Ready Capital Corp Stock Price, News & Analysis

Anworth Mortgage Asset Corporation (NYSE: ANH) has received stockholder approval for its merger with Ready Capital Corporation (NYSE: RC), set to close on March 19, 2021. Approximately 52.58% of outstanding shares were voted, with 95.24% in favor. Anworth shares will be converted into 0.1688 shares of Ready Capital stock and $0.61 in cash. Preferred stocks will also convert into corresponding Ready Capital preferred stocks. Anworth is expected to be delisted from the NYSE after the merger closes.

Ready Capital Corporation (NYSE: RC) reported a strong financial performance for Q4 2020, with U.S. GAAP Net Income of $27.6 million ($0.49/share) and Distributable Earnings of $28.8 million ($0.51/share). The company originated $1.2 billion in residential mortgage loans and $550.3 million in small-to-medium balance commercial loans. Current unrestricted cash stands at $172 million. A cash dividend of $0.35 per share was declared. CEO Thomas Capasse emphasized the resilience of their diversified business model amidst COVID-19 uncertainties, expressing optimism for future growth.

Ready Capital Corporation (NYSE: RC) will release its fourth quarter 2020 financial results after market close on March 11, 2021. A conference call and webcast will take place on March 12, 2021, at 8:30 AM ET to discuss the results and provide a business update. Investors can access the webcast through the Company's website, with dial-in options available for the conference call. A replay will be available shortly after the live call until March 26, 2021.

Ready Capital specializes in financing small- to medium-sized commercial loans, supported by a team of over 400 professionals.

Ready Capital Corporation (NYSE: RC) announced a prorated dividend of $0.30 per share, payable on March 18, 2021, to stockholders of record as of March 15, 2021. This decision aligns with the Merger Agreement with Anworth Mortgage Asset Corporation, dated December 6, 2020, which is set to finalize shortly. The prorated dividend calculation is based on the elapsed days since December 31, 2020. Additionally, the board is considering a first quarter dividend to cover the period from March 19 to March 31, 2021.

Ready Capital Corporation (NYSE: RC) announced its plan to redeem all outstanding 6.50% Senior Notes due 2021, totaling $50 million. The redemption is set for March 26, 2021, at 100% of the principal amount plus accrued interest. Following this event, trading of the Notes on the NYSE will be suspended, and they are expected to be delisted. The press release underscores the company's focus on real estate finance, including various types of commercial loans.

Ready Capital Corporation (NYSE: RC) announced the closing of a public offering of $201.25 million of 5.75% Senior Notes due 2026. This includes $26.25 million from the underwriters' over-allotment option. Proceeds will be used to redeem 6.50% Senior Notes due 2021 and for general business purposes, including funding small balance commercial loans. The Notes will trade under the symbol 'RCC' on the NYSE within 30 days. The offering was previously declared effective by the SEC.

Ready Capital Corporation (NYSE: RC) announced a public offering of $175 million in 5.75% Senior Notes due 2026. The offering includes a 30-day over-allotment option for an additional $26.25 million. Proceeds will be used to redeem existing 6.50% Senior Notes due 2021 and to support business operations, including commercial loan pipelines. The offering is set to close on February 10, 2021, with plans to list the Notes on the NYSE under symbol RCC.

Ready Capital announced the closing of acquisition, refinance, renovation, and redevelopment loans totaling approximately $225 million across 11 states between September and December 2020. Notable transactions include:

• $4.7MM for a 260,000 SF industrial property in Hartford, CT.
• $10.1MM for an 85,000 SF office property in Los Angeles, CA.
• $14.4MM for a 50,000 SF office property in Oakland, CA.
• $12.0MM for a 176-unit multifamily property in Tampa, FL.

This financing supports capital improvements and market occupancy goals for various real estate properties.

Ready Capital Corporation (NYSE:RC) declared a quarterly cash dividend of $0.35 per share for the quarter ended December 31, 2020. This dividend is payable on January 29, 2021 to shareholders of record as of December 31, 2020. The company specializes in real estate finance, focusing on small to medium balance commercial loans backed by various types of commercial real estate. Ready Capital is managed by Waterfall Asset Management and employs over 500 lending professionals nationwide.