15 unchanged sentences
Our common stock began trading on the NYSE under the symbol “FBRT” as of October 19, 2021.
−Removed: The following graph is a comparison of the cumulative total stockholder return on shares of our common stock, the Standard & Poor's 1500 (the "S&P 1500"), and the Bloomberg REIT Mortgage Index (the "Bloomberg Mortgage Index"), a published industry index, from October 19, 2021 to December 31, 2022.
−Removed: The graph assumes that $100 was invested on October 19, 2021 in our common stock, the S&P 1500 and the Bloomberg Mortgage Index and that all dividends were reinvested without the payment of any commissions.
+Added: The following graph is a comparison of the cumulative total stockholder return on shares of our common stock, the Standard & Poor's 1500 (the "S&P 1500"), and the FTSE NAREIT Mortgage REITS Index (the "FTSE Mortgage REIT Index"), a published industry index, from October 19, 2021 to December 31, 2023.
+Added: In prior years, the Company compared its stockholder return to the Bloomberg REIT Mortgage Index (the "Bloomberg Mortgage Index"), a published industry index , but has decided to discontinue the use of the Bloomberg Mortgage Index as a comparison tool as Bloomberg has announced that the Bloomberg Mortgage Index should no longer be used for financial benchmarking purposes.
+Added: The FTSE Mortgage REIT Index is comprised of companies that are similar to us in size with large market capitalizations and is historically comparable to the Bloomberg Mortgage Index.
+Added: The graph assumes that $100 was invested on October 19, 2021 in our common stock, the S&P 1500 and the FTSE Mortgage REIT Index and that all dividends were reinvested without the payment of any commissions.
+Added: The graph also includes a comparison against the Bloomberg Mortgage Index for reference.
There can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below.
2 unchanged sentences
FBRT $ 100.00 $ 89.91 $ 85.93 $ 100.10
−Removed: Bloomberg Mortgage Index $ 100.00 $ 94.80 $ 71.69
+Added: FTSE Mortgage REIT Index $ 100.00 $ 94.70 $ 69.74 $ 80.34
S&P 1500 $ 100.00 $ 105.52 $ 85.11 $ 108.79
+Added: Bloomberg Mortgage Index $ 100.00 $ 94.80 $ 71.69 $ 82.07
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: In connection with our merger with Capstead, our Advisor committed to a $35 million open market share purchase program.
−Removed: As of July 8, 2022, the Advisor had purchased its entire $35 million commitment under the program.
−Removed: In addition, the Company’s board of directors authorized a $65 million share repurchase program that became operative following the conclusion of the Advisor's purchase program.
−Removed: The Company’s share repurchase program authorizes share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP.
+Added: The Company’s board of directors has authorized a $65 million share repurchase program that permits share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP.
Purchases made under the Company’s program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements.
1 unchanged sentence
The Company's share repurchase program does not obligate the Company to acquire any particular amount of common stock.
−Removed: The Company’s share repurchase program will remain open until at least December 31, 2023 or until the capital committed to the applicable repurchase program has been exhausted, whichever is sooner.
−Removed: Repurchases under the Company’s share repurchase program may be suspended from time to time at the Company’s discretion without prior notice.
−Removed: The following table sets forth purchases of the Company's common stock under the Company's share repurchase program for the year ended December 31, 2022:
+Added: The Company’s share repurchase program has been extended until at least December 31, 2024, or until the capital committed to the repurchase program has been exhausted, whichever is sooner.
+Added: Repurchases under the share repurchase program may be suspended from time to time at the Company’s discretion without prior notice.
+Added: The following table sets forth purchases of the Company's common stock under the share repurchase program for the three months ended December 31, 2023 (in thousands, except share and per share amounts):
Total number of shares purchased Average price paid per share (1)
6 unchanged sentences
_______________________
−Removed: (1) The average price paid per share represents the average of the gross purchase price per share, inclusive of any broker’s fees or commissions.
+Added: (1) The average price paid per share represents the average purchase price per share, inclusive of any broker’s fees or commissions.
(2) All of the purchases listed in the table above were made in the open market under the Company's share purchase program announced on July 26, 2021, including under a Rule 10b5-1 plan adopted by the Company.
−Removed: As of March 1, 2023, $48.4 million remains available under the Company’s share repurchase program.
+Added: Subsequent to December 31, 2023, the Company repurchased 56,323 shares of common stock at a weighted average cost of $12.52 per share.
+Added: As of February 7, 2024, $35.2 million remains available under the Company’s share repurchase program.
The information required by Item 5 with respect to securities authorized for issuance under equity compensation plans is incorporated herein by reference to Part III, Item 12 of this Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.