---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-092513"
form_type: "8-K/A"
ticker: "RC"
cik: "0001527590"
company_name: "Ready Capital Corp"
filed_at: "2023-08-16T23:59:59+00:00"
generated_at: "2026-06-11T08:21:02.709599+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-092513
- form_type: 8-K/A
- ticker: RC
- cik: 0001527590
- company_name: Ready Capital Corp
- filed_at: 2023-08-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1527590/000110465923092513/0001104659-23-092513-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1527590/000110465923092513/tm2323903d1_8ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-092513
- JSON: https://secwatch.observer/filing/0001104659-23-092513.json
- Plain text: https://secwatch.observer/filing/0001104659-23-092513.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.