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Ready Capital Corporation (NYSE:RC), a real estate investment trust with a market capitalization of $755 million, disclosed its financial results for the first quarter ended March 31, 2025, today. According to InvestingPro data, the company maintains an impressive 11.3% dividend yield and has sustained dividend payments for 10 consecutive years. The announcement was made through an earnings release, which has been attached as Exhibit 99.1 to the company’s Form 8-K filing with the Securities and Exchange Commission (SEC).
In addition to the earnings release, Ready Capital has made supplemental financial information available on its website, which can be found in the Investor Relations section. This information is furnished as Exhibit 99.2 in the 8-K filing. InvestingPro analysis indicates analysts expect sales growth of 5.4% this year, despite recent market challenges that have led to a 36% decline in share price over the past six months.
The provided information, including the exhibits attached to the 8-K report, is furnished and should not be considered "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934. It is also not to be incorporated by reference into any registration statement or other document under the Securities Act of 1933, unless specifically stated.
This report is based on the 8-K filing by Ready Capital Corporation with the SEC. The company, incorporated in Maryland, is listed on the New York Stock Exchange under the ticker symbol RC. The filing also lists other securities registered by Ready Capital, including various series of preferred stock and senior notes, all traded on the New York Stock Exchange.
The filing indicates that Ready Capital Corporation is not an emerging growth company and it has not elected to use the extended transition period for complying with new or revised financial accounting standards. For investors seeking deeper insights, InvestingPro offers a comprehensive research report with detailed analysis of Ready Capital’s financial health, valuation metrics, and growth prospects, along with 12 additional ProTips that could help inform investment decisions.
The company’s financial results for the quarter ending March 31, 2025, are detailed in the exhibits attached to the 8-K filing. The exhibits include an earnings release dated May 8, 2025, and supplemental financial information for the same period. The SEC filing was signed by Andrew Ahlborn, Chief Financial Officer of Ready Capital Corporation, on May 8, 2025.
In other recent news, Ready Capital Corporation reported a significant earnings miss for the fourth quarter of 2024, with a GAAP loss of $1.90 per share and a distributable earnings loss of $0.03 per share, falling short of the forecasted $0.23. Revenue from core operations decreased by 12% to $91.6 million, reflecting challenges in the commercial real estate lending market. In a strategic move, Ready Capital has filed a new registration statement with the SEC for the continued offering of its common stock, which allows the company to sell shares up to an aggregate offering price of $150 million. Additionally, the company has announced a new merger with UDF IV, expected to add 17% to incremental earnings upon closing in March. Analyst firm Keefe, Bruyette & Woods downgraded Ready Capital’s price target from $6.25 to $4.00, citing a smaller interest-earning portfolio and anticipated credit costs. Citizens JMP also downgraded the stock rating from ’Market Outperform’ to ’Market Perform’. In a positive development, Ready Capital’s division, iBusiness Funding, launched Lendsey AI, an AI platform for SMB lending, supported by a $100 million investment for further AI integration.
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