NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (the “Company”) today announced that the Company will release its third quarter 2024 financial results after the New York Stock Exchange closes on Thursday, November 7, 2024. Management will host a webcast and conference call on Friday, November 8, 2024 at 8:30 a.m. Eastern Time to provide a general business update and discuss the financial results for the quarter ended September 30, 2024.  Webcast:The Company encourages use of ...

Ready Capital's (NYSE: RC ) most recent quarterly dividend at $0.25 per share , was a significant 25% reduction from its prior distribution. Its annualized distribution now stands at $1 per share, down from $1.44 per share a year ago. The mREIT The equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, hig ...

Investors in Ready Capital Corporation (RC) need to pay close attention to the stock based on moves in the options market lately. That is because the Oct 18, 2024 $2.50 Put had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It cou ...

NEW YORK, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the "Company") announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share of common stock and Operating Partnership unit for the quarter ended September 30, 2024. This dividend is payable on October 31, 2024, to shareholders of record as of the close of business on September 30, 2024. "After careful consideration, the Board of Directors made the strategic decision to better align the dividend w ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 Commission File Number: 001-35808 READY CAPITAL CORPORATION (Exact Name of Registrant as Specified in its Charter) Maryland 90-0729143 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 1251 Avenue of the Americas, 50 th Floor, New Y ...

Company Performance - Ready Capital Corporation (RC) reported poor Q2-2024 results with distributable income at 7 cents per share, significantly below the 30 cents per share distribution [3] - GAAP and non-GAAP metrics both showed poor performance, with GAAP reflecting the company's poor investment decisions [3] - The company's tangible book value per share declined to $12.97, and total leverage stood at 3.5x [3] - RC's distributable return on equity (ROE) was 2.6%, and the dividend yield was 14.7% [3] - The company's 60+ days past due loans improved to 6.3%, a positive trend compared to previous quarters [6] Financial Metrics - RC's net book value per share was $12.97, and the total leverage ratio was 3.5x [3] - The company's distributable ROE was 2.6%, and the dividend yield was 14.7% [3] - RC's loan portfolio included $9.3 billion in unpaid principal balance (UPB) with a weighted average coupon of 9.1% [32] - The company's originated loans had a weighted average loan-to-value (LTV) ratio of 65.6%, while acquired loans had an LTV of 62.7% [32][30] Strategic Actions - RC modified 25 loans totaling $801 million in its originated CRE bridge portfolio, with 82% of modifications completed in Q2-2024 [32] - The company focused on selling underperforming assets where liquidation exceeded in-house asset management strategies [32] - RC sold its residential mortgage banking business as part of its cleanup efforts [34] Leverage and Capital Structure - RC's total leverage ratio increased marginally by 0.1x to 3.5x, with recourse leverage also rising slightly [33][34] - The company plans to deliver a 10% return on tangible equity, which would require increasing leverage beyond the current 3.5x ratio [34] - RC's historical performance shows a sub-4% annual return over the last decade when distributions were not reinvested [34] Market Reaction and Valuation - The stock reacted positively to the company's cleanup actions, despite the poor financial results [36] - RC's price-to-tangible book value remains low, making it difficult to assign a bearish rating [36] - The company's high-yield bonds, such as the 6.125% April 30, 2025 bonds, are preferred over common shares due to their higher position in the capital structure [36] Industry Context - RC is a multi-strategy real estate finance company that originates, acquires, and services loans, primarily in the commercial real estate sector [3][32] - The company's performance is closely tied to credit spreads and the broader real estate market conditions [34]

Ready Capital Corporation (NYSE:RC) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Andrew Ahlborn - Chief Financial Office Tom Capasse - Chief Executive Officer Adam Zausmer - Chief Credit Officer Conference Call Participants Crispin Love - Piper Sandler Douglas Harter - UBS Stephen Laws - Raymond James Jason Sabshon - KBW Christopher Nolan - Landenburg Thalmann Operator Greetings, and welcome to Ready Capital's Second Quarter 2024 Earnings Conference Call. At this time, all ...

For the quarter ended June 2024, Ready Capital (RC) reported revenue of $50.95 million, down 15.6% over the same period last year. EPS came in at $0.07, compared to $0.35 in the year-ago quarter. The reported revenue represents a surprise of -17.51% over the Zacks Consensus Estimate of $61.77 million. With the consensus EPS estimate being $0.26, the EPS surprise was -73.08%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

Ready Capital (RC) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -73.08%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.28 per share when it actually produced earnings of $0.29, delivering a surprise of 3.57%. Over the last four quar ...

- GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $(0.21) - - DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $0.07 - - DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.19 - - DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS' EQUITY OF 2.6% - NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Ready Capital Corporation ("Ready Capital" or the "Company") (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market ("LMM") invest ...