Financial Performance - Net income from continuing operations was $0.47 per common share[5] - Distributable losses were $(0.09) per common share[5] - Distributable earnings before realized losses were $0.00 per common share[5] - A dividend of $0.125 per common share was declared[5] Loan Portfolio - The total loan portfolio was $8.4 billion[5] - The weighted average yield in the $5.9 billion CRE core portfolio was 8.3%[5] - Total loan originations amounted to $466.1 million[5] - Loan repayments and sales totaled $758.2 million[5] - Core delinquencies (60+ days) stood at 4.1%[5] Capitalization & Acquisitions - 3.4 million shares were repurchased at an average price of $5.02, impacting book value per share by $0.11[5] - Total leverage was 3.5x, with a recourse leverage ratio of 1.3x[5] - The acquisition of United Development Funding IV was closed for $167 million, which was $0.14 per share accretive to book value per share[5] Portfolio Composition - The carrying value of the Core portfolio is $5.88 billion with 4.1% being 60+ days delinquent[7] - The carrying value of the Non-Core portfolio is $0.74 billion with 40.9% being 60+ days delinquent[7]

– Quarterly GAAP Earnings of $0.33 and Distributable Earnings (DE) of $0.45 per Diluted Share –– Invested $2.3 Billion, Including $1.4 Billion in Commercial Lending and Record $0.7 Billion in Infrastructure Lending –– Closed $1.3 Billion After Quarter End, Including $0.9 Billion in Commercial Lending –– Issued $500 Million of Corporate Debt, Extending Average Maturity to 3.7 Years –– Current Liquidity of $1.5 Billion –– Paid Quarterly Dividend of $0.48 per Share for Over a Decade –MIAMI BEACH, Fla., May 9, ...

- GAAP EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $0.47 -- DISTRIBUTABLE LOSS PER COMMON SHARE OF $(0.09) -- DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.00 - NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported f ...

Financial Performance - The company reported a GAAP net loss of $78.6 million, or $0.56 per share, and a distributable loss of $35.7 million, or $0.25 per share, for Q1 2025[2] - Distributable earnings prior to realized losses were $11.6 million, or $0.08 per share[2] - A provision for CECL reserves of $41.1 million, or $0.29 per share, was recorded for the quarter, bringing total CECL reserves to $260.8 million, or $1.83 per share, as of quarter end[2] - A valuation adjustment for a loan receivable held-for-sale of ($42.6) million, or ($0.30) per share, was recorded for the quarter[2] - The book value per share stood at $13.60[2] Loan Portfolio - The held-for-investment loan portfolio totaled $5.9 billion, with 98% being floating-rate and 98% being senior loans[2,4] - $316 million of loan repayment and sale proceeds were received during the quarter, while $42 million was funded on existing loan commitments[2] - Subsequent to quarter-end, $291 million of loan repayment proceeds were received[2] - Loans with a risk rating of 4 or higher constituted 46% of the loan portfolio as of March 31, 2025, compared to 45% at December 31, 2024[2] - The CECL reserve stood at 4.4% of UPB at March 31, 2025, with specific reserves of 16.4% on risk rated 5 loans and general reserves of 2.7%[2] Liquidity and Capitalization - Total liquidity was $136 million, including $128 million of cash, as of March 31, 2025[2] - Unencumbered loan UPB was $468 million, including $223 million classified as held-for-sale[2] - Net unfunded loan commitments decreased to $132 million[2] - Warehouse financing capacity totaled $5.1 billion, with $3.0 billion outstanding at March 31, 2025[2] - Outstanding financings decreased by $216 million during the quarter, including $35 million of deleveraging payments[2] - The net debt / equity ratio was 2.4x and the total leverage ratio was 2.8x as of March 31, 2025[2]

$850 million of Shares Repurchased to Date in 2025 Deployable Capital Increases to a Record $165 billion BROOKFIELD, Nnews, May 08, 2025 (GLOBE NEWSWIRE) -- Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2025. Nick Goodman, President of Brookfield Corporation, said, “Our business performed well in the first quarter, with earnings 30% higher than the prior year, supported by continued momentum across our core operations. Our asset management busi ...

