Franklin BSP Realty Trust, Inc. Announces Conversion of Series F Convertible Preferred Stock to Common Stock

Rhea-AI Summary

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) announced the conversion of all outstanding shares of its Series F Convertible Preferred Stock into common stock on April 19, 2022. This conversion resulted in the issuance of 83,690,662 shares of common stock, all of which are now freely tradeable on the New York Stock Exchange. Following this event, there are no remaining Series F Preferred Stock shares. As of December 31, 2021, FBRT managed over $9 billion in assets, focusing on a diversified portfolio of commercial real estate debt in the United States.

Positive

• All shares of Series F Convertible Preferred Stock converted into common stock, enhancing liquidity.
• The total shares of common stock now stand at 83,690,662, broadening market participation.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced that all of the outstanding shares of the Company’s Series F Convertible Preferred Stock converted on a one-for-one basis into an equal amount of shares of the Company’s common stock on April 19, 2022. Following such conversion, there were 83,690,662 shares of the Company’s common stock outstanding. All shares of common stock issued upon conversion are freely tradeable by the holders on the New York Stock Exchange. There are no shares of Series F Preferred Stock outstanding following the conversion.

About Franklin BSP Realty Trust, Inc.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of December 31, 2021, FBRT had over $9 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.fbrtreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220420005261/en/

Investor Relations Contact:

Lindsey Crabbe

l.crabbe@benefitstreetpartners.com

(214) 874-2339

Source: Franklin BSP Realty Trust, Inc.

FAQ

When did FBRT convert its Series F Convertible Preferred Stock?

FBRT converted its Series F Convertible Preferred Stock into common stock on April 19, 2022.

What is the current number of outstanding common shares for FBRT?

Following the conversion, FBRT has 83,690,662 shares of common stock outstanding.

Are the shares issued upon conversion freely tradeable?

Yes, all common stock shares issued upon conversion are freely tradeable on the New York Stock Exchange.

What was FBRT’s asset value as of December 31, 2021?

As of December 31, 2021, FBRT managed over $9 billion in assets.