Book ValueGAAP book value decreased 3.5% to $11.40 per share due primarily to the Starwood Capital warrants being exercised, which decreased book value by $0.39 per share.
Financial PerformanceBook value declined 3.5% to $11.40, mostly related to the exercise of warrants from a 2020 preferred equity offering.
Market RisksMaintaining a cautious view on CRE generally and with shares re-rating higher, risks are seen as skewed to the downside.