#1RC LISTED NYSE READY CAPITALⓇ INVESTOR PRESENTATION November 2023#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 September 30, 2023, 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 capitalization of approximately $2.7 billion1 All-weather investment strategy as a direct lender and acquiror of bulk portfolios, including distressed $11.1 billion² portfolio of more than 5,500 loans diversified across 50 states & Europe with 99% senior lien Resilient current dividend yield of 14.2%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 10 offices Integrated with Waterfall Asset Management, LLC, a leading $12.5 billion global structured products investment manager with an 18-year track record 1. 2. 3. 23 Inclusive of preferred stock Excludes Paycheck Protection Program loans As of November 14, 2023 3#4Diversified Investment Strategy READY CAPITAL. 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 6-10%(1) 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 RESIDENTIAL MORTGAGE BANKING Owner occupied SBC lending through SBA 7(a), USDA & unsecured small business. 1 of 17 non-Bank 7(a) SBA lenders Revenue from gain on secondary market sale, net interest income and servicing fees on retained interest Prime +200-275bps Acquired in 2014 from CIT with originations beginning in 2015 Residential mortgage 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 1. Targeted unlevered return 4#5Real Estate Finance Platforms INVESTED EQUITY ALLOCATION 8% 3% 4% 3% 7% 30% TTM CORE EARNINGS CONTRIBUTION 14% 3% 1% 6% 45% 6% 19% ■Bridge ■Fixed rate/CMBS Construction 2 Other¹ ■Freddie Mac ■Residential Mortgage Banking ■ Bridge ■Fixed rate/CMBS ■ Other¹ ■Small Business Lending ■Small Business Lending 12 1. 2. READY CAPITAL. 51% ■Construction 2 ■Freddie Mac ■Residential Mortgage Banking Loans with the "Other" classification are generally SBC acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories 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 READY CAPITAL. 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 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 May 2023 Completed a merger with Broadmark Realty Capital Inc., a specialty real estate finance company specializing in originating and servicing residential and commercial construction loans, to create the 4th largest commercial mortgage REIT Following the merger Ready Capital increased its capital base to $2.7B 2023 Feb. 2017 - Jan. 2018 $180mm senior secured notes Apr. 2018 $50mm baby bond Dec. 2019 $106mm equity June 2021 $115mm preferred stock Dec. 2021 $110mm senior notes Apr. 2022 $120mm senior notes Sep. 2022 $20mm senior notes 2017 2018 2019 2021 2022 Aug. 2017 $115mm Jul. 2019 - Dec. 2019 $104mm baby bond convertible note Feb. 2021 $201mm baby bond Oct. 2021 $350mm senior secured notes Jan. 2022 $107mm equity Jul. 2022 $80mm senior notes 6 CO#7READY CAPITAL SBC Lending & Acquisitions#8SBC Market READY CAPITAL. SBC loans are 1 st 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 COMMERCIAL/MULTIFAMILY LOAN ORIGINATION TREND Q4 2022 Total Market Value Estimate: $3.5 Trillion $600B $500B $0.9 Retail Industrial $400B $1.4 Office $300B $0.7 Multifamily $200B $0.5 $100B $0 Source: Boxwood Means, LLC; CoStar 2019 Source: Mortgage Bankers Association ● Commercial Multifamily 2020 2021 2022 8#9SBC Lending & Acquisition Overview 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 $17.6 billion in originations since the Company's formation in 2013 Largest acquiror of small balance commercial loans since the financial crisis with over 5,200 or $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 128 staff, including 19 loan officers, with headquarters in New York & Texas and 4 satellite offices 1. As of October 31, 2023 READY CAPITAL. 