REITs

Real estate finished November as the second best performing group in the S&P 500 Index adding 12%, trailing slightly behind tech's 13% gain. The momentum was fueled by bets the central bank may begin cutting rates as early as next year.

As part of its breakup fee, the Old Greenwich, Connecticut REIT will come away with an over 6% interest in its New York counterpart.

However, much of the damage could already be priced into the stocks after this latest selloff, analysts said.

They have a range of positions in the mortgage market; and some investors believe they could be bought at a discount now, potentially gaining value later when interest rate stability returns.

The move follows two consecutive quarterly losses for the REIT and comes just days after its sister non-QM lending business laid off 20% of its staff.

The mortgage REIT announced its name change in conjunction with the internalization of management activities.

The deal gives Blackstone a portfolio of 42 garden-style apartment communities totaling more than 12,600 units in 13 states, including Texas, Arizona, Florida, Colorado and Georgia.

Blackstone Inc. has agreed to acquire Bluerock Residential Growth REIT Inc. in a deal valued at $3.6 billion, extending its push into U.S. rental housing.

The real estate investment trust has been buying residential business-purpose loans from the company since 2017.

The former No. 2 at Countrywide had been battling brain cancer prior to passing away from the coronavirus.