Jeffrey B. Pyatt - May 31, 2023 Form 4 Insider Report for Broadmark Realty Capital Inc. (BRMK)

Role: Interim CEO, Director
Signature: /s/ Nevin Boparai, as attorney-in-fact for Jeffrey B. Pyatt
Stock symbol: BRMK
Transactions as of: May 31, 2023
Transactions value $: $0
Form type: 4
Date filed: 6/2/2023, 04:15 PM
Previous filing: Jan 18, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BRMK	Common Stock	Disposed to Issuer		-253K	-100%		0	May 31, 2023	Direct	F1, F2, F3, F4
transaction	BRMK	Common Stock	Disposed to Issuer		-2.49M	-100%		0	May 31, 2023	Pyatt Lending Company, LLC	F1, F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Jeffrey B. Pyatt is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	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.
F2	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.
F3	Includes 120,362 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.
F4	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.
F5	Mr. Pyatt and his spouse are considered beneficial owners of the shares of Common Stock held by Pyatt Lending Company, LLC, as they share voting and dispositive power over such shares.