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 Corporation (NYSE: RC) announced the completion of two securitizations totaling $609 million in Q2 2020. The first is a $405 million commercial real estate CLO backed by 56 floating-rate loans, with 80% sold to investors at LIBOR plus 236 basis points. The second is a $204 million securitization of 228 fixed-rate commercial loans, with 85% sold at an average interest rate of 4.0%. Proceeds reduced secured borrowings by $430 million and generated $60 million in cash. Unencumbered cash rose to $225 million from $122 million in Q1 2020.
Ready Capital Corporation (NYSE:RC) declared a $0.25 quarterly cash dividend per share for the quarter ended June 30, 2020. The dividend will be payable on July 31, 2020 to shareholders of record by the close of business on June 30, 2020.
Ready Capital focuses on originating and servicing small to medium balance commercial loans, particularly those backed by commercial real estate. Headquartered in New York City, it operates under external management from Waterfall Asset Management.