Residential Mortgage Banking Overview
Company History and Evolution
READY CAPITAL.
2011
Ready Capital, then Sutherland Asset Management was founded
July 2014
Acquired SBA ownership license, $570mm portfolio, and $1.2bn of SBA servicing
rights from CIT Small Business Lending
October 2016
■ Became a public company via a merger into a subsidiary of ZAIS Financial Corp
(ZFC) and acquired GMFS with the transaction
■ ZAIS was the legal surviving entity and changed its name to Sutherland Asset
Management Corporation; ticker symbol was changed to (NYSE: SLD)
September 2018
■ Sutherland Asset Management changed its name to Ready Capital Corporation
Changed the ticker symbol to trade under (NYSE:RC)
March 2019
Completed the $179mm acquisition of Owens Realty Mortgage
■ The transaction increased the Company's equity capitalization, supported continued
growth of the Company's platform and execution of the Company's strategy, and
provided the Company with improved scale, liquidity and capital alternatives,
including additional borrowing capacity
Corporate Capital Markets Activity
October 2019
Acquired Knight Capital, a technology-driven platform that provides working capital to
small and medium businesses across the U.S., for $27.8mm
June 2020
■ As 1 of 14 non-bank SBA lenders, facilitated the fundings of -$2.7bn of loans
through Paycheck Protection Program
March 2021
Completed the $338mm acquisition of Anworth Mortgage Asset Corporation (ANH)
Transaction created a scaled commercial mortgage REIT with a combined capital
base in excess of $1bn
July 2021
Completed the ~$70mm acquisition of Red Stone LLC, a real estate finance and
investment company that provides innovative financial products and services to the
multifamily affordable housing industry
March 2022
Completed merger to acquire a series of privately held, real estate structured finance
opportunities funds, with a focus on construction lending, managed by MREC
Management LLC
Following the merger Ready Capital increased its capital base to just below $1.9B
May 2023
Completed a merger with Broadmark Realty Capital Inc., a specialty real estate
finance company specializing in originating and servicing residential and commercial
construction loans, to create the 4th largest commercial mortgage REIT
Following the merger Ready Capital increased its capital base to $2.7B
2023
Feb. 2017 - Jan. 2018
$180mm senior secured notes
Apr. 2018
$50mm
baby bond
Dec. 2019
$106mm equity
June 2021
$115mm
preferred stock
Dec. 2021
$110mm
senior notes
Apr. 2022
$120mm
senior notes
Sep. 2022
$20mm
senior notes
2017
2018
2019
2021
2022
Aug. 2017
$115mm
Jul. 2019 - Dec. 2019
$104mm baby bond
convertible note
Feb. 2021
$201mm
baby bond
Oct. 2021
$350mm senior
secured notes
Jan. 2022
$107mm equity
Jul. 2022
$80mm
senior notes
6
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