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"text": "SUPPLEMENTAL FINANCIAL DATA\nQ4 2025\n",
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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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"text": "This presentation also contains market statistics and industry data which are subject to uncertainty and are not necessarily reflective of market conditions. These\nhave been derived from third party sources and have not been independently verified by the Company or its affiliates.\n",
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"text": "All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. All data is as of December 31, 2025,\nunless otherwise noted.\n",
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"Performance",
"\u25a0 Net loss from continuing operations<sup>1</sup> of $(1.46) per common share
\u25a0 Distributable losses<sup>2</sup> of $(0.43) per common share
\u25a0 Distributable losses before realized losses<sup>3</sup> of $(0.09) per common share
\u25a0 Declared dividend of $0.01 per common share"
],
[
"Loan Portfolio",
"\u25a0 Total loan portfolio of $5.9 billion
\u25a0 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
\u25a0 Loan repayments of $442.3 million and sales of $294.0 million
\u25a0 Net new 60+ core delinquencies<sup>5</sup> of $18 million; 60+ core delinquency<sup>5</sup> of 6.7% at quarter end"
],
[
"Capitalization",
"\u25a0 Book value per share of $8.79
\u25a0 Total leverage of 3.5x and recourse leverage ratio<sup>6</sup> of 1.6x"
],
[
"Business Update",
"\u25a0 Completed the sale of 34 loans totaling $855.3 million in unpaid principal balance in February 2026
\u25a0 Retired the outstanding 5.75% Senior Unsecured Note due February 2026"
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},
{
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}
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[
"",
"COUNT<sup>7</sup>",
"UPB",
"ALLOWANCE",
"CARRY
VALUE",
"60+ DQ
STATUS<sup>5</sup>",
"WA RISK
RATING",
"GROSS
YIELD",
"CASH
YIELD"
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"1,044",
"4.76B",
"169M",
"4.56B",
"6.7%",
"2.50",
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"305M",
"82M",
"222M",
"77.7%",
"4.30",
"2.5%",
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"text": "29%",
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"footnotes": []
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"text": "22%",
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"description": "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%.",
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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 \u2013 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": "### Key Metrics (12/31/2025 TTM) \n- Occupancy: 42.6% \n- ADR: $492 \n- Room RevPAR: $210 \n- Total RevPAR: $360 ",
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"text": "OFFICE/RETAIL\n- Class A office: 158,577 sf (floors\n3\u2013 7)\n- Office Tenants:\n- Davis Wright Tremaine LLP\n- Fisher & Phillips\n- Banneker Partners\n- Retail: 10,638 sf (floors 1\u2013 2)\n- Retail Tenants:\n- The Flock (food hall)\n- Mahler Jewelers\n",
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"text": "# RITZ-CARLTON RESIDENCES\n\n\n - 132 Ritz-Carlton branded\ncondominium residences\n - Located on floors 21 \u2013 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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"text": "*Includes assets offset by guaranteed loan financing liabilities of $524 million.\n**Purchased as part of the Funding Circle acquisition. 57% 60+ days delinquent at the time of purchase.\n",
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{
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{
"text": "173.4",
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{
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{
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{
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{
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{
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{
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{
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{
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{
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},
{
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Other Income: $1M
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Technology Expense: $(4)M
Depreciation and amortization: $(2)M
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"",
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"",
"LMM
CORE",
"CRE
NON-CORE & REO",
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BUSINESS
LENDING",
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"TOTAL"
],
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"$0.9B / 12%",
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"69%",
"18%",
"13%",
"N/A",
"100%"
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"$(1.47)"
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"$(6.3)M",
"$24.6M",
"$(25.4)M",
"$41.5M"
],
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"description": "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.",
