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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": "Interest income from LMM commercial real estate lending and acquisitions, small business lending and residential mortgage banking\nRevenue within Company's residential mortgage banking business directly related to loan origination and sale activity\nRealized gains (losses) on loans, derivatives and MBS; creation of MSRs\nUnrealized gains (losses) on loans, residential MSRs, derivatives and MBS\nWorking capital advances provided to small business through purchase of their future revenues\nGain on bargain purchase from the Broadmark merger in May 2023. Reflects $229.9mm gain in Q2 2023 and ($14.9mm) loss in Q3 2023 from the transaction\nOrigination income, change in repair and denial reserve, employee retention credit consulting income and other\nIndirect costs related to loan origination activities, such as correspondent fees\nOrigination costs, technology expense, impairment on real estate, rent and property tax expense, recruiting, training and travel expense, marketing expense, loan acquisition costs, financing costs on purchased future receivables and other",
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      "kind": "paragraph",
      "text": "Note: Does not include the effect of the Broadmark acquisition for any periods prior to May 31, 2023",
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      "text": "Trailing Twelve Months Ended September 30, 2023\nLMM CRE Lending and Acquisitions\nGovernment-backed Small Business Lending\nResidential Mortgage Banking\nCorporate—Other\nConsolidated\nInterest income $816,737 $84,220 $7,158 $- $908,115\nInterest expense (612,011) (48,540) (7,424) (667,975)\nNet interest income before recovery of (provision for) loan losses $204,726 $35,680 ($266) $240,140\nRecovery of (provision for) loan losses (27,400) (7,001) (34,401)\nNet interest income after recovery of (provision for) loan losses $177,326 $28,679 ($266) $205,739\nNon-interest income\nResidential mortgage banking activities $- $- $26,661 $- $26,661\nNet realized gain (loss) on financial instruments and real estate owned 23,071 30,310 53,381\nNet unrealized gain (loss) on financial instruments 20,813 (141) 2,121 22,793\nServicing income, net 5,262 11,130 36,719 53,111\nIncome on purchased future receivables, net 1,530 1,530\nGain on bargain purchase 215,032 215,032\nIncome on unconsolidated joint ventures 1,246 1,246\nOther income 40,507 34,310 76 1,645 76,538\nTotal non-interest income (loss) $90,899 $77,139 $65,577 $216,677 $450,292\nNon-interest expense\nEmployee compensation and benefits ($29,904) ($39,878) ($20,121) ($7,041) ($96,944)\nAllocated employee compensation and benefits from related party (881) (9,946) (10,827)\nVariable expenses on residential mortgage banking activities (14,982) (14,982)\nProfessional fees (5,282) (8,711) (613) (9,828) (24,434)\nManagement fees-related party (23,294) (23,294)\nIncentive fees-related party (3,947) (3,947)\nLoan servicing expense (39,102) (758) (9,159) (49,019)\nTransaction related expenses (22,215) (22,215)\nOther operating expenses (21,941) (18,196) (6,417) (6,254) (52,808)\nTotal non-interest expense ($97,110) ($67,543) ($51,292) ($82,525) ($298,470)\nIncome (loss) before provision for income taxes $171,115 $38,275 $14,019 $134,152 $357,561\nIncome tax provision $69,440 $1,229 ($3,505) ($73,513) ($6,349)\nNet Income $240,555 $39,504 $10,514 $60,639 $351,212\nTotal assets $10,595,201 $1,409,761 $396,073 $398,398 $12,799,433",
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      "kind": "title",
      "text": "COMMENTARY",
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      "kind": "title",
      "text": "TTM Income Statement by Segment",
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