#1RC LISTED NYSE READY CAPITAL® INVESTOR PRESENTATION June 2022#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 here in 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 March 31, 2022, 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 capitalization of approximately $2.0 billion 1.2. All-weather investment strategy as a direct lender and acquiror of bulk portfolios, including distressed $9.6 billion³ portfolio of almost 5,600 loans diversified across 50 states & Europe with 99% senior lien Resilient current dividend yield of 11.3% ¹; 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 over 600 employees across the Company's 8 offices Integrated with Waterfall Asset Management, LLC, a leading $9.8 billion global structured products investment manager with a 17-year track record 1. As of June 3, 2022 2. Inclusive of preferred stock 3. Excludes Paycheck Protection Program loans READY CAPITAL. 3#4Diversified Investment Strategy Capital allocated opportunistically to highest ROE Operating Company across. economic cycle Products: Strategy: Coupon: History: SBC LENDING AND ACQUISITIONS Investor SBC lending across 9 products (ground-up to stabilized properties, including middle-market construction lending and tax-exempt affordable housing) & portfolio acquisitions NIM from retained SBC portfolio supplemented by gain on sale income from Agency production and originations to borrowers 4-10% Distressed acquisitions (2008), direct lending launch (2013), 1 of 12 Freddie Mac SBL license holders (2014), acquired bank bridge lending team (2015), affordable housing (2021), construction lending (2022) 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 READY CAPITAL. 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 5% 5% 14.5% 54% - Acquisitions ▪ Bridge ■ Construction ▪ Residential Mortgage Banking 16% 14% ■ Fixed rate ■ Freddie Mac¹ ▪ Small Business Lending TTM CORE EARNINGS CONTRIBUTION 32% /0 7% 6% ▪ Acquisitions Bridge ■ Construction ▪ Residential Mortgage Banking 15% READY CAPITAL. 30% 9% ■ Fixed rate ■ Freddie Mac¹ ■ Small Business Lending 1. Includes construction and permanent financing activities for the preservation and construction of affordable housing, prim arily utilizing tax-exempt bonds, through Red Stone 5#6Company History and Evolution 2011 Ready Capital, then Sutherland Asset Management was founded ■ July 2014 Acquired SBA ownership license, $570mm portfolio, and $1.2bn of SBA servicing rights from CIT Small Business Lending ■ October 2016 Became a public company via a merger into a subsidiary of ZAIS Financial Corp (ZFC) and acquired GMFS with the transaction H ▪ ZAIS was the legal surviving entity and changed its name to Sutherland Asset Management Corporation; ticker symbol was changed to (NYSE: SLD) September 2018 ▪ Sutherland Asset Management changed its name to Ready Capital Corporation Changed the ticker symbol to trade under (NYSE: RC) ■ March 2019 ■ Completed the $179mm acquisition of Owens Realty Mortgage ▪ The transaction increased the Company's equity capitalization, supported continued growth of the Company's platform and execution of the Company's strategy, and provided the Company with improved scale, liquidity and capital alternatives, including additional borrowing capacity Corporate Capital Markets Activity Feb. 2017 - Jan. 2018 $180mm senior secured notes 2017 Aug. 2017 $115mm convertible note 2018 Apr. 2018 $50mm baby bond October 2019 Acquired Knight Capital, a technology-driven platform that provides working capital to small and medium businesses across the U.S., for $27.8mm June 2020 As 1 of 14 non-bank SBA lenders, facilitated the fundings of ~$2.7bn of loans through Paycheck Protection Program March 2021 Completed the $338mm acquisition of Anworth Mortgage Asset Corporation (ANH) ▪ Transaction created a scaled commercial mortgage