Ready Capital Corporation
05/08/2026 | Press release | Distributed by Public on 05/08/2026 15:00
Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Except where the context suggests otherwise, the terms "Company," "we," "us" and "our" refer to Ready Capital
Corporation and its subsidiaries. We make forward-looking statements in this Quarterly Report on Form 10-Q (the
"Form 10-Q") within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). We intend such statements to be covered by the safe harbor provisions for forward-
looking statements contained therein. Forward-looking statements contained in this Form 10-Q reflect our current views
about future events and are inherently subject to substantial risks and uncertainties, many of which are difficult to predict
and beyond our control, that may cause our actual results to materially differ. These forward-looking statements include
information about possible or assumed future results of our operations, financial condition, liquidity, plans and
objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should,"
"could," "would," "may," "potential" or other comparable terminology, we intend to identify forward-looking
statements, although not all forward-looking statements may contain such words. Statements regarding the following
subjects, among others, may be forward-looking, and the occurrence of events impacting these subjects, or otherwise
impacting our business, may cause our financial condition, liquidity and consolidated results of operations to vary
materially from those expressed in, or implied by, any such forward-looking statements:
•our investment objectives and business strategy;
•our expected leverage;
•our expected investments;
•estimates or statements relating to, and our ability to make, future distributions;
•projected capital and operating expenditures;
•our ability to use our liquidity and capital resources, including cash on hand, anticipated net payments from the
loan portfolio, debt financings and proceeds from the potential disposition of assets, to provide liquidity to fund
ongoing obligations and address upcoming debt maturities;
•our ability to utilize liquidity and capital resources, together with our access to the capital markets and
potentially other balance-sheet actions, such as adjustments to our dividend rate, to meet our liquidity needs;
•availability of qualified personnel;
•prepayment rates;
•projected default rates;
•increased rates of default and/or decreased recovery rates on our investments;
•changes in interest rates, interest rate spreads, the yield curve or prepayment rates;
•our potential entry into certain hedging arrangements related to the delivery of shares of common stock upon
vesting of certain performance-based equity awards and restricted stock awards and the risk that such
arrangements may not have the desired impact and may expose us to additional risks, including the failure of
the counterparty to perform under the contracts;
•the impact of inflation on our business;
•tariffs imposed or threatened to be imposed by the current presidential administration;
•changes in prepayments or acceleration of the disposition of our assets;
•risks associated with achieving expected synergies, cost savings and other benefits from recent acquisitions,
including the acquisition of United Development Funding IV ("UDF IV");
•risks associated with the completed divestiture of our Residential Mortgage Banking segment;
•market, industry and economic trends;
•our ability to compete in the marketplace;
•the availability of attractive risk-adjusted investment opportunities in lower-to-middle-market commercial real
estate loans ("LMM"), loans guaranteed by the U.S. Small Business Administration (the "SBA") under its
Section 7(a) loan program (the "SBA Section 7(a) Program"), mortgage backed securities ("MBS"), residential
mortgage loans and other real estate-related investments that satisfy our investment objectives and strategies;
•general volatility of the capital markets;
•changes in our investment objectives and business strategy;
•the availability, terms and deployment of capital;
•the availability of suitable investment opportunities;
•market developments and actions recently taken and which may be taken by the U.S. Government, including
pursuant to policies of the U.S. administration, the U.S. Department of the Treasury ("Treasury") and the Board
of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal National
Mortgage Association ("Fannie Mae"), the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the
Government National Mortgage Association ("Ginnie Mae"), Federal Housing Administration ("FHA")
Mortgagee, USDA, U.S. Department of Veterans Affairs ("VA") and the U.S. Securities and Exchange
Commission ("SEC");
•our ability to obtain a license for the Freddie Mac Conventional Small program, which is replacing the Freddie
Mac Small Balance Loan program that expired on April 30, 2026;
•applicable regulatory changes;
•changes in our assets, interest rates or the general economy;
•mortgage loan modification programs and future legislative actions;
•our ability to maintain our qualification as a real estate investment trust ("REIT") and limitations on our
business as a result of our qualifications as a REIT;
•our ability to maintain our exemption from qualification under the Investment Company Act of 1940, as
amended (the "1940 Act");
•factors described in our Annual Report on Form 10-K, including those set forth under the captions "Risk
Factors" and "Business";
•our dependence on our external advisor, Waterfall Asset Management, LLC ("Waterfall" or the "Manager"),
and our ability to find a suitable replacement if we or Waterfall were to terminate the management agreement
we have entered into with Waterfall (the "management agreement");
•the degree and nature of our competition, including competition for LMM loans, MBS, residential mortgage
loans, construction loans and other real estate-related investments that satisfy our investment objectives and
strategies;
•geopolitical events such as acts of terrorism, war or other military conflict, and the related impact on
macroeconomic conditions; and
•the impact of future pandemics and epidemics on our borrowers, the real estate industry and global markets, and
on our business and operations, financial condition, results of operations, liquidity and capital resources.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance or achievements, and we caution readers not to place undue
reliance on any forward-looking statements. These forward-looking statements apply only as of the date of this Form 10-
Q. We are not obligated, and do not intend, to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except to the extent required by law. Refer to Item 1A. "Risk Factors" and
Ready Capital Corporation published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 08, 2026 at 21:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]