RC - Earnings call transcript Q1 2022 | Ready Capital Corporation

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Operator

Good morning and welcome to the Ready Capital Corporation's First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. turn over to Mr. like would the to conference I Officer. Andrew Financial Ahlborn, Chief Please go ahead.

Andrew Ahlborn

and those morning the you, good Thank operator, to call. of on you

the to to numerous Some of forward-looking and uncertainties Securities today comments cause risks from Such meaning actual what could you a you within results and Laws. subject of impact Federal operating materially relying We of discussion refer are interpreting more could will exercise for on filings statements in that the to differ our risks caution should statements SEC our be expect. we results Therefore, condition. our that and the detailed them. future financial

most operating in financial results non-GAAP a the which A in can earnings Officer, available to our be we performance. the we the isolation substitute these measure of should Executive for first Investor accordance turn which believe in website. company's reconciliation useful will it Relations Chief and the found These be now supplemental not or of release quarter to over can discuss in During measures measures call, I section Capasse. as is information, considered our in Capital our GAAP. our Ready Tom with measures, be prepared the will directly comparable GAAP evaluating XXXX

Tom Capasse

commercial segment at over originated. in lending in uncertainty. begin, with the terms benefits our activity in SBC $X.X times volatile In Thanks, rising Andrew. business of remained performance balance Good morning, both loan credit of small underscore our everyone. for market and joining quarter book levels, featuring a billion spread, and And model value, diversified call record today. stable thank the our you To rates earnings widening of or

on multifamily. quarter the business led pricing wider response of to CRE asset was proportionally driving yields, spreads In the billion versus side fourth Our levered which higher CLO increased bridge in way market, the the has XX% credit $X.X of originated, with lending XXXX.

provide on cushion. middle focus bridge properties were declines pricing fixed CMBS and million markets, million ramp competitive, market were on volume and to high We balance as were is $XXX our collateral volumes our basis increases. up expect products significant channel tier program fixed to X.XX market as well equity declines sponsors strong and volume us year-end. $XX rate quality activity in for over Freddie SBL The small the to loans. High and Mac in in due quarters. of top staying since upcoming by yield, production, disciplined quarterly CMBS due lower Additionally, remain continues do niche highly market the our in to SBL up Freddie and XXX Freddie quarterly Current In type. points supported

as year the quarter the due developers exempt originated the as expect heading We tax quarter and becomes segment, SBA loan in benefits. totaled deals CMBS fixed program Affordable X(a) Stone, pulling typically to million. anticipated lower current quarter housing competitive our forward $XX the in volume Lending first into a third with to realized volume representing seasonality. declines product Business fourth was quarterly $XXX Small In affordable decline, and tax experienced production due lender large which million Red less products. slight our

million achieving first a the as and marks quarter stimulus significant $XXX $XXX of a This of the annual programs our time government rate. goal run exceeded million in in we've absence step

realization country, this and lending our largest the continued in segment from of in the now made loan development segment growth in XXXX. expect investments front-end the We XXth of the small

which and includes to as resulted up This model rights. in positioned On we higher year-over-year and to SBA retail defensive sectors $X.X business provides cycle, two-thirds our lifecycle activity. is industrial. than to and quarter the and rate, its the servicing full declined remain and XXX as group. $XXX of of average volume historic money pipelines points and peer gain over changing higher relative Current in peer to GMFS SBC sale will than April million XX% XX% rate the comprising reflected retaining to originations Record residential $XXX outperformance believe with XX million channels in basis in $X.X million with at respectively, as We higher better refi properties premiums the and side in diversity dynamics. to sponsor is strategy weather group portfolio and expected decreased of less billion. on $XXX of capital is billion, high XX% SBC deploy financing the multifamily us our allow purchase quarter, million current than market strong volumes to channels lower the mortgage which Today, in originations. conviction growth portfolio in $XXX have the

