レディキャピタルの適時開示・決算・その他

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2024

READY CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)


Maryland	001-35808	90-0729143
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

1251 Avenue of the Americas, 50th Floor
New York, NY 10020

(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code: (212) 257-4600

n/a
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	RC	New York Stock Exchange
Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share	RC PRC	New York Stock Exchange
Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share	RC PRE	New York Stock Exchange
6.20% Senior Notes due 2026 5.75% Senior Notes due 2026	RCB RCC	New York Stock Exchange New York Stock Exchange


	Item 2.02.	Results of Operations and Financial Condition

On February 27, 2024, Ready Capital Corporation (the “Company”) issued an earnings release announcing the financial results for the quarter ended December 31, 2023. A copy of the earnings release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

On February 27, 2024, the Company posted supplemental financial information on the Investor Relations section of its website (www.readycapital.com). A copy of the supplemental financial information is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.

Item 9.01 Financial Statements and Exhibits


	(d)	Exhibits

1,
Exhibit No.		Description

99.1		Earnings Release, dated February 27, 2024

99.2		Supplemental Financial Information for the quarter ended December 31, 2023

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	READY CAPITAL CORPORATION


	By:	/s/ Andrew Ahlborn
		Name: Andrew Ahlborn
		Title: Chief Financial Officer

Date: February 27, 2024

EX-99.1 2 rc-20240227xex99d1.htm EX-99.1

Exhibit 99.1

READY CAPITAL CORPORATION REPORTS FOURTH QUARTER 2023 RESULTS

- GAAP EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $0.12 -

- DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $0.26 -

- DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY OF 7.5% -

New York, New York, February 27, 2024 / Globe Newswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner occupied commercial real estate loans, today reported financial results for the quarter ended December 31, 2023.

“We continue to make progress on our business strategy of repositioning the capital acquired in our merger with Broadmark Realty Capital into our core lending strategies despite current challenges in the commercial real estate sector,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “We believe our portfolio is well positioned to withstand market headwinds as a result of our avoidance of office collateral, its granularity with over 5,000 positions and its concentration in strong markets.”

Fourth Quarter Highlights

●

Total investments of $449 million, including $297 million of LMM originations and $152 million of U.S. Small Business Administration 7(a) loans

●

Declared and paid dividend of $0.30 per share in cash

●

Net book value of $14.10 per share of common stock as of December 31, 2023

Full Year Highlights

●

GAAP earnings per common share from continuing operations of $2.27 and distributable earnings per common share of $1.18

●

Distributable return on average stockholders’ equity of 8.6%

●

Total LMM originations of $1.7 billion and SBA 7(a) originations of $494 million

●

Completed two securitizations consisting of $1.2 billion of floating rate LMM loans and sold $1.0 billion of senior bonds at a weighted average cost of SOFR + 2.9%

●

Completed merger with Broadmark Realty Capital Inc., a specialty real estate finance company specializing in originating and servicing residential and commercial construction loans, with 23% of the portfolio liquidated since acquisition

●

Initiated a new stock repurchase program, authorizing the repurchase of $100 million of the Company’s common stock; acquired approximately 1.7 million shares of the Company’s common stock at an average price of $10.82

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

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.

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 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 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. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

To 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. These differences 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.

The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.


(in thousands)	Three Months Ended December 31, 2023
Net Income	$	10,881
Reconciling items:
Unrealized loss on MSR - discontinued operations		20,715
Unrealized loss on joint ventures		2,124
Unrealized loss on foreign exchange hedges		1,582
Increase in CECL reserve		3,195
Non-cash compensation		1,360
Merger transaction costs and other non-recurring expenses		7,361
Loss on bargain purchase		7,060
Total reconciling items	$	43,397
Income tax adjustments		(5,754)
Distributable earnings	$	48,524
Less: Distributable earnings attributable to non-controlling interests		1,358
Less: Income attributable to participating shares		2,206
Distributable earnings attributable to common stockholders	$	44,960
Distributable earnings per common share – basic	$	0.26
Distributable earnings per common share – diluted	$	0.26

U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items in the distributable earnings reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Wednesday, February 28, 2024 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2023.

