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Ready Capital Corporation Reports Third Quarter 2024 Results

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Ready Capital reported financial results for Q3 2024, showing a GAAP loss per share of $(0.07) and distributable earnings per share of $(0.28). The quarter saw Lower-to-Middle Market originations of $246 million and record Small Business Lending loan originations of $440 million, including $355 million in SBA 7(a) loans. The company maintained a net book value of $12.59 per share and declared a dividend of $0.25 per share. Notable developments include the acquisition of Funding Circle USA and efforts to reposition underperforming loans into market yielding investments.

Ready Capital ha riportato i risultati finanziari per il Q3 2024, mostrando una perdita per azione secondo i principi contabili GAAP di $(0,07) e utili distribuitivi per azione di $(0,28). Durante il trimestre, si sono registrate origini di prestiti nel segmento Lower-to-Middle Market per $246 milioni e prestiti record nel settore del Small Business Lending per $440 milioni, compresi $355 milioni in prestiti SBA 7(a). L'azienda ha mantenuto un valore contabile netto di $12,59 per azione e ha dichiarato un dividendo di $0,25 per azione. Tra gli sviluppi significativi si segnala l'acquisizione di Funding Circle USA e gli sforzi per riposizionare i prestiti poco performanti in investimenti con rendimento di mercato.

Ready Capital informó los resultados financieros para el Q3 2024, mostrando una pérdida por acción de $(0,07) según los principios contables GAAP y ganancias distribuibles por acción de $(0,28). En el trimestre, se registraron originaciones de préstamos en el segmento Lower-to-Middle Market por $246 millones y originaciones de préstamos récord en Small Business Lending por $440 millones, incluidos $355 millones en préstamos SBA 7(a). La compañía mantuvo un valor contable neto de $12,59 por acción y declaró un dividendo de $0,25 por acción. Entre los desarrollos notables se incluye la adquisición de Funding Circle USA y los esfuerzos por reposicionar préstamos de bajo rendimiento en inversiones que generan rendimiento en el mercado.

레디 캐피탈은 2024년 3분기 재무 결과를 보고하였으며, GAAP 기준 주당 손실이 $(0.07)이고 주당 배당 가능 이익이 $(0.28)임을 보여주었습니다. 이번 분기에는 Lower-to-Middle Market 부문에서 $246 백만 달러의 대출 실적과 Small Business Lending 부문에서 기록적인 $440 백만 달러의 대출 실적을 기록하였으며, 그 중 $355 백만 달러는 SBA 7(a) 대출이었습니다. 회사는 주당 $12.59의 순 장부 가치를 유지하고 있으며, 주당 $0.25의 배당금을 선언하였습니다. 주목할 만한 발전으로는 Funding Circle USA의 인수와 성과가 저조한 대출을 시장 이자율의 투자로 재배치하려는 노력이 포함됩니다.

Ready Capital a publié les résultats financiers pour le troisième trimestre 2024, affichant une perte par action selon les normes GAAP de $(0,07) et des bénéfices distribuables par action de $(0,28). Au cours du trimestre, il y a eu des origines de prêts dans le segment Lower-to-Middle Market de 246 millions de dollars et des origines de prêts record dans le domaine du Small Business Lending de 440 millions de dollars, dont 355 millions de dollars en prêts SBA 7(a). L'entreprise a maintenu une valeur comptable nette de 12,59 $ par action et a déclaré un dividende de 0,25 $ par action. Parmi les développements notables, on trouve l'acquisition de Funding Circle USA et les efforts pour repositionner les prêts peu performants en investissements rapportant des rendements sur le marché.

Ready Capital hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, wobei ein GAAP-Verlust pro Aktie von $(0,07) und ausschüttbare Gewinne pro Aktie von $(0,28) ausgewiesen wurden. Im Quartal gab es Lower-to-Middle Market Neugeschäfte in Höhe von 246 Millionen US-Dollar und rekordverdächtige Neugeschäfte im Small Business Lending von 440 Millionen US-Dollar, darunter 355 Millionen US-Dollar in SBA 7(a) Darlehen. Das Unternehmen hielt einen Nettobuchwert von 12,59 USD pro Aktie und erklärte eine Dividende von 0,25 USD pro Aktie. Zu den bemerkenswerten Entwicklungen zählt die Übernahme von Funding Circle USA sowie die Bemühungen, leistungsschwache Darlehen in marktfähige Investitionen umzustrukturieren.

