secwatch.observer — SEC 8-K summary
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Issuer:     Ready Capital Corp (RC)
CIK:        0001527590
Form:       8-K/A
Filed at:   2023-08-16T23:59:59+00:00
Accession:  0001104659-23-092513
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923092513/0001104659-23-092513-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1527590/000110465923092513/tm2323903d1_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-092513

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