Ready Capital Corporation Updates Dividend Plans for Investors
Ready Capital Corporation Updates Dividend Plans
Ready Capital Corporation (NYSE: RC) has recently declared its quarterly cash dividend, showcasing a commitment to returning value to its shareholders while aligning its dividend strategy with long-term growth goals. One of the key highlights of this announcement is the $0.25 per share dividend for the quarter ended September 30, 2024. The Company is set to distribute this dividend on October 31, 2024, to shareholders who are on record as of the closing of business on September 30, 2024.
Strategic Considerations Behind the Dividend Declaration
During a recent statement, Thomas Capasse, the Chief Executive Officer and Chairman of the Board, emphasized the strategic rationale behind this dividend declaration. He noted that the Board of Directors performed a comprehensive review and decided to optimize the dividend to ensure it complements the Company's growth trajectory. This proactive measure is indicative of their confidence in restoring earnings to historical performance levels as they move forward with their operational initiatives.
Portfolio Repositioning Efforts
Ready Capital has made significant strides in its portfolio repositioning efforts, selling and settling approximately $338 million of assets, leading to an influx of $57 million in net liquidity. Such strategic asset management is essential for maintaining flexibility in a rapidly changing market. These efforts further bolster the Company's ability to finance new loan originations and implement additional share repurchases, thus enhancing shareholder value.
Growth in Small Business Lending
In addition to the strategic changes in dividend policy, Ready Capital is witnessing substantial growth in its Small Business Lending segment. The Company has successfully originated $290 million in 7(a) and USDA loans in the third quarter alone. This surge in lending is not only an affirmation of Ready Capital's robust operational capabilities but also reflects the increasing demand for financial support among small businesses.
Preferred Stock Dividend Announcements
Alongside the common stock dividend, Ready Capital also declared dividends for its 6.25% Series C Cumulative Convertible Preferred Stock and its 6.50% Series E Cumulative Redeemable Preferred Stock. Specifically, the dividend for Series C Preferred Stock is set at $0.390625 per share, payable on October 15, 2024, to stockholders of record as of September 30, 2024. Additionally, the Series E Preferred Stock will see a dividend of $0.40625 per share, payable on October 31, 2024.
About Ready Capital Corporation
Ready Capital Corporation, identified by the ticker RC, is a multifaceted real estate finance company that focuses on originating, acquiring, financing, and servicing loans specific to the lower-to-middle-market sectors. The Company specializes in loans backed by various commercial real estate types, including agency multifamily residences, investment properties, construction projects, and bridge loans. They also provide U.S. Small Business Administration loans under the Section 7(a) program, supporting crucial segments of the economy.
Contact Information
For any inquiries regarding investor relations, contact Ready Capital at: 212-257-4666. Additionally, you can reach their media relations team via email at PR@readycapital.com.
Frequently Asked Questions
What is the amount of the dividend declared for common stock?
The declared dividend for common stock is $0.25 per share.
When is the dividend payable?
The dividend is payable on October 31, 2024.
How much has Ready Capital originated in Small Business Lending this quarter?
Ready Capital has originated $290 million in Small Business Lending loans to date in the current quarter.
What are the dividend amounts for the preferred stocks?
The dividend for Series C Preferred Stock is $0.390625, and for Series E Preferred Stock, it is $0.40625.
Who is the CEO of Ready Capital Corporation?
The CEO and Chairman of the Board is Thomas Capasse.
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