Ready Capital Corporation (NYSE: RC) completed the sale of 47 commercial real estate loans totaling $943 million in unpaid principal balance during the first quarter of 2026, according to a company statement.

The transactions involved four separate deals comprising 68% performing multi-family, office and industrial loans and 32% non-performing and sub-performing commercial real estate loans. The sales generated net proceeds of $177 million after financing paydowns.

The company also received $444 million from principal payoffs and other asset management strategies during the quarter, resulting in additional net proceeds of $98 million after financing paydowns.

Ready Capital collapsed its two remaining collateralized loan obligations, RCMF 2023-FL11 and RCMF 2023-FL12, on March 25, 2026. The transactions included 21 loans totaling $496 million in unpaid principal balance.

The company issued a redemption notice on March 23, 2026, for its 6.20% Senior Unsecured Notes due July 2026. Ready Capital plans to retire the entire $67 million in outstanding notes on April 22, 2026.

On March 17, 2026, Ready Capital entered into an arrangement that allows the company to facilitate the sale of up to $1 billion in new commercial real estate loan originations through an off-balance sheet structure. The company will retain portions of upfront origination fees and ongoing asset management fees, with potential equity participation upon securitization of the collateral. Ready Capital expects to begin originating loans for this program during the third quarter.

Since the beginning of the fourth quarter of 2025, the company has generated $442 million in net proceeds through loan sales, principal payoffs and other asset management strategies as part of its plan to generate over $850 million in free cash and reduce legacy commercial real estate loan exposure.