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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. 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These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures in accordance with GAAP. 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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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:09.142+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f1257ce-1dfc-402e-a8da-22a0584d556b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.825, "x": 0.094, "y": 0.29 }, "kind": "paragraph", "text": "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.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:09.142+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5483f151-024f-4ce4-b8e9-144da07b3c7a", "parentComponentId": null }, { "bbox": { "h": 0.087, "w": 0.825, "x": 0.094, "y": 0.38 }, "kind": "paragraph", "text": "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. 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funds, with a focus on construction lending, managed by MREC Management LLC\nFollowing the merger Ready Capital increased its capital base to just below $1.9B", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a9d04b6-231b-4a8a-9b55-b17a846b1b56", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.44, "x": 0.51, "y": 0.57 }, "kind": "list", "text": "May 2023\nCompleted 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\nFollowing the merger Ready Capital increased its capital base to $2.7B", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63d8de5f-bf51-41e8-9696-119e79f5ecf3", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.44, "x": 0.51, "y": 0.37 }, "kind": "list", "text": "July 2021\nCompleted 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", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a8a3bc3-2848-4b3f-a768-91bfd54bf7e2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.44, "x": 0.51, "y": 0.29 }, "kind": "list", "text": "March 2021\nCompleted the $338mm acquisition of Anworth Mortgage Asset Corporation (ANH)\nTransaction created a scaled commercial mortgage REIT with a combined capital base in excess of $1bn", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aac0f09-8d4c-409f-8175-9eecec26c1d5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.44, "x": 0.04, "y": 0.41 }, "kind": "list", "text": "September 2018\nSutherland Asset Management changed its name to Ready Capital Corporation\nChanged the ticker symbol to trade under (NYSE: RC)", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9144dcd8-be7d-4f57-89ae-252222c268bc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.44, "x": 0.51, "y": 0.15 }, "kind": "list", "text": "October 2019\nAcquired Knight Capital, a technology-driven platform that provides working capital to small and medium businesses 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note", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f9885ba-4df9-407f-b150-99eab456875e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.07, "x": 0.28, "y": 0.73 }, "kind": "list", "text": "Apr. 2018\n$50mm\nbaby bond", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or 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0.04, "w": 0.14, "x": 0.31, "y": 0.86 }, "kind": "list", "text": "Jul. 2019 - Dec. 2019\n$104mm baby bond", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c48817ee-629f-4ecb-90de-01577a339cf4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.15, "x": 0.04, "y": 0.73 }, "kind": "list", "text": "Feb. 2017 - Jan. 2018\n$180mm senior secured notes", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:14.809+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4017c20-0e06-4bf4-aaf2-26dea4a9b181", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.08, "x": 0.52, "y": 0.73 }, "kind": "list", "text": "June 2021\n$115mm\npreferred stock", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline 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Mixed-use ■ Retail ■ Office ■ Other Investments", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:26:10.817+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a84fd26-eb8f-4e7d-a3fb-ac6e31494112", "parentComponentId": null }, { "bbox": { "h": 0.074, "w": 0.92, "x": 0.043, "y": 0.913 }, "kind": "source-note", "text": "1. Excludes joint venture investments 2. Gross of general reserves 3. 73% of fixed rate loans match funded 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", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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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.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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and benefits from related party\n(1,745)\n(3,000)\n(2,326)\n(2,500)\n(3,001)\nVariable income (expenses) on residential mortgage banking activities\n(9,061)\n1,168\n(5,485)\n(6,574)\n(4,091)\nProfessional fees\n(3,865)\n(5,251)\n(5,717)\n(5,656)\n(7,810)\nManagement fees - related party\n(5,410)\n(5,224)\n(5,081)\n(5,760)\n(7,229)\nIncentive fees - related party\n(949)\n(2,156)\n(1,720)\n(71)\nLoan servicing expense\n(10,697)\n(10,123)\n(9,963)\n(13,115)\n(15,818)\nTransaction related expenses\n(1,535)\n(5,027)\n(893)\n(13,966)\n(2,329)\nOther operating expenses\n(15,396)\n(12,881)\n(14,318)\n(11,241)\n(14,368)\nTotal non-interest expense\n(74,599)\n(61,722)\n(70,642)\n(86,592)\n(79,514)\nIncome before provision for income taxes\n71,029\n10,472\n37,369\n258,514\n51,206\nIncome tax provision\n(4,776)\n3,210\n(391)\n(5,141)\n(4,027)\nNet income\n66,253\n13,682\n36,978\n253,373\n47,179\nLess: Dividends on preferred stock\n1,999\n1,999\n1,999\n2,000\n1,999\nLess: Net income attributable to 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"promptVersion": null }, "componentId": "2732522a-27ba-4431-aa1c-bca79b7d19b7", "parentComponentId": null }, { "bbox": { "h": 0.31, "w": 0.87, "x": 0.08, "y": 0.639 }, "kind": "source-note", "text": "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.\nWe calculate Distributable earnings as GAAP net income (loss) excluding the following:\ni) any unrealized gains or losses on certain MBS not retained by us as part of our loan origination businesses\nii) any realized gains or losses on sales of certain MBS\niii) any unrealized gains or losses on Residential MSRs\niv) any unrealized change in current expected credit loss reserve\nv) any unrealized gains or losses on de-designated cash flow hedges\nvi) any non-cash compensation expense related to stock-based incentive plan\nvii) one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses\nIn 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.\nIn 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.\nTo 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. 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