Ready Capital (NYSE: RC) reports Q2 2026 loss and book value of $6.83
Rhea-AI Filing Summary
Ready Capital Corporation reported a GAAP net loss attributable to common shareholders of $103.5 million, or $(0.63) per common share, for the quarter ended June 30, 2026, and a distributable loss attributable to common stockholders of $77.6 million, or $(0.47) per share. Distributable loss before realized losses was $(0.24) per share. The company declared a $0.01 dividend per common share.
Management highlighted ongoing balance sheet repositioning. Year-to-date it generated $1.4 billion of cash from loan sales and portfolio runoff, repaid over $1.0 billion of asset-level financing, and retired $184 million of corporate debt, including its 6.20% Senior Unsecured Notes. A $158.2 million securitization of unguaranteed SBA 7(a) loans, priced at SOFR + 2.4%, provided $24.6 million of net liquidity and $500 million of additional funding capacity. Book value per common share was $6.83 at June 30, 2026, with total assets of $6.26 billion, cash of $124 million, $690 million of unencumbered assets, total leverage of 3.0x and recourse leverage of 1.7x.
Positive
- Generated $1.4 billion cash year-to-date from loan sales and portfolio runoff, repaying over $1.0 billion of asset-level financing and retiring $184 million of corporate debt.
- Completed a $158.2 million securitization of unguaranteed SBA 7(a) loans at SOFR + 2.4%, adding $24.6 million liquidity and $500 million of funding capacity.
Negative
- Recorded a Q2 2026 loss of $103.5 million attributable to Ready Capital Corporation, with distributable loss attributable to common stockholders of $77.6 million.
- Book value per common share declined to $6.83 from $7.43 at March 31, 2026.
- Distributable return on equity before realized losses was (12.4)%, while GAAP ROE per common share was (34.1)%.
Filing Explained
The filing adds a credit-quality view and stages non-performing CRE loan resolutions through 2027.
As a Form 8-K, this August 6 report furnishes completed second-quarter results and supplemental data; it is not a new financing or issuance. Its material structural addition is a credit-quality presentation that separates the commercial real estate portfolio into performing and non-performing loans.
The company defines performing CRE loans as less than 60 days past due and non-performing CRE loans as 60 or more days past due. It says the new classification replaces the prior strategy-based core/non-core presentation, so prior periods are not directly comparable.
Specific milestones include an expected
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net loss: (99,683)
Net loss attributable to Ready Capital Corporation: (103,530)
Distributable loss attributable to common stockholders: (77,577)
+5 more
8 metrics
Net loss
(99,683)
Net loss in thousands for the three months ended June 30, 2026
Net loss attributable to Ready Capital Corporation
(103,530)
In thousands for Q2 2026
Distributable loss attributable to common stockholders
(77,577)
In thousands for Q2 2026
GAAP loss per common share
$(0.63)
Basic and diluted earnings per common share for Q2 2026
Distributable loss per common share
$(0.47)
Basic and diluted distributable loss per common share for Q2 2026
Book value per common share
$6.83
Book value per share as of June 30, 2026
Total assets
6,263,916
Total assets in thousands as of June 30, 2026
Cash generated from loan sales and runoff YTD
$1.4 billion
Year-to-date 2026 balance sheet repositioning activity
Key Terms
Distributable earnings, CECL reserve, Real estate owned, non-performing CRE loan, +2 more
6 terms
Distributable earnings financial
"In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings"
Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.
CECL reserve financial
"Increase in CECL reserve | 8,250"
CECL reserve is the amount a lender or financial firm sets aside under the Current Expected Credit Loss accounting rule to cover estimated lifetime losses on loans and other financial assets. It matters to investors because the size and changes of this reserve directly affect reported profits, capital strength and a lender’s cushion against bad loans — think of it as a rainy‑day fund that reflects how much future trouble the firm expects from its loans.
Real estate owned financial
"Real estate owned | 572,850"
Real estate owned (REO) describes properties that a lender has taken ownership of after a borrower failed to keep up mortgage payments and the bank completed the repossession process. It matters to investors because REO shows up on a lender’s books as unsold inventory—affecting the lender’s financial health, cash flow and future profits—and presents buying opportunities or risks for real estate investors due to repair, holding, and resale costs.
non-performing CRE loan financial
"Non-performing CRE loan portfolio MTM LTV distribution exit timeline"
RevPAR financial
"resulted in a 20% increase in RevPar to $244"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
loan-to-value (LTV) financial
"Weighted Average LTV - LMM CRE 82%"
Loan-to-value (LTV) is the ratio of a loan amount to the value of the asset used as collateral, expressed as a percentage; for example, a $80,000 loan on a $100,000 property has an LTV of 80%. It matters to investors because higher LTVs mean greater risk of loss if the asset falls in value—like borrowing most of the price of a car, leaving little buffer—so lenders charge higher rates or restrict lending, affecting credit availability and borrower default risk.
Earnings Snapshot
Net loss attributable to Ready Capital Corporation: $(103.5) million
Quarter ended June 30, 2026
Net loss attributable to Ready Capital Corporation
$(103.5) million
Q2 2026 net loss vs $(57.5) million in Q2 2025
GAAP EPS (basic and diluted)
$(0.63)
Compared with $(0.34) per share in Q2 2025
Distributable loss attributable to common stockholders
$(77.6) million
Q2 2026 distributable loss vs $(24.0) million in Q2 2025
Distributable EPS (basic and diluted)
$(0.47)
Compared with $(0.14) distributable loss per share in Q2 2025
Distributable EPS before realized losses
$(0.24)
Metric excludes realized losses on investments, net of tax, in Q2 2026
Book value per common share
$6.83
Versus $8.79 at December 31, 2025 and $7.43 at March 31, 2026
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How much did Ready Capital (RC) lose in Q2 2026?
Ready Capital posted a Q2 2026 net loss of $99.7 million, with net loss attributable to Ready Capital Corporation of $103.5 million. Distributable loss attributable to common stockholders was $77.6 million, reflecting realized losses on investments and credit-related adjustments.
How is Ready Capital (RC) progressing on its balance sheet repositioning plan?
Management reported generating $1.4 billion of cash year-to-date from loan sales and runoff, paying down over $1.0 billion of asset-level financing, and retiring $184 million of corporate debt, including 6.20% Senior Unsecured Notes, while completing a $158.2 million SBA 7(a) securitization.
What were Ready Capital's (RC) loan originations in Q2 2026?
Total loan originations in Q2 2026 were $278.8 million. This included $155.9 million of lower-to-middle-market commercial real estate loans and $82.1 million of SBA 7(a) loans, alongside additional originations in other products and segments.
What is the status of Ready Capital's (RC) Portland Ritz-Carlton project?
Ready Capital has sold 50 Ritz-Carlton branded condominium units, representing 38% of the 132 residences. For the hotel, trailing twelve-month occupancy was 52%, with average daily rate of $468 and Room RevPAR of $244, supporting the operate-to-sell strategy.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): August 6, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||||||
| of incorporation) | Identification No.) | |||||||
(Address of principal executive offices)
(Zip Code)
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Registrant's telephone number, including area code: (212 ) 257-4600
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(Former name or former address, if changed since last report.)
