Form 8-K - Current report
August 22 2023 - 8:53PM
Edgar (US Regulatory)
0001527590
false
0001527590
2023-08-22
2023-08-22
0001527590
rc:CommonStock0.0001ParValuePerShareMember
2023-08-22
2023-08-22
0001527590
us-gaap:SeriesCPreferredStockMember
2023-08-22
2023-08-22
0001527590
us-gaap:SeriesEPreferredStockMember
2023-08-22
2023-08-22
0001527590
rc:Sec7.00ConvertibleSeniorNotesDue2023Member
2023-08-22
2023-08-22
0001527590
rc:Sec6.20SeniorNotesDue2026Member
2023-08-22
2023-08-22
0001527590
rc:Sec5.75SeniorNotesDue2026Member
2023-08-22
2023-08-22
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August
22, 2023
READY
CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Maryland |
|
001-35808 |
|
90-0729143 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification
No.) |
1251
Avenue of the Americas, 50th
Floor
New
York, NY
10020
(Address of principal executive offices)
(Zip Code)
(212)
257-4600
(Registrant's telephone number, including area
code)
N/A
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e- 4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value per share |
RC |
New York Stock Exchange |
6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share |
RC PRC |
New York Stock Exchange |
6.50%
Series E Cumulative Redeemable Preferred Stock, $0.0001 par value per share |
RC PRE |
New York Stock Exchange |
7.00% Convertible Senior Notes due 2023 |
RCA |
New York Stock Exchange |
6.20% Senior Notes due 2026 |
RCB |
New York Stock Exchange |
5.75% Senior Notes due 2026 |
RCC |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.07. |
Submission of Matters to a Vote of Security Holders. |
On August 22, 2023, Ready
Capital Corporation, a Maryland corporation (the “Company”), held its annual meeting of stockholders, solely by means of a
virtual meeting conducted live over the internet (the “Annual Meeting”), to vote on the Company’s proposals identified
in the Company’s definitive proxy statement (the “Proxy Statement”) on Schedule 14A, filed with the Securities and Exchange
Commission on July 3, 2023. A summary of voting results with respect to each proposal is set forth below.
Proposal 1. The
stockholders elected all twelve director nominees to serve until the 2024 annual meeting of stockholders and until their respective successors
are duly elected and qualify. The votes with respect to the election of each of the twelve directors were as follows:
Director | |
Votes For | |
Votes Withheld | |
Broker Non-Votes |
Thomas E. Capasse | |
83,417,575 | |
2,113,546 | |
41,811,014 |
Jack J. Ross | |
83,647,900 | |
1,883,221 | |
41,811,014 |
Frank P. Filipps | |
83,827,196 | |
1,703,925 | |
41,811,014 |
Daniel J. Hirsch | |
79,975,223 | |
5,555,898 | |
41,811,014 |
Kevin M. Luebbers | |
84,287,372 | |
1,243,749 | |
41,811,014 |
Meredith Marshall | |
84,135,124 | |
1,395,997 | |
41,811,014 |
Pinkie D. Mayfield | |
83,553,819 | |
1,977,302 | |
41,811,014 |
Dominique Mielle | |
73,720,794 | |
11,810,311 | |
41,811,014 |
Gilbert E. Nathan | |
73,705,204 | |
11,825,917 | |
41,811,014 |
Andrea Petro | |
83,984,090 | |
1,547,031 | |
41,811,014 |
J. Mitchell Reese | |
63,476,441 | |
22,054,680 | |
41,811,014 |
Todd M. Sinai | |
73,770,491 | |
11,760,630 | |
41,811,014 |
Proposal 2. The stockholders ratified
the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the 2023 fiscal
year. The votes with respect to the ratification of the appointment of Deloitte & Touche LLP were as follows:
Total Votes For | |
Total Votes Against | |
Abstentions | |
Broker Non-Votes |
125,686,124 | |
1,176,150 | |
479,861 | |
0 |
Proposal 3. The stockholders approved, on an advisory basis,
the compensation of the Company’s named executive officers, as described in the Proxy Statement. The votes with respect to such
approval were as follows:
Total Votes For | |
Total Votes Against | |
Abstentions | |
Broker Non-Votes |
80,865,180 | |
3,334,299 | |
1,331,642 | |
41,811,014 |
Proposal 4. The stockholders approved and adopted the Company’s
2023 Equity Incentive Plan. The votes with respect to such approval were as follows:
Total Votes For | |
Total Votes Against | |
Abstentions | |
Broker Non-Votes |
79,892,083 | |
4,504,191 | |
1,134,847 | |
41,811,014 |
Signatures
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
READY CAPITAL CORPORATION |
|
|
|
Date: August 23, 2023 |
By: |
/s/ Andrew Ahlborn |
|
Name: |
Andrew Ahlborn |
|
Title: |
Chief Financial Officer |
v3.23.2
Cover
|
Aug. 22, 2023 |
Document Information [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 22, 2023
|
Entity File Number |
001-35808
|
Entity Registrant Name |
READY
CAPITAL CORPORATION
|
Entity Central Index Key |
0001527590
|
Entity Tax Identification Number |
90-0729143
|
Entity Incorporation, State or Country Code |
MD
|
Entity Address, Address Line One |
1251
Avenue of the Americas
|
Entity Address, Address Line Two |
50th
Floor
|
Entity Address, City or Town |
New
York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10020
|
City Area Code |
212
|
Local Phone Number |
257-4600
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
false
|
Common Stock, $0.0001 par value per share |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
Common
Stock, $0.0001 par value per share
|
Trading Symbol |
RC
|
Security Exchange Name |
NYSE
|
Series C Preferred Stock [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share
|
Trading Symbol |
RC PRC
|
Security Exchange Name |
NYSE
|
Series E Preferred Stock [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
6.50%
Series E Cumulative Redeemable Preferred Stock, $0.0001 par value per share
|
Trading Symbol |
RC PRE
|
Security Exchange Name |
NYSE
|
7.00% Convertible Senior Notes due 2023 |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
7.00% Convertible Senior Notes due 2023
|
Trading Symbol |
RCA
|
Security Exchange Name |
NYSE
|
6.20% Senior Notes due 2026 |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
6.20% Senior Notes due 2026
|
Trading Symbol |
RCB
|
Security Exchange Name |
NYSE
|
5.75% Senior Notes due 2026 |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
5.75% Senior Notes due 2026
|
Trading Symbol |
RCC
|
Security Exchange Name |
NYSE
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=rc_CommonStock0.0001ParValuePerShareMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_SeriesEPreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=rc_Sec7.00ConvertibleSeniorNotesDue2023Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=rc_Sec6.20SeniorNotesDue2026Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=rc_Sec5.75SeniorNotesDue2026Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Ready Capital Corporatio... (NYSE:RC-E)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ready Capital Corporatio... (NYSE:RC-E)
Historical Stock Chart
From Sep 2023 to Sep 2024