SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 15: SUBSEQUENT EVENTS

On July 19, 2018, pursuant to authority granted to the Board by the shareholders of RAIT, the Board authorized a reverse stock split of RAIT’s common shares that will become effective at 4:10 PM Eastern time on August 13, 2018. The common shares will begin trading on a split-adjusted basis when the market opens on Tuesday, August 14, 2018.  When the reverse stock split becomes effective, every fifty common shares issued and outstanding will be automatically combined into one issued and outstanding common share. Upon the effective date of the reverse stock split, the 92,532,749 common shares outstanding on August 1, 2018 will be reduced to approximately 1,850,655 common shares, without giving effect to any fractional shares that result from the reverse stock split and assuming no additional common shares are issued between the date of this report and the effective date.  If the reverse stock split had been effective prior to the issuance of these financial statements, basic and diluted earnings (loss) per share would both have been $(27.26) and $(45.82) per share for the three and six months ended June 30, 2018, respectively, based on 1,839,826 and 1,838,666 weighted average shares outstanding for the three and six months ended June 30, 2018, respectively.

On August 1, 2018, we completed the sale of our retail property management subsidiary for nominal consideration.  

We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of June 30, 2018, but prior to the filing of the consolidated financial statements on this Quarterly Report on Form 10-Q. We have determined that, except as disclosed within this Note and other Notes, there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q.