NEW YORK, Sept. 24, 2018 /PRNewswire/ -- Sutherland Asset Management Corporation (NYSE: SLD) announced that, effective 12:01 a.m. Eastern Time on September 26, 2018, it will change its name to "Ready Capital Corporation".
"The Ready Capital brand represents part of our larger strategy to improve shareholder value," said Tom Capasse, Chief Executive Officer. "We believe, with this rebrand, we have simplified our story, and now can prominently feature our lending products and services for our clients."
"The rebranding initiative further signifies our commitment to the sector," said Carole Mortensen, Chief Operating Officer. "Our goal is to position the Ready Capital brand as a proven leader in mortgage finance with the reputation of possessing a flexible credit philosophy, yet strong investment discipline. Simply stated, this is who we are."
In connection with the name change, effective on October 1, 2018, the Company's trading symbols on the New York Stock Exchange will change from "SLD" to "RC" for shares of the Company's common stock, and from "SLDA" to "RCA" for the Company's 7.00% convertible senior notes due 2023, and from "SLDD" to "RCP" for the Company's 6.50% senior notes due 2021. Following the name change, the new CUSIP number for the Company's common stock will be 75574U101, the new CUSIP number for the Company's 7.00% convertible senior notes due 2023 will be 75574U200, and the new CUSIP number for the Company's 6.50% senior notes due 2021 will be 75574U309.
About Sutherland Asset Management Corporation
Sutherland Asset Management Corporation (NYSE: SLD) is a REIT that originates, acquires, finances, services and manages primarily small balance commercial ("SBC") loans, U.S. Small Business Administration loans under its Section 7(a) program, and residential mortgage loans. The Company originates SBC loans through its ReadyCap Lending subsidiaries and originates residential mortgage loans through its GMFS subsidiary. The Company is externally managed and advised by Waterfall Asset Management, LLC.
Sutherland Asset Management
SOURCE Sutherland Asset Management Corporation