Ready Capital's Manager Originates $19.5M Loan for NYC Retail Property
RC is trading near its 52-week low of $1.5 (8.0% above the low).
Summary
Waterfall Asset Management, the external manager of Ready Capital, has originated a $19.5 million loan to facilitate the acquisition of a retail property in Greenwich Village, New York City. This represents a material capital deployment for Ready Capital, whose market capitalization is approximately $260 million. The transaction indicates ongoing business operations and capital deployment by the company's manager, which is a core income-generating activity for a REIT. This news comes after Ready Capital reported substantial losses, a dividend cut, and declining book value in its most recent 10-K. Investors will be watching how such loan originations contribute to the company's financial recovery and dividend sustainability.
At the time of this announcement, RC was trading at $1.62 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $260.6M. The 52-week trading range was $1.50 to $5.24. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.