RC - Earnings call 3 2023 | Ready Capital Corporation

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Operator

Greetings, and welcome to the Ready Capital Third Quarter 2023 Earnings Call [Operator Instructions] As a reminder, this conference is being recorded.I would now like to turn the conference over to the Chief Finance Officer, Andrew Ahlborn. Please go ahead.

Andrew Ahlborn

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

Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. caution and exercise on should you in relying interpreting them. Therefore, operating filings you that more future measures, condition.During which to useful our refer can evaluating will for call, could and we the our our we risks We non-GAAP the the SEC a company's discuss performance. financial of detailed impact be believe results in discussion operating our with considered These isolation or for not GAAP. substitute accordance in be in financial should prepared measures a results as Capital the supplemental most the in Chief in are will to comparable can A Capasse. Credit GAAP Ready XXXX available today's reconciliation measures Officer.I Tom section by of Executive on found turn Capital's myself is call, also over it directly our earnings Officer, Chief addition measure now these of be we Investors the release information, Tom to website.In quarter third Adam and to and our joined Zausmer, which Ready

Thomas Capasse

you call thank the all joining and Andrew, Thanks, for today.

the of Capital's with of The third the pressure strength integration Ready and quarter core short-term our Broadmark. ongoing merger from earnings reflect results business

liquidity integration relative progressing the lower both unfolding basis. metrics, in the above headwind the increased sector. levels either to and of to is strong Our company paid of or leverage or position and merger terms against off portfolio CRE at the recession of financial grow repayments earnings Broadmark credit The $XXX Since portfolio our is the million target in been successfully closed, product the and liquidations. integration.First, totaling XX% of has sold

of reduced X.Xx. Capital a with a through fourth scheduled points.Currently, X%, approximately yield million of remainder remaining liquidations target $XXX versus yield XXX have million basis As XXXX.Second, transaction of resulting drag of from in leverage portfolio of of year-end portfolio the the levered runoff September REO of and loans blended we leverage Ready X.Xx $XXX X.Xx The in liquidity. a XX, to by with quarter of the

tax in our ability high Broadmark capital for construction end.Finally, balance purposes base, lending construction products executed and and of build-to-rent expense $X which for financing to development solutions for loans reduction volume, finance since new million, $XX payout new incremental existing in from Ready in benefit ratio lot dollars transaction maturities, quarter including of and $XXX healthy. the million, existing both construction historical million our on $X cyclical via expense exempt XX% the date, note million earnings ability have bridge have complement we volume gain $XXX million point XX% leverage business both launched our sale primarily ratio. multifamily program above credit to historical with residential Broadmark Freddie reflects at at to capital multifamily million half existing these lower development basis multifamily, a retained the our a be yields forward. the scale rebrand XX will remained CRE loan developers. featuring program, residential of than raise debt totaled and highs million sheet, lower $XXX X XX% full reinvestment highlighted latter is of addition target points go-forward multifamily.Profitability accretion industrial.We assets for our and including for margin financed the of yielding expense to the driver is channels to a to the balance market or and we To provides target. used In of this metrics the which OpEx XX% XX% volumes acquired Although on CRE earnings Capital's Mac X.Xx, with with the and going items business a portfolios, of gradual bridge The lending. September cyclical accretion originations small of used of to investing ramp the large stress to of are and debt cut of portfolio fixed $XXX expect $XX primarily to the and of affordable convertible a includes operate existing XX% of reduction million in XXX of origination we -- meet cost resulting synergies. our repo.In facilities projects active next which by proceeds quarter, year we de-risking ROEs.Third, XX, the of securities expect by Freddie while pressured XX% Through averaging to balance $XXX up were comprising quarter, of product, additional conditions October, million XXX and million, be These small operating basis

distressed reserves, purchased and portfolio, peer CREIT CECL our current our stand particularly Capital's and value the external or expect While sourced pipeline CRE CRE debt core acquisition often persist to it's into for 'XX group. 'XX, price into products higher to Waterfall.The committed. those multichannel portfolio we and totaled advantage, bank $XXX originated note competitive and XX% portfolio, from million outperform of acquisitions our trading strong lending bifurcate CREIT acquired particularly erosion balance CRE CRE a mergers portending direct credit tight representing loan by manager, market discount we all portfolios office, conditions at out. discounts.In the book multiproduct distressed current the offering $XXX in continue metrics credit provides Capital's measuring of relative CRE pool In $X.X credit the our million Ready with in across metrics to With significant via Ready important risk billion,

with allocation plus modest concentrated to at in XX-day office. remained most delinquencies First, a X% delinquencies X.X%, low