9#10SBC Investment by Platform 21.3% 10-year CAGR Current 0.3% SBC market share with 1.5% 3-year target HISTORICAL INVESTMENT ACTIVITY1 $5,000 $4,000 $3,000 $2,000 $1,537 $1,000 $862 $588 $140 $98 $0 Pre-2016(2) 2016 $868 $372 $1,188 $863 $1,738 $1,160 $5,272 READY CAPITAL. $4,520 $660 $213 $197 2017 2018 2019 2020 2021 2022 ■Acquisitions ■Originations 1. In millions 23 2. SBC Acquisitions began in 2008; Originations began in 2013 3. As of October 31, 2023 $1,418 $0 2023 YTD(3) 110#11SBC Product Offerings GROUND-UP HEAVY TRANSITIONAL PRODUCT CONSTRUCTION LOAN PURPOSE Construction Predevelopment Renovation Acquisition LOAN SIZE $15-75MM MAX LEVERAGE TERM BRIDGE LIGHT TRANSITIONAL BRIDGE-TO-PERM STABILIZING STABILIZED BRIDGE-TO- AGENCY STRUCTURED FIXED CMBS DIRECT RATE CORRESPONDENT AGENCY READY CAPITAL. FREDDIE MAC SBL Adaptive Re-Use Vacant Rehabilitation Renovation Value Add Renovation Rent Optimization Lease Up Event Driven Final Lease Up Seasoning Cash Out Term Refinance Bridge to Near Term Refinance Lease Expiration Prepay Flexibility Mid-Term Refinance Interest Rate Arbitrage Bridge Refinance Permanent Acquisition/Recapitalization $5-75MM $75MM+Portfolios 52-75MM $75MM+ Portfolios $1-100MM 80% Loan-ba-Cost Typically, 2-3 Years Plus Extensions PREPAYMENT Spread maintenance; last 6 months open SOFR + Spread RATE TYPE $2-45MM $1-100MM 80% Loan-to-value $1-$7.5MM AFFORDABLE HOUSING AFFORDABLE HOUSING Construction to Perm Private Loan Financing for Eventual LIHTC Takeout $5MM+ 90% Loan-to-value Up to 3 Years Plus, Extensions Up to 2 Years Plus, Extensions 2-10 Years 5,7,10 Years Up to 30 Years 5,7,10 Years Hybrid: 20 Years Typically, 7+ Years Minimum Interest Floating Rate Hybrid Floating Rate Hybrid Customized Declining Yield Maintenance Defeasance Yield Maintenance Declining Yield Maintenance PROPERTY TYPE Multifamily Build-to-Rent Future availability to be Multifamily, Industrial, Office, Self-Storage, Essential Retail Multifamily All Property Types announced Fixed Rate Floating Rate Fixed Rate Floating Rate Hybrid Multifamily 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 READY CAPITAL. Metrics / Loan Details $54M loan commitment for the acquisition (82% LTPP) ■ 36-month IO 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 Opportunity Overview " ■ Renovation and stabilization of a 274-unit multifamily property in Phoenix, AZ 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 READY CAPITAL. PRODUCT TYPE LOAN COUNT(1) UPB BOOK VALUE(2) WALTV(6) WA COUPON 60+ Days FIXED/FLOAT(3) Past Due 2,162 $10.0B $9.9B 64.9% 9.0% 21.1/78.9% 5.4% FIXED RATE (4) 238 $1.05B $1.05B 60.2% 5.1% 98.7/1.3% 2.6% BRIDGE 539 $7.09B $7.05B 68.1% 9.2% 0.6/99.4% 2.9% CONSTRUCTION (RC ORIGINATED) 4 $12M $11M 38.6% 8.5% 61.0/39.0% 0.0% MOSAIC ACQUIRED ASSETS 8 $628M $625M 67.1% 13.5% 32.8/67.2% 8.6% BROADMARK ACQUIRED ASSETS 128 $697M $671M 58.5% 10.1% 89.9/10.1% 34.3% OTHER (5) 1,245 $491M $487M 36.3% 6.5% 37.6 / 62.4% 2.5% 2,162 $10.0B $9.9B 64.9% 9.0% 21.1/78.9% 5.4% ORIGINATED 798 $8.20B $8.16B 67.0% 8.7% 13.2/86.8% 2.9% ACQUIRED 1,364 $1.77B $1.73B 55.4% 10.6% 57.0/43.0% 17.1% GEOGRAPHY PROPERTY TYPE 1. Excludes joint venture investments 2. Gross of general reserves 3. 