Ahlborn Andrew 4

What Happened

• Andrew Ahlborn, Chief Financial Officer of Ready Capital Corp (RC), received equity awards totaling 2,691,262 units: 600,000 restricted shares (special time‑based retention award, March 2, 2026), 1,800,000 performance‑based restricted stock units (PSUs, March 2, 2026), and 291,262 restricted shares (March 5, 2026). All awards were granted at $0.00 per share (compensation awards, not purchases), so the reported acquisition value is $0.
• The restricted shares and PSUs are subject to vesting conditions (time and/or performance) described below; these are compensation grants rather than open‑market purchases or sales.

Key Details

• Transaction dates and reported prices: Mar 2, 2026 — 600,000 restricted shares @ $0.00; Mar 2, 2026 — 1,800,000 PSUs @ $0.00; Mar 5, 2026 — 291,262 restricted shares @ $0.00.
• Total units awarded: 2,691,262 (total reported acquisition value $0).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • 600,000 restricted shares vest Dec 31, 2028, subject to continued employment (with certain exceptions).
  • 291,262 restricted shares vest in three equal installments on Mar 5 of 2027, 2028 and 2029, subject to continued employment.
  • 1,800,000 PSUs vest in up to ten roughly equal tranches tied to 30‑day VWAP milestones and continued employment; each PSU pays one share (or cash).
  • PSUs will be settled in shares if shareholders approve a Plan amendment at the 2026 annual meeting increasing the share pool; if not approved, PSUs will be cash‑settled based on per‑share value at vesting.
• Filing timeliness: Form 4 was filed on Mar 9, 2026 reporting transactions on Mar 2 and Mar 5; this appears outside the typical two‑business‑day Form 4 filing window.

Context

• These are awards/compensation grants (A on Form 4), not purchases or sales — they represent potential future equity subject to vesting and performance conditions and do not indicate an immediate cash outlay by the insider.
• PSUs are derivative, contingent awards: vesting depends on stock‑price milestones and continuing employment, and settlement may be in shares or cash depending on shareholder approval of the Plan amendment.