Ready Capital Corporation announced a $150 million stock repurchase program, allowing flexible execution based on market conditions.
Quiver AI Summary
Ready Capital Corporation, a real estate finance company, announced that its Board of Directors has approved a stock repurchase program allowing the company to buy back up to $150 million of its common stock. The repurchases may take place at management's discretion and can occur through various means, while adhering to SEC regulations. The management will decide the timing and amount of repurchases based on market conditions and other factors. Additionally, the press release includes a forward-looking statement disclaimer, highlighting that actual results may differ from expectations due to various uncertainties and market factors. Ready Capital primarily focuses on financing lower-to-middle-market commercial real estate loans and is externally managed by Waterfall Asset Management.
Potential Positives
- Approval of a stock repurchase program authorizing up to $150 million signifies the company's confidence in its market position and potential for share price appreciation.
- The ability to repurchase shares indicates a strong liquidity position and offers a mechanism to potentially enhance shareholder value.
Potential Negatives
- The announcement of a stock repurchase program may indicate that the company lacks confidence in its stock price, as repurchases are often intended to shore up stock prices rather than signal robust growth prospects.
- The caution expressed in the forward-looking statements suggests significant uncertainty regarding future performance, which may deter investors.
- The company operates in a competitive market and faces various risks, including regulatory changes and economic volatility, which could undermine its financial stability.
FAQ
What is the purpose of Ready Capital's stock repurchase program?
The stock repurchase program allows Ready Capital to buy back up to $150 million of its common stock, enhancing shareholder value.
When was the stock repurchase program approved?
The stock repurchase program was approved by Ready Capital's Board of Directors on January 16, 2025.
How will repurchases be conducted under the program?
Repurchases may be made on the open market, in privately negotiated transactions, or through other means, subject to legal requirements.
What regulations govern the stock repurchase activities?
Repurchases will comply with Securities and Exchange Commission rules, including Rule 10b5-1 and Rule 10b-18 plans.
Who manages Ready Capital Corporation?
Ready Capital is externally managed and advised by Waterfall Asset Management, LLC, employing approximately 350 professionals nationwide.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$RC Hedge Fund Activity
We have seen 117 institutional investors add shares of $RC stock to their portfolio, and 115 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
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Full Release
NEW YORK, Jan. 16, 2025 (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 lower-to-middle-market investor- and owner-occupied commercial real estate loans, today announced that its Board of Directors approved a stock repurchase program authorizing the repurchase of up to $150.0 million of the Company’s common stock. Repurchases under the stock repurchase program may be made at management’s discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements, and may be made in part under one or more Rule 10b5-1 and Rule 10b-18 plans, which permit stock repurchases at times when the Company might otherwise be precluded from doing so. The timing and amount of any repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors.
Safe Harbor Statement
This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the Company’s ability to complete acquisitions and related transactions and to achieve expected synergies; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor- and owner-occupied commercial real estate loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, Ready Capital employs approximately 350 professionals nationwide. Ready Capital is externally managed and advised by Waterfall Asset Management, LLC.
Contact
Investor Relations
212-257-4666
InvestorRelations@readycapital.com
Media Relations
PR@readycapital.com
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