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"text": "# HIGHLIGHTS\n\n- **1.1x** unencumbered assets to unsecured debt\n- **$1.5 billion** in available warehouse borrowing capacity across\n12 counterparties\n- Limited usage of securities repo financing at **2.4%** of total debt\n- Full mark-to-market liabilities and credit mark-to-market\nliabilities represent **43%** of total debt\n",
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"$ 1,916,211"
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"$ 6,318,735"
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"$ 699,779"
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[
"USDA - carrying value",
"$ 20,620"
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"$ 419,016"
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"(in thousands)",
"12/31/2024",
"3/31/2025",
"6/30/2025",
"9/30/2025",
"12/31/2025"
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[
"Assets",
"",
"",
"",
"",
""
],
[
"Cash and cash equivalents",
"$ 143,803",
"$ 205,917",
"$ 162,935",
"$ 147,505",
"$ 207,841"
],
[
"Restricted cash",
"30,560",
"39,603",
"56,769",
"44,491",
"39,746"
],
[
"Loans, net",
"3,378,149",
"4,354,017",
"5,066,694",
"4,360,501",
"3,500,298"
],
[
"Loans, held for sale",
"241,626",
"528,726",
"632,784",
"163,792",
"585,820"
],
[
"Mortgage-backed securities",
"31,006",
"31,415",
"32,310",
"33,105",
"34,501"
],
[
"Investment in unconsolidated joint ventures",
"161,561",
"170,920",
"169,369",
"178,840",
"161,424"
],
[
"Derivative instruments",
"7,963",
"6,907",
"5,754",
"5,295",
"6,740"
],
[
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"128,440",
"129,814",
"124,283",
"126,966",
"126,279"
],
[
"Real estate owned",
"193,437",
"199,910",
"199,790",
"632,985",
"620,225"
],
[
"Other assets",
"362,486",
"399,702",
"462,711",
"472,516",
"508,238"
],
[
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"5,175,295",
"3,723,738",
"2,395,398",
"2,166,105",
"1,978,684"
],
[
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"287,595",
"185,782",
"\u2014",
"\u2014",
"\u2014"
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"$ 10,141,921",
"$ 9,976,451",
"$ 9,308,797",
"$ 8,332,101",
"$ 7,769,796"
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"",
"",
"",
"",
""
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"2,035,176",
"2,713,415",
"3,506,670",
"2,879,172",
"2,788,926"
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[
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"3,580,513",
"2,574,139",
"1,513,297",
"1,293,778",
"1,174,785"
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[
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"1,333,112",
"1,488,666",
"1,387,029",
"1,387,775",
"1,375,216"
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[
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"691,118",
"668,847",
"629,380",
"565,883",
"524,091"
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[
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"573",
"15,982",
"17,189",
"18,385",
"18,698"
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[
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"352",
"575",
"1,986",
"1,627",
"1,432"
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"43,168",
"23,929",
"22,917",
"22,602",
"3,633"
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[
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"95,578",
"98,128",
"101,863",
"102,987",
"56,616"
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"1,442",
"1,071",
"9,791",
"9,927",
"3,135"
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[
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"188,051",
"185,533",
"184,652",
"166,406",
"171,636"
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"228,735",
"156,614",
"\u2014",
"\u2014",
"\u2014"
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"$ 8,197,818",
"$ 7,926,899",
"$ 7,374,774",
"$ 6,448,542",
"$ 6,118,168"
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"8,361",
"8,361",
"8,361",
"8,361",
"8,361"
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"",
"",
"",
"",
""
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"111,378",
"111,378",
"111,378",
"111,378"
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"17",
"17",
"17",
"17",
"17"
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"2,250,291",
"2,302,101",
"2,267,540",
"2,257,078",
"2,264,355"
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"(450,276)",
"(528,524)",
"(569,709)",
"(807,522)"
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[
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"(21,673)",
"(23,293)",
"(24,096)",
"(24,196)"
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[
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"1,838,045",
"1,941,547",
"1,827,118",
"1,774,668",
"1,544,032"
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[
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"97,697",
"99,644",
"98,544",
"100,530",
"99,235"
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"$ 2,041,191",
"$ 1,925,662",
"$ 1,875,198",
"$ 1,643,267"
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"$ 9,976,451",
"$ 9,308,797",
"$ 8,332,101",
"$ 7,769,796"
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"$ 10.61",
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"(In thousands, except share data)",
"Q4 2024",
"Q1 2025",
"Q2 2025",
"Q3 2025",
"Q4 2025"
],
[
"Interest income",
"$ 203,965",
