#1RC LISTED NYSE READY CAPITALⓇ INVESTOR PRESENTATION September 2021#2Disclaimer READY CAPITAL. These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, an interest in Ready Capital Corporation ("Ready Capital," "RC," or the "Company"). Neither the Company nor any of its representatives or affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and Company and its representatives disclaim all liability to the Recipient relating to, or resulting from, the use of this information. Nothing contained in this document is, or shall be relied upon as a promise or representation as to the past, current or future performance of Company. There is no guarantee that any of the estimates, targets or projections illustrated in these materials and any presentation of which they form a part will be achieved. Any references herein to any of the Company's past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by the Company will be profitable or will equal the performance of these investments. Past performance is not indicative of future results and there can be no assurance that the Company will achieve comparable results in the future. 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 safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company's investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company's assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. This presentation also contains market statistics and industry data which are subject to uncertainty and are not necessarily reflective of market conditions. These have been derived from third party sources and have not been independently verified by the Company or its affiliates. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. All data is as of June 30, 2021, unless otherwise noted. This presentation includes certain non-GAAP financial measures, including Distributable Earnings. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures in accordance with GAAP. Please refer to the Appendix for the most recent GAAP information. 2#3Differentiated Mortgage REIT Largest non-bank lender to both investors in and owners of small balance commercial ("SBC") properties with current market capitalization over $1.0 billion¹ All-weather investment strategy as a direct lender and acquiror of bulk portfolios, including distressed $1.3 billion2 equity capital supporting $5.6 billion³ portfolio of over 5,700 loans diversified across 50 states & Europe with 99% senior lien Resilient current dividend yield of 11.2%; combination of gain-on-sale income from 3 government sponsored Opco's & NIM from "capital heavy" SBC → Record year in pandemic Imbedded operating companies supported by 700 employees across the Company's 5 offices Integrated with Waterfall Asset Management, LLC, a leading $9.4 billion global structured products investment manager with a 16-year track record 1. As of August 13, 2021 2. Inclusive of preferred stock 3. Excludes Paycheck Protection Program loans READY CAPITAL. 3#4Diversified Investment Strategy Capital allocated opportunistically to highest ROE OpCo across economic cycle READY CAPITAL. Products: Strategy: Target Return: History SBC LOAN ORIGINATIONS & ACQUISITIONS Investor SBC lending across 7 products (bridge to stabilized properties) & portfolio acquisitions NIM from retained SBC portfolio supplemented by gain on sale income from Agency production 4-6% Distressed acquisitions (2008), direct lending launch (2013), 1 of 11 Freddie Mac SBL license holders (2014) & acquired bank bridge lending team (2015) SMALL BUSINESS LENDING Owner occupied SBC lending through SBA 7(a), USDA & unsecured small business. 1 of 14 non-Bank 7(a) SBA lenders Revenue from gain on secondary market sale, net interest income and servicing fees on retained interest Prime +200-275bps Acquired in 2014 from CIT with originations beginning in 2015 RESIDENTIAL MORTGAGE BANKING Residential mortgage loan originations and servicing focused on agency market Revenue from gain on sale of production and servicing fees from retained MSR 100-175bps Acquired in 2016 as part of the Company's acquisition of ZAIS Financial Corp 4#5Complementary Platforms INVESTED EQUITY ALLOCATION 6% 5% 6% 21% 62% ■SBC Loan Originations ■ SBA 7(a) ■SBC Loan Acquisitions ■ Residential Mortgage Banking Other Investments TTM CORE EARNINGS CONTRIBUTION 36% 2% 18% ■SBC Loan Originations ■ SBA 7(a) ■ Other Investments READY CAPITAL. 