#1RC LISTED NYSE READY CAPITAL® INVESTOR PRESENTATION March 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 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 Largest non-bank lender to both investors in and owners of small balance commercial ("SBC") properties with current market capitalization just under $1.3 billion 1.2 All-weather investment strategy as a direct lender and acquiror of bulk portfolios, including distressed $1.3 billion2 equity capital supporting $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 1, 2022 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 Products: Strategy: Target Return: History SBC LENDING & 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) 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 19% 6% SBC Loan Originations ▪ SBA 7(a) ■ Other Investments 3% 72% ■SBC Loan Acquisitions ▪ Residential Mortgage Banking TTM CORE EARNINGS CONTRIBUTION 11% 31% - SBC Loan Originations ▪ SBA 7(a) ■ Other Investments 8% READY CAPITAL. 10% 40% 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 $4.0T OF COMMERCIAL MORTGAGE DEBT OUTSTANDING Small Balance 15% Large Balance 85% 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 (%) 7#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 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. 8#9Platform Growth HISTORICAL GROWTH¹ $5,000 $4,000 $3,000 $2,000 $1,000 $0 38.9% 10-year CAGR Current 1.5% SBC market share with 1.5% 3-year target $22 2008 $19 2009 1. In millions 2. As of February 28, 2022 $158 2010 $356 2011 $204 2012 $222 $110 2013 $348 $313 2014 $439 $209 2015 $588 $140 2016 ■Acquisitions ■Originations $98 $868 2017 $1,188 اس $372 2018 $1,738 $863 2019 READY CAPITAL. $1,142 $208 $5,272 2020 $197 2021 $1,158 $5 2022 YTD(2) 9#10SBC Product Offerings PRODUCT LOAN PURPOSE LOAN SIZE MAX LEVERAGE TERM PREPAYMENT RATE TYPE PROPERTY TYPE HEAVY TRANSITIONAL BRIDGE Vacant Rehabilitation Adaptive Re-Use Renovation Value Add $5-75MM $75MM + Portfolios Typically 3 Years Plus Extensions Floating Rate Hybrid LIGHT TRANSITIONAL BRIDGE-TO-PERM Renovation Lease Up Rent Optimization Event Driven Bridge to Near Term Refinance 80% Loan-to-Cast Up to 3 Years Plus Extensions Minimum Interest BRIDGE-TO-AGENCY Multifamily, Industrial, Office, Self-Storage, Essential Retail $1-100MM Up to 2 Years Plus Extensions Floating Rate Fixed Rate Multifamily STABILIZING STRUCTURED FIXED RATE Final Lease Up Seasoning Lease Expiration Prepay Flexibility Mid-Term Refinance $2-45MM 2-10 Years Customized Declining Yield Maintenance Fixed Rate All Property Types CMBS DIRECT 5, 7, 10 Years 80% Loan-to-Value Defeasance Yield Maintenance READY CAPITAL. STABILIZED CORRESPONDENT AGENCY Cash Out Term Refinance Interest Rate Arbitrage Bridge Refinance Permanent Acquisition/Recapitalization $1-100MM Up to 30 Years Declining Yield Maintenance Floating Rate Fixed Rate FREDDIE MAC SBL Multifamily $1 - $7.5MM 5, 7, 10 Years Hybrid: 20 Years Fixed Rate Hybrid 10#11Transitional 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% 11#12Fixed 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% 12#13Freddie 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% 13#14SBC Lending and Acquisitions ACQUIRED TRANSITIONAL FIXED/CMBS AGENCY GEOGRAPHY LOAN COUNT 2,608 1,868 433 291 16 1.56.9% of fixed rate loans match funded UPB $6.76B $1.20B $4.43B $1.09B $43M BOOK VALUE $6.71B $1.19B $4.39B $1.09B $44M Powered by Bing Ⓒ GeoNames, Microsoft, TomTom WALTV 65.5% 44.4% 72.0% 62.7% 69.7% WA COUPON PROPERTY TYPE ■ Multi-family 4.6% 5.1% 4.2% 5.0% 3.4% 8% 9% 11% ■ Retail 14% ■ Office READY CAPITAL. FIXED/FLOAT (1) 26.4 / 73.6% 52.1/47.9% 0.5/99.5% 99.1 / 0.9% 78.7/21.3% 58% ■ Mixed-use 60+ DAYS PAST DUE 1.8% 3.0% 1.0% 3.6% 0.0% ■ Other Investments 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 #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. 