Mortgage REIT Sutherland Asset Management sets IPO terms

Sutherland Asset Management, a newly-formed REIT that will invest in agency MBS and highly rated non-agency securities, announced terms for its IPO on Monday. The New York, NY-based company plans to raise $250 million by offering 16.7 million shares at $15. At the mid-point of the proposed range, Sutherland Asset Management will command a market value of $266 million. Sutherland Asset Management was founded in 2009 and plans to list on the NYSE under the symbol SLD. UBS Investment Bank and Keefe Bruyette Woods are the lead underwriters on the deal.