Ready Capital Corp RC
Ready Capital Corp is a publicly traded real estate investment trust specializing in Commercial Mortgage Finance properties.
Executive Summary: Ready Capital Corp (RC) Institutional Rating
Quantitative Verdict: Ready Capital Corp (RC) trades at an annualized dividend yield of 4.76% with an AFFO payout ratio of 71.4%, earning a Dividend Safety Score of 80 / 100 (Safe). The stock currently trades at a 7.9% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $1.14, backed by an institutional portfolio of 150 commercial properties operating at 95.0% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Ready Capital Corp operates as a Passive Capital Allocator in the Commercial Mortgage Finance real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 95.0%.
Labor & Overhead Efficiency
- • Total Global Employees: Reported in 10-K
- • Estimated Market Cap: $0.13 B
- • Capital Per Employee: N/A
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.51%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.01% | $1.48 | +29.8% | $1.05 | Undervalued |
| 5.51% | $1.35 | +18.4% | $1.05 | Undervalued |
| 6.01% | $1.23 | +7.9% | $1.05 | Undervalued |
| 6.51% Base Case | $1.14 | 0.0% | $1.05 | Undervalued |
| 7.01% | $1.06 | -7.0% | $1.05 | Undervalued |
| 7.51% | $0.99 | -13.2% | $1.05 | Overvalued |
| 8.01% | $0.93 | -18.4% | $1.05 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.0125 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Ready Capital Corp Core Physical Asset Portfolio | United States (Nationwide Footprint) | 18,000,000 sq ft (implied) | 95.0% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: RC vs Peers
Institutional CompsDirect peer benchmark comparing Ready Capital Corp against its top competitors in the Commercial Mortgage Finance industry.
| Metric | RC (Current) | EQIX | PSA | WELL |
|---|---|---|---|---|
| Share Price | $1.05 | $955.03 | $309.89 | $237.32 |
| Dividend Yield | 4.76% | 1.78% | 3.87% | 1.16% |
| Dividend Safety Score | 80 / 100 | 91 / 100 | 93 / 100 | 88 / 100 |
| Price / AFFO Multiple | 15.0x | 26.24x | 18.56x | 57.88x |
| NAV Premium / Discount | -7.9% | +3.8% | -10.2% | +89.9% |
| Portfolio Occupancy | 95.0% | 97.4% | 92.4% | 87.5% |
| Commercial Properties | 150 | 260 | 3,050 | 2,100 |
Frequently Asked Questions (RC FAQ)
Ready Capital Corp (RC) currently pays an annualized dividend of $0.05 per share, representing an annualized dividend yield of 4.76%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 71.4%, earning a Dividend Safety Score of 80/100 with a risk rating of 'Safe'.
Based on REITwave's institutional property-level valuation models, Ready Capital Corp's consensus base NAV is $1.14 per share. Trading at $1.05, the stock reflects an implied market cap rate of 6.51% and trades at a 7.9% discount to NAV (undervalued).
Ready Capital Corp owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 95.0% with a weighted average lease term (WALT) of 6.5 years.
Ready Capital Corp currently trades at a Price / AFFO multiple of 15.0x based on forward AFFO per share of $0.07. Its Price / FFO multiple stands at 13.1x against forward FFO per share of $0.08.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Executive Leadership / Ready Corp. Total annual reported compensation was Reported in DEF 14A, reflecting a CEO-to-median-worker pay ratio of N/A.
Ready Capital Corp maintains a Net Debt-to-EBITDA ratio of 5.4x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.