Core Points - Ready Capital Corporation declared a quarterly cash dividend of $0.01 per share of common stock and Operating Partnership unit for the quarter ended March 31, 2026, payable on April 30, 2026, to shareholders of record as of March 31, 2026 [1] - The Company also declared a dividend of $0.390625 per share of its 6.25% Series C Cumulative Convertible Preferred Stock, payable on April 15, 2026, to Series C Preferred stockholders of record as of March 31, 2026 [2] - Additionally, a dividend of $0.40625 per share of its 6.50% Series E Cumulative Redeemable Preferred Stock was declared, payable on April 30, 2026, to Series E Preferred stockholders of record as of March 31, 2026 [3] Company Overview - Ready Capital Corporation 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 [4] - The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge loans, 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 [4] - Headquartered in New York, the Company employs approximately 450 professionals nationwide [4]

Core Insights - The company reported a net increase in its loan portfolio of $443,800,000 for Q4 2025, with new loan commitments totaling $571,000,000 and loan payoffs of $127,200,000 [5] - The weighted average spread on newly originated loans was 2.83%, while the overall spread on the commercial real estate loan portfolio is now 3.35% over 1-month Term SOFR rates [5][6] - The company has successfully managed its portfolio, reducing the number of loans rated 4 or 5 from 13 to 10, and the portion of the portfolio rated 4 or 5 decreased from 32% to 17% [6][7] Loan Operations - The company closed a $1,000,000,000 CRE securitization deal in February 2026 with a leverage of 86.5% and a weighted average debt spread of 1.68% [5] - The portfolio consists of $1,800,000,000 in commercial real estate loans across 53 investments, with a weighted average risk rating of 2.7 [6] Financial Performance - GAAP net loss for Q4 2025 was $3,000,000, or $0.43 per share, which included a net interest income of $10,700,000, an increase of $2,300,000 from the previous quarter [10] - The company recorded a decrease in current expected credit losses (CECL) reserves of $1,300,000, with total allowances for credit losses at $20,400,000, representing 1.11% of the loan portfolio [11] Shareholder Value - The book value per share increased to $30.01 from $29.63, and the company repurchased 493,000 common shares at a 33% discount to book value [12] - The company aims to resume paying dividends to common shareholders, reflecting a commitment to enhancing shareholder value [14] Future Outlook - The company projects net growth in the loan portfolio of $500,000,000 to $700,000,000 in 2026, indicating a strong pipeline for future loan originations [22] - The management team is focused on maintaining a leverage ratio below four turns, ensuring a balanced approach to capital deployment [31]

Financial Data and Key Metrics Changes - GAAP net loss allocable to common shares in Q4 2025 was $3 million, or $0.43 per share, which included a net interest income of $10.7 million, an increase of $2.3 million from the prior quarter [12] - The total allowance for credit losses at December 31 was $20.4 million, representing 1.11% of the $1.8 billion loan portfolio at par [13] - GAAP book value per share increased to $30.01 on December 31 from $29.63 on September 30 [14] Business Line Data and Key Metrics Changes - In Q4 2025, the company closed new commitments of $571 million, resulting in a net increase to the loan portfolio of $443.8 million [5] - The weighted average spread on newly originated loans was 2.83%, with the portfolio's weighted average spread now at 3.35% over one-month term SOFR rates [6] - The weighted average risk rating of the loan portfolio decreased to 2.7 from 3.0 at the end of Q3 2025, with the portion of loans rated four or five dropping to 17% from 32% [7] Market Data and Key Metrics Changes - The company ended the quarter with $1.8 billion of commercial real estate loans across 53 individual investments [6] - The company expects net growth in the portfolio of $500 million to $700 million in 2026, indicating a strong outlook for loan originations [27] Company Strategy and Development Direction - The company remains focused on investing in high-quality commercial real estate loans and actively managing the portfolio to grow earnings for shareholders [5] - The management team is optimistic about the opportunities in the asset class and competitive landscape, aiming to deploy capital through careful underwriting [17] Management's Comments on Operating Environment and Future Outlook - Management noted a decrease in current expected credit losses, driven by loan payoffs and improvements in credit risk models, despite a general decline in projected macroeconomic factors [13] - The company is positioned to resume paying dividends to common shareholders, reflecting confidence in its financial health and operational strategy [16] Other Important Information - The company sold an REO asset in Austin, Texas, resulting in an earnings available for distribution gain of $1.3 million [10] - The company has incurred minimal realized losses on almost $8 billion of invested capital since inception [10] Q&A Session Summary Question: Could you touch a little bit more on the loans that you guys completed this quarter? - The majority of the loans were multi-family, with average loan sizes around $40 million to $50 million, and spreads ranging between 250 and 325 [19] Question: How long is the reinvestment period? - The reinvestment period is 30 months [20] Question: What is the plan for equity investments? - The company expects to exit from one of the smaller land deals currently under LOI and is open to offers on another asset [21] Question: What caused the jump in non-controlling interest? - The increase was due to the sale of a position in a previously issued financing arrangement with JP Morgan [22] Question: Could we see the same pace of deployment in the near term? - The company expects a significant amount of deployment in the first quarter of 2026, projecting net growth in the portfolio of $500 million to $700 million for the year [27] Question: Will future gains on REO be fully taxed? - The company still has remaining net operating losses available, which should protect against taxation on future gains [28] Question: Was the $3.4 million of realized losses on core activities just the mezzanine loan write-off? - Yes, a significant portion was related to the mezzanine loan write-off, with additional improvements in net credit contributing to the overall losses [31]

