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 "markdown": "Footnotes\n\n\n[Orange dotted hexagon logo]\nREADY CAPITAL\u00ae\n\n\n0 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.6 million\n1 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.7 million. Refer to the \u201cDistributable Earnings Reconciliation by Quarter\u201d\n2 . slide for a reconciliation of GAAP Net Income to Distributable Earnings\n3 . Before income attributable to participating shares of $2.1 million, non-controlling interest of $1.9 million and before certain charge-offs and losses on sales of real estate\n4 . owned assets and LMM loans. Refer to the \u201cDistributable Earnings Reconciliation by Quarter\u201d slide for a reconciliation of GAAP Net Income to Distributable Earnings\n5 . Represents fully committed amounts\n6 . Calculated based on carrying value\n7 . Recourse leverage ratio excludes $1.1 billion of secured borrowings that are non-recourse to the Company\n8 . Excludes joint venture investments and preferred equity investments\n9 . Loans with the \u201cOther\u201d classification are generally LMM acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories\n10 . Distributable return on equity from continuing operations before realized losses is an annualized percentage equal to distributable earnings over the average monthly total\n11 . stockholders' equity for the period before certain charge-offs and losses on sales of real estate owned assets and LMM loans. Refer to the \u201cDistributable Earnings\n12 . Reconciliation by Quarter\u201d slide for a reconciliation of GAAP Net Income to Distributable Earnings\n13 . Average carrying value includes average quarterly carrying value of loan and servicing asset balances.\n14 . Gross yields include interest income, accretion of discount, MSR creation, income from our unconsolidated joint venture, realized gains (losses) on loans held for sale,\n15 . unrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis.\n16 . The Company finances the assets included in the Investment Type through securitizations, repurchase agreements, warehouse facilities and bank credit facilities. Interest\n17 . expense is calculated based on interest expense and deferred financing amortization on an annualized basis.\n18 . Loan-to-value (LTV) is calculated by dividing the current unpaid principal balance by the most recent collateral value received. The most recent value for performing loans\n19 . is often the third-party as-is valuation utilized during the original underwriting process.\n20 . Q1 dividend yield for the period is based on the 3/31/2026 closing share price of $1.62\n15 . Includes the loans which are offset by $502M of guaranteed loan financings\n16 . Respective balances are based on quarterly averages\n17 . Corporate debt is allocated for purposes of determining equity allocation\n18 . Represents loans that are under modifications and carried on the consolidated balance sheet as of the period end.\n19 . Strategy as of May 1, 2026\n20 . Strategy as of May 6, 2026\n\n\n22\n\n<!-- doc_id=parse-01m1xzgnayw5tkndyxa8xv7hn3 -->",
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