Ready Capital Corporation Declares Third Quarter 2024 Dividends

Globe Newswire 13-Sep-2024 5:02 PM

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

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InvestorRelations@readycapital.com

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