Ready Capital Corporation Declares Quarterly Cash Dividends
Ready Capital Corporation (NYSE:RC) has just announced a cash dividend of $0.25 per share for its common stock and Operating Partnership units. This move highlights the company's dedication to its shareholders. This dividend applies to the quarter ending September 30, 2024, and will be paid on October 31, 2024, to shareholders listed by the end of September.
Insights from Leadership
In conjunction with this announcement, Thomas Capasse, the Chief Executive Officer and Chairman of the Board, provided insights into the board’s decision-making. He stated, “After careful consideration, the Board of Directors made the strategic decision to better align the dividend with our long-term growth objectives.” Capasse stressed the importance of syncing the dividend with both current and future growth initiatives.
Reflecting on Company Performance
Capasse conveyed optimism about the company’s earnings trajectory, indicating that it is likely to approach historical performance benchmarks as management implements strategic plans from earlier this year. The company has made significant moves in repositioning its portfolio, selling $338 million in assets and generating $57 million in net liquidity to date.
Advances in Lending Operations
Additionally, Ready Capital’s small business lending sector is thriving. In just the third quarter, the company has originated $290 million in 7(a) and USDA loans, demonstrating its commitment to fostering small business initiatives in the marketplace. The current dividend level allows Ready Capital to reinvest significantly into new loan origination as well as potential share repurchases.
Preferred Stock Dividends Announced
Beyond common stock dividends, Ready Capital Corporation has also announced quarterly cash dividends for 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 dividend for Series C Preferred Stock will be distributed to stockholders recorded by the close of business on September 30, 2024, with payments made on October 15, 2024. Similarly, the dividend for Series E Preferred Stock will be made available on October 31, 2024, for Series E stockholders who are recorded as of the same date.
About Ready Capital Corporation
Ready Capital Corporation, listed on the NYSE under the ticker RC, is a multi-strategy real estate finance firm focused on providing funding and servicing loans primarily for the lower-to-middle-market commercial real estate sector. The firm deals with loans secured by commercial properties in various categories, including agency multifamily, investor, construction, and bridge financing, as well as loans through the U.S. Small Business Administration.
Company Profile
Based in New York City, Ready Capital employs a team of around 350 professionals who are dedicated to delivering innovative financing solutions to their clients. The company’s diverse portfolio positions it well in the real estate finance market, showcasing its commitment to high-quality operations moving forward.
Contact Information
For more information, investors can contact the company’s Investor Relations at 212-257-4666 or via email at InvestorRelations@readycapital.com.
For any media inquiries, please reach out to PR@readycapital.com.
Frequently Asked Questions
What amount of dividend did Ready Capital Corporation declare?
The company declared a quarterly cash dividend of $0.25 per share for its common stock.
When are the dividend payments scheduled?
The dividends are set for payment on October 31, 2024, for common stockholders, and on October 15, 2024, for stockholders of Series C Preferred stock.
How does the dividend announcement fit into the company's strategy?
The announcement aligns with Ready Capital's long-term growth objectives, allowing for reinvestment in new loan origination and possible share repurchases.
What market focus does Ready Capital Corporation have?
Ready Capital concentrates on lower-to-middle market real estate finance, meeting needs through various loan products.
How can shareholders reach Ready Capital for questions?
Shareholders can get in touch with Investor Relations at 212-257-4666 or via email at InvestorRelations@readycapital.com.
