Latest news with #JackTaylor
Malaysian Reserve
28-05-2025
- Business
- Malaysian Reserve
Sage Growth Partners Expands Digital Marketing Capabilities
Baltimore-based healthcare research, strategy and marketing firm expands team to meet needs of growing national client base BALTIMORE, May 27, 2025 /PRNewswire/ — Sage Growth Partners (Sage), a healthcare growth strategy and marketing firm with deep expertise in market research, go-to market strategy, and marketing communications has announced the hiring of Jack Taylor, as the new digital marketing & analytics manager. Jack's hiring is the result of new client acquisition and expanded business needs. In this role, he will be partnering with clients to drive performance, strategy and innovation through digital marketing initiatives and strategic social media efforts. 'Digital media channels have become the backbone of successful marketing strategies, allowing companies to reach highly-targeted audiences and increase their market engagement' said Boh Hatter, Sage's chief marketing officer and one of the firm's managing partners. 'Jack's digital knowledge, experience and capabilities will allow us to further expand our client offerings and deliver exceptional results.' Prior to joining Sage, Jack was a digital marketing specialist and project manager for Good JuJu Agency, based in Tucson. Before that he was a client success manager for Growth Marketing Media in Colorado. He is a graduate of Colorado State University and has earned several industry certifications from Microsoft, Google, Amazon, Hubspot and LinkedIn. 'Digital marketing and SEO campaigns are essential in bridging the gap between a company's messaging and their customer engagement efforts. The ongoing shifts in consumer demand and expectations are requiring companies to strategically engage their customers at the right time, in the right channel and with the right message – and Sage has remarkable expertise in achieving this,' said Taylor. About Sage Growth PartnersSage Growth Partners is a healthcare growth strategy and marketing firm with deep expertise in market research, go-to market strategy, and marketing communications. Founded in 2005, the company's extensive domain experience ensures that healthcare organizations thrive amid the complexities of a rapidly changing marketplace. Sage Growth Partners serves clients across the full healthcare spectrum, including GE Healthcare, Medecision, ProgenyHealth, Kyruus Health, Best Buy Health, Press Ganey, New Jersey Brain and Spine, the National Minority Health Association, and Philips Healthcare. For more information, visit For More InformationJohn Gonda616-309-4888jgonda@
Yahoo
27-05-2025
- Business
- Yahoo
Sage Growth Partners Expands Digital Marketing Capabilities
Baltimore-based healthcare research, strategy and marketing firm expands team to meet needs of growing national client base BALTIMORE, May 27, 2025 /PRNewswire/ -- Sage Growth Partners (Sage), a healthcare growth strategy and marketing firm with deep expertise in market research, go-to market strategy, and marketing communications has announced the hiring of Jack Taylor, as the new digital marketing & analytics manager. Jack's hiring is the result of new client acquisition and expanded business needs. In this role, he will be partnering with clients to drive performance, strategy and innovation through digital marketing initiatives and strategic social media efforts. "Digital media channels have become the backbone of successful marketing strategies, allowing companies to reach highly-targeted audiences and increase their market engagement" said Boh Hatter, Sage's chief marketing officer and one of the firm's managing partners. "Jack's digital knowledge, experience and capabilities will allow us to further expand our client offerings and deliver exceptional results." Prior to joining Sage, Jack was a digital marketing specialist and project manager for Good JuJu Agency, based in Tucson. Before that he was a client success manager for Growth Marketing Media in Colorado. He is a graduate of Colorado State University and has earned several industry certifications from Microsoft, Google, Amazon, Hubspot and LinkedIn. "Digital marketing and SEO campaigns are essential in bridging the gap between a company's messaging and their customer engagement efforts. The ongoing shifts in consumer demand and expectations are requiring companies to strategically engage their customers at the right time, in the right channel and with the right message – and Sage has remarkable expertise in achieving this," said Taylor. About Sage Growth PartnersSage Growth Partners is a healthcare growth strategy and marketing firm with deep expertise in market research, go-to market strategy, and marketing communications. Founded in 2005, the company's extensive domain experience ensures that healthcare organizations thrive amid the complexities of a rapidly changing marketplace. Sage Growth Partners serves clients across the full healthcare spectrum, including GE Healthcare, Medecision, ProgenyHealth, Kyruus Health, Best Buy Health, Press Ganey, New Jersey Brain and Spine, the National Minority Health Association, and Philips Healthcare. For more information, visit For More InformationJohn Gonda616-309-4888jgonda@ View original content to download multimedia: SOURCE Sage Growth Partners
Daily Mail
21-05-2025
- General
- Daily Mail
I loved Jack whom I adopted aged three. Then his drug-addicted family lured him back - and the violence began. Through shattering grief CATHERINE TAYLOR tells her family's nightmare... and the final unimaginable blow
Catherine Taylor does not use the swing in the front porch of her picture-perfect cottage in Yorkshire. Made for her by her teenage son Jack, it has become an almost unbearably poignant reminder of a happier time. Catherine, a pharmacist, and her husband Henry, a self-employed builder, haven't seen Jack for almost a year.