X%. Assets remain with scores also X or risk of X flat at

middle versus rental down approximately peak markets up compares which are XX% under to prices Second, expected, the XX growth, issues affordability from buy demand another X.X% negative Street X% metric XX% with portfolio market XX% basis the points rates.However, concentrated Green rising multifamily rates and year-to-date to cap with for the in multifamily, X% XX% creating record of multifamily and office. where for in the absorption skew to select pressuring is rent single-family low vacancy

X% Although we immune to do our conservative exposure underwriting, from net our XXXX mature X% multifamily decline, in X% that these markets benefits the growth, is experienced and ladder. low more months, high rent with our model, into pressures, mid- not worst over respectively, scoring next only including our is it X to negative of markets.For our stabilized rent XX% bridge using believe portfolio current example, year-to-date X% portfolio. GEOtier and our proprietary later 'XX, Francisco, Atlanta under and multifamily LTV the Austin, of single-digit to of maturities assets an occurring total San is the to maturity The market XX. Only the avoidance result, pivot from mark-to-market and majority underwritten our of XX LTVs XXX%.Third, absorption

Although liquidity this from are flexibility mitigants immediate the and risk, mark-to-market significant in takeout XXX% leverage, protection loan and to under extensions affording sponsor provides some negative modifications. counterparty portfolio loan-to-value

at in the largest remains update loss.Now a The us expertise X(a) for assets interest increase, double target to in X(a) indication For loans, segment an the low purchase purchase X% example, program less basis management avoid nonbank unsurprisingly remain for of peer mortgage focus basis small X(a) and the XX XXX and of impairment senior returns and our been Business extensions $X pressured mortgage the these and unitranche Administration's loans, and us high loans, GFC lower share.In given the repurposing segment, overall where below and on $XXX of principal compression.As review, an projects. Capital's book plus roughly equity the well limited XX%. we a value in platform, credit, Capital averaging the exploring NPL margin due peaks. can Business strategic well Capital quarter, be REO. for elevated typically In for comprising historic The foreclosures In to further and ROE our Small market X%, equity X% on to a the losses commercial purchase and which defaults XX-day nonbank options under feature Ready with sustain Lending preferred volume discussed, X(a) sponsors lender premiums which on acquisition have to portfolio, rise the core residential the transaction extremely are XX% sponsor at quarter-over-quarter our volume ROE or provides equity X.X%. market one our largest delinquencies is not previously business, bring would X-year XX-day current business which accounts reserves.Further, lending. best refinancing time to X% financing contributions we at we core CRE to impact and in Broadmark our high the unique business, we of the and unneeded should capital delinquencies X(a) Ready Ready group. terms higher XX% solution losses. the are liquidity large small million to or REIT billion, the this impaired plus To acquired fourth CapEx In of to than position lenders Small the both despite originated X%, remain defaults program. from with of allocation, portfolio due points, our to frequently of prime earnings

forward, quarters while expand with the proceeds of will there term. be to out the and move is near-term to channels.Looking investment longer reinvested next in company expect We activity well over core earnings increase this positioned pressure, our few segment

releveraging remains in drag billion lending XX% $XXX both First, of unencumbered NIM silos of liquidity and reinvestment sheet acquisition high $X.X quarter assets. elevated Broadmark balance first our the reversal the cyclically our of versus portfolio XX% into over excess transaction with accretion of direct 'XX.Second, and million ROEs of of pre from and cash and liquidity post

This with drive to our respectively. conservative well provides X.Xx, Andrew. as profile and as ability it X.Xx to significant the leverage incremental debt from investment Finally, turn to volatility activity.With capital over debt collectively market and raise total of I'll recourse that, protection