33% 11% ■ SBC Loan Acquisitions ■Residential Mortgage Banking 5#6READY CAPITAL SBC Lending & Acquisitions#7SBC Market SBC loans are 1st liens on either investor or owner occupied commercial real estate assets ✓ Typically, property appraised values of <$10M and <50,000 square feet $4.9T OF COMMERCIAL MORTGAGE DEBT OUTSTANDING SMALL-BALANCE LOAN ORIGINATION TREND SUB $5 Million Small Balance 15% Large Balance 85% 350 300 250 200 150 100 50 $ Billions READY CAPITAL. 0.0 2016 2017 2018 2019 2020 Source: Boxwood Means, LLC 7 3.0 10-Yr. Treasury Rate (%)#8SBC Lending & Acquisition Overview All-weather origination platform with ability to allocate capital to the best opportunities across 7 products spanning heavy transitional to stabilized 1 of 12 Freddie Mac Small Balance Loan lenders; ranked #5 based on 2020 volume Over $8.6 billion in originations since the Company's formation in 2013 Largest acquiror of small balance commercial loans since the financial crisis with over 5,200 or $3.3 billion of loans acquired Conservative approach to credit with focus on high conviction sectors, superior markets and strong sponsors; no realized losses incurred on new originations since the company's start Supported by 90 staff, including 23 loan officers, with headquarters in New York & Texas and 3 satellite offices READY CAPITAL. 8#9Platform Growth 32.3% 10-year CAGR Current 0.60% SBC market share with 1.5% 3-year target HISTORICAL GROWTH1 $2,500 $2,000 $1,500 $1,738 READY CAPITAL. $1,188 $1,142 $1,000 $868 $863 $588 $439 $500 $356 $204 $222 $348 $313 $372 $158 $209 $140 $208 $110 $98 $22 $19 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. In millions 2. As of August 13, 2021 Acquisitions ■Originations $2,241 2021 YTD(2) 9#10SBC Product Offerings HEAVY TRANSITIONAL LIGHT TRANSITIONAL STABILIZING PRODUCT BRIDGE BRIDGE-TO-PERM BRIDGE-TO-AGENCY STRUCTURED FIXED RATE CMBS DIRECT LOAN PURPOSE Vacant Rehabilitation. Adaptive Re-Use Renovation Value Add Renovation Lease Up Final Lease Up Seasoning Rent Optimization Event Driven Lease Expiration Bridge to Near Term Refinance Prepay Flexibility Mid-Term Refinance READY CAPITAL. STABILIZED CORRESPONDENT AGENCY* FREDDIE MAC SBL Cash Out Term Refinance Interest Rate Arbitrage Bridge Refinance Permanent Acquisition/Recapitalization LOAN SIZE $5-45MM $45MM+ Portfolios $2-45MM $45MM+ Portfolios $1-100MM $2-45MM $2-45MM $1-100MM $1-$7.5MM MAX LEVERAGE 80% LTC TERM Typically 3 Years Plus Extensions 80% LTC Up to 3 Years Plus Extensions 80% LTC 80% LTV 80% LTV 80% LTV 80% LTV Up to 2 Years Plus Extensions 2-10 Years 5, 7, 10 Years Up to 30 Years PREPAYMENT Minimum Interest Minimum Interest Minimum Interest Customized Declining Yield Maintenance Defeasance Yleld Maintenance Declining Yield Maintenance Floating Rate Fixed Rate 5,7,10 Years Hybrid: 20 Years Declining Yield Maintenance Fixed Rate Hybrid RATE TYPE Floating Rate Hybrid (Fix/Float) Floating Rate Hybrid (Fix/Float) Floating Rate Fixed Rate FUTURE FUNDING Interest, Carry, CapEx, TI, LC Earn-Outs, CapEx, TI, LC Earn-Outs, CapEx Fixed Rate (Rate Burn Down By Deal) Earn-Outs, CapEx, TI, LC Fixed Rate TI, LC CapEx None PROPERTY TYPE Core+: Multifamily, Industrial Core: Office, Self-Storage, Essential Retail Non-Core: Deal Specific Multifamily All Property Types Multifamily Multifamily Multifamily 10 10#11Transitional Case Study Name: Location: Loan Purpose: Business: 4926 Technicolor Memphis Memphis, TN 38141 Real Estate Purchase Industrial (Warehouse/Distribution) READY CAPITAL. LOAN AMOUNT: PRICING BASIS: RATE: FEES: $18,910,000 Variable Libor + 425bps 200bps LIEN: 1st ORIGINATION DATE: TERM (MONTHS): Jan 2021 48 (+1yr Extension) AMORTIZATION (MONTHS): 300 LOAN-TO-VALUE: 67% PERSONAL GUARANTEE: No RETAINED YIELD: 11.20% 11#12Fixed Rate Case Study READY CAPITAL. LOAN AMOUNT: PRICING BASIS: RATE: $2,760,000 Fixed 4.30% FEES: 10-Yr Balloon LIEN: 1st ORIGINATION DATE: April 2021 TERM (MONTHS): 120 AMORTIZATION (MONTHS): 360 LOAN-TO-VALUE: 66% Name: Harbor View Apartments Jacksonville, FL 32207 PERSONAL GUARANTEE: No RETAINED YIELD: 15.5% Location: Loan Purpose: Business: Real Estate Purchase Multifamily 12#13Freddie Mac SBL Case Study Name: North Walcott Location: Loan Purpose: Business: Chicago, IL 60640 Real Estate Purchase Multifamily READY CAPITAL. LOAN AMOUNT: PRICING BASIS: RATE: $3,025,000 Fixed 3.08% FEES: 10-Yr Fixed LIEN: 1st ORIGINATION DATE: February 2021 TERM (MONTHS): 120 AMORTIZATION (MONTHS): 360 LOAN-TO-VALUE: 55% PERSONAL GUARANTEE: No GROSS FEES: 1.63% 13#14SBC Portfolio READY CAPITAL. LOAN COUNT UPB BOOK VALUE WA LTV WA COUPON FIXED/FLOAT(1) %60+ 2,696 $4.78B $4.73B 63.7% 5.1% 34.3 / 65.7% 3.3% GEOGRAPHY 1. 