secwatch.observer — SEC 8-K summary
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Issuer:     Ready Capital Corp (RC)
CIK:        0001527590
Form:       8-K
Filed at:   2023-02-27T23:59:59+00:00
Accession:  0001104659-23-025600
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923025600/0001104659-23-025600-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923025600/tm237886d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-025600

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