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"text": "This presentation contains statements that constitute \"forward-looking statements,\" as such term is defined in Section 27A of the Securities Act of 1933, as\namended, 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\nthe same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could\ncause actual results to differ materially from those described in the forward-looking statements; Ready Capital Corporation (the \"Company\") can give no\nassurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include those set forth\nin the Risk Factors section of the most recent Annual Report on Form 10-K filed with the SEC and other reports filed by the Company with the SEC, copies of\nwhich 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\ndate of this release, except as required by law.\n",
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"text": "This presentation includes certain non-GAAP financial measures, including Distributable earnings. These non-GAAP financial measures should be considered\nonly 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.\n",
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"■ Net loss from continuing operations<sup>1</sup> of $(1.46) per common share
■ Distributable losses<sup>2</sup> of $(0.43) per common share
■ Distributable losses before realized losses<sup>3</sup> of $(0.09) per common share
■ Declared dividend of $0.01 per common share"
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"■ Total loan portfolio of $5.9 billion
■ Total loan originations<sup>4</sup> of $374.6 million including $234.9 million of LMM commercial real estate loans, $84.4 million of SBA 7(a) loans and $18.4 million of USDA loans
■ Loan repayments of $442.3 million and sales of $294.0 million
■ Net new 60+ core delinquencies<sup>5</sup> of $18 million; 60+ core delinquency<sup>5</sup> of 6.7% at quarter end"
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"text": "The figure displays four pie charts arranged horizontally, each representing different categories of loan data.\n\n| Category | Sub-category | Percentage |\n| --- | --- | --- |\n| LOAN PRODUCT | Bridge | 72% |\n| LOAN PRODUCT | Fixed rate | 15% |\n| LOAN PRODUCT | Construction | 8% |\n| LOAN PRODUCT | Other | 5% |\n| COLLATERAL | Multi-family | 74% |\n| COLLATERAL | Industrial | 7% |\n| COLLATERAL | Other | 7% |\n| COLLATERAL | Retail | 5% |\n| COLLATERAL | Office | 4% |\n| COLLATERAL | Land | 3% |\n| RISK RATING | 1&2 | 44% |\n| RISK RATING | 3 | 44% |\n| RISK RATING | 4&5 | 12% |\n| MODIFICATION STATUS | Not Modified | 49% |\n| MODIFICATION STATUS | Modifications | 29% |\n| MODIFICATION STATUS | Extensions | 22% |",
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"text": "This is a pie chart illustrating the distribution of loan products. The chart is divided into three segments: Bridge loans (orange, 75%), Construction loans (dark blue, 19%), and Fixed loans (brown, 6%).\n\n| Loan Type | Percentage |\n| --- | --- |\n| Bridge | 75% |\n| Construction | 19% |\n| Fixed | 6% |",
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"text": "A pie chart titled \"COLLATERAL\" illustrating the percentage breakdown of different collateral types. The chart is divided into five segments: Multi-family (60%, orange), Hotel (16%, dark blue), Office (9%, brown), Mixed Use (7%, green), and Other (8%, yellow).\n\n| Category | Percentage |\n| --- | --- |\n| Multi-family | 60% |\n| Hotel | 16% |\n| Office | 9% |\n| Mixed Use | 7% |\n| Other | 8% |",
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"text": "A pie chart titled \"RISK RATING\" displaying the distribution of risk levels. The chart is divided into three segments: a large reddish-brown segment representing risk level 5 at 58%, a dark blue segment representing risk level 4 at 25%, and an orange segment representing risk levels 2 & 3 at 17%.\n\n| Risk Level | Percentage |\n| --- | --- |\n| 5 | 58% |\n| 4 | 25% |\n| 2 & 3 | 17% |",
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"text": "A waterfall chart titled 'QTD ROLL ($ in thousands)' visualizing the changes in loan value. The chart starts with a 'Beginning CV' bar representing 32 loans valued at $301. It then shows two negative adjustments: 'Exits' with 3 loans valued at $(57), and 'REO/Write-downs' with 2 loans valued at $(22). The chart concludes with an 'Ending CV' bar representing 27 loans valued at $222.\n\n| Category | Loans | Value ($ in thousands) |\n| --- | --- | --- |\n| Beginning CV | 32 | 301 |\n| Exits | 3 | -57 |\n| REO/Write-downs | 2 | -22 |\n| Ending CV | 27 | 222 |",
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"text": "The figure is a bar chart titled \"NON-CORE EXIT TIMELINE ($ in millions)\". It displays the projected exit value in millions of dollars across five time periods on the x-axis, with dollar values on the y-axis ranging from $0 to $100. The bars are orange. The data points are: Q1'26 ($54 million), Q2'26 ($88 million), Q3'26 ($38 million), Q4'26 ($10 million), and Q1'27 and beyond ($32 million).\n\n| Time Period | Value ($ millions) |\n| --- | --- |\n| Q1'26 | 54 |\n| Q2'26 | 88 |\n| Q3'26 | 38 |\n| Q4'26 | 10 |\n| Q1'27 and beyond | 32 |",
