Earnings call transcript Q1 2023

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Operator

Greetings, and welcome to the Ready Capital First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions].

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Andrew Ahlborn. you. Thank

begin. may You

Andrew Ahlborn

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

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

we results which reconciliation isolation measures can in call, the evaluating release the in XXXX prepared found quarter should be comparable these most the our available the which will A believe in earnings financial considered Investors is be site. of or of During Ready accordance to discuss information, directly with as be in our supplemental measures, measures Capital measures useful GAAP Web the fourth These not we section a non-GAAP in company's substitute performance. operating and our our GAAP. can for

Capital's In now Credit and addition today's Ready on we Officer. also Officer, to joined to Zausmer, Adam I myself are will Chief over turn by Capasse. it call, Executive Tom Chief Tom

Tom Capasse

morning Good for joining the thank Andrew. everyone, Thanks, you and call today.

our pressures Given credit X(a) the said, seemingly light SBL others outperformed. metrics capital and we to the and was in in are originations CRE, immune full-on centric and That core recession Freddie not multi-family industry navigating. ReadyCap SBA Mac

equity time $X.XX deviation in our items, due Approximately largely demonstrated XX% to share the the was to achieve operating resulting higher due our of as were market did on mark non-recurring XX% pressured but buildout While of assumptions. target. our million. losses compared XX% an target In its in $X.XX results the earnings declined losses market business ROE rate equity business, quite quarters, return our Of shared market on a did first lower per costs for shortfall to small per additional XX by not lending resiliency. of XX% middle platform. Distributable credit allocations, such to CRE business to to such and from CRE as mark investment metrics fintech cap impairment from valuation result opportunistic originations was the $XXX the our in increases not note,

was in our factors. volume capital Freddie including Our bridge in over year decline was main to lending multi-family, XX% channel. SBL Mac year light two due XX% The our

stemming an period point XX% than sectors same First, over the overall for debt to a unfolding demand from million the Ready particularly year. estimated in cap CRE Capital's in reduced CRE transaction basis in affordable last increase X decline approximate housing unit in X% in the an XXX rates, to is CRE other and Of family the cost compared quarter multi-family recession first change by demand stoked less in segment. in of multi-family note, reflected shortage due volume doubling US, monthly the

of terms the projects this more credit spread, defensive has in at loan stage of cycle, pricing emerged. Second, credit and

SOFR CLO CRE loan the at yield retained quarter yield execution retained versus points, For teens plus mid our in translating ‘XX. high teens a spread average of was the to current quarter, XXX low to basis first

averaging We and increasing with XX% debt LTVs stabilized continue yields tighten XX%. to credit to

risk with experience the strongest affordable well lower projects funding sponsors. capitalized markets is focus multi-family and ongoing Our in

reserves. book price lower discounts the credit to current is Another from significant value historic share Peer of versus differentiator CRE dividend for future book Group cuts erosion fears reflect ReadyCap where value risk and our profile CECL

This at only by average. the four the our assets to metric five portfolio delinquencies XX higher X% originated high industry industry. is This in credit outperform plus quarter risk of asset one-fifth respectively. exposure first to only is day currently Our five holding and current exemplified continued to X.X% risk four and

group relative following. the Our metrics to credit peer reflect stronger the

supported market dynamics continues the accounts rent mid well, Multifamily our versus continued multifamily First, focus now shortages. by and the current ongoing for housing of buy perform to XX% portfolio.

books believe further low, potential losses we we the should maturity on While credit mitigating in vigilant broader to the be defaults landscape remain weaken.

have we sector which COVID particularly most limited Second, on child to the C-REIT sectors, exposure stressed office, weighing poster valuations. the CRE is

