Business Context and Reporting Period
This Form 8-K Current Report was filed by Ready Capital Corporation on December 4, 2019, with the report date reflecting the earliest event reported on that same day. The filing documents a material definitive agreement entered into by the Company, its Operating Partnership, and Waterfall Asset Management, LLC.
Key Financial Metrics
The filing details a primary capital raising event rather than periodic operating results. Key financial figures include:
- Shares Issued: 6,000,000 shares of common stock.
- Offering Price: $15.30 per share.
- Net Proceeds: Approximately $91.4 million after deducting offering expenses.
- Closing Date: December 9, 2019.
The filing does not provide data on revenue, profit, cash flow, margins, or existing debt levels for the reporting period.
Material Changes
The material change reported is the execution of an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities, LLC, and Keefe, Bruyette & Woods, Inc. This transaction resulted in a significant increase in the Company's equity capital and cash liquidity through the issuance of new common stock.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard incorporation by reference of the underwriting agreement. The transaction was conducted under a shelf registration statement on Form S-3 (File Nos. 333-219213).
Investor Verification Checklist
- Verify the final closing date of the offering (December 9, 2019) and confirm the actual settlement of proceeds.
- Review the attached Underwriting Agreement (Exhibit 1.1) for details on underwriting discounts and specific covenants.
- Confirm the impact of the 6,000,000 new shares on existing shareholder dilution.
- Check subsequent filings to determine the specific allocation of the $91.4 million in net proceeds (e.g., debt repayment vs. new investments).