Specialty real estate finance company Broadmark Realty Capital Inc., headquartered in Seattle, has completed its merger into a wholly owned subsidiary of Ready Capital Corporation. This week, Broadmark’s shareholders approved the merger and the company has now ceased trading on the New York Stock Exchange.
First announced in February this year, this merger gives New York City-based Ready Capital a pro forma equity capital base of $2.8 billion with 64% ownership by Ready Capital shareholders and 36% ownership by Broadmark stockholders.
Thomas Capasse, Chairman and CEO of Ready Capital said in February that they were “excited about the continued growth of our commercial real estate investment platform with the Broadmark transaction” as it would provide strategic and financial benefits to all stakeholders involved while also allowing them to leverage their asset management experience for long-term success.
