X0407 4 2023-05-31 true 0001784797 Broadmark Realty Capital Inc. BRMK 0001453077 Hirsch Daniel J. C/O BROADMARK REALTY CAPITAL INC. 1420 FIFTH AVENUE, SUITE 2000 SEATTLE WA 98101 true false Common Stock 2023-05-31 4 D 0 206532 D 0 D Warrants (Right to Buy) 11.5 2023-05-31 4 D 0 259 D 2019-12-14 2024-11-14 Common Stock 259 0 D Pursuant to the Agreement and Plan of Merger, dated as of February 26, 2023 (the "Agreement"), by and among Ready Capital Corporation, a Maryland corporation ("Parent"), RCC Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Parent ("Merger Sub"), and the Issuer, effective May 31, 2023 (the "Effective Time"), the Issuer was merged with and into Merger Sub with Merger Sub continuing as the surviving company and a subsidiary of Parent. Pursuant to the Agreement, at the Effective Time, each one share of the Issuer's common stock ("Common Stock") issued and outstanding immediately prior to the Effective Time was converted into the right to 0.47233 shares (the "Exchange Ratio") of Parent's common stock ("Parent Common Stock"), with fractional shares paid out in cash. Includes 13,050 restricted stock units ("RSUs") unvested immediately prior to the Effective Time. Each RSU represented a contingent right to receive one share of Common Stock upon vesting. Pursuant to the Agreement, at the Effective Time, each Issuer RSU outstanding, whether vested or unvested, was assumed by Parent and converted into an award of RSUs with respect to a number of shares of Parent Common Stock equal to the product of (i) the total number of shares of Common Stock subject to such RSUs as of immediately prior to the Effective Time and (ii) the Exchange Ratio (rounded to the nearest whole share), on the same terms and conditions as were applicable to such RSUs as of immediately prior to the Effective Time. Pursuant to the Agreement, following the Effective Time, each Issuer warrant representing the right to purchase shares of Common Stock ("Warrants") remained outstanding and entitles the Reporting Person to receive, upon the exercise of such Warrants, the number of shares of Parent Common Stock equal to the product of (i) the number of shares of Common Stock subject to such Warrants immediately prior to the Effective Time and (ii) the Exchange Ratio, on the same terms and conditions as were applicable to such Warrants as of immediately prior to the Effective Time. /s/ Daniel J. Hirsch 2023-06-02