EX-99.2 3 rc-20220506xex99d2.htm EX-99.2
Exhibit 99.2

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SUPPLEMENTAL FINANCIAL DATAQ1 2022

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2DisclaimerThispresentationcontainsstatementsthatconstitute“forward-lookingstatements,”assuchtermisdefinedinSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended,andsuchstatementsareintendedtobecoveredbythesafeharborprovidedbythesame.Thesestatementsarebasedonmanagement’scurrentexpectationsandbeliefsandaresubjecttoanumberoftrendsanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthosedescribedintheforward-lookingstatements;ReadyCapitalCorporation(the“Company”)cangivenoassurancethatitsexpectationswillbeattained.FactorsthatcouldcauseactualresultstodiffermateriallyfromtheCompany’sexpectationsincludethosesetforthintheRiskFactorssectionofthemostrecentAnnualReportonForm10-KfiledwiththeSECandotherreportsfiledbytheCompanywiththeSEC,copiesofwhichareavailableontheSEC’swebsite,www.sec.gov.TheCompanyundertakesnoobligationtoupdatethesestatementsforrevisionsorchangesafterthedateofthisrelease,exceptasrequiredbylaw.Thispresentationincludescertainnon-GAAPfinancialmeasures,includingDistributableearnings.Thesenon-GAAPfinancialmeasuresshouldbeconsideredonlyassupplementalto,andnotassuperiorto,financialmeasuresinaccordancewithGAAP.PleaserefertotheAppendixforthemostrecentGAAPinformation.Thispresentationalsocontainsmarketstatisticsandindustrydatawhicharesubjecttouncertaintyandarenotnecessarilyreflectiveofmarketconditions.ThesehavebeenderivedfromthirdpartysourcesandhavenotbeenindependentlyverifiedbytheCompanyoritsaffiliates.Allmaterialpresentediscompiledfromsourcesbelievedtobereliableandcurrent,butaccuracycannotbeguaranteed.AlldataisasofMarch31,2022,unlessotherwisenoted.

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3First Quarter 2022 Results Net income of $64.3 million1, or $0.70 per common share Distributable earnings of $48.9 million1, or $0.52 per common shareDeclared dividend of $0.42 per common share Earnings / Dividends Return on Equity2of 18.0%Distributable Return on Equity3of 13.6%Dividend Yield4of 11.2% Returns CREoriginationsandacquisitionsof$2.2billionSBAloanoriginationsof$101.0millionResidentialmortgageloanoriginationsof$769.1million Loan Originations5/ Acquisitions1.Before dividends on preferred securities and inclusive of non-controlling interest2.Return on equity is an annualized percentage equal to quarterly net income over the average monthly total stockholders’ equity for the period3.Distributable return on equity is an annualized percentage equal to distributable earnings over the average monthly total stockholders’ equity for the period. Refer to the “Distributable Earnings Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings4.Q1 dividend yield for the period is based on the 3/31/2022 closing share price of $15.065.Represents fully committed amounts

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4First Quarter 2022 Results (continued) Total liquidity of $326million1including cash, anticipated warehouse advances, principal and interest receivable from servicers, and anticipated proceeds from available-for-sale assets Current Liquidity Closeda$1.1billioncommercialmortgagecollateralizedloanobligation,theCompany’slargestCRECLOtodateClosedanunderwrittenpublicofferingof$120.0millionaggregateprincipalamountof6.125%seniorunsecurednotesdue2025Closedasecondaryofferingof7,000,000sharesofcommonstockfornetproceedsof$106.6million Capital Markets Netbookvaluepershareof$15.22percommonshareTotalleverageof4.4xandrecourseleverageratioof1.4x2 Balance Sheet TheCompanycloseditsacquisitionofMosaicRealEstateCredit,LLC.(MREC)andrelatedentities.Thetransactionincreasedcapitalization$458.1millionandexpandedtheCompany’slendingcapabilitiesintoconstructionlending. Mosaic Merger1.Liquidity balance as of April 28, 20222.Recourse leverage ratio excludes $1.4 billion of secured borrowings that are non-recourse to the Company.

