#1READY CAPITAL. INVESTOR PRESENTATION April 2022 RC LISTED NYSE#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 December 31, 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 READY CAPITAL. Largest non-bank lender to both investors in and owners of small balance commercial ("SBC") properties with current market capitalization over $1.8 billion ¹.2 All-weather investment strategy as a direct lender and acquiror of bulk portfolios, including distressed $7.6 billion³ portfolio of almost 5,600 loans diversified across 50 states & Europe with 99% senior lien Resilient current dividend yield of 11.4%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 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 March 31, 2022; Includes shares issued in connection with the Mosaic acquisition which closed on March 16, 2022 2. Inclusive of preferred stock 3. Excludes Paycheck Protection Program loans 3#4Waterfall - A Successful & Proven Asset Manager Waterfall consists of a dedicated team of 75 investment professionals who have extensive experience in small balance commercial (SBC) distressed asset acquisition, loan origination, asset management and capital markets. TOTAL GAV $25.3B Loan 29% ABS 35% RC 35% PE 1% Permanent Capital 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 and Operations Legal/Compliance/HR/Business Dev. WATERFALL Asset Management Jack Ross Managing Partner, Co-founder EMPLOYEES* 75 82 19 * As of March 1, 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. 4#5Experienced 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 ■ I ■ Managing Director of Waterfall Asset Management Previously served as Controller of Ready Capital from 2015-2019 ■ Licensed CPA in New York I ■ ■ ■ ■ ■ 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 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 ▪ 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 the previously announced 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 is expected to have a proforma capital base 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 $110mm senior Oct. 2021 $350mm senior secured notes notes 2022 Jan. 2022 $107.1mm equity follow-on 6#76.0 PROFORMA LEVERAGE 5.0 4.0 3.0 2.0 1.0 Recent Events - Capital Markets / M&A COMMON STOCK OFFERING(1) January 14, 2022 CLO SECURITIZATION (2) March 10, 2022 Completed underwritten offer and sale of 7,000,000 shares of our common stock at a price of $15.30 per share 0.0 Net proceeds were contributed to our operating partnership, which in turn will use the net proceeds to originate or acquire our target assets consistent with our investment strategy and for general corporate purposes 4.5x 2.2x Q4 2020 5.1x 2.3x Q1 2021 5.4x 1.8x Q2 2021 Debt-to-equity ratio 5.9x 2.2x Q3 2021 Closed a $1.135 billion commercial mortgage collateralized loan obligation ("CRE CLO") transaction 1. Refer to recent developments section of the 2021 10-K 2. Refer to our press released dated March 10, 2022 The transaction was met with demand from 27 unique investors and provides us with non-recourse, non-mark to market, term financing Transaction represents our eighth CRE CLO since inception and largest CRE CLO issued to date 5.9x 2.7x Q4 2021 Recourse debt-to-equity ratio 4.1x 1.4x Proforma (4,5) Q4 2021 Total Debt & Equity ($M) $4,553 Funding Mix 42% PROFORMA CAPITAL STRUCTURE 30% 7% 3% 18% Q4 2020 30% 44% 7% 2% 15% 2% Completed the previously announced 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 $7,233 $8,222 $8,531 $8,859 Following the merger Ready Capital is expected to have a proforma capital base just below $1.9B MOSAIC MERGER(3) March 16, 2022 The un-levered Mosaic portfolio results in immediate de-leveraging impact 28% 49% 6% 3% 13% 1% Q1 2021 Q2 2021 Common Stock. Equity ■Conv. Sr. Notes ■Credit Fac. & Repurchase Agmt. READY CAPITAL. 