| Large accelerated filer ☐ | | |
Accelerated filer ☐
|
|
| Non-accelerated filer ☒ (Do not check if a smaller reporting company) | | |
Smaller reporting company ☐
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| | ||||||||||||||||||||||||||||
Title of Securities to be Registered
|
| |
Amount to be
Registered |
| |
Proposed Maximum
Offering Price Per Share |
| |
Proposed Maximum
Aggregate Offering Price(1) |
| |
Amount of
Registration Fee |
| ||||||||||||||||
Common stock, $0.01 par value per share
|
| | | | 10,445,784 | | | | | $ | 14.55 | | | | | $ | 151,986,157.20 | | | | | $ | 17,660.79 | | | ||||
|
| | | | | ii | | | |
| | | | | 1 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| | | | | 60 | | | |
| | | | | 61 | | | |
| | | | | 62 | | | |
| | | | | 63 | | | |
| | | | | 64 | | | |
| | | | | 67 | | | |
| | | | | 68 | | | |
| BUSINESS | | | | | 85 | | |
| | | | | 106 | | | |
| | | | | 114 | | | |
| | | | | 120 | | | |
| | | | | 125 | | | |
| | | | | 127 | | | |
| | | | | 132 | | | |
| | | | | 138 | | | |
| | | | | 144 | | | |
| | | | | 150 | | | |
| | | | | 176 | | | |
| | | | | 178 | | | |
| EXPERTS | | | | | 178 | | |
| | | | | 178 | | | |
| | | | | F-1 | | |
|
No. of Loans(1)
|
| | | | 1,449 | | |
|
Total UPB
|
| | | | $321,133,153 | | |
|
Interest-Bearing Balance
|
| | | | $299,932,870 | | |
|
Deferred Balance(2)
|
| | | | $21,200,284 | | |
|
Market Value of Collateral(3)
|
| | | | $332,302,084 | | |
|
Price/Total UPB(3)
|
| | | | 69.9% | | |
|
Price/Market Value of Collateral
|
| | | | 67.7% | | |
|
Weighted Average Coupon(4)
|
| | | | 5.06% | | |
|
Weighted Average LTV(5)
|
| | | | 114% | | |
|
Remaining Term (as of 1/31/2015)
|
| | | | 295.5 | | |
|
No. of first liens
|
| | | | 1,434 | | |
|
No. of second liens
|
| | | | 15 | | |
|
No. of Rental Properties
|
| | | | 3 | | |
|
Market Value of Collateral
|
| | | | $366,900 | | |
|
Capital Invested
|
| | | | 289,954 | | |
|
Price/Market Value of
Collateral |
| | | | 79.0% | | |
|
Gross Rent/Month
|
| | | | $3,800 | | |
|
Other REO
|
| | | | 18 | | |
|
Market Value of Collateral(1)
|
| | | | $3,009,500 | | |
2015
|
| |
High
|
| |
Low
|
| ||||||
First Quarter (starting February 13, 2015)
|
| | | $ | 14.99 | | | | | $ | 13.98 | | |
Second Quarter (through April 9, 2015)
|
| | | $ | 14.98 | | | | | $ | 14.29 | | |
Date Dividend Declared
|
| |
Dividend Amount
|
| |
Record Date
|
| |
Dividend Payment Date
|
| |||
November 12, 2014
|
| | | $ | 0.08 | | | |
November 21, 2014
|
| |
December 4, 2014
|
|
January 16, 2015
|
| | | $ | 0.16 | | | |
January 13, 2015
|
| |
January 30, 2015
|
|
Statement of Income (Dollars in thousands except per share data)
|
| |
From Inception
through December 31, 2014 |
| ||||
INCOME | | | | | | | | |
Loan interest income
|
| | | $ | 6,940 | | | |
Interest expense
|
| | | | (771) | | | |
Net interest income
|
| | | | 6,169 | | | |
Other income
|
| | | | 75 | | | |
Total income
|
