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Sep 30, 2024
Ready Capital Q3 2024 Earnings Report
Ready Capital reported a net loss and a distributable loss per common share for Q3 2024, but demonstrated efforts to reposition underperforming loans and achieved record growth in the Small Business Lending business.
Key Takeaways
Ready Capital Corporation reported a GAAP loss per common share of $(0.07) and a distributable earnings per common share of $(0.28) for the third quarter of 2024. However, distributable earnings per common share before realized losses was $0.25, and the company saw record growth in its Small Business Lending business.
Lower-to-Middle Market originations totaled $246 million.
Small Business Lending loan originations reached a record $440 million, including $355 million of Small Business Administration 7(a) loans.
Net book value was $12.59 per share of common stock as of September 30, 2024.
A dividend of $0.25 per share was declared and paid.
Ready Capital
Ready Capital
Forward Guidance
No specific forward guidance was provided in the earnings report.