Q4 2019 Earnings Call

Good morning, everyone and thank you for joining the hunt companies Finance trust fourth quarter 2019 earnings conference call today is call is being recorded and will be made available via webcast on the company's website. I would not like to turn the call over to Brenden go over with investor relations at Iraq Investment Management, please go ahead.

Thank you. Good morning, everyone. Thank you for joining our call to discuss on companies Finance trust fourth quarter 2019 Financial results with the other call today or Jim Flynn CEO presidential Jim Briggs CFL and Priscilla Torres had a real estate debt strategies on Monday. We filed our 10-K with the SEC and issued a press release which provided details on her fourth quarter results. We also offer internet presentation that can be found on our website before I need to call over to Jim. I would like to remind everyone that certain statements made during the course of this call are not being sent for confirmation of May constitute forward-looking statements within the meaning of section 27A Securities Act of 1933 and section 21e of the Securities Exchange Act of 1934.

When using this conference words such as Outlook evaluate indicate believes will anticipate expects and tons of other similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking see these risks and uncertainties are discussed in the company of reports filed the SEC including its reports on form 8-k at 2 and 10 today and in particular the risk factors section of our form 10-K listeners are cautioned not to place undue Reliance on these forward-looking statements, which speak only as of the date hereof wage undertakes, no obligation to update any of these forward-looking statements furthermore certain non-gaap Financial measures will be discussed in this conference call a presentation of this information is not intended to be considered in isolation or it's just to to the financial information presented in accordance with gaap reconciliations of these non-gaap Financial measures to the most comparable measures prepared in accordance with gaap can be accessed through our filings with the SEC. I'll now turn the call over to Jim.

Please go ahead.

Thank you. Brandon. Good morning. Everyone. Happy Saint Patrick's Day and welcome to the hunt companies Finance, press earnings call for the fourth quarter of 2019. Thanks again for joining us today. These are certainly unprecedented times. I'm sure this will be the most unique Saint Patrick's Day in New York City wage around around the country perhaps ever but, you know certainly in in anyone's recent memory or or extended memory first. I'd like to acknowledge the disruptions caused by the Corona virus outbreak.

and the related

There's being taken to combat the spread those of us on the call today are all doing so remotely as we as a firm or taking all recommended measures to protect our employees while maintaining our business office operations with this little disruption as possible.

Currently have the ability to continue to execute on all Investment Management Asset Management servicing portfolio monitor monitoring and related functions on a daily basis black leadership. Not only in the real estate segment, but across all business lines of RX are active actively monitoring the situation as it continues to unfold.

We are closely watching the financial market and the impact that the outbreak is having on our asset. Well the bridge lending Market remains competitive the extreme Market volatility and economic concerns associated with coronavirus have created uncertainties around loan rates.

pricing and credit

Was that in mind we will continue to be thoughtful patient and opportunistic in our evaluation of that investment opportunities for HDFC.

I'll touch briefly on our year-end results that income for the fourth quarter was 1.2 million or five cents a share for the full year 2.66 million or 11 cents per share core earnings for the fourth quarter or 1.32 million or 6 cents per share and for the full year 7.55 million or 32 cents per share with Jim Briggs will discuss the financial results in more details for early during the quarter. We Acquired and funded 121 to floating-rate Theory life at a weighted average spread of 303 basis points over Libor for the full year. We acquired it funded three hundred million of float away. Love at a weighted average spread of 329 based off the boat light bar. I'm pleased to announce it in accordance with our business plan. We have successfully invested substantial majority of h c f keys on devoid on deployed restricted cash and keep off.

And we remain potentially deployed fully deployed as of today.

Substitute subsequent to the quarter end and as noted in the 8K we filed with the SEC on January 6th, 2020 acft announced that its independent directors unanimously approved tree into a new management agreement with Iraq Investment Management, LLC a subsidiary of Oracle Corporation USA and the concurrent Mutual termination of its management agreement with hunt Investment Management, LLC.

A subsidiary of Oracle Corporation a publicly-traded japan-based financial services company or if USAA provides a wide range of innovative Capital Solutions for clients in the corporate real estate and Municipal Finance sectors.

Forex Corporation assets exceed $110 billion and it has approximately four hundred billion of assets under management.

Investment management is part of Oregon state capitals finance and Investment Management platform, which was created through the combination of red Capital Group Lancaster Pollard and Hunt Real Estate Capital. The combined platform has an annual Loan Production in excess of $9 billion in our servicing portfolio of more than forty billion and can actually with the transaction and affiliate of oryx USA purchase 1.25 million shares of the company's common stock in a private placement by the company at a purchase price of $4.61 per share loss resulting in the aggregate Capital raise of about 5.7 million.

We are excited to be part of Oracle is a platform and believe that the platform provides hcft with support from a strong institutional quality manager with a strong with a strong and very large balance sheet. We look forward to page Anthony the scale of each EFT.

You through leveraging or two essays expansive origination asset management and servicing platform with added to turn the call over to Jim Briggs who will provide further details on her phone number?

Thank you, Jim and good morning, everyone a Monday evening. We filed around here report on form 10-K and provided a supplemental investor presentation on our website referencing during our remarks off the supplement. Their investor presentation has been uploaded to the webcast as well for your reference page ten and eleven of the presentation. You will find key updates in and earning summary for the fourth quarter for the fourth quarter of 2019. We reported net income to Common stockholders of 1.2 million or five cents per share this compares to net income to Common stockholders of 2.2 million or 9 cents per share for the third quarter of 2019 and a comprehensive loss of $546,000. -0.2 cents per share for the fourth quarter of 2018 or quarter earnings attributed to common stock home for the quarter was 1.3 million or 6 cents per share. This compares to core earnings of $0.10 per share for the third quarter of 2019 and eight cents per share for the fourth quarter of 2018.