Ready Capital Q1 GAAP EPS $0.30; announces merger with Broadmark

Ready Capital Corp

2023-Q1 EPS reported $0.29

GAAP EPS $0.30 per common share; distributable earnings $0.31; distributable ROE 8.5%.
Total investments $829M: $411M SBC originations, $326M residential mortgage loans, $92M SBA 7(a) loans.
Declared cash dividend $0.40/share; net book value $15.07 per share as of March 31.
Announced definitive merger with Broadmark Realty Capital; expected to create 4th largest commercial mortgage REIT (~$2.8B cap).
Completed securitization of $586M floating-rate SBC loans; sold $484M senior bonds at SOFR + 2.9%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ready Capital Corp reported financial results for the quarter ended March 31, 2023.

Period: the quarter ended March 31, 2023
Result: reported results

Exact text from the filing

On May 8, 2023, Ready Capital Corporation (the “Company”) issued an earnings release announcing the financial results for the quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001558370-23-008528

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