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Sutherland Asset Management Corp (SLD) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Ready Capital Corp

CIK: 1527590 Ticker: SLD

Picture 6

Exhibit 99.1

 

SUTHERLAND ASSET MANAGEMENT CORPORATION ANNOUNCES FIRST QUARTER 2018 RESULTS

-  First Quarter Net Income of $0.56 per share of common stock      -

-  First Quarter Core Earnings of $0.47 per share of common stock   -

-  Added $402.1 Million of SBC Loans During First Quarter 2018      -

-  Declared and Paid First Quarter Dividend of $0.37 Per Share      -

 

New York, New York, May 8, 2018 / PRNewswire / – Sutherland Asset Management Corporation (“Sutherland” or the “Company”) (NYSE: SLD) today reported financial results for the quarter ended March 31, 2018.      

First Quarter Highlights:

·

Net income of $18.5 million, or $0.56 per share of common stock

·

Core earnings of $15.5 million, or $0.47 per share of common stock

·

Adjusted net book value of $16.88 per share of common stock as of March 31, 2018

·

Originated $211.6 million of small balance commercial (“SBC”) loans

·

Originated $48.3 million of loans guaranteed by the U.S. Small Business Administration (the “SBA”) under its Section 7(a) loan program

·

Originated $439.0 million of residential mortgage loans

·

Acquired $142.2 million of SBC loans

Highlights Subsequent to Quarter End:

·

Issued $50.0 million in aggregate principal of 6.50% Senior Notes due 2021 

 

A summary of Sutherland’s operating results for the quarter ended March 31, 2018 is presented below. Sutherland reported U.S. GAAP net income for the three months ended March 31, 2018 of $18.5 million, or $0.56 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $15.5 million, or $0.47 per share of common stock.

 

Thomas Capasse, Chairman and Chief Executive Officer commented, “We are pleased with our team’s ability to deploy capital by growing new loan originations and identifying accretive portfolio acquisition opportunities with the potential to generate outsized returns, which we benefitted from this quarter.  As a result, our quarterly per share earnings increased by $0.18 per share over the fourth quarter.  As we move further into 2018, we continue to be focused on growing our core origination platform while sourcing opportunistic acquisitions.”

 

The Company issued a full detailed presentation of its first quarter 2018 results, which can be viewed in the investor relations section at www.sutherlandam.com.

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized or realized gains (losses) related to certain mortgage backed securities, unrealized gains (losses) related to residential mortgage servicing rights, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains or merger related expenses.

The Company believes that providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies.


The following information was filed by Ready Capital Corp (SLD) on Tuesday, May 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Income (parenthetical)
Basis Of Presentation
Commitments, Contingencies And Indemnifications
Commitments, Contingencies And Indemnifications (details)
Derivative Instruments
Derivative Instruments (details)
Derivative Instruments (tables)
Earnings Per Common Share - Operating Partnership Units (details)
Earnings Per Share Of Common Stock
Earnings Per Share Of Common Stock (details)
Earnings Per Share Of Common Stock (tables)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Assets And Liabilities, Not At Fv (details)
Fair Value Measurements - Changes In Fair Value (details)
Fair Value Measurements - Financial Instruments Carried At Fair Value On Recurring Basis (details)
Fair Value Measurements - Valuation And Inputs, At Fv (details)
Financial Instruments With Off-balance Sheet Risk, Credit Risk, And Certain Other Risks
Gains On Residential Mortgage Banking Activities, Net Of Variable Loan Expenses
Gains On Residential Mortgage Banking Activities, Net Of Variable Loan Expenses (tables)
Gains On Residential Mortgage Banking Activities, Net Of Variable Loan Expenses(details)
Guaranteed Loan Financing
Guaranteed Loan Financing (details)
Guaranteed Loan Financing (tables)
Guaranteed Loan Financing - Maturities (details)
Income Taxes
Income Taxes (details)
Interest Income And Interest Expense
Interest Income And Interest Expense (details)
Interest Income And Interest Expense (tables)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (tables)
Loans And Allowance For Loan Losses - Allowance For Loan Losses By Loan Product And Impairment Methodology (details)
Loans And Allowance For Loan Losses - Classification, Unpaid Principal Balance, And Carrying Value (details)
Loans And Allowance For Loan Losses - Credit Quality (details)
Loans And Allowance For Loan Losses - Delinquency (details)
Loans And Allowance For Loan Losses - Geographic And Collateral Concentration (details)
Loans And Allowance For Loan Losses - Investment Loans (details)
Loans And Allowance For Loan Losses - Investment Loans Allowance Activity (details)
Loans And Allowance For Loan Losses - Investment Loans Impairment (details)
Loans And Allowance For Loan Losses - Investment Loans Value And Yield Activity (details)
Loans And Allowance For Loan Losses - Tdr Accrual Status (details)
Loans And Allowance For Loan Losses - Tdr Activity (details)
Mortgage Backed Securities
Mortgage Backed Securities (details)
Mortgage Backed Securities (tables)
Offsetting Assets And Liabilities
Offsetting Assets And Liabilities (tables)
Offsetting Assets And Liabilities - Assets (details)
Offsetting Assets And Liabilities - Liabilities (details)
Organization
Organization (details)
Other Asset And Other Liabilities
Other Asset And Other Liabilities (details)
Other Asset And Other Liabilities (tables)
Other Asset And Other Liabilities - Real Estate Acquired In Settlement Of Loans (details)
Other Income And Other Operating Expenses
Other Income And Other Operating Expenses (details)
Other Income And Other Operating Expenses (tables)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (details)
Related Party Transactions
Related Party Transactions (details)
Related Party Transactions (tables)
Secured Borrowings And Promissory Note
Secured Borrowings And Promissory Note (details)
Secured Borrowings And Promissory Note (tables)
Secured Borrowings And Promissory Note - Collateral Pledged (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Senior Secured Notes, Net And Convertible Notes, Net
Senior Secured Notes, Net And Convertible Notes, Net (details)
Senior Secured Notes, Net And Convertible Notes, Net (tables)
Servicing Rights
Servicing Rights (details)
Servicing Rights (tables)
Servicing Rights - Amortization (details)
Servicing Rights - Assumptions (details)
Servicing Rights - Estimated Valuation (details)
Servicing Rights - Residential Mortgage Servicing Rights (details)
Stockholders??? Equity
Stockholders??? Equity (tables)
Stockholders??? Equity - Common Stock Dividends (details)
Stockholders??? Equity - Manager Equity Incentive (details)
Stockholders??? Equity - Rsu Activity (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Supplemental Financial Data (details)
Supplemental Financial Data (tables)
Variable Interest Entities And Securitization Activities
Variable Interest Entities And Securitization Activities (tables)
Variable Interest Entities And Securitization Activities - Assets Of Unconsolidated Vies (details)
Variable Interest Entities And Securitization Activities - Consolidated Vie Assets And Liabilities (details)
Variable Interest Entities And Securitization Activities - Vie Securitized Debt Obligations (details)

Material Contracts, Statements, Certifications & more

Ready Capital Corp provided additional information to their SEC Filing as exhibits

Ticker: SLD
CIK: 1527590
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-004531
Submitted to the SEC: Wed May 09 2018 6:28:07 PM EST
Accepted by the SEC: Thu May 10 2018
Period: Saturday, March 31, 2018
Industry: Real Estate Investment Trusts

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