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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 (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.
Ready Capital (NYSE: RC) announced its first quarter 2024 financial results will be released on May 8, 2024, followed by a webcast and conference call on May 9, 2024. The Company specializes in real estate finance, offering various loan types.
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