The older experience with located in a central foreclosures The defaults or for year sector. of to XX B heavy properties protracted rollover tenants market lease in downsizing space will in business vintage will of national period continue districts. vacating office and the result Class term leases specifically

is of avoid group the $XX X% downtown balance, peer office equal are or our Of their only Our on Manhattan with the given exposure, the of reserves. office assets holdings, million. in in X% greatest in already these and under included average million the small two office million CBDs, faced CBDs, the exposure Expected XX% challenges $XX non-performing at for assets our our in CECL Chicago. $X.X of second an only located lowest one balance losses industry. and balance been The which have in

to In quarter yields X%. guidelines over preemptively tightened and we credit. 'XX, fourth as the specifically to increased rent to we debt lowered stabilized projected credit X%, is of X% XX% increases to LTV cut Third

the costs relative the an increases risk in mitigant where is bridge credit aggressive resulting negative from for against the This rates in lenders granularity multifamily under cap maturity XXXX industry Fourth, are vintage. leverage metrics wide credit provide significant portfolio budget. issue and Our exceed XXXX, is of debt loans sector. the a to defaults, unique rent portfolio

average can is in a This impact by the an loans of and the loans the defaults total portfolio portfolio of statistical balances. reduces the loan book large materially where reserve that value. outstanding of 'XX XX covered the lenders a loans X%. few Recall large merger contingent the to skewness comprised equal Mosaic by excluding remaining the top are loans granularity Mosaic book XX% The faced balance only with $X.X X,XXX million. XX% C-REIT from only balance of Our over

and the and having two multifamily. in Currently, to rated best Finally, geo portfolio portfolio scores the the the proprietary fundamentals worst. result overbuilding avoiding concentration of which MSAs in specifically markets, and CRE five, XX% with MSAs is certain markets one CRE model, one our strong tier of one five

our Now segment. business small program dollars, are a the businesses. we fintech X(a) small capitalizing loan on $XXX,XXX program turning ‘XX, the In To promote small using and a the unique mission and loan owned women scoring and SBA's loans quarter model. million underwritten BDO review model segments, small to benefiting to third dual launched loans, credit lending basic large and which large the minority SBA two under $XXX,XXX X(a) $X features

XX% expect is in X(a) a Our target addition a as continues from million and believe for iBusiness software, in invested to loans. edge will heavily of revenue in a product. We may an origination versus service to last originated million ramp on generate share. their XX in resulting loans in X(a) providing originations. three quarter, XX firmly small small recognition or Funding we focuses $XXX lending a division the In We and X.X% the lending small that million year AI, also market origination loan lag XX% prior approach fee large advance comprising as $XX the loans our over which end-to-end this incremental Lender ReadyCap, and income the $XX in invest months

Xx, volume investments small guaranteed in our premiums XXX of declined in While Average to the X.X% basis total year-over-year, loans volume loan iBusiness. payoff X% on grew reflecting increased points quarter. tech

lender. the and five ranked X(a) overall SBA number one number non-bank are We

loan broader lending the volumes will of of that X(a) crisis terms In as financing SBA conventional the are scape, will Industry increase year-over-year. stabilized rate X(a) hikes financing. curtail expectations in XX% overall favor bank lending

its from the multi-family consistent million ROE company due benefit on with to of while $XXX This look net our of We liquidity. reinvestment to positioned accretion were the having initiatives. book legacy strong maintain is two credit interest accomplish able we due is dividend margin also incremental this protecting target stated Now in book well as to metrics but to value. forward, the XX%

over May The is of lending into of reduce bank liquidity, expected First, to by estate liquidity close Broadmark $X.X acquisition the Broadmark pending most and power. merger, provide distressed from million incremental real supporting equity will commercial $XXX an core and of merger importantly rates on buying provide of the base, operating increased billion portfolios. leverage which XXst turn reinvestment full products leverage

buyer While direct countercyclical another the years, Capital's asset currently at core over XX%, acquisitions business. balance ROEs banks three sales Ready purchasing $X loans small Capital sparsed. our products In commercial GFC, markets of is lending bank differentiator of recent funds were CRE provide billion. top strong peer were Ready the and predecessor from Post group

outflows deposit of bank portfolios. regional sales unfolding CRE crisis, facing the small with However, are balance targeting banks

acquisition ROEs. by XX% acquisitions manager provided Ready it benefits million of pipeline for our at $XXX with many Capital of One is projected XX% that the an Waterfall sources external to

of discovery bank second state The play liquidity. price the for sales targeted half half this our opportunity providing year current second reinvestment of for with is pending asset

rate $XXX we recaptured over lower whose to earning next expected product drag incremental higher non-core of be assets and assets the million yielding was of move liquidity non-core investments. the efforts of and on by these These returns Second, on to are significant rise plan the through out new few compounded generate ‘XX lines losses dispositions quarters. will

