8-K

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): March 12, 2019

READY CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)

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

1140 Avenue of the Americas, 7th Floor

New York, NY 10036

(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.◻



Item 2.02. Results of Operations and Financial Condition.

On March 12, 2019, the Company issued an earnings release announcing the financial results for the quarter ended December 31, 2018. A copy of the earnings release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

On March 12,  2019,  Ready Capital Corporation (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.

Additional Information about the Merger

In connection with the proposed merger (the "Merger") pursuant to the previously announced Agreement and Plan of Merger, dated November 7, 2018, between Ready Capital, Owens Realty Mortgage, Inc. ("ORM")and ReadyCap Merger Sub, LLC, Ready Capital has filed a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”) that includes a joint proxy statement/prospectus, which was declared effective by the SEC on February 15, 2019, and other documents with respect to the proposed Merger. The joint proxy/prospectus contains important information about the proposed transaction and related matters. STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT READY CAPITAL, ORM AND THE PROPOSED MERGER.

Stockholders of Ready Capital and ORM may obtain free copies of the registration statement, the joint proxy statement/prospectus and other relevant documents filed with the SEC by Ready Capital or ORM (if and when they become available) through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Ready Capital with the SEC are also available free of charge on Ready Capital’s website at www.readycapital.com. Copies of the documents filed by ORM with the SEC are also available free of charge on ORM's website at www.owensmortgage.com.  

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

PARTICIPANTS IN SOLICITATION RELATING TO THE MERGER

Ready Capital, ORM and their respective directors, executive officers and certain other members of management and employees of Ready Capital and ORM may be deemed to be participants in the solicitation of proxies from Ready Capital’s and ORM’s stockholders in respect of the proposed Merger. Information regarding Ready Capital’s directors and executive officers can be found in Ready Capital’s definitive proxy statement filed with the SEC on April 30, 2018 and Ready Capital’s most recent Annual Report filed on Form 10-K for the fiscal year ended December 31, 2017, as amended by the Form 10-K/A filed with the SEC on February 14, 2019. Information regarding ORM’s directors and executive officers can be found in ORM’s definitive proxy statement filed with the SEC on June 8, 2018 and ORM’s most recent Annual Report filed on Form 10-K for the fiscal year ended December 31, 2017. Additional information regarding the interests of such potential participants are included in the definitive joint proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed Merger if and

when they become available. These documents are available free of charge on the SEC’s website and from Ready Capital or ORM, as applicable, using the sources indicated above.

Forward-Looking Statements

This report may contain statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on current expectations and beliefs of Ready Capital and ORM 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; neither Ready Capital nor ORM can give any assurance that its expectations will be attained.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the risk that the Merger will not be consummated within the expected time period or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; the inability to obtain stockholder approvals relating to the Merger and issuance of shares in connection therewith or the failure to satisfy the other conditions to completion of the Merger; risks related to disruption of management's attention from the ongoing business operations due to the proposed Merger; the effect of the announcement of the proposed Merger on Ready Capital’s and ORM’s operating results and businesses generally; the outcome of any legal proceedings relating to the Merger; changes in future loan acquisition and production; the ability to retain key personnel; availability of suitable investment opportunities; changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability and terms of financing; general economic conditions; market conditions; conditions in the market for small balance commercial loans and other investments; legislative and regulatory changes that could adversely affect the businesses of Ready Capital and ORM; and other factors, including those set forth in the Risk Factors section of Ready Capital’s and ORM’s most recent Annual Reports on Form 10-K and other reports filed by Ready Capital and ORM with the SEC, copies of which are available on the SEC's website, www.sec.gov. Neither Ready Capital nor ORM undertakes any obligation to update these statements for revisions or changes after the date of this report, except as required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

1,
Exhibit No.	Description
99.1	Earnings Release, dated March 12, 2019
99.2	Supplemental Financial Information for the quarter ended December 31, 2018

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/ Frederick C. Herbst
	Name:  Frederick C. Herbst
	Title:   Chief Financial Officer

Date: March 12,  2019

EX-99.1

Exhibit 99.1

READY CAPITAL CORPORATION ANNOUNCES FOURTH QUARTER 2018 RESULTS

-  Net Income of $0.30 per share of common stock in the fourth quarter   -

-  Core Earnings of $0.34 per share of common stock in the fourth quarter   -

-  Total SBC loans of approximately $400 Million originated in Fourth Quarter 2018  -

- Total SBC loans of approximately $1.8 billion added in 2018, up 33% versus 2017 -

-  Declared First Quarter 2019  Dividend of $0.40 Per Share   -

New York, New York, March 12, 2019 / PRNewswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC) today reported financial results for the quarter ended December 31, 2018.      

Fourth Quarter Highlights:

· U.S. GAAP Net Income of $9.5 million, or $0.30 per share of common stock

· Core Earnings of $11.3 million, or $0.34 per share of common stock

· Mark-to-market loss on derivative positions resulted in an after-tax reduction in U.S. GAAP Net Income and Core Earnings of $0.12 per share

· Return on Equity of 6.8%

· Core Return on Equity of 8.1%

· Adjusted net book value of $16.91 per share of common stock as of December 31, 2018

· Originated $332.9 million of small balance commercial (“SBC”) loans

· Originated $65.4 million of loans guaranteed by the U.S. Small Business Administration (the “SBA”) under its Section 7(a) loan program

· Originated $369.2 million of residential mortgage loans

· Declared and paid dividend of $0.40 per share. 

2018 Highlights:

· Net Income of $61.5 million, or $1.84 per share of common stock

· Core Earnings of $58.7 million, or $1.76 per share of common stock

· Return on Equity of 10.8%

· Core Return on Equity of 10.3%

· Originated $1.2 billion of SBC loans

· Originated $213.0 million of SBA loans

Highlights Subsequent to Quarter End:

· Completed the securitization of $399.2 million of fixed-rate SBC loans and issued $355.8 million of senior bonds at a weighted average pass-through rate of 4.0%

· Declared First Quarter 2019 dividend of $0.40 per share of common stock and operating partnership unit (“OP unit”).

A summary of Ready Capital’s operating results for the quarter ended December 31, 2018 is presented below. Ready Capital reported U.S. GAAP Net Income for the three months ended December 31, 2018 of $9.5 million, or $0.30 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $11.3 million, or $0.34 per share of common stock.

“During 2018, we deployed over $1.8 billion relating to SBC loans, which represented a 33% increase compared to 2017 and the fourth quarter denoted our two-year anniversary as a public company,” stated Thomas Capasse, Chairman and Chief Executive Officer. “While we posted strong results in the fourth quarter, they would have been even greater, if the year-end 2018 market volatility did not result in a mark-to-market impact of $0.12 per diluted share. Our annualized ROE of 10.8% and dividend yield exceeding 10% over this two-year period remains at the top of our peer group. As we move into 2019, we are focused on achieving our strategic objective to expand our platform and, as we drive loan growth, create additional and consistent value for our shareholders.”