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5Return on Equity1.Leveredyieldincludesinterestincome,accretionofdiscount,MSRcreation,incomefromunconsolidatedjointventures,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.2.GAAPROEisbasedonGAAPNetIncome,whileDistributableROEisbasedonDistributableEarnings,whichadjustsGAAPNetIncomeforcertainitemsdetailedonthe“DistributableEarningsReconciliation”slide.3.ROEbasedonnetincomebeforetaxoftheResidentialMortgageBankingbusinesslinedividedbythebusinessline’saveragemonthlyequity. SegmentSBC Lending and Acquisitions12.8%12.8%89.7% Small Business Lending43.3%43.3%5.4% Residential Mortgage Banking (3)134.5%11.6%4.9% 7.3 5.9 4.0 5.1 27.7%23.9%18.4%21.8%4.9 4.0 4.9 4.0 (0.4) (0.3) 0.1 - 5.3 7.5 5.3 7.5 (2.1) (0.9) - - (10.7) (11.2) (10.5) (10.8) (0.9) (1.8) (0.9) (1.8) (5.2) (2.4) (3.1) (2.2) Dividends on preferred stock(0.6) (0.7) (0.6) (0.7) 18.0%18.1%13.6%17.8% GAAP ROE (2) Distributable ROE (2) Levered Yield (1) DistributableLevered Yield (1) EquityAllocation Q1'22 Q4'21 Q1'22 Q4'21 Corporate leverage, net of non-earning assets 16.7 18.0 % 14.4 % Return on equity Gross return on equity Realized unrealized gains, net Non-recurring gains, losses and expenses Investment advisory fees Provision for income taxes Loan loss provision PPP revenue, net of direct expenses Operating expenses 20.4 % %

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6Diversified, Complementary, & Scalable Platforms 9%12%58%2%5%11%3% Acquisitions Fixed rate Bridge Freddie Mac Construction Small Business Lending Residential Mortgage Banking PORTFOLIO BREAKDOWN1 REVENUE BREAKDOWN2 ($ in thousands) $14,876$3,061$39,065$4,532$28,663$15,428$0$10,000$20,000$30,000$40,000AcquisitionsFixed rateBridgeFreddieMacSmallBusinessLendingResidentialMortgageBanking1.Assetsincludeloans,MBS,servicingassets,JVinvestments,realestateowned,andpurchasedfuturereceivables.2.BasedonQTDDistributableEarningsincludinginterestincome,accretionofdiscount,MSRcreation,incomefromunconsolidatedjointventures,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.

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7SBC and SBA Investment by Product Type $52.0$148.7$144.3$135.7$101.0$6.0$53.6$104.9$98.2$60.9$164.4$240.5$135.5$169.3$135.0$652.8$807.2$730.4$1,529.2$1,936.6$168.0$29.0$5.2$136.2$443.8$62.4$0$400$800$1,200 $1,600 $2,000 $2,400Q1'21Q2'21Q3'21Q4'21Q1'22 SBA Fixed Rate/CMBS Freddie Mac Bridge Acquired Other $2,301.1 $2,405.2 $1,419.3 $1,250.01.Origination volumes are based on fully committed amounts in millions QUARTERLY GROWTH1 $875.2

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8SBC Lending and Acquisitions1.Excludes joint venture investments2.53.2% of fixed rate loans match funded3. Calculated on unpaid principal balance4. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation5. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferredfinancing costs6. Includes originated SBC floating rate loans that are included in our RCMT securitization and therefore, categorized as fixed/cmbs GROSS LEVERED YIELD LOAN COUNT(1)UPBBOOK VALUEWA LTVWA COUPONFIXED/FLOAT(2)60+ Days Past Due(3)2,510$8.77B$8.69B64.7%4.5%20.7 / 79.3%1.6%ACQUISITIONS1,652$798M$787M37.2%5.6%49.0 / 51.0%3.3%FIXED RATE(6)323$1.29B$1.29B60.3%4.9%1.8 / 98.2%1.9%BRIDGE517$6.29B$6.22B69.4%4.2%2.8 / 97.2%1.3%FREDDIE MAC8$25M$26M61.5%3.6%87.7 / 12.3%11.9%CONSTRUCTION10$366M$366M59.5%6.8%3.5 / 96.5%0.0% CURRENT QUARTER HIGHLIGHTS 10.4%10.4%10.1%10.3%11.5%1.7%3.0%2.2%2.0%1.3%0%5%10% 15%Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022 Income on joint venture investments and gains on loans, held for sale Gross levered yield (ex. gains)45•RecordBridgeloanoriginationsof$1.9billionataveragespreadofplus3.62%•SBCmoneyuppipelineof$876.6million,including$284.0millionfundedinApril•79%oftheSBCportfolioisfloatingratewithaverageLiborfloorsof55bps