75.0% of fixed rate loans match funded PROPERTY TYPE 12% 12% 16% 15% Powered by Bing ■ Multi-family ■ Retail GeoNames, Microsoft, TomTom ■ Mixed-use ■ Other Investments ■ Office 45% 14#15READY CAPITAL Small Business Lending#16Small Business Lending Overview A leading provider of capital to small businesses through 7(a) loans, USDA loans and unsecured small business loans 1 of 14 non-bank Small Business Administration 7(a) license holders; acquired from CIT in 2014 #1 non-bank 7(a) lender and #7 overall lender¹ Fully integrated with fintech, Knight Capital, acquired in 2019. Enhanced technology from Knight Capital supports lead generation and underwriting efficiencies Result: Leading lender in Paycheck Protection Program with ~$5 billion originated Supported by 103 staff, including 15 business development officers, with headquarters in New Jersey & Florida and 5 satellite offices 1. Source: SBA.gov. READY CAPITAL. 16#17Small Business Market – 7(a) - READY CAPITAL. The SBA (1953) is an independent federal agency that guarantees loans to small businesses Eligible participants are banks except for 14 non- bank licenses approved in the 1980s. Eligible small businesses have under $15M net worth and $5M net profit The SBA's lead program is the 7(a) which guarantees 75% of eligible loans up to $5M @ Prime + 275bps maximum rate Originator sells 75% pro-rata interest in loan pooled into SBA Certificates & sold at ~9%+ premium retaining 25% and servicing rights OUTSTANDING 7(a) BALANCE (BILLIONS)1 7(a) LOAN APPROVALS (BILLIONS)1 $120 $30 $25.8 $25.8 $100 $92.4 $95.1 $97.3 $99.7 $25 $23.9 $24.5 $23.6 $22.8 $86.2 $78.8 $80 $73.0 $20 $60 $40 $20 $15 $10 $5 $10.8 $0 $0 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 1. Source: SBA.gov 17#18SBA 7(a) Economics ASSUMPTIONS YEAR 1 GROSS RETURN READY CAPITAL. ONGOING GROSS RETURN Gain on Sale Income on Loan Amount: $1,000,000 Revenue: $112,500 Retained Loan: $14,375 Guaranteed Income on Debt Cost on Balance: $750,000 Retained Loan: $14,375 Retained Loan: ($5,688) Unguaranteed Balance: $250,000 Debt Cost on Retained Loan: ($5,688) Servicing Fee : $7,500 Ongoing Sale Premium: $112,500 Servicing Fee : $7,500 Return: $16,187 Securitization Year 1 Advance Rate: $175,000 Return: $128,687 71.5% 21.6% Year 1 Gross Return Ongoing Gross Return Option 1: Full Premium Option 2: Partial Premium Option 3: Full Servicing Upfront Premium 15% (net of SBA Split) 10% 0% Servicing Strip 1.00% 3.00% 5.425% 18#19Platform Growth 79.4% CAGR Current 0.91% non-bank market share with 2.0% 3-year target or ~$500 million in volume Approximately $5.0 billion of PPP loans originated ORIGINATIONS1 300 250 200 150 100 50 50 $11.6 0 2015 1. In millions 2. As of August 13, 2021 $45.4 $129.8 READY CAPITAL. $266.7 $213.8 $216.0 $214.2 2016 2017 2018 2019 2020 2021 YTD(2) 19#20SBA 7(a) Case Study READY CAPITAL. LOAN AMOUNT: PRICING BASIS: RATE: $3,250,000 Variable Prime +175bps GUARANTEE: 90% LIEN: 1st E-COTTAGE ORIGINATION DATE: May 2021 TERM (MONTHS): 300 AMORTIZATION (MONTHS): 300 LOAN-TO-VALUE: 73% The Cottages of Artesia PERSONAL GUARANTEE: Yes RETAINED YIELD: 39.1% Name: Location: Loan Purpose: Business: Buena Park, CA 90621 Real Estate Purchase Assisted Living 20#21SBA 7(a) Portfolio READY CAPITAL. LOAN COUNT UPB BOOK VALUE WA LTV WA COUPON 1,808 $648M $613M 81% 5.5% FIXED/FLOAT 0.6/99.4% %60+ 1.4% GEOGRAPHY 9 PROPERTY TYPE 55% 19% 8% 12% 6% Lodging Doctors ■ Child Care ■ Eating Place ■ Other Powered by Bing GeoNames, Microsoft, TomTom 21#22READY CAPITAL Residential Mortgage Banking#23Residential Mortgage Banking Overview READY CAPITAL. GMFS, founded in 1999, has a leading Southeast market share and acquired via the ZFC merger in 2016 Licensed in 18 states, approved FNMA and FHLMC seller-servicer, GNMA issuer, HUD/FHA/USDA originator and VA lender GMFS provides a wide range of residential mortgage services, including home purchase financing, refinancing and other mortgage products. Operates through 13 retail branches located in Louisiana (9), Georgia (1), Mississippi (1), South Carolina (1) and Alabama (1) Servicing retained model provides natural hedge to production 23 23#24Production Metrics PURCHASE VOLUME HAS ACCOUNTED FOR ~60% OF HISTORICAL PRODUCTION1 $4,500 $3,000 $2,435 READY CAPITAL. $728 $1,500 $636 $1,460 $463 $1,508 $775 $1,245 $1,189 $398 $1,380 $1,812 $1,439 $1,067 $0 2015 2016 2017 2018 2019 2020 2021 1. In millions ■ Purchase ■ Refi DIVERSIFIED PRODUCTION CHANNELS WITH FOCUS ON RETAIL CHANNEL GROWTH 100% 27% 25% 22% 20% 21% 19% 80% 35% 40% 38% 36% 32% 31% 33% 60% 32% 40% 48% 48% 48% 42% 37% 20% 33% 33% 0% 2015 2016 2017 2018 2019 2020 2021 ■Retail ■Correspondent Wholesale 24 24#25Servicing Asset HISTORICAL RETENTION RATES EXCEEDING 35% READY CAPITAL. 