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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total Ready Capital Corporation Equity
Preferred stock
Series B Preferred Stock
Preferred stock
Series D Preferred Stock
Preferred stock
Series E Preferred Stock
Common Stock
Additional Paid-in-Capital
Retained Earnings (Deficit)
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Total
Balance at beginning of period at Dec. 31, 2020 $ 815,396       $ 5 $ 849,541 $ (24,203) $ (9,947) $ 18,812 $ 834,208
Balance at beginning of period (in shares) at Dec. 31, 2020         54,368,999          
Increase (Decrease) in Stockholders' Equity                    
Dividend declared on common stock (117,440)           (117,440)     (117,440)
Dividend declared on OP units                 (1,581) (1,581)
Dividend declared on Series B preferred shares (1,162)           (1,162)   (1) (1,163)
Dividend declared on Series C preferred shares (492)           (492)     (492)
Dividend declared on Series D preferred shares (1,074)           (1,074)   (1) (1,075)
Dividend declared on Series E preferred shares (4,775)           (4,775)     (4,775)
Shares issued pursuant to merger transactions 337,778 $ 47,984 $ 50,257   $ 2 239,535       337,778
Shares issued pursuant merger to merger transactions (shares)   1,919,378 2,010,278   16,774,337          
Equity issuances 166,687     $ 111,378 $ 1 55,308       166,687
Shares issued (shares)       4,600,000 3,527,935          
Equity redemptions (98,241) $ (47,984) $ (50,257)             (98,241)
Equity redemptions (shares)   (1,919,378) (2,010,278)              
Offering costs (1,621)         (1,621)     (16) (1,637)
Distributions, net                 (226) (226)
Equity component of 2017 convertible note issuance (410)         (410)     (7) (417)
Stock-based compensation 4,419         4,419       4,419
Stock-based compensation (shares)         288,436          
Conversion of OP units into common stock 13,207         13,207     (13,207)  
Conversion of OP units into common stock (shares)         882,202          
Manager incentive fee paid in stock 1,386         1,386       1,386
Manager incentive fee paid in stock (shares)         84,758          
Share repurchases (1,293)         (1,293)       (1,293)
Share repurchases (shares)         (88,617)          
Reallocation of noncontrolling interest 1,592         1,781   (189) (1,592)  
Net income 157,744           157,744   2,230 159,974
Other comprehensive income 4,403             4,403 83 4,486
Balance at end of period at Dec. 31, 2021 1,276,104     $ 111,378 $ 8 1,161,853 8,598 (5,733) 4,494 1,280,598
Balance at end of period (in shares) at Dec. 31, 2021       4,600,000 75,838,050          
Increase (Decrease) in Stockholders' Equity                    
Dividend declared on common stock (189,871)           (189,871)     (189,871)
Dividend declared on OP units                 (2,794) (2,794)
Dividend declared on Series C preferred shares (524)           (524)     (524)
Dividend declared on Series E preferred shares (7,472)           (7,472)     (7,472)
Shares issued pursuant to merger transactions 437,311       $ 3 437,308       437,311
Shares issued pursuant merger to merger transactions (shares)         30,252,764          
OP units issued pursuant to merger transaction                 20,745 20,745
Non-controlling interest acquired in merger transaction                 82,524 82,524
Retirement of OP units                 (2,000) (2,000)
Equity issuances 124,515         124,515       124,515
Shares issued (shares)         8,100,926          
Offering costs (1,178)         (1,178)     (10) (1,188)
Distributions, net                 (14,317) (14,317)
Equity component of 2017 convertible note issuance (443)         (443)     (5) (448)
Stock-based compensation 6,196         6,196       6,196
Stock-based compensation (shares)         409,642          
Share repurchases (42,622)         (42,622)       (42,622)
Share repurchases (shares)         (4,077,741)          
Sale of subsidiary interest to non-controlling interest                 167 167
Reallocation of noncontrolling interest (1,427)         (1,555)   128 1,427  
Net income 194,263           194,263   8,900 203,163
Other comprehensive income (3,764)             (3,764) 15 (3,749)
Balance at end of period at Dec. 31, 2022 1,791,088     $ 111,378 $ 11 1,684,074 4,994 (9,369) 99,146 1,890,234
Balance at end of period (in shares) at Dec. 31, 2022       4,600,000 110,523,641          
Increase (Decrease) in Stockholders' Equity                    
Dividend declared on common stock (212,035)           (212,035)     (212,035)
Dividend declared on OP units                 (2,169) (2,169)
Dividend declared on Series C preferred shares (524)           (524)     (524)
Dividend declared on Series E preferred shares (7,473)           (7,473)     (7,473)
Shares issued pursuant to merger transactions 637,229       $ 6 637,223       637,229
Shares issued pursuant merger to merger transactions (shares)         62,229,429          
Equity issuances 125         125       125
Offering costs (226)         (226)     (2) (228)
Distributions, net (6)         (6)     (187) (193)
Distributions, net (in shares)         (503)          
Equity component of 2017 convertible note issuance (191)         (191)     (3) (194)
Stock-based compensation 15,622         15,622       15,622
Stock-based compensation (shares)         1,266,615          
Conversion of OP units into common stock 2,842         2,842     (2,842)  
Conversion of OP units into common stock (shares)         263,401          
Share repurchases (21,845)         (21,845)       (21,845)
Share repurchases (shares)         (2,006,478)          
Reallocation of noncontrolling interest 4,388         4,371   17 (4,388)  
Net income 339,451           339,451   8,960 348,411
Other comprehensive income (8,508)             (8,508) (51) (8,559)
Balance at end of period at Dec. 31, 2023 $ 2,539,937     $ 111,378 $ 17 $ 2,321,989 $ 124,413 $ (17,860) $ 98,464 $ 2,638,401
Balance at end of period (in shares) at Dec. 31, 2023       4,600,000 172,276,105