REIT with a combined capital base in excess of $1bn July 2021 Completed the $70mm acquisition of Red Stone LLC, a real estate finance and investment company that provides innovative financial products and services to the multifamily affordable housing industry March 2022 Completed merger to acquire a series of privately held, real estate structured finance opportunities funds, with a focus on construction lending, managed by MREC Management LLC Following the merger Ready Capital increased its capital base to just below $1.9B Dec. 2019 $106mm equity follow on 2019 READY CAPITAL. Jul. 2019 Dec. 2019 $104mm baby bond 2021 June 2021 $115mm preferred stock Feb. 2021 $201mm baby bond Dec. 2021 10mm senior notes Oct. 2021 $350mm senior secured notes Apr. 2022 $120mm senior notes 2022 Jan. 2022 $107.1mm equity follow-on 6#7READY CAPITAL SBC Lending & Acquisitions#8SBC 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 TOTAL SMALL-CAP COMMERICAL MARKET VALUE $1.4 Total Market Value Estimate: $3.4 Trillion $0.8 $0.6 $0.6 Retail Industrial Office Multifamily Source: Boxwood Means, LLC; CoStar SMALL-BALANCE LOAN ORIGINATION TREND SUB $5 Million $ Billions 350 300 250 200 150 100 50 0 2016 2017 READY CAPITAL. Source: Boxwood Means, LLC 2018 2019 2020 3.0 2.5 2.0 1.5 1.0 0.5 0.0 10-Yr. Treasury Rate (%) 8#9SBC Lending & Acquisition Overview All-weather origination platform with ability to allocate capital to the best opportunities across 9 products spanning heavy transitional to stabilized. 1 of 12 Freddie Mac Small Balance Loan lenders; ranked #5 based on 2021 volume Over $14.5 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 $3.4 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 149 staff, including 18 loan officers, with headquarters in New York & Texas and 3 satellite offices READY CAPITAL. 9#10Platform Growth $5,000 HISTORICAL GROWTH¹ $4,000 $3,000 $2,000 $1,000 123 $0 42.1% 10-year CAGR 2. Current 1.0% SBC market share with 1.5% 3-year target 1. In millions. $1,537 $862 Pre-2016 (2) $140 $588 2016 $98 SBC Acquisitions began in 2008; Originations began in 2013 3. As of May 31, 2022 $868 2017 $372 $1,188 2018 $863 $1,738 2019 ■Acquisitions ■Originations $208 $1,142 2020 $197 READY CAPITAL. $5,272 2021 $2,849 $5 2022 YTD (3) 10#11SBC Product Offerings PRODUCT LOAN PURPOSE LOAN SIZE MAX LEVERAGE TERM PREPAYMENT RATE TYPE PROPERTY TYPE GROUND-UP CONSTRUCTION Construction Predevelopment Renovation Acquisition $15-75MM Spread maintenance; last 6 months open SOFR + Spread HEAVY TRANSITIONAL Multifamily Build-to-Rent Future availability to be announced BRIDGE Vacant Rehabilitation Adaptive Re-Use Renovation Value Add Typically, 2-3 Years Plus Extensions $5-75MM $75MM + Portfolios 80% Loan-to-Cost BRIDGE-TO-PERM Multifamily, Industrial, Office, Self-Storage, Essential Retail LIGHT TRANSITIONAL $2-75MM $75MM+ Portfolios Floating Rate Hybrid Renovation Lease Up Rent Optimization Event Driven Bridge to Near Term Refinance Up to 3 Years Plus, Extensions Minimum Interest BRIDGE-TO- AGENCY Multifamily $1-100MM Up to 2 Years Plus, Extensions Floating Rate Hybrid STABILIZING STRUCTURED FIXED CMBS DIRECT RATE Final Lease Up Seasoning Lease Expiration Prepay Flexibility Mid-Term Refinance $2-45MM 2-10 Years Customized Declining Yield Maintenance All Property Types Fixed Rate 5,7,10 Years CORRESPONDENT AGENCY Defeasance Yield Maintenance Cash Out Term Refinance 80% Loan-to-Value STABILIZED Interest Rate Arbitrage Bridge Refinance Permanent Acquisition/Recapitalization $1-100MM Up to 30 Years READY CAPITAL. Floating Rate Fixed Rate FREDDIE MAC SBL Multifamily $1-$7.6MM Declining Yield Maintenance 5,7,10 Years Hybrid: 20 Years Floating Rate Hybrid AFFORDABLE HOUSING Construction to Perm Private Loan Financing for Eventual LIHTC Takeout $5MM+ 90% Loan-to-Value Typically, 7+Years Defeasance Yield Maintenance Floating Rate Fixed Rate Multifamily Affordable 11#12Transitional Case Study Name: Location: Loan Purpose: Business: The Vicinity Phoenix, AZ 85016 Real Estate Purchase Multifamily LOAN AMOUNT: PRICING BASIS: RATE: FEES: LIEN: ORIGINATION DATE: TERM (MONTHS): AMORTIZATION (MONTHS): LOAN-TO-VALUE: PERSONAL GUARANTEE: RETAINED YIELD: $29,850,000 Variable SOFR+ 360bps 175bps 1 st March 2022 READY CAPITAL. 