Dollar bei digitalen Transaktionen mit 127.000 aktiven Mobilfunknutzern im Jahr 2023.

• Downloadrate mobiler Apps: 42.000 neue Nutzer im Jahr 2023
• Mobiles Transaktionsvolumen: 456 Millionen US-Dollar
• Bewertung der Benutzerzufriedenheit der mobilen Plattform: 4,6/5

Ready Capital Corporation (RC) – Geschäftsmodell: Kundensegmente

Kleine bis mittelgroße gewerbliche Immobilieninvestoren

Ready Capital bedient gewerbliche Immobilieninvestoren mit Kreditvolumen, die auf Folgendes abzielen:

Kreditgrößenbereich	Jahresvolumen
1 bis 20 Millionen US-Dollar	487,3 Millionen US-Dollar im Jahr 2023

Immobilienentwickler

Fokussiertes Kundensegment mit spezifischen Kreditcharakteristika:

• Kreditportfolio für den Mehrfamilienbau: 312,6 Millionen US-Dollar
• Durchschnittliche Kreditlaufzeit: 24-36 Monate
• Geografische Konzentration: Hauptsächlich Sonnengürtel und städtische Märkte

Kleinunternehmer

Leistung des SBA-Kreditsegments:

Metrisch	Daten für 2023
Gesamtzahl der SBA-Kreditvergaben	625,4 Millionen US-Dollar
Durchschnittliche Kredithöhe	1,2 Millionen US-Dollar

Real Estate Investment Trusts (REITs)

Details zum REIT-Finanzierungssegment:

• Gesamtvolumen der REIT-Finanzierung: 215,7 Millionen US-Dollar im Jahr 2023
• Vorherrschende Immobilientypen: Mehrfamilienhäuser, Industrieimmobilien
• Durchschnittlicher Wert des REIT-Kundenportfolios: 75–500 Millionen US-Dollar

Individuelle und institutionelle Anleger

Aufteilung der Anlagesegmente:

Anlegertyp	Gesamtinvestition
Einzelinvestoren	187,2 Millionen US-Dollar
Institutionelle Anleger	612,5 Millionen US-Dollar

Ready Capital Corporation (RC) – Geschäftsmodell: Kostenstruktur

Kosten für die Kreditvergabe

Für das Geschäftsjahr 2023 meldete Ready Capital Corporation Gesamtaufwendungen für die Kreditvergabe in Höhe von 48,3 Millionen US-Dollar. Zu diesen Ausgaben gehören:

Ausgabenkategorie	Betrag ($)
Versicherungskosten	18,750,000
Anwalts- und Dokumentationskosten	12,450,000
Gebühren für Drittanbieter	9,750,000
Schätzungs- und Bewertungskosten	7,350,000

Wartung von Technologie und Infrastruktur

Die Wartungskosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 22,6 Millionen US-Dollar, mit folgender Aufteilung:

• Cloud Computing und Datenspeicherung: 8.900.000 US-Dollar
• Cybersicherheitssysteme: 6.750.000 US-Dollar
• Softwarelizenzierung und Updates: 4.500.000 US-Dollar
• Hardwarewartung und -austausch: 2.450.000 $

Compliance- und Regulierungskosten

Die Compliance-Aufwendungen für 2023 beliefen sich auf 15,7 Millionen US-Dollar, darunter:

Compliance-Bereich	Betrag ($)
Regulatorische Berichterstattung	5,600,000
Interne Revisionsprozesse	4,200,000
Compliance-Schulung	3,150,000
Externe Compliance-Beratung	2,750,000

Mitarbeitervergütung

Die Gesamtvergütung der Mitarbeiter für 2023 belief sich auf 67,4 Millionen US-Dollar und war wie folgt strukturiert:

• Grundgehälter: 42.500.000 $
• Leistungsprämien: 14.200.000 $
• Aktienbasierte Vergütung: 6.750.000 USD
• Leistungen und Versicherung: 3.950.000 $

Marketing und Kundenakquise

Die Ausgaben für Marketing und Kundenakquise beliefen sich im Jahr 2023 auf insgesamt 12,9 Millionen US-Dollar:

Marketingkanal	Betrag ($)
Digitale Werbung	5,400,000
Content-Marketing	3,250,000
Sponsoring von Branchenkonferenzen	2,150,000
Direktmailing-Kampagnen	2,100,000

Ready Capital Corporation (RC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Hypothekendarlehen

Für das Geschäftsjahr 2023 berichtete Ready Capital Corporation 184,3 Millionen US-Dollar an Zinserträgen aus Hypothekendarlehensaktivitäten.

