(RC) Ready Capital - Ratings and Ratios

Ready Capital Corporation, trading under the ticker symbol RC on the NYSE, is a specialized real estate finance company that has carved out a unique niche in the lower-to-middle-market (LMM) segment. Operating through two distinct segments—LMM Commercial Real Estate and Small Business Lending—the company has established itself as a key player in providing financing solutions across a diverse range of asset classes.

The LMM Commercial Real Estate segment is the backbone of Ready Capitals operations, focusing on the entire lifecycle of commercial properties. This includes construction loans for new developments, bridge loans for transitional assets, stabilized loans for income-generating properties, and agency loans originated through partnerships with government-sponsored entities like Fannie Mae and Freddie Mac. The companys ability to cater to the full spectrum of a propertys life cycle positions it as a one-stop-shop for developers and property owners seeking tailored financing solutions.

In its Small Business Lending segment, Ready Capital leverages the U.S. Small Business Administrations (SBA) 7(a) loan program to provide financing to small businesses, particularly those operating in the lower-to-middle-market. These loans are attractive due to their favorable terms, including lower down payments and longer amortization periods. Additionally, the company also engages in the acquisition of purchased future receivables, further diversifying its revenue streams and enhancing its ability to scale its operations.

As a Real Estate Investment Trust (REIT), Ready Capital is obligated to distribute at least 90% of its taxable income to shareholders, ensuring