Ready Capital Corp Stock Price, News & Analysis

Ready Capital Corporation (NYSE: RC) announced the pricing of a public offering of 4,000,000 shares of its 6.50% Series E Cumulative Redeemable Preferred Stock at $25.00 per share, potentially raising up to $115 million if over-allotment options are exercised. The proceeds will be used to redeem previous preferred stock and for general business purposes. The offering is set to close on June 10, 2021, with trading on the NYSE expected to commence soon after. The company aims to strengthen its capital structure with this issuance.

Ready Capital reported robust performance in its Freddie Mac Small Balance Loan (SBL) business for Q1 2021, closing 62 loans worth $164 million and maintaining a pipeline exceeding $225 million. This follows a successful 2020, during which $545 million was funded across 192 loans. Demand remains strong, with borrowing requests around $1.4 billion despite pandemic challenges. Notably, 71% of production aligns with affordability housing goals, showcasing the company’s commitment to mission-driven lending.

Ready Capital Corporation (NYSE: RC) reported strong financial results for Q1 2021, with U.S. GAAP net income of $28.9 million ($0.49 per share) and distributable earnings of $24.7 million ($0.41 per share). The company originated a record $823.2 million in small-to-medium balance commercial loans and $1.2 billion in residential mortgage loans. Ready Capital's current liquidity stands at $424 million. A dividend of $0.40 per share was declared. The company aims to support small businesses through the Paycheck Protection Program, enhancing its SBA lending efforts.

Ready Capital Corporation (NYSE: RC) announced the final results of its tender offer for all outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock, which expired on April 30, 2021. A total of 445,065 shares were properly tendered, accounting for approximately 57% of the outstanding Series C Preferred Stock. Ready Capital has accepted all tendered shares at a price of $25.14323 per share, totaling about $11.2 million. Payment will be issued promptly for the accepted shares.

Ready Capital Corporation (NYSE: RC) has announced preliminary results from its tender offer for 6.25% Series C Cumulative Convertible Preferred Stock, which closed on April 30, 2021. The company plans to acquire approximately 445,320 shares at $25.14323 each, totaling around $11.2 million. This represents about 57% of the outstanding shares. Final results will be confirmed by May 3, 2021, with payments made after the confirmation process. American Stock Transfer & Trust Company is the paying agent for the offer.

Ready Capital Corporation (NYSE: RC) will release its Q1 2021 financial results after the market closes on May 6, 2021. A conference call and webcast will take place on May 7, 2021, at 8:30 AM ET, to discuss the results and provide a business update. Investors are encouraged to use the webcast due to potential delays in the dial-in option. The company's focus includes originating and servicing commercial loans, particularly those backed by real estate.

Ready Capital's National Bridge Originations Team has announced the successful closure of acquisition, refinance, renovation, and redevelopment loans totaling approximately $657 million across 11 states from January to March 2021. Significant transactions include:

• $8.8 million for a Class A retail property in New York
• $7.7 million for a 110-unit Class C multifamily property in Charlotte
• $22.9 million refinancing for a 90-unit Class A multifamily property in Chicago

Overall, these deals are aimed at enhancing property values through strategic renovations and tenant stabilization.

Ready Capital Corporation (NYSE: RC) closed a $629 million commercial mortgage collateralized loan obligation (CRE CLO), with a potential $139 million in future funding participation. The senior certificates received Aaa(sf) and AAA(sf) ratings from Moody's and KBRA, respectively. This marks the fifth CRE CLO issuance, totaling $1.8 billion in collateral. The portfolio includes 58 mortgage loans secured by 65 US properties, with 74% originated post-pandemic. Ready Capital continues to show strong momentum, closing over $650 million in bridge loans in Q1 2021.

Ready Capital Corporation (NYSE: RC) has declared a $0.10 prorated dividend per share of common stock and operating partnership units, payable on April 30, 2021. This dividend, for shareholders of record as of April 5, 2021, follows the merger with Anworth Mortgage Asset Corporation completed on March 19, 2021. This payment comes in addition to a prior $0.30 dividend announced for the period from January 1 to March 18, 2021, which was paid on March 18, 2021.