Capital Trust Inc., a real estate investment trust which focuses on commercial real estate loans and securities, will be changing its name to Blackstone Mortgage Trust Inc. on May 6. At the same time, it will conduct a reverse stock split of its Class A common stock at the ratio of 10 current shares for 1 new one.
The reverse split will reduce the number of outstanding class A shares to over 2.9 million. No fractional shares are being issued because of the reverse split. Those shareholders will receive cash for the fractional shares owned.
Capital Trust announced the reverse split after the market closed on Friday. After initially rising $0.02 from its Friday close, its stock price was down 1.6% ($0.04 per share) at noon on Monday. Trading in this stock through noon time had already topped its three-month daily average volume.
Capital Trust is externally managed by BREDS/CT Advisor LLC, a subsidiary of The Blackstone Group.