GURU.Markets stock price, segment price, and overall market index valuation
The company's share price Broadmark Realty Capital
The historical chart of Broadmark Realty, a mortgage REIT, reflected its activity in providing short-term construction loans. Its history ended with its acquisition by Ready Capital, and the ticker symbol was cancelled.
Share prices of companies in the market segment - Business lending
Broadmark Realty Capital is a mortgage REIT that provides short-term loans to builders and developers secured by real estate. We've categorized it as "Business Lending." The chart below shows the state of this sector, which is closely tied to the health of the construction market.
Broad Market Index - GURU.Markets
Broadmark Realty Capital is a REIT that provides short-term loans to real estate developers. As a significant lender, it is included in our GURU.Markets index. The chart below shows the overall market trend. Compare it to Broadmark's performance to assess the health of this sector.
Change in the price of a company, segment, and market as a whole per day
BRMK - Daily change in the company's share price Broadmark Realty Capital
For Broadmark Realty Capital, a real estate lender, daily volatility reflects sensitivity to the construction market and interest rates. This metric is an indicator of risk in the private lending sector.
Daily change in the price of a set of shares in a market segment - Business lending
Before the merger, Broadmark Realty Capital was a mortgage REIT providing short-term loans to developers. Its business was heavily dependent on the health of the real estate market. The chart below shows the volatility in the financial sector, illustrating the risks the company faced.
Daily change in the price of a broad market stock, index - GURU.Markets
Broadmark Realty is a mortgage REIT that provides short-term loans to developers. Its shares are a barometer of the housing market, and their performance contributes to the overall volatility of the real estate sector.
Dynamics of market capitalization of the company, segment and the market as a whole over 12 months
Annual dynamics of the company's market capitalization Broadmark Realty Capital
Broadmark Realty Capital's performance tells the story of its operations in the construction finance market. Its 12-month market cap reflects the state of the real estate market, as well as its recent merger with Ready Capital, which fundamentally altered its structure and strategy, creating a diversified mortgage lender.
Annual dynamics of market capitalization of the market segment - Business lending
Broadmark is a mortgage REIT specializing in short-term loans to developers. Its business is highly dependent on the health of the construction market. The chart clearly demonstrates this high sensitivity to interest rates and the state of the real estate market.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
Broadmark Realty, a company that provides short-term loans to developers, is a proxy for the state of the real estate market. Its annual market capitalization dynamics are sensitive to interest rates and construction activity. It is a niche financial player closely tied to real estate cycles.
Dynamics of market capitalization of the company, segment and the market as a whole for the month
Monthly dynamics of the company's market capitalization Broadmark Realty Capital
Broadmark is a REIT specializing in short-term loans for developers. Its monthly performance reflected the state of the real estate market and the quality of its loan portfolio. Recent fluctuations were related to its merger with Ready Capital, and the chart shows investor reaction to the terms and completion of that deal.
Monthly dynamics of market capitalization of the market segment - Business lending
Broadmark Realty Capital Inc. is a company that provides short-term loans secured by real estate to developers. Its sector dynamics, shown in the chart, are closely linked to the real estate and lending markets. This allows one to assess how its business model, focused on the construction finance niche, performs in a changing interest rate environment.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
Broadmark Realty Capital specializes in short-term financing for construction projects. The company's shares are directly linked to the state of the real estate market and interest rates. This chart shows how the company's stock price reflects the health of the construction sector, creating a dynamic that differs from the broader stock market.
Dynamics of market capitalization of the company, segment and the market as a whole for the week
Weekly dynamics of the company's market capitalization Broadmark Realty Capital
Broadmark Realty, a company that provides short-term loans to developers, whose weekly stock price is a barometer of the construction market. The state of the real estate market, interest rates, and the quality of the loan portfolio shape short-term trends.
Weekly dynamics of market capitalization of the market segment - Business lending
Broadmark Realty and the entire private real estate lending sector react to the overall state of the construction market and interest rates. Developer demand for financing is a barometer for the entire niche. This chart will show how the company fares against this backdrop.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
Broadmark Realty is a construction loan provider. Its business is directly tied to developer activity and the state of the real estate market. The chart below shows how BRMK shares amplify broader market movements, acting as an indicator for the construction sector.
