Investor Presentaiton

Waterfall - A Successful & Proven Asset Manager READY CAPITAL. Waterfall consists of a dedicated team of 65 investment professionals who have extensive experience in small balance commercial (SBC) distressed asset acquisition, loan origination, asset management and capital markets. WATERFALL Asset Management TOTAL AUM $9.4B Loan 27% RC 10% Permanent Capital PE 1% ABS 62% KEY MANAGEMENT Thomas Capasse Managing Partner, Co-founder Jack Ross Managing Partner, Co-founder • 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 Investment Professionals Finance and Operations Legal/Compliance/HR/Business Dev. * As of August 16, 2021 EMPLOYEES* 71 74 16 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. 38

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