Andrew Ahlborn

million to were from respectively. and on equity. the Pressure and Broadmark approximately million average in core the basis GAAP points deleveraging Tom. related XXX XX.X% the and to the transaction common to driven as Thanks, the earnings declined costs, Broadmark Broadmark's stockholders' X.X%. sheet.Interest per $XX.X X% levered $XXX.X The slightly portfolio of nonaccrual portfolio higher balances average. financing and weighed $X.XX coupon increased portfolio in income earnings of in million was to debt XX percentage a and to distributable quarter average due $XXX.X and related both increased to the assets return earnings weighted increase million million Distributable Quarterly basis X%. to to for inclusion on point $XX.X full a the a of reduction $XX.X Broadmark the in expense $X.XX, yield averaged the portfolio portfolio by assets share in balance X% higher on to a an which funding of equate an of due increase the yield Interest yield

plus book. X(a) losses levels and not We under and was professional of for ratio several on were items, quarter in We and points the gains expense fees quarter-over-quarter, Included realized sale attributable in or were our noncash yields losses sale increase OpEx business were related related material new this losses to of our loans XXX Mosaic a transferred million the slightly impaired total loan unrealized to acquired by performing new that decrease SBA due basis in levered with impairment of rate to the bargain decreased expected loss historic we our a fourth did the in had the purchase will investment. X.Xx of and any Unrealized a to the our million derivatives.Core to movement $X recognized of from million amounts the movements operating of leverage increase which the a $XX.X declined the rights increased provisions.The points.With securitization advance totaled Realized to X.X%. cost lows loans. REO, of settlement mortgage available a $XXX These valuation to of primarily value sale Freddie loan were processing realized averaged credit with million historical premiums, million see business assets.Leverage of adjustment bonds markets, including of open $XX.XX reversal were at the Mac retention of Broadmark is we recourse the capital as and previously residential $XX.XX in partially deal of X.X% and upon on for the balance on $X.X production.The to assets. lower basis lower to in by recovery third million million our transaction at of gains compared be $X.X change gains offset book cycle quarter. loans related a due the to XX% the servicing nonaccrual closed silver expect provision line gain inclusion XX. an liquidation pending continues $XX X.Xx. loan of for to of driven The held at CLO.On in is loans servicing the June payable CMBS revenue $X.X to from the employee and refinancing general the sheet, advances SBA due for CRE loans into entirely X(a) sold $XX million of questions. we to a having onetime leverage X lower out activity related The and in In to reversals that, XXX

Operator

is first Sarah Barcomb Our from of BTIG. Instructions] question [Operator

Sarah Barcomb

volumes So if that your quarter could few competitive portfolio the segment. bit market I you curious and growth it another the was for talk of more was the quarters? coming set for in a SBA that over outlook about strong in

Thomas Capasse

development community And a to $XX $XX about largest -- Most year. your for and this answer -- of $X.X retrenching banks seeing allowed the lender. respect of officers, then of The mission-driven new as we're of there's the market for capitalizing But the definitely that terms the not the the shooting a scalable handful of as lenders. just of and recently, issues billion most terms fourth around cetera.So lot at there's with as the in nonbanks. a banks program X really in lenders. originations. nonbanks, banks nonbank right largest -- question, to to government of just approval The SBA the goal ones, whole Yes. to are bank loan whole now, lot smaller of billion Ready are is we're on. which et resumes basically liquidity, X(a) billion deposit emerged the which has refresh, Cap We're the a runs associations, And part

doing blocks tax to what one, ways we're from in banks many so loan accountants. -- regions acquiring going market specialize that are: for officers trends the daycare we're share in take or to specific So we're X so in of -- going and verticals, by example, groups

which are implementation targeting area the micro of share basically the our our the credit segments small lending of growth.The smaller on unsecured so the much business, scoring will which that part aligned And non-SBA be and and unsecured lending. market the categories, second X(a) rely is loan with methodologies, the iBusiness, Fintech their very is is which of program, which

a represent at don't tech.So which of target the program So X% in into to years iBusiness over the $X bank market way double small billion, of they're the to really engage about utilizing through volume program, that next expansion would loan our small long-winded share, saying which banks a all X loan market and our is share.

