Ready Capital Corporation · NYSE:RC
Ready Capital — Q4 2025 Earnings Presentation
23 slides from Ready Capital's earnings presentation, Feb 27, 2026
Slide 1: Supplemental Financial Data Q4 2025
SUPPLEMENTAL FINANCIAL DATA Q4 2025
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: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results ■ Net loss from continuing operations1 of $(1.46) per common share ■ Distributable losses2 of $(0.43) per common share Performance ■ Distributable losses before realized losses3 of $(0.09) per common share ■ Declared dividend of $0.01 per common share ■ Total loan portfol
Slide 4: CRE Portfolio Review
CRE Portfolio Review CARRY 60+ DQ WA RISK GROSS CASH COUNT7 UPB ALLOWANCE VALUE STATUS5 RATING YIELD YIELD CORE 1,044 4.76B 169M 4.56B 6.7% 2.50 7.4% 5.4% NON-CORE 27 305M 82M 222M 77.7% 4.30 2.5% 1.7% TOTAL 1,071 5.07B 251M 4.78B 10.0% 2.58 7.1% 5.2% LOAN VINTAGE ($ in billions) 60+ DQ CORE MIGRATI
Slide 5: CRE Core Portfolio Overview
CRE Core Portfolio Overview LOAN PRODUCT8 COLLATERAL RISK RATING MODIFICATION STATUS19 Office Land Other 4% 3% 7% Other 4&5 5% Construction 12% 8% Extensions Retail 22% 5% Fixed rate Industrial 1&2 Not Modified 15% 7% 44% 49% Modifications Bridge 3 29% 72% 44% Multi-family 74% HISTORICAL LEVERED YIE
Slide 6: CRE Non-Core Portfolio Overview
CRE Non-Core Portfolio Overview 18 LOAN PRODUCT COLLATERAL RISK RATING Fixed Other 6% 8% Mixed Use 2&3 7% 17% Construction 19% Office 9% 5 4 Multi-family 58% 25% Hotel 60% Bridge 16% 75% QTD ROLL ($ in thousands) ASSET MANAGEMENT STRATEGY NON-CORE EXIT TIMELINE ($ in millions) $350 LOAN CARRY $100 S
Slide 7: Real Estate Owned Exposure
Real Estate Owned Exposure Other Texas Other 7% Land 12% 4% 11% California 7% Multi-family 12% Colorado 3% Collateral Geography Mixed use Oregon 73% 71% REO DETAILS20 QUARTERLY REO MIGRATION (in thousands) 700,000 # OF ASSETS CARRY VALUE 22,114 PORTLAND MIXED USE 1 $429M OPERATE TO SELL 8 $87M 648,2
Slide 8: Portland OR, Mixed-Use
Portland OR, Mixed-Use QUARTERLY UPDATES • Successful re-launch for the residential condominium and office components in late Q4, with strong participation from leading Portland residential and office brokers. • Following the marketing re-launch, demand for residential units increased materially res
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 1,843 1.01B 21M 974M 4.7% 1.80 8.9% 8.8% SMALL/MICRO 5,826 142M 17M 122M 5.0% 1.34 11.7% 11.3% USDA 26 31M 1M 28M —% 1.65 8.4% 7.4% WORKING CAPITAL** 165 17M
Slide 10: Quarterly Investment Activity
4 Quarterly Investment Activity 1,000 $784.3M 800 $31.2 $2.8 600 $314.5 $532.2M $466.1M $46.1 $96.5 $421.9M $41.4 $374.6M 400 $2.7 $41.9 $67.3 $37.0 $200.4 $18.4 $216.1 $84.4 $343.3 $173.5 200 $145.4 $211.9 $81.2 $173.4 $10.7 $39.1 $89.4 $23.5 $58.0 $28.9 0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Bridge Const
Slide 11: Earnings Profile
Earnings Profile Annualized Balance (in ROE thousands) Contribution Recurring Revenue: Net interest income $ 16,791 4.2% Gain on sale, net of variable costs: SBA 7(a): $3M Gain on sale, net of variable costs 12,338 3.1% USDA: $3M Business Loans: $3M Other recurring revenue 12,381 3.1% Freddie Mac: $