31% 47% 6% 2% 13% 3. Refer to recent developments section of the 2021 10-K, press release dated March 16, 2022 and Mosaic Real Estate Credit Transaction Overview presentation 4. Proforma represents December 31, 2021 balances adjusted to include the impact from the common stock offering, CLO securitization and Mosaic Merger Recourse debt includes credit facilities & repurchase agreements, senior secured notes & corporate debt and convertible senior notes 5. 1% 36% 39% 9% 2%1% 13% $9,466 Q4 2021 34% 37% Q3 2021 Proforma Q4 2021 ■Pref. Equity Senior Sec. Notes & Corp. Debt Securitized Debt 8% 1% 1% 19% 7 (4)#8Compelling and Attractive Combination ($ in Millions) Invested Assets (1) Investment Portfolio by Investment Туре Investment Portfolio by Seniority Total Equity (2) READY CAPITAL. SBC Loan Originations & Acq. ($6,753) Small Business Lending ($657) $7,644 Residential Mortgage Banking ($234) First Mortgage ($7,598) Subordinated Mortgage ($46) $1,281 8.6% 3.1% 88.3% 0.6% 99.4% + EMOSAIC REAL ESTATE INVESTORS $572 Construction Financing ($370) Preferred Equity ($120) Pre-Dev Loan ($71) Mezzanine ($11) Senior Secured 1st Lien ($441M) Preferred Equity ($120M) 2nd Lien ($10.8M) 12.4% 21.0% 21.0% $563 1.9% 1.9% 64.7% 77.1% READY CAPITAL. Pro-Forma Combined Company -$8,216 SBC Loan Originations & Acq. ($7,325) Small Business Lending ($657) Residential Mortgage Banking ($234) Senior Secured 1st Lien ($8,039M) Preferred Equity ($120M) 2nd Lien ($57M) 8.0%2.8% 1.5% 0.7% ~$1,844 89.2% Source: Company Filings Note: Financial information and portfolio level data as of December 30, 2021 (1) Total Invested Assets for Ready Capital based on unpaid principal balance and excludes Paycheck Protection Program loans; (2) Pro-Forma Combined Company Equity estimated based on December 30, 2021 book values 97.8% 8 1 1#9Strategic Combination Overview ($ in billions) $6.1 $4.6 $2.6 $2.4 Starwood Blackstone Claros Mortgage Arbor Realty Property Trust Mortgage Trust Trust Trust Enhanced Capital Base $2.3 Apollo Commercial Real Estate Finance + $1.9 Pro-Forma Equity Base Ready Capital Proforma (1) $1.7 Franklin BSP Realty Trust $1.5 Hannon Armstrong Sustainable Infrastructure Capital Note: Financial data as of December 31, 2021; based on total stockholders' equity (including preferred equity) (1) Ready Capital proforma adjusts for Mosaic Merger and common stock offering completed in January ~$606 million of equity Pro-Forma Entity Highlights 1. Significant capital base to fund cycle-proven, diversified investment strategy 2. Strong balance sheet and abundant liquidity 3. Highly scalable business model $1.5 Ladder Capital Corp Scale and Operating Efficiency $1.5 TPG RE Finance Trust + READY CAPITAL. $1.5 BrightSpire Capital $1.4 $1.3 KKR Real Ready Capital Estate Finance Trust $1.0 Granite Point Mortgage Trust Shareholder Liquidity 9#10Diversified Investment Strategy Products Strategy Coupon History Capital allocated opportunistically to highest ROE OpCo across economic cycle Pro Forma SBC Loan Originations & Acquisitions 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 12 Freddie Mac SBL license holders (2014) & acquired bank bridge lending team (2015) Mosaic Middle-market lending focused on construction, preferred equity multifamily, and pre-construction development finance Opportunistic originations to borrowers with proven track record in densely populated cities 8 - 10% Acquired in March 2022 with a focus on construction lending 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 - 275 bps 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 - 175 bps Acquired in 2016 as part of the Company's acquisition of ZAIS Financial Corp 10#11SBC 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 2021 volume Over $11.7 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 143 staff, including 25 loan officers, with headquarters in New York & Texas and 3 satellite offices READY CAPITAL. 