Ready Capital Corporation · NYSE:RC
Ready Capital — Investor Presentation (September 2025)
38 slides from Ready Capital's investor presentation, Sep 9, 2025
Slide 1: Investor Presentation September 2025
INVESTOR PRESENTATION September 2025
Slide 2: Disclaimer
2 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
Slide 3: Executive Summary
3 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 Waterfa
Slide 4: Business Overview
Business Overview 1
Slide 5: Attractive Multi-Strategy Business Model
$36.4 $29.0 $0.8 Commerical Real Estate Small Business Lending Other Commercial Real Estate, 79% Small Business Lending, 17% Other, 4% Attractive Multi-Strategy Business Model (1) 5 • Acquire and originate CRE senior secured loans • Earnings driven by net interest and servicing income • Originate an
Slide 6: Externally Managed by a Successful and Proven Asset Manager
Asset-Backed Securites 63% Ready Capital 15% Loans 18% Real Estate 3% Private Equity 1% 6 Externally Managed by a Successful and Proven Asset Manager 20 Year Investment record $13.0Bn (2) AUM 160+ Employees 50+ Investment Professionals 60+ Years Leadership team combined experience • SEC-registered c
Slide 7: Strong Momentum in Key Near Term Priorities
3.4x 3.5x 3.3x 3.8x 3.5x 3.5x 0.9x 1.0x 1.0x 1.3x 1.3x 1.5x 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Leverage Ratio Recourse Leverage Ratio 7 Strong Momentum in Key Near Term Priorities • $5.4Bn(1) core loan portfolio is 95% performing with historical levered yields of 10%+ – Generated $0.24/Sh. DE in 2Q’25 •
Slide 8: Key Credit Highlights
Key Credit Highlights 2
Slide 9: Key Credit Highlights
9 Key Credit Highlights High Quality and Geographically Diversified Core CRE Lending Portfolio Focused on the Resilient Multifamily Industry Leader in SBA and USDA Lending Market, Providing Low Credit Risk Government- Backed Financing Unlock Meaningful Earnings Growth from Redeploying Non-Core Portf
Slide 10: Core CRE Lending Portfolio
Texas 23% California 11% Oregon 9% Florida 8% Arizona 7% Georgia 6% New York 4% Washington 3% Illinois 2% Ohio 2% Other 24% Bridge 71% Fixed Rate 14% Construction 8% Other 7% Multifamily 73% Industrial 7% Retail 6% Office 5% Mixed-Use 3% Other 7% 12.8% 12.0% 10.8% 11.1% 10.9% Q2 2024 Q3 2024 Q4 2024
Slide 11: Recent Commercial Real Estate Origination
11 Recent Commercial Real Estate Origination Bridge Name Mission Ridge Location Mission Viejo, CA 92691 Loan Purpose Acquisition Business Office Key terms: Loan Amount $28.9MM Pricing Basis Variable Rate SOFR + 4.33% Fees 1.00% orig / 0.50% each extension Lien First Origination Date March 2025 Term
Slide 12: Core CRE Loan Portfolio 76% LTV
Core CRE Loan Portfolio 76% LTV (1) Core Portfolio Carrying Value Is Well-Supported by Look- Through LTVs on Underlying Assets 12 ✓ Borrower equity provides substantial cushion between real estate values and Ready Capital carrying value ✓ Carrying value of our Core Portfolio reflects modest LTV (1)
Slide 13: Leader in Small Business Lending Market
SBA (7a) USDA Max Loan Size ($) 5MM 25MM Max Guarantee (%) 90% 90% Avg. Guaranteed Sale Premium 12.90% 12.50% Originations Inception-to-date ($) (2) 4Bn 146MM Market Size ($) 35Bn 2Bn $481 $500 $494 $1,203 $746 2021 2022 2023 2024 1H 2025 (2) Retail 21% Lodging 19% Eating Place 9% Doctors 7% Other 4
