Colony Starwood Homes has completed the sale of a 1,675 non-performing loans portfolio for $265 million, the company announced this week. With the sale, Colony has exited the NPL business.

The company’s book value for the NPLs included in this sale was approximately $259 million as of June 30, 2016.

Here’s more from Colony’s press release:

The sale was completed after the joint venture between the Company and Prime Asset Fund VI, LLC (“Prime”), through which the Company conducts its NPL operations, successfully concluded a comprehensive and broadly marketed auction process with Credit Suisse Securities (USA) LLC as sale advisor. The portfolio was sold to an affiliate of Starwood Capital Group.

The joint venture has generated over $330 million of loan and real estate owned (“REO”) sales proceeds since June 30, 2016, which has resulted in cash proceeds of approximately $140 million after associated debt pay down. After the NPL sale announced today, the Company indirectly owns approximately $120 million in book value of assets through its joint venture with Prime, substantially all of which is REO, on which the joint venture owes approximately $60 million of indebtedness. The Company expects to dispose of the remaining joint venture assets and repay all associated debt by the end of the first half of 2017. The Company intends to use the net cash proceeds generated from the wind-down of the NPL business for general corporate purposes, including the acquisition and renovation of single-family rental homes. Colony Starwood Homes records the operations of the NPL business segment as discontinued operations as of the second quarter of 2016.