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READY CAPITAL CORPORATION ANNOUNCES FOURTH QUARTER 2018 RESULTS
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:
Highlights Subsequent to Quarter End:
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.”
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.
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