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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)\n\nOF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nCommission File Number:  001-35808\n\nREADY CAPITAL CORPORATION\n\n(Exact Name of Registrant as Specified in its Charter)\n\nMaryland\n\n90-0729143\n\n(State or Other Jurisdiction of Incorporation or Organization)\n\n(IRS Employer Identification No.)\n\n1251 Avenue of the Americas, 50th Floor, New York, NY 10020\n\n(Address of Principal Executive Offices, Including Zip Code)\n\n(212) 257-4600\n\n(Registrant's Telephone Number, Including Area Code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading\n\nSymbol(s)\n\nName of each exchange on which\n\nregistered\n\nCommon Stock, $0.0001 par value per share\n\nRC\n\nNew York Stock Exchange\n\nPreferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share\n\nRC PRC\n\nNew York Stock Exchange\n\nPreferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share\n\nRC PRE\n\nNew York Stock Exchange\n\n9.00% Senior Notes due 2029\n\nRCD\n\nNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of\n\n1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such\n\nfiling requirements for the past 90 days. Yes ☒   No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of\n\nRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such\n\nfiles).  Yes ☒   No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or\n\nan emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth\n\ncompany” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ☒    Accelerated filer ☐    Non-accelerated filer ☐Smaller reporting company ☐Emerging growth company  ☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any\n\nnew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐   No ☒\n\nIndicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:\n\nThe Company has 165,219,071 shares of common stock, par value $0.0001 per share, outstanding as of May 7, 2026.\n\n2\n\nTABLE OF CONTENTS\n\nPage\n\n[PART I. FINANCIAL INFORMATION](#ic9264e4a25d648419fb509f14195b685)\n\n[4](#ic9264e4a25d648419fb509f14195b685)\n\n[Item 1. Financial Statements (Unaudited)](#i2e5ba9c1f61e408fa57a37dc3a162293)\n\n[4](#i2e5ba9c1f61e408fa57a37dc3a162293)\n\n[UNAUDITED CONSOLIDATED BALANCE SHEETS](#icd6770d73e854717ae2413a93a62c583)\n\n[4](#icd6770d73e854717ae2413a93a62c583)\n\n[UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS](#i44c64af0defe43e6bb3f400d2bdbb19f)\n\n[5](#i44c64af0defe43e6bb3f400d2bdbb19f)\n\n[UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)](#icf052be7184f4b5b9646e1b00b6092d2)\n\n[6](#icf052be7184f4b5b9646e1b00b6092d2)\n\n[UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY](#ida6925d8782441a4beaf0f6a78add59e)\n\n[7](#ida6925d8782441a4beaf0f6a78add59e)\n\n[UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS](#i61afb9d0468a4f47896aec81e66b1e17)\n\n[8](#i61afb9d0468a4f47896aec81e66b1e17)\n\n[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)](#ib23708370d024deab024cd190aa5a759)\n\n[10](#ib23708370d024deab024cd190aa5a759)\n\n[Note 1. Organization](#ie20408439ad24b43b294771c2d154b7b)\n\n[10](#ie20408439ad24b43b294771c2d154b7b)\n\n[Note 2. Basis of Presentation](#ib1cdadc042384bcfab79dc6e0ea42974)\n\n[10](#ib1cdadc042384bcfab79dc6e0ea42974)\n\n[Note 3. Summary of Significant Accounting Policies](#i1dfa15c70e12458c8f39f1a07c4775ca)\n\n[11](#i1dfa15c70e12458c8f39f1a07c4775ca)\n\n[Note 4. Recent Accounting Pronouncements](#i2b92b0e8b76e4e16a740bdcc6b3ca2ad)\n\n[22](#i2b92b0e8b76e4e16a740bdcc6b3ca2ad)\n\n[Note 5. Business Combinations](#i045924c67cb540d299975907ca6a12a8)\n\n[23](#i045924c67cb540d299975907ca6a12a8)\n\n[Note 6. Loans and Allowance for Credit Losses](#i531ad76fb2b74c20ae89e80f83460d0a)\n\n[24](#i531ad76fb2b74c20ae89e80f83460d0a)\n\n[Note 7. Fair Value Measurements](#i7e2021ff9d684c3a83d4cd07ffba544f)\n\n[30](#i7e2021ff9d684c3a83d4cd07ffba544f)\n\n[Note 8. Servicing Rights](#iaa034b4478b1458a994e651854f21497)\n\n[35](#iaa034b4478b1458a994e651854f21497)\n\n[Note 