Ready Capital Corporation · NYSE:RC
Ready Capital — Investor Presentation (September 2025)
39 slides from Ready Capital's investor presentation, September 2025
Slide 1: Investor Presentation September 2025
INVESTOR PRESENTATION September 2025
Slide 2: Disclaimer
Disclaimer These materials and any presentation of which they form a part are not intended as an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to a
Slide 3: Executive Summary
Executive Summary • Ready Capital Corporation (NYSE:RC) (“Ready Capital”, “RC” or the “Company”) is a leading real estate finance company that invests in commercial real estate and small business loans • Ready Capital is organized as a commercial mortgage REIT that is externally managed by Waterfall
Slide 4: Business Overview
Business Overview 1
Slide 5: Attractive Multi-Strategy Business Model
Attractive Multi-Strategy Business Model (1) PORTFOLIO BREAKDOWN (BY TOTAL ASSETS) Q2 REVENUE BREAKDOWN ($MM) (2)(3) Other, 4% $36.4 Small Business Lending, 17% $29.0 $0.8 Commercial Real Estate, 79% Commerical Real Estate Small Business Lending Other ~79% of Total Assets ~17% of Total Assets Commer
Slide 6: Externally Managed by a Successful and Proven Asset Manager
Externally Managed by a Successful and Proven Asset Manager (1) Waterfall Assets Under Management by Strategy (3) Real Estate Private Equity 3% 1% Loans 18% 20 Year Investment record $13.0Bn AUM (2) Ready Capital $13.0Bn (2) 15% Asset-Backed Securites AUM 63% 160+ Waterfall Overview Employees • SEC-
Slide 7: Strong Momentum in Key Near Term Priorities
Strong Momentum in Key Near Term Priorities • $5.4Bn(1) core loan portfolio is 95% performing with historical levered yields of 10%+ Maximize Book Value – Generated $0.24/Sh. DE in 2Q’25 and Earnings from Core Lending Portfolio and • $1.4Bn(1) in small business lending assets generating $0.03 DE/Sh.
Slide 8: Key Credit Highlights
Key Credit Highlights 2
Slide 9: Key Credit Highlights
Key Credit Highlights High Quality and Geographically Diversified Core CRE Lending Portfolio Focused on the Resilient Multifamily Industry 1 2 Leader in SBA and USDA Lending Market, Providing Low Credit Risk Government- Backed Financing 3 Unlock Meaningful Earnings Growth from Redeploying Non-Core P
Slide 10: Core CRE Lending Portfolio
1 Core CRE Lending Portfolio (1) 95% performing portfolio primarily backed by first liens on multifamily assets OVERVIEW LOAN PRODUCT (2)(3) COLLATERAL (2) Other Other Mixed-Use 7% 7% ✓ Focused on high-quality senior secured multifamily loans with Construction 3% Office 8% attractive risk adjusted r
Slide 11: Recent Commercial Real Estate Origination
1 Recent Commercial Real Estate Origination Bridge Name Mission Ridge Location Mission Viejo, CA 92691 Loan Purpose Acquisition Business Office Key terms: Loan Amount $28.9MM Pricing Basis Variable Rate SOFR + 4.33% Fees 1.00% orig / 0.50% each extension Lien First Origination Date March 2025 Term (
Slide 12: Core Portfolio Carrying Value Is Well-Supported by Look-Through LTVs
1 Core Portfolio Carrying Value Is Well-Supported by Look- Through LTVs on Underlying Assets Borrower ✓ Borrower equity provides Equity substantial cushion between real estate values and Ready Capital 76% LTV (1) carrying value ✓ Carrying value of our Core Portfolio reflects modest LTV (1) of 76% on
Slide 13: Leader in Small Business Lending Market
2 Leader in Small Business Lending Market OVERVIEW COLLATERAL (% of Carrying Value) (2) ✓ #1 non-bank and #5 overall 7(a) lender (1) Retail 21% ✓ Government-backed market ✓ Attractive competitive framework: only 16 non-bank lenders are licensed under SBA 7(a) program and Ready Capital is recognized
Slide 14: Small Business Lending Case Study
2 Small Business Lending Case Study SBA 7(a) USDA Name The Club at Wellington Chateau Lake Placid Location Wellington, FL 33414 Lake Placid, NY 12946 Loan Purpose Debt Refinance USDA Business & Industry Business Assisted Living Facility Hospitality Key terms: Loan Amount $5.0MM $6.3MM Pricing Basis