4.20% $10,000 4.1% 4.1% $10,374 4.10% $9,529 4.00% 3.9% 3.9% $8,000 3.8% 3.90% $8,165 $7,467 3.80% $6,000 $6,558 3.7% 3.70% $5,483 3.60% $4,000 3.50% $4,175 3.5% 3.40% $2,000 3.30% 3.20% $0 2015 2016 2017 3.10% 2018 2019 2020 2021 UPB WAC 25#26READY CAPITAL Financial Overview & Performance#27Second Quarter 2021 Results Earnings / Dividends Returns ■ Net income of $30.9 million¹, or $0.38 per common share ■ Distributable earnings of $41.4 million¹, or $0.52 per common share ■ Declared dividend of $0.42 per common share ■ Return on Equity² of 10.0% ■ Distributable Return on Equity³ of 13.8% ☐ Dividend Yield 4 of 10.6% Loan Originations5/ Acquisitions ■ CRE originations and acquisitions of $1.1 billion ■ SBA loan originations of $145.7 million ■ Residential mortgage loan originations of $1.1 billion Balance Sheet ☐ Adjusted net book value of $14.87 per common share READY CAPITAL. ■ Recourse leverage ratio of 1.8x consisting of 1.1x of warehouse credit facilities and borrowings under repurchase agreements, 0.5x of corporate debt and 0.2x of agency secured borrowings 1. Before dividends on preferred securities and inclusive of non-controlling interest 2. Return on Equity is an annualized percentage equal to quarterly net income over the average monthly total stockholders' equity for the period 3. Distributable Return on Equity is an annualized percentage equal to Distributable earnings over the average monthly total stockholders' equity for the period. Refer to the "Distributable Earnings Reconciliation" slide for a reconciliation of GAAP Net Income to Distributable Earnings 4. Q2 Dividend yield for the period based on the 06/30/2021 closing share price of $15.87 5. Represents fully committed amounts 6. Excludes the equity component of our 2017 convertible note issuance 27 27#28Second Quarter 2021 Results (continued) READY CAPITAL. Current Liquidity ■ Total liquidity of $428(1) million including cash, anticipated warehouse advances, principal and interest receivable from servicers and anticipated proceeds from available-for-sale assets. Capital Markets ■ Closed $232 million acquired SBC loan securitization at a 79.8% advance rate and a weighted average cost of 1.6% ■ Closed a $500 million warehouse facility for SBC loans at 1mL plus spread by product (2%-2.35%) ■ Issued new Series E Cumulative Redeemable 6.50% Preferred Stock securities to redeem Series B 8.625% and Series D 7.625% Cumulative Preferred Stock Paycheck Protection Program-Round 2 Originated over 70,000 loans in round 2 totaling $2.2 billion through June 30th ☐ ANH Transaction 1. Liquidity balance as of August 2, 2021 Liquidated $1.8 billion of the agency RMBS portfolio to date, generating over $200 million of capital for reinvestment to core strategies 28#29Return on Equity READY CAPITAL. Distributable Levered Segment (1) Yield Levered Yield (1) Equity Allocation (2) GAAP ROE (2) Distributable ROE Q2'21 Q1'21 Q2'21 Q1'21 Loan Acquisitions 11.9 % 11.9 % 29.3 % SBC Originations 14.0 % 14.0 % 60.0 % 18.4 % 24.3 % 19.6 % 19.1 % Small Business Lending 99.2 % 99.2 % 5.6 % Residential Mortgage Banking (3) 17.1 % 41.9 % 5.0 % Corporate leverage, net of non-earning assets Gross return on equity 2.6 1.9 3.1 0.3 21.0 % 26.2 % 22.7 % 19.4 % Realized & unrealized gains, net 2.4 2.7 2.4 2.7 Loan loss recovery (provision) PPP revenue, net of direct expenses Non-recurring gains, losses and expenses (2.0) (0.5) 1 4.8 1.6 4.8 1.6 (0.9) (2.7) Operating expenses (10.6) (9.8) (10.3) (9.4) Investment advisory fees (1.0) (1.2) (1.0) (1.2) Benefit (Provision) for income taxes (2.5) (3.9) (3.1) (2.1) Dividends on preferred stock (1.2) (0.1) (1.2) (0.1) Return on equity 10.0 % 12.8 % 13.8 % 10.9 % 1. Levered yield includes interest income, accretion of discount, MSR creation, income from unconsolidated joint ventures, realized gains (losses) on loans held for sale, unrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis. 2. GAAP ROE is based on GAAP Net Income, while Distributable ROE is based on Distributable Earnings, which adjusts GAAP Net Income for certain items detailed on the "Distributable Earnings Reconciliation" slide. 