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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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.

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December saw six new preferred stock and exchange traded debt offerings with yields ranging from 6% to 9%, highlighting diverse investment opportunities. CDx3 preferreds ranked 10 out of 10 offer an average current yield of 6.57% and are selling at a slight discount to par. Investors can purchase newly introduced preferred stock shares at wholesale prices on the OTC, potentially avoiding capital loss if prices drop.

New Preferred Stock IPOs, December 2024

Ready Capital Corporation's new senior notes trading under ticker RCD offer a 9.00% annual interest rate but face significant financial challenges, including inconsistent dividends and a high debt-to-equity ratio. The company's recent dividend cut and negative earnings-to-debt payments ratio raise concerns about its ability to cover debt obligations. Compared to other Ready Capital senior notes, RCD is fairly priced but not the best option due to its longer duration and associated risks.

RCD: A 9.00% Senior Note IPO From Ready Capital Corporation

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The 'Undercovered' Dozen series highlights lesser-covered stocks, offering fresh investment ideas and sparking community discussions on their potential. Ubiquiti Inc. shows promise with operational improvements, Ready Capital Corporation faces liquidity risks, and TORM plc is crucial despite energy sector volatility. Esperion Therapeutics' breakout and Cardiff Oncology's promising trial data present compelling buy opportunities, while Advantest Corporation's high valuation suggests caution.

Undercovered Dozen: Ubiquiti, Ready Capital, Cardiff Oncology, Vodafone +

NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share of common stock and Operating Partnership unit for the quarter ended December 31, 2024. This dividend is payable on January 31, 2025, to shareholders of record as of the close of business on December 31, 2024.

Ready Capital Corporation Declares Fourth Quarter 2024 Dividends

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Preferred shares rallied, as predicted. Finding value is getting much harder. There are some common shares trading at discounts. Some big, some tiny. I would be interested in a few of the agency mortgage REITs, but the ones I would prefer remain unavailable. The valuation between those good ones and some of the weaker ones (as measured by things like destruction of shareholder wealth and me not liking them) is still small sometimes.

Huge Yields, Brief Notes

NexPoint Diversified Real Estate Trust

UDF IV's Plan "Not to Reconvene the Annual Meeting" is Unacceptable Outcome for Shareholders NexPoint Urges UDF IV to Reconvene Meeting Following Full Disclosure of Ready Capital Transaction Details and to Disclose Amount of Shareholder Funds Used on Advisors for an Annual Meeting it has Failed to Hold DALLAS , Dec. 12, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC (together with its affiliates "NexPoint") today issued a statement regarding the "adjournment" of the United Development Funding IV ("UDF IV" or the "Company") Annual Meeting of Shareholders ("Annual Meeting") due to a lack of quorum and the Company's statement that it will not reconvene the Meeting. NexPoint provided the following comment: "We are deeply alarmed by UDF IV's announcement that it will not reconvene the Annual Meeting after failing to meet the quorum threshold.

NexPoint Comments on Cancellation of United Development Funding IV (UDF IV) 2024 Annual Meeting

NEW YORK, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that it closed an underwritten public offering of $130 million aggregate principal amount of 9.00% Senior Notes due 2029 (the “Notes”), including $15 million aggregate principal amount relating to the partial exercise of the underwriters' over-allotment option. The Notes were issued in minimum denominations and integral multiples of $25.00. The Company intends to use the net proceeds from this offering to originate or acquire target assets consistent with its investment strategy and for general corporate purposes. Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC served as book-running managers for the offering.

Ready Capital Corporation Announces Closing of Public Offering of Senior Notes Due 2029 and Partial Exercise of Over-allotment Option

Declines to Appear at Annual Meeting, Calls for Adjournment of Meeting Until UDF IV Provides Proper Disclosure on Recently Announced Merger with Ready Capital DALLAS , Dec. 10, 2024 /PRNewswire/ -- NexPoint Real Estate Opportunities, LLC (together with its affiliates "NexPoint") today announced it will not appear nor vote any proxies at the United Development Funding IV ("UDF IV" or the "Company") Annual Meeting of Shareholders ("Annual Meeting") being held today, December 10, 2024. NexPoint remains concerned about the Company's planned acquisition by Ready Capital (NYSE:RC), which UDF IV announced last week in an apparent attempt to influence today's vote at the Annual Meeting.

NexPoint Comments on United Development Funding IV (UDF IV) Annual Meeting

Ready Capital's Q3 2024 showed another decrease in book value. Q3 2024 actually had negative distributable earnings. The company made an acquisition and offered to place debt at a 9% yield.

Ready Capital: 9% Senior Notes Might Be Worth Pursuing

NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:  RC ) ("Ready Capital" or the "Company") today announced that it priced an underwritten public offering of $115.0 million aggregate principal amount of 9.00% Senior Notes due 2029 (the "Notes"). The Notes will be issued in minimum denominations and integral multiples of $25.00. The Company has granted to the underwriters a 30-day over-allotment option to purchase up to an additional $17.25 million aggregate principal amount of the Notes at the public offering price, less the underwriting discount. The Company intends to use the net proceeds from this offering to originate or acquire target assets consistent with its investment strategy and for general corporate purposes. Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC served as book-running managers for the offering.

Ready Capital Corporation Announces Pricing of Public Offering of Senior Notes Due 2029

NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) today announced that it is commencing an underwritten public offering of senior unsecured notes due 2029 (the “Notes”). The Company intends to use the net proceeds from this offering to originate or acquire target assets consistent with its investment strategy and for general corporate purposes. The maturity, interest rate and other terms of the Notes will be determined at the time of pricing the offering. Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC are serving as book-running managers for the offering.

