Skip to main content

Ready Capital Corporation Declares Fourth Quarter 2023 Dividends

Written by Customer Service on . Posted in Dividend Reports And Estimates.

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.

Contact

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

Media Relations
PR@readycapital.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.