[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for Q2 2025 show a net loss and a decrease in total assets to $9.3 billion [Consolidated Balance Sheets](index=3&type=section&id=UNAUDITED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets decreased to $9.31 billion by June 30, 2025, primarily due to reduced VIE assets, while liabilities also declined Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$9,308,797** | **$10,141,921** | | Cash and cash equivalents | $162,935 | $143,803 | | Loans, net | $5,066,694 | $3,378,149 | | Assets of consolidated VIEs | $2,395,398 | $5,175,295 | | **Total Liabilities** | **$7,374,774** | **$8,197,818** | | Secured borrowings | $3,506,670 | $2,035,176 | | Securitized debt obligations of consolidated VIEs, net | $1,513,297 | $3,580,513 | | **Total Stockholders' Equity** | **$1,925,662** | **$1,935,742** | [Consolidated Statements of Operations](index=3&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company reported a Q2 2025 net loss of $53.7 million, but a six-month net income of $28.3 million due to loan loss recovery Key Operating Results (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $16,898 | $50,952 | $31,399 | $99,501 | | (Provision for) recovery of loan losses | ($8,640) | $18,871 | $100,928 | $45,415 | | Net income (loss) from continuing operations | ($48,751) | ($31,427) | $33,659 | ($107,009) | | **Net income (loss)** | **($53,677)** | **($34,201)** | **$28,288** | **($108,368)** | | **Total earnings per common share - diluted** | **($0.34)** | **($0.23)** | **$0.12** | **($0.68)** | | Dividends declared per share of common stock | $0.125 | $0.30 | $0.25 | $0.60 | [Consolidated Statements of Cash Flows](index=6&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities was $8.2 million for the six months ended June 30, 2025, with a net increase in cash of $9.9 million Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $8,202 | $24,507 | | Net cash provided by investing activities | $789,020 | $624,996 | | Net cash used for financing activities | ($787,307) | ($626,874) | | **Net increase in cash, cash equivalents, and restricted cash** | **$9,915** | **$22,629** | [Notes to the Consolidated Financial Statements](index=7&type=section&id=NOTES%20TO%20THE%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) The notes detail the company's organization, accounting policies, recent acquisitions, loan portfolio performance, and discontinued operations - The company is a **multi-strategy real estate finance company** focused on originating, acquiring, financing, and servicing **lower-to-middle-market (LMM) commercial real estate loans, SBA loans**, and other related investments, externally managed by **Waterfall Asset Management, LLC**[23](index=23&type=chunk)[24](index=24&type=chunk) - On March 13, 2025, the company **acquired United Development Funding IV (UDF IV)**, a real estate investment trust, resulting in an updated bargain purchase gain of **$88.1 million**[26](index=26&type=chunk)[27](index=27&type=chunk)[132](index=132&type=chunk) - The company completed the **disposition of its Residential Mortgage Banking segment** effective June 30, 2025, with its results now presented as **discontinued operations** for all periods[221](index=221&type=chunk) Loan Portfolio Carrying Value (in thousands) | Loan Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Loans, net** | **$5,066,694** | **$3,378,149** | | Bridge | $2,769,324 | $1,246,725 | | SBA - 7(a) | $1,073,576 | $1,043,120 | | Construction | $885,016 | $733,276 | | **Loans, held for sale** | **$632,784** | **$241,626** | Loan Delinquency Status (Carrying Value, in thousands) | Delinquency Status | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current | $6,111,778 | $7,787,647 | | 30 - 59 days past due | $292,232 | $131,288 | | 60+ days past due | $780,902 | $389,275 | | **Total Loans, net** | **$7,184,912** | **$8,308,210** | | Non-Accrual Loans | $824,915 | $526,761 | Allowance for Loan Losses Activity (in thousands) | Period | Beginning Balance | Provision for (Recoveries of) Loan Losses | Charge-offs and Sales | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | **Six Months Ended June 30, 2025** | **$339,939** | **($105,648)** | **($11,510)** | **$232,579** | | Six Months Ended June 30, 2024 | $101,605 | ($45,278) | ($11,699) | $44,832 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses business strategy, recent acquisitions, and the Q2 2025 distributable loss of $19.8 million, noting macroeconomic impacts - The company's core focus is on **LMM commercial real estate lending** and **small business loans**, operating through two segments: **LMM Commercial Real Estate** and **Small