Ready Capital Corporation · NYSE:RC
Ready Capital — Q3 2026 Earnings Presentation
29 slides from Ready Capital's earnings presentation, Nov 5, 2026
Slide 1: Supplemental Financial Data Third Quarter 2026
Supplemental Financial Data Third Quarter 2026 All data as of September 30, 2026 unless otherwise noted
Slide 2: Important Information
2 IMPORTANT INFORMATION FORWARD-LOOKING STATEMENTS 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 statem
Slide 3: Quarter in Review
3 QUARTER IN REVIEW $(0.40) Net loss1 per common share Third Quarter 2026 Results $(0.53) Distributable losses2 per common share $(0.21) Distributable losses before realized losses3 per common share $0.01 Dividends declared per common share $6.44 Book Value per common share LOAN PORTFOLIO • Total lo
Slide 4: CRE Portfolio Review
4 CRE Portfolio Review COUNT6 UPB ALLOWANCE CARRY VALUE 60+ DQ STATUS7 WA RISK RATING GROSS YIELD CASH YIELD PERFORMING 98 1.27B 128M 1.12B —% 2.83 8.7% 6.7% NON-PERFORMING 42 954M 120M 833M 72.7% 4.56 2.4% 1.7% TOTAL 140 2.22B 248M 1.95B 30.9% 3.57 6.0% 4.6% SECURITIZED 689 579M 4M 575M 3.6% 1.41 4
Slide 5: Performing CRE Portfolio Composition
5 Performing CRE Portfolio Composition LMM CRE- PERFORMING LOAN PRODUCT 74% 18% 6% 2% Bridge Construction Fixed rate Other COLLATERAL 83% 11% 3%3% Multi-family Land Industrial Other RISK RATING 39% 38% 23% 1&2 3 4&5 MODIFICATION STATUS 45% 37% 18% Extensions Modifications Not Modified 8 9
Slide 6: Performing Credit Migration & Levered Yield
6 Performing Credit Migration & Levered Yield LMM CRE- PERFORMING HISTORICAL LEVERED YIELD 11.0% 9.6% 7.0% 10.1% 11.5% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 QUARTERLY PORTFOLIO CREDIT MIGRATION % of performing carry value CONTRACTUAL STATUS Q2’26 Q3’26 Current 95.7 % 96.5 % 30-59 days past due 4.3
Slide 7: Non-Performing Portfolio Overview
7 Non-Performing Portfolio Overview LMM CRE- NON-PERFORMING $ in millions MTM LTV DISTRIBUTION $41 $57 $124 $113 $498 <60% 60%-70% 70%-80% 80%-90% 90%-100% $ in millions QTD ROLL $846 $(93) $99 $(19) $833 Beginning CV Exits New 60+ Write-downs Ending CV $833M Carry value 42 Loans remaining 56% Rated
Slide 8: Top Non-Performing CRE Positions
8 Top 10 Non-Performing CRE Positions LMM CRE- NON-PERFORMING ASSET # LOCATION COLLATERAL TYPE CARRY VALUE $ in thousands EXPECTED RESOLUTION COMMENTS 1 TX Multi-family 154,000 Q4 2027 Matured 12/2025 and in a forbearance period; portfolio 86% occupied. RC will move forward with foreclosure, stabili
Slide 9: REO Exposure
9 REO Exposure REAL ESTATE OWNED REO DETAILS 11 # of assets Carry value Portland mixed use 1 $386M Operate to sell 8 $124M Sell 10 $60M Under contract 3 $11M Total 22 $581M $ in thousands QUARTERLY REO MIGRATION 588,138 9,010 (12,091) (4,184) 580,873 Beginning balance REO acquired/ capitalized costs
Slide 10: Portland, OR — Mixed-Use
10 Portland, OR — Mixed-Use LARGEST REO ASSET QUARTERLY UPDATES • The four-phase condo sellout strategy is ongoing, whereby unit pricing will increase in subsequent phases. Forty-one units have been sold YTD ($744 WA PPSF). • Phase 1 consisting of twenty-four condos fully sold out in May 2026. Phase
Slide 11: Portland, OR — Asset Detail
11 Portland, OR — Asset Detail LARGEST REO ASSET Ritz-Carlton hotel 251 rooms (floors 8-20) AMENITIES • Lobby lounge • Bellpine restaurant and bar; Meadowrue restaurant • Ritz-Carlton Club • Meeting & Event space (12,222 sf) • Business center • Fitness center, full-service spa and swimming pool Offi
Slide 12: SBL Portfolio Review
12 SBL Portfolio Review* PROGRAM COUNT13 UPB ALLOWANCE CARRY VALUE 60+ DQ STATUS7 WA RISK RATING GROSS YIELD CASH YIELD Large 1,800 1.41B 25M 1.37B 2.4% 1.84 8.6% 8.4% Small / micro 6,105 147M 13M 131M 3.0% 1.33 10.4% 9.4% USDA 31 46M 1M 45M —% 2.85 8.7% 7.8% Working capital** 150 15M — 1M 46.7% 3.0
Slide 13: Quarterly Investment Activity
13 Quarterly Investment Activity4 $89.4 $171.7 $94.8 $58.0 $81.2 $145.4 $115.9 $155.9 $38.1 $173.5 $84.4 $110.0 $82.1 $109.3 $67.3 $18.4 $28.5 $41.9 $37.0 $38.2 $40.8 $61.2 Bridge Bridge Off- Balance Sheet Construction Freddie Mac SBA USDA Working Capital Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 ORIGINATION AC
Slide 14: Earnings from normal operations
14 GAIN ON SALE, NET OF VARIABLE COSTS: SBA 7(a): $6M Business Loans: $3M LMM Loans: $2M Balance (in thousands) Annualized ROE Contribution Recurring revenue Net interest income $ 3,381 1.2 % Gain on sale, net of variable costs 11,189 4.1 % Other recurring revenue 6,121 2.2 % Total recurring revenue