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"text": "A donut chart illustrating the composition of 'Collateral'. The chart is divided into four distinct segments representing different categories of collateral. The largest segment, colored brown, represents 'Mixed use' at 73%. The remaining segments are 'Multi-family' in dark blue at 12%, 'Land' in orange at 11%, and 'Other' in green at 4%.\n\n| Category | Percentage |\n| --- | --- |\n| Mixed use | 73% |\n| Multi-family | 12% |\n| Land | 11% |\n| Other | 4% |",
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"text": "# QUARTERLY UPDATES\n\n- Successful re-launch for the residential condominium and office components in late Q4, with strong participation from\nleading Portland residential and office brokers.\n- Following the marketing re-launch, demand for residential units increased materially resulting in executed\nReservation Agreements with deposits for twenty-five (25) condominiums.\n- Hotel revenue performance has improved year-over-year, with total revenue up 6%, driven by a 2.5% increase in\noccupancy, a 4.9% increase in ADR, and an 11.7% increase in RevPAR compared to 2024.\n- Marriott implemented a targeted room rate reduction strategy in the closing months of 2025 for guests from the\nPacific Northwest region and for longer-term guest stays, which resulted in stronger December 2025 revenue\nperformance compared to the SPLY, yielding a 14% increase in occupancy and 32% improvement in RevPAR.\n",
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"text": "RITZ-CARLTON HOTEL\n- 251 rooms (floors 8 – 20)\n- Amenities:\n- Lobby lounge\n- Bellpine restaurant and bar;\nMeadowrue restaurant\n- Ritz-Carlton Club\n- Meeting & Event space\n(12,222 sf)\n- Business center\n- Fitness center, full-service\nspa and swimming pool\n",
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"text": "# RITZ-CARLTON RESIDENCES\n\n\n - 132 Ritz-Carlton branded\ncondominium residences\n - Located on floors 21 – 35\n - Avg. Unit SF: 1,688\n - Amenities:\n - Balcony or terrace\n - Dedicated lobby\n - Hotel amenity access\n - Private rooftop terrace (8th\nfloor)\n",
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"text": "### Key Metrics (Sales to Date) \n- # of units sold: 11 \n- % of units sold: 8.3% \n- Avg SF/unit sold: 1,464 \n- Avg Sale Price: $1.491M \n- Avg Sale Price/SF: $1,019 ",
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NON-CORE & REO",
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"text": "The figure presents a stacked bar chart comparison of two metrics, 'Debt Balance ($ in millions)' and 'Leverage Ratio', across five categories of debt. The chart is organized into two vertical columns corresponding to these metrics. Each row represents a debt type, color-coded and labeled on the left. The categories, from top to bottom, are: PPPLF (yellow), Securitized Debt Obligations (green), Non-Recourse Secured Borrowings (red), Recourse Secured Borrowings (dark blue), and Corporate Debt (orange). A red dashed box highlights the bottom two categories: Recourse Secured Borrowings and Corporate Debt.\n\n| Category | Debt Balance ($ in millions) | Leverage Ratio |\n| --- | --- | --- |\n| PPPLF | $9 | 0.0x |\n| Securitized Debt Obligations | $1,175 | 0.8x |\n| Non-Recourse Secured Borrowings | $1,707 | 1.1x |\n| Recourse Secured Borrowings | $1,082 | 0.7x |\n| Corporate Debt | $1,375 | 0.9x |",
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"text": "This is a donut chart titled \"UNENCUMBERED ASSET POOL\" illustrating the composition of a $0.7B asset pool. The chart is divided into five colored segments, each representing a different category of assets.\n\n| Category | Percentage |\n| --- | --- |\n| Unrestricted cash | 23% |\n| Loans | 26% |\n| Servicing rights | 18% |\n| REO | 7% |\n| Other Assets | 26% |",
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"text": "# HIGHLIGHTS\n\n- **1.1x** unencumbered assets to unsecured debt\n- **$1.5 billion** in available warehouse borrowing capacity across\n12 counterparties\n- Limited usage of securities repo financing at **2.4%** of total debt\n- Full mark-to-market liabilities and credit mark-to-market\nliabilities represent **43%** of total debt\n",
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"$ 205,917",
"$ 162,935",
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"$ 207,841"
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"30,560",
"39,603",
"56,769",
"44,491",
"39,746"
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"3,378,149",
"4,354,017",
"5,066,694",
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"241,626",
"528,726",
"632,784",
"163,792",
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"31,415",
"32,310",
"33,105",
"34,501"
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"170,920",
"169,369",
"178,840",
"161,424"
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"7,963",
"6,907",
"5,754",