Business Lending**[389](index=389&type=chunk) - **Macroeconomic concerns**, including global market volatility, **inflation**, and **elevated interest rates**, persist and may adversely impact financial condition and results[401](index=401&type=chunk) Key Financial Metrics | ($ in thousands, except per share data) | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income (loss) from continuing operations | $(48,751) | $(31,427) | $33,659 | $(107,009) | | Distributable earnings | $(19,792) | $16,631 | $(31,176) | $70,607 | | Distributable earnings per common share - diluted | $(0.14) | $0.07 | $(0.23) | $0.37 | | Dividends declared per common share | $0.125 | $0.30 | $0.25 | $0.60 | | Book value per common share | $10.44 | $12.97 | $10.44 | $12.97 | Loan Originations (in thousands) | Loan Type | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | LMM loans | $173,356 | $256,485 | $252,013 | $516,161 | | SBL loans | $358,751 | $217,258 | $746,139 | $414,417 | | **Total loan investment activity** | **$532,107** | **$473,743** | **$998,152** | **$930,578** | - As of June 30, 2025, the company had a **total leverage ratio of 3.5x** and a **recourse leverage ratio of 1.5x**[447](index=447&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market, credit, interest rate, liquidity, and counterparty risks, with a 100 basis point rate increase potentially boosting net interest income by $7.5 million - The company is exposed to **market, credit, interest rate, liquidity, prepayment, real estate, fair value, and counterparty risks**, which are **heightened by current economic conditions**[503](index=503&type=chunk)[504](index=504&type=chunk)[505](index=505&type=chunk) 12-Month Pretax Net Interest Income Sensitivity to Interest Rate Changes (in thousands) | Instantaneous Change in Rates | Total Net Impact to Net Interest Income | | :--- | :--- | | +100 basis points | $7,457 | | +50 basis points | $3,567 | | -50 basis points | ($2,544) | | -100 basis points | ($3,440) | - The company has **significant counterparty risk** with **JPMorgan Chase Bank, N.A.**, representing an exposure of **$1.1 billion**, or **56.8% of stockholders' equity**, as of June 30, 2025[521](index=521&type=chunk) [Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[524](index=524&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during the quarter ended June 30, 2025[525](index=525&type=chunk) [PART II. OTHER INFORMATION](index=66&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in multiple legal proceedings, including class action lawsuits related to mergers and securities disclosures - The company is subject to **class action lawsuits** related to its **mergers with Broadmark and UDF IV**, alleging **breaches of fiduciary duty** by the former boards of those companies[528](index=528&type=chunk)[530](index=530&type=chunk) - The company and certain executives are defendants in putative **stockholder class action and derivative lawsuits** alleging **violations of the Exchange Act** related to disclosures about its commercial real estate loan portfolio[531](index=531&type=chunk)[532](index=532&type=chunk) - As a result of the UDF IV Merger, the company **assumed outstanding litigation against UDF IV**, including the "Megatel Action" which alleges **RICO violations and fraud**[538](index=538&type=chunk)[539](index=539&type=chunk) [Risk Factors](index=68&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported for the period, referencing prior disclosures in the Form 10-K - **No material changes** to risk factors were reported for the period, referencing the disclosures in the company's Form 10-K[542](index=542&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a $150.0 million share repurchase program, with 8.5 million shares repurchased in Q2 2025 and $95.2 million remaining - On January 16, 2025, the Board approved a new share repurchase program authorizing up to **$150.0 million** of common stock[543](index=543&type=chunk) Share Repurchases for Q2 2025 | Month | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April | 2,000,000 | $4.65 | | May | 6,515,274 | $4.33 | | June | 3,190 | $4.41 | | **Total** | **8,518,464** | **$4.41** | - As of the end of Q2 2025, approximately **$95.2 million** remained available for purchase under the share repurchase program[545](index=545&type=chunk)