Slide 14: Small Business Lending Case Study
14 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
$51 $10 $362 $333 Q1'25 Q2'25 Aug'25 Settlements Q3'25 and Beyond Bridge 91% Construction 7% Fixed Rate 2% Multifamily, 85% Mixed-Use, 2% Other, 13% 3, 58% 4&5, 38% 2, 4% 15 Non-Core Portfolio Liquidation Will Provide Meaningful Proceeds to Redeploy at Attractive Yields(1) LOAN PRODUCT (2) RISK RATI
Slide 16: Manageable Real Estate Owned Exposure
$42 $118 $255 $195 $218 $216 2021 2022 2023 2024 1Q'25 2Q'25 Land, 39% Multifamily, 31% Mixed-Use, 18% Lodging, 6% Office, 6% Texas, 35% California, 17%Colorado, 12% Oregon, 11% Other, 25% 16 Manageable Real Estate Owned Exposure (1) REO DETAILS REO CARRYING VALUE (in $MM) # OF ASSETS CARRYING VALUE
Slide 17: Portland, OR: Mixed-Use Asset
17 Portland, OR: Mixed-Use Asset3 Components Description Residential Condo 132-unit Ritz-Carlton condo complex • 11 units sold at an avg sales price of $1.5MM ($1,123 PSF) • 121 units available • 205 tours conducted in the YTD period • RC is obligated to pay HOA fees on unsold units (i.e., carry cos
Slide 18: Diverse Product Offerings Support Robust Origination Pipeline
513 38 114 318 455 631 966 1,318 1,832 1,408 5,980 5,062 2,198 2,354 998 Pre-2012 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H 2025 CRE SBL 18 Diverse Product Offerings Support Robust Origination Pipeline RECENT QUARTERLY INVESTMENT ACTIVITY ($MM) 4 157 71 24 2919 212 39 217 3
Slide 19: Significant Benefits of Relationship with Large Asset Manager
19 Significant Benefits of Relationship with Large Asset Manager5 Ready Capital draws on Waterfall’s 20-year track record in structured credit and real estate finance, enabling disciplined underwriting and sophisticated risk management across its lending platforms Deep Credit Expertise and Structure
Slide 20: Diversified Capital Structure with Stable Liquidity
Unrestricted Cash, 16% Loans, 46% Servicing Rights, 13% REO, 5% Other Assets, 20% 20 Diversified Capital Structure with Stable Liquidity and Sizeable Unencumbered Asset Pool(1) LEVERAGE STATISTICS UNENCUMBERED ASSET POOL • Total leverage of 3.5x • Recourse leverage ratio of 1.5x • $1.9Bn in availabl
Slide 21: Meaningful Balance Sheet Growth Over a Long History
$536 $545 $825 $815 $1,276 $1,791 $2,540 $1,838 $1,827 2017 2018 2019 2020 2021 2022 2023 2024 2025 2.8x 3.8x 4.2x 4.6x 5.9x 5.1x 3.3x 3.8x 3.5x 2017 2018 2019 2020 2021 2022 2023 2024 2025 $2,524 $3,037 $4,977 $5,372 $9,534 $11,621 $12,441 $10,142 $9,309 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 22: RC Holdings, LLC Overview
RC Holdings, LLC Overview 4
Slide 23: Key Entities Structure Chart
Key Entities Structure Chart 23 Management Agreement Waterfall Asset Management, LLC (Delaware LLC; external manager) Ready Capital Subsidiary REIT I, LLC (Delaware REIT) ReadyCap Holdings, LLC (Delaware LLC; TRS) RCH Term Intermediate Holdings, LLC (Delaware LLC) RCH Term Holdings, LLC (Delaware LL
Slide 24: Select Loans by Debt Yield and Property Type
