Ready Capital Corporation Declares Third Quarter 2024 Dividends

Rhea-AI Summary

Ready Capital (NYSE:RC) has announced its Q3 2024 dividend declarations. The company will pay a quarterly cash dividend of $0.25 per share of common stock and Operating Partnership unit, payable on October 31, 2024. This decision aligns with the company's long-term growth objectives. CEO Thomas Capasse highlighted that $338 million of assets have been sold, generating $57 million in net liquidity, and $290 million in Small Business Lending loans have been originated in Q3. The Board also declared dividends for Series C and E Preferred Stock. Ready Capital specializes in lower-to-middle-market commercial real estate loans and employs about 350 professionals nationwide.

Positive

• Asset sales of $338 million generated $57 million in net liquidity
• Small Business Lending operations grew with $290 million in 7(a) and USDA loans originated in Q3
• Dividend adjustment allows for reinvestment in new loan originations and share repurchases

Negative

• Quarterly cash dividend reduced to $0.25 per share from previous levels

NEW YORK, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share of common stock and Operating Partnership unit for the quarter ended September 30, 2024. This dividend is payable on October 31, 2024, to shareholders of record as of the close of business on September 30, 2024.

“After careful consideration, the Board of Directors made the strategic decision to better align the dividend with our long-term growth objectives,” said Thomas Capasse, Chief Executive Officer and Chairman of the Board of Directors. “We remain confident that our earnings will continue to migrate towards historical performance targets as we execute on the initiatives outlined at the start of the year. Through today, $338 million of assets have sold and settled as part of our portfolio repositioning efforts, generating $57 million in net liquidity. Additionally, growth in our Small Business Lending operations continues to accelerate, with $290 million of 7(a) and USDA loans originated to date in the third quarter. These efforts are supported by setting the common dividend at a level that allows for reinvesting cash into new loan originations and additional share repurchases.”

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 October 15, 2024, to Series C Preferred stockholders of record as of the close of business on September 30, 2024.

The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on October 31, 2024, to Series E Preferred stockholders of record as of the close of business on September 30, 2024.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 350 professionals nationwide.

Contact

Investor Relations
212-257-4666
InvestorRelations@readycapital.com

Media Relations
PR@readycapital.com

FAQ

What is Ready Capital's (RC) new quarterly dividend for Q3 2024?

Ready Capital (RC) declared a quarterly cash dividend of $0.25 per share of common stock and Operating Partnership unit for Q3 2024, payable on October 31, 2024.

How much in assets has Ready Capital (RC) sold as part of its portfolio repositioning efforts?

Ready Capital (RC) has sold and settled $338 million in assets as part of its portfolio repositioning efforts, generating $57 million in net liquidity.

What is the growth in Ready Capital's (RC) Small Business Lending operations for Q3 2024?

Ready Capital (RC) reported $290 million of 7(a) and USDA loans originated to date in the third quarter of 2024, indicating growth in its Small Business Lending operations.

When is the record date for Ready Capital's (RC) Q3 2024 common stock dividend?

The record date for Ready Capital's (RC) Q3 2024 common stock dividend is September 30, 2024, for shareholders of record as of the close of business on that day.