The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877-407-0792

International: 1-201-689-8263

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Replay Pin #: 13743091

The playback can be accessed through March 13, 2024.

Safe Harbor Statement

This press release 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. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 350 professionals nationwide.

Contact

Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

Additional information can be found on the Company’s website at www.readycapital.com

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS


(in thousands)	December 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	138,532	$	147,399
Restricted cash		30,063		48,146
Loans, net (including $9,348 and $9,786 held at fair value)		4,020,160		3,571,799
Loans, held for sale, at fair value		81,599		123,735
Paycheck Protection Program loans (including $165 and $576 held at fair value)		34,597		186,985
Mortgage-backed securities		27,436		32,041
Investment in unconsolidated joint ventures (including $7,360 and $8,094 held at fair value)		133,321		118,641
Derivative instruments		2,404		12,532
Servicing rights		102,837		87,117
Real estate owned, held for sale		252,949		117,098
Other assets		265,578		183,533
Assets of consolidated VIEs		6,897,145		6,552,760
Assets held for sale		454,596		439,191
Total Assets	$	12,441,217	$	11,620,977
Liabilities
Secured borrowings		2,102,075		2,663,735
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings		36,036		201,011
Securitized debt obligations of consolidated VIEs, net		5,068,453		4,903,350
Convertible notes, net		—		114,397
Senior secured notes, net		345,127		343,355
Corporate debt, net		764,908		662,665
Guaranteed loan financing		844,540		264,889
Contingent consideration		7,628		28,500
Derivative instruments		212		1,319
Dividends payable		54,289		47,177
Loan participations sold		62,944		54,641
Due to third parties		3,641		11,805
Accounts payable and other accrued liabilities		171,445		153,614
Liabilities held for sale		333,157		271,924
Total Liabilities	$	9,794,455	$	9,722,382
Preferred stock Series C, liquidation preference $25.00 per share		8,361		8,361

Commitments & contingencies

Stockholders’ Equity
Preferred stock Series E, liquidation preference $25.00 per share		111,378		111,378
Common stock, $0.0001 par value, 500,000,000 shares authorized, 172,276,105 and 110,523,641 shares issued and outstanding, respectively		17		11
Additional paid-in capital		2,321,989		1,684,074
Retained earnings		124,413		4,994
Accumulated other comprehensive loss		(17,860)		(9,369)
Total Ready Capital Corporation equity		2,539,937		1,791,088
Non-controlling interests		98,464		99,146
Total Stockholders’ Equity	$	2,638,401	$	1,890,234
Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity	$	12,441,217	$	11,620,977

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME


(in thousands, except share data)	Three Months Ended December 31, 2023		For the Year Ended December 31, 2023
Interest income	$	250,130	$	945,814
Interest expense		(197,591)		(716,468)
Net interest income before provision for loan losses	$	52,539	$	229,346
Provision for loan losses		(6,688)		(7,230)
Net interest income after provision for loan losses	$	45,851	$	222,116
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		15,153		65,008
Net unrealized gain (loss) on financial instruments		1,643		9,718
Servicing income, net of amortization and impairment of $3,416 and $7,911		4,613		21,161
Income on purchased future receivables, net of allowance for credit losses of $2,099 and $8,989		857		2,387
Gain (loss) on bargain purchase		(7,060)		207,972
Loss on unconsolidated joint ventures		(1,650)		(905)
Other income		46,458		103,127
Total non-interest income	$	60,014	$	408,468
Non-interest expense
Employee compensation and benefits		(19,410)		(81,530)
Allocated employee compensation and benefits from related party		(3,010)		(10,837)
Professional fees		(15,997)		(34,738)
Management fees – related party		(7,035)		(25,103)
Incentive fees – related party		—		(1,791)
Loan servicing expense		(9,221)		(40,811)
Transaction related expenses		(576)		(17,764)
Other operating expenses		(24,806)		(59,591)
Total non-interest expense	$	(80,055)	$	(272,165)
Income from continuing operations before provision for income taxes		25,810		358,419
Income tax provision		(1,236)		(7,174)
Net income from continuing operations	$	24,574	$	351,245
Discontinued operations
Loss from discontinued operations before provision for income taxes		(18,258)		(3,779)
Income tax benefit		4,565		945
Net loss from discontinued operations		(13,693)		(2,834)
Net income		10,881		348,411
Less: Dividends on preferred stock		1,999		7,997
Less: Net income attributable to non-controlling interest		1,118		8,960
Net income attributable to Ready Capital Corporation	$	7,764	$	331,454

