Ready Capital Corp

Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: Acquisitions, SBC Originations, SBA Originations, Acquisitions & Servicing, and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company's business strategy. The SBC Originations segment originates SBC loans secured by stabilized or transitional investor properties using multiple loan origination channels through its wholly-owned subsidiary, ReadyCap Commercial LLC. The SBA Originations, Acquisitions & Servicing segment acquires, originates and services owner-occupied loans guaranteed by the SBA through its wholly-owned subsidiary, ReadyCap Lending LLC. The Residential Mortgage Banking segment, through its wholly-owned subsidiary, GMFS LLC, originates residential mortgage loans eligible to be purchased, guaranteed or insured by Fannie Mae, Freddie Mac, FHA, USDA and VA through retail, correspondent and broker channels. The company was founded in 2011 and is headquartered in New York, NY.

Earnings data Q1 2021

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Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

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Earnings data Q1 2024

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Earnings data Q3 2024

Earnings data Q4 2024

Ready Capital Corp to acquire Broadmark, anticipates strong growth

Ready Capital Corp's Q4 2022 performance showcased strength in loan originations, credit quality, and strategic acquisitions.
The merger with Broadmark Realty Capital is poised to enhance earnings, reduce leverage, and generate expense synergies for the company.
Challenges include impacts on realized gains, lack of specific full-year origination outlook, and complexities in the Broadmark deal execution.
Opportunities lie in increased liquidity post-acquisition, growth in SBA lending, and capital redeployment for new CRE originations and acquisitions.

Ready Capital Corp reports resilient performance amidst CRE market challenges

Ready Capital Corp navigated challenges in the CRE market with strong performance in core originations and credit metrics.
Despite non-recurring impacts on earnings, the company remains well positioned to maintain dividends and achieve its ROE target.
Opportunities lie in maintaining strong credit metrics, exploring potential acquisitions, and focusing on growth in key market segments.
Analysts' questions covered a range of topics including CECL reserve releases, distributable earnings, and balance sheet strategies.

Ready Capital Corp reports strong Q2 performance and eyes growth opportunities

Ready Capital Corp's Q2 2023 performance showcased robust loan portfolio growth and competitive credit metrics.
The company's strengths lie in the successful Broadmark acquisition, distributable earnings, and limited defaults in multifamily loans.
Challenges include upcoming maturities, potential risks in multifamily bridge loans, and headwinds from the Broadmark deal.
Opportunities for growth include optimizing capital structure, exploring new acquisitions, and capitalizing on multifamily market stabilization.

Ready Capital Corp reports strong Q3 performance amidst market caution

Ready Capital Corp (RC) demonstrated strong performance with successful Broadmark integration and improved liquidity, despite challenges in the CRE market.
The company's focus on cost synergies, credit metrics strength, and strategic rebranding position it well for future growth opportunities.
While challenges like portfolio yield drag and market uncertainties exist, Ready Capital's adaptability and focus on strategic opportunities are key strengths.

Ready Capital Corp reports 8.6% ROE for 2023, eyes strategic refinancing and growth opportunities

Ready Capital Corp's performance in 2023 was impacted by M&A effects and underperformance in certain business segments, leading to a distributable ROE of 8.6%. Despite challenges in delinquencies, the company is strategically focused on refinancing, leveraging debt, and exiting underperforming sectors. Opportunities lie in CLO issuance, SBA vertical growth, and accretive impacts from the Broadmark transaction.

Ready Capital Corp reports Q3 losses but eyes CRE market growth

Ready Capital Corp's Q3 performance reflects challenges with losses but also strengths in small business lending and market positioning.
Strategic initiatives and a well-positioned CRE market offer growth opportunities despite short-term challenges.
The company's focus on high-growth areas and future earnings expectations signal a path towards long-term success and market competitiveness.
Navigating through challenges while capitalizing on opportunities will be crucial for Ready Capital Corp's future financial performance and growth.

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Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program through wholly-owned subsidiary, ReadyCap Lending, LLC. The Residential Mortgage Banking segment focuses on the residential mortgage loan origination segment through wholly-owned subsidiary, GMFS, LLC. The company was founded in November 2011 and is headquartered in New York, NY.

NEW YORK, May 5, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") announced today the final results of its tender offer for all outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share (the "Series C Preferred Stock"), which expired at 5:00 p.m. New York City time on April 30, 2021.

Ready Capital Corporation Announces Final Results of Tender Offer

NEW YORK, May 2, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") announced today the preliminary results of its tender offer for all outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share (the "Series C Preferred Stock"), which expired at 5:00 p.m. New York City time on April 30, 2021.

Ready Capital Corporation Announces Preliminary Results of Tender Offer

NEW YORK, April 29, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) (the "Company") today announced that the Company will release its first quarter 2021 financial results after the New York Stock Exchange closes on Thursday, May 6, 2021.  Management will host a webcast and conference call on Friday, May 7, 2021 at 8:30 am eastern time to provide a general business update and discuss the financial results for the quarter ended March 31, 2021.

Ready Capital Corporation Announces First Quarter 2021 Results And Webcast Call

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NEW YORK, April 08, 2021 (GLOBE NEWSWIRE) -- Ready Capital's National Bridge Originations Team announces the closing of acquisition, refinance, renovation and redevelopment loans for approximately $657 million in 11 states between January 2021 and March 2021.

