Ready Capital Corporation · NYSE:RC

Ready Capital — Q3 2022 Earnings Presentation

20 slides from Ready Capital's earnings presentation, Nov 7, 2022

1. Slide 1: Supplemental Financial Data Q3 2022

   SUPPLEMENTAL FINANCIAL DATAQ3 2022

2. Slide 2: Disclaimer

   2DisclaimerThispresentationcontainsstatementsthatconstitute“forward-lookingstatements,”assuchtermisdefinedinSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended,andsuchstatementsareintendedtobecoveredbythesafeharborprovidedbythesame.Thesestatementsareb

3. Slide 3: Third Quarter 2022 Results

   3Third Quarter 2022 Results Net income of $66.3 million1, or $0.53 per common share Distributable earnings of $58.2 million1, or $0.46 per common shareDeclared dividend of $0.42 per common share Earnings / Dividends Return on Equity2of 14.5%Distributable Return on Equity3of 12.7%Dividend Yield

4. Slide 4: Third Quarter 2022 Results (continued)

   4Third Quarter 2022 Results (continued) Issued$100.0millioninaggregateprincipalamountof7.375%SeniorUnsecuredNotesdue2027Fullmarkettomarketliabilitiesandcreditmarktomarketliabilitiesrepresent16%and13%oftotaldebt,respectivelyIncreasedthesizeoftheCompany'sexistingstockrepurchaseprogrambyanadditional

5. Slide 5: Return on Equity

   5Return on Equity1.Leveredyieldincludesinterestincome,accretionofdiscount,MSRcreation,incomefromunconsolidatedjointventures,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasi

6. Slide 6: Diversified, Complementary, & Scalable Platforms

   6Diversified, Complementary, & Scalable Platforms 66%11%4%1%7%8%3% Bridge Fixed rate/CMBS Construction Freddie Mac Other Small Business Lending Residential Mortgage Banking PORTFOLIO BREAKDOWN1 REVENUE BREAKDOWN2 ($ in thousands) $46,070$5,666$11,201$4,954$3,874$25,908$11,635$0$10,000$20,000 $30,000

7. Slide 7: SBC and SBA Investment by Platform

   7SBC and SBA Investment by Platform $730.4$1,529.2$1,287.8$955.2$531.9$104.9$98.2$60.9$5.9$8.3$36.0$116.4$240.2$613.1$197.4$255.5$174.5$168.0$29.0$658.1$1.5$31.4$144.3$135.7$100.8$128.3$133.6$0$400$800$1,200 $1,600 $2,000 $2,400Q3'21Q4'21Q1'22Q2'22Q3'22 Bridge Fixed Rate/CMBS Construction Freddie Ma

8. Slide 8: SBC Lending and Acquisitions

   8SBC Lending and Acquisitions1.Excludes joint venture investments2.75% of fixed rate loans match funded3. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation4. Includes interest income, accretion of discount, and servicing income net of interest expense and amorti

9. Slide 9: Small Business Lending

   9Small Business Lending GROSS LEVERED YIELD LOAN COUNTUPBBOOK VALUEWA LTVWA COUPONFIXED/FLOAT60+ Days Past Due2,320$585M$546M89.5%6.7%0.3 / 99.7%1.5% CURRENT QUARTER HIGHLIGHTS 20.7%16.5%17.6%15.2%15.0%55.4%33.2%25.7%27.6%24.2%0%20%40%60%80%100%Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022 Gross levered yield

10. Slide 10: Loan Portfolio Composition

    10Loan Portfolio Composition 22%15%14%10%39%Small Business Lending Lodging Retail Doctors Eating Place Other1. Calculated on unpaid principal balance and excludes assets offset by guaranteed loan financing liabilities 72%8%6%5%9%SBC Lendingand Acquisitions Multi-family Mixed-use Retail Office Other

11. Slide 11: Residential Mortgage Banking

    11 QUARTERLY ORIGINATIONS UPB $534.3MResidential Mortgage Banking 80%20%Production by Purpose Purchased Refinanced QUARTERLY SALES UPB $566.5M 68%30% 2% Sales by Investor Fannie/Freddie Ginnie Mae Other MSR PORTFOLIO UPDATE ($ in billions) 45%36%19%Production by Platform Retail Correspondent Wholesa

12. Slide 12: Loan Portfolio – Risk Rating

    12Loan Portfolio –Risk Rating BUCKET1:VeryLowRiskofLoss:Neworiginationorcurrentwithstrongcreditmetrics(LTV/DSCR/DY).Noexpectedlosses.BUCKET2:LowRiskofLoss:Currentwithmaturity>6months.LowercreditmetricswithpossibilityofinclusiononCREFCwatchlist.Noexpectedlosses.BUCKET3:MediumRiskofLoss:Currentwithnea

13. Slide 13: Financial Flexibility

    13Financial Flexibility 20%8%32%14%7%19%$1.0B Total Unencumbered Assets Unrestricted cash Securities Loans Servicing rights REO Other Assets UNENCUMBERED ASSET POOL HIGHLIGHTS $115 $120 $661 $246$0$200$400$600 $80020232024202520262027 andbeyond CORPORATE DEBT MATURITY PROFILE ($ in millions) •Divers

14. Slide 14: Debt - Leverage

    14Debt -LeverageCorporate DebtPPPLFSecuritized Debt ObligationsNon-Recourse Secured BorrowingsRecourse Secured Borrowing 0.1x2.4x0.8x1.0x0.6xDebt Balance Leverage Ratio•Totalleverageof4.9x•Recourseleverageratioof1.6x•Majorityofsecuredborrowingssubjecttonon-recourseorlimitedrecourseterms Recourse Lev

15. Slide 15: Financial Snapshot

    15Financial Snapshot Investment Type Average Carrying Value (1) Gross Yield(2) Average Debt Balance Debt Cost (3) Levered Yield SBC Lending and Acquisitions $ 9,879,574 6.5%$ 7,373,830 4.8% 11.5% Small Business Lending $ 323,715 19.2%$ 199,263 6.7% 39.2% Total $ 10,203,289 6.9% $ 7,573,093 4.9% 14.8

16. Slide 16: Appendix: Additional Financial Information

    APPENDIXAdditional Financial Information

17. Slide 17: Balance Sheet by Quarter

    _ READY CAPITAL. Balance Sheet by Quarter in Thousans 30 11202 393112022 6130/2022 072022, ‘Assets: Cash and cash equivalents S$ 209769 $ S 2369 $s 127.999 $208,037 Restricted cash 52.692 56,963 64,746 S775 Loans, net 2,384,497 4,082,335 3,907,321 4,158,807 Loans, held for sale, at fair value $49,91

18. Slide 18: Statement of Income by Quarter

    18Statement of Income by Quarter

19. Slide 19: Distributable Earnings Reconciliation by Quarter

    19Distributable Earnings Reconciliation by QuarterTheCompanybelievesthatthisnon-U.S.GAAPfinancialinformation,inadditiontotherelatedU.S.GAAPmeasures,providesinvestorsgreatertransparencyintotheinformationusedbymanagementinitsfinancialandoperationaldecision-making,includingthedeterminationofdividends.H

20. Slide 20: * READY

    * READY ». CAPITAL.

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