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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:
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Item 2.02. Results of Operations and Financial Condition
On August 6, 2026, Ready Capital Corporation (the “Company”) issued an earnings release announcing the financial results for the quarter ended June 30, 2026. A copy of the earnings release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
On August 6, 2026, 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
| Exhibit No. | Description | |||||||
| 99.1 | Earnings Release, dated August 6, 2026 | |||||||
| 99.2 | Supplemental Financial Information for the quarter ended June 30, 2026 | |||||||
| 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: August 6, 2026
Exhibit 99.1
READY CAPITAL CORPORATION REPORTS SECOND QUARTER 2026 RESULTS
New York, New York, August 6, 2026 / 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 June 30, 2026.
“Our second quarter results demonstrate continued progress on our balance sheet repositioning plan with the pace of book value reduction decelerating and earnings pressure narrowing,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Although there is still work to be done, we are encouraged by the progress made, remain focused on meeting our fourth quarter debt maturities, and are increasingly looking towards restarting growth through our core CRE debt investing and SBA 7(a) lending business.”
Financial Metrics
•GAAP loss per common share of $(0.63)
•Distributable loss per common share of $(0.47)
•Distributable loss per common share before realized losses of $(0.24)
Balance Sheet Repositioning
•Generated $1.4 billion in cash year-to-date from loan sales and portfolio runoff, paying down over $1 billion in asset-level financing and retiring $184 million of corporate debt
•Retired the 6.20% Senior Unsecured Notes in April 2026
•Securitization of $158.2 million of unguaranteed SBA 7(a) loans at a 92% advance priced at SOFR + 2.4%; the transaction generated $24.6 million of net liquidity and $500 million of additional funding capacity for 7(a) production
Portfolio & Credit
•Total loan originations of $278.8 million, including $155.9 million of LMM commercial real estate loans and $82.1 million of Small Business Administration 7(a) loans
Capitalization
•Book value of $6.83 per share of common stock as of June 30, 2026
•Ended the quarter with $124 million in cash and $690 million of unencumbered assets; total leverage of 3.0x with recourse leverage of 1.7x
Portland Ritz
•Sold 50 Ritz-Carlton branded condominium units to date totaling 38% completion
•Hotel occupancy increased 10% year-over-year to 52% along with a 4% decrease in ADR to $468 resulted in a 20% increase in RevPar to $244
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 changes in our current expected credit loss reserve and valuation allowance, 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, unrealized gains or losses on preferred equity, at fair value, unrealized gain or losses or other non-cash items related to real estate owned 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.
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 June 30, 2026 | ||||
| Net Loss | $ | (99,683) | |||
| Reconciling items: | |||||
| Unrealized loss on joint ventures | 3,037 | ||||
| Increase in CECL reserve | 8,250 | ||||
| Decrease in valuation allowance | (2,447) | ||||
| Non-recurring REO impairment | 952 | ||||
| Non-cash compensation | 2,484 | ||||
| Unrealized loss on preferred equity, at fair value | 10,065 | ||||
| Merger transaction costs and other non-recurring expenses | 2,339 | ||||
| Depreciation and amortization on real estate owned | 1,575 | ||||
| Realized losses on sale of investments | 41,234 | ||||
| Total reconciling items | $ | 67,489 | |||
| Income tax adjustments | (2,931) | ||||
| Distributable loss before realized losses | $ | (35,125) | |||
| Realized losses on sale of investments, net of tax | (38,493) | ||||
| Distributable loss | $ | (73,618) | |||
| Less: Distributable earnings attributable to non-controlling interests | 1,904 | ||||
| Less: Income attributable to participating shares | 2,055 | ||||
| Distributable loss attributable to common stockholders | $ | (77,577) | |||
| Distributable loss before realized losses on investments, net of tax per common share - basic and diluted | $ | (0.24) | |||
| Distributable loss per common share - basic and diluted | $ | (0.47) | |||
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 Friday, August 7, 2026 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended June 30, 2026. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses
to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
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 #: 13761020
The playback can be accessed through August 21, 2026.
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 over 400 professionals nationwide.
Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com
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) | June 30, 2026 | December 31, 2025 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 124,149 | $ | 207,841 | |||||||
| Restricted cash | 50,182 | 39,746 | |||||||||
| Loans, net (including $388 and $737 held at fair value) | 3,409,500 | 3,500,298 | |||||||||
| Loans, held for sale (including $61,314 and $73,094 held at fair value and net of valuation allowance of $70,867 and $67,612) | 278,214 | 585,820 | |||||||||
| Mortgage-backed securities | 31,587 | 34,501 | |||||||||
| Investment in unconsolidated joint ventures (including $5,294 and $5,737 held at fair value) | 165,658 | 161,424 | |||||||||
| Derivative instruments | 3,096 | 6,740 | |||||||||
| Servicing rights | 117,463 | 126,279 | |||||||||
| Real estate owned | 572,850 | 620,225 | |||||||||
| Other assets | 466,161 | 508,238 | |||||||||
| Assets of consolidated VIEs | 1,045,056 | 1,978,684 | |||||||||
| Total Assets | $ | 6,263,916 | $ | 7,769,796 | |||||||
| Liabilities | |||||||||||
| Secured borrowings | 1,876,713 | 2,788,926 | |||||||||
| Securitized debt obligations of consolidated VIEs, net | 638,942 | 1,174,785 | |||||||||
| Senior secured notes, net | 723,915 | 722,729 | |||||||||
| Corporate debt, net | 470,372 | 652,487 | |||||||||
| Guaranteed loan financing | 950,103 | 524,091 | |||||||||
| Contingent consideration | 22,265 | 18,698 | |||||||||
| Derivative instruments | 60 | 1,432 | |||||||||
| Dividends payable | 3,665 | 3,633 | |||||||||
| Loan participations sold | 56,616 | 56,616 | |||||||||
| Due to third parties | 5,408 | 3,135 | |||||||||