36 (+2yr Extension) 360 75% No 12.21% 12#13Fixed Rate Case Study Name: Location: Loan Purpose: Business: Kona Ice Florence, KY 41042 Real Estate Purchase Industrial LOAN AMOUNT: PRICING BASIS: RATE: TYPE: LIEN: ORIGINATION DATE: TERM (MONTHS): AMORTIZATION (MONTHS): LOAN-TO-VALUE: PERSONAL GUARANTEE: RETAINED YIELD: $10,850,000 Fixed 4.40% 10-Yr Balloon 1 st December 2021 120 360 READY CAPITAL. 68% No 13.5% 13#14Freddie Mac SBL Case Study Name: Location: 48 Loan Purpose: Business: Paloma Venice, CA 90291 Real Estate Purchase Multifamily LOAN AMOUNT: PRICING BASIS: RATE: TYPE: LIEN: ORIGINATION DATE: TERM (MONTHS): AMORTIZATION (MONTHS): LOAN-TO-VALUE: PERSONAL GUARANTEE: GROSS FEES: $3,760,000 Fixed 3.26% 5-Yr Hybrid 1 st December 2021 240 360 READY CAPITAL. 50% No 1.25% 14#15SBC Lending and Acquisitions LOAN COUNT 2,510 1,652 323 517 8 10 ACQUISITIONS FIXED RATE BRIDGE FREDDIE MAC (2) CONSTRUCTION GEOGRAPHY UPB $8.77B $798M $1.29 B $6.29B $25M $366M BOOK VALUE $8.69B $787M $1.29 B $6.22B $26M $366M Powered by Bing ⒸGeoNames, Microsoft, Tom Tom WALTV 64.7% 37.2% 60.3% 69.4% 61.5% 59.5% WA COUPON PROPERTY TYPE ▪ Multi-family 4.5% 5.6% 4.9% 4.2% 3.6% 6.8% 6% 8% 9% ▪ Mixed-use 1.53.2% of fixed rate loans match funded 2. Freddie Mac service loans have a total UPB of $1.93B, of which loans 60+ days past due are 0.2% of loans (inclusive of loans sold) 12% FIXED/FLOAT (1) READY CAPITAL. 20.7 / 79.3% 49.0 / 51.0% 1.8/98.2% 2.8 / 97.2% 87.7/12.3% 3.5/96.5% ▪ Retail 65% ■ Office 60+ DAYS PAST DUE 2.4% 3.3% 1.9% 1.3% 11.9% 20.5% ■ Other Investments 15#16READY CAPITAL Small Business Lending#17Small 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 #2 non-bank 7(a) lender and #8 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 214 staff, including 25 business development officers, with headquarters in New Jersey & Florida and 5 satellite offices 1. Source: SBA.gov. READY CAPITAL. 17#18Small Business Market - 7(a) ● • The SBA (1953) is an independent federal agency that guarantees loans to small businesses $120 $100 OUTSTANDING 7(a) BALANCE (BILLIONS)¹ $60 $40 ● $80 $73.0 $20 Eligible participants are banks except for 14 non- bank licenses approved in the 1980s $0 Eligible small businesses have under $15M net worth and $5M net profit 2015 1. Source: SBA.gov $78.8 $86.2 $92.4 $95.1 $97.3 $103.9 $106.7 2016 2017 2018 2019 2020 2021 2022 ● 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 7(a) LOAN APPROVALS (BILLIONS)¹ $40 $35 $30 $25 $20 $15 $10 $5 $0 $25.8 $25.8 $23.9 $24.5 ||||| READY CAPITAL. 2015 2016 $23.6 $22.8 $36.8 $10.8 2017 2018 2019 2020 2021 2022 18#19SBA 7(a) Economics ASSUMPTIONS Loan Amount: Guaranteed Balance: Unguaranteed Balance: Sale Premium: Securitization Advance Rate: Upfront Premium Servicing Strip $1,000,000 $750,000 $250,000 $90,000 $175,000 YEAR 1 GROSS RETURN 1.00% Gain on Sale Revenue: Income on Retained Loan: Debt Cost on Retained Loan: Servicing Fee : Year 1 Return: Option 1: Full Premium 12% (net of SBA Split) 42.3% Year 1 Gross Return 10% $90,000 3.00% $15,000 ($5,775) $7,500 $106,725 Option 2: Partial Premium ONGOING GROSS RETURN Income on Retained Loan: Debt Cost on Retained Loan: Servicing Fee : Ongoing Return: READY CAPITAL. Option 3: Full Servicing 0% 5.425% $15,000 ($5,775) $7,500 22.3% Ongoing Gross Return $16,725 19#20Platform Growth 600 ORIGINATIONS1 500 400 300 200 100 0 $11.6 81.9% CAGR 2015 Current 1.4% non-bank market share with 2.0% 3-year target or ~$600 million in volume Approximately $5.0 billion of PPP loans originated 1. In millions 2. As of May 31, 2022 $45.4 2016 $129.8 2017 $213.0 2018 $216.3 2019 $216.6 2020 $480.8 READY CAPITAL. 