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      "text": "Provides earnings stability through a combination of CRE Net Interest Margin and Gain on Sale from SBA and Freddie Mac businesses\nBalance sheet stability provided by granular portfolio and focus on LMM portfolio\nNationwide origination platform covering both investor and owner-occupied (small business) properties\nOriginates across the full life-cycle of a LMM commercial property, offering a variety of loan origination channels from construction and bridge loans to stabilized and agency loans",
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      "text": "Sophisticated Risk Management and Asset Management Infrastructure",
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      "text": "Affiliation and Alignment with Asset Manager",
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      "text": "Differentiated Business Model with Diversified Sourcing Channels",
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      "text": "Recourse debt-to-equity ratio of 0.9x\nUnrestricted cash of over $182mm\nFull mark-to-market liabilities and credit mark-to-market liabilities represent only 18% of total debt in Q3 2023",
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      "text": "Proprietary models evaluate collateral liquidation execution, property economics and market movements by MSA region\nSBC originated portfolio 60+ day delinquencies of 2.9%",
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      "text": "Robust Financial Profile",
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      "text": "Current $11.1bn2 portfolio of more than 5,500 loans with 99% first lien³\nWeighted average LTV of 65% for LMM commercial real estate loans and 92% for government-backed small business loans4\nCollateral is diversified across geography and type",
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      "kind": "list",
      "text": "Waterfall is a leading $12.6bn6 global structured products investment manager with an 18-year track record\nDedicated team of 70+ investment professionals, sourcing acquisitions in cyclical markets",
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      "text": "Strong Asset Quality and Diversified Portfolio",
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      "text": "Consistent book value growth of nearly 5x since 2017 through peer group leading M&A resulting in the fourth largest Commercial Mortgage REIT by book value\nRobust distributable earnings growth of 36% CAGR between 2017 and 20225",
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      "text": "Modest Leverage and Proven Access to Liquidity",
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      "text": "Note: As of September 30, 2023; 1 Total revenue includes net interest income after provision for loan losses and total non-interest income; 2 Excludes Paycheck Protection Program loans; 3 Based on UPB; 4 Loan-to-Value (LTV)\nis calculated by dividing the current unpaid principal balance by the most recent collateral value received. The most recent value for performing loans is often the third-party as-is valuation utilized during the original underwriting\nprocess; 5 Distributable earnings is a non-GAAP measure, please refer to page 37 for a reconciliation to the nearest GAAP equivalent; 6 Includes unfunded committed capital; AUM attributable to Ready Capital based on Ready\nCapital's total stockholders' equity as of September 30, 2023",
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