Ready Capital reports Q2 GAAP loss of $0.63/share; book value $6.83

Ready Capital Corp

GAAP loss per common share $(0.63); distributable loss $(0.47); distributable loss before realized losses $(0.24).
Generated $1.4B cash YTD from loan sales/runoff; paid down >$1B asset-level financing and retired $184M corporate debt.
Total loan originations $278.8M, including $155.9M LMM CRE and $82.1M SBA 7(a) loans.
Book value $6.83/share; ended quarter with $124M cash and $690M unencumbered assets; total leverage 3.0x.
Portland Ritz: sold 50 units (38% completion); hotel occupancy up 10% YoY to 52%, RevPar up 20% to $244.

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