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Franklin BSP Realty Trust (FBRT) has successfully completed its merger with Capstead Mortgage Corporation (CMO), following the Merger Agreement dated July 25, 2021. As of October 19, 2021, Capstead's shares have been converted into FBRT common stock and cash. Former Capstead directors have joined FBRT's Board, enhancing governance. The combined entity aims to leverage its position as a leading commercial mortgage REIT with a compelling $100 million share repurchase program to support stock value. The transaction positions FBRT for long-term growth in the real estate debt market.
Franklin BSP Realty Trust (FBRT) and Capstead Mortgage Corporation (CMO) completed their merger as of October 18, 2021. Under the terms of the merger, CMO shareholders received 0.3288 shares of FBRT and cash totaling $0.94 per share. CMO ceased trading on NYSE following the merger, with FBRT now being the publicly traded entity. The combined company aims to leverage its scale for long-term growth and returns, with a $100 million share repurchase program set to begin shortly. Additionally, three former CMO directors joined FBRT's Board.
Capstead Mortgage Corporation (NYSE: CMO) announced that its stockholders approved a merger with Rodeo Sub I, LLC, a subsidiary of Franklin BSP Realty Trust, Inc. The merger, expected to close on October 19, 2021, will convert each share of Capstead Common Stock into 0.3288 shares of FBRT Common Stock and cash totaling $0.94 per share. Following the merger, Capstead stock will be delisted from the NYSE, while FBRT shares will begin trading. Approximately 74.19% of stockholders voted, with 98.12% in favor of the proposal.
Franklin BSP Realty Trust, Inc. and Capstead Mortgage Corporation have announced the final exchange ratio and cash consideration for their proposed merger, expected to close on October 19, 2021. Each share of Capstead Common Stock will convert into 0.3288 shares of FBRT Common Stock and receive $0.94 per share in cash from both FBRT and its external manager, Benefit Street Partners. Post-merger, FBRT shares will trade under the ticker symbol 'FBRT' on the NYSE. The merger remains subject to approval by Capstead's stockholders at a special meeting on October 15, 2021.
Franklin BSP Realty Trust and Capstead Mortgage Corporation have announced the final exchange ratio and cash consideration for their proposed merger. If completed on
Capstead Mortgage Corporation (CMO) has declared an interim dividend of $0.014 per common share, payable on October 18, 2021, to stockholders of record as of October 13, 2021. This dividend is part of the previously announced Merger Agreement with Benefit Street Partners Realty Trust (BSPRT). The interim payment reflects a partial payment of the current quarter's dividend prior to the expected closing date of the merger on October 19, 2021.
Benefit Street Partners Realty Trust has announced a third quarter 2021 common dividend of $0.355 per share, payable on October 1, 2021. This dividend benefits stockholders of record as of September 30, 2021. Additionally, the company is in the process of a merger with Capstead Mortgage Corporation, under an agreement dated July 25, 2021. The SEC has declared the registration statement effective as of September 3, 2021. Both companies encourage stockholders to review the relevant documents thoroughly for significant details regarding the merger.
Capstead Mortgage Corporation (CMO) has declared a third quarter 2021 common dividend of $0.0725 per share, payable on October 15, 2021, to stockholders recorded by September 30, 2021. In addition, a dividend of $0.46875 per share on its 7.50% Series E Cumulative Redeemable Preferred Stock (CMOPRE) has also been announced, with the same payment date and record date. The company is in the process of a merger with Benefit Street Partners Realty Trust, Inc., with relevant SEC filings made and available for stockholders to review.
Capstead Mortgage Corporation (CMO) reported second quarter 2021 results, achieving GAAP net income of $15.5 million ($0.11 per share) and core earnings of $13.8 million ($0.09 per share). The book value per share decreased to $6.35, driven by portfolio declines and dividends exceeding income. The company's ARM portfolio stands at $7.4 billion, while leverage increased to 7.01 times long-term capital. A merger with Benefit Street Partners Realty Trust was announced, offering a 15.75% cash premium to CMO's adjusted book value. The merger is expected to close in Q4 2021.
Benefit Street Partners Realty Trust and Capstead Mortgage Corporation have announced a merger agreement. Capstead stockholders will receive a cash payment reflecting a 15.75% premium to their diluted book value per share and shares of BSPRT common stock. The total value per share is estimated at $7.30, a 20% premium over Capstead's last sale price on July 23, 2021. The combined entity, named Franklin BSP Realty Trust, will be the fourth largest commercial mortgage REIT, managing nearly $2 billion and focusing on commercial mortgage loans to enhance returns and reduce volatility.