NZ Herald
14-05-2025
- Sport
- NZ Herald
Super Rugby Pacific team lists: Hurricanes, Highlanders, Crusaders, Moana Pasifika and Blues name round-14 squads
Hurricanes: 1. Xavier Numia 2. Asafo Aumua 3. Pasilio Tosi 4. Zach Gallagher 5. Isaia Walker-Leawere 6. Brad Shields (cc) 7. Peter Lakai 8. Brayden Iose 9. Cam Roigard 10. Ruben Love 11. Ngatungane Punivai 12. Riley Higgins 13. Billy Proctor (cc) 14. Bailyn Sullivan 15. Callum Harkin. Bench: 16. Raymond Tuputupu 17. Pouri Rakete-Stones , 18. Tevita Mafileo 19. Will Tucker 20. Du'Plessis Kirifi (cc) 21. Eretara Enari 22. Brett Cameron 23. Fatafehi Fineanganofo. Unavailable: Kini Naholo (knee, season), Tyrel Lomax (ankle) Harry Godfrey (lower leg), Caleb Delany (back) Highlanders team to face Hurricanes After the bye last week, Jamie Joseph has made mass changes to his side as they fight to stay in the hunt for a spot in the Super Rugby Pacific playoffs. In the pack, Jack Taylor swaps places with Soane Vikena to start at hooker, while Mitch Dunshea slots in at lock alongside Fabian Holland. Sean Withy moves from openside flanker to No 8, allowing Veveni Lasaqa to start. In the backs, Folau Fakatava starts at halfback alongside Taine Robinson at first-five, while Jona Nareki and Tanielu Tele'a have overcome injuries to take their places on the left wing and centre respectively. Highlanders: 1. Ethan de Groot (cc) 2. Jack Taylor 3. Saula Ma'u 4. Fabian Holland 5. Mitch Dunshea 6. Te Kamaka Howden 7. Vevemi Lasaqa 8. Sean Withy 9. Folau Fakatava 10. Taine Robinson 11. Jona Nareki 12. Timoci Tavatavanawai (cc) 13. Tanielu Tele'a 14. Jonah Lowe 15. Jacob Ratumaitavuki-Kneepkens. Bench: 16. Soane Vikena 17. Josh Bartlett 18. Sefo Kautai 19. Oliver Haig 20. Michael Loft 21. Adam Lennox 22. Cam Millar 23. Thomas Umaga-Jensen. Unavailable: Caleb Tangitau (groin), James Arscott (shoulder), Nikora Broughton (knee), Sosefo Kautai (neck), Tanielu Tele'a, Finn Hurley (quad, season), Hayden Michaels (hamstring, season), Ajay Faleafaga (hand, season). Crusaders team to face Waratahs Johnny McNicholl has been named to start at fullback for his first appearance of the season, replacing the injured Will Jordan who is sidelined with a knee injury. There are three changes in the forwards, with All Blacks trio Codie Taylor, Scott Barratt and Fletcher Newell all rested for the clash in Sydney, replaced by Ioane Moananu, Kershawl Sykes-Martin and Quinten Strange respectively. On the bench, All Blacks hooker George Bell returns after overcoming a foot injury which was expected to sideline him for the entire Super Rugby Pacific season. Crusaders: 1. Tamaiti Williams 2. Ioane Moananu 3. Kershawl Sykes-Martin 4. Quinten Strange 5. Antonio Shalfoon 6. Cullen Grace 7. Tom Christie 8. Christian Lio-Willie 9. Noah Hotham 10. Rivez Reihana 11. Sevu Reece 12. David Havili (c) 13. Braydon Ennor 14. Chay Fihaki 15. Johnny McNicholl. Bench: 16. George Bell 17. George Bower 18. Seb Calder 19. Jamie Hannah Kellow 21. Kyle Preston 22. James O'Connor 23. Dallas McLeod. Advertise with NZME. Unavailable: Codie Taylor (personal), Scott Barrett (thumb), Fletcher Newell (achilles), Ethan Blackadder (hamstring), Will Jordan (knee), Xavier Saifoloi (knee), Taha Kemara (knee), Dom Gardner (foot), Finlay Brewis (shoulder) Moana Pasifika team to face Blues Fresh from a week off, Moana Pasifika have made minimal changes to their side to face the Blues. Feleti Sae - Ta'ufo'ou returns from concussion to take his place in the starting side, while Patrick Pellegrini gets an opportunity to start at first-five with Jackson Garden-Bachop moving to the bench. The rest of the team is unchanged. Moana Pasifika: 1. Tito Tuipulotu 2. Millenium Sanerivi 3. Feleti Sae - Ta'ufo'ou 4. Tom Savage 5. Samuel Slade 6. Miracle Faiilagi 7. Ardie Savea (c) 8. Semisi Tupou Ta'eiloa 9. Jonathan Taumateine 10. Patrick Pellegrini 11. Kyren Taumoefolau 12. Danny Toala 13. Lalomilo Lalomilo 14. Tevita Ofa 15. William Havili. Bench: 16. Samiuela Moli 17. Abraham Pole 18. Chris Apoua 19. Allan Craig 20. Sione Havili Talitui 21. Melani Matavao 22. Jackson Garden-Bachop 23. Julian Savea. Unavailable: Alamanda Motuga (shoulder), Fine Inisi (ankle), Michael Curry (neck), Neria Fomai (knee/season), Pone Fa'amausili (calf), Sama Malolo (shoulder/season). Blues team to face Moana Pasifika The Blues welcome back wing Caleb Clarke from a thigh injury for their crucial clash with Moana Pasifika. After missing four games, Clarke will line up on the left wing with AJ Lam shifting back to the right wing. In the forwards, Angus Ta'avao returns to the starting role at tighthead prop, Josh Beehre comes into the second row and Adrian Choat starts at blindside flanker in place of Anton Segner, who has been sidelined with a shoulder injury. 