Credit points Additionally, the at with short-term reached we XX% rates of through can remaining point delinquency match basis is positively returned points average plus X%. under basis XX or The earnings. rate pre-pandemic movements funded a at or of upward where a floors have to is securitization. XX-day portfolio metrics hedged either above healthy impact XX have portfolio LIBOR levels floating with with

with balance market operating XXXX a cycle. accretive us $XXX XXX% cautionary high In credit million with on increased equity of continued Mosaic proactive to property unique total points is closing strategy and the management factors. economic back with X% growth multifamily, performing transaction through singular large we post-COVID debt portfolio, but tier $X.X XX assuming in loans non-performing capital, sectors the Today risk are in furthers of Capital's more completed our of competition a a Mosaic our M&A and done outperformance in lower January. defaults return weakness underwriting via lower in a markets the of reliance our a strong classes, product on balance; merger types sixth overlay resulting the competitive servicing credit SBC less continued advantage quarter, asset a an granularity lending. we A as applies targeting our NOI top XXX transitional large growth stage In XXXX, debt parameters; the in the Capital. offering loans; Ready Our XXXX, shareholders billion, loan at this merger secondary on Since funding post-pandemic transactions, units finally REIT property credit and yield top leverage, the our offerings, geo capabilities through asset of rent welcomed REIT. our of is into through higher Since teams cost rising prudently achieving to to proprietary of MSAs in our seamless mortgage avoiding largest beginning than We outpacing secondary potential of CRE commercial Difficulty] stabilizing Portfolio discipline the construction the scoring have Ready from to six normalcy, rates. versus is peer secondary and commercial basis equity This the couple moving [Technical other in more the Group. predominantly XXX rates typical only accretively bridge which portfolio. equal from mix completed risk expansion to model. adding the using to ranking our and a our which group, cap Mosaic bridge successfully heavy improving M&A issuance

markets two X.XXX% we and start million $XXX debt In unsecured active since the have year. addition, the of bond been completing securitizations, a the capital in offering three-year

rate Our access market. fixed to testimony capital, of securitizations our included widening is credit to Even our continued securitization. spreads the assets our the ABS and million the stressful our and characterized investor transaction in $X.X a largest to-date in capital offerings, million quality and of billion the base a of by terminated markets quarter depth $XXX net CRE CLO raising $XXX in

Finally, a of such record to of times in activity earning for terms accretion on continued expect outlook, loan and continue PPP market sale portfolio, our combination growth dampen increased the but made as to income. platform dividends business is Broader the volatility these. volumes, support a our businesses, of of of origination may through in gain the our the profiles we

Our and to bull investment perform bear balanced strategy in markets. is positioned and

pivoting of instance, event GFC credit are the did NPLs. $X volumes, in we as NSCC business we in ramping acquisition purchasing of our billion loan with capable non-performing the the including higher For cycle,

On capture market to competencies, our front, pursue now in expect share turn we Andrew. complementary segments the additional markets expand core gross to M&A our to it and opportunities Europe. core in I'll over in presence

Andrew Ahlborn

respectively. $XX.X XX% million interest increase $X.XX The our portfolio both in increased activity from GAAP distributable interest were and hedges Thanks, a $XX.X in was venture equates on income, absent on The LIBOR million. with XX.X% of segments. per driven PPP of increase portfolio. average grew and stockholders' increased point joint equity. in were and our from earnings movement return driven Distributable $X.XX the Tom. of investments Quarterly coming effects past by to the quarterly Net earnings common XX% a income earnings earnings average floor sales offsets share push XX our net earnings basis and in a gain to quarter-over-quarter size by

earlier, As we rates short-term rise. Tom mentioned increased expect earnings as

a X,XXX of quarter $X.X new Spreads As billion priced rate continue basis of an spread the consisting coupon loans of of XXX points. average the to totaling weighted with over XXX portfolio and widen at X.X% loans in end, at quarter points. of basis average

XX% significant investments, Freddie due the no increased venture rollout rate in in increases quarter-over-quarter decline to rate. reduction resulting million in Net mortgage of declined of expenses effects declines value primarily million revenue business. to in by to XX% sale of in stood SBA were joint consists Interest declined next gains. continues XX% average related our million to by This to in mortgage The earnings PPP significant $XX.X $XXX,XXX XX the margins, points. swing few fees. outperformance contributor by at XX% production remain slower to stabilization a income In on experienced decline after million income reduction residential profitability were of stimulus SBL banking markdowns $X.X quarter, to sales declined held-for-sale. a we income origination sold banking from offsetting one which market of earnings to in X(a) primarily CRE basis million tax. production key the were Stone for driven and both up in strips, the considering quarter-over-quarter and higher due revenue in $XX IO due the income. add in over rent was due in to $XX.X likely partially Revenue to PPP equity investments, quarters. $X.X quarter-over-quarter, offset Mac quarter on in reduction Red which a gain loans gain $XX.X SBA million is X% Net of forgiveness CMBS Our the properties, production, the in resulting offset mortgage payroll a quarter-over-quarter in $XX now which hedges revenue from day banking our Declines million guarantee

million As end, pre-tax of remaining we earnings accreted $XX.X of fees. quarter million into of those to reserves against had $XX.X and revenue be

