Ready Capital Corporation (NYSE:RC) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET
Company Participants
Andrew Ahlborn - Chief Financial Office
Tom Capasse - Chief Executive Officer
Adam Zausmer - Chief Credit Officer
Conference Call Participants
Crispin Love - Piper Sandler
Douglas Harter - UBS
Stephen Laws - Raymond James
Jason Sabshon - KBW
Christopher Nolan - Landenburg Thalmann
Operator
Greetings, and welcome to Ready Capital's Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Andrew Ahlborn, Chief Financial Officer. Thank you. You may begin.
Andrew Ahlborn
Thank you, operator, and good morning to those of you on the call.
Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition.
During the call, we will discuss our non-GAAP measures, which we believe to be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our second quarter 2024 earnings release and our supplemental information, which can be found in the Investors section of the Ready Capital website.
In addition to Tom and myself on today's call, we are also joined by Adam Zausmer, Ready Capital's Chief Credit Officer.
I will now turn it over to Chief Executive Officer, Tom Capasse.
Tom Capasse
Thank you, Andrew. Good morning, everyone, and thank you for joining the call today. While we experienced a challenging quarter marked by what we believe will be bottoming multifamily credit fundamentals, we successfully executed several initiatives discussed on our last earnings call.
These included active asset management, reallocation of low-yield assets, adding accretive leverage, the ongoing exit of the residential mortgage banking, and growing our small business lending platform, which together, better positioned the company for earnings growth as we move into 2025.