Ready Capital Corp Amends 7.375% Senior Notes Covenants

What Happened
Ready Capital Corporation announced on Sept. 18, 2026 that it entered into a First Supplement to the Eighth Supplemental Indenture (with U.S. Bank Trust Co., N.A., as trustee) that amends the terms of its $100,000,000 aggregate principal amount of 7.375% Senior Notes due 2027. The amendment was executed with the consent of holders representing a majority of the outstanding 7.375% Notes.

Key Details

• Amendment permits a Recourse Debt to Equity Ratio of up to 2.0 to 1.0 (as defined in the Indenture).
• Sets the minimum Consolidated Net Asset Value at $1.2 billion plus the greater of zero and 75% of Net Equity Capital Activity, each measured as of the last day of each fiscal quarter.
• Changes apply to the Indenture governing the 7.375% Senior Notes due 2027 (originally issued under the Eighth Supplemental Indenture dated July 25, 2022).

Why It Matters
This filing documents a contractual change to the notes’ covenants that affects leverage and net-asset thresholds. For investors, the amendment formally allows Ready Capital to carry higher recourse debt relative to equity (up to 2:1) and defines a revised minimum consolidated net asset value tied to recent equity activity — which alters the company’s borrowing constraints under the note agreement and is material to holders of the 7.375% Notes and other creditors evaluating credit risk.