Broadmark Realty Capital Inc., together with its subsidiaries, engages in the underwriting, funding, servicing, and managing a portfolio of short-term and first deed of trust loans to fund the construction, development, and investment in residential or commercial properties in the United States. It also provides short-term and first deed of trust loans secured by real estate to fund the construction and development, investment in residential or commercial properties. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. The company was founded in 2010 and is headquartered in Seattle, Washington.
IPO Year: 2019
Exchange: NYSE
Website: broadmark.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 2/28/2023 | Underweight → Neutral | Piper Sandler | |
| 11/21/2022 | $7.50 → $5.00 | Buy → Neutral | B. Riley Securities |
| 11/8/2022 | Outperform → Mkt Perform | Raymond James | |
| 8/9/2022 | $7.00 | Neutral → Underweight | Piper Sandler |
| 6/17/2022 | $7.00 | Neutral | Piper Sandler |
| 3/2/2022 | $12.50 → $11.00 | Outperform | Raymond James |
NEW YORK, May 31, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) ("Ready Capital" or the "Company") today announced that it has completed the previously announced merger ("Merger") pursuant to the terms of the Merger Agreement, dated as of February 26, 2023, by and among Ready Capital, a multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans, Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark"), a specialty real estate finance company that specializes in originating and servicing residential and commercial construction loans, and RCC Merger Sub, LLC, a Delaware limited liability company and wholl
- Merger Expected to Close Pre-Market Open on May 31 - Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), announced that at the special meeting of stockholders held today, conducted by means of a virtual meeting held live over the internet, its stockholders approved the transactions under the terms of the previously announced merger agreement with Ready Capital Corporation ("Ready Capital"). Pursuant to the merger agreement, Ready Capital will acquire Broadmark through Broadmark's merger with and into a wholly owned subsidiary of Ready Capital (the "Merger"). The Merger is expected to close on May 31, 2023, subject to customary closing conditions. As a result of t
Broadmark Realty Capital Inc. (NYSE:BRMK) (the "Company"), an internally managed secured real estate finance company, today announced operating results for the quarter ended March 31, 2023. First Quarter 2023 Financial Highlights Total revenue of $24.7 million. GAAP net income of $4.6 million, or $0.03 per diluted common share. Net income was impacted by one-time, merger-related expenses and impairment on the Company's real property owned ("REO") of $4.9 and $1.0 million, respectively. Distributable earnings prior to realized loss on investments, of $13.7 million, or $0.10 per diluted common share. First Quarter 2023 Loan Portfolio Highlights New originations and amendments
– Final Dividend Assuming Completion of Merger with Ready Capital – Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for May 2023. The dividend will be payable on May 30, 2023 to stockholders of record as of May 24, 2023. The dividend will be the final cash dividend paid by the Company assuming the completion of the pending merger with Ready Capital Corporation (NYSE:RC) by June 1, 2023, as currently anticipated. There can be no assurance that the merger will be completed on the terms described or at all. About Bro
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for April 2023. The dividend will be payable on May 15, 2023 to stockholders of record as of April 28, 2023. About Broadmark Realty Capital Broadmark is a specialty real estate finance company, providing financing solutions generally in the $5 to $75 million range per transaction. The company provides smart, reliable, rapid solutions across the entire debt capital stack, including senior, subordinate, and participation investments with fixed and floating rate structu
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for March 2023. The dividend will be payable on April 14, 2023 to stockholders of record as of March 31, 2023. About Broadmark Realty Capital Broadmark is a specialty real estate finance company, providing financing solutions generally in the $5 to $75 million range per transaction. The company provides smart, reliable, rapid solutions across the entire debt capital stack, including senior, subordinate, and participation investments with fixed and floating rate structu
− Transaction will create the 4th largest commercial mortgage REIT with a capital base of $2.8 billion – − Highly synergistic platforms and capital optimization will drive strong earnings per share accretion in 2024 and sustained long-term growth − − Expected value at closing of approximately $787 million − NEW YORK, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) ("Ready Capital"), a multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans, and Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark"), a specialty real estate finance company that specializes in originating and servicing resi
Broadmark Realty Capital Inc. (NYSE:BRMK) (the "Company"), an internally managed secured real estate finance company, today announced operating results for the quarter and year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Loan portfolio of $1.4 billion, including $49.9 million of new originations and amendments in the quarter, with a weighted average loan to value of 63.0% at origination and weighted average yield of 11.6%. Payoff pace remained stable, with an average monthly run-rate of $39.3 million. Total revenue of $21.1 million for the quarter. GAAP net loss of $153.0 million, or ($1.15) per diluted common share, inclusive of goodwill impairment of $137.0