16#17Small 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 $80 $60 $40 $20 ● $0 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 $73.0 || 2015 $78.8 1. Source: SBA.gov 2016 $86.2 2017 $92.4 2018 $95.1 $97.3 2019 2020 $103.9 2021 ● 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 ||||| 2017 $23.9 $24.5 READY CAPITAL. 2015 2016 2018 $23.6 2019 $22.8 2020 $36.8 2021 17#18SBA 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 $112,500 $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 15% (net of SBA Split) 71.5% Year 1 Gross Return $112,500 10% 3.00% $14,375 ($5,688) $7,500 $128,687 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% $14,375 ($5,688) $7,500 21.6% Ongoing Gross Return $16,187 18#19Platform Growth 600 500 ORIGINATIONS1 400 300 200 100 0 $11.6 86.0% CAGR 2015 Current 1.92% non-bank market share with 2.0% 3-year target or ~$500 million in volume Approximately $5.0 billion of PPP loans originated 1. In millions 2. As of February 28, 2022 $45.4 2016 $129.8 2017 $213.0 2018 $216.3 2019 $216.6 2020 $480.8 READY CAPITAL. 2021 $57.9 2022 YTD (2) 19#20SBA 7(a) Case Study Name: Location: Loan Purpose: Business: Creative JDEA, Inc. Los Angeles, CA 90020 Real Estate Purchase Office Building NEWPAGE LOAN AMOUNT: PRICING BASIS: RATE: GUARANTEE: LIEN: ORIGINATION DATE: TERM (MONTHS): AMORTIZATION (MONTHS): LOAN-TO-VALUE: PERSONAL GUARANTEE: RETAINED YIELD: $3,350,000 Variable Prime + 125 bps 75% 1 st February 2022 300 READY CAPITAL. 300 84% Yes 16.37% 20#21Small Business Lending LOAN COUNT 1,886 GEOGRAPHY UPB $657M BOOK VALUE $623M WALTV Powered by Bing Ⓒ GeoNames, Microsoft, TomTom 88.4% WA COUPON 5.5% PROPERTY TYPE ▪ Lodging 41% ■ Doctors FIXED/FLOAT 0.6 / 99.4% 10% ▪ Retail 21% 13% READY CAPITAL. 15% ▪ Eating Place 60+ DAYS PAST DUE 1.2% ■ Other 21#22READY CAPITAL Residential Mortgage Banking#23Residential 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. 23#24Production Metrics PURCHASE VOLUME HAS ACCOUNTED FOR ~60% OF HISTORICAL PRODUCTION (IN MILLIONS) $4,500 $3,000 $1,500 $0 100% 80% 60% 40% 20% $636 $1,189 0% 2015 35% 32% DIVERSIFIED PRODUCTION CHANNELS WITH FOCUS ON RETAIL CHANNEL GROWTH 33% $728 $1,460 2015 2016 27% 40% 33% $463 $1,508 2016 2017 25% 38% 37% 2017 $398 $1,380 2018 ■ Purchase ■ Refi Retail Correspondent 22% 36% 42% 2018 $775 $1,439 ■Wholesale 2019 20% 32% 48% 2019 $2,435 $1,812 2020 21% 31% 48% 2020 READY CAPITAL. $2,110 $2,095 2021 21% 33% 46% 2021 24#25Servicing Asset HISTORICAL RETENTION RATES EXCEEDING 35% $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 UPB 4.1% $7,467 2018 WAC 4.1% $8,165 2019 $9,529 3.7% 2020 READY CAPITAL. $10,996 3.4% 2021 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 25#26READY CAPITAL Financial Overview & Performance#27Fourth 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 Yield 4 of 10.7% ▪ CRE originations and acquisitions of $2.3 billion ▪ SBA loan originations of $135.7 million ▪ Residential mortgage loan originations of $876.3 million READY CAPITAL. ▪ 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 27#28Fourth 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 ▪ 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 READY CAPITAL. ■ 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 is expected to close during Q1 2022. 1. Liquidity balance as of February 24, 2022 2. Excludes the equity component of our 2017 convertible note issuance 28#29Return 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 18.4 % 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. 