Welcome to our dedicated page for Ready Capital news (Ticker: RC), a resource for investors and traders seeking the latest updates and insights on Ready Capital stock.
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance REIT focused on lower-to-middle-market investor and owner-occupied commercial real estate loans and small-balance commercial lending. This news page aggregates company announcements, earnings releases, dividend declarations, and transaction updates related to Ready Capital’s lending, portfolio management, and capital markets activities.
Investors following RC news can review periodic earnings reports in which Ready Capital discusses GAAP results, its non-GAAP distributable earnings measure, loan originations in lower-to-middle-market commercial real estate and Small Business Lending, and actions taken to manage underperforming assets. These releases often describe portfolio sales, changes in loan and real estate exposure, and steps the company is taking to address balance sheet strength and liquidity.
News items also cover Ready Capital’s regular dividend declarations on its common stock and Operating Partnership units, as well as on its 6.25% Series C Cumulative Convertible Preferred Stock and 6.50% Series E Cumulative Redeemable Preferred Stock. These announcements provide details on declared amounts, record dates, and payment dates, reflecting the company’s REIT distribution practices.
In addition, Ready Capital issues updates on specific transactions and assets, such as securing ownership of collateral properties through consensual deed-in-lieu arrangements, and on activities of subsidiaries like iBusiness Funding, LLC, which supports SBA lending with its LenderAI platform. Regulatory news filed on Form 8-K, including earnings releases, investor presentations, and annual meeting voting results, also appears in the company’s news flow.
By using this page, readers can follow Ready Capital’s reported financial performance, lending volumes, asset sales, capital structure developments, and governance-related announcements in one place.
Ready Capital Corporation (NYSE: RC) reported strong financial results for Q2 2021, with a net income of $30.9 million, equivalent to $0.38 per share, and distributable earnings of $41.4 million, or $0.52 per share. The company achieved record loan originations, totaling $1.1 billion for small-to-medium balance commercial loans and $145.7 million in SBA loans. Additionally, it maintained liquidity of $428 million and declared a dividend of $0.42 per share. The performance reflects Ready Capital's strategic growth as a prominent non-bank lender.
Ready Capital (NYSE: RC) announced its acquisition of Red Stone, a company specializing in affordable housing finance, on August 3, 2021. This strategic move aims to diversify Ready Capital's business and enhance its presence in a growing market with low correlation to its existing operations. Red Stone’s management team and employees will join Ready Capital, which acquired the company through cash, stock, and assuming certain financial guarantees. The acquisition reflects Ready Capital's commitment to affordable housing, highlighting a significant opportunity for future growth and shareholder benefits.
Ready Capital Corporation (NYSE: RC) will release its second quarter 2021 financial results on August 5, 2021, before market opening. A webcast and conference call will follow at 8:30 a.m. Eastern Time for a business update and financial discussion. The company, which focuses on small- to medium-sized commercial loans, encourages investors to join via webcast due to potential wait times for dial-in access. The conference call will be available for replay on the company's website until August 20, 2021.
Ready Capital Corporation (NYSE: RC) appointed Adam Zausmer as its new Chief Credit Officer, effective immediately. Zausmer, who has been with Waterfall Asset Management since 2013, brings extensive experience in commercial real estate and credit management. His previous roles include senior positions at JPMorgan Chase and Credit Suisse. This leadership change aims to enhance the company's competitive position in the market and support future growth. Ready Capital specializes in financing small- to medium-sized commercial loans, employing over 400 lending professionals nationwide.
Ready Capital reported a significant growth in its Bridge Lending business, achieving over a 22% increase in deal volume in Q2 2021 compared to Q1. The company closed more than 50 bridge loans totaling over $800 million, with a current deal pipeline of approximately $600 million. The strong performance reflects Ready Capital's market dominance and ability to provide tailored loan structures for transitional assets. Key transactions included financing for multifamily properties in cities like Chicago, Houston, and Atlanta, highlighting the company’s strategic focus on value-add opportunities.
Ready Capital reported a robust performance in Q2 2021, closing 72 loans totaling $223 million, marking a 36% increase from Q1. The firm holds a strong pipeline of about $130 million for Q3. Total funding for the year reached approximately $1.6 billion across all products. Notable geographic activity included significant transactions in California, Texas, and Illinois. With over $7 billion in originated loans, Ready Capital remains a key player in the commercial real estate financing sector.
Ready Capital Corporation (NYSE: RC) announced plans to redeem all its 8.625% Series B and 7.625% Series D Cumulative Preferred Stocks on July 15, 2021. The redemption price is set at $25.00 per share, plus accrued dividends. Post-redemption, dividends will cease, and holders will only receive their redemption price. Additionally, the preferred stocks are expected to be delisted from the NYSE on the same date. This move comes as part of the company’s broader strategy in multi-strategy real estate finance, which includes managing various commercial loan types.
Ready Capital Corporation (NYSE:RC) declared a quarterly cash dividend of $0.42 per share of common stock for the quarter ended June 30, 2021, payable on July 30, 2021. Shareholders of record as of June 30, 2021, will receive this dividend. In addition, the company announced dividends for various preferred stocks: $0.5390625 for Series B, $0.390625 for Series C, $0.4765625 for Series D, and $0.225694 for Series E, all payable on July 15 or July 31, 2021.
Ready Capital Corporation (NYSE: RC) announced the closure of a public offering, raising approximately $111.4 million by issuing 4,600,000 shares of its 6.50% Series E Cumulative Redeemable Preferred Stock. The total includes 600,000 shares from the underwriters' over-allotment option. The net proceeds will primarily be used to redeem existing preferred stocks and for general business purposes, including repaying borrowings. The Preferred Stock, with a liquidation preference of $25.00 per share, is set to trade under the symbol RC PRE.
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.