NEW YORK, Nov. 8, 2017 /PRNewswire/ -- Sutherland Asset
Management Corporation ("Sutherland" or the "Company") (NYSE: SLD)
today reported financial results for the quarter ended September 30, 2017.
Third Quarter Highlights:
- Net income of $12.4 million, or
$0.37 per share of common stock
- Core earnings of $12.9 million,
or $0.38 per share of common
stock
- Adjusted net book value of $16.68
per share of common stock as of September
30, 2017
- Originated $278.8 million of
small balance commercial ("SBC") loans
- Originated $38.9 million of loans
guaranteed by the U.S. Small Business Administration (the "SBA")
under its Section 7(a) loan program
- Originated $490.9 million of
residential mortgage loans
- Completed the securitization of $154.9
million of acquired SBC owner-occupied loans and sold
$139.4 million of the senior bonds at
a weighted average pass-through rate of 3.3%
- Completed issuance of a Collateralized Loan Obligation ("CLO")
of $243.8 million of originated
transitional loans and sold $198.8
million of the senior bonds at a floating rate of LIBOR plus
139 basis points.
A summary of Sutherland's operating results for the quarter
ended September 30, 2017 is presented
below. Sutherland reported U.S. GAAP net income for the three
months ended September 30, 2017 of
$12.4 million, or $0.37 per share of common stock, and Core
Earnings (a non-GAAP financial measure) of $12.9 million, or $0.38 per share of common stock.
Thomas Capasse, Chairman and
Chief Executive Officer commented, "We are quite energized by the
team's ability to originate over $800
million in the third quarter which resulted in quarterly per
share earnings growth of 9%. Our ongoing effort to grow our
platform and strengthen our balance sheet was supported by a
successful Convertible Note offering, which further strengthened
our funding mix. As we look to the remainder of 2017 and
beyond, we remain committed to executing on our strategic
objectives to raise funds in an accretive manner to continue to
expand our platform and build long term value for our
shareholders."
Common Dividends
During the third quarter of 2017, the Company's Board of
Directors declared a quarterly cash dividend of $0.37 per share of common stock and operating
partnership unit ("OP unit") in its operating partnership
subsidiary for the quarter ended September
30, 2017 to common stockholders and OP unit holders of
record as of September 30, 2017.
The dividend was paid on October
20, 2017.
The Company issued a full detailed presentation of its third
quarter 2017 results, which can be viewed in the investor relations
section at www.sutherlandam.com.
Use of Non-GAAP Financial Information
In addition to the results presented in accordance with
accounting principles generally accepted in the United States ("U.S. GAAP"), this press
release includes Core Earnings which is a non-U.S. GAAP financial
measure. The Company defines Core Earnings as net income adjusted
for unrealized or realized gains (losses) related to mortgage
backed securities, unrealized gains (losses) related to residential
mortgage servicing rights, and one-time non-recurring gains or
losses, such as gains or losses on discontinued operations, bargain
purchase gains or merger related expenses.
The Company believes that providing investors with this non-U.S.
GAAP financial information, in addition to the related U.S. GAAP
measures, gives investors greater transparency into the information
used by management in its financial and operational
decision-making. However, because Core Earnings is an incomplete
measure of the Company's financial performance and involves
differences from net income computed in accordance with U.S. GAAP,
it should be considered along with, but not as an alternative to,
the Company's net income computed in accordance with U.S. GAAP as a
measure of the Company's financial performance. In addition,
because not all companies use identical calculations, the Company's
presentation of Core Earnings may not be comparable to other
similarly-titled measures of other companies.