Earnings per common share from continuing operations - basic	$	0.12	$	2.27
Earnings per common share from discontinued operations - basic	$	(0.08)	$	(0.02)
Total earnings per common share - basic	$	0.04	$	2.25

Earnings per common share from continuing operations - diluted	$	0.12	$	2.24
Earnings per common share from discontinued operations - diluted	$	(0.08)	$	(0.02)
Total earnings per common share - diluted	$	0.04	$	2.22

Weighted-average shares outstanding
Basic		172,116,989		146,841,594
Diluted		173,957,731		148,567,026

Dividends declared per share of common stock	$	0.30	$	1.46

READY CAPITAL CORPORATION

UNAUDITED SEGMENT REPORTING

FOR THE THREE MONTHS ENDED DECEMBER 31, 2023


			Small
	LMM Commercial		Business		Corporate-
(in thousands)	Real Estate		Lending		Other		Consolidated
Interest income	$	217,566	$	32,564	$	—	$	250,130
Interest expense		(171,629)		(25,983)		21		(197,591)
Net interest income before provision for loan losses	$	45,937	$	6,581	$	21	$	52,539
Provision for loan losses		(6,592)		(96)		—		(6,688)
Net interest income after provision for loan losses	$	39,345	$	6,485	$	21	$	45,851
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		6,838		8,315		—		15,153
Net unrealized gain (loss) on financial instruments		700		943		—		1,643
Servicing income, net		1,638		2,975		—		4,613
Income on purchased future receivables, net		—		857		—		857
Loss on bargain purchase		—		—		(7,060)		(7,060)
Loss on unconsolidated joint ventures		(1,650)		—		—		(1,650)
Other income		12,723		32,722		1,013		46,458
Total non-interest income (loss)	$	20,249	$	45,812	$	(6,047)	$	60,014
Non-interest expense
Employee compensation and benefits		(7,859)		(8,893)		(2,658)		(19,410)
Allocated employee compensation and benefits from related party		(301)		—		(2,709)		(3,010)
Professional fees		(1,989)		(11,672)		(2,336)		(15,997)
Management fees – related party		—		—		(7,035)		(7,035)
Incentive fees – related party		—		—		—		—
Loan servicing expense		(9,062)		(159)		—		(9,221)
Transaction related expenses		—		—		(576)		(576)
Other operating expenses		(8,367)		(13,760)		(2,679)		(24,806)
Total non-interest expense	$	(27,578)	$	(34,484)	$	(17,993)	$	(80,055)
Income (loss) before provision for income taxes	$	32,016	$	17,813	$	(24,019)	$	25,810
Total assets	$	10,282,531	$	1,395,687	$	308,403	$	11,986,621

