READY CAPITAL Business Summary

Ready Capital Corp (RC) is a multi-strategy real estate finance company and mortgage REIT that specializes in originating, acquiring, managing, and servicing small-to-medium balance commercial (SBC) loans and Small Business Administration (SBA) 7(a) loans. The company generates revenue primarily through net interest income (NII) from its diversified loan portfolio and gain-on-sale income from the securitization and sale of loans. Its operations are divided into two primary segments: Lower-to-Middle-Market (LMM) Commercial Real Estate, which handles bridge, construction, and agency multifamily lending, and Small Business Lending, which focuses on government-guaranteed owner-occupied business loans. Relative to direct competitors such as Ares Commercial Real Estate (ACRE), Apollo Commercial Real Estate Finance (ARI), and Blackstone Mortgage Trust (BXMT), Ready Capital occupies a niche as a small-cap specialist in the underserved SBC and SBA markets, currently navigating a strategic turnaround focused on liquidating non-core assets and de-risking its balance sheet following its 2025 acquisition of United Development Funding IV. The company is led by Chairman and CEO Thomas Capasse and President Jack Ross, both of whom co-founded Waterfall Asset Management, the external manager of Ready Capital. Capasse and Ross bring extensive pedigree from Merrill Lynch’s asset-backed securities groups, with Capasse having held senior roles at Nomura and Macquarie, and Ross having founded Licent Capital. The executive team is supported by CFO Andrew Ahlborn, a former Ernst & Young professional, and COO Gary Taylor, who previously served as President of Newtek Business Credit. Technology and data strategy are overseen by Matthew Cohen, Deputy COO and Head of Technology. The board of directors features notable independent members including Gilbert Nathan and J. Mitchell Reese, while the company remains a key vehicle for Waterfall Asset Management’s institutional credit strategies.