The following table reconciles net income computed in accordance
with U.S. GAAP to Core Earnings for the three months ended
September 30, 2017:
|
|
|
|
|
(In Millions)
|
|
|
Three Months
Ended
September 30,
2017
|
|
Net
Income
|
|
$
|
12.4
|
|
Reconciling
items:
|
|
|
|
|
Unrealized (gain) loss
on mortgage-backed securities
|
|
|
(0.2)
|
|
Unrealized (gain) loss
on mortgage servicing rights
|
|
|
1.7
|
|
Total reconciling
items
|
|
|
1.5
|
|
Income tax
adjustments
|
|
|
(1.0)
|
|
Core
earnings
|
|
$
|
12.9
|
|
|
|
|
Webcast and Earnings Conference Call
Management will host a webcast and conference call on
Thursday, November 9, 2017 at
8:30 am ET to provide a general
business update and discuss the financial results for the quarter
ended September 30, 2017. The
conference call can be accessed by dialing 877-545-1402 (domestic)
or 719-457-2716 (international).
The conference call will also be available in the Investor
Relations section of the Company's website at www.sutherlandam.com.
To listen to a live broadcast, go to the site at least 15 minutes
prior to the scheduled start time in order to register, download
and install any necessary audio software. A replay of the
call will also be available on the Company's website approximately
two hours after the live call through November 23, 2017. To access the replay,
dial 844-512-2921 (domestic) or 412-317-6671 (international). The
replay pin number is 1816994.
Safe Harbor Statement
This press release contains statements that
constitute "forward-looking statements," as
such term is defined in Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and such statements are intended
to be covered by the safe harbor provided by the
same. These statements are based on management's current
expectations and beliefs and are subject to a number of trends and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements; the
Company can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ
materially from the Company's expectations include, but are
not limited to, applicable regulatory changes; general
volatility of the capital markets; changes in the Company's
investment objectives and business strategy; the availability of
financing on acceptable terms or at all; the availability, terms
and deployment of capital; the availability of suitable investment
opportunities; changes in the interest rates or the general
economy; increased rates of default and/or decreased recovery rates
on investments; changes in interest rates, interest rate spreads,
the yield curve or prepayment rates; changes in prepayments of
Company's assets; the degree and nature of competition, including
competition for the Company's target assets; and other factors,
including those set forth in the Risk Factors section of the
Company's most recent Annual Report on Form 10-K filed with
the SEC, and other reports filed by the Company with the SEC,
copies of which are available on the SEC's website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
Contact
Investor Relations
Sutherland Asset Management
212-257-4666
SutherlandIR@waterfallam.com
