Broadmark Realty Capital Announces Leadership Change
SEATTLE–(BUSINESS WIRE)–Broadmark Realty Capital Inc. (NYSE: BRMK) (“Broadmark” or the “Company”), an internally managed secure real estate finance company, today announced, effective immediately, the appointment of Jeffrey Pyatt, current Chairman of the Board of Directors and former Chief Executive Officer of Broadmark, as Acting Executive Officer. In addition, Kevin Luebbers, independent director of the Company and chairman of the audit committee, has been appointed interim chairman. The Board of Directors (the “Board”) is in the process of launching the search for a new CEO.
These appointments follow a mutual separation agreement between the Board of Directors and Brian Ward, who will step down as CEO and director of the Company, effective immediately.
Mr Ward said: “I am grateful to the Board of Directors for giving me the opportunity to lead Broadmark and I will support the company’s success in its next chapter.
David Karp, Lead Independent Director of Broadmark, said:The Board of Directors is taking definitive action to effectively position the company to withstand the rapidly changing economic forces in and around our industry. We are grateful to Jeff and Kevin for taking on these roles during this time of transition. Seasoned professionals in their respective areas of expertise, their collective value is immeasurable and they both expressed enthusiasm for working closely with the Company’s management team to ensure that we maintain strong financial discipline. Additionally, with a low leverage balance sheet, access to capital and Broadmark’s proven lending platform, our goal is to grow the business thoughtfully and effectively manage our real estate portfolio and non-performing loan assets. We know it will take time to achieve our goals, but we are committed to working hard and making the tough decisions necessary to deliver long-term value to our shareholders and ensure the future success of the Company.
“On behalf of the Board of Directors, we thank Brian for his contributions to Broadmark and wish him well in his future endeavours,” Mr. Karp added.
Additionally, the board has appointed Jonathan Hermes as the company’s Chief Financial Officer, effective December 1, 2022. Mr. Hermes will succeed David Schneider, who previously announced his intention to step down from his position as part of the acceptance of an opportunity in a private company. . Mr. Schneider will remain with the Company until December 31, 2022 to ensure a smooth transition.
Mr. Karp added: “We are delighted to have Jon join the management team as Chief Financial Officer. He is an experienced financial executive, as demonstrated by his previous roles at PwC. Having worked with Broadmark during our IPO, Jon has an in-depth knowledge of our business; and this knowledge, along with his technical experience in accounting and financial markets, makes him the ideal person to lead our finance team. On behalf of the Board, we thank David for his many contributions and his willingness to stay on to ensure an orderly transition as we move forward.
Mr. Pyatt was President and Chief Executive Officer of Broadmark since its business combination on November 14, 2019 until March 1, 2022. Prior to joining the company, he served as President of Pyatt Broadmark since he joined. co-founded in 2010. by the completion of the business combination. Prior to Pyatt Broadmark, Mr. Pyatt co-founded and managed Private Lenders Group, a private lending fund based in Bellevue, Washington. Mr. Pyatt began his career at Moss Adams, a regional CPA firm in Seattle, as a member of their tax team. He has worked in the asset-based lending industry since 1994. Mr. Pyatt holds a Bachelor of Science in Accounting from the University of Denver and a Masters in Taxation from the University of Denver School of Law.
Mr. Luebbers was a consultant for Trinity Investments and Trinity Merger Corp. prior to its business combination with Broadmark. Mr. Luebbers co-founded and served as Managing Partner of VIC Partners, LLC, an investment partnership focused on the acquisition and repositioning of hotel properties since 2004. Previously, he was Executive Vice President and Chief Financial Officer at RFS Hotel Investors , Inc. ., a publicly traded real estate investment trust from 2000 to 2003, where he was responsible for the company’s capital markets and treasury functions. Prior to that, Mr. Luebbers served as Senior Vice President of Investment Planning and Analysis at Hilton Hotels Corporation from 1996 to 2000. Mr. Luebbers received a BS from Cornell University and an MBA from the University from California to Berkeley.
Mr. Hermes was most recently a Principal at PricewaterhouseCoopers LLP (“PwC”), where he worked with public and private companies on capital raising transactions, mergers and acquisitions, financial statement audits, as well as by helping companies with technologies in a wide range of fields. topics, including processes within finance and accounting functions and SEC reporting processes. Mr. Hermes has held various positions at PwC since 2010, including in the Capital Markets group of PwC’s Amsterdam office. Mr. Hermes is a Chartered CPA in Washington and Kansas and is a member of the AICPA and the Washington Society of CPAs. He graduated from Kansas State University with a bachelor’s degree in financial control and accounting.
About Broadmark Realty Capital
Broadmark is a specialist real estate finance company, offering financing solutions typically between $2 million and $75 million per transaction. The company provides smart, reliable and fast solutions across the entire debt capital stack, including senior, subordinated and equity investments with both fixed and floating rate structures available. Broadmark invests in a variety of new construction and existing properties in all asset classes across the United States, including hotels, industrial, medical, mixed-use, offices, retail, self-storage, warehouses , multifamily, senior residences, student housing, condos, larger scale single family, townhouse and multiplex. It has the competitive advantage of being an internally managed balance sheet lender, and the company’s proactive approach offers dedicated in-house underwriting, asset management, loan servicing and drawdown administration. More information can be found at Broadmark Realty Capital Specialty Real Estate Investments.
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 are generally 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 current expectations and are not predictions of actual performance. In addition, actual results are subject to other risks and uncertainties relating more broadly to the Company’s overall business, including those described in more detail in the Company’s filings with the Securities and Exchange Commission. forecasts are not guarantees of performance rmance and speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.