Dividends

For the first quarter 2019 the Company declared a dividend of $0.40 per share of common stock and operating partnership unit. This dividend is payable on April 30, 2019 to shareholders of record as of the close of business on March 28, 2019.

The Company issued a supplemental presentation of its fourth quarter 2018 results, which can be viewed in the investor relations section at www.readycapital.com.

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized gains (losses) related to certain mortgage backed securities, realized gains (losses) on sales of certain MBS, unrealized gains (losses) related to residential mortgage servicing rights, 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 providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core 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 Core Earnings may not be comparable to other similarly-titled measures of other companies.

In calculating Core Earnings, Net Income (in accordance with GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by us in the secondary market, but is not adjusted to exclude unrealized gains and losses on MBS retained by us as part of our loan origination businesses, where we transfer originated loans into an MBS securitization and retain an interest in the securitization. In calculating Core Earnings, we do not adjust Net Income (in accordance with GAAP) to take into account unrealized gains and losses on MBS retained by us as part of our loan origination businesses because we consider the unrealized gains and losses that are generated in the loan origination and securitization process to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of our historical loan originations. In calculating Core Earnings, Net Income (in accordance with GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-core.  Certain MBS positions are considered to be non-core due to a variety of reasons which may include collateral type, duration, and size.

In addition, in calculating Core Earnings, Net Income (in accordance with GAAP) is adjusted to exclude unrealized gains or losses on Residential MSRs, held at fair value.  We treat our commercial MSRs and Residential MSRs as two separate classes based on the nature of the underlying mortgages and our treatment of these assets as two separate pools for risk management purposes.  Servicing rights relating to our small business commercial business are accounted for under ASC 860, Transfer and Servicing, while our residential MSRs are accounted for under the fair value option under ASC 825, Financial Instruments.  In calculating Core Earnings, we do not exclude realized gains or losses on either commercial MSRs or Residential MSRs, held at fair value, as servicing income is a fundamental part of our business and as an indicator of the ongoing performance.

The following table reconciles net income computed in accordance with U.S. GAAP to Core Earnings for the three months ended December 31, 2018:  

(In Thousands)		Three Months Ended December 31, 2018
Net Income	$	9,486
Reconciling items:
Unrealized loss on mortgage-backed securities		226
Unrealized loss on mortgage servicing rights		2,171
Total reconciling items	$	2,397
Core earnings before income taxes	$	11,883
Income tax adjustments		(547)
Core earnings	$	11,336

U.S. GAAP Return on Equity is based on U.S. GAAP Net Income, while Core Return on Equity is based on Core Earnings, which adjusts GAAP Net Income for the items in the Core reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Wednesday,  March 13, 2019 at 8:30 am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2018. A webcast will be available on the Company’s website at www.readycapital.com. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register and 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 ID #: 13687449

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Replay Pin #: 13687449

The playback can be accessed through March 27, 2019.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on current expectations and beliefs of the Company and Owens Realty Mortgage, Inc. (NYSEAM:ORM) (“ORM”) 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; neither the Company nor ORM can give any assurance that its expectations will be attained.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the risk that the merger will not be consummated within the expected time period or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the inability to obtain stockholder approvals relating to the merger and issuance of shares in connection therewith or the failure to satisfy the other conditions to completion of the merger; risks related to disruption of management’s attention from the ongoing business operations due to the proposed merger; the effect of the announcement of the proposed merger on Ready Capital's and ORM's operating results and businesses generally; the outcome of any legal proceedings relating to the merger; changes in future loan acquisition and production; the ability to retain key personnel; availability of suitable investment opportunities; changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability and terms of financing; general economic conditions; market conditions; conditions in the market for small balance commercial loans and other investments; and other factors, including those set forth in the Risk Factors section of Ready Capital’s Registration Statement on Form S-4, declared effective by the SEC on February 15, 2019, and other reports filed by Ready Capital and ORM with the SEC, copies of which are available on the SEC's website, www.sec.gov. Neither Ready Capital nor ORM undertakes any obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Additional Information and Where to Find It

This press release may be deemed to be solicitation material in respect of the proposed merger of Ready Capital and ORM.  In connection with the proposed merger, Ready Capital has filed a Registration Statement on Form S-4, which includes a joint proxy statement/prospectus and has been declared effective by the SEC. Ready Capital's stockholders and other interested persons are advised to read the definitive joint proxy statement/prospectus and documents incorporated by reference therein filed in connection with the proposed merger and, when available, the amendments thereto, as these materials will contain important information about Ready Capital, ORM and the proposed merger. The definitive joint proxy statement/prospectus and other relevant materials for the proposed merger have been mailed to stockholders of Ready Capital as of the record date. Stockholders will also be able to obtain copies of the definitive joint proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's web site at www.sec.gov, or on Ready Capital’s website at https://readycapital.com/ or by directing a request to Ready Capital’s Investor Relations at InvestorRelations@readycapital.com or at (212) 257-4666.

Participants in Solicitation

Ready Capital, its directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information regarding Ready Capital’s directors and executive officers is available in its proxy statement filed with the SEC. Additional information regarding these persons and their interests in the proposed merger is included in the definitive joint proxy statement/prospectus relating to the proposed merger that has been filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

ORM and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Ready Capital in connection with the proposed merger. A list of the names of such directors and executive officers and information regarding their interests in the proposed merger are included in the joint proxy statement/prospectus for the proposed merger.

About Owens Realty Mortgage, Inc.

Owens Realty Mortgage, Inc., a Maryland corporation, is a specialty finance mortgage company organized to qualify as a real estate investment trust ("REIT") that focuses on the origination, investment, and management of commercial real estate mortgage loans. ORM provides customized, short-term acquisition and transition capital to small balance and middle-market investors that require speed and flexibility. ORM's primary objective is to provide investors with attractive current income and long-term shareholder value. Owens Realty Mortgage, Inc. is headquartered in Walnut Creek, California, and is externally managed and advised by Owens Financial Group, Inc.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 400 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed merger. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

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, 2018		December 31, 2017
Assets
Cash and cash equivalents	$	54,406	$	63,425
Restricted cash		28,921		11,666
Loans, net (including $22,664 and $188,150 held at fair value)		1,193,392		1,017,920
Loans, held for sale, at fair value		115,258		216,022
Mortgage backed securities, at fair value		91,937		39,922
Loans eligible for repurchase from Ginnie Mae		74,180		95,158
Investment in unconsolidated joint venture		33,438		55,369
Derivative instruments		2,070		4,725
Servicing rights (including $93,065 and $72,295 held at fair value)		120,062		94,038
Receivable from third parties		8,888		6,756
Other assets		63,234		56,840
Assets of consolidated VIEs		1,251,057		861,662
Total Assets	$	3,036,843	$	2,523,503
Liabilities
Secured borrowings		834,547		637,393
Securitized debt obligations of consolidated VIEs, net		905,367		598,148
Convertible notes, net		109,979		108,991
Senior secured notes, net		178,870		138,078
Corporate debt, net		48,457		—
Guaranteed loan financing		229,678		293,045
Contingent consideration		1,207		10,016
Liabilities for loans eligible for repurchase from Ginnie Mae		74,180		95,158
Derivative instruments		3,625		282
Dividends payable		13,346		12,289
Accounts payable and other accrued liabilities		73,512		74,636
Total Liabilities	$	2,472,768	$	1,968,036
Stockholders’ Equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 32,105,112 and 31,996,440 shares issued and outstanding, respectively		3		3
Additional paid-in capital		540,478		539,455
Retained earnings (deficit)		5,272		(3,385)
Accumulated other comprehensive income/ (loss)		(922)		—
Total Ready Capital Corporation equity		544,831		536,073
Non-controlling interests		19,244		19,394
Total Stockholders’ Equity	$	564,075	$	555,467
Total Liabilities and Stockholders’ Equity	$	3,036,843	$	2,523,503

