Broadmark Realty Capital : Ready Capital and Broadmark Realty Capital Merger Presentation

READY CAPITAL AND

BROADMARK REALTY CAPITAL ANNOUNCE DEFINITIVE MERGER AGREEMENT

February 27, 2023

Disclaimer

These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, an interest in Ready Capital Corporation ("Ready Capital," "RC," or the "Company").

Neither the Company nor any of its representatives or affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and Company and its representatives disclaim all liability to the recipient relating to, or resulting from, the use of this information. Nothing contained in this document is, or shall be relied upon as a promise or representation as to the past, current or future performance of Company.

There is no guarantee that any of the estimates, targets or projections illustrated in these materials and any presentation of which they form a part will be achieved. Any references herein to any of the Company's past or present investments or its past or present performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments by the Company will be profitable or will equal the performance of these investments.

Past performance is not indicative of future results and there can be no assurance that the Company will achieve comparable results in the future. This presentation contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are

based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from

those described in the forward-looking statements; 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, the risk that the merger will not be consummated within the expected time period or at all; the occurrence of any event, change or circumstance that could give rise to the termination of the merger agreement; the inability to obtain stockholder approvals relating to the merger and issuance of shares in connection therewith or the failure to satisfy the other conditions to completion of the merger; risks related to the disruption of management attention from ongoing business operations due to the proposed merger; the effect of the announcement of the proposed merger on the Company's and BRMK's operating results and businesses generally; the outcome of any legal proceedings relating to the merger; applicable regulatory changes; general volatility of the capital markets; inflationary pressures on the capital markets and the general economy; 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 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; risks related to integrating an existing lending platform into our operations; risks related to the origination and ownership of construction loans and other assets, which are typically short-term loans that are subject to additional risks as compared to loans secured by existing structures or land; risks related to the origination and ownership of bridge loans and other assets, which are typically short-term loans that are subject to higher interest rates, transaction costs and uncertainty on loan repayment; risks relating to any future impact of the COVID-19 pandemic, including the responses of governments and industries, on the real estate sector; 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.

This presentation also contains market statistics and industry data which are subject to uncertainty and are not necessarily reflective of market conditions. These have been derived from third party sources and have not been independently verified by the Company or its affiliates. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. All data is as of December 31, 2022, unless otherwise noted. This presentation includes certain non-GAAP financial measures, including Distributable Earnings. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures in accordance with GAAP. Please refer to the Appendix contained in the Company's most recent Supplemental Financial Data presentation furnished to the SEC and available at www.sec.gov for the most recent GAAP information.

2

Agenda

I.Ready Capital and Waterfall Asset Management Overview

II. Broadmark Realty Capital Inc. Overview

1. Transaction Summary and Benefits to Stakeholders

Ready Capital and

Waterfall Asset Management

Overview

Overview of Ready Capital Corporation

Overview of Ready Capital

• Ready Capital Corporation (NYSE: RC) ("Ready Capital") is a multi- strategy real estate finance company that acquires, originates and services lower-to-middle market commercial real estate loans
  ("CRE")
• • Lends to both investors in and owner occupants of lower-to-middle market CRE assets

	Key Statistics2
$11,621 million	$1,890 million
Total Assets	Total Equity
$15.20	12.8%
Book Value Per Share	Dividend Yield
$1.4 billion	11.9%4
Market Capitalization	Return on Equity

• Ready Capital offers full life cycle financing from construction to agency take-out
• Ready Capital is the 6th1 largest commercial mortgage REIT
• Headquartered in New York, NY, Ready Capital employs over 600 lending professionals nationwide and is externally managed and advised by Waterfall Asset Management, LLC ("Waterfall")

Investment Portfolio Breakdown2,3

1.5X	2,237
Recourse Leverage	CRE Loans
$1.9 million	99.9%
Average Loan Size	1st Lien Assets
5 bps	$47.2 billion
Total Historical Losses	ITD originations

Historical Originations

		($ in millions)
		3%							$5,753
Bridge		7%							481	$5,020
								580
Fixed rate/CMBS									500
1%	7%
						710	320
Construction		5%
									1,103
Freddie Mac
Other		10%
		67%					$1,954		3,720
Small Business Lending						216
					$1,401	$1,359		2,964
						609
					$998	213	217
Residential Mortgage Banking		$874
	$633	130	416	590	400
		127
		416
		235	231	404		388
		500	281		539
		224	368	354	263
				132	171		133
Source: Company Website; Management.			Pre 2016	2016	2017	2018	2019	2020	2021	2022
1. Based on total shareholders' equity as of most recently reported financial period.
2. Portfolio and financial metrics as of December 31, 2022; market data as of February 24, 2023.		Fixed Rate	Transitional	Freddie Other	SBA	Total
3. Assets include loans, MBS, servicing assets, JV investments, real estate owned and purchased future receivables.
						5
4. Distributable return on equity is an annualized percentage equal to distributable earnings over the average monthly total stockholders' equity for the period.