2021 $175.1 2022 YTD (2) 20#21SBA 7(a) Case Study Name: Location: Loan Purpose: Business: Creative JDEA, Inc. Los Angeles, CA 90020 Real Estate Purchase Office Building LOAN AMOUNT: PRICING BASIS: RATE: GUARANTEE: SALE PREMIUM: SECURITIZATION ADVANCE RATE: SERVICING STRIP: DEBT COST: LIEN: ORIGINATION DATE: TERM (MONTHS): AMORTIZATION (MONTHS): LOAN-TO-VALUE: PERSONAL GUARANTEE: RETAINED YIELD: $3,350,000 Variable Prime + 125 bps 75% 12% 84% 1% 3.45% 1st February 2022 300 READY CAPITAL. 300 84% Yes 16.37% 21#22Small Business Lending LOAN COUNT 2,078 GEOGRAPHY UPB $649M BOOK VALUE $614M WALTV Powered by Bing GeoNames, Microsoft, Tom Tom 88.6% WA COUPON 5.6% PROPERTY TYPE ▪ Lodging 39% ■ Retail 11% FIXED/FLOAT 0.3 / 99.7% ▪ Doctors 21% 14% READY CAPITAL. 15% ▪ Eating Place 60+ DAYS PAST DUE 1.3% ■ Other 22#23READY CAPITAL Residential Mortgage Banking#24Residential Mortgage Banking Overview 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 12 retail branches located in Louisiana, Georgia, Mississippi, Alabama and Texas Servicing retained model provides natural hedge to production READY CAPITAL. 24#25Production Metrics PURCHASE VOLUME HAS ACCOUNTED FOR ~60% OF HISTORICAL PRODUCTION (IN MILLIONS) $4,500 1. $3,000 $1,500 $0 100% 80% 60% 40% 20% 0% $636 $1,189 2015 35% 32% As of April 30, 2022 33% $728 $1,460 DIVERSIFIED PRODUCTION CHANNELS WITH FOCUS ON RETAIL CHANNEL GROWTH 2015 2016 27% 40% 33% $463 $1,508 2016 2017 25% 38% 37% $398 $1,380 2017 2018 ■ Purchase ■ Refi 22% 36% 42% $775 $1,439 2018 2019 20% 32% 48% 2019 $2,435 Retail Correspondent ■Wholesale $1,812 2020 21% 31% 48% 2020 $2,110 $2,095 2021 21% 33% 46% 2021 READY CAPITAL. $364 $664 2022 YTD (1) 18% 47% 35% 2022 25#26Servicing Asset HISTORICAL RETENTION RATES EXCEEDING 30% $10,000 $8,000 $6,000 $4,000 $2,000 $0 3.9% $4,175 2015 3.8% $5,483 2016 3.9% $6,558 2017 4.1% $7,467 2018 UPB -WAC 4.1% $8,165 2019 3.7% $9,529 2020 $10,996 3.4% 2021 READY CAPITAL. $11,357 3.3% 2022 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 26#27READY CAPITAL Financial Overview & Performance#28First Quarter 2022 Results Earnings / Dividends Returns Loan Originations5 / Acquisitions ▪ Net income of $64.3 million¹, or $0.70 per common share ▪ Distributable earnings of $48.9 million¹, or $0.52 per common share ▪ Declared dividend of $0.42 per common share ▪ Return on Equity² of 18.0% ▪ Distributable Return on Equity³ of 13.6% ▪ Dividend Yield 4 of 11.2% ▪ CRE originations and acquisitions of $2.2 billion ▪ SBA loan originations of $101.0 million ▪ Residential mortgage loan originations of $769.1 million 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 READY CAPITAL. 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 by Quarter" slide for a reconciliation of GAAP Net Income to Distributable Earnings 4. Q1 dividend yield for the period is based on the 3/31/2022 closing share price of $15.06 5. Represents fully committed amounts 28#29First Quarter 2022 Results (continued) Current Liquidity Capital Markets Balance Sheet Mosaic Merger ▪ Total liquidity of $326 million¹ including cash, anticipated warehouse advances, principal and interest receivable from servicers, and anticipated proceeds from available-for-sale assets READY CAPITAL. ▪ Closed a $1.1 billion commercial mortgage collateralized loan obligation, the Company's largest CRE CLO to date ▪ Closed an underwritten public offering of $120.0 million aggregate principal amount of 6.125% senior unsecured notes due 2025 ■ Closed a secondary offering of 7,000,000 shares of common stock for net proceeds of $106.6 million ▪ Net book value per share of $15.22 per common share ▪ Total leverage of 4.4x and recourse leverage ratio of 1.4x² ▪ The Company closed its acquisition of Mosaic Real Estate Credit, LLC. (MREC) and related entities. The transaction increased capitalization $458.1 million and expanded the Company's lending capabilities into construction lending. 