TPG RE Finance Trust, Inc. Investor Presentation March 2026 Forward-Looking Statements and Other Disclosures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words su ...

SUPPLEMENTAL FINANCIAL DATA Q4 2025 Disclaimer 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 ...

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The company raised $61.5 million in net proceeds from a rights offering, increasing investment capacity by over $200 million [4][5] - For the full year of 2025, distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] Business Line Data and Key Metrics Changes - The loan portfolio increased by $83 million year-over-year, reaching total commitments of $724.5 million across 24 floating-rate first mortgage loans [8] - The weighted average all-in yield was reported at 7.92%, with a weighted average risk rating improving to 2.8 [8] - The company invested in three new loans totaling $101.3 million during Q4 2025, including loans secured by student housing, a hotel, and an industrial property [5][7] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two additional 25 basis point rate cuts, bringing the target Fed funds rate to 350-375 basis points [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] - Demand for short-term floating rate bridge loans remains strong, with a broad range of transactions being evaluated [13][14] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering [9] - There is a focus on deploying capital selectively into attractive opportunities across various property types and geographies [13] - The strategy remains centered on senior secured positions, avoiding riskier junior tranches for the time being [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by improving market conditions and increased financing activity [12][13] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, with a temporary drag on earnings due to the rights offering [18] - The expectation is to reach close to $1 billion in total loan portfolio size by year-end 2026, with quarterly new originations targeted at $200 million [34] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing capacity to $377 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, indicating a conservative risk profile [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily contributes significantly to activity, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [24][25] Question: Are there opportunities outside of the first lien space being evaluated? - Management confirmed that the focus remains on senior secured positions, with no current plans to explore mezzanine or preferred equity [26] Question: Does the distributable EPS guidance assume full deployment of the rights offering capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, but expects earnings to recover by year-end [29] Question: Is the current dividend secure through the end of 2026? - Management affirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [33] Question: What is the expected portfolio growth following the rights offering? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, with significant new originations expected in the coming quarters [34]

