REIT Sutherland Asset Management refiles for a $100 million IPO

Sutherland Asset Management, a REIT backed by Waterfall Asset Management with over $1.2 billion of assets, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.

The company originally filed terms for a $250 million IPO in July 2009 but postponed its offering. While it has some of the same management team as before, in 2009 Sutherland had a close relationship with MD Sass and invested in highly rated non-Agency securities.

Using operating company accounting, the company booked $19 million in net interest income for the six months ended June 30, 2014. It had over $1.2 billion in assets at the end of June, almost double its portfolio as of December, due to a $434 million acquisition from CIT Group of performing, sub-performing and non-performing SBA loans and assets (UPB of $573 million) and MSRs related to loans (UPB $745 million).

The New York, NY-based company, which was founded in 2007, plans to list on the NYSE under the symbol SLD. J.P. Morgan, Morgan Stanley and FBR Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.