Ready Capital Corporation (NYSE:RC) Q4 2022 Earnings Conference Call February 27, 2023 8:00 AM ET Company Participants Tom Capasse - CEO Andrew Ahlborn - CFO Adam Zausmer - CCO Conference Call Participants Crispin Love - Piper Sandler Stephen Laws - Raymond James Steven DeLaney - JMP Securities Christopher Nolan - Ladenburg Thalmann Jade Rahmani - KBW Matt Howlett - B. Riley Operator Greetings, and welcome to the Ready Capital Corporation fourth quarter 2022 earnings conference call. At this time, all parti ...

Financial Performance - Total management fees for the three months ended September 30, 2022, were $5.4 million, compared to $2.7 million in the same period of 2021, representing a 100% increase [332]. - Total incentive fee distribution for the three months ended September 30, 2022, was $0.9 million, down from $2.8 million in the same period of 2021, a decrease of 67.9% [336]. - The Company reported a net income of $66.253 million for the three months ended September 30, 2022, an increase of 42.4% from $46.535 million in the same period in 2021 [379]. - Basic earnings per share (EPS) for the three months ended September 30, 2022, was $0.53, compared to $0.61 for the same period in 2021, representing a decrease of 13.1% [379]. - Diluted EPS for the nine months ended September 30, 2022, was $1.56, an increase of 6.8% from $1.46 in the same period in 2021 [379]. - The company reported distributable earnings of $58.186 million for the three months ended September 30, 2022, compared to $49.365 million in the same period of 2021, reflecting a 17.5% increase [467]. - Consolidated net income for the nine months ended September 30, 2022, was $189.5 million, an increase of $83.1 million from the same period in 2021, driven by higher loan volumes and interest income from PPP loans [499]. Assets and Liabilities - The total other assets as of September 30, 2022, amounted to $213.0 million, an increase from $172.1 million as of December 31, 2021 [344]. - As of September 30, 2022, total PPP related assets amounted to $278.4 million, a decrease of 68.3% from $877.8 million as of December 31, 2021 [359]. - Total assets as of September 30, 2022, reached $11,858,211,000, indicating a stable asset base [423]. - Total liabilities increased to $9.881 billion as of September 30, 2022, up $1.636 billion or 19.8% from $8.245 billion at the end of 2021 [474]. - Stockholders' equity rose by $688 million to $1.969 billion as of September 30, 2022, primarily due to equity raised from the Mosaic Mergers and public offerings [476]. Income and Expenses - Total interest income for the three months ended September 30, 2022, was $186,026,000, with a net interest income after provision for loan losses of $67,100,000 [423]. - Non-interest income totaled $78,528,000 for the same period, driven by residential mortgage banking activities and net realized gains on financial instruments [423]. - The company reported a total non-interest expense of $200,857,000 for the nine months ended September 30, 2022, reflecting operational costs [425]. - The provision for loan losses for Q3 2022 was $3.2 million, an increase of $1.7 million due to higher loan balances and changes in macroeconomic forecasts [485]. - Non-interest expense for the nine months ended September 30, 2022, was $200.9 million, a decrease of $42.0 million compared to the same period in 2021 [481]. Loan Activity - The Company originated $109.5 million in PPP loans and recognized fees totaling $5.2 million during the period of origination [356]. - Total loan originations for the three months ended September 30, 2022, were $1.499 billion, a decrease of 34% from $2.272 billion in the same period of 2021 [471]. - The Company originated $2.2 billion in PPP loans under the Economic Aid Act, classified as held-for-investment [363]. - Total loan investment activity for the nine months ended September 30, 2022, was $6.703 billion, a slight decrease from $6.877 billion in the same period of 2021 [471]. Financing and Commitments - The Company has committed $125.0 million to invest in the Waterfall Atlas Fund, with $36.6 million already contributed as of September 30, 2022, leaving a remaining commitment of $88.4 million [341]. - The Company has undrawn commitments on outstanding loans, which are disclosed in Note 25, indicating potential future funding requirements [401]. - The company maintains various short-term and long-term financing arrangements secured by loans and investments [512]. Market Conditions and Risks - Current market conditions are characterized by inflationary pressures and macroeconomic concerns, with the U.S. Federal Reserve likely to continue raising interest rates into 2023 [463]. - The company anticipates that increases in interest rates may lead to higher interest expenses and a decline in the value of fixed-rate loans and securities [454]. - The company reported that credit risk is a significant concern, with default rates influenced by various factors including property performance and regional economics [462]. Shareholder Information - The Company declared dividends of $0.1 million for Series C Preferred Stock and $1.9 million for Series E Preferred Stock during the three months ended September 30, 2022 [376]. - The dividend yield for the three months ended September 30, 2022, was 16.6%, compared to 11.6% in the same period of 2021 [467]. - The conversion rate for Series C Preferred Stock was 1.2018 shares of common stock per $25 principal amount, equivalent to a conversion price of approximately $20.80 per share [374]. Strategic Initiatives - The company aims to provide attractive risk-adjusted returns primarily through dividends and capital appreciation by growing its investment portfolio [434]. - The company has a large and active pipeline of potential acquisition and origination opportunities, although competition may limit the ability to acquire or originate these investments [468]. - The acquisition of Red Stone was completed for an initial purchase price of approximately $63 million in cash, plus $7 million in retention payments and 128,533 shares of common stock [445].

