Exhibit 99.2

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On March 19, 2021, Ready Capital Corporation, a Maryland corporation (the “Company” or “Ready Capital”), and RC Merger Subsidiary, LLC, a Delaware limited liability company and a wholly owned subsidiary of Ready Capital (“Merger Sub”), consummated the transactions contemplated by the Agreement and Plan of Merger, dated as of December 6, 2020 (the “Merger Agreement”), with Anworth Mortgage Asset Corporation, a Maryland corporation (“Anworth”), pursuant to which Anworth merged with and into Merger Sub, with Merger Sub continuing as the surviving company (the “Merger”).

Upon completion of the Merger and under the terms of the Merger Agreement, each outstanding share of common stock, par value $0.01 per share, of Anworth (“Anworth Common Stock”) (other than shares held by Ready Capital or Merger Sub or by any wholly-owned subsidiary of Ready Capital, Merger Sub or Anworth, which were automatically cancelled and retired and ceased to exist) was converted into the right to receive from Ready Capital (i) 0.1688 newly issued shares of common stock, par value $0.0001 per share, of Ready Capital (the “Ready Capital Common Stock”), plus (ii) $0.61 in cash (together, the “Per Share Common Merger Consideration”). No fractional shares of Ready Capital Common Stock were issued in the Merger, and the value of any fractional interests to which a former holder of Anworth Common Stock was otherwise entitled was paid in cash.

Additionally, (i) each outstanding share of 8.625% Series A Cumulative Preferred Stock, par value $0.01 per share, of Anworth (“Anworth Series A Preferred Stock”) was converted into the right to receive one newly issued share of newly designated 8.625% Series B Cumulative Preferred Stock, par value $0.0001 per share, of Ready Capital (“Ready Capital Series B Preferred Stock”), which has the same rights, preferences, and privileges as those of the Anworth Series A Preferred Stock, (ii) each outstanding share of 6.25% Series B Cumulative Convertible Preferred Stock, par value $0.01 per share, of Anworth (“Anworth Series B Preferred Stock”) was converted into the right to receive one newly issued share of newly designated 6.25% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share, of Ready Capital (“Ready Capital Series C Preferred Stock”), which has the same rights, preferences, and privileges as those of the Anworth Series B Preferred Stock, and (iii) each outstanding share of 7.625% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, of Anworth (“Anworth Series C Preferred Stock”) was converted into the right to receive one newly issued share of newly designated 7.625% Series D Cumulative Redeemable Preferred Stock, par value $0.0001 per share, of Ready Capital (“Ready Capital Series D Preferred Stock”), which has the same rights, preferences, and privileges as those of the Anworth Series C Preferred Stock.

Furthermore, (i) certain outstanding phantom share awards granted by Anworth under its 2014 Equity Compensation Plan or 2004 Equity Compensation Plan, as amended, became fully vested and then were immediately cancelled in exchange for the right to receive the Per Share Common Merger Consideration, (ii) the remaining outstanding non-vesting phantom share awards granted by Anworth were cancelled without consideration, and (iii) all outstanding dividend equivalent rights granted by Anworth under its 2007 Dividend Equivalent Rights Plan were cancelled, provided, that any accrued amounts which have not yet been paid with respect to any such dividend equivalent rights as of the completion of the Merger will be paid to the holders thereof as soon as practicable but in no event later than the first payroll date following the completion of the Merger.

The unaudited pro forma condensed combined balance sheet gives effect to the Merger based on the historical balance sheets of Ready Capital and Anworth as of December 31, 2020. The Ready Capital and Anworth balance sheet information was derived from their audited balance sheets at December 31, 2020 that were included in their Annual Reports on Form 10-K for the year then ended, which were filed with the SEC on March 15, 2021 and February 26, 2021, respectively.

The unaudited pro forma condensed combined statements of income are presented for the twelve months ended December 31, 2020. The historical results of Ready Capital were derived from its audited consolidated statement of income for the twelve months ended December 31, 2020 that was included in its Annual Report on Form 10-K for the year then ended, filed on March 15, 2021. The historical results of Anworth were derived from its audited consolidated statement of income for the twelve months ended December 31, 2020 that was included in its Annual Report on Form 10-K for the year then ended, filed on February 26, 2021.

The adjustments for the unaudited pro forma condensed combined balance sheet as of December 31, 2020 assume the Merger was completed on that date. The adjustments for the unaudited pro forma condensed combined statements of income for the year ended December 31, 2020 were prepared assuming the Merger was completed on January 1, 2020. The unaudited pro forma financial statements may not be indicative of the results of operations that would have occurred if the events reflected therein had been in effect on the dates indicated or the results which may be obtained in the future. In preparing the unaudited pro forma financial statements, no adjustments have been made to reflect the potential operating synergies and administrative cost savings or the costs of integration activities that could result from the combination of Anworth and Ready Capital.

