Ready Capital Corp

Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: Acquisitions, SBC Originations, SBA Originations, Acquisitions & Servicing, and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company's business strategy. The SBC Originations segment originates SBC loans secured by stabilized or transitional investor properties using multiple loan origination channels through its wholly-owned subsidiary, ReadyCap Commercial LLC. The SBA Originations, Acquisitions & Servicing segment acquires, originates and services owner-occupied loans guaranteed by the SBA through its wholly-owned subsidiary, ReadyCap Lending LLC. The Residential Mortgage Banking segment, through its wholly-owned subsidiary, GMFS LLC, originates residential mortgage loans eligible to be purchased, guaranteed or insured by Fannie Mae, Freddie Mac, FHA, USDA and VA through retail, correspondent and broker channels. The company was founded in 2011 and is headquartered in New York, NY.

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Ready Capital Corp to acquire Broadmark, anticipates strong growth

Ready Capital Corp's Q4 2022 performance showcased strength in loan originations, credit quality, and strategic acquisitions.
The merger with Broadmark Realty Capital is poised to enhance earnings, reduce leverage, and generate expense synergies for the company.
Challenges include impacts on realized gains, lack of specific full-year origination outlook, and complexities in the Broadmark deal execution.
Opportunities lie in increased liquidity post-acquisition, growth in SBA lending, and capital redeployment for new CRE originations and acquisitions.

Ready Capital Corp reports resilient performance amidst CRE market challenges

Ready Capital Corp navigated challenges in the CRE market with strong performance in core originations and credit metrics.
Despite non-recurring impacts on earnings, the company remains well positioned to maintain dividends and achieve its ROE target.
Opportunities lie in maintaining strong credit metrics, exploring potential acquisitions, and focusing on growth in key market segments.
Analysts' questions covered a range of topics including CECL reserve releases, distributable earnings, and balance sheet strategies.

Ready Capital Corp reports strong Q2 performance and eyes growth opportunities

Ready Capital Corp's Q2 2023 performance showcased robust loan portfolio growth and competitive credit metrics.
The company's strengths lie in the successful Broadmark acquisition, distributable earnings, and limited defaults in multifamily loans.
Challenges include upcoming maturities, potential risks in multifamily bridge loans, and headwinds from the Broadmark deal.
Opportunities for growth include optimizing capital structure, exploring new acquisitions, and capitalizing on multifamily market stabilization.

Ready Capital Corp reports strong Q3 performance amidst market caution

Ready Capital Corp (RC) demonstrated strong performance with successful Broadmark integration and improved liquidity, despite challenges in the CRE market.
The company's focus on cost synergies, credit metrics strength, and strategic rebranding position it well for future growth opportunities.
While challenges like portfolio yield drag and market uncertainties exist, Ready Capital's adaptability and focus on strategic opportunities are key strengths.

Ready Capital Corp reports 8.6% ROE for 2023, eyes strategic refinancing and growth opportunities

Ready Capital Corp's performance in 2023 was impacted by M&A effects and underperformance in certain business segments, leading to a distributable ROE of 8.6%. Despite challenges in delinquencies, the company is strategically focused on refinancing, leveraging debt, and exiting underperforming sectors. Opportunities lie in CLO issuance, SBA vertical growth, and accretive impacts from the Broadmark transaction.

Ready Capital Corp reports Q3 losses but eyes CRE market growth

Ready Capital Corp's Q3 performance reflects challenges with losses but also strengths in small business lending and market positioning.
Strategic initiatives and a well-positioned CRE market offer growth opportunities despite short-term challenges.
The company's focus on high-growth areas and future earnings expectations signal a path towards long-term success and market competitiveness.
Navigating through challenges while capitalizing on opportunities will be crucial for Ready Capital Corp's future financial performance and growth.

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Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program through wholly-owned subsidiary, ReadyCap Lending, LLC. The Residential Mortgage Banking segment focuses on the residential mortgage loan origination segment through wholly-owned subsidiary, GMFS, LLC. The company was founded in November 2011 and is headquartered in New York, NY.

Attractive dividend yield of 13.65% with a sustainable growth prospect. Strategic Merger with Mosaic Real Estate to provide the firm with a market-leading commercial real estate investment platform.

