Ready Capital Q1 2025 Earnings Call Transcript

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Provided by Quartr
May 9, 2025

There are 7 speakers on the call.

Operator

Greetings. Welcome to Ready Capital's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded.

Operator

I'll now turn the conference over to Andrew Alborne, Chief Financial Officer. Mr. Alborne, you may begin your presentation.

Speaker 1

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.

Speaker 1

During the call, we will discuss our non GAAP measures, which we believe can 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 first quarter twenty twenty five 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 Zasmer, Ready Capital's Chief Credit Officer. I will now turn it over to Chief Executive Officer, Tom Capasse.

Speaker 2

Thanks, Andrew. Good morning, everyone, and thank you for joining the call today. In terms of the first quarter macro backdrop, while the recovery in the CRE market has been affected by tariffs and increased recession risks, the impact on our core multifamily sector has been muted. Deliveries appear to have peaked in 'twenty four with excess demand resulting in a 1% increase in rents in 1Q 'twenty five. With this context, in the fourth quarter, we initiated a defensive late cycle posture and reset the balance sheet.

Speaker 2

In the first quarter, made progress on several fronts, including stabilizing book value per share, completing targeted liquidations, closing the UDF merger at Accretive Economics, and successfully raised liquidity through capital markets execution, including debt issuance and collapsing existing CLOs. To start, book value per share quarter over quarter was flat at $10.61 per share. We benefited this quarter from an $0.11 per share increase in the repurchase of 3,400,000.0 shares and $0.14 per share from the closing of the UDF merger. When accounting for the UDF merger, the dividend shortfall was primarily due to a reduction in net interest income as assets in the non core portfolio transitioned to nonaccrual status. We have provided additional transparency to aid in evaluating the recovery in our net interest margin, or NIM.

Speaker 2

To this point, we have bifurcated our $7,100,000,000 total CRE loan portfolio into a $5,900,000,000 core higher yield better credit bridge loans and $1,200,000,000 non core comprising two segments, dollars $740,000,000 of low yield distressed credit bridge loans and our $430,000,000 Portland, Oregon mixed use asset segments. Payoffs from bridge loans resulted in a 5% decline in the core portfolio to $5,900,000,000 at quarter end, comprising 1,400 loans with 78% concentration in multifamily. Credit metrics remained healthy with little negative migration. Sixty day plus delinquencies remained relatively low at 4%, a $117,000,000 increase quarter over quarter. Our expectation is that 52% of the quarter one additions are resolved in the second quarter.

Speaker 2

Risk rated four and five loans increased to 7.5 of the total. And underlying property fundamentals remained strong, with a rated average debt yield of 7%. In the core portfolio, we modified five loans totaling $312,000,000 increasing the percentage of modified loans to 18%. The five mods comprise three short term forbearances, providing borrowers a bridge to a longer term modification, and two with current pay reductions. We believe the core portfolio earnings profile provides a foundation for starting to rebuild NIM in the coming quarters.

Speaker 2

A levered yield of 10.2% generated $43,400,000 of net interest income, or $0.26 per share, 80% of which is current pay. In our non core bridge loan portfolio, largely comprised of assets where the net present value of sale exceeds on balance sheet management strategies, we surpassed first quarter liquidation targets by close to 2x. We liquidated $51,000,000 at a 102% premium to our mark, generating $28,000,000 of liquidity and reducing the non core portfolio by 6% to $740,000,000 In the second quarter, we expect to additionally reduce the non core portfolio to approximately $270,000,000 via an additional $470,000,000 of liquidations. The target for year end 2025 is a further reduction to $210,000,000 through in place asset management strategies. The cumulative go forward earnings impact from these sales will be $0.24 per share, 70% from a reduction in negative carry, and 30% from the reinvestment of sale proceeds.