Positive
  • Record Small Business Lending loan originations of $440 million
  • Strong SBA 7(a) loan originations of $355 million
  • Strategic acquisition of Funding Circle USA to strengthen Small Business Lending platform
Negative
  • GAAP loss per share of $(0.07)
  • Negative distributable earnings per share of $(0.28)
  • Realized losses on sale of investments of $109.7 million

Insights

The Q3 results reveal significant challenges with a $0.07 GAAP loss per share and negative distributable earnings of $0.28 per share. The $109.7 million in realized losses from investment sales signals portfolio restructuring efforts. However, there are positive indicators:

  • Record Small Business Lending originations of $440 million
  • LMM originations of $246 million
  • Maintained quarterly dividend at $0.25 per share
The significant CECL reserve increase of $52.4 million suggests continued credit quality concerns, though partially offset by a $71.1 million decrease in valuation allowance. Book value declined to $12.59 per share, impacting shareholder equity.

The strategic repositioning of underperforming loans indicates proactive risk management but comes at a significant cost. The acquisition of Funding Circle USA strengthens the Small Business Lending platform, particularly important given the record SBA 7(a) loan originations of $355 million. The 8.4% distributable return on equity before realized losses shows underlying business potential, though actual returns are currently pressured by portfolio restructuring costs. The focus on lower-to-middle market originations suggests a defensive positioning in more stable market segments.

- GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $(0.07) -
- DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $(0.28) -
- DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.25 -
- DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY BEFORE REALIZED LOSSES OF 8.4% -

NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended September 30, 2024.

“Our third quarter performance demonstrates our diligent efforts to reposition underperforming loans into market yielding investments,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “With record growth in our Small Business Lending business and an improving economic environment, we continue to make significant progress toward our long-term targets that are marked by higher levels of sustained returns.”

Third Quarter Highlights

  • Lower-to-Middle Market originations of $246 million
  • Record Small Business Lending loan originations of $440 million, including $355 million of Small Business Administration 7(a) loans
  • Net book value of $12.59 per share of common stock as of September 30, 2024
  • Declared and paid dividend of $0.25 per share
  • Strengthened the Small Business Lending platform with the acquisition of Funding Circle USA, Inc.

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

In addition, in calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

(in thousands)Three Months Ended September 30, 2024
Net Loss$        (7,279)
Reconciling items: 
Unrealized loss on joint ventures         2,173 
Increase in CECL reserve 52,442 
Decrease in valuation allowance         (71,060)
Non-recurring REO impairment 525 
Non-cash compensation 1,916 
Merger transaction costs and other non-recurring expenses 4,070 
Bargain purchase gain         (32,165)
Realized losses on sale of investments 109,675 
Total reconciling items$67,576 
Income tax adjustments (13,739)
Distributable earnings before realized losses$46,558 
Realized losses on sale of investments, net of tax         (89,072)
Distributable earnings$        (42,514)
Less: Distributable earnings attributable to non-controlling interests 1,766 
Less: Income attributable to participating shares 2,241 
Distributable earnings attributable to common stockholders$        (46,521)
Distributable earnings before realized losses on investments, net of tax per common share - basic and diluted$0.25 
Distributable earnings per common share - basic and diluted$        (0.28)


U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items in the distributable earnings reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Friday, November 8, 2024 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended September 30, 2024.

The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877-407-0792
International: 1-201-689-8263

Conference Call Playback:

Domestic: 1-844-512-2921
International: 1-412-317-6671
Replay Pin #: 13748606

The playback can be accessed through November 22, 2024.

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 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
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

Additional information can be found on the Company’s website at www.readycapital.com.



READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands)September 30, 2024 December 31, 2023
Assets   
Cash and cash equivalents$        181,315  $138,532 
Restricted cash 31,331   30,063 
Loans, net (including $4,851 and $9,348 held at fair value) 3,555,928   4,020,160 
Loans, held for sale (including $101,364 and $81,599 held at fair value and net of valuation allowance of $156,107 and $0) 320,082   81,599 
Mortgage-backed securities 30,780   27,436 
Investment in unconsolidated joint ventures (including $6,777 and $7,360 held at fair value) 146,397   133,321 
Derivative instruments 11,032   2,404 
Servicing rights 127,989   102,837 
Real estate owned, held for sale 166,697   252,949 
Other assets 412,238   300,175 
Assets of consolidated VIEs 5,794,720   6,897,145 
Assets held for sale 474,535   454,596 
Total Assets$11,253,044  $12,441,217 
Liabilities   
Secured borrowings 2,184,280   2,102,075 
Securitized debt obligations of consolidated VIEs, net 3,960,185   5,068,453 
Senior secured notes, net 437,689   345,127 
Corporate debt, net 768,470   764,908 
Guaranteed loan financing 742,631   844,540 
Contingent consideration 2,007   7,628 
Derivative instruments 2,085           212 
Dividends payable 44,602   54,289 
Loan participations sold 99,737   62,944 
Due to third parties 1,239   3,641 
Accounts payable and other accrued liabilities 279,014   207,481 
Liabilities held for sale 392,697           333,157 
Total Liabilities$8,914,636  $9,794,455 
Preferred stock Series C, liquidation preference $25.00 per share 8,361   8,361 
    
