Ready Capital Corps Prices $225 Million in New Notes, Redeems $350 Million in Existing Ones

NEW YORK, Sept. 18, 2026 /CourierPR/ -- Ready Capital Corporation has announced the pricing of a $225 million private placement of 10.00% Senior Secured Notes due 2031. The new notes, priced at 99.5% of principal amount, are expected to close on September 28, 2026. The company also announced the redemption of the entire $350 million outstanding aggregate principal amount of the 4.50% Senior Secured Notes due 2026. The redemption is expected to complete a significant milestone in the company’s balance sheet repositioning program, which began in the fourth quarter of 2025.

According to the release, the net proceeds from the new notes, together with available cash, will be used to redeem the existing notes in full at 100% of principal amount plus accrued and unpaid interest. This transaction is expected to retire $350 million of corporate debt maturing this year, fund approximately two-thirds of that repayment with new capital maturing in 2031, and reduce corporate secured debt outstanding by $125 million.

The redemption of the existing notes marks a substantial achievement in the company’s plan to de-lever, generate significant liquidity, and reset its balance sheet. Over the course of the plan, Ready Capital has generated approximately $2.3 billion of cash, repaid $1.7 billion of asset-level financing, and retired $549 million of corporate debt. Following the redemption of the existing notes, the company’s sole remaining 2026 corporate debt maturity will be $100.0 million due in November 2026, which the company expects to repay at maturity from cash on hand.

Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer, stated, “In the fourth quarter of 2025, we embarked on a plan to de-lever, generate significant liquidity, and reset the balance sheet, and with the $350 million redemption, that work is substantially complete. This execution demonstrates that investors continue to underwrite the quality of our collateral and the credibility of our business plan. From here, our emphasis moves from managing liquidity to growing earnings behind our core CRE and SBA franchises.”

The company intends to shift its focus from liquidity generation to earnings growth, deploying capital into current market-yielding originations across its core commercial real estate debt and small business lending platforms. Ready Capital Corporation, headquartered in New York, New York, employs over 400 professionals nationwide.