Book ValueGAAP book value decreased 3.5% to $11.40 per share, primarily due to the Starwood Capital warrants being exercised.
Market RisksMaintaining a cautious view on commercial real estate, with shares re-rating higher, risks are seen as skewed to the downside.
Warrants ExerciseBook value declined 3.5% to $11.40, mainly related to the exercise of warrants from a 2020 preferred equity offering.