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  "documentTitle": "Ready Capital | Investor Presentation Deck | 44 slides",
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  "authorName": "Ready Capital",
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  "presentationDate": "2024-01-01 00:00:00",
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      "text": "Historical Originations and Acquisitions ($MM)1\nOriginations Acquisitions\n$2,601 $863 $1,738 (2019)\n$1,373 $213 $1,160 (2020)\n$5,469 $197 $5,272 (2021)\n$5,180 $660 $4,520 (2022)\n$1,387 $1,387 (2023 YTD)",
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      "text": "Acquire LMM CRE loans\nWaterfall specializes in acquiring LMM CRE loans sold by banks but also acquires loans from other sources2\nReady Capital has the right of first refusal on the loans Waterfall sources3",
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      "text": "All weather origination platform with ability to allocate capital across 4 products\n$17.6bn in originations since the Company's formation in 2013 and a 22.2% 10-year CAGR\nCurrent 0.3% LMM commercial real estate loan market share with 1.5% 3-year target\nConservative approach to credit with focus on high conviction sectors, superior markets and strong sponsors; < 5bps losses incurred on new originations since the company's start\nSupported by 128 staff, including 19 loan officers, with headquarters in New York & Texas and 4 satellite offices",
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      "text": "Originate full project life cycle LMM CRE loans\nSourced through direct / indirect lending relationships with brokers as well as referral programs with servicers",
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      "text": "Note: As of September 30, 2023; 1 Based on fully committed amounts; 2 Other sources of LMM CRE loans include special servicers of large balance SBC ABS and CMBS trusts, the FDIC, servicers of non-performing SBA Section 7(a) loans, Community Development Companies originating loans under the SBA 504 program, GSEs and state economic development authorities; 3 Waterfall has agreed in the side letter agreement that, for so long as the management agreement is in effect, neither it nor any of its affiliates will (i) sponsor or manage any additional investment vehicle where the Company does not participate as an investor whose primary investment strategy will involve LMM commercial real estate loans, unless Waterfall obtains the prior approval of a majority of the Company's board of directors (including a majority of its independent directors), or (ii) acquire a portfolio of assets, a majority of which (by value or UPB) are LMM commercial real estate loans on behalf of another investment vehicle (other than acquisitions of LMM commercial ABS), unless the Company is first offered the investment opportunity and a majority of its board of directors (including a majority of its independent directors) decide not to acquire such assets",
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      "text": "LMM CRE Lending & Acquisition Overview",
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