'This is another big match for us. We need to be clinical as a group and lift our physicality and intensity,' said Blues coach Vern Cotter. 'We've built some good momentum in recent weeks, and this is another step forward as we focus on continually improving our game.' Advertise with NZME. Blues: 1. Joshua Fusitu'a 2. Ricky Riccitelli 3. Angus Ta'avao 4. Patrick Tuipulotu (c) 5. Josh Beehre 6. Adrian Choat 7. Dalton Papali'i 8. Hoskins Sotutu 9. Taufa Funaki 10. Beauden Barrett 11. Caleb Clarke 12. Xavi Taele 13. Rieko Ioane 14. AJ Lam 15. Corey Evans. Bench: 16. Kurt Eklund 17. Mason Tupaea 18. Marcel Renata 19. Laghlan McWhannell 20. Cam Christie 21. Finlay Christie 22. Harry Plummer 23. Cole Forbes. Unavailable: Anton Segner (shoulder), Stephen Perofeta (leg), Reon Paul (shoulder), Cam Suafoa (medical), Ofa Tu'ungafasi (neck, season), Sam Darry (shoulder, season)
Business Wire
06-05-2025
- Business
- Business Wire
Granite Point Mortgage Trust Inc. Reports First Quarter 2025 Financial Results and Post Quarter-End Update
NEW YORK--(BUSINESS WIRE)-- Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ended March 31, 2025, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing first quarter 2025 financial results can be viewed at 'We started 2025 on a strong note and made significant progress in achieving our objectives,' said Jack Taylor, President and Chief Executive Officer of GPMT. 'So far this year, we have resolved three risk-rated 5 loans, with a fourth closing imminently, totaling approximately $230 million, leaving three remaining. We also received four full loan repayments and partial paydowns, totaling approximately $107 million, three of which were full paydowns secured by office properties. Also, we continue to believe that our stock is significantly undervalued, and, accordingly, we repurchased about 0.9 million of our common shares during the first quarter.' Activity Recognized GAAP net (loss) attributable to common stockholders of $(10.6) million, or $(0.22) per basic common share, inclusive of provision for credit losses of $(3.8) million, or $(0.08) per basic common share. Distributable Earnings (Loss) (1) of $(27.7) million or $(0.57) per basic share. Distributable Earnings (Loss) (1) Before Realized Gains and Losses of $(3.0) million, or $(0.06) per basic share. Book value per common share was $8.24, inclusive of $(3.72) per common share of total CECL reserve. Declared common stock dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock. Net loan portfolio activity of $(161.4) million in unpaid principal balance. Two full loan repayments and partial repayments of $(74.5) million. Two resolutions of $(97.4) million, inclusive of write-offs $(24.6) million. Fundings of $10.5 million. Carried at quarter-end a 98% floating rate loan portfolio with $2.0 billion in total loan commitments comprised of over 99% senior loans, with a portfolio weighted average stabilized LTV at origination 64.5% (2) and a realized loan portfolio yield (3) of 6.8%. Weighted average loan portfolio risk-rating was 3.0. Total CECL reserve of $180.2 million, or 8.8% of total loan portfolio commitments. Held three REO (4) properties with an aggregate carrying value of $123.8 million (5). Repurchased approximately 0.9 million common shares at an average price of $2.84 per share for a total of $2.5 million, resulting in book value accretion of $0.10 per share. Ended the quarter with $85.7 million in unrestricted cash and Total Leverage Ratio (6) of 2.2x, with no corporate debt maturities remaining. Post Quarter-End Update In April, extended the maturities of all repurchase facilities by approximately one year. Expect to close