SEC Filing Summary: Sutherland Asset Management Corporation
Business Context and Reporting Period
This Form 8-K Current Report, dated August 31, 2018, pertains to Sutherland Asset Management Corporation (the "Company"). The filing reports the entry into material definitive agreements on August 31, 2018. The Company is an emerging growth company incorporated in Maryland.
Key Financial Metrics
This filing does not report specific revenue, profit, cash flow, margin, or debt figures. The primary financial metric disclosed is the authorization to sell shares of common stock with an aggregate offering price of up to $100,000,000. The Company intends to contribute net proceeds to its Operating Partnership to originate or acquire target assets and for general corporate purposes.
Material Changes
The material change reported is the execution of three separate Equity Distribution Agreements with JMP Securities LLC, Keefe, Bruyette & Woods, Inc., and Raymond James & Associates, Inc. These agreements establish an "at-the-market" offering program allowing the Company to sell shares through the Placement Agents as agents or principals.
Guidance, Outlook, and Risks
- Use of Proceeds: Net proceeds will be used to originate or acquire target assets and for general corporate purposes.
- Compensation: Placement Agents are entitled to compensation of up to 2.0% of the gross sales price of shares sold.
- Flexibility: The Company has no obligation to sell any shares and may suspend solicitation at any time.
- Regulatory Status: The shares are issued pursuant to a shelf registration statement on Form S-3 (Registration No. 333-219213).
Investor Verification Checklist
- Verify the actual volume of shares sold and proceeds received under the new Equity Distribution Agreements in subsequent filings.
- Confirm the specific allocation of net proceeds between asset origination and general corporate purposes.
- Review the Company's shelf registration statement (No. 333-219213) for additional terms regarding the offering.
- Monitor for any suspension of the offering program as permitted under the agreements.