{
  "docId": "019de517-e352-747b-9762-0a74ae0959a2",
  "docSlug": "feb24b9f7493f30af4978892ea7da362",
  "documentTitle": "Ready Capital | Investor Presentation Deck | 44 slides",
  "authorId": "ready-capital",
  "authorName": "Ready Capital",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2024-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 27,
  "pageCount": 44,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "other",
  "function": "present_framework",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019de517-e352-747b-9762-0a74ae0959a2/27",
  "deckHref": "/decks/019de517-e352-747b-9762-0a74ae0959a2",
  "deckJsonHref": "/decks/019de517-e352-747b-9762-0a74ae0959a2.json",
  "deckAnchorHref": "/decks/019de517-e352-747b-9762-0a74ae0959a2#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.359,
        "w": 0.219,
        "x": 0.284,
        "y": 0.349
      },
      "kind": "list",
      "text": "Real Estate\n■ Primarily focused on less volatile property types such as multifamily and industrial\n■ Transitional assets with value upside through capex/lease-up; loans sized to in-place occupancy, cash-flow, and value-add\n■ Determine property strengths, market drivers, and supply/demand fundamentals via market call with local experts\n■ Property inspections with sponsors to understand business plan and quality/condition of property\n■ Analyze real estate characteristics, operating performance and budget, management, and tenancy",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80688453-b01f-432c-b1de-55a3c98f272b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.309,
        "w": 0.219,
        "x": 0.058,
        "y": 0.349
      },
      "kind": "list",
      "text": "GEOtier\n■ Tiers markets from 1 to 5 based on zip code level; utilized for pricing, leverage, and loan structure, absorption, and cap rates)\n■ Considers and weights four risk factors including:\n■ MSA population rank\n■ Market fundamentals (vacancy, rents\n■ Moody's Red-Yellow-Green\n■ MSA commercial real estate macro fundamentals\n■ Primarily focused on Tier 1 and strong Tier 2 and 3 markets",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4e09896-eb80-4ba4-84ae-6c720b79a45a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.419,
        "w": 0.219,
        "x": 0.51,
        "y": 0.349
      },
      "kind": "list",
      "text": "Debt Structure\n■ Primary metrics considered: At Risk LTV, As-Is LTV, Go-dark LTV (special purpose & single tenant), In-place Debt Yield, and In-place DSCR; low LTV mitigates risks associated with heavy rollover, distressed assets, or less experienced sponsorship\n■ Create structure that:\n■ Aligns with Borrowers' plan for property and allows real estate to operate independently of sponsor\n■ Includes performance hurdles and completion dates for release of proceeds from reserves\n■ Reserves sufficient funds to stabilize property via capex improvement plan and TIs/LCs (implements a cash sweep if material rollover during loan term)",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edd51e75-ad19-4d39-8407-a6a21421b2e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.359,
        "w": 0.219,
        "x": 0.736,
        "y": 0.349
      },
      "kind": "list",
      "text": "Sponsor\n■ Strong sponsorship cannot mitigate weak GEOtier and/or poor real estate\n■ Focus on local market experience and ownership, particularly important for light rehab/reposition projects\n■ Ensure appropriate property management even in strong markets\n■ Require strong sponsor equity basis to guarantee sponsor interest in collateral\n■ Transitional assets require Sponsors with relevant experience and track record of execution",
      "attrs": {},
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f05eb836-e14e-46e6-aac4-90b77bd29b3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.023,
        "w": 0.209,
        "x": 0.269,
        "y": 0.839
      },
      "kind": "metric",
      "text": "~16% of Deals Received",
      "attrs": {},
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c2a6436-5e80-48c4-b512-d2b3f9a3c57e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.069,
        "w": 0.209,
        "x": 0.736,
        "y": 0.819
      },
      "kind": "metric",
      "text": "~86% of LOIs Received\n~6% of Quotes Received\n<2% of Deals Received",
      "attrs": {},
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c16265f6-7d05-465e-9529-0d815652b9ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.013,
        "w": 0.46,
        "x": 0.058,
        "y": 0.932
      },
      "kind": "source-note",
      "text": "Note: As of October 12, 2023; Historical averages for FY 2022 and YTD 2023 shown",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e72ec139-4d2d-4ff5-ad00-39ac3f2a907a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.436,
        "x": 0.049,
        "y": 0.11
      },
      "kind": "title",
      "text": "Credit Philosophy",
      "attrs": {},
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77cc6053-833d-4bcb-a4c5-d91445945fa7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "70425c21-6a43-4c84-93fc-40874022489b",
      "evidence": "list/bullet: Debt Structure",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 44,
      "from": 3,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "683999a5-646d-4eda-a9d3-65d5179730d7",
      "evidence": "The deck uses a golden circle structure to present the company's why, how, and what.",
      "position": 0,
      "objective": "Why Ready Capital is a good investment opportunity",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}