LOS ANGELES, April 28, 2025 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC) investors of a class action representing investors that bought securities between November 7, 2024 and March 2, 2025, inclusive (the "Class Period"). Ready Capital investors have until May 5, 2025 to file a lead plaintiff motion. Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss the ...

NEW YORK, April 27, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it has filed a lawsuit against Ready Capital Corporation (NYSE: RC) and certain of the Company’s senior executives for potential violations of the federal securities laws. If you invested in Ready Capital, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/ready-capital-corporation. Investors have until May 5, 2025, to ask the Court to be ...

Financial Performance - Net income available to common stockholders was $23 million, or $0.16 per diluted share[10] - Distributable Earnings were $33 million, or $0.24 per diluted share[12] - The company declared common stock dividends of $0.25 per share, implying a dividend yield of 11.0%[12] - Book Value per Share decreased from $12.34 in Q4 2024 to $12.18 in Q1 2025[15] Loan Portfolio - The total loan portfolio amounted to $7.7 billion with a weighted-average unlevered all-in yield of 7.9%[11] - First mortgages represent 95% of the loan portfolio, with 95% being floating rate loans[11] - New loan commitments totaled $650 million, with $460 million funded at close[11] - Loan repayments and sales reached $93 million, with gross add-on fundings of $73 million[11] Capitalization and Liquidity - Total common equity book value ended the quarter at $1.8 billion[11] - Total liquidity at the end of the quarter was $218 million, including $170 million in cash[11] - The company upsized its secured credit facility with JPMorgan by $500 million, increasing total capacity to $2 billion and extended the final maturity by 3.5 years to March 2030[11] Real Estate Owned (REO) - Total REO held for investment was valued at $791 million, with net equity of $444 million after deducting $346 million in debt[22]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $10.6 million or 15 cents per share for Q1 2025, with a book value of $14.44 per share, down approximately 2% compared to the prior quarter [4][13] - Distributable earnings for the quarter were $17 million or 25 cents per share, aligning with the dividend payout [4] Business Line Data and Key Metrics Changes - The company closed four loans totaling $376 million, with 80% secured by Class A multi-family properties, a weighted average loan-to-value (LTV) of 69%, and a coupon of SOFR plus 277 basis points [10] - Repayments in the quarter totaled $180 million, with net fundings reaching $220 million [10] Market Data and Key Metrics Changes - The real estate credit market remains active, with senior loan spreads approximately 10 to 15 basis points wider, and transitional loan sector spreads 15 to 20 basis points wider [7] - The pipeline is reported to be the largest ever at over $30 billion, indicating significant opportunity in the current market [9] Company Strategy and Development Direction - The company is focused on maintaining a defensive posture while also seeking to reinvest repayments into new originations, particularly in the European lending market [6][11] - The strategy includes diversifying the portfolio and adding duration, with a strong emphasis on high-quality assets [11] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about market volatility and recession expectations but believes real estate is better positioned compared to past cycles [5][6] - The company is monitoring macroeconomic factors closely, particularly job market impacts, but does not anticipate a significant downturn in real estate values [28] Other Important Information - The company has no corporate maturities until 2030 and has ample liquidity of over $700 million [7][19] - The debt-to-equity ratio stands at 1.9 times, with a leverage ratio of 3.9 times, which is within the target range [21] Q&A Session Summary Question: How does the company view the macro issues and their impact on specific properties? - Management is monitoring the broader economic environment and specific sectors, particularly industrial properties on the West Coast, due to trade slowdowns [29][30] Question: What is the company's stance on dividend policy given the current return on capital? - The company remains comfortable with its current dividend policy, evaluating it quarterly, and sees potential upside in REO assets that could enhance earnings [33][35] Question: What is the company's strategy for originating loans in Europe? - The company has been actively originating in Europe for a couple of years and expects to close deals soon, focusing on Western Europe and the UK [41] Question: How does the company plan to manage repayments and leverage levels? - The company anticipates matching repayments with new originations, maintaining leverage within target ranges [42][85] Question: What factors contributed to the downgrade of the Raleigh multifamily loan? - The downgrade was due to the inability to drive rents in that market, compounded by an approaching maturity date [54][56] Question: What is the outlook for the life science sector within the loan portfolio? - The company believes in the long-term fundamentals of the life science sector but acknowledges current cyclical headwinds [14][60]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported a GAAP net loss of $10.6 million or $0.15 per share, with a book value of $14.44 per share as of March 31 [4][12] - Distributable earnings for the quarter were $17 million or $0.25 per share, aligning with the dividend payout [5] Business Line Data and Key Metrics Changes - The company closed four loans totaling $376 million, primarily secured by Class A multifamily properties, with a weighted average loan-to-value (LTV) of 69% and a coupon of SOFR plus 277 basis points [10] - Repayments in the quarter amounted to $184 million, leading to net fundings of $222 million [10][18] Market Data and Key Metrics Changes - The real estate credit market remains active, with warehouse financing and senior loan spreads widening by approximately 10 to 15 basis points, while transitional loan sector spreads widened by 15 to 20 basis points [8] - The company's pipeline reached a record $30 billion, indicating strong market opportunities [9] Company Strategy and Development Direction - The company is focused on maintaining a defensive posture while also seeking new investment opportunities, particularly in the European lending market [7][10] - The strategy includes diversifying the portfolio and adding duration, with a strong emphasis on high-quality assets [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about increased market volatility and recession expectations but believes real estate is better positioned compared to past cycles [6][29] - The company anticipates that repayments will exceed $1 billion this year, tracking well above previous expectations [9] Other Important Information - The company downgraded two loans this quarter, impacting the CECL provisions and book value per share [11][12] - The company has no corporate maturities until February 2030 and maintains ample liquidity of over $700 million [7][17] Q&A Session Summary Question: Concerns about macro issues and dividend policy - Management is monitoring both macroeconomic conditions and specific properties for risk, noting that while there is heightened awareness, no specific asset is of particular concern [24][30] - Regarding the dividend policy, management feels comfortable with the current level and will evaluate it quarterly, considering the potential for future earnings growth from REO assets [32][33] Question: Originating in Europe and repayment expectations - The company has been actively originating in Europe and expects to close deals soon, focusing on Western Europe and the UK [39][40] - Management indicated that repayments are tracking ahead of expectations, with a focus on maintaining leverage targets [41][42] Question: Downgrade of Raleigh multifamily loan - The downgrade was due to the inability to drive rents in that submarket, with management considering various options for the loan's future [49][51] Question: Life Science sector outlook - Management believes that the life science sector has long-term positive fundamentals but faces cyclical headwinds, with expectations for a recovery dependent on broader economic conditions [53][54] Question: New lending opportunities and market conditions - The company is seeing opportunities to lend at lower valuations and is shifting from transitional to more stabilized lending [61][63] - The current pipeline is heavily weighted towards refinancing, with a noted increase in institutional interest in projects [68][69]

