The board of Benefit Street Partners Realty Trust, a publicly registered non-traded real estate investment trust, has “temporarily” suspended the company’s distribution reinvestment and stock purchase plan (DRIP), according to a filing with the Securities and Exchange Commission. No reason was provided by the company in the filing.
According to the company, DRIP participants, along with all other holders of the company’s equity securities, will receive their second quarter 2021 dividends in cash in July 2021. The REIT plans to reactivate the DRIP for the third quarter 2021 dividend, the filing stated.
In April 2020, the board unanimously approved a transition in the timing of the dividend payments from a monthly payment with daily accruals, to a quarterly payment and accrual basis. The previous quarterly payment was $0.275 per share, equivalent to $1.10 per year.
Benefit Street Partners Realty Trust’s most recent net asset value per share was $17.88, as of September 30, 2020. Shares were originally priced at $25.00 each.
Benefit Street Partners Realty Trust originates, acquires and manages a 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 first quarter of 2021, had total assets of approximately $3.6 billion. The company had 44.1 million shares outstanding as of March 31, 2021.
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.