M&A · Financials · Real Estate Investment Trusts
Benefit Street Partners Realty Trust, Inc. to acquire Capstead Mortgage Corp
Announced Jul 26, 2021 · Closed Oct 19, 2021
Deal value$707M
Premium20.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$7.30 per share
Transaction
- Acquirer
- Benefit Street Partners Realty Trust, Inc. (FBRT)
- Target
- Capstead Mortgage Corp (CMO)
- Buyer type
- Strategic
- Offer price per share
- $7.30
- Enterprise value
- —
- Status
- Closed Oct 19, 2021
Deal protections
- Break fee (target pays)
- $26.7M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Houlihan Lokey, Barclays
- To the target
- Credit Suisse
- Credit Suisse fee
- $12.0M
Sector context · Financials
- Comparable deals
- 45 in the prior 24 months
- Premium
- 20.0% vs. 42.0% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.8% vs. 3.7% sector median
Timeline
- AnnouncedJul 26, 2021
- Proxy filedSep 7, 2021
- Definitive proxySep 7, 2021
- Shareholder voteOct 15, 2021
- ClosedOct 19, 2021
Valuation · fairness opinions
52-week trading range$5.06$6.88
Analyst price targets$6.50$7.00
Offer $7.30
Implied value per Capstead Mortgage Corp share by analysis, from Credit Suisse.