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended		Year Ended
(In Thousands, except share data)	December 31, 2018		December 31, 2018
Interest income	$	46,204	$	169,499
Interest expense		(31,240)		(109,238)
Net interest income before provision for loan losses	$	14,964	$	60,261
Provision for loan losses		(1,131)		(1,701)
Net interest income after provision for loan losses	$	13,833	$	58,560
Non-interest income
Residential mortgage banking activities	$	11,561	$	59,852
Net realized gain on financial instruments		10,610		38,409
Net unrealized gain/ (loss) on financial instruments		(11,112)		4,853
Other income		1,222		5,586
Servicing income, net of amortization and impairment		7,116		27,075
Income on unconsolidated joint venture		2,728		12,148
Total non-interest income	$	22,125	$	147,923
Non-interest expense
Employee compensation and benefits		(12,847)	$	(56,602)
Allocated employee compensation and benefits from related party		(600)		(4,200)
Variable expenses on residential mortgage banking activities		(4,108)		(22,228)
Professional fees		(420)		(6,999)
Management fees – related party		(2,058)		(8,176)
Incentive fees – related party		(467)		(1,143)
Loan servicing expense		(3,442)		(15,545)
Other operating expenses		(5,267)		(28,747)
Total non-interest expense	$	(29,209)	$	(143,640)
Income from continuing operations before provision for income taxes	$	6,749	$	62,843
Provision for income taxes		2,737		(1,386)
Net income from continuing operations	$	9,486	$	61,457
Net income	$	9,486	$	61,457
Less: Net income attributable to non-controlling interest		309		2,199
Net income attributable to Ready Capital Corporation	$	9,177	$	59,258
Earnings (loss) per basic common share
Continuing operations	$	0.30	$	1.84
Earnings per common share - basic	$	0.30	$	1.84
Earnings (loss) per diluted common share
Continuing operations	$	0.30	$	1.84
Earnings per common share - diluted	$	0.30	$	1.84
Weighted-average shares outstanding
Basic		32,122,503		32,085,975
Diluted		32,138,712		32,102,184
Dividends declared per share of common stock	$	0.40	$	1.57

READY CAPITAL CORPORATION

 UNAUDITED SEGMENT REPORTING

fOR THE three MONTHS ENDED DECEMBER 31, 2018

					SBA Originations,		Residential
	Loan		SBC		Acquisitions		Mortgage		Corporate-
(In Thousands)	Acquisitions		Originations		and Servicing		Banking		Other		Consolidated
Interest income	$	12,640	$	23,330	$	9,295	$	939	$	—	$	46,204
Interest expense		(8,614)		(17,517)		(4,327)		(782)		—		(31,240)
Net interest income before provision for loan losses	$	4,026	$	5,813	$	4,968	$	157	$	—	$	14,964
Provision for loan losses		(739)		(21)		(371)		—		—		(1,131)
Net interest income after provision for loan losses	$	3,287	$	5,792	$	4,597	$	157	$	—	$	13,833
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	—	$	11,561	$	—	$	11,561
Net realized gain on financial instruments		4,162		1,989		4,459		—		—		10,610
Net unrealized gain on financial instruments		(4,850)		(4,301)		(152)		(1,809)		—		(11,112)
Other income		32		969		174		35		12		1,222
Servicing income		4		425		1,323		5,364		—		7,116
Income from unconsolidated joint venture		2,728		—		—		—		—		2,728
Total non-interest income	$	2,076	$	(918)	$	5,804	$	15,151	$	12	$	22,125
Non-interest expense
Employee compensation and benefits		24		(1,748)		(3,567)		(7,376)		(180)		(12,847)
Allocated employee compensation and benefits from related party		(60)		—		—		—		(540)		(600)
Variable expenses on residential mortgage banking activities		—		—		—		(4,108)		—		(4,108)
Professional fees		(383)		(394)		(170)		(260)		787		(420)
Management fees – related party		—		—		—		—		(2,058)		(2,058)
Incentive fees – related party		—		—		—		—		(467)		(467)
Loan servicing expense		(1,179)		(1,065)		415		(1,582)		(31)		(3,442)
Other operating expenses		58		(2,420)		(1,061)		(1,493)		(351)		(5,267)
Total non-interest expense	$	(1,540)	$	(5,627)	$	(4,383)	$	(14,819)	$	(2,840)	$	(29,209)
Net income (loss) before provision for income taxes	$	3,823	$	(753)	$	6,018	$	489	$	(2,828)	$	6,749
Total assets	$	644,512	$	1,606,210	$	455,513	$	260,523	$	70,085	$	3,036,843

READY CAPITAL CORPORATION

UNAUDITED SEGMENT REPORTING

fOR THE YEAR ENDED DECEMBER 31, 2018

					SBA Originations,		Residential
	Loan		SBC		Acquisitions,		Mortgage		Corporate-
(In Thousands)	Acquisitions		Originations		and Servicing		Banking		Other		Consolidated
Interest income	$	47,243	$	81,752	$	36,706	$	3,798	$	—	$	169,499
Interest expense		(28,946)		(60,879)		(16,218)		(3,195)		—		(109,238)
Net interest income before provision for loan losses	$	18,297	$	20,873	$	20,488	$	603	$	—	$	60,261
Provision for loan losses		(1,727)		(13)		39		—		—		(1,701)
Net interest income after provision for loan losses	$	16,570	$	20,860	$	20,527	$	603	$	—	$	58,560
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	—	$	59,852	$	—	$	59,852
Net realized gain on financial instruments		5,023		17,482		15,904		—		—		38,409
Net unrealized gain on financial instruments		(1,156)		142		173		5,694		—		4,853
Other income		368		4,366		621		200		31		5,586
Servicing income		20		1,396		5,390		20,269		—		27,075
Income from unconsolidated joint venture		12,148		—		—		—		—		12,148
Total non-interest income	$	16,403	$	23,386	$	22,088	$	86,015	$	31	$	147,923
Non-interest expense
Employee compensation and benefits		(386)		(8,815)		(13,077)		(33,401)		(923)		(56,602)
Allocated employee compensation and benefits from related party		(420)		—		—		—		(3,780)		(4,200)
Variable expenses on residential mortgage banking activities		—		—		—		(22,228)		—		(22,228)
Professional fees		(1,310)		(1,285)		(820)		(607)		(2,977)		(6,999)
Management fees – related party		—		—		—		—		(8,176)		(8,176)
Incentive fees – related party		—		—		—		—		(1,143)		(1,143)
Loan servicing expense		(3,926)		(3,883)		(260)		(7,444)		(32)		(15,545)
Other operating expenses		(3,214)		(10,392)		(4,070)		(8,254)		(2,817)		(28,747)
Total non-interest expense	$	(9,256)	$	(24,375)	$	(18,227)	$	(71,934)	$	(19,848)	$	(143,640)
Net income (loss) before provision for income taxes	$	23,717	$	19,871	$	24,388	$	14,684	$	(19,817)	$	62,843
Total assets	$	644,512	$	1,606,210	$	455,513	$	260,523	$	70,085	$	3,036,843

