Exhibit 99.1

 

READY CAPITAL CORPORATION ANNOUNCES FOURTH QUARTER 2018 RESULTS

-  Net Income of $0.30 per share of common stock in the fourth quarter   -

-  Core Earnings of $0.34 per share of common stock in the fourth quarter   -

-  Total SBC loans of approximately $400 Million originated in Fourth Quarter 2018  -

- Total SBC loans of approximately $1.8 billion added in 2018, up 33% versus 2017 -

-  Declared First Quarter 2019  Dividend of $0.40 Per Share   -

 

New York, New York, March 12, 2019 / PRNewswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC) today reported financial results for the quarter ended December 31, 2018.      

Fourth Quarter Highlights:

·

U.S. GAAP Net Income of $9.5 million, or $0.30 per share of common stock

·

Core Earnings of $11.3 million, or $0.34 per share of common stock

·

Mark-to-market loss on derivative positions resulted in an after-tax reduction in U.S. GAAP Net Income and Core Earnings of $0.12 per share

·

Return on Equity of 6.8%

·

Core Return on Equity of 8.1%

·

Adjusted net book value of $16.91 per share of common stock as of December 31, 2018

·

Originated $332.9 million of small balance commercial (“SBC”) loans

·

Originated $65.4 million of loans guaranteed by the U.S. Small Business Administration (the “SBA”) under its Section 7(a) loan program

·

Originated $369.2 million of residential mortgage loans

·

Declared and paid dividend of $0.40 per share. 

2018 Highlights:

·

Net Income of $61.5 million, or $1.84 per share of common stock

·

Core Earnings of $58.7 million, or $1.76 per share of common stock

·

Return on Equity of 10.8%

·

Core Return on Equity of 10.3%

·

Originated $1.2 billion of SBC loans

·

Originated $213.0 million of SBA loans

Highlights Subsequent to Quarter End:

·

Completed the securitization of $399.2 million of fixed-rate SBC loans and issued $355.8 million of senior bonds at a weighted average pass-through rate of 4.0%

·

Declared First Quarter 2019 dividend of $0.40 per share of common stock and operating partnership unit (“OP unit”).

A summary of Ready Capital’s operating results for the quarter ended December 31, 2018 is presented below. Ready Capital reported U.S. GAAP Net Income for the three months ended December 31, 2018 of $9.5 million, or $0.30 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $11.3 million, or $0.34 per share of common stock.

 

“During 2018, we deployed over $1.8 billion relating to SBC loans, which represented a 33% increase compared to 2017 and the fourth quarter denoted our two-year anniversary as a public company,” stated Thomas Capasse, Chairman and Chief Executive Officer. “While we posted strong results in the fourth quarter, they would have been even greater, if the year-end 2018 market volatility did not result in a mark-to-market impact of $0.12 per diluted share. Our annualized ROE of 10.8% and dividend yield exceeding 10% over this two-year period remains at the top of our peer group. As we move into 2019, we are focused on achieving our strategic objective to expand our platform and, as we drive loan growth, create additional and consistent value for our shareholders.”

 

Dividends

 

For the first quarter 2019 the Company declared a dividend of $0.40 per share of common stock and operating partnership unit. This dividend is payable on April 30, 2019 to shareholders of record as of the close of business on March 28, 2019.


The following information was filed by Ready Capital Corp (RC) on Tuesday, March 12, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Ready Capital Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Ready Capital Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account