Broadmark Realty Capital Inc. (NYSE:BRMK) (the "Company"), an internally managed secured real estate finance company, today announced that the Company will release its fourth quarter and full year 2022 financial results after market close on Monday, February 27, 2023. A webcast and call to discuss the results will be held the same day at 5:00 p.m. Eastern Time. Webcast: A webcast of the conference call will be available on the Investors section of the Company's website at www.broadmark.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software. To Participate in the Telephone Con
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for February 2023. The dividend will be payable on March 15, 2023 to stockholders of record as of February 28, 2023. About Broadmark Realty Capital Broadmark is a specialty real estate finance company, providing financing solutions generally in the $5 to $75 million range per transaction. The company provides smart, reliable, rapid solutions across the entire debt capital stack, including senior, subordinate, and participation investments with fixed and floating rate s
Piper Sandler upgraded Broadmark Realty from Underweight to Neutral
B. Riley Securities downgraded Broadmark Realty from Buy to Neutral and set a new price target of $5.00 from $7.50 previously
Raymond James downgraded Broadmark Realty from Outperform to Mkt Perform
Piper Sandler downgraded Broadmark Realty from Neutral to Underweight and set a new price target of $7.00
Piper Sandler initiated coverage of Broadmark Realty with a rating of Neutral and set a new price target of $7.00
Raymond James reiterated coverage of Broadmark Realty Capital with a rating of Outperform and set a new price target of $11.00 from $12.50 previously
JMP Securities initiated coverage of Broadmark Realty with a rating of Mkt Perform
BTIG Research initiated coverage of Broadmark Realty with a rating of Neutral
BTIG Research initiated coverage of Broadmark Realty Capital with a rating of Neutral
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- Jeffrey Pyatt Named Interim CEO and Kevin Luebbers Named Interim President - - Jonathan Hermes Named Chief Financial Officer - Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), an internally managed secured real estate finance company, today announced, effective immediately, the appointment of Jeffrey Pyatt, current Chairman of the Board of Directors and former Chief Executive Officer of Broadmark, as Interim Chief Executive Officer. Additionally, Kevin Luebbers, an Independent Director of the Company and Chair of the Audit Committee, has been appointed Interim President. The Board of Directors (the "Board") is in the process of launching a search for a new Chief
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), an internally managed secured real estate finance company, today announced that David Schneider, Chief Financial Officer, intends to resign from his position in connection with accepting an opportunity at a private company that does not compete with Broadmark. To assist with an orderly transition, Mr. Schneider intends to remain in his role at the Company until December 31, 2022, or the appointment of his successor if earlier. "David has made an indelible contribution to the organization during his tenure. On behalf of the Board of Directors and our entire team, I want to thank David for his successful leadership as
– Appoints New Independent Director, Pinkie D. Mayfield – Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), an internally managed secured real estate finance company, announced that it is strengthening its Board of Directors with the addition of a new independent director, Pinkie D. Mayfield, effective today. Ms. Mayfield's addition increases the size of the Board of Directors to eight members, including six independent directors. Dan Hirsch, Chairman of Broadmark's Nominating and Corporate Governance Committee, stated, "We are very pleased to expand and further strengthen our Board of Directors. We welcome Pinkie and look forward to benefitting from her extensive
- Jeffrey Pyatt to Assume Executive Chairman Role - - Commences Search for President to Further Enhance and Strengthen Senior Leadership Team - Broadmark Realty Capital Inc. (NYSE:BRMK) ("BRMK" or the "Company"), an internally managed secured real estate finance company, today announced that Jeffrey Pyatt, President and Chief Executive Officer, will assume the role of Chairman of the Board of Directors upon the retirement of Joseph Schocken, and his appointment as honorary Chairman Emeritus. Mr. Schocken's retirement from the Board of Directors will become effective on November 14, 2021, the second anniversary of the Company's completion of the business combination resulting in BRMK becom
SEATTLE--(BUSINESS WIRE)--Broadmark Realty Capital Inc. (NYSE: BRMK) (the “Company”), an internally managed real estate secured finance company, today announced that its board of directors has declared a cash dividend of $0.07 per share of common stock for January 2021. The January dividend reflects an approximately 17% increase over the prior dividend rate. The dividend will be payable on February 12, 2021 to stockholders of record as of January 29, 2021. Forward Looking Statements Certain statements made herein are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward
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NEW YORK, May 31, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) ("Ready Capital" or the "Company") today announced that it has completed the previously announced merger ("Merger") pursuant to the terms of the Merger Agreement, dated as of February 26, 2023, by and among Ready Capital, a multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans, Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark"), a specialty real estate finance company that specializes in originating and servicing residential and commercial construction loans, and RCC Merger Sub, LLC, a Delaware limited liability company and wholl
Broadmark Realty Capital Inc. (NYSE:BRMK) (the "Company"), an internally managed secured real estate finance company, today announced operating results for the quarter ended March 31, 2023. First Quarter 2023 Financial Highlights Total revenue of $24.7 million. GAAP net income of $4.6 million, or $0.03 per diluted common share. Net income was impacted by one-time, merger-related expenses and impairment on the Company's real property owned ("REO") of $4.9 and $1.0 million, respectively. Distributable earnings prior to realized loss on investments, of $13.7 million, or $0.10 per diluted common share. First Quarter 2023 Loan Portfolio Highlights New originations and amendments
– Final Dividend Assuming Completion of Merger with Ready Capital – Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for May 2023. The dividend will be payable on May 30, 2023 to stockholders of record as of May 24, 2023. The dividend will be the final cash dividend paid by the Company assuming the completion of the pending merger with Ready Capital Corporation (NYSE:RC) by June 1, 2023, as currently anticipated. There can be no assurance that the merger will be completed on the terms described or at all. About Bro
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for April 2023. The dividend will be payable on May 15, 2023 to stockholders of record as of April 28, 2023. About Broadmark Realty Capital Broadmark is a specialty real estate finance company, providing financing solutions generally in the $5 to $75 million range per transaction. The company provides smart, reliable, rapid solutions across the entire debt capital stack, including senior, subordinate, and participation investments with fixed and floating rate structu
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for March 2023. The dividend will be payable on April 14, 2023 to stockholders of record as of March 31, 2023. About Broadmark Realty Capital Broadmark is a specialty real estate finance company, providing financing solutions generally in the $5 to $75 million range per transaction. The company provides smart, reliable, rapid solutions across the entire debt capital stack, including senior, subordinate, and participation investments with fixed and floating rate structu
− Transaction will create the 4th largest commercial mortgage REIT with a capital base of $2.8 billion – − Highly synergistic platforms and capital optimization will drive strong earnings per share accretion in 2024 and sustained long-term growth − − Expected value at closing of approximately $787 million − NEW YORK, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) ("Ready Capital"), a multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans, and Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark"), a specialty real estate finance company that specializes in originating and servicing resi
Broadmark Realty Capital Inc. (NYSE:BRMK) (the "Company"), an internally managed secured real estate finance company, today announced operating results for the quarter and year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Loan portfolio of $1.4 billion, including $49.9 million of new originations and amendments in the quarter, with a weighted average loan to value of 63.0% at origination and weighted average yield of 11.6%. Payoff pace remained stable, with an average monthly run-rate of $39.3 million. Total revenue of $21.1 million for the quarter. GAAP net loss of $153.0 million, or ($1.15) per diluted common share, inclusive of goodwill impairment of $137.0
Broadmark Realty Capital Inc. (NYSE:BRMK) (the "Company"), an internally managed secured real estate finance company, today announced that the Company will release its fourth quarter and full year 2022 financial results after market close on Monday, February 27, 2023. A webcast and call to discuss the results will be held the same day at 5:00 p.m. Eastern Time. Webcast: A webcast of the conference call will be available on the Investors section of the Company's website at www.broadmark.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software. To Participate in the Telephone Con
Broadmark Realty Capital Inc. (NYSE:BRMK) ("Broadmark" or the "Company"), a specialty real estate finance company, announced today that its Board of Directors has declared a cash dividend of $0.035 per share of common stock for February 2023. The dividend will be payable on March 15, 2023 to stockholders of record as of February 28, 2023. About Broadmark Realty Capital Broadmark is a specialty real estate finance company, providing financing solutions generally in the $5 to $75 million range per transaction. The company provides smart, reliable, rapid solutions across the entire debt capital stack, including senior, subordinate, and participation investments with fixed and floating rate s
Broadmark Realty Capital Inc. (NYSE:BRMK) (the "Company"), an internally managed secured real estate finance company, today announced the tax treatment of its 2022 cash dividends on the Company's common stock, as described below. Stockholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividends. Common Stock (CUSIP #11135B100) RecordDate PaymentDate Form TotalDividend PerShare OrdinaryDividend PerShare QualifiedDividend PerShare Capital GainDividend PerShare Return ofCapital PerShare Section 199ADividend PerShare(1) Dec-21 12/31/2021 1/14/2022 Cash $ 0.070 $ 0.