Ready Capital Corporation (NYSE: RC) announced that it priced an underwritten public offering of $175.0 million aggregate principal amount of 5.75% Senior Notes due 2026. The Notes will be issued in minimum denominations and integral multiples of $25.00. The Company has granted to the underwriters a 30-day over-allotment option to purchase up to an additional $26.25 million aggregate principal amount of the Notes at the public offering price, less the underwriting discount. The Company intends to use the net proceeds from this offering to redeem the outstanding aggregate principal amount of our 6.50% Senior Notes due 2021. The Company intends to use the remainder of the net proceeds for general business purposes, including to fund the Company's small balance commercial origination and acquisition pipelines. Keefe, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC and Piper Sandler & Co. served as book-running managers for the offering.

The offering is expected to close on February 10, 2021 and is subject to customary closing conditions. The Company intends to apply to list the Notes on the New York Stock Exchange under the symbol "RCC" and, if the application is approved, trading is expected to commence within 30 days of the closing of the offering.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, Ready Capital employs over 400 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.