Broadmark Realty Capital Announces Chief Financial Officer Transition

Rhea-AI Summary

Broadmark Realty Capital (NYSE: BRMK) announced the resignation of David Schneider, Chief Financial Officer, effective December 31, 2022. His departure is due to a new opportunity at a non-competing private firm. Schneider will assist in the transition until a successor is appointed. The CEO lauded Schneider's contributions and highlighted the company's strong leadership team. The resignation is not linked to any disputes over accounting or financial practices. Broadmark will initiate a search for a new CFO.

Positive

• Secured a smooth transition plan with David Schneider remaining until December 31, 2022.
• CEO Brian Ward acknowledged Schneider's positive contributions to the company.
• The company has a strong leadership team in place to support ongoing growth.

Negative

• None.

SEATTLE--(BUSINESS WIRE)-- 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 CFO during our first few years as a public company and I wish him well in his next adventure,” said Brian Ward, Broadmark’s Chief Executive Officer. “David’s willingness to ensure a seamless transition, along with the strong team he has built, well positions the organization to support the ongoing efforts of our growing lending platforms and the business as we move ahead.”

Mr. Schneider’s resignation is not the result of any dispute or disagreement with the Company, including any matters related to the Company’s accounting practices or financial reporting. The Company plans to launch a search for a new Chief Financial Officer.

About Broadmark Realty Capital

Broadmark is a specialty real estate finance company, providing financing solutions generally in the $2 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 structures available. Broadmark invests in a variety of new construction and existing properties across all asset classes throughout the United States, including hotel, industrial, medical, mixed-use, office, retail, self-storage, warehouse, multifamily, senior living, student housing, condos, larger scaled single-family, townhome, and multiplex. It has the competitive advantage of being an internally managed balance sheet lender, and the company’s proactive approach delivers dedicated in-house underwriting, asset management, loan servicing, and draw administration. More information can be found at Broadmark Realty Capital Specialty Real Estate Investments.

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-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These statements are based on the current expectations and are not predictions of actual performance. In addition, actual results are subject to other risks and uncertainties that relate more broadly to the Company’s overall business, including those more fully described in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and the Company undertakes no obligation to update or revise any forward-looking statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221014005101/en/

Investor Relations

InvestorRelations@broadmark.com

206-623-7782

Media Relations

Megan Kivlehan & Greg Michaels

broadmark@icrinc.com

Source: Broadmark Realty Capital Inc.

FAQ

Why did David Schneider resign from Broadmark Realty Capital?

David Schneider resigned to accept an opportunity at a private non-competing firm.

When will David Schneider's resignation take effect?

His resignation will take effect on December 31, 2022, or upon the appointment of his successor.

Is David Schneider's resignation related to any disputes at Broadmark Realty Capital?

No, Schneider's resignation is not linked to any disputes or disagreements regarding the company's accounting practices.

What is Broadmark Realty Capital planning after Schneider's resignation?

Broadmark Realty Capital plans to conduct a search for a new Chief Financial Officer following Schneider's departure.