XX% As remains. the of portfolio last of week, original

by was of with the of million construction added against sheet, quarter Mosaic. balance most the On cash, merger $XXX impacted equity. transaction assets consisting The loans, the REO preferred million $XXX of closing of the and equity,

remains of equity addition Total absent the PPPLF March the our there was business. to to to related composition in as and conservative XX, the declined also issued. upfront merger, X.Xx. The B of In $XX.X as leverage shares to constructive million rate an leverage of contingent contingent is and Class issued liabilities the X.Xx both consideration to that

As X.Xx will and now open XX% capitalization. was liability end, subject debt to for recourse the only that, With mark-to-market full line questions. leverage our represented we quarter of of

Operator

question-and-answer Instructions]. the [Operator session. begin now We'll

Crispin of First from Piper Love Please question ahead. comes go Sandler.

Crispin Love

Thank morning. Good you.

then on to there. also is towards the comments even update that you half first start and a of the sensitivity the ROEs So just looking equity XX% upside Would given to expected elevated bit to just for then you've quarters, off PPP know the a second outlook. XX% that size but contributor? mentioned the you still second I quarter, to in decent recent to on there being remain little or return I'm made the rate in second trend target and half in an

Tom Capasse

Andrew, do you that? want to touch on

Andrew Ahlborn

Yes.

return Stone, this portfolio, what increasing composition at and the remain to in think an the over was couple of to Mac, look had do going of rising rates quarters. SBA. lower from you I elevated is Red next When production both quarter, benefiting the So you profile Freddie

additionally, to So in the is And on forgiveness continue interest the we to portfolio to to the expect profile. PPP then grow, earnings those which to -- the income add the climb, sale to that loans net being rate will businesses add also stabilize. starting but of

to it in profitability for the fairly see volatility. with of where first expect the quarters consistent PPP from quarter. And remained don't has So was

of XX% think going be returns do So increased or normalizing it's you couple XX%. quarters before to a to that

Crispin Love

Okay, weaker SBA one more quarter. SBA just thank for then was on gain that sale second And broadly, one great, margins commented the the SBA competitor on you. there competitor on

So first for expectations what that's originations year. if heard also, the the I side And for And just curious just SBA seeing. the your you're then, big goal $XXX million of then on that XXXX more get that goal be you would mention Is to run trying color there longer-term on that's or a that just rate. a little great? a Is goal. of XXXX like Tom, bit

Tom Capasse

we the seen a premiums on mean I in half of and premiums secondary or just about so. maybe significant the sure, market point Andrew Yes, chime But any made change can premiums, the haven't in.

significant on the remained volume, our of our is the on far compression channel cost $XXX as base this and roughly? And don't end year constant. origination million So what any we volume as based case expect Andrew -- margin for our has

Andrew Ahlborn

Correct.

Tom Capasse

is the third two. $XXX I'm year million Crispin question, long-term, was? within next And or I'd that but a say So sorry, the the

Crispin Love

just I $XXX the XXXX, the for Yes, you then million. got actually mostly think them all. the on margin, and origination

Tom Capasse

Okay.

Crispin Love

all Thank taking you you did on that. Tom. touch my of question, So for

Tom Capasse

No, no problem.

