Ready Capital Corp Stock Price, News & Analysis

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.

Ready Capital Corporation (NYSE:RC) announced its Board of Directors has declared quarterly cash dividends on its preferred stock. Shareholders will receive a dividend of $0.5390625 per share for Series B Preferred Stock, $0.390625 for Series C Preferred Stock, and $0.4765625 for Series D Preferred Stock, all payable on April 15, 2021. Record dates are set for March 31, 2021. Ready Capital specializes in financing small to medium balance commercial loans and is externally managed by Waterfall Asset Management.

Ready Capital Corporation (NYSE: RC) and Anworth Mortgage Asset Corporation (NYSE: ANH) have finalized their merger as of March 19, 2021. Anworth's shares ceased trading on the NYSE following the merger. Under the merger terms, Anworth shareholders received 0.1688 shares of Ready Capital and $0.61 in cash for each Anworth common share. Furthermore, existing preferred stocks of Anworth were converted to newly designated preferred stocks of Ready Capital. Dominique Mielle from Anworth was appointed to Ready Capital’s board. This merger aims to enhance operational efficiency and growth for the combined entity.

Ready Capital Corporation (NYSE: RC) and Anworth Mortgage Asset Corporation (NYSE: ANH) have successfully completed their merger as of March 19, 2021. Following the merger, Anworth's stock has ceased trading, and shareholders received a combination of Ready Capital shares and cash. Anworth's preferred stock has been converted into newly designated preferred stock of Ready Capital. This merger is expected to enhance operational efficiencies and establish Ready Capital as a leading mortgage REIT. The board of Ready Capital has also been expanded to include an independent director from Anworth.