Ready Capital Corp Closes $225M Note Offering; Redeems $350M Notes

What Happened
Ready Capital Corporation announced that, through its subsidiary ReadyCap Holdings II, LLC, it closed a private placement of $225.0 million aggregate principal amount of 10.00% Senior Secured Notes due 2031 on September 28, 2026. On the same date ReadyCap Holdings, LLC (an indirect subsidiary) completed the redemption of the entire $350.0 million outstanding aggregate principal amount of its 4.50% Senior Secured Notes due 2026 at a redemption price equal to 100% of principal plus accrued and unpaid interest. The initial pricing of the new notes was previously disclosed in the company’s Form 8-K filed September 18, 2026.

Key Details

• $225.0 million aggregate principal amount of 10.00% Senior Secured Notes due 2031 issued by ReadyCap Holdings II, LLC (private placement), closed September 28, 2026.
• $350.0 million aggregate principal amount of 4.50% Senior Secured Notes due 2026 redeemed in full by ReadyCap Holdings, LLC on September 28, 2026.
• Redemption paid at 100% of principal plus accrued and unpaid interest.
• Transaction was disclosed previously in Ready Capital’s 8-K filed September 18, 2026.

Why It Matters
This action removes a $350 million near-term maturity from the company’s balance sheet, replacing some of that short-term obligation with longer-dated debt maturing in 2031. Investors should note the trade-off: the redeemed notes carried a 4.50% coupon while the newly issued notes carry a 10.00% coupon, which will increase interest expense on this portion of debt but extends the company’s debt maturity profile and addresses upcoming 2026 cash requirements.