Slide 15: Operating Segment Contribution
15 LMM CRE - Performing LMM CRE - Non-Performing & REO Small Business Lending Corporate & Other Total CAPITAL & CREDIT Average Total Assets ($ / % of Total) $2.2B / 44% $1.6B / 32% $0.7B / 15% $0.5B / 9% $5.0B / 100% Allocated Equity16 37% 50% 13% N/A 100% EARNINGS Net Interest Income & Recurring Fe
Slide 16: Book Value per Share
16 $6.83 (0.17) $(0.14) (0.06) (0.03) 0.01 $6.44 Q2'26 GAAP BVPS Loss on normal operations, net of tax Realized losses, net of allowance reversals Change in CECL Other items included in earnings Other items not included in earnings Q3'26 GAAP BVPS Book Value per Share CAPITAL $(0.39) Decline in GAAP
Slide 17: Capitalization
17 Capitalization BALANCE SHEET LEVERAGE TRENDS 3.1x 3.5x 3.0x 3.0x 2.8x 1.4x 1.6x 1.8x 1.7x 1.5x Total leverage Recourse leverage Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $ in millions CORPORATE DEBT MATURITY LADDER — — 270 115 — 225 100 100 85 129 36 Senior secured notes & term loan Unsecured & junior subord
Slide 18: Liquidity
18 UNENCUMBERED ASSETS 25% 22% 17% 11% 25% Unrestricted cash Loans Servicing rights REO Other Assets HIGHLIGHTS • $1.7 billion of cash generated YTD from loan sales and portfolio runoff • Issued $225.0 million of 10.00% SSN due 2031 and redeemed the 4.50% SSN • Limited usage of securities repo finan
Slide 19: Appendix: Additional Financial Information
APPENDIX Additional Financial Information
Slide 20: Book Equity Value Metrics
20 BOOK EQUITY VALUE METRICS Common stockholders' equity $ 1,063,143 Total common shares outstanding 165,168,630 Net book value per common share $ 6.44 LOAN PORTFOLIO METRICS % Fixed vs Floating Rate 19% / 81% % Originated vs Acquired 93% / 7% Weighted Average LTV - LMM CRE 85% Weighted Average LTV
Slide 21: Balance Sheet by Quarter
21 Balance Sheet by Quarter 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Assets Cash and cash equivalents $ 147,505 $ 207,841 $ 200,430 $ 124,149 $ 157,130 Restricted cash 44,491 39,746 38,906 50,182 50,775 Loans, net 4,360,501 3,500,298 3,350,560 3,409,500 3,122,504 Loans, held for sale 163,7
Slide 22: Statement of Operations by Quarter
22 Statement of Operations by Quarter Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Interest income $ 137,491 $ 123,973 $ 81,730 $ 77,401 $ 83,828 Interest expense (126,971) (110,851) (96,834) (82,853) (83,827) Net interest income before provision for loan losses $ 10,520 $ 13,122 $ (15,104) $ (5,452) $ 1
Slide 23: Per Share and Share Count Data by Quarter
23 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Earnings per common share from continuing operations - basic $ (0.13) $ (1.46) $ (1.25) $ (0.63) $ (0.40) Earnings per common share from discontinued operations - basic $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Earnings per common share from continuing operations
Slide 24: Distributable Earnings Reconciliation by Quarter
24 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income (loss) $ (16,737) $ (232,612) $ (200,087) $ (99,683) $ (62,192) Reconciling items: Unrealized (gain) loss on joint ventures (4,336) 523 (1,137) 3,037 (1,408) Increase (decrease) in CECL reserve 32,844 113,974 26,673 8,250 (16,057) Increase (decre
Slide 25: Distributable Earnings Definition
25 DISTRIBUTABLE EARNINGS IS GAAP NET INCOME (LOSS) EXCLUDING: 1. any unrealized gains or losses on certain MBS not retained by us as part of our loan origination businesses 2. any realized gains or losses on sales of certain MBS 3. any unrealized gains or losses on Residential MSRs from discontinue
Slide 26: Operating Expenses and Other Items Detail
26 OPERATING EXPENSES: ■ Compensation and benef its ($17.9)M of Employee compensation and benefits, ($3.6)M of Allocated employee compensation and benefits - related party, and ($0.2)M of Other operating expenses. ■ Fixed operat ing costs $4.5M of Other income, ($2.7)M of Professional fees, ($0.4)M
Slide 27: Loan Portfolio — Risk Rating Criteria
27 APPENDIX Loan Portfolio — Risk Rating Criteria
Slide 28: Footnotes
28 28 1 Before income attributable to participating shares of $2.1 million and non-controlling interest of $2.0 million 2 Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.9 million. Refer to the “Distributable Earnings Reconciliation by Quarter” s
Slide 29: Ready Capital
° READY CAPITAL. NYSE: RC