In a challenging market environment, Sutherland Asset Management Corp (NYSE:RC)'s stock has touched a 52-week low, with shares plummeting to $6.65. According to InvestingPro analysis, the stock appears undervalued at current levels, suggesting potential opportunity for value investors. This significant downturn reflects a broader trend for the company, which has seen its stock value decrease by 32.98% over the past year. Despite the decline, the company maintains a substantial 15.11% dividend yield and has consistently paid dividends for nine consecutive years. Investors are closely monitoring Sutherland Asset's performance as it navigates through economic headwinds, with the hope that the company's strategic initiatives will eventually steer it back towards a path of growth and recovery. The company maintains strong liquidity with a current ratio of 8.45, indicating robust financial flexibility. For deeper insights into Sutherland Asset's valuation and prospects, investors can access comprehensive analysis through InvestingPro, which offers additional ProTips and detailed financial metrics.
In other recent news, Ready Capital Corporation has issued $130 million in senior notes due 2029, generating net proceeds of approximately $125.4 million. The funds are intended for the origination or acquisition of target assets, general corporate purposes, and potentially reducing borrowings under existing loan agreements. In addition, Ready Capital has priced a public offering of $115 million in 9.00% Senior Notes due 2029. The proceeds from this offering will be used to originate or acquire assets in line with the company's investment strategy.
Morgan Stanley (NYSE:MS) & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo (NYSE:WFC) Securities, LLC are serving as book-running managers for the offerings. Ready Capital has also launched a public offering of senior notes, with the terms to be set at the time of pricing.
In the company's recent financial results for the third quarter of 2024, Ready Capital reported a GAAP loss of $0.07 per share and an adjusted distributable earnings gain of $0.25 per share. Despite a 6% decline in originated loans, the company's commercial real estate portfolio stands at $8.1 billion. The company is also progressing in its exit from residential mortgage banking, which is expected to generate $40 million from remaining mortgage servicing rights.
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