Capstead Mortgage Corporation
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- Business
- Capstead Mortgage Corporation, formed in 1985 and headquartered in Dallas, Texas, operates as a self-managed real estate investment trust that earns income primarily from investing in a leveraged portfolio of residential adjustable-rate mortgage pass-through securities issued and guaranteed by government-sponsored enterprises such as Fannie Mae, Freddie Mac, or Ginnie Mae; these Agency Securities, which carry limited credit risk, consist mainly of adjustable-rate mortgages that reset periodically based on indices like one-year LIBOR, Constant Maturity Treasury rates, or the Eleventh District Cost of Funds Index, with classifications by months-to-roll including current-reset ARMs under 18 months and longer-to-reset ARMs of 18 months or more; the company focuses on residential mortgage-backed securities collateralized by ARM loans featuring annual, semiannual, or monthly adjustments subject to periodic and lifetime caps. Capstead conducts its operations across the United States, targeting income generation through financing spreads on these investments while mitigating interest rate and prepayment risks inherent to mortgage REITs. In October 2021, Capstead completed a merger with Franklin BSP Realty Trust, Inc. (NYSE: FBRT), pursuant to which Capstead's common stock was converted into FBRT common stock, cash consideration, and preferred stock exchanges, resulting in Capstead ceasing to trade independently on the NYSE under ticker CMO and integrating into FBRT as part of a larger commercial mortgage REIT platform externally managed by Benefit Street Partners L.L.C., a Franklin Templeton subsidiary; this transaction positioned the combined entity as the fourth-largest publicly traded commercial mortgage REIT with enhanced scale, deal sourcing, and a focus on middle-market commercial real estate debt, supported by $100 million in common stock repurchase programs.
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Franklin BSP Realty Trust, Inc. and Capstead Mortgage Corporation Announce Completion of Merger
Franklin BSP Realty Trust, Inc. and Capstead Mortgage Corporation Announce Completion of Merger
Capstead Mortgage Corporation Stockholders Approve Merger with Franklin BSP Realty Trust, Inc.
Capstead Mortgage Corporation Stockholders Approve Merger with Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. and Capstead Mortgage Corporation Announce Final Exchange Ratio for Proposed Merger
Franklin BSP Realty Trust, Inc. and Capstead Mortgage Corporation Announce Final Exchange Ratio for Proposed Merger
Franklin BSP Realty Trust, Inc. and Capstead Mortgage Corporation Announce Final Exchange Ratio for Proposed Merger
Franklin BSP Realty Trust, Inc. and Capstead Mortgage Corporation Announce Final Exchange Ratio for Proposed Merger
Capstead Mortgage Corporation Declares Interim Common Dividend of $0.014 Per Share
Capstead Mortgage Corporation Declares Interim Common Dividend of $0.014 Per Share
Benefit Street Partners Realty Trust Declares Third Quarter 2021 Common Dividend of $0.355 Per Share
Capstead Mortgage Corporation Declares Third Quarter 2021 Common Dividend of $0.0725 Per Share and Series E Preferred Dividend of $0.46875 Per Share
Capstead Mortgage Corporation Declares Third Quarter 2021 Common Dividend of $0.0725 Per Share and Series E Preferred Dividend of $0.46875 Per Share