Ready Capital Corporation Announces Dividend for Q3 2024
Ready Capital Corporation Declares Quarterly Cash Dividends
Ready Capital Corporation (NYSE:RC) has recently announced a quarterly cash dividend of $0.25 per share for its common stock and Operating Partnership units, reflecting the company's commitment to its shareholders. This dividend pertains to the quarter ending September 30, 2024, and is slated for payment on October 31, 2024, to shareholders recorded by the end of September.
Strategic Insights from Leadership
During this announcement, Thomas Capasse, the Chief Executive Officer and Chairman of the Board, shared insights regarding the board's decision-making process. “After careful consideration, the Board of Directors made the strategic decision to better align the dividend with our long-term growth objectives,” he said. He emphasized the intent to align the dividend with ongoing and future growth initiatives.
Reflecting on Company Performance
Capasse expressed confidence in the company's earnings trajectory, suggesting that they would move closer to historical performance benchmarks as management executes strategic plans laid out earlier in the year. The company's portfolio repositioning has been significant, with $338 million of assets sold, creating $57 million in net liquidity thus far.
Advances in Lending Operations
Moreover, the company’s small business lending segment is experiencing remarkable growth. In just this third quarter alone, Ready Capital has originated $290 million in 7(a) and USDA loans, showcasing their commitment to supporting small business initiatives across the marketplace. The strategic level of the common dividend at this time allows the company to reinvest substantially into new loan origination and potential share repurchases.
Preferred Stock Dividends Announced
In addition to the common stock dividends, Ready Capital Corporation has also declared quarterly cash dividends on its preferred stock. This includes a dividend of $0.390625 per share on its 6.25% Series C Cumulative Convertible Preferred Stock and a dividend of $0.40625 per share on its 6.50% Series E Cumulative Redeemable Preferred Stock.
Dividend Payment Details
The Series C Preferred Stock dividend will be paid to stockholders recorded by the end of business on September 30, 2024, and will be distributed on October 15, 2024. Similarly, the Series E Preferred Stock dividend will be available on October 31, 2024, to Series E stockholders of record as of the same cut-off date.
About Ready Capital Corporation
Ready Capital Corporation, trading under the ticker NYSE: RC, operates as a multi-strategy real estate finance firm dedicated to financing and servicing loans primarily aimed at lower-to-middle-market commercial real estate. This includes loans secured by commercial properties, such as agency multifamily, investor, construction, and bridge financing, along with U.S. Small Business Administration loans.
Company Profile
Headquartered in New York, New York, Ready Capital employs approximately 350 professionals committed to delivering innovative financing solutions to their clients. The company's diverse portfolio is geared toward state-of-the-art operations in real estate finance, putting them in a strong position moving forward.
Contact Information
For more information, investors can reach out to the company’s Investor Relations at 212-257-4666 or via email at InvestorRelations@readycapital.com.
For media inquiries, please contact PR@readycapital.com.
Frequently Asked Questions
What is the amount of the dividend declared by Ready Capital Corporation?
The company declared a quarterly cash dividend of $0.25 per share of common stock.
When will the dividend payments be made?
The dividends are scheduled for payment on October 31, 2024, for common stockholders and on October 15, 2024, for Series C Preferred stockholders.
How does the dividend announcement align with the company’s strategy?
The dividend aligns with Ready Capital's long-term growth objectives and allows for reinvestment into loan origination and share repurchases.
What is Ready Capital Corporation's focus in the market?
The company is focused on lower-to-middle market real estate finance, addressing needs through various loan products.
How can shareholders contact Ready Capital for inquiries?
Shareholders can contact Investor Relations at 212-257-4666 or via email at InvestorRelations@readycapital.com.
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