Financial Data and Key Metrics Changes - Distributable Earnings for Q4 2025 were reported at $4.6 million, or $0.28 per share, with an adjusted figure of $0.31 per share when accounting for the rights offering dilution [4][16] - The full year 2025 distributable earnings were $1.21 per share, with a run rate annual dividend of $1.12 per share, representing a 93% payout ratio [16][19] - The weighted average all-in yield was 7.92%, and the weighted average risk rating improved to 2.8 [8] Business Line Data and Key Metrics Changes - The company invested in three new loans totaling $101.3 million during Q4 2025, including a $37.3 million loan for student housing, a $37 million hotel loan, and a $27 million industrial property loan [5] - Total commitments as of December 31, 2025, were $724.5 million across 24 floating-rate first mortgage loans, with a year-over-year increase of $83 million, or approximately 13% [8] Market Data and Key Metrics Changes - Market conditions improved in Q4 2025, with two 25 basis point rate cuts bringing the target Fed funds rate to 350-375 basis points, leading to increased financing activity [11] - Office transaction volume increased by 25% year-over-year, indicating a recovery in the market [12] Company Strategy and Development Direction - The company aims to capitalize on middle-market lending opportunities with enhanced liquidity following the rights offering and a focus on disciplined capital deployment [9] - The strategy includes diversifying investments beyond multifamily and industrial sectors to include medical office, necessity-based retail, and hospitality [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about transaction activity continuing to increase in 2026, driven by recovering acquisition and refinancing volumes [12] - The company expects first quarter distributable earnings to be in the range of $0.22 to $0.24 per share, reflecting temporary impacts from the rights offering [18] Other Important Information - The company ended Q4 2025 with $123 million in cash and extended the maturities of two secured financing facilities, increasing the maximum size of one facility by $125 million [19][20] - The CECL reserve remains modest at 130 basis points of total loan commitments, down 20 basis points from the previous quarter [19] Q&A Session Summary Question: How is the company finding pockets of inefficiency in the current competitive environment? - Management noted that while multifamily remains liquid, they are focusing on sectors like storage, industrial, and medical office for better risk-adjusted returns [22][25] Question: Does the $0.22-$0.24 distributable EPS guidance assume full deployment of the raised capital? - Management clarified that the guidance does not assume full deployment by the end of Q1, as some loans are still in the pipeline [31] Question: Is the current dividend secure through the end of 2026? - Management confirmed commitment to the $0.28 per quarter dividend, despite temporary earnings drag from the rights offering [35] Question: What is the expected portfolio size by year-end? - Management anticipates reaching close to $1 billion in total loan portfolio size by year-end, depending on repayments and new originations [36]

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, with adjusted distributable earnings of $19.3 million or $0.15 per share [4] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, while undepreciated book value decreased to $8.44 from $8.68 [18] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [7] - The company closed 32 new loans for $941 million in total commitments since the end of 2024, with 13 loans of $416 million closed in the fourth quarter [7] - The average loan balance in the portfolio is $27 million, with a risk ranking of 3.1, consistent with the previous quarter [12] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing a surge in new issuance, particularly for CRE CLOs, driven by strong historical credit performance [10] - There is significant demand for loan originations, particularly in the multifamily sector, as property equity investors seek to monetize legacy assets [49] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [11] - Key strategies include resolving remaining watchlist loans and monetizing REO assets, with a focus on the San Jose Hotel [11] - The company plans to execute a fifth CLO in the second half of the year to enhance capital deployment efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for loan originations in 2026, anticipating a solid demand as more assets change hands [11] - The company is focused on improving portfolio quality by addressing challenged investments and increasing new loan originations [5] - Management noted that the current economic environment is favorable for commercial real estate, with strong investor demand [10] Other Important Information - The company repurchased approximately 1.1 million shares of stock at an average price of $5.39, resulting in approximately $0.03 of book value accretion [18] - Specific reserves of approximately $54.9 million were recorded during the fourth quarter [17] Q&A Session Summary Question: What is the amount of leverageable capital tied up in resolved or in-process assets? - Management indicated that approximately $200 million of equity is tied up in REO assets, which are currently a drag on the portfolio [26] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching approximately $9 million in NOI [33] Question: How is the pace of originations expected to trend in 2026? - Management anticipates a pace of originations between $300 million and $400 million per quarter moving forward [41] Question: What sectors are seeing demand for loan originations? - Management noted strong demand in the multifamily sector, driven by the need for property equity investors to monetize legacy assets [48] Question: How are spreads and competition affecting the market? - Management acknowledged ongoing competition but highlighted strong demand in the CRE market, with spreads remaining stable [54]