| | | | 6,244 | | | |
EXPENSE | | | | | | | | |
Related party expense – management fee
|
| | | | 956 | | | |
Related party expense – loan servicing fees
|
| | | | 485 | | | |
Other fees and expenses
|
| | | | 1,053 | | | |
Total expense
|
| | | | 2,494 | | | |
Income before provision for income tax
|
| | | | 3,750 | | | |
Provision for income tax
|
| | | | — | | | |
Consolidated net income
|
| | | | 3,750 | | | |
Less: consolidated net income attributable to the non-controlling interest
|
| | | | 326 | | | |
Consolidated net income attributable to the common stockholders
|
| | | $ | 3,424 | | | |
Basic earnings per common share
|
| | | $ | 0.41 | | | |
Diluted earnings per common share
|
| | | $ | 0.40 | | | |
|
Balance Sheet (Dollars in thousands)
|
| |
March 31, 2014
|
| |
December 31, 2014
|
| ||||||
Total assets
|
| | | $ | 1,500 | | | | | $ | 272,758 | | |
Total liabilities
|
| | | | — | | | | | $ | 101,478 | | |
Noncontrolling interest
|
| | | | — | | | | | $ | 9,473 | | |
Total equity
|
| | | $ | 1,500 | | | | | $ | 171,280 | | |
|
No. of Loans(1)
|
| | | | 1,340 | | |
|
Total UPB
|
| | | $ | 304,516,485 | | |
|
Interest-Bearing Balance
|
| | | $ | 283,981,030 | | |
|
Deferred Balance(2)
|
| | | $ | 20,535,455 | | |
|
Market Value of Collateral(3)
|
| | | $ | 313,669,168 | | |
|
Price/Total UPB(3)
|
| | | | 69.8% | | |
|
Price/Market Value of Collateral
|
| | | | 67.9% | | |
|
Weighted Average Coupon(4)
|
| | | | 5.06% | | |
|
Weighted Average LTV(5)
|
| | | | 114% | | |
|
Remaining Term (as of 12/31/2014)
|
| | | | 299.5 | | |
|
No. of first liens
|
| | | | 1,327 | | |
|
No. of second liens
|
| | | | 13 | | |
|
No. of Rental Properties
|
| | | | 3 | | |
|
Market Value of Rental Properties
|
| | | $ | 366,900 | | |
|
Capital Invested
|
| | | | 289,954 | | |
|
Price/Market Value of Rental Properties
|
| | | | 79.0% | | |
|
Gross Rent/Month
|
| | | $ | 3,800 | | |
|
Other REO
|
| | | | 12 | | |
|
Market Value of Other REO
|
| | | $ | 2,068,500 | | |
Years of Origination
|
| |
Percentage of UPB
|
| |||
Prior to 1990
|
| | | | 0.2% | | |
1990 – 2000
|
| | | | 1.4% | | |
2001 – 2005
|
| | | | 20.9% | | |
2006 – 2008
|
| | | | 71.1% | | |
After 2008
|
| | | | 6.4% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value(1) |
| |
% of
Collateral Value |
| |||||||||||||||
FL | | | | | 319 | | | | | | 77,185,355 | | | | | | 25.3% | | | | | | 68,562,978 | | | | | | 21.9% | | |
CA | | | | | 138 | | | | | | 45,065,165 | | | | | | 14.8% | | | | | | 45,967,117 | | | | | | 14.7% | | |
NY | | | | | 97 | | | | | | 30,948,524 | | | | | | 10.2% | | | | | | 39,501,200 | | | | | | 12.6% | | |
NJ | | | | | 84 | | | | | | 28,202,761 | | | | | | 9.3% | | | | | | 27,035,767 | | | | | | 8.6% | | |
MD | | | | | 65 | | | | | | 17,542,983 | | | | | | 5.8% | | | | | | 18,748,900 | | | | | | 6.0% | | |
IL* | | | | | 61 | | | | | | 12,771,417 | | | | | | 4.2% | | | | | | 11,281,725 | | | | | | 3.6% | | |
