<SEC-DOCUMENT>0001104659-22-044352.txt : 20220408
<SEC-HEADER>0001104659-22-044352.hdr.sgml : 20220408
<ACCEPTANCE-DATETIME>20220408173014
ACCESSION NUMBER:		0001104659-22-044352
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220408
DATE AS OF CHANGE:		20220408

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ready Capital Corp
		CENTRAL INDEX KEY:			0001527590
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				900729143
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-263756
		FILM NUMBER:		22818010

	BUSINESS ADDRESS:	
		STREET 1:		1140 AVENUE OF THE AMERICAS, 7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-257-4600

	MAIL ADDRESS:	
		STREET 1:		1140 AVENUE OF THE AMERICAS, 7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sutherland Asset Management Corp
		DATE OF NAME CHANGE:	20161110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAIS Financial Corp.
		DATE OF NAME CHANGE:	20110808

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ready Capital Corp
		CENTRAL INDEX KEY:			0001527590
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				900729143
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1140 AVENUE OF THE AMERICAS, 7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-257-4600

	MAIL ADDRESS:	
		STREET 1:		1140 AVENUE OF THE AMERICAS, 7TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sutherland Asset Management Corp
		DATE OF NAME CHANGE:	20161110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZAIS Financial Corp.
		DATE OF NAME CHANGE:	20110808
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2212349d1_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus dated April 8, 2022 <BR>
Filed Pursuant to Rule 433 <BR>
Relating to the Preliminary Prospectus Supplement dated
April 8, 2022<BR>
 and Registration Statement No. 333-263756</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>READY CAPITAL CORPORATION<BR>
6.125% SENIOR NOTES DUE 2025<BR>
PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated: April&nbsp;8, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This pricing term sheet
supplements Ready Capital Corporation&rsquo;s preliminary prospectus supplement, dated April&nbsp;8, 2022 (the &ldquo;Preliminary Prospectus
Supplement&rdquo;), including the documents incorporated by reference therein, relating to the offering of the Notes (as defined below),
and supersedes the information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary
Prospectus Supplement. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus
Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement.
Unless the context otherwise requires, references to the &ldquo;Issuer,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo;
in this pricing term sheet mean Ready Capital Corporation and not its subsidiaries.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="width: 1%; padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="width: 76%; padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Ready Capital Corporation, a Maryland Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Securities Offered:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.125% Senior Notes due 2025 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Aggregate Principal Amount:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$120,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Rating:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">BBB+ by Egan-Jones Ratings Company.&nbsp;&nbsp;A rating is not a recommendation to buy, sell or hold securities.&nbsp;&nbsp;Ratings may be subject to revision or withdrawal at any time by the assigning rating organization.&nbsp;&nbsp;Each rating should be evaluated independently of any other rating.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">April&nbsp;8, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Settlement Date (T+5):</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">April&nbsp;18, 2022; under Rule&nbsp;15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Maturity:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">April 30, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interest Rate; Interest Rate Adjustment:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.125% per annum, computed on the basis of a 360-day year consisting
    of twelve 30-day months</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interest rate payable on the Notes will be subject to adjustment</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">based on certain rating events</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"> April 30 and October 30 of each year, commencing, in
    the case of the Notes, on October 30, 2022.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt; width: 23%"><FONT STYLE="font-size: 10pt">Issue Price to Investors:</FONT></TD>
    <TD STYLE="padding: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; width: 76%"><FONT STYLE="font-size: 10pt">$1,000 per Note, plus accrued interest, if any, from April&nbsp;18, 2022, if settlement occurs after that date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yield:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.125%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Optional Redemption Provision:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to January 30, 2025 (three months prior to their maturity
    date) (the &ldquo;Par Call Date&rdquo;), we may redeem the Notes at our option, in whole or in part, at any time and from time to time,
    at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(1)&nbsp;(a)&nbsp;the sum of the present values of the remaining
    scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date)
    on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less (b)&nbsp;interest
    accrued to (but not including) the redemption date, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(2)&nbsp;100% of the principal amount of the Notes to be
    redeemed,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in either case, accrued and unpaid interest thereon to (but not
    including) the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after the Par Call Date, we may redeem the Notes, in whole or
    in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus
    accrued and unpaid interest thereon to (but not including) the redemption date.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Change of Control:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">The occurrence of a Change of Control Repurchase Event will require the Issuer to offer to repurchase the Notes for cash at a repurchase price equal to 101% of the aggregate principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Denominations:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$2,000 minimum denominations and $1,000 integral multiples thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Underwriters&rsquo; Discount:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.25%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Proceeds to Issuer (before expenses):</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$117,300,000</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt; width: 23%"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD STYLE="padding: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt; width: 76%"><FONT STYLE="font-size: 10pt">We intend to contribute the net proceeds from this offering to our Operating Partnership in exchange for the issuance by the Operating Partnership of the Mirror Note with terms that are substantially equivalent to the terms of the notes in this offering. Our Operating Partnership intends to use the net proceeds to originate or acquire our target assets consistent with our investment strategy and for general corporate purposes. Pending such anticipated uses, our Operating Partnership may use a portion of the net proceeds from this offering to temporarily reduce borrowings outstanding under our loan repurchase agreements or credit facilities and may invest the net proceeds of this offering in interest-bearing, short-term investments, including money market accounts, in each case that are consistent with our intention to continue to qualify as a REIT.&nbsp;&nbsp;These short-term investments are expected to provide a lower net return than we will seek to achieve from our target assets.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Listing:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">We do not intend to apply to list the Notes being sold in this offering.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP/ISIN:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">75574U AC5 / US75574UAC53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Sole Book-Running Manager:</FONT></TD>
    <TD STYLE="padding: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Piper Sandler&nbsp;&amp; Co.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.5pt 0.5pt 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Lead Manager</FONT></TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or
sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Issuer has filed a registration statement (including a prospectus
dated March&nbsp;21, 2022 and a preliminary prospectus supplement dated April&nbsp;8, 2022) on Form&nbsp;S-3 (File No.&nbsp;333-263756)
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest,
you should read the prospectus in the registration statement, the related preliminary prospectus supplement and the documents incorporated
by reference therein for more complete information about the Issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange
to send you the prospectus and preliminary prospectus supplement if you request it from Piper Sandler&nbsp;&amp; Co. at 1251 Avenue of
the Americas, 6<SUP>th</SUP> Floor, New York, NY 10020, or by calling toll-free 866-805-4128, or by email at fsg-dcm@psc.com.</B></P>

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