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  "documentTitle": "Ready Capital | Investor Presentation Deck | 44 slides",
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  "authorName": "Ready Capital",
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      "kind": "list",
      "text": "We believe our embedded operating companies have franchise value in excess of GAAP book value",
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      "text": "All-weather investment strategy as a direct lender and acquirer of loan portfolios, including distressed portfolios",
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      "text": "This structure provides incremental optionality around dividend policy and retention of earnings over time, providing a path to build capital base",
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      "text": "Structured as a REIT for tax purposes, but with a sizable taxable REIT subsidiary (\"TRS\") where employees and operations sit",
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      "text": "Operating companies supported by approximately 600 employees across the Company's 10 offices",
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      "text": "Externally managed by Waterfall Asset Management, LLC, a leading $12.6bn⁴ global structured products investment manager with an 18-year track record",
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      "text": "Ready Capital (“RC” or the “Company”) is a non-bank lender to both investors in and owners of lower-to-middle-market commercial real estate (CRE) properties with book value of approximately $2.7bn¹",
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      "text": "$11.1bn² portfolio of more than 5,500 loans diversified across 50 states & Europe with 99% first lien³",
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      "text": "Note: As of September 30, 2023; ¹ Inclusive of preferred stock and non-controlling interests; ² Excludes Paycheck Protection Program loans; ³ Based on unpaid principal balance (UPB); ⁴ Includes unfunded committed capital; AUM attributable to Ready Capital based on Ready Capital's total stockholders' equity as of September 30, 2023",
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