Ready Capital Corporation · NYSE:RC
Ready Capital — Q1 2026 Earnings Presentation
23 slides from Ready Capital's earnings presentation, May 8, 2026
Slide 1: Supplemental Financial Data Q1 2026
SUPPLEMENTAL FINANCIAL DATA Q1 2026
Slide 2: Disclaimer
Disclaimer This presentation contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the s
Slide 3: First Quarter 2026 Results
First Quarter 2026 Results ■ Net loss1 of $(1.25) per common share ■ Distributable losses2 of $(1.00) per common share Performance ■ Distributable losses before realized losses3 of $(0.33) per common share ■ Declared dividend of $0.01 per common share ■ Total loan portfolio of $4.5 billion ■ Total l
Slide 4: CRE Portfolio Review
CRE Portfolio Review CARRY 60+ DQ WA RISK GROSS CASH COUNT7 UPB ALLOWANCE VALUE STATUS5 RATING YIELD YIELD CORE 949 3.47B 194M 3.25B 14.8% 2.67 5.9% 5.1% NON-CORE 21 224M 77M 146M 90.4% 4.79 0.6% 0.6% TOTAL 970 3.69B 271M 3.40B 18.1% 2.76 5.7% 4.9% LOAN VINTAGE ($ in billions) 60+ DQ CORE MIGRATION
Slide 5: CRE Core Portfolio Overview
CRE Core Portfolio Overview LOAN PRODUCT8 COLLATERAL RISK RATING MODIFICATION STATUS18 Land Other 5% 7% Other Office Construction 7% 4% 4&5 12% 23% Extensions Retail 30% 1&2 Not Modified 7% 44% Fixed rate 45% 18% Industrial Bridge 6% Multi-family 63% 71% 3 33% Modifications 25% HISTORICAL LEVERED YI
Slide 6: CRE Non-Core Portfolio Overview
CRE Non-Core Portfolio Overview LOAN PRODUCT COLLATERAL RISK RATING Fixed Other 9% 12% 4 Office 21% Construction 14% 8% Mixed Use 11% Multi-family Bridge 58% 77% 5 Hotel 79% 11% QTD ROLL ($ in thousands) ASSET MANAGEMENT STRATEGY NON-CORE EXIT TIMELINE ($ in millions) $250 $60 $55 LOAN CARRY $222 ST
Slide 7: Real Estate Owned Exposure
Real Estate Owned Exposure Other Other Texas Land 6% 10% 11% 11% California 7% Multi-family Colorado 14% 3% Collateral Geography Mixed use Oregon 69% 69% REO DETAILS19 QUARTERLY REO MIGRATION (in thousands) 700,000 # OF ASSETS CARRY VALUE PORTLAND MIXED USE 1 $407M 25,818 OPERATE TO SELL 4 $55M 650,
Slide 8: Portland OR, Mixed-Use
Portland OR, Mixed-Use QUARTERLY UPDATES • The four-phase condo sellout strategy is ongoing, whereby unit pricing will increase in subsequent phases. Thirty-two units have been sold YTD ($745 WA PPSF). • Twenty-three of the twenty-five fully reserved Phase 1 condos have sold year-to-date. One unit c
Slide 9: Small Business Lending Portfolio Review
Small Business Lending Portfolio Review* CARRY 60+ DQ WA RISK GROSS CASH PROGRAM COUNT15 UPB ALLOWANCE VALUE STATUS5 RATING YIELD YIELD LARGE 1,849 1.01B 22M 977M 3.0% 1.74 8.1% 7.8% SMALL/MICRO 5,941 143M 17M 123M 3.5% 1.37 10.9% 9.9% USDA 36 37M 1 34M —% 2.60 9.6% 8.4% WORKING CAPITAL** 165 16M —
Slide 10: Quarterly Investment Activity
4 Quarterly Investment Activity 600 $532.2M $46.1 $466.1M $464.3 $41.4 $421.9M $38.2 $96.5 $2.7 $28.5 400 $41.9 $374.6M $37.0 $67.3 $110.0 $18.4 $216.1 $84.4 $343.3 $173.5 $115.9 200 $145.4 $81.2 $173.4 $171.7 $10.7 $39.1 $89.4 $58.0 $28.9 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Bridge Bridge Off- Balance S
Slide 11: Earnings Profile
Earnings Profile Annualized Balance (in ROE thousands) Contribution Recurring Revenue: Gain on sale, net of variable costs: SBA 7(a): $5M Net interest loss $ (11,709) (3.4)% USDA: $2M Gain on sale, net of variable costs 12,519 3.7% Business Loans: $2M Freddie Mac: $3M Other recurring revenue 15,369
