Ready Capital Corporation 9.00% Senior Notes due 2029 (RCD)

FairStock Score: 47/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at Ready Capital's 9.00% senior notes due 2029, a real-estate credit. The filed results are grim. In fiscal 2023 the company earned $348.4 million, or $2.22 per diluted share. Then it lost $430.4 million in fiscal 2024, or $2.63 per share, and another $221.1 million in fiscal 2025, or $1.44 per share. The bleeding continued in fiscal Q1 2026, the quarter ended 2026-03-31, with a $200.1 million net loss and $1.25 per share loss, followed by a $99.7 million net loss and $0.63 per share loss in fiscal Q2 2026, the quarter ended 2026-06-30. Revenue is not reported in the filed figures, so I cannot judge top-line growth. FairStock classifies it as a TURNAROUND because of losses after earlier profits, and its score is 47/100. The notes trade at $22.00 as of 2026-10-13, inside a 52-week range of $18.55 to $24.43. FairStock lists a P/E of 2.91, but with negative EPS in the filed figures that metric is not a reliable sign of cheapness. As a senior note, the key question is asset coverage and eventual recovery, not equity earnings power. Without balance-sheet detail here, I cannot underwrite the moat or coverage. The price may reflect distress; I would require a margin of safety and evidence that losses are shrinking.

In plain English: Ready Capital is in real estate and these are its 9.00% senior notes due 2029. The company has been losing money in recent years, which makes the business look weak, though losses shrank from the first quarter of 2026 to the second. At $22.00, the note price sits in the middle of its 52-week range, so based on the limited numbers it looks neither clearly cheap nor clearly expensive.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer