Exhibit 99.1

READY CAPITAL CORPORATION REPORTS SECOND QUARTER 2022 RESULTS

GAAP EARNINGS PER COMMON SHARE OF $0.47 -

DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $0.48 -

DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY OF 13.1% -

New York, New York, August 4, 2022 / PRNewswire / – Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial loans, today reported financial results for the quarter ended June 30, 2022.

“Despite market volatility, Ready Capital’s results are reflective of our ability to deploy capital across economic cycles,” commented Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “The quarterly growth in our loan portfolio, our continued access to the capital markets and the credit strength of our assets positions us well for the future.”

Second Quarter Highlights

●

Total investments of $2.1 billion, including $1.2 billion of SBC originations and acquisitions, $746.4 million of residential mortgage loans, and $128.8 million of U.S. Small Business Administration 7(a) loans

●

Total year-to-date investment activity of $5.2 billion, 17% year-over-year growth

●

Closed a $754.2 million commercial mortgage CLO, consisting of 25 first-lien floating rate loans

●

Closed a $276.8 million fixed rate securitization with a 4.8% weighted average cost of debt

●

Closed a $120.0 million offering of 6.125% Senior Unsecured Notes due 2025

●

Declared and paid dividend of $0.42 per share in cash with distributable earnings coverage of the common dividend at 1.14x

●

Net book value of $15.28 per share of common stock as of June 30, 2022

Subsequent Events

●

Entered into a joint venture with pan-European commercial real estate lending platform Starz Real Estate, with the goal of originating approximately €300 million in senior commercial real estate loans between €10 million and €40 million in size throughout Europe over the next two years

●

Closed an $80.0 million placement of 7.375% Senior Unsecured Notes due 2027

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”), unrealized current non-cash provision for credit losses on accrual loans and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, merger related expenses, or other one-time items.

The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because Distributable Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Distributable Earnings may not be comparable to other similarly-titled measures of other companies.

In calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating Distributable Earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

In addition, in calculating Distributable Earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value. The Company treats its commercial MSRs and residential MSRs as two separate classes based on the nature of the underlying mortgages and the treatment of these assets as two separate pools for risk management purposes. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing, while the Company’s residential MSRs are accounted for under the fair value option under ASC 825, Financial Instruments. In calculating Distributable Earnings, the Company does 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 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, 2022
Net Income	$	58,965
Reconciling items:
Unrealized loss on mortgage servicing rights		16
Impact of ASU 2016-13 on accrual loans		(2,110)
Non-recurring REO impairment		700
Merger transaction costs and other non-recurring expenses		3,248
Total reconciling items	$	1,854
Income tax adjustments		(717)
Distributable earnings	$	60,102
Less: Distributable earnings attributable to non-controlling interests		2,929
Less: Income attributable to participating shares		2,412
Distributable earnings attributable to common stockholders	$	54,761
Distributable earnings per common share - basic	$	0.48
Distributable earnings per common share - diluted	$	0.46

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 5, 2022 at 8:30 am ET to provide a general business update and discuss the financial results for the quarter ended June 30, 2022.

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 #: 13730375

The playback can be accessed through August 19, 2022.

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 small- to medium-sized balance commercial loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor 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 600 professionals nationwide.

Contact

Investor Relations
Ready Capital Corporation
212-257-4666
[email protected]

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, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	127,939	$	229,531
Restricted cash		64,746		51,569
Loans, net (including $9,956 and $10,766 held at fair value)		3,907,321		2,915,446
Loans, held for sale, at fair value		469,442		552,935
Paycheck Protection Program loans (including $763 and $3,243 held at fair value)		389,189		870,352
Mortgage-backed securities, at fair value		40,648		99,496
Loans eligible for repurchase from Ginnie Mae		54,784		94,111
Investment in unconsolidated joint ventures (including $8,430 and $8,894 held at fair value)		224,220		141,148
Investments held to maturity (including $9,601 held at fair value)		50,618		—
Purchased future receivables, net		8,704		7,872
Derivative instruments		46,530		7,022
Servicing rights (including $168,653 and $120,142 held at fair value)		253,511		204,599
Real estate owned, held for sale		119,557		42,288
Other assets		183,887		172,098
Assets of consolidated VIEs		5,996,219		4,145,564
Total Assets	$	11,937,315	$	9,534,031
Liabilities
Secured borrowings		3,212,383		2,517,600
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings		427,759		941,505
Securitized debt obligations of consolidated VIEs, net		4,533,789		3,214,303
Convertible notes, net		113,818		113,247
Senior secured notes, net		342,469		342,035
Corporate debt, net		565,230		441,817
Guaranteed loan financing		304,158		345,217
Contingent consideration		92,548		16,400
Liabilities for loans eligible for repurchase from Ginnie Mae		54,784		94,111
Derivative instruments		1,303		410
Dividends payable		51,185		34,348
Loan participations sold		53,544		—
Due to third parties		24,737		668
Accounts payable and other accrued liabilities		189,182		183,411
Total Liabilities	$	9,966,889	$	8,245,072
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, 114,375,070 and 75,838,050 shares issued and outstanding, respectively		11		8
Additional paid-in capital		1,723,580		1,161,853
Retained earnings		27,298		8,598
Accumulated other comprehensive loss		(2,815)		(5,733)
Total Ready Capital Corporation equity		1,859,452		1,276,104
Non-controlling interests		102,613		4,494
Total Stockholders’ Equity	$	1,962,065	$	1,280,598
Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity	$	11,937,315	$	9,534,031

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share data)	2022		2021		2022		2021
Interest income	$	153,671	$	103,047	$	278,076	$	176,418
Interest expense		(80,827)		(55,415)		(141,844)		(106,176)
Net interest income before recovery of (provision for) loan losses	$	72,844	$	47,632	$	136,232	$	70,242
Recovery of (provision for) loan losses		4,390		(5,517)		2,848		(5,509)
Net interest income after recovery of (provision for) loan losses	$	77,234	$	42,115	$	139,080	$	64,733
Non-interest income
Residential mortgage banking activities		2,947		36,690		11,371		78,099
Net realized gain on financial instruments and real estate owned		21,114		17,183		29,121		26,029
Net unrealized gain (loss) on financial instruments		(3,253)		4,612		42,062		25,608
Servicing income, net of amortization and impairment of $5,660 and $9,005 for the three and six months ended June 30, 2022, and $2,604 and $4,546 for three and six months ended June 30, 2021, respectively		14,565		11,928		25,093		27,563
Income on purchased future receivables, net of allowance for (recovery of) doubtful accounts of ($565) and ($440) for the three and six months ended June 30, 2022, and $587 and $1,540 for three and six months ended June 30, 2021, respectively		1,859		2,779		4,328		5,096
Income on unconsolidated joint ventures		5,200		3,361		11,763		2,552
Other income (loss)		8,334		(688)		14,835		(117)
Total non-interest income	$	50,766	$	75,865	$	138,573	$	164,830
Non-interest expense
Employee compensation and benefits		(26,089)		(24,270)		(54,057)		(47,047)
Allocated employee compensation and benefits from related party		(1,804)		(3,299)		(4,804)		(5,422)
Variable income (expenses) on residential mortgage banking activities		4,532		(21,421)		3,553		(36,906)
Professional fees		(3,851)		(2,872)		(8,977)		(5,854)
Management fees – related party		(5,465)		(2,626)		(8,661)		(5,319)
Incentive fees – related party		—		(286)		—		(286)
Loan servicing expense		(10,296)		(6,851)		(19,216)		(12,955)
Transaction related expenses		(1,372)		(1,266)		(7,071)		(7,573)
Other operating expenses		(14,372)		(17,190)		(27,025)		(32,674)
Total non-interest expense	$	(58,717)	$	(80,081)	$	(126,258)	$	(154,036)
Income before provision for income taxes		69,283		37,899		151,395		75,527
Income tax provision		(10,318)		(6,995)		(28,167)		(15,676)
Net income	$	58,965	$	30,904	$	123,228	$	59,851
Less: Dividends on preferred stock		1,999		3,224		3,998		3,505
Less: Net income attributable to non-controlling interest		2,874		444		3,649		1,103
Net income attributable to Ready Capital Corporation	$	54,092	$	27,236	$	115,581	$	55,243

Earnings per common share - basic	$	0.47	$	0.38	$	1.13	$	0.85
Earnings per common share - diluted	$	0.45	$	0.38	$	1.07	$	0.85

Weighted-average shares outstanding
Basic		114,359,026		71,221,806		101,106,777		64,059,509
Diluted		125,065,492		71,385,603		111,803,431		64,209,934

Dividends declared per share of common stock	$	0.42	$	0.42	$	0.84	$	0.82

READY CAPITAL CORPORATION

UNAUDITED SEGMENT REPORTING

FOR THE THREE MONTHS ENDED June 30, 2022


			Small		Residential
	SBC Lending		Business		Mortgage		Corporate-
(in thousands)	and Acquisitions		Lending		Banking		Other		Consolidated
Interest income	$	122,427	$	29,024	$	2,220	$	—	$	153,671
Interest expense		(72,685)		(5,916)		(2,226)		—		(80,827)
Net interest income before recovery of (provision for) loan losses	$	49,742	$	23,108	$	(6)	$	—	$	72,844
Recovery of (provision for) loan losses		4,609		(219)		—		—		4,390
Net interest income after recovery of (provision for) loan losses	$	54,351	$	22,889	$	(6)	$	—	$	77,234
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	2,947	$	—	$	2,947
Net realized gain on financial instruments and real estate owned		12,034		9,080		—		—		21,114
Net unrealized gain (loss) on financial instruments		(2,517)		(721)		(15)		—		(3,253)
Servicing income, net		1,431		4,558		8,576		—		14,565
Income on purchased future receivables, net		—		1,859		—		—		1,859
Income on unconsolidated joint ventures		5,200		—		—		—		5,200
Other income		6,338		1,950		21		25		8,334
Total non-interest income	$	22,486	$	16,726	$	11,529	$	25	$	50,766
Non-interest expense
Employee compensation and benefits	$	(7,903)	$	(10,217)	$	(6,906)	$	(1,063)	$	(26,089)
Allocated employee compensation and benefits from related party		(180)		—		—		(1,624)		(1,804)
Variable income (expenses) on residential mortgage banking activities		—		—		4,532		—		4,532
Professional fees		(1,097)		(1,619)		(217)		(918)		(3,851)
Management fees – related party		—		—		—		(5,465)		(5,465)
Loan servicing expense		(7,912)		74		(2,458)		—		(10,296)
Transaction related expenses		—		—		—		(1,372)		(1,372)
Other operating expenses		(6,457)		(4,314)		(2,175)		(1,426)		(14,372)
Total non-interest expense	$	(23,549)	$	(16,076)	$	(7,224)	$	(11,868)	$	(58,717)
Income (loss) before provision for income taxes	$	53,288	$	23,539	$	4,299	$	(11,843)	$	69,283
Total assets	$	10,296,900	$	1,049,763	$	454,556	$	136,096	$	11,937,315

READY CAPITAL CORPORATION

UNAUDITED SEGMENT REPORTING

FOR THE SIX MONTHS ENDED June 30, 2022


			Small		Residential
	SBC Lending		Business		Mortgage		Corporate-
(in thousands)	and Acquisitions		Lending		Banking		Other		Consolidated
Interest income	$	218,770	$	55,261	$	4,045	$	—	$	278,076
Interest expense		(125,778)		(11,606)		(4,184)		(276)		(141,844)
Net interest income before recovery of (provision for) loan losses	$	92,992	$	43,655	$	(139)	$	(276)	$	136,232
Recovery of (provision for) loan losses		4,339		(1,491)		—		—		2,848
Net interest income after recovery of (provision for) loan losses	$	97,331	$	42,164	$	(139)	$	(276)	$	139,080
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	11,371	$	—	$	11,371
Net realized gain on financial instruments and real estate owned		12,916		16,205		—		—		29,121
Net unrealized gain (loss) on financial instruments		9,912		(433)		32,583		—		42,062
Servicing income, net		2,351		6,051		16,691		—		25,093
Income on purchased future receivables, net		—		4,328		—		—		4,328
Income on unconsolidated joint ventures		11,763		—		—		—		11,763
Other income		9,352		4,821		45		617		14,835
Total non-interest income	$	46,294	$	30,972	$	60,690	$	617	$	138,573
Non-interest expense
Employee compensation and benefits	$	(18,063)	$	(19,735)	$	(14,440)	$	(1,819)	$	(54,057)
Allocated employee compensation and benefits from related party		(480)		—		—		(4,324)		(4,804)
Variable (income) expenses on residential mortgage banking activities		—		—		3,553		—		3,553
Professional fees		(3,498)		(3,087)		(481)		(1,911)		(8,977)
Management fees – related party		—		—		—		(8,661)		(8,661)
Loan servicing expense		(13,787)		(428)		(5,001)		—		(19,216)
Transaction related expenses		—		—		—		(7,071)		(7,071)
Other operating expenses		(11,833)		(8,101)		(4,199)		(2,892)		(27,025)
Total non-interest expense	$	(47,661)	$	(31,351)	$	(20,568)	$	(26,678)	$	(126,258)
Income (loss) before provision for income taxes	$	95,964	$	41,785	$	39,983	$	(26,337)	$	151,395
Total assets	$	10,296,900	$	1,049,763	$	454,556	$	136,096	$	11,937,315

Exhibit 99.2

SUPPLEMENTAL FINANCIAL DATAQ2 2022

2DisclaimerThispresentationcontainsstatementsthatconstitute“forward-lookingstatements,”assuchtermisdefinedinSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended,andsuchstatementsareintendedtobecoveredbythesafeharborprovidedbythesame.Thesestatementsarebasedonmanagement’scurrentexpectationsandbeliefsandaresubjecttoanumberoftrendsanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthosedescribedintheforward-lookingstatements;ReadyCapitalCorporation(the“Company”)cangivenoassurancethatitsexpectationswillbeattained.FactorsthatcouldcauseactualresultstodiffermateriallyfromtheCompany’sexpectationsincludethosesetforthintheRiskFactorssectionofthemostrecentAnnualReportonForm10-KfiledwiththeSECandotherreportsfiledbytheCompanywiththeSEC,copiesofwhichareavailableontheSEC’swebsite,www.sec.gov.TheCompanyundertakesnoobligationtoupdatethesestatementsforrevisionsorchangesafterthedateofthisrelease,exceptasrequiredbylaw.Thispresentationincludescertainnon-GAAPfinancialmeasures,includingDistributableearnings.Thesenon-GAAPfinancialmeasuresshouldbeconsideredonlyassupplementalto,andnotassuperiorto,financialmeasuresinaccordancewithGAAP.PleaserefertotheAppendixforthemostrecentGAAPinformation.Thispresentationalsocontainsmarketstatisticsandindustrydatawhicharesubjecttouncertaintyandarenotnecessarilyreflectiveofmarketconditions.ThesehavebeenderivedfromthirdpartysourcesandhavenotbeenindependentlyverifiedbytheCompanyoritsaffiliates.Allmaterialpresentediscompiledfromsourcesbelievedtobereliableandcurrent,butaccuracycannotbeguaranteed.AlldataisasofJune30,2022,unlessotherwisenoted.

3Second Quarter 2022 Results Net income of $59.0 million1, or $0.47 per common share Distributable earnings of $60.1 million1, or $0.48 per common shareDeclared dividend of $0.42 per common share Earnings / Dividends Return on Equity2of 12.8%Distributable Return on Equity3of 13.1%Dividend Yield4of 14.1% Returns CREoriginationsandacquisitionsof$1.2billionSBAloanoriginationsof$128.8millionResidentialmortgageloanoriginationsof$746.4million Loan Originations5/ Acquisitions1.Before dividends on preferred securities and inclusive of non-controlling interest2.Return on equity is an annualized percentage equal to quarterly net income over the average monthly total stockholders’ equity for the period3.Distributable return on equity is an annualized percentage equal to distributable earnings over the average monthly total stockholders’ equity for the period. Refer to the “Distributable Earnings Reconciliation by Quarter” slide for a reconciliation of GAAP Net Income to Distributable Earnings4.Q2 dividend yield for the period is based on the 6/30/2022 closing share price of $11.925.Represents fully committed amounts

4Second Quarter 2022 Results (continued) Total liquidity of $238million1including cash, anticipated proceeds from liquidations and committed advances Current Liquidity Closeda$754.2millioncommercialmortgagecollateralizedloanobligation,consistingof25first-lienfloatingrateloansoriginatedbyRCCloseda$276.8millionfixedratesecuritizationwitha4.8%weightedaveragecostofdebtCloseda$120.0millionofferingof6.125%SeniorUnsecuredNotesdue2025Issued$80.0millioninaggregateprincipalamountof7.375%SeniorUnsecuredNotesdue2027 Capital Markets Netbookvaluepershareof$15.28percommonshareTotalleverageof4.9xandrecourseleverageratioof1.5x2 Balance Sheet Enteredintoajointventurewithpan-EuropeancommercialrealestatelendingplatformStarzRealEstate,withthegoaloforiginatingapproximately€300millioninseniorcommercialrealestateloansinEuropeoverthenexttwoyears Geographic Expansion1.Liquidity balance as of July 29, 20222.Recourse leverage ratio excludes $1.4 billion of secured borrowings that are non-recourse to the Company.

5Return on Equity1.Leveredyieldincludesinterestincome,accretionofdiscount,MSRcreation,incomefromunconsolidatedjointventures,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.2.GAAPROEisbasedonGAAPNetIncome,whileDistributableROEisbasedonDistributableEarnings,whichadjustsGAAPNetIncomeforcertainitemsdetailedonthe“DistributableEarningsReconciliation”slide.3.ROEbasedonnetincomebeforetaxoftheResidentialMortgageBankingbusinesslinedividedbythebusinessline’saveragemonthlyequity.4.Non-recurringgains,lossesandexpensesbeforeapplicabletaxexpenses SegmentSBC Lending and Acquisitions12.2%12.2%90.6% Small Business Lending35.3%35.3%4.4% Residential Mortgage Banking (3)12.5%12.5%5.0% 3.9 7.3 3.9 4.0 17.2%27.7%17.2%18.4%1.3 4.9 1.3 4.9 1.0 (0.4) 0.5 0.1 5.9 5.3 5.9 5.3 (4)(0.5) (2.1) - - (8.1) (10.7) (7.6) (10.5) (1.2) (0.9) (1.2) (0.9) (2.3) (5.2) (2.5) (3.1) Dividends on preferred stock(0.5) (0.6) (0.5) (0.6) 12.8%18.0%13.1%13.6% Return on equity Gross return on equity Realized unrealized gains, net Non-recurring gains, losses and expenses Investment advisory fees Provision for income taxes Loan loss provision PPP revenue, net of direct expenses Operating expenses 13.3 % % Corporate leverage, net of non-earning assets 14.4 20.4 % 13.3 % GAAP ROE (2) Distributable ROE (2) Levered Yield (1) DistributableLevered Yield (1) EquityAllocation Q2'22 Q1'22 Q2'22 Q1'22

6Diversified, Complementary, & Scalable Platforms 11%62%5%1%9%9%3% Fixed rate/CMBS Bridge Construction Freddie Mac Other Small Business Lending Residential Mortgage Banking PORTFOLIO BREAKDOWN1 REVENUE BREAKDOWN2 ($ in thousands) $9,185$38,698$10,000$7,901$10,601$34,750$16,049$0$10,000$20,000$30,000$40,000Fixed rate/CMBSBridgeConstructionFreddie MacOtherSmallBusinessLendingResidentialMortgageBanking31.Assetsincludeloans,MBS,servicingassets,JVinvestments,realestateowned,andpurchasedfuturereceivables.2.BasedonQTDDistributableEarningsincludinginterestincome,accretionofdiscount,MSRcreation,incomefromunconsolidatedjointventures,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.3.Loanswiththe“Other”classificationaregenerallySBCacquiredloansthathavenonconformingcharacteristicsfortheFixedrate,Bridge,orConstructioncategories3

7SBC and SBA Investment by Platform $148.7$144.3$135.7$101.0$128.8$53.6$104.9$98.2$60.9$5.9$240.5$240.3$613.1$197.4$257.0$807.2$730.4$1,529.2$1,936.6$955.2$168.0$29.0$5.2$1.5$31.4$0$400$800$1,200 $1,600 $2,000 $2,400Q2'21Q3'21Q4'21Q1'22Q2'22 SBA Fixed Rate/CMBS Freddie Mac Bridge Acquired Other $2,301.1 $2,405.2 $1,419.3 $1,250.01.Origination volumes are based on fully committed amounts in millions QUARTERLY INVESTMENT ACTIVITY1 $1,348.4

8SBC Lending and Acquisitions1.Excludes joint venture investments2.75% of fixed rate loans match funded3. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation4. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferredfinancing costs5. Includes originated SBC floating rate loans that are included in our RCMT securitization and therefore, categorized as Fixed/CMBS6. Loans with the “Other” classification are generally SBC acquired loans that have nonconforming characteristics for the Fixed rate, Bridge, or Construction categories GROSS LEVERED YIELD PRODUCT TYPELOAN COUNT(1)UPBBOOK VALUEWA LTVWA COUPONFIXED/FLOAT(2)60+ Days Past Due2,446$9.40B$9.32B64.9%5.2%16.5 / 83.5%2.9%FIXED RATE(5)274$1.02B$1.02B60.8%5.0%99.3 / 0.7%3.1%BRIDGE599$7.09B$7.01B69.2%4.7%0.8 / 99.2%1.3%CONSTRUCTION24$588M$594M56.5%11.4%28.0 / 72.0%18.7%OTHER(6)1,549$701M$693M33.9%5.5%44.7 / 55.3%5.3% CURRENT QUARTER HIGHLIGHTS 10.4%10.1%10.3%11.5%11.3%3.0%2.2%2.0%1.3%0.9%0%5%10% 15%Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 Income on joint venture investments and gains on loans, held for sale Gross levered yield (ex. gains)34•Bridgeloanoriginationsof$955.2millionataveragespreadofplus404bps•SBCmoneyuppipelineof$770.7million,including$435.9millionfundedinJuly•84%oftheSBCportfolioisfloatingratewithaveragefloorsof59bps•Averagespreadof480bpsincurrentpipeline

9Small Business Lending GROSS LEVERED YIELD LOAN COUNTUPBBOOK VALUEWA LTVWA COUPONFIXED/FLOAT60+ Days Past Due2,117$590M$551M89.1%5.5%0.3 / 99.7%1.2% CURRENT QUARTER HIGHLIGHTS 18.6%20.7%16.5%17.6%15.2%80.6%55.4%33.2%25.7%27.6%0%20%40%60%80%100%Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 Gross levered yield (ex. gains) Gains on loans, held for sale1. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferredfinancing costs2. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation3. Excludes impairment21•SBAnetsalespremiumspeakingat14.7%andaveraging9.6%net•$128.8millionofSBAloanoriginations,including$18.2millionofsmallbalanceloanoriginations.•Currentmoneyuppipelineof$235.7million,including$29.1millionfundedinJuly3

10Loan Portfolio Composition 21%14%14%10%41%Small Business Lending Lodging Retail Doctors Eating Place Other1. Calculated on unpaid principal balance and excludes assets offset by guaranteed loan financing liabilities 69%9%7%6%9%SBC Lendingand Acquisitions Multi-family Mixed-use Retail Office Other Investments PROPERTY TYPE1 GEOGRAPHY1 20%11%7%7%7%48%SBC Lendingand Acquisitions Texas California Arizona Florida Georgia Other 16%12%8%5%5%54%Small Business Lending California Texas Florida Washington Georgia Other

11 QUARTERLY ORIGINATIONS UPB $746.4MSEGMENT SNAPSHOTResidential Mortgage Banking 78%22%Production by Purpose Purchased Refinanced QUARTERLY SALES UPB $776.4M 72%26% 2% Sales by Investor Fannie/Freddie Ginnie Mae Other MSR PORTFOLIO UPDATE ($ in billions) 41%37%22%Production by Platform Retail Correspondent Wholesale $10.4$10.7$11.0$11.4$11.73.5%3.4%3.4%3.3%3.4%2.0%2.5%3.0%3.5% 4.0%$0$2$4$6$8$10 $12Q2'21Q3'21Q4'21Q1'22Q2'22 UPB WAC

12Loan Portfolio –Risk Rating BUCKET1:VeryLowRiskofLoss:Neworiginationorcurrentwithstrongcreditmetrics(LTV/DSCR/DY).Noexpectedlosses.BUCKET2:LowRiskofLoss:Currentwithmaturity>6months.LowercreditmetricswithpossibilityofinclusiononCREFCwatchlist.Noexpectedlosses.BUCKET3:MediumRiskofLoss:Currentwithneartermmaturitiesorinforbearance.Lossunlikelywithnospecificreservesbooked.BUCKET4:HigherRisk:Loandelinquentorinmaturitydefault.Potentialissueswithsponsororbusinessplans.Minimallossespossibleandadequatelyreservedincurrentperiod.BUCKET5:Highestrisk:Loanindefaultorspecialservicing.Specificlossesidentifiedandadequatelyreservedforincurrentperiod. RISK RATING DISTRIBUTION CRITERIA 91%4%2%3%88%5%5%2%0%20%40% 60% 80%100%1 & 2345 SBC SBA 1.72 1.62 1.51 1.47 1.48 1.69 1.71 1.68 1.63 1.70 1.30 1.35 1.40 1.45 1.50 1.55 1.60 1.65 1.70 1.75Q2'21Q3'21Q4'21Q1'22Q2'22 SBC SBA AVERAGE RISK RATING

13Debt-LeverageCorporate DebtPPPLFSecuritized Debt ObligationsNon-Recourse Secured BorrowingsRecourse Secured Borrowing 0.2x2.4x0.7x1.0x0.5xDebt BalanceLeverage Ratio•Recourseleverageratioof1.5x•Totalleverageof4.9x•Fullmarkettomarketliabilitiesandcreditmarktomarketliabilitiesrepresent17%and11%oftotaldebt,respectively Recourse Leverage by Reporting Segment(1)($ in millions) $1,439$140$241$1,0220.5x2.0x1.7x0.5x-2.00.0 2.04.06.08.010.0$0$500$1,000$1,500SBCSBLResidentialCorporate Debt Recourse Leverage1. Recourse leverage by reporting segment is based on the segment recourse debt balance over invested equity in the segment and excludes guaranteed loan financings $428$4,534$1,393$1,820$1,022

14Financial Snapshot Investment Type Average Carrying Value (1) Gross Yield(2) Average Debt Balance Debt Cost (3) Levered Yield SBC Lending and Acquisitions $ 9,446,032 5.7%$ 6,949,169 3.3% 12.2% Small Business Lending $ 309,665 16.9%$ 188,786 5.2% 35.3% Total $ 9,755,697 6.0% $ 7,137,955 3.4% 12.5% Book Equity Value Metrics Common Stockholders' equity $ 1,748,074 Common Stockholders' equity (adjusted) (5) $ 1,747,652 Total Common Shares outstanding 114,375,070 Net Book Value per Common Share $ 15.28 Adjusted Net Book Value per Common Share $ 15.28 Loan Portfolio Metrics (4)% Fixed vs Floating Rate 16% / 84% % Originated vs Acquired 75% / 25% Weighted Average LTV -SBC 65% Weighted Average LTV -SBA 89% Q2 2022 Earnings Data Metrics Net income | Distributable earnings $58,965 | $60,102 Earnings per share -Basic and diluted $0.47 | $0.45 Distributable Earnings per share -Basic and diluted $0.48 | $0.46 Return on Equity per Common Share 12.8% Distributable Return on Equity per Common Share 13.1% Dividend Yield (6) 14.1% Servicing Portfolio MetricsSBA servicing rights -UPB $ 926,364 SBA servicing rights-carrying value $ 21,670 Multi-family servicing rights -UPB $ 4,624,421 Multi-family servicing rights -carrying value $ 63,188 Residential servicing rights -UPB $ 11,722,925 Residential servicing rights -carrying value $ 168,653 1.Averagecarryingvalueincludesaveragequarterlycarryingvalueofloanandservicingassetbalances2.Grossyieldsincludeinterestincome,accretionofdiscount,MSRcreation,incomefromourunconsolidatedjointventure,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.3.TheCompanyfinancestheassetsincludedintheInvestmentTypethroughsecuritizations,repurchaseagreements,warehousefacilitiesandbankcreditfacilities.Interestexpenseiscalculatedbasedoninterestexpenseanddeferredfinancingamortizationforthequarterended6/30/2022onanannualizedbasis.4.Excludesloans,heldforsale,atfairvalue5.Excludestheequitycomponentofour2017convertiblenoteissuance.6.Q2Dividendyieldfortheperiodisbasedonthe6/30/2022closingsharepriceof$11.92

APPENDIXAdditional Financial Information

16Balance Sheet by Quarter (In Thousands) Assets Cash and cash equivalents$200,723 $209,769 $229,531 $211,369 $127,939 Restricted cash 57,118 52,692 51,569 56,963 64,746 Loans, net 2,222,284 2,384,497 2,915,446 4,062,335 3,907,321 Loans, held for sale, at fair value 470,184 549,917 552,935 523,214 469,442 Payment protection program loans, net2,178,586 1,784,826 870,352 554,656 389,189 Mortgage backed securities, at fair value 260,110 117,681 99,496 93,259 40,648 Loans eligible for repurchase from Ginnie Mae173,437 149,723 94,111 82,975 54,784 Investment in unconsolidated joint ventures86,994 125,547 141,148 149,475 224,220 Investments held to maturity 57,285 50,618 Purchased future receivables, net7,213 6,567 7,872 8,753 8,704 Derivative instruments 6,600 6,180 7,022 36,852 46,530 Servicing rights 145,265 171,106 204,599 244,143 253,511 Real estate owned, held for sale71,267 70,643 42,288 119,207 119,557 Other assets 120,214 196,827 172,098 186,089 183,887 Assets of consolidated VIEs2,976,897 3,438,423 4,145,564 5,089,669 5,996,219 Total Assets$8,976,892 $9,264,398 $9,534,031 $11,476,244 $11,937,315 Liabilities Secured borrowings 1,703,034 2,044,069 2,517,600 3,274,324 3,212,383 Paycheck Protection Program Liquidity Facility (PPPLF) borrowings2,286,624 1,945,883 941,505 627,445 427,759 Securitized debt obligations of consolidated VIEs, net 2,309,217 2,676,265 3,214,303 3,864,150 4,533,789 Convertible notes, net112,684 112,966 113,247 113,531 113,818 Senior secured notes and Corporate debt, net 513,494 513,889 783,852 788,572 907,699 Guaranteed loan financing 363,955 348,774 345,217 332,398 304,158 Contingent consideration 12,400 16,400 92,148 92,548 Liabilities for loans eligible for repurchase from Ginnie Mae173,437 149,723 94,111 82,975 54,784 Derivative instruments 3,717 410 2,620 1,303 Dividends payable 33,968 33,564 34,348 51,161 51,185 Loan participations sold 56,386 53,544 Due to third parties 668 38,846 24,737 Accounts payable and other accrued liabilities 180,018 189,194 183,411 184,592 189,182 Total Liabilities$7,680,148 $8,026,727 $8,245,072 $9,509,148 $9,966,889 Preferred stock Series C8,361 8,361 8,361 8,361 8,361 Stockholders’ Equity Preferred stock209,619 111,378 111,378 111,378 111,378 Common stock 7 7 8 11 11 Additional paid-in capital 1,090,162 1,115,471 1,161,853 1,723,099 1,723,580 Retained earnings (23,105) (10,395) 8,598 21,661 27,298 Accumulated other comprehensive income (loss)(7,157) (6,276) (5,733) (4,704) (2,815) Total Ready Capital Corporation equity 1,269,526 1,210,185 1,276,104 1,851,445 1,859,452 Non-controlling interests 18,857 19,125 4,494 107,290 102,613 Total Stockholders’ Equity$1,288,383 $1,229,310 $1,280,598 $1,958,735 $1,962,065 Total Liabilities and Stockholders’ Equity$8,976,892 $9,264,398 $9,534,031 $11,476,244 $11,937,315 Adjusted Book Value per Share$14.87 $15.06 $15.35 $15.21 $15.28 6/30/2022 6/30/2021 9/30/2021 12/31/2021 3/31/2022

17Statement of Income by Quarter

18Distributable Earnings Reconciliation by QuarterTheCompanybelievesthatthisnon-U.S.GAAPfinancialinformation,inadditiontotherelatedU.S.GAAPmeasures,providesinvestorsgreatertransparencyintotheinformationusedbymanagementinitsfinancialandoperationaldecision-making,includingthedeterminationofdividends.However,becauseDistributableEarningsisanincompletemeasureoftheCompany'sfinancialperformanceandinvolvesdifferencesfromnetincomecomputedinaccordancewithU.S.GAAP,itshouldbeconsideredalongwith,butnotasanalternativeto,theCompany'snetincomecomputedinaccordancewithU.S.GAAPasameasureoftheCompany'sfinancialperformance.Inaddition,becausenotallcompaniesuseidenticalcalculations,theCompany'spresentationofDistributableEarningsmaynotbecomparabletoothersimilarly-titledmeasuresofothercompanies.WecalculateDistributableearningsasGAAPnetincome(loss)excludingthefollowing:i)anyunrealizedgainsorlossesoncertainMBSnotretainedbyusaspartofourloanoriginationbusinessesii)anyrealizedgainsorlossesonsalesofcertainMBSiii)anyunrealizedgainsorlossesonResidentialMSRsiv)anyunrealizedcurrentnon-cashprovisionforcreditlossesonaccrualloansv)anyunrealizedgainsorlossesonde-designatedcashflowhedgesvi)one-timenon-recurringgainsorlosses,suchasgainsorlossesondiscontinuedoperations,bargainpurchasegains,ormergerrelatedexpensesIncalculatingDistributableEarnings,NetIncome(inaccordancewithU.S.GAAP)isadjustedtoexcludeunrealizedgainsandlossesonMBSacquiredbytheCompanyinthesecondarymarketbutisnotadjustedtoexcludeunrealizedgainsandlossesonMBSretainedbyReadyCapitalaspartofitsloanoriginationbusinesses,wheretheCompanytransfersoriginatedloansintoanMBSsecuritizationandtheCompanyretainsaninterestinthesecuritization.IncalculatingDistributableEarnings,theCompanydoesnotadjustNetIncome(inaccordancewithU.S.GAAP)totakeintoaccountunrealizedgainsandlossesonMBSretainedbyusaspartoftheloanoriginationbusinessesbecausetheunrealizedgainsandlossesthataregeneratedintheloanoriginationandsecuritizationprocessareconsideredtobeafundamentalpartofthisbusinessandanindicatoroftheongoingperformanceandcreditqualityoftheCompany’shistoricalloanoriginations.IncalculatingDistributableEarnings,NetIncome(inaccordancewithU.S.GAAP)isadjustedtoexcluderealizedgainsandlossesoncertainMBSsecuritiesconsideredtobenon-distributable.CertainMBSpositionsareconsideredtobenon-distributableduetoavarietyofreasonswhichmayincludecollateraltype,duration,andsize.In2016,theCompanyliquidatedthemajorityofitsMBSportfoliofromdistributableearningstofundrecurringoperatingsegments. Inaddition,incalculatingDistributableEarnings,NetIncome(inaccordancewithU.S.GAAP)isadjustedtoexcludeunrealizedgainsorlossesonresidentialMSRs,heldatfairvalue.TheCompanytreatsitscommercialMSRsandresidentialMSRsastwoseparateclassesbasedonthenatureoftheunderlyingmortgagesandthetreatmentoftheseassetsastwoseparatepoolsforriskmanagementpurposes.ServicingrightsrelatingtotheCompany’ssmallbusinesscommercialbusinessareaccountedforunderASC860,TransferandServicing,whiletheCompany’sresidentialMSRsareaccountedforunderthefairvalueoptionunderASC825,FinancialInstruments.IncalculatingDistributableEarnings,theCompanydoesnotexcluderealizedgainsorlossesoneithercommercialMSRsorresidentialMSRs,heldatfairvalue,asservicingincomeisafundamentalpartofReadyCapital’sbusinessandisanindicatoroftheongoingperformance.ToqualifyasaREIT,theCompanymustdistributetoitsstockholderseachcalendaryearatleast90%ofitsREITtaxableincome(includingcertainitemsofnon-cashincome),determinedwithoutregardtothedeductionfordividendspaidandexcludingnetcapitalgain.Therearecertainitems,includingnetincomegeneratedfromthecreationofMSRs,thatareincludedindistributableearningsbutarenotincludedinthecalculationofthecurrentyear’staxableincome.Thesedifferencesmayresultincertainitemsthatarerecognizedinthecurrentperiod’scalculationofdistributableearningsnotbeingincludedintaxableincome,andthusnotsubjecttotheREITdividenddistributionrequirementuntilfutureyears. (In thousands, except share data) Net Income$30,904 $46,535 $53,588 $64,263 $58,965 Reconciling items: Unrealized (gain) loss on mortgage servicing rights$4,699 $(147) $(6,119) $(32,599) $16 Impact of ASU 2016-13 on accrual loans4,035 (1,329) 845 1,968 (2,110) Non-recurring REO impairment510 (10) (1,441) 1,567 700 Merger transaction costs and other non-recurring expenses2,971 5,485 5,036 6,655 3,248 Total reconciling items$12,215 $3,999 $(1,679) $(22,409) $1,854 Distributable earnings before income taxes$43,119 $50,534 $51,909 $41,854 $60,819 Income tax adjustments (1,691) (1,169) 626 7,009 (717) Distributable earnings$41,428 $49,365 $52,535 $48,863 $60,102 Less: Distributable earnings attributable to non-controlling interests$595 $802 $364 $589 $2,929 Less: Income attributable to participating shares392 445 377 413 413 Less: Dividends on preferred stock3,224 1,999 1,999 1,999 1,999 Distributable earnings attributable to Common Stockholders$37,217 $46,119 $49,795 $45,862 $54,761 DIstributable earnings per share- basic$0.52 $0.64 $0.67 $0.52 $0.48 Weighted average common shares outstanding71,221,806 71,618,168 74,163,951 87,707,281 114,359,026 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022


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


	☐	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))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	RC	New York Stock Exchange
Preferred Stock, 6.25% Series C Cumulative Convertible, par value $0.0001 per share	RC PRC	New York Stock Exchange
Preferred Stock, 6.50% Series E Cumulative Redeemable, par value $0.0001 per share	RC PRE	New York Stock Exchange
7.00% Convertible Senior Notes due 2023	RCA	New York Stock Exchange
6.20% Senior Notes due 2026 5.75% Senior Notes due 2026	RCB RCC	New York Stock Exchange New York Stock Exchange

1,
Exhibit No.		Description

99.1		Earnings Release, dated August 4, 2022

99.2		Supplemental Financial Information for the quarter ended June 30, 2022

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


	READY CAPITAL CORPORATION


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


	Item 2.02.	Results of Operations and Financial Condition


	(d)	Exhibits