| Accounts payable and other accrued liabilities | 165,620 | 171,636 | |||||||||
| Total Liabilities | $ | 4,913,679 | $ | 6,118,168 | |||||||
| 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, 165,209,516 and 163,010,012 shares issued and outstanding, respectively | 17 | 17 | |||||||||
| Additional paid-in capital | 2,267,394 | 2,264,355 | |||||||||
| Retained deficit | (1,118,135) | (807,522) | |||||||||
| Accumulated other comprehensive loss | (21,448) | (24,196) | |||||||||
| Total Ready Capital Corporation equity | 1,239,206 | 1,544,032 | |||||||||
| Non-controlling interests | 102,670 | 99,235 | |||||||||
| Total Stockholders’ Equity | $ | 1,341,876 | $ | 1,643,267 | |||||||
| Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | $ | 6,263,916 | $ | 7,769,796 | |||||||
READY CAPITAL CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in thousands, except share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Interest income | $ | 77,401 | $ | 152,735 | $ | 159,131 | $ | 307,702 | |||||||||||||||
| Interest expense | (82,853) | (135,837) | (179,687) | (276,303) | |||||||||||||||||||
| Net interest income (loss) before (provision for) recovery of loan losses | $ | (5,452) | $ | 16,898 | $ | (20,556) | $ | 31,399 | |||||||||||||||
| (Provision for) recovery of loan losses | (21,554) | (8,640) | (92,461) | 100,928 | |||||||||||||||||||
| Net interest income (loss) after (provision for) recovery of loan losses | $ | (27,006) | $ | 8,258 | $ | (113,017) | $ | 132,327 | |||||||||||||||
| Non-interest income | |||||||||||||||||||||||
| Net realized gain (loss) on financial instruments and real estate owned | (22,221) | 18,214 | (82,306) | 28,883 | |||||||||||||||||||
| Net unrealized gain (loss) on financial instruments | (4,173) | (1,614) | (11,093) | (3,364) | |||||||||||||||||||
| Valuation allowance, loans held for sale | 2,447 | (39,746) | (4,110) | (139,464) | |||||||||||||||||||
Servicing income, net of amortization and impairment of $11,207 and $17,794 for the three and six months ended June 30, 2026, and $12,874 and $18,168 for the three and six months ended June 30, 2025, respectively | 72 | (304) | 5,493 | 6,152 | |||||||||||||||||||
| Gain (loss) on bargain purchase | — | (14,381) | — | 88,090 | |||||||||||||||||||
| Income (loss) on unconsolidated joint ventures | 1,276 | (144) | 3,335 | (4,126) | |||||||||||||||||||
| Other income | 14,214 | 11,304 | 32,279 | 22,894 | |||||||||||||||||||
| Total non-interest income (expense) | $ | (8,385) | $ | (26,671) | $ | (56,402) | $ | (935) | |||||||||||||||
| Non-interest expense | |||||||||||||||||||||||
| Employee compensation and benefits | (24,590) | (23,159) | (48,438) | (44,413) | |||||||||||||||||||
| Allocated employee compensation and benefits from related party | (3,376) | (3,600) | (6,976) | (6,876) | |||||||||||||||||||
| Professional fees | (7,671) | (6,368) | (14,326) | (11,856) | |||||||||||||||||||
| Management fees – related party | (3,765) | (5,072) | (7,841) | (10,649) | |||||||||||||||||||
| Loan servicing expense | (3,439) | (11,038) | (19,113) | (26,882) | |||||||||||||||||||
| Transaction related expenses | (512) | (639) | (847) | (3,333) | |||||||||||||||||||
| Impairment on real estate | (952) | (4,268) | (483) | (6,614) | |||||||||||||||||||
| Other operating expenses | (33,268) | (16,133) | (62,282) | (32,256) | |||||||||||||||||||
| Total non-interest expense | $ | (77,573) | $ | (70,277) | $ | (160,306) | $ | (142,879) | |||||||||||||||
| Loss from continuing operations before benefit for income taxes | (112,964) | (88,690) | (329,725) | (11,487) | |||||||||||||||||||
| Income tax benefit | 13,281 | 39,939 | 29,955 | 45,146 | |||||||||||||||||||
| Net income (loss) from continuing operations | $ | (99,683) | $ | (48,751) | $ | (299,770) | $ | 33,659 | |||||||||||||||
| Discontinued operations | |||||||||||||||||||||||
| Loss from discontinued operations before income tax benefit | — | (6,567) | — | (7,161) | |||||||||||||||||||
| Income tax benefit | — | 1,641 | — | 1,790 | |||||||||||||||||||
| Net loss from discontinued operations | $ | — | $ | (4,926) | $ | — | $ | (5,371) | |||||||||||||||
| Net income (loss) | $ | (99,683) | $ | (53,677) | $ | (299,770) | $ | 28,288 | |||||||||||||||
| Less: Dividends on preferred stock | 1,999 | 1,999 | 3,998 | 3,998 | |||||||||||||||||||
| Less: Net income attributable to non-controlling interest | 1,848 | 1,814 | 3,490 | 4,274 | |||||||||||||||||||
| Net income (loss) attributable to Ready Capital Corporation | $ | (103,530) | $ | (57,490) | $ | (307,258) | $ | 20,016 | |||||||||||||||
| Earnings per common share from continuing operations - basic | $ | (0.63) | $ | (0.31) | $ | (1.87) | $ | 0.15 | |||||||||||||||
| Earnings per common share from discontinued operations - basic | $ | 0.00 | $ | (0.03) | $ | 0.00 | $ | (0.03) | |||||||||||||||
| Total earnings per common share - basic | $ | (0.63) | $ | (0.34) | $ | (1.87) | $ | 0.12 | |||||||||||||||
| Earnings per common share from continuing operations - diluted | $ | (0.63) | $ | (0.31) | $ | (1.87) | $ | 0.15 | |||||||||||||||
| Earnings per common share from discontinued operations - diluted | $ | 0.00 | $ | (0.03) | $ | 0.00 | $ | (0.03) | |||||||||||||||
| Total earnings per common share - diluted | $ | (0.63) | $ | (0.34) | $ | (1.87) | $ | 0.12 | |||||||||||||||
| Weighted-average shares outstanding | |||||||||||||||||||||||
| Basic | 165,101,861 | 167,749,917 | 164,366,053 | 166,465,234 | |||||||||||||||||||
| Diluted | 172,781,180 | 170,673,088 | 171,173,393 | 169,320,001 | |||||||||||||||||||
| Dividends declared per share of common stock | $ | 0.01 | $ | 0.125 | $ | 0.02 | $ | 0.25 | |||||||||||||||
READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING
| Three Months Ended June 30, 2026 | |||||||||||||||||||||||
| (in thousands) | LMM Commercial Real Estate | Small Business Lending | Corporate-Other | Consolidated | |||||||||||||||||||
| Interest income | $ | 53,941 | $ | 23,460 | $ | — | $ | 77,401 | |||||||||||||||
| Interest expense | (65,245) | (17,608) | — | (82,853) | |||||||||||||||||||
| Net interest income (loss) before provision for loan losses | $ | (11,304) | $ | 5,852 | $ | — | $ | (5,452) | |||||||||||||||
| Provision for loan losses | (13,689) | (7,865) | — | (21,554) | |||||||||||||||||||
| Net interest income (loss) after provision for loan losses | $ | (24,993) | $ | (2,013) | $ | — | $ | (27,006) | |||||||||||||||
| Non-interest income | |||||||||||||||||||||||
| Net realized gain (loss) on financial instruments and real estate owned | (31,965) | 9,744 | — | (22,221) | |||||||||||||||||||
