Residential Mortgage Banking Overview
A Successful & Proven Asset Manager
WATERFALL
Asset Management
RE PE
4% 2%
18 yr
Investment record
$12.5B
AUM
RC
22%
$12.5B AUM
ABS
51%
Loans
21%
READY CAPITAL.
170+
Employees
70+
Investment
professionals
60+ yr
Leadership team
combined experience
SEC-registered credit investment advisor founded in 2005
Top 10 global manager with focus on real estate loans & ABS
• Principals were early pioneers of the ABS industry
• Co-founders started Merrill Lynch ABS business in 1980s and
worked together for 20 years
•
RC has the right of first refusal on all SBC loans sourced by WAM(1)
1. Waterfall has agreed in the side letter agreement that, for so long as the management agreement is in effect, neither it nor any of its affiliates
will (i) sponsor or manage any additional investment vehicle where the Company does not participate as an investor whose primary investment
strategy will involve SBC mortgage loans, unless Waterfall obtains the prior approval of a majority of the Company's board of directors
(including a majority of its independent directors), or (ii) acquire a portfolio of assets, a majority of which (by value or UPB) are SBC mortgage
loans on behalf of another investment vehicle (other than acquisitions of SBC ABS), unless the Company is first offered the investment
opportunity and a majority of its board of directors (including a majority of its independent directors) decide not to acquire such assets.
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