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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) will release its Q2 2022 financial results after the NYSE closes on August 4, 2022. A webcast and conference call will take place on August 5, 2022, at 8:30 a.m. ET, to discuss the business update and financial results for the quarter ended June 30, 2022. Investors are encouraged to access the webcast for potential extended wait times on dial-in. The replay will be available on the Company's website for two weeks post-call.
Ready Capital Corporation (NYSE: RC) has formed a joint venture with Starz Real Estate, targeting to originate approximately €300 million in new commercial real estate loans over the next two years. The venture aims to provide loans between €10 million and €40 million across Europe, focusing on sectors such as office, residential, and logistics. This collaboration reflects increasing confidence in Starz, backed by a Middle East Sovereign Wealth Fund. Ready Capital's CEO emphasizes a commitment to expand its international commercial real estate lending business through this partnership.
Ready Capital Corporation (NYSE: RC) reported strong performance in Q2 2022 with total origination of $1.2 billion in commercial real estate and small business lending. The Bridge lending platform originated $839 million, while small business lending reached $129 million with significant efficiency gains. The company enhanced liquidity by closing a $754.2 million CRE CLO and a $276.8 million fixed rate securitization. CEO Thomas Capasse highlighted a $1 billion pipeline, indicating a positive outlook despite challenging market conditions.
Ready Capital Corporation (NYSE: RC) declared a quarterly cash dividend of $0.42 per share for common stock payable on July 29, 2022. Shareholders of record by June 30, 2022 will receive this dividend. Additionally, the company announced dividends for its preferred stocks: $0.390625 per share for Series C, payable on July 15, 2022, and $0.40625 per share for Series E, also payable on July 29, 2022. These actions reflect the company's commitment to return income to shareholders while managing its real estate finance strategies.
Ready Capital (NYSE: RC) achieved a record in small loan closings, funding over 55 SBA 7(a) loans in April 2022. This increase is attributed to the LenderAI technology platform by iBusiness Funding, enhancing the efficiency of loan processing for small businesses. Year-to-date, the company has funded over 150 loans, compared to 84 in 2021. The technology streamlines document collection and improves borrower experiences. Ready Capital remains committed to supporting small and underserved businesses through accessible lending options.
Ready Capital Corporation (NYSE: RC) reported its first-quarter financial results for 2022, highlighting GAAP earnings of $0.70 per share and distributable earnings of $0.52 per share, with a distributable return on average stockholders' equity of 13.6%. The company successfully completed a $542 million merger with Mosaic Real Estate Credit, enhancing its commercial lending capabilities. Total investments reached $3.1 billion, including significant SBC originations. The company raised $107.1 million through a public offering and declared a cash dividend of $0.42 per share, with coverage at 1.3x.
Ready Capital Corporation (NYSE: RC) will release its first quarter 2022 financial results post-market on May 5, 2022. A webcast and conference call will follow on May 6, 2022, at 8:30 a.m. ET for a business update and discussion of the results for the quarter ending March 31, 2022. Investors are encouraged to use the webcast to avoid potential wait times when dialing in. The company specializes in financing commercial real estate and employs over 600 professionals nationwide.
Ready Capital Corporation (NYSE: RC) announced the closure of over $1.9 billion in bridge loans during Q1 2022, reflecting a robust performance amid market challenges. This follows a successful 2021, where the company closed 180 loans totaling approximately $3.7 billion. The growth is attributed to enhanced relationships with clients in the small- and mid-market sectors, focusing on transitional financing solutions. The company aims to address the diverse needs of its clients through innovative strategies in commercial real estate lending.
Ready Capital Corporation (NYSE: RC) announced the successful closing of an underwritten public offering, raising $120 million through the issuance of 6.125% senior unsecured notes due 2025. The notes were priced at $1,000 each and are intended to be used for originating or acquiring assets aligned with the company's investment strategy. The offering was managed by Piper Sandler & Co. and Keefe, Bruyette & Woods. A registration statement for these notes became effective upon filing with the SEC.
Ready Capital Corporation (NYSE: RC) has announced the pricing of an underwritten public offering of $120 million in 6.125% senior unsecured notes due April 30, 2025. The offering is set to close on April 18, 2022. Each note will be priced at $1,000 plus any accrued interest, with minimum denominations of $2,000. Proceeds will fund target asset acquisitions and general business purposes. Piper Sandler & Co. and Keefe, Bruyette & Woods are managing the offering. The prospectus is available through the SEC’s website.
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