Ready Capital ( (RC) ) has released its Q3 earnings. Here is a breakdown of the information Ready Capital presented to its investors.
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Ready Capital Corporation is a multi-strategy real estate finance company based in New York, specializing in lower-to-middle-market commercial real estate loans and U.S. Small Business Administration loans. The company’s unique focus on these segments allows it to cater to investor and owner-occupied commercial properties.
In its third-quarter earnings report for 2024, Ready Capital announced a GAAP loss per common share of $(0.07) and distributable earnings per common share of $(0.28). Despite these losses, the company emphasized its success in repositioning underperforming loans and highlighted record growth in its Small Business Lending division.
Key financial highlights included lower-to-middle-market loan originations of $246 million and record Small Business Lending originations of $440 million, including $355 million in SBA 7(a) loans. The company also bolstered its Small Business Lending platform by acquiring Funding Circle USA, Inc. The net book value per share stood at $12.59, with a declared dividend of $0.25 per share.
Looking ahead, Ready Capital remains optimistic about achieving its long-term targets, driven by an improving economic landscape and strategic efforts to enhance returns. The management’s focus on market-yielding investments and small business lending positions the company for potential future growth.
