Ready Capital Corp

Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: Acquisitions, SBC Originations, SBA Originations, Acquisitions & Servicing, and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company's business strategy. The SBC Originations segment originates SBC loans secured by stabilized or transitional investor properties using multiple loan origination channels through its wholly-owned subsidiary, ReadyCap Commercial LLC. The SBA Originations, Acquisitions & Servicing segment acquires, originates and services owner-occupied loans guaranteed by the SBA through its wholly-owned subsidiary, ReadyCap Lending LLC. The Residential Mortgage Banking segment, through its wholly-owned subsidiary, GMFS LLC, originates residential mortgage loans eligible to be purchased, guaranteed or insured by Fannie Mae, Freddie Mac, FHA, USDA and VA through retail, correspondent and broker channels. The company was founded in 2011 and is headquartered in New York, NY.

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Earnings data Q1 2024

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Earnings data Q4 2024

Ready Capital Corp to acquire Broadmark, anticipates strong growth

Ready Capital Corp's Q4 2022 performance showcased strength in loan originations, credit quality, and strategic acquisitions.
The merger with Broadmark Realty Capital is poised to enhance earnings, reduce leverage, and generate expense synergies for the company.
Challenges include impacts on realized gains, lack of specific full-year origination outlook, and complexities in the Broadmark deal execution.
Opportunities lie in increased liquidity post-acquisition, growth in SBA lending, and capital redeployment for new CRE originations and acquisitions.

Ready Capital Corp reports resilient performance amidst CRE market challenges

Ready Capital Corp navigated challenges in the CRE market with strong performance in core originations and credit metrics.
Despite non-recurring impacts on earnings, the company remains well positioned to maintain dividends and achieve its ROE target.
Opportunities lie in maintaining strong credit metrics, exploring potential acquisitions, and focusing on growth in key market segments.
Analysts' questions covered a range of topics including CECL reserve releases, distributable earnings, and balance sheet strategies.

Ready Capital Corp reports strong Q2 performance and eyes growth opportunities

Ready Capital Corp's Q2 2023 performance showcased robust loan portfolio growth and competitive credit metrics.
The company's strengths lie in the successful Broadmark acquisition, distributable earnings, and limited defaults in multifamily loans.
Challenges include upcoming maturities, potential risks in multifamily bridge loans, and headwinds from the Broadmark deal.
Opportunities for growth include optimizing capital structure, exploring new acquisitions, and capitalizing on multifamily market stabilization.

Ready Capital Corp reports strong Q3 performance amidst market caution

Ready Capital Corp (RC) demonstrated strong performance with successful Broadmark integration and improved liquidity, despite challenges in the CRE market.
The company's focus on cost synergies, credit metrics strength, and strategic rebranding position it well for future growth opportunities.
While challenges like portfolio yield drag and market uncertainties exist, Ready Capital's adaptability and focus on strategic opportunities are key strengths.

Ready Capital Corp reports 8.6% ROE for 2023, eyes strategic refinancing and growth opportunities

Ready Capital Corp's performance in 2023 was impacted by M&A effects and underperformance in certain business segments, leading to a distributable ROE of 8.6%. Despite challenges in delinquencies, the company is strategically focused on refinancing, leveraging debt, and exiting underperforming sectors. Opportunities lie in CLO issuance, SBA vertical growth, and accretive impacts from the Broadmark transaction.

Ready Capital Corp reports Q3 losses but eyes CRE market growth

Ready Capital Corp's Q3 performance reflects challenges with losses but also strengths in small business lending and market positioning.
Strategic initiatives and a well-positioned CRE market offer growth opportunities despite short-term challenges.
The company's focus on high-growth areas and future earnings expectations signal a path towards long-term success and market competitiveness.
Navigating through challenges while capitalizing on opportunities will be crucial for Ready Capital Corp's future financial performance and growth.

