The Default Notice — Real estate investment mistrust


Market Wrap

The Default Notice — Real estate investment mistrust

Max Frumes's avatar
Rachel Butt's avatar
Kartikeya Dar's avatar
Max Reyes's avatar
  1. Max Frumes
  2. +Rachel Butt
  3. + 2 more
12 min read

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The fate of hospital operator Steward Health Care and its connection to landlord/lender/investor Medical Properties Trust (MPT), the publicly traded real estate investment trust, is just the type of multifaceted situation that attracts and challenges distressed investors and restructuring professionals alike.

Not only are some well-known distressed investing firms senior lenders to Steward — namely funds of Oaktree, Brigade Capital and Sound Point — MPT itself has more than $10bn in debt issued in multiple currencies, with about $1.4bn maturing in 2025, $3bn in 2026, and $1.6bn in 2027.

MPT’s bonds have traded as low as the 50s with yields north of 15% this year following its disclosure that it had hired legal and financial advisors to help address problems with how its biggest tenant Steward was struggling and behind on rent.

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