Ready Capital Corporation Announces Dividend Update
Ready Capital Corporation (NYSE: RC) has made an important announcement regarding its quarterly cash dividend, demonstrating its ongoing commitment to delivering value to shareholders while aligning its dividend approach with long-term growth objectives. The key highlight is a declared dividend of $0.25 per share for the quarter ending September 30, 2024. This dividend is scheduled for distribution on October 31, 2024, to all shareholders who are on record as of the close of business on September 30, 2024.
Reasons Behind the Dividend Announcement
In a recent statement, Thomas Capasse, the Chief Executive Officer and Chairman of the Board, shared insights into the decision-making process behind the dividend announcement. He explained that the Board of Directors conducted a thorough review and chose to adjust the dividend to better align with the Company’s growth path. This forward-looking decision reflects their confidence in restoring earnings to previous high levels as they continue to implement their operational strategies.
Efforts in Portfolio Repositioning
Ready Capital has been actively working on its portfolio repositioning, successfully selling and settling around $338 million in assets, resulting in an increase of $57 million in net liquidity. Such strategic management of assets is essential for ensuring flexibility in a rapidly evolving market. These initiatives also enhance the Company’s capacity to finance new loan originations and pursue additional share buybacks, thereby creating more value for shareholders.
Growth in the Small Business Lending Sector
Alongside changes to its dividend policy, Ready Capital is experiencing significant growth in its Small Business Lending segment. The Company has originated $290 million in 7(a) and USDA loans just in the third quarter. This uptick in lending not only highlights Ready Capital’s strong operational strengths but also signifies a growing need for financial assistance among small businesses.
Announcements for Preferred Stock Dividends
In addition to the dividend for common stock, Ready Capital has also announced dividends for its 6.25% Series C Cumulative Convertible Preferred Stock and its 6.50% Series E Cumulative Redeemable Preferred Stock. The dividend for Series C Preferred Stock will be $0.390625 per share, payable on October 15, 2024, to stockholders on record as of September 30, 2024. Moreover, the Series E Preferred Stock will have a dividend of $0.40625 per share, to be paid on October 31, 2024.
About Ready Capital Corporation
Ready Capital Corporation, represented by the ticker RC, is a diverse real estate finance company focused on originating, acquiring, financing, and servicing loans targeted at the lower-to-middle-market sectors. The Company specializes in loans backed by various types of commercial real estate, such as multifamily residences, investment properties, construction projects, and bridge loans. They also provide U.S. Small Business Administration loans through the Section 7(a) program, supporting vital parts of the economy.
Contact Information
For inquiries regarding investor relations, you can contact Ready Capital at: 212-257-4666. If you need to reach their media relations team, please send an email to 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.
