Ready Capital Corp
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
RC$1.04+22.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Changes in Equity
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| · · Preferred Series E · · Common Stock · · · Additional Paid- · · Retained Earnings · · · Accumulated Other · · Total Ready Capital · · Non-controlling · · Total Stockholders' | ||||||||||||||||||||||||||
| (in thousands, except share data) · · Shares · · Amount · · Shares · · Amount · · · In Capital · (Deficit) · · · Comprehensive Loss · · Corporation Equity · · Interests · Equity | ||||||||||||||||||||||||||
| Balance at March 31, 2024 | | 4,600,000 | $111,378 | | 170,445,333 | $17 | | $2,307,303 | | $(3,546) | | $(12,335) | | $2,402,817 | | $97,065 | | $2,499,882 | ||||||||
| Dividend declared: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock ($0.30 per share) | | — | | — | | — | | — | | | — | | | (50,753) | | | — | | | (50,753) | | | — | | | (50,753) |
| OP units | | — | | — | | — | | — | | | — | | | — | | | — | | | — | | | (368) | | | (368) |
| $0.390625 per Series C preferred share | | — | | — | | — | | — | | | — | | | (131) | | | — | | | (131) | | | — | | | (131) |
| $0.406250 per Series E preferred share | | — | | — | | — | | — | | | — | | | (1,868) | | | — | | | (1,868) | | | — | | | (1,868) |
| Contributions, net | | — | | — | | — | | — | | | — | | | — | | | — | | | — | | | 600 | | | 600 |
| Stock-based compensation | | — | | — | | 60,154 | | — | | | 496 | | | — | | | — | | | 496 | | | — | | | 496 |
| Conversion of OP units into common stock | | — | | — | | 15,000 | | — | | | 126 | | | — | | | — | | | 126 | | | (126) | | | — |
| Share repurchases | | — | | — | | (2,353,215) | | — | | | (20,236) | | | — | | | — | | | (20,236) | | | — | | | (20,236) |
| Reallocation of non-controlling interest | | — | | — | | — | | — | | | (5) | | | — | | | (3) | | | (8) | | | 8 | | | — |
| Net income (loss) | | — | | — | | — | | — | | | — | | | (36,021) | | | — | | | (36,021) | | | 1,820 | | | (34,201) |
| Other comprehensive loss | | — | | — | | — | | — | | | — | | | — | | | (1,542) | | | (1,542) | | | (14) | | | (1,556) |
| Balance at June 30, 2024 | | 4,600,000 | $111,378 | | 168,167,272 | $17 | | $2,287,684 | | $(92,319) | | $(13,880) | | $2,292,880 | | $98,985 | | $2,391,865 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · | ||||||||||||||||||||||||||
| · · Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||
| · · Preferred Series E · · Common Stock · · · Additional Paid- · · Retained Earnings · · · Accumulated Other · · Total Ready Capital · · Non-controlling · · Total Stockholders' | ||||||||||||||||||||||||||
| (in thousands, except share data) · · Shares · · Amount · · Shares · · Amount · · · In Capital · (Deficit) · · · Comprehensive Loss · · Corporation Equity · · Interests · Equity | ||||||||||||||||||||||||||
| Balance at March 31, 2023 | | 4,600,000 | $111,378 | | 110,745,658 | $11 | | $1,687,631 | | $(6,532) | | $(12,353) | | $1,780,135 | | $100,197 | | $1,880,332 | ||||||||
| Dividend declared: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock ($0.40 per share) | | — | | — | | — | | — | | | — | | | (53,212) | | | — | | | (53,212) | | | — | | | (53,212) |
| OP units | | — | | — | | — | | — | | | — | | | — | | | — | | | — | | | (617) | | | (617) |
| $0.390625 per Series C preferred share | | — | | — | | — | | — | | | — | | | (131) | | | — | | | (131) | | | — | | | (131) |
| $0.406250 per Series E preferred share | | — | | — | | — | | — | | | — | | | (1,869) | | | — | | | (1,869) | | | — | | | (1,869) |
| Shares issued pursuant to merger transaction | | — | | — | | 62,229,429 | | 6 | | | 637,223 | | | — | | | — | | | 637,229 | | | — | | | 637,229 |
| Offering costs | | — | | — | | — | | — | | | (108) | | | — | | | — | | | (108) | | | (2) | | | (110) |
| Equity component of 2017 convertible note issuance | | — | | — | | — | | — | | | (76) | | | — | | | — | | | (76) | | | (1) | | | (77) |
| Stock-based compensation | | — | | — | | 356,317 | | — | | | 3,689 | | | — | | | — | | | 3,689 | | | — | | | 3,689 |
| Conversion of OP units into common stock | | — | | — | | 52,742 | | — | | | 567 | | | — | | | — | | | 567 | | | (567) | | | — |
| Share repurchases | | — | | — | | (1,732,222) | | — | | | (18,712) | | | — | | | — | | | (18,712) | | | — | | | (18,712) |
| Reallocation of non-controlling interest | | — | | — | | — | | — | | | 3,635 | | | — | | | (57) | | | 3,578 | | | (3,578) | | | — |
| Net income | | — | | — | | — | | — | | | — | | | 248,883 | | | — | | | 248,883 | | | 4,490 | | | 253,373 |
| Other comprehensive income | | — | | — | | — | | — | | | — | | | — | | | 3,129 | | | 3,129 | | | 38 | | | 3,167 |
| Balance at June 30, 2023 | | 4,600,000 | $111,378 | | 171,651,924 | $17 | | $2,313,849 | | $187,139 | | $(9,281) | | $2,603,102 | | $99,960 | | $2,703,062 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||
