Exhibit 99.1

READY CAPITAL CORPORATION REPORTS FOURTH QUARTER 2021 RESULTS

GAAP EARNINGS PER COMMON SHARE OF $0.69 -

DISTRIBUTABLE EARNINGS PER COMMON SHARE OF $0.67 -

DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY OF 17.8% -

New York, New York, February 24, 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 December 31, 2021.

“Ready Capital’s record fourth quarter results concluded an exceptional year highlighted by record originations in our SBC and SBA 7(a) lending businesses, growth in our equity and debt capitalization and strong credit performance,” commented Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Our unique business model, diversified revenue streams and increased scale position the Company well to continue to deliver results for our shareholders going forward.”

Fourth Quarter Highlights

●

Total investments of $3.3 billion, including $2.3 billion of SBC originations and acquisitions, $876.3 million of residential mortgage loans, and $135.7 million of U.S. Small Business Administration 7(a) loans

●

Closed a $927.2 million commercial mortgage collateralized loan obligation with an 81% advance rate and a 153bps weighted average cost

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Issued $350.0 million of 4.50% Senior Secured Notes due 2026 and $110.0 million of 5.50% Senior Unsecured Notes due 2028

●

Declared and paid dividend of $0.42 per share in cash with distributable earnings coverage of the common dividend at 1.6x

●

Adjusted net book value of $15.35 per share of common stock as of December 31, 2021, 2.5% year-over-year growth

Full Year Highlights

●

GAAP earnings per common share of $2.17 and distributable earnings per common share of $2.29

●

Distributable return on average stockholders’ equity of 15.4%

●

Total SBC originations and acquisitions of $5.5 billion, 298% year-over-year growth

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Total SBA 7(a) originations of $480.8 million, 122% year-over-year growth

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$3.4 billion in equity and debt capital raised to support investment pipeline

Subsequent Events

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In January 2022, completed a public offering of 7 million shares of common stock for total gross proceeds of $108.9 million

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 December 31, 2021
Net Income	$	53,588
Reconciling items:
Unrealized gain on mortgage servicing rights		(6,119)
Impact of ASU 2016-13 on accrual loans		845
Non-recurring REO recovery		(1,441)
Merger transaction costs and other non-recurring expenses		5,036
Total reconciling items	$	(1,679)
Income tax adjustments		626
Distributable earnings	$	52,535
Less: Distributable earnings attributable to non-controlling interests		364
Less: Income attributable to participating shares		2,376
Distributable earnings attributable to common stockholders	$	49,795
Distributable earnings per common share - basic and diluted	$	0.67

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, February 25, 2021 at 8:30 am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2021.

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 #: 13726423

The playback can be accessed through March 11, 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)	December 31, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	229,531	$	138,975
Restricted cash		51,569		47,697
Loans, net (including $10,766 and $13,795 held at fair value)		2,915,446		1,550,624
Loans, held for sale, at fair value		552,935		340,288
Paycheck Protection Program loans (including $3,243 and $74,931 held at fair value)		870,352		74,931
Mortgage backed securities, at fair value		99,496		88,011
Loans eligible for repurchase from Ginnie Mae		94,111		250,132
Investment in unconsolidated joint ventures (including $8,894 held at fair value)		141,148		79,509
Purchased future receivables, net		7,872		17,308
Derivative instruments		7,022		16,363
Servicing rights (including $120,142 and $76,840 held at fair value)		204,599		114,663
Real estate owned, held for sale		42,288		45,348
Other assets		172,098		89,503
Assets of consolidated VIEs		4,145,564		2,518,743
Total Assets	$	9,534,031	$	5,372,095
Liabilities
Secured borrowings		2,517,600		1,294,243
Paycheck Protection Program Liquidity Facility (PPPLF) borrowings		941,505		76,276
Securitized debt obligations of consolidated VIEs, net		3,214,303		1,905,749
Convertible notes, net		113,247		112,129
Senior secured notes, net		342,035		179,659
Corporate debt, net		441,817		150,989
Guaranteed loan financing		345,217		401,705
Contingent consideration		16,400		—
Liabilities for loans eligible for repurchase from Ginnie Mae		94,111		250,132
Derivative instruments		410		11,604
Dividends payable		34,348		19,746
Accounts payable and other accrued liabilities		184,079		135,655
Total Liabilities	$	8,245,072	$	4,537,887
Preferred stock Series C, liquidation preference $25.00 per share (refer to Note 21)		8,361		—

Commitments & contingencies (refer to Note 25)

Stockholders’ Equity
Preferred stock Series E, liquidation preference $25.00 per share (refer to Note 21)		111,378		—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 75,838,050 and 54,368,999 shares issued and outstanding, respectively		8		5
Additional paid-in capital		1,161,853		849,541
Retained earnings (deficit)		8,598		(24,203)
Accumulated other comprehensive loss		(5,733)		(9,947)
Total Ready Capital Corporation equity		1,276,104		815,396
Non-controlling interests		4,494		18,812
Total Stockholders’ Equity	$	1,280,598	$	834,208
Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity	$	9,534,031	$	5,372,095

READY CAPITAL CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended		For the Year Ended
(in thousands, except share data)	December 31, 2021		December 31, 2021
Interest income	$	121,942	$	403,496
Interest expense		(57,249)		(213,561)
Net interest income before provision for loan losses	$	64,693	$	189,935
Provision for loan losses		(961)		(8,049)
Net interest income after provision for loan losses	$	63,732	$	181,886
Non-interest income
Residential mortgage banking activities		21,928		137,297
Net realized gain on financial instruments and real estate owned		19,642		68,881
Net unrealized gain on financial instruments		8,081		39,377
Servicing income, net of amortization and impairment of $3,244 and $10,588		10,209		48,015
Income on purchased future receivables, net of allowance for doubtful accounts of $36 and $1,296		2,323		10,257
Income on unconsolidated joint ventures		816		6,916
Other income		3,452		9,009
Total non-interest income	$	66,451	$	319,752
Non-interest expense
Employee compensation and benefits		(18,481)		(90,065)
Allocated employee compensation and benefits from related party		(2,805)		(12,031)
Variable expenses on residential mortgage banking activities		(13,847)		(75,133)
Professional fees		(3,585)		(16,339)
Management fees – related party		(2,867)		(10,928)
Incentive fees – related party		(2,358)		(5,419)
Loan servicing expense		(8,904)		(29,983)
Transaction related expenses		(4,080)		(14,282)
Other operating expenses		(12,801)		(58,401)
Total non-interest expense	$	(69,728)	$	(312,581)
Income before provision for income taxes		60,455		189,057
Income tax provision		(6,867)		(29,083)
Net income	$	53,588	$	159,974
Less: Dividends on preferred stock		1,999		7,503
Less: Net income attributable to non-controlling interest		371		2,230
Net income attributable to Ready Capital Corporation	$	51,218	$	150,241

Earnings per common share - basic	$	0.69	$	2.17
Earnings per common share - diluted	$	0.68	$	2.17

Weighted-average shares outstanding
Basic		74,163,951		68,511,578
Diluted		74,326,672		68,660,906

Dividends declared per share of common stock	$	0.42	$	1.66

READY CAPITAL CORPORATION

UNAUDITED SEGMENT REPORTING

FOR THE THREE MONTHS ENDED DECEMBER 31, 2021


		SBC	Small		Residential
	Lending and		Business		Mortgage		Corporate-
(in thousands)	Acquisitions		Lending		Banking		Other		Consolidated
Interest income	$	83,496	$	36,437	$	2,009	$	—	$	121,942
Interest expense		(47,189)		(7,174)		(2,196)		(690)		(57,249)
Net interest income before provision for loan losses	$	36,307	$	29,263	$	(187)	$	(690)	$	64,693
Provision for loan losses		(760)		(201)		—		—		(961)
Net interest income after provision for loan losses	$	35,547	$	29,062	$	(187)	$	(690)	$	63,732
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	21,928	$	—	$	21,928
Net realized gain on financial instruments and real estate owned		9,356		10,286		—		—		19,642
Net unrealized gain (loss) on financial instruments		2,020		(56)		6,117		—		8,081
Servicing income, net		593		1,544		8,072		—		10,209
Income on purchased future receivables, net		—		2,323		—		—		2,323
Income on unconsolidated joint ventures		816		—		—		—		816
Other income (loss)		4,160		(2,777)		2,069		—		3,452
Total non-interest income	$	16,945	$	11,320	$	38,186	$	—	$	66,451
Non-interest expense
Employee compensation and benefits		(3,002)		(10,660)		(3,859)		(960)		(18,481)
Allocated employee compensation and benefits from related party		(277)		—		—		(2,528)		(2,805)
Variable expenses on residential mortgage banking activities		—		—		(13,847)		—		(13,847)
Professional fees		(1,033)		(1,104)		(1,022)		(426)		(3,585)
Management fees – related party		—		—		—		(2,867)		(2,867)
Incentive fees – related party		—		—		—		(2,358)		(2,358)
Loan servicing expense		(6,883)		(418)		(1,603)		—		(8,904)
Transaction related expenses		—		—		—		(4,080)		(4,080)
Other operating expenses		(5,321)		(4,168)		(2,173)		(1,139)		(12,801)
Total non-interest expense	$	(16,516)	$	(16,350)	$	(22,504)	$	(14,358)	$	(69,728)
Income (loss) before provision for income taxes	$	35,976	$	24,032	$	15,495	$	(15,048)	$	60,455
Total assets	$	7,106,206	$	1,558,641	$	482,185	$	386,999	$	9,534,031

READY CAPITAL CORPORATION

UNAUDITED SEGMENT REPORTING

For The YEAR ENDED December 31, 2021


		SBC	Small		Residential
	Lending and		Business		Mortgage		Corporate-
(in thousands)	Acquisitions		Lending		Banking		Other		Consolidated
Interest income	$	278,455	$	116,741	$	8,300	$	—	$	403,496
Interest expense		(164,797)		(36,872)		(9,193)		(2,699)		(213,561)
Net interest income before provision for loan losses	$	113,658	$	79,869	$	(893)	$	(2,699)	$	189,935
Provision for loan losses		(7,387)		(662)		—		—		(8,049)
Net interest income after provision for loan losses	$	106,271	$	79,207	$	(893)	$	(2,699)	$	181,886
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	137,297	$	—	$	137,297
Net realized gain on financial instruments and real estate owned		24,813		44,068		—		—		68,881
Net unrealized gain on financial instruments		19,457		2,999		16,921		—		39,377
Servicing income, net		3,113		14,510		30,392		—		48,015
Income on purchased future receivables, net		—		10,257		—		—		10,257
Income on unconsolidated joint ventures		6,916		—		—		—		6,916
Other income (loss)		13,002		(6,231)		2,153		85		9,009
Total non-interest income	$	67,301	$	65,603	$	186,763	$	85	$	319,752
Non-interest expense
Employee compensation and benefits	$	(16,582)	$	(36,757)	$	(32,973)	$	(3,753)	$	(90,065)
Allocated employee compensation and benefits from related party		(1,203)		—		—		(10,828)		(12,031)
Variable expenses on residential mortgage banking activities		—		—		(75,133)		—		(75,133)
Professional fees		(4,064)		(3,034)		(2,951)		(6,290)		(16,339)
Management fees – related party		—		—		—		(10,928)		(10,928)
Incentive fees – related party		—		—		—		(5,419)		(5,419)
Loan servicing expense		(19,680)		(886)		(9,417)		—		(29,983)
Transaction related expenses		—		—		—		(14,282)		(14,282)
Other operating expenses		(21,997)		(23,377)		(8,498)		(4,529)		(58,401)
Total non-interest expense	$	(63,526)	$	(64,054)	$	(128,972)	$	(56,029)	$	(312,581)
Income (loss) before provision for income taxes	$	110,046	$	80,756	$	56,898	$	(58,643)	$	189,057
Total assets	$	7,106,206	$	1,558,641	$	482,185	$	386,999	$	9,534,031

Exhibit 99.2

SUPPLEMENTAL FINANCIAL DATAQ4 2021

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.AlldataisasofDecember31,2021,unlessotherwisenoted.

3Fourth Quarter 2021 Results Net income of $53.6 million1, or $0.69 per common share Distributable earnings of $52.5 million1, or $0.67 per common shareDeclared dividend of $0.42 per common share Earnings / Dividends Return on Equity2of 18.1% Distributable Return on Equity3of 17.8%Dividend Yield4of 10.7% Returns CREoriginationsandacquisitionsof$2.3billionSBAloanoriginationsof$135.7millionResidentialmortgageloanoriginationsof$876.3millionClosedinexcessof$1.5billioninbridgefinancingduringthequarter,morethan$3.7billionfortheyearRedStonehasclosed$548millionoffinancingssincebeingacquired 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.Q4 dividend yield for the period is based on the 12/31/2021 closing share price of $15.635.Represents fully committed amounts

4Fourth Quarter 2021 Results (continued) Total liquidity of $246million1including cash, anticipated warehouse advances, principal and interest receivable from servicers, and anticipated proceeds from available-for-sale assets Current Liquidity Closed$927.2millioncommercialmortgagecollateralizedloanobligationwiththelimitedrighttoacquireallorpartof$135.2millioninfuturefundingClosedanunderwrittenpublicofferingof$110.0millioninaggregateprincipalamountof5.50%seniorunsecurednotesdue2028Closedaprivateplacementof$350.0millioninaggregateprincipalamountof4.50%SeniorSecuredNotesdue2026.TheCompanyusedaportionofthenetproceedstoredeemalloftheoutstanding7.50%SeniorSecuredNotesdue2022. Capital Markets Adjustednetbookvalue2of$15.35percommonshareRecourseleverageratioof2.7xconsistingof1.8xofwarehousecreditfacilitiesandborrowingsunderrepurchaseagreements,0.7xofcorporatedebtand0.2xofagencysecuredborrowings Balance Sheet Enteredintoadefinitivemergeragreementtoacquireaseriesofprivatelyheld,realestatestructuredfinanceopportunitiesfunds,withafocusonconstructionlending,managedbyMRECManagement,LLC.ThemergerisexpectedtocloseduringQ12022. Mosaic Merger1.Liquidity balance as of February 24, 20222.Excludes the equity component of our 2017 convertible note issuance

52021 Highlights EARNINGS ($ in millions) RETURN ON EQUITY INVESTMENT ACTIVITY ($ in millions) BALANCE SHEET GROWTH ($ in millions) $61.5$75.1$46.1$160.0$58.7$67.3$101.4$168.0$0$50$100$150$2002018201920202021 Net income Distributable earnings 10.8%10.5%5.6%14.6%10.3%9.4%12.3%15.4%11.4%10.9%10.4%11.2%0%5%10% 15%2018201920202021 Return on equity Distributable return on equity Dividend Yield $1,568.7$2,425.2$1,372.9$5,468.9$213.0$216.3$216.6$480.8$1,778.8$2,105.6$4,246.4$4,208.6$0$2,000$4,000$6,000 $8,000$10,0002018201920202021 SBC Lending & Acquisitions Small Business Lending Residential Mortgage Banking $3,036.8$4,977.0$5,297.2$8,663.7$564.1$844.8$834.2$1,280.6$0$3,000$6,000$9,0002018201920202021 Assets Equity1.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” slide for a reconciliation of GAAP Net Income to Distributable Earnings4.Dividend yield is based on the respective year end closing share price5.Excludes the impact of Paycheck Protection Program loans112345

6Return on Equity1.Leveredyieldincludesinterestincome,accretionofdiscount,MSRcreation,incomefromunconsolidatedjointventures,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.2.GAAPROEisbasedonGAAPNetIncome,whileDistributableROEisbasedonDistributableEarnings,whichadjustsGAAPNetIncomeforcertainitemsdetailedonthe“DistributableEarningsReconciliation”slide.3.ROEbasedonnetincomebeforetaxoftheResidentialMortgageBankingbusinesslinedividedbythebusinessline’saveragemonthlyequity.

7Diversified, Complementary, & Scalable Platforms 13%13%50%2%17%5% Acquisitions SBC Originations - Fixed rate SBC Originations - Bridge SBC Originations - Freddie Mac Small Business Lending Residential Mortgage Banking PORTFOLIO BREAKDOWN1 REVENUE BREAKDOWN2 ($ in thousands) $5,752$4,519$29,481$11,032$40,763$26,673$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000AcquisitionsSBCOriginations- Fixed rateSBCOriginations- BridgeSBCOriginations- FreddieMacSmallBusinessLendingResidentialMortgageBanking1.Assetsincludeloans,MBS,servicingassets,JVinvestments,realestateowned,andpurchasedfuturereceivables.2.BasedonQTDDistributableEarningsincludinginterestincome,accretionofdiscount,MSRcreation,incomefromunconsolidatedjointventures,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.

8SBC and SBA Investment by Product Type $65.6$52.0$148.7$144.3$135.7$34.8$6.0$53.6$104.9$98.2$132.1$164.4$240.5$135.5$169.3$243.2$652.8$807.2$730.4$1,529.2$140.2$168.0$29.0$136.2$443.8$0$400$800$1,200 $1,600 $2,000 $2,400Q4'20Q1'21Q2'21Q3'21Q4'21 SBA Fixed Rate/CMBS Freddie Mac Transitional Acquired Other $2,405.2 $1,419.3 $1,250.0 $875.21.Origination volumes are based on fully committed amounts in millions QUARTERLY GROWTH1 $615.9

9SBC Lending and Acquisitions1.Excludes joint venture investments2.56.9% of fixed rate loans match funded3. Calculated on unpaid principal balance4. Includes realized and unrealized gains (losses) on loans held for sale and MSR creation5. Includes interest income, accretion of discount, and servicing income net of interest expense and amortization of deferredfinancing costs6. Includes originated SBC floating rate loans that are included in our RCMT securitization and therefore, categorized as fixed/cmbs GROSS LEVERED YIELD LOAN COUNT(1)UPBBOOK VALUEWA LTVWA COUPONFIXED/FLOAT(2)60%+(3)2,608$6.76B$6.71B65.5%4.6%26.4 / 73.6%1.8%ACQUIRED1,868$1.20B$1.19B44.4%5.1%52.1 / 47.9%3.0%TRANSITIONAL433$4.43B$4.39B72.0%4.2%0.5 / 99.5%1.0%FIXED/CMBS(6)291$1.09B$1.09B62.7%5.0%99.1 / 0.9%3.6%AGENCY16$43M$44M69.7%3.4%78.7 / 21.3%0.0% CURRENT QUARTER HIGHLIGHTS 11.5%10.4%10.4%10.1%10.3%3.3%1.7%3.0%2.2%2.0%0%5%10% 15%Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021 Income on joint venture investments and gains on loans, held for sale Gross levered yield (ex. gains)45•FreddieMaccontinuedlowratesaveraging3.4%withamoneyuppipelineof$121.7million,including$23.5millionfundedinJanuary•CREmoneyuppipelineof$1.1billion,including$356.1millionfundedinJanuary

10Small Business Lending GROSS LEVERED YIELD LOAN COUNTUPBBOOK VALUEWA LTVWA COUPONFIXED/FLOAT60%+(1)1,886$657M$623M88.4%5.5%0.6 / 99.4%1.2% CURRENT QUARTER HIGHLIGHTS 28.4%37.0%18.6%20.7%16.5%34.6%50.4%80.6%55.4%33.2%0%20%40%60%80%100%Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021 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 creation21•SBAnetsalespremiumspeakingat14.9%andaveraging11.5%net,with19.6%ofSBAsalessoldforahigherfutureIOstrip•Currentmoneyuppipelineof$169.0million,including$20.6millionfundedinJanuary•After-taxPPPincomewas$16.1million

11Loan Portfolio Composition 21%15%13%10%41%Small Business Lending Lodging Doctors Retail Eating Place Other1. Calculated on unpaid principal balance and excludes assets offset by guaranteed loan financing liabilities 58%11%9%8%14%SBC Lendingand Acquisitions Multi-family Retail Office Mixed-use Other Investments PROPERTY TYPE GEOGRAPHY 20%14%8%7%7%44%SBC Lendingand Acquisitions Texas California Arizona New York Georgia Other 17%12%8%5%5%53%Small Business Lending California Texas Florida Washington Georgia Other

