Ready Capital closes Broadmark merger; records bargain purchase gain of $222M in Q1 2023 pro forma

Ready Capital Corp

Acquired Broadmark on May 31, 2023; issued 62.2M shares of RC common stock valued at $637.2M ($10.24/sh).
Pro forma net income for Q1 2023 of $205.9M including $221.8M bargain purchase gain; EPS of $1.15 basic.
Pro forma net income for FY 2022 of $391.1M including $229.6M bargain purchase gain; EPS of $2.20 basic.
Fair value adjustments include $34.0M impairment on real estate assets and $7.6M on loans to fair value.
Historical Broadmark stockholders own ~36% of combined company; book value per share at Mar 31, 2023: $14.64.

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