READY CAPITAL CORPORATION

UNAUDITED SEGMENT REPORTING

FOR THE YEAR ENDED DECEMBER 31, 2023


			Small
	LMM Commercial		Business		Corporate-
(in thousands)	Real Estate		Lending		Other		Consolidated
Interest income	$	847,253	$	98,561	$	—	$	945,814
Interest expense		(650,624)		(65,844)		—		(716,468)
Net interest income before provision for loan losses	$	196,629	$	32,717	$	—	$	229,346
Provision for loan losses		(1,413)		(5,817)		—		(7,230)
Net interest income after provision for loan losses	$	195,216	$	26,900	$	—	$	222,116
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		34,072		30,936		—		65,008
Net unrealized gain (loss) on financial instruments		8,427		1,291		—		9,718
Servicing income, net		5,819		15,342		—		21,161
Income on purchased future receivables, net		—		2,387		—		2,387
Gain on bargain purchase		—		—		207,972		207,972
Loss on unconsolidated joint ventures		(905)		—		—		(905)
Other income		38,552		62,112		2,463		103,127
Total non-interest income	$	85,965	$	112,068	$	210,435	$	408,468
Non-interest expense
Employee compensation and benefits		(33,012)		(40,289)		(8,229)		(81,530)
Allocated employee compensation and benefits from related party		(882)		—		(9,955)		(10,837)
Professional fees		(5,369)		(19,535)		(9,834)		(34,738)
Management fees – related party		—		—		(25,103)		(25,103)
Incentive fees – related party		—		—		(1,791)		(1,791)
Loan servicing expense		(40,070)		(741)		—		(40,811)
Transaction related expenses		—		—		(17,764)		(17,764)
Other operating expenses		(24,443)		(27,763)		(7,385)		(59,591)
Total non-interest expense	$	(103,776)	$	(88,328)	$	(80,061)	$	(272,165)
Income before provision for income taxes	$	177,405	$	50,640	$	130,374	$	358,419
Total assets	$	10,282,531	$	1,395,687	$	308,403	$	11,986,621

EX-99.2 3 rc-20240227xex99d2.htm EX-99.2

Exhibit 99.2

SUPPLEMENTAL FINANCIAL DATA Q4 2023

2 Disclaimer 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; Ready Capital Corporation (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 those set forth in 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 which 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 date of this release, except as required by law. This presentation includes certain non-GAAP financial measures, including Distributable earnings. These non-GAAP financial measures should be considered only 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. This presentation also contains market statistics and industry data which are subject to uncertainty and are not necessarily reflective of market conditions. 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 December 31, 2023, unless otherwise noted.

3 Fourth Quarter 2023 Results  Net income from continuing operations1 of $24.6 million, or $0.12 per common share  Distributable earnings2 of $48.5 million, or $0.26 per common share  Declared dividend of $0.30 per common share Earnings / Dividends  Return on Equity from continuing operations3 of 3.7%  Distributable Return on Equity4 of 7.5%  Dividend Yield5 of 11.7% Returns  The disposition of the Company’s residential mortgage banking segment expected to be completed by June 30, 2024 Discontinued Operations 1. Before dividends on preferred securities and inclusive of non-controlling interest 2. Before dividends on preferred securities and inclusive of non-controlling interest. Refer to the “Distributable Earnings Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings 3. Return on equity from continuing operations is an annualized percentage equal to quarterly net income from continuing operations over the average monthly total stockholders’ equity allocated to continuing operations for the period 4. Distributable return on equity is an annualized percentage equal to distributable earnings over the average monthly total stockholders’ equity for the period. Refer to the “Distributable Earnings Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings 5. Q4 dividend yield for the period is based on the 12/29/2023 closing share price of $10.25 6. Recourse leverage ratio excludes $1.1 billion of secured borrowings that are non-recourse to the Company  Net book value per share of $14.10 per common share  Total leverage of 3.3x and recourse leverage ratio6 of 0.8x Balance Sheet Multi-strategy real estate finance company that originates, acquires and services lower-to-middle-market (“LMM”) investor and owner occupied commercial real estate loans

4 2023 Highlights EARNINGS ($ in millions) RETURN ON EQUITY INVESTMENT ACTIVITY ($ in millions) BALANCE SHEET GROWTH ($ in millions) $117.3 $159.6 $351.2 $168.0 $218.7 $190.1 $0 $100 $200 $300 $400 2021 2022 2023 Net income from continuing operations Distributable earnings 14.6% 11.9% 15.4% 16.0% 12.8% 8.6% 11.2% 12.3% 13.5% 0% 5% 10% 15% 20% 2021 2022 2023 Return on equity Distributable return on equity Dividend Yield $5,468.9 $5,180.0 $1,683.4 $480.8 $499.6 $493.9 $0 $2,000 $4,000 $6,000 2021 2022 2023 LMM CRE SBA $8,663.7 $11,434.0 $12,406.6 $1,280.6 $1,890.2 $2,638.4 $0 $5,000 $10,000 $15,000 2021 2022 2023 Assets Equity 1. Before dividends on preferred securities and inclusive of non-controlling interest 2. Before dividends on preferred securities and inclusive of non-controlling interest. Refer to the “Distributable Earnings Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings 3. Return on equity is an annualized percentage equal to quarterly net income over the average monthly total stockholders’ equity for the period 4. Distributable return on equity is an annualized percentage equal to distributable earnings over the average monthly total stockholders’ equity for the period. Refer to the “Distributable Earnings Reconciliation” slide for a reconciliation of GAAP Net Income to Distributable Earnings 5. Dividend yield is based on the respective year end closing share price 6. Excludes the impact of Paycheck Protection Program loans 1 2 3 4 5 6

