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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) announced a public offering of 6,000,000 shares of common stock, with an option for underwriters to purchase an additional 900,000 shares. The proceeds will be used to acquire target assets aligned with the company's investment strategy and for general corporate purposes. The offering is led by Morgan Stanley, Wells Fargo Securities, and others, with a registration statement effective as of January 11, 2022. The company's forward-looking statements highlight potential risks and uncertainties.
Ready Capital Corporation (NYSE: RC) announced the completion of a public offering of $110 million in 5.50% senior unsecured notes due 2028. The funds will be utilized to acquire mortgage loans and related assets, aligning with the company's investment strategy. Piper Sandler & Co. served as the book-running manager for this offering, which priced each note at $1,000. The offering is registered with the SEC, and the company emphasizes the non-offer nature of this press release.
Ready Capital Corporation (NYSE: RC) announced a public offering of $110.00 million in 5.50% senior unsecured notes due in 2028. The offering aims to finance additional mortgage loans and assets in line with the company’s strategy. Book-running manager Piper Sandler will oversee the offering set to close on December 21, 2021. Each note is priced at $1,000 with a minimum denomination of $2,000. The registration statement was declared effective by the SEC.
Ready Capital Corporation (NYSE: RC) has announced a public offering of senior unsecured notes due 2028. The proceeds will be used to acquire mortgage loans and related assets, aligning with the company's investment strategy. The specific terms including maturity and interest rate will be determined during the pricing of the offering, managed by Piper Sandler & Co. A registration statement for the notes has been declared effective by the SEC.
Ready Capital Corporation (NYSE:RC) has declared its quarterly cash dividend of $0.42 per share for the quarter ended December 31, 2021, payable on January 31, 2022. Shareholders of record by December 31, 2021 will receive this dividend. Additionally, the Company announced dividends for its 6.25% Series C and 6.50% Series E Preferred Stocks, with payments of $0.390625 and $0.40625 respectively, also payable on January 14, 2022 and January 31, 2022.
On December 13, 2021, Ready Capital Corporation (NYSE: RC) announced the successful closure of a significant acquisition involving a five-property, 1,070-unit multifamily portfolio in the Dallas-Fort Worth area. The transaction is the largest of several notable Bridge deals by Ready Capital in 2021. A non-recourse, interest-only loan with a 36-month term and flexible prepayment options was secured in November. WindMass Capital will execute a capital improvement plan to enhance the properties. The company anticipates further opportunities in Texas and a robust deal pipeline heading into 2022.
Ready Capital Corporation (NYSE: RC) has announced the appointment of Richard Katzenstein and Alex Ovalle as Managing Directors within its senior leadership team. Katzenstein will focus on enhancing commercial real estate lending through strategic partnerships, while Ovalle will drive sales for the Structured Fixed Rate and CMBS platforms. Their addition comes as the company anticipates expansion following a pending merger with Mosaic, expected to close in Q1 2022. Both executives bring extensive experience in real estate finance, positioning Ready Capital for growth.
Ready Capital Corporation (NYSE: RC) announced the pricing of a $927.2 million commercial mortgage collateralized loan obligation (CRE CLO), with an option for $135.2 million in future funding. The senior certificates received a AAA rating from Moody's and DBRS. This transaction constitutes the company's seventh CRE CLO and represents its largest issuance to date, totaling $3.39 billion in collateral. The portfolio includes 76 floating rate loans secured by 89 properties, primarily in multifamily (91.7%) and industrial (4.4%) sectors across 22 states.
Red Stone, a subsidiary of Ready Capital (NYSE: RC), announced the closing of two significant affordable housing construction deals in Portland and Las Vegas. The Portland project involves $34.5 million in financing for Tiller Terrace, a 214-unit community featuring various amenities. The Las Vegas project, Lake Mead West Apartments, secured $26.5 million for 156 units with community facilities. Since its acquisition by Ready Capital, Red Stone has executed $232 million in financing, signaling growth potential in multifamily affordable housing.
Ready Capital Corporation (NYSE: RC) announced over $725 million in closed bridge lending during the third quarter of 2021, contributing to a total of more than $2.2 billion year-to-date. The company closed over 50 bridge loans in Q3 and 80 loans totaling $1.5 billion in the first half of the year, showcasing strong performance. David A. Cohen highlighted the firm's commitment to creative loan structures and efficient processes. A full list of transactions is available on their website.
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