Benefit Street Partners Realty Trust Suspends Distribution Reinvestment Plan
Benefit Street Partners Realty Trust Inc., a publicly registered non-traded real estate investment trust, has suspended its distribution reinvestment and stock purchase plan, effective immediately.
Benefit Street Partners Realty Trust Inc., a publicly registered non-traded real estate investment trust, has suspended its distribution reinvestment and stock purchase plan, effective immediately. The company indicated the suspension is temporary.
The company said that until it reactivates the DRIP, shareholders will receive any distributions in cash, including March 2020 distributions that are paid in April 2020. No reason was given for the suspension in a filing with Securities and Exchange Commission, but other non-traded REITs recently 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.