MA | | | | | 36 | | | | | | 10,467,278 | | | | | | 3.4% | | | | | | 11,141,000 | | | | | | 3.6% | | |
AZ | | | | | 41 | | | | | | 10,150,902 | | | | | | 3.3% | | | | | | 8,588,000 | | | | | | 2.7% | | |
TX | | | | | 66 | | | | | | 7,113,129 | | | | | | 2.3% | | | | | | 10,017,600 | | | | | | 3.2% | | |
GA* | | | | | 45 | | | | | | 6,661,866 | | | | | | 2.2% | | | | | | 6,400,493 | | | | | | 2.0% | | |
VA | | | | | 28 | | | | | | 5,374,937 | | | | | | 1.8% | | | | | | 6,004,082 | | | | | | 1.9% | | |
PA | | | | | 54 | | | | | | 4,647,279 | | | | | | 1.5% | | | | | | 5,829,000 | | | | | | 1.9% | | |
OR** | | | | | 10 | | | | | | 4,401,875 | | | | | | 1.4% | | | | | | 5,875,614 | | | | | | 1.9% | | |
OH | | | | | 39 | | | | | | 4,345,413 | | | | | | 1.4% | | | | | | 4,695,218 | | | | | | 1.5% | | |
NC | | | | | 30 | | | | | | 3,202,658 | | | | | | 1.1% | | | | | | 3,229,004 | | | | | | 1.0% | | |
MI | | | | | 21 | | | | | | 2,986,830 | | | | | | 1.0% | | | | | | 3,233,460 | | | | | | 1.0% | | |
AL | | | | | 13 | | | | | | 2,984,862 | | | | | | 1.0% | | | | | | 2,690,800 | | | | | | 0.9% | | |
CT | | | | | 10 | | | | | | 2,698,765 | | | | | | 0.9% | | | | | | 2,935,500 | | | | | | 0.9% | | |
WA | | | | | 13 | | | | | | 2,533,058 | | | | | | 0.8% | | | | | | 2,615,500 | | | | | | 0.8% | | |
NV | | | | | 12 | | | | | | 2,505,495 | | | | | | 0.8% | | | | | | 1,923,500 | | | | | | 0.6% | | |
HI | | | | | 7 | | | | | | 2,165,109 | | | | | | 0.7% | | | | | | 3,521,405 | | | | | | 1.1% | | |
CO | | | | | 10 | | | | | | 2,103,192 | | | | | | 0.7% | | | | | | 2,405,000 | | | | | | 0.8% | | |
SC | | | | | 14 | | | | | | 1,991,894 | | | | | | 0.7% | | | | | | 1,883,000 | | | | | | 0.6% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value(1) |
| |
% of
Collateral Value |
| |||||||||||||||
TN | | | | | 18 | | | | | | 1,908,929 | | | | | | 0.6% | | | | | | 2,457,000 | | | | | | 0.8% | | |
WI | | | | | 12 | | | | | | 1,673,355 | | | | | | 0.5% | | | | | | 1,790,500 | | | | | | 0.6% | | |
IN | | | | | 16 | | | | | | 1,612,255 | | | | | | 0.5% | | | | | | 1,909,755 | | | | | | 0.6% | | |
UT | | | | | 9 | | | | | | 1,559,641 | | | | | | 0.5% | | | | | | 1,880,000 | | | | | | 0.6% | | |
DC | | | | | 6 | | | | | | 1,433,495 | | | | | | 0.5% | | | | | | 2,677,000 | | | | | | 0.9% | | |
MO* | | | | | 9 | | | | | | 1,285,120 | | | | | | 0.4% | | | | | | 1,297,975 | | | | | | 0.4% | | |
RI | | | | | 5 | | | | | | 1,040,121 | | | | | | 0.3% | | | | | | 937,375 | | | | | | 0.3% | | |
MS | | | | | 8 | | | | | | 832,574 | | | | | | 0.3% | | | | | | 885,000 | | | | | | 0.3% | | |
LA | | | | | 6 | | | | | | 663,838 | | | | | | 0.2% | | | | | | 718,900 | | | | | | 0.2% | | |
MN | | | | | 5 | | | | | | 587,585 | | | | | | 0.2% | | | | | | 660,000 | | | | | | 0.2% | | |
KY* | | | | | 5 | | | | | | 555,458 | | | | | | 0.2% | | | | | | 643,000 | | | | | | 0.2% | | |
