Ready Capital Corporation · NYSE:RC

Ready Capital — Merger or Acquisition (December 2020)

8 slides from Ready Capital's merger presentation, Dec 7, 2020

  1. Slide 1: Ready Capital Corporation to acquire Anworth Mortgage Asset Corporation

    Ready Capital Corporation to acquire Anworth Mortgage Asset Corporation December 7, 2020

  2. Slide 2: Disclaimer

    DISCLAIMER These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, an interest in Ready Capital Corporation (“Ready Capital,” “RC,” or the “Company”). Neither the Company nor any of its representatives or affiliates mak

  3. Slide 3: Transaction Summary

    TRANSACTION SUMMARY Business to be Acquired • Anworth Mortgage Asset Corporation (“ANH” or “Anworth”) Implied Offer Price per Share1 • $2.94 Premium1,2 • 25.1% premium to the closing price of ANH common stock ending on December 4, 2020 Common Equity Value • $302 million • 20% cash and 80% stock with

  4. Slide 4: Transaction Highlights for Ready Capital Shareholders

    TRANSACTION HIGHLIGHTS FOR READY CAPITAL SHAREHOLDERS  $1 billion+ combined equity base allows for greater market presence and further optimization of funding sources  Access to incremental capital will enhance Ready Capital’s diversified investment ENHANCED SCALE & strategy MARKET PRESENCE  Augm

  5. Slide 5: Transaction Highlights for Anworth Shareholders

    TRANSACTION HIGHLIGHTS FOR ANWORTH SHAREHOLDERS  Premium of 25.1% to Anworth’s stock price of $2.35 as of close on December 4, MEANINGFUL PREMIUM 2020 WITH SIGNIFICANT UPSIDE POTENTIAL  Significant stock consideration provides potential long-term upside to Anworth stockholders  Stable book value

  6. Slide 6: Strategic Combination Overview

    STRATEGIC COMBINATION OVERVIEW Pro Forma Entity Highlights Pro Forma Equity Base1 $5,000 • Significant capital base to fund cycle- proven, diversified investment strategy $4,500 $4,000 • Strong balance sheet and abundant $3,500 liquidity coupled with financial return $3,000 outperformance relative t

  7. Slide 7: Waterfall – A Successful & Proven Asset Manager

    WATERFALL – A SUCCESSFUL & PROVEN ASSET MANAGER ► Waterfall consists of a dedicated team of 64 investment professionals who have extensive experience in small balance commercial (SBC) distressed asset acquisition, loan origination, asset management and capital markets. Key Loan Management 27% Perman

  8. Slide 8: eee e. ’ READY

    eee e. ’ READY SE . CAPITAL. RC LISTED NYSE

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