1. Liquidity balance as of April 28, 2022 2. Recourse leverage ratio excludes $1.4 billion of secured borrowings that are non-recourse to the Company. 29#30Return on Equity Segment SBC Lending and Acquisitions Small Business Lending Residential Mortgage Banking (3) Levered (1) Yield 12.8 % 43.3% 134.5 % Distributable Levered Yield (1) 12.8 % 43.3 % 11.6 % Equity Allocation 89.7 % 5.4 % 4.9 % Corporate leverage, net of non-earning assets Gross return on equity Realized & unrealized gains, net Loan loss provision PPP revenue, net of direct expenses Non-recurring gains, losses and expenses Operating expenses Investment advisory fees Provision for income taxes Dividends on preferred stock Return on equity 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. GAAP ROE Q1'22 20.4 % 7.3 27.7 % 4.9 (0.4) 5.3 (2.1) (10.7) (0.9) (5.2) (0.6) 18.0 % (2) Q4'21 18.0 % 5.9 23.9% 4.0 (0.3) 7.5 (0.9) (11.2) (1.8) (2.4) (0.7) 18.1 % READY CAPITAL. Distributable ROE Q1'22 14.4 % 4.0 18.4 % 4.9 0.1 5.3 (10.5) (0.9) (3.1) (0.6) 13.6 % Q4'21 16.7 % 5.1 21.8% 4.0 7.5 (2) (10.8) (1.8) (2.2) (0.7) 17.8 % 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. 30#31Debt - Leverage (2) PPPLF Securitized Debt Obligations Non-Recourse Secured Borrowings 1. Recourse Secured Borrowing Corporate Debt Debt Balance $587 $4,001 $1,252 $1,965 $1,021 Leverage Ratio 0.3x 2.1x 0.6x 1.0x 0.6x ● ● Recourse leverage ratio of 1.6x Total leverage of 4.6x Full market to market liabilities and credit mark to market liabilities represent 19% and 12% of total debt Recourse Leverage by Reporting Segment(¹) ($ in millions) $1,600 $1,200 $800 $400 $0 $1,589 0.6x SBC 1.1x $119 SBL Recourse Debt READY CAPITAL. 1.8x $257 Recourse leverage by reporting segment is based on the segment recourse debt balance over invested equity in the segment and excludes guaranteed loan financings 2. As of April 30, 2022 $1,021 Residential Recourse Leverage 0.5x Corporate 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 31#32Revenue Trends 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Diverse & re-occurring revenue from stabilized net interest and servicing revenue with alpha from gain on sale operations Q118 Q218 Q318 Q418 Q119 11 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 READY CAPITAL. NIM Servicing Gain on Sale Mortgage Banking Other Current WA Servicing Fee: 28bps Current WAC: 4.6% 32#33Current Liquidity $350 $300 $250 $200 $150 $100 $50 $0 $53 1, 2 Cash & Cash Equivalents 1. As of June 3, 2022 2. in millions $181 Approved Warehouse Advances and Anticipated Proceeds from Securitization and Mosaic Liquidation $88 Estimated Proceeds on AFS $322 Total Available Liquidity READY CAPITAL. 33#34Historical Performance Net Income²: Distributable Earnings ²: Distributable Earnings per Share: 120% 100% 80% 60% 40% 20% TOTAL SHAREHOLDER RETURN 0% -20% -40% 2Q 2021 3Q 2021 Nov-16 $30.9 $41.4 $0.52 Q4'16 $46.5 Q1'17 $49.4 $0.64 Q2'17 Q3'17 4Q 2021 1Q 2022 Q4'17 $53.6 $52.5 $0.67 Q1'18 Q2'18 $64.3 $48.9 $0.52 Q3'18 1. As of quarter end market prices 2. In millions 3. Excludes the equity component of our 2017 convertible note issuance Q4'18 Q1'19 Dividends per Share: Dividend Yield on Market Price ¹: Book Value per Share³: Q2'19 Q3'19 Q4'19 2Q 2021 $0.42 10.59% $14.87 Q1'20 Q2'20 3Q 2021 $0.42 11.64% $15.06 Q3'20 Q4'20 Q1'21 READY CAPITAL. 4Q 2021 $0.42 10.75% $15.35 Q2'21 Q3'21 1Q 2022 $0.42 11.16% $15.22 Q4'21 Q1'22 34#35Loan Portfolio - Risk Rating RISK RATING DISTRIBUTION 100% 80% 60% 40% 20% 0% 92% 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 88% 1.82 1 & 2 AVERAGE RISK RATING 1.88 3% Q1'21 1.72 1.69 Q2'21 3 6% SBC SBA 1.62 1.71 Q3'21 SBC SBA 2% 4 4% 1.51 1.68 Q4'21 3% 2% 5 1.47 1.63 Q1'22 CRITERIA READY CAPITAL. 