EX-99.2

Exhibit 99.2

Supplemental Financial Data Fourth Quarter 2018

DISCLAIMER 2 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 Core 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 Appendix A 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, 2018 unless otherwise noted.

FOURTH QUARTER 2018 HIGHLIGHTS 3 .. Net income of $9.5 million(1), or $0.30 per common share .. Core earnings of $11.3 million(1), or $0.34 per common share .. Declared dividend of $0.40 per share EARNINGS / DIVIDENDS .. Return on Equity(2) of 6.8% .. Core Return on Equity(3) of 8.1% .. Dividend Yield(4) of 11.6% RETURNS .. SBC loan originations of $332.9 million .. SBA loan originations of $65.4 million .. Residential mortgage loan originations of $369.2 million .. Acquired $9.0 million of SBC loans LOAN ORIGINATIONS(5) / ACQUISITIONS .. Completed the securitization of $262.7 million of acquired SBC loans and issued $217.0 million of senior bonds at a weighted average pass-through rate of 4.7% .. Adjusted net book value(6) of $16.91 per common share .. Loans increased by 4.5% to $2.5 billion(7) BALANCE SHEET (1) Inclusive of non-controlling interest (2) Return on Equity is an annualized percentage equal to quarterly net income over the average monthly total stockholders’ equity for the period (3) Core Return on Equity is an annualized percentage equal to core earnings over the average monthly total stockholders’ equity for the period. Refer to the “Core Earnings Reconciliation” slide for a reconciliation of GAAP Net Income to Core Earnings (4) Q4 Dividend yield for the period based on the 12/31/2018 closing share price of $13.83 (5) Represents fully committed amounts (6) Excludes the equity component of our 2017 convertible note issuance (7) Represents carrying value of loans

2018 HIGHLIGHTS 4 .. Net income of $61.5 million(1), or $1.84 per common share .. Core earnings of $58.7 million(1), or $1.76 per common share .. Declared dividend of $1.57 per share EARNINGS / DIVIDENDS .. Return on Equity(2) of 10.8% .. Core Return on Equity(3) of 10.3% .. Dividend Yield(4) of 11.4% RETURNS .. SBC loan originations of $1.2 billion .. SBA loan originations of $213.0 million .. Residential mortgage loan originations of $1.8 billion .. Acquired $380.4 million of SBC loans LOAN ORIGINATIONS(5) / ACQUISITIONS .. Completed separate firm-sponsored securitizations of originated fixed-rate SBC loans, originated transitional loans, and acquired SBC loans totaling approximately $600 million of bonds issued .. Loans increased by 19.7% to $2.5 billion(6) BALANCE SHEET (1) Inclusive of non-controlling interest (2) Return on Equity is an annualized percentage equal to quarterly net income over the average monthly total stockholders’ equity for the period (3) Core Return on Equity is an annualized percentage equal to core earnings over the average monthly total stockholders’ equity for the period. Refer to the “Core Earnings Reconciliation” slide for a reconciliation of GAAP Net Income to Core Earnings (4) Q4 Dividend yield for the period based on the 12/31/2018 closing share price of $13.83 (5) Represents fully committed amounts (6) Represents carrying value of loans

RETURN ON EQUITY 5 1) Levered 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. 2) GAAP ROE is based on GAAP Net Income, while Core ROE is based on Core Earnings, which adjusts GAAP Net Income for the items in the “Core Earnings Reconciliation” slide. 3) ROE based on net income before tax of the Residential Mortgage Banking business line divided by the business line’s equity. Segment Loan Acquisitions 19.2 % 19.2 % 18.8 % SBC Originations 10.6 % 10.6 % 54.9 % SBA Originations, Acquisitions, & Servicing 31.0 % 31.0 % 14.8 % Residential Mortgage Banking (3) 2.0 % 8.9 % 11.5 % 4.3 5.3 6.0 4.9 4.8 5.7 (2.5) (2.5) (2.9) (2.7) (2.3) (2.8) 16.1 % 18.6 % 19.4 % 17.2 % 17.6 % 18.8 % (2.1) 6.5 3.2 (1.9) 6.5 3.3 (7.6) (10.6) (10.0) (7.6) (10.7) (10.0) (1.7) (1.5) (1.6) (1.7) (1.5) (1.6) 2.1 (0.6) (0.2) 2.1 (0.6) (0.2) 6.8 % 12.4 % 10.8 % 8.1 % 11.3 % 10.3 %Return on equity Corporate leverage Realized & unrealized gains, net Other income and expenses, net Investment advisory fees Provision for income taxes Gross return on equity Non-earning assets, net 14.3 % 16.3 % 15.0 %15.8 % 15.1 % 15.9 % GAAP ROE (2) Core ROE (2) Levered Yield (1) Core Levered Yield (1) Equity Allocation Q4'18 FY 2018 Q4'18 FY 2018Q3'18 Q3'18

SBC ORIGINATION VOLUME BY PRODUCT TYPE(1) 6 • Highlights • Total SBC and SBA loan originations of $398.3 million for the quarter • Transitional loan originations up $71.4 million, or 75% QoQ (1) Origination volumes are based on fully committed amounts $38.3 $48.3 $48.3 $51.1 $65.4 $29.7 $23.0 $69.4 $125.4 $95.7 $111.4 $110.6 $160.3 $70.3 $70.3 $75.4 $78.0 $122.6 $95.5 $166.9 0 20 40 60 80 100 120 140 160 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Fully committed ($ in millions) SBA Conventional Freddie Mac Transitional

