Ready Capital does $217 million of SBA loans in Q2
Second Quarter Highlights
Total investments of $474 million, including $257 million of LMM originations and a record $217 million of U.S. Small Business Administration 7(a) loans
Declared and paid dividend of $0.30 per share in cash
Net book value of $12.97 per share of common stock as of June 30, 2024
Acquired approximately 2.3 million shares of the Company’s common stock at an average price of $8.61 per share as part of stock repurchase program
Sold $4.7 billion of residential mortgage servicing rights for net proceeds of $61.8 million as part of the Company’s disposition of its residential mortgage banking segment
Completed sale process of $462 million of under-performing loans with expected settlement in the third quarter
Completed the acquisition of Madison One, a leading originator and servicer of USDA and SBA guaranteed loan products
Subsequent Events
The Company acquired Funding Circle USA, Inc., an online lending platform that originates and services small business loans
Full press release below