Speaker 2

Our non core portfolio includes the Portland mixed use asset, a construction project completed in October 2023 where Ready Capital held a five sixteen million dollars senior loan. The property features premier hospitality, retail, office, and residential offerings in Portland, with each component now moving to stabilization. In the fourth quarter, the position was marked down to $426,000,000 and we are currently working to obtain title, after which we intend to move aggressively to stabilize the asset and generate upside from our current mark. In the quarter, RevPAR in the hotel improved 11% to $2.00 $9 Leasing of the combined office and retail remain at 28%, and additional two condos were sold. The financial effect of the asset moving from performing construction loan to non accrual was a quarter over quarter $0.13 per share reduction in earnings, with a current carry expense in the quarter of $05 per share.

Speaker 2

We expect to sequentially exit the three components as they stabilize and remain fully committed to support the project, both financially and operationally. In our SBA business, fourth quarter volumes remained high at $343,000,000. While we anticipate moderation in volume ahead, we view recent policy updates from the SBA as constructive towards reinforcing the program's long term strength and integrity. Ready Capital continues to deliver performance above industry benchmarks. Our twelve month default rate was 3.2% versus the industry average of 3.4%, and our five year charge off rate has now declined for the fourth consecutive quarter, reflecting the strength of our credit and servicing practices.

Speaker 2

Additionally, our twelve month repair and denial rate reached a historic low. As the most established and active nonbank SBA lender, we remain confident in our ability to navigate a shifting policy landscape. Our current platform origination capacity is between $1,500,000,000 to $2,000,000,000 Given current capital constraints, which include $175,000,000 of additional warehouse capacity currently waiting SBA approval, we expect 2025 volume to come under that $1,500,000,000 mark. However, adoption by Ready Capital to the new SBA underwriting guidelines and the proposed Made in America Finance Act legislation, which would increase the SBA loan cap from 5,000,000 to $10,000,000 for manufacturing facilities, provides the path to higher origination volume. In terms of the outlook, as we mentioned earlier, we put in place a balance sheet repositioning plan in the fourth quarter, wherein liquidation of the non core book would provide liquidity for reinvestment in the core portfolio to reinstate NIM to peer group levels.

Speaker 2

We believe the plan will be executed in 2025 with accretion in 2026. This assumes the continuation of the high current rate stressed economic environment, offset by the strong bid for our multifamily non core assets benefiting from the influx of opportunistic capital to the sector. In addition, upside exists from lower short or long rates, quicker stabilization of the Portland asset, and faster implementation of the SBA changes. As such, absent further material deterioration in the macro environment, we expect our dividend to remain at its current level until the earnings profile warrants an increase. With that, I'll turn it over to Andrew to go through the quarterly results.

Speaker 1

Thanks, Tom. First quarter GAAP earnings per common share were $0.47 while distributable earnings were a loss of $09 per common share and $00 excluding realized losses on asset sales. The following factors impacted our quarter earnings. First, as expected, net interest income declined to $14,600,000 in the quarter. The reduction was primarily due to the movement of non core assets to nonaccrual status, which generated a cash yield of 1.3%.

Speaker 1

In the core portfolio, the interest yield was 8.4% and the cash yield was 6.7%. In the quarter, 7,500,000.0 of interest income recorded was non cash and primarily relates to loans acquired in the UDF merger and certain modified loans. Second, gain on sale income net of variable costs decreased $835,000 to 20,100,000.0 This income was driven by the sale of $254,000,000 of guaranteed SBA seven loans at an average premium of 10.1% and the sale of $43,300,000 of Freddie Mac loans at premiums of 1.1%. Realized gains from normal operations were offset by $20,100,000 of realized losses from the sale of assets, all of which were adequately reserved for in previous quarters. Third, operating costs from normal operations were $55,400,000 a 7.5% improvement from the previous quarter.

Speaker 1

Employee costs, professional fees and other operating expenses improved $8,000,000 These savings were partially offset by incremental servicing advances of $3,400,000 Fourth, the combined provision for loan loss and valuation allowance declined $9,900,000 The recovery was primarily due to a $16,800,000 release of reserves on liquidations, offset by the addition of $6,900,000 of reserves and loans held as of March 31. And last, we booked a bargain purchase gain of $102,500,000 related to the closing of the UDF-four merger. The bargain purchase gain represents the difference between the fair value of the assets acquired and the market value of the stock consideration issued at closing. Overall, the transaction added $167,100,000 of equity to the balance sheet, and it was 1.3% accretive to book value per share. The portfolio was booked at a weighted average price of 55.9% and included $97,000,000 of performing assets and $61,000,000 of credit impaired assets.