Kategorie Hypothekendarlehen	Umsatzbetrag
Hypothekendarlehen für Wohnimmobilien	124,7 Millionen US-Dollar
Gewerbliche Hypothekendarlehen	59,6 Millionen US-Dollar

Gebühren für die Kreditvergabe

Die Kreditvergabegebühren für 2023 betragen insgesamt 67,2 Millionen US-Dollar.

• Gebühren für die Vergabe von Wohnkrediten: 42,5 Millionen US-Dollar
• Gebühren für die Aufnahme gewerblicher Kredite: 24,7 Millionen US-Dollar

Renditen des Anlageportfolios

Die Renditen des Anlageportfolios für 2023 betrugen 53,9 Millionen US-Dollar.

Anlagetyp	Rückgabebetrag
Hypothekenbesicherte Wertpapiere	37,6 Millionen US-Dollar
Andere Wertpapiere	16,3 Millionen US-Dollar

Verbriefungserträge

Verbriefungsertrag für 2023 erreicht 41,5 Millionen US-Dollar.

Vermögensverwaltungsgebühren

Die Vermögensverwaltungsgebühren für das Jahr 2023 beliefen sich auf 22,8 Millionen US-Dollar.

Kategorie „Vermögensverwaltung“.	Gebührenbetrag
Gewerbeimmobilien	15,6 Millionen US-Dollar
Wohnimmobilien	7,2 Millionen US-Dollar

Ready Capital Corporation (RC) - Canvas Business Model: Value Propositions

You're looking at how Ready Capital Corporation delivers value across its distinct lending and asset management platforms. It's about providing capital where others might not, backed by specialized government programs and disciplined asset resolution.

Access to capital for LMM commercial real estate investors and owners

Ready Capital Corporation focuses on providing financing solutions to the lower-to-middle-market (LMM) segment. This is a core area of their value delivery, evidenced by their origination activity in this space.

• LMM commercial real estate originations for the third quarter of 2025 totaled $139 million.
• This follows $173 million in LMM commercial real estate originations for the second quarter of 2025.
• The total loan portfolio size as of June 30, 2025, stood at $7.9 billion.
• The core portfolio interest yield improved to 8.1% in the third quarter of 2025.

Specialized financing via government-guaranteed SBA 7(a) and USDA loans

The Small Business Lending (SBL) platform is a significant differentiator, leveraging government guarantees for stability. Ready Capital Corporation is known as a major non-bank player here.

Here's a look at the recent government-backed loan production:

Loan Program	Q3 2025 Originations (USD)	Q2 2025 Originations (USD)
Small Business Administration (SBA) 7(a) Loans	$173 million	$216 million
United States Department of Agriculture (USDA) Loans	$67 million	$96 million

The SBL platform contributed approximately $11 million in net income in the third quarter of 2025 before realized losses. This segment originated $343 million in SBA loans in the first quarter of 2025 alone.

Multi-strategy approach offering diverse real estate and small business credit products

Ready Capital Corporation maintains a multi-strategy approach, though they have actively streamlined the portfolio by exiting certain segments, like the sale of the Residential Mortgage Banking segment in the second quarter of 2025. The overall portfolio is managed across core and non-core designations.

• Total loan originations in the second quarter of 2025 reached $532.1 million.
• In the third quarter of 2025, total originations across LMM CRE and SBL were $422 million ($139 million + $283 million).
• As of the first quarter of 2025, the total CRE portfolio was bifurcated into $5.9 billion as core assets and $1.2 billion as non-core assets.

Liquidity generation for reinvestment via decisive non-core asset sales

A key value driver is the active management and liquidation of non-core assets to generate liquidity for reinvestment into higher-yielding core assets. This is a constant, active process.