basis. earnings beyond return. will volume lending XX% efforts the company target on quarter remain that our described But along the and deliver on with Our year-over-year in expectation second consistency lower with products second strength the a the quarter position comparative portfolio is of to intensive our thus previously capital

discuss With that, over to Andrew I'll hand our now financials. it to

Andrew Ahlborn

due million This basis rise costs. of increase balances rates was on and higher points. The offset the and lending portfolio platform. million over higher earnings stockholders’ slight X.X% $XX.X operating Distributable share expenses an were Quarterly common GAAP continued Interest $XX.X dividend earnings the earnings higher million $X.XX shortfall due Thanks, lapped mark higher small and equity. the to both quarter by $X.XX costs to to return to business related income coverage grew and to Tom. towards the quarter's and quarter to to spread distributable year-end primarily growth average buildout expense average X.X% a quarter's interest on funding our debt of market on $XXX.X and investments opportunistic in and distributable in per losses target due to respectively. equates our were slightly as XXX

was moved Originations portfolio, flat million resulting Important to average of $XXX Specifically, net grew the income. the $X.X Affordable in our gains interest to income average in with of X.X%. million and debt change points in the to increase SBA quarter. XXX.X of year. point assets This X(a) remained $XXX quarter to performance producing negative period warehouse XX% Realized the in non-accrual at gains business, million in XXX premiums million result note, in we million the the and X.X% high same basis basis $XX.X seasonally contributed debt, increased a securitized XX million, at the of of production in Mac the migration sales were not spread. Freddie of growth compared the In business last quarter. $X.X to when

which distributable totaled $XX.X losses included Unrealized of $X earnings. in million is million,

lower investments quarter, of equity Operating driven inside primarily real joint losses Additionally, banking positions The underlying million. slightly million over over valuation end from generate of and by funding are million ventures $XXX,XXX income contribution buildout sit increased associated our not XX% audit due to estate market in year were unconsolidated $X.X was $X.X years. our of in $X commercial cost inside unconsolidated rose to the next joint the The of of work. Net with five credit losses from the a ventures expected costs and a deterioration increased JVs. reflective quarter that mark mortgage IRR to rose collateral. residential iBusiness to

for operating our levels. limited mark market to times. leverage structure the At average weighted liquidity, cost through million XXth recourse with questions. at exposure sold to CRE completed CLO, In remain points. the the XX%. we maintaining and is In With plus of debt an our the line to at On and quarter, exposure to leverage balance quarter debt basis deal, remains our end, deal of that, XX% XX% of $XXX we sheet, open will total higher of on we expected debt retained low a mark a focus market ratio conservative limiting XXX the yield X.X

Operator

Stephen comes James. Instructions] question from first from [Operator Raymond The Laws

Stephen Laws

in million wanted was start reserve assumptions and to change I with the $X.X you it recovery. CECL please? a the talk what release, Andrew, about Can like drove recorded segment SBC that underlying looks as that the

Andrew Ahlborn

in on an mainly TREPS assumptions the macro The changes used applying driven recovery approach was addition to an of we on management of basis the by by combination way here. of is asset asset-by-asset unemployment by the the staff model So CECL overlay their projections some in the rate. majority the TREPS,

thought these you moves bridge just nature as duration the TREPS creates And given portfolio so our volatility. of some what is assumptions around, short

So in -- review their our today, at other determined in by allowance quarter movement of to the TREPS you associated year. staff is coming our movement XX% related an from approximately the look asset the was assumptions. purely total with asset-by-asset XX% CECL TREPS When management of the reserve

that was main So the driver really of the recovery.

Stephen Laws

mentioned, returns QX we we about Broadmark should near the somewhere about versus think Can about -- but know income the finance interest or next time you you a want how there you level $X.XX around lot and try going some two $X.XX quarter unlevered of ramping or net that. term in that's current you for we that's take as and through should think given efficiently And level? $X.XX, But distributable are to talk and how puts to Broadmark look I optimize to the assets, dividend Broadmark talk of to think earnings the about income can I over what year, earnings And which distributable that of XX% impacts have Tom, portfolio get on one I know the -- us the items think and to book closing. the ways closing. return will got time I with about the pressure and go we

