A new real estate investment trust (REIT) is seeking an initial public offering through the Securities and Exchange Commission, adding to the emerging trend of new REITs going after public capital over more traditional private funds. Sutherland Asset Management Corp. on Thursday announced the filing of a form regarding the offering, although the registration statement is not yet effective. Sutherland Asset plans to list its common stock on the New York Stock Exchange (NYSE) under the symbol “SLD.” The REIT intends to acquire non-agency and agency residential mortgage backed securities, residential mortgage loans, asset-backed securities and other assets. But Sutherland Asset isn’t the first in the emerging trend of REITs pursuing public capital. Asset manager Invesco on May 8 similarly announced plans for an IPO of stock in a newly formed REIT, Invesco Mortgage Capital, which also intends to invest in agency and non-agency RMBS, CMBS and mortgage loans in concert with government funding through the Public-Private Investment Program and the Term Asset-Backed Securities Lending Facility. Invesco Mortgage Capital will be listed on the NYSE under “IVR.” Write to Diana Golobay. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.
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