Ready Capital Corporation (NYSE:RC) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Andrew Ahlborn - Chief Financial Officer Tom Capasse - Chief Executive Officer Adam Zausmer - Chief Credit Officer Conference Call Participants Stephen Laws - Raymond James Steven DeLaney - JMP Securities Christopher Nolan - Ladenburg Thalmann Crispin Love - Piper Sandler Jade Rahmani - KBW Eric Hagen - BTIG Operator Greetings, and welcome to the Ready Capital Corporation Third Quarter 2022 ...

2 BROADMARK REALTY CAPITAL Supplemental Earnings Presentation Third Quarter 2022 Company Highlights Internally managed REIT with disciplined investment strategy targeted on the small to medium balance commercial real estate finance sector $4.2 Billion Total Capital Deployed Since Inception $1.5 Billion Active Diversified Loan Portfolio 60.6% Weighted Average LTV(1) 99.3% Senior Secured Loans(2) 0.4% De Minimis Historical Principal Loss(3) 8.8% Debt-to-Equity $196 Million Total Liquidity 15% Dividend Yield ( ...

Broadmark Realty Capital Inc. (BRMK) Q2 2022 Results Conference Call August 8, 2022 5:00 PM ET Company Participants Nevin Boparai - General Counsel Brian Ward - CEO David Schneider - CFO Conference Call Participants Steve Delaney - JMP Securities Crispin Love - Piper Sandler Stephen Laws - Raymond James Eric Hagen - BTIG Matthew Howlett - B. Riley Operator Greetings. Welcome to Broadmark Realty Capital Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-an ...

Maryland 90-0729143 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 1251 Avenue of the Americas, 50 th Floor, New York, NY 10020 (Address of Principal Executive Offices, Including Zip Code) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 Commission File Number: 001-35808 READY ...

| --- | --- | |-----------|-------| | | | | RC LISTED | | Disclaimer These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, an interest in Ready Capital Corporation ("Ready Capital," "RC," or the "Company"). Neither the Company nor any of its representatives or affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and Company and its represen ...

BROADMARK REALTY CAPITAL Supplemental Earnings Presentation First Quarter 2022 BROADMARK COMPANY HIGHLIGHTS Internally managed REIT with disciplined investment strategy targeted on the small to medium balance commercial real estate finance sector $3.8 Billion Total Capital Deployed Since Inception $1.6 Billion Active Diversified Loan Portfolio 59.2% Weighted Average LTV(2) 100% Senior Secured Loans 0.3% De minimis Historical Principal Loss(1) 8.5% Debt-to-Equity $232 Million 10.6% Total Liquidity Dividend Y ...

Broadmark Realty Capital, Inc. (BRMK) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET Company Participants Nevin Boparai - Chief Legal Officer & Secretary Brian Ward - CEO & Director David Schneider - CFO & Treasurer Conference Call Participants Steve Delaney - JMP Securities Operator Greetings, and welcome to the Broadmark Realty Capital's First Quarter 2022 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host, Nevin Boparai. Thank you, Nevin. You may now ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 Commission File Number: 001-35808 READY CAPITAL CORPORATION (Exact Name of Registrant as Specified in its Charter) Maryland 90-0729143 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 1251 Avenue of the Americas, 50 th Floor, New ...