Slide 15: Non-Core Portfolio Liquidation Will Provide Meaningful Proceeds to Redeploy
3 Non-Core Portfolio Liquidation Will Provide Meaningful Proceeds to Redeploy at Attractive Yields(1) • The Non-Core portfolio generally consists of loans where the primary focus is near-term liquidation and reinvestment of the equity into Core assets • As of 6/30/2025, the Non-Core portfolio had a
Slide 16: Manageable Real Estate Owned Exposure
3 Manageable Real Estate Owned Exposure (1) $216MM of REO exposure across the portfolio as of 2Q’25 (prior to taking ownership of Portland, OR Ritz-Carlton Mixed-Use asset; $432MM carrying value), providing additional opportunity to harvest capital to recycle into more attractive investments Office,
Slide 17: Portland, OR: Mixed-Use Asset
3 Portland, OR: Mixed-Use Asset The 35-story mixed-use project consists of three components: Components Description 132-unit Ritz-Carlton condo complex • 11 units sold at an avg sales price of $1.5MM ($1,123 PSF) Residential • 121 units available Condo • 205 tours conducted in the YTD period • RC is
Slide 18: Diverse Product Offerings Support Robust Origination Pipeline
4 Diverse Product Offerings Support Robust Origination Pipeline RECENT QUARTERLY INVESTMENT ACTIVITY ($MM) $784 31 Attractive ✓ $686 46 200 opportunities to $532 $474 157 3 41 deploy capital at $466 46 39 11 99 173 double-digit yields 315 3 217 355 343 97 Robust origination ✓ 212 39 216 157 19 24 29
Slide 19: Significant Benefits of Relationship with Large Asset Manager
5 Significant Benefits of Relationship with Large Asset Manager Deep Credit Expertise Ready Capital draws on Waterfall’s 20-year track record in structured credit and real estate finance, and Structured Finance Capabilities enabling disciplined underwriting and sophisticated risk management across i
Slide 20: Diversified Capital Structure with Stable Liquidity and Unencumbered Asset Pool
6 Diversified Capital Structure with Stable Liquidity and Sizeable Unencumbered Asset Pool(1) Debt Balance Leverage Ratio LEVERAGE STATISTICS ($MM) PPPLF (2) $13 0.0x • Total leverage of 3.5x • Recourse leverage ratio of 1.5x Securitized Debt Obligations $1,513 0.8x • $1.9Bn in available warehouse b
Slide 21: Meaningful Balance Sheet Growth Over a Long History
6 Meaningful Balance Sheet Growth Over a Long History(1) • Ready Capital has grown its balance sheet substantially over its history, with its total assets grown at a 18% CAGR from 2017 to June 30, 2025 • Debt is comprised of a well diversified mix of corporate borrowings and securitizations • Ready
Slide 22: Appendix
Appendix
Slide 23: RC Holdings, LLC Overview
RC Holdings, LLC Overview 4
Slide 24: Key Entities Structure Chart
Key Entities Structure Chart Ready Capital Waterfall Asset Management Corporation Agreement Management, LLC (Maryland REIT) (Delaware LLC; external manager) general partner and owner of 99.5% of the limited partner units Sutherland Partners, LP 1 (Delaware LP; operating partnership) Sutherland Asset
Slide 25: Overview of RC Holdings, LLC
Overview of RC Holdings, LLC KEY HIGHLIGHTS SUMMARY OF RC HOLDINGS, LLC ASSETS $MM, unless otherwise noted % Current Wtd. Avg. Fully • Total combined equity value of $1,288MM(1) including Select Property Type # of Loans Carrying Value UPB Equity Pay(6) Ext. Maturity (7) Loans with UPB of $2,086MM an
Slide 26: RC Holdings, LLC Select Loan Details | NOI Generating Loans
RC Holdings, LLC Select Loan Details | NOI Generating Loans Reflects figures as of June 30, 2025, or as indicated $000, unless otherwise noted Unpaid Fully Risk Carrying Interest Appraisal Appraisal # Asset State Property Type Product Type Payment Status Modification Status Principal Financing(1) Eq
Slide 27: RC Holdings, LLC Select Loan Details | NOI Generating Loans
