Ready Capital Corp. (RC) Tops Q2 EPS by 7c, Revenues Beat

Ready Capital Corp. (NYSE: RC) reported Q2 EPS of $0.70, $0.07 better than the analyst estimate of $0.63. Revenue for the quarter came in at $39.2 million versus the consensus estimate of $22.28 million.

Second Quarter Results:

• U.S. GAAP Net income of $34.7 million, or $0.62 per diluted share of common stock
• Core Earnings of $39.2 million, or $0.70 per diluted share of common stock
• Adjusted net book value of $14.46 per share of common stock as of June 30, 2020
• Unrestricted cash position of $257.0 million as of June 30, 2020
• Originated a record $1.2 billion of residential mortgage loans
• Originated a record $157.9 million of Freddie Mac loans
• Originated $20.8 million of loans guaranteed by the U.S. Small Business Administration (the "SBA") under its Section 7(a) loan program
• Facilitated the origination of $2.7 billion in Paycheck Protection Program (PPP) loans, representing over 40,000 businesses
• Declared and paid dividend of $0.25 per share in cash

"We are proud of the record results we produced, despite the unprecedented and challenging times due to the COVID-19 pandemic," commented Thomas Capasse, Ready Capital's Chairman and Chief Executive Officer. "The Company successfully responded to this new economic environment by effectively reducing risk by increasing liquidity, preserving book value and reducing mark-to-market liabilities, while expanding our government sponsored lending segments. We are pleased we were able to do our small part in helping over 40,000 small businesses across the country through our participation in the PPP program."

For earnings history and earnings-related data on Ready Capital Corp. (RC) click here.

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