NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) ("Ready Capital"), a multi-strategy real estate finance company that originates, acquires, finances, and services small- to medium-sized balance commercial loans, today announced that Red Stone Tax Exempt Funding, which was acquired in 2021, has formally assumed the Ready Capital brand across all aspects of its business.

Following a highly successful 2022 in which origination volume surpassed $730 million, the team is on target to meet or exceed that level in 2023 and will continue to provide innovative affordable lending products in support of multifamily affordable housing, consolidating under the Ready Capital brand.

"The Red Stone business continues to perform extremely well and is highly complementary to our overall platform," said Thomas Capasse, Chairman and Chief Executive Officer of Ready Capital. Capasse added, "The affordable housing sector continues to be a growth opportunity and this is the perfect time to fully align and continue to realize the synergies that we have achieved, all under the Ready Capital banner."

"The rationale for the merger has been proven through the hard work and dedication of the Red Stone team in combination with Ready Capital's deep experience in successfully executing mergers and acquisitions," said John Sokolovic, Managing Director, Head of Ready Capital Affordable Multifamily Finance. "We will continue to grow our division and contribute to the overall Ready Capital business, which remains well diversified and positioned to find opportunities in this environment. We look forward to broadcasting our new brand at the Affordable Housing Finance Conference (AHF Live) in Chicago from November 13 -15, 2023."

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. The Company 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, the Company employs over 600 professionals nationwide.

Contacts:

Ready Capital Investor Relations

212-257-4666

InvestorRelations@readycapital.com

Ready Capital Media Relations

PR@readycapital.com

Red Stone Tax Exempt Funding Assumes Ready Capital Brand