Ready Capital reports Q1 EPS 29c, consensus 26c

“We continue to address the challenges caused by the current recession in commercial real estate,” said Thomas Capasse, CEO. “The quarter’s valuation allowance is indicative of our intent to aggressively reposition underperforming loans into market yielding investments and further reduce the Company’s limited 4.4% office exposure. Despite these allowances, the Company’s Distributable Earnings moved towards our long-term target and growth in our Small Business Lending segment reached all-time highs.”