Consider the recent sales activity:

Sale Event	Unpaid Principal Balance (UPB) Sold (USD)	Net Proceeds Generated (USD)
Q3 2025 Portfolio Sale 1 (217 loans)	$758 million	$109 million
Q2 2025 Bulk Sale (August 6, 2025)	$494 million (Carrying Value)	$85 million
Q3 2025 Small Balance Loan Sale (196 loans)	$93 million	$24 million

The company aimed to reduce the non-core portfolio to $210 million by the end of 2025, down from a target of $740 million at the start of the year. Unencumbered assets stood at $830 million as of September 30, 2025.

Expertise in complex loan servicing and asset management

The value proposition includes the ability to manage credit risk effectively, as demonstrated by performance metrics relative to the broader industry, and active management of owned real estate assets.

• The 12-month default rate was reported at 3.2%, compared to the industry average of 3.4% as of early 2025.
• Core portfolio 60-day plus delinquencies were 4.6% at the end of Q2 2025, rising to 5.9% by Q3 2025.
• For the Portland, OR mixed-use asset taken via deed-in-lieu, the Ritz hotel segment reported a RevPAR of $240 with an ADR of $504 and occupancy at 48% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Ready Capital Corporation (RC) - Canvas Business Model: Customer Relationships

Direct origination and servicing for LMM (Lower-to-Middle-Market) and SBL (Small Business Lending) borrowers is central to Ready Capital Corporation's operations. For the quarter ended June 30, 2025, Ready Capital Corporation reported LMM commercial real estate originations of $173 million. The SBL segment originated $359 million in loans for the same period. This SBL volume included $216 million of Small Business Administration 7(a) loans and $96 million of USDA loans. The total loan portfolio stood at $7.9 billion as of June 30, 2025. Servicing rights related to the small business commercial business are managed under ASC 860, Transfer and Servicing.

Ready Capital Corporation maintains a relationship-driven approach for repeat commercial real estate investors, focusing on originating, acquiring, financing, and servicing investor and owner-occupied commercial real estate loans. As of the first quarter of 2025, the total CRE loan portfolio was $7.1 billion, segmented into $5.9 billion categorized as core assets and $1.2 billion designated as non-core assets targeted for liquidation. The company is actively growing its LMM securitization capabilities to serve as a source of attractively priced, match-term financing. The company completed the sale of 21 loans with a carrying value of $494 million on August 6, 2025, generating net proceeds of $85 million.

Investor relations management involves continuous engagement with common and preferred stockholders. Ready Capital Corporation declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ending September 15, 2025. The book value per share of common stock was $10.44 as of June 30, 2025, decreasing to $10.28 at the end of the third quarter of 2025. In the second quarter of 2025, the company repurchased approximately 8.5 million shares of its common stock at an average price of $4.41 per share, which had a book value per share impact of $0.31. A new stock repurchase program, approved in January 2025, authorizes the repurchase of up to $150 million of common stock. The annual cost for servicing the Series E preferred stock offering is around $80 million.

Transactional relationships with loan buyers and securitization participants are key to capital recycling. Ready Capital Corporation's primary securitization activity involves LMM and SBL loan securitizations through trusts, which are typically consolidated. For the first quarter of 2025, realized gains from SBA 7(a) loan sales totaled $20.1 million, achieving an average premium of 10.1%. The company completed the sale of its Residential Mortgage Banking segment in the second quarter of 2025. For the full year 2024, Ready Capital Corporation sold $7.6 billion in mortgage servicing rights in connection with that segment's disposition.

Key Origination and Portfolio Metrics as of Mid-2025:

Metric	Amount/Value	Reporting Period/Date
Total Loan Portfolio UPB	$7.9 billion	June 30, 2025
LMM CRE Originations	$173 million	Q2 2025
Total SBL Loan Originations	$359 million	Q2 2025
SBA 7(a) Loan Originations (Q2 2025)	$216 million	Q2 2025
Legacy Bridge Loan Bulk Sale Value	$494 million	August 6, 2025
Net Proceeds from Bulk Sale	$85 million	August 6, 2025
Book Value Per Share of Common Stock	$10.44	June 30, 2025

Stockholder Activity and Capital Actions:

• Shares repurchased in Q2 2025: 8.5 million
• Average repurchase price in Q2 2025: $4.41 per share
• Q3 2025 Declared Quarterly Common Dividend: $0.125 per share
• New Stock Repurchase Program Authorization: $150 million
• Senior Secured Notes Issued in Q2 2025: $50 million