Slide 12: Operating Segment Contribution
Operating Segment Contribution 16 LMM CRE SMALL CORPORATE BUSINESS TOTAL CORE NON-CORE & & OTHER LENDING REO AVERAGE TOTAL ASSETS ($ / %) $5.3B / 71% $0.9B / 12% $0.9B / 12% $0.4B / 5% $7.5B / 100% EQUITY ALLOCATION17 69% 18% 13% N/A 100% EPS CONTRIBUTION $(0.75) $(0.28) $(0.15) $(0.29) $(1.47) DIST
Slide 13: Book Value per Share
Book Value per Share $10.50 $10.28 $10.00 $9.50 $9.00 $0.04 $8.79 $(1.46) $(0.01) $8.50 $8.00 Q3'25 GAAP BVPS Net Income (Loss) Dividends Share Repurchases Q4'25 GAAP BVPS 13
Slide 14: Capitalization
Capitalization UNENCUMBERED ASSET POOL Debt Balance Leverage Ratio ($ in millions) PPPLF $9 0.0x 26% 23% $0.7B UNENCUMBERED ASSET POOL 7% 26% 18% Securitized Debt $1,175 0.8x Obligations Unrestricted cash Loans Servicing rights REO Other Assets HIGHLIGHTS • 1.1x unencumbered assets to unsecured debt
Slide 15: Appendix: Additional Financial Information
APPENDIX Additional Financial Information
Slide 16: LMM CRE Loan Portfolio - Migration
LMM CRE Loan Portfolio - Migration CONTRACTUAL STATUS (5) RISK RATING (5) CORE Q1’25 Q2’25 Q3’25 Q4’25 CORE Q1’25 Q2’25 Q3’25 Q4’25 CURRENT 93.8% 90.4% 90.9% 85.2% 30-59 DAYS PAST 1&2 55.0% 56.5% 44.0% 43.4% 2.1% 5.0% 3.2% 8.1% DUE 60+ DAYS PAST DUE 4.1% 4.6% 5.9% 6.7% 3 37.4% 38.2% 50.5% 44.3% NON-
Slide 17: Financial Snapshot
Financial Snapshot ($ in thousands, except share data) Investment Type Average Carrying Value10 Gross Yield 11 Average Debt Balance Debt Cost 12 Levered Yield LMM CRE $ 5,366,473 7.2 % $ 3,623,290 7.2 % 7.2 % SBL $ 799,319 18.3 % $ 436,041 8.0 % 30.3 % Total $ 6,165,792 8.6 % $ 4,059,331 7.3 % 11.2
Slide 18: Balance Sheet by Quarter
Balance Sheet by Quarter (in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Assets Cash and cash equivalents $ 143,803 $ 205,917 $ 162,935 $ 147,505 $ 207,841 Restricted cash 30,560 39,603 56,769 44,491 39,746 Loans, net 3,378,149 4,354,017 5,066,694 4,360,501 3,500,298 Loans, held f
Slide 19: Statement of Operations by Quarter
Statement of Operations by Quarter (In thousands, except share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Interest income $ 203,965 $ 154,967 $ 152,735 $ 137,491 $ 123,973 Interest expense (153,911) (140,466) (135,837) (126,971) (110,851) Net interest income before (provision for) recovery of loa
Slide 20: Distributable Earnings Reconciliation by Quarter
Distributable Earnings Reconciliation by Quarter (In thousands, except share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Income (loss) $ (314,751) $ 81,965 $ (53,677) $ (16,737) $ (232,612) Reconciling items: Unrealized (gain) loss on MSR - discontinued operations $ 33,175 $ 8,952 $ — $ — $ —
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 $2.0 million and non-controlling interest of $1.6 million 2 . Before income attributable to participating shares of $2.0 million and non-controlling interest of $1.9 million. Refer to the “Distributable Earnings Reconciliation by Qu
Slide 23: We're Ready
WEEE’ READY HEE. CAPITAL. RC LISTED NYSE