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Merger of Benefit Street, Capstead Will Create Fourth-Largest Commercial Mortgage REIT

Benefit Street Partners Realty Trust (BSPRT), a publicly-registered, non-listed REIT based in New York, and Dallas-based Capstead Mortgage Corporation have agreed to merge. The combined company, to be known as Franklin BSP Realty Trust, will become the fourth largest commercial mortgage REIT with nearly $2 billion of pro forma equity.

Post close, the capital base of Capstead, a residential mortgage REIT, will be transitioned into commercial mortgage loans, where BSPRT is focused. BSPRT’s external manager, a wholly-owned subsidiary of Franklin Resources, Inc., will manage the combined company.

Richard J. Byrne, BSPRT’s president and CEO, said, “With the combined capital of BSPRT and Capstead, we are well positioned to capture opportunities ahead of us and create superior value for our stockholders. We believe our differentiated investment strategy, marked by a focus on middle market commercial real estate mortgages, provides us a significant competitive advantage.”


Inside The Story

Benefit Street Partners

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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