12 QUARTERLY ORIGINATIONS UPB $875.8MSEGMENT SNAPSHOTResidential Mortgage Banking 54%46%Production by Purpose Purchased Refinanced QUARTERLY SALES UPB $921.7M 76%21% 3% Sales by Investor Fannie/Freddie Ginnie Mae Other MSR PORTFOLIO UPDATE ($ in billions) 45%37%18%Production by Platform Retail Correspondent Wholesale $9.5$9.9$10.4$10.7$11.03.7%3.6%3.5%3.4%3.4%2.0%2.5% 3.0% 3.5% 4.0%$0$2$4$6$8$10$12Q4'20Q1'21Q2'21Q3'21Q4'21 UPB WAC

13Loan 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 90%5%3%2%85%8%5%2%0%20%40%60% 80%100%1 & 2345 SBC SBA 1.98 1.82 1.72 1.62 1.51 2.02 1.88 1.69 1.71 1.68 - 0.50 1.00 1.50 2.00 2.50Q4'20Q1'21Q2'21Q3'21Q4'21 SBC SBA RISK RATING DISTRIBUTION

18%15%13%13%13%2%3%2%2%3%2%1%1%1%7%7%6%6%9%30%44%49%47%39%42%30%28%31%36%Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021 Funding Mix Securitized debt oblications Credit faciities and repurchase agreements Senior secured notes and Corporate debt Convertible senior notes Preferred Equity Common Stockholders Equity 14Capital Structure HISTORICAL CAPITAL STRUCTURE HISTORICAL LEVERAGE Total Debt & Eqty ($M) $4,553$7,233$8,222$8,531$8,859 4.5x5.1x5.4x5.9x5.9x2.2x2.3x1.8x2.2x2.7x0.01.0 2.0 3.04.05.0 6.0Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021 Debt-to-equity ratio Recourse debt-to-equity ratio Corporate Financing (in millions) Principal Balance Coupon Convertible Notes $115.0 7.0% Senior Secured Notes $350.0 4.5% Baby Bonds $415.5 5.8% Junior Subordinated Notes $36.3 3.3% Series C Convertible Preferred Stock $8.4 6.3% Series E Preferred Stock $115.0 6.5% Total $1,040.2 5.6%

15Financial Snapshot Investment Type Average Carrying Value (1) Gross Yield(2) Average Debt Balance Debt Cost (3) Levered Yield SBC Lending and Acquisitions $ 6,304,317 5.4%$ 4,694,787 3.0% 12.6% Small Business Lending $ 304,962 22.6%$ 181,848 4.2% 49.7% Total $ 6,609,279 6.2% $ 4,876,635 3.0% 18.0% Book Equity Value Metrics Common Stockholders' equity $ 1,164,726 Common Stockholders' equity (adjusted) (5) $ 1,164,084 Total Common Shares outstanding 75,838,050 Net Book Value per Common Share $ 15.36 Adjusted Net Book Value per Common Share $ 15.35 Loan Portfolio Metrics (4)% Fixed vs Floating Rate 26% / 74% % Originated vs Acquired 84% / 16% Weighted Average LTV -SBC 66% Weighted Average LTV -SBA 88% Q4 2021 Earnings Data Metrics Net income | Distributable earnings $53,588 | $52,535 Earnings per share -Basic and diluted $0.69 | $0.68 Distributable Earnings per share -Basic and diluted $0.67 Return on Equity per Common Share 18.1% Distributable Return on Equity per Common Share 17.8% Dividend Yield (6) 10.7% Servicing Portfolio MetricsSBA servicing rights -UPB $ 856,188 SBA servicing rights-carrying value $ 22,157 Freddie Mac servicing rights -UPB $ 4,232,969 Freddie Mac servicing rights -carrying value $ 62,300 Residential servicing rights -UPB $ 10,995,685 Residential servicing rights -carrying value $ 120,142 1.Averagecarryingvalueincludesaveragequarterlycarryingvalueofloanandservicingassetbalances2.Grossyieldsincludeinterestincome,accretionofdiscount,MSRcreation,incomefromourunconsolidatedjointventure,realizedgains(losses)onloansheldforsale,unrealizedgains(losses)onloansheldforsaleandservicingincomenetofinterestexpenseandamortizationofdeferredfinancingcostsonanannualizedbasis.3.TheCompanyfinancestheassetsincludedintheInvestmentTypethroughsecuritizations,repurchaseagreements,warehousefacilitiesandbankcreditfacilities.Interestexpenseiscalculatedbasedoninterestexpenseanddeferredfinancingamortizationforthequarterended12/31/2021onanannualizedbasis.4.Excludesloans,heldforsale,atfairvalue5.Excludestheequitycomponentofour2017convertiblenoteissuance.6.Q4Dividendyieldfortheperiodisbasedonthe12/31/2021closingsharepriceof$15.63