Q4 2018 QUARTERLY SBC INVESTMENT ALLOCATION 7 • Total funded investments of $354.2 million added during the quarter. • Funded $345.2 million(1) of SBC and SBA loan originations. • Acquired $9.0 million of SBC loans (1) Represents actual disbursements during the quarter. (2) $ in millions (3) Based on fully funded loan amount (4) Gross yield equals contractual interest rates and accretion of discount based on the Company’s estimates of loan performance, where applicable (5) Weighted average advance rate of all assets of this loan type currently financed on the Company’s facilities (6) Weighted average debt cost of all assets of this loan type currently financed on the Company’s facilities (7) SBA loan counts include the guaranteed and unguaranteed loan portion. (in millions, except loan count information) # of Loans Gross Yield(4) Weighted Avg Maturity(3) FX / ARM Avg Advance Rate(5) Debt Cost (6) Loan Originations Held-for-investment SBC $ 102.6 19 $ 5.4 5.4% 9 years 100% / 0% 81%1M Libor +229 Transitional 107.8 38 2.8 6.3% 3 years 0% / 100% 69%1M Libor + 231 SBA(7) 16.1 71 0.1 7.4% 21 years 0% / 100% 73%1M Libor + 250 Prime + 29 Held-for-sale SBA(7) $ 48.4 71 $ 0.3 7.4% 21 years 0% / 100% 73% 1M Libor + 250 Prime + 29 Freddie Mac 70.3 30 2.3 4.8% 13 years 61% / 39% 100%1M Libor + 175 Total Loan Originations $ 345.2 229 $ 1.5 5.9% 10 years 38% / 62% 80% SBC: 1M Libor + 216 SBA: 1M Libor + 250; Prim e + 29 Loan Acquisitions SBC $ 9.0 22 $ 0.4 7.6% 3 years 100% / 0% 78%SBC: 1M Libor + 248 Total Loan Acquisitions $ 9.0 22 $ 0.4 7.6% 3 years 100% / 0% 78%SBC: 1M Libor + 248 Total SBC Investment (Originations + Acquisitions) $ 354.2 251 $ 1.4 6.1% 10 years 40% / 60% 80% SBC: 1M Libor + 217 SBA: 1M Libor + 250; Prim e + 29 Avg Balance Gross Investments (2)

SBC ORIGINATIONS -SEGMENT SNAPSHOT 8 1) Represents fully committed amounts. 2) As of March 12, 2019 including 2019 fundings. 3) $ in millions, as of quarter end. 4) Represents fixed rate loans that have been securitized. 5) Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferred financing costs. 6) Includes realized and unrealized gains (losses) on loans held for sale and MSR creation. • Originations of $332.9 million(1), 61% of loans held-for-investment are floating rate • Gains on sales of Freddie Mac loans of $1.1 million • Origination pipeline of $482.5 million(2) • $210.8 million of transitional loans • $168.4 million of conventional SBC loans • $103.3 million of Freddie Mac loans 10.0% 11.7% 12.5% 9.4% 8.9% 2.7% 2.3% 2.4% 2.3% 1.8% 0.0% 5.0% 10.0% 15.0% 20.0% Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Gross Levered Yield (ex. Gains) Gains on Loans, held for sale GROSS LEVERED YIELDCURRENT QUARTER HIGHLIGHTS (5) (6) Portfolio Metrics (Balance Sheet) Number of loans 365 357 397 403 421 Unpaid Principal Balance (3) $1,094 $ 1,120 $ 1,202 $ 1,305 $ 1,479 Carrying Value (3) $1,108 $ 1,132 $ 1,213 $ 1,314 $ 1,488 Weighted Average LTV 61% 61% 60% 60% 63% Weighted Average Coupon 6.2% 6.4% 6.4% 6.3% 6.3% Weighted Average Maturity 5 years 5 years 5 years 5 years 5 years Weighted Average Principal Balance (3) $ 3.0 $ 3.1 $ 3.0 $ 3.2 $ 3.5 Percentage of loans fixed / floating 58% / 42% 56% / 44% 55% / 45% 56% / 44% 55% / 45% Percentage of fixed, match funded (4) 60.4% 82.2% 73.9% 62.8% 54.2% Percentage of loans 30+ days delinquent 1.4% 1.3% 1.7% 1.3% 2.3% Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

SBA ORIGINATIONS, ACQUISITIONS, & SERVICING-SEGMENT SNAPSHOT 9 1) Represents fully committed amounts. 2) As of March 12, 2019 including 2019 fundings. 3) $ in millions, as of quarter end. 4) Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferred financing costs. 5) Includes realized and unrealized gains (losses) on loans held for sale and MSR creation. • $55.0 million of SBA secondary market loans sales, with an average sale premium of 9.1% • Originations of $65.4 million(1) • Origination pipeline of $167.7 million SBA loans(2) 16.8% 20.4% 17.1% 16.6% 17.1% 6.1% 8.0% 11.8% 11.6% 13.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Gross Levered Yield (ex. Gains) Gains on Loans, held for sale CURRENT QUARTER HIGHLIGHTS GROSS LEVERED YIELD (4) (5) Portfolio Metrics (Balance Sheet) Number of loans 2,106 2,062 2,029 1,976 1,931 Unpaid Principal Balance (3) $508 $ 502 $ 489 $ 481 $ 467 Carrying Value (3) $455 $ 452 $ 438 $ 434 $ 424 Weighted Average LTV 78% 78% 79% 79% 79% Weighted Average Coupon 5.9% 6.2% 6.4% 6.6% 7.0% Weighted Average Maturity 14 years 14 years 14 years 14 years 14 years Weighted Average Principal Balance (3) $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 Percentage of loans fixed / floating 1% / 99% 1% / 99% 1% / 99% 1% / 99% 1% / 99% Percentage of loans 30+ days delinquent 6.9% 6.0% 3.6% 4.1% 7.0% Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

LOAN ACQUISITIONS-SEGMENT SNAPSHOT 10 1) Excludes joint venture investment. 2) $ in millions, as of quarter end. 3) Represents fixed rate loans that have been securitized. 4) As of March 12, 2019, including 2019 acquisitions. • At this stage of the credit cycle, ample inventory of opportunistic performing SBC loans • Acquired $9.0 million of SBC loans • Acquisition pipeline of $230.0 million SBC loans(4) 12.0% 12.5% 11.1% 11.9% 12.2% 4.2% 15.0% 3.0% 4.5% 7.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Income on joint venture investment Gross Levered Yield (ex. Gains) CURRENT QUARTER HIGHLIGHTS GROSS LEVERED YIELD Portfolio Metrics(1) (Balance Sheet) Number of loans 858 976 1,019 949 896 Unpaid Principal Balance (2) $417 $ 525 $ 602 $ 617 $ 573 Carrying Value (2) $376 $ 488 $ 569 $ 588 $ 548 Weighted Average LTV 49% 50% 51% 49% 44% Weighted Average Coupon 6.3% 6.5% 6.6% 6.7% 6.6% Weighted Average Maturity 10 years 8 years 8 years 8 years 7 years Weighted Average Principal Balance (2) $ 0.5 $ 0.5 $ 0.6 $ 0.6 $ 0.6 Percentage of loans fixed / floating 49% / 51% 58% / 42% 62% / 38% 65% / 35% 66% / 34% Percentage of fixed, match funded (3) 43.7% 27.0% 15.5% 11.4% 51.6% Percentage of loans performing / non-performing 96% / 4% 97% / 3% 97% / 3% 98% / 2% 98% / 2% Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