Market capitalization of the company, segment and market as a whole
BRMK - Market capitalization of the company Broadmark Realty Capital
The Broadmark Realty chart is a financial barometer of short-term construction lending. The capitalization of this fund, which provides loans to developers, is a direct indicator of the health of the construction sector. Its dynamics, closely linked to dividends, reveal how investors assess the risks and returns in this niche part of the real estate market.
BRMK - Share of the company's market capitalization Broadmark Realty Capital within the market segment - Business lending
Broadmark Realty Capital specializes in short-term construction project financing. The company's market capitalization in the mortgage lending sector reflects its weight in this niche. This metric demonstrates its role as a significant source of capital for developers and its exposure to real estate market cycles.
Market capitalization of the market segment - Business lending
Broadmark Realty is a company that provides short-term loans to developers. The chart below shows the overall market capitalization of the entire real estate sector. Its dynamics reflect the state of the construction market and investor appetite for high-yield but risky lending.
Market capitalization of all companies included in a broad market index - GURU.Markets
Broadmark Realty is a REIT that provides short-term loans to developers. Its capitalization chart is a barometer of the construction market. Its performance relative to the market is closely tied to developer activity and their need for early-stage financing.
Book value capitalization of the company, segment and market as a whole
BRMK - Book value capitalization of the company Broadmark Realty Capital
For Broadmark Realty, a mortgage REIT, book value is its portfolio of short-term construction loans. The chart below shows the size of its investments. This isn't a story about buildings, but about the financial capital that fuels developers.
BRMK - Share of the company's book capitalization Broadmark Realty Capital within the market segment - Business lending
Broadmark Realty is a REIT that provides short-term loans to developers. It doesn't build itself; its business is financing. Its tangible asset ratio will be minimal, as its portfolio consists of financial instruments (loans) rather than physical assets.
Market segment balance sheet capitalization - Business lending
The chart shows the book value of the financial sector. Against this backdrop, Broadmark, as a mortgage REIT that provides loans to developers, is capital-intensive. Its business requires a large balance sheet capital to finance construction projects.
Book value of all companies included in the broad market index - GURU.Markets
Broadmark Realty Capital is not a developer, but a company that provides short-term construction loans. Its assets are a portfolio of these high-yield loans, secured by real estate under construction. The company's balance sheet provides the financial "gasoline" for small and medium-sized construction projects across the country.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - Broadmark Realty Capital
Broadmark's balance sheet is its construction loan portfolio. Market valuations, when significantly below book value, reflected investor concerns about defaults in the sector. The MvsBCap_Co < 1 chart was a barometer of the crisis in the construction market.
Market to book capitalization ratio in a market segment - Business lending
Broadmark Realty Capital is a company that provides short-term loans to developers. Essentially, it's a REIT specializing in construction loans. The chart shows how the market evaluates the quality and profitability of its high-yield but risky loan portfolio.
Market to book capitalization ratio for the market as a whole
Broadmark Realty Capital provides short-term loans to developers. It is a financial company whose business is directly linked to the assets on its balance sheetβthe loans it issues. This chart shows how the valuation of this specialized lender relates to its book value and how it compares to the market average.
Debts of the company, segment and market as a whole
BRMK - Company debts Broadmark Realty Capital
Broadmark Realty, which provides short-term loans to developers, has a debt strategy that underpins its business model. This chart shows how the company manages its capital, which it then issues as real estate-backed loans. Unlike banks, the company has historically employed low debt, relying on equity capital.
Market segment debts - Business lending
Broadmark Realty Capital is a mortgage REIT that provides short-term loans to builders and developers. Its business is lending. This chart shows how the lender uses leverage and manages its capital to finance its portfolio of higher-risk construction loans.
Market debt in general
Debt to book value of the company, segment and market as a whole
The company's debt to book capitalization ratio Broadmark Realty Capital
Broadmark Realty Capital specializes in providing short-term loans to developers. Its business is credit risk management. This chart shows how the company uses its equity and debt to fund its loan portfolio. It is a key indicator of its ability to withstand downturns in the real estate market.