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 expected losses. BUCKET 3: Medium Risk of Loss: Current with near term maturities or in forbearance. Loss unlikely with no specific reserves booked. BUCKET 4: Higher Risk: Loan delinquent or in maturity default. Potential issues with sponsor or business plans. Minimal losses possible and adequately reserved in current period. BUCKET 5: Highest risk: Loan in default or special servicing. Specific losses identified and adequately reserved for in current period. 35#36READY CAPITAL Waterfall Asset Management#37Waterfall - A Successful & Proven Asset Manager Waterfall consists of a dedicated team of 71 investment professionals who have extensive experience in small balance commercial (SBC) distressed asset acquisition, loan origination, asset management and capital markets. Loan 29% RC 35% Total GAV $25.3B ABS 35% Permanent Capital PE 1% 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 KEY MANAGEMENT Thomas Capasse Managing Partner, Co-founder READY CAPITAL. Investment Professionals Finance, Tech, and Operations Legal/Compliance/HR/Business Dev. WATERFALL Asset Management Jack Ross Managing Partner, Co-founder EMPLOYEES* 71 82 13 * As of May 18, 2022 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. 37#38READY CAPITAL APPENDIX Additional Financial Information#39Balance Sheet by Quarter (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 Investment in unconsolidated joint ventures Investments held to maturity Purchased future receivables, net Derivative instruments Servicing rights Real estate owned, held for sale Other assets Assets of consolidated VIES Total Assets Liabilities Secured borrowings Paycheck Protection Program Liquidity Facility (PPPLF) borrowings Securitized debt obligations of consolidated VIEs, net Convertible notes, net Senior secured notes and Corporate debt, net Guaranteed loan financing Contingent consideration Liabilities for loans eligible for repurchase from Ginnie Mae Derivative instruments Dividends payable Loan participations sold Due to third parties Accounts payable and other accrued liabilities Total Liabilities Preferred stock Series C Stockholders' Equity Preferred stock Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Total Ready Capital Corporation equity Non-controlling interests Total Stockholders' Equity Total Liabilities and Stockholders' Equity Adjusted Book Value per Share S 3/31/2021 308,428 62,961 1,611,826 473,078 1,292,808 682,948 221,464 75,048 $ $ $ 13,240 12,529 138,941 73,454 151,503 2,898,727 $ 8,016,955 $ 2,064,785 1,132,536 2,211,923 112,405 513,061 386,036 221,464 4,403 9,631 162,465 $ 6,818,709 19,494 S 98,241 7 1,088,512 (20,027) (7,042) 1,159,691 19,061 1,178,752 $ 8,016,955 14.89 6/30/2021 $ 200,723 S 57,118 2,222,284 470,184 2,178,586 260,110 173,437 86,994 7,213 6,600 145,265 71,267 120,214 2,976,897 8,976,892 $ 1,703,034 2,286,624 2,309,217 112,684 513,494 363,955 180,018 $ 7,680,148 8,361 173,437 3,717 33,968 209,619 7 1,090,162 (23,105) (7,157) 9/30/2021 209,769 52,692 2,384,497 549,917 1,784,826 117,681 149,723 125,547 6,567 6,180 171,106 70,643 196,827 3,438,423 9,264,398 $ 2,044,069 1,945,883 2,676,265 112,966 513,889 348,774 12,400 149,723 33,564 S 189,194 $ 8,026,727 $ 8,361 111,378 7 1,115,471 (10,395) (6,276) 1,210,185 19,125 1,269,526 18,857 1,288,383 $ 1,229,310 $ 8,976,892 $ 9,264,398 $ 14.87 $ 15.06 $ 12/31/2021 229,531 51,569 2,915,446 552,935 870,352 99,496 94,111 141,148 7,872 7,022 211,369 56,963 4,062,335 523,214 554,656 93,259 82,975 149,475 57,285 8,753 36,852 204,599 244,143 119,207 42,288 172,098 186,089 4,145,564 5,089,669 9,534,031 $ 11,476,244 2,517,600 941,505 3,214,303 113,247 783,852 345,217 16,400 94,111 410 34,348 184,079 8,245,072 8,361 111,378 S 1,161,853 8,598 (5,733) 1,276,104 $ READY CAPITAL. 