Note 1  Organization and business Broadmark Realty Capital Inc. (Broadmark Realty, Company, or Successor) is a internally managed commercial real estate finance company that offers short-term, first deed of trust loans, secured by real estate to fund the construction and development of, or investment in, residential or commercial properties. Broadmark Realtys objective to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from its loan portfolio. Broadmark Realty operates in select states that it believes to have favorable demographic trends, providing more efficient and quicker access to collateral in the event of borrower default. Broadmark Realty intends to elect to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes, commencing with the tax period ending December 31, 2019. Broadmark Realty generally will not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. The Company also operates its business in a manner that permits it to maintain an exclusion from registration under the Investment Company Act of 1940. See Note 8 for additional information regarding Broadmark Realtys taxable REIT subsidiaries. On November 14, 2019 (the Closing Date), Broadmark Realty Capital Inc., a Maryland corporation (formerly named Trinity Sub Inc.) (Broadmark Realty), consummated a business combination (the Business Combination) pursuant to an Agreement and Plan of Merger, dated August 9, 2019 (the Merger Agreement), by and among the Company, Trinity, Trinity Merger Sub I, Inc. (Merger Sub I), Trinity Merger Sub II, LLC (Merger Sub II and together with Trinity and Merger Sub I, the Trinity Parties), PBRELF I, LLC (PBRELF), BRELF II, LLC (BRELF II), BRELF III, LLC (BRELF III), BRELF IV, LLC (BRELF IV) and, together with PBRELF, BRELF II and BRELF III, the Predecessor Companies and each a Predecessor Company), Pyatt Broadmark Management, LLC (MgCo I), Broadmark Real Estate Management II, LLC (MgCo II), Broadmark Real Estate Management III, LLC (MgCo III), and Broadmark Real Estate Management IV, LLC (MgCo IV and, together with MgCo I, MgCo II and MgCo III, the Predecessor Management Companies and each a Predecessor Management Company, and the Predecessor Management Companies, together with the Predecessor Companies and their subsidiaries, the Predecessor Company Group). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, (i) Merger Sub I merged with and into Trinity, with Trinity being the surviving entity of such merger (the Trinity Merger), (ii) immediately following the Trinity Merger, each of the Predecessor Companies merged with and into Merger Sub II, with Merger Sub II being the surviving entity of such merger (the Company Merger), and (iii) immediately following the Company Merger, each of the Predecessor Management Companies merged with and into Trinity, with Trinity being the surviving entity of such merger (the Management Company Merger and, together with the Trinity Merger and the Company Merger, the Mergers). As a result of the Mergers, Merger Sub II and Trinity became wholly owned subsidiaries of Broadmark Realty. References to Broadmark Realty and Company, refer to Broadmark Realty and its consolidated subsidiaries after the Business Combination and refer to the Predecessor Company Group for periods prior to the Business Combination.