Ready Capital Corp. (RC) Misses Q1 EPS by 1c

Ready Capital Corp. (NYSE: RC) reported Q1 EPS of $0.41, $0.01 worse than the analyst estimate of $0.42.

• U.S. GAAP Net income of $28.9 million, or $0.49 per diluted share of common stock
• Distributable Earnings of $24.7 million, or $0.41 per diluted share of common stock
• Adjusted net book value of $14.89 per share of common stock as of March 31, 2021
• Current liquidity of $424 million including cash, approved but undrawn financing and principal and interest collections receivable from servicers
• Originated a record of $823.2 million of small-to-medium balance commercial loans
• Originated $1.2 billion of residential mortgage loans
• Originated $50.2 million of loans guaranteed by the U.S. Small Business Administration (the \"SBA\") under its Section 7(a) loan program
• Originated over 36,000 loans under the Paycheck Protection Program totaling $1.3 billion; earned $73.3 million in net fees, with $67.8 million to be recognized in future periods as of March 31, 2021
• Closed $338 million merger with Anworth Mortgage Asset Corporation
• Declared and paid dividend of $0.40 per share in cash

"We are off to an active start to 2021. Our first quarter performance is attributable to our diversified model which provides both stable net interest income from our loan and servicing assets and alpha from our government sponsored gain on sale businesses. Our efforts to increase scale and improve our capitalization have positioned us well to create additional value for shareholders," commented Thomas Capasse, Ready Capital\'s Chairman and Chief Executive Officer. "We are proud of our efforts to aid small businesses through the Paycheck Protection Program which we will continue to parlay into expansion of our core SBA 7(a) lending program."

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

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