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Jun 30, 2023
Ready Capital Q2 2023 Earnings Report
Ready Capital's second quarter results were reported, featuring GAAP earnings per share of $1.87 and distributable earnings per share of $0.36. The company completed the acquisition of Broadmark Realty Capital and initiated a new stock repurchase program.
Key Takeaways
Ready Capital Corporation reported strong financial results for the second quarter of 2023, with a net income of $253.373 million and distributable earnings of $51.283 million. The company completed the acquisition of Broadmark Realty Capital and executed a $649 million securitization of floating rate SBC loans. A new stock repurchase program was initiated, authorizing $100 million for share repurchases.
Completed merger with Broadmark Realty Capital Inc.
Total investments of $1.1 billion, including $512 million of SBC originations, $424 million of residential mortgage loans, and $121 million of U.S. Small Business Administration 7(a) loans
Completed a $649 million securitization of floating rate SBC loans and sold $509 million of senior bonds at a weighted average cost of SOFR + 2.94%
Initiated a new stock repurchase program, authorizing the repurchase of $100 million of the Company’s common stock
Historical Earnings Impact
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Avg. Return Before/After Earnings
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