3. ROE based on net income before tax of the Residential Mortgage Banking business line divided by the business line's average monthly equity. 29 29#30Financing and Leverage $ in millions Total debt-to-equity ratio Secured borrowings (warehouse credit facilities and borrowings under repo transactions) Secured borrowings (ANH warehouse credit facilities and borrowings under repo transactions) Paycheck Protection Program Liquidity Fund Securitized debt obligations Senior secured notes and corporate bonds Convertible notes Total debt Total stockholders' equity Total debt-to-equity ratio Total recourse debt-to-equity ratio Total debt Less: Securitized debt obligations Less: Paycheck Protection Program Liquidity Fund Total recourse debt Total stockholders' equity Total recourse debt-to-equity ratio HISTORICAL LEVERAGE 6.0 5.0 4.0 3.0 5.1x 5.4x 4.7x 4.5x 4.5x 2.0 1.0 2.1x 2.0x 2.2x 2.3x 1.8x 0.0 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 ■Recourse ■ Total READY CAPITAL. June 2021 $ 1,568 135 2,287 2,309 513 113 $ 6,925 1,280 5.4 SA $ 6,925 (2,309) (2,287) $ 2,329 $ 1,280 1.8 30 30#31Capital Structure HISTORICAL CAPITAL STRUCTURE Total Debt & Eqty ($M) Funding Mix LIQUIDITY UPDATE READY CAPITAL. $4,648 $4,502 $4,553 $7,312 $8,213 • Current cash and available liquidity of $428 million 30% 28% 42% 46% 46% Closed $232 million acquired SBC loan securitization at a 79.8% advance rate and a weighted average cost of 1.6% Issued new Series E Cumulative Redeemable 6.50% Preferred Stock securities to redeem Series B 8.625% and Series D 7.625% Cumulative Preferred Stock As of June 30, 2021 44% 49% Corporate Financing 30% 27% 26% ($ in millions) Principal Balance Coupon YTM Convertible Notes $ 115.0 7.0% 7.0% Senior Secured Notes $ 180.0 7.5% 7.0% 7% 7% 7% 7% Baby Bonds $ 305.5 5.9% 5.9% 2% 3% 3% 1% 61 6% 1% Junior Subordinated Notes $ 36.3 2% 3% Series B Preferred Stock $ 48.0 3.3% 8.6% 8.6% 3.3% 17% 18% 18% 16% 13% Series C Convertible Prefer $ 8.4 6.3% 6.3% Series D Preferred Stock $ 50.3 7.6% 7.6% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Series E Preferred Stock $ Total 115.0 6.5% 6.5% $ 858.4 6.6% 6.5% ■Securitized debt oblications ■Credit faciities and repurchase agreements ■Senior secured notes and Corporate debt ■Convertible senior notes ■Preferred Equity ■Common Stockholders Equity 31#32Credit and Repurchase Facilities $ in thousands Lender Asset Class Borrowings under credit facilities Maturity Pricing READY CAPITAL. Facility Size Available Carrying Value Capacity JPMorgan Keybank East West Bank Acquired loans, SBA loans Freddie Mac loans SBA loans July 2021 (2) February 2022 1M L+ 2.5% to 2.875% SOFR+1.41% $ 200,000 $ 42,488 $ 157,512 100,000 36,533 63,467 Credit Suisse (1) GMFS facilities GMFS-MSR Acquired loans (non USD) Residential loans Residential MSRs Other various Various October 2022 December 2021 Aug-2021 Nov-2021 September 2023 Oct-2023 Aug-2050 Prime 0.821% to +0.00% 50,000 41,581 8,419 Euribor + 2.50% to 3.00% Various 237,160 43,554 193,606 395,000 270,560 124,440 1M L+ 2.50% Various 50,000 21,400 28,600 172,770 23,391 149,379 Total borrowings under credit facilities Borrowings under repurchase agreements $ 1,204,930 $ 479,507 $ 725,423 Citibank Fixed rate, Transitional, Acquired loans October 2021 1M L+ 2.50% to 3.25% $ 500,000 $ 66,184 $ 433,816 Deutsche Bank Fixed rate, Transitional loans November 2021 3M L+ 2.00% to 2.40% 350,000 187,050 162,950 Credit Suisse Credit Suisse Fixed rate, Transitional, Acquired loans Residential loans May 2022 1M L+ 2.00% to 2.35% 500,000 7,607 492,393 July 2021 (3) L+ 3.00% 100,000 70,570 29,430 JPMorgan Performance Trust Various Transitional loans Acquired loans MBS November 2022 March 2024 1M L+ 2.00% to 2.75% 600,000 571,516 28,484 1MT+2.00% 123,000 35,625 87,375 July-2021 (2) Oct-2021 Various 284,975 284,975 Total borrowings under repurchase agreements Total Secured Borrowings $ 2,457,975 $ 1,223,527 $ 1,234,448 $ 3,662,905 $ 1,703,034 $ 1,959,871 1. Commitment size is €200.0 million and has been converted for purposes of this disclosure. 