5 Return on Equity 1. Levered yield includes interest income, accretion of discount, MSR creation, income from unconsolidated joint ventures, realized gains (losses) on loans held for sale, unrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis. 2. GAAP ROE is based on GAAP Net Income, while Distributable ROE is based on Distributable Earnings, which adjusts GAAP Net Income for certain items detailed on the “Distributable Earnings Reconciliation” slide. 3. Includes PPP revenue, net of direct expenses. 4. Non-recurring gains, losses and expenses before applicable tax expenses.

6 Diversified, Complementary, & Scalable Platforms 61% 9% 12% 1% 5% 12% Bridge Fixed rate/CMBS Construction Freddie Mac Other Small Business Lending PORTFOLIO BREAKDOWN1 REVENUE BREAKDOWN2 ($ in thousands) $41,234 $1,851 $13,286 $5,853 $1,655 $17,707 $0 $10,000 $20,000 $30,000 $40,000 $50,000 Bridge Fixed rate/ CMBS Construction Freddie Mac Other Small Business Lending 3 1. Assets include loans, MBS, servicing assets, JV investments, real estate owned, and purchased future receivables. 2. Based on QTD Distributable Earnings including interest income, accretion of discount, MSR creation, income from unconsolidated joint ventures, realized gains (losses) on loans held for sale, unrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis. 3. Loans with the “Other” classification are generally LMM acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories. 3

7 Investment Portfolio Originations $189.7 $110.2 $123.1 $90.7 $8.8 $58.0 $4.0 $3.9 $167.3 $19.4 $475.6 $276.9 $384.6 $373.7 $288.0 $136.9 $92.3 $120.8 $128.6 $152.2 $0 $400 $800 $1,200 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Bridge Fixed Rate/CMBS Construction Freddie Mac Acquired SBA $1,027.5 $502.8 $632.4 $593.0 $449.0 1. Origination volumes are based on fully committed amounts in millions QUARTERLY INVESTMENT ACTIVITY1

11.1% 10.9% 10.2% 9.1% 9.1% 0.5% 0.6% 1.3% 1.7% 0.7% 0% 5% 10% 15% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Income on joint venture investments and gains on loans, held for sale Gross levered yield (ex. gains) 6 8 LMM Commercial Real Estate 1. Excludes joint venture investments 2. Gross of general reserves 3. 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 4. 72% of fixed rate loans match funded 5. Loans with the “Other” classification are generally LMM acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories 6. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation 7. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferred financing costs GROSS LEVERED YIELD PRODUCT TYPE LOAN COUNT(1) UPB BOOK VALUE(2) WA LTV(3) WA COUPON FIXED/FLOAT(4) 60+ Days Past Due 2,071 $9.7B $9.6B 64.5% 9.0% 21.3 / 78.7% 9.9% FIXED RATE 234 $1.03B $1.03B 60.1% 5.1% 100.0 / 0.0% 2.6% BRIDGE 511 $6.84B $6.80B 67.5% 9.2% 0.6 / 99.4% 7.9% CONSTRUCTION (RC ORIGINATED) 6 $48M $47M 60.8% 7.4% 74.0 / 26.0% 0.0% MOSAIC ACQUIRED ASSETS 7 $640M $634M 59.2% 13.9% 31.5 / 68.5% 9.0% BROADMARK ACQUIRED ASSETS 112 $634M $609M 66.4% 10.7% 90.1 / 9.9% 50.7% OTHER(5) 1,201 $469M $466M 37.3% 6.6% 36.4 / 63.6% 1.2% 2,071 $9.7B $9.6B 64.5% 9.0% 21.3 / 78.7% 9.9% ORIGINATED 769 $7.94B $7.90B 66.4% 8.7% 13.7 / 86.3% 7.2% ACQUIRED 1,302 $1.72B $1.69B 56.1% 10.7% 56.3 / 43.7% 22.3% CURRENT QUARTER HIGHLIGHTS 7 • Liquidation and payoff of $429 million, including $94 million of assets acquired in the Broadmark Merger • LMM money up pipeline of $451 million, including $43 million funded in January • Mosaic Acquired Assets protected against losses due to a $61 million contingent equity right reserve

