Ready Capital Corporation Announces Completion of Merger

Core Viewpoint - Ready Capital Corporation has successfully completed the acquisition of United Development Funding IV, which will enhance its portfolio and growth opportunities [1][2] Company Overview - Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that focuses on originating, acquiring, financing, and servicing lower-to-middle-market commercial real estate loans [5] - The company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, bridge loans, and U.S. Small Business Administration loans under its Section 7(a) program [5] - Ready Capital is headquartered in New York and employs approximately 350 professionals nationwide [5] Merger Details - The merger was executed under the terms of the Agreement and Plan of Merger dated November 29, 2024, and the combined entity will continue to operate under the name "Ready Capital Corporation" [1] - Each outstanding common share of UDF IV was converted into the right to receive 0.416 shares of Ready Capital's common stock and 0.416 contingent value rights (CVRs) [1] - The CVRs represent potential rights to receive additional shares of Ready Capital Common Stock based on cash proceeds from a portfolio of five UDF IV loans [1] Leadership Statement - Thomas Capasse, Chairman and CEO of Ready Capital, expressed optimism about scaling the portfolio and unlocking growth and value creation opportunities following the merger [2]