Ready Capital Corporation Announces Dividends for the Third Quarter of 2024

NEW YORK, Sept. 13, 2024 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE:RC) (the “Company”) announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share per Operating Partnership Unit for the quarter ended September 30, 2024. This dividend will be paid on October 31, 2024 to shareholders of record as of the close of business on September 30, 2024.

“After careful consideration, the Board has made the strategic decision to better align the dividend with our long-term growth objectives,” said Thomas Capasse, Chief Executive Officer and Chairman of the Board. “We remain confident that our earnings will continue to move toward historical performance goals as we execute on the initiatives outlined earlier in the year. To date, $338 million of assets have been sold and settled as part of our efforts to reposition our portfolio, generating $57 million in net cash. In addition, growth in our small business lending business continues to accelerate, with $290 million in 7(a) and USDA loans originated to date in the third quarter. These efforts will be supported by setting the common dividend at a level that allows for the reinvestment of cash in new loan originations and additional share repurchases.”