The following unaudited pro forma condensed combined financial statements have been prepared for illustrative purposes only and has been adjusted to reflect certain reclassifications in order to conform to Ready Capital’s financial statement presentation. The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting for business combinations pursuant to ASC 805, Business Combinations, with Ready Capital considered the acquirer for accounting purposes. The statements are not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had Ready Capital and Anworth been combined during the specified periods. The following unaudited pro forma condensed combined financial information, including the notes thereto, are qualified in their entirety by reference to, and should be read in conjunction with, the historical financial statements referred to above and other information relating to Ready Capital and Anworth contained in their respective Annual Reports on Form 10-K for the year ended December 31, 2020 and any subsequent Quarterly Reports on Form 10-Q.

The estimated fair values for the assets acquired and liabilities assumed are preliminary and are subject to change during the measurement period as additional information related to the inputs and assumptions used in determining the fair value of the assets and liabilities becomes available and may result in variances to the amounts presented in the unaudited pro forma condensed combined statements of income.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
AS OF DECEMBER 31, 2020

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2020

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

(A) Basis of Presentation

Under the terms of the Merger Agreement, in connection with the Merger, each outstanding share of Anworth Common Stock was converted into the right to receive (i) a number of shares of Ready Capital Common Stock based on an assumed exchange ratio of 0.1688 (“Exchange Ratio”), and (ii) $0.61 in cash. In addition, each share of Anworth Series A Preferred Stock was converted into the right to receive one share of newly classified Ready Capital Series B Preferred Stock, each share of Anworth Series B Preferred Stock was converted into the right to receive one share of newly classified Ready Capital Series C Preferred Stock and each share of Anworth Series C Preferred Stock was converted into the right to receive one share of newly classified Ready Capital Series D Preferred Stock.

On March 19, 2021, Ready Capital completed the Merger and issued 16,774,328 shares of Ready Capital Common Stock and approximately $60.6 million in cash to the former holders of Anworth Common Stock. The total purchase price for the Merger of $417.9 million consisted of the Ready Capital Common Stock issued based on a share price of $14.28, or the closing price of a share of Ready Capital common stock on the acquisition date, $0.61 in cash per share and cash paid in lieu of fractional shares.

In addition, the Company issued 1,919,378 shares of newly designated Ready Capital Series B Preferred Stock, 779,743 shares of newly designated Ready Capital Series C Preferred Stock, and 2,010,278 shares of newly designated Ready Capital Series D Preferred Stock, in exchange for all shares of Anworth Series A Preferred Stock, Anworth Series B Preferred Stock and Anworth Series C Preferred Stock outstanding prior to the effective time of the Merger.

Upon the closing of the transaction and after giving effect to the issuance of shares of Ready Capital Common Stock as consideration in the Merger, Ready Capital’s historical stockholders owned approximately 77% of the outstanding Ready Capital Common Stock, while historical Anworth stockholders owned approximately 23% of the outstanding Ready Capital Common Stock.

(B) Accounting Presentation and Policies

Financial Statement Reclassifications

The unaudited pro forma condensed combined financial information has been compiled in a manner consistent with the accounting policies adopted by Ready Capital. Certain balances from the consolidated financial statements of Anworth were reclassified to conform the presentation to that of Ready Capital.

The following Balance Sheet reclassifications have been made from Anworth’s balance sheet information derived from its audited balance sheet at December 31, 2020 that was included in its Annual Report on Form 10-K for the year then ended, which was filed with the Securities and Exchange Commission on February 26, 2021:

Assets:

Liabilities:

The following Statement of Income reclassifications have been made from Anworth’s income statement information derived from its audited statement of operations for the twelve months ended December 31, 2020 that was included in its Annual Report on Form 10-K for the year then ended, which was filed with the Securities and Exchange Commission on February 26, 2021:

(C) Transaction Accounting Adjustments

The unaudited pro forma financial statements reflect the following adjustments:

C11) Adjustment relates to the estimated fair value of Residential real estate

Ready Capital believes, with the exception of Residential real estate , all Anworth balance sheet accounts approximate fair value. There is no tax impact relating to income items, as they are included in non taxable entities.

Earnings Per Share

The unaudited pro forma adjustment to shares outstanding used in the calculation of basic and diluted earnings per share are based on the combined basic and diluted weighted average shares, after giving effect to the assumed Exchange Ratio, as follows (in thousands, except share data):