DE | | | | | 2 | | | | | | 429,552 | | | | | | 0.1% | | | | | | 370,000 | | | | | | 0.1% | | |
OK | | | | | 5 | | | | | | 370,383 | | | | | | 0.1% | | | | | | 388,000 | | | | | | 0.1% | | |
AR | | | | | 3 | | | | | | 363,282 | | | | | | 0.1% | | | | | | 466,000 | | | | | | 0.1% | | |
ID | | | | | 3 | | | | | | 360,686 | | | | | | 0.1% | | | | | | 630,000 | | | | | | 0.2% | | |
WV | | | | | 3 | | | | | | 354,776 | | | | | | 0.1% | | | | | | 287,000 | | | | | | 0.1% | | |
KS | | | | | 3 | | | | | | 320,300 | | | | | | 0.1% | | | | | | 308,500 | | | | | | 0.1% | | |
IA | | | | | 4 | | | | | | 294,595 | | | | | | 0.1% | | | | | | 279,400 | | | | | | 0.1% | | |
PR | | | | | 1 | | | | | | 294,298 | | | | | | 0.1% | | | | | | 370,000 | | | | | | 0.1% | | |
SD | | | | | 1 | | | | | | 218,248 | | | | | | 0.1% | | | | | | 229,900 | | | | | | 0.1% | | |
NE | | | | | 2 | | | | | | 171,826 | | | | | | 0.1% | | | | | | 183,000 | | | | | | 0.1% | | |
MT | | | | | 1 | | | | | | 135,419 | | | | | | 0.0% | | | | | | 215,000 | | | | | | 0.1% | | |
Total
|
| | | | 1340 | | | | | | 304,516,485 | | | | | | 100.0% | | | | | | 313,669,168 | | | | | | 100.0% | | |
| | |
Payments Due by Period
|
| ||||||||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 Years |
| ||||||||||||||||||||
| | |
(in thousands)
|
| ||||||||||||||||||||||||||||||||
Secured borrowings
|
| | | $ | 84,679 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 84,679 | | | |||||
Borrowings under repurchase agreement
|
| | | | 15,249 | | | | | | 15,249 | | | | | | — | | | | | | — | | | | | | — | | | |||||
Total
|
| | | $ | 99,928 | | | | | $ | 15,249 | | | | | $ | — | | | | | $ | — | | | | | $ | 84,679 | | | |||||
|
|
No. of Loans(1)
|
| |
1,449
|
|
|
Total UPB
|
| |
$321,133,153
|
|
|
Interest-Bearing Balance
|
| |
$299,932,870
|
|
|
Deferred Balance(2)
|
| |
$21,200,284
|
|
|
Market Value of Collateral(3)
|
| |
$332,302,084
|
|
|
Price/Total UPB(3)
|
| |
69.9%
|
|
|
Price/Market Value of Collateral
|
| |
67.7%
|
|
|
Weighted Average Coupon(4)
|
| |
5.06%
|
|
|
Weighted Average LTV(5)
|
| |
114%
|
|
|
Remaining Term (as of 1/31/2015)
|
| |
295.5
|
|
|
No. of first liens
|
| |
1,434
|
|
|
No. of second liens
|
| |
15
|
|
|
No. of Rental Properties
|
| |
3
|
|
|
Market Value of Collateral
|
| |
$366,900
|
|
|
Capital Invested
|
| |
289,954
|
|
|
Price/Market Value of
Collateral |
| |
79.0%
|
|
|
Gross Rent/Month
|
| |
$3,800
|
|
|
Other REO
|
| |
18
|
|
|
Market Value of Collateral(1)
|
| |
$3,009,500
|
|
Years of Origination
|
| |
Percentage of UPB
|
| |||
Prior to 1990
|
| | | | 0.2% | | |
1990 – 2000 | | | | | 1.7% | | |
2001 – 2005 | | | | | 20.8% | | |
2006 – 2008 | | | | | 70.9% | | |
After 2008
|
| | | | 6.4% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value ($)(1) |
| |
% of
Collateral Value |
| |||||||||||||||
FL | | | | | 351 | | | | | | 80,507,612 | | | | | | 25.1% | | | | | | 73,289,865 | | | | | | 22.1% | | |
CA
|
