Ready Capital Corporation 9.00% Preferred Stock due 2029 (RCD)
NYSE NYSE Primary Summary
RCD Chart
RCD: A Baby Bond To Sell, Not To Buy
Ready Capital Corporation's 9.00% Senior Notes due 2029 carry high risk due to poor management and significant equity value destruction over the past decade. Despite the attractive 9% coupon, RCD's high duration and default risk make it an unfavorable investment compared to more stable alternatives. The company's common equity has plunged over 20% year-to-date, and a class action suit further questions management's competence and solvency.
RCD: A 9.00% Senior Note IPO From Ready Capital Corporation
Ready Capital Corporation's new senior notes trading under ticker RCD offer a 9.00% annual interest rate but face significant financial challenges, including inconsistent dividends and a high debt-to-equity ratio. The company's recent dividend cut and negative earnings-to-debt payments ratio raise concerns about its ability to cover debt obligations. Compared to other Ready Capital senior notes, RCD is fairly priced but not the best option due to its longer duration and associated risks.
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Ready Capital Corporation 9.00% Preferred Stock due 2029 Profile
| Capital Markets Industry | Financials Sector | Thomas Edward Capasse CEO | NYSE Exchange | 75574U838 CUSIP |
| US Country | 475 Employees | 1 Jun 2026 Last Dividend | 17 Jul 2023 Last Split | - IPO Date |
Overview
The company is an investment vehicle that aims to replicate the performance of the S&P 500® Consumer Discretionary Index by investing at least 90% of its total assets in the stocks that make up the index. This index specifically includes the common stocks of companies within the S&P 500® classified under the consumer discretionary sector as per the Global Industry Classification Standard. This strategic focus on consumer discretionary stocks places the company in a position to capitalize on the consumer spending segment of the economy.
Products and Services
The primary offerings of the company are predicated on providing investors with exposure to consumer discretionary stocks through carefully selected investments that mirror the performance of the S&P 500® Consumer Discretionary Index.
- Consumer Discretionary Index Fund
This product is designed for investors looking to gain exposure to the consumer discretionary sector of the U.S. economy by investing in a fund that closely follows the S&P 500® Consumer Discretionary Index. The fund achieves this by holding the common stocks of all companies classified in this sector according to the GICS, thereby offering a diversified portfolio within this specific market segment.
- S&P 500® Exposure
As the fund invests in companies that are part of the S&P 500® and classified under the consumer discretionary sector, it also indirectly offers investors exposure to the broader market performance of the S&P 500®. This includes companies involved in industries such as automotive, household durable goods, apparel, restaurants, and leisure facilities. The selection is geared towards entities poised to benefit from discretionary consumer spending, making it an attractive option for investors aiming to capitalize on economic growth and consumer trends.