Commitments & contingencies    
    
Stockholders’ Equity   
Preferred stock Series E, liquidation preference $25.00 per share 111,378   111,378 
Common stock, $0.0001 par value, 500,000,000 shares authorized, 168,530,704 and 172,276,105 shares issued and outstanding, respectively 17   17 
Additional paid-in capital 2,292,229   2,321,989 
Retained earnings (deficit)         (146,003)  124,413 
Accumulated other comprehensive loss         (24,232)  (17,860)
Total Ready Capital Corporation equity 2,233,389   2,539,937 
Non-controlling interests 96,658   98,464 
Total Stockholders’ Equity$2,330,047  $2,638,401 
Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity$11,253,044  $12,441,217 


READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except share data) 2024   2023   2024   2023 
Interest income$  226,537  $248,711  $ 693,010  $        695,683 
Interest expense         (175,572)  (189,788)          (542,544)          (518,877)
Net interest income before recovery of (provision for) loan losses$50,965  $58,923  $        150,466  $176,806 
Recovery of (provision for) loan losses         (53,166)  12,151           (7,751)          (542)
Net interest income after recovery of (provision for) loan losses$        (2,201) $71,074  $142,715  $176,264 
Non-interest income       
Net realized gain (loss) on financial instruments and real estate owned         (69,184)  14,402           (43,066)  49,855 
Net unrealized gain (loss) on financial instruments         (1,241)  15,121   2,034   8,075 
Valuation allowance, loans held for sale 71,060              (156,107)   
Servicing income, net of amortization and impairment of $5,841 and $14,216 for the three and nine months ended September 30, 2024, and $324 and $4,495 for the three and nine months ended September 30, 2023, respectively 5,415           6,867   12,444   16,548 
Gain (loss) on bargain purchase 32,165           (14,862)  13,859   215,032 
Income on unconsolidated joint ventures 3,214   56   4,821   745 
Other income 14,823   19,176   37,246   58,200 
Total non-interest income (expense)$56,252  $40,760  $        (128,769) $348,455 
Non-interest expense       
Employee compensation and benefits         (22,989)          (19,979)          (59,202)          (62,120)
Allocated employee compensation and benefits from related party         (2,537)          (3,001)          (8,037)          (7,827)
Professional fees         (6,232)          (7,666)          (19,330)          (18,742)
Management fees – related party         (6,498)          (7,229)          (19,344)          (18,070)
Incentive fees – related party     —           —           (1,791)
Loan servicing expense         (10,101)          (12,541)          (33,907)          (31,590)
Transaction related expenses         (2,998)          (2,329)          (5,240)          (17,188)
Other operating expenses         (18,573)          (12,760)          (70,562)          (34,926)
Total non-interest expense$        (69,928) $        (65,505) $        (215,622) $        (192,254)
Income (loss) from continuing operations before benefit (provision) for income taxes         (15,877)          46,329           (201,676)  332,465 
Income tax benefit (provision) 8,404           (2,808)          87,194           (5,903)
Net income (loss) from continuing operations$        (7,473) $43,521  $        (114,482) $326,562 
Discontinued operations       
Income (loss) from discontinued operations before benefit (provision) for income taxes 258   4,877           (1,554)  14,624 
Income tax benefit (provision)         (64)          (1,219)  389           (3,656)
Net income (loss) from discontinued operations$194  $3,658  $        (1,165) $10,968 
Net income (loss)$        (7,279) $47,179  $        (115,647) $337,530 
Less: Dividends on preferred stock 1,999   1,999   5,997   5,998 
Less: Net income attributable to non-controlling interest 2,031   1,517   3,968   7,842 
Net income (loss) attributable to Ready Capital Corporation$        (11,309) $43,663  $        (125,612) $323,690 
        
Earnings per common share from continuing operations - basic$        (0.07) $0.23  $        (0.74) $2.25 
Earnings per common share from discontinued operations - basic$0.00  $0.02  $        (0.01) $0.08 
Total earnings per common share - basic$        (0.07) $0.25  $        (0.75) $2.33 
        
Earnings per common share from continuing operations - diluted$        (0.07) $0.23  $        (0.74) $2.22 
Earnings per common share from discontinued operations - diluted$0.00  $0.02  $(0.01) $0.08 
Total earnings per common share - diluted$        (0.07) $0.25  $(0.75) $2.30 
        
Weighted-average shares outstanding       
Basic 168,335,483   171,973,933   169,669,145   138,323,878 
Diluted 169,509,208   174,440,869   170,815,080   140,628,545 
        
