Owens Realty Mortgage, Inc. [Acquired] | REIT Profile

Symbol: ORM new symbol: RC
CIK: 1556364
Exchange: NYSE
Founded: 1983
HQ: Walnut Creek, CA, United States
Type of REIT: Mortgage REIT
Listing Status: Public
Market Capitalization: Micro-Cap
REIT Sector: Mortgage

NEW YORK, March 29, 2019 /PRNewswire/ -- Ready Capital Corporation (NYSE: RC) ("Ready Capital") and Owens Realty Mortgage, Inc. (NYSE American: ORM) ("ORM") jointly announced today that they have completed the previously announced merger pursuant to the terms of the Agreement and Plan of Merger, dated as of November 7, 2018, by and among Ready Capital, ORM and ReadyCap Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Ready Capital (the "Merger Agreement"). As of this morning, ORM ceased to be publicly traded and its common stock was suspended from trading on the NYSE American. The combined company will conduct business under the name "Ready Capital Corporation" and will continue to trade on the New York Stock Exchange under the ticker symbol "RC." Owens Realty Mortgage, Inc., a Maryland corporation, was a specialty finance mortgage company organized to qualify as a real estate investment trust ("REIT") that focuses on the origination, investment, and management of commercial real estate mortgage loans. We provide customized, short-term acquisition and transition capital to small balance and middle-market investors that require speed and flexibility. Our primary objective is to provide investors with attractive current income and long-term shareholder value. Owens Realty Mortgage, Inc., is headquartered in Walnut Creek, California, and is externally managed and advised by Owens Financial Group, Inc.