Home News Franklin BSP Realty Trust and Capstead Complete Merger

Franklin BSP Realty Trust and Capstead Complete Merger

Franklin BSP Realty Trust Inc., a former non-traded real estate investment trust known as Benefit Street Partners Realty Trust, has completed its merger with Capstead Mortgage Corporation.

Franklin BSP Realty Trust Inc., a former non-traded real estate investment trust known as Benefit Street Partners Realty Trust, has completed its merger with Capstead Mortgage Corporation, a publicly traded REIT that previously traded on the New York Stock Exchange under the ticker symbol “CMO.”

At the open of trading on October 19th, the combined company began trading on the NYSE under the ticker symbol “FBRT.” On Thursday, shares closed at $16.85, down 0.18 percent from the previous close.

The company said that common stock repurchase programs totaling $100 million will be available to support the combined company’s common stock trading level beginning approximately four weeks following the closing of the merger.

“We are excited and look forward to the many opportunities that lay ahead as the fourth largest publicly-traded commercial mortgage REIT,” said Richard J. Byrne, president and chief executive officer. “Given our scale, focus on middle-market commercial real estate mortgages and our differentiated investment platform, we are well positioned to deliver attractive returns over the long-term.”

The board has authorized a new $65 million share repurchase program. This program will be operative following the conclusion of the $35 million share repurchase program Benefit Street Partners agreed to implement in connection with the merger.

Franklin BSP Realty Trust is a real estate investment trust that originates, acquires and manages a portfolio of commercial real estate debt secured by properties located in the United States. As of September 30, 2021, the company had more than $3 billion of assets. Formerly known as Realty Finance Trust and managed by AR Global, Benefit Street took over as the company’s new advisor in late September 2016.

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