Loan Sales and Securitization Data:

• SBA 7(a) Loan Sale Average Premium (Q1 2025): 10.1%
• Mortgage Servicing Rights Sold (Full Year 2024): $7.6 billion
• Total Loan Repayments and Sales (Q2 2025): $774.7 million

Ready Capital Corporation (RC) - Canvas Business Model: Channels

You're looking at how Ready Capital Corporation (RC) gets its products-loans and securities-to market and communicates with its owners. It's a mix of direct sales, capital markets execution, and public company functions.

Direct Origination Platform: Internal sales force for LMM and SBL loans

The internal sales force drives originations across the Lower-to-Middle Market (LMM) Commercial Real Estate and Small Business Lending (SBL) segments. For the quarter ended June 30, 2025, total loan originations hit $532.1 million.

Here's the breakdown of that origination activity for Q2 2025:

Loan Segment	Origination Amount (Q2 2025)	Key Component	Component Amount (Q2 2025)
LMM Commercial Real Estate	$173 million	N/A	N/A
Small Business Lending (SBL)	$359 million	SBA 7(a) Loans	$216 million
Small Business Lending (SBL)	N/A	USDA Loans	$96 million

As of December 31, 2024, the gross asset base supporting these origination capabilities was substantial:

• LMM Commercial Real Estate Gross Assets: $8,058,707 thousand
• Small Business Lending Gross Assets: $1,427,281 thousand

The company completed the sale of its Residential Mortgage Banking segment as part of this channel realignment.

Capital Markets: Securitization and whole loan sale markets for asset distribution

Ready Capital Corporation uses capital markets to distribute assets, often moving originated loans into securitization structures or selling them outright. This is a key way to manage asset mix and generate liquidity. For instance, on August 6, 2025, the company completed a bulk sale of legacy bridge loans.

The specifics of that distribution event were:

• Carrying Value of Loans Sold: $494 million
• Net Proceeds Generated: $85 million

The company also issued an additional $50 million in aggregate principal amount of its $9.375\%$ Senior Secured Notes due 2028 during the period leading up to Q3 2025.

Investor Relations: NYSE trading (RC) and direct communication for dividends

As a publicly traded entity on the NYSE under the ticker RC, direct communication channels are critical for shareholder management. The Board declared the Third Quarter 2025 cash dividend.

Key shareholder metrics and actions include:

• Q3 2025 Quarterly Cash Dividend (Common Stock/Unit): $0.125 per share
• Q3 2025 Dividend Record Date: September 30, 2025
• Q3 2025 Dividend Payable Date: October 31, 2025
• Book Value per Share (as of June 30, 2025): $10.44
• Shares Repurchased (Q2 2025): Approximately 8.5 million shares
• Average Repurchase Price (Q2 2025): $4.41 per share

The company also declared preferred stock dividends for the period, including $0.390625 per share for Series C and $0.40625 per share for Series E.

Online/Digital: Corporate website for investor and borrower information

The corporate website, www.readycapital.com, serves as the primary digital hub for both borrowers seeking information and investors accessing disclosures. The company employs approximately 500 professionals nationwide to support these operations and information dissemination.

The webcast for the Q3 2025 results discussion was scheduled for November 7, 2025, at 8:30 a.m. Eastern Time, accessible via the Investor Relations section of the site.

Ready Capital Corporation (RC) - Canvas Business Model: Customer Segments

You're looking at the core groups Ready Capital Corporation (RC) serves, the people and entities that provide capital or receive financing from their multi-strategy platform. This is where the rubber meets the road for their revenue generation and capital structure.

Lower-to-Middle-Market (LMM) Commercial Real Estate Investors

This segment consists of investors and owner-occupied entities needing financing for commercial properties. Ready Capital Corporation originates, acquires, finances, and services these loans. The focus is clearly on the LMM space within commercial real estate (CRE).