Speaker 1

The transaction has generated $96,000,000 of liquidity via payoffs and financing since closing. It is important to note that the earnings profile for UDF will include both PIK interest as contractually defined in the loan terms and the accretion of discount given our basis in the asset. On the balance sheet, book value per share was unchanged at $10.61 per share at quarter end and total leverage declined to 3.5 times. Key balance sheet items included: first, the transfer of $722,800,000 of loans to held for sale. These loans are slated for sale in the second quarter and are 75.7% non core.

Speaker 1

There were no additional allowances taken on these loans. Second, we collapsed three CRE CLOs totaling $1,200,000,000 of loan collateral. The collapse resulted in a reduction in securitized debt of $756,000,000 and an increase in warehouse debt of $834,000,000 for net liquidity of $78,000,000 We expect to collapse two additional deals either at the end of the second quarter or beginning of the third quarter. Performance in the remaining CLOs remained under pressure, with three deals currently failing interest coverage tests, but we expect improvements as the asset repositioning is executed. And last, we continue to reduce our short to medium term debt maturities.

Speaker 1

In the quarter, we closed a $220,000,000 senior secured offering and subsequent to quarter end, increased the offering by 50,000,000 Proceeds were used to pay off our $120,000,000 April 20 20 5 maturity and retire $111,000,000 of 2026 maturities. As of today, we have a total of $650,000,000 of corporate debt maturing through 2026, including current maturities of $131,000,000 We are focused on extending that maturity over the upcoming quarters. Liquidity remains healthy with unrestricted cash at over $200,000,000 and $1,000,000,000 of total unencumbered assets. With that, we will open the line for questions.

Operator

Thank you. We'll now be conducting a question and answer session. You may press 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we polled for questions.

Operator

Thank you. Our first question today is from the

Speaker 3

line of Doug Harter with UBS.

Operator

Please proceed with your questions.

Speaker 4

Thanks. You highlighted that you're expecting a large portion of kind of the non core book to kind of pay off in the second quarter. Can you talk about any impact to those expectations on April's volatility and kind of how those conversations are going?

Speaker 2

Andrew or Adam, you want to comment on that?

Speaker 5

Yes. So the loan sales, we're talking to various parties on one, liquidations, but then also just normal course of certain loans paying off from the borrowers, whether it's selling an asset or getting a refinance. In terms of the volatility in April, I don't expect that it's going to have much impact on our exits that are in progress. The parties that we're dealing with have been through due diligence periods and are working on various strategies. We're in purchase and sale agreement with various parties.

Speaker 5

So I think things are certainly moving in the right direction. And we don't expect any material diversion from where those exits are strike from a price perspective or from a timing perspective.

Speaker 2

Yeah, and Doug, just to add to that, to highlight in terms of the macro volatility as we commented in the earnings call script. But basically, the multifamily sector is a relative outperformer, just given the fundamentals with peak deliveries having been reached in 2024, and rents actually because of excess demand increased 1% in the first quarter. And on the heels of that, if you look at the inflows of opportunistic capital into the dislocation real estate, CRE real estate equity trade, you're definitely seeing a lot of excess capital flowing into that sector. And we see that in terms of inbound inquiries and trades that are occurring with distressed bridge loan portfolios from private debt lenders in the secondary market. So there's a very active trading market, is a little bit divorced from the overall tariffs and macro factors.

Operator

Great. Appreciate the answers. Thank you.

Speaker 3

The

Operator

next questions are from the line of Crispin Love with Piper Sandler. Please proceed with your questions.

Speaker 6

Thank you. Good morning. You took a lot of decisive actions in the fourth quarter, but you did see delinquencies increase in the first in both the core and

Speaker 1

the non core portfolios, but you did call out the macro

Speaker 6

putting some pressure out there broadly. But can you share your near term expectations for the distributable earnings trajectory and when you believe that you could begin covering the $12.5 dividend and get back to your target ROE?

