Triple Point Social Housing (SOHO), a real estate investment trust, has announced that it will not be buying back more shares to address its significant discount until it has sold more properties. The board cited current economic conditions and limited capital as reasons for this decision. This comes after a one-month rally for SOHO, which has now come to a halt. Institutional investors are showing interest in private, off-market lending opportunities, but London-listed closed-end debt funds are currently unpopular. Charlotte Yonge of Personal Assets, a multi-asset sector winner at Citywire's awards, believes that equity market valuations need to drop before she increases her record-low stake. [7c0ecd15]
In related news, Acadian Asset Management LLC has sold 231,371 shares of Tri Pointe Homes, Inc. (NYSE:TPH), reducing its position in the company by 54.2% in the 3rd quarter. Acadian Asset Management LLC now owns 195,278 shares of Tri Pointe Homes, worth $5,340,000. Other hedge funds have also bought and sold shares of the company. Tri Pointe Homes reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.24. The company's revenue for the quarter was $1.24 billion, compared to analysts' expectations of $1.20 billion. Tri Pointe Homes has a market capitalization of $3.45 billion and a P/E ratio of 10.32. The stock is currently trading at $35.59 on the NYSE. [93cd29f1]
Meanwhile, Pretium, the US housing giant led by former Goldman Sachs Group Inc partner Don Mullen, is selling a minority stake in the firm to Hunter Point Capital as it seeks financial muscle for new initiatives. Pretium has emerged as the largest single-family landlord in the US, with a portfolio of 100,000 rental homes and $50 billion in assets under management. The new capital from Hunter Point will help Pretium expand existing businesses and take advantage of consolidation in the asset-management industry. Pretium has grown through acquisitions, including deals for mortgage servicer Selene Finance and single-family landlord Front Yard Residential. Last year, Pretium sold a stake in itself to American Equity Investment Life Insurance Co. [3bd44664]
Andrew Carnie, the CEO of Soho House, rejects claims that the private members' club chain has lost its exclusivity and is facing an existential crisis. Soho House is working on reclaiming its reputation for exclusivity with the opening of its new venue, Soho Mews House in Mayfair. The new outpost will target an older crowd of longstanding members. Carnie dismisses the criticism from GlassHouse Research, which claimed that Soho House had a broken business model and terrible accounting. Soho House's latest earnings report shows a decrease in losses and an increase in turnover and membership. Carnie acknowledges the need to improve service and address the rapid expansion that has affected the Soho House experience. The company plans to slow down its expansion and focus on improving service and member satisfaction. Despite the challenges, Carnie remains optimistic about the business and its ability to generate cash flow and reduce debt. Soho House has not ruled out the possibility of going private in the future. [2992d739]