APPENDIXAdditional Financial Information

17Balance Sheet by Quarter

18Statement of Income by Quarter (In thousands, except share data) Interest income$64,810 $73,371 $103,047 $105,136 $121,942 Interest expense (41,319) (50,761) (55,415) (50,136) (57,249) Net interest income before provision for loan losses$23,491 $22,610 $47,632 $55,000 $64,693 Recovery of (provision for) loan losses 258 8 (5,517) (1,579) (961) Net interest income after provision for loan losses$23,749 $22,618 $42,115 $53,421 $63,732 Non-interest income Residential mortgage banking activities$59,963 $41,409 $36,690 $37,270 $21,928 Net realied gain on financial instruments and real estate oned9,795 8,846 17,183 23,210 19,642 Net unrealied gain (loss) on financial instruments(4,339) 20,996 4,612 5,688 8,081 Servicing income, net of amortiation and impairment 11,401 15,635 11,928 10,243 10,209 Income on purchased future receivables, net1,794 2,317 2,779 2,838 2,323 Income (loss) on unconsolidated oint ventures3,439 (809) 3,361 3,548 816 ther income (loss) 1,353 571 (688) 5,674 3,452 Total non-interest income$83,406 $88,965 $75,865 $88,471 $66,451 Non-interest expense Employee compensation and benefits$(18,084) $(22,777) $(24,270) $(24,537) $(18,481) Allocated employee compensation and benefits from related party (2,250) (2,123) (3,299) (3,804) (2,805) Variable expenses on residential mortgage banking activities(27,016) (15,485) (21,421) (24,380) (13,847) Professional fees (4,728) (2,982) (2,872) (6,900) (3,585) Management fees related party (2,741) (2,693) (2,626) (2,742) (2,867) Incentive fees related party (1,333) (286) (2,775) (2,358) Loan servicing expense (6,734) (6,104) (6,851) (8,124) (8,904) Transaction related expenses (6,307) (1,266) (2,629) (4,080) ther operating expenses (12,442) (15,484) (17,190) (12,926) (12,801) Total non-interest expense$(75,328) $(73,955) $(80,081) $(88,817) $(69,728) Income before provision for income taxes$31,827 $37,628 $37,899 $53,075 $60,455 Income tax (provision) benefit (4,268) (8,681) (6,995) (6,540) (6,867) Net income$27,559 $28,947 $30,904 $46,535 $53,588 Less: Dividends on preferred stock 281 3,224 1,999 1,999 Less: Net income attributable to non-controlling interest 648 659 444 756 371 Net income attributable to Ready Capital Corporation$26,911 $28,007 $27,236 $43,780 $51,218 Earnings per common share - basic$0.49 $0.49 $0.38 $0.61 $0.69 Earnings per common share - diluted$0.49 $0.49 $0.38 $0.60 $0.68 eighted-average shares outstanding - Basic54,338,209 56,817,632 71,221,806 71,618,168 74,163,951 eighted-average shares outstanding - Diluted54,420,064 56,843,448 71,385,603 71,787,228 74,326,672 Dividends declared per share of common stock$0.35 $0.40 $0.42 $0.42 $0.42 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021

19Distributable 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.


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 February 24, 2022

99.2		Supplemental Financial Information for the quarter ended December 31, 2021

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