Financial Data and Key Metrics Changes - The company reported a GAAP loss from continuing operations of $0.31 per common share and distributable earnings loss of $0.14 per common share, with a loss of $0.10 per share excluding realized losses on asset sales [17][20] - Net interest income increased to $17 million in the quarter, attributed to a full quarter of interest income from the UDF transaction and lower interest expense [17][18] - The book value per share was $10.44 at quarter end, down $0.17 from March 31, primarily due to the dividend and coverage shortfall [21] Business Line Data and Key Metrics Changes - In the core portfolio, the interest yield was 8.1% and cash yield was 6.1%, while the interest yield in the non-core portfolio was 2.4% [18] - The CRE loan portfolio totaled $6.1 billion, segmented into a $5.4 billion core portfolio and a $695 million non-core portfolio [9][10] - The non-core portfolio was reduced by 52% to $333 million carrying value, with a quarterly yield of negative 10.7% [12] Market Data and Key Metrics Changes - The company experienced a decrease in SBA origination volume to $216 million due to capital constraints while awaiting approval for increased warehouse capacity [13] - The company anticipates a return of SBA seven lending volumes to over $325 million per quarter and entry into the USDA market at scale [15] Company Strategy and Development Direction - The company is focusing on repositioning its balance sheet by evaluating loans for potential asset sales to improve net interest margin [4] - The strategy includes stabilizing the Portland mixed-use asset and enhancing liquidity to support loan origination [8][15] - The company plans to reenter the origination market in the third quarter, focusing on high-quality multifamily bridge loans [11] Management's Comments on Operating Environment and Future Outlook - Management expects modest earnings growth in 2025 from increased originations, stabilization of the Portland asset, and a return to SBA lending volumes [15] - The company aims to maintain its current dividend level until its earnings profile warrants an increase [16] Other Important Information - The company completed the sale of $494 million of legacy multifamily bridge assets, generating net proceeds of $85 million [4][5] - The company took ownership of a mixed-use asset in Portland, Oregon, with a net cash outlay of $10 million [6] Q&A Session Summary Question: Will the company still expect distributable earnings losses in the near term? - Management indicated that the origination team is gearing up for new vintage multifamily bridge loans, which may take about 120 days to ramp up [26] Question: Can you describe the type of buyer for the bulk sale of legacy bridge loans? - The buyer is a multifamily operator with significant assets under management, and the sale price was around 77% of the unpaid principal balance [33][34] Question: What will be the driver for the expected increase in SBA volumes? - The company anticipates a ramp in demand for small business loans, particularly in M&A, and is awaiting approval for increased warehouse lines [40][41] Question: Why not eliminate the dividend and reallocate that capital toward debt repayment? - Management stated that the dividend is part of their repositioning strategy, and they are evaluating the performance of the core portfolio in relation to the dividend [63][65] Question: How much capital will need to be put in across the three categories for the Portland asset? - The company is currently assessing the budget for tenant improvements and marketing, with costs expected to be around $150 to $200 per square foot for office tenants [59][60]

Financial Performance - Net loss from continuing operations was $(0.31) per common share[5] - Distributable losses were $(0.14) per common share[5] - Distributable losses before realized losses were $(0.10) per common share[5] - A dividend of $0.125 per common share was declared[5] Loan Portfolio - Total loan originations amounted to $532.1 million[5] - The total loan portfolio was $7.9 billion[5] - Loan repayments and sales reached $774.7 million[5] - 60+ core delinquencies stood at 4.6%[5] Capitalization and Business Updates - Book value per share was $10.44 per common share[5] - 8.5 million shares were repurchased at an average price of $4.41, impacting BVPS by $0.31[5] - Total leverage was 3.5x, with a recourse leverage ratio of 1.5x[5] - The company completed the sale of its residential mortgage banking segment[5] - A bulk sale of legacy bridge loans, selling $494 million of multi-family bridge assets, generated net proceeds of $85 million[5]