Speaker 1

Hey, good morning, Kristen. So the real catalyst for a change in direction of where we were at in the first quarter really relates to the repositioning of the assets we outlined in the prepared remarks. When you look at the financial effects of those currently, they're fairly pronounced. The interest expense of carrying those on the balance sheet today is roughly $07 0 1 6 dollars 0 point 1 7 dollars The equity reinvested at market yields is roughly $0.07 So I think post the exit of the majority of that in the second quarter and the reinvestment, which may take a handful of months, then you'll start to see material movement the other way. Now there are several other items that are currently impacting or putting pressure on earnings.

Speaker 1

For example, in a lot of the operating companies we the operational expense that we're carrying today supports origination volumes substantially above where we're at. And so as those operating companies rebound, whether it be the USDA business or our affordable business, you'll start to see the rightsizing of the revenue to the OpEx play out. I'd say some of the headwinds we face are, you know, potential declines in SBA volume, at least in the short term as we navigate some of the policy changes that Tom mentioned, as well as just the cost of potentially the refinance of our corporate debt. So I'd say, you know, the second quarter earnings profile is going to be, you know, similar to what we experienced in the first quarter and that the upward trend really will start upon reinvestment of that equity I just described.

Speaker 6

Great. Thank you. I appreciate all that color. And then second for me, you did repurchase shares in the quarter, but can you just discuss your current views and philosophy on repurchasing shares versus presuming liquidity in this type of environment and how you've thought about that decision and expect to over the next few quarters or at least over the near term?

Speaker 1

Yes, we certainly on a consistent basis are weighing the financial benefits and long term benefits of repurchasing shares with, you know, the outstanding maturity ladder we have today, which is roughly $650,000,000 as we described. Now, I think we demonstrated, continue to demonstrate that we have the ability to access the capital markets. So we feel confident in our ability to refi out a lot of that upcoming debt, half of which is unsecured, but we have a lot of unencumbered assets and collateral available to do secured deals if necessary. And then, you know, the other item that is obviously important given the current balance sheet earnings profile is reestablishing the net interest income. And so we'll continue to balance the benefits of share repurchases with those other two items.

Speaker 6

Great. Thank you, Andrew. Appreciate you taking my questions.

Operator

Our next questions are from the line of Christopher Nolan with Ladenburg Thalmann. Please proceed with your questions.

Speaker 4

Hey, guys. First of all, I wanna congratulate you. You took, some hard actions in the last quarter. And it's not easy, but definitely reset the table. And I think the first quarter results, while still a little bumpy, showed much improvement.

Speaker 4

So kudos to you guys. I'm following the last question. Are you guys continuing to do repurchases in this quarter?

Speaker 1

Good morning. Yes, we'll reevaluate where we're at post earnings With that being said, liquidity remains extremely healthy and there's several liquidity initiatives that will generate additional cash coming into the business, whether that be the upcoming collapses of two additional CLOs or the continued financing of the UDF portfolio. So we certainly think there's adequate liquidity to balance, you know, the three items I talked about previously.

Speaker 4

And then on the collapsed CLO, two things. One is you mentioned they weren't doing the interest coverage. What's the catalyst for that? Are rents coming in lighter than expected? And two, will there be any impact from these collapses on your leverage ratios?

Speaker 4

That's it for me.

Speaker 1

We'll take the second one and let Adam talk about the first one. So in terms of the leverage ratios, they tend to have you know, slight upticks in leverage as we take the advance rates from the CLOs to warehouse advance rates. So just as an example, Q1 classes went from a, you know, low 60s advance rates to a low 70s advance rate. So you see, you know, that movement and you also see the movement to some degree from non recourse to recourse. So that'll be the effects on leverage.

Speaker 1

Now the benefit is that they obviously generate a significant amount of liquidity and the yield profile on that pool of assets improves on the collapse. I'll let Adam talk about the personal.

Speaker 5

Yeah, good morning Christopher. Yeah, mean listen, NOIs are certainly continuing to be impacted by the current environment, rates remaining elevated, And we're certainly seeing a higher degree of modifications in our portfolio, which is coupled with pressure on business plans as well, which is why you're kind of seeing that increased stress within the CLOs.

