#1RC LISTED NYSE READY CAPITAL® INVESTOR PRESENTATION November 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 September 30, 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 All-weather investment strategy as a direct lender and acquiror of bulk portfolios, including distressed $10.2 billion2 portfolio of more than 5,500 loans diversified across 50 states & Europe with 99% senior lien Resilient current dividend yield of 12.3%³; 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 approximately 600 employees across the Company's 9 offices Integrated with Waterfall Asset Management, LLC, a leading $11.2 billion global. structured products investment manager with a 17-year track record 1. Inclusive of preferred stock 2. Excludes Paycheck Protection Program loans 3. As of November 11, 2022 READY CAPITAL. 3#4Diversified Investment Strategy Capital allocated opportunistically to highest ROE Operating Company across economic cycle Products: Strategy: Target Return: 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 ■Bridge 11% 4% 11% 15% Fixed rate/CMBS Other ¹ ■Small Business Lending 5% -2% 52% Construction ■Freddie Mac² Residential Mortgage Banking TTM CORE EARNINGS CONTRIBUTION 27% 4% 8% 4% Bridge ■Fixed rate/CMBS Other1 ■Small Business Lending 12% READY CAPITAL. 6% 39% Construction ■ Freddie Mac² Residential Mortgage Banking 1. Loans with the "Other" classification are generally SBC acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories 2. Includes construction and permanent financing activities for the preservation and construction of affordable housing, primarily 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 Dec. 2019 $106mm equity follow on 2019 Jul. 2019 Dec. 2019 $104mm 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 2021 June 2021 $115mm preferred stock READY CAPITAL. Feb. 2021 $201mm baby bond Dec. 2021 110mm senior notes Oct. 2021 $350mm senior secured notes 2022 Apr. 2022 $120mm senior notes Jan. 2022 $107.1mm equity follow-on Sep. 2022 $20mm senior notes Jul. 2022 $80mm senior notes 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 $1.5 Q3 2022 Total Market Value Estimate: $3.7 Trillion $0.9 $0.6 $0.7 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 1. All-weather origination platform with ability to allocate capital to the best opportunities across 9 products spanning ground-up to stabilized 1 of 12 Freddie Mac Small Balance Loan lenders; ranked #5 based on 2021 volume Over $15.7 billion¹ 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 $4.1 billion¹ 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 23 loan officers, with headquarters in New York & Texas and 3 satellite offices As of October 31, 2022 READY CAPITAL. 9#10SBC Investment by Platform $5,000 HISTORICAL INVESTMENT ACTIVITY¹ $4,000 $3,000 $2,000 $1,000 1. 2. 3. 39.0% 10-year CAGR $0 Current 0.8% SBC market share with 1.5% 3-year target $1,537 $862 Pre-2016 (2) $140 $588 2016 $98 $868 2017 In millions. SBC Acquisitions began in 2008; Originations began in 2013 As of October 31, 2022 $372 $1,188 2018 $863 $1,738 2019 ■Acquisitions ■Originations $208 $1,142 2020 $197 READY CAPITAL. $5,272 2021 $660 $3,921 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 BRIDGE Vacant Rehabilitation Adaptive Re-Use Renovation Value Add Typically, 2-3 Years Plus Extensions $6-75MM $75MM + Portfolios 80% Lean-to-Cost BRIDGE-TO-PERM Multifamily, Industrial, Office, Future availability to be Self-Storage, Essential Retail announced LIGHT TRANSITIONAL $2-75MM S75MM+ 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 STABILIZED 5,7,10 Years CORRESPONDENT