Starwood Property Trust (STWD) voted to spinoff its residential division, Starwood Waypoint Residential Trust.

The new spinoff, simply referred to as Starwood Waypoint or SWAY for short, will own and operate single-family rental homes and invest in non-performing residential mortgage loans (NPLs).

The new real estate investment trust will not, sources tell HousingWire, look to securitize these investments.

The spinoff is actually happening on January 24, via the distribution of common shares.

On February 3, Starwood Waypoint will trade on the New York Stock Exchange under the symbol SWAY. Starwood Property Trust will continue to trade with the STWD ticker.

Starwood Property is traditionally a commercial real estate investor, focused on some big hotel deals, with a few, smaller residential dealings.