READY CAPITAL CORPORATION DECLARES FOURTH QUARTER 2022 DIVIDENDS

NEW YORK, Dec. 15, 2022 /PRNewswire/ -- Ready Capital Corporation (NYSE:RC) (the "Company") announced that its Board of Directors declared a quarterly cash dividend of $0.40 per share of common stock and Operating Partnership unit for the quarter ended December 31, 2022. This dividend is payable on January 31, 2023, to shareholders of record as of the close of business on December 30, 2022, which is the effective record date since December 31, 2022, is not a business day.

"Over the past six quarters, we have delivered an above average dividend yield to our investors during the volatile period associated with the COVID-19 pandemic. Through our participation in the government's Paycheck Protection Program (PPP), we generated meaningful value," said Thomas Capasse, Ready Capital's Chairman and Chief Executive Officer. "With the run-off of the income received from the program, the board of directors has aligned the dividend policy to historical targeted yields that are well-covered by our normalized distributable earnings."

Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the "Series C Preferred Stock"), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock").

The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on January 13, 2023, to Series C Preferred stockholders of record as of the close of business on December 30, 2022.

The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on January 31, 2023, to Series E Preferred stockholders of record as of the close of business on December 30, 2022.

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 600 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

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SOURCE Ready Capital Corporation