secwatch.observer — SEC 8-K summary
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Issuer:     Ready Capital Corp (RC)
CIK:        0001527590
Form:       8-K
Filed at:   2022-05-06T23:59:59+00:00
Accession:  0001558370-22-007464
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ready Capital Q1 GAAP EPS $0.70, distributable EPS $0.52; completes $542M Mosaic merger
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- GAAP net income $64.3M ($0.70/share); distributable earnings $48.9M ($0.52/share); dividend coverage 1.3x.
- Completed $542M merger with Mosaic Real Estate Credit, expanding construction lending capabilities.
- Record SBC originations of $2.2B; total investments $3.1B including $769M residential mortgages.
- Raised $107.1M in common stock offering and closed $120M of 6.125% senior notes due 2025.
- Net book value $15.22/share; total leverage 4.4x, recourse 1.4x; 79% of SBC portfolio floating rate.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1527590/000155837022007464/0001558370-22-007464-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1527590/000155837022007464/rc-20220506x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-007464

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