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Ready Capital Corporation (NYSE:RC) declared a quarterly cash dividend of $0.30 per share of common stock for the quarter ended December 31, 2023. The dividend is payable on January 31, 2024, reflecting the impact of lower leverage and portfolio yield compression due to the ongoing integration of the Broadmark portfolio. The company expects earnings to migrate towards historical return targets over the course of 2024 as increased liquidity is deployed into current market yields and underperforming assets in the Broadmark portfolio are repositioned into the company’s proven loan origination and acquisition products. Additionally, the company declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock and its 6.50% Series E Cumulative Redeemable Preferred Stock.
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NEW YORK, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock and Operating Partnership unit for the quarter ended December 31, 2023. This dividend is payable on January 31, 2024, to shareholders of record as of the close of business on December 29, 2023.
The quarterly dividend reflects the impact on earnings of lower leverage and portfolio yield compression due to the ongoing integration of the Broadmark portfolio. The Company expects earnings to migrate towards historical return targets over the course of 2024 as increased liquidity is deployed into current market yields and underperforming assets in the Broadmark portfolio are repositioned into the Company’s proven loan origination and acquisition products. The current dividend will result in the retention of excess liquidity for reinvestment while preserving book value during the coming year.
“The current dividend is a temporary, short-term reflection of our merger with Broadmark,” said Thomas Capasse, Chief Executive Officer and Chairman of the Board of Directors. “We remain confident that the merger will start to deliver long-term earnings accretion as we move through next year and beyond.”
Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the “Series C Preferred Stock”), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”).
The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on January 12, 2024, to Series C Preferred stockholders of record as of the close of business on December 29, 2023, which is the effective record date since December 31, 2023, is not a business day.
The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on January 31, 2024, to Series E Preferred stockholders of record as of the close of business on December 29, 2023.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 600 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.
What is the dividend amount declared by Ready Capital Corporation for the quarter ended December 31, 2023?
The company declared a quarterly cash dividend of $0.30 per share of common stock.
When is the dividend payable to shareholders of Ready Capital Corporation?
The dividend is payable on January 31, 2024.
What is the reason behind the impact on earnings mentioned in the press release by Ready Capital Corporation?
The impact on earnings is due to the ongoing integration of the Broadmark portfolio, resulting in lower leverage and portfolio yield compression.
Who is the Chief Executive Officer and Chairman of the Board of Directors of Ready Capital Corporation?
Thomas Capasse is the Chief Executive Officer and Chairman of the Board of Directors of Ready Capital Corporation.
What are the quarterly cash dividends declared on by Ready Capital Corporation, apart from the common stock dividend?
The company declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock and its 6.50% Series E Cumulative Redeemable Preferred Stock.
ready capital corporation operates as a real estate finance company in the united states. the company originates, acquires, finances, and services small balance commercial (sbc) loans, small business administration (sba) loans, and residential mortgage loans, as well as mortgage backed securities collateralized primarily by sbc loans, or other real estate-related investments. it operates through four segments: acquisitions; sbc originations; sba originations, acquisitions and servicing; and residential mortgage banking. the acquisitions segment acquires performing and non-performing sbc loans. the sbc originations segment originates sbc loans secured by stabilized or transitional investor properties using various loan origination channels; and originates and services multi-family loan products. the sba originations, acquisitions and servicing segment acquires, originates, and services owner-occupied loans guaranteed by the sba. the residential mortgage banking segment originates reside
