READY CAPITAL CORPORATION ANNOUNCES INCREASE TO SHARE REPURCHASE PROGRAM

Rhea-AI Summary

Ready Capital Corporation (NYSE: RC) has announced an increase of $25.0 million to its existing stock repurchase program, raising the total authorized amount to $50.0 million. This repurchase initiative aims to enhance shareholder value by allowing management to buy back shares based on market conditions and legal requirements. The program could be executed through various methods, including open market transactions. Investors are advised that the timing and volume of buybacks will be strategically assessed by management.

Positive

• Increase in stock repurchase program by $25.0 million, totaling $50.0 million, which may enhance shareholder value.
• Management has flexible options for executing repurchases, potentially stabilizing stock prices.

Negative

• None.

NEW YORK, Sept. 29, 2022 /PRNewswire/ -- Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today announced the Board of Directors authorized an increase in the size of the Company's existing stock repurchase program by an additional $25.0 million, bringing the total amount authorized under the program to $50.0 million. Repurchases under the stock repurchase program may be made at management's discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements and may be made in part under one or more Rule 10b5-1 plans, which permit stock repurchases at times when the Company might otherwise be precluded from doing so. The timing and amount of any repurchase transactions will be determined by the Company's management based on its evaluation of market conditions, share price, legal requirements, and other factors.

Safe Harbor Statement

This press release contains statements that constitute " forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company's investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company's assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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

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SOURCE Ready Capital Corporation

FAQ

What is the total amount of the stock repurchase program for Ready Capital (RC)?

The total stock repurchase program for Ready Capital is now $50.0 million following a $25.0 million increase.

When was the stock repurchase program announcement made by Ready Capital?

The announcement regarding the stock repurchase program was made on September 29, 2022.

How will Ready Capital's stock repurchases impact its share price?

Stock repurchases are expected to potentially stabilize the share price and enhance shareholder value.

What are the methods through which Ready Capital may execute its stock repurchases?

Ready Capital may execute its stock repurchases through open market transactions, privately negotiated transactions, or Rule 10b5-1 plans.