9. Discontinued Operations and Assets and Liabilities Held for Sale](#id55e429602814a6891f7799b6561f436)\n\n[37](#id55e429602814a6891f7799b6561f436)\n\n[Note 10. Secured Borrowings](#if4d40298be0a438cb58ee3e384cca339)\n\n[38](#if4d40298be0a438cb58ee3e384cca339)\n\n[Note 11. Senior Secured Notes and Corporate Debt, net](#iae7cb89ce14a4f559814c629147a47a9)\n\n[39](#iae7cb89ce14a4f559814c629147a47a9)\n\n[Note 12. Guaranteed Loan Financing](#idb47e46d2d2b47f7a7b82c3a144ce5af)\n\n[42](#idb47e46d2d2b47f7a7b82c3a144ce5af)\n\n[Note 13. Variable Interest Entities and Securitization Activities](#i986cf46d5972413f86af53f5f6acbc2c)\n\n[42](#i986cf46d5972413f86af53f5f6acbc2c)\n\n[Note 14. Interest Income and Interest Expense](#i7ce5fb3d3429484386fed381d67abcc5)\n\n[44](#i7ce5fb3d3429484386fed381d67abcc5)\n\n[Note 15. Derivative Instruments](#i9320700aa0264157b917a706799e8a28)\n\n[45](#i9320700aa0264157b917a706799e8a28)\n\n[Note 16. Real Estate Owned](#ibf5e45e14d8240d4ade7738d462cbec0)\n\n[46](#ibf5e45e14d8240d4ade7738d462cbec0)\n\n[Note 17. Agreements and Transactions with Related Parties](#i2f0305158d5741469a5cb5d20f1b6eee)\n\n[47](#i2f0305158d5741469a5cb5d20f1b6eee)\n\n[Note 18. Other Assets and Other Liabilities](#i12aa0fdcbe7644758aed47d5ce5a9642)\n\n[49](#i12aa0fdcbe7644758aed47d5ce5a9642)\n\n[Note 19. Other Income and Operating Expenses](#if0e65253b49142ebab25d49553cd43dd)\n\n[50](#if0e65253b49142ebab25d49553cd43dd)\n\n[Note 20. Redeemable Preferred Stock and Stockholders’ Equity](#i3470fec496d245fe8e44b1a4ad395e30)\n\n[51](#i3470fec496d245fe8e44b1a4ad395e30)\n\n[Note 21. Earnings per Share of Common Stock](#ibdd349e7faf4479897f44dde09351c8c)\n\n[55](#ibdd349e7faf4479897f44dde09351c8c)\n\n[Note 22. Offsetting Assets and Liabilities](#i32d98203c4684a639ef273875d479ce2)\n\n[55](#i32d98203c4684a639ef273875d479ce2)\n\n[Note 23. Financial Instruments with Off-Balance Sheet Risk, Credit Risk, and Certain Other](#i1c884e2531c94154867e455dcb667f1c)\n\n[Risks](#i1c884e2531c94154867e455dcb667f1c)\n\n[57](#i1c884e2531c94154867e455dcb667f1c)\n\n[Note 24. Commitments, Contingencies and Indemnifications](#idf6a3694ed124eea9e6a35b37ec8e919)\n\n[59](#idf6a3694ed124eea9e6a35b37ec8e919)\n\n[Note 25. Income Taxes](#ia593fec5b229496cad51de237952be14)\n\n[60](#ia593fec5b229496cad51de237952be14)\n\n[Note 26. Segment Reporting](#iab80c4a3c7b24ce1bf61689dc067dfeb)\n\n[60](#iab80c4a3c7b24ce1bf61689dc067dfeb)\n\n[Note 27. Subsequent Events](#i6e3be8bf708c4d01bef482e7402b4c03)\n\n[62](#i6e3be8bf708c4d01bef482e7402b4c03)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i4f1eee44b1004658947e55bf422424aa)\n\n[63](#i4f1eee44b1004658947e55bf422424aa)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i07f19b519cbf464fac99037f5d6405b1)\n\n[84](#i07f19b519cbf464fac99037f5d6405b1)\n\n[Item 4. Controls and Procedures](#iacba38049d054ef0906bae2a554b4bd8)\n\n[88](#iacba38049d054ef0906bae2a554b4bd8)\n\n3\n\n[PART II. OTHER INFORMATION](#iffab965cedcc4ad9a91c61f6e736fd0a)\n\n[88](#iffab965cedcc4ad9a91c61f6e736fd0a)\n\n[Item 1. Legal Proceedings](#i6d711d38168f460a8db03aba93bd67d6)\n\n[88](#i6d711d38168f460a8db03aba93bd67d6)\n\n[Item 1A. Risk Factors](#ife69925812094ef7b0aa205c624028cc)\n\n[91](#ife69925812094ef7b0aa205c624028cc)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i86d7f2090a304d148c1fd856d2af1af2)\n\n[91](#i86d7f2090a304d148c1fd856d2af1af2)\n\n[Item 3. Default Upon Senior Securities](#i66c86fa39fc04c7f9841bf1bda32d74f)\n\n[91](#i66c86fa39fc04c7f9841bf1bda32d74f)\n\n[Item 4. Mine Safety Disclosures](#i5678fc0cfb054ed882132032f4c5884c)\n\n[92](#i5678fc0cfb054ed882132032f4c5884c)\n\n[Item 5. Other Information](#i9a894d2dc8ad473f9a27d78c6935e1ca)\n\n[92](#i9a894d2dc8ad473f9a27d78c6935e1ca)\n\n[Item 6. Exhibits](#i954feb6829674b68a33e3f71a1d9f322)\n\n[92](#i954feb6829674b68a33e3f71a1d9f322)\n\n[SIGNATURES](#i1ebd5c2abd584fe596960951b7050ec8)\n\n[95](#i1ebd5c2abd584fe596960951b7050ec8)\n\n4\n\nPART I. FINANCIAL INFORMATION"}