Operator

Thank you.

ahead. comes James. Please question Laws Next Stephen of Raymond from go

Stephen Laws

some you Hi, reallocate the response markets but lot few kind repositioning in of last look may you across you the a changed changed good look or And best know how where of your few reallocating the to capital have today? growth be morning. a to have I volatility, you you opportunities business deploy little constrained, months? last a are the or are Tom, how lot if segments, months. are capital, in of things seeing when

Tom Capasse

our finance to net Yes, it's the term. where equity our SBC our I'm to is lifecycle XX% shock sorry, less asset -- the equity the construction in interesting. dramatic plus risk The financing that's XX% the than from allocation. system -- in core of banking do allocation of And we yes, mortgage the most is space. our program of of Most

bridge more I'd balance, two product, we're make because has One middle lower say would price to I large So which niche, core actually, is compared market in observations. which is our much competitive. less this elasticity

second the able CLOs limited seen about the equal more what competition, we've is the basis spreads XX widened -- quarter we're actually ROE points CLOs of in by into today that the lows. fourth originating the quarter is widen the than AAA because the we from CRE So or XX there price where spreads, vintage credit the to on that But have than second our year. plus CRE such lending been of the our last to quarter a point going in were spreads higher actually of basis that, fourth -- price, relative we've

lead on because in obviously more will market to middle And capital of apartments. which on in there. observation -- Z other first observation, our that's impact us into buyers focus, deploy multifamily lower the more spike then the is you're of Millennial pushing and one affordability, seeing time the that's that So continue rates to

we on strong the increase. impact of rate NOI. the So increases projects with exit these demand of see the continue The there actually is exceeding to NOI

allocate now that in would to to some and capital. capital looking seeing continuing level non-banks. we're banks sell say headwinds, positive we're there's distress some are portfolios, additional area level one is of emerging that looking those an of, we're So And deploy I to

is we our where And so, part business. acquisition that, they're as of it do relates what to

well. expect would the over increase I to business acquisition time So as

Stephen Laws

the my a XX business. second of course, XX, mortgage It's XX, purchased. And smaller on the the capital. of comments. is was piece about question of the those was roughly resi or But Appreciate business, it business two-thirds

XX:XX, be XX:XX, that like look the of resi across higher And been going you margins history, see your still level a back As any that. is do we'd but seems will to environment over where for then that non-REIT with rate on channels thoughts mix you that repayment appreciation or some love mortgage to than banking? GMFS driven, on comments in rising capital get activity,

Tom Capasse

visiting and rate of and cost. other realtors, low your an have customer or branding were more would acquisition cycle, prospects. down Louisiana, to we Honestly, with the [indiscernible] in homebuilders peak markets not would in expect just GMFS two is mix, Andrew thinking I say and the probably question, with a their and things. the have they and at XX:XX they One very things, team for with I strong the and answer going of some believe a

that'll persist what or as few to next more margins, as running, quarters. So think Andrew today where number at bps. which stabilize they was I them the XX -- far about expect the are for And we

Andrew Ahlborn

USDA FHA, conventional was XX around Yes, probably of XX XX VA, course.

Tom Capasse

we the So so kind one good a are that and is looking that be to going non-agency our not products expand terms focal areas, see they point of forward, constant been that, XX -- incremental loan, bps margins, considering, we're it's well revenue of of now as a some to stream. that'll in as was area

Operator

you. Thank

Rahmani, will from go KBW. question Next Please Jade be ahead.

Jade Rahmani

are There with about, much. mortgage REITs. the very respect is to two you believe market thank certain that of concerned I aspects cyclicality Yes,

is The first securitization. dependence one on

management very the So as could you issuer successful and securitizations. capital would capital touch to adapt markets. in I Ready of wondering Capital durable form has how a that historically on been a volatility prolific was if of and

recession? a $XX behave deal to below on profile asset would relating Thanks very with of credit the say how Could comment second estate The the sizes you is real that in class much. overall million. commercial

Tom Capasse

the the alternative a, the fallback would as we non-recourse could maybe But cetera securitization. a investors, to the volatile the just number sources able at touch in for of terms comment bridge have disruption securitization spreads in I some that market of any financing, like a of and spreads the alternative on top remarks be in financing the chip But But viewed to et Andrew market. have we the are Blackstone banks depth of would a of to and five if have as forms names of just of albeit you those issuers particular CLOs, the access CRE, I on very we in basically we're expect deep Andrew's on as Andrew preface will a securitization continue market. wider blue our one product. probably to the investors with of comment top maybe

