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) 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.
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.