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, while adjusted distributable earnings were $19.3 million or $0.15 per share [4][19] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4][23] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, and undepreciated book value decreased to $8.44 from $8.68 [20] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [7] - The company closed 32 new loans for $941 million of total commitments since restarting originations, with 13 loans of $416 million closed in the fourth quarter [7][13] - The average loan balance in the portfolio is $27 million, with a risk ranking consistent with the previous quarter [13] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing a surge in new issuance, particularly for CRE CLOs, driven by strong historical credit performance [10] - There is significant demand for loan originations, particularly in the multifamily sector, as property equity investors seek to monetize legacy assets [11][52] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [12] - Key strategies include resolving remaining watchlist loans, monetizing REO assets, and executing a fifth CLO in the second half of the year [12] - The company is focused on improving portfolio quality by addressing challenged investments and increasing new loan originations [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for loan originations in 2026, anticipating a solid demand as more assets change hands [11][52] - The company plans to achieve positive dividend coverage by mid-year and grow earnings by year-end [9][12] - Management noted that the resolution of watchlist and REO assets is a critical source of capital for new loan originations [8][12] Other Important Information - The company repurchased approximately 1.1 million shares of stock at an average price of $5.39, resulting in book value accretion [20] - Specific CECL reserves recorded during the fourth quarter were approximately $54.9 million [19][22] Q&A Session Summary Question: How do you think about the amount of leverageable capital? - Management indicated that approximately $200 million of equity is tied up in REO assets, which are currently a drag on the portfolio [28] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching approximately $9 million in NOI [36][37] Question: What is the plan for the net lease and other real estate portfolio in 2026? - Management stated that there is currently no significant activity in the net lease portfolio and they are not looking to grow it at this time [40] Question: How are you thinking about the pace of originations in 2026? - Management expects to maintain a pace of $300 million to $400 million in originations per quarter going forward [44] Question: How are you thinking about spreads and competition in the market? - Management noted that while competition is typical, the demand for CRE CLOs has been strong, and they do not anticipate significant tightening in loan spreads [56][58]

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, while adjusted distributable earnings were $19.3 million or $0.15 per share [4] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, and undepreciated book value decreased to $8.44 from $8.68 [18] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [6] - The company closed 32 new loans for $941 million of total commitments since restarting originations, with 13 loans of $416 million closed in the fourth quarter [6] - The average loan balance in the portfolio is $27 million, with a risk ranking consistent with the previous quarter [12] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing high investor demand, particularly for CRE CLOs [10] - The company announced the closing of its fourth managed CLO, totaling $955 million, which expands lending capacity [10] - There is an anticipated significant tailwind for loan demand due to increased property sales transactions [11] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [11] - Key strategies include resolving remaining watchlist loans and monetizing REO assets, particularly the San Jose Hotel [11] - The company plans to execute a fifth CLO in the second half of the year to enhance capital deployment efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the credit quality of the portfolio, noting positive developments in resolving watchlist and REO assets [28] - The company anticipates strong demand for multifamily loans driven by the need for borrowers to refinance or sell assets [49] - Management expects to achieve positive dividend coverage by mid-year and grow earnings by year-end [9] Other Important Information - The company repurchased approximately 1.1 million shares at an average price of $5.39, resulting in book value accretion [18] - Specific CECL reserves recorded during the fourth quarter were approximately $54.9 million [17] Q&A Session Summary Question: How do you think about the amount of leverageable capital? - Management indicated that approximately $200 million of equity is tied up in REO assets, which is a drag on the portfolio, but plans to resolve this by year-end [26] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching around $9 million in NOI [34] Question: How is the pace of originations expected to be in 2026? - Management expects a quarterly origination rate between $300 million and $400 million going forward, with a strong start in Q1 [42] Question: What sectors are seeing demand for loan originations? - Management noted strong demand in the multifamily sector, driven by the need for borrowers to move assets and refinance [48] Question: How are spreads and competition affecting the market? - Management acknowledged ongoing competition but noted strong demand for CRE CLOs and stable loan spreads, indicating a healthy market environment [53]