AGENCY Defexsance Yield Maintenance Cash Out Term Refinance Interest Rate Arbitrage Bridge Refinance Permanent Acquisition Recapitalization 80% Lean-to-Value $1-100MM Up to 30 Years READY CAPITAL. Floating Rate Fixed Rate FREDDIE MAC SBL Multifamily $1-$7.5MM Declining Yield Maintenance 5,7,10 Years Hybrid: 20 Years Floating Rate Hybrid AFFORDABLE HOUSING AFFORDABLE HOUSING Construction to Perm Private Loan Financing for Eventual LIHTC Takeout SEMM+ 90% Loan-to-Value Typically, 7 Years Defeasance Yield Maintenance Floating Rate Fixed Rate Multifamily Affordable 11#12Case Studies - CRE Bridge Transaction Transaction Overview ■ Multifamily Phoenix, AZ ■ 1 multifamily property ▪ 274 units Acquisition / Renovation / Stabilization $54M loan ■ Metrics / Loan Details $54M loan commitment for the acquisition (82% LTPP) ▪ 36-month 10 loan with two 12-month extension options ■ Priced at 1M LIBOR + 3.35% ▪ Loan is structured with $5.5M in future funding proceeds to renovate the units to provide accretive rents ■ Stabilized credit metrics are 67% LTV and 6.9% DY I 201 Opportunity Overview ▪ Renovation and stabilization of a 274-unit multifamily property in Phoenix, AZ ■ READY CAPITAL. Property benefits from strong occupancy of 95% at closing with in-place DY of approximately 4.5% Sponsor plans on implementing a $12k/unit renovation on average and expects to increase rents by $325/month Sponsor is an experienced Phoenix area multifamily investor with a successful track record executing value-add business plans 12#13SBC Lending and Acquisitions LOAN COUNT(1) 2,325 255 577 22 1,471 PRODUCT TYPE FIXED RATE (3) BRIDGE CONSTRUCTION OTHER (4) GEOGRAPHY DAPE UPB $9.55B $976M $7.41B $517M $644M BOOK VALUE $9.44B $972M $7.34B $496 M $636M WALTV 65.2% 60.9% 68.5% 65.3% 34.0% WA COUPON PROPERTY TYPE Powered by Bing GeoNames, Microsoft, Tom Tom 6.4% 5.0% 6.3% 11.1% 5.7% 5% 6% 8% 9% READY CAPITAL. FIXED/FLOAT (²) 15.6 / 84.4% 99.4 / 0.6% 1.1/98.9% 31.1/68.9% 43.7 / 56.3% 72% 60+ DAYS PAST DUE 1. Excludes joint venture investments 2.75% of fixed rate loans match funded 3. Includes originated SBC floating rate loans that are included in our RCMT securitization and therefore, categorized as Fixed/CMBS 4. Loans with the "Other" classification are generally SBC acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories 5. 100% of construction loans 60+ days past due were acquired as part of the Mosaic Merger 3.2% 3.0% 1.7% 21.3% (5) 5.5% Multi-family Mixed-use ■ Retail Office - Other Investments 13#14READY CAPITAL Small Business Lending#15Small 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 #6 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 230 staff, including 23 business development officers, with headquarters in New Jersey & Florida and 5 satellite offices 1. Source: SBA.gov. READY CAPITAL. 15#16Small 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) 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 $86.2 2015 $92.4 $95.1 $97.3 2016 2017 2018 $103.9 $78.8 $80 $73.0 $60 m $40 $20 2019 $106.7 ● 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 7(a) LOAN APPROVALS (BILLIONS) Originator sells 75% pro-rata interest in loan pooled into SBA Certificates & sold at ~9% + premium retaining 25% and servicing rights $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 $25.7 2017 2018 2019 2020 2021 2022 16#17SBA Investments 600 ORIGINATIONS1 500 400 300 200 100 0 $11.6 70.3% CAGR 2015 Current 1.6% 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 October 31, 2022 $45.4 2016 $129.8 2017 $213.0 2018 $216.3 2019 $216.6 2020 $480.8 READY CAPITAL. $402.0 li 2021 2022 YTD (2) 17#18SBA 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% 18#19Small Business Lending LOAN COUNT 2,320 GEOGRAPHY UPB $585M BOOK VALUE $546M WALTV 89.5% Powered by Bing GeoNames, Microsoft, Tom Tom WA COUPON 6.7% PROPERTY TYPE ▪ Lodging 39% ■ Retail 10% FIXED/FLOAT 0.3 / 99.7% ■ Doctors 22% 14% READY CAPITAL. 