Sternlicht's Starwood Property drops on stock offering unveil

Starwood Property Trust (Maryland)

03/09/2024 21:30

** Shares of Starwood Property Trust Inc  STWD.N , led by
billionaire Barry Sternlicht, down 3.3% at $19.87 in extended
trading as co seeks equity raise
    ** Commercial mortgage REIT announces 17.5 mln share
offering
    ** Co to use net proceeds to originate and purchase
additional commercial mortgage loans, other target assets and
investments, and other purposes including debt repayment
    ** Citigroup, Goldman Sachs and Morgan Stanley jt
bookrunners
    ** STWD shares on Tues closed down 1.4% at $20.55, off 2.2%
YTD
    ** With ~316.7 mln shares outstanding, co has ~$6.5 bln
market cap
    

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))