73% of fixed rate loans match funded 12% 5% 5% SBC Lending 9% and Acquisitions 69% Powered by Bing GeoNames, Microsoft, TomTom ■ Multi-family ■ Mixed-use ■ Retail ■ Office Other Investments 4. Includes originated SBC floating rate loans that are included in our RCMT securitization and therefore, categorized as Fixed/CMBS 5. Loans with the "Other" classification are generally SBC acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, Construction, or Mosaic acquired categories 13 6. Loan-to-value (LTV) is calculated by dividing the current unpaid principal balance by the most recent collateral value received. The most recent value for performing loans is often the third-party as-is valuation utilized during the original underwriting process#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 17 non-bank Small Business Administration 7(a) license holders; acquired from CIT in 2014 #1 non-bank 7(a) lender and #4 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 251 staff, including 25 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) - READY CAPITAL. ⚫The SBA (1953) is an independent federal agency that guarantees loans to small businesses Eligible participants are banks except for 17 non- bank licenses approved since the 1980s Eligible small businesses have under $15M net worth and $5M net profit The SBA's lead program is the 7(a) which guarantees 75% of eligible loans up to $5M @ Prime + 300bps maximum rate Originator sells 75% pro-rata interest in loan. pooled into SBA Certificates & sold at ~9%+ premium retaining 25% and servicing rights OUTSTANDING 7(a) BALANCE (BILLIONS) 7(a) LOAN APPROVALS (BILLIONS) $120 $40 $103.9 $107.1 $108.4 $36.8 $100 $95.1 $92.4 $97.3 $35 $86.2 $30 $78.8 $25.8 $25.8 $25.9 $80 $24.5 $25 $23.6 $22.8 $60 $20 $15 $40 $10 $6.8 $20 $5 $0 $0 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023 16#17SBA Investments READY CAPITAL. 59.3% CAGR Current 1.4% non-bank market share with 3% 3-year target or ~$1 billion in volume Approximately $5.0 billion of PPP loans originated ORIGINATIONS1 600 500 400 300 200 100 $45.4 $11.6 0 2015 1. In millions 2. As of October 31, 2023 $129.8 $213.0 $216.3 $216.6 $499.6 $480.8 $400.1 2016 2017 2018 2019 2020 2021 2022 2023 YTD(2) 17#18SBA 7(a) Case Study Sobriety Center New Hampshire RECOVERY STARTS HERE Name: Location: Loan Purpose: Business: Sobriety Centers of New Hampshire Antrim, NH 03440 Real Estate Purchase Outpatient Mental Health and Substance Abuse Centers READY CAPITAL. LOAN AMOUNT: PRICING BASIS: RATE: $1,458,000 Variable Prime 175 bps GUARANTEE: 75% SALE PREMIUM: 9.38% SECURITIZATION ADVANCE RATE: 71.20% SERVICING STRIP: 1% DEBT COST: 8.48% LIEN: 1st ORIGINATION DATE: May 2023 TERM (MONTHS): 300 AMORTIZATION (MONTHS): 300 LOAN-TO-VALUE: 91% PERSONAL GUARANTEE: Yes RETAINED YIELD: 15.47% 18#19Small Business Lending READY CAPITAL. LOAN COUNT UPB BOOK VALUE(1) WA LTV(2) WA COUPON 2,787 $1.25B $1.22B 91.9% 10.1% FIXED/FLOAT 0.8/99.2% 60+ Days Past Due 1.0% GEOGRAPHY 1. Gross of general reserves PROPERTY TYPE 36% Small Business Lending 24% 22% 8% 10% Powered by Bing GeoNames, Microsoft, TomTom ■Lodging ■ Retail Eating Place ■ Doctors ■ Other 2. Loan-to-value (LTV) is calculated by dividing the current unpaid principal balance by the most recent collateral value received. The most recent value for performing loans is often the third-party9 as-is valuation utilized during the original underwriting process#20READY CAPITAL Residential Mortgage Banking#21Residential Mortgage Banking Overview GMFS, founded in 1999, has a leading Southeast market share and acquired via the ZFC merger in 2016 Licensed in 20 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 15 retail branches located in Louisiana, Georgia, Mississippi, Alabama, Florida, and South Carolina Servicing retained model provides natural hedge to production Year to Date GMFS Originations of $1.24 billion 1 1. As of October 31, 2023 READY CAPITAL. 