Ready Capital to acquire Broadmark Realty Capital in ~$787M all-stock merger

Ready Capital Corp

Each Broadmark share converted into 0.47233 RC shares; offer price $5.90/share, 41% premium to Feb 24 close.
Pro forma equity capital base of $2.8B; combined market cap ~$2.2B; RC stockholders own ~64%, Broadmark ~36%.
Transaction expected to close in Q2 2023, subject to stockholder approvals and customary conditions.
Combined company to be 4th largest commercial mortgage REIT; Waterfall Asset Management to continue as manager.
Ready Capital to assume Broadmark's outstanding senior unsecured notes.

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