LOS ANGELES, Nov. 21, 2019 /PRNewswire/ -- B. Riley FBR, Inc.,
a full service investment bank and wholly-owned subsidiary of B.
Riley Financial, Inc. (NASDAQ:RILY), today announced it acted as
capital markets advisor and placement agent for special purpose
acquisition company (SPAC), Trinity Merger Corp. ("Trinity"), in
connection with its completed business combination to form
Broadmark Realty Capital Inc. ("Broadmark Realty"), a transaction
valued at approximately $1.5
billion.
As capital markets advisor, B. Riley FBR assisted with raising a
$75 million PIPE investment and
managed the process of identifying renewed capital commitments of
approximately $278 million from
investors electing to retain Trinity shares to support the
Broadmark Realty merger.
Steve Haggerty, a Managing
Partner of Trinity Investments, an affiliate of the sponsor of
Trinity, and a director of Broadmark Realty said, "The business
combination between Trinity and Broadmark is an important milestone
for us, and we could not be more pleased with the work of B. Riley
FBR throughout this process. Their relationships with institutional
investors proved pivotal. Further, the team demonstrated expertise
in navigating the complexities of our transaction, as well as deep
knowledge of SPACs and the real estate industry. We are grateful to
B. Riley FBR and the commitment of its senior leadership in its
support to help establish a long-term oriented shareholder base for
Broadmark Realty."
The combined business, Broadmark Realty, is an internally
managed real estate investment trust (REIT) which offers
short-term, first deed of trust loans to fund the acquisition,
renovation, rehabilitation or development of residential or
commercial properties. Broadmark Realty listed on the NYSE on
November 15, 2019 under the ticker
symbol BRMK WS.
"We are proud to have played a critical role guiding Trinity
through a deal process that culminated in its successful
combination with Broadmark Realty," said Andy Moore, Chief Executive Officer, B. Riley
FBR. "This transaction leveraged the full weight of our capital
markets platform and our vast institutional relationships to
achieve a truly positive outcome, which we believe further
demonstrates our firm's position as a leading SPAC franchise."
About B. Riley FBR
B. Riley FBR provides corporate
finance, research and sales and trading to corporate, institutional
and high net worth individual clients. Investment banking services
include initial, secondary and follow-on offerings, institutional
private placements and merger and acquisitions advisory services,
and corporate restructuring. The firm is nationally recognized for
its highly ranked proprietary equity research. B. Riley FBR is a B.
Riley Financial (NASDAQ:RILY) company. To learn more, visit
www.brileyfbr.com.
Media Contact:
Jo Anne
McCusker
B. Riley Financial
jmccusker@brileyfin.com
(646) 885-5425
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SOURCE B. Riley FBR, a B. Riley Financial company