Slide 1: Supplemental Financial Data Q2 2025
SUPPLEMENTAL FINANCIAL DATA Q2 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: Second Quarter 2025 Results
Second Quarter 2025 Results ■ Net loss from continuing operations1 of $(0.31) per common share ■ Distributable losses2 of $(0.14) per common share Performance ■ Distributable losses before realized losses3 of $(0.10) per common share ■ Declared dividend of $0.125 per common share ■ Total loan portfo
Slide 4: CRE Portfolio Review
CRE Portfolio Review CARRY 60+ DQ WA RISK GROSS CASH COUNT10 UPB ALLOWANCE VALUE STATUS5 RATING YIELD YIELD CORE 1,381 5.62B 79M 5.42B 4.6% 2.32 8.1% 6.1% NON-CORE 53 912M 216M 695M 48.2% 3.66 2.4% 1.4% PORTLAND MIXED-USE 2 589M 135M 432M 100.0% 5.00 —% —% TOTAL 1,436 7.12B 430M 6.55B 15.5% 2.64 7.0
Slide 5: CRE Core Portfolio Overview
CRE Core Portfolio Overview LOAN PRODUCT11 COLLATERAL RISK RATING MODIFICATION STATUS Mixed-use Other Other Office 3% 7% 7% 5% Construction 8% Retail 4&5 Extensions 6% 5% 15% Fixed rate 14% Industrial Modifications 7% 3 18% 38% 1&2 57% Not Modified 67% Bridge Multi-family 71% 73% HISTORICAL LEVERED
Slide 6: CRE Non-Core Portfolio Overview
CRE Non-Core Portfolio Overview 25 LOAN PRODUCT COLLATERAL RISK RATING Fixed rate Other 2% 13% Construction 2 7% Mixed use 4% 2% 4&5 38% 3 58% Bridge Multi-family 91% 85% QTD ROLL ($ in millions) ASSET MANAGEMENT STRATEGY NON-CORE EXIT TIMELINE ($ in millions) $750 LOAN CARRY $400 $739 $362 STRATEGY
Slide 7: Real Estate Owned Exposure
Real Estate Owned Exposure Office 6% Lodging Other 6% 25% Texas Land 35% Mixed use 39% 18% Collateral Geography Oregon 11% Multi-family Colorado California 31% 12% 17% REO DETAILS QUARTERLY REO MIGRATION (in thousands) 230,000 # OF ASSETS CARRY VALUE 3,210 OPERATE TO SELL 4 $36M 220,000 218,038 782
Slide 8: Portland OR, Mixed-Use
Portland OR, Mixed-Use • July 2025: RC agreed to a consensual deed-in-lieu arrangement in which RC assumed ownership and control • All components of the project will continue to operate business as usual • RC will manage the project in partnership with Lincoln Property Company • RC’s ownership bolst
Slide 9: Small Business Lending Portfolio Review
Small Business Lending Portfolio Review* CARRY 60+ DQ WA RISK GROSS CASH PROGRAM COUNT22 UPB ALLOWANCE VALUE STATUS5 RATING YIELD YIELD LARGE 1,873 1.16B 19M 1.12B 2.8% 1.74 8.9% 8.9% SMALL/MICRO 5,556 229M 14M 213M 2.7% 1.20 10.2% 10.0% USDA 9 14M — 14M —% 1.31 9.9% 9.9% WORKING CAPITAL** 184 18M —
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 $532.1M $473.7M $466.1M $46.1 $96.5 $41.4 $354.8 400 $2.7 $217.3 $200.4 $216.1 $343.3 200 $99.1 $157.1 $211.9 $10.7 $173.4 $18.5 $39.1 $157.3 $70.6 $23.5 $28.9 0 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Bridge Fixed Rat
Slide 11: Earnings Profile
Earnings Profile Annualized Balance (in ROE thousands) Contribution Recurring Revenue: Current Pay Interest: $132M Accrued Interest: $11M Net interest income $ 17,035 3.8% Paid in Kind Interest: $1M Gain on sale, net of variable costs 22,650 5.1% Accretion of Discount: $9M Other recurring revenue 10
Slide 12: Operating Segment Contribution
Operating Segment Contribution 23 LMM CRE SMALL CORPORATE BUSINESS TOTAL CORE NON-CORE & & OTHER LENDING REO AVERAGE TOTAL ASSETS ($ / %) $6.4B / 71% $1.4B / 16% $0.8B / 9% $0.4B / 4% $9.0B / 100% EQUITY ALLOCATION24 67% 22% 11% N/A 100% EPS CONTRIBUTION $0.17 $(0.17) $0.02 $(0.37) $(0.35) DISTRIBUT
Slide 13: Book Value per Share
Book Value per Share $11.00 $10.61 $0.31 $(0.04) $10.44 $(0.31) $(0.125) $10.00 $9.00 Q1'25 GAAP Net Income Dividends Share Other Q2'25 GAAP BVPS (Loss) Repurchases BVPS 13
Slide 14: Capitalization
Capitalization UNENCUMBERED ASSET POOL Debt Balance Leverage Ratio ($ in millions) PPPLF $13 0.0x 20% 16% 5% $0.9B UNENCUMBERED ASSET POOL 13% 46% Securitized Debt $1,513 0.8x Obligations Unrestricted cash Loans Servicing rights REO Other Assets HIGHLIGHTS • 1.4x unencumbered assets to unsecured deb
Slide 15: Additional Financial Information
APPENDIX Additional Financial Information
Slide 16: GAAP & Distributable ROE
GAAP & Distributable ROE GAAP ROE 14 Distributable ROE 14 Distributable Levered Equity Segment Levered Q2'25 Q1'25 Q2'25 Q1'25 Yield13 13 Allocation Yield LMM Commercial Real Estate 5.9 % 6.1 % 86.2 % 9.8 % 10.3 % 9.9 % 11.1 % Small Business Lending 34.5 % 34.5 % 13.6 % Corporate leverage, net of no
Slide 17: LMM CRE Loan Portfolio - Migration
LMM CRE Loan Portfolio - Migration CONTRACTUAL STATUS (5) RISK RATING (5) CORE Q3’24 Q4’24 Q1’25 Q2’25 CORE Q3’24 Q4’24 Q1’25 Q2’25 CURRENT 94.8% 96.4% 93.8% 90.4% 30-59 DAYS PAST 1&2 71.8% 67.7% 55.0% 56.5% 1.1% 1.6% 2.1% 5.0% DUE 60+ DAYS PAST DUE 4.1% 2.0% 4.1% 4.6% 3 23.3% 28.1% 37.4% 38.2% NON-
Slide 18: Financial Snapshot
Financial Snapshot ($ in thousands, except share data) 17 19 Investment Type Average Carrying Value Gross Yield 18 Average Debt Balance Debt Cost 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 % 9.8
Slide 19: Balance Sheet by Quarter
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 fo
Slide 20: Statement of Operations by Quarter
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 loa
Slide 21: Distributable Earnings Reconciliation by Quarter
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 $ 8,952 $
Slide 22: 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 23: 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 $2.0 million. Refer to the “Distributable Earnings Reconciliation by Qu
Slide 24: WEEE’ READY
WEEE’ READY HEE. CAPITAL. RC LISTED NYSE