Ready Capital launches public offering of senior notes

This press release includes forward-looking statements, which are based on current expectations and projections about future events. These statements are subject to risks, uncertainties, and assumptions about Ready Capital (NYSE:RC), including factors detailed in the prospectus supplement and accompanying prospectus, as well as in Ready Capital's Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the SEC. Based on InvestingPro's Fair Value analysis, Ready Capital currently appears slightly undervalued. Discover detailed valuation metrics and comprehensive financial analysis in the Ready Capital Pro Research Report, part of InvestingPro's coverage of over 1,400 US stocks. Based on InvestingPro's Fair Value analysis, Ready Capital currently appears slightly undervalued. Discover detailed valuation metrics and comprehensive financial analysis in the Ready Capital Pro Research Report, part of InvestingPro's coverage of over 1,400 US stocks.

The terms, including the interest rate and maturity of the notes, will be set at the time the offering is priced. Morgan Stanley (NYSE:MS) & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo (NYSE:WFC) Securities, LLC have been named as the book-running managers for the transaction.

Ready Capital has also expressed its intention to list the notes on the New York Stock Exchange under the ticker symbol RCD. The offering is based on a registration statement that became effective on March 22, 2022, and is available through a preliminary prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission (SEC).

This press release includes forward-looking statements, which are based on current expectations and projections about future events. These statements are subject to risks, uncertainties, and assumptions about Ready Capital, including factors detailed in the prospectus supplement and accompanying prospectus, as well as in Ready Capital's Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the SEC. Based on InvestingPro's Fair Value analysis, Ready Capital currently appears slightly undervalued. Discover detailed valuation metrics and comprehensive financial analysis in the Ready Capital Pro Research Report, part of InvestingPro's coverage of over 1,400 US stocks.

This press release includes forward-looking statements, which are based on current expectations and projections about future events. These statements are subject to risks, uncertainties, and assumptions about Ready Capital, including factors detailed in the prospectus supplement and accompanying prospectus, as well as in Ready Capital's Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the SEC. Ready Capital does not undertake any duty to update these forward-looking statements, even if new information becomes available in the future.

The offering of the senior unsecured notes is made solely by means of the prospectus supplement and accompanying prospectus. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of Ready Capital's securities. The sale of these securities will not be legal in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The information provided here is based on a press release statement from Ready Capital Corporation.

In other recent news, Ready Capital Corporation revealed a mixed performance in its third-quarter 2024 financial results. The company reported a GAAP loss of $0.07 per share, an adjusted distributable earnings gain of $0.25 per share, and a record small business lending originations at $440 million. Despite a 6% decline in originated loans, Ready Capital's commercial real estate (CRE) portfolio stands at $8.1 billion. Recent developments also point to the company's ongoing exit from residential mortgage banking, expected to generate $40 million from remaining mortgage servicing rights.

The company's financial highlights also indicate a strong liquidity position with $181 million in unrestricted cash. Management expressed cautious optimism regarding the stabilization of the CRE cycle and discussions are ongoing with banks for refinancing a $120 million debt maturity due next year. In other recent developments, Ready Capital is considering aggressive stock buybacks and a potential tax-free spin-off of the digital business focused on small business lending.

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