Benefit Street Partners Realty Trust Changes Timing of Dividend Payments
Benefit Street Partners Realty Trust Inc., a publicly registered non-traded real estate investment trust, has changed the timing of its dividend payments to holders of its common stock, Series A convertible preferred stock, and Series C convertible preferred stock.
Benefit Street Partners Realty Trust Inc., a publicly registered non-traded real estate investment trust, has changed the timing of its dividend payments to holders of its common stock, Series A convertible preferred stock, and Series C convertible preferred stock from a monthly to a quarterly basis, effective immediately.
The company expects to announce in the latter part of June 2020 the amount of any dividends that will be paid to holders of its common and preferred stock for the quarterly period ended June 30, 2020. The company’s preferred stock will continue to accrue dividends on a monthly basis.
Last month, the REIT suspended its distribution reinvestment and stock purchase plan, indicating that the suspension will be temporary. Although no reason was given for the suspension in a filing with Securities and Exchange Commission, other non-traded REITs have enacted similar suspensions due to the impact of the novel coronavirus.
Benefit Street Partners Realty Trust primarily originates, acquires and manages a diversified portfolio of commercial real estate debt investments secured by properties located within and outside the United States. The company commenced operations in May 2013, and as of the fourth quarter of 2019, the company had approximately $3.5 billion of assets under management. Formerly known as Realty Finance Trust and managed by AR Global, Benefit Street took over as the company’s new advisor at the end of September 2016. The advisor is a wholly-owned subsidiary of Franklin Resources Inc.