11#12Small 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 #16 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 189 staff, including 17 business development officers, with headquarters in New Jersey & Florida and 5 satellite offices 1. Source: SBA.gov. READY CAPITAL. 12#13Residential 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. 13#14Fourth Quarter 2021 Results Earnings / Dividends Returns Loan Originations5/ Acquisitions ▪ Net income of $53.6 million¹, or $0.69 per common share ▪ Distributable earnings of $52.5 million¹, or $0.67 per common share ▪ Declared dividend of $0.42 per common share ▪ Return on Equity² of 18.1% ▪ Distributable Return on Equity³ of 17.8% ▪ Dividend Yield4 of 10.7% READY CAPITAL. ▪ CRE originations and acquisitions of $2.3 billion ▪ SBA loan originations of $135.7 million ▪ Residential mortgage loan originations of $876.3 million ▪ Closed in excess of $1.5 billion in bridge financing during the quarter, more than $3.7 billion for the year ▪ Red Stone has closed $548 million of financings since being acquired 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 by Quarter" slide for a reconciliation of GAAP Net Income to Distributable Earnings 4. Q4 dividend yield for the period is based on the 12/31/2021 closing share price of $15.63 5. Represents fully committed amounts 14#15Fourth Quarter 2021 Results (continued) Current Liquidity Capital Markets Balance Sheet Mosaic Merger ▪ Total liquidity of $246 million¹ including cash, anticipated warehouse advances, principal and interest receivable from servicers, and anticipated proceeds from available-for-sale assets READY CAPITAL. ▪ Closed $927.2 million commercial mortgage collateralized loan obligation with the limited right to acquire all or part of $135.2 million in future funding ▪ Closed an underwritten public offering of $110.0 million in aggregate principal amount of 5.50% senior unsecured notes due 2028 ▪ Closed a private placement of $350.0 million in aggregate principal amount of 4.50% Senior Secured Notes due 2026. The Company used a portion of the net proceeds to redeem all of the outstanding 7.50% Senior Secured Notes due 2022. ■ Adjusted net book value2 of $15.35 per common share ▪ Recourse leverage ratio of 2.7x consisting of 1.8x of warehouse credit facilities and borrowings under repurchase agreements, 0.7x of corporate debt and 0.2x of agency secured borrowings Entered into a definitive merger agreement to acquire a series of privately held, real estate structured finance opportunities funds, with a focus on construction lending, managed by MREC Management, LLC. The merger closed in Q1 2022. 1. Liquidity balance as of February 24, 2022 2. Excludes the equity component of our 2017 convertible note issuance 15#162021 Highlights EARNINGS ($ in millions) $200 $150 $100 $50 $0 15% 10% RETURN ON EQUITY 5% $61.5 $58.7 0% 2018 11.4% 10.8% 10.3% $75.1 $67.3 Net income 2018 2 Return on equity 2019 1 10.9% 10.5% $46.1 9.4% 2020 Distributable earnings $101.4 10.4% 5.6% 12.3% 2019 2020 Distributable return on equity 3 1 $160.0$168.0 2021 11.2% 14.6% 4. Dividend yield is based on the respective year end closing share price 5. Excludes the impact of Paycheck Protection Program loans 15.4% 2021 Dividend Yield 4 INVESTMENT ACTIVITY ($ in millions) $10,000 $8,000 $6,000 $4,000 $2,000 $1,778.8 $213.0 $1,568.7 2018 ■SBC Lending & Acquisitions 2019 Small Business Lending BALANCE SHEET GROWTH ($ in millions) $0 $9,000 $6,000 $3,000 $0 $2,105.6 $216.3 $2,425.2 $3,036.8 $564.1 2018 $4,977.0 $844.8 2019 Assets 5 $4,246.4 READY CAPITAL. $216.6 $1,372.9 2020 $5,297.2 $834.2 Equity 2020 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 $4,208.6 Residential Mortgage Banking $480.8 $5,468.9 2021 $8,663.7 $1,280.6 2021 16#17Return on Equity Segment SBC Lending and Acquisitions Small Business Lending Residential Mortgage Banking (3) Levered Yield (1) 12.6 % 49.7 % 81.8 % Distributable Levered Yield (1) 12.6 % 49.7 % 49.5 % Equity Allocation 89.0 % 6.8 % 4.2 % 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. Q4'21 18.0 % 5.9 GAAP ROE 23.9 % 4.0 (0.3) 7.5 (0.9) (11.2) (1.8) (2.4) (0.7) 18.1 % Q3'21 17.8 % 5.1 (2) 22.9 % 6.6 (0.6) 6.5 (1.0) (13.0) (2.0) (2.4) (0.7) 16.3 % FY 2021 19.5 % 4.3 23.8 % 4.0 (0.8) 5.4 (1.3) (11.4) (1.6) (2.8) (0.7) 14.6 % Distributable ROE (2) Q4'21 16.7 % 5.1 READY CAPITAL. 