Market segment debt to market segment book capitalization - Business lending
Broadmark Realty Capital is a mortgage REIT that provides short-term loans to developers. This type of lending carries increased risks. The chart clearly shows how the company's debt level compares to its overall capitalization and the risks associated with the commercial lending sector.
Debt to book value of all companies in the market
Broadmark Realty Capital (BRMK) is a mortgage REIT that provides short-term loans to developers. Its business is essentially debt asset management. This chart reflects the overall debt load of the economy. It allows one to assess how BRMK's portfolio relates to global trends in the credit and construction markets.
P/E of the company, segment and market as a whole
P/E - Broadmark Realty Capital
This chart for Broadmark Realty, a mortgage company that provided loans to developers, highlights the risks in the sector. The very low P/E (or losses) was due to a rise in non-performing loans amid a slowing real estate market. The company went through a merger, which also dramatically changed its profile.
P/E of the market segment - Business lending
This industry metric shows the average P/E for mortgage REITs. For Broadmark Realty, which specialized in developer lending, it serves as a historical benchmark. It shows how companies in the sector were valued before rising rates led to problems and consolidation, which Broadmark participated in.
P/E of the market as a whole
Broadmark Realty Capital is a specialized financial company that provides short-term loans to real estate developers. It's a high-return, but also high-risk business. This chart reflects the state of the real estate market. It's a good indicator: when the market is booming, business thrives, but a downturn can lead to increased defaults and serious problems for Broadmark.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company Broadmark Realty Capital
Broadmark Realty Capital provides short-term loans to real estate developers. The company's future profitability depends on the state of the construction market and its ability to manage credit risk. This chart shows how analysts assess the balance between financing demand and potential defaults in the company's portfolio.
Future (projected) P/E of the market segment - Business lending
Broadmark Realty Capital is a mortgage REIT that provides short-term loans to developers. This chart shows average expectations for the business lending sector. BRMK's position may indicate how investors view its loan portfolio, the risks associated with the construction sector, and its ability to generate high returns for shareholders.
Future (projected) P/E of the market as a whole
Broadmark Realty Capital provides short-term loans to developers. Its business is directly dependent on the health of the real estate market. This graph of overall economic expectations is a leading indicator for the construction sector, predicting demand for financing new projects.
Profit of the company, segment and market as a whole
Company profit Broadmark Realty Capital
Broadmark Realty Capital is a company that provides short-term loans to builders and developers, operating as a mortgage REIT. This chart shows the profitability of construction loans. The company's profit is generated from interest on issued loans, and its dynamics are directly dependent on activity in the construction and real estate markets.
Profit of companies in the market segment - Business lending
Broadmark Realty Capital is a mortgage REIT that provides short-term loans to developers. As this chart shows, BRMK's profitability in the business lending sector is highly dependent on the state of the real estate market. Unlike banks, the company operates with higher rates and risks, which can generate high returns in a rising market.
Overall market profit
Broadmark Realty Capital, as a mortgage REIT that provides short-term loans to developers, is highly sensitive to the state of the real estate market. This market, reflecting the health of the economy, directly impacts demand for new construction and the ability of Broadmark borrowers to complete projects and repay loans. During downturns, risks in this sector increase significantly.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company Broadmark Realty Capital
Broadmark Realty Capital is a company that provides short-term loans to developers. This chart reflects analysts' forecasts for its future profits, which are closely tied to the health of the real estate and construction markets. It serves as a barometer of activity in the development sector.
Future (predicted) profit of companies in the market segment - Business lending
Broadmark Realty Capital provides short-term loans to builders and developers, operating as a mortgage REIT. Its profitability depends on activity in the construction market. This chart shows the profit forecast for the business lending sector, reflecting expectations for the real estate market and demand for construction project financing.
Future (predicted) profit of the market as a whole
Broadmark Realty Capital provides short-term loans to developers. Its business is directly dependent on the health of the real estate market, which is highly sensitive to economic cycles and interest rates. A negative profit outlook could signal a slowdown in construction and an increased risk of default on existing loans, which is a key risk.
