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.
Waterfall Asset Management has announced a strategic partnership expansion with Onity Group Inc. (NYSE: ONIT), involving the transfer of reverse mortgage assets from Waterfall's subsidiary, Mortgage Assets Management, (MAM), to Onity. The assets include Home Equity Conversion Mortgages (HECMs) and related securities, which are already subserviced by Onity's subsidiary, PHH Mortgage
Leo Wong, Partner at Waterfall, emphasized the transaction's importance in growing their reverse mortgage initiatives and leveraging complementary strengths with Onity. Wong also highlighted the value of HECMs for homeowners seeking to access equity without selling their homes, especially in the current low mortgage rate environment.
This move demonstrates Waterfall's commitment to expanding its presence in the reverse mortgage sector while capitalizing on Onity's operational capabilities.
Ready Capital (NYSE: RC) reported Q2 2024 results with a GAAP loss per share of $(0.21) and distributable earnings per share of $0.07. The company achieved total investments of $474 million, including $257 million in LMM originations and a record $217 million in SBA 7(a) loans. Ready Capital declared a $0.30 per share dividend and reported a net book value of $12.97 per share. The company completed significant transactions, including the sale of $4.7 billion in residential mortgage servicing rights and the acquisition of Madison One. Post-quarter, Ready Capital acquired Funding Circle USA, Inc. The company's focus on cycling out of underperforming assets and into market-yielding investments, along with improving credit metrics, is expected to boost earnings towards year-end.
Ready Capital (NYSE: RC) has announced the release of its second quarter 2024 financial results on August 7, 2024, after the New York Stock Exchange closes. The company will host a webcast and conference call on August 8, 2024, at 8:30 a.m. Eastern Time to discuss the results and provide a general business update.
Investors can access the webcast through the company's website at www.readycapital.com. A dial-in option is also available, and a replay of the call will be accessible until August 22, 2024. Ready Capital is a multi-strategy real estate finance company specializing in lower-to-middle-market commercial real estate loans, including agency multifamily, investor, construction, bridge, and U.S. Small Business Administration loans under its Section 7(a) program.
iBusiness Funding, a division of Ready Capital (NYSE: RC), has entered a definitive agreement to acquire Funding Circle USA (FC USA) and its subsidiaries. The transaction is contingent upon FC USA returning its Small Business Lending Company (SBLC) license to the SBA. The acquisition aligns both companies' missions of supporting underserved borrowers. iBusiness CEO Justin Levy highlighted FC USA's compliance program and low default rates as significant assets. The combined entity will leverage FC USA's tech-enabled customer experience and iBusiness' Lending as a Service (LaaS) and LenderAI products. Ready Capital expects the merger to enhance revenue and earnings.
Ready Capital (NYSE: RC) announced its Board of Directors has declared a quarterly cash dividend of $0.30 per share for common stock and Operating Partnership units for Q2 2024. The dividend is payable on July 31, 2024, to shareholders of record as of June 28, 2024.
The Board also declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock ($0.390625 per share, payable July 15, 2024, record date June 28, 2024) and its 6.50% Series E Cumulative Redeemable Preferred Stock ($0.40625 per share, payable July 31, 2024, record date June 28, 2024).
Ready Capital specializes in real estate finance, offering various loans backed by commercial real estate, including agency multifamily, investor, construction, bridge, and U.S. Small Business Administration loans. The company is headquartered in New York, employing about 350 professionals nationwide.
Ready Capital (NYSE: RC) has acquired Madison One Capital, M1 CUSO, and Madison One Lender Services, expanding its footprint in the government guaranteed loan sector. Madison One is a key player in USDA and SBA loan origination and servicing, targeting small businesses and energy projects in rural areas. The acquisition aims to diversify Ready Capital's revenue and increase its scale in gain-on-sale businesses. Expected to generate over $300 million annually in USDA loan volume, the acquisition will enhance Ready Capital's offerings in government-guaranteed small business loans. Madison One will continue operating under its current name as a subsidiary of Ready Capital.
Ready Capital (NYSE:RC) announced that Tom Capasse, Chairman and CEO, will present at REITweek 2024. The event takes place at the New York Hilton Midtown on June 5, 2024, at 2:00 p.m. Eastern Time. Investors can access a live audio-webcast of the presentation through the Investor Relations section of the company's website. A replay will be available afterward.
Ready Capital (NYSE:RC) announced a 103% increase in SBA 7(a) loans, reaching $265.7 million in the first four months of 2024. This underscores the success of their dual lending strategy. Additionally, Gary Taylor has been appointed CEO of ReadyCap Lending, bringing over 25 years of SBA lending experience. ReadyCap Lending aims to achieve an ambitious yearly volume goal of $1 billion, supported by organizational improvements and technology from their affiliate, iBusiness Funding. The company also plans to acquire Madison One, enhancing its position in the SBA lending market.
Ready Capital reported a GAAP loss per share of $(0.45) and a distributable earnings per share of $0.29. The company's distributable return on average stockholders' equity was 8.6%. Despite challenges in commercial real estate, the company focused on repositioning loans and reducing office exposure. Total investments reached $457 million, with significant growth in the Small Business Lending segment. The company also declared a dividend of $0.30 per share and repurchased shares at favorable prices.
Ready Capital (NYSE: RC) announced its first quarter 2024 financial results will be released on May 8, 2024, followed by a webcast and conference call on May 9, 2024. The Company specializes in real estate finance, offering various loan types.