Debt Yield Range # of Loans Carrying Value UPB Equity LTV (11) >=9% 16 293 293 66 59% 8% - 9% 9 214 214 47 65% 7% - 8% 8 115 115 24 67% 6% - 7% 13 233 234 56 66% 5% - 6% 12 328 330 98 73% 4% - 5% 7 353 354 110 77% 3% - 4% 1 63 64 24 92% 2% - 3% 3 196 199 70 85% 1% - 2% 1 35 35 16 60% NOI Generating
Slide 25: Loan-Level Detail
# Asset State Property Type Product Type Risk Rating Payment Status Modification Status Carrying Value Unpaid Principal Balance Financing(1) Equity(2) Fully Extended Maturity(3) Interest Rate Appraisal Value Appraisal Date LTV(4) 1 Loan 1 NJ Industrial Fixed/Other 1 Current Pay Not Modified 28,241 2
Slide 26: Loan-Level Detail
# Asset State Property Type Product Type Risk Rating Payment Status Modification Status Carrying Value Unpaid Principal Balance Financing(1) Equity(2) Fully Extended Maturity(3) Interest Rate Appraisal Value Appraisal Date LTV(4) 41 Loan 41 AZ Multifamily Bridge 3 30-59 days Not Modified 63,583 64,0
Slide 27: Construction Loan-Level Detail
# State Property Type Product Type Risk Rating Payment Status Modification Status Carrying Value Unpaid Principal Balance Financing(1) Equity(2) Fully Extended Maturity(3) Interest Rate Appraisal Value Appraisal Date LTV(4) Unfunded Balance Fully Funded LTV(5) 1 Loan 71 TX Land Construction 1 Curren
Slide 28: Supplemental Information
Supplemental Information 5
Slide 29: Best-in-Class, Seasoned Management Team
29 Best-in-Class, Seasoned Management Team • Manager and Co-Founder of Waterfall Asset Management • Co-founded Merrill Lynch's ABS group in the 1980s • Principal and Co-Founder of Waterfall Asset Management • Previously founded Licent Capital, a specialty broker/dealer for intellectual property secu
Slide 30: Current Capitalization
30 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 $2,062 5.75% Senior Unsecured N
Slide 31: Operating Segment Contribution
31 Operating Segment Contribution (1) LMM CRE SMALL BUSINESS LENDING CORPORATE & OTHER TOTAL CORE NON-CORE & REO AVERAGE TOTAL ASSETS ($ / %) $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 $0.17 $(0.17) $0.02 $(0.37) $(0.35
Slide 32: LMM CRE Loan Portfolio - Migration
32 LMM CRE Loan Portfolio - Migration CONTRACTUAL STATUS (1) CORE Q3’24 Q4’24 Q1’25 Q2’25 CURRENT 94.8% 96.4% 93.8% 90.4% 30-59 DAYS PAST DUE 1.1% 1.6% 2.1% 5.0% 60+ DAYS PAST DUE 4.1% 2.0% 4.1% 4.6% NON-CORE Q3’24 Q4’24 Q1’25 Q2’25 CURRENT 75.5% 75.4% 37.3% 30.0% 30-59 DAYS PAST DUE 2.9% 0.7% —% 2.
Slide 33: Financial Snapshot
33 Financial Snapshot ($ in Thousands, Except Share Data) 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 % $ 5,129,820 7.5
Slide 34: Balance Sheet by Quarter
34 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
Slide 35: Statement of Operations by Quarter
35 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
Slide 36: Distributable Earnings Reconciliation by Quarter
36 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 $ 8,95
Slide 37: Loan Portfolio – Risk Rating Criteria
37 Loan Portfolio – Risk Rating Criteria Risk Rating 1: Very Low Risk of Loss: New origination or current with strong credit metrics (LTV/DSCR/DY). No expected losses. Risk Rating 2: Low Risk of Loss: Current with maturity > 6 months. Lower credit metrics with possibility of inclusion on CREFC watch
Slide 38: Slide 38
Ready Capital — Investor Presentation (September 2025) on 6ix