| Net unrealized gain (loss) on financial instruments | (2,620) | (1,553) | — | (4,173) | |||||||||||||||||||
| Valuation (allowance) recovery, loans held for sale | 2,447 | — | — | 2,447 | |||||||||||||||||||
| Servicing income, net | 1,374 | (1,302) | — | 72 | |||||||||||||||||||
| Income on unconsolidated joint ventures | 1,270 | 6 | — | 1,276 | |||||||||||||||||||
| Other income | 10,213 | 3,194 | 807 | 14,214 | |||||||||||||||||||
| Total non-interest income (loss) | $ | (19,281) | $ | 10,089 | $ | 807 | $ | (8,385) | |||||||||||||||
| Non-interest expense | |||||||||||||||||||||||
| Employee compensation and benefits | (6,217) | (14,065) | (4,308) | (24,590) | |||||||||||||||||||
| Allocated employee compensation and benefits from related party | (338) | — | (3,038) | (3,376) | |||||||||||||||||||
| Professional fees | (927) | (3,709) | (3,035) | (7,671) | |||||||||||||||||||
| Management fees – related party | — | — | (3,765) | (3,765) | |||||||||||||||||||
| Loan servicing expense | (2,104) | (1,335) | — | (3,439) | |||||||||||||||||||
| Transaction related expenses | — | — | (512) | (512) | |||||||||||||||||||
| Recovery (impairment) on real estate | (952) | — | — | (952) | |||||||||||||||||||
| Other operating expenses | (22,208) | (9,061) | (1,999) | (33,268) | |||||||||||||||||||
| Total non-interest expense | $ | (32,746) | $ | (28,170) | $ | (16,657) | $ | (77,573) | |||||||||||||||
| Loss before provision for income taxes | $ | (77,020) | $ | (20,094) | $ | (15,850) | $ | (112,964) | |||||||||||||||
| Total assets | $ | 4,107,690 | $ | 1,716,453 | $ | 439,773 | $ | 6,263,916 | |||||||||||||||
READY CAPITAL CORPORATION
UNAUDITED SEGMENT REPORTING
| Six Months Ended June 30, 2026 | |||||||||||||||||||||||
| (in thousands) | LMM Commercial Real Estate | Small Business Lending | Corporate-Other | Consolidated | |||||||||||||||||||
| Interest income | $ | 112,834 | $ | 46,297 | $ | — | $ | 159,131 | |||||||||||||||
| Interest expense | (145,917) | (33,770) | — | (179,687) | |||||||||||||||||||
| Net interest income (loss) before provision for loan losses | $ | (33,083) | $ | 12,527 | $ | — | $ | (20,556) | |||||||||||||||
| Provision for loan losses | (80,212) | (12,249) | — | (92,461) | |||||||||||||||||||
| Net interest income (loss) after provision for loan losses | $ | (113,295) | $ | 278 | $ | — | $ | (113,017) | |||||||||||||||
| Non-interest income | |||||||||||||||||||||||
| Net realized gain (loss) on financial instruments and real estate owned | (100,207) | 17,901 | — | (82,306) | |||||||||||||||||||
| Net unrealized gain (loss) on financial instruments | (11,416) | 323 | — | (11,093) | |||||||||||||||||||
| Valuation allowance, loans held for sale | (4,110) | — | — | (4,110) | |||||||||||||||||||
| Servicing income, net | 2,971 | 2,522 | — | 5,493 | |||||||||||||||||||
| Income on unconsolidated joint ventures | 3,324 | 11 | — | 3,335 | |||||||||||||||||||
| Other income | 22,153 | 8,385 | 1,741 | 32,279 | |||||||||||||||||||
| Total non-interest income (loss) | $ | (87,285) | $ | 29,142 | $ | 1,741 | $ | (56,402) | |||||||||||||||
| Non-interest expense | |||||||||||||||||||||||
| Employee compensation and benefits | (13,866) | (29,388) | (5,184) | (48,438) | |||||||||||||||||||
| Allocated employee compensation and benefits from related party | (698) | — | (6,278) | (6,976) | |||||||||||||||||||
| Professional fees | (2,403) | (7,185) | (4,738) | (14,326) | |||||||||||||||||||
| Management fees – related party | — | — | (7,841) | (7,841) | |||||||||||||||||||
| Loan servicing expense | (16,677) | (2,436) | — | (19,113) | |||||||||||||||||||
| Transaction related expenses | — | — | (847) | (847) | |||||||||||||||||||
| Recovery (impairment) on real estate | (483) | — | — | (483) | |||||||||||||||||||
| Other operating expenses | (39,558) | (18,373) | (4,351) | (62,282) | |||||||||||||||||||
| Total non-interest expense | $ | (73,685) | $ | (57,382) | $ | (29,239) | $ | (160,306) | |||||||||||||||
| Loss before provision for income taxes | $ | (274,265) | $ | (27,962) | $ | (27,498) | $ | (329,725) | |||||||||||||||
| Total assets | $ | 4,107,690 | $ | 1,716,453 | $ | 439,773 | $ | 6,263,916 | |||||||||||||||
SUPPLEMENTAL FINANCIAL DATA Q2 2026
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. Beginning with this presentation, the Company has reclassified its CRE loan portfolio from a 'core' and 'non-core' framework to a 'performing' and 'non-performing' framework. For purposes of this presentation, 'performing' CRE loans are those that are less than 60 days past due on contractual payments, while 'non- performing' CRE loans include those 60 or more days past due on contractual payments. The prior classification identified assets targeted for disposition under the Company's balance sheet repositioning strategy. As that strategy nears completion, management believes a credit-quality-based classification more accurately reflects the ongoing risk and earnings profile of the portfolio. Prior period presentations using the prior framework are not directly comparable. 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 June 30, 2026, unless otherwise noted.
3 Second Quarter 2026 Results ■ Net loss1 of $(0.63) per common share ■ Distributable losses2 of $(0.47) per common share ■ Distributable losses before realized losses3 of $(0.24) per common share ■ Declared dividend of $0.01 per common share Performance ■ Total loan portfolio of $4.6 billion ■ Total loan originations4 of $278.8 million including $155.9 million of LMM commercial real estate loans and $82.1 million of SBA 7(a) loans ■ Loan repayments of $288.2 million and sales of $212.2 million Loan Portfolio Capitalization ■ Book value per share of $6.83 ■ $124 million of unrestricted cash and $690 million of unencumbered assets ■ Total leverage of 3.0x and recourse leverage ratio5 of 1.7x Business Update ■ Retired the outstanding 6.20% Senior Unsecured Notes in April 2026 ■ Completed the securitization of $158.2 million unguaranteed SBA 7(a) loans and issued $145.2 million of bonds at SOFR + 2.4%
4 CRE Loan Portfolio Summary QTD INVESTMENT ROLL ($ in billions) COUNT6 UPB ALLOWANCE CARRY VALUE 60+ DQ STATUS7 WA RISK RATING GROSS YIELD CASH YIELD PERFORMING 128 1.71B 131M 1.55B —% 2.84 8.3% 6.3% NON-PERFORMING 44 994M 146M 846M 73.0% 4.65 2.1% 2.1% TOTAL 172 2.70B 277M 2.40B 25.7% 3.48 6.1% 4.8% SECURITIZED 716 639M 3M 636M 2.6% 1.41 4.9% 4.9% LOAN VINTAGE ($ in billions) 0.1 0.4 0.7 0.1 0.2 0.1 0.1 0.3 0.3 0.1 Performing Non-performing 2020 and prior 2021 2022 2023 2024 2025 $0.0 $0.2 $0.4 $0.6 $0.8 2.71 (0.34) 0.09 (0.06) 2.40 Beg CV Sales/ Paydowns Originations Allowance/ Other End CV $2.0 $2.1 $2.2 $2.3 $2.4 $2.5 $2.6 $2.7 $2.8 614 (40) (24) (42) 133 (10) 631 Beg 60+ Sales/Payoffs Foreclosure Reperforming/ Modified New 60+ Other End 60+ $400 $450 $500 $550 $600 $650 60+ DQ MIGRATION ($ in millions)
