Ready Capital Reports Q2 2023 Results

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NEW YORK, Aug. 07, 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 (“SBC”) loans, today reported financial results for the quarter ended June 30, 2023.

“The closing of the $867 million acquisition of Broadmark Realty Capital in the second quarter marks a significant milestone for Ready Capital,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Our increased scale and capabilities, significant liquidity and portfolio strength position the Company for sustained success.”

Second Quarter Highlights

  • Completed merger with Broadmark Realty Capital Inc., a specialty real estate finance company specializing in originating and servicing residential and commercial construction loans, to create the 4th largest commercial mortgage REIT
  • Total investments of $1.1 billion, including $512 million of SBC originations, $424 million of residential mortgage loans, and $121 million of U.S. Small Business Administration 7(a) loans
  • Completed a $649 million securitization of floating rate SBC loans and sold $509 million of senior bonds at a weighted average cost of SOFR + 2.94%

Read the full release here

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