STARWOOD PROPERTY TRUST WKN: A0N9JF ISIN: US85571B1052 Kürzel: STWD Forum: Aktien Thema: Hauptdiskussion

Shadow Bank Run: Barry Sternlicht says investors shouldn't think of Starwood REIT's property fund 'as an ATM. "The risk is everyone gets out at once" https://www.morningstar.com/news/marketwatch/20240605347/barry-sternlicht-says-investors-shouldnt-think-of-starwood-reits-property-fund-as-an-atm

Sternlicht Says Tightening Starwood REIT Redemption Limits Was ‘Tough’: Billionaire Barry Sternlicht said it was “a very tough decision” to further limit withdrawals from Starwood Real Estate Income Trust, the $10 billion fund that found itself stuck between investors' desire to redeem shares and a distaste for selling at a discount. https://www.bloomberg.com/news/articles/2024-06-05/sternlicht-says-tightening-sreit-s-redemption-limits-was-tough

Starwood May Be Just The Start: Experts See Problems Under The Hood For Huge CRE Funds https://www.bisnow.com/national/news/capital-markets/starwood-may-be-just-the-start-experts-see-problems-under-the-hood-for-huge-cre-funds-124519

Blackstone’s $59 Billion Property Trust Hit by Starwood Fallout: Repurchase requests by investors in Blackstone Real Estate Income Trust ticked up in May, according to a shareholder letter Monday, after rival Starwood Real Estate Income Trust tightened limits. Starwood’s decision further chilled investor sentiment about a real estate sector hammered by rising rates. https://finance.yahoo.com/news/blackstone-59-billion-property-trust-135028569.html

US large bank CRE risks could be understated: Community banks have the most direct exposure, but systemic banks extend more credit to REITs https://www.risk.net/risk-management/7959468/us-large-bank-cre-risks-could-be-understated-say-researchers

SREIT's woes show retail investors are still wary of real estate https://www.perenews.com/sreits-woes-show-retail-investors-are-still-wary-of-real-estate/

https://www.perenews.com/starwood-private-reit-gating-will-lead-others-to-consider-it/

Bondholders Beware: Anchor Office Tenants Aren’t Safe! AAA bondholders of a well-known Manhattan office building faced devastating losses as Blackstone’s fire sale led to a bond devaluation. https://www.credaily.com/newsletters/bondholders-beware-anchor-office-tenants-arent-safe/

On Wednesday, the latest FOMC minutes showed a "deterioration in conditions in domestic CRE markets or a sharp tightening in financial conditions." Recent data from Moody's Ratings showed the share of delinquent office packaged into CMBS topped 6.4% in April, the highest level since June 2018. https://www.zerohedge.com/markets/first-time-gfc-buyers-aaa-debt-backed-cre-hit-losses

Starwood’s trust has continued to face outflow pressure. In April, shareholders requested $518 million in redemptions. The fund paid out just about $192 million. SREIT had $752 million in liquidity at the end of April, including $275 million in an undrawn credit line, according to the shareholder letter. With liquidity worsening, executives had to choose between selling assets, increasing borrowings or limiting redemptions. https://www.starwoodnav.reit/wp-content/uploads/Letter-to-SREIT-Stockholders-May-23-2024-2.pdf

Verluste in "AAA"-Tranche erstmals seit 2008. Da wird auch klar, weshalb SREIT jetzt ganz schnell den Ausgang dicht macht. Blackstone hatte es ja noch mit einem Rabatt von 50% auf den NYC Bürokredit versucht. Nun sind die AAA-Inhaber von 1740 Broadway CMBS mit erstem Teilausfall konfrontiert und die nachrangigen Gläubiger verlieren alles. https://www.institutional-money.com/news/maerkte/headline/cmbs-kaeufer-erleiden-verluste-in-aaa-tranche-erstmals-seit-2008-232974

Da bricht ein Sturm los. Jetzt crashen bereits wieder die AAAs in den USA. https://www.youtube.com/watch?v=M3amm983e-A

Facing Possible Cash Crunch, Giant Real Estate Fund Limits Withdrawals: Starwood Real Estate Income Trust is restricting what investors can redeem https://www.nytimes.com/2024/05/23/business/starwood-reit-limits-withdrawals.html

Volatility laundering in REITs https://www.accreditedinsight.com/p/non-traded-reits-dampening-volatility

Das war ja klar. Bald kommt man dann wohl garnicht mehr raus? Starwood’s $10 Billion REIT Turns to Survival Mode as Real Estate Pain Lingers. New restrictions are expected to last six months to a year. https://www.bloomberg.com/news/articles/2024-05-23/starwood-reit-sets-drastic-redemption-limits-on-liquidity-crunch

Starwood's woes betray the frailties of private capital vehicles. If you can’t get your money out, you better be sure your fund manager knows what they are doing. https://www.ft.com/content/0368b541-d5ea-4043-91bd-13059d8e194a