Ready Capital Corporation - RC STOCK NEWS

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.

Ready Capital Corporation (NYSE: RC) announced the successful completion of mergers with several Mosaic Real Estate Credit entities, enhancing its commercial real estate investment platform. This merger, effective from March 16, 2022, allows Ready Capital to focus on middle-market capital solutions, particularly in construction lending. Shareholders will receive Class B Common Stock and contingent equity rights, with automatic conversions planned over the next year. The board of directors expanded to include Julius W. Erving from Mosaic, reflecting strategic growth.

Ready Capital Corporation (NYSE:RC) declared a quarterly cash dividend of $0.42 per share for the quarter ending March 31, 2022, payable on April 29, 2022. This dividend is for common stock and Operating Partnership units, with a record date of March 31, 2022. Additionally, the Company announced dividends for its preferred stock: $0.390625 for Series C Preferred, payable on April 15, 2022, and $0.40625 for Series E Preferred, also payable on April 29, 2022.

Ready Capital Corporation (NYSE:RC) announced that its stockholders approved the issuance of common stock in a merger with Mosaic Funds, managed by MREC Management, LLC. The acquisition, closing on March 16, 2022, will enhance Ready Capital's portfolio with construction lending assets, leading to an anticipated pro forma equity capital base exceeding $1.8 billion. The merger will provide earnings accretion and a lower leverage profile, diversifying investment opportunities.