Ready Capital Corp. (NYSE: RC) reported Q1 EPS of $0.01, $0.36 worse than the analyst estimate of $0.37.

First Quarter Results:

• U.S. GAAP Net loss of $51.5 million, or $0.98 per diluted share of common stock
• Core Earnings of $1.2 million, or $0.01 per diluted share of common stock
• Adjusted net book value of $14.52 per share of common stock as of March 31, 2020
• Unrestricted cash position of $122.3 million as of March 31, 2020
• The net book value per share impact of the adoption of the new CECL accounting standard and the non-cash change in reserves on performing loans was $0.79 per share and includes the COVID-19 related adverse economic scenario forecasting
• Originated $469.7 million and acquired $51.5 million of small balance commercial ("SBC") loans
• Originated $45.5 million of loans guaranteed by the U.S. Small Business Administration (the "SBA") under its Section 7(a) loan program
• Originated a record $691.3 million of residential mortgage loans
• Declared and paid dividend of $0.40 per share in a combination of cash and common shares

Thomas Capasse, Chairman and Chief Executive Officer said, "In light of the increased volatility and market instability caused by COVID-19 pandemic, the Company shifted focus to increasing liquidity, managing mark-to-market liabilities, and preserving book value through pre-emptive asset management. We are and we will continue leveraging our various lending segments to help support the challenges our economy faces and continue to care for our colleagues, partners and stakeholders affected by this public health issue. Our thoughts remain with the individuals and communities affected across the world as the public health response to COVID-19 continues."

For earnings history and earnings-related data on Ready Capital Corp. (RC) click here.