Completed Sale of 47 Commercial Real Estate Loans Totaling $943 Million in Unpaid Principal Balance

Collapsed RCMF 2023-FL11 and RCMF 2023-FL12, the Company's Remaining Outstanding Collateralized Loan Obligations

Issued Redemption Notice to Bondholders on the Company's 6.20% Senior Unsecured Notes due July 2026

Signed a $1 Billion Arrangement to Fund the Company's Off Balance Sheet Commercial Real Estate Loan Originations

NEW YORK, April 01, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the "Company") today provided an update on its previously disclosed de-leveraging strategy and recent actions intended to strengthen its balance sheet.

Liquidity Plan Activity

The Company continues to advance its previously disclosed plan to generate over $850 million in free cash and reduce its legacy commercial real estate ("CRE") loan exposure. Since the beginning of the fourth quarter of 2025, the Company has generated $442 million of proceeds net of financing through loan sales, principal payoffs and other asset management resolution strategies. $275 million of those net proceeds were generated in the first quarter of 2026.

During the first quarter of 2026, the Company completed the sale of 47 CRE loans in the aggregate across four separate transactions, totaling $943 million in unpaid principal balance ("UPB"). The collateral that was sold was comprised of 68% performing multi-family, office and industrial loans and 32% non-performing and sub-performing CRE loans. In total, the transactions generated net proceeds after financing paydowns of $177 million.

During the first quarter of 2026, the Company also received $444 million from principal payoffs and other asset management resolution strategies resulting in net proceeds after financing paydowns of $98 million.

Collateralized Loan Obligation ("CLO") Collapses

On March 25, 2026, the Company collapsed its remaining two CLOs, RCMF 2023-FL11 and RCMF 2023-FL12. The transactions included 21 loans totaling $496 million in UPB.

Bond Redemption

On March 23, 2026, the Company issued a notice of redemption to holders of its 6.20% Senior Unsecured Notes due July 2026. The Company plans to retire the entire $67 million in notes currently outstanding on April 22, 2026.

CRE Arrangement

On March 17, 2026, the Company entered into a relationship through which the Company may arrange for the sale of up to $1.0 billion in new CRE loan originations in an off-balance sheet arrangement. The Company will retain a percentage of upfront origination fees, will retain a percentage of ongoing asset management fees in certain circumstances and can potentially participate in the equity upon securitization of the collateral. The Company expects to begin originating for the program during the third quarter.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company's investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company's assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Ready Capital Corporation

Ready Capital Corporation (NYSE:RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 450 professionals nationwide.

Contact

Investor Relations

Ready Capital Corporation

212-257-4666

InvestorRelations@readycapital.com

Ready Capital Corporation Provides Business Update