Real estate finance company Ready Capital (NYSE: RC) will be reporting earnings this Thursday after market hours. Here’s what to expect.

Ready Capital missed analysts’ revenue expectations by 155% last quarter, reporting revenues of -$26.37 million, up 29.4% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ tangible book value per share estimates and a significant miss of analysts’ revenue estimates.

Is Ready Capital a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Ready Capital’s revenue to decline 78.2% year on year to $38.8 million, a reversal from the 105% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.24 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Ready Capital has missed Wall Street’s revenue estimates six times over the last two years.

Looking at Ready Capital’s peers in the thrifts & mortgage finance segment, some have already reported their Q3 results, giving us a hint as to what we can expect. PennyMac Financial Services delivered year-on-year revenue growth of 10.6%, beating analysts’ expectations by 9.9%, and PennyMac Mortgage Investment Trust reported revenues up 22.7%, topping estimates by 2.1%. PennyMac Financial Services traded up 7.2% following the results while PennyMac Mortgage Investment Trust was also up 8.4%.

Read our full analysis of PennyMac Financial Services’s results here and PennyMac Mortgage Investment Trust’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the thrifts & mortgage finance stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.3% on average over the last month. Ready Capital is down 16.3% during the same time and is heading into earnings with an average analyst price target of $4.38 (compared to the current share price of $2.98).

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