21.8 % 4.0 7.5 (10.8) (1.8) (2.2) (0.7) 17.8 % Q3'21 17.8 % 5.1 22.9 % 6.6 (1.1) 6.5 (12.1) (2.0) (2.8) (0.7) 17.3 % FY 2021 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. 18.4 % 3. ROE based on net income before tax of the Residential Mortgage Banking business line divided by the business line's average monthly equity. 3.8 22.2 % 4.0 (0.4) 5.4 (10.9) (1.6) (2.6) (0.7) 15.4 % 17#18Diversified, Complementary, & Scalable Platforms PORTFOLIO BREAKDOWN¹ 17% 2% 5% 13% 50% 13% ■ Acquisitions ■ SBC Originations - Fixed rate ■ SBC Originations - Bridge ■ SBC Originations - Freddie Mac ■ Small Business Lending ▪ Residential Mortgage Banking REVENUE BREAKDOWN² ($ in thousands) $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 $5,752 $4,519 $29,481 Acquisitions SBC READY CAPITAL. $11,032 $40,763 SBC SBC Small Originations Originations Originations Business - Fixed rate - Bridge - Freddie Lending Mac 1. Assets include loans, MBS, servicing assets, JV investments, real estate owned, and purchased future receivables. 2. Based on QTD Distributable Earnings including 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. $26,673 Residential Mortgage Banking 18#19SBC and SBA Investment by Product Type QUARTERLY GROWTH¹ $2,400 $2,000 $1,600 $1,200 $800 $400 $0 $615.9 $140.2 $875.2 $652.8 $243.2 $132.1 $34.8 $65.6 Q4'20 ■SBA ■Fixed Rate/CMBS $164.4 $6.0 $52.0 Q1'21 1. Origination volumes are based on fully committed amounts in millions $1,250.0 $807.2 $240.5 $53.6 $148.7 Q2'21 ■Freddie Mac ■ Transitional $1,419.3 $136.2 $168.0 $730.4 $135.5 $104.9 $144.3 Q3'21 Acquired ■ Other READY CAPITAL. $2,405.2 $443.8 $29.0 $1,529.2 $169.3 $98.2 $135.7 Q4'21 19#20SBC Lending and Acquisitions ACQUIRED TRANSITIONAL FIXED/CMBS(6) AGENCY LOAN COUNT(1) 2,608 1,868 433 291 16 UPB $6.76B $1.20B $4.43B $1.09B $43M CURRENT QUARTER HIGHLIGHTS BOOK VALUE 1. Excludes joint venture investments 2. 56.9% of fixed rate loans match funded $6.71B $1.19B $4.39B $1.09B $44M Freddie Mac continued low rates averaging 3.4% with a money up pipeline of $121.7 million, including $23.5 million funded in January CRE money up pipeline of $1.1 billion, including $356.1 million funded in January WA LTV 65.5% 44.4% 72.0% 62.7% 69.7% 15% GROSS LEVERED YIELD 10% 5% 0% 3.3% 11.5% WA COUPON Q4 2020 4.6% 5.1% 4.2% 5.0% 3.4% 1.7% 10.4% Q1 2021 3. Calculated on unpaid principal balance 4. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation 5. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferred financing costs 6. Includes originated SBC floating rate loans that are included in our RCMT securitization and therefore, categorized as fixed/cmbs FIXED/FLOAT(2) 26.4 / 73.6% 52.1/47.9% 0.5/99.5% 99.1/0.9% 78.7/21.3% 3.0% 10.4% READY CAPITAL. Q2 2021 2.2% 10.1% Q3 2021 60%+(3) 1.8% 3.0% 1.0% 3.6% 0.0% 2.0% 10.3% Q4 2021 4 Income on joint venture investments and gains on loans, held for sale Gross levered yield (ex. gains) 5 20#21Small Business Lending ● LOAN COUNT ● 1,886 CURRENT QUARTER HIGHLIGHTS UPB $657M BOOK VALUE $623M WA LTV After-tax PPP income was $16.1 million 88.4% SBA net sales premiums peaking at 14.9% and averaging 11.5% net, with 19.6% of SBA sales sold for a higher future 10 strip Current money up pipeline of $169.0 million, including $20.6 million funded in January 100% GROSS LEVERED YIELD 80% 60% 40% 20% WA COUPON 0% 5.5% 34.6% 28.4% Q4 2020 50.4% 37.0% Q1 2021 FIXED/FLOAT 0.6 / 99.4% 1. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferred financing costs 2. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation 80.6% 18.6% Q2 2021 ■Gross levered yield (ex. gains) ¹ READY CAPITAL. 55.4% 20.7% Q3 2021 60%+(1) 1.2% 33.2% 16.5% Q4 2021 Gains on loans, held for sale 2 21#22Loan Portfolio Composition PROPERTY TYPE ▪ Multi-family 8% 9% 11% ▪ Retail SBC Lending and Acquisitions 14% ■ Office 41% Small Business Lending 10% ▪ Mixed-use ■ Other Investments 21% 58% 13% 15% - ▪ Lodging ▪ Doctors ▪ Retail Eating Place ■ Other GEOGRAPHY 1. Calculated on unpaid principal balance and excludes assets offset by guaranteed loan financing liabilities ■ Texas ■ California 44% ▪ California 53% ■ Texas SBC Lending and Acquisitions 20% 7% 7% ▪ Arizona ▪ Florida 8% Small Business Lending ▪ New York 17% 5% 14% 8% 5% READY CAPITAL. 12% ▪ Washington - Georgia Georgia ■ Other ■ Other 22#23Residential Mortgage Banking QUARTERLY ORIGINATIONS UPB $875.8M 46% Production by Purpose 54% ■ Purchased ■ Refinanced QUARTERLY SALES UPB $921.7M 21% 3% Sales by Investor 76% ■ Fannie/Freddie Ginnie Mae ■ Other $10 $8 $6 MSR PORTFOLIO UPDATE ($ in billions) $12 $4 $2 $0 3.7% $9.5 18% 37% Q4'20 Production 45% by Platform ■ Retail Correspondent Wholesale 3.6% 3.5% ITTH $10.7 $10.4 $9.9 Q1'21 READY CAPITAL. Q2'21 UPB — 3.4% Q3'21 WAC 3.4% $11.0 Q4'21 4.0% 3.5% 3.0% 2.5% 2.0% 23#24Loan Portfolio - Risk Rating RISK RATING DISTRIBUTION (1) 100% 80% 60% 40% 20% 0% 2.50 2.00 1.50 1.00 90% | 0.50 85% 1 & 2 RISK RATING DISTRIBUTION (²) 1.98 2.02 5% Q4'20 1.82 1.88 3 Q1'21 8% ■SBC SBA 1.72 1.69 Q2'21 3% 5% SBC SBA 4 1.62 1.71 Q3'21 2% 2% 5 1.51 1.68 Q4'21 1. Percentages reflect the risk rating distribution of the SBC and SBA loan portfolios based on UPB 2. Represents the average risk rating distribution of the SBC and SBA loan portfolios based on UPB 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. 24#25Financial Snapshot Investment Type SBC Lending and Acquisitions Small Business Lending Total Average Carrying Value(¹) 6,304,317 304,962 6,609,279 $ $ $ Book Equity Value Metrics Common Stockholders' equity Common Stockholders' equity (adjusted) (5) Total Common Shares outstanding Net Book Value per Common Share Adjusted Net Book Value per Common Share Q4 2021 Earnings Data Metrics Net income | Distributable earnings Earnings per share - Basic and diluted Distributable Earnings per share - Basic and diluted Return on Equity per Common Share Distributable Return on Equity per Common Share Dividend Yield (6) $ $ $ $ Gross Yield (2) Average Debt Balance Debt Cost (3) 5.4% $ 22.6% $ 6.2% $ 1,164,726 1,164,084 75,838,050 15.36 15.35 $53,588 | $52,535 $0.69 $0.68 $0.67 18.1% 17.8% 10.7% 5. Excludes the equity component of our 2017 convertible note issuance. 6. Q4 Dividend yield for the period is based on the 12/31/2021 closing share price of $15.63 4,694,787 181,848 4,876,635 Loan Portfolio Metrics (4) % Fixed vs Floating Rate % Originated vs Acquired Weighted Average LTV - SBC Weighted Average LTV - SBA 3.0% 4.2% 3.0% Servicing Portfolio Metrics $ SBA servicing rights - UPB SBA servicing rights- carrying value Freddie Mac servicing rights - UPB Freddie Mac servicing rights - carrying value Residential servicing rights - UPB Residential servicing rights - carrying value READY CAPITAL. Levered Yield 12.6% 49.7% 18.0% 26% / 74% 84% / 16% 66% 88% 856,188 22,157 4,232,969 62,300 10,995,685 120,142 1. Average carrying value includes average quarterly carrying value of loan and servicing asset balances 2. Gross yields include interest income, accretion of discount, MSR creation, income from our unconsolidated joint venture, 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. 