Tom Capasse

Yes, I'll million point But make XX. interest framing of items, first want is of $XX of the bridge I net give can drill level the investment margin. there, just down and Andrew business, kind besides into to to the we fintech, how the you kind high our the small then high some nonrecurring is in the confidence of in those this, and the get -- two

that quarter-over-quarter million. net debt few the securitizations, to this it one $X.X fact you boil was the interest refinanced billion quarter, $X.X we And So two achieve warehouse into to able margin about that factors, in are if of the down very step And basis by down XX points, impacted that the interest about there then from in down another asset, margin terms markets, loan to a X. rate short capital is it's was our about the roughly Mosaic which million. under so duration contractual $X.X there XX was

So that $X.X million. was another

share those factors of the were two So NIM. lion the really

so just aren't some credit in undertaken XX% differentiating we've they're with our cetera. do And I the big think accretion, forward with And of and Mosaic that's given one NAV. quarter quarter. go of second the NIM is sales costs, credit terms integration impaired, and this factors yielding that the But parts, noise ReadyCap just about the besides the equal initiative assets, which we fact lower low then those yielding, for of expect noise in of et in moving the the all

generate power. will environment bonds which the quarters over seeing, capital underwater. banking their this definitely well And into current of banks X sales, a pending where buying to equates crisis, sell of billion together activity the liquidity, three that can't at it's these billion of we're they two regional looking because lot asset because distressed Those deployment of of a with

were we of to ‘XX we're showing So -- are reinvestment XX% XX% when area. in versus pre XX% to XX% kind that every at those XX,

the underscore, accretion uniquely factors very our the obviously, of the are of that versus balance is But small other -- to from positions the terms thing noise peer due liquidity group. outperformance the certain ROE, relative you which to quarter, quarter, I the again, CECL profile, credit multi-family ability of in this is the want declines notably significant office. most impact sectors, those a So a XX% driving core unique us decline generate reinvestment of this quarter. see potential as in could in also the to reserves second in the And reduces NIM

maybe sheet you balance NIM Andrew, earnings, would to your to about how question. So answer and think that, current profile I we anyways, that's going don’t forward. but long-winded accretion know, if the a that's add

Andrew Ahlborn

to thing business does I would the add mean, it. our seasonality only is in that Yes, other I some SBA experience

tend from end to of the the ramp volumes year. beginning lending So to year the the of up

of from was in And off year. end around so production X(a) $XX last the million

you that to add So I ramp will said. obviously see X(a) in a production quarters, thing goes Tom That'd what in the only other the right which to upcoming the line. be would bottom

Operator

question from next from comes Jade The KBW. Rahmani

Jade Rahmani

portfolios. First question licenses a in historic your these is businesses generated acquire of very are SBA, I two returns Mac, expectation want just the discounted the I opportunity mean, long margin it assume have, higher CLO leverage, to understand, high term XX%. these over that? company's is the plus you to the would next Considering returns, XX% ROE to but be ROE say, high Freddie How framework, the by about reasonable thinking the multi-year target, on you the years? the securitization, target

Tom Capasse

would case on this a liquidity is conservative the peak of the XX% that I credit at say projecting portfolio. the and getting in stage, we're our based base that losses redeployment we're

XX% Yes, the back over fully did post there in next So there of our could sustain think two base But we and to bank confident is few GFC? ability we're large Is years, an be. two if get covered upside being terms of sustainable portfolios, be as a and next is we case XX%. a I over highly the scenario the years. to

Jade Rahmani

perhaps operating scale mortgage the and the REITs a if the ensue? have do you there's the number mean, number size infrastructure in-place discounted at do there's I ROE of valuations to further double and would business. would potential trading that And a company, in what leverage of to you that mind that the were to of expenses, say given

Tom Capasse

Yeah, Jade. bit were a and say good to I more M&A, for there's stage let's mean, denominator the that's shy denominator through in at would $X little we point of effect likely about due Broadmark a will result effect. There clearly able $X billion, OpEx reduction point, XXX a ReadyCap basis we a be to would billion, than not achieve that in this

XX XX. to So bring that that would up

grow further definitely need so and the don't we the a M&A just to from that -- we scale loans given grow there's more business And of accretion the that as fact make bodies the more balance sheet. potential

