Ready Capital Corp. and Broadmark Realty Capital Inc. announced that they have entered a definitive merger agreement. Broadmark will merge into Ready Capital, after which the latter "is expected to have a pro forma equity capital base of $2.8 billion."
Ready Capital is a "multi-strategy real estate finance company that originates, acquires, finances and services small-to-medium balance commercial loans." Broadmark is as "specialty real estate finance company that specializes in originating and servicing residential and commercial construction loans."
Each Broadmark share will convert to 0.47233 shares of Ready Capital common stock, or 63 million shares. The closing price on February 24, 2023, implies a $5.90 per share offer price, which is a 41% premium. The expected value at closing will be $787 million.
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