Ready Capital Corporation · NYSE:RC
Ready Capital — Q3 2025 Earnings Presentation
23 slides from Ready Capital's earnings presentation, Nov 7, 2025
Slide 1: Supplemental Financial Data Q3 2025
SUPPLEMENTAL FINANCIAL DATA Q3 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: Third Quarter 2025 Results
Third Quarter 2025 Results ■ Net loss from continuing operations1 of $(0.13) per common share ■ Distributable losses2 of $(0.94) per common share Performance ■ Distributable losses before realized losses3 of $(0.04) per common share ■ Declared dividend of $0.125 per common share ■ Total loan portfol
Slide 4: CRE Portfolio Review
CRE Portfolio Review CARRY 60+ DQ WA RISK GROSS CASH COUNT7 UPB ALLOWANCE VALUE STATUS5 RATING YIELD YIELD CORE 1,088 5.00B 104M 4.85B 5.9% 2.42 8.1% 5.8% NON-CORE 31 382M 81M 301M 46.6% 4.06 3.1% 2.6% TOTAL 1,119 5.38B 185M 5.15B 8.3% 2.51 7.8% 5.6% LOAN VINTAGE ($ in billions) 60+ DQ CORE MIGRATIO
Slide 5: CRE Core Portfolio Overview
CRE Core Portfolio Overview LOAN PRODUCT8 COLLATERAL RISK RATING MODIFICATION STATUS19 Office Land Other 4% 4% 6% Other 5% 4&5 Construction 5% Extensions 9% Retail 18% 5% Fixed rate Industrial 1&2 15% 7% 44% Modifications 3 Not Modified 20% Bridge 51% 62% Multi-family 71% 73% HISTORICAL LEVERED YIEL
Slide 6: CRE Non-Core Portfolio Overview
CRE Non-Core Portfolio Overview 18 LOAN PRODUCT COLLATERAL RISK RATING Fixed rate Other 4% 9% Mixed use Construction 5% 2 14% Office 9% 6% 3 Hotel 27% 11% 4&5 64% Bridge Multi-family 82% 69% QTD ROLL ($ in millions) ASSET MANAGEMENT STRATEGY NON-CORE EXIT TIMELINE ($ in millions) LOAN CARRY $175 $69
Slide 7: Real Estate Owned Exposure
Real Estate Owned Exposure Other Other 6% Texas Land 5% 15% 11% California Multi-family 5% 12% Colorado 4% Collateral Geography Mixed use Oregon 72% 70% REO DETAILS20 QUARTERLY REO MIGRATION (in thousands) 750,000 485,056 # OF ASSETS CARRY VALUE 648,273 600,000 (49,935) (2,962) PORTLAND MIXED USE 1
Slide 8: Portland OR, Mixed-Use
Portland OR, Mixed-Use QUARTERLY UPDATES • In July 2025, RC executed an asset management agreement with Lincoln Property Company simultaneous with ownership transfer via a consensual deed-in-lieu transaction. • Strategic cost reduction opportunities identified to be implemented over the next several
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 1,937 1.11B 20M 1.08B 3.7% 1.78 9.1% 9.0% SMALL/MICRO 5,962 245M 18M 226M 2.1% 1.23 11.5% 9.9% USDA 29 30M — 28M —% 1.62 10.4% 9.0% WORKING CAPITAL** 170 17M
Slide 10: Quarterly Investment Activity
4 Quarterly Investment Activity 1,000 $784.3M 800 $31.2 $685.9M $2.8 $46.4 $38.5 600 $314.5 $532.2M $466.1M $46.1 $96.5 $421.9M $41.4 $354.8 400 $2.7 $41.9 $67.3 $200.4 $216.1 $343.3 $173.5 200 $157.1 $211.9 $10.7 $81.2 $18.5 $173.4 $39.1 $70.6 $58.0 $23.5 $28.9 0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Bridg
Slide 11: Earnings Profile
