0001104659-20-092926.txt : 20200810
0001104659-20-092926.hdr.sgml : 20200810
20200810212043
ACCESSION NUMBER: 0001104659-20-092926
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20200806
FILED AS OF DATE: 20200810
DATE AS OF CHANGE: 20200810
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Capasse Thomas E
CENTRAL INDEX KEY: 0001469065
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-35808
FILM NUMBER: 201090900
BUSINESS ADDRESS:
BUSINESS PHONE: 2128438906
MAIL ADDRESS:
STREET 1: SUTHERLAND ASSET MANAGEMENT CORPORATION
STREET 2: 1185 AVENUE OF THE AMERICAS, 18TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10036
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Ready Capital Corp
CENTRAL INDEX KEY: 0001527590
STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798]
IRS NUMBER: 900729143
STATE OF INCORPORATION: MD
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10036
BUSINESS PHONE: 212-257-4600
MAIL ADDRESS:
STREET 1: 1140 AVENUE OF THE AMERICAS, 7TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10036
FORMER COMPANY:
FORMER CONFORMED NAME: Sutherland Asset Management Corp
DATE OF NAME CHANGE: 20161110
FORMER COMPANY:
FORMER CONFORMED NAME: ZAIS Financial Corp.
DATE OF NAME CHANGE: 20110808
4
1
a4.xml
4
X0306
4
2020-08-06
0
0001527590
Ready Capital Corp
RC
0001469065
Capasse Thomas E
1251 AVENUE OF THE AMERICAS 50TH FLOOR
NEW YORK
NY
10020
1
1
0
0
Chief Executive Officer
Common Stock
2020-08-06
4
A
0
59936
A
78285
I
By Waterfall
Common Stock
309925
D
Common Stock
26623
I
By Edward J. Capasse Revocable Trust
On August 6, 2020, the board of the directors of the Issuer approved the issuance of 208,690 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 59,936 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 208,690 shares based on the Reporting Person's percentage ownership in the Manager.
These shares represent the 78,285 shares of Common Stock of the Issuer out of the 263,695 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, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership"), based on the Reporting Person's percentage of direct ownership interests in Waterfall.
WM serves as the general partner of 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 13,395,167 shares of Common Stock held by the Partnership.
However, WM does not have an economic interest in these shares and expects to distribute such shares to the beneficial owners of the Partnership upon their request in accordance with the Partnership's partnership agreement. Accordingly, WM disclaims beneficial ownership of the shares of Common Stock held by the Partnership and the Reporting Person disclaims beneficial ownership of such shares of Common Stock, except to the extent of the 78,285 shares reported herein, which represents his economic interest in the Manager, including through the Manager's ownership of the Partnership.
On March 11, 2020, the Issuer's Board of Directors declared a quarterly cash dividend of $0.40 per share of common stock. On March 20, 2020, the Issuer announced that the dividend will be paid in a combination of cash and common stock on April 30, 2020 to common stockholders of record as of the close of business of March 31, 2020. As a result, the Manager received 2,956 shares and WM received 415 shares of Common Stock. The 968 shares of Common Stock reflected on this Form 4 represent the reporting person's pro rata ownership of the 3,371 shares based on the reporting person's percentage of direct ownership interests in the Manager and WM.
On March 11, 2020, the Issuer's Board of Directors declared a quarterly cash dividend of $0.40 per share of common stock. On March 20, 2020, the Issuer announced that the dividend will be paid in a combination of cash and common stock on April 30, 2020 to common stockholders of record as of the close of business of March 31, 2020. As a result, the reporting person received approximately 18,897 shares of the Issuer's common stock.
These shares are held in a trust for the benefit of the Reporting Person's father. The Reporting Person's father is trustee of the trust. The Reporting Person disclaims beneficial ownership of these securities, 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.
On March 11, 2020, the Issuer's Board of Directors declared a quarterly cash dividend of $0.40 per share of common stock. On March 20, 2020, the Issuer announced that the dividend will be paid in a combination of cash and common stock on April 30, 2020 to common stockholders of record as of the close of business of March 31, 2020. As a result, the reporting person received approximately 1,623 shares of the Issuer's common stock.
/s/ Thomas E. Capasse
2020-08-10