Benefit Street Partners Realty Trust completed the merger with Capstead Mortgage in a $2bn deal.

Benefit Street Partners Realty Trust, a non-listed REIT backed by Benefit Street Partners, a credit-focused alternative asset management firm, completed the merger with Capstead Mortgage, a REIT, in a $2bn deal. BSP manages the combined company. “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 with a large-scale, diverse portfolio that has delivered strong growth and attractive returns over the long term. Coupled with BSP’s strong deal sourcing and underwriting capabilities supported by Franklin Templeton’s world class sponsorship, the new Franklin BSP Realty Trust will be poised to benefit from the large and compelling commercial real estate lending market opportunity resulting from a significant volume of upcoming commercial real estate debt maturities," Richard J. Byrne, BSPRT President and CEO. On 15 October, 2021; Capstead Mortgage stockholders approve the $2bn merger with Benefit Street Partners Realty Trust.