Dividends declared per share of common stock$0.25  $0.36  $    0.85  $1.16 


READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING

 Three Months Ended September 30, 2024
(in thousands)LMM Commercial Real Estate Small Business Lending Corporate-Other Consolidated
Interest income$193,252  $  33,285  $  $        226,537 
Interest expense         (150,489)          (25,083)             (175,572)
Net interest income before provision for loan losses$42,763  $8,202  $  $        50,965 
Provision for loan losses         (49,240)          (3,926)             (53,166)
Net interest income after provision for loan losses$(6,477) $4,276  $  $        (2,201)
Non-interest income       
Net realized gain (loss) on financial instruments and real estate owned (95,206)  26,022              (69,184)
Net unrealized gain (loss) on financial instruments (2,447)  1,206              (1,241)
Valuation allowance, loans held for sale 71,060                 71,060 
Servicing income, net 1,445   3,970      5,415 
Gain on bargain purchase       32,165   32,165 
Income on unconsolidated joint ventures 3,204   10      3,214 
Other income 2,803   10,792   1,228   14,823 
Total non-interest income (loss)$        (19,141) $42,000  $33,393  $56,252 
Non-interest expense       
Employee compensation and benefits         (6,462)          (13,852)          (2,675)          (22,989)
Allocated employee compensation and benefits from related party         (254)             (2,283)          (2,537)
Professional fees         (809)  (3,326)          (2,097)          (6,232)
Management fees – related party               (6,498)          (6,498)
Loan servicing expense         (9,632)  (469)             (10,101)
Transaction related expenses               (2,998)          (2,998)
Other operating expenses         (3,919)          (12,697)          (1,957)          (18,573)
Total non-interest expense$        (21,076) $        (30,344) $        (18,508) $        (69,928)
Income (loss) before provision for income taxes$        (46,694) $15,932  $14,885  $        (15,877)
Total assets$8,950,073  $1,486,085  $342,351  $        10,778,509 



READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING
 Nine Months Ended September 30, 2024
(in thousands)LMM Commercial Real Estate Small Business Lending Corporate-Other Consolidated
Interest income$596,062  $96,948  $  $693,010 
Interest expense         (467,718)          (74,826)             (542,544)
Net interest income before provision for loan losses$128,344  $22,122  $  $150,466 
Provision for loan losses         (4,071)  (3,680)     (7,751)
Net interest income after provision for loan losses$124,273  $18,442  $  $142,715 
Non-interest income       
Net realized gain (loss) on financial instruments and real estate owned         (99,540)  56,474      (43,066)
Net unrealized gain (loss) on financial instruments         (958)  2,992      2,034 
Valuation allowance, loans held for sale         (156,107)        (156,107)
Servicing income, net 3,998   8,446      12,444 
Gain on bargain purchase       13,859   13,859 
Income on unconsolidated joint ventures 4,811   10      4,821 
Other income 20,326   14,267   2,653   37,246 
Total non-interest income (loss)$        (227,470) $82,189  $16,512  $(128,769)
Non-interest expense       
Employee compensation and benefits         (21,080)  (31,472)          (6,650)          (59,202)
Allocated employee compensation and benefits from related party         (804)             (7,233)          (8,037)
Professional fees         (3,324)  (9,471)          (6,535)          (19,330)
Management fees – related party               (19,344)          (19,344)
Loan servicing expense         (33,075)  (832)             (33,907)
Transaction related expenses               (5,240)          (5,240)
Other operating expenses         (37,507)          (23,968)          (9,087)          (70,562)
Total non-interest expense$        (95,790) $        (65,743) $        (54,089) $        (215,622)
Income (loss) before provision for income taxes$        (198,987) $        34,888  $        (37,577) $        (201,676)
Total assets$8,950,073  $1,486,085  $342,351  $10,778,509 

FAQ

What was Ready Capital's (RC) earnings per share in Q3 2024?

Ready Capital reported a GAAP loss per share of $(0.07) and distributable earnings per share of $(0.28) in Q3 2024.

How much did Ready Capital (RC) originate in Small Business Lending loans in Q3 2024?

Ready Capital achieved record Small Business Lending loan originations of $440 million, including $355 million in SBA 7(a) loans.

What was Ready Capital's (RC) dividend payment in Q3 2024?

Ready Capital declared and paid a dividend of $0.25 per share during the third quarter of 2024.

What was Ready Capital's (RC) book value per share as of September 30, 2024?

Ready Capital's net book value was $12.59 per share of common stock as of September 30, 2024.

Ready Capital Corporation

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1.18B
168.22M
1%
58.39%
12.45%
REIT - Mortgage
Real Estate Investment Trusts
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United States of America
NEW YORK