X0306 4 2020-04-09 0 0001527590 Ready Capital Corp RC 0001689600 Buttacavoli Thomas 1251 AVENUE OF THE AMERICAS 50TH FLOOR NEW YORK NY 10020 0 1 0 0 Chief Investment Officer Common Stock 2020-04-09 4 A 0 358 A 5210 I By Waterfall Common Stock 108060 D On April 9, 2020, the board of the directors of the Issuer approved the issuance of 4,154 shares of Common Stock to Waterfall Asset Management, LLC, its external manager (the "Manager"), as payment of 50% of the incentive distribution payable to the Manager pursuant to the management agreement between the Issuer and the Manager. The 358 shares of Common Stock reported on this Form 4 represent the Reporting Person's pro rata ownership of the 4,154 shares based on the Reporting Person's percentage ownership in the Manager. These shares represent the 5,210 shares of Common Stock of the Issuer out of the 52,049 and 8,454 total shares of Common Stock held by the Manager and Waterfall Management, LLC ("WM" and together with the Manager, "Waterfall"), respectively, including through each entity's ownership of Sutherland REIT Holdings, LP (the "Partnership") based on the Reporting Person's percentage ownership in Waterfall. The Reporting Person disclaims beneficial ownership of the shares held by Waterfall, except to the extent of his economic interest therein. /s/ Thomas Buttacavoli 2020-04-13