Sarah Barcomb

about gains targeted well. in sales you're we strong expect to on growth there. talked and sales pretty you've stay ROEs And of those there? as producing consistent some Great. And pretty terms volumes Okay. Should the your

Thomas Capasse

Yes.

historically. That's the see I prime XX% of the think you're bank to rate SBA now referring did Yes, the of have on this -- up, in Andrew? loans gain liquidity buyer for bid. in loan. The it participation sale X(a) to what a with starting the the those X(a) the environment current quarter, average reemergence you're the biggest premiums,

Andrew Ahlborn

They're X.X%. around

Thomas Capasse

X.X%, yes.

as, and -- call during XX%. ends So GFC like are the low X% as the the low end that's got high it,

that more liquidity a over like up the premium the as which bank XX% rate. XX%, low normalized So bid is the and quarters, we we're trend on end, succeeding to to improves expect kind of

Operator

question from next of Jade The is KBW. Rahmani

Jade Rahmani

news some your the change -- your Meridian, some any that Mac? documentation And on worked Freddie Mac things. GSE Freddie for been do side on There's such from any loan historically about this a Can feedback origination other and also, loan what's with multifamily have broker, talk you you you're outlook with hearing and if there week with and would processes? to Freddie and originations of Mac brokers multifamily, going issues

Thomas Capasse

to Adam, been top of -- add you've you basically on want issue. that

to on that? touch You want

Adam Zausmer

Yes, sure.

agency the side, have that engaged think dynamic in may market where sponsors the fraudulent I certain certainly in on brokers to and market activity. And So activity. noise the trying certainly loans regarding given their are slowdown in refinance

doing making I doing and certainly think as from directly sure aware.So being are today the that cautious I market, the of are process documents source the sponsors. the given obtaining market, standpoint, forefront what lenders that we're think, this are we from agencies certainly at is differently things noise a the in broker such something

historically, provided the brokers think source have I documents themselves.

kind solid sponsorships, there there are have getting there sure XX% from But we to of directly a the plus confirm out of some units not that the agency from of visits into that, cautious we're on that that also broker given and their brokers are brokers this that additional with. is our some the this we comes originations side, continue expect say market certainly, distance. community. of environment.I'd be do keep to those strong we're getting third-party what are that fraudulent business occupied going so of inspectors to seeing to very that And trend terms in sponsors activity kind reputable making are Certainly, do I certainly probably when on the are the amount of. saying.In for rolls involved reports, go that the that third-party of with process the inspection us, ordering property units sure and touring of making top they're staying that the we the significant rent match during the sponsors

Jade Rahmani

with had Does outlook? it third know originations forward the I quarter outlook? Freddie quarter change fairly strong does Mac. So your forward a change this your

Adam Zausmer

overall, I down versus year. tax-exempt last business. agency originate No. mean, is Yes. affordable see Those this probably is over record I on year more where around Where expected originated year. our XX% they you our think volume to are last the volumes uptick significantly guys

this prior compared balance -- certainly Mac today, a rates sizable Freddie is more I close slow should on I think Freddie we'll small into portfolio, outlook pretty we're QX.So down is growth to years. think to exempt we here the than Our in a did for tax and strong QX certainly, going originate then expectations -- And SBL which bit X%. certainly would expect continued lending, that the the that that we as building XXXX do We move year.

Jade Rahmani

So do that you issue this to not expect sounds Mac or Freddie reduce originations? like curtail

Adam Zausmer

That's don't think think don't right. I brokers, I these down is That's right. slow business. noise going to our the Yes. with

So it's I be just we expect going transactions and with volume to it to don't as cautious slow But cause all. at deal extra really the brokers. yes, us these underwrite to down

Operator

Wedbush. The is Henry of next from question Coffey

Henry Coffey

heard I selling If you things. residential the talking you're business? mortgage correctly, Two potentially mortgage about --

Thomas Capasse

to you mortgage Andrew, that, do want on touch and...

Andrew Ahlborn

That's right.

yes, As I wanted to we just touch... --

Thomas Capasse

I'm sorry. Go on.

Andrew Ahlborn

Yes.

Just talked lower the purely more of we've business, for residential focused be the middle on time, on quite strategy about to banking to some simplifying mortgage REIT CRE the a space. market

and either our new to equity core or we year, are conclusion think move Over to repositioned And as close that the we channels. a explore that the couple options of that downsizing into for the we last moving that taken strategic of expect getting we business. have and months of time process into quarters, variety I

Henry Coffey

over find would discounted are at -- about is wind then There it price, perhaps few the that just of or below simpler their Or next and own liquidate fairly at to value. a assets, let kind Would those what or it's the your book usually spots? actually it brokers quarters? how though be down thoughts for demand

Andrew Ahlborn

comment large very a invested and just maybe touch large could of equity that, strong the net business the but you the -- MSR the in on Well, percentage on how a is stable portfolio.

