- Jeffrey Pyatt Named Interim CEO and Kevin
Luebbers Named Interim President -
- Jonathan Hermes Named Chief Financial
Officer -
Broadmark Realty Capital Inc. (NYSE: BRMK) (“Broadmark”
or the “Company”), an internally managed secured 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
Interim Chief Executive Officer. Additionally, Kevin Luebbers, an
Independent Director of the Company and Chair of the Audit
Committee, has been appointed Interim President. The Board of
Directors (the “Board”) is in the process of launching a search for
a new Chief Executive Officer.
These appointments follow a mutual agreement to separate between
the Board of Directors and Brian Ward, who will resign from his
roles as Chief Executive Officer and Director of the Company,
effective immediately.
Mr. Ward said, “I am grateful to the Board for the opportunity
to lead Broadmark and I will be rooting for the Company’s success
in its next chapter.”
David Karp, Broadmark’s Lead Independent Director, said, “The
Board is taking definitive steps to effectively position the
business to weather the rapidly changing economic forces in and
around our industry. We are grateful to Jeff and Kevin for stepping
into these roles during this period of transition. Veteran
professionals in their respective areas of expertise, their
collective value is immeasurable and they have both expressed their
enthusiasm in working closely with the Company’s leadership team to
ensure that we maintain strong financial discipline. Furthermore,
having a low-levered balance sheet, access to capital and
Broadmark’s proven lending platform, our focus is to thoughtfully
grow the business and efficiently address our real estate portfolio
and non-performing loan assets. We know that it will take time to
accomplish our objectives, but we are committed to doing the hard
work and to making the necessary tough decisions to deliver long
term value for 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 we wish him much success in his
future endeavors,” Mr. Karp added.
In addition, 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 resign from his position in connection with accepting
an opportunity at a private company. Mr. Schneider will remain with
the Company until December 31, 2022 to ensure a seamless
transition.
Mr. Karp further commented, “We are thrilled that Jon will be
joining the senior leadership team as Chief Financial Officer. He
is an experienced financial executive as demonstrated in his prior
roles at PwC. Having worked with Broadmark as we were going public,
Jon has a thorough understanding of our Company; and, that
knowledge, along with his technical accounting and capital markets
experience, make him the right person to lead our finance team. On
behalf of the Board, we thank David for his numerous contributions
and willingness to stay on to ensure an orderly transition as we
move forward.”
Mr. Pyatt was President and Chief Executive Officer of Broadmark
from its business combination on November 14, 2019 to March 1,
2022. Prior to joining the Company, he served as President of Pyatt
Broadmark from the time that he co-founded it in 2010 through the
consummation of the business combination. Prior to Pyatt Broadmark,
Mr. Pyatt co-founded and managed Private Lenders Group, a Bellevue,
Washington based private lending fund. Mr. Pyatt began his career
at Moss Adams, a regional CPA firm in Seattle, as a member of their
tax team. He has been in the asset-based lending business since
1994. Mr. Pyatt received a Bachelor of Science in accounting from
the University of Denver and a Master of Taxation from the
University of Denver College of Law.
Mr. Luebbers was a consultant to Trinity Investments and Trinity
Merger Corp. prior to its business combination with Broadmark. Mr.
Luebbers co-founded and has served as Managing Partner of VIC
Partners, LLC, an investment partnership focused on acquiring and
repositioning hotel properties since 2004. Prior to that, 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 planning and investment analysis
at Hilton Hotels Corporation from 1996 to 2000. Mr. Luebbers
received a B.S. from Cornell University and an M.B.A. from the
University of California at Berkeley.
Mr. Hermes was most recently a Director at
PricewaterhouseCoopers LLP (“PwC”), where he worked with public and
private companies with capital raising transactions, mergers and
acquisitions, financial statement audits, as well as assisting
companies with technologies across a broad range of topics,
including processes within the finance and accounting functions and
SEC reporting processes. Mr. Hermes served in various roles with
PwC since 2010, including within the Capital Markets group in PwC’s
Amsterdam office. Mr. Hermes is a licensed CPA in Washington and
Kansas and is a member of AICPA and Washington Society of CPAs. He
is a graduate of Kansas State University with a Bachelors in
Financial Controllership and Accounting.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221107005884/en/
Investor Relations InvestorRelations@broadmark.com
206-623-7782
Media Relations Megan Kivlehan & Greg Michaels
media@broadmark.com
Broadmark Realty Capital (NYSE:BRMK)
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