"5,295",
"6,740"
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"129,814",
"124,283",
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"199,910",
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"2,574,139",
"1,513,297",
"1,293,778",
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"1,488,666",
"1,387,029",
"1,387,775",
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"691,118",
"668,847",
"629,380",
"565,883",
"524,091"
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"573",
"15,982",
"17,189",
"18,385",
"18,698"
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"575",
"1,986",
"1,627",
"1,432"
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"23,929",
"22,917",
"22,602",
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"98,128",
"101,863",
"102,987",
"56,616"
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"1,071",
"9,791",
"9,927",
"3,135"
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"185,533",
"184,652",
"166,406",
"171,636"
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"17",
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"(21,673)",
"(23,293)",
"(24,096)",
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"1,941,547",
"1,827,118",
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"99,644",
"98,544",
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"$ 81,965",
"$ (53,677)",
"$ (16,737)",
"$ (232,612)"
],
[
"Reconciling items:",
"",
"",
"",
"",
""
],
[
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"$ 33,175",
"$ 8,952",
"$ —",
"$ —",
"$ —"
],
[
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"(5,015)",
"5,639",
"1,019",
"(4,336)",
"523"
],
[
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"(112,127)",
"487",
"32,844",
"113,974"
],
[
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"(31,229)",
"99,718",
"39,746",
"(178,225)",
"23,318"
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[
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"31,175",
"2,346",
"4,418",
"1,862",
"15,027"
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[
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"1,785",
"1,634",
"1,591",
"797"
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[
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"—",
"4,227",
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"10,645"
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[
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"6,579",
"2,993",
"3,661",
"2,220",
"3,102"
],
[
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"—",
"(102,471)",
"14,381",
"(24,472)",
"3,013"
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[
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"—",
"—",
"—",
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"1,712"
],
[
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"51,688",
"20,084",
"8,896",
"188,512",
"64,987"
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[
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"$ (73,081)",
"$ 78,469",
"$ 19,147",
"$ 237,098"
],
[
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"(22,825)",
"(4,744)",
"(37,496)",
"(4,580)",
"(14,556)"
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[
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"$ 4,140",
"$ (12,704)",
"$ (2,170)",
"$ (10,070)"
],
[
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"(44,246)",
"(15,524)",
"(7,088)",
"(147,422)",
"(55,209)"
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[
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"$ 267",
"$ (11,384)",
"$ (19,792)",
"$ (149,592)",
"$ (65,279)"
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[
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"1,985",
"1,990",
"1,473",
"1,926"
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[
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"229",
"215",
"211",
"16"
],
[
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"1,999",
"1,999",
"1,999",
"1,999",
"1,999"
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[
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"$ (15,597)",
"$ (23,996)",
"$ (153,275)",
"$ (69,220)"
],
[
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"$ 0.00",
"$ (0.10)",
"$ (0.04)",
"$ (0.09)"
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[
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"$ (0.09)",
"$ (0.14)",
"$ (0.94)",
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[
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"165,166,276",
"167,749,917",
"163,574,703",
"161,734,869"