Operator

Okay, thank you. Thank you. Our final question comes from the line of Jade Rahmani with KBW. Please proceed with your questions.

Speaker 3

Thank you very much. On the Portland asset, will the position be held unlevered? And is there any contemplation of exiting the position? What's the decision behind holding it? Seems like it's gonna be a big earnings track.

Speaker 5

Hey, good morning Jay, this is Adam. So the position is levered today and it will remain levered once we obtain title to the project. And then secondly, our decision to obviously pursue title here is that it's really the best economic outcome for the firm will be for a public REIT to get the keys to this asset. We'll give confidence to prospective condo buyers, prospective office tenants where there's tenant improvement dollars that are needed at the project. And the plan is to, as we work to stabilize the three components of the assets, would

Speaker 2

be to

Speaker 5

sequentially exit those three components. So specifically as the hospitality stabilizes, the office stabilizes, we'll look to the market to see, really have a pricing discovery and see where we can exit those assets. But it's certainly going to require some time for us to hold it, operate it. We are certainly committed from a capital perspective and from an operational perspective to see this asset through. It's a trophy asset in the Portland market, certainly very important for the city and members of the community.

Speaker 5

And the plan is really for Ready Cap, take title and see this asset through and get this thing to a much better position than it's in today.

Speaker 3

Okay, and I guess how much dollars are needed and over what time period are we looking? I mean, there were two condo sales in the quarter. I'm assuming this is all gonna take years, we're talking.

Speaker 5

Yeah, it'll take to reach stabilization, certainly the office and the hospitality will reach stabilization first with the condos taking, I think to fully sell those condo units, we're pegging anywhere from two to three years. Clearly the interest rate environment is causing stress on that sector. But the city of Portland has certainly shown tremendous signs of improvement, so we feel good there.

Speaker 2

I think it's important to point out the basis in the most liquid components, the Ritz Hotel and the office is what, as a percentage of the total?

Speaker 5

Yeah, Tom, it's around 70%.

Speaker 2

Yeah, so Jay, the two largest slugs will have a shorter fuse in terms of stabilization. And obviously they're relatively liquid markets for that scaled risk, as well as most of the office tenants in that sector. It's really A plus office in that sector. So we've got some law firms, etcetera, for tenants. So we expect a front loaded exit of those two components with a linear sale of the condos, which tends to pick up once the hotels stabilize as well, if you're familiar with the Ritz residence concept.

Speaker 3

I am. Thanks a lot. On the SBA business, considerable uncertainty in that space and you all have invested heavily building up the origination capabilities. Could you talk about what level of moderation in volumes you expect? I think you said below the $1,500,000,000 but if you could provide any additional color.

Speaker 3

And then gain on sale margins also, which were 10.1 in the first quarter, what do you expect there going forward?

Operator

Yeah, just

Speaker 2

a broader comment. With the SBA, like a number of government agencies, had a significant reduction in staff. I think they publicly stated around a little over 40%. And so that has, in terms of normal administrative process, has extended timelines, etcetera. But from a policy perspective, there has been a reassessment of, in particular, small loans and some of the credit guidelines of which we are fully supportive and have active dialogue with the SBA.

Speaker 2

We're the fourth largest SBA lender and by far the largest non bank. And so again, we're very constructive on and supportive of the SBA's changes. And so we currently are working with the SBA to modify origination guidelines. And I'll point out that we did preemptively reduce our credit standards for small loans well in excess. Think it was, Andrew, it was the third quarter of last year.

Speaker 2

And so and our relative credit metrics compare favorably with the peer group. So I think, Jay, there's a transition period for the industry, not just REDicap but a number of other lenders, to recalibrate with the policy changes that are currently underway with some administrative delays due to the staffing issues. But so putting all that down, I think we would be and Andrew, feel free to chime in. We'd be at the low end of the our platform has the capacity of $1,000,000,000 to 2,000,000,000 I would say it'd be below that $1,500,000,000 range for at least a couple of quarters. I don't know, Andrew, if you want to add to that.