Financial Performance - Ready Capital reported $16.9 million in revenue for the quarter ended June 2025, a year-over-year decline of 66.8% [1] - The EPS for the same period was -$0.14, compared to $0.07 a year ago, indicating a significant drop [1] - The reported revenue was a surprise of -55.9% compared to the Zacks Consensus Estimate of $38.32 million [1] - The EPS surprise was -1300% against the consensus estimate of -$0.01 [1] Key Metrics - Net interest income before provision for loan losses was $16.9 million, significantly below the average estimate of $38.32 million [4] - Total non-interest income (loss) was reported at $29.07 million, a change of -135.3% year-over-year, compared to the average estimate of $28.01 million [4] - Interest income was $152.74 million, down 34.8% from the year-ago quarter and below the estimated $173.19 million [4] - Net realized gain (loss) on financial instruments and real estate owned was $18.21 million, representing a +151.2% change year-over-year, exceeding the estimate of $14.45 million [4] - Servicing income, net was reported at -$0.3 million, a change of -109.3% year-over-year, compared to the average estimate of $5.82 million [4] Stock Performance - Shares of Ready Capital have returned -6.4% over the past month, while the Zacks S&P 500 composite increased by +1.2% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Group 1 - Ready Capital reported a quarterly loss of $0.14 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.01, and down from earnings of $0.07 per share a year ago, representing an earnings surprise of -1,300.00% [1] - The company posted revenues of $16.9 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 55.9%, and down from $50.95 million in the same quarter last year [2] - Ready Capital shares have declined approximately 38.1% since the beginning of the year, contrasting with the S&P 500's gain of 7.9% [3] Group 2 - The earnings outlook for Ready Capital is uncertain, with current consensus EPS estimates at $0.11 on revenues of $60.56 million for the coming quarter, and $0.25 on revenues of $179.01 million for the current fiscal year [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust sector is currently in the bottom 33% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8]

Core Insights - Ready Capital Corporation reported a GAAP loss per common share from continuing operations of $(0.31) and a distributable loss per common share of $(0.14) for the quarter ended June 30, 2025 [1][21][22] - The company is implementing a targeted liquidation strategy on underperforming assets to restore profitability and support future reinvestment in its core multi-family bridge portfolio [2][6] Financial Performance - The company reported interest income of $152.735 million and interest expense of $(135.837) million for the quarter, resulting in a net interest income before provision for loan losses of $16.898 million [21] - The net loss from continuing operations was $(48.751) million, with a total net loss of $(53.677) million for the quarter [21][22] - Distributable earnings before realized losses were $(12.704) million, leading to a distributable loss of $(19.792) million [11][21] Asset Management - The company acquired ownership of a mixed-use asset in Portland, OR, and completed the sale of 21 loans with a carrying value of $494 million for net proceeds of $85 million [3][6] - As of June 30, 2025, the book value per share of common stock was $10.44, and the company repurchased approximately 8.5 million shares at an average price of $4.41 per share [6][19] Segment Reporting - For the second quarter, the LMM commercial real estate segment generated interest income of $122.268 million, while the small business lending segment contributed $30.467 million [24] - The total non-interest expense for the quarter was $70.277 million, with employee compensation and benefits accounting for $23.159 million [21][25] Subsequent Events - The company has secured ownership of a mixed-use asset and completed significant loan sales, indicating active management of its asset portfolio [3][6]

```markdown [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Ready Capital reported a GAAP net loss of **$(0.31)** per common share and a distributable loss of **$(0.14)** per common share for the second quarter of 2025, actively pursuing a liquidation strategy for underperforming assets to fund reinvestment into its core multi-family bridge portfolio, alongside significant loan originations, the sale of its Residential Mortgage Banking segment, and a substantial stock repurchase program | Metric | Value per Common Share | | :--- | :--- | | GAAP Loss from Continuing Operations | $(0.31) | | Distributable Loss | $(0.14) | | Distributable Loss before Realized Losses | $(0.10) | | Book Value (as of June 30, 2025) | $10.44 | - The company is implementing a targeted liquidation strategy on underperforming assets to generate liquidity for reinvestment in its Core multi-family bridge portfolio[2](index=2&type=chunk) | Operational Highlight | Value | | :--- | :--- | | LMM Commercial Real Estate