Slide 1: Supplemental Financial Data Q2 2026
SUPPLEMENTAL FINANCIAL DATA Q2 2026
Slide 2: Disclaimer
2 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
Slide 3: Second Quarter 2026 Results
3 Second Quarter 2026 Results ■ Net loss1 of $(0.63) per common share ■ Distributable losses2 of $(0.47) per common share ■ Distributable losses before realized losses3 of $(0.24) per common share ■ Declared dividend of $0.01 per common share Performance ■ Total loan portfolio of $4.6 billion ■ Tota
Slide 4: CRE Loan Portfolio Summary
4 CRE Loan Portfolio Summary QTD INVESTMENT ROLL ($ in billions) COUNT6 UPB ALLOWANCE CARRY VALUE 60+ DQ STATUS7 WA RISK RATING GROSS YIELD CASH YIELD PERFORMING 128 1.71B 131M 1.55B —% 2.84 8.3% 6.3% NON-PERFORMING 44 994M 146M 846M 73.0% 4.65 2.1% 2.1% TOTAL 172 2.70B 277M 2.40B 25.7% 3.48 6.1% 4.
Slide 5: Performing CRE Loan Portfolio
5 Performing CRE Loan Portfolio LOAN PRODUCT8 RISK RATINGCOLLATERAL MODIFICATION STATUS9 HISTORICAL LEVERED YIELD10 10.9% 11.0% 9.6% 7.0% 10.1% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0% 2% 4% 6% 8% 10% 12% QUARTERLY PORTFOLIO CREDIT MIGRATION Bridge 70% Construction 23% Fixed rate 5% Other 2% Multi
Slide 6: Non-Performing CRE Loan Portfolio
6 Non-Performing CRE Loan Portfolio MTM LTV DISTRIBUTION EXIT TIMELINE ($ in millions)QTD ROLL ($ in millions) TOP 10 NON-PERFORMING CRE LOAN POSITIONS $844 $(107) $128 $(19) $846 Beginning CV Exits New 60+ Write- downs Ending CV $600 $750 $900 21 loans 21 loans $315 $118 $43 $370 Q3'26 Q4'26 Q1'27
Slide 7: Real Estate Owned Exposure
7 Real Estate Owned Exposure # OF ASSETS CARRY VALUE PORTLAND MIXED USE 1 $391M OPERATE TO SELL 5 $102M SELL 15 $87M UNDER CONTRACT 3 $8M TOTAL 24 $588M Mixed use $413 Multi-family $81 Land $55 Other $39 Collateral Oregon $414 Texas $77 California $42 Other $55 Geography 625,503 25,062 (59,898) (2,5
Slide 8: Ritz-Carlton Residences, Portland OR Mixed-Use
RITZ-CARLTON RESIDENCES • 132 Ritz-Carlton branded condominium residences • Located on floors 21 – 35 • Avg. Unit SF: 1,639 • Amenities: • Balcony or terrace • Dedicated lobby • Hotel amenity access • Private rooftop terrace (8th floor) Key Metrics (Sales to Date)12 • # of units sold: 50 • % of unit
Slide 9: Small Business Lending Portfolio Review
9 Small Business Lending Portfolio Review* QTD SALES BY PROGRAM PROGRAM COUNT13 UPB ALLOWANCE CARRY VALUE 60+ DQ STATUS7 WA RISK RATING GROSS YIELD CASH YIELD LARGE 1,823 1.44B 25M 1.40B 3.2% 1.81 7.8% 7.4% SMALL/MICRO 5,909 139M 16M 120M 3.4% 1.36 10.2% 8.5% USDA 29 39M 1M 36M —% 2.58 9.5% 8.8% WOR
Slide 10: Quarterly Investment Activity
$89.4 $171.7 $58.0 $173.4 $81.2 $145.4 $115.9 $155.9 $216.1 $173.5 $84.4 $110.0 $82.1 $96.5 $67.3 $18.4 $28.5 $46.1 $41.9 $37.0 $38.2 $40.8 Bridge Bridge Off- Balance Sheet Construction Freddie Mac SBA USDA Working Capital Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 0 200 400 600 10 Quarterly Investment Activity
Slide 11: Earnings Profile
