Fog Cutter is a Portland-based, publicly traded investment group specializing in mortgage and real estate related assets. It was formed by former Wilshire Financial operators Andrew Wiederhorn and Lawrence Mendelsohn. Its share price is hovering in the $2 range, as it has been since January of 2000.

At the end of September, the net book value of Fog Cutter was $4.32 per share with total assets of $125.0 million. Subsequent to the quarter end, a $25 million loan owned by Fog Cutter was repaid in full. The total proceeds from the repayment were $25.1 million, of which $18.8 million was used to repay borrowings.

On October 31, Fog Cutter completed the final $0.10 per share installment of the $0.40 per share dividend declared in September 1998 for shareholders of record as of September 30, 1998, but never distributed in full. The company also declared a new $0.13 per share dividend, which was paid on Nov. 1, to shareholders of record as of Oct. 26.