P/S of the company, segment and market as a whole
P/S - Broadmark Realty Capital
Broadmark Realty Capital is a company that provides short-term loans to developers secured by real estate. Its revenue comes from the interest income from these loans. The chart shows how the market values ββits loan portfolio, which is an indicator of the state of the construction market and the company's ability to manage development risks.
P/S market segment - Business lending
Broadmark Realty Capital is a mortgage REIT that provides short-term loans to builders and developers. This chart shows the average revenue estimate for business lending companies. It helps gauge how investors perceive the quality of its loan portfolio and its ability to generate high returns.
P/S of the market as a whole
Broadmark Realty Capital is a company that provides short-term loans to developers secured by real estate. Its business is high-yield but risky construction financing. This chart compares how the market values ββthe income generated by specialized lending with the average revenue valuation for the overall stock market.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company Broadmark Realty Capital
Broadmark Realty Capital is a financial company that provides short-term loans to developers. The chart illustrates how investors value its loan portfolio. It compares its value to projected future interest income, reflecting sentiment in the construction and real estate development market.
Future (projected) P/S of the market segment - Business lending
Broadmark Realty Capital is a company that provides short-term loans to developers secured by real estate. The data in the chart reflects average market expectations for future sales in the business lending sector. This allows investors to assess how they view the quality of Broadmark's loan portfolio and the risks associated with the construction and real estate markets.
Future (projected) P/S of the market as a whole
Broadmark Realty Capital provides short-term loans to developers. Its business is directly dependent on the health of the construction sector and the real estate market. This graph of overall revenue expectations serves as an indicator of business activity for BRMK. Economic growth stimulates new construction, increasing demand for its loans.
Sales of the company, segment and market as a whole
Company sales Broadmark Realty Capital
Broadmark Realty Capital provides short-term loans to real estate developers. Its revenue, shown in this chart, consists primarily of interest income from issued loans. Sales dynamics reflect activity in the construction market and the company's ability to effectively manage its loan portfolio.
Sales of companies in the market segment - Business lending
Broadmark Realty Capital provides short-term loans to real estate developers, secured by commercial and residential properties. It serves as an alternative source of financing for the construction industry. This chart shows total revenue in the sector, reflecting the state of the construction loan market and developer activity.
Overall market sales
Broadmark Realty Capital provides short-term loans to real estate developers. Its returns and risks are directly dependent on the state of the construction market. This total revenue chart reflects economic activity, which determines demand for new construction projects and the health of the real estate sector.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company Broadmark Realty Capital
Broadmark Realty Capital provides short-term loans to real estate developers. Its income comes from interest payments on these high-yield loans. This chart shows expectations for the construction sector and demand for financing from developers.
Future (projected) sales of companies in the market segment - Business lending
Broadmark Realty Capital provides short-term loans to builders and developers secured by real estate. This is a high-return, but also high-risk business. The chart shows forecasts for the business lending sector. The state of the construction industry and the real estate market directly impacts Broadmark's results.
Future (projected) sales of the market as a whole
Broadmark Realty Capital provides short-term loans to builders and developers. Its business is entirely dependent on the state of the construction and real estate markets. This chart, showing expectations for business and consumer activity, serves as a leading indicator for the construction industry, determining demand for financing new projects.
Marginality of the company, segment and market as a whole
Company marginality Broadmark Realty Capital
Broadmark Realty Capital provides short-term loans to developers secured by real estate. Its profit comes from interest earned on the loans issued. This chart shows how successfully the company manages its loan portfolio and risks to generate high returns for investors.
Market segment marginality - Business lending
Broadmark Realty Capital is a mortgage REIT that provides short-term loans to developers. This chart shows the average yield for mortgage REITs. Its focus on high-yield construction loans allows the company to generate high interest margins, but its ability to outperform the average depends on the quality of its underwriting and the state of the real estate market.
Market marginality as a whole
Broadmark Realty Capital provides short-term loans to developers secured by real estate. Its profitability is directly dependent on interest rates and the health of the construction market. This overall profitability chart shows how this niche real estate lender compares to other sectors of the economy.
Employees in the company, segment and market as a whole
Number of employees in the company Broadmark Realty Capital
Broadmark Realty Capital is a company that provides short-term loans to developers. Its business is underwriting and managing construction loan portfolios. This chart shows the size of its team of real estate and finance professionals who assess risks and oversee hundreds of development projects.
