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Filing Details

Accession Number:: 0001104659-23-092702
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2023-08-16 18:05:06
Reporting Period:: 2023-08-14

Accepted Time:: 2023-08-16 18:05:06
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1527590	Ready Capital Corp	RC	()	4

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1469065	E Thomas Capasse	1251 Avenue Of The Americas 50Th Floor New York NY 10020	Ceo And Cio	Yes	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2023-08-14	26,623	$0.00	0	No	4	W	Indirect	By Edward J. Capasse Revocable Trust
Common Stock	Acquisiton	2023-08-14	26,623	$0.00	26,623	No	4	W	Indirect	Edward J Capasse Irrevocable Trust
Common Stock	Disposition	2023-08-15	26,623	$10.70	0	No	4	S	Indirect	Edward J Capasse Irrevocable Trust

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	W	Indirect	By Edward J. Capasse Revocable Trust
No	4	W	Indirect	Edward J Capasse Irrevocable Trust
No	4	S	Indirect	Edward J Capasse Irrevocable Trust

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
6.50% Series E Cumulative Redeemable Preferred Stock	20,000	Direct
Common Stock	309,925	Direct
Common Stock	91,994	Indirect	By Waterfall

Footnotes

Prior to the death of the Reporting Person's father, these shares were held in a trust for the benefit of the Reporting Person's father, and the Reporting Person's father was trustee of the trust. In connection with the Reporting Person's father's death, the shares were transferred to an irrevocable family trust of which the Reporting Person is trustee and members of the Reporting Person's immediate family are beneficiaries. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
Reflects the liquidation of the trust in connection with the death of the Reporting Person's father. The Reporting Person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
Reflects the weighted average sale price. The Reporting Person effected multiple same-way open market sale transactions on the same day at different prices through a trade order executed by a broker dealer. The Reporting Person reported on a single line all such transactions that occurred within a one-dollar price range. The Reporting Person hereby undertakes to provide upon request by the Securities and Exchange Commission staff, the Issuer, or a shareholder of the Issuer, full information regarding the number of shares sold at each separate price. The range of prices for such transaction is $10.66 to $10.77.
Upon the occurrence of a Change of Control (as defined in the Articles Supplementary relating to the Series E Preferred Stock) of the Issuer, the Reporting Person will have the right to convert the shares of Series E Preferred Stock into a number of shares of common stock of the Issuer per share of Series E Preferred Stock equal to the lesser of (A) the quotient obtained by dividing (i) the sum of (x) the $25.00 liquidation preference plus (y) the amount of any accrued and unpaid dividends by (ii) the Common Stock Price (as defined in the Articles Supplementary relating to the Series E Preferred Stock) and (B) 3.2916, subject to certain adjustments indicated in the Articles Supplementary relating to the Series E Preferred Stock.
These shares represent the 91,994 shares of Common Stock of the Issuer out of the 305,124 and 8,869 total shares of Common Stock owned by the Manager and its affiliate, Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, based on the Reporting Person's percentage of direct ownership interests in Waterfall.
WM serves as the general partner of Sutherland REIT Holdings, LP (the "Partnership") and may be deemed to be the beneficial owner of the shares of Common Stock that are held by the Partnership. In addition, the Reporting Person is a principal of the Manager and may be deemed to share voting and investment power over the 11,430,546 shares of Common Stock held by the Partnership.