5 Performing CRE Loan Portfolio LOAN PRODUCT8 RISK RATINGCOLLATERAL MODIFICATION STATUS9 HISTORICAL LEVERED YIELD10 10.9% 11.0% 9.6% 7.0% 10.1% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0% 2% 4% 6% 8% 10% 12% QUARTERLY PORTFOLIO CREDIT MIGRATION Bridge 70% Construction 23% Fixed rate 5% Other 2% Multi-family 81% Land 10% Industrial 5% Other 4% 1&2 38% 3 38% 4&5 24% Extensions 42% Modifications 31% Not Modified 27% Q1’26 CV (%) Q2’26 CV (%) CURRENT 90.0% 95.7% 30-59 10.0% 4.3% 60+ —% —% TOTAL 100.0% 100.0% ACCRUAL 81.6% 84.6% NON-ACCRUAL 18.4% 15.4% TOTAL 100.0% 100.0%
6 Non-Performing CRE Loan Portfolio MTM LTV DISTRIBUTION EXIT TIMELINE ($ in millions)QTD ROLL ($ in millions) TOP 10 NON-PERFORMING CRE LOAN POSITIONS $844 $(107) $128 $(19) $846 Beginning CV Exits New 60+ Write- downs Ending CV $600 $750 $900 21 loans 21 loans $315 $118 $43 $370 Q3'26 Q4'26 Q1'27 Q2'27 and beyond $— $100 $200 $300 $400 3 loans 3 loans ASSET # LOCATION COLLATERAL TYPE CARRY VALUE (in thousands) EXPECTED RESOLUTION COMMENTS Asset #1 TX Multi-family 154,644 Q3 2026 Matured 12/10/25 and in a forbearance period; portfolio 87% occupied. RC is discussing a note assumption while also weighing foreclosure to improve operations and stabilize before a sale. Asset #2 TX Multi-family 73,600 Q4 2027 Matured and past due since 5/10/26. RC and the borrower are negotiating a long-term modification: maturity extension, borrower contributing additional equity to purchase an in-the-money cap, and full cash management. Asset #3 GA Multi-family 72,725 Q4 2027 Matured and past due since 6/10/26; 50% occupied (40% economic). RC plans to foreclose, bring in new receiver, retain existing manager and increase occupancy (will take 18 months), reduce delinquencies, and sell in late 2027 when Austell/Marietta market is expected to be better. Asset #4 TX Multi-family 53,981 Q3 2026 Past due; matures 1/10/27. Final DPO executed at $56.0 million with $6.5 million paid down via deposits. Close expected on 8/20/26. Asset #5 GA Multi-family 34,200 Q4 2027 Past due; matures 10/10/26. 77% occupied, with significant collection issues. A $50K RC-funded light renovation of 10 units has improved leasing momentum. Plan is to foreclose, bring in new management, continue renovations to lift occupancy to market, then sell once stabilized. Asset #6 TX Multi-family 33,609 Q4 2026 Past due; matures 3/10/27. 86.4% occupied as of Q1 26. Borrower is marketing the asset for sale. RC is reviewing pricing to provide feedback to the Sponsor. Asset #7 MN Multi-family 30,200 Q4 2026 Past due; matures 9/10/26. 80% occupied as of Q1 26. The borrower paused renovations at 53% of planned capex given weak rent growth in the submarket. RC is working with the Borrower to market the portfolio for sale, with offers due in early August. Asset #8 AZ Multi-family 30,000 Q4 2027 Matured and past due since 6/10/26; 82% occupied. Overbuilding in the market has stalled rent growth and cash flow does not cover DS. A receiver was installed in June 2026 and is funding unit turns; RC expects to foreclose later this year and remarket for sale in mid-2027. Asset #9 CA Multi-family 29,737 Q1 2027 Matured and past due since February 2025; 80% occupied. Cash flow covers neither DS nor unit turns. RC plans to address deferred maintenance, increase occupancy to 90%, and market the property for sale with the borrower in Q1 2027. Asset #10 TX Multi-family 25,207 Q4 2028 Past due; matures 10/10/26. Receiver has been put in place. RC is working with the sponsor on loan modification as the receiver works to stabilize the asset and carry on with business plan of turning units. $48 $207 $203 $35 $353 <60% 60%-70% 70%-80% 80%-90% 90%-100% $— $100 $200 $300 $400
7 Real Estate Owned Exposure # OF ASSETS CARRY VALUE PORTLAND MIXED USE 1 $391M OPERATE TO SELL 5 $102M SELL 15 $87M UNDER CONTRACT 3 $8M TOTAL 24 $588M Mixed use $413 Multi-family $81 Land $55 Other $39 Collateral Oregon $414 Texas $77 California $42 Other $55 Geography 625,503 25,062 (59,898) (2,529) 588,138 Beginning Balance REO acquired via foreclosure/ capitalized costs Liquidations Depreciation/ Impairment Ending Balance 500,000 550,000 600,000 650,000 700,000 QUARTERLY REO MIGRATION (in thousands)REO DETAILS11
RITZ-CARLTON RESIDENCES • 132 Ritz-Carlton branded condominium residences • Located on floors 21 – 35 • Avg. Unit SF: 1,639 • Amenities: • Balcony or terrace • Dedicated lobby • Hotel amenity access • Private rooftop terrace (8th floor) Key Metrics (Sales to Date)12 • # of units sold: 50 • % of units sold: 38% • Avg SF/unit sold: 1,517 • Avg Sale Price: $1.240M • Avg Sale Price/SF: $817 8 Portland OR, Mixed-Use • The four-phase condo sellout strategy is ongoing, whereby unit pricing will increase in subsequent phases. Thirty- eight units have been sold YTD ($746 WA PPSF). • Phase 1 consisting of twenty-four condos fully sold out in May 2026. Phase 2 consisting of thirty-two units launched in February 2026. Fourteen Phase 2 units have sold (44% of Phase 2), and four units have executed Purchase Agreements. • Hotel revenue performance has improved year-over-year, with total June 2026 TTM RevPAR up 14% to $403, driven by a 10% increase in occupancy to 52% and 20% increase in Room RevPAR to $244 compared to June 2025 TTM. • Marriott’s targeted room rate reduction strategy implemented in Q4 2025 continues to yield RevPAR improvement, with April, May and June 2026 Room RevPAR up 41%, 55%, and 47%, respectively, compared to the same period last year. QUARTERLY UPDATES RITZ-CARLTON HOTEL OFFICE/RETAIL • 251 rooms (floors 8 – 20) • Amenities: • Lobby lounge • Bellpine restaurant and bar; Meadowrue restaurant • Ritz-Carlton Club • Meeting & Event space (12,222 sf) • Business center • Fitness center, full-service spa and swimming pool • Class A office: 158,577 sf (floors 3– 7) • Office Tenants: • Davis Wright Tremaine LLP • Fisher & Phillips • Banneker Partners • Retail: 10,638 sf (floors 1– 2) • Retail Tenants: • The Flock (food hall) • Mahler Jewelers Key Metrics (6/30/2026 TTM) • Occupancy: 52% • ADR: $468 • Room RevPAR: $244 • Total RevPAR: $403 Key Metrics (6/30/2026 Rent Roll) • Total Occupancy: 28% • Office Occupancy: 23% • WA Office Rent/SF: $38 NNN • Office WAULT: 9 yrs. • Retail Occupancy: 100% • WA Retail Rent/SF: $46 NNN • Retail WAULT: 11 yrs.
