The offering, which was performed by LA-based securities law practice Kirkpatrick & Lockhart LLP, was for 7.5 million shares of common stock, with a selling stockholder selling 200,000 shares. The offering price was $8.25 per share.
The offering was led by UBS Warburg and RCB Capital Markets. Jolson Merchant Partners and Sandler O'Neill & Partners LP served as the co-managers.
IMH operates three businesses, which focus primarily on Alt-A mortgage loans. The company's Long-Term Investment Operations invests primarily in nonconforming Alt-A mortgage loans, while IMH's Mortgage Operations acquires, originates, sells and securitizes nonconforming Alt-A mortgage loans. The Warehouse Lending Operations, meanwhile, provides short-term financing to originators of mortgage loans.
According to a company statement, IMH is organized as a REIT for tax purposes. Due to this structure, it can pass through earnings to stockholders without federal income tax at the corporate level.
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