Ready Capital: 13.65% Dividend Yield With Favorable Risk-Reward Profile

NEW YORK , June 15, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) (the "Company") announced that its Board of Directors declared a quarterly cash dividend of $0.42 per share of common stock and Operating Partnership unit for the quarter ended June 30, 2022. This dividend is payable on July 29, 2022 to shareholders of record as of the close of business on June 30, 2022.

READY CAPITAL CORPORATION DECLARES SECOND QUARTER 2022 DIVIDENDS

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NEW YORK , May 9, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced another Company record for small loan closings (loans from $10,000 to $350,000) funding over fifty-five (55) SBA 7(a) small loans in April. The Company attributes this success and continuous growth to using a technology platform called LenderAI by iBusiness Funding LLC ("iBusiness Funding"), which is now available to all lenders.

Ready Capital Small Business Lending Scales Up with LenderAI

Ready Capital Corporation (NYSE:RC ) Q1 2022 Earnings Conference Call May 6, 2022 8:30 AM ET Company Participants Andrew Ahlborn - CFO Tom Capasse - CEO Conference Call Participants Crispin Love - Piper Sandler Stephen Laws - Raymond James Jade Rahmani - KBW Matthew Howlett - B. Riley Operator Good morning and welcome to the Ready Capital Corporation's First Quarter 2022 Earnings Conference Call.

Ready Capital Corporation's (RC) CEO Tom Capasse on Q1 2022 Results - Earnings Call Transcript

- GAAP EARNINGS PER COMMON SHARE OF $0.70 - - DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $0.52 - - DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS' EQUITY OF 13.6% - NEW YORK, May 5, 2022 /PRNewswire/ -- Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today reported financial results for the quarter ended March 31, 2022. "Ready Capital's first quarter results are reflective of our sustained expansion of our core lending channels, the addition of complimentary lending products and the ongoing growth of our business," commented Thomas Capasse, Ready Capital's Chairman and Chief Executive Officer.

READY CAPITAL CORPORATION REPORTS FIRST QUARTER 2022 RESULTS

While recurring revenues and inorganic moves are expected to have aided, a normalization in residential originations in Q1 is likely to have marred Ready Capital's (RC) performance.

What's in Store for Ready Capital (RC) This Earnings Season?

NEW YORK , April 27, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) (the "Company") today announced that the Company will release its first quarter 2022 financial results after the New York Stock Exchange closes on Thursday, May 5, 2022.  Management will host a webcast and conference call on Friday, May 6, 2022 at 8:30 a.m.

Ready Capital Corporation Announces First Quarter 2022 Results and Webcast Call

NEW YORK , April 26, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced more than $1.9 billion in closed origination for its National Bridge Lending Platform. During the first quarter, Ready Capital closed more than 70 bridge loans totaling more than $1.9 billion.

Ready Capital Closes in Excess of $1.9 Billion in Bridge Financing During First Quarter of 2022

NEW YORK, April 18, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that it closed an underwritten public offering of $120.00 million aggregate principal amount of  6.125% senior unsecured notes due 2025 (the "Notes").  The issue price to investors was $1,000.00 per Note.

Ready Capital Corporation Announces Closing of Public Sale of Senior Notes Due 2025

NEW YORK , April 8, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced that it has priced an underwritten public offering of $120 million aggregate principal amount of its 6.125% senior unsecured notes due April 30, 2025.  The offering is expected to close on April 18, 2022 and is subject to customary closing conditions.

Ready Capital Corporation Announces Pricing Terms for $120 Million Senior Notes Offering

Enormous growth in 2021, exceptional ROE figures and the company could almost double its net income in a year.

Ready Capital: Exceptional 2021 Results

Ready Capital's short term performance is likely to be stressed amid rising interest rates.

Ready Capital: Headwinds From Rising Interest Rates

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In the latest trading session, Ready Capital (RC) closed at $15.47, marking a +0.19% move from the previous day.