9 Small Business Lending GROSS LEVERED YIELD LOAN COUNT UPB BOOK VALUE(1) WA LTV(2) WA COUPON FIXED/FLOAT 60+ Days Past Due 3,137 $1.23B $1.20B 92.6% 10.4% 0.9 / 99.1% 1.8% CURRENT QUARTER HIGHLIGHTS 19.6% 19.5% 20.9% 21.2% 19.7% 22.5% 20.8% 22.7% 22.5% 24.4% 0% 15% 30% 45% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Gross levered yield (ex. gains) Gains on loans, held for sale 1. Gross of general reserves 2. 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 3. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferred financing costs; excludes impairment 4. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation 3 4 • SBA net sales premiums peaking at 12.1% and averaging 8.9% net • $152.2 million of SBA loan originations, including $54.7 million of small balance loan originations • Current money up pipeline of $291 million, including $60 million funded in January

10 Loan Portfolio Composition 23% 22% 8% 9% 38% Small Business Lending Lodging Retail Eating Place Doctors Other 1. Calculated on UPB and excludes assets offset by guaranteed loan financing liabilities 69% 9% 5% 5% 12% LMM Commercial Real Estate Multi-family Mixed-use Retail Office Other Investments PROPERTY TYPE1 GEOGRAPHY1 19% 10% 7% 7% 6% 51% LMM Commercial Real Estate Texas California Georgia Arizona Florida Other 20% 12% 9% 5% 7% 47% Small Business Lending California Texas Washington Florida Georgia Other

11 Loan Portfolio – Risk Rating BUCKET 1: Very Low Risk of Loss: New origination or current with strong credit metrics (LTV/DSCR/DY). No expected losses. BUCKET 2: Low Risk of Loss: Current with maturity > 6 months. Lower credit metrics with possibility of inclusion on CREFC watchlist. No expected losses. BUCKET 3: Medium Risk of Loss: Current with near term maturities or in forbearance. Loss unlikely with no specific reserves booked. BUCKET 4: Higher Risk: Loan delinquent or in maturity default. Potential issues with sponsor or business plans. Minimal losses possible and adequately reserved in current period. BUCKET 5: Highest risk: Loan in default or special servicing. Specific losses identified and adequately reserved for in current period. RISK RATING DISTRIBUTION RISK RATING CRITERIA 40% 22% 15% 23% 74% 15% 8% 3% 87% 4% 7% 2% 0% 20% 40% 60% 80% 100% 1 & 2 3 4 5 LMM CRE Acquired LMM CRE Originated SBA AVERAGE RISK RATING 2.62 2.66 2.91 2.91 3.01 1.60 1.62 1.92 1.92 2.23 1.66 1.67 1.71 1.59 1.63 - 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 LMM CRE Acquired LMM CRE Originated SBA

12 Financial Flexibility 9% 32% 35% 7% 5% 12% $1.5B Total Unencumbered Assets Unrestricted cash Securities Loans Servicing rights REO Other Assets UNENCUMBERED ASSET POOL HIGHLIGHTS $120 $761 $100 $110 $36 $0 $200 $400 $600 $800 2024 2025 2026 2027 2028 2029 and beyond CORPORATE DEBT MATURITY PROFILE ($ in millions) • Diversified unencumbered asset pool of $1.5 billion, including $139 million of unrestricted cash • 2.0x unencumbered assets to unsecured debt • $3.1 billion in available warehouse borrowing capacity across 13 counterparties • Limited usage of securities repo financing at 3.0% of total debt • Full mark to market liabilities and credit mark to market liabilities represent 17% of total debt • 89% of corporate debt maturities in 2026 or later