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"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-\nmaking, 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.\nGAAP, 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\nidentical 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:\n i) any unrealized gains or losses on certain MBS not retained by us as part of our loan origination businesses\n ii) any realized gains or losses on sales of certain MBS\n iii) any unrealized gains or losses on Residential MSRs from discontinued operations\n iv) any unrealized change in current expected credit loss reserve and valuation allowances\n v) any unrealized gains or losses on de-designated cash flow hedges\n vi) any unrealized gains or losses on foreign exchange hedges\n vii) any unrealized gains or losses on certain unconsolidated joint ventures\n viii) any non-cash compensation expense related to stock-based incentive plan\n ix) any unrealized gains or losses on preferred equity, at fair value\n x) any unrealized gain or losses or other non-cash items related to real estate owned\n xi) one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses\n",
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"text": "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\nand 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\nDistributable 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\ngains 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\noriginations. 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\nconsidered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.\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 from discontinued operations. In calculating Distributable\nEarnings, the Company does not exclude realized gains or losses on either commercial MSRs 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\nexcluding 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\ndifferences 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.\n",
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"text": "**BUCKET 1:**\nVery Low Risk of Loss: New origination or current with strong credit metrics (LTV/DSCR/DY). No expected losses.\n",
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"text": "**BUCKET 3:**\nMedium Risk of Loss: Current with near term maturities or in forbearance. Loss unlikely with no specific reserves booked.\n",
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"text": "**BUCKET 4:**\nHigher Risk: Loan delinquent or in maturity default. Potential issues with sponsor or business plans. Minimal losses possible\nand adequately reserved in current period.\n",
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"text": "1 . Before income attributable to participating shares of $2.0 million and non-controlling interest of $1.6 million\n2 . Before income attributable to participating shares of $2.0 million and non-controlling interest of $1.9 million. Refer to the \"Distributable Earnings Reconciliation by Quarter\"\nslide for a reconciliation of GAAP Net Income to Distributable Earnings\n3 . Before income attributable to participating shares of $2.0 million, non-controlling interest of $2.0 million and before certain charge-offs and losses on sales of real estate\nowned assets and LMM loans. Refer to the \"Distributable Earnings Reconciliation by Quarter\" slide for a reconciliation of GAAP Net Income to Distributable Earnings\n4 . Represents fully committed amounts\n5 . Calculated based on carrying value\n6 . Recourse leverage ratio excludes $1.7 billion of secured borrowings that are non-recourse to the Company\n7 . Excludes joint venture investments and preferred equity investments\n8 . Loans with the \"Other\" classification are generally LMM acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories\n9 . Distributable return on equity from continuing operations before realized losses is an annualized percentage equal to distributable earnings over the average monthly total\nstockholders' equity for the period before certain charge-offs and losses on sales of real estate owned assets and LMM loans. Refer to the \"Distributable Earnings\nReconciliation by Quarter\" slide for a reconciliation of GAAP Net Income to Distributable Earnings\n10 . Average carrying value includes average quarterly carrying value of loan and servicing asset balances.\n11 . Gross yields include interest income, accretion of discount, MSR creation, income from our unconsolidated joint venture, realized gains (losses) on loans held for sale,\nunrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis.\n12 . The Company finances the assets included in the Investment Type through securitizations, repurchase agreements, warehouse facilities and bank credit facilities. Interest\nexpense is calculated based on interest expense and deferred financing amortization on an annualized basis.\n13 . 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\nis often the third-party as-is valuation utilized during the original underwriting process.\n14 . Q4 dividend yield for the period is based on the 12/31/2025 closing share price of $2.18.\n15 . Includes the loans which are offset by $524M of guaranteed loan financings\n16 . Respective balances are based on quarterly averages\n17 . Corporate debt is allocated for purposes of determining equity allocation\n18 . Excludes Portland, OR Mixed-Use property\n19 . Represents loans that are under modifications and carried on the consolidated balance sheet as of the period end.\n20 . Strategy as of February 10, 2026\n",
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