NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) announced that its Board of Directors declared two dividends to common stockholders and operating partnership unitholders totaling $0.40.
The first, a prorated dividend of $0.26 per share of common stock and operating partnership unit (the “Prorated Dividend”). The Prorated Dividend is payable June 15, 2023 to common stockholders and operating partnership unitholders of record as of the close of business on May 30, 2023. The Prorated Dividend was declared by the Board of Directors in accordance with the Agreement and Plan of Merger, dated as of February 26, 2023 (the “Merger Agreement”), by and among Ready Capital, RCC Merger Sub, LLC and Broadmark Realty Capital Inc. (“Broadmark”). Pursuant to the terms of the Merger Agreement, the Prorated Dividend was calculated by multiplying Ready Capital’s dividend of $0.40 by the number of days elapsed since March 31, 2023 through May 30, 2023 (the day prior to the expected closing date of the merger), and divided by the number of days in the second quarter.
Additionally, Ready Capital’s Board of Directors declared a cash dividend of $0.14 per share of common stock and operating partnership unit. The $0.14 dividend is payable on July 31, 2023 to common stockholders and operating partnership unit holders of record as of the close of business on June 30, 2023.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 600 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.