Ready Capital Corp Stock Price, News & Analysis

NexPoint Real Estate Opportunities announced plans to submit a competing proposal against the proposed merger between United Development Funding IV (UDF IV) and Ready Capital (RC). NexPoint is urging UDF IV's Board to postpone the March 4, 2025 Special Meeting by 30 days to April 4, 2025, allowing proper review of competing proposals while maintaining the April 15 merger deadline.

NexPoint expressed significant concerns about the Ready Merger, citing questionable shareholder economics and disproportionate benefits to UDF IV insiders. The current deal structure would have UDF IV shareholders receive considerable RC stock, which has experienced declining operating cash flow and distribution cuts. The merger agreement includes extensive indemnification provisions that could limit shareholders' ability to seek repayment of misused funds.

NexPoint is deferring its vote and encourages shareholders to withhold or withdraw their votes to compel the Board to properly review any competing proposals.

Ready Capital (NYSE: RC) has scheduled the release of its fourth quarter and full year 2024 financial results before the NYSE opens on Monday, March 3, 2025. The company will host a webcast and conference call at 8:30 a.m. Eastern Time on the same day to discuss the financial results and provide a business update.

The webcast will be accessible through the Investor Relations section of Ready Capital's website. A conference call option is available by dialing 877-407-0792 (domestic) or 201-689-8263 (international). A replay will be available until March 17, 2025, accessible via the website or by dialing 844-512-2921 (domestic) or 412-317-6671 (international) with pin number 13750356.

Ready Capital (NYSE: RC) has announced a new stock repurchase program authorized by its Board of Directors. The program allows for the repurchase of up to $150.0 million of the company's common stock. As a multi-strategy real estate finance company, Ready Capital focuses on originating, acquiring, financing, and servicing lower-to-middle-market commercial real estate loans.

The repurchases can be executed through various channels, including open market, privately negotiated transactions, and under Rule 10b5-1 and Rule 10b-18 plans. Management will determine the timing and volume of repurchases based on market conditions, share price, legal requirements, and other factors.

Ready Capital (NYSE:RC) has announced its fourth quarter 2024 dividend declarations. The company will pay a quarterly cash dividend of $0.25 per share of common stock and Operating Partnership unit for Q4 2024, payable on January 31, 2025, to shareholders of record as of December 31, 2024.

Additionally, the company declared dividends on its preferred stocks: $0.390625 per share for Series C Preferred Stock and $0.40625 per share for Series E Preferred Stock, both payable in January 2025. Ready Capital is a multi-strategy real estate finance company focusing on lower-to-middle-market commercial real estate loans, including agency multifamily, investor, construction, bridge, and SBA Section 7(a) loans.

NexPoint has issued a statement criticizing United Development Funding IV (UDF IV)'s decision not to reconvene its 2024 Annual Meeting of Shareholders due to lack of quorum. NexPoint expresses deep concerns about UDF IV's governance and its handling of the proposed Ready Capital acquisition. The company calls for UDF IV to reconvene the meeting within 120 days, but only after providing complete disclosure of the Ready Capital transaction details.

Independent proxy advisory firm Glass Lewis shares NexPoint's concerns about disclosure deficiencies and transaction timing. NexPoint believes the Annual Meeting vote was closer than reported, indicating significant shareholder dissatisfaction. The company criticizes UDF IV for suppressing shareholder engagement and spending substantial shareholder funds on legal and PR efforts while avoiding accountability.

Ready Capital (NYSE: RC) has successfully closed an underwritten public offering of $130 million aggregate principal amount of 9.00% Senior Notes due 2029, which includes $15 million from a partial exercise of the underwriters' over-allotment option. The Notes were issued in denominations of $25.00 and will be listed on the NYSE under the symbol 'RCD' within 30 days of closing.

The company plans to use the net proceeds to originate or acquire target assets aligned with its investment strategy and for general corporate purposes. The offering was managed by Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities as book-running managers.

NexPoint Real Estate Opportunities announced it will not attend or vote at UDF IV's Annual Meeting on December 10, 2024, citing concerns about the recently announced merger with Ready Capital (NYSE:RC). NexPoint criticizes the timing of the merger announcement, made just eight days before the Annual Meeting, and the lack of proper disclosures for shareholders to evaluate the transaction.

The company calls for the meeting's adjournment until full disclosure is provided, arguing that UDF IV is manipulating shareholders by suggesting that voting for NexPoint's nominees equals voting against the merger. Both Glass Lewis and Egan-Jones proxy advisory firms recommend voting 'FOR' all NexPoint nominees, expressing concerns about the merger's timing and transparency.

Ready Capital (NYSE: RC) has announced the pricing of an underwritten public offering of $115.0 million aggregate principal amount of 9.00% Senior Notes due 2029. The Notes will be issued in denominations of $25.00, with a 30-day over-allotment option for underwriters to purchase up to an additional $17.25 million. The company plans to use proceeds for target asset acquisition and general corporate purposes. The Notes are expected to be listed on NYSE under symbol 'RCD', with trading anticipated within 30 days of the December 10, 2024 closing date. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are serving as book-running managers.

Ready Capital (NYSE: RC) has announced the commencement of an underwritten public offering of senior unsecured notes due 2029. The company plans to use the net proceeds to originate or acquire target assets aligned with its investment strategy and for general corporate purposes. The notes will be listed on the NYSE under the symbol RCD. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are serving as book-running managers for the offering. The specific terms, including maturity and interest rate, will be determined during pricing.