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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) 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.
Ready Capital Corporation (NYSE: RC) reported closing over $800 million in more than 60 commercial real estate loans in Q3 2022. This achievement underscores the company's strong market position and ability to provide creative lending solutions even amid economic volatility. Chairman and CEO Thomas Capasse highlighted the firm's commitment to delivering certainty of execution, reiterating client trust in its diverse product suite. Ready Capital specializes in small to medium balance commercial loans, focusing on agency multifamily and SBA 7(a) business loans.
Ready Capital Corporation (NYSE: RC) has announced an increase of $25.0 million to its existing stock repurchase program, raising the total authorized amount to $50.0 million. This repurchase initiative aims to enhance shareholder value by allowing management to buy back shares based on market conditions and legal requirements. The program could be executed through various methods, including open market transactions. Investors are advised that the timing and volume of buybacks will be strategically assessed by management.
Ready Capital Corporation (NYSE: RC) declared a quarterly cash dividend of $0.42 per share for the quarter ending September 30, 2022, payable on October 31, 2022. Record shareholders by September 30, 2022, will receive this dividend. Furthermore, dividends were announced for the preferred stocks: $0.390625 for Series C and $0.40625 for Series E, payable on October 14 and October 31, respectively. These distributions reflect the company's ongoing commitment to delivering shareholder value through reliable dividends.
Waterfall Asset Management has promoted Leo Wong and Keerthi Raghavan to Partner from Managing Director, recognizing their contributions in developing the firm’s high yield ABS trading and residential loan strategies. Wong, with over 15 years in the industry, has been pivotal in residential loan investment since joining in 2007. Raghavan leads bond trading strategies focusing on various asset-backed securities. Waterfall, managing approximately $11.0 billion in assets, aims to continue expanding its market presence and delivering strong risk-adjusted returns.
Waterfall Asset Management has announced the opening of a new office in Hong Kong to enhance its operations in the Asia-Pacific (APAC) region. Alistair Ho, a seasoned credit professional with 18 years of experience, will lead the office as Managing Director and Head of APAC. The firm aims to leverage its expertise in structured and securitized markets to offer private debt solutions targeted at non-bank financial institutions and middle-market corporates. As of April 30, 2022, Waterfall manages $10.65B in assets under management (AUM).
Ready Capital Corporation (RC) reported a GAAP earnings per share of $0.47 and distributable earnings per share of $0.48 for Q2 2022. The company achieved total investments of $2.1 billion for the quarter, contributing to a year-to-date investment activity of $5.2 billion—a 17% increase year-over-year. Key highlights included the closure of a $754.2 million commercial mortgage CLO and a $120 million offering of 6.125% Senior Unsecured Notes. A dividend of $0.42 was declared, with a coverage ratio of 1.4x.
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