Ready Capital Corporation

Item 3.03 Material Modification to Rights of Security Holders. On September 18, 2026, Ready Capital Corporation (the “Company”) entered into the First Supplement to Eighth Supplemental Indenture (the “First Supplement”), by and between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), which amends the Eighth Supplemental Indenture, dated as of July 25, 2022, to the Indenture, dated as of August 9, 2017, between the Company and the Trustee (as amended and supplemented, the “Indenture”), pursuant to which the Company issued $100,000,000 aggregate principal amount of its 7.375% Senior Notes due 2027 (the “7.375% Notes”). The First Supplement, which was entered into with the consent of holders of a majority in aggregate principal amount of the outstanding 7.375% Notes, amends the Indenture to (i) permit a Recourse Debt to Equity Ratio of up to 2.0 to 1.0 and (ii) set the minimum Consolidated Net Asset Value at $1.2 billion plus the greater of zero and 75% of Net Equity Capital Activity, in each case measured as of the last day of each fiscal quarter (as each term is defined in the Indenture). The foregoing description of the First Supplement and the Indenture is qualified in its entirety by reference to the full text of the First Supplement and the Indenture, copies of which are filed or incorporated by reference as Exhibits 4.1, 4.2, 4.3 and 4.4 to this Current Report on Form 8-K, and are incorporated herein by reference.