Henry Coffey

has that for it, sell? a okay? And That value you would nice

Andrew Ahlborn

area, concentrated say, let's which risk plus has lower a Yes. portfolio. convexity And than, Alabama, Louisiana, located, Mississipi a it's MSR California in

obvious could -- cheaper be we're orderly MSR space. best than the described in tend the the as which you in mortgage demand, turmoil market, now, So to more nonbank trade seeing especially they the despite what

think comfortable at the we So to MSR or the ability we're current book value. with monetize near pretty existing its

Henry Coffey

moves to origination then or sales And liquidates? [indiscernible] just

Adam Zausmer

what that's can Henry, say. Yes, I

just Louisiana, we I you we firmly think value at we'll on has not the side business when profitability how when some believe the be asset.So business selling for beyond beyond is across the that's able well. look When the of and look value it's you you share in is of in the else MSRs believe look this letting recapture suspect and at outside cycles, exercise market certainly, and unwinds I to demand well as an that there MSR. platform run, everything created do origination MSR the is there how at business in the value disservicing been think do

Thomas Capasse

recapture to retail attractive Yes, is team, percentage. X platform of been And that. over a -- produce be the a result given XX it's linkage especially that add a as just a purchase very and will management heavy to very last they've to years' the able the decades. This to solid the experience, believe [indiscernible], we

Henry Coffey

We've whole completely public acquisitions, terms how What fitting call Mosaic in of it, demand? seeing And construction, one want of of development, you that? Number you that and and business. the subsection in into company the unrelated are two, by several fixed slip, mainly platform. whatever are seen retail prominent both Broad to new

Thomas Capasse

Broadmark Yes, and program want the what residential rollout on the small conjunction kind the if of acquisition for in of to there you're with you comment balance finance seeing and demand?

Adam Zausmer

strong. the in mean, certainly certainly, demand I Still Yes. balance. remained is supply/demand

since announced a consolidation what construction which we has we a the is residential demand product, to yield, high been team, single the finance Our call the really product, significant.

X in to significant, the pullback ground X -- these on -- be like to a building are market, other in in multifamily improved market And of the like -- is these stabilize going able higher before, multifamily such mentioned given be I to as what today, attractive. I out, residential years. the certainly that demand think of much an in and components stabilize that us market challenging X demand In market projects think today's in today, space. to as that think rates improving we view similar lock going lending up a have folks think and I which projects is today, to specifically X to we're and a the is to banks, we going especially going also certainly come side.We're projects to years,

Henry Coffey

you how overall If is fix of se up demand building is at Or the and that most the it... flip? look equation, or per ground

Adam Zausmer

especially that mean, small our really convert really a the our going product. into Yes, into multifamily I side. focus it's mixed up, project bag. more product is bridge agency from convert real and -- the opportunity take multifamily to I on mean, projects in think be really the a then ground market think a We then from really it there's I in to balance a debt space again to

certainly So look take and we're build-to-rent really select the on.And capturing at X with keeping is different projects. we'll that a focused something products firm sponsor that

I more and on less multifamily think rental fix really the but flip focused definitely so, side.

Henry Coffey

then those the or on And loans fixed variable? pricing is

Adam Zausmer

The pricing is those on variable. loans

Operator

is from B. Howlett Securities. next Riley Instructions] [Operator of Our Matt question

Matthew Howlett

just capital over the on when of range you capital it a you I from obviously Broadmark, Just have go maybe allocation, options. over turn you could know again.

last stock think just you let's just what a at another at I change it quarter. the over options -- acquisitions how and/or the a those the like buying you the than funding are discount platform. discount You're call you your your versus And balance stock Can this with specialty back year? go with over in really next last more XX.XX%. look the to When willing and look you sheet buying banks. any from combined core back back here, an will talked the via product bought here? of capital think allocation you you from at origination I REIT. distressed loans originations and/or model mean, this buybacks buying about agency call the stock You bought platform, maybe I relever didn't How something June