2. The Company subsequently extended the agreement pursuant to an amendment with an updated maturity of August 2021 3. The Company subsequently extended the agreement pursuant to an amendment with an updated maturity of September 2021 32 22#33Revenue Trends 120,000 Diverse & re-occurring revenue from stabilized net interest and servicing revenue with alpha from gain on sale operations 100,000 80,000 60,000 40,000 20,000 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 ■NIM ■Servicing ■Gain on Sale ■Mortgage Banking Other 1. As of quarter end market prices READY CAPITAL. Current WA Servicing Fee: 27bps Current WAC: 5.0% 33#34Current Liquidity 1, 2 $450 $400 $350 $300 $250 $200 $166 $150 $100 $50 $16 $91 $141 $414 READY CAPITAL. $0 Cash & Cash Equivalents Approved Warehouse P&I Collections Estimated Proceeds Total Available Advances on AFS Liquidity 1. As of August 13. 2021 2. in Millions 34 34#35Historical Performance 3Q 2020 4Q 2020 1Q 2021 2Q 2021 READY CAPITAL. 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Dividends per Net Income²: $35.4 $27.6 $28.9 $30.9 Share: $0.30 $0.35 $0.40 $0.42 Dividend Yield Distributable Earnings²: $32.1 $28.8 $24.7 $41.4 on Market Price1: 10.82% 10.93% 11.92% 10.59% Distributable Earnings per Share: $0.57 $0.51 $0.41 $0.52 Book Value per Share3: $14.84 $14.98 $14.89 $14.87 TOTAL SHAREHOLDER RETURN 120% 100% 80% 60% 40% 20% 0% -20% -40% Nov-16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 1. As of quarter end market prices 2. In millions 3. Excludes the equity component of our 2017 convertible note issuance 35#36Risk Ratings RISK RATING DISTRIBUTION AVERAGE RISK RATING READY CAPITAL. 100% 86% 2.50 82% 2.08 2.10 2.07 1.98 2.02 80% 2.00 1.83 1.83 1.77 1.82 1.88 1.72 1.69 60% 1.50 40% 1.00 20% 7% 9% 3% 6% 0.50 4% 3% 0% 1 & 2 3 4 5 ■SBC SBA Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 SBC SBA CECL TRENDS CECL DISTRIBUTION $65,000 $57,968 $57,063 50,000 $52,656 $9,375 $3,975 $49,629 $55,000 $49,629 45,000 $46,732 $45,649 40,000 $7,098 $45,000 35,000 30,000 $29,181 $35,000 25,000 $25,000 20,000 15,000 $15,000 10,000 $5,000 5,000 -$5,000 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Originated SBC Loans Acquired SBC Loans Originated SBA Loans Acquired SBA Total Loans 36#37READY CAPITAL Waterfall Asset Management#38Waterfall - A Successful & Proven Asset Manager READY CAPITAL. Waterfall consists of a dedicated team of 65 investment professionals who have extensive experience in small balance commercial (SBC) distressed asset acquisition, loan origination, asset management and capital markets. WATERFALL Asset Management TOTAL AUM $9.4B Loan 27% RC 10% Permanent Capital PE 1% ABS 62% KEY MANAGEMENT Thomas Capasse Managing Partner, Co-founder Jack Ross Managing Partner, Co-founder • SEC-registered credit investment advisor founded in 2005 Top 10 global manager with focus on real estate loans & ABS Principals were early pioneers of the ABS industry with 60+ years combined experience Co-founders started Merrill Lynch ABS business in 1980s and worked together for 20 years RC has the right of first refusal on all SBC loans sourced by WAM(1) GROUP Investment Professionals Finance and Operations Legal/Compliance/HR/Business Dev. * As of August 16, 2021 EMPLOYEES* 71 74 16 1. Waterfall has agreed in the side letter agreement that, for so long as the management agreement is in effect, neither it nor any of its affiliates will (i) sponsor or manage any additional investment vehicle where the Company does not participate as an investor whose primary investment strategy will involve SBC mortgage loans, unless Waterfall obtains the prior approval of a majority of the Company's board of directors (including a majority of its independent directors), or (ii) acquire a portfolio of assets, a majority of which (by value or UPB) are SBC mortgage loans on behalf of another investment vehicle (other than acquisitions of SBC ABS), unless the Company is first offered the investment opportunity and a majority of its board of directors (including a majority of its independent directors) decide not to acquire such assets. 