Ready Capital Corp Stock Price, News & Analysis

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.

Ready Capital reported strong financial results for Q3 2021, with Distributable Earnings of $49.4 million, translating to $0.64 per share. The company announced a dividend of $0.42 per share, backed by 1.5x coverage. Investments totaled $2.3 billion for the quarter, driven by sizeable originations and acquisitions in commercial loans. Year-to-date activity reached $6.8 billion, marking a 67% increase. The company also secured $350 million in Senior Secured Notes to optimize its capital structure. Adjusted net book value stood at $15.06 per share, reflecting continued growth.