Additional information can be found on the Company's website at
www.sutherlandam.com.
|
SUTHERLAND ASSET
MANAGEMENT CORPORATION
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
|
|
(In Thousands)
|
|
September 30, 2017
|
|
December 31, 2016
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
70,590
|
|
$
|
59,566
|
|
Restricted
cash
|
|
|
16,057
|
|
|
20,190
|
|
Short-term
investments
|
|
|
99,994
|
|
|
319,984
|
|
Loans, net (including
$158,393 and $81,592 held at fair value)
|
|
|
892,896
|
|
|
1,011,121
|
|
Loans, held for sale,
at fair value
|
|
|
200,318
|
|
|
181,797
|
|
Mortgage backed
securities, at fair value
|
|
|
41,371
|
|
|
32,391
|
|
Loans eligible for
repurchase from Ginnie Mae
|
|
|
101,408
|
|
|
137,986
|
|
Derivative
instruments
|
|
|
4,131
|
|
|
5,785
|
|
Servicing rights
(including $68,815 and $61,376 held at fair value)
|
|
|
89,372
|
|
|
83,854
|
|
Receivable from third
parties
|
|
|
6,756
|
|
|
7,220
|
|
Other
assets
|
|
|
35,356
|
|
|
54,277
|
|
Assets of consolidated
VIEs
|
|
|
944,894
|
|
|
691,096
|
|
Total
Assets
|
|
$
|
2,503,143
|
|
$
|
2,605,267
|
|
Liabilities
|
|
|
|
|
|
|
|
Secured short-term
borrowings
|
|
|
522,767
|
|
|
927,462
|
|
Promissory note,
net
|
|
|
6,494
|
|
|
7,378
|
|
Securitized debt
obligations of consolidated VIEs, net
|
|
|
680,282
|
|
|
492,942
|
|
Convertible note,
net
|
|
|
109,414
|
|
|
—
|
|
Senior secured note,
net
|
|
|
138,074
|
|
|
—
|
|
Guaranteed loan
financing
|
|
|
313,388
|
|
|
390,555
|
|
Contingent
consideration
|
|
|
9,037
|
|
|
14,487
|
|
Liabilities for loans
eligible for repurchase from Ginnie Mae
|
|
|
101,408
|
|
|
137,986
|
|
Derivative
instruments
|
|
|
358
|
|
|
643
|
|
Dividends
payable
|
|
|
12,289
|
|
|
11,505
|
|
Accounts payable and
other accrued liabilities
|
|
|
54,579
|
|
|
70,207
|
|
Total
Liabilities
|
|
$
|
1,948,090
|
|
$
|
2,053,165
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 500,000,000 shares authorized, 31,996,440 and
30,549,084
shares issued and outstanding, respectively
|
|
|
3
|
|
|
3
|
|
Additional paid-in
capital
|
|
|
539,664
|
|
|
513,295
|
|
Deficit
|
|
|
(3,952)
|
|
|
(201)
|
|
Total Sutherland Asset
Management Corporation equity
|
|
|
535,715
|
|
|
513,097
|
|
Non-controlling
interests
|
|
|
19,338
|
|
|
39,005
|
|
Total
Stockholders' Equity
|
|
$
|
555,053
|
|
$
|
552,102
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
2,503,143
|
|
$
|
2,605,267
|
|
SUTHERLAND ASSET
MANAGEMENT CORPORATION
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
(In Thousands, except share data)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Interest
income
|
|
$
|
35,038
|
|
$
|
31,890
|
|
$
|
102,169
|
|
$
|
104,282
|
|
Interest
expense
|
|
|
(19,908)
|
|
|
(14,097)
|
|
|
(53,579)
|
|
|
(42,043)
|
|
Net interest
income before provision for loan losses
|
|
$
|
15,130
|
|
$
|
17,793
|
|
$
|
48,590
|
|
$
|
62,239
|
|
Provision for loan
losses
|
|
|
(466)
|
|
|
(488)
|
|
|
(1,857)
|
|
|
(4,689)
|
|
Net interest
income after provision for loan losses
|
|
$
|
14,664
|
|
$
|
17,305
|
|
$
|
46,733
|
|
$
|
57,550
|
|
Non-interest