9 Small Business Lending Portfolio Review* QTD SALES BY PROGRAM PROGRAM COUNT13 UPB ALLOWANCE CARRY VALUE 60+ DQ STATUS7 WA RISK RATING GROSS YIELD CASH YIELD LARGE 1,823 1.44B 25M 1.40B 3.2% 1.81 7.8% 7.4% SMALL/MICRO 5,909 139M 16M 120M 3.4% 1.36 10.2% 8.5% USDA 29 39M 1M 36M —% 2.58 9.5% 8.8% WORKING CAPITAL** 153 15M — 1M 35.6% 2.86 8.1% 8.1% TOTAL 7,914 1.63B 42M 1.56B 3.2% 1.79 8.1% 7.5% COLLATERAL Hotel 20% Eating Place 9% Retail 27% Doctors 6% Other 38% PROGRAM SALES PROCEEDS % PREMIUM LARGE $61M $67M 9.7% SMALL/MICRO $25M $27M 11.1% USDA $4M $5M 14.7% WORKING CAPITAL $41M $41M 1.2% *Includes assets offset by guaranteed loan financing liabilities of $950 million. **Purchased as part of the Funding Circle acquisition. 57% 60+ days delinquent at the time of purchase.
$89.4 $171.7 $58.0 $173.4 $81.2 $145.4 $115.9 $155.9 $216.1 $173.5 $84.4 $110.0 $82.1 $96.5 $67.3 $18.4 $28.5 $46.1 $41.9 $37.0 $38.2 $40.8 Bridge Bridge Off- Balance Sheet Construction Freddie Mac SBA USDA Working Capital Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 0 200 400 600 10 Quarterly Investment Activity $278.8 $421.9M $374.6M $464.3 $532.2M 4
11 Earnings Profile14 Gain on sale, net of variable costs: SBA 7(a): $4M USDA: $1M Business Loans: $2M LMM Loans: $3M Balance (in thousands) Annualized ROE Contribution Recurring Revenue: Net interest loss $ (2,988) (1.0)% Gain on sale, net of variable costs 10,436 3.5% Other recurring revenue 7,867 2.6% Total recurring revenue $ 15,315 5.1% Operating Expenses: Compensation & benefits (22,905) (7.7)% Fixed operating costs (20,603) (6.9)% Servicing expenses (3,380) (1.1)% Portland mixed-use asset (4,863) (1.6)% Investment advisory fees (3,765) (1.3)% Tax 6,859 2.3% Total operating costs and tax $ (48,657) (16.3)% Net loss from normal operations, net of tax $ (33,342) (11.2)% Other Items included in Earnings: Realized losses $ (27,930) (9.4)% Charge off of specific loan loss reserve (13,304) (4.5)% CECL & valuation allowances (6,756) (2.3)% Mark-to-market (11,813) (4.0)% Non-cash compensation (2,484) (0.8)% Transaction costs (512) (0.2)% Other income (expenses) (9,964) (3.4)% Tax 6,422 2.2% Dividends on preferred stock (1,999) (0.7)% Total other items included in earnings $ (68,340) (23.0)% Net loss including dividends on preferred stock $ (101,682) (34.1)% Servicing Income: $5M Income from Unconsolidated JV's: $1M Other Income: $2M R&D Reserve: $(2)M Ritz Depreciation: $(2)M MSR Impairment: $(3)M Other Nonrecurring loss: $(3)M Professional Fees: $(7)M Technology Expense: $(4)M Depreciation and amortization: $(2)M Rent and property tax exp: $(1)M Other operating expenses: $(7)M Net operating income (loss): $(3)M Interest expense: $(2)M
12 Operating Segment Contribution15 LMM CRE TOTAL OPERATING EXPENSES EQUITY ALLOCATION16 EPS CONTRIBUTION RECURRING REVENUE DISTRIBUTABLE RETURN BEFORE REALIZED LOSSES17 ON ALLOCATED EQUITY DISTRIBUTABLE RETURN BEFORE REALIZED LOSSES17 CORPORATE & OTHER SMALL BUSINESS LENDING PERFORMING NON-PERFORMING & REO $2.9B / 53% $1.4B / 25% $0.8B / 14% $0.4B / 8% $5.5B / 100% 43% 42% 15% N/A 100% $(0.02) $(0.29) $(0.09) $(0.23) $(0.63) $0.05 $(0.05) $(0.03) $(0.21) $(0.24) 2.9% (3.0)% (1.5)% (10.8)% (12.4)% 3.8% (4.0)% (5.8)% N/A (12.4)% $16.3M $(1.2)M $24.1M $(23.9)M $15.3M $(7.6)M $(5.4)M $(23.5)M $(12.2)M $(48.7)M AVERAGE TOTAL ASSETS ($ / %) DISTRIBUTABLE EPS BEFORE REALIZED LOSSES3
13 Book Value per Share $7.43 $(0.12) $(0.23) $(0.28) $0.03 $6.83 Q1'26 GAAP BVPS CECL and Valuation Allowance Losses from loan sales Losses from operations Other Q2'26 GAAP BVPS $6.00 $6.50 $7.00 $7.50
14 Capitalization Debt Balance ($ in millions) Leverage Ratio Securitized Debt Obligations $639 0.5x Non-Recourse Secured Borrowings $970 0.8x Recourse Secured Borrowings $906 0.7x Corporate Debt $1,194 1.0x UNENCUMBERED ASSET POOL 18% 34% 15% 9% 24% Unrestricted cash Loans Servicing rights REO Other Assets HIGHLIGHTS • 1.5x unencumbered assets to unsecured debt • $1.9 billion in available warehouse borrowing capacity across 10 counterparties • Limited usage of securities repo financing at 2.9% of total debt • Full mark-to-market liabilities and credit mark-to-market liabilities represent 41% of total debt $0.7B UNENCUMBERED ASSET POOL
APPENDIX Additional Financial Information
16 Financial Snapshot ($ in thousands, except share data) Investment Type Average Carrying Value Gross Yield Average Debt Balance Debt Cost Levered Yield LMM CRE $ 3,566,527 6.3 % $ 2,300,401 7.2 % 4.9 % SBL $ 682,907 19.2 % $ 385,300 18.1 % 20.6 % Total $ 4,249,434 8.4 % $ 2,685,701 8.7 % 7.9 % Book Equity Value Metrics Common Stockholders' equity $ 1,127,828 Total Common Shares outstanding 165,209,516 Net Book Value per Common Share $6.83 Loan Portfolio Metrics % Fixed vs Floating Rate 19% / 81% % Originated vs Acquired 93% / 7% Weighted Average LTV - LMM CRE 82% Weighted Average LTV - SBL 98% Q2 2026 Earnings Data Metrics Net loss | Distributable loss before realized losses | Distributable loss $(99,683) | $(35,125) | $(73,618) EPS - Basic and diluted $(0.63) | $(0.63) Distributable EPS - Basic and diluted $(0.47) | $(0.47) Distributable EPS before realized losses - Basic and diluted $(0.24) | $(0.24) ROE per Common Share (34.1) % Distributable ROE per Common Share (25.4) % Distributable ROE before realized losses per Common Share (12.4) % Dividend Yield 2.3 % Servicing Portfolio Metrics SBA - UPB $ 1,886,796 SBA - carrying value $ 38,817 Multi-family - UPB $ 6,166,547 Multi-family - carrying value $ 59,027 USDA - UPB $ 601,222 USDA - carrying value $ 16,993 Small business loans - UPB $ 385,059 Small business loans - carrying value $ 2,626 18 19 20 21 21 22
