Income StatementBalance SheetCash FlowSegments
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Ready Capital Business Segments

Business, geographic, and product segment breakdowns

Ready Capital generates $495.9M in annual revenue across 2 key segments: LMM Commercial Real Estate ($55.7M), and Small Business Lending ($38.3M). Based on the Q1 2026 filing.

LMM Commercial Real Estate (TTM)$55.7MSmall Business Lending (TTM)$38.3M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$294.1M
ROE-30.67%

Products & Services

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Guaranteed loan financing$691.1M$668.8M$629.4M$565.9M$524.1M$501.7M
Loans held-for-investment pledged as security against guaranteed loan financing$691.0M$669.2M$629.7M$566.1M$524.3M$500.9M
Interest rates (in percent)—9.6%——3.3%12.3%

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Concentration risk (in percent)7.4%23.6%0.4%1.6%0.0%25.2%

Business Segments

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$8.1B$7.9B$7.4B$6.4B$5.9B$4.5B
Small Business Lending$1.4B$1.5B$1.5B$1.5B$1.3B$1.3B

Financing Receivable, Credit Loss, Expense (Reversal)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$279.7M-$117.9M$5.1M$31.0M$143.5M$66.5M
Small Business Lending$5.3M$8.4M$3.5M$7.0M$6.4M$4.4M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$27.3M$27.3M$27.3M$27.3M$27.3M$27.3M
Small Business Lending$22.2M$22.2M$22.2M$22.2M$22.2M$22.2M

Impairment (recovery) on real estate owned, held for sale

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$29.8M$2.3M$4.3M$1.9M$15.0M-$469.0K
Small Business Lending$75.0K$0.0$0.0$0.0$0.0$0.0

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate-$304.5M-$19.7M-$63.0M-$43.8M-$210.9M-$197.2M
Small Business Lending$10.9M$7.9M$3.6M$8.4M-$33.3M-$7.9M

Income (loss) on unconsolidated joint ventures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$6.1M-$4.0M-$155.0K$7.4M$1.3M$2.1M
Small Business Lending$0.0$23.0K$11.0K$7.0K$13.0K$5.0K

Interest Expense, Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$131.1M$120.4M$116.1M$106.6M$91.7M$80.7M
Small Business Lending$22.8M$20.1M$19.7M$20.4M$19.1M$16.2M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$170.3M$125.0M$122.3M$105.9M$94.7M$58.9M
Small Business Lending$33.7M$30.0M$30.5M$31.6M$29.3M$22.8M

Interest Income (Expense), after Provision for Loan Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate-$240.6M$122.6M$1.0M-$31.7M-$140.6M-$88.3M
Small Business Lending$5.6M$1.5M$7.2M$4.2M$3.7M$2.3M

Labor and Related Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Small Business Lending$14.6M$15.3M$14.4M$13.9M$14.6M$15.3M
LMM Commercial Real Estate$4.7M$5.9M$6.5M$5.0M$7.2M$7.6M

Loan Portfolio Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$11.6M$15.1M$11.0M$8.1M$3.6M$14.6M
Small Business Lending$1.2M$780.0K$25.0K$1.7M$1.0M$1.1M

Net interest income (loss) before provision for loan losses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$39.2M$4.6M$6.2M-$700.0K$3.0M-$21.8M
Small Business Lending$10.9M$9.9M$10.7M$11.2M$10.2M$6.7M

Net realized gain (loss) on financial instruments and real estate owned

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate-$33.2M-$14.6M$2.8M-$179.3M-$470.0K-$68.2M
Small Business Lending$22.3M$25.3M$15.4M$18.9M—$8.2M

Net unrealized gain (loss) on financial instruments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate-$19.6M-$604.0K-$4.1M$2.3M-$8.8M-$8.8M
Small Business Lending$2.6M-$1.1M$3.4M$845.0K-$3.9M$1.9M

Noninterest Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$52.4M$27.8M$27.5M$29.1M$53.6M$40.9M
Small Business Lending$31.1M$30.1M$27.7M$28.4M$28.1M$29.2M

Noninterest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate-$11.5M-$114.5M-$36.6M$17.0M-$16.7M-$68.0M
Small Business Lending$36.4M$36.4M$24.1M$32.6M—$19.1M

Other Cost and Expense, Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$4.3M$3.3M$4.5M$13.0M$20.9M$17.4M
Small Business Lending$12.1M$11.1M$10.0M$9.5M$9.5M$9.3M

Other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate$2.3M$3.0M$2.8M$7.2M$12.8M$11.9M
Small Business Lending$9.2M$7.3M$7.5M$6.5M$2.0M$5.2M

Professional Fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Small Business Lending$3.2M$2.9M$3.3M$3.3M$3.0M$3.5M
LMM Commercial Real Estate$1.6M$818.0K$929.0K$790.0K$6.5M$1.5M

Servicing income, net of amortization and impairment of $6,587 and $5,294

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Small Business Lending$2.4M$5.0M-$2.2M$6.4M$3.2M$3.8M
LMM Commercial Real Estate$1.8M$1.4M$1.9M$1.2M$1.9M$1.6M

Valuation allowance, loans held for sale

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LMM Commercial Real Estate—$99.7M$39.7M-$178.2M—$6.6M
Small Business Lending$0.0$0.0$0.0$0.0$0.0$0.0