Slide 12: Operating Segment Contribution
Operating Segment Contribution 16 LMM CRE SMALL CORPORATE BUSINESS TOTAL CORE NON-CORE & & OTHER LENDING REO AVERAGE TOTAL ASSETS ($ / %) $4.5B / 69% $0.8B / 12% $0.8B / 12% $0.5B / 7% $6.6B / 100% EQUITY ALLOCATION17 66% 21% 13% N/A 100% EPS CONTRIBUTION $(0.89) $(0.09) $(0.03) $(0.24) $(1.25) DIST
Slide 13: Book Value per Share
Book Value per Share $9.00 $8.79 $8.50 $(0.47) $8.00 $(0.42) $7.50 $(0.36) $7.43 $(0.11) $7.00 Q4'25 GAAP CECL and Losses from loan Losses from Other Q1'26 GAAP BVPS Valuation sales operations BVPS Allowance 13
Slide 14: Capitalization
Capitalization UNENCUMBERED ASSET POOL Debt Balance Leverage Ratio ($ in millions) PPPLF $4 0.0x 25% 27% $0.7B UNENCUMBERED ASSET POOL 11% 20% Securitized Debt 17% $527 0.4x Obligations Unrestricted cash Loans Servicing rights REO Other Assets HIGHLIGHTS • 1.4x unencumbered assets to unsecured debt
Slide 15: Additional Financial Information
APPENDIX Additional Financial Information
Slide 16: LMM CRE Loan Portfolio - Migration
LMM CRE Loan Portfolio - Migration CONTRACTUAL STATUS (5) RISK RATING (5) CORE Q2’25 Q3’25 Q4’25 Q1’26 CORE Q2’25 Q3’25 Q4’25 Q1’26 CURRENT 90.4% 90.9% 85.2% 79.9% 30-59 DAYS PAST 1&2 56.5% 44.0% 43.4% 43.5% 5.0% 3.2% 8.1% 5.3% DUE 60+ DAYS PAST DUE 4.6% 5.9% 6.7% 14.8% 3 38.2% 50.5% 44.3% 33.4% NON
Slide 17: Financial Snapshot
Financial Snapshot ($ in thousands, except share data) Investment Type Average Carrying Value10 Gross Yield 11 Average Debt Balance Debt Cost 12 Levered Yield LMM CRE $ 4,510,615 5.7 % $ 3,078,590 7.2 % 2.4 % SBL $ 697,334 21.6 % $ 399,563 13.0 % 33.7 % Total $ 5,207,949 7.8 % $ 3,478,153 7.8 % 7.7
Slide 18: Balance Sheet by Quarter
Balance Sheet by Quarter (in thousands) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Assets Cash and cash equivalents $ 205,917 $ 162,935 $ 147,505 $ 207,841 $ 200,430 Restricted cash 39,603 56,769 44,491 39,746 38,906 Loans, net 4,354,017 5,066,694 4,360,501 3,500,298 3,350,560 Loans, held fo
Slide 19: Statement of Operations by Quarter
Statement of Operations by Quarter (In thousands, except share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Interest income $ 154,967 $ 152,735 $ 137,491 $ 123,973 $ 81,730 Interest expense (140,466) (135,837) (126,971) (110,851) (96,834) Net interest income before (provision for) recovery of loan
Slide 20: Distributable Earnings Reconciliation by Quarter
Distributable Earnings Reconciliation by Quarter (In thousands, except share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net Income (loss) $ 81,965 $ (53,677) $ (16,737) $ (232,612) $ (200,087) Reconciling items: Unrealized (gain) loss on MSR - discontinued operations $ 8,952 $ — $ — $ — $ — Unrea
Slide 21: Loan Portfolio – Risk Rating Criteria
Loan Portfolio – Risk Rating Criteria BUCKET 1: Very Low Risk of Loss: New origination or current with strong credit metrics (LTV/DSCR/DY). No expected losses. BUCKET 2: Low Risk of Loss: Current with maturity > 6 months. Lower credit metrics with possibility of inclusion on CREFC watchlist. No expe
Slide 22: Footnotes
Footnotes 1 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.6 million 2 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.7 million. Refer to the “Distributable Earnings Reconciliation by Qu
Slide 23: We're Ready
WEEE’ READY HEE. CAPITAL. RC LISTED NYSE