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READY CAPITAL CORPORATION REPORTS THIRD QUARTER 2021 RESULTS GAAP EARNINGS PER COMMON SHARE OF $ 0.61 DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $ 0.64 DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS ' EQUITY OF 17.3 % Exhibit 99.1 New York , New York , November 4 , 2021 / PRNewswire / - Ready Capital Corporation ( " Ready Capital " or the " Company " ) ( NYSE : RC ) , a multi - strategy real estate finance company that originates , acquires , finances , and services small - to - medium balance commercial loans , today reported financial results for the quarter ended September 30 , 2021 . ● " The strength of originations and earnings from the first half of the year continued to accelerate through the third quarter . The quarter over quarter growth in Distributable Earnings reflects the evolution of our business , driven by increased scale , expanded capabilities and an attractive economic climate , " commented Thomas Capasse , Ready Capital's Chairman and Chief Executive Officer . " Our focus on providing life - cycle financing to small balance commercial properties continues to differentiate Ready Capital from the peer group and our diverse platform continues to produce attractive returns for our shareholders . " Third Quarter Highlights Declared and paid dividend of $ 0.42 per share in cash with Distributable Earnings coverage of the dividend at 1.5x Total investments of $ 2.3 billion , including $ 1.2 billion in SBC originations and acquisitions , $ 1.0 billion of residential mortgage loans , and $ 138.3 million of U.S. Small Business Administration 7 ( a ) loans Total year - to - date investment activity of $ 6.8 billion , 67 % year - over - year growth Adjusted net book value of $ 15.06 per share of common stock as of September 30 , 2021 , 1.5 % year - over - year growth Completed the Company's sixth CRE CLO with $ 652.5 million of transitional loans securitized at an 83 % advance rate and weighted average cost of 1.3 % Subsequent Events Issued $ 350 million of 4.5 % Senior Secured Notes to retire $ 180 million of 7.5 % Senior Secured Notes due February 2022 and for reinvestment into the Company's investment pipeline Use of Non - GAAP Financial Information In addition to the results presented in accordance with U.S. GAAP , this press release includes distributable earnings , formerly referred to as core earnings , which is a non - U.S . GAAP financial measure . The Company defines Distributable Earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities ( " MBS " ) , realized gains and losses on sales of certain MBS , unrealized gains and losses related to residential mortgage servicing rights , unrealized current non - cash provision for credit losses on accrual loans and one - time non - recurring gains or losses , such as gains or losses on discontinued operations , bargain purchase gains , merger related expenses , or other one - time items . The Company believes that this non - U.S . GAAP financial information , in addition to the related U.S. GAAP measures , provides investors greater transparency into the information used by management in its financial and operational decision - making , including the determination of dividends . However , because Distributable Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP , it should be considered along with , but not as an alternative to , the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance . In addition , because not all companies use identical calculations , the Company's presentation of Distributable Earnings may not be comparable to other similarly - titled measures of other companies .