Yahoo Finance
Chairman & Chief Executive Officer — Barry Stuart Sternlicht Director of Investor Relations — Zachary H.
Tanenbaum Rina Paniry:Thank you, Zach, and good morning, everyone.
Today, we reported distributable earnings of $147 million, or $0.39 per share, for the first quarter.
Our results were impacted by continued higher-than-normal cash balances, the resolution of nonperforming assets, and the ongoing optimization of our new net lease cylinder, adjusted for which DE would have been $0.47.
I will provide more detail for these items within my business segment discussion.
As we continue on our stated task to grow our investment base, resolve our nonperforming assets, and optimize our new net lease platform, our underlying earnings power continues to build.
In the quarter, we deployed $2.5 billion of capital across our businesses, including $1.5 billion in commercial lending, $597 million in infrastructure lending, and $128 million in net lease, bringing total undepreciated assets to a record $31.7 billion at quarter end.
We deployed another $1.5 billion after the quarter, 70% of which was in commercial lending.
Our company is diverse, with commercial lending comprising just 52% of our investment base and owned property increasing to 25% this quarter.
We are really not a typical mortgage REIT.
I will now take you through our individual segment results, beginning with commercial and residential lending, which contributed DE of $172 million to the quarter, or $0.45 per share.
In commercial lending, we funded $894 million of our $1.5 billion in loan originations along with another $278 million of preexisting loan commitments.
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