15% ▪ Eating Place 60+ DAYS PAST DUE 1.5% ■ Other 19#20READY CAPITAL Residential Mortgage Banking#21Residential Mortgage Banking Overview 1. 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 Year to Date GMFS Originations of $2.2 billion ¹ As of October 31, 2022 READY CAPITAL. 21#22Production 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% 33% $728 $1,460 2015 2016 DIVERSIFIED PRODUCTION CHANNELS WITH FOCUS ON RETAIL CHANNEL GROWTH 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. $567 $1,484 2022 22% 34% 44% 2022 YTD 22#23Servicing Asset HISTORICAL RETENTION RATES EXCEEDING 15% $12,000 $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. $11,972 3.5% 2022 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 23#24READY CAPITAL Financial Overview & Performance#25Historical Performance Net Income²: Distributable Earnings ²: Distributable Earnings per Share: 120% 100% 80% 60% 40% 20% TOTAL SHAREHOLDER RETURN 0% -20% -40% 4Q 2021 1Q 2022 Nov-16 $53.6 $52.5 $0.67 Q4'16 Q1'17 $64.3 Q2'17 $48.9 $0.52 Q3'17 Q4'17 2Q 2022 $59.0 $60.1 $0.48 Q1'18 Q2'18 Q3'18 3Q 2022 $66.3 $58.2 $0.46 Q4'18 1. As of quarter end market prices 2. In millions 3. Excludes the equity component of our 2017 convertible note issuance Q1'19 Dividends per Share: Dividend Yield on Market Price ¹: Q2'19 Book Value per Share ³: Q3'19 Q4'19 Q1'20 4Q 2021 $0.42 10.75% $15.35 Q2'20 Q3'20 Q4'20 1Q 2022 2Q 2022 $0.42 11.16% $15.22 Q1'21 Q2'21 READY CAPITAL. $0.42 14.09% Q3'21 $15.28 Q4'21 Q1'22 3Q 2022 $0.42 16.57% $15.40 Q2'22 Q3'22 25#26Third Quarter Strategic Highlights Issued $100.0 million in aggregate principal amount of 7.375% Senior Unsecured Notes due 2027. Increased the size of the Company's existing stock repurchase program by an additional $25 million, bringing the total amount authorized under the program to $50 million. In September, the Company acquired approximately 370 thousand shares of the Company's common stock through the share repurchase program at an average price of $10.29. In October, the Company acquired an additional 3.6 million shares of the Company's common stock at an average price of $10.34. In October, the Company completed the securitization of $860.1 million of floating rate SBC loans and sold $656.9 million of senior bonds with a weighted average cost of debt of SOFR + 3.0%. READY CAPITAL. 26#27Return on Equity Segment SBC Lending and Acquisitions Small Business Lending Residential Mortgage Banking Levered Yield (1) 11.5 % 39.2 % 51.4 % Distributable Levered Yield (¹) 11.5 % 39.2 % 5.0 % Equity Allocation 90.3 % 4.5 % 5.2 % Corporate leverage, net of non-earning assets Gross return on equity Realized & unrealized gains, net Loan loss provision PPP revenue, net of direct expenses (4) Non-recurring gains, losses and expenses (5) 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. 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. GAAP ROE Q3'22 14.8 % 4.4 19.2 % 3.0 (0.8) 4.8 (0.3) (8.4) (1.4) (1.1) (0.5) 14.5 % (2) Q2'22 13.3 % 3.9 17.2 % 1.3 1.0 5.9 (0.5) (8.1) (1.2) (2.3) (0.5) 12.8 % READY CAPITAL. Distributable ROE (2) Q3'22 12.4 % 3.1 15.5 % 3.0 (0.2) 4.8 (8.1) (1.4) (0.4) (0.5) 12.7 % Q2'22 13.3 % 3.9 17.2 % 1.3 0.5 5.9 (7.6) (1.2) (2.5) (0.5) 13.1 % 3. ROE based on net income before tax of the Residential Mortgage Banking business line divided by the business line's average monthly equity. 