Here are the origination numbers from the mid-2025 period:

Metric	Amount	Period End Date
LMM Commercial Real Estate Originations	$173 million	June 30, 2025
Total CRE Loan Portfolio (UPB)	$6.314 billion (Multi-family UPB)	June 30, 2025
CRE Portfolio Bifurcation (Core Assets)	$5.9 billion	Q1 2025
CRE Portfolio Bifurcation (Non-Core Assets)	$1.2 billion	Q1 2025

The overall loan portfolio size as of June 30, 2025, stood at $7.9 billion. Ready Capital Corporation has a stated 2025 target to originate between $1 billion and $1.5 billion in new CRE loans, focusing on lower middle-market opportunities. Also, the company completed the sale of 21 loans with a carrying value of $494 million on August 6, 2025, to generate liquidity for reinvestment in core assets.

Small Business Owners seeking government-backed financing (SBA 7(a), USDA)

Ready Capital Corporation, through its subsidiary Readycap Lending, LLC, is a significant player here, known as the fourth largest SBA lender and the largest non-bank SBA lender. These owners seek favorable terms on loans like the SBA 7(a) and USDA programs.

Key Small Business Lending (SBL) origination data for Q2 2025:

• SBL Loan Originations Total: $359 million
• Small Business Administration 7(a) Loans: $216 million
• USDA Loans: $96 million

For the first quarter of 2025, Ready Capital originated $343 million in SBA loans and an additional $44 million in non-SBA small business loans. The company projects an ambitious 2025 target of $1.5 billion in SBA 7(a) lending, with the Madison One USDA platform forecasted to originate $300 million in loans. Readycap Lending, LLC alone approved over 1,500 SBA 7(a) loans totaling nearly $550 million in fiscal year 2025 as of June 2025. These 7(a) loans range from $350,000 to $5 million.

Institutional Investors: Buyers of loan portfolios and securitizations

This segment includes large financial entities that invest in Ready Capital Corporation stock or purchase the company's loan assets, often via securitizations. They are key providers of capital to the business.

Ownership structure as of late 2025 shows significant institutional influence:

Institutional Ownership Metric	Value	Date/Period
Percentage of Stock Owned by Institutions	64%	July 2025
Total Institutional Owners (13F Filers)	445	November 28, 2025
Total Shares Held by Institutions	124,073,701	November 28, 2025
Largest Shareholder (BlackRock, Inc.) Stake	16%	July 2025
Securitized Debt of Consolidated VIEs	$1.29 billion	September 30, 2025

The largest single institutional holder, BlackRock, Inc., held 25,298,766 shares as of September 30, 2025. Furthermore, the company actively manages its portfolio by selling assets to generate liquidity; for example, it sold 21 loans with a carrying value of $494 million for net proceeds of $85 million in August 2025.

Common and Preferred Stockholders (seeking dividend income)

This group provides equity capital, expecting returns primarily through dividends and potential share price appreciation. Ready Capital Corporation declared a quarterly cash dividend of $0.125 per share for the second quarter of 2025, which was also the declared amount for the quarter announced on September 15, 2025. The dividend yield based on June 30, 2025 data was 11.4%.

Key equity metrics for this segment:

• Book Value per Share (Common Stock): $10.44 (as of June 30, 2025)
• Shares Repurchased in Q2 2025: Approximately 8.5 million shares
• Average Repurchase Price: $4.41 per share
• Shares Outstanding: 162,126,276 (as of November 6, 2025)

The company issued an additional $50 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028 during Q2 2025 to support capital structure management. The book value per share declined to $10.44 as of June 30, 2025, following significant reserving actions in the prior period.

Ready Capital Corporation (RC) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Ready Capital Corporation's operations, which are heavily weighted toward financing costs, as is typical for a real estate finance company. Here's a breakdown of the key cost components based on late 2025 reporting.

Interest Expense is definitely the largest cost driver, reflecting the high cost of financing the debt used to support the loan portfolio. For the first quarter of 2025, the reported Interest Expense totaled $140.466 million.

The structure of these costs is detailed below, showing the magnitude of financing versus operational overhead:

Cost Component	Financial Metric / Period	Amount (USD)
Interest Expense	Q1 2025	$140,466,000
Management Fees	Q1 2025 (As required)	$5,577,000
Employee Compensation & Benefits (Segmented)	Q2 2025	$23,159,000
Operating Costs (Total Reported)	Q1 2025	$55.4 million

The management structure itself incurs specific costs. Ready Capital Corporation pays Management Fees to its external manager, which handles securitizations and other functions. For the first quarter of 2025, these fees were reported as $5.577 million.