38#39READY CAPITAL APPENDIX Additional Financial Information#40Balance Sheet by Quarter READY CAPITAL. (In Thousands) Assets Cash and cash equivalents Restricted cash Loans, net Loans, held for sale, at fair value Payment protection program loans, net Mortgage backed securities, at fair value Loans eligible for repurchase from Ginnie Mae 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 $ 257,017 91,539 1,432,807 $ 149,847 46,204 1,286,935 $ 138,975 $ 47,697 1,550,624 308,428 62,961 1,611,826 $ 200,723 57,118 2,222,284 297,669 348,719 340,288 473,078 470,184 105,248 106,204 74,931 1,292,808 2,178,586 75,411 90,427 88,011 682,948 260,110 186,197 237,542 250,132 221,464 173,437 Investment in unconsolidated joint ventures 53,939 69,204 79,509 75,048 86,994 Purchased future receivables, net Derivative instruments Servicing rights Real estate, held for sale Other assets 27,190 16,659 17,308 13,240 7,213 19,037 20,849 16,363 12,529 6,600 107,761 110,045 114,663 138,941 145,265 47,009 45,063 45,348 73,454 71,267 103,701 98,614 89,503 151,503 120,214 Assets of consolidated VIES Total Assets Liabilities $ 2,761,655 5,460,932 $ 2,691,198 5,317,510 2,518,743 2,898,727 2,976,897 $ 5,372,095 $ 8,016,955 $ 8,976,892 Convertible notes, net Secured borrowings Paycheck Protection Program Liquidity Facility (PPPLF) borrowings Securitized debt obligations of consolidated VIES, net Senior secured notes and Corporate debt, net Guaranteed loan financing Liabilities for loans eligible for repurchase from Ginnie Mae Derivative instruments 1,253,895 1,071,616 105,005 1,294,243 2,064,785 1,703,034 76,276 1,132,536 2,286,624 2,140,009 2,059,114 1,905,749 2,211,923 2,309,217 111,581 111,855 112,129 112,405 112,684 329,868 330,230 330,648 513,061 513,494 436,532 421,183 401,705 386,036 363,955 186,197 237,542 250,132 221,464 173,437 9,106 7,774 11,604 4,403 3,717 Dividends payable 14,524 16,934 19,746 9,631 Accounts payable and other accrued liabilities Total Liabilities Preferred stock Series C Stockholders' Equity $ 166,174 4,647,886 $ 132,087 4,493,340 135,655 162,465 33,968 180,018 $ 4,537,887 $ 6,818,709 19,494 $ 7,680,148 8,361 Preferred stock Series B and D 98,241 209,619 Common stock 5 5 5 7 7 Additional paid-in capital 854,222 846,960 849,541 Retained earnings (49,755) (31,779) (24,203) 1,088,512 (20,027) 1,090,162 (23,105) Accumulated other comprehensive loss (9,876) (9,916) (9,947) (7,042) Total Ready Capital Corporation equity 794,596 805,270 815,396 1,159,691 (7,157) 1,269,526 Non-controlling interests 18,450 18,900 18,812 19,061 18,857 Total Stockholders' Equity $ 813,046 $ 824,170 $ 834,208 $ 1,276,993 $ 1,288,383 Total Liabilities and Stockholders' Equity $ 5,460,932 $ 5,317,510 $ 5,372,095 $ 8,016,955 $ 8,976,892 Adjusted Book Value per Share $ 14.46 $ 14.84 $ 14.98 $ 14.89 $ 14.87 40 40#41Statement of Income by Quarter READY CAPITAL. (In thousands, except share data) Interest income Interest expense Q2 2020 Q3 2020 Q4 2020 $ 63,211 $ 61,074 $ (43,408) (43,823) 64,810 $ (41,319) Q1 2021 73,371 $ (50,761) Q2 2021 103,047 (55,415) Net interest income before provision for loan losses $ 19,803 $ Recovery of (provision for) loan losses Net interest income after (provision for) recovery of loan losses $ 591 20,394 $ 17,251 $ 4,231 21,482 $ 23,491 $ 258 23,749 $ 22,610 $ 47,632 8 (5,517) 22,618 $ 42,115 Non-interest income Residential mortgage banking activities Net realized gain on financial instruments and real estate owned Net unrealized gain (loss) on financial instruments Servicing income, net of amortization and impairment Income on purchased future receivables, net Income (loss) on unconsolidated joint ventures Other income Total non-interest income $ 80,564 7,438 $ 75,524 7,507 $ 59,963 9,795 $ 41,409 $ 36,690 8,846 17,183 (13,744) 3,420 (4,339) 20,996 4,612 8,982 10,115 11,401 15,635 11,928 5,586 4,848 1,794 2,317 2,779 507 1,996 3,439 (809) 3,361 31,594 4,496 1,353 571 (688) $ 120,927 $ 107,906 $ 83,406 $ 88,965 $ 75,865 Non-interest expense Employee compensation and benefits $ (27,288) $ (27,612) $ (18,084) $ (22,777) $ (24,270) Allocated employee compensation and benefits from related party (1,250) (2,250) (2,250) (2,123) (3,299) Variable expenses on residential mortgage banking activities (36,446) (30,918) (27,016) (15,485) (21,421) Professional fees (1,919) (4,158) (4,728) (2,982) (2,872) Management fees - related party (2,666) (2,714) (2,741) (2,693) (2,626) Incentive fees - related party Loan servicing expense Merger related expenses (3,506) (1,134) (1,333) (286) (10,327) (8,231) (6,734) (6,104) (6,851) (11) (6) (6,307) (1,266) Other operating expenses Total non-interest expense Income (loss) before provision for income taxes (17,745) (10,448) (12,442) (15,484) (17,190) $ $ (101,158) $ 40,163 $ Income tax (provision) benefit (5,500) Net income (loss) $ 34,663 $ (87,471) $ 41,917 (6,554) 35,363 $ (75,328) $ (73,955) $ (80,081) $ 31,827 $ (4,268) 27,559 $ 37,628 $ 37,899 (8,681) (6,995) 28,947 $ 30,904 Less: Dividends on preferred stock - 281 3,224 Less: Net income (loss) attributable to non-controlling interest 810 805 Net income (loss) attributable to Ready Capital Corporation $ 33,853 $ 34,558 $ Earnings (loss) per common share-basic $ 0.62 $ 0.63 $ Earnings (loss) per common share - diluted $ 0.62 $ 0.63 $ 648 26,911 $ 0.49 $ 0.49 $ 659 444 28,007 $ 27,236 0.49 $ 0.38 0.49 $ 0.38 Weighted-average shares outstanding - Basic 53,980,451 Weighted-average shares outstanding - Diluted 54,013,958 54,626,995 54,704,611 54,338,209 54,420,064 56,817,632 56,843,448 71,221,806 71,385,603 Dividends declared per share of common stock $ 0.25 $ 0.30 $ 0.35 $ 0.40 $ 0.42 41#42Distributable Earnings Reconciliation by Quarter (In thousands, except share data) Net Income Reconciling items: READY CAPITAL. Q2 2020 Q3 2020 Q4 2020 Q1 2021 $ 34,663 $ 35,363 $ 27,559 $ 28,947 $ Q2 2021 30,904 Unrealized (gain) loss on mortgage servicing rights Change in CECL reserve on accrual loans Non-recurring REO impairment Merger transaction costs and other non-recurring expenses Unrealized loss on mortgage-backed securities $ 12,044 $ 4,688 $ (5,076) (7,248) 4,087 (3,587) $ (15,356) $ (29) 4,699 4,035 106 (114) 445 510 967 998 1,323 7,263 2,971 (45) Unrealized loss on de-designated cash flow hedges Total reconciling items $ 7,996 $ (1,676) $ Distributable earnings before income taxes $ 42,659 $ 33,687 $ Income tax adjustments (3,436) (1,561) Distributable earnings $ 39,223 $ 32,126 $ 2,268 $ 29,827 $ (1,023) 28,804 $ (8,122) $ 12,215 20,825 $ 3,883 43,119 (1,691) 24,708 $ 41,428 Less: Distributable earnings attributable to non-controlling interests $ 917 $ Less: Income attributable to participating shares 285 731 $ 339 677 $ 563 $ 595 305 376 392 Less: Dividends on preferred stock 281 3,224 Distributable earnings attributable to Common Stockholders $ Distributable earnings per share $ 38,021 0.70 $ $ 31,056 $ 0.57 $ 27,822 0.51 $ 23,488 $ 37,217 $ 0.41 $ 0.52 Weighted average common shares outstanding 53,980,451 54,626,995 54,338,209 56,817,632 71,221,806 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, including the determination of dividends. However, because Distributable Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Distributable Earnings may not be comparable to other similarly-titled measures of other companies. We calculate Distributable earnings as GAAP net income (loss) excluding the following: i) any unrealized gains or losses on certain MBS ii) any realized gains or losses on sales of certain MBS iii) any unrealized gains or losses on Residential MSRS iv) any unrealized gains or losses resulting from a change in CECL impairment reserves on accrual loans v) one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses In calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating Distributable Earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company's historical loan originations. In calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size. In 2016, the Company liquidated the majority of its MBS portfolio from distributable earnings to fund recurring operating segments. In addition, in calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value. The Company treats its commercial MSRs and residential MSRs as two separate classes based on the nature of the underlying mortgages and the treatment of these assets as two separate pools for risk management purposes. Servicing rights relating to the Company's small business commercial business are accounted for under ASC 860, Transfer and Servicing, while the Company's residential MSRs are accounted for under the fair value option under ASC 825, Financial Instruments. In calculating Distributable Earnings, the Company does not exclude realized gains or losses on either commercial MSRS or residential MSRs, held at fair value, as servicing income is a fundamental part of Ready Capital's business and is an indicator of the ongoing performance. To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year's taxable income. These differences may result in certain items that are recognized in the current period's calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years. 42 42#43RC LISTED NYSE READY CAPITALⓇ