Red Stone Tax Exempt Funding Assumes Ready Capital Brand

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) announced that Red Stone Tax Exempt Funding has rebranded to Ready Capital after a successful 2022 with over $730 million in origination volume. The company aims to maintain or exceed this level in 2023, focusing on providing affordable lending products for multifamily affordable housing.

Positive

• Successful 2022 with over $730 million in origination volume
• Continued focus on providing innovative affordable lending products for multifamily affordable housing
• Positive outlook for growth in the affordable housing sector

Negative

• None.

NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital”), a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans, today announced that Red Stone Tax Exempt Funding, which was acquired in 2021, has formally assumed the Ready Capital brand across all aspects of its business.

Following a highly successful 2022 in which origination volume surpassed $730 million, the team is on target to meet or exceed that level in 2023 and will continue to provide innovative affordable lending products in support of multifamily affordable housing, consolidating under the Ready Capital brand.

“The Red Stone business continues to perform extremely well and is highly complementary to our overall platform,” said Thomas Capasse, Chairman and Chief Executive Officer of Ready Capital. Capasse added, “The affordable housing sector continues to be a growth opportunity and this is the perfect time to fully align and continue to realize the synergies that we have achieved, all under the Ready Capital banner.”

“The rationale for the merger has been proven through the hard work and dedication of the Red Stone team in combination with Ready Capital’s deep experience in successfully executing mergers and acquisitions,” said John Sokolovic, Managing Director, Head of Ready Capital Affordable Multifamily Finance. “We will continue to grow our division and contribute to the overall Ready Capital business, which remains well diversified and positioned to find opportunities in this environment. We look forward to broadcasting our new brand at the Affordable Housing Finance Conference (AHF Live) in Chicago from November 13 -15, 2023.”

About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, the Company employs over 600 professionals nationwide.

Contacts:
Ready Capital Investor Relations
212-257-4666
InvestorRelations@readycapital.com

Ready Capital Media Relations
PR@readycapital.com

FAQ

What is the ticker symbol for Ready Capital Corporation?

The ticker symbol for Ready Capital Corporation is RC.

What was the origination volume in 2022?

The origination volume in 2022 surpassed $730 million.

What is the focus of Ready Capital in 2023?

Ready Capital aims to maintain or exceed the origination volume of 2022 and continue providing innovative affordable lending products for multifamily affordable housing.

When and where will the new brand be broadcasted?

The new brand will be broadcasted at the Affordable Housing Finance Conference (AHF Live) in Chicago from November 13 -15, 2023.