Ready Capital (RC) Gains But Lags Market: What You Should Know

NEW YORK, March 16, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE:RC) ("Ready Capital" or the "Company") today announced that it has completed the previously announced mergers ("Mergers") pursuant to the terms of the Merger Agreement, dated as of November 3, 2021, as amended on February 7, 2022, by and among Ready Capital, Mosaic Real Estate Credit, LLC ("MREC"), Mosaic Real Estate Credit TE, LLC ("MREC TE"), MREC International Incentive Split, LP ("MREC IIS," and together with MREC and MREC TE, the "Mosaic Merger Entities"), Mosaic Real Estate Credit Offshore, LP, MREC Corp Sub 1 (VO), LLC, MREC Corp Sub 2 (LA Office), LLC, MREC Corp Sub 3 (Superblock), LLC, Mosaic Special Member, LLC, Mosaic Secure Holdings, LLC, MREC Management, LLC (the "Mosaic Manager"), RC Mosaic Sub, LLC, and Sutherland Partners, L.P. (the "Merger Agreement").

Ready Capital Corporation Announces Completion of Mergers

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NEW YORK , March 15, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE:RC) (the "Company") announced that its Board of Directors declared a quarterly cash dividend of $0.42 per share of common stock and Operating Partnership unit for the quarter ended March 31, 2022. This dividend is payable on April 29, 2022 to shareholders of record as of the close of business on March 31, 2022.

READY CAPITAL CORPORATION DECLARES FIRST QUARTER 2022 DIVIDENDS

NEW YORK, March 15, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE:RC) ("Ready Capital" or the "Company") today announced that at the special meeting of stockholders held today, conducted by means of a virtual meeting held live over the internet, its stockholders approved the issuance of the Company's common stock ("Common Stock") pursuant to the terms of the previously announced merger agreement pursuant to which Ready Capital has agreed to acquire via mergers (the "Mergers") a series of privately held, real estate structured finance opportunities funds with a focus on construction lending (the "Mosaic Funds") managed by MREC Management, LLC (the "Mosaic Manager"). Following the mergers, Ready Capital is expected to have a pro forma equity capital base in excess of $1.8 billion.

Ready Capital Corporation Stockholders Approve Issuance of Common Stock in Mergers with Funds Managed by MREC Management, LLC

NEW YORK, March 10, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital" or the "Company") today announced the closing of a $1.135 billion commercial mortgage collateralized loan obligation ("CRE CLO") transaction. Moody's Investor Service, Inc. ("Moody's") and DBRS, Inc. ("DBRS") assigned a "AAA" rating, to the senior most certificates, with DBRS providing ratings to the remaining classes of the transaction.

Ready Capital Corporation Announces Closing of RCMF 2022-FL8, a Securitization of $1.135 Billion in Bridge Loans

NEW YORK, March 9, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital") today announced that it has expanded its SBA 7(a) lending program to support the most underserved businesses by utilizing proprietary technology to underwrite loans as small as $10,000. Through its small business lending unit, Ready Capital can now consider loans from $10,000 to $5,000,000 for its 7(a) lending program.

Ready Capital Expands Business Lending to Originate 7(a) Small Loans as low as $10,000

Ready Capital Corporation (RC) CEO Tom Capasse on Q4 2021 Results - Earnings Call Transcript

NEW YORK, Feb. 24, 2022 /PRNewswire/ -- Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today reported financial results for the quarter ended December 31, 2021. "Ready Capital's record fourth quarter results concluded an exceptional year highlighted by record originations in our SBC and SBA 7(a) lending businesses, growth in our equity and debt capitalization and strong credit performance," commented Thomas Capasse, Ready Capital's Chairman and Chief Executive Officer.

READY CAPITAL CORPORATION REPORTS FOURTH QUARTER 2021 RESULTS

While strong demand in small-balance commercial portfolios is expected to have aided, a normalization in residential originations in Q4 is likely to have marred Ready Capital's (RC) performance.

What's in the Cards for Ready Capital (RC) in Q4 Earnings?

NEW YORK, Feb. 17, 2022 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC), in connection with the proposed merger of the Company with MREC Management, LLC ("Mosaic"). Under the terms of the acquisition agreement, Ready Capital will acquire all of the outstanding equity interests of three privately held, real estate structured finance opportunities funds (the "Mosaic Funds") managed by Mosaic.

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