|By PR Newswire||
|February 13, 2014 06:10 PM EST||
NEW YORK, Feb. 13, 2014 /PRNewswire/ -- Sutherland Asset Management Corporation ("Sutherland") completed a $226 million private offering of common stock, which included a 15% over allotment option, in December 2013.
Sutherland is a real estate finance company that acquires and originates small-balance commercial loans ("SBC loans") nationwide. Sutherland plans to use the net proceeds from the offering to continue to acquire and originate SBC loan assets and to fund a portion of an acquisition of a servicing portfolio of Small Business Administration 7(a) loans with an aggregate unpaid principal balance of $1.3 billion, of which Sutherland will retain an interest in $530 million (as of December 31, 2013). This acquisition is subject to approval and is currently under review by the SBA.
Tom Capasse, Sutherland's Chairman and Chief Executive Officer, said, "I am proud to lead our skilled management team to continue our SBC loan business as a REIT and to grow our origination platform." Jack Ross, Sutherland's President, added, "The success of our offering represents the results of our entire organization focusing on the quality of our SBC loans, the efficiency of our investment process and the integrity of our personnel."
About Sutherland Asset Management Corporation
Sutherland is a real estate finance company that acquires and originates SBC loans. Sutherland is a leading acquirer of distressed SBC loans from banks, purchasing over $1.6 billion unpaid principal balance of SBC loans since 2008, and originates SBC loans and offers SBC property brokerage nationwide through its wholly-owned subsidiaries, ReadyCap and Coldwell Banker Commercial Alliance. Sutherland is externally-managed by Waterfall Asset Management LLC and has elected to be taxed as a real estate investment trust (REIT) for US federal income tax purposes.
Forward Looking Statements
All of the securities described in this press release have been sold and this press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. The securities described in this press release have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and have been offered and sold in reliance on exemptions from registration provided by Rule 144A, Regulation D and Regulation S under the Securities Act. These securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release contains various "forward-looking statements." Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "would," "could," "should," "seeks," "approximately," "intends," "plans," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases.
Statements regarding the following subjects may be impacted by a number of risks and uncertainties: Sutherland's operating results and changes in Sutherland's investment objectives and business strategy; the use of the proceeds of the offering; volatility in the SBC loan industry, interest rates and spreads, the debt or equity markets, the general economy or the real estate market specifically; the availability of financing on acceptable terms or at all; the availability of attractive risk-adjusted investment opportunities in SBC loans, SBC ABS and other real estate-related investments; the completion of the CIT loan acquisition; Sutherland's dependence on the Manager and the ability to find a suitable replacement if Sutherland or the Manager were to terminate the management agreement; the degree and nature of competition; unanticipated costs, delays and other difficulties in executing Sutherland's long-term growth strategy; the timing of cash flows, if any, from Sutherland's investments; the performance, financial condition and liquidity of Sutherland's borrowers; and Sutherland's qualification as a REIT.
The forward-looking statements are based on Sutherland's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to Sutherland. If a change occurs, Sutherland's business, financial condition, liquidity and results of operations may vary materially from those expressed in the forward-looking statements.
Sutherland Asset Management Corporation
Rick Herbst, CFO (212) 257-4607
Read more news from Sutherland Asset Management Corporation.
SOURCE Sutherland Asset Management Corporation
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Feb. 5, 2016 09:00 PM EST Reads: 745
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Feb. 5, 2016 07:00 PM EST Reads: 148
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 5, 2016 04:00 PM EST Reads: 110
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 5, 2016 04:00 PM EST
With microservices, SOA and distributed architectures becoming more popular, it is becoming increasingly harder to keep track of where time is spent in a distributed application when trying to diagnose performance problems. Distributed tracing systems attempt to address this problem by following application requests across service boundaries, persisting metadata along the way that provide context for fine-grained performance monitoring.
Feb. 5, 2016 03:45 PM EST Reads: 762
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 5, 2016 03:00 PM EST
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 5, 2016 02:45 PM EST Reads: 101
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Feb. 5, 2016 02:30 PM EST Reads: 686
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 5, 2016 02:00 PM EST Reads: 114
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 5, 2016 01:30 PM EST Reads: 326
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Feb. 5, 2016 01:30 PM EST Reads: 309
The maker of automated server migration software reports sales bookings increased 460 percent year-over-year and last week IDC forecast spending on public cloud services will grow to more than $141 billion in 2019. Seems (at last) we are at the tipping point where enterprises are adopting cloud in a big way opening opportunities for those who can help with the transition.
Feb. 5, 2016 01:27 PM EST
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 5, 2016 01:15 PM EST Reads: 318
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Feb. 5, 2016 01:00 PM EST Reads: 488
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 5, 2016 12:00 PM EST Reads: 512