income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on residential
mortgage banking activities, net of variable loan
expenses
|
|
|
10,735
|
|
|
—
|
|
|
32,229
|
|
|
—
|
|
Other income
|
|
|
1,853
|
|
|
1,729
|
|
|
4,281
|
|
|
5,335
|
|
Servicing income, net
of amortization and impairment of $976 and $5,252
for the three and nine months ended September 30, 2017,
and $1,850 and
$6,079 for the three and nine months ended
September 30, 2016,
respectively
|
|
|
6,134
|
|
|
1,661
|
|
|
16,208
|
|
|
4,420
|
|
Employee compensation
and benefits
|
|
|
(13,715)
|
|
|
(4,822)
|
|
|
(40,630)
|
|
|
(14,005)
|
|
Allocated employee
compensation and benefits from related party
|
|
|
(990)
|
|
|
(900)
|
|
|
(3,010)
|
|
|
(2,700)
|
|
Professional
fees
|
|
|
(2,151)
|
|
|
(3,120)
|
|
|
(6,334)
|
|
|
(8,573)
|
|
Management fees –
related party
|
|
|
(2,034)
|
|
|
(1,793)
|
|
|
(6,018)
|
|
|
(5,464)
|
|
Loan servicing
expense
|
|
|
(3,388)
|
|
|
(1,830)
|
|
|
(7,513)
|
|
|
(3,889)
|
|
Other operating
expenses
|
|
|
(7,447)
|
|
|
(3,373)
|
|
|
(19,183)
|
|
|
(11,185)
|
|
Total non-interest
income (expense)
|
|
$
|
(11,003)
|
|
$
|
(12,448)
|
|
$
|
(29,970)
|
|
$
|
(36,061)
|
|
Net realized gain
on financial instruments
|
|
|
5,695
|
|
|
2,454
|
|
|
13,151
|
|
|
3,720
|
|
Net unrealized
gain on financial instruments
|
|
|
2,678
|
|
|
3,557
|
|
|
4,933
|
|
|
5,800
|
|
Income from continued
operations before provision for income (taxes) benefit
|
|
$
|
12,034
|
|
$
|
10,868
|
|
$
|
34,847
|
|
$
|
31,009
|
|
Provision for income
(taxes) benefit
|
|
|
340
|
|
|
(1,297)
|
|
|
(1,763)
|
|
|
(3,326)
|
|
Net income from
continuing operations
|
|
$
|
12,374
|
|
$
|
9,571
|
|
$
|
33,084
|
|
$
|
27,683
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations (including gain on disposal of $267 in
the nine months ended September 30, 2016)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(576)
|
|
Income tax
benefit
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
225
|
|
Loss from discontinued
operations
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(351)
|
|
Net
income
|
|
$
|
12,374
|
|
$
|
9,571
|
|
$
|
33,084
|
|
$
|
27,332
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
533
|
|
|
777
|
|
|
1,891
|
|
|
2,217
|
|
Net income
attributable to Sutherland Asset Management
Corporation
|
|
$
|
11,841
|
|
$
|
8,794
|
|
$
|
31,193
|
|
$
|
25,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per basic common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.37
|
|
$
|
0.34
|
|
$
|
1.00
|
|
$
|
0.98
|
|
Discontinued
operations
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
Earnings per basic
common share
|
|
$
|
0.37
|
|
$
|
0.34
|
|
$
|
1.00
|
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per diluted common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.37
|
|
$
|
0.34
|
|
$
|
1.00
|
|
$
|
0.98
|
|
Discontinued
operations
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(0.01)
|
|
Earnings per diluted
common share
|
|
$
|
0.37
|
|
$
|
0.34
|
|
$
|
1.00
|
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
32,026,494
|
|
|
25,870,485
|
|
|
31,120,476
|
|
|
