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Franklin BSP Realty Trust, Inc. 7.50% Series E Cumulative Preferred Stock
Ticker Symbol: FBRT-E CUSIP: 14067E605 Exchange: NYSE
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Franklin BSP Realty Trust, Inc. 7.50% Series E Cumulative Redeemable Preferred Stock formerly Capstead Mortgage Corp., 7.50% Series E Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 5/13/2018 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.50% per annum ($1.875 per annum or $0.46875 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the last day of the month prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (FBRT)
Notes: Oct 19, 2021 -- Franklin BSP Realty Trust, Inc. (f/k/a Benefit Street Partners Realty Trust, Inc.) (“FBRT” or the “Company”) and Capstead Mortgage Corporation (NYSE: CMO) (“Capstead”) today announced the completion of their previously announced merger pursuant to the terms of the Agreement and Plan of Merger, dated as of July 25, 2021, as amended by the First Amendment to Agreement and Plan of Merger, dated as of September 22, 2021. Each outstanding share of Capstead’s 7.50% Series E Cumulative Redeemable Preferred Stock was converted into the right to receive one newly-issued share of FBRT’s 7.50% Series E Cumulative Redeemable Preferred Stock (the “FBRT Series E Preferred Stock”). At the open of trading on October 19, 2021, the FBRT Series E Preferred Stock will trade on the NYSE under the ticker symbol “FBRT PRE”.
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IPO - 5/8/2013 - 6.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: CMO-E Changed: 10/19/2021
Previous Name: Capstead Mortgage Corp., 7.50% Series E Cumulative Redeemable Preferred Stock Changed: 10/19/2021
Market Value $150.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1345 Avenue of the Americas, Suite 32A, New York, NY 10105 |
| Main Phone Number |
212-588-6770 |
| Fax Number |
Not Available |
| Investor Relations
Lindsey Crabbe
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214-874-2339
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| CEO - Thomas Gahan |
CFO - Jerome S. Baglien |
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