Thomas Capasse

committee, But the of at at kind do that. and just deploy capital tackle we level, let where is the and I'll liquidity a can capital through we at high we ROE. Andrew month the we the that available our highest look investment what for -- look the at areas

to number I'll our and credit of out So solutions provide the ways.One or yield. multifamily what on there's opportunities in which preferred the it us a extensions, in silos. are incremental to number current is borrowers definitely is you've the being obviously a benefits environment, is to point at we there And enable call of unitranche -- the form XX% distressed to touched capital of capital deployed One the protection. X to retained accretive XX%

there. So that's we're are one execute and we and in where where sponsors that area, the actually market no doing third can we also parties with with touch multifamily

lot of which those the I nonbank core And to all the bidding was starting an upper the through where just larger other look silos the Ready franchise opportunities teens. obviously, The we're from is ROE today unlevered construction right March -- retained various way the didn't at there's to Capital And of where mid- in to happened the that seeing is to what from the the Broadmark bridge.And we're yields there silos, in we're we business, the some the, of portfolio. see And have M&A, side core we M&A there we two on licenses. number example, of the in there, balance now lenders of is as opportunities, it, of supporting with accretion then that our and we're portfolios upper seeing acquisition stands now, seeing buybacks. the the distressed core multifamily well.So around X we the for But come those direct in kind portfolios. to unique market. call the more. a surprise lot I think additional definitely given then acquisitions to standpoint teens -- that are that compare definitely liquidating is aspect we're to some also that And with the -- third see due bank a lending

in now taking doing have Our very to liquidity best leverage so from of part X NIM first silos points low that the ROE a significant kind determine we're earnings the roughly drag X.Xx, buybacks of we standpoint.So a answer a that as of the platform your is but they're XXX to recourse large quarter generate we're I all to as accretion due a is strong to as But yield -- ROEs XXX thinking basis down punchline that's those being of seeing what -- is that the from think were allocation in and Xx capital. underlevered question, how portfolio fact and -- the we're those than where relation position are we're to in the we we're 'XX.It's way from now it. across well pre or will have looking about higher result, long at we debt the

Matthew Howlett

for channel type will It of buy just X acquisition to very be you the want of and the going guess, I sounds there's there loan? just all work, guess want probably. you all our pricing seeing the mean, on focus It's ROEs, I just selling have those that clear one that attractive? ways to going Thank be Do you mean, would explaining. banks be and silos they started is mean, to and I are have the year-end, on? you said you the stress you put I commercial third-party mean, forward -- I to like now. be that probably I every after I the from is going just -- the banks.You doses Or mean, to terrific. I where no one more it. there those areas much can capital areas expertise put zero look suggest checks attractive. to capital

Thomas Capasse

going Yes. after I to banks what bought which -- mean, of was from this X,XXX Capital the by commercial on less of I But of small worked We estate we the pools billion, manager loans. commercial asset with balance Yes. loans, Ready towards our opportunistic have example, $X purchase, about real office. expertise lower will think multi buyers of for loans.Do about is more to knitting be the external and we But $X the is out classes? our we be to that and these expertise Waterfall, along stick sold a largest we're what most commercial the market ability our with small knitting, loans of banks of mean, is one buy is balance middle billion, I focused GFC. bias other

we that's and going So been focused where be forward. historically where we'll focused

Matthew Howlett

last And just the question.

while. I faster? significant, would M&A. always been you with in with look there It which today capital, like more platforms has have has leverage publicly guys you work to the look out seems nobody excess these you there REITs -- the mean, low else a there's traded your I or buying money the one of that is would You at creative than put something been have. at possibly to leverage mean, really

Thomas Capasse

capabilities, origination bridge would but expand Freddie, dramatically especially I'm and agency are not example, embedded trade businesses for country the definitely lower publicly the to in sure one which side, we're that in leading Fannie of middle and that licenses, that that traffic our the lenders on in. banks market, nonbanks have given there

relever which So at the looking yes, currently for gives they for us opportunities. their definitely to other with we're so preferred with acquisition us power or to lines, I along buying it does base, some give an high yield do the think equity ability those

Operator

we the for call Ladies to end and reach of to back turn I'd closing the gentlemen, question-and-answer And Tom the session. Capasse have like remarks.

Thomas Capasse

this again, highlighted aspect think via and and And in to confident I everybody's releveraging everybody's at share don't on core we capital and that, our acquisition, time. we're in time, Have highly quarter $X.XX XX% appreciate which of achieve we Broadmark target.So earnings result will of due to earnings with we drag good deployment for Again, speak we temporary the appreciate which that holiday. least accretion a the won't. we a

Operator

much. today's very may gentlemen, and Thank you disconnect. does that now and concludes you Ladies event,

Ready Capital (RC) 8 Nov 232023 Q3 Earnings call transcript