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9Small Business Lending GROSS LEVERED YIELD LOAN COUNTUPBBOOK VALUEWA LTVWA COUPONFIXED/FLOAT60+ Days Past Due(1)2,078$649M$614M88.6%5.6%0.3 / 99.7%1.3% CURRENT QUARTER HIGHLIGHTS 37.0%18.6%20.7%16.5%17.6%50.4%80.6%55.4%33.2%25.7%0%20%40%60%80%100%Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022 Gross levered yield (ex. gains) Gains on loans, held for sale1. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferredfinancing costs2. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation21•SBAnetsalespremiumspeakingat16.1%andaveraging11.5%net,with18.0%ofSBAsalessoldforahigherfutureIOstrip•Currentmoneyuppipelineof$202.9million,including$32.0millionfundedinApril•After-taxPPPincomewas$13.7million•$101.0millionofSBAloanoriginations,including$8.3millionofsmallloanoriginations.Currentlythe8thlargestsmallloanlendernationwide.

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10Loan Portfolio Composition 21%15%14%11%39%Small Business Lending Lodging Retail Doctors Eating Place Other1. Calculated on unpaid principal balance and excludes assets offset by guaranteed loan financing liabilities 65%9%8%6%12%SBC Lendingand Acquisitions Multi-family Mixed-use Retail Office Other Investments PROPERTY TYPE GEOGRAPHY 20%12%7%7%7%47%SBC Lendingand Acquisitions Texas California Arizona Florida Georgia Other 17%11%8%6%5%53%Small Business Lending California Texas Florida Washington Georgia Other

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11 QUARTERLY ORIGINATIONS UPB $768.9MSEGMENT SNAPSHOTResidential Mortgage Banking 61%39%Production by Purpose Purchased Refinanced QUARTERLY SALES UPB $798.7M 77%20% 3% Sales by Investor Fannie/Freddie Ginnie Mae Other MSR PORTFOLIO UPDATE ($ in billions) 46%37%17%Production by Platform Retail Correspondent Wholesale $9.9$10.4$10.7$11.0$11.43.6%3.5%3.4%3.4%3.3%2.0%2.5% 3.0% 3.5% 4.0%$0$2$4$6$8$10$12Q1'21Q2'21Q3'21Q4'21Q1'22 UPB WAC

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12Loan Portfolio –Risk Rating BUCKET1:VeryLowRiskofLoss:Neworiginationorcurrentwithstrongcreditmetrics(LTV/DSCR/DY).Noexpectedlosses.BUCKET2:LowRiskofLoss:Currentwithmaturity>6months.LowercreditmetricswithpossibilityofinclusiononCREFCwatchlist.Noexpectedlosses.BUCKET3:MediumRiskofLoss:Currentwithneartermmaturitiesorinforbearance.Lossunlikelywithnospecificreservesbooked.BUCKET4:HigherRisk:Loandelinquentorinmaturitydefault.Potentialissueswithsponsororbusinessplans.Minimallossespossibleandadequatelyreservedincurrentperiod.BUCKET5:Highestrisk:Loanindefaultorspecialservicing.Specificlossesidentifiedandadequatelyreservedforincurrentperiod. RISK RATING DISTRIBUTION CRITERIA 92%3%2%3%88%6%4%2%0%20%40%60% 80%100%1 & 2345 SBC SBA 1.82 1.72 1.62 1.51 1.47 1.88 1.69 1.71 1.68 1.63 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00Q1'21Q2'21Q3'21Q4'21Q1'22 SBC SBA AVERAGE RISK RATING

