LOS ANGELES, Nov. 21, 2019 /PRNewswire/ — B. Riley FBR, Inc., a abounding account advance coffer and wholly-owned accessory of B. Riley Financial, Inc. (NASDAQ:RILY), today appear it acted as basic markets adviser and adjustment abettor for appropriate purpose accretion aggregation (SPAC), Trinity Alliance Corp. (“Trinity”), in affiliation with its completed business aggregate to anatomy Broadmark Realty Basic Inc. (“Broadmark Realty”), a transaction admired at about $1.5 billion.
As basic markets advisor, B. Riley FBR assisted with adopting a $75 actor PIPE advance and managed the action of anecdotic renewed basic commitments of about $278 actor from investors electing to absorb Trinity shares to abutment the Broadmark Realty merger.
Steve Haggerty, a Managing Partner of Trinity Investments, an associate of the sponsor of Trinity, and a administrator of Broadmark Realty said, “The business aggregate amid Trinity and Broadmark is an important anniversary for us, and we could not be added admiring with the assignment of B. Riley FBR throughout this process. Their relationships with institutional investors accepted pivotal. Further, the aggregation approved ability in abyssal the complexities of our transaction, as able-bodied as abysmal ability of SPACs and the absolute acreage industry. We are beholden to B. Riley FBR and the charge of its chief administration in its abutment to advice authorize a abiding aggressive actor abject for Broadmark Realty.”
The accumulated business, Broadmark Realty, is an internally managed absolute acreage advance assurance (REIT) which offers short-term, aboriginal accomplishment of assurance loans to armamentarium the acquisition, renovation, rehabilitation or development of residential or bartering properties. Broadmark Realty listed on the NYSE on November 15, 2019 beneath the ticker attribute BRMK WS.
“We are appreciative to accept played a analytical role allegorical Trinity through a accord action that culminated in its acknowledged aggregate with Broadmark Realty,” said Andy Moore, Chief Executive Officer, B. Riley FBR. “This transaction leveraged the abounding weight of our basic markets belvedere and our all-inclusive institutional relationships to accomplish a absolutely absolute outcome, which we accept added demonstrates our firm’s position as a arch SPAC franchise.”
About B. Riley FBRB. Riley FBR provides accumulated finance, analysis and sales and trading to corporate, institutional and aerial net account alone clients. Advance cyberbanking casework accommodate initial, accessory and follow-on offerings, institutional clandestine placements and alliance and acquisitions advising services, and accumulated restructuring. The close is nationally accustomed for its awful ranked proprietary disinterestedness research. B. Riley FBR is a B. Riley Financial (NASDAQ:RILY) company. To apprentice more, appointment www.brileyfbr.com.
Media Contact:Jo Anne McCuskerB. Riley [email protected] (646) 885-5425
SOURCE B. Riley FBR, a B. Riley Financial company
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