13 Debt - Leverage Corporate Debt PPPLF Securitized Debt Obligations Non-Recourse Secured Borrowings Recourse Secured Borrowings <0.1x 2.0x 0.4x 0.4x 0.4x Debt Balance Leverage Ratio • Total leverage of 3.3x • Recourse leverage ratio of 0.8x • Majority of secured borrowings subject to non-recourse or limited recourse terms Recourse Leverage by Reporting Segment(1) ($ in millions) $879 $117 $1,110 0.3x 0.6x 0.4x 0.0 1.0 2.0 3.0 4.0 $0 $300 $600 $900 $1,200 LMM Commercial Real Estate Small Business Lending Corporate Debt Recourse Leverage 1. Recourse leverage by reporting segment is based on the segment recourse debt balance over invested equity in the segment and excludes guaranteed loan financings $36 $5,068 $1,106 $996 $1,110

14 Financial Snapshot Investment Type Average Carrying Value(1) Gross Yield(2) Average Debt Balance Debt Cost (3) Levered Yield LMM CRE $ 9,939,566 8.9% $ 7,016,603 8.8% 9.8% SBA $ 412,526 22.3% $ 261,320 9.7% 44.1% Total $ 10,352,092 9.4% $ 7,277,923 8.8% 11.5% Book Equity Value Metrics Common Stockholders' equity $ 2,428,559 Total Common Shares outstanding 172,276,105 Net Book Value per Common Share $ 14.10 Loan Portfolio Metrics (4) % Fixed vs Floating Rate 19% / 81% % Originated vs Acquired 83% / 17% Weighted Average LTV (5) - LMM CRE 65% Weighted Average LTV (5) – SBA 93% Q4 2023 Earnings Data Metrics Net income - continuing operations | Distributable earnings $ 24,574 | $48,524 Earnings per share - continuing operations - Basic and diluted $0.12 | $0.12 Distributable Earnings per share - Basic and diluted $0.26 | $0.26 Return on Equity - continuing operations - per Common Share 3.7% Distributable Return on Equity per Common Share 7.5% Dividend Yield (6) 11.7% Servicing Portfolio Metrics SBA servicing rights - UPB $ 1,208,201 SBA servicing rights- carrying value $ 29,536 Multi-family servicing rights - UPB $ 5,689,872 Multi-family servicing rights - carrying value $ 73,301 1. Average carrying value includes average quarterly carrying value of loan and servicing asset balances. 2. Gross yields include interest income, accretion of discount, MSR creation, income from our unconsolidated joint venture, realized gains (losses) on loans held for sale, unrealized gains (losses) on loans held for sale and servicing income net of interest expense and amortization of deferred financing costs on an annualized basis. 3. The Company finances the assets included in the Investment Type through securitizations, repurchase agreements, warehouse facilities and bank credit facilities. Interest expense is calculated based on interest expense and deferred financing amortization for the quarter ended 12/31/2023 on an annualized basis. 4. Excludes loans, held for sale. 5. 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. 6. Q4 Dividend yield for the period is based on the 12/29/2023 closing share price of $10.25.

APPENDIX Additional Financial Information

16 Balance Sheet by Quarter

17 Statement of Income by Quarter

18 Distributable Earnings Reconciliation by Quarter 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. We calculate Distributable earnings as GAAP net income (loss) excluding the following: i) any unrealized gains or losses on certain MBS not retained by us as part of our loan origination businesses ii) any realized gains or losses on sales of certain MBS iii) any unrealized gains or losses on Residential MSRs from discontinued operations iv) any unrealized change in current expected credit loss reserve v) any unrealized gains or losses on de-designated cash flow hedges vi) any unrealized gains or losses on foreign exchange hedges vii) any unrealized gains or losses on certain unconsolidated joint ventures viii) any non-cash compensation expense related to stock-based incentive plan ix) one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses 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 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 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 Earnings, 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. To 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. These differences 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.