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Monday, November 9, 2026

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@MultiplesCap

Multiples Capital on X

A contrarian pick, for AI-like return in real estate. $STWD (Starwood Property Trust) has an asymmetric setup for a possible ~50% total return over the next 12 months If Treasury yields peaks and then declines back within the next year, then a combination of the current 13.3% div yield + rerating back to above its undepreciated book value ($19/share) results in close to 50% return for this best of breed lender. True Multi-Cylinder Engine: Unlike pure-play lenders exposed to a single-sector, $STWD operates across commercial lending, infrastructure, and owned real estate. Built-in Counter-Cyclical Hedge: Its Special Servicing and Investing arm actually benefits when market volatility rises, collecting servicing fees that insulate cash flows when traditional credit tightens. Office Risk Is Overblown: U.S. office makes up less than 8% of its total asset base, with the balance anchored in residential, industrial, and essential infrastructure. Unmatched Dividend Track Record: Management has maintained its quarterly dividend for over 17 yrs without a single cut through multiple rate cycles. Collecting a 13.3% cash yield while waiting for a yield-driven rerating could deliver an equity-like upside with institutional downside protection.
@MultiplesCap 1 click

Multiples Capital on X

A contrarian pick, for AI-like return in real estate. $STWD (Starwood Property Trust) has an asymmetric setup for a possible ~50% total return over the next 12 months If Treasury yields peaks and then declines back with the next year, then a combination of its current 13.3% div yield + rerating back to above its undepreciated book value ($19/share) results in close to 50% return for this best of breed lender. True Multi-Cylinder Engine: Unlike pure-play lenders exposed to a single-sector, $STWD operates across commercial lending, infrastructure, and owned real estate. Built-in Counter-Cyclical Hedge: Its Special Servicing and Investing arm actually benefits when market volatility rises, collecting servicing fees that insulate cash flows when traditional credit tightens. Office Risk Is Overblown: U.S. office makes up less than 8% of its total asset base, with the balance anchored in residential, industrial, and essential infrastructure. Unmatched Dividend Track Record: Management has maintained its quarterly dividend for over 17 yrs without a single cut through multiple rate cycles. Collecting a 13.3% cash yield while waiting for a yield-driven rerating could deliver an equity-like upside with institutional downside protection.

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Seed Corn

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Speedwell Memos 1 click
FND · long

FLOOR & DECOR HLDGS

Floor & Decor operates 281 warehouse-format stores selling hard-surface flooring and accessories nationwide.

FND $5B
Value Investors Club 1 click

Post Q3 EVC Update

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