Sutherland Asset Mgmt Corp. may sell shares of its common stock having an aggregate offering size of up to $100 million from time to time under an at-the-market offering program.
The company entered into a sales agreement with JMP Securities LLC, Keefe Bruyette & Woods Inc. and Raymond James & Associates Inc., for them to serve as sales agents. The agents will receive a commission in an amount equal to 2% of the gross sales price per share sold through them as agents.
The company intends to contribute the net proceeds to its operating partnership, Sutherland Partners LP, which, in turn, will use the net proceeds to originate or acquire the company's target assets and for general corporate purposes. Until the identification of appropriate assets, the net proceeds may also be used to repay borrowings outstanding under the company's loan repurchase agreements or credit facilities and for making investments in interest-bearing short-term investments, including money market accounts.