21#22Production Metrics PURCHASE VOLUME HAS ACCOUNTED FOR ~60% OF HISTORICAL PRODUCTION (in millions) $4,500 $3,000 $2,435 $2,110 READY CAPITAL. $1,500 $636 $728 $1,460 $463 $1,508 $775 $638 $1,189 $398 $1,380 $2,095 $1,812 $1,740 $215 $1,439 $925 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD ■ Purchase ■ Refi DIVERSIFIED PRODUCTION CHANNELS WITH FOCUS ON RETAIL CHANNEL GROWTH 100% 35% 27% 25% 22% 20% 21% 21% 22% 20% 80% 60% 40% 38% 36% 32% 31% 33% 34% 35% 32% 40% 48% 48% 46% 42% 44% 45% 37% 33% 33% 20% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD ■Retail ■Correspondent Wholesale 22 22#23Servicing Asset HISTORICAL RETENTION RATES EXCEEDING 15% READY CAPITAL. 5.00% $12,000 4.1% 4.1% $12,078 $12,341 3.9% 3.8% 3.9% 3.7% 3.8% $10,996 4.00% $10,000 3.6% 3.4% $9,529 $8,000 3.00% $8,165 $7,467 $6,000 $6,558 2.00% $5,483 $4,000 $4,175 1.00% $2,000 $0 0.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 UPB WAC 23 23#24READY CAPITAL Financial Overview & Performance#25Historical Performance READY CAPITAL. 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Net Income²: $13.7 $37.0 $253.4 $47.2 Dividends per Share: $0.40 $0.40 $0.40 $0.36 Dividend Yield Distributable Earnings²: $51.6 $38.1 $51.3 $52.2 on Market Price1: 14.36% 15.73% 14.18% 14.24% Distributable Earnings per Book Value per Share: $0.42 $0.31 $0.36 $0.28 Share3: $15.20 $15.07 $14.52 $14.42 TOTAL SHAREHOLDER RETURN 120% 100% 80% 60% 40% 20% 0% -20% -40% Nov-16 Q4'16 Q1'17 1. As of quarter end market prices 2. In millions 3. Excludes the equity component of our 2017 convertible note issuance Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 45 25#26Return on Equity Segment Levered Yield (1) Distributable Levered Yield (1) Equity Allocation SBC Lending and Acquisitions Small Business Lending 10.8 % 10.8 % 43.7 % 43.7 % Residential Mortgage Banking (3) 15.9 % 7.5 % 91.8 % 4.4 % 3.8 % + READY CAPITAL. GAAP ROE (2) Distributable ROE (2) Q3'23 Q2'23 Q3'23 Q2'23 12.4 % 14.2 % 12.1 % 13.0 % Corporate leverage, net of non-earning assets 0.6 2.2 0.5 1.7 Gross return on equity 13.0 % 16.4 % 12.6 % 14.7 % Realized & unrealized gains, net 2.0 1.8 2.0 1.8 Loan loss recovery (provision) 1.9 (3.7) PPP revenue, net of direct expenses(4) Non-recurring gains, losses and expenses s (5) 1.5 2.1 1.5 2.1 (3.1) 40.9 Operating expenses (6.0) (7.3) (6.0) (7.0) Investment advisory fees (1.2) (1.1) (1.2) (1.1) Provision for income taxes (0.6) (1.0) (0.6) (0.8) Dividends on preferred stock (0.3) (0.4) (0.3) (0.4) Return on equity 7.2 % 47.7 % 8.0 % 9.3 % 1. Levered yield includes interest income, accretion of discount, MSR creation, income from unconsolidated joint ventures, realized gains (losses) on loans held for sale, unrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis. 2. GAAP ROE is based on GAAP Net Income, while Distributable ROE is based on Distributable Earnings, which adjusts GAAP Net Income for certain items detailed on the "Distributable Earnings Reconciliation" slide. 3. ROE based on net income before tax of the Residential Mortgage Banking business line divided by the business line's average monthly equity. 4. Includes Employee Retention Credit processing fee income. 5. Non-recurring gains, losses and expenses before applicable tax expenses. 