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Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. It operates through the following segments: SBC Lending and Acquisitions, Small Business Lending, and Residential Mortgage Banking. The SBC Lending and Acquisitions segment is involved in the SBC loans across the full life-cycle of an SBC property including construction, bridge, stabilized, and agency loan origination channels through wholly-owned subsidiary, ReadyCap Commercial, LLC. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program through wholly-owned subsidiary, ReadyCap Lending, LLC. The Residential Mortgage Banking segment focuses on the residential mortgage loan origination segment through wholly-owned subsidiary, GMFS, LLC. The company was founded in November 2011 and is headquartered in New York, NY.

NEW YORK, April 12, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation announced today that as of the first quarter of 2023, it exceeded $10 billion in bridge originations, comprising over 500 loans, since the launch of its bridge program in 2015.

Ready Capital Crosses $10 Billion in Bridge Originations Since Launching its Bridge Platform in 2015

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Broadmark Realty Capital Inc.

Our call on Broadmark was horrible, and we were fortunate to get an exit at $5.13. We had no desire to own Ready Capital into the recession.

Broadmark And Ready Capital: Distribution Cut Likely To Be Big

I review 4 mREITs that I believe offer a buying opportunity for income-oriented investors with a long-term horizon. Of the 4, I like Ready Capital the best due to the pending acquisition of Broadmark, which will increase net assets and help the company deleverage.

Here Are 4 REITs To Watch In 2023 - My Favorite Is Ready Capital

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Big discounts to book value are delivering large dividend yields. The plunge in the market since early February created far more opportunities.

12% To 16% Dividend Yields At 17% To 64% Below Book Value

NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.40 per share of common stock and Operating Partnership unit for the quarter ended March 31, 2023. This dividend is payable on April 28, 2023, to shareholders of record as of the close of business on March 31, 2023.

Ready Capital Corporation Declares First Quarter 2023 Dividends

Ready Capital is merging with Broadmark Realty in an all-share transaction that will see Broadmark's shareholders receive 0.47233 shares of Ready Capital per Broadmark share. The deal will immediately have a deleveraging effect on Ready Capital's balance sheet.

Ready Capital Saves Broadmark Realty From Collapse

NEW YORK , Feb. 28, 2023 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Broadmark Realty Capital Inc. ("Broadmark" or the "Company") (NYSE: BRMK) in connection with its proposed merger with Ready Capital Corporation ("Ready Capital") (NYSE:RC).  Under the terms of the merger agreement, each share of Broadmark common stock will be converted into 0.47233 shares of Ready Capital common stock, representing implied per-share consideration of $5.27 based on Ready Capital's February 27, 2023 closing price of $11.16.

SHAREHOLDER ALERT: Weiss Law Investigates Broadmark Realty Capital Inc.

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Broadmark Realty Capital Inc. (NYSE: BRMK) to Ready Capital Corporation (NYSE: RC). Under the terms of the proposed transaction, shareholders of Broadmark will receive 0.47233 shares of Ready Capital for each share of Broadmark that they own.

BROADMARK REALTY INVESTOR ALERT By the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Broadmark Realty Capital Inc. - BRMK

NEW YORK , Feb. 27, 2023 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Broadmark Realty Capital Inc. (NYSE: BRMK) and its board of directors concerning the proposed acquisition of the company by Ready Capital Corporation (NYSE: RC). Stockholders will receive 0.47233 shares of Ready Capital common stock for each share of Broadmark Realty Capital stock that they hold.

ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Broadmark Realty Capital Inc.

Ready Capital Corporation (NYSE:RC ) Q4 2022 Earnings Conference Call February 27, 2023 8:00 AM ET Company Participants Tom Capasse - CEO Andrew Ahlborn - CFO Adam Zausmer - CCO Conference Call Participants Crispin Love - Piper Sandler Stephen Laws - Raymond James Steven DeLaney - JMP Securities Christopher Nolan - Ladenburg Thalmann Jade Rahmani - KBW Matt Howlett - B. Riley Operator Greetings, and welcome to the Ready Capital Corporation fourth quarter 2022 earnings conference call.

