NEW YORK, March 20, 2020 /PRNewswire/ -- Ready Capital
Corporation ("Ready Capital" or the "Company") (NYSE: RC),
announced today that the Company has decided to pay its previously
declared cash dividend for the first quarter of 2020 of
$0.40 per share of common stock and
operating partnership unit, in a combination of cash, not to exceed
20% in the aggregate, and common stock. As previously
announced by the Company on March 11,
2020, the dividend will continue to be payable on
April 30, 2020 to stockholders of
record as of the close of business on March
31, 2020.
Thomas Capasse, the Company's
Chairman of the Board of Directors and Chief Executive Officer
explained "The change in the form of the dividend for the first
quarter was taken in response to the manner in which the
coronavirus (COVID-19) crisis has unfolded since the first quarter
dividend was first announced on March
11, 2020. Events are moving quickly as this crisis
unfolds. Given the economic uncertainty related to the crisis, it
is preferable to preserve the liquidity and cash position of the
Company. This dividend change is part of a comprehensive liquidity
plan for which we will have a first quarter update along with
credit and business operations next week."
In accordance with Internal Revenue Service guidelines,
stockholders will be asked to make an election to receive this
dividend all in cash or all in Ready Capital common stock. To the
extent that more than 20% cash is elected, the cash portion
will be prorated. Stockholders who do not make an election will
receive the dividend all in common stock. Shares will be priced at
the volume weighted average trading prices of Ready Capital's
common stock on the New York Stock Exchange on April 19, 2020 and April
20, 2020. The Company expects the dividend to be taxable to
its stockholders. Ready Capital reserves the right to pay the
dividend entirely in cash.
An information letter and election form will be mailed to
stockholders of record promptly after March
31, 2020.
Safe Harbor Statement
This press
release contains statements
that constitute "forward-looking statements," as such
term is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and such statements are intended to be covered
by the safe harbor provided by the same. These statements
are based on management's current expectations and beliefs and are
subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements; the Company can give no assurance
that its expectations will be attained. Factors that could cause
actual results to differ materially from the Company's
expectations include, but are not limited to, applicable regulatory
changes; the impact to the Company's business from the
COVID-19 situation; volatility of the capital markets; changes
in the Company's investment objectives and business strategy; the
availability of financing on acceptable terms or at all; the
availability, terms and deployment of capital; the availability of
suitable investment opportunities; changes in the interest rates or
the general economy; increased rates of default and/or decreased
recovery rates on investments; changes in interest rates, interest
rate spreads, the yield curve or prepayment rates; changes in
prepayments of Company's assets; the degree and nature of
competition, including competition for the Company's target assets;
and other factors, including those set forth in the Risk Factors
section of the Company's most recent Annual Report on Form 10-K
filed with the SEC, and other reports filed by the Company
with the SEC, copies of which are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
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 400 lending professionals
nationwide. The company is externally managed and advised by
Waterfall Asset Management, LLC.
Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com
Additional information can be found on the Company's website
at www.readycapital.com
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SOURCE Ready Capital Corporation