26#27Financial Flexibility UNENCUMBERED ASSET POOL 14% 9% 9% 10% $1.8B Total Unencumbered Assets 36% 22% ■ Unrestricted cash ■ Servicing rights ■ Securities ■ REO ■ Loans ■ Other Assets CORPORATE DEBT MATURITY PROFILE ($ in millions) $800 $600 $400 $200 $761 .I.. $120 $0 2023 2024 2025 2026 $100 2027 $146 2028 and beyond HIGHLIGHTS READY CAPITAL. Diversified unencumbered asset pool of $1.8 billion, including $182 million of unrestricted cash • 2.3x unencumbered assets to unsecured debt • $4 billion in available warehouse borrowing capacity across 19 counterparties • Limited usage of securities repo financing at 4.0% of total debt Full mark to market liabilities and credit mark to market liabilities represent 18% of total debt . 89% of corporate debt maturities in 2026 or later 27 27#28Debt Leverage - Leverage Debt Balance Ratio PPPLF $76 <0.1x Securitized Debt Obligations $5,264 2.0x Non-Recourse Secured Borrowings • READY CAPITAL. Total leverage of 3.4x Recourse leverage ratio of 0.9x Majority of secured borrowings subject to non-recourse or limited recourse terms Recourse Leverage by Reporting Segment (1) ($ in millions) $1,500 $1,000 $1,063 $1,130 0.4x 4.0 3.0 $1,109 2.0x 2.0 Recourse $500 Secured $1,255 0.5x 1.0 0.6x 0.4x Borrowings 0.3x $210 $84 $0 0.0 Corporate Debt SBC SBL Residential Corporate $1,109 0.4x Debt Recourse Leverage 28 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#29Revenue Trends 140,000 120,000 100,000 80,000 READY CAPITAL. Diverse & re-occurring revenue from stabilized net interest and servicing revenue with alpha from gain on sale operations 60,000 40,000 20,000 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 ■Servicing ■NIM ■Gain on Sale ■Mortgage Banking Other Current WA Servicing Fee: 33bps Current WAC: 9.1% 29 29#30Loan Portfolio - Risk Rating RISK RATING DISTRIBUTION 100% 89% 79% 80% 60% 40% 40% 20% 0% 1 & 2 14%15% 4% ■SBC Acquired AVERAGE RISK RATING 16% 30% 3% 4% 3% 2% 3 4 5 ■SBC Originated ■SBA 4.00 3.50 3.16 2.91 3.00 2.67 2.62 2.66 2.50 2.14 2.00 1.67 1.60 1.66 1.621.67 1.921.71 1.59 1.41 1.50 1.00 0.50 Q3'22 Q4'22 Q1'23 ■SBC Acquired ■SBC Originated Q2'23 ■SBA Q3'23 RISK RATING 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. 30#31READY CAPITAL Waterfall Asset Management#32A Successful & Proven Asset Manager WATERFALL Asset Management RE PE 4% 2% 18 yr Investment record $12.5B AUM RC 22% $12.5B AUM ABS 51% Loans 21% READY CAPITAL. 170+ Employees 70+ Investment professionals 60+ yr Leadership team combined experience 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. 32#33READY CAPITAL APPENDIX Additional Financial Information#34Balance 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 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 READY CAPITAL. 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 S 208,037 57,675 4,158,807 S 163,041 55,927 3,576,310 S 111,192 S 49,632 3,128,197 227,504 S 34,534 3,571,520 181,913 36,576 4,151,923 403,609 258,377 236,578 238,664 184,989 275,761 186,985 146,557 94,611 58,145 37,895 32,041 32,607 33,770 33,339 65,188 66,193 64,293 59,015 72,401 119,272 118,641 114,169 122,504 136,113 26,212 12,963 13,773 8,755 8,620 277,692 279,320 278,936 296,364 307,779 82,977 117,098 90,104 251,325 281,941 213,030 189,769 202,690 220,691 265,428 $ 5,883,374 11,858,211 $ 6,552,760 11,620,977 7,054,861 7,207,426 7,080,266 $ 11,537,463 $ 12,383,046 $ 12,799,433 3,348,249 305,797 2,846,293 201,011 2,484,902 2,395,687 2,385,070 169,596 110,838 76,333 4,429,846 4,903,350 5,300,967 5,395,361 5,264,037 114,108 114,397 114,689 114,942 1,005,159 1,006,020 1,007,421 1,106,909 1,108,512 283,822 264,889 238,948 226,084 