Speaker 1

No, I think that's right. I think, J. D, when we look at the outlook, at least in the short term, I don't think it would be unreasonable for the company to run-in that 1,000,000,000 to $1,200,000,000 range in terms of total small business lending. And then on the premium side, they've historically averaged even previous to the Biden era or similar items right around in that 10% range. You may see some movement as the mix in our originations change.

Speaker 1

So for example, the threshold for small loans was reduced. Those loans typically are priced higher and have higher premiums. So you may see some movement just based on the portfolio mix. But that, you know, the historical average has always been right around that 10% mark.

Speaker 3

Thanks. That's helpful. Freddie Mac has been, you know, that's a real asset for the company. The volume was pretty muted in the first quarter. A lot of noise out of the FHFA.

Speaker 3

So just wanted to check-in on what you expect for that business.

Speaker 5

Hey, Jade, it's Adam again. Yeah, certainly our Freddie Mac volume was down in Q1. I think really, I think the key piece of that is Ready Capital, our Freddie business. The majority of our loans are sourced through mortgage bankers. And so the Freddie Mac has given fraud that was in the market, specifically from Meridian as you probably recall, they have tightened up the process that mortgage brokers and the lenders go through.

Speaker 5

And so what's happened is a lot of the brokers and the clients look to other sources of capital for these small balance loans, and specifically banks and credit unions that have similar rate and term, it just makes for an easier process. And also many of these borrowers, brokers are also tapping into Fannie's platform where they control the process. And then Freddie rates are really just Okay, which is why I think folks are kind of pivoting to banks and credit unions and Fannie. So we're certainly seeing a decrease in Freddie Mac SBL volume. Our Q2 pipeline is certainly more robust, somewhere around $85,000,000 today.

Speaker 5

And then on the affordable side, volume also down there, pretty healthy pipeline of about a little bit north of $200,000,000 as we go into the second half of the year. So strong pipeline there, although down versus historical numbers. There's been some equity raise for capital into that business, which should help improve the pipeline as we enter the second half.

Speaker 3

Okay, thanks. I just have a couple others, these are investor questions, but is the full pro form a share count for UDF-four one hundred seventy two point five? I just want to make sure we're not ignoring any transaction related additional shares or timing effects?

Speaker 1

That's right, Jay. The only item that may influence future shares would be the CVR, which converts into shares if it is earned at book value. But that's a couple of years out, but your pro form a today is correct.

Speaker 3

And how many shares would that be?

Speaker 1

Well it's hard to put a number on it today because it's dependent upon the actual execution of the CVR. So it really depends on performance going forward. So it's not a defined number.

Speaker 3

And lastly, do you have operating cash flow for the quarter if possible excluding loan sales?

Speaker 1

Yes. So the total operating cash flow for the quarter was 89,000,000 Included or sorry, 80,000,000. Included in that was $99,000,000 related to loan sales. Some of that is realized gains. So it's closer to breakeven than it has in running June.

Speaker 3

Okay. Great. Thanks for taking all the questions. Oh, sorry. I should ask one last one, which is receptivity of the debt capital markets today.

Speaker 3

I think there's probably been improvement the last couple of days, but definitely been choppy. So what are your thoughts around that?

Speaker 1

Yeah, so certainly we were in the markets over the last couple of weeks and months where we had a successful execution on the secured side. You know, based on the conversations we've been having in the markets, we feel pretty comfortable about the ability to refinance out the outstanding debt we have. Now, the one thing, you know, I'll point out is, you know, with the exception of the $350,000,000 at the end of next year, a lot of that is unsecured debt. And so we certainly think in the absence of being able to refinance all of that in the unsecured debt markets, that the collateral, the unencumbered asset pool we have, plus the excess collateral on existing secured deals provides, you know, a significant amount of room to refi some of that out into secured debt. And so we are going to continue to prioritize extending those maturities and feel good about our ability to do so.

Speaker 3

Thank you so much.

Operator

Thank you. At this time, we've reached the end of the question and answer session. I'll turn the call over to Mr. Capacity for closing remarks.

Speaker 2

Again, I appreciate everybody signing this on this quarterly call and look forward to the second quarter call.

Operator

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

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Earnings Conference Call
Ready Capital Q1 2025
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