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13Debt-Leverage $902$1,833$1,441$3,864$627Corporate DebtPPPLFSecuritized Debt ObligationsNon-Recourse Secured BorrowingsRecourse Secured Borrowing 0.3x1.9x0.8x0.9x0.5x Debt BalanceLeverage Ratio•Recourseleverageratioof1.4x•Totalleverageof4.4x•Fullmarkettomarketliabilitiesandcreditmarktomarketliabilitiesrepresent20%and12%oftotaldebt Recourse Leverage by Reporting Segment(1)($ in millions) $1,454$122$257$9020.6x7.1x2.0x0.5x-2.00.02.04.06.0 8.0 10.0$0$500$1,000$1,500SBCSBLResidentialCorporate Debt Recourse Leverage1. Recourse leverage by reporting segment is based on the segment recourse debt balance over invested equity in the segment and excludes guaranteed loan financings

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14Financial Snapshot Investment Type Average Carrying Value (1) Gross Yield(2) Average Debt Balance Debt Cost (3) Levered Yield SBC Lending and Acquisitions $ 7,781,688 5.2%$ 5,856,753 2.7% 12.8% Small Business Lending $ 383,989 15.8%$ 268,973 4.0% 43.3% Total $ 8,165,677 5.7% $ 6,125,726 2.8% 20.4% Book Equity Value Metrics Common Stockholders' equity $ 1,740,067 Common Stockholders' equity (adjusted) (5) $ 1,739,533 Total Common Shares outstanding 114,335,948 Net Book Value per Common Share $ 15.22 Adjusted Net Book Value per Common Share $ 15.21 Loan Portfolio Metrics (4)% Fixed vs Floating Rate 21% / 79% % Originated vs Acquired 75% / 25% Weighted Average LTV -SBC 65% Weighted Average LTV -SBA 89% Q1 2022 Earnings Data Metrics Net income | Distributable earnings $64,263 | $48,863 Earnings per share -Basic and diluted $0.70 | $0.66 Distributable Earnings per share -Basic and diluted $0.52 | $0.48 Return on Equity per Common Share 18.0% Distributable Return on Equity per Common Share 13.6% Dividend Yield (6) 11.2% Servicing Portfolio MetricsSBA servicing rights -UPB $ 883,303 SBA servicing rights-carrying value $ 22,891 Multi-family servicing rights -UPB $ 4,490,286 Multi-family servicing rights -carrying value $ 61,418 Residential servicing rights -UPB $ 11,357,330 Residential servicing rights -carrying value $ 159,834 1.Averagecarryingvalueincludesaveragequarterlycarryingvalueofloanandservicingassetbalances2.Grossyieldsincludeinterestincome,accretionofdiscount,MSRcreation,incomefromourunconsolidatedjointventure,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.3.TheCompanyfinancestheassetsincludedintheInvestmentTypethroughsecuritizations,repurchaseagreements,warehousefacilitiesandbankcreditfacilities.Interestexpenseiscalculatedbasedoninterestexpenseanddeferredfinancingamortizationforthequarterended3/31/2022onanannualizedbasis.4.Excludesloans,heldforsale,atfairvalue5.Excludestheequitycomponentofour2017convertiblenoteissuance.6.Q1Dividendyieldfortheperiodisbasedonthe3/31/2022closingsharepriceof$15.06

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APPENDIXAdditional Financial Information

