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Common Stock; REIT to Invest in Small-Balance Commercial Loan Assets

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.

CONTACT:

Sutherland Asset Management Corporation
Rick Herbst, CFO   (212) 257-4607
Email

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SOURCE Sutherland Asset Management Corporation

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