Financial Data and Key Metrics Changes - For the quarter ended 03/31/2025, the company generated distributable earnings of $0.31 per basic weighted average share, which was in the middle of the preannounced range [7] - The book value per share as of 03/31/2025 was $13.77, also in the middle of the expected range of $13.6 to $13.9 [8] - The company declared a dividend of $0.30 per share for March, which aligns with the distributable earnings guidance [9] - Net interest income for the quarter was $4.6 million, with GAAP net income at $3.1 million or $0.27 per share [16][17] Business Line Data and Key Metrics Changes - The TCG real estate platform originated $213 million in loans during the quarter, with SUNS committing $148 million and funding $110 million [12] - As of 03/31/2025, the SUNS portfolio had $352 million in commitments, with $233 million funded across 12 loans [17] - The weighted average portfolio yield to maturity was reported at 12.1% [17] Market Data and Key Metrics Changes - The company noted that banks have pulled back from the market, focusing on more liquid loans, which has created opportunities for alternative lenders like SUNS [11] - The current administration's tariff policy has introduced uncertainty in the real estate markets, but the company does not anticipate material impacts on project budgets or timelines at this time [12] Company Strategy and Development Direction - The company is focused on providing credit to sponsors of transitional commercial real estate projects in the Southern United States, emphasizing high-quality assets in growing markets [11] - The portfolio is expected to remain similar in composition, with a focus on well-located residential and mixed-use assets backed by experienced sponsors [14] - The company plans to execute an unsecured raise in the fourth quarter of the year, depending on market conditions [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential earnings growth in the second half of 2025 and into 2026, as construction loans in the current portfolio are expected to accelerate funding [9] - The company is monitoring the impact of tariffs on the residential housing market, particularly in Florida, but has not seen significant weakness yet [44] Other Important Information - The company has increased analyst coverage from one in 2024 to five currently, enhancing communication with investors [9] - The CECL reserve as of 03/31/2025 was approximately $158,000, representing seven basis points for loans at carrying value [17] Q&A Session Summary Question: Changes in loan pipeline - The loan pipeline has decreased from $1.4 billion to $800 million due to evolving deals, with a strong opportunity set as lenders pull back [20][21] Question: Dallas loan rate concerns - The Dallas loan aligns with portfolio construction goals, and the company expects to back lever it in the future [25][27] Question: Management fee waivers - The company has waived approximately $570,000 of base management fees and $300,000 of incentive fees for the quarter, with expectations to fulfill a total waiver of $1 million [28][33] Question: Construction activity and geographic expansion - The company remains focused on Florida and Texas but is also exploring opportunities in other Southern states like Georgia and the Carolinas [39] Question: Florida residential market outlook - The company is cautious about new deals in Florida due to potential absorption slowdowns but is currently seeing good activity in existing projects [44] Question: Capital availability and funding plans - The company has sufficient capital to execute its business plan and plans to fill its bank line to $200 million in the coming quarters [48][49] Question: Allocation of signed term sheets - Allocation decisions for signed term sheets depend on capital availability and conditions precedent for closing deals [54] Question: Dividend expectations - The company expects the Q2 dividend to be at or around the Q1 level of $0.30, with potential for increased earnings from construction loans in the future [61][62]

Core Viewpoint - Sunrise Realty Trust, Inc. reported a GAAP net income of $3.1 million or $0.27 per basic weighted average common share for the first quarter of 2025, alongside Distributable Earnings of $3.5 million or $0.31 per share, indicating a stable financial performance in a favorable market environment for commercial real estate lending [1][2]. Financial Performance - The company achieved a GAAP net income of $3.1 million for Q1 2025, translating to $0.27 per basic weighted average common share [1][2]. - Distributable Earnings for the same period were reported at $3.5 million, or $0.31 per basic weighted average common share [1][2]. - A cash dividend of $0.30 per common share was paid on April 15, 2025, totaling $4.0 million in dividends distributed [4]. Market Position and Strategy - The CEO highlighted that SUNS entered 2025 with a strong balance sheet and a portfolio of performing loans, positioning the company to capitalize on attractive commercial real estate loan opportunities, particularly in residential and mixed-use assets across the Southern United States [3]. - The current market conditions are favorable for SUNS, as many transitional lenders are focused on legacy loan books, allowing SUNS to pursue new lending opportunities [3]. Guidance and Future Outlook - The company anticipates generating Distributable Earnings close to $0.30 per share for the first two quarters of 2025, based on the deployment of capital from its January 2025 equity offering [5]. - The company maintains its guidance for the second quarter of 2025, although this estimate is subject to change [5]. Additional Information - SUNS has made available an investor presentation titled "First Quarter 2025 Investor Presentation" on its website, along with its Quarterly Report on Form 10-Q filed with the SEC [6]. - A conference call to discuss financial results was scheduled for May 7, 2025, allowing interested parties to participate and gain further insights into the company's performance [8].