imminently the resolution of a loan secured by a hotel property located in Minneapolis, MN. As of March 31, 2025, the loan was on nonaccrual status with an unpaid principal balance of $52.2 million and risk rating of '5'. The loan will be bifurcated into a senior and subordinate note structure, and the Company expects to realize a write-off of approximately $(15.4) million, which had been reserved for through a previously recorded allowance for credit losses. In May, resolved a loan secured by a mixed-use office and retail property located in Baton Rouge, LA. As of March 31, 2025, the loan was on nonaccrual status with an unpaid principal balance of $79.9 million and risk rating of '5'. As a result of the property sale, the Company expects to realize a write-off of approximately $(21.5) million, which had been reserved for through a previously recorded allowance for credit losses. So far in Q2'25, funded about $3.0 million on existing loan commitments and realized full repayments on two loans secured by office properties for a combined $32.1 million. As of May 5, 2025, carried approximately $86.3 million in unrestricted cash. (1) Please see page 5 for Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses definitions and a reconciliation of GAAP to non-GAAP financial information. (2) The fully funded loan amount (plus any financing that is pari passu with or senior to such loan), including all contractually provided for future fundings, divided by the as stabilized value (as determined in conformance with USPAP) set forth in the original appraisal. As stabilized value may be based on certain assumptions, such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances or free or abated rent periods, or increased tenant occupancies. (3) Provided for illustrative purposes only. Calculations of realized loan portfolio yield are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Portfolio yield includes nonaccrual loans. (4) REO represents "Real Estate Owned". (5) Includes $9.3 million in other assets and liabilities related to leases. (6) Borrowings outstanding on repurchase facilities, secured credit facility and CLO's, less cash, divided by total stockholders' equity. Expand Conference Call Granite Point Mortgage Trust Inc. will host a conference call on May 7, 2025, at 11:00 a.m. ET to discuss first quarter 2025 financial results and related information. To participate in the teleconference, please call toll-free (877) 407-8031, (or (201) 689-8031 for international callers), approximately 10 minutes prior to the above start time, and ask to be joined into the Granite Point Mortgage Trust Inc. call. You may also listen to the teleconference live via the Internet at in the Investor section under the News & Events link. For those unable to attend, a telephone playback will be available beginning May 7, 2025, at 12:00 p.m. ET through May 21, 2025, at 12:00 a.m. ET. The playback can be accessed by calling (877) 660-6853 (or (201) 612-7415 for international callers) and providing the Access Code 13752795. The call will also be archived on the Company's website in the Investor section under the News & Events link. About Granite Point Mortgage Trust Inc. Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY. Additional information is available at Forward-Looking Statements This press release contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as 'anticipate,' 'estimate,' 'will,' 'should,' 'expect,' 'target,' 'believe,' 'outlook,' 'potential,' 'continue,' 'intend,' 'seek,' 'plan,' 'goals,' 'future,' 'likely,' 'may' and similar expressions or their negative forms, or by references to strategy, plans or intentions. The illustrative examples herein are forward-looking statements. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2024, under the caption 'Risk Factors,' and any subsequent Form 10-Q or other filings made with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. Non-GAAP Financial Measures In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying earnings presentation present non-GAAP financial measures, such as Distributable Earnings (Loss), Distributable Earnings (Loss) Before Realized Gains and Losses, Distributable Earnings (Loss) per basic common share and Distributable Earnings (Loss) Before Realized Gains and Losses per basic common share, that exclude certain items. Granite Point management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the Company's core business operations, and uses these measures to gain a comparative understanding of the Company's operating performance and business trends. The non-GAAP financial measures presented by the Company represent supplemental information to assist investors in analyzing the results of its operations. However, because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. The Company's GAAP financial results and the reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 5 of this release. Additional Information Stockholders of Granite Point and other interested persons may find additional information regarding the Company at the Securities and Exchange Commission's Internet site at or by directing requests to: Granite Point Mortgage Trust Inc., 3 Bryant Park, 24 th Floor, New York, NY 10036, telephone (212) 364-5500. (in thousands, except share data) March 31, 2025 December 31, 2024 ASSETS (unaudited) Loans held-for-investment $ 1,937,659 $ 2,097,375 Allowance for credit losses (177,282 ) (199,727 ) Loans held-for-investment, net 1,760,377 1,897,648 Cash and cash equivalents 85,744 87,788 Restricted cash 14,684 26,682 Real estate owned, net 114,520 42,815 Accrued interest receivable 7,452 8,668 Other assets 47,468 51,514 Total Assets $ 2,030,245 $ 2,115,115 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Repurchase facilities $ 534,543 $ 597,874 Securitized debt obligations 773,290 788,313 Secured credit facility 86,774 86,774 Dividends payable 6,208 6,238 Other liabilities 24,636 16,699 Total Liabilities 1,425,451 1,495,898 Stockholders' Equity 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share; 11,500,000 shares authorized, and 8,229,500 and 8,229,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share 82 82 Common Stock, par value $0.01 per share; 450,000,000 shares authorized, and 48,389,097 shares and 48,801,690 issued and outstanding, respectively 484 488 Additional paid-in capital 1,194,610 1,195,823 Cumulative earnings (146,571 ) (139,556 ) Cumulative distributions to stockholders (443,936 ) (437,745 ) Total Granite Point Mortgage Trust Inc. Stockholders' Equity 604,669 619,092 Non-controlling interests 125 125 Total Equity 604,794 619,217 Total Liabilities and Stockholders' Equity $ 2,030,245 $ 2,115,115 Expand GRANITE POINT MORTGAGE TRUST INC. (in thousands, except share data) Three Months Ended March 31, 2025 2024 Interest Income: (unaudited) Loans held-for-investment $ 34,327 $ 51,965 Cash and cash equivalents 817 2,090 Total interest income 35,144 54,055 Interest expense: Repurchase facilities 11,885 20,728 Secured credit facility 2,539 2,689 Securitized debt obligations 12,680 18,115 Total interest expense 27,104 41,532 Net interest income 8,040 12,523 Other income (loss): Revenue from real estate owned operations 3,094 1,142 Provision for credit losses (3,770 ) (75,552 ) Total other (loss) (676 ) (74,410 ) Expenses: Compensation and benefits 5,771 5,987 Servicing expenses 1,031 1,376 Expenses from real estate owned operations 4,504 2,045 Other operating expenses 3,003 2,829 Total expenses 14,309 12,237 (Loss) income before income taxes (6,945 ) (74,124 ) (Benefit from) provision for income taxes 70 (1 ) Net (loss) income (7,015 ) (74,123 ) Dividends on preferred stock 3,600 3,600 Net (loss) income attributable to common stockholders $ (10,615 ) $ (77,723 ) Basic (loss) earnings per weighted average common share $ (0.22 ) $ (1.53 ) Diluted (loss) earnings per weighted average common share $ (0.22 ) $ (1.53 ) Dividends declared per common share $ 0.05 $ 0.15 Weighted average number of shares of common stock outstanding: Basic 48,668,667 50,744,532 Diluted 48,668,667 50,744,532 Net (loss) income attributable to common stockholders $ (10,615 ) $ (77,723 ) Comprehensive (loss) income $ (10,615 ) $ (77,723 ) Expand GRANITE POINT MORTGAGE TRUST INC. (dollars in thousands, except share data) (unaudited) Three Months Ended March 31, 2025 Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss) (1): GAAP