Ready Capital Corp Stock Price, News & Analysis

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.

Ready Capital Corporation (NYSE: RC) announced the approval of its stockholders for the issuance of common stock related to its merger with Anworth Mortgage Asset Corporation at a special virtual meeting held on March 17, 2021. The merger is set to close on March 19, 2021, subject to customary conditions. Anworth's common stock will convert to 0.1688 shares of Ready Capital plus $0.61 in cash. The preferred stock conversions involve several series, transitioning Anworth's preferred shares to Ready Capital's corresponding preferred stock classes.

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.