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16Balance Sheet by Quarter

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17Statement of Income by Quarter (In thousands, except share data) Interest income$73,371 $103,047 $105,136 $121,942 $124,405 Interest expense (50,761) (55,415) (50,136) (57,249) (61,017) Net interest income before provision for loan losses$22,610 $47,632 $55,000 $64,693 $63,388 Recovery of (provision for) loan losses 8 (5,517) (1,579) (961) (1,542) Net interest income after (provision for) recovery of loan losses$22,618 $42,115 $53,421 $63,732 $61,846 Non-interest income Residential mortgage banking activities$41,409 $36,690 $37,270 $21,928 $8,424 Net realized gain on financial instruments and real estate owned8,846 17,183 23,210 19,642 8,007 Net unrealized gain on financial instruments20,996 4,612 5,688 8,081 45,315 Servicing income, net of amortization and impairment 15,635 11,928 10,243 10,209 10,528 Income on purchased future receivables, net2,317 2,779 2,838 2,323 2,469 Gain on bargain purchase Income (loss) on unconsolidated oint ventures(809) 3,361 3,548 816 6,563 Other income (loss) 571 (688) 5,674 3,452 6,501 Total non-interest income$88,965 $75,865 $88,471 $66,451 $87,807 Non-interest expense Employee compensation and benefits$(22,777) $(24,270) $(24,537) $(18,481) $(27,968) Allocated employee compensation and benefits from related party (2,123) (3,299) (3,804) (2,805) (3,000) Variable expenses on residential mortgage banking activities(15,485) (21,421) (24,380) (13,847) (979) Professional fees (2,982) (2,872) (6,900) (3,585) (5,126) Management fees related party (2,693) (2,626) (2,742) (2,867) (3,196) Incentive fees related party (286) (2,775) (2,358) Loan servicing expense (6,104) (6,851) (8,124) (8,904) (8,920) Transaction related expenses(6,307) (1,266) (2,629) (4,080) (5,699) Other operating expenses (15,484) (17,190) (12,926) (12,801) (12,653) Total non-interest expense$(73,955) $(80,081) $(88,817) $(69,728) $(67,541) Income before provision for income taxes$37,628 $37,899 $53,075 $60,455 $82,112 Income tax (provision) benefit (8,681) (6,995) (6,540) (6,867) (17,849) Net income$28,947 $30,904 $46,535 $53,588 $64,263 Less: Dividends on preferred stock281 3,224 1,999 1,999 1,999 Less: Net income attributable to non-controlling interest 659 444 756 371 775 Net income attributable to Ready Capital Corporation$28,007 $27,236 $43,780 $51,218 $61,489 Earnings per common share - basic$0.49 $0.38 $0.61 $0.69 $0.70 Earnings per common share - diluted$0.49 $0.38 $0.60 $0.68 $0.66 Weighted-average shares outstanding - Basic56,817,632 71,221,806 71,618,168 74,163,951 87,707,281 Weighted-average shares outstanding - Diluted56,843,448 71,385,603 71,787,228 74,326,672 95,402,494 Dividends declared per share of common stock$0.40 $0.42 $0.42 $0.42 $0.42 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

