Case | HBS Case Collection | June 2010

Cypress Sharpridge: Raising Capital in a Time of Crisis

by Lena G. Goldberg and Adam Benjamin Nebesar

Abstract

Cypress Sharpridge, a REIT investing in agency securities, launched its IPO just before the collapse of the subprime mortgage market. The IPO failed. In June 2009, an IPO window seemed to be opening. Should the company try again? CEO Kevin Grant knew that his company's survival depended on differentiating itself from discredited real estate investment strategies and raising permanent capital. But if its IPO failed again, the company might lose any remaining credibility and be forced to fold.

Keywords: Financial Crisis; Capital; Financial Strategy; Initial Public Offering; Investment; Leadership; Crisis Management; Financial Services Industry; Real Estate Industry;

Citation:

Goldberg, Lena G., and Adam Benjamin Nebesar. "Cypress Sharpridge: Raising Capital in a Time of Crisis." Harvard Business School Case 310-140, June 2010.