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Owens Realty Mortgage declares final dividend before Ready Capital merger

Walnut Creek, Calif.-based Owens Realty Mortgage Inc.'s board declared a dividend of 24 cents per common share before the expected close of its merger with Ready Capital Corp.

The dividend consists of Owens Realty's regular quarterly dividend of 20 cents per share plus the quotient of $4.5 million minus the transaction expenses incurred by the company between Oct. 1, 2018, and the closing date, divided by the number of shares outstanding as of the dividend's March 25 record date.

The dividend will be paid on March 28.