Financial Performance - The company reported a total economic return of 1.9% for Q1 2025[7] - Distributable earnings were $0.29 per common share[7] - The company's economic book value was $13.84 per common share[7] - The company increased its quarterly dividend to $0.36 per share[7, 9] Investment Activity - The company acquired $383 million of Non-QM loans and $268 million of Agency MBS[8] - The company's investment portfolio grew by $225 million to $10.7 billion[13] - The average coupon on all loans acquired in Q1 2025 was 8.7%[13] Portfolio Metrics - Non-QM Loans: Portfolio grew to $4.6 billion UPB, with an average LTV of 65% and an average coupon of 7.8%[28] - Single-Family Rental Loans: Portfolio remained stable at $1.4 billion UPB, with a delinquency rate of 4.0%[33, 34] - Single-Family Transitional Loans: Portfolio declined to $1 billion UPB, with a delinquency rate of 11.7%[38, 39]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported GAAP net income of $10 million or $0.12 per common share, with a book value per common share of $11.19 and distributable earnings of $0.24 per common share, aligning with the quarterly dividend [14][15] - The company maintained a 100% performing loan portfolio and an unchanged weighted average risk rating of 3.0, with no credit migration [15][18] - The general reserve increased to $67.2 million or 199 basis points from $64 million or 187 basis points, reflecting higher interest rates and potential economic recession risks [18] Business Line Data and Key Metrics Changes - The company closed two multifamily loans totaling $131 million after the quarter end and executed term sheets on another $310 million of transactions [10][15] - The capital markets segment issued a new $1.1 billion CRE CLO, increasing the proportion of non mark to market non recourse term match liabilities to 91% [15][19] - The company repurchased approximately $9 million worth of shares, boosting book value per share by $0.05 [15] Market Data and Key Metrics Changes - The company noted that real estate credit spreads have moved in sympathy with broader credit markets, but real estate credit is viewed as a safer investment compared to corporate credit [7][12] - The investment pipeline has grown significantly, particularly as some lenders have paused their activities due to market pullbacks [12][13] Company Strategy and Development Direction - The company continues to prefer the housing sector, especially multifamily, due to its stable net operating income profile, while also pursuing transactions across various property types and geographies [8][10] - The company is focused on optimizing shareholder returns through the monetization of its REO portfolio, with plans to sell two California office buildings [18][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertain market and capturing special lending opportunities, supported by strong liquidity and a stable balance sheet [21] - The company is positioned to drive growth in net earning assets and distributable earnings without relying on loan repayments [21] Other Important Information - The company has $2 billion of financing capacity available to support loan investment activity and is in compliance with all financial covenants [20] - Liquidity was reported at $457.6 million, which includes cash in excess of covenant requirements [20] Q&A Session Summary Question: Can you provide insights on the risk profile of current originations compared to previous years? - Management noted that the current market has a more disciplined borrower mentality, with lower loan-to-value ratios compared to 2021 and 2022, and elevated borrowing costs [24][25][27] Question: Why were there no originations in the first quarter? - Management indicated that a combination of tighter loan spreads and longer closing times due to heavy refinancing volume contributed to the lack of originations in Q1 [34][35] Question: What is the status of the REO portfolio and expected sales? - Management confirmed plans to stick to the previously described cadence for REO sales, despite increased market uncertainty [37] Question: How do the transaction prices of the upcoming REO sales compare to carrying values? - Management stated that historically, REO has been sold at prices exceeding carrying values, but specific transaction details will be disclosed upon closing [41]

Financial Performance - GAAP net income was $53 million, or $004 per share[8] - Distributable earnings were $114 million, or $009 per share[8] - Adjusted distributable earnings reached $201 million, or $016 per share[8] - A dividend of $016 per share was declared and paid for Q1'25, representing a 134% yield on the current share price[8] Portfolio Overview - Total at-share assets amounted to $37 billion, predominantly in floating-rate senior loans[6,8] - The loan portfolio totaled $25 billion, comprising 74 loans with an average size of $33 million and a weighted average unlevered yield of 74%[6,8] - The company deployed $49 million of net capital year-to-date, committing $112 million across four new loans in Q1'25 and subsequently committing $70 million to one new loan[8] Liquidity and Capitalization - Available liquidity stood at $310 million, including $145 million in unrestricted cash and $165 million in corporate revolver capacity[6,8] - The company has $20 billion in total master repurchase facility capacity, with $12 billion available[8] - The debt-to-equity ratio was 20x, and the weighted average all-in cost of financing was 596%[6]