Andrew Ahlborn

morning, Jade. good Yes,

and in So non-recourse facilities couple $XXX million facility. $XXX mark facility. last the have of million certainly over adding warehouse we nature In recourse mark-to-market we've the sorry, that quarters, in added another are non-mark-to-market. been recourse, non-mark-to-market million, or partial $XXX quarter, are first We longer-terms only added additional better

the So warehouse think that certainly that's that expanding explore our our from some of markets continue separately ways the in duration we side, in of to assets. lenders the capital, keep corporate I various raise we rematches to

would And have active obviously, very that we front, And with so the be could CLO. over the we've the market back the do think to of our year. And will expectation of the year. been the I three in two is CRE of on there. we securitization another I half that's another in what say then shortly first months couple

of the our the channels support part facilities to non-recourse non-mark-to-market but expand we longer important of a that continue lending duration. basis an certainly So business, on

Jade Rahmani

multifamily, XXX lower I the another can fact higher up tend as -- regarding and to is a is that, if to a a lower niche provides -- you to balanced competition to far points the rates XX% basis large middle portfolio debt fact yields, XXX our but Adam, second But question the credit market, of that than, in to scenario, in limited of and say let's maybe, industrial. the of portfolio, performance which recession, which level just some be XXX as that with is And on preface cap due recessionary cushion. comment affordable the market our our our beta

for how niche a market maybe think you versus as your with that backdrop, in Andrew team a the our credit the and of potential do performance balance large recession? So about

Andrew Ahlborn

extreme Yes, do especially the plus lender, a given performance sure. the mean and given shortages during I that recession, well, multifamily should the nationwide the sector demand that so way points, portfolio for with housing fact broader a leverage that are we're the capitalized, significant at that moderate in structuring XX% originating we're that our we're LTV, deals is well downturn. the about sponsors cushion our should stronger provide mostly

caps, of then that and and other given have remain And such cap more environment. to that required takeout rates, the at conservative rate our wider expectations ratios coverage levels flow in underwriters more assess service rates a are yields at protections asset interest stabilization adequate. terms debt debt so rising can We are property the of really ensure to cash as properly for of rising underwriting we that that stress

Jade Rahmani

A you would Thank more be they in are to in proposition in seems Capital space business of between follow-up, of around like Are then be you have unrelated on much. view. smaller exactly value compelling the mortgage there a them playing. maybe unique real million. still a opportunities? commercial to would And the and larger interesting is and the any But $XX I these, sizes, a average don't names. loan more middle companies mid-sized It's commercial very the Ready there call there play space, in names those REIT are small the models REITs, mortgage subscale our front, handful clear that strategic bifurcation market,

Tom Capasse

more accretive just executed public been space secondary lines to And, continue Mosaic. but Yes, continue number the number we example yes, it's space, in raise subscale some the to Owens private one of see of opportunities, guess we've I out the M&A offerings. M&A the a that is unique many an which of good alternative mREIT look opportunities, a used a in transactions, space. that's a be along in at mean, capital Ready of bit work the a back to -- is six may question, of the little I yes, obviously, as to Jade. about Caps years but we not of of which strategies ago,

Jade Rahmani

lot one you be, offsetting of various Thanks. approaching of that management directly perhaps and any And alignment considerations underlying unlocking considerations teams with managed. of these yourself as would Many And some platform, are and a governance. are agency follow-up to there's either the respect with boards externally just there corporate or would that alignment these to considered the Have prompt mind. transactions? of companies some waterfall utilizing a better that in have maybe create

Tom Capasse

Yes, approaches we it involve we I done and have think that of past. -- cost versus examples of to fee very well terms are The And in considered benchmarking the the that. have Owens payment we've the secondary. direct the the the external mREIT in the does manager, of the which managed of of yes, termination complexity

way our of obviously don't shareholders we enter the value entered template way potentially and externally in aligned for as subscale But the as the manager, is with to a public create to shareholders we So external have look a the diluted as -- at any a of the what well transaction. shareholders that REIT. continue to both that managed business

Operator

Instructions]. [Operator

Next question go Riley. comes Howlett Matthew B. ahead. Please from of

Matthew Howlett

putting an it, doing guys, you there? portfolio update And Could stands? you closed? that's question. with on just now the plan saying many just my Mosaic update on it. Thanks. on for an Hey Where taking provide leverage thanks What

Tom Capasse

financing the CER the that's the Mosaic just exposure. of syndications then just for think I Andrew, then terms liquidations, looking Yes, and in touch to an because you mechanism, portfolio. And the portfolio strategy update current just and nuance an maybe in Andrew on the of can the positioning how important at maybe look on