SAN FRANCISCO, April 16, 2025 (GLOBE NEWSWIRE) -- New York-based real estate finance company Ready Capital Corporation (NYSE: RC) is facing heightened scrutiny as it is now the subject of a securities class-action lawsuit. Hagens Berman is investigating the alleged claims and urges investors who purchased Ready Capital shares and suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the firm's investigation to contact its attorneys. This allege ...

NEW YORK, March 30, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Ready Capital Corporation (NYSE: RC) and certain of the Company's senior executives for potential violations of the federal securities laws. If you invested in Ready Capital, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/ready-capital-corporation. Investors have until May 5, 2025, to ask the Court to ...

Core Insights - Greystone has provided $15.4 million in Fannie Mae DUS financing to refinance two multifamily properties totaling 253 units in Wisconsin and Illinois [1][2] - The financing includes non-recourse, fixed-rate loans with a seven-year term and a 30-year amortization schedule, featuring interest-only payments for the entire loan term [2] - The properties financed are Geneva Meadows Apartments (108 units) in Lake Geneva, Wisconsin, and Antioch Manor Apartments (145 units) in Antioch, Illinois, each receiving $7.7 million [4] Company Overview - Greystone is a national commercial real estate finance company recognized as a leader in multifamily and healthcare finance, ranking as a top lender for FHA, Fannie Mae, and Freddie Mac [3] - The company operates through various affiliates, including Greystone Servicing Company LLC and Greystone Funding Company LLC [3]

Group 1 - The article recommends a buy on the common shares of KKR Real Estate Finance Trust Inc. (NYSE: KREF) [1] - KREF is identified as a commercial real estate loan manager with a portfolio consisting of 50 individual loans [1]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported net income to common stockholders of approximately $3.6 million or $0.07 per share [21] - Distributable earnings for Q4 were approximately $5.4 million or $0.10 per share [22] - The total operating expenses were largely flat at $2.8 million in Q4 compared to $2.9 million in Q3 [24] - The company ended Q4 with an unrestricted cash balance of $69 million and total equity of $238 million [27] Business Line Data and Key Metrics Changes - The company experienced $144 million in loan payoffs during Q4, significantly up from $51 million in the prior quarter [23] - The portfolio consisted of 65 floating rate loans with an aggregate unpaid principal balance of approximately $1.1 billion, with 92% collateralized by multi-family properties [31] - The weighted average floating note rate of the portfolio was SOFR plus 358 basis points [31] Market Data and Key Metrics Changes - The broader macroeconomic environment is influenced by geopolitical uncertainty and financial market volatility, with interest rates expected to remain elevated [10][11] - Rental growth is anticipated in nearly all major ventures, and transaction volumes have picked up in recent months [12] Company Strategy and Development Direction - The company remains committed to its core investment strategy of deploying capital into transitional floating rate mortgages, particularly in the middle market multi-family sector [17] - The management is exploring options for refinancing the investment portfolio and is considering secured financing arrangements to enhance liquidity [16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the stability in commercial real estate and the potential for positive lending activity in 2025 [12] - The company is focused on proactive asset management to drive positive outcomes and is confident in navigating the current environment [13][14] Other Important Information - The company declared a quarterly dividend of $0.08 per share and a one-time special dividend of $0.09 per share, bringing cumulative dividends for 2024 to $0.40 per common share [8][28] - The company is required to distribute at least 90% of its taxable income to avoid corporate taxation [28] Q&A Session Summary Question: Update on the 2021 CLO and financing options - Management is considering refinancing the portfolio and exploring alternatives for flexibility in managing existing assets [45][46] Question: Year-to-date originations and repayments - The company has had minimal originations due to lack of capacity, with about $25 million in payoffs expected in the coming quarters [50][52] Question: Specific reserves and timing of resolutions - Specific reserves for five-rated loans were $3.7 million, and management expects resolutions to be more back-weighted in 2025 [57][61] Question: Potential for expanding the portfolio with improved financing - Management indicated that there is potential for portfolio growth with improved financing structures as liquidity improves [69][71] Question: Correlation between risk rating and provision charges - The company evaluates specific reserves based on the fair value of underlying collateral, with higher risk ratings correlating to higher probabilities of default [75][76] Question: Impact of rate cuts on refinancing and negotiations - Management believes that while rate cuts can help sponsors, the overall economic context is more significant for multi-family performance [81][84]