Earnings Profile Annualized Balance (in ROE thousands) Contribution Recurring Revenue: Current Pay Interest: $112M Accrued Interest: $11M Net interest income $ 14,247 3.4% Paid in Kind Interest: $3M Gain on sale, net of variable costs 20,011 4.7% Accretion of Discount: $11M Other recurring revenue 1
Slide 12: Operating Segment Contribution
Operating Segment Contribution 16 LMM CRE SMALL CORPORATE BUSINESS TOTAL CORE NON-CORE & & OTHER LENDING REO AVERAGE TOTAL ASSETS ($ / %) $5.9B / 72% $1.0B / 12% $0.9B / 11% $0.4B / 5% $8.2B / 100% EQUITY ALLOCATION17 71% 17% 12% N/A 100% EPS CONTRIBUTION $0.10 $(0.16) $0.04 $(0.11) $(0.13) DISTRIBU
Slide 13: Book Value per Share
Book Value per Share $10.50 $10.44 $0.09 $10.28 $(0.13) $(0.125) $10.00 $9.50 $9.00 Q2'25 GAAP BVPS Net Income (Loss) Dividends Share Repurchases Q3'25 GAAP BVPS 13
Slide 14: Capitalization
Capitalization UNENCUMBERED ASSET POOL Debt Balance Leverage Ratio ($ in millions) PPPLF $10 0.0x 14% 25% $0.8B UNENCUMBERED 6% ASSET POOL 40% 15% Securitized Debt $1,294 0.7x Obligations Unrestricted cash Loans Servicing rights REO Other Assets HIGHLIGHTS • 1.2x unencumbered assets to unsecured deb
Slide 15: Appendix: Additional Financial Information
APPENDIX Additional Financial Information
Slide 16: LMM CRE Loan Portfolio - Migration
LMM CRE Loan Portfolio - Migration CONTRACTUAL STATUS (5) RISK RATING (5) CORE Q4’24 Q1’25 Q2’25 Q3’25 CORE Q4’24 Q1’25 Q2’25 Q3’25 CURRENT 96.4% 93.8% 90.4% 90.9% 30-59 DAYS PAST 1&2 67.7% 55.0% 56.5% 44.0% 1.6% 2.1% 5.0% 3.2% DUE 60+ DAYS PAST DUE 2.0% 4.1% 4.6% 5.9% 3 28.1% 37.4% 38.2% 50.5% NON-
Slide 17: Financial Snapshot
Financial Snapshot ($ in thousands, except share data) Investment Type Average Carrying Value10 Gross Yield 11 Average Debt Balance Debt Cost 12 Levered Yield LMM CRE $ 6,162,859 7.5 % $ 4,167,749 7.6 % 7.2 % SBL $ 813,652 23.7 % $ 435,540 7.9 % 41.9 % Total $ 6,976,511 9.3 % $ 4,603,289 7.6 % 12.7
Slide 18: Balance Sheet by Quarter
Balance Sheet by Quarter (in thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Assets Cash and cash equivalents $ 181,315 $ 143,803 $ 205,917 $ 162,935 $ 147,505 Restricted cash 31,331 30,560 39,603 56,769 44,491 Loans, net 3,555,928 3,378,149 4,354,017 5,066,694 4,360,501 Loans, held fo
Slide 19: Statement of Operations by Quarter
Statement of Operations by Quarter (In thousands, except share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Interest income $ 226,537 $ 203,965 $ 154,967 $ 152,735 $ 137,491 Interest expense (175,572) (153,911) (140,466) (135,837) (126,971) 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) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Income (loss) $ (7,279) $ (314,751) $ 81,965 $ (53,677) $ (16,737) Reconciling items: Unrealized (gain) loss on MSR - discontinued operations $ — $ 33,175 $ 8,952 $ — $ — Un
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 $2.2 million and non-controlling interest of $2.0 million 2 . Before income attributable to participating shares of $2.2 million and non-controlling interest of $1.5 million. Refer to the “Distributable Earnings Reconciliation by Qu
Slide 23: We're Ready
WEEE’ READY HEE. CAPITAL. RC LISTED NYSE