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18Distributable Earnings Reconciliation by QuarterTheCompanybelievesthatthisnon-U.S.GAAPfinancialinformation,inadditiontotherelatedU.S.GAAPmeasures,providesinvestorsgreatertransparencyintotheinformationusedbymanagementinitsfinancialandoperationaldecision-making,includingthedeterminationofdividends.However,becauseDistributableEarningsisanincompletemeasureoftheCompany'sfinancialperformanceandinvolvesdifferencesfromnetincomecomputedinaccordancewithU.S.GAAP,itshouldbeconsideredalongwith,butnotasanalternativeto,theCompany'snetincomecomputedinaccordancewithU.S.GAAPasameasureoftheCompany'sfinancialperformance.Inaddition,becausenotallcompaniesuseidenticalcalculations,theCompany'spresentationofDistributableEarningsmaynotbecomparabletoothersimilarly-titledmeasuresofothercompanies.WecalculateDistributableearningsasGAAPnetincome(loss)excludingthefollowing:i)anyunrealizedgainsorlossesoncertainMBSnotretainedbyusaspartofourloanoriginationbusinessesii)anyrealizedgainsorlossesonsalesofcertainMBSiii)anyunrealizedgainsorlossesonResidentialMSRsiv)anyunrealizedcurrentnon-cashprovisionforcreditlossesonaccrualloansv)anyunrealizedgainsorlossesonde-designatedcashflowhedgesvi)one-timenon-recurringgainsorlosses,suchasgainsorlossesondiscontinuedoperations,bargainpurchasegains,ormergerrelatedexpensesIncalculatingDistributableEarnings,NetIncome(inaccordancewithU.S.GAAP)isadjustedtoexcludeunrealizedgainsandlossesonMBSacquiredbytheCompanyinthesecondarymarketbutisnotadjustedtoexcludeunrealizedgainsandlossesonMBSretainedbyReadyCapitalaspartofitsloanoriginationbusinesses,wheretheCompanytransfersoriginatedloansintoanMBSsecuritizationandtheCompanyretainsaninterestinthesecuritization.IncalculatingDistributableEarnings,theCompanydoesnotadjustNetIncome(inaccordancewithU.S.GAAP)totakeintoaccountunrealizedgainsandlossesonMBSretainedbyusaspartoftheloanoriginationbusinessesbecausetheunrealizedgainsandlossesthataregeneratedintheloanoriginationandsecuritizationprocessareconsideredtobeafundamentalpartofthisbusinessandanindicatoroftheongoingperformanceandcreditqualityoftheCompany’shistoricalloanoriginations.IncalculatingDistributableEarnings,NetIncome(inaccordancewithU.S.GAAP)isadjustedtoexcluderealizedgainsandlossesoncertainMBSsecuritiesconsideredtobenon-distributable.CertainMBSpositionsareconsideredtobenon-distributableduetoavarietyofreasonswhichmayincludecollateraltype,duration,andsize.In2016,theCompanyliquidatedthemajorityofitsMBSportfoliofromdistributableearningstofundrecurringoperatingsegments. Inaddition,incalculatingDistributableEarnings,NetIncome(inaccordancewithU.S.GAAP)isadjustedtoexcludeunrealizedgainsorlossesonresidentialMSRs,heldatfairvalue.TheCompanytreatsitscommercialMSRsandresidentialMSRsastwoseparateclassesbasedonthenatureoftheunderlyingmortgagesandthetreatmentoftheseassetsastwoseparatepoolsforriskmanagementpurposes.ServicingrightsrelatingtotheCompany’ssmallbusinesscommercialbusinessareaccountedforunderASC860,TransferandServicing,whiletheCompany’sresidentialMSRsareaccountedforunderthefairvalueoptionunderASC825,FinancialInstruments.IncalculatingDistributableEarnings,theCompanydoesnotexcluderealizedgainsorlossesoneithercommercialMSRsorresidentialMSRs,heldatfairvalue,asservicingincomeisafundamentalpartofReadyCapital’sbusinessandisanindicatoroftheongoingperformance.ToqualifyasaREIT,theCompanymustdistributetoitsstockholderseachcalendaryearatleast90%ofitsREITtaxableincome(includingcertainitemsofnon-cashincome),determinedwithoutregardtothedeductionfordividendspaidandexcludingnetcapitalgain.Therearecertainitems,includingnetincomegeneratedfromthecreationofMSRs,thatareincludedindistributableearningsbutarenotincludedinthecalculationofthecurrentyear’staxableincome.Thesedifferencesmayresultincertainitemsthatarerecognizedinthecurrentperiod’scalculationofdistributableearningsnotbeingincludedintaxableincome,andthusnotsubjecttotheREITdividenddistributionrequirementuntilfutureyears. (In thousands, except share data) Net Income$28,947 $30,904 $46,535 $53,588 $64,263 Reconciling items: Unrealized gain on mortgage servicing rights$(15,356) $4,699 $(147) $(6,119) $(32,599) Impact of ASU 2016-13 on accrual loans(29) 4,035 (1,329) 845 1,968 Non-recurring REO impairment 510 (10) (1,441) 1,567 Merger transaction costs and other non-recurring expenses7,263 2,971 5,485 5,036 6,655 Total reconciling items$(8,122) $12,215 $3,999 $(1,679) $(22,409) Distributable earnings before income taxes$20,825 $43,119 $50,534 $51,909 $41,854 Income tax adustments 3,883 (1,691) (1,169) 626 7,009 Distributable earnings$24,708 $41,428 $49,365 $52,535 $48,863 Less: Distributable earnings attributable to non-controlling interests$563 $595 $802 $364 $589 Less: Income attributable to participating shares376 392 445 377 413 Less: Dividends on preferred stock281 3,224 1,999 1,999 1,999 Distributable earnings attributable to Common Stockholders$23,488 $37,217 $46,119 $49,795 $45,862 DIstributable earnings per share$0.41 $0.52 $0.64 $0.67 $0.52 Weighted average common shares outstanding56,817,632 71,221,806 71,618,168 74,163,951 87,707,281 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

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