From GlobeNewswire:

Ready Capital Corporation reported GAAP earnings per common share from continuing operations of $0.12 and distributable earnings per common share of $0.26. The distributable return on average stockholders’ equity was 7.5%. The company also highlighted total investments of $449 million in the fourth quarter, including $297 million of LMM originations and $152 million of U.S. Small Business Administration 7(a) loans. For the full year, the company reported GAAP earnings per common share from continuing operations of $2.27 and distributable earnings per common share of $1.18, with a distributable return on average stockholders’ equity of 8.6%.otal LMM originations for the year were $1.7 billion and SBA 7(a) originations were at $494 million. Two securitizations consisting of $1.2 billion of floating rate LMM loans were completed, along with the sale of $1.0 billion of senior bonds at a weighted average cost of SOFR + 2.9%. The company also completed a merger with Broadmark Realty Capital Inc., initiated a new stock repurchase program, and acquired approximately 1.7 million shares of common stock.

The company has provided non-GAAP financial information in addition to the results presented in accordance with GAAP. Distributable earnings, formerly referred to as core earnings, is a non-GAAP financial measure used by the company. Distributable earnings are defined as net income adjusted for various items, including unrealized gains and losses on certain mortgage backed securities, realized gains and losses on sales of certain MBS, unrealized gains and losses on residential mortgage servicing rights, and non-cash compensation expenses. The company believes that providing this information alongside GAAP measures offers investors greater transparency into the company’s financial performance and operational decision-making. However, distributable earnings should not be viewed as an alternative to net income computed in accordance with GAAP.

A webcast and conference call will be held on February 28, 2024 at 8:30am ET to discuss the financial results for the fourth quarter of 2023. The company encourages the use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast will be available in the Investor Relations section of the company’s website. To participate in the call, dial in at least five minutes prior to the start time. Domestic participants can call 1-877-407-0792 and international participants can call 1-201-689-8263. A playback of the conference call will be available until March 13, 2024.



Read more at GlobeNewswire:: Ready Capital Corporation Reports Fourth Quarter 2023