On September 22, 2023, HomeStreet, Inc announced that it has responded to Blue Lion Capital Letters to Shareholders. The Company added that in several recent letters to Board of Directors and shareholders written by Chuck Griege, managing partner of Blue Lion Capital, he has proposed the Company sell its FNMA Delegated Underwriter and Servicer business (per Griege the DUS license) and related loan servicing portfolio (together our DUS Business) and utilize the gain and proceeds to sell certain low yielding loans and reduce borrowings; and Griege has stated that the value of DUS Business is between $100 million and $150 million and mentioned that the Company has received at least one letter of intent from an interested buyer for the DUS license and MSRs and believe that it meets the [$100 million] valuation threshold. The Company added that on September 15, 2023, the Company received an unsolicited non-binding written proposal to purchase its DUS Business (including its related loan servicing portfolio carried at $32 million on June 30, 2023) from a third-party group for $57 million (the DUS Purchase Proposal) to which the Company responded that Board of Directors and management have analyzed the DUS Purchase Proposal and determined that the price proposed was inadequate in relation to the resulting benefit and value of the DUS Business to the Company and as such a sale of its DUS Business at this price was not in the best interests of the Company.