NEW YORK, September 29, 2022 /PRNewswire/ — Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, funds and services low-to-mid balance commercial loans, announced today that the board of directors has authorized an increase in the size of the company’s existing share buyback program by an additional amount $25.0 millionbringing the total amount authorized under the program to $50.0 million. Buybacks under the share buyback program may be made at management’s discretion from time to time in the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements and may be made in part under one or more Rule 10b5-1 plans, which permit share repurchases at times when the Company could otherwise be prevented from doing so. The timing and amount of any repurchase transaction will be determined by the management of the Company based on its assessment of market conditions, share price, legal requirements and other factors.
Safe Harbor Statement
This press release contains statements that constitute “forward-looking statements”, as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. amended, and such statements are intended to be covered by the safe harbor provided therein. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company cannot guarantee that its expectations will be met. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general capital market volatility; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or not at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in interest rates or the general economy; increase in default rates and/or decrease in investment recovery rates; changes in interest rates, interest rate spreads, yield curve or prepayment rates; changes in prepayments of Company assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, including copies are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Ready Capital Corporation
Ready Capital Corporation (NYSE:RC) is a multi-strategy real estate finance company that originates, acquires, finances and manages small and mid-sized commercial loans. Ready Capital specializes in commercial real estate-backed loans, including agency multi-family loans, investor and bridge loans as well as SBA 7(a) business loans. Based at New York, New York, Ready Capital employs more than 600 credit professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.
Contact
Investor Relations
212-257-4666
InvestorRelations@readycapital.com
Media Relations
PR@readycapital.com
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SOURCE Ready Capital Corporation
