Ready Capital Corporation - RC STOCK NEWS

Waterfall Asset Management has announced the final closing of its Waterfall Atlas Fund, securing $485 million in equity commitments. The Fund focuses on commercial real estate equity, distressed loans, and bonds, leveraging a total of $1.2 billion in deployable capital. With $4.8 billion in assets under management as of December 2022, Waterfall has invested $499M across 33 assets since launching its CRE equity strategy in 2017. The Fund has already deployed $172 million across 18 assets. Waterfall aims to capitalize on market dislocations driven by rising rates and a tightening credit market, enhancing their ability to source opportunities in the commercial real estate sector.

Ready Capital Corporation (NYSE: RC) has announced a quarterly cash dividend of $0.40 per share, payable on April 28, 2023, to shareholders of record by March 31, 2023. The company also declared dividends for its preferred stocks: $0.390625 for the 6.25% Series C Preferred Stock payable on April 14, 2023, and $0.40625 for the 6.50% Series E Preferred Stock payable on April 28, 2023. Ready Capital specializes in commercial real estate loans and is managed by Waterfall Asset Management, LLC.

The merger between Ready Capital Corporation (NYSE:RC) and Broadmark Realty Capital Inc. (NYSE:BRMK) will create the 4^th largest commercial mortgage REIT with a capital base of $2.8 billion. The deal, valued at approximately $787 million, involves Broadmark shareholders receiving 0.47233 shares of Ready Capital for each share of Broadmark, implying a 41% premium. After completion, Ready Capital stockholders will own about 64% of the combined firm. This merger aims to enhance earnings per share in 2024 and drive long-term growth through synergistic business models and optimized capital management.

Ready Capital Corporation (NYSE: RC) reported financial results for Q4 2022, showcasing GAAP earnings per share of $0.08 and distributable earnings per share of $0.42. The total investments amounted to $1.4 billion, with significant originations including $891 million in SBC loans and $327 million in residential mortgages. Highlights include a successful $860 million securitization and total SBC originations of $5.2 billion for the year. The net book value stood at $15.20 per share, with a dividend of $0.40 declared and paid, reflecting a 1.1x coverage on distributable earnings.

Broadmark Realty Capital has reported its Q4 and full year 2022 operating results, revealing a net loss of $153 million for Q4, largely attributed to a $137 million goodwill impairment. The company's total revenue for Q4 was $21.1 million, with distributable earnings of $12.3 million. As of December 31, 2022, loans in default totaled $250.4 million across 40 loans, reflecting the impact of increased market volatility. The company declared cash dividends of $0.035 per common share for January and February 2023. The pending merger with Ready Capital is notable, as it will not include a conference call to discuss these results.

Ready Capital Corporation (NYSE: RC) will host a webcast and conference call on February 27, 2023, at 8:00 a.m. ET to discuss its financial results for the fourth quarter ended December 31, 2022. The financial results will be released before the New York Stock Exchange opens. Interested parties can access the webcast through the Investor Relations section of the company's website. For those who prefer a dial-in option, domestic callers can reach 877-407-0792, while international callers can dial 201-689-8263. A replay will be available on the website two hours after the live call until March 13, 2023.

Ready Capital Corporation (NYSE:RC) declared a quarterly cash dividend of $0.40 per share for the quarter ended December 31, 2022, payable on January 31, 2023, to shareholders as of December 30, 2022. Additionally, dividends were declared for Series C and Series E Preferred Stock, amounting to $0.390625 and $0.40625 respectively, with payment dates of January 13 and January 31, 2023. The company has maintained an above-average dividend yield during the pandemic through its involvement in the Paycheck Protection Program.

Ready Capital Corporation (NYSE: RC) reported financial results for Q3 2022, highlighting a GAAP earnings per share of $0.53 and distributable earnings of $0.46 per share. The company achieved total investments of $1.5 billion during the quarter, including significant originations and acquisitions. Notably, it increased its stock repurchase program to $50 million and issued $100 million in senior unsecured notes. The net book value per share stood at $15.40 as of September 30, 2022. The company maintains a distributable return on average stockholders' equity of 12.7%.

Ready Capital Corporation (NYSE: RC) will release its third quarter 2022 financial results on November 7, 2022, after market close. A webcast and conference call will be held on November 8, 2022, at 8:30 a.m. ET for a business update and financial discussion. The event aims to provide insights into the quarter ended September 30, 2022. Investors can access the live webcast on the company’s website. A replay will be available post-call until November 22, 2022.