| | | | 142 | | | | | | 47,815,884 | | | | | | 14.9% | | | | | | 48,227,117 | | | | | | 14.5% | | |
NY
|
| | | | 103 | | | | | | 32,817,575 | | | | | | 10.2% | | | | | | 41,312,200 | | | | | | 12.4% | | |
NJ
|
| | | | 87 | | | | | | 28,776,881 | | | | | | 9.0% | | | | | | 27,665,667 | | | | | | 8.3% | | |
MD
|
| | | | 68 | | | | | | 18,465,277 | | | | | | 5.8% | | | | | | 19,770,280 | | | | | | 5.9% | | |
IL*
|
| | | | 65 | | | | | | 13,252,973 | | | | | | 4.1% | | | | | | 11,729,725 | | | | | | 3.5% | | |
AZ
|
| | | | 44 | | | | | | 10,584,787 | | | | | | 3.3% | | | | | | 8,883,246 | | | | | | 2.7% | | |
MA
|
| | | | 36 | | | | | | 10,456,767 | | | | | | 3.3% | | | | | | 11,141,000 | | | | | | 3.4% | | |
TX
|
| | | | 79 | | | | | | 8,237,280 | | | | | | 2.6% | | | | | | 11,983,113 | | | | | | 3.6% | | |
GA*
|
| | | | 54 | | | | | | 7,779,863 | | | | | | 2.4% | | | | | | 7,347,493 | | | | | | 2.2% | | |
VA
|
| | | | 29 | | | | | | 5,957,755 | | | | | | 1.9% | | | | | | 6,469,082 | | | | | | 1.9% | | |
OR**
|
| | | | 12 | | | | | | 5,119,434 | | | | | | 1.6% | | | | | | 6,475,514 | | | | | | 1.9% | | |
PA
|
| | | | 61 | | | | | | 5,103,269 | | | | | | 1.6% | | | | | | 6,467,000 | | | | | | 1.9% | | |
OH
|
| | | | 40 | | | | | | 4,374,117 | | | | | | 1.4% | | | | | | 4,728,718 | | | | | | 1.4% | | |
NC
|
| | | | 31 | | | | | | 3,336,576 | | | | | | 1.0% | | | | | | 3,321,004 | | | | | | 1.0% | | |
MI
|
| | | | 22 | | | | | | 3,023,598 | | | | | | 0.9% | | | | | | 3,263,460 | | | | | | 1.0% | | |
AL
|
| | | | 14 | | | | | | 3,005,780 | | | | | | 0.9% | | | | | | 2,718,800 | | | | | | 0.8% | | |
WA
|
| | | | 15 | | | | | | 2,960,754 | | | | | | 0.9% | | | | | | 3,033,500 | | | | | | 0.9% | | |
CT
|
| | | | 10 | | | | | | 2,695,290 | | | | | | 0.8% | | | | | | 2,935,500 | | | | | | 0.9% | | |
NV | | | | | 13 | | | | | | 2,661,684 | | | | | | 0.8% | | | | | | 2,028,500 | | | | | | 0.6% | | |
HI
|
| | | | 8 | | | | | | 2,337,741 | | | | | | 0.7% | | | | | | 3,746,405 | | | | | | 1.1% | | |
CO
|
| | | | 11 | | | | | | 2,299,950 | | | | | | 0.7% | | | | | | 2,584,900 | | | | | | 0.8% | | |
TN
|
| | | | 20 | | | | | | 2,025,106 | | | | | | 0.6% | | | | | | 2,568,000 | | | | | | 0.8% | | |
SC
|
| | | | 14 | | | | | | 1,989,901 | | | | | | 0.6% | | | | | | 1,883,000 | | | | | | 0.6% | | |
State
|
| |
Loan
Count |
| |
UPB ($)
|
| |
% of
UPB |
| |
Collateral
Value ($)(1) |
| |
% of
Collateral Value |
| |||||||||||||||
IN
|
| | | | 17 | | | | | | 1,732,363 | | | | | | 0.5% | | | | | | 2,043,755 | | | | | | 0.6% | | |
WI
|
| | | | 12 | | | | | | 1,670,994 | | | | | | 0.5% | | | | | | 1,790,500 | | | | | | 0.5% | | |
UT
|
| | | | 9 | | | | | | 1,556,551 | | | | | | 0.5% | | | | | | 1,880,000 | | | | | | 0.6% | | |
MO*
|
| | | | 12 | | | | | | 1,444,478 | | | | | | 0.4% | | | | | | 1,375,875 | | | | | | 0.4% | | |
DC
|
| | | | 6 | | | | | | 1,432,042 | | | | | | 0.4% | | | | | | 2,677,000 | | | | | | 0.8% | | |
RI
|
| | | | 6 | | |