NEW YORK, Aug. 7, 2018 /PRNewswire/ -- Sutherland Asset
Management Corporation ("Sutherland" or the "Company") (NYSE: SLD)
today reported financial results for the quarter ended June 30, 2018.
Second Quarter Highlights:
- Net income of $15.9 million, or
$0.48 per share of common stock
- Core earnings of $15.8 million,
or $0.47 per share of common
stock
- Return on Equity of 11.2%
- Adjusted net book value