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 reports developments as a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner-occupied commercial real estate loans. Its updates commonly cover LMM commercial real estate originations, Small Business Lending activity, SBA 7(a) and USDA loans, servicing income, asset-management resolutions and portfolio changes involving commercial real estate exposure.
Company news also includes quarterly results, webcast notices, common and preferred stock dividends, senior note redemptions, capital-structure actions and governance or management changes. Completed transactions in the record include the acquisition of United Development Funding IV and the sale of the GMFS residential mortgage banking business.
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.
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.