RESIDENTIAL MORTGAGE BANKING –SEGMENT SNAPSHOT 111) $ in millions. Represents activity during the quarter. 2) Represents fully committed amounts • MSR portfolio of approximately $7.5 billion in UPB, up 2.6% compared to Q3 • Fair market value of $93.1 million, up 1.5% compared to Q3 • Originations of $369.1 million(2) • Loan sales of $382.7 million • Origination pipeline of $124.0 million in commitments to originate residential agency loans(2) $6.6 $6.8 $7.0 $7.3 $7.5 $0.0 $2.0 $4.0 $6.0 $8.0 Q4' 17 Q1'18 Q2'18 Q3'18 Q4'18 MSR PORTFOLIO (UPB IN $ BILLIONS)CURRENT QUARTER HIGHLIGHTS Portfolio Metrics (quarterly activity) Unpaid principal balance (1) $ 458.7 $ 438.9 $ 498.6 $ 472.1 $ 369.1 % of Originations - Purchased 71.9% 72.8% 80.6% 79.6% 76.7% % of Originations - Refinanced 28.1% 27.2% 19.4% 20.4% 23.3% Channel - % Correspondent 38.6% 41.0% 36.7% 37.0% 38.2% Channel - % Retail 41.1% 39.3% 41.6% 42.5% 44.0% Channel - % Wholesale 20.3% 19.7% 21.7% 20.5% 17.8% Unpaid principal balance (1) $ 429.1 $ 475.5 $ 479.9 $ 496.1 $ 382.7 % of UPB - Fannie/ Freddie securitizations 60.6% 68.8% 67.6% 65.6% 62.8% % of UPB - Ginnie Mae securitizations 28.8% 20.4% 23.0% 24.3% 25.8% % of UPB - Other investors 10.6% 10.8% 9.4% 10.1% 11.5% Q3 2018 Q4 2018 Originations Sales Q4 2017 Q1 2018 Q2 2018 Fair Q4' 17 Q1' 18 Q2' 18 Q3' 18 Q4' 18 Value ($ mm) $ 72.3 $ 81.6 $ 85.6 $ 91.7 $ 93.1

ACTIVE SBC AND SBA LOAN SECURITIZATION PERFORMANCE 121) Represents remaining collateral in the securitization Issuance Date Delinquency 30+ Delinquency 60+ Delinquency 90+ Cumulative Loss Fixed Rate $ 727,754 RCMT 2014-1 September 2014 181,922 0.28 0.0% 0.0% 0.0% 0.0% RCMT 2015-2 November 2015 218,757 0.64 0.0% 0.0% 0.0% 0.0% RCMT 2016-3 November 2016 162,075 0.57 0.0% 0.0% 0.0% 0.0% RCMT 2018-4 March 2018 165,000 0.96 0.0% 0.0% 0.0% 0.0% $ 522,080 RCMF 2017-FL1 August 2017 243,797 0.43 0.0% 0.0% 0.0% 0.0% RCMF 2018-FL2 June 2018 278,283 0.98 2.1% 0.0% 0.0% 0.0% Freddie Mac $ 1,878,787 FRESB 2016-SB11 January 2016 109,965 0.69 0.0% 0.0% 0.0% 0.0% FRESB 2016-SB18 July 2016 118,037 0.81 0.0% 0.0% 0.0% 0.0% FRESB 2017-SB33 June 2017 219,852 0.92 1.7% 0.0% 0.0% 0.0% FRESB 2018-SB45 January 2018 362,018 0.99 0.0% 0.0% 0.0% 0.0% FRESB 2018-SB52 September 2018 561,584 1.00 0.0% 0.0% 0.0% 0.0% FRESB 2018-SB56 December 2018 507,331 1.00 0.0% 0.0% 0.0% 0.0% $ 189,492 RCLT2015-1 June 2015 189,492 0.40 4.9% 4.4% 2.4% 1.1% $ 515,153 WVMT 2011-SBC2 March 2011 97,557 0.25 3.7% 2.2% 2.2% 3.7% SCMT 2017-SBC6 August 2017 154,929 0.55 0.6% 0.0% 0.0% 0.0% SCMT 2018-SBC7 November 2018 262,667 0.96 1.8% 0.2% 0.0% 0.0% $ 3,833,266 Acquired Originated Total loan securitizations Securitization Original Collateral Balance Pool - Factor (1) Floating Rate SBA Acquired - Performing

INTEREST RATE RISK SENSITIVITY 13 1) As a percent of carrying value 2) Excludes loans held-for-sale, at fair value 3) Based on portfolio as of December 31, 2018 and assumes no future changes in the composition of the portfolio. PORTFOLIO -FIXED VS FLOATING INTEREST RATE SENSITIVITY ► 52% of our fixed rate loan portfolio is match funded $- $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 $0.08 25 basis point increase 50 basis point increase 75 basis point increase 100 basis point increase Annual Net Interest Income Per Share (Pre-tax)(3)

LOAN PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2018(1)(2) Geographic Location Lien Position (1) As a percent of unpaid principal balance (2) Excludes loans held-for-sale, at fair value (3) 14 Collateral Type SBA Collateral Type

CAPITAL STRUCTURE –REDUCTION IN LIQUIDITY RISK ► Since going public in Q4 2016, we continue to optimize our capital structure: • Issued $345 million of corporate debt: • Convertible notes: 6 year notes, 7.0% coupon, $115 million • Senior secured notes: 5 year notes, 7.5% coupon • $75 million in 2/2017; YTM of 7.5% • $65 million in 6/2017; YTM of 6.75% • $40 million in 1/2018, YTM of 6.5% • Retail Baby Bonds: 3 year notes, 6.5% coupon, $50 million ► Completed $399.2 million securitization of originated fixed rate SBC loans in January 2019 15 Funding Mix Total Debt + Equity CURRENT SOURCES OF FUNDINGHISTORICAL CAPITAL STRUCTURETotal Debt + Equity ($M) Funding Mix $2,038 $2,193 $2,382 $2,480 $2,641 Convertible Notes $ 115 7.0% 7.0% Senior Secured Notes $ 180 7.5% 7.0% Retail Baby Bonds $ 50 6.5% 6.5% Total $ 345 7.2% 7.0% Principal Balance Coupon YTM Corporate Financing (in $M) 27% 26% 24% 23% 21% 5% 5% 5% 4% 4% 7% 8% 10% 9% 9% 31% 30% 29% 33% 32% 29% 31% 33% 30% 34% Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Common Equity Convertible senior notes Senior secured notes and Corporate debt Credit facilities and repurchase agreements Securitized debt obligations

