Recent Updates — RCB
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.
Ready Capital Corporation reported a GAAP net loss of $99.7 million, or $(0.63) per common share, for the quarter ended June 30, 2026. Distributable loss was $73.6 million, or $(0.47) per share, before realizing losses on investments. The company generated $1.4 billion in cash year-to-date from loan sales and portfolio runoff, retiring over $1 billion in asset-level financing and $184 million of corporate debt, including the 6.20% Senior Unsecured Notes. Total loan originations reached $278.8 million, comprising $155.9 million in lower-to-middle-market commercial real estate loans and $82.1 million in SBA 7(a) loans. Book value per share declined to $6.83 as of June 30, 2026. 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.
On July 17, 2026, Ready Capital Corporation held its annual meeting of stockholders. Stockholders elected all seven director nominees, ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2026, and approved the compensation of named executive officers on an advisory basis. Additionally, stockholders approved and adopted the Amended and Restated Ready Capital Corporation 2023 Equity Incentive Plan. The company operates in the financial services industry, specializing in commercial real estate lending.