Jade Rahmani

In and portfolio put much would capital to any on signature opportunity you're believe seeing terms of how And market perhaps you on in you look ranges portfolio, terms looking at? volumes that in loan sales. Capital to distressed sizes scale would that and come Ready a the Could portfolio of Ready the if that's something to deploy be the of that going be Capital's follow that? may

Tom Capasse

the going last on most we I look first year of probably Yes, these balance of not going ‘XX into from sales to point, ‘XX, think sheet. what their this manage at happen hearing these as we're are because if until half regionals

now other of it CECIL in seeing XXs, price kind loans, in they're XX. kind what private opportunistic not, of think based right the the near we more we're which I offering XXs in believe the upper So to office or -- reserves in is of, the, their kind in discovery, on credit is in and

embedded clean dent and about think not banks. because GFC, like there's as what bid community XX of a happen in just leverage the sales to But point see portfolios, will So you'll scratch is much ask. I there's

like firstly think some there’s they I account of all, CRE number it's like I mortgages. CRE, debt, XX% for, in think or that

large $XX probably broad being to but like with yes, we're -- something what more a I is expecting know of in So majority of range, billion sales that the the billion $XX where dent of and that scratch minimum, in above comfortable prices will the LTVs are from create CRE distressed decline area the debt the a it but standpoint. is, we're regulatory in some with

quantum. -- of what that's to And first expecting terms in question, so that's we're that answer your

point. to involve Waterfall comment but specifically, capabilities. would signature, the fit FDIC, that transfer on structured with look relatively process leverage hearing desk far any their looking will to ourselves management bank in very structures respect are our revert with that likely we an connected and do that we the asset is want balance more don't themselves, which at these topic, the efficient embedded small transactions, balance I as sales credit of And to also to interesting that's on actually are look The to banks -- banks that provide sheets. the we deleveraging provide themselves loans As FDICs, risk just these and well always

it's need it risk like something a for do a revert improvement, they a deposit they that's doing which question are outflows, So sale, or credit liquidity cash capital really they'd in to a transfer. case RBC of for

Operator

JMP. The comes DeLaney Steven from next from question

Steven DeLaney

And CECL nice rid is creates of a of realized just on a noise, get beautiful about earnings, to that losses. is we we including distributable but thing in ways, of the a EPS and lot try thing it noise. lot focus

you So for looking it's losses at on are But Page give of first realized the $X.XX. sense us XX, of $X.XX, distributable amount in that can against whether $X.XX taken your the distributable, portfolio this quarter? EPS a actual have you what

Andrew Ahlborn

So and quarter, the one was of realized losses it REO in limited the $XXX,XXX. sale amount really roughly to property of was particular the

Mosaic. the the So offset Other on from losses really contingent equity were right side pretty by immaterial. loan

realized it sort of mean, was impairment. $XXX,XXX I really that just REO So

Steven DeLaney

And about day think plus. XX%, to given ask that that, $XX was million going I the -- XX definitely

money. that's So

that You from bought set would tap consideration portfolio you bought that loss or that used portfolio to if to Is assets, it able million are a the $XX that of of absorb and you in on and aside the principal those one $XX reserve? in reduce the recovering have was into losses? simple manager. was that equity prior the the million escrow you that be And

Andrew Ahlborn

transaction, lot portfolio. million, had the value as a we that Mosaic of of first and equity from was the Mosaic basically when the consideration contingent it $XX restructured roughly total a a part against So piece right serves losses

proposed of so remaining what is And that million. cushion the on $XX terms roughly in

Steven DeLaney

absorb of Tom, million this roughly combat I right losses. kind -- I But long of your question mortgage residential your versus like obviously day-to-day. a now. Ready side or banking business Tough And used Capital? down two, hand-to-hand company, out the it the three term know, of you is liked to strategic I comments know. your to the for it's $XX in on core there real credit point But years I tactical road, view about So

Tom Capasse

I can look mean, company. umbrella all the team we offer it officer story what one their of we commercial the sponsor the offers Part initiative under we to the wherever in is loan call to of continue real improve to we one the was one initiative, the combine to simplify estate business all products lending the where to brand.

banking balance incremental contributor, overall to it's residential in obviously shrinking So has the relation mortgage been sheet. a

think brand. I residential to But we and of from intention the to ReadyCap mix further at relates story would sector of, as simplify mortgage the have potentially currently simplification invest banking. the to So in options the look product we standpoint it no the again,

Operator

BTIG. from The from comes next Hagen Eric question

Unidentified Analyst

You got Eric. Ethan for on

to Just couple Are opportunities of pick MSRs? bulk up packages you a from seeing me.