| · · Preferred Series E · · Common Stock · · · Additional Paid- · · Retained Earnings · · · Accumulated Other · · Total Ready Capital · · Non-controlling · · Total Stockholders' | ||||||||||||||||||||||||||
| (in thousands, except share data) · · Shares · · Amount · · Shares · · Amount · · · In Capital · (Deficit) · · · Comprehensive Loss · · Corporation Equity · · Interests · Equity | ||||||||||||||||||||||||||
| Balance at December 31, 2023 | | 4,600,000 | $111,378 | | 172,276,105 | $17 | | $2,321,989 | | $124,413 | | $(17,860) | | $2,539,937 | | $98,464 | | $2,638,401 | ||||||||
| Dividend declared: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock ($0.60 per share) | | — | | — | | — | | — | | | — | | | (102,429) | | | — | | | (102,429) | | | — | | | (102,429) |
| OP units | | — | | — | | — | | — | | | — | | | — | | | — | | | — | | | (740) | | | (740) |
| $0.78125 per Series C preferred share | | — | | — | | — | | — | | | — | | | (262) | | | — | | | (262) | | | — | | | (262) |
| $0.81250 per Series E preferred share | | — | | — | | — | | — | | | — | | | (3,736) | | | — | | | (3,736) | | | — | | | (3,736) |
| Contributions, net | | — | | — | | (1,981) | | — | | | (18) | | | — | | | — | | | (18) | | | 600 | | | 582 |
| Stock-based compensation | | — | | — | | 386,072 | | — | | | 4,606 | | | — | | | — | | | 4,606 | | | — | | | 4,606 |
| Conversion of OP units into common stock | | — | | — | | 105,000 | | — | | | 983 | | | — | | | — | | | 983 | | | (983) | | | — |
| Share repurchases | | — | | — | | (4,597,924) | | — | | | (40,271) | | | — | | | — | | | (40,271) | | | — | | | (40,271) |
| Reallocation of non-controlling interest | | — | | — | | — | | — | | | 395 | | | — | | | (75) | | | 320 | | | (320) | | | — |
| Net income (loss) | | — | | — | | — | | — | | | — | | | (110,305) | | | — | | | (110,305) | | | 1,937 | | | (108,368) |
| Other comprehensive income | | — | | — | | — | | — | | | — | | | | | | 4,055 | | | 4,055 | | | 27 | | | 4,082 |
| Balance at June 30, 2024 | | 4,600,000 | $111,378 | | 168,167,272 | $17 | | $2,287,684 | | $(92,319) | | $(13,880) | | $2,292,880 | | $98,985 | | $2,391,865 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
| · · Preferred Series E · · Common Stock · · · Additional Paid- · · Retained Earnings · · · Accumulated Other · · Total Ready Capital · · Non-controlling · · Total Stockholders' | ||||||||||||||||||||||||||
| (in thousands, except share data) · · Shares · · Amount · · Shares · · Amount · · · In Capital · (Deficit) · · · Comprehensive Loss · · Corporation Equity · · Interests · Equity | ||||||||||||||||||||||||||
| Balance at December 31, 2022 | | 4,600,000 | $111,378 | | 110,523,641 | $11 | | $1,684,074 | | $4,994 | | $(9,369) | | $1,791,088 | | $99,146 | | $1,890,234 | ||||||||
| Dividend declared: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock ($0.80 per share) | | — | | — | | — | | — | | | — | | | (97,882) | | | — | | | (97,882) | | | — | | | (97,882) |
| OP units | | — | | — | | — | | — | | | — | | | — | | | — | | | — | | | (1,255) | | | (1,255) |
| $0.78125 per Series C preferred share | | — | | — | | — | | — | | | — | | | (262) | | | — | | | (262) | | | — | | | (262) |
| $0.81250 per Series E preferred share | | — | | — | | — | | — | | | — | | | (3,737) | | | — | | | (3,737) | | | — | | | (3,737) |
| Distributions, net | | — | | — | | — | | — | | | — | | | — | | | — | | | — | | | (100) | | | (100) |
| Shares issued pursuant to merger transaction | | — | | — | | 62,229,429 | | 6 | | | 637,223 | | | — | | | — | | | 637,229 | | | — | | | 637,229 |
| Equity issuances | | — | | — | | — | | — | | | 125 | | | — | | | — | | | 125 | | | — | | | 125 |
| Offering costs | | — | | — | | — | | — | | | (127) | | | — | | | — | | | (127) | | | (2) | | | (129) |
| Equity component of 2017 convertible note issuance | | — | | — | | — | | — | | | (191) | | | — | | | — | | | (191) | | | (3) | | | (194) |
| Stock-based compensation | | — | | — | | 689,787 | | — | | | 8,636 | | | — | | | — | | | 8,636 | | | — | | | 8,636 |
| Conversion of OP units into common stock | | — | | — | | 52,742 | | — | | | 567 | | | — | | | — | | | 567 | | | (567) | | | — |
| Share repurchases | | — | | — | | (1,843,675) | | — | | | (20,094) | | | — | | | — | | | (20,094) | | | — | | | (20,094) |
| Reallocation of non-controlling interest | | — | | — | | — | | — | | | 3,636 | | | — | | | (55) | | | 3,581 | | | (3,581) | | | — |
| Net income | | — | | — | | — | | — | | | — | | | 284,026 | | | — | | | 284,026 | | | 6,325 | | | 290,351 |
| Other comprehensive income | | — | | — | | — | | — | | | — | | | — | | | 143 | | | 143 | | | (3) | | | 140 |
| Balance at June 30, 2023 | | 4,600,000 | $111,378 | | 171,651,924 | $17 | | $2,313,849 | | $187,139 | | $(9,281) | | $2,603,102 | | $99,960 | | $2,703,062 | ||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.