Ready Capital Corp. (NYSE:RC) stock gained 1.1% in Thursday morning trading after the real estate finance company turned in Q1 distributable earnings that topped Wall Street expectations and rose sequentially as it worked to reposition underperforming loans into market-yielding investments and further reduce its limited office exposure. “We continue to address the challenges caused by the current recession in commercial real estate,” said Chairman and CEO Thomas Capasse. During the quarter, RC increased its valuation allowance by $146.2M.