Originations | $173 million | | Small Business Lending (SBL) Loan Originations | $359 million | | Stock Repurchase | ~8.5 million shares @ $4.41/share | | Senior Secured Notes Issuance | $50 million (9.375% due 2028) | - The company completed the sale of its Residential Mortgage Banking segment during the quarter[8](index=8&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=1&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) The company utilizes "Distributable Earnings," a non-GAAP financial measure, to offer investors greater insight into the operational performance used by management for decision-making and dividend determination, adjusting GAAP net income by excluding items such as certain unrealized gains and losses, non-cash stock compensation, and non-recurring expenses, resulting in a Distributable Loss of **$(19.8) million** for Q2 2025 from a GAAP Net Loss of **$(53.7) million** - Distributable earnings is a non-GAAP measure defined as net income adjusted for items like unrealized gains/losses on certain MBS and MSRs, changes in CECL reserve, non-cash compensation, and other non-recurring items[5](index=5&type=chunk) | (in thousands) | Three Months Ended June 30, 2025 | | :--- | :--- | | **Net Loss (GAAP)** | **$ (53,677)** | | Total reconciling items | $ 78,469 | | Income tax adjustments | $ (37,496) | | **Distributable earnings before realized losses** | **$ (12,704)** | | Realized losses on sale of investments, net of tax | $ (7,088) | | **Distributable loss** | **$ (19,792)** | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a reduction in the company's balance sheet size from year-end 2024 to June 30, 2025, with both total assets and liabilities decreasing, while the statement of operations for Q2 2025 reveals a larger net loss compared to the prior-year period, influenced by lower net interest income and significant non-interest expenses, including a substantial valuation allowance on loans held for sale [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Ready Capital's total assets stood at **$9.31 billion**, a decrease from **$10.14 billion** at December 31, 2024, with total liabilities similarly decreasing to **$7.37 billion** from **$8.20 billion** over the same period, primarily driven by a reduction in assets of consolidated VIEs and a corresponding decrease in securitized debt obligations | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$ 9,308,797** | **$ 10,141,921** | | Total Liabilities | $ 7,374,774 | $ 8,197,818 | | **Total Stockholders' Equity** | **$ 1,925,662** | **$ 1,935,742** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, the company reported a net loss of **$(53.7) million**, or **$(0.34)** per basic share, compared to a net loss of **$(34.2) million**, or **$(0.23)** per basic share, in Q2 2024, with the wider loss primarily due to a significant valuation allowance on loans held for sale of **$(39.7) million** and a loss on bargain purchase of **$(14.4) million**, and dividends declared per common share reduced to **$0.125** from **$0.30** in the prior-year quarter | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net interest income | $ 16,898 | $ 50,952 | | Total non-interest income (expense) | $ (26,671) | $ (82,393) | | **Net income (loss)** | **$ (53,677)** | **$ (34,201)** | | **Total earnings per common share - basic** | **$ (0.34)** | **$ (0.23)** | | Dividends declared per share of common stock | $ 0.125 | $ 0.30 | [Segment Performance](index=7&type=section&id=Segment%20Performance) In Q2 2025, segment performance varied significantly, with the Small Business Lending (SBL) segment generating **$3.6 million** in pre-tax income, while the LMM Commercial Real Estate segment incurred a substantial pre-tax loss of **$(63.0) million** due to valuation allowances and real estate impairments, and the Corporate-Other segment also reported a loss mainly from a loss on bargain purchase | Segment (Q2 2025, in thousands) | Income (Loss) Before Income Taxes | Total Assets | | :--- | :--- | :--- | | LMM Commercial Real Estate | $ (63,044) | $ 7,377,104 | | Small Business Lending | $ 3,627 | $ 1,530,810 | | Corporate-Other | $ (29,273) | $ 400,883 | - The LMM segment's Q2 loss was driven by a **$(39.7) million** valuation allowance on loans held for sale and a **$(4.3) million** impairment on real estate[26](index=26&type=chunk) - The SBL segment's profitability in Q2 was supported by **$15.4 million** in net realized gains on financial instruments and real estate owned[26](index=26&type=chunk) [Subsequent Events](index=1&type=section&id=Subsequent%20Events) Following the end of the second quarter, Ready Capital engaged in significant asset disposition and acquisition