Ready Capital Corporation - RC STOCK NEWS

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.

Ready Capital Corporation (NYSE: RC) reported strong financial results for Q2 2021, with a net income of $30.9 million, equivalent to $0.38 per share, and distributable earnings of $41.4 million, or $0.52 per share. The company achieved record loan originations, totaling $1.1 billion for small-to-medium balance commercial loans and $145.7 million in SBA loans. Additionally, it maintained liquidity of $428 million and declared a dividend of $0.42 per share. The performance reflects Ready Capital's strategic growth as a prominent non-bank lender.

Ready Capital (NYSE: RC) announced its acquisition of Red Stone, a company specializing in affordable housing finance, on August 3, 2021. This strategic move aims to diversify Ready Capital's business and enhance its presence in a growing market with low correlation to its existing operations. Red Stone’s management team and employees will join Ready Capital, which acquired the company through cash, stock, and assuming certain financial guarantees. The acquisition reflects Ready Capital's commitment to affordable housing, highlighting a significant opportunity for future growth and shareholder benefits.

Ready Capital Corporation (NYSE: RC) will release its second quarter 2021 financial results on August 5, 2021, before market opening. A webcast and conference call will follow at 8:30 a.m. Eastern Time for a business update and financial discussion. The company, which focuses on small- to medium-sized commercial loans, encourages investors to join via webcast due to potential wait times for dial-in access. The conference call will be available for replay on the company's website until August 20, 2021.