First IPO on 2015 calendar: REIT Sutherland Asset Management sets terms for $125 million IPO

Sutherland Asset Management, a REIT managed by Waterfall Asset Management focused on commercial loans and MBS, announced terms for its IPO on Tuesday. The New York, NY-based company plans to raise $125 million by offering 8.1 million shares (25% insider) at a price range of $15 to $16. At the midpoint of the proposed range, it would command a fully diluted market value of $592 million.

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, Sutherland previously had a close relationship with MD Sass and invested in highly rated non-Agency securities.

Sutherland Asset Management, which was founded in 2007 and booked $42 million in revenue for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol SLD. J.P. Morgan, Morgan Stanley, FBR Capital Markets, Citi and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of January 12, 2015.