activities, taking ownership of a mixed-use property in Portland, OR, via a deed-in-lieu arrangement and selling a portfolio of **21 loans**, generating substantial proceeds - On July 21, 2025, the company acquired ownership of a mixed-use asset in Portland, OR, through a consensual deed-in-lieu arrangement[3](index=3&type=chunk) - On August 6, 2025, the company sold **21 loans** with a carrying value of **$494 million**, receiving net proceeds of **$85 million**[4](index=4&type=chunk) [Other Information](index=3&type=section&id=Other%20Information) This section contains logistical details for the company's Q2 2025 earnings conference call, a standard safe harbor statement regarding forward-looking information, and a corporate profile describing Ready Capital's business focus - Management will host a conference call on August 8, 2025, to discuss the quarterly financial results[14](index=14&type=chunk) - Ready Capital Corporation is a multi-strategy real estate finance company specializing in originating, acquiring, financing, and servicing lower-to-middle-market commercial real estate loans[18](index=18&type=chunk) ```

Company Announcement - Ready Capital Corporation will release its second quarter 2025 financial results after the New York Stock Exchange closes on August 7, 2025 [1] - Management will host a webcast and conference call on August 8, 2025, at 8:30 a.m. Eastern Time to provide a business update and discuss the financial results for the quarter ended June 30, 2025 [1] Webcast and Dial-in Information - The company encourages the use of the webcast due to potential extended wait times for the conference call via dial-in, with the webcast available in the Investor Relations section of the company's website [2] - The conference call can be accessed by dialing 877-407-0792 for domestic calls or 201-689-8263 for international calls [3] Replay Information - A replay of the call will be available on the company's website approximately two hours after the live call and will remain accessible through August 22, 2025 [4] - To access the replay, the domestic dial-in number is 844-512-2921 and the international number is 412-317-6671, with a replay pin number of 13753253 [4] Company Overview - Ready Capital Corporation is a multi-strategy real estate finance company that originates, acquires, finances, and services investor and owner-occupied commercial real estate loans [5] - The company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge loans, as well as U.S. Small Business Administration loans under its Section 7(a) program [5] - Headquartered in New York, the company employs approximately 500 professionals nationwide [5]

This real estate investment trust is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of -114.3%. Revenues are expected to be $38.32 million, down 24.8% from the year-ago quarter. Estimate Revisions Trend The consensus EPS estimate for the quarter has been revised 5.88% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this ...

Core Viewpoint - The Broadmark Realty Capital Inc. class action lawsuit alleges violations of the Securities Exchange Act of 1934 related to the merger with Ready Capital Corporation, with claims of misleading statements in the proxy statement used for shareholder approval [1][3]. Group 1: Lawsuit Details - The class action lawsuit is titled Grant v. Broadmark Realty Capital, No. 25-cv-01013 (W.D. Wash.) and involves Broadmark, Ready Capital, and certain executives and directors from both companies [1][2]. - The lawsuit claims that a significant portion of Ready Capital's borrowers faced financial distress due to high interest rates, which increased their borrowing costs [3]. - It is alleged that an oversupply of multifamily properties in Ready Capital's markets limited borrowers' ability to raise rents to cover growing debt costs [3]. - A major development project acquired during the merger, valued at approximately $500 million, faced significant setbacks, including cost overruns and construction delays [3]. - The lawsuit contends that Ready Capital's expected credit losses were materially understated, affecting financial projections related to earnings and dividends [3]. Group 2: Legal Process and Representation - Investors who held Broadmark common stock as of the merger record date can seek appointment as lead plaintiff in the class action lawsuit [5]. - The lead plaintiff will represent the interests of all class members and can choose a law firm for litigation [5]. - Robbins Geller Rudman & Dowd LLP, the law firm representing the plaintiffs, has a strong track record in securities fraud cases, having recovered over $2.5 billion for investors in 2024 alone [6].