886,916 33,200 28,500 16,636 15,566 13,408 65,188 66,193 64,293 59,015 72,401 4,345 1,586 2,639 2,261 51,136 47,177 47,308 26,381 64,777 54,104 54,641 55,967 54,461 57,465 14,881 11,805 12,881 4,467 2,436 171,152 176,520 132,523 S 9,880,987 8,361 S 9,722,382 8,361 $ 9,648,770 8,361 $ 159,651 9,671,623 8,361 168,298 $ 10,099,653 8,361 111,378 11 111,378 111,378 11 11 111,378 17 111,378 17 1,720,019 1,684,074 1,687,631 40,079 (4,505) 4,994 (6,532) 2,313,849 187,139 2,318,109 (9,369) (12,353) (9,281) 1,866,982 1,791,088 1,780,135 2,603,102 168,539 (5,928) 2,592,115 101,881 99,146 100,197 99,960 99,304 $ 1,968,863 $ 1,890,234 $ 1,880,332 $ 2,703,062 $ 2,691,419 $ 11,858,211 $ 11,620,977 $ 11,537,463 $ 12,383,046 $ 12,799,433 $ 15.40 $ 15.20 $ 15.07 $ 14.52 $ 14.42#35Statement of Income by Quarter READY CAPITAL. (In thousands, except share data) Q3 2022 Q4 2022 Interest income S 186,026 S 207,068 S Interest expense (115,495) (143,435) Q1 2023 217,573 S (160,394) Q2 2023 232,884 S (172,534) Q3 2023 250,590 (191,612) Net interest income before (provision for) recovery of loan losses Recovery of (provision for) loan losses S 70,531 $ 63,633 $ (3,431) Net interest income after (provision for) recovery of loan losses Non-interest income $ 67,100 $ (33,859) 29,774 $ 57,179 $ 6,734 63,913 $ 60,350 $ 58,978 (19,427) 12,151 40,923 $ 71,129 Residential mortgage banking activities S 12,053 S 549 S Net realized gain (loss) on financial instruments and real estate owned 21,117 3,526 9,169 11,575 S 9,884 S 7,059 23,878 14,402 Net unrealized gain (loss) on financial instruments 16,460 9,430 (11,728) 7,407 17,684 Servicing income, net of amortization and impairment 12,189 8,643 14,003 14,432 16,033 Income on purchased future receivables, net 1,162 540 86 904 Income on unconsolidated joint ventures Gain (loss) on bargain purchase Other income Total non-interest income (603) 501 656 33 56 16,150 $ 78,528 $ 19,771 42,420 $ 19,883 44,098 $ 229,894 18,569 304,183 (14,862) 18,315 $ 59,591 Non-interest expense Employee compensation and benefits Allocated employee compensation and benefits from related party Variable income (expenses) on residential mortgage banking activities Professional fees Management fees-related party (25,941) S (19,228) S (25,139) $ (27,709) S (24,868) (1,745) (3,000) (2,326) (2,500) (3,001) (9,061) 1,168 (5,485) (6,574) (4,091) (3,865) (5,251) (5,717) (5,656) (7,810) (5,410) (5,224) (5,081) (5,760) (7,229) Incentive fees-related party Loan servicing expense Transaction related expenses Other operating expenses Total non-interest expense (949) (2,156) (1,720) (71) (10,697) (10,123) (9,963) (13,115) (15,818) (1,535) (5,027) (893) (13,966) (2,329) (15,396) (12,881) (14,318) (11,241) (14,368) $ (74,599) $ (61,722) $ (70,642) $ (86,592) $ (79,514) Income before provision for income taxes S 71,029 S Income tax provision (4,776) Net income $ 66,253 $ Less: Dividends on preferred stock 1,999 Less: Net income attributable to non-controlling interest 3,023 10,472 S 3,210 13,682 1,999 2,228 $ 37,369 (391) 36,978 S 258,514 S 51,206 (5,141) (4,027) $ 253,373 $ 47,179 1,999 2,000 1,999 1,835 4,490 1,517 Net income attributable to Ready Capital Corporation $ 61,231 $ Earnings per common share - basic $ Earnings per common share - diluted $ 0.53 $ 0.50 S 9,455 S 0.08 $ 0.09 S 33,144 $ 0.30 $ 0.29 $ 246,883 $ 43,663 1.87 $ 0.25 1.76 $ 0.25 Weighted-average shares outstanding - Basic 114,371,160 Weighted-average shares outstanding - Diluted 125,666,609 110,739,644 121,062,323 110,672,939 121,025,909 131,651,125 141,583,837 