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NEW YORK CITY-GSC Capital Corp., a REIT formed last year by GSC Partners, has filed the paperwork for its initial public offering. The firm anticipates raising up to $200 million. As of Sept. 30, 2005, it had a portfolio of approximately $1.8 billion consisting primarily of agency residential mortgage-backed securities and middle market senior secured loans.

According to the SEC filing, GSC Capital intends to use all of the net proceeds to continue to make investments in a diversified investment portfolio of real estate-related securities and real estate loans, as well as various other asset classes. The listing does not specify the number of shares being offered or the pricing.

"Our objective is to provide attractive risk-adjusted returns to our investors through a combination of dividends and capital appreciation," the company states in the filing. "We intend to achieve this objective by opportunistically investing in a broad class of financial assets to construct a diversified investment portfolio that is leveraged where appropriate to achieve attractive risk-adjusted returns and that is structured to comply with the various federal income tax requirements for REIT status."