Benefit Street Partners struck a deal to buy NewPoint from Meridian Capital/Barings, giving the CRE-CLO heavy hitter control of a triple-threat (Fannie/Freddie/HUD) license holder and a hefty loan-servicing book.
Agency licenses are scarce & highly coveted – we’ve seen CRE’s biggest players go through various gyrations to score them. But w/ Fannie/Freddie privatization looming, their potential valuations are uncertain. Mortgage-servicing rights, in contrast, are as close to a sure thing as exists in CRE finance, particularly for an active lender like BSP that can fold their deals in. And so you’d expect BSP to have to pay up handsomely for the privilege, which it did: $425M in a 75-25 cash-stock deal expected to close in Q3, per its investor presentation.
More via The Promote here - Meridian doubled its $ on this one: https://ten31.beehiiv.com/p/anatomy-of-the-newpoint-deal-the-big-bank-battle-of-chetritstan#anatomy-of-a-deal-bsp-new-point 
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