171,973,933 174,440,869 Dividends declared per share of common stock $ 0.42 S 0.40 S 0.40 $ 0.40 $ 0.36 35#36Distributable Earnings Reconciliation by Quarter (In thousands, except share data) Net Income Reconciling items: READY CAPITAL. Q3 2022 $ 66,253 $ Q4 2022 13,682 Q1 2023 Q2 2023 36,978 $ 253,373 Q3 2023 47,179 Unrealized (gain) loss on MSR S (16,649) S 3,167 S 6,093 S (8,818) S (2,563) Increase (decrease) in CECL reserve 2,462 30,735 (7,321) 19,410 (12,151) Non-cash compensation 1,392 1,345 1,853 2,062 2,275 Merger transaction costs and other non-recurring expenses 1,535 5,827 1,733 14,177 2,536 Bargain purchase (gain) loss — ― (229,894) 14,862 Total reconciling items S (11,260) S Distributable earnings before income taxes $ 54,993 41,074 S 54,756 $ Income tax adjustments 3,193 (3,175) Distributable earnings $ 58,186 $ 51,581 $ Less: Distributable earnings attributable to non-controlling interests S 2,655 S 2,711 S 2,358 $ 39,336 $ (1,187) 38,149 $ 1,869 $ (203,063) $ 4,959 50,310 973 51,283 S $ 52,138 26 52,164 Less: Income attributable to participating shares 408 Less: Dividends on preferred stock 1,999 331 1,999 Distributable earnings attributable to Common Stockholders S 53,124 S Distributable earnings per share-basic $ 0.46 $ 46,540 $ 0.42 $ 372 1,999 33,909 $ 0.31 $ 2,035 373 2,000 46,875 S 0.36 S 1,566 335 1,999 48,264 $ 0.28 Weighted average common shares outstanding 114,371,160 110,739,644 110,672,939 131,651,125 171,973,933 The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because Distributable Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Distributable Earnings may not be comparable to other similarly-titled measures of other companies. We calculate Distributable earnings as GAAP net income (loss) excluding the following: i) ii) iii) iv) v) vi) vii) 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 change in current expected credit loss reserve any unrealized gains or losses on de-designated cash flow hedges any non-cash compensation expense related to stock-based incentive plan one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses In calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating Distributable Earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company's historical loan originations. In calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size. In 2016, the Company liquidated the majority of its MBS portfolio from distributable earnings to fund recurring operating segments. In addition, in calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value. The Company treats its commercial MSRS and residential MSRs as two separate classes based on the nature of the underlying mortgages and the treatment of these assets as two separate pools for risk management purposes. Servicing rights relating to the Company's small business commercial business are accounted for under ASC 860, Transfer and Servicing, while the Company's residential MSRs are accounted for under the fair value option under ASC 825, Financial Instruments. In calculating Distributable Earnings, the Company does not exclude realized gains or losses on either commercial MSRS or residential MSRs, held at fair value, as servicing income is a fundamental part of Ready Capital's business and is an indicator of the ongoing performance. To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year's taxable income. These differences may result in certain items that are recognized in the current period's calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years. 36#37RC LISTED NYSE READY CAPITALⓇ