Ready Capital: The Bad, The Worse, And The Preferreds

Ready Capital faces persistent GAAP losses and book value per share erosion, undermining its investment profile. RC's dividend has been slashed 97.5% over three years, now yielding just 2.26% with a token $0.01 quarterly payout. Shares trade at a steep 74% discount to book value, reflecting deep investor skepticism and ongoing balance sheet stress. RC's CRE loan portfolio remains troubled, with non-performing loans comprising a significant portion and signaling further near-term downside.

Ready Capital ( RC ) continues to realize back-to-back quarters of GAAP losses and book value per share erosion, shifting its broader investment profile from bad to worse as dividends dry up and credit losses remain