Andrew Ahlborn

plus LTV, There's performing assets weighted of since XX% of two the middle today three portfolio of deals we year. when about moderately portfolio I markets, fully about discussions over average such the X specifically Angeles, merger commitments. are off the And par began, XX% portfolio that paid and XX% of now total Portland, top from in leveraged portfolio Los remains that's is are remains is last seven say I REOs have it and XX% syndicated, sure. majority Phoenix, the that of XX of sure, the There Oregon. as Yes, in We think the have The the X today. that at merger. Tier syndicated. have delinquent, tier

Some here. that a Yes, use. is about from XX% so other to things are type of worthwhile discuss property portfolio, perspective mixed the

consists of I'd of that and multifamily land. roughly asset and the residential, remainder pre-development is and and preferred total in and then hotel XX% condominiums the commitment the is is XX% equity. exposures XX% between terms construction, Another say hotel of then is and for management projects these products the on products, exist certainly their for sponsors be lender with working focus, the team certainly CMBS the as fixed the of and construction take-out rate take-outs rate refinance these stabilize loans. our some to opportunities that fixed

the focus are construction some at look on and opportunities some Mosaic, starting we're to to into certainly specific a on space industrials targeted certainly there's So as with employees brought some good close synergy of expanding we from again, asset with the there. team, just some team now to fully And to portfolio. integration up terms progress. continue their over through and and far good the But so the summer their management And speed our getting with in really capabilities. multifamily so working

Matthew Howlett

Okay. Well certainly.

You go ahead.

Andrew Ahlborn

no, no, respond No, Tom follow-up you chime to please then why don't in another. a and I'll

Matthew Howlett

that the construction and business like you want Just to you'd to business? lending grow

Tom Capasse

of classes, transitional it's to were doing great on the heavy but some It'll what core That's already a adjunct good side. lower asset we our on a bridge limit a be Yes. it's balance, right.

contingent construction. of go the and now sponsor and for equity now same are as continued And VP to option borrowers. an leverage sorry, borrowers Andrew I'm two-thirds As about maybe we the can we touch far them our ground-up can reserve on methodology. give

Andrew Ahlborn

driving sheet for balance existing the which Right, was for leverage of our profile so reason is of part the quarter. unlevered. part so the balance than much down Yes, lower in sheet, the ratios most our Mosaic,

history But look warehouse let's we $XX finance or real the the so of say from putting fund to from recapture initial our on period, the new the from to in paid on so. that since the going lines, then the existing the our terms of portfolio liquidity basis our valuation million a running million discount, be a how crystallize. depending we sheet, call portfolio return to is wraps portion current off investors REIT balance addition contingent off that -- either shorter up. in excess that's and assets balance it $X equity will As allows portfolio or whenever that liability of on original markets underwrote we do XX% Based probably limited section that on that contingent or equity we'll, projections certain a the assumption of that it today deal to come reflective in leverage of REIT, at three-year is the ultimately will the corporate the CRE to on expect contingent that come And of the the will sheet the of over equity X/XX that Mosaic for of that performance growth.

Matthew Howlett

issues obvious, when is growth Got of front? you unsecured And you the additional the market common the referring then know And you. market, that with how senior about Are equity that the so base to preferred corporate it's you widened. on capping it's say did the I market? how the market,

thoughts both of the me preferred? offerings unsecured and give Just

Andrew Ahlborn

think opportunity to there's at room equity getting tap. point. the some But and a Yes, it think keep the of significant continue where of into the an to equity preferred, fact us, will add some our be to there's preferred And ratios of unsecured have going On explore also that appropriate peers explore we an exercise on I we're certainly, senior secured the security. this larger we do to that certainly, that growth, collateral senior of other best markets amount we're attribution. unencumbered given line of we just given in continuously layer for to

Matthew Howlett

Other term like markets this --? just being loans other or some

Andrew Ahlborn

Yes, et loan term Yes, term cetera. loan, cetera. et

Operator

our I for the turn question-and-answer like over session. to back concludes closing remarks. to This management the would call

Tom Capasse

to appreciate a forward We and next today day. on quarter's have time the everybody's look good Everybody call call.

Operator

now is attending presentation. for Conference Thank concluded. today's you

You may now disconnect.

Ready Capital (RC) 6 May 222022 Q1 Earnings call transcript