4,494 1,280,598 $ 9,534,031 $ 15.35 $ 3/31/2022 3,274,324 627,445 3,864,150 113,531 788,572 332,398 92,148 82,975 2,620 51,161 56,386 38,846 184,592 9,509,148 8,361 111,378 11 1,723,099 21,661 (4,704) 1,851,445 107,290 1,958,735 11,476,244 15.21 39#40Statement of Income by Quarter (In thousands, except share data) Interest income Interest expense Net interest income before provision for loan losses Recovery of (provision for) loan losses Net interest income after (provision for) recovery of loan losses Non-interest income Residential mortgage banking activities Net realized gain on financial instruments and real estate owned Net unrealized gain on financial instruments Servicing income, net of amortization and impairment Income on purchased future receivables, net Gain on bargain purchase Income (loss) on unconsolidated joint ventures Other income (loss) Total non-interest income Non-interest expense Employee compensation and benefits Allocated employee compensation and benefits from related party Variable expenses on residential mortgage banking activities Professional fees Management fees - related party Incentive fees - related party Loan servicing expense Transaction related expenses Other operating expenses Total non-interest expense Income before provision for income taxes Income tax (provision) benefit Net income Less: Dividends on preferred stock Less: Net income attributable to non-controlling interest Net income attributable to Ready Capital Corporation Earnings per common share - basic Earnings per common share - diluted Weighted-average shares outstanding - Basic Weighted-average shares outstanding - Diluted Dividends declared per share of common stock $ $ $ $ $ $ $ $ $ $ $ $ Q1 2021 73,371 (50,761) 22,610 $ 8 22,618 41,409 8,846 20,996 15,635 2,317 $ $ (15,485) (2,982) (2,693) $ (809) 571 88,965 $ (22,777) $ (2,123) (6,104) (6,307) (15,484) (73,955) $ 37,628 $ (8,681) 28,947 281 659 28,007 $ 0.49 $ 0.49 $ $ 56,817,632 56,843,448 0.40 $ Q2 2021 103,047 (55,415) 47,632 (5,517) 42,115 36,690 17,183 4,612 11,928 2,779 3,361 (688) 75,865 $ $ $ $ $ (24,270) $ (3,299) (21,421) (2,872) (2,626) (286) (6,851) (1,266) $ (17,190) (80,081) $ 37,899 (6,995) 30,904 3,224 444 27,236 $ 0.38 $ 0.38 $ 71,221,806 71,385,603 0.42 $ $ Q3 2021 105,136 (50,136) 55,000 $ (1,579) 53,421 $ $ 37,270 $ 23,210 5,688 10,243 2,838 3,548 5,674 88,471 $ (24,537) $ (3,804) (24,380) (6,900) (2,742) (2,775) (8,124) (2,629) (12,926) (88,817) $ 53,075 $ (6,540) 46,535 $ 1,999 756 43,780 $ 0.61 $ 0.60 $ 71,618,168 71,787,228 0.42 $ READY CAPITAL. Q4 2021 121,942 (57,249) 64,693 (961) 63,732 $ 816 3,452 66,451 $ $ 21,928 $ 19,642 8,081 10,209 2,323 $ (18,481) $ (2,805) (13,847) (3,585) (2,867) (2,358) (8,904) (4,080) (12,801) (69,728) $ 60,455 $ (6,867) 53,588 $ 1,999 371 51,218 $ 0.69 $ 0.68 $ 74,163,951 74,326,672 0.42 $ Q1 2022 124,405 (61,017) 63,388 (1,542) 61,846 8,424 8,007 45,315 10,528 2,469 6,563 6,501 87,807 (27,968) (3,000) (979) (5,126) (3,196) (8,920) (5,699) (12,653) (67,541) 82,112 (17,849) 64,263 1,999 775 61,489 0.70 0.66 87,707,281 95,402,494 0.42 40#41Distributable Earnings Reconciliation by Quarter (In thousands, except share data) Net Income Reconciling items: Unrealized gain on mortgage servicing rights Impact of ASU 2016-13 on accrual loans Non-recurring REO impairment Merger transaction costs and other non-recurring expenses Total reconciling items Distributable earnings before income taxes Income tax adjustments Distributable earnings Less: Distributable earnings attributable to non-controlling interests Less: Income attributable to participating shares Less: Dividends on preferred stock Distributable earnings attributable to