FINANCING AND LEVERAGE 16 1.6x 1.7x 1.8x 2.0x 2.1x2.7x 2.9x 3.2x 3.4x 3.7x 0 0.5 1 1.5 2 2.5 3 3.5 4 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Historical Leverage Recourse Total HISTORICAL LEVERAGE Total Debt-to-Equity Ratio Secured borrowings (warehouse credit facilities and borrowings under repo transactions) $ 834.5 Securitized debt obligations 905.4 Senior secured notes and corporate bonds 227.3 Convertible notes 110.0 Total Debt $ 2,077.2 Total Stockholders' Equity $564.1 Total debt-to-equity ratio 3.68 Total recourse debt-to-equity ratio Total Debt $ 2,077.2 Less: Securitized debt obligations (905.4) Total recourse debt $ 1,171.8 Total Stockholders' Equity $564.1 Total recourse debt-to-equity ratio 2.08 12/31/2018 (in millions)

LOAN WAREHOUSE FACILITIES 17(1) $ in millions Bank Maturity Rate Description and Uses of Funds JPMorgan May '19 1M L + 2.50% $ 225 $ 157 Borrowings are used to finance SBC and SBA loan acquisitions, and SBA loan originations. KeyBank Feb '19 1M L + 1.75% 125 102 Borrowings are used to finance Freddie Mac SBC loan originations. East West July '20 Prime - 0.821 to + 0.029% 30 3 Borrowings are used to finance SBA loan originations. FCB June '21 2.75% 3 - Borrowings are used to finance SBC loan acquisitions. GMFS facilities < 1 year 1M L + 1.625 to 2.125% 205 136 Borrowings are used to finance Residential Agency loan originations. GMFS - MSR Sept '23 1M L + 2.50% 50 42 Borrowings are used to finance Residential Agency MSRs. $ 638 $ 440 Citibank June '19 1M L + 2.125 to 2.50% $ 500 $ 306 Borrowings are used to finance SBC loan originations and SBC loan acquisitions. Deutsche Bank Feb '20 3M L + 2.30 to 2.80% 300 60 Borrowings are used to finance SBC loan originations and Transitional loan originations. JPMorgan Dec '20 1M L + 2.25 to 4.00% 200 104 Borrowings are used to finance SBC and Transitional loan originations, and SBC loan acquisitions. $ 1,000 $ 470 Total Secured Borrowings $ 1,638 $ 910 Borrowings under repurchase agreements Total Borrowings under repurchase agreements Total Borrowings under credit facilities Borrowings under credit facilities Av ailable Capacity (1) Facility Size (1)

READY CAPITAL SNAPSHOT ($ amounts in thousands, except per share data) 18 (5) Excludes the equity component of our 2017 convertible note issuance 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 12/31/2018 on an annualized basis. 4) Excludes loans, held for sale, at fair value 5) Excludes the equity component of our 2017 convertible note issuance. Net income attributable to Ready Capital Corporation $ 9,177 Earnings per share - Basic and diluted $ 0.30 Core Earnings per Common Share $ 0.34 Return on Equity per Common Share 6.8% Core Return on Equity per Common Share 8.1% Dividend Yield 11.6% Q4 2018 Earnings Data Metrics Common Stockholders' equity $ 544,831 Common Stockholders' equity (adjusted)(5) $ 542,851 Total Common Shares outstanding 32,105,112 Net Book Value per Common Share $ 16.97 Adjusted Net Book Value per Common Share $ 16.91 Book Equity Value Metrics % Fixed vs Floating Rate 49.6% / 50.4% % Originated vs Acquired 65.3% / 34.7% Weighted Average LTV - SBC 63% Weighted Average LTV - SBA 79% Weighted Average LTV - Acquired 44% Loan Portfolio Metrics (4) SBA servicing rights - UPB $ 506,155 SBA servicing rights- carrying value $ 16,749 Freddie Mac servicing rights - UPB $ 964,377 Freddie Mac servicing rights - carrying value $ 10,248 Residential servicing rights - UPB $ 7,466,679 Residential servicing rights - carrying value $ 93,065 Servicing Portfolio Metrics Average Carrying Value(1) Debt Cost (3) Levered Yield Loan Acquisitions 625,146$ 8.8% 469,174$ 5.4% 19.2% SBC Originations 1,481,368$ 6.9% 1,024,869$ 5.2% 10.6% SBA Originations, Acquisitions, & Servicing 446,857$ 12.2% 323,651$ 5.1% 31.0% Total 2,553,371$ 8.9% 1,817,694$ 5.2% 15.9% Investment Type Gross Yield(2) Average Debt Balance

APPENDIX 19

PER SHARE FINANCIAL PERFORMANCE 20 ► Adjusted net book value of $16.91 per common share as of December 31, 2018 Per Share Trends $0.38 $0.56 $0.48 $0.53 $0.30 $0.37 $0.47 $0.47 $0.48 $0.34 $0.37 $0.37 $0.40 $0.40 $0.40 $0.20 $0.30 $0.40 $0.50 $0.60 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Earnings Core earnings Dividends declared

BALANCE SHEET BY QUARTER 21 (In Thousands) Assets Cash and cash equivalents $ 63,425 $ 86,773 $ 105,833 $ 47,845 $ 54,406 Restricted cash 11,666 13,964 15,108 18,864 28,921 Loans, net 1,017,920 1,057,034 1,035,330 1,256,177 1,193,392 Loans, held for sale, at fair value 216,022 160,999 188,752 124,988 115,258 Mortgage backed securities, at fair value 39,922 47,181 50,070 94,341 91,937 Loans eligible for repurchase from Ginnie Mae 95,158 81,484 79,623 79,600 74,180 Investment in unconsolidated joint venture 55,369 50,229 41,598 40,914 33,438 Derivative instruments 4,725 5,022 4,758 5,846 2,070 Servicing rights 94,038 104,613 111,274 118,221 120,062 Receivable from third parties 6,756 11,064 980 1,529 8,888 Other assets 56,840 53,592 56,948 59,160 63,234 Assets of consolidated VIEs 861,662 968,999 1,122,706 1,053,274 1,251,057 Total Assets $ 2,523,503 $ 2,640,954 $ 2,812,980 $ 2,900,759 $ 3,036,843 Liabilities Secured borrow ings 637,393 663,116 684,382 822,414 834,547 Securitized debt obligations of consolidated VIEs, net 598,148 679,871 795,503 752,432 905,367 Convertible notes, net 108,991 109,226 109,484 109,743 109,979 Senior secured notes and Corporate notes, net 138,078 178,688 226,890 227,058 227,327 Guaranteed loan financing 293,045 278,500 263,920 246,229 229,678 Contingent consideration 10,016 10,732 1,686 1,773 1,207 Liabilities for loans eligible for repurchase f rom Ginnie Mae 95,158 81,484 79,623 79,600 74,180 Derivative instruments 282 756 935 39 3,625 Dividends payable 12,289 12,335 13,340 13,346 13,346 Accounts payable and other accrued liabilities 74,636 64,490 72,659 79,089 73,512 Total Liabilities $ 1,968,036 $ 2,079,198 $ 2,248,422 $ 2,331,723 $ 2,472,768 Stockholders’ Equity Common stock 3 3 3 3 3 Additional paid-in capital 539,455 539,457 539,457 539,869 540,478 Retained earnings (deficit) (3,385) 2,559 5,870 9,698 5,272 Accumulated other comprehensive loss — — — — (922) Total Ready Capital Corporation equity 536,073 542,019 545,330 549,570 544,831 Non-controlling interests 19,394 19,737 19,228 19,466 19,244 Total Stockholders’ Equity $ 555,467 $ 561,756 $ 564,558 $ 569,036 $ 564,075 Total Liabilities and Stockholders’ Equity $ 2,523,503 $ 2,640,954 $ 2,812,980 $ 2,900,759 $ 3,036,843 Adjusted Book Value per Share $ 16.69 $ 16.88 $ 16.95 $ 17.08 $ 16.91 12/31/201812/31/2017 3/31/2018 6/30/2018 9/30/2018

