07/18/2024 | Press release | Distributed by Public on 07/18/2024 06:48
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Per Note
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Total(1)
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Public offering price
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| | | $ | | | | | $ | | | ||
Underwriting discount(2)
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| | | $ | | | | | $ | | | ||
Proceeds to us, before expenses
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| | | $ | | | | | $ | | | |
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Page
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ABOUT THIS PROSPECTUS SUPPLEMENT
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| | | | S-1 | | |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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| | | | S-2 | | |
PROSPECTUS SUPPLEMENT SUMMARY
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| | | | S-4 | | |
THE OFFERING
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| | | | S-8 | | |
RISK FACTORS
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| | | | S-12 | | |
USE OF PROCEEDS
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| | | | S-18 | | |
REPURCHASE AGREEMENT
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| | | | S-19 | | |
DESCRIPTION OF THE NOTES
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| | | | S-20 | | |
ADDITIONAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
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| | | | S-32 | | |
UNDERWRITING
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| | | | S-37 | | |
LEGAL MATTERS
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| | | | S-39 | | |
EXPERTS
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| | | | S-39 | | |
WHERE YOU CAN FIND MORE INFORMATION
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| | | | S-40 | | |
DOCUMENTS INCORPORATED BY REFERENCE
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| | | | S-40 | | |
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ABOUT THIS PROSPECTUS
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| | | | 1 | | |
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SUMMARY
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| | | | 2 | | |
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RISK FACTORS
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| | | | 4 | | |
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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| | | | 5 | | |
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GUARANTOR DISCLOSURES
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| | | | 7 | | |
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USE OF PROCEEDS
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| | | | 8 | | |
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DESCRIPTION OF STOCK
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| | | | 9 | | |
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DESCRIPTION OF WARRANTS
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| | | | 15 | | |
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CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS
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| | | | 16 | | |
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DESCRIPTION OF DEBT SECURITIES
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| | | | 23 | | |
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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
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| | | | 33 | | |
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PLAN OF DISTRIBUTION
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| | | | 55 | | |
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LEGAL MATTERS
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| | | | 57 | | |
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EXPERTS
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| | | | 57 | | |
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WHERE YOU CAN FIND MORE INFORMATION
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| | | | 57 | | |
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INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
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| | | | 58 | | |
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Three Months
Ended June 30, 2024 |
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Earnings per share of common stock, basic and diluted
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$(0.04) to $0.01
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Distributable Earnings per share of common stock, basic and diluted*
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$(0.12) to $(0.07)
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As of June 30,
2024 |
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Book value per share of common stock
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$9.98 to $10.49
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Economic book value per share of common stock*
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$12.90 to $13.41
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Three Months Ended
June 30, 2024 |
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(in thousands except for share and
per share data) |
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Low
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High
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Net income (loss) allocable to common stockholders
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| | | $ | (893) | | | | | $ | 348 | | |
Adjustments: | | | | | | | | | | | | | |
Net unrealized (gains) losses on trading securities
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| | | | 1,813 | | | | | | 1,813 | | |
Net unrealized (gains) losses on derivatives
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| | | | (2,592) | | | | | | (2,592) | | |
Net unrealized (gains) losses on residential loans in securitization trusts and
non-recourse securitization obligation |
| | | | 2,579 | | | | | | 2,579 | | |
Net unrealized (gains) losses on residential loans
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| | | | (4,431) | | | | | | (4,431) | | |
Net unrealized (gains) losses on commercial loans
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| | | | (27) | | | | | | (27) | | |
Non-cash equity compensation expense
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| | | | 630 | | | | | | 630 | | |
Distributable Earnings
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| | | $ | (2,920) | | | | | $ | (1,680) | | |
Earnings (loss) per share of common stock, basic
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| | | $ | (0.04) | | | | | $ | 0.01 | | |
Earnings (loss) per share of common stock, diluted
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| | | $ | (0.04) | | | | | $ | 0.01 | | |
Distributable Earnings per share of common stock, basic
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| | | $ | (0.12) | | | | | $ | (0.07) | | |
Distributable Earnings per share of common stock, diluted
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| | | $ | (0.12) | | | | | $ | (0.07) | | |
Weighted average number of shares of common stock outstanding, basic
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| | | | 24,810,021 | | | | | | 24,810,021 | | |
Weighted average number of shares of common stock outstanding, diluted
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| | | | 24,981,729 | | | | | | 24,981,729 | | |
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As of June 30, 2024
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(in thousands except for share and
per share data) |
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Low
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High
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Total stockholders' equity
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| | | $ | 249,411 | | | | | $ | 262,201 | | |
Adjustments: | | | | | | | | | | | | | |
Fair value adjustment for securitized debt held at amortized cost
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| | | $ | 73,053 | | | | | $ | 73,053 | | |
Stockholders' equity including economic book value adjustments
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| | | $ | 322,464 | | | | | $ | 335,254 | | |
Number of shares of common stock outstanding at period end
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| | | | 24,998,549 | | | | | | 24,998,549 | | |
Book value per share of common stock
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| | | $ | 9.98 | | | | | $ | 10.49 | | |
Economic book value per share of common stock
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| | | $ | 12.90 | | | | | $ | 13.41 | | |
Underwriter
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Principal Amount
of Notes |
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RBC Capital Markets, LLC
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| | | $ | | | |
UBS Securities LLC
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| | | $ | | | |
Wells Fargo Securities, LLC
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| | | $ | | | |
Piper Sandler & Co.
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| | | $ | | | |
B. Riley Securities, Inc.
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| | | $ | | | |
Janney Montgomery Scott LLC
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| | | $ | | | |
Total
|
| | | $ | | | |
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Per Note
|
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Without
Option |
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With
Option |
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discount
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds to us, before expenses
|
| | | $ | | | | | $ | | | | | $ | | | |
|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
SUMMARY
|
| | | | 2 | | |
|
RISK FACTORS
|
| | | | 4 | | |
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
|
| | | | 5 | | |
|
GUARANTOR DISCLOSURES
|
| | | | 7 | | |
|
USE OF PROCEEDS
|
| | | | 8 | | |
|
DESCRIPTION OF STOCK
|
| | | | 9 | | |
|
DESCRIPTION OF WARRANTS
|
| | | | 15 | | |
|
CERTAIN PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS
|
| | | | 16 | | |
|
DESCRIPTION OF DEBT SECURITIES
|
| | | | 23 | | |
|
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
|
| | | | 33 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 55 | | |
|
LEGAL MATTERS
|
| | | | 57 | | |
|
EXPERTS
|
| | | | 57 | | |
|
WHERE YOU CAN FIND MORE INFORMATION
|
| | | | 57 | | |
|
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
|
| | | | 58 | | |