11 Earnings Profile14 Gain on sale, net of variable costs: SBA 7(a): $4M USDA: $1M Business Loans: $2M LMM Loans: $3M Balance (in thousands) Annualized ROE Contribution Recurring Revenue: Net interest loss $ (2,988) (1.0)% Gain on sale, net of variable costs 10,436 3.5% Other recurring revenue 7,867
Slide 12: Operating Segment Contribution
12 Operating Segment Contribution15 LMM CRE TOTAL OPERATING EXPENSES EQUITY ALLOCATION16 EPS CONTRIBUTION RECURRING REVENUE DISTRIBUTABLE RETURN BEFORE REALIZED LOSSES17 ON ALLOCATED EQUITY DISTRIBUTABLE RETURN BEFORE REALIZED LOSSES17 CORPORATE & OTHER SMALL BUSINESS LENDING PERFORMING NON-PERFORMI
Slide 13: Book Value per Share
13 Book Value per Share $7.43 $(0.12) $(0.23) $(0.28) $0.03 $6.83 Q1'26 GAAP BVPS CECL and Valuation Allowance Losses from loan sales Losses from operations Other Q2'26 GAAP BVPS $6.00 $6.50 $7.00 $7.50
Slide 14: Capitalization
14 Capitalization Debt Balance ($ in millions) Leverage Ratio Securitized Debt Obligations $639 0.5x Non-Recourse Secured Borrowings $970 0.8x Recourse Secured Borrowings $906 0.7x Corporate Debt $1,194 1.0x UNENCUMBERED ASSET POOL 18% 34% 15% 9% 24% Unrestricted cash Loans Servicing rights REO Othe
Slide 15: Appendix: Additional Financial Information
APPENDIX Additional Financial Information
Slide 16: Financial Snapshot
16 Financial Snapshot ($ in thousands, except share data) Investment Type Average Carrying Value Gross Yield Average Debt Balance Debt Cost Levered Yield LMM CRE $ 3,566,527 6.3 % $ 2,300,401 7.2 % 4.9 % SBL $ 682,907 19.2 % $ 385,300 18.1 % 20.6 % Total $ 4,249,434 8.4 % $ 2,685,701 8.7 % 7.9 % Boo
Slide 17: Balance Sheet by Quarter
17 Balance Sheet by Quarter (in thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Assets Cash and cash equivalents $ 162,935 $ 147,505 $ 207,841 $ 200,430 $ 124,149 Restricted cash 56,769 44,491 39,746 38,906 50,182 Loans, net 5,066,694 4,360,501 3,500,298 3,350,560 3,409,500 Loans, held
Slide 18: Statement of Operations by Quarter
18 Statement of Operations by Quarter (In thousands, except share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Interest income $ 152,735 $ 137,491 $ 123,973 $ 81,730 $ 77,401 Interest expense (135,837) (126,971) (110,851) (96,834) (82,853) Net interest income before provision for loan losses $ 16,8
Slide 19: Distributable Earnings Reconciliation by Quarter
19 Distributable Earnings Reconciliation by Quarter The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision- making, in
Slide 20: Earnings Profile Mapping to Statement of Operations
20 Earnings Profile Mapping to Statement of Operations Each Earnings Profile line comprises the following captions from the GAAP statement of operations: Recurring Revenue Operating Expenses Other Items Included in Earnings ■ Net interest loss $77.4M of Interest income and ($80.4)M of Interest expen
Slide 21: Loan Portfolio – Risk Rating Criteria
21 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 e
Slide 22: Footnotes
22 Footnotes 1 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.8 million 2 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.9 million. Refer to the “Distributable Earnings Reconciliation by
Slide 23: Ready Capital
” READY 85. CAPITAL.