17 Balance Sheet by Quarter (in thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Assets Cash and cash equivalents $ 162,935 $ 147,505 $ 207,841 $ 200,430 $ 124,149 Restricted cash 56,769 44,491 39,746 38,906 50,182 Loans, net 5,066,694 4,360,501 3,500,298 3,350,560 3,409,500 Loans, held for sale 632,784 163,792 585,820 360,228 278,214 Mortgage-backed securities 32,310 33,105 34,501 31,649 31,587 Investment in unconsolidated joint ventures 169,369 178,840 161,424 167,251 165,658 Derivative instruments 5,754 5,295 6,740 4,104 3,096 Servicing rights 124,283 126,966 126,279 123,687 117,463 Real estate owned 199,790 632,985 620,225 610,215 572,850 Other assets 462,711 472,516 508,238 466,383 466,161 Assets of consolidated VIEs 2,395,398 2,166,105 1,978,684 960,875 1,045,056 Total Assets $ 9,308,797 $ 8,332,101 $ 7,769,796 $ 6,314,288 $ 6,263,916 Liabilities Secured borrowings 3,506,670 2,879,172 2,788,926 2,321,443 1,876,713 Securitized debt obligations of consolidated VIEs, net 1,513,297 1,293,778 1,174,785 526,535 638,942 Senior secured notes and Corporate debt, net 1,387,029 1,387,775 1,375,216 1,260,679 1,194,287 Guaranteed loan financing 629,380 565,883 524,091 501,736 950,103 Contingent consideration 17,189 18,385 18,698 20,441 22,265 Derivative instruments 1,986 1,627 1,432 948 60 Dividends payable 22,917 22,602 3,633 3,685 3,665 Loan participations sold 101,863 102,987 56,616 56,616 56,616 Due to third parties 9,791 9,927 3,135 12,304 5,408 Accounts payable and other accrued liabilities 184,652 166,406 171,636 161,201 165,620 Total Liabilities $ 7,374,774 $ 6,448,542 $ 6,118,168 $ 4,865,588 $ 4,913,679 Preferred stock Series C 8,361 8,361 8,361 8,361 8,361 Stockholders’ Equity Preferred stock 111,378 111,378 111,378 111,378 111,378 Common stock 17 17 17 17 17 Additional paid-in capital 2,267,540 2,257,078 2,264,355 2,265,534 2,267,394 Retained deficit (528,524) (569,709) (807,522) (1,012,927) (1,118,135) Accumulated other comprehensive loss (23,293) (24,096) (24,196) (24,476) (21,448) Total Ready Capital Corporation equity 1,827,118 1,774,668 1,544,032 1,339,526 1,239,206 Non-controlling interests 98,544 100,530 99,235 100,813 102,670 Total Stockholders’ Equity $ 1,925,662 $ 1,875,198 $ 1,643,267 $ 1,440,339 $ 1,341,876 Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity $ 9,308,797 $ 8,332,101 $ 7,769,796 $ 6,314,288 $ 6,263,916 Book Value per Share $ 10.44 $ 10.28 $ 8.79 $ 7.43 $ 6.83
18 Statement of Operations by Quarter (In thousands, except share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Interest income $ 152,735 $ 137,491 $ 123,973 $ 81,730 $ 77,401 Interest expense (135,837) (126,971) (110,851) (96,834) (82,853) Net interest income before provision for loan losses $ 16,898 $ 10,520 $ 13,122 $ (15,104) $ (5,452) Provision for loan losses (8,640) (37,977) (149,989) (70,907) (21,554) Net interest income after provision for loan losses $ 8,258 $ (27,457) $ (136,867) $ (86,011) $ (27,006) Non-interest income Net realized gain (loss) on financial instruments and real estate owned 18,214 (160,396) (10,599) (60,085) (22,221) Net unrealized gain (loss) on financial instruments (1,614) 2,914 (12,703) (6,920) (4,173) Valuation (allowance) recovery, loans held for sale (39,746) 178,225 (23,318) (6,557) 2,447 Servicing income, net of amortization and impairment (304) 7,509 5,042 5,421 72 Income (loss) on unconsolidated joint ventures (144) 7,417 1,271 2,059 1,276 Gain (loss) on bargain purchase (14,381) 24,472 (3,013) — — Other income 11,304 14,773 16,049 18,065 14,214 Total non-interest income (expense) $ (26,671) $ 74,914 $ (27,271) $ (48,017) $ (8,385) Non-interest expense Employee compensation and benefits (23,159) (21,151) (23,923) (23,848) (24,590) Allocated employee compensation and benefits from related party (3,600) (3,602) (4,350) (3,600) (3,376) Professional fees (6,368) (6,008) (12,973) (6,655) (7,671) Management fees – related party (5,072) (5,156) (4,543) (4,076) (3,765) Loan servicing expense (11,038) (9,771) (4,605) (15,674) (3,439) Transaction related expenses (639) (1,910) (807) (335) (512) Impairment on real estate (4,268) (1,862) (15,027) 469 (952) Other operating expenses (16,133) (24,879) (33,821) (29,014) (33,268) Total non-interest expense $ (70,277) $ (74,339) $ (100,049) $ (82,733) $ (77,573) Income (loss) from continuing operations before income tax benefit $ (88,690) $ (26,882) $ (264,187) $ (216,761) $ (112,964) Income tax benefit 39,939 9,935 31,622 16,674 13,281 Net income (loss) from continuing operations $ (48,751) $ (16,947) $ (232,565) $ (200,087) $ (99,683) Discontinued operations Income (loss) from discontinued operations before benefit (provision) for income taxes $ (6,567) $ 280 $ (63) $ — $ — Income tax benefit (provision) 1,641 (70) 16 — — Net income (loss) from discontinued operations $ (4,926) $ 210 $ (47) $ — $ — Net income (loss) $ (53,677) $ (16,737) $ (232,612) $ (200,087) $ (99,683) Less: Dividends on preferred stock 1,999 1,999 1,999 1,999 1,999 Less: Net income attributable to non-controlling interest 1,814 2,008 1,572 1,642 1,848 Net income (loss) attributable to Ready Capital Corporation $ (57,490) $ (20,744) $ (236,183) $ (203,728) $ (103,530) Earnings per common share from continuing operations - basic $ (0.31) $ (0.13) $ (1.46) $ (1.25) $ (0.63) Earnings per common share from discontinued operations - basic $ (0.03) $ 0.00 $ 0.00 $ 0.00 $ 0.00 Earnings per common share from continuing operations - diluted $ (0.31) $ (0.13) $ (1.46) $ (1.25) $ (0.63) Earnings per common share from discontinued operations - diluted $ (0.03) $ 0.00 $ 0.00 $ 0.00 $ 0.00 Weighted-average shares outstanding - Basic 167,749,917 163,574,703 161,734,869 163,674,011 165,101,861 Weighted-average shares outstanding - Diluted 170,673,088 165,873,807 164,450,230 167,650,149 172,781,180 Dividends declared per share of common stock $ 0.125 $ 0.125 $ 0.01 $ 0.01 $ 0.01