3. The Company finances the assets included in the Investment Type through securitizations, repurchase agreements, warehouse facilities and bank credit facilities. Interest expense is calculated based on interest expense and deferred financing amortization for the quarter ended 12/31/2021 on an annualized basis. 4. Excludes loans, held for sale, at fair value 25#26READY CAPITAL. APPENDIX Additional Financial Information#27Balance 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 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 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 $ 12/31/2020 $ $ $ 138,975 47,697 1,550,624 340,288 74,931 88,011 250,132 79,509 17,308 16,363 114,663 45,348 89,503 2,518,743 5,372,095 $ 1,294,243 76,276 1,905,749 112,129 330,648 401,705 250,132 11,604 19,746 135,655 $ 4,537,887 S 5 3/31/2021 308,428 S 62,961 1,611,826 473,078 1,292,808 682,948 260,110 221,464 173,437 75,048 86,994 13,240 7,213 12,529 6,600 138,941 145,265 73,454 71,267 151,503 120,214 2,898,727 2,976,897 8,016,955 $ 8,976,892 $ 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 98,241 7 6/30/2021 849,541 (24,203) (9,947) 815,396 1,088,512 (20,027) (7,042) 1,159,691 19,061 18,812 834,208 $ 1,178,752 5,372,095 $ 8,016,955 14.98 $ 14.89 200,723 57,118 2,222,284 470,184 2,178,586 1,703,034 2,286,624 2,309,217 112,684 513,494 363,955 173,437 3,717 33,968 180,018 $ 7,680,148 8,361 209,619 7 $ $ 1,090,162 (23,105) (7,157) 1,269,526 18,857 $ 1,288,383 $ $ 8,976,892 $ $ 14.87 $ 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 33,564 189,194 8,026,727 8,361 111,378 7 READY CAPITAL. S $ $ 1,115,471 (10,395) (6,276) 1,210,185 19,125 1,229,310 $ 9,264,398 $ 15.06 $ 12/31/2021 229,531 51,569 2,915,446 552,935 870,352 99,496 94,111 141,148 7,872 7,022 204,599 42,288 172,098 4,145,564 9,534,031 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 1,161,853 8,598 (5,733) 1,276,104 4,494 1,280,598 9,534,031 15.35 27#28Statement 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 loan losses Non-interest income Residential mortgage banking activities Net realized gain on financial instruments and real estate ow ned 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 (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 $ $ $ $ $ $ $ $ $ $ $ $ $ Q4 2020 64,810 (41,319) 23,491 258 23,749 $ $ $ 59,963 9,795 (4,339) 11,401 1,794 3,439 1,353 83,406 $ $ (18,084) $ (2,250) (27,016) (4,728) (2,741) (1,333) (6,734) (12,442) (75,328) $ 31,827 $ (4,268) 27,559 $ 648 26,911 $ 0.49 $ 0.49 $ 54,338,209 54,420,064 0.35 $ Q1 2021 73,371 $ (50,761) 22,610 8 22,618 $ $ 41,409 8,846 20,996 15,635 2,317 (809) 571 88,965 $ (22,777) $ (2,123) (15,485) (2,982) (2,693) (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 $ READY CAPITAL. 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 $ Q4 2021 121,942 (57,249) 64,693 (961) 63,732 21,928 19,642 8,081 10,209 2,323 816 3,452 66,451 (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 28#29Distributable 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 iv) v) vi) We calculate Distributable earnings as GAAP net income (loss) excluding the following: i) ii) $ S S $ $ S $ $ Q4 2020 27,559 4,087 (3,587) 445 1,323 2,268 29,827 (1,023) 28,804 677 305 27,822 0.51 54,338,209 S S 600 $ $ S $ Q1 2021 28,947 (15,356) (29) 7,263 (8,122) S 20,825 $ 3,883 24,708 563 376 281 23,488 0.41 56,817,632 $ S 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 $ $ Q2 2021 30,904 4,699 4,035 510 2,971 12,215 S 43,119 $ (1,691) 41,428 595 392 $ S 3,224 37,217 $ 0.52 S 71,221,806 READY CAPITAL. Q3 2021 46,535 $ (147) S (1,329) (10) 5,485 3,999 S 50,534 $ (1,169) 49,365 802 445 1,999 46,119 0.64 71,618,168 $ S $ $ 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. 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 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. 29#30RC LISTED NYSE READY CAPITAL.