Ready Capital reported a challenging third quarter 2025, marked by a GAAP loss, as the company focused on balance sheet repositioning and improvement in its Small Business Lending operations amidst heightened delinquencies and maturing debt.

• Successfully repositioned balance sheet; netted $109 million from the sale of low-yielding loans, contributing $0.02 per share in the quarter.
• Increased delinquencies to 5.9% as new core net delinquencies amounted to $40 million; strategic emphasis placed on asset liquidations.
• Small Business Lending operations generated $11 million in net income, with continued growth opportunities despite current market pressures.
• The company is prioritizing the management of $650 million in debt maturing in 2026, with $830 million in unencumbered assets to address obligations.
• Evaluating dividend levels in December based on progress and liquidity management for upcoming maturities.