"$ 154,967",
"$ 152,735",
"$ 137,491",
"$ 123,973"
],
[
"Interest expense",
"(153,911)",
"(140,466)",
"(135,837)",
"(126,971)",
"(110,851)"
],
[
"Net interest income before (provision for) recovery of loan losses",
"$ 50,054",
"$ 14,501",
"$ 16,898",
"$ 10,520",
"$ 13,122"
],
[
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"(285,008)",
"109,568",
"(8,640)",
"(37,977)",
"(149,989)"
],
[
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"$ (234,954)",
"$ 124,069",
"$ 8,258",
"$ (27,457)",
"$ (136,867)"
],
[
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"",
"",
"",
"",
""
],
[
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"(10,934)",
"10,669",
"18,214",
"(160,396)",
"(10,599)"
],
[
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"(17,025)",
"(1,750)",
"(1,614)",
"2,914",
"(12,703)"
],
[
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"31,229",
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"(39,746)",
"178,225",
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[
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"4,112",
"6,456",
"(304)",
"7,509",
"5,042"
],
[
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"6,065",
"(3,982)",
"(144)",
"7,417",
"1,271"
],
[
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"\u2014",
"102,471",
"(14,381)",
"24,472",
"(3,013)"
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"13,557",
"11,590",
"11,304",
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"16,049"
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"(In thousands, except share data)",
"Q4 2024",
"Q1 2025",
"Q2 2025",
"Q3 2025",
"Q4 2025"
],
[
"Net Income (loss)",
"$ (314,751)",
"$ 81,965",
"$ (53,677)",
"$ (16,737)",
"$ (232,612)"
],
[
"Reconciling items:",
"",
"",
"",
"",
""
],
[
"Unrealized (gain) loss on MSR - discontinued operations",
"$ 33,175",
"$ 8,952",
"$ \u2014",
"$ \u2014",
"$ \u2014"
],
[
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"(5,015)",
"5,639",
"1,019",
"(4,336)",
"523"
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"277,277",
"(112,127)",
"487",
"32,844",
"113,974"
],
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"(31,229)",
"99,718",
"39,746",
"(178,225)",
"23,318"
],
[
"Non-recurring REO impairment",
"31,175",
"2,346",
"4,418",
"1,862",
"15,027"
],
[
"Non-cash compensation",
"2,826",
"1,785",
"1,634",
"1,591",
"797"
],
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"15,613",
"\u2014",
"4,227",
"(1,949)",
"10,645"
],
[
"Merger transaction costs and other non-recurring expenses",
"6,579",
"2,993",
"3,661",
"2,220",
"3,102"
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"\u2014",
"(102,471)",
"14,381",
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"3,013"
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"\u2014",
"\u2014",
"\u2014",
"1,100",
"1,712"
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"51,688",
"20,084",
"8,896",
"188,512",
"64,987"
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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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"$ 44,513",
"$ 4,140",
"$ (12,704)",
"$ (2,170)",
"$ (10,070)"
],
[
"Realized losses on sale of investments, net of tax",
"(44,246)",
"(15,524)",
"(7,088)",
"(147,422)",
"(55,209)"
],
[
"Distributable earnings (loss)",
"$ 267",
"$ (11,384)",
"$ (19,792)",
"$ (149,592)",
"$ (65,279)"
],
[
"Less: Distributable earnings attributable to non-controlling interests",
"3,113",
"1,985",
"1,990",
"1,473",
"1,926"
],
[
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"249",
"229",
"215",
"211",
"16"
],
[
"Less: Dividends on preferred stock",
"1,999",
"1,999",
"1,999",
"1,999",
"1,999"
],
[
"Distributable loss attributable to common stockholders",
"$ (5,094)",
"$ (15,597)",
"$ (23,996)",
"$ (153,275)",
"$ (69,220)"
],
[
"Distributable earnings (loss) before realized losses on investments, net of tax per common share - basic",
"$ 0.23",
"$ 0.00",
"$ (0.10)",
"$ (0.04)",
"$ (0.09)"
],
[
"Distributable loss per common share - basic",
"$ (0.03)",
"$ (0.09)",
"$ (0.14)",
"$ (0.94)",
"$ (0.43)"
],
[
"Weighted average common shares outstanding",
"167,434,683",
"165,166,276",
"167,749,917",
"163,574,703",
"161,734,869"
]
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"text": "Distributable Earnings Reconciliation by Quarter\n",
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"kind": "logo",
"text": "[ORANGE_DOTTED_HEXAGONAL_PATTERN]\nREADY CAPITAL\u00ae\n",
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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": "Loan Portfolio \u2013 Risk Rating Criteria\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 2:**\nLow Risk of Loss: Current with maturity > 6 months. Lower credit metrics with possibility of inclusion on CREFC watchlist. No\nexpected 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": "**BUCKET 5:**\nHighest risk: Loan in default or special servicing. Specific losses identified and adequately reserved for in current period.\n",
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"text": "Footnotes\n",
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"text": "[Orange dotted hexagon logo]\nREADY CAPITAL\u00ae\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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"text": "RC\nLISTED\nNYSE\n",
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