AI Earnings Predictions for Ready Capital Corproation (RC)

EX-99.1

2 readycapital-exhibit991.htm

EX-99.1

Document

Exhibit 99.1

READY CAPITAL CORPORATION REPORTS THIRD QUARTER 2026 RESULTS

New York, New York, November 5, 2026 / Globe Newswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended September 30, 2026.

“Following the scheduled repayment of our November notes, we will have retired all of our 2026 corporate maturities, a milestone which drove the Company's activities over the last year,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Our immediate priorities now turn to bringing distributable earnings and free cash flow to breakeven and resolving the remaining legacy non-performing commercial loan portfolio.”

Financial Metrics

•GAAP loss per common share of $(0.40)

•Distributable loss per common share of $(0.53)

•Distributable loss per common share before realized losses of $(0.21)

Balance Sheet Repositioning

•Issued $225.0 million in aggregate principal amount of 10.00% Senior Secured Notes due 2031

•Retired the entire $350.0 million 4.50% Senior Secured Notes in September 2026

Portfolio & Credit

•Total loan originations of $303.4 million, including $132.9 million of LMM commercial real estate loans and $109.3 million of Small Business Administration 7(a) loans

Capitalization

•Book value of $6.44 per share of common stock as of September 30, 2026

•Ended the quarter with $157 million in cash and $606 million of unencumbered assets; total leverage of 2.8x with recourse leverage of 1.5x

Portland Ritz

•Sold 52 Ritz-Carlton branded condominium units to date totaling 39% completion

•Hotel occupancy increased 18% year-over-year to 58% along with a 35% increase in Room RevPar to $271

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized changes in our current expected credit loss reserve and valuation allowance, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, unrealized gains or losses on preferred equity, at fair value, unrealized gain or losses or other non-cash items related to real estate owned and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is