Andrew Ahlborn

-- We're Yes, generate them scratch that. point, is but ReadyCap’s opportunistic investment of be that opportunities banking. in that manager strategy. with these not we acquisitions lot are mortgage the winter now to we that's external -- not look very a seeing factor factor balance definitely. loans, direct The and along liquidity because strategy. will bidding But a do not them is seeing in bidder lot A prior to of investment a to into but infrastructure selling Capital. nuclear and yes dent are not of be MSRs space. for lender the Ready will a small MSRs ReadyCap’s a Capital a -- to But for has with clear, -- underscore at it's are Ready so Steven's

Unidentified Analyst

we the And you CLO second should interest CRE income net how issued? then think modeling about following

Tom Capasse

increased basis So cost the the warehouse. XX CLO, from CRE recent points roughly debt

And XXs, basis the increased debt advance warehouse. so XX roughly into but from slightly cost higher points the low

Operator

The from B. Matthew final question Riley. from Howlett the comes

Matthew Howlett

still -- me, Mosaics any in Just expect portfolio digit double how's turnover you how closing portfolio, terms on the of at the accretion, update the quickly? of on the with

Andrew Ahlborn

comment on to want you Adam, that?

Adam Zausmer

So where to company looking on we with projected of we value to The the book close it close. the in the transaction are into be line headed XXst. is

the expected be We quicker, have seen balance cash is at on a the which to increasing turnover close. little portfolio balances, sheet

mentioned business we is I pull come forward on think, the close, and his to over $XXX upon look via past that million capital sheet we or to Tom out then going going balance next leverage of that incremental expected remarks, reinvest in quarter two. the when as are close the

that synergies by drive should digit talking that companies expected two operating we've combining just public with So double returns along the are been those about.

Matthew Howlett

I how maturity, So of think this one the down was that going that you're Ready -- you one to my how you you Would what will over, more later your the the sheet. secured borrowings? year. have -- look pay follow-up look on question a with on do turned balance small when will capital's and

how through turned over? when will Just capital's do to half me want securitized to year? walk through of walk financing the you -- Just the side back this Ready's move going sheet, red into to look balance the continue me

Andrew Ahlborn

So certainly, August. in we the convert have

ourselves take if in needed. are to cash is that that We positioning out what is

series our We XXth third to CLO are expecting in do the quarter.

that on either are our fixed rate the some have of there We rate calendar. an go into acquisition we some securitization SBA then or and mainly parts fixed do portfolio assets our other that product legacy acquired shelf. today, shelf is will the And think

the active securitization So in be I think do market. we'll

core, And allocation majority come of mix asset is capital Broadmark liquidity think we of into, growth to of revamped existing call, I terms as going the what some that then will our level I the be capital, from the bridge some well Broadmark financing would product, product. plan redeployed that In to portfolio. on into put mainly

quarters. the three forward So the really over go to well, two that's plan next,

Matthew Howlett

track that ability go the buyback? window good just this seems had follow-up, I closes stock, forma are I pro repurchase mean, I to have assuming and the when record compelling the you restart I'm have buying discount pretty a to over mean, that to stock. how And the guess NAV, like guys you'll you Can the willing will you it given opportunity. --

Andrew Ahlborn

of a out tool in we to coming certainly demonstrated be repurchases powerful believe So that past, share in the as the we've shareholder merger, value. we've providing

And of so, liquidity certainly the think will be for we have given a merger, we the share. way value coming repurchases amount plan to share to drive of book out

tool I if our we the do expect a year stays of sort half at these the back price the that levels. share in So of to be of use

Operator

question the Capasse and call Thank to you. for sir. Thank you, conclude Tom turn That the does session. like closing answer over to remarks. I'd now

Tom Capasse

Yes, again, call. and look everybody. quarter Thank we everybody's appreciate second the to forward participation, you earnings

Operator

Ladies and conclude very you. for call. gentlemen, that joining much us. you Thank does Thank today's

You disconnect now may your lines.

Ready Capital (RC) 9 May 232023 Q1 Earnings call transcript