Ready Capital Corporation - RC STOCK NEWS

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.

Ready Capital Corporation (NYSE: RC) has successfully closed a $1.135 billion commercial mortgage collateralized loan obligation (CRE CLO) transaction, marking its largest issuance to date. This transaction, rated AAA by Moody's and DBRS, comprises 67 first-lien floating rate loans secured by 89 properties across the U.S., primarily multifamily (92.7%) and industrial (7.3%). With a total of $4.4 billion in CRE CLO issuances since inception, this successful transaction highlights strong market demand, evidenced by participation from 27 unique investors.

Ready Capital Corporation (NYSE: RC) announced an expansion of its SBA 7(a) lending program to assist underserved businesses. The company now offers loans ranging from $10,000 to $5,000,000, with a focus on financing minority-, woman-, and veteran-owned businesses. In February, Ready Capital achieved a record by funding 41 SBA 7(a) Small Loans, with some closing in under 10 business days. This initiative is aimed at improving efficiency and transparency in loan processing.

Ready Capital Corporation (NYSE: RC) announced strong financial results for Q4 2021, with total investments of $3.3 billion, including $2.3 billion in SBC originations. The company achieved record originations in its SBC and SBA 7(a) lending sectors, alongside a robust credit performance. GAAP earnings per share stood at $2.17, while distributable earnings were $2.29. A dividend of $0.42 per share was declared, with significant equity and debt capital raised throughout the year. The adjusted net book value per share rose to $15.35, marking a 2.5% year-over-year increase.

Ready Capital Corporation (NYSE: RC) announced that it was recognized as a top-five contributor to Freddie Mac's Optigo Small Balance Loan program, originating over $525 million in 2021. The company achieved a record total of more than $800 million in small balance multifamily transactions, surpassing its previous year's performance. This included over $270 million in Bridge-to-Small Balance Agency transactions, highlighting its focus on providing flexible financing solutions. Ready Capital continues to strengthen partnerships aimed at expanding affordable rental housing across the U.S.

Ready Capital Corporation (NYSE: RC) will release its fourth quarter 2021 financial results on February 24, 2022, after market close. A webcast and conference call are scheduled for February 25, 2022, at 8:30 a.m. ET to discuss the financial outcomes. Interested parties can access the webcast on the Company's website. Ready Capital specializes in financing small- to medium-sized commercial loans, focusing on agency multifamily and SBA loans. The Company employs over 400 professionals nationwide.

Ready Capital Corporation (NYSE: RC) has successfully closed over $1.5 billion in bridge loans during the fourth quarter of 2021, marking a continued upward trend from the $3.7 billion achieved throughout the year. This achievement showcases the company's commitment to providing innovative loan structures tailored to client needs, according to David A. Cohen, Managing Director. The results reflect the company's strong performance and a strategy to expand its bridge lending services.

Ready Capital Corporation (NYSE: RC) has priced an upsized public offering of 7,000,000 shares of common stock, aiming for total gross proceeds of approximately $108.9 million. The underwriters will have a 30-day option to purchase an additional 1,050,000 shares. The net proceeds will be used to originate or acquire target assets aligned with its investment strategy, as well as for general corporate purposes. The offering is set to close on January 14, 2022, pending customary closing conditions.