Ready Capital Corp. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Ready Capital Corporation on March 8, 2022. The filing relates to the company's ongoing At-The-Market (ATM) offerings for both debt and equity securities. The report serves to provide exhibits to be incorporated by reference into a new Form S-3 registration statement that became effective on January 11, 2022, replacing a prior 2020 registration statement.
Key Financial Metrics
This filing is a current report regarding corporate actions and does not contain financial statements, revenue, profit, cash flow, margin, or debt balance data. The filing references existing debt instruments but does not report current balances or liquidity metrics.
Material Changes and Corporate Actions
- Amendment to Equity Distribution Agreement: On March 8, 2022, the Company entered into Amendment No. 1 to its Equity Distribution Agreement with JMP Securities LLC. This amendment updates defined terms to reference the new Current Registration Statement and the newly filed prospectus supplement.
- ATM Offering Status: The filing addresses the status of unsold securities under two active programs:
- Bond ATM Offering: Up to $100,000,000 of 6.20% Senior Notes due 2026 and 5.75% Senior Notes due 2026, sold via B. Riley Securities, Inc.
- Common ATM Offering: Up to $150,000,000 of common stock, sold via JMP Securities LLC.
- Registration Update: The Company filed two prospectus supplements on March 8, 2022, related to the remaining unsold Bonds and Shares under the new registration statement.
Guidance, Outlook, and Risks
The filing does not contain management commentary, financial guidance, or an outlook for future performance. It does not disclose new risks or contingencies beyond the standard terms of the amended distribution agreements. The primary purpose is regulatory compliance regarding the update of registration documents.
Key Facts for Investor Verification
- Verify the specific terms of the unsold securities remaining under the Bond and Common ATM offerings in the newly filed prospectus supplements.
- Confirm the effective date and scope of the new Form S-3 registration statement (filed January 11, 2022) replacing the 2020 statement.
- Review the full text of Amendment No. 1 to the Equity Distribution Agreement (Exhibit 1.1) for any changes to sales terms or agent relationships.
- Note that this filing contains no new financial performance data; investors should refer to the most recent 10-Q or 10-K for financial metrics.