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Dwight Capital Delivers Letter to HomeStreet Board of Directors
[May 22, 2019]

Dwight Capital Delivers Letter to HomeStreet Board of Directors


Today, Dwight Capital LLC released the following open letter to the Board of Directors of HomeStreet, Inc.:

May 22, 2019

Board of Directors
HomeStreet, Inc.
601 Union Street, Suite 2000
Seattle, WA 98101
Attention: Mark K. Mason

Dear Members of the Board:

Pursuant to our April 29, 2019 letter, we continue to express our interest in acquiring a subset of HomeStreet's multifamily mortgage lending business, which would consist of Fannie Mae DUS lending operations and related mortgage servicing rights, at a premium to its fair market value.

We dispute HomeStreet's assertion on April 30, 2019 that "HomeStreet was not aware of Dwight Capital's interest until their press release, as they had not previously contacted us." Dwight Capital has sent emails to Mark Mason in 2017 and in 2018 expressing this very same interest and Dwight Capital received a response that "[w]e are not interested in selling our DUS license."

Further, pursuant to our call on May 17, 2019 with Mark Mason, Mark Ruh, and Godfrey Evans, we understand that HomeStreet is not currently prepared to meet with Dwight Capital, or to permit Dwight Capital to engage in limited and confirmatory due diligence, which would be necessary in order for Dwight Capital to make a formal offer and execute a binding agreement.

We believe that our proposal represents a unique opportunity to create significant value for HomeStreet's shareholders and employees. We look forward to a prompt and favorable reply to engage in substantive discussions.

Sincerely yours,

DWIGHT CAPITAL LLC





By:

 

/s/ Adam Sasouness

 

Name: Adam Sasouness

 

Title: Managing Principal

 
Address:
 
Dwight Capital
787 Eleventh Avenue (10th Floor)
New York, NY 10019


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