3.8 22.2 % 4.0 (0.4) 5.4 (10.9) (1.6) (2.6) (0.7) 15.4 % 29#30Capital Structure HISTORICAL CAPITAL STRUCTURE Total Debt & Eqty ($M) Funding Mix $4,553 $7,233 $8,222 $8,531 42% 30% 7% 3% 18% Q4 2020 30% 44% 7% 2% 500 15% Q1 2021 28% 49% 643 6% % 13% Q2 2021 31% 47% 6% 1% 2% 13% Q3 2021 ■Securitized debt oblications Credit faciities and repurchase agreements Senior secured notes and Corporate debt ■Convertible senior notes Preferred Equity Common Stockholders Equity $8,859 36% 39% 9% 1% 2% 13% Q4 2021 HISTORICAL LEVERAGE 6.0 5.0 4.0 3.0 2.0 1.0 0.0 4.5x 2.2x Q4 2020 5.1x 2.3x Q1 2021 Senior Secured Notes Senior Unsecured Notes Debt-to-equity ratio Corporate Financing (in millions) Convertible Notes Baby Bonds Junior Subordinated Notes Series C Convertible Preferred Stock Series E Preferred Stock Total 5.4x 1.8x Q2 2021 READY CAPITAL. 5.9x 2.2x Q3 2021 Principal Balance $115.0 5.9x $350.0 $110.0 $305.5 $36.3 $8.4 $115.0 $1,040.2 2.7x -Recourse debt-to-equity ratio Q4 2021 Coupon 7.0% 4.5% 5.5% 5.9% 3.3% 6.3% 6.5% 5.6% 30#31Revenue Trends 120,000 100,000 80,000 60,000 40,000 20,000 READY CAPITAL. Diverse & re-occurring revenue from stabilized net interest and servicing revenue with alpha from gain on sale operations Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 ■NIM Servicing Gain on Sale Mortgage Banking Other Current WA Servicing Fee: 28bps Current WAC: 4.8% 31#32Current Liquidity 1,2 $300 $250 $200 $150 $100 $50 $0 $154 Cash & Cash Equivalents 1. As of March 1, 2022 2. in Millions $50 Approved Warehouse Advance and Anticipated Proceeds from Securitization Settlement $24 P&I Collections $21 Estimated Proceeds on AFS $249 READY CAPITAL. Total Available Liquidity 32#33Historical Performance Net Income²: Distributable Earnings ²: Distributable Earnings per Share: 120% 100% 80% 60% 40% 20% TOTAL SHAREHOLDER RETURN 0% -20% -40% 1Q 2021 2Q 2021 Nov-16 $28.9 $24.7 $0.41 Q4'16 $30.9 Q1'17 $41.4 $0.52 Q2'17 Q3'17 3Q 2021 $46.5 $49.4 $0.64 Q4'17 Q1'18 4Q 2021 Q2'18 $53.6 $52.5 $0.67 1. As of quarter end market prices 2. In millions 3. Excludes the equity component of our 2017 convertible note issuance Q3'18 Q4'18 Dividends per Share: Dividend Yield on Market Price ¹: Book Value per Share ³: Q1'19 Q2'19 Q3'19 1Q 2021 $0.40 11.92% $14.89 Q4'19 Q1'20 2Q 2021 3Q 2021 Q2'20 $0.42 10.59% READY CAPITAL. $14.87 $0.42 11.64% $15.06 12.20 4Q 2021 $0.42 10.75% $15.35 Q4'21 0820 040 0121 DIA 0521 042A 33#34Loan Portfolio - Risk Rating RISK RATING DISTRIBUTION 100% 80% 60% 40% 20% 0% 2.50 2.00 1.50 AVERAGE RISK RATING 1.00 90% | 0.50 85% 1 & 2 1.98 2.02 5% Q4'20 1.82 1.88 Q1'21 3 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 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. 34#35READY CAPITAL Waterfall Asset Management#36Waterfall - 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. 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 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. 36#37READY CAPITAL APPENDIX Additional Financial Information#38Balance 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 38#39Statement 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 $ (27,016) (4,728) (2,741) (1,333) (6,734) $ $ $ (18,084) $ (2,250) (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 39#40Distributable 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 iii) iv) v) vi) We calculate Distributable earnings as GAAP net income (loss) excluding the following: i) $ 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. 40#41RC LISTED NYSE READY CAPITAL®