RCA News and Press, Ready Capital Corporation 7.00% Convertible Senior Notes due 2023 From 06/05/21

NEWT's price is WAY above trailing book value. Hurray for the big Q2 2020 dividend, but this price isn't sustainable. NLY-G looks too expensive. Why would you buy NLY-G at $25.40 over NLY-I at $25.76? Won't pay over par? You still wouldn't want NLY-G. Stop arguing. CIM-C vs. CIM-D...

U.S. equity markets rallied this past week as long-term inflation expectations eased following a lukewarm slate of economic data and as massive new government spending programs face diminishing public support. Snapping a two-week skid, the S&P 500 rallied 1.2% on the week. Bitcoin...

ORC and ARR each have a dividend yield of 10% or higher, but that doesn’t mean prices are attractive. Investors focusing only on the dividend yield can miss the forest for the trees. The historical price-to-book ratios demonstrate that the REITs usually trade within a range...

REITs recorded a sequential improvement across all critical metrics in Q1, powering a historic wave of dividend growth in early 2021. However, several harder-hit property sectors are far from fully-recovered. The Great Financial Crisis resulted in long-term, lasting pain for the real ...

Comparing future cash flows from individual preferred shares can be a useful tool for figuring out which share should be worth more. IVR-B and IVR-C are out of whack. Neither is great, but IVR-C is clearly a better deal when it costs $.50 less than IVR-B. There’s a better d...

One of our strong buy ratings from 2020 needs an update. GPMT destroyed the bears. GPMT was priced for disaster. It never happened. Unless someone was shorting GPMT. That person would have a disaster. Spreads between assets and hedges in agency and non-agency mREITs (ignores comme...

Several mortgage REITs are trading around book value. Thanks to changes in the spreads on agency MBS, book value has also increased substantially. The remaining risk/reward profile is significantly less appealing. The 3 REITs we highlight here have done a better job at protecting ...

We see another BDC where the price is pushing up close to trailing book value. The share price has hardly ever exceeded trailing BV in the last 6 years. So that doesn’t look like a good starting point. The book value per share has generally trended downward since early 2015...

The following slide deck was published by Ready Capital Corporation in conjunction with their 2021 Q1 earnings call. For further details see: Ready Capital Corporation 2021 Q1 - Results - Earnings Call Presentation

Ready Capital Corporation (RC) Q1 2021 Earnings Conference Call May 7, 2021 8:30 AM ET Company Participants Andrew Ahlborn – Chief Financial Officer Tom Capasse – Chief Executive Officer Adam Zausmer – Head-Credit Conference Call Participants Tim Hayes – BTIG Steve...