4. Includes Employee Retention Credit processing fee income 5. Non-recurring gains, losses and expenses before applicable tax expenses. 27#28Financial Flexibility UNENCUMBERED ASSET POOL $800 $600 $400 $200 $0 ■ Unrestricted cash ▪ Servicing rights 7% $115 2023 19% 14% CORPORATE DEBT MATURITY PROFILE ($ in millions) 2024 20% $1.0B Total Unencumbered Assets ■ Securities - REO 32% 8% $120 ▪ Loans ■ Other Assets .I. $661 $246 2025 2026 2027 and beyond HIGHLIGHTS READY CAPITAL. Diversified unencumbered asset pool of $1.0 billion, including $200 million of unrestricted cash 1.4x unencumbered assets to unsecured debt $2.4 billion in available warehouse borrowing capacity across 20 counterparties Limited usage of securities repo financing at 4.0% of total debt Full market to market liabilities and credit mark to market liabilities represent 16% and 13% of total debt, respectively 90% of corporate debt maturities in 2025 or later 28#29Debt - Leverage PPPLF Securitized Debt Obligations Non-Recourse Secured Borrowings Recourse Secured Borrowing Corporate Debt Debt Balance $306 $4,430 $1,545 $1,803 $1,119 Leverage Ratio 0.1x 2.4x 0.8x 1.0x 0.6x ● Total leverage of 4.9x Recourse leverage ratio of 1.6x Majority of secured borrowings subject to non-recourse or limited recourse terms Recourse Leverage by Reporting Segment(¹) ($ in millions) $1,500 $1,000 $500 $0 $1,449 0.5x SBC 1.8x $148 SBL Debt READY CAPITAL. 1.3x $206 Residential Recourse Leverage 1. Recourse leverage by reporting segment is based on the segment recourse debt balance over invested equity in the segment and excludes guaranteed loan financings $1,119 0.6x Corporate 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 29#30Revenue 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 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 READY CAPITAL. ■NIM Servicing Gain on Sale Mortgage Banking Other Current WA Servicing Fee: 32bps Current WAC: 6.3% 30#31Loan Portfolio - Risk Rating RISK RATING DISTRIBUTION 100% 80% 60% 40% 20% 0% 89% 88% 1.75 1.70 1.65 1.60 1.55 1.50 1.45 1.40 1.35 1 & 2 AVERAGE RISK RATING 1.62 1.71 5% 6% Q3'21 1.68 3 Q4'21 SBC SBA 1.63 ¡¡¡ 1.51 1.48 1.47 Q1'22 3% 4% SBC SBA 1.70 3% 2% Q2'22 5 1.52 1.67 Q3'22 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. 31#32READY CAPITAL Waterfall Asset Management#33A Successful & Proven Asset Manager WATERFALL Asset Management 17 yr Investment record $11.2B AUM 170+ Employees 70+ Investment professionals 60+ yr Leadership team combined experience RC 18% Loans 26% RE PE 4% 2% $11.2B AUM ABS 50% READY 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 • 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) 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. 33#34READY CAPITAL APPENDIX Additional Financial Information#35Balance 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 $ 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 1,115,471 (10,395) (6,276) 1,210,185 19,125 $ $ 1,229,310 9,264,398 15.06 $ 12/31/2021 S 229,531 51,569 2,915,446 552,935 870,352 99,496 94,111 141,148 211,369 56,963 4,062,335 523,214 554,656 93,259 82,975 149,475 57,285 8,753 36,852 46,530 204,599 244,143 253,511 42,288 119,207 119,557 172,098 4,145,564 186,089 5,089,669 183,887 5,996,219 $ 9,534,031 $ 11,476,244 $ 11,937,315 $ 7,872 7,022 2,517,600 941,505 3,214,303 113,247 783,852 345,217 16,400 94,111 410 34,348 668 183,411 $ 8,245,072 $ 8,361 111,378 8 3/31/2022 1,161,853 8,598 (5,733) 1,276,104 4,494 $ 1,280,598 $ 9,534,031 $ 15.35 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 6/30/2022 $ 1,958,735 $ $ 11,476,244 $ $ 15.21 $ 127,939 64,746 3,907,321 469,442 389,189 40,648 54,784 224,220 50,618 8,704 3,212,383 427,759 4,533,789 READY CAPITAL. 