Q3 2026 Revenue down 70% year over year to $25.3M · 246¢ of every $1 of revenue lost · operating margin -256.6%
Ready Capital made $25.3M in Q3 2026 (-70% Y/Y): Noninterest income $25.3M, Net interest income $1K. Operating margin -256.6%, net loss $62.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$25.3M
Year over year-70%
Operating margin-256.6%
Net earnings−$62.2M
Operating cash flow−$25.1M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $25.3M in Q3 2026, down 70% year over year. Noninterest income was the largest line at 100% of revenue. Noninterest income lost $49.6M year over year (down 66%), 82% of the total change.
Operating costs exceeded revenue by $65.0M, an operating margin of -256.6%. Total costs fell 19% while revenue fell 70%. The quarter ended with a net loss of $62.2M.
Operating cash flow was −$25.1M. Non-cash charges added back $1.6M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $33.8M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$25.3M
-70%
-256.6%
−$62.2M
−$25.1M
Charts
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$62.2M, Operating cash flow −$25.1M.+210.8% since FY2020: more shares outstanding (issuance, stock pay).Cash $208M, short-term investments —, long-term debt $1.4B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
businesses to purchase real estate used in their operations or by investors seeking to acquire multi-family, office, retail, order to achieve this objective, we intend to grow our investment portfolio and believe that the breadth of our full-service
In its own words, from its 10-K, filed Mar 2, 2026.
Ready Capital against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -70% against the peers' median +11%. Operating margin: -256.6% against the peers' median 15.9%.