Ready Capital to acquire United Development Funding IV for 0.416 shares plus CVRs

Ready Capital Corp

Each UDF IV common share exchanged for 0.416 Ready Capital common shares plus contingent value rights linked to proceeds from five portfolio loans.
UDF IV to pay a closing dividend of up to $75M; combined entity must have at least $15M unrestricted cash at close.
Deal requires UDF IV shareholder approval; termination fee of $4M if UDF IV accepts superior proposal.
Portfolio loans principal initially ~$13.3M; CVR holders get 60% of net proceeds after Parent recovers that amount.
Merger expected to close before April 15, 2025, subject to conditions including tax opinions and SEC registration.

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