3 Financial Stock Stories For Midweek Perusal

Goldman Sachs Group (NYSE: GS): Current price $143.16

On Wednesday, the firm reported the closing of the private offering of shares of Global Atlantic Financial Group, which is the firm previously known as the Goldman Sachs Reinsurance Group. Institutions and high net-worth clients of Goldman Sachs bought a majority stake in the Group and the Group retains a minority stake in the new entity.

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GS

NorthStar Realty Finance Corp. (NYSE:NRF): Current price $9.76

NorthStar has announced the origination of a $255 million loan secured by a leasehold mortgage in the recently renovated, 1,331 room Milford Plaza hotel in Times Square. The corporation originated $166 million of the loan and one of NorthStar’s sponsored non-traded REITs, while NorthStar Real Estate Income Trust originated the remaining $89 million of the Loan. The $255 million loan was financed with $130 million from credit facilities with Deutsche Bank, pro-rata between NorthStar and NorthStar Income. NorthStar anticipates earning an initial current yield of 12.5 percent on its $81 million of invested equity and as part of the Loan NorthStar and NorthStar Income, on a pro-rata basis, will have a 35-percent ownership interest in the Milford Plaza hotel and the retail component of the hotel.

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NRF

Ellington Residential Mortgage REIT (NYSE:EARN): Current price $19.10

Ellington reports that its initial public offering of roughly 6.5 million shares priced at $20 per share, with total gross proceeds for the real-estate investment trust at $129 million. The firm will use the net proceed, along with additional borrowings, to buy its target assets. Ellington said that its shares will commence trading on Wednesday on the New York Stock Exchange under the ticker symbol “EARN,” and expects to close the offering on or about May 6.

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EARN

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