113,818 907,699 304,158 92,548 54,784 1,303 51,185 53,544 24,737 189,182 $ 9,966,889 $ 8,361 111,378 11 1,723,580 27,298 (2,815) 1,859,452 102,613 1,962,065 $ 11,937,315 $ 15.28 $ 9/30/2022 208,037 57,675 4,158,807 403,609 275,761 37,895 65,188 119,272 40,089 8,593 26,212 277,692 82,977 213,030 5,883,374 11,858,211 3,348,249 305,797 4,429,846 114,108 1,005,159 283,822 33,200 65,188 4,345 51,136 54,104 14,881 171,152 9,880,987 8,361 111,378 11 1,720,019 40,079 (4,505) 1,866,982 101,881 1,968,863 11,858,211 15.40 35#36Statement of Income by Quarter (In thousands, except share data) Interest income Interest expense Net interest income before (provision for) recovery of 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 (loss) on financial instruments Servicing income, net of amortization and impairment Income on purchased future receivables, net Income (loss) on unconsolidated joint ventures Other income Total non-interest income 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 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 S $ S S $ S $ S $ $ $ $ Q3 2021 105,136 S (50,136) 55,000 (1,579) 53,421 37,270 23,210 5,688 10,243 2,838 3,548 5,674 88,471 $ $ S $ (24,537) $ (3,804) (24,380) (6,900) (2,742) (2,775) (8,124) (2,629) (12,926) (88,817) $ 53,075 S (6,540) 46,535 $ 1,999 756 43,780 $ 0.61 $ 0.60 $ 71,618,168 71,787,228 0.42 S Q4 2021 121,942 S (57,249) 64,693 $ (961) 63,732 $ 21,928 19,642 8,081 10,209 2,323 816 3,452 66,451 $ S (18,481) S (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 S 8,424 8,007 45,315 10,528 2,469 6,563 6,501 87,807 S S $ (27,968) S (3,000) (979) (5,126) (3,196) (8,920) (5,699) (12,653) (67,541) $ 82,112 S (17,849) 64,263 $ 1,999 775 61,489 $ 0.70 $ 0.66 $ 87,707,281 95,402,494 0.42 $ READY CAPITAL. Q2 2022 153,671 S (80,827) 72,844 $ 4,390 77,234 2,947 S 21,114 (3,253) 14,565 1,859 5,200 8,334 50,766 $ (3,851) (5,465) S (26,089) S (1,804) 4,532 (10,296) (1,372) (14,372) (58,717) $ 69,283 S (10,318) 58,965 $ 1,999 2,874 54,092 $ 0.47 $ 0.45 $ 114,359,026 125,065,851 0.42 $ Q3 2022 186,026 (115,495) 70,531 (3,431) 67,100 12,053 21,117 16,460 12,189 1,162 (603) 16,150 78,528 (25,941) (1,745) (9,061) (3,865) (5,410) (949) (10,697) (1,535) (15,396) (74,599) 71,029 (4,776) 66,253 1,999 3,023 61,231 0.53 0.50 114,371,160 125,666,609 0.42 36#37Distributable Earnings Reconciliation by Quarter Q4 2021 53,588 (In thousands, except share data) Net Income Reconciling items: Unrealized (gain) loss on MSR Impact of CECL 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-basic Weighted average common shares outstanding We calculate Distributable earnings as GAAP net income (loss) excluding the following: i) $ iii) iv) v) vi) S S $ $ $ $ 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 $ S S $ $ S $ $ $ (6,119) 845 (1,441) 5,036 (1,679) S 51,909 $ 626 52,535 364 377 1,999 49,795 0.67 74,163,951 S $ $ $ Q1 2022 64,263 87,707,281 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 $ (32,599) 1,968 1,567 6,655 (22,409) 41,854 7,009 48,863 589 413 1,999 45,862 $ 0.52 $ S S $ $ S Q2 2022 58,965 READY CAPITAL. 114,359,026 $ 16 (2,110) 700 3,248 1,854 S 60,819 $ (717) 60,102 2,929 413 1,999 54,761 $ 0.48 $ S $ S Q3 2022 66,253 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. (16,649) 2,462 2,927 (11,260) 54,993 3,193 58,186 2,655 408 1,999 53,124 0.46 114,371,160 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. 37#38RC LISTED NYSE READY CAPITAL®