Ready Capital posts Q2 loss; CEO says earnings pressure narrowing
RC•Outlook and key details
Ready Capital said it is focused on meeting fourth-quarter debt maturities and is increasingly looking to restart growth in CRE debt investing and SBA 7(a) lending.
| Metric | Actual |
|---|---|
| Q2 Loss Per Share | $0.63 |
| Q2 Net Loss | $99.68 million |
The current average analyst rating on the shares is hold, with no strong buy or buy ratings, six hold ratings and one sell or strong sell rating.
The median 12-month price target for Ready Capital Corp is $2.00, about 29% above its August 6 closing price of $1.55.
Q2 loss and cash generation
U.S. real estate finance firm Ready Capital said its second-quarter GAAP loss per share was $0.63, with distributable loss per share at $0.47.
The company generated $1.4 billion in cash year to date from loan sales and portfolio runoff.
CEO comments on balance sheet progress
Chief Executive Thomas Capasse said the pace of book value reduction is decelerating and earnings pressure is narrowing.
The company said second-quarter results reflect continued progress on balance sheet repositioning, with slower book value reduction and narrowing earnings pressure.