RC Holdings, LLC Select Loan Details | NOI Generating Loans Reflects figures as of June 30, 2025, or as indicated $000, unless otherwise noted Unpaid Fully Risk Carrying Interest Appraisal Appraisal # Asset State Property Type Product Type Payment Status Modification Status Principal Financing(1) Eq
Slide 28: RC Holdings, LLC Select Loan Details | Non-NOI Generating Loans
RC Holdings, LLC Select Loan Details | Non-NOI Generating Loans Reflects figures as of June 30, 2025, or as indicated $000, unless otherwise noted Unpaid Fully Fully Risk Carrying Interest Unfunded # State Property Type Product Type Payment Status Modification Status Principal Financing(1) Equity(2)
Slide 29: Supplemental Information
Supplemental Information 5
Slide 30: Best-in-Class, Seasoned Management Team
Best-in-Class, Seasoned Management Team Years of Position Experience Description Thomas Capasse Chairman of the Board, CEO • Manager and Co-Founder of Waterfall Asset Management & Chief Investment Officer 45+ • Co-founded Merrill Lynch's ABS group in the 1980s Ready Capital Corporation • Principal a
Slide 31: Current Capitalization
Current Capitalization Current Capitalization ($M) Reported 6/30/2025 Cash and cash equivalents $163 Secured Borrowings $1,327 4.50% Senior Secured Notes due 2026 $350 9.375% Senior Secured Notes due 2028 $270 Delayed Draw Term Loan due 2029 $115 Total Secured Debt $2,062 5.75% Senior Unsecured Note
Slide 32: Operating Segment Contribution
Operating Segment Contribution (1) For the three months ended 6/30/25 LMM CRE SMALL BUSINESS CORPORATE TOTAL LENDING & OTHER CORE NON-CORE & REO AVERAGE TOTAL ASSETS $6.4Bn / 71% $1.4Bn / 16% $0.8Bn / 9% $0.4Bn / 4% $9.0Bn / 100% ($ / %) EQUITY ALLOCATION (2) 67% 22% 11% N/A 100% EPS CONTRIBUTION $0
Slide 33: LMM CRE Loan Portfolio - Migration
LMM CRE Loan Portfolio - Migration As of 6/30/25 CONTRACTUAL STATUS (1) RISK RATING (1) CORE Q3’24 Q4’24 Q1’25 Q2’25 CORE Q3’24 Q4’24 Q1’25 Q2’25 CURRENT 94.8% 96.4% 93.8% 90.4% 30-59 DAYS PAST DUE 1.1% 1.6% 2.1% 5.0% 1&2 71.8% 67.7% 55.0% 56.5% 60+ DAYS PAST DUE 4.1% 2.0% 4.1% 4.6% NON-CORE Q3’24 Q
Slide 34: Financial Snapshot
Financial Snapshot ($ in Thousands, Except Share Data) As of 6/30/25 INVESTMENT TYPE AVERAGE CARRYING VALUE (1) GROSS YIELD (2) AVERAGE DEBT BALANCE DEBT COST (3) LEVERED YIELD LMM CRE $ 7,222,267 7.3 % $ 4,754,496 7.5 % 5.9 % SBL $ 764,451 21.3 % $ 375,324 7.6 % 34.5 % Total $ 7,986,718 8.6 % $ 5,1
Slide 35: Balance Sheet by Quarter
Balance Sheet by Quarter (In Thousands) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Assets Cash and cash equivalents $ 226,286 $ 181,315 $ 143,803 $ 205,917 $ 162,935 Restricted cash 29,971 31,331 30,560 39,603 56,769 Loans, net 3,444,879 3,555,928 3,378,149 4,354,017 5,066,694 Loans, held fo
Slide 36: Statement of Operations by Quarter
Statement of Operations by Quarter (In Thousands, except share data) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Interest income $ 234,119 $ $226,537 $ 203,965 $ 154,967 $ 152,735 Interest expense (183,167) (175,572) (153,911) (140,466) (135,837) Net interest income before (provision for) recovery of lo
Slide 37: Distributable Earnings Reconciliation by Quarter
Distributable Earnings Reconciliation by Quarter (In Thousands, except share data) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Income (loss) $ (34,201) $ (7,279) $ (314,751) $ 81,965 $ (53,677) Reconciling items: Unrealized (gain) loss on MSR - discontinued operations $ 7,219 $ — $ $33,175 $ 8,952 —
Slide 38: Loan Portfolio – Risk Rating Criteria
Loan Portfolio – Risk Rating Criteria Very Low Risk of Loss: New origination or current with strong credit metrics (LTV/DSCR/DY). Risk Rating 1: No expected losses. Low Risk of Loss: Current with maturity > 6 months. Lower credit metrics with possibility of inclusion on Risk Rating 2: CREFC watchlis
Slide 39: Slide 39
Ready Capital — Investor Presentation (September 2025) on 6ix