Ready Capital National Bridge Team Closes Approximately $655 Million in 11 States in First Quarter of 2021

NEW YORK, April 1, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") announced the closing of a $629 million commercial mortgage collateralized loan obligation ("CRE CLO") with the limited right to acquire all or part of $139 million in future funding participation interests. Moody's Investors Service, Inc. ("Moody's") and Kroll Bond Rating Agency, LLC ("KBRA") assigned a "Aaa(sf)" and "AAA(sf)" rating, respectively to the senior most certificates, with KBRA providing ratings to the remaining classes of the transaction.

Ready Capital Corporation Announces Securitization of $768 Million in Bridge Loans

NEW YORK, March 24, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") announced that its board of directors declared a prorated dividend of $0.10 per share of common stock and operating partnership unit (the "Prorated Dividend"). The Prorated Dividend is payable on April 30, 2021 to common stockholders and operating partnership unitholders of record as of the close of business on April 5, 2021.

Ready Capital Corporation Declares Additional $0.10 Per Share Prorated Dividend For First Quarter Following Completion of Merger with Anworth Mortgage Asset Corporation

NEW YORK, March 22, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE:RC) (the "Company") announced that its Board of Directors declared quarterly cash dividends on its 8.625% Series B Cumulative Preferred Stock (the "Series B Preferred Stock"), its 6.25% Series C Cumulative Convertible Preferred Stock (the "Series C Preferred Stock"), and its 7.625% Series D Cumulative Redeemable Preferred Stock" (the "Series D Preferred Stock"). The Company declared a dividend of $0.5390625 per share of Series B Preferred Stock payable on April 15, 2021 to Series B Preferred Stock holders of record as of the close of business on March 31, 2021.

Ready Capital Corporation Declares First Quarter 2021 Preferred Dividends

Anworth Mortgage Asset

NEW YORK, March 19, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") and Anworth Mortgage Asset Corporation (NYSE: ANH) ("Anworth") jointly announced today that they have completed the previously announced merger pursuant to the terms of the Agreement and Plan of Merger, dated as of December 6, 2020, by and among Ready Capital, Anworth and RC Merger Subsidiary, LLC, a Delaware limited liability company and a wholly owned subsidiary of Ready Capital (the "Merger Agreement"). As of the closing of trading on March 19, 2021, Anworth ceased to be publicly traded and its common stock and preferred stock was suspended from trading on the NYSE.

Ready Capital Corporation and Anworth Mortgage Asset Corporation Announce Completion of Merger

NEW YORK, March 17, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that at the special meeting of stockholders held today, conducted by means of a virtual meeting held live over the internet, its stockholders approved the issuance of the Company's common stock pursuant to the terms of the previously announced merger agreement with Anworth Mortgage Asset Corporation ("Anworth"). Pursuant to the merger agreement, Ready Capital will acquire Anworth through Anworth's merger with and into a wholly owned subsidiary of Ready Capital (the "Merger").

Ready Capital Corporation Stockholders Approve Issuance of Common Stock in Merger with Anworth Mortgage Asset Corporation

Ready Capital's (RC) CEO Tom Capasse on Q4 2020 Results - Earnings Call Transcript

NEW YORK, March 11, 2021 /PRNewswire/ -- Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today reported financial results for the quarter ended December 31, 2020. Ready Capital reported U.S. GAAP Net income for the three months ended December 31, 2020 of $27.6 million, or $0.49 per share of common stock, and Distributable Earnings (a non-GAAP financial measure) of $28.8 million, or $0.51 per share of common stock.

Ready Capital Corporation Announces Fourth Quarter 2020 Results

NEW YORK, March 4, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) (the "Company") today announced that the Company will release its fourth quarter 2020 financial results after the New York Stock Exchange closes on Thursday, March 11, 2021. Management will host a webcast and...

Ready Capital Corporation Announces Fourth Quarter 2020 Results And Webcast Call

NEW YORK, March 1, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") announced that its board of directors declared a prorated dividend of $0.30 per share of common stock and operating partnership unit (the "Prorated Dividend"). The Prorated...

Ready Capital Corporation Declares $0.30 Per Share Prorated Dividend Pursuant to Anworth Merger Agreement

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NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced its intention to redeem all of its outstanding 6.50% Senior Notes due 2021 (CUSIP No. 75574U 309) (the "Notes"), pursuant to its option under the Indenture,...

Ready Capital Corporation Announces Redemption of Its Outstanding 6.50% Senior Notes Due 2021

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67 U.S. Real Estate Investment Trusts Yield Over 7% In February

NEW YORK, Feb. 10, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that it closed an underwritten public offering of $201.25 million aggregate principal amount of 5.75% Senior Notes due 2026 (the "Notes"), including $26.25...

Ready Capital Corporation Announces Closing of Public Offering of Senior Notes and Full Exercise of Over-allotment Option

NEW YORK, Feb. 8, 2021 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that it priced an underwritten public offering of $175.0 million aggregate principal amount of 5.75% Senior Notes due 2026 (the "Notes"). The Notes will be issued...

Ready Capital Corporation Announces Pricing of Public Offering of Senior Notes

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NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Ready Capital's National Bridge Originations Team announces the closing of acquisition, refinance, renovation and redevelopment loans for approximately $225 million in 11 states between September 2020 and December 2020.

Ready Capital National Bridge Team Closes Approximately $225 Million in 11 States in Final Quarter of 2020

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