Consolidated Asset Management

Consolidated Asset Management is the affiliated registered investment advisor that externally manages Starwood's public real estate vehicles. Barry Sternlicht founded Starwood Capital in 1991 to make private real estate investments and later established Consolidated in 2004 to manage the public REIT and credit portfolios. The two entities share key principals, infrastructure, and deal-flow pipelines, making CAM the regulated, public-markets arm of the broader private-markets platform.

Barry Sternlicht chairs the investment committee and is the controlling figure in all major allocation decisions across the Starwood ecosystem. Public-company filings for the managed REITs list Sternlicht and other Starwood executives as responsible officers, with day-to-day portfolio activity carried out by a dedicated public securities team operating within the Starwood Capital infrastructure.

The firm's mandate covers public securities and credit instruments tied to commercial real estate. The private-market, opportunistic real estate equity investments are handled by Starwood Capital Group's private funds. However, the public vehicles that CAM manages originate and hold private commercial real estate loans, including bridge loans and mezzanine debt, which blurs the line between strictly public and private credit.

CAM has historically served as the external manager for Starwood Property Trust (NYSE: STWD), one of the largest commercial mortgage REITs in the US, with a balance sheet exceeding $80 billion. The firm also previously managed Starwood Waypoint Homes, a single-family rental REIT that later merged with Invitation Homes. The external management structure means CAM receives base management and incentive fees tied to performance, as disclosed in periodic SEC filings.

No. Consolidated Asset Management is a registered investment advisor (RIA) with the SEC and operates an institutional external-management business. While it is closely held and deeply aligned with founder Barry Sternlicht, its primary function is managing publicly listed vehicles for institutional and retail shareholders, not investing a single family's private capital.