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Ready Capital Corporation (NYSE: RC) is a leading real estate finance company based in the United States. The company focuses on originating, acquiring, financing, and servicing a variety of loan products, including small balance commercial (SBC) loans, Small Business Administration (SBA) loans, and residential mortgage loans. Ready Capital also invests in mortgage-backed securities primarily collateralized by SBC loans or other real estate-related investments.
The company operates through four main segments:
- Acquisitions: This segment specializes in acquiring both performing and non-performing SBC loans.
- SBC Originations: In this segment, Ready Capital originates SBC loans secured by stabilized or transitional investor properties. They use various loan origination channels and also offer multi-family loan products.
- SBA Originations, Acquisitions, and Servicing: This segment focuses on acquiring, originating, and servicing owner-occupied loans that are guaranteed by the SBA.
- Residential Mortgage Banking: This segment deals with the origination of residential mortgage loans.
Ready Capital is known for its diversified approach, leveraging its expertise across multiple loan types to achieve strong financial performance. Headquartered in New York, New York, the company employs over 600 lending professionals nationwide. Recent achievements include significant growth in loan origination volumes and strategic acquisitions aimed at enhancing the company’s portfolio and market position.
Ready Capital’s commitment to robust financial health is evident in its ongoing projects and partnerships. The company continuously seeks innovative solutions to meet the dynamic needs of its clients. Whether dealing with small business loans or substantial real estate investments, Ready Capital remains a pivotal player in the real estate finance sector.
Ready Capital reported strong financial results for Q3 2021, with Distributable Earnings of $49.4 million, translating to $0.64 per share. The company announced a dividend of $0.42 per share, backed by 1.5x coverage. Investments totaled $2.3 billion for the quarter, driven by sizeable originations and acquisitions in commercial loans. Year-to-date activity reached $6.8 billion, marking a 67% increase. The company also secured $350 million in Senior Secured Notes to optimize its capital structure. Adjusted net book value stood at $15.06 per share, reflecting continued growth.
Ready Capital Corporation (NYSE:RC) has entered into a definitive merger agreement to acquire several privately held real estate structured finance funds managed by MREC Management, LLC, focusing on construction lending. This merger is projected to enhance Ready Capital's equity capital base to over $1.7 billion and diversify its investment portfolio with construction assets. The deal is anticipated to be accretive to earnings and reduce leverage, with Ready Capital shareholders owning approximately 70% of the combined entity post-merger.
Ready Capital Corporation (NYSE: RC) will announce its third quarter 2021 financial results on November 4, 2021, before the NYSE opens. A conference call is scheduled for November 5, 2021, at 8:30 a.m. ET, where management will discuss the results and provide a business update. Investors can access the call through a webcast available on the company's website, with dial-in options also provided. The replay will be available post-call until November 19, 2021. Ready Capital specializes in financing small- to medium-sized commercial loans.
Ready Capital Corporation (NYSE: RC) announced the closing of a private placement of $350 million in senior secured notes due 2026 at a 4.50% interest rate. These notes are backed by a first-priority lien on certain assets and guaranteed by multiple subsidiaries. The funds will be used to redeem existing 7.50% Senior Secured Notes due 2022 and for general corporate purposes. Placement agents for this offering included Piper Sandler & Co. and Keefe, Bruyette & Woods.
Ready Capital Corporation (NYSE: RC) announced it has exceeded $1 billion in SBA 7(a) Loans, marking its position as the second-largest non-bank SBA lender in the U.S. Key year-to-date metrics include:
- Ranked #2 among non-bank SBA lenders in loan approvals
- Ranked #6 among all SBA lenders
- Top 1% in loans closed
- Closed 489 loans with a volume exceeding $616 million
Ready Capital aims to become the largest non-bank lender within three years.
Waterfall Asset Management has been recognized in Inc.'s 2021 list of founder-friendly private equity and venture capital investors. As of July 1, 2021, Waterfall managed approximately $9.7 billion in assets, focusing on structured credit and private equity across various sectors. The list highlights 146 firms actively supporting entrepreneurs, emphasizing the importance of partnership over mere financial investment. Notably, Waterfall is also the external manager for Ready Capital (NYSE: RC), which has provided over $3 billion in capital nationwide.
Peaks Strategies, a financial services PR consultancy based in New York, has announced significant growth driven by new client acquisitions and team expansion. Recently appointed as the agency of record for Ready Capital (NYSE: RC), Peaks Strategies will enhance its media and content strategy. The firm also welcomed Vaibhav Kumar as a Senior Associate to strengthen client services. Additional client acquisitions include firms in carbon capture, blockchain investment, and fintech, reflecting Peaks' commitment to innovative communication in diverse sectors.
Ready Capital Corporation (NYSE: RC) has declared a quarterly cash dividend of $0.42 per share for the quarter ended September 30, 2021, payable on October 29, 2021. Shareholders of record as of September 30, 2021, will receive the dividend. Additionally, the Company announced dividends for its preferred stock: $0.390625 for Series C Preferred Stock, payable on October 15, 2021, and $0.40625 for Series E Preferred Stock, payable on November 1, 2021.
Ready Capital Corporation (NYSE: RC) has successfully closed a $652.5 million commercial mortgage collateralized loan obligation (CRE CLO), with rights to acquire $87.8 million in future funding interests. This marks the sixth CRE CLO issued by the company, backed by a total of $2.45 billion of collateral. Moody's and DBRS assigned high ratings of Aaa(sf) and AAA(sf), respectively, to the senior certificates. The portfolio consists of 52 loans secured by 55 properties, primarily multifamily, originated post-pandemic. So far this year, the company closed over $1.5 billion across more than 70 loans.
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