READY CAPITAL (NYSE: RC) Ready Capital Corporation, a commercial mortgage REIT, is a real estate finance company that acquires, originates, manages, and finances commercial real estate loans and real estate-related securities.
About Ready Capital
Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor, and bridge. With a conservative approach to credit and a focus on high conviction sectors, superior markets, and strong sponsors, its all-weather origination platform can allocate capital across construction, bridge, and Freddie Mac SBL.
Ready Capital is also a leading provider of capital to small businesses through the U.S. SBA 7(a) loan program and the USDA OneRD Initiative. As the #1 non-bank and #4 overall SBA 7(a) lender, Ready Capital is 1 of only 16 non-bank SBA 7(a) license holders in the country. Our USDA license satisfies traditionally underbanked communities that might benefit from the unique qualities of this program.
Headquartered in New York, New York, the Company employs 350 professionals nationwide.
Waterfall Asset Management is Ready Capital’s external manager. Founded in 2005, the firm utilizes a relative value approach for sourcing and investing in the private and public markets, across 60+ sectors of the asset-based finance arena. Through this multi-sector specialization, Waterfall seeks to provide its clients a compelling risk/return profile that is generally uncorrelated to the most traditional investment opportunities.
Proven Acquisition and Integration Track Record
Ready Capital is an active acquiror in the multi-strategy real estate finance sector, having completed eleven transactions since 2014, including four public company mergers.
CIT
JULY 2014: Acquired CIT Small Business Lending, which provided an SBA ownership license and enabled CRE-secured lending to investors and small businesses.
ZFC
OCTOBER 2016: Completed reverse merger with Zais Financial Corporation, providing access to the public markets and creating an LMM commercial real estate focused, public specialty finance company.
Owens
NOVEMBER 2018: Completed merger with Owens Reality Mortgage, Inc., which accelerated growth in LMM commercial real estate and expanded our capital base to over $750MM.¹
Knight
OCTOBER 2019: Completed acquisition of Knight Capital Funding, LLC to increase our efficiency and product offerings as well as to expand our platform to small businesses and improve lending platform efficiency.
Anworth
DECEMBER 2020: Completed merger of Anworth Mortgage Asset Corporation, which increased our scale and liquidity and enabled efficiencies to support growth into a diversified, industry-leading real estate finance company.
RedStone
AUGUST 2021: Completed acquisition of Red Stone to increase diversification and growth and to expand capabilities and our demonstrated commitment to affordable housing.
Mosaic
NOVEMBER 2021: Completed merger of Mosaic Real Estate Investors to increase scale and diversification, increasing our capital base to over $1.8bn¹,² and expanding the platform into construction finance.
Broadmark
FEBRUARY 2023: Completed merger with Broadmark Realty Capital, a synergistic transaction that enhanced scale, liquidity, and capabilities and increased our capital base to $2.7bn.¹
Madison One
JUNE 2024: Completed acquisition of Madison One to establish a greater presence in USDA lending, expecting to generate over $300MM of volume annually.
Funding Circle
JULY 2024: Acquired Funding Circle US to increase efficiency and funding solutions and to expand the automated and technology-enabled customer experience.
UDF
DECEMBER 2024: Ready Capital and United Development Funding IV announced a definitive agreement for Ready Capital to acquire United Development Funding IV.
1. Pro forma capital base as of the quarter-to-date prior to the acquisition.
2. Includes an equity offering in Q1 2022.