Recent Updates — RC

Ready Capital Corporation closed a private placement of $225.0 million in aggregate principal amount of its 10.00% Senior Secured Notes due 2031 on September 28, 2026. Simultaneously, the company redeemed the entire $350.0 million outstanding balance of its 4.50% Senior Secured Notes due 2026 at a price equal to 100% of principal plus accrued interest. Ready Capital Corporation operates in the alternative asset management industry, providing real estate and infrastructure financing.

Ready Capital Corp priced a $225 million private placement of 10.00% Senior Secured Notes due 2031, issued by subsidiary ReadyCap Holdings II LLC. The notes were sold at 99.5% of par and are expected to close on September 28, 2026. Net proceeds will fund the redemption of $350 million in outstanding 4.50% Senior Secured Notes due 2026 held by subsidiary ReadyCap Holdings LLC. This transaction retires near-term corporate debt, reduces secured debt by $125 million, and completes a balance sheet repositioning program initiated in late 2025 that generated approximately $2.3 billion in cash. The company intends to shift focus from liquidity generation to earnings growth across its commercial real estate debt and small business lending platforms. Ready Capital Corporation is a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market commercial real estate loans.