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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 Corporation (NYSE: RC) reported a strong financial performance for Q4 2020, with U.S. GAAP Net Income of $27.6 million ($0.49/share) and Distributable Earnings of $28.8 million ($0.51/share). The company originated $1.2 billion in residential mortgage loans and $550.3 million in small-to-medium balance commercial loans. Current unrestricted cash stands at $172 million. A cash dividend of $0.35 per share was declared. CEO Thomas Capasse emphasized the resilience of their diversified business model amidst COVID-19 uncertainties, expressing optimism for future growth.
Ready Capital Corporation (NYSE: RC) will release its fourth quarter 2020 financial results after market close on March 11, 2021. A conference call and webcast will take place on March 12, 2021, at 8:30 AM ET to discuss the results and provide a business update. Investors can access the webcast through the Company's website, with dial-in options available for the conference call. A replay will be available shortly after the live call until March 26, 2021.
Ready Capital specializes in financing small- to medium-sized commercial loans, supported by a team of over 400 professionals.
Ready Capital Corporation (NYSE: RC) announced a prorated dividend of $0.30 per share, payable on March 18, 2021, to stockholders of record as of March 15, 2021. This decision aligns with the Merger Agreement with Anworth Mortgage Asset Corporation, dated December 6, 2020, which is set to finalize shortly. The prorated dividend calculation is based on the elapsed days since December 31, 2020. Additionally, the board is considering a first quarter dividend to cover the period from March 19 to March 31, 2021.
Ready Capital Corporation (NYSE: RC) announced its plan to redeem all outstanding 6.50% Senior Notes due 2021, totaling $50 million. The redemption is set for March 26, 2021, at 100% of the principal amount plus accrued interest. Following this event, trading of the Notes on the NYSE will be suspended, and they are expected to be delisted. The press release underscores the company's focus on real estate finance, including various types of commercial loans.
Ready Capital Corporation (NYSE: RC) announced the closing of a public offering of $201.25 million of 5.75% Senior Notes due 2026. This includes $26.25 million from the underwriters' over-allotment option. Proceeds will be used to redeem 6.50% Senior Notes due 2021 and for general business purposes, including funding small balance commercial loans. The Notes will trade under the symbol 'RCC' on the NYSE within 30 days. The offering was previously declared effective by the SEC.
Ready Capital Corporation (NYSE: RC) announced a public offering of $175 million in 5.75% Senior Notes due 2026. The offering includes a 30-day over-allotment option for an additional $26.25 million. Proceeds will be used to redeem existing 6.50% Senior Notes due 2021 and to support business operations, including commercial loan pipelines. The offering is set to close on February 10, 2021, with plans to list the Notes on the NYSE under symbol RCC.
Ready Capital announced the closing of acquisition, refinance, renovation, and redevelopment loans totaling approximately $225 million across 11 states between September and December 2020. Notable transactions include:
- $4.7MM for a 260,000 SF industrial property in Hartford, CT.
- $10.1MM for an 85,000 SF office property in Los Angeles, CA.
- $14.4MM for a 50,000 SF office property in Oakland, CA.
- $12.0MM for a 176-unit multifamily property in Tampa, FL.
This financing supports capital improvements and market occupancy goals for various real estate properties.
Ready Capital Corporation (NYSE:RC) declared a quarterly cash dividend of $0.35 per share for the quarter ended December 31, 2020. This dividend is payable on January 29, 2021 to shareholders of record as of December 31, 2020. The company specializes in real estate finance, focusing on small to medium balance commercial loans backed by various types of commercial real estate. Ready Capital is managed by Waterfall Asset Management and employs over 500 lending professionals nationwide.
Ready Capital Corporation (NYSE: RC) reported strong financial results for the third quarter of 2020. The company achieved U.S. GAAP net income of $35.4 million ($0.63 per share) and core earnings of $32.1 million ($0.57 per share). It originated $1.2 billion in residential mortgage loans and recorded a significant $82.9 million in SBA-guaranteed loans. With an adjusted net book value of $14.84 per share and liquidity of $221.7 million, Ready Capital declared a $0.30 dividend per share. The company remains optimistic despite COVID-19 uncertainties.
Ready Capital Corporation (NYSE: RC) will release its third quarter 2020 financial results on November 4, 2020, after market close. A conference call and webcast for discussing the results will occur on November 5, 2020, at 8:30 AM ET. The Company, based in New York, specializes in financing small- to medium-sized commercial loans, including agency multifamily and SBA loans. Investors can access the audio of the live call through the Company’s website. A replay will be available shortly after the call until November 19, 2020.
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