SEC Form 4 · accession 0001104659-18-052003
Ready Capital Corp · RC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Waterfall Asset Management, LLC
10% Owner
Period of report
Aug 10, 2018
Accepted (ET)
Aug 14, 2018 · 5:01 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001527590
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Aug 10, 2018 | A | 8,123 | — | A | 50,553 | D | |
| Common StockF2,F3 | holding | — | — | — | 9,601 | I | By Sutherland REIT Holdings, LP |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On August 10, 2018, the board of the directors of the Issuer approved the issuance of 8,123 shares of Common Stock to the Reporting Person, the Issuer's external manager, as payment of 50% of the incentive distribution payable to the Reporting Person pursuant to the management agreement between the Issuer and the Reporting Person.
- F2Represents 9,601 shares of Common Stock of the Issuer out of the 13,741,454 total shares of Common Stock held by Sutherland REIT Holdings, LP (the "Partnership") based on the Reporting Person's percentage of direct ownership interests in the Partnership. The Reporting Person serves as the Issuer's external manager and its affiliate, Waterfall Management, LLC, serves as the general partner of the Partnership and may be deemed to be the beneficial owner of the shares of Common Stock of the Issuer that are held by the Partnership. In addition, the Reporting Person may be deemed to share voting and investment power over the shares of Common Stock of the Issuer held by the Partnership. However, Waterfall Management, LLC 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.
- F3Accordingly, Waterfall Management, LLC 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 9,601 shares reported herein, which represents its economic interest in the Partnership.