The large miss and continued book value erosion suggest further downside risk until the repositioning plan concludes (expected by Q2 end). Monitor upcoming loan sale announcements and any further credit deterioration in the CRE portfolio.
Price Chart
Executive Summary
Ready Capital reported a Q1 2026 distributable loss per share of $(0.33), missing consensus of $(0.20) by 65%, as the company executed its balance sheet repositioning with $1.4B in loan sales and realized losses. The GAAP loss was $(1.25) per share, and book value fell to $7.43. The ongoing delevering creates near-term earnings pressure but aims to reset the platform for long-term profitability.
Key Financial Metrics
Key Facts
- GAAP loss per share of $(1.25) for Q1 2026
- Distributable loss per share of $(1.00), or $(0.33) before realized losses
- Consensus distributable EPS was $(0.20); actual $(0.33) represents a 65% miss
- Book value per share fell to $7.43 from $9.47 at year-end 2025
- Sold $1.0B in CRE loans YTD, generating $177M net proceeds after debt paydowns
- Retired $184M of corporate debt, with $450M in remaining 2026 maturities
- Total leverage at 3.0x, recourse leverage at 1.8x
- 60+ day core delinquencies rose to 14.8% of CRE portfolio
Financial Impact
Q1 2026 distributable loss of $159.8M; GAAP net loss $200.1M
Risk Factors
- Further realized losses from the $1.2B loan sale process
- Continued book value pressure and potential dividend cuts
- Rising delinquencies may signal deeper credit issues
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3290723 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 18, 2026 5w ago | 8-K | $1.66 $1.67 | ▲ +0.60% | ▼ −0.95% | $1.16 (−30.04%) |
Sep 18, 2026 5w ago | Press Release | $1.66 $1.67 | ▲ +0.60% | ▼ −0.95% | $1.16 (−30.04%) |
Sep 15, 2026 5w ago | Press Release | $1.58 $1.63 | ▲ +3.16% | ▲ +2.03% | $1.16 (−26.50%) |
Aug 6, 2026 11w ago | Press Release | $1.71 $1.85 | ▼ −8.19% | ▼ −8.22% | $1.16 (+32.09%) |
Jun 15, 2026 19w ago | Press Release | $1.67 $1.66 | ▼ −0.60% | ▲ +0.65% | $1.16 (−30.46%) |
May 7, 2026 24w ago | Press Release | $1.89 $1.77 | ▲ +6.35% | ▲ +6.58% | $1.16 (+38.56%) |
May 7, 2026 24w ago | 8-K | $13.60 $13.26 | ▲ +2.50% | ▲ +2.73% | $1.16 (+91.46%) |
May 1, 2026 25w ago | Press Release | $1.86 $2.00 | ▲ +7.53% | ▲ +6.73% | $1.16 (−37.56%) |
Apr 22, 2026 26w ago | 25-NSE | $12.09 $12.27 | ▲ +1.45% | ▲ +1.84% | $1.16 (−90.39%) |
Mar 24, 2026 31w ago | 8-K | $1.52 $1.57 | ▲ +3.27% | ▲ +2.70% | $1.16 (−23.62%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers