NEW YORK, April 26, 2013 /PRNewswire/ -- Capital
Trust, Inc. (NYSE: CT) (the "Company") today announced that its
board of directors has approved a reverse stock split of the
Company's class A common stock at a ratio of 1-for-10. In
addition, the Company announced that it expects to change its name
to Blackstone Mortgage Trust, Inc. and its stock ticker symbol to
"BXMT" concurrently with the consummation of the reverse stock
split. The reverse stock split and name and ticker symbol
changes are expected to take effect at about 5:01 p.m. (EDT) on May 6,
2013 (the "Effective Time").
Accordingly, at the Effective Time, every 10 shares of issued
and outstanding class A common stock will be converted into 1 share
of class A common stock. In addition, at the market open on
May 7, 2013, the class A common stock
is expected to trade under the symbol "BXMT" and will be assigned a
new CUSIP number: 09257W 100.
As a result of the reverse stock split, the number of
outstanding shares of class A common stock will be reduced to
approximately 2,926,651. The number of authorized shares and the
par value per share will remain unchanged. No fractional shares
will be issued in connection with the reverse stock split.
Following the completion of the reverse stock split, the
Company's transfer agent will aggregate all fractional shares that
otherwise would have been issued as a result of the reverse stock
split, and each of the stockholders holding fractional shares will
be entitled to receive, in lieu of such fractional shares, cash in
an amount equal to such stockholder's pro rata percentage of the
proceeds of the sale in one or more open market transactions of the
aggregate of all such fractional shares. The reverse stock
split will apply to all of the Company's outstanding class A common
stock and therefore will not affect any stockholder's relative
ownership percentage. The Company's stockholders will be receiving
information from American Stock Transfer and Trust Company, LLC,
the Company's transfer agent, regarding the mechanics of exchanging
their share certificates and receiving cash in lieu of fractional
shares.
About Capital Trust
Capital Trust, Inc. (NYSE: CT) is
a real estate finance company that focuses primarily on loans and
securities backed by commercial real estate assets. The Company is
externally managed by BREDS/CT Advisor L.L.C., a subsidiary of The
Blackstone Group L.P. ("Blackstone") and is a real estate
investment trust traded on the NYSE under the symbol "CT." Capital
Trust Inc. is headquartered in New York
City. Further information is available at
www.capitaltrust.com.
About Blackstone
Blackstone (NYSE:BX) is one of the
world's leading investment and advisory firms. Blackstone seeks to
create positive economic impact and long-term value for its
investors, the companies it invests in, the companies it advises
and the broader global economy. Blackstone does this through the
commitment of its extraordinary people and flexible capital.
Blackstone's alternative asset management businesses include the
management of private equity funds, real estate funds, hedge fund
solutions, credit-focused funds and closed-end funds. Blackstone
also provides various financial advisory services, including
financial and strategic advisory, restructuring and reorganization
advisory and fund placement services. Further information is
available at www.Blackstone.com. Follow Blackstone on Twitter
@Blackstone.
Forward-looking Statements
This press release
contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements relating to future financial results and business
prospects. The forward-looking statements contained in this press
release are subject to certain risks and uncertainties including,
but not limited to, the risks indicated from time to time in
Capital Trust's Form 10-K and Form 10-Q filings with the Securities
and Exchange Commission. Capital Trust assumes no obligation to
update or supplement forward-looking statements that become untrue
because of subsequent events or circumstances.
SOURCE Capital Trust, Inc.