net (loss) income attributable to common stockholders $ (10,615 ) Adjustments: Provision for credit losses 3,770 Non-cash equity compensation 2,410 Depreciation and amortization on real estate owned 1,397 Distributable Earnings (Loss) Before Realized Gains and Losses $ (3,038 ) Write-offs (24,638 ) Distributable Earnings (Loss) $ (27,676 ) Distributable Earnings (Loss) Before Realized Gains and Losses per basic common share $ (0.06 ) Distributable Earnings (Loss) Before Realized Gains and Losses per diluted common share $ (0.06 ) Distributable Earnings (Loss) per basic common share $ (0.57 ) Distributable Earnings (Loss) per diluted common share $ (0.57 ) Basic weighted average common shares 48,668,667 Diluted weighted average common shares 48,668,667 Expand (1) Beginning with our Annual Report on Form 10-K for the year ended December 31, 2024, and for all subsequent reporting periods ending on or after December 31, 2024, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of evaluating our operating performance. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable income to stockholders, subject to certain distribution requirements. Distributable Earnings (Loss) is intended to over time serve as a general, though imperfect, proxy for our taxable income. As such, Distributable Earnings (Loss) is considered a key indicator of our ability to generate sufficient income to pay dividends on our common stock, which is the primary focus of income-oriented investors who comprise a meaningful segment of our stockholder base. We believe providing Distributable Earnings (Loss) on a supplemental basis to our net income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the overall operating performance of our business. For reporting purposes, we define Distributable Earnings (Loss) as net income (loss) attributable to our stockholders, computed in accordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains (losses) or other similar non-cash items that are included in net income (loss) for the applicable reporting period (regardless of whether such items are included in other comprehensive income or in net income (loss) for such period); and (iv) certain non-cash items and one-time expenses. Distributable Earnings (Loss) may also be adjusted from time to time for reporting purposes to exclude one-time events pursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings (Loss) only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments. While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but nonrecoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. During the three months ended March 31, 2025, we recorded provision for credit losses of $3.8 million, which has been excluded from Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable earnings (Loss) referenced above. During the three months ended March 31, 2025, we recorded $1.4 million, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable Earnings (loss) consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above. Distributable Earnings (Loss) does not represent Net (loss) income attributable to common stockholders or cash flow from operating activities and should not be considered as an alternative to GAAP Net (loss) income attributable to common stockholders, or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings (Loss) may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings (Loss) may not be comparable to the Distributable Earnings (loss) reported by other companies. We believe it is useful to our stockholders to present Distributable Earnings (Loss) Before Realized Gains and Losses, a non-GAAP measure, to reflect our run-rate operating results as (i) our operating results are mainly comprised of net interest income earned on our loan investments net of our operating expenses, which comprise our ongoing operations, (ii) it helps our stockholders in assessing the overall run-rate operating performance of our business, and (iii) it has been a useful reference related to our common dividend as it is one of the factors we and our Board of Directors consider when declaring the dividend. We believe that our stockholders use Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers.