Ready Capital Corporation (RC) Q4 2022 Earnings Call Transcript

Ready Capital (RC) delivered earnings and revenue surprises of 2.44% and 44.40%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

Ready Capital (RC) Q4 Earnings and Revenues Surpass Estimates

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Ready Capital Corporation (NYSE: RC) and Broadmark Realty Capital Inc. is fair to Ready Capital shareholders. Under the terms of the merger agreement, each share of Broadmark common stock will be converted into 0.47233 shares of Ready Capital common stock. Upon closing of the merger, Ready Capital stockholders are expected to own approximately 64% of the combined company's stock.

RC Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of Ready Capital Corporation Is Fair to Shareholders

− Transaction will create the 4th largest commercial mortgage REIT with a capital base of $2.8 billion –

Ready Capital and Broadmark Realty Capital Announce Definitive Merger Agreement

NEW YORK, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today reported financial results for the quarter ended December 31, 2022.

Ready Capital Corporation Reports Fourth Quarter 2022 Results

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NEW YORK, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will host a webcast and conference call at 8:00 a.m. Eastern Time on Monday, February 27, 2023 to provide a general business update and discuss the financial results for the quarter ended December 31, 2022. The Company plans to release its financial results prior to the opening of the New York Stock Exchange.

Ready Capital Corporation Announces Fourth Quarter and Full Year 2022 Results and Webcast Call

Ready Capital just cut its quarterly dividend payout to its common shareholders by nearly 5% on the back of interest rate financing pressure. However, the cut was lower than some expected as the mortgage REIT continues to navigate a rising interest rate environment.

Ready Capital: The 12.4% Yield Is Still Exciting

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Mortgage rates have surged significantly this year, especially in recent quarters, causing market upheaval. Due to these obstacles, we doubted Ready Capital Corporation's short-term success in our prior piece.

Ready Capital Corporation: Strategically Positioned To Weather The Storms

Mosaic Real Estate merger will be highly beneficial for the company's future economic performances. The company has a robust dividend yield with significant future growth opportunities.

Ready Capital: Robust 12.86% Yield With 32% Potential Margin Of Safety

NEW YORK , Dec. 15, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE:RC) (the "Company") announced that its Board of Directors declared a quarterly cash dividend of $0.40 per share of common stock and Operating Partnership unit for the quarter ended December 31, 2022. This dividend is payable on January 31, 2023, to shareholders of record as of the close of business on December 30, 2022, which is the effective record date since December 31, 2022, is not a business day.

READY CAPITAL CORPORATION DECLARES FOURTH QUARTER 2022 DIVIDENDS

Ready Capital Corporation (NYSE:RC ) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Andrew Ahlborn - Chief Financial Officer Tom Capasse - Chief Executive Officer Adam Zausmer - Chief Credit Officer Conference Call Participants Stephen Laws - Raymond James Steven DeLaney - JMP Securities Christopher Nolan - Ladenburg Thalmann Crispin Love - Piper Sandler Jade Rahmani - KBW Eric Hagen - BTIG Operator Greetings, and welcome to the Ready Capital Corporation Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Ready Capital Corporation (RC) Q3 2022 Earnings Call Transcript

Ready Capital (RC) delivered earnings and revenue surprises of -4.35% and 11.73%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?

Ready Capital (RC) Misses Q3 Earnings and Revenue Estimates

- GAAP EARNINGS PER COMMON SHARE OF $0.53 - - DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $0.46 - - DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS' EQUITY OF 12.7% - NEW YORK , Nov. 7, 2022 /PRNewswire/ -- Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today reported financial results for the quarter ended September 30, 2022. "Against the backdrop of market volatility, rising rates and inflationary pressures, Ready Capital remains focused on finding accretive ways to grow the Company's platform while prudently managing our resources by taking a conservative stance on liquidity, leverage and credit," commented Thomas Capasse, Ready Capital's Chairman and Chief Executive Officer.

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