Ready Capital Corporation Announces Public Offering of Senior Notes Due 2029

Adds scale and extends Ready Capital's core platform with UDF IV's proven land development lending platform Diversifies Ready Capital's portfolio and offers land development solution to borrowers and investors Expected to be accretive to Ready Capital's earnings and book value in 2025 UDF IV shareholders may receive up to $5.89 per UDF share through a combination of: (i) pre-closing distributions of UDF IV's own cash from its balance sheet valued at up to $75 million, or $2.44 per share, (ii) shares issued at closing by Ready Capital for UDF IV shares valued at $94 million, or $3.07 per share, and (iii) contingent value rights with estimated future value of up to $12 million, or $0.38 per share NEW YORK and IRVING, Texas, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) ("Ready Capital"), 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, and United Development Funding IV (“UDF IV” or the “Trust”), a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders, announced today that they have entered into a definitive merger agreement pursuant to which Ready Capital will acquire UDF IV. Upon completion of the transaction, Ready Capital is anticipated to have a pro forma equity capital base in excess of $2.2 billion.

Ready Capital and United Development Funding IV Announce Definitive Agreement for Ready Capital to Acquire United Development Funding IV

Medical Properties Trust

My portfolio, Rose's Income Garden (RIG), is highly diversified with 84 investments across all 11 sectors, ensuring resilience against market fluctuations. Despite three dividend cuts in October, I retain Medical Properties Trust, Blackstone Mortgage Trust, and Ready Capital due to their high yields and recovery potential. High-yield investments can be risky but rewarding; my portfolio's value is up 15.54% YTD, close to the DOW, and has a 5.4% yield.

3 High Yield October Dividend Payers: Blackstone, Ready Capital And Medical Property Trust

Ready Capital Corporation (NYSE:RC ) Q3 2024 Earnings Conference Call November 8, 2024 8:30 AM ET Company Participants Andrew Ahlborn - Chief Financial Office Thomas Capasse - Chief Executive Officer Andrew Ahlborn - Chief Credit Officer Adam Zausmer - Chief Credit Officer Conference Call Participants Crispin Love - Piper Sandler Douglas Harter - UBS Jade Rahmani - KBW Stephen Laws - Raymond James Christopher Nolan - Landenburg Thalmann Matt Howlett - B. Riley Securities Operator Greetings, and welcome to the Ready Capital Third Quarter 2024 Earnings Call.

Ready Capital Corporation (RC) Q3 2024 Earnings Call Transcript

Although the revenue and EPS for Ready Capital (RC) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Here's What Key Metrics Tell Us About Ready Capital (RC) Q3 Earnings

Ready Capital (RC) came out with quarterly earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.28 per share a year ago.

Ready Capital (RC) Q3 Earnings Surpass Estimates

NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its third quarter 2024 financial results after the New York Stock Exchange closes on Thursday, November 7, 2024. Management will host a webcast and conference call on Friday, November 8, 2024 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended September 30, 2024.

Ready Capital Corporation Announces Third Quarter 2024 Results and Webcast Call

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We've got three shares where big yields are offset by one flaw or another. I recently closed out my position in one of these shares for a gain of more than 40%. Great choice about 17 months ago. Not as great today. I'll include an alternative from my portfolio that still offers an attractive yield for investors.

3 Shares Yielding Over 9%

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Since May 2017, any dividend-paying stock mentioned by readers is included in my reader favorite listings, highlighting potential opportunities and risks. My stock lists aim to identify promising dividend stocks, using a contrarian investing strategy, primarily for new buyers seeking high-yield opportunities. Reader feedback is crucial for correcting errors and refining strategies, including suggestions for buy-and-hold stocks and option strategies for monthly dividends.

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Ready Capital's dividend cut to $0.25 per share marks a significant sequential reduction, with a current yield of 14%, significantly above pre-pandemic levels. RC's net book value has declined to $12.97 per share with the commons trading at a 45% discount. The mREIT plans to bridge dividend coverage by focusing on small business loans, exiting residential mortgage banking, and increasing leverage.

Ready Capital: When Is The Final Dividend Cut?

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The most oversold stocks in the financials sector presents an opportunity to buy into undervalued companies.

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Investors need to pay close attention to Ready Capital (RC) stock based on the movements in the options market lately.

Is the Options Market Predicting a Spike in Ready Capital (RC) Stock?

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I frequently discuss high-yield sectors like mortgage REITs, BDCs, and preferred shares, emphasizing the importance of knowing when not to buy. Preferred shares have rallied above targets, reducing buying opportunities, while common shares offer higher risks. Some offer upside, but others mostly offer downside. I'll kick off the weekend by highlighting one with a high valuation, as investors pay top dollar for earnings that are about to melt away.

The High Yield Desert

NEW YORK, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share of common stock and Operating Partnership unit for the quarter ended September 30, 2024. This dividend is payable on October 31, 2024, to shareholders of record as of the close of business on September 30, 2024.

Ready Capital Corporation Declares Third Quarter 2024 Dividends

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The index huggers are, rightfully, fretting about the only position they own, the S&P 500, which is heavy on Nvidia (NVDA). The soon-to-be-fallen angel is the third largest component of the index at 6.3%.

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News for Ready Capital Corp Stock (RC)