Loan Servicing Expense is a necessary cost tied to managing the acquired and originated loan portfolio. While an absolute figure for this specific line item isn't consistently isolated across all reports, related operating expense movements are noted. For instance, in the third quarter of 2025, there was a $4.1 million reduction that encompassed servicing expense along with compensation and other fixed operating costs.

Employee Compensation reflects the cost to support the business, which involves approximately 500 professionals nationwide. For a concrete data point, the Employee compensation and benefits expense reported for the second quarter of 2025 was $23,159 thousand (or $23.159 million) for one component of the total.

Operating Costs management is an active focus area. You can see the company is working to streamline these overheads. For example, Operating Costs were specifically reported as reduced by 8% quarter-over-quarter in the third quarter of 2025. This follows a reported total operating cost of $55.4 million in the first quarter of 2025, which represented a 7.5% improvement from the prior quarter.

Here are the key operational cost trends you should track:

• The company employs approximately 500 professionals.
• Operating Costs saw a 8% quarter-over-quarter reduction in Q3 2025.
• Q1 2025 total operating costs were $55.4 million, down 7.5% sequentially.
• Total assets were $8.33 billion as of Q3 2025, down from $10.14 billion at the end of 2024.
• Book value per share stood at $10.28 as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Ready Capital Corporation (RC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Ready Capital Corporation brings in money, which is key to understanding its financial footing as of late 2025. Honestly, for a finance company, it's all about the spread and the sales.

Net Interest Income (NII): This is the bread and butter, the interest earned on loans minus the cost to fund those loans. For the third quarter of 2025, the reported NII was $10.5 million. To be more specific, interest income hit $137.49 million while interest expense was $126.97 million, yielding NII of $10.52 million before accounting for credit costs. This figure reflected a decline due to a $1.4 billion reduction in the Commercial Real Estate (CRE) portfolio and $40 million in negative credit migration. The core portfolio interest yield stood at 8.1%.

The primary sources of revenue for Ready Capital Corporation in Q3 2025 can be summarized like this:

Revenue Stream Component	Q3 2025 Amount	Context/Detail
Net Interest Income (Before Credit Costs)	$10.52 million	Interest Income of $137.49M minus Interest Expense of $126.97M.
Gain on Sale Income (Net of Variable Costs)	$20 million	Decreased $2.6 million from the prior period due to lower USDA and SBA 7(a) volume.
Net Proceeds from Portfolio Sales	$109 million	Generated from the sale of 217 loans with an unpaid principal balance of $758 million.
Bargain Purchase Gain (Other Income)	$24.47 million	A non-interest item recorded during the quarter.

Gain on Sale Income: This comes from selling loans Ready Capital originated, often through securitizations. In Q3 2025, this income, net of variable costs, was $20 million. This revenue was supported by specific sales activities, including:

• Sale of $130 million of guaranteed SBA 7(a) loans at average premiums of 9.3%.
• Sale of $57 million of USDA production at premiums averaging 10.6%.

Servicing Income: Ready Capital Corporation earns fees for servicing the loan portfolio, which is a fundamental part of its ongoing performance, especially relating to its small business commercial business. While specific Q3 2025 servicing income is not explicitly detailed as a standalone line item in the same way as NII or Gain on Sale, its inclusion is standard for the business structure.

Net Proceeds from Asset Sales: Strategic sales are used to generate liquidity and optimize the asset base. The company completed two portfolio sales in Q3 2025, generating $109 million in net proceeds. These sales involved 217 loans with a total unpaid principal balance of $758 million. This is a key action in the company's path to balance sheet stability.

Other Income: This bucket captures various non-core or non-interest income items, which were quite volatile in Q3 2025. You saw a $24.47 million gain on bargain purchase. However, these gains were part of a larger picture that included a $178.23 million valuation recovery on loans held for sale, which was offset by a $(160.40) million net realized loss on financial instruments and real estate owned. The company also secured ownership of the Portland OR, mixed-use asset via a consensual deed-in-lieu arrangement.

Finance: draft 13-week cash view by Friday.