Ready Capital Corporation Declares Fourth Quarter 2023 Dividends
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.
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