Share of the company's employees Broadmark Realty Capital within the market segment - Business lending
Broadmark Realty Capital is a specialized financial company providing short-term loans to developers. Its business is not people, but capital. The company has a small staff, comprised of underwriting and loan management experts. This chart clearly demonstrates that its strength is measured not by the number of employees, but by the size of its loan portfolio and the speed of its decision-making.
Number of employees in the market segment - Business lending
Broadmark Realty Capital Inc. is a company that provides short-term loans to developers and builders, operating as a REIT. Its staff is relatively small and consists of lending and real estate specialists. The chart shows a stable team, and business growth is driven by loan volume, not headcount.
Number of employees in the market as a whole
Broadmark Realty Capital provided short-term loans to real estate developers but ran into difficulties and was acquired. This chart reflects the company's life cycle in a cyclical business. Headcount fluctuations reflected activity in the construction market, and subsequent layoffs foreshadowed the problems that led to the deal with Ready Capital.
Market capitalization per employee (in thousands of dollars) of the company, segment, and market as a whole
Market capitalization per employee (in thousands of dollars) of the company Broadmark Realty Capital (BRMK)
Broadmark Realty Capital is a company specializing in short-term construction finance (hard money). It's a capital-intensive business. Its value is determined by the size of its loan portfolio and the quality of its management. This chart shows the amount of capital (assets) per employee. This is an indicator of capital management efficiency, not labor productivity.
Market capitalization per employee (in thousands of dollars) in the market segment - Business lending
Broadmark Realty Capital is a company that provides short-term loans to developers. This type of financial business requires a team of lending and real estate experts, but not a large staff. This chart shows a high capitalization per employee, reflecting the financial, rather than operational, nature of their activities.
Market capitalization per employee (in thousands of dollars) for the overall market
Broadmark Realty Capital is a company that provides short-term loans to developers secured by real estate. The chart shows the valuation in the private lending sector. The high cost per employee reflects the ability of a small team to manage a large portfolio of high-yield loans, creating value through risk assessment expertise.
Profit per employee (in thousands of dollars) for the company, segment, and market as a whole
Profit per employee (in thousands of dollars) of the company Broadmark Realty Capital (BRMK)
Broadmark is a mortgage REIT (mREIT). They don't own buildings, but rather issue short-term loans to developers (hard money lending). It's an interest-based business. This chart shows how profitable this high-risk lending model is. Earnings per employee is the net interest income from the portfolio.
Profit per employee (in thousands of dollars) in the market segment - Business lending
Broadmark Realty Capital provides short-term loans to builders and developers, operating as a hard money lender. It's a high-yield but risky business. This chart shows how effectively the Broadmark team manages its loan portfolio and risk. It serves as a benchmark for assessing the quality of their underwriting compared to other non-bank lenders.
Profit per employee (in thousands of dollars) for the market as a whole
Broadmark Realty Capital is a mortgage REIT that specializes in providing short-term, high-yield loans (hard money) to developers. It's a pure-play financial services company with a small staff. This chart shows high profit per employee, as revenue is generated not by operations but by a large loan portfolio.
Sales to employees of the company, segment and market as a whole
Sales per company employee Broadmark Realty Capital (BRMK)
Broadmark Realty Capital provides short-term loans to developers. This chart demonstrates the effectiveness of its lending model. High revenue per employee is the norm, as a small team of underwriters and managers is capable of managing a large portfolio of high-yield loans secured by real estate.
Sales per employee in the market segment - Business lending
Broadmark (BRMK) is an mREIT (real estate investment trust) that provides short-term hard money loans to residential developers. This is high-yield lending. This chart shows very high revenue (interest income) per employee. Their business isn't construction, but rather capital management and project risk assessment by a small team.
Sales per employee for the market as a whole
Broadmark Realty Capital is a REIT, but not a typical one. They issue short-term construction loans (hard money lenders). Their business is underwriting (appraisal) and loan portfolio management. This metric reflects how effectively their small team manages a large pool of loans, generating interest income.
Short shares by company, segment and market as a whole
Shares shorted by company Broadmark Realty Capital (BRMK)
Broadmark Realty (BRMK) is a hard money lender in the form of a REIT. They issue short-term, high-yield loans to housing developers, secured by real estate. This chart shows bearish bets. These bears are betting that a cooling housing market will lead to a wave of defaults among developers, and Broadmark will suffer losses.
Shares shorted by market segment - Business lending
Broadmark Realty Capital is a hard money lender that provides short- and medium-term loans to real estate developers. Their business is construction finance. This chart shows the overall bearish sentiment across the entire mortgage REIT, or real estate finance, sector. The rise in short positions in the sector is a clear signal that investors are anticipating problems in the real estate market.
Shares shorted by the overall market
Broadmark Realty is a hard-core lender that provides short-term, high-yield loans to developers. This chart measures overall fear. When investors are afraid, they panic about construction defaults. BRMK's business is at the epicenter of this risk. Fear of a recession means developers will be unable to complete or sell their properties, leading to a collapse of BRMK's portfolio.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator Broadmark Realty Capital (BRMK)
Broadmark Realty (BRMK) is a mortgage REIT that issues short-term secured loans to residential developers. Their income comes from the interest on the loans. This chart measures price momentum. It shows when the stock is overbought (above 70) or oversold (below 30), which is often related to expectations for the real estate market and interest rates.
RSI 14 Market Segment - Business lending
Broadmark is "quick money" for *construction*. They are a *direct lender* (Hard Money) issuing *short* ("bridge") *loans* to *developers*. (Acquired by Ready Capital). The "Business Lending" sector is living on "fear." RSI_14_Seg shows whether the *entire* sector is "oversold." This helps us understand: is the BRMK acquisition their "niche" or a *general* trend?
RSI 14 for the overall market
Broadmark Realty (BRMK), a hard-money lender for developers. This chart is a stress indicator. In a euphoric mood, developers are actively taking out its expensive loans. In a panic and a frozen real estate market, developers go bankrupt, and BRMK faces massive defaults on its high-risk portfolio.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast BRMK (Broadmark Realty Capital)
Broadmark Realty is a hard money lender (mREIT) that provides short-term loans to homebuilders. This chart shows the average target price. Analyst forecasts are entirely focused on the loan portfolio quality, default rates, and delinquencies (non-accruals) in the current real estate market conditions.
The difference between the consensus estimate and the actual stock price BRMK (Broadmark Realty Capital)
Broadmark (BRMK) is "quick money" for construction. The company (REIT) provides short-term, hard money loans to housing developers. This chart measures the gap between the current price and the consensus target price. It shows how confident experts are in their ability to manage credit risk (defaults) in the real estate market.
Analyst consensus forecast for stock prices by market segment - Business lending
Broadmark (BRMK) is a hard money lender. The REIT provides short-term, high-yield loans to housing developers. This business is a pure bet on the real estate market. This chart shows general expectations for the business lending sector. It reflects whether experts believe in the stability of developers or expect a wave of defaults.
Analysts' consensus forecast for the overall market share price
Broadmark Realty (BRMK) is "quick money" for construction projects. They are a hard money lender that provides short-term, high-yield (and risky) loans to developers. This chart shows economic expectations. It reflects analysts' confidence in the stability of the real estate market, which directly affects BRMK's survival.
AKIMA index of the company, segment and market as a whole
AKiMA Company Index Broadmark Realty Capital
Broadmark is a rich man for developers. It's not a bank; it's a hard money lender: they issue short-term, high-yield (and high-risk) loans to developers (for land purchases and construction), secured by real estate. This chart is a barometer of real estate risk. It reflects their (high) spread and (critically) their (rising) default rate.
AKIMA Market Segment Index - Business lending
Broadmark (BRMK) is a business lender focused on real estate. It's not a bank, but a specialized hard money lender that provides short-term loans to developers secured by real estate. This is a highly profitable niche. This chart compares their composite index to the sector average.
The AKIM Index for the overall market
Broadmark Realty Capital, a mortgage REIT specializing in construction loans, was acquired by Ready Capital. This chart, which reflects the market average, is important for context. It helps assess how this asset, sensitive to the housing market, fared against the overall macroeconomic picture before the merger.