Monthly Dividends | NYSE:BRMK

Founded in 2010, Broadmark Realty Capital Inc. is a hard money lender providing short-term, first deed of trust loans secured by real estate to real estate investors and developers. The company has funded over 1,200 loans worth circa. $2.8 billion.

  • Market Capitalization: $1.34bn
  • Dividend Yield: 8.3% p.a. (September, 2021)

The stock is listed on the New York Stock Exchange under the ticker BRMK, and the company currently distributes dividends on a monthly basis.

As of September, 2021, the company distributed a regular monthly dividend of $0.07 per share of common stock. With the stock price of around $10, this equates to an annual yield of circa. 8.3% p.a.

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Business Overview

Broadmark Realty Capital, Inc. operates as a lender in the real estate sector, issuing short term loans to real estate investors and developers. As a hard money lender, Broadmark originates it’s loans based on the collateral provided by the borrower rather than using a credit score like traditional banks.

Broadmark holds all of the loans it originates in its own portfolio. This sets the company apart from some competitors that originate loans then sell them to recapitalize. One could argue therefore that Broadmark’s underwriting process is potentially more robust, and their loans higher quality. This is evidenced by the fact that the company has historical principal losses of just 0.2% on it’s entire $2.8bn in issued loans.

Many rental property investors use hard money or private money loans to buy their houses

Broadmark’s loans are short term and carry a higher interest rate than standard bank loans. The company collects interest payment from borrowers every month, and in turn distributes dividends to stockholder monthly.

The company has zero debt, and all loans are secured as senior debt in first position. According to the company, around 60% of its borrowers are repeat customers.

Management

Jeffrey B. Pyatt is Chief Executive Officer of Broadmark Realty Capital, Inc. Mr Pyatt is a qualified tax accountant with a Bachelor of Science in accounting from the University of Denver and a Master’s degree in taxation from the University of Denver College of Law.

He has been in the real estate lending business since 1994, having previously founded and managed a small private lending fund based out of Washington State, and has also worked in mergers and acquisitions in the Northwest.

David Schneider is Chief Financial Officer of Broadmark Realty Capital, Inc. Mr Schneider has a Bachelor of Science in Accounting from Fordham University. He is a licensed CPA in New York, and a member of the New York State Society of Certified Public Accountants.

Mr Schneider is experienced in the real estate and lending space, having previously served as Chief Accounting Officer of New Residential Investment Corp. (NYSE: NRZ), a $6.5bn mortgage REIT.

Linda Koa is Chief Operating Officer of Broadmark Realty Capital, Inc. She received her Bachelor of Arts and an M.B.A. from the University of Washington and holds a certificate in Financial Planning.  Ms. Koa is also FINRA Series 7, 24, and 63 registered.

Ms Koa has over 20 years of experience in the Financial Services industry. Before joining the board, she managed Broadmark’s 4 pervious private lending funds.

Dan Hirsty is Chief Credit Officer of Broadmark Realty Capital, Inc. Mr Hirsty has a Bachelor of Arts from the University of Washington and a Master’s degree in Professional Accounting from the University of Texas at Austin. He also holds Series 7 & 63 FINRA registrations, is a CFA charter holder, and a Certified Public Accountant.

Mr Hirsty was previously responsible for monitoring the performance of Broadmark’s loan portfolio, market research, and sales of the company’s real estate owned assets. Prior to joining the Company, Mr Hirsty worked at BHP Billiton as a financial planner and analyst.

Nevin Boparai is Chief Legal Officer of Broadmark Realty Capital, Inc,. Mr. Boparai received his Juris Doctor from Boston University School of Law and his Bachelor of Arts from Rutgers University.

He has served as Assistant General Counsel, Corporate & Securities at Ventas, Inc. (NYSE: VTR), an S&P 500 healthcare real estate investment trust. Mr Boparai also served as Managing Director of Ventas Life Science and Healthcare Real Estate Fund, a perpetual life, private capital vehicle that he helped launch.

Stock Price and Monthly Dividend

At the time of writing, Broadmark’s stock price has been relatively stable, with a 52-week range of $9.46 to $11.10. Currently, the stock pays an annual yield of 8.3% p.a., with monthly dividend distributions

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