25,870,485
|
|
Diluted
|
|
|
32,028,980
|
|
|
25,870,485
|
|
|
31,121,449
|
|
|
25,870,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share of common stock
|
|
$
|
0.37
|
|
$
|
0.45
|
|
$
|
1.11
|
|
$
|
0.90
|
|
SUTHERLAND ASSET
MANAGEMENT CORPORATION
UNAUDITED SEGMENT
REPORTING
FOR THE THREE
MONTHS ENDED SEPTEMBER 30, 2017
|
|
|
|
|
|
|
|
SBA Originations,
|
|
Residential
|
|
|
|
|
|
|
Loan
|
|
SBC
|
|
Acquisitions,
|
|
Mortgage
|
|
Corporate-
|
|
|
|
(In Thousands)
|
|
Acquisitions
|
|
Originations
|
|
and Servicing
|
|
Banking
|
|
Other
|
|
Consolidated
|
|
Interest
income
|
|
$
|
7,800
|
|
$
|
17,258
|
|
$
|
9,039
|
|
$
|
941
|
|
$
|
—
|
|
$
|
35,038
|
|
Interest
expense
|
|
|
(3,937)
|
|
|
(10,252)
|
|
|
(3,795)
|
|
|
(797)
|
|
|
(1,127)
|
|
|
(19,908)
|
|
Net interest
income before provision for loan losses
|
|
$
|
3,863
|
|
$
|
7,006
|
|
$
|
5,244
|
|
$
|
144
|
|
$
|
(1,127)
|
|
$
|
15,130
|
|
Provision for loan
losses
|
|
|
(1,063)
|
|
|
168
|
|
|
429
|
|
|
—
|
|
|
—
|
|
|
(466)
|
|
Net interest
income after provision for loan losses
|
|
$
|
2,800
|
|
$
|
7,174
|
|
$
|
5,673
|
|
$
|
144
|
|
$
|
(1,127)
|
|
$
|
14,664
|
|
Non-interest
income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on residential
mortgage banking activities, net of
variable loan expenses
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
10,735
|
|
$
|
—
|
|
$
|
10,735
|
|
Other income
(loss)
|
|
|
402
|
|
|
961
|
|
|
444
|
|
|
46
|
|
|
—
|
|
|
1,853
|
|
Servicing
income
|
|
|
4
|
|
|
166
|
|
|
1,556
|
|
|
4,408
|
|
|
—
|
|
|
6,134
|
|
Employee compensation
and benefits
|
|
|
(106)
|
|
|
(1,879)
|
|
|
(2,862)
|
|
|
(8,735)
|
|
|
(133)
|
|
|
(13,715)
|
|
Allocated employee
compensation and benefits from related party
|
|
|
(99)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(891)
|
|
|
(990)
|
|
Professional
fees
|
|
|
(343)
|
|
|
(446)
|
|
|
(534)
|
|
|
(264)
|
|
|
(564)
|
|
|
(2,151)
|
|
Management fees –
related party
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,034)
|
|
|
(2,034)
|
|
Loan servicing
expense
|
|
|
(787)
|
|
|
(661)
|
|
|
(228)
|
|
|
(1,712)
|
|
|
—
|
|
|
(3,388)
|
|
Other operating
expenses
|
|
|
(1,467)
|
|
|
(2,750)
|
|
|
(993)
|
|
|
(1,677)
|
|
|
(560)
|
|
|
(7,447)
|
|
Total non-interest
income (expense)
|
|
$
|
(2,396)
|
|
$
|
(4,609)
|
|
$
|
(2,617)
|
|
$
|
2,801
|
|
$
|
(4,182)
|
|
$
|
(11,003)
|
|
Net realized
(loss) gain on financial instruments
|
|
|
(377)
|
|
|
2,768
|
|
|
3,304
|
|
|
—
|
|
|
—
|
|
|
5,695
|
|
Net unrealized
gain (loss) on financial instruments
|
|
|
173
|
|
|
3,807
|
|
|
414
|
|
|
(1,728)
|
|
|
12
|
|
|
2,678
|
|
Net income (loss)
before provision for income taxes
|
|
$
|
200
|
|
$
|
9,140
|
|
$
|
6,774
|
|
$
|
1,217
|
|
$
|
(5,297)
|
|
$
|
12,034
|
|
Provision for income
taxes
|
|
|
—
|
|
|
(352)
|
|
|
(2,169)
|
|
|
(282)
|
|
|
3,143
|
|
|
340
|
|
Net income
(loss)
|
|
$
|
200
|
|
$
|
8,788
|
|
$
|
4,605
|
|
$
|
935
|
|
$
|
(2,154)
|
|
$
|
12,374
|
|
Total
Assets
|
|
$
|
426,699
|
|
$
|
1,152,153
|
|
$
|
525,862
|
|
$
|
298,435
|
|
$
|
99,994
|
|
$
|
2,503,143
|
|
SUTHERLAND ASSET
MANAGEMENT CORPORATION