STATEMENT OF INCOME BY QUARTER 22(1) Certain balances have been reclassified to match current period presentation (In Thousands, except share data) Interest income $ 36,135 $ 37,150 $ 41,858 $ 44,287 $ 46,204 Interes t expense (21,067) (22,666) (26,407) (28,925) (31,240) Net interest income before provision for loan losses $ 15,068 $ 14,484 $ 15,451 $ 15,362 $ 14,964 Provision for loan losses (506) (167) 397 (800) (1,131) Net interest income after provision for loan losses $ 14,562 $ 14,317 $ 15,848 $ 14,562 $ 13,833 Non-interest income Residential mortgage banking activities $ 18,061 $ 14,024 $ 17,255 $ 17,011 $ 11,561 Net realized gain on financial instruments 6,177 12,232 8,620 6,946 10,610 Net unrealized gain (loss) on financial instruments 2,066 3,008 4,457 8,500 (11,112) Other income 3,130 1,334 1,826 1,204 1,222 Servicing income, net of amortization and impairment 6,787 6,410 6,627 6,922 7,116 Income on unconsolidated joint venture 1,048 5,739 1,503 2,178 2,728 Total non-interest income $ 37,269 $ 42,747 $ 40,288 $ 42,761 $ 22,125 Non-interest expense Employee compensation and benefits (14,409) (15,320) (14,272) (14,163) (12,847) Allocate d emp loyee compensat ion an d bene fits f rom re late d party (833) (1,200) (1,200) (1,200) (600) V ar iable expenses on res id ent ial mortgage ban king act ivities (8,591) (2,290) (7,493) (8,337) (4,108) Professional fees (2,588) (2,648) (2,401) (2,294) (420) Management fees – related party (2,041) (2,013) (2,036) (2,070) (2,058) Incentive fees – related party — (408) (269) — (467) Loan servicing expense (2,811) (4,093) (3,000) (4,247) (3,442) Other operating expenses (7,752) (8,011) (8,916) (6,548) (5,267) Total non-interest expense $ (39,025) $ (35,983) $ (39,587) $ (38,859) $ (29,209) Income before provision for income taxes (benefit) $ 12,806 $ 21,081 $ 16,549 $ 18,464 $ 6,749 Provision for income taxes (benefit) (76) (2,563) (665) (895) 2,737 Ne t incom e $ 12,730 $ 18,518 $ 15,884 $ 17,569 $ 9,486 Less: Net income attributable to non-controlling interest 633 664 588 638 309 Net income attributable to Ready Capital Corporation $ 12,097 $ 17,854 $ 15,296 $ 16,931 $ 9,177 Earnings per common share - basic $0.38 $ 0.56 $ 0.48 $ 0.53 $ 0.30 Earn ings per common s hare - dil ute d $0.38 $ 0.56 $ 0.48 $ 0.53 $ 0.30 Weighted-average shares outstanding - Basic 32,031,494 32,036,504 32,073,717 32,109,642 32,122,503 Weighted-average shares outstanding - Diluted 32,034,610 32,045,844 32,092,750 32,130,262 32,138,712 Dividends declared per share of common stock $0.37 $ 0.37 $ 0.40 $ 0.40 $ 0.40 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

CORE EARNINGS RECONCILIATION 23 (In Thousands) Net Income $ 12,730 $ 18,518 $ 15,884 $ 17,569 $ 9,486 Reconciling items: Unrealized (gain) loss on mortgage-backed securities $24 $ 79 $ 86 $ (10) $ 226 Unrealized (gain) loss on mortgage servicing rights 47 (4,155) (253) (1,969) 2,171 Total reconciling items $71 $ (4,076) $ (167) $ (1,979) $ 2,397 Core earnings before income taxes $ 12,801 $ 14,442 $ 15,717 $ 15,590 $ 11,883 Income tax adjustments (359) 1,047 64 495 (547) Core earnings $ 12,442 $ 15,489 $ 15,781 $ 16,085 $ 11,336 Less: Core earnings attributable to non-controlling interests $619 $ 555 $ 584 $ 584 $ 369 Core earnings attributable to Common Stockholders $ 11,823 $ 14,935 $ 15,197 $ 15,501 $ 10,967 Core earnings per share $0.37 $ 0.47 $ 0.47 $ 0.48 $ 0.34 Weighted average common shares outstanding 32,031,494 32,036,504 32,073,717 32,109,642 32,122,503 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 We believe that providing investors with Core Earnings, a non-U.S. GAAP financial measure, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in our financial and operational decision-making. However, because Core Earnings is an incomplete measure of our 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, our net income as a measure of our financial performance. In addition, because not all companies use identical calculations, our presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies. We calculate Core Earnings as GAAP net income (loss) excluding the following: i) any unrealized gains or losses on certain MBS ii) any realized gains or losses on sales of certain MBS iii) any unrealized gains or losses on Residential MSRs iv) one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses In calculating Core Earnings, Net Income (in accordance with GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by us in the secondary market, but is not adjusted to exclude unrealized gains and losses on MBS retained by us as part of our loan origination businesses, where we transfer originated loans into an MBS securitization and retain an interest in the securitization. In calculating Core Earnings, we do not adjust Net Income (in accordance with GAAP) to take into account unrealized gains and losses on MBS retained by us as part of our loan origination businesses because we consider the unrealized gains and losses that are generated in the loan origination and securitization process to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of our historical loan originations. In calculating Core Earnings, Net Income (in accordance with GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-core. Certain MBS positions are considered to be non-core due to a variety of reasons which may include collateral type, duration, and size. In addition, in calculating Core Earnings, Net Income (in accordance with GAAP) is adjusted to exclude unrealized gains or losses on Residential MSRs, held at fair value. We treat our commercial MSRs and Residential MSRs as two separate classes based on the nature of the underlying mortgages and our treatment of these assets as two separate pools for risk management purposes. Servicing rights relating to our small business commercial business are accounted for under ASC 860, Transfer and Servicing, while our residential MSRs are accounted for under the fair value option under ASC 825, Financial Instruments. In calculating Core Earnings, we do not exclude realized gains or losses on either commercial MSRs or Residential MSRs, held at fair value, as servicing income is a fundamental part of our business and as an indicator of the ongoing performance.