Common Stockholders Distributable earnings per share Weighted average common shares outstanding We calculate Distributable earnings as GAAP net income (loss) excluding the following: i) $ iii) iv) v) vi) $ $ $ $ $ $ $ Q1 2021 28,947 (15,356) $ (29) 7,263 (8,122) 20,825 3,883 24,708 563 376 281 $ 23,488 0.41 56,817,632 $ $ $ $ $ $ Q2 2021 30,904 4,699 4,035 510 2,971 12,215 $ 43,119 $ (1,691) 41,428 595 392 3,224 37,217 0.52 71,221,806 $ $ any unrealized gains or losses on certain MBS not retained by us as part of our loan origination businesses any realized gains or losses on sales of certain MBS any unrealized gains or losses on Residential MSRs any unrealized current non-cash provision for credit losses on accrual loans any unrealized gains or losses on de-designated cash flow hedges one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses $ $ $ $ Q3 2021 46,535 $ (147) (1,329) (10) 5,485 3,999 50,534 (1,169) 49,365 $ 802 $ 445 1,999 46,119 $ 0.64 $ 71,618,168 $ $ $ READY CAPITAL. Q4 2021 53,588 $ (6,119) 845 (1,441) 5,036 (1,679) $ 51,909 $ 626 52,535 364 377 1,999 49,795 0.67 74,163,951 $ $ $ $ $ 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. Q1 2022 64,263 (32,599) 1,968 1,567 6,655 (22,409) 41,854 7,009 48,863 589 413 1,999 45,862 0.52 87,707,281 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. 41#42Experienced Management Team Name & position Thomas Capasse Principal Waterfall Asset Management Jack Ross Principal Waterfall Asset Management Thomas Buttacavoli Managing Director Waterfall Asset Management Andrew Ahlborn Managing Director Waterfall Asset Management Gary Taylor Chief Operating Officer Ready Capital Corporation John Moshier President ReadyCap Lending Adam Zausmer Managing Director Waterfall Asset Management Tim Geraghty Managing Director Waterfall Asset Management Chairman of the Board, CEO Ready Capital Corporation President and Director Ready Capital Corporation Chief Investment Officer Ready Capital Corporation Chief Financial Officer Ready Capital Corporation Chief Operating Officer Ready Capital Corporation President of Small Business Lending Ready Capital Corporation Chief Credit Officer Ready Capital Corporation Head of Capital Markets Ready Capital Corporation Background ■ I ■ ■ ■ I ■ ■ ▪ Managing Director of Waterfall Asset Management I Previously served as Controller of Ready Capital from 2015-2019 ■ Licensed CPA in New York ■ I I H H Manager and Co-Founder of Waterfall Asset Management 35+ years of structured credit experience globally Co-founded Merrill Lynch's ABS group in the 1980s ■ READY CAPITAL. Principal and Co-Founder of Waterfall Asset Management Previously founded Licent Capital, a specialty broker/dealer for intellectual property securitization Managed the Real Estate Finance and ABS groups at Merrill Lynch from 1987-1999 Partner and Chief Investment Officer of Waterfall Asset Management Previously served as structured finance analyst at Licent Capital, strategic planning analyst at BNY Capital Markets and Financial Analyst at Merrill Lynch Chief Operating Officer of Ready Capital Corporation Previously served as President and Chief Operating Officer of Newtek Business Credit from May 2015- March 2019 President of ReadyCap Lending 20+ years in the lending industry; focused on small business relationships and management U.S. Small Business Administration (SBA) loan programs for the past 15 years Chief Credit Officer of Ready Capital Corporation 20+ years in commercial real estate lending Previously served as a senior underwriter at J.P. Morgan Chase's Commercial Term Lending business Head of Capital Markets of Ready Capital Corporation and Waterfall Asset Management 15+ years in financial services industry Previously served as Vice President at Deutsche Bank Group in Structured Credit Group 42#43RC LISTED NYSE READY CAPITAL®