Ready Capital prices $225M 10% notes due 2031 to fund $350M 2026 note redemption

Ready Capital Corp

Priced $225.0M private placement of 10.00% Senior Secured Notes due 2031 at 99.5% of par; closing expected Sept 28, 2026.
Proceeds, plus cash, will redeem all $350.0M of 4.50% Senior Secured Notes due 2026 at 100% plus accrued interest.
Transaction cuts corporate secured debt by $125M; leaves sole 2026 maturity of $100M due Nov 2026, to repay from cash.
Represents completion of balance sheet repositioning: $2.3B cash generated, $1.7B asset financing repaid, $549M corporate debt retired.
Company shifts focus to earnings growth, deploying capital into CRE debt and SBA originations; Piper Sandler placement agent.

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