UNAUDITED SEGMENT
REPORTING
FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2017
|
|
|
|
|
|
|
|
SBA Originations,
|
|
Residential
|
|
|
|
|
|
|
Loan
|
|
SBC
|
|
Acquisitions,
|
|
Mortgage
|
|
Corporate-
|
|
|
|
(In Thousands)
|
|
Acquisitions
|
|
Originations
|
|
and Servicing
|
|
Banking
|
|
Other
|
|
Consolidated
|
|
Interest
income
|
|
$
|
28,242
|
|
$
|
41,972
|
|
$
|
28,935
|
|
$
|
3,020
|
|
$
|
—
|
|
$
|
102,169
|
|
Interest
expense
|
|
|
(12,472)
|
|
|
(23,798)
|
|
|
(12,120)
|
|
|
(2,310)
|
|
|
(2,879)
|
|
|
(53,579)
|
|
Net interest
income before provision for loan losses
|
|
$
|
15,770
|
|
$
|
18,174
|
|
$
|
16,815
|
|
$
|
710
|
|
$
|
(2,879)
|
|
$
|
48,590
|
|
Provision for loan
losses
|
|
|
(1,787)
|
|
|
84
|
|
|
(154)
|
|
|
—
|
|
|
—
|
|
|
(1,857)
|
|
Net interest
income after provision for loan losses
|
|
$
|
13,983
|
|
$
|
18,258
|
|
$
|
16,661
|
|
$
|
710
|
|
$
|
(2,879)
|
|
$
|
46,733
|
|
Non-interest
income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on residential
mortgage banking activities, net of
variable loan expenses
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
32,229
|
|
$
|
—
|
|
$
|
32,229
|
|
Other income
(loss)
|
|
|
769
|
|
|
2,708
|
|
|
706
|
|
|
98
|
|
|
—
|
|
|
4,281
|
|
Servicing
income
|
|
|
37
|
|
|
(197)
|
|
|
3,598
|
|
|
12,770
|
|
|
—
|
|
|
16,208
|
|
Employee compensation
and benefits
|
|
|
(386)
|
|
|
(5,713)
|
|
|
(7,457)
|
|
|
(26,359)
|
|
|
(715)
|
|
|
(40,630)
|
|
Allocated employee
compensation and benefits from
related party
|
|
|
(301)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,709)
|
|
|
(3,010)
|
|
Professional
fees
|
|
|
(868)
|
|
|
(1,110)
|
|
|
(1,499)
|
|
|
(753)
|
|
|
(2,104)
|
|
|
(6,334)
|
|
Management fees –
related party
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,018)
|
|
|
(6,018)
|
|
Loan servicing
expense
|
|
|
(2,155)
|
|
|
(1,724)
|
|
|
1,359
|
|
|
(4,993)
|
|
|
—
|
|
|
(7,513)
|
|
Other operating
expenses
|
|
|
(2,871)
|
|
|
(6,486)
|
|
|
(2,951)
|
|
|
(5,116)
|
|
|
(1,759)
|
|
|
(19,183)
|
|
Total non-interest
income (expense)
|
|
$
|
(5,775)
|
|
$
|
(12,522)
|
|
$
|
(6,244)
|
|
$
|
7,876
|
|
$
|
(13,305)
|
|
$
|
(29,970)
|
|
Net realized
(loss) gain on financial instruments
|
|
|
(106)
|
|
|
6,082
|
|
|
6,714
|
|
|
—
|
|
|
461
|
|
|
13,151
|
|
Net unrealized
gain (loss) on financial instruments
|
|
|
1,647
|
|
|
6,671
|
|
|
625
|
|
|
(3,953)
|
|
|
(57)
|
|
|
4,933
|
|
Net income (loss)
before provision for income taxes
|
|
$
|
9,749
|
|
$
|
18,489
|
|
$
|
17,756
|
|
$
|
4,633
|
|
$
|
(15,780)
|
|
$
|
34,847
|
|
Provision for income
taxes
|
|
|
—
|
|
|
(10)
|
|
|
(4,999)
|
|
|
(1,252)
|
|
|
4,498
|
|
|
(1,763)
|
|
Net income
(loss)
|
|
$
|
9,749
|
|
$
|
18,479
|
|
$
|
12,757
|
|
$
|
3,381
|
|
$
|
(11,282)
|
|
$
|
33,084
|
|
Total
Assets
|
|
$
|
426,699
|
|
$
|
1,152,153
|
|
$
|
525,862
|
|
$
|
298,435
|
|
$
|
99,994
|
|
$
|
2,503,143
|
View original
content:http://www.prnewswire.com/news-releases/sutherland-asset-management-corporation-announces-third-quarter-2017-results-300552568.html
SOURCE Sutherland Asset Management Corporation