19 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 and valuation allowances 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) any unrealized gains or losses on preferred equity, at fair value x) any unrealized gain or losses or other non-cash items related to real estate owned xi) 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. (In thousands, except share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Income (loss) $ (53,677) $ (16,737) $ (232,612) $ (200,087) $ (99,683) Reconciling items: Unrealized (gain) loss on joint ventures 1,019 (4,336) 523 (1,137) 3,037 Increase in CECL reserve 487 32,844 113,974 26,673 8,250 Increase (decrease) in valuation allowance 39,746 (178,225) 23,318 6,557 (2,447) Non-recurring REO impairment 4,418 1,862 15,027 (469) 952 Non-cash compensation 1,634 1,591 797 1,629 2,484 Unrealized (gain) loss on preferred equity, at fair value 4,227 (1,949) 10,645 7,236 10,065 Merger transaction costs and other non-recurring expenses 3,661 2,220 3,102 654 2,339 (Gain) loss on bargain purchase 14,381 (24,472) 3,013 — — Depreciation and amortization on real estate owned — 1,100 1,712 1,576 1,575 Realized losses on sale of investments 8,896 188,512 64,987 119,520 41,234 Total reconciling items $ 78,469 $ 19,147 $ 237,098 $ 162,239 $ 67,489 Income tax adjustments (37,496) (4,580) (14,556) (11,360) (2,931) Distributable earnings (loss) before realized losses $ (12,704) $ (2,170) $ (10,070) $ (49,208) $ (35,125) Realized losses on sale of investments, net of tax (7,088) (147,422) (55,209) (110,626) (38,493) Distributable earnings (loss) $ (19,792) $ (149,592) $ (65,279) $ (159,834) $ (73,618) Less: Distributable earnings attributable to non-controlling interests 1,990 1,473 1,926 1,725 1,904 Less: Income attributable to participating shares 215 211 16 60 56 Less: Dividends on preferred stock 1,999 1,999 1,999 1,999 1,999 Distributable loss attributable to common stockholders $ (23,996) $ (153,275) $ (69,220) $ (163,618) $ (77,577) Distributable earnings (loss) before realized losses on investments, net of tax per common share - basic $ (0.10) $ (0.04) $ (0.09) $ (0.33) $ (0.24) Distributable loss per common share - basic $ (0.14) $ (0.94) $ (0.43) $ (1.00) $ (0.47) Weighted average common shares outstanding 167,749,917 163,574,703 161,734,869 163,674,011 165,101,861
20 Earnings Profile Mapping to Statement of Operations Each Earnings Profile line comprises the following captions from the GAAP statement of operations: Recurring Revenue Operating Expenses Other Items Included in Earnings ■ Net interest loss $77.4M of Interest income and ($80.4)M of Interest expense ■ Gain on sale, net of variable costs $12.0M of Net realized gain (loss) on financial instruments and REO, ($1.9)M of Net unrealized gain (loss) on financial instruments, $2.3M of Other income, and ($2.0)M of Employee compensation and benefits. ■ Other recurring revenue $0.4M of net realized gain on financial instruments and REO, $5.2M of Servicing income (net), $1.3M of Income on unconsolidated joint ventures, and $1.0M of Other income. ■ Compensation and benefits ($19.2)M of Employee compensation and benefits, ($3.4)M of Allocated employee compensation and benefits - related party, and ($0.3)M of Other operating expenses. ■ Fixed operating costs $3.3M of Other income, ($7.4)M of Professional fees, and ($16.5)M of Other operating expenses. ■ Servicing expenses ($3.4)M of Loan servicing expense. ■ Portland mixed-use asset ($2.5)M of Interest expense, $12.8M of Other income, ($0.3)M of Professional fees, and ($14.9)M of Other operating expenses. ■ Investment advisory fees ($3.8)M of Management fees - related party. ■ Tax $6.9M of Income tax benefit. ■ Realized losses ($25.1)M of Net realized gain (loss) on financial instruments and REO and ($2.8)M of Other income. ■ Charge-off of specific loan loss reserve ($13.3)M of Provision for loan losses. ■ CECL & valuation allowances ($8.3)M of Provision for loan losses, $2.4M of Valuation (allowance) recovery on loans held for sale, and ($1.0)M of Impairment on real estate. ■ Mark-to-market ($9.5)M of Net realized gain (loss) on financial instruments and REO and ($2.3)M of Net unrealized gain (loss) on financial instruments. ■ Non-cash compensation ($2.5)M of Employee compensation and benefits. ■ Transaction costs ($0.5)M of Transaction related expenses. ■ Other income (expenses) ($5.1)M of Servicing income (net), ($2.3)M of Other income, ($1.3)M of Employee compensation and benefits, and ($1.3)M of Other operating expenses. ■ Tax $6.4M of Income tax benefit. ■ Dividends on preferred stock ($2.0)M of Dividends on preferred stock.
21 Loan Portfolio – Risk Rating Criteria 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.
22 Footnotes 1 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.8 million 2 . Before income attributable to participating shares of $2.1 million and non-controlling interest of $1.9 million. Refer to the “Distributable Earnings Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings 3 . Before income attributable to participating shares of $2.1 million, non-controlling interest of $2.0 million and before certain charge-offs and losses on sales of real estate owned assets and LMM loans. Refer to the “Distributable Earnings Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings 4 . Represents fully committed amounts 5 . Recourse leverage ratio excludes $1.0 billion of secured borrowings that are non-recourse to the Company 6 . Excludes joint venture investments and preferred equity investments 7 . Calculated based on carrying value 8 . Loans with the “Other” classification are generally LMM acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories 9 . Represents loans that are under modifications and carried on the consolidated balance sheet as of the period end. 10 . Levered yield reflects the CRE core portfolio through Q1 2026 and performing CRE loans thereafter. Prior periods have not been recast and are not directly comparable. 11 . Strategy as of July 30, 2026 12 . As of August 3, 2026 13 . Includes the loans which are offset by $950M of guaranteed loan financings 14 Refer to the “Earnings Profile Mapping to Statement of Operations” slide for a description of the relevant income statement line items. 15 . Respective balances are based on quarterly averages 16 . Corporate debt is allocated for purposes of determining equity allocation 17 . Distributable return on equity from continuing operations before realized losses is an annualized percentage equal to distributable earnings over the average monthly total stockholders’ 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 Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings 18 . Average carrying value includes average quarterly carrying value of loan and servicing asset balances. 19 . 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. 20 . 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 on an annualized basis. 21 . 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. 22 . Q2 dividend yield for the period is based on the 6/30/2026 closing share price of $1.75
