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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.
Waterfall Asset Management, a global alternative investment adviser, has announced the appointment of three new Partners: Zachary Liebmann, Kenneth Nick, and Brian Breakstone. These appointments reflect their significant contributions to the firm and leadership in its continued growth. Liebmann leads Waterfall's CRE Debt and CLO teams, Nick serves as Chief Operating Officer, General Counsel, and Chief Compliance Officer, while Breakstone has returned as Chief Financial Officer. The Managing Partners and Co-founders, Tom Capasse and Jack Ross, emphasized that these appointments align with Waterfall's culture of collaboration and entrepreneurialism, as well as its focus on leveraging expertise to help clients achieve investment goals. The firm views the current environment as particularly active and attractive for their asset-oriented investing approach.
Waterfall Asset Management has announced a strategic partnership expansion with Onity Group Inc. (NYSE: ONIT), involving the transfer of reverse mortgage assets from Waterfall's subsidiary, Mortgage Assets Management, (MAM), to Onity. The assets include Home Equity Conversion Mortgages (HECMs) and related securities, which are already subserviced by Onity's subsidiary, PHH Mortgage
Leo Wong, Partner at Waterfall, emphasized the transaction's importance in growing their reverse mortgage initiatives and leveraging complementary strengths with Onity. Wong also highlighted the value of HECMs for homeowners seeking to access equity without selling their homes, especially in the current low mortgage rate environment.
This move demonstrates Waterfall's commitment to expanding its presence in the reverse mortgage sector while capitalizing on Onity's operational capabilities.
Ready Capital (NYSE: RC) reported Q2 2024 results with a GAAP loss per share of $(0.21) and distributable earnings per share of $0.07. The company achieved total investments of $474 million, including $257 million in LMM originations and a record $217 million in SBA 7(a) loans. Ready Capital declared a $0.30 per share dividend and reported a net book value of $12.97 per share. The company completed significant transactions, including the sale of $4.7 billion in residential mortgage servicing rights and the acquisition of Madison One. Post-quarter, Ready Capital acquired Funding Circle USA, Inc. The company's focus on cycling out of underperforming assets and into market-yielding investments, along with improving credit metrics, is expected to boost earnings towards year-end.
Ready Capital (NYSE: RC) has announced the release of its second quarter 2024 financial results on August 7, 2024, after the New York Stock Exchange closes. The company will host a webcast and conference call on August 8, 2024, at 8:30 a.m. Eastern Time to discuss the results and provide a general business update.
Investors can access the webcast through the company's website at www.readycapital.com. A dial-in option is also available, and a replay of the call will be accessible until August 22, 2024. Ready Capital is a multi-strategy real estate finance company specializing in lower-to-middle-market commercial real estate loans, including agency multifamily, investor, construction, bridge, and U.S. Small Business Administration loans under its Section 7(a) program.
iBusiness Funding, a division of Ready Capital (NYSE: RC), has entered a definitive agreement to acquire Funding Circle USA (FC USA) and its subsidiaries. The transaction is contingent upon FC USA returning its Small Business Lending Company (SBLC) license to the SBA. The acquisition aligns both companies' missions of supporting underserved borrowers. iBusiness CEO Justin Levy highlighted FC USA's compliance program and low default rates as significant assets. The combined entity will leverage FC USA's tech-enabled customer experience and iBusiness' Lending as a Service (LaaS) and LenderAI products. Ready Capital expects the merger to enhance revenue and earnings.
Ready Capital (NYSE: RC) announced its Board of Directors has declared a quarterly cash dividend of $0.30 per share for common stock and Operating Partnership units for Q2 2024. The dividend is payable on July 31, 2024, to shareholders of record as of June 28, 2024.
The Board also declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock ($0.390625 per share, payable July 15, 2024, record date June 28, 2024) and its 6.50% Series E Cumulative Redeemable Preferred Stock ($0.40625 per share, payable July 31, 2024, record date June 28, 2024).
Ready Capital specializes in real estate finance, offering various loans backed by commercial real estate, including agency multifamily, investor, construction, bridge, and U.S. Small Business Administration loans. The company is headquartered in New York, employing about 350 professionals nationwide.
Ready Capital (NYSE: RC) has acquired Madison One Capital, M1 CUSO, and Madison One Lender Services, expanding its footprint in the government guaranteed loan sector. Madison One is a key player in USDA and SBA loan origination and servicing, targeting small businesses and energy projects in rural areas. The acquisition aims to diversify Ready Capital's revenue and increase its scale in gain-on-sale businesses. Expected to generate over $300 million annually in USDA loan volume, the acquisition will enhance Ready Capital's offerings in government-guaranteed small business loans. Madison One will continue operating under its current name as a subsidiary of Ready Capital.
Ready Capital (NYSE:RC) announced that Tom Capasse, Chairman and CEO, will present at REITweek 2024. The event takes place at the New York Hilton Midtown on June 5, 2024, at 2:00 p.m. Eastern Time. Investors can access a live audio-webcast of the presentation through the Investor Relations section of the company's website. A replay will be available afterward.
Ready Capital (NYSE:RC) announced a 103% increase in SBA 7(a) loans, reaching $265.7 million in the first four months of 2024. This underscores the success of their dual lending strategy. Additionally, Gary Taylor has been appointed CEO of ReadyCap Lending, bringing over 25 years of SBA lending experience. ReadyCap Lending aims to achieve an ambitious yearly volume goal of $1 billion, supported by organizational improvements and technology from their affiliate, iBusiness Funding. The company also plans to acquire Madison One, enhancing its position in the SBA lending market.
Ready Capital reported a GAAP loss per share of $(0.45) and a distributable earnings per share of $0.29. The company's distributable return on average stockholders' equity was 8.6%. Despite challenges in commercial real estate, the company focused on repositioning loans and reducing office exposure. Total investments reached $457 million, with significant growth in the Small Business Lending segment. The company also declared a dividend of $0.30 per share and repurchased shares at favorable prices.
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