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Ready Capital Corporation (NYSE:RC) in stock up 1.1% In Thursday morning trading, the real estate finance company reported first-quarter distributable earnings that beat Wall Street forecasts and worked to reallocate underperforming loans to Market yield investments and further reduce their limited office risk.
“We continue to navigate the challenges posed by the current commercial real estate downturn,” Chairman and CEO Thomas Capasse said. During the quarter, RC increased its valuation reserves by $146.2 million.
First-quarter distributable earnings reported Wednesday were $0.29 per share, a penny above analysts’ average estimate of $0.28 and up from $0.26 in the previous quarter.
Interest income was $232.4 million, down from $250.1 million in the fourth quarter of 2023 and up from $216 million in the first quarter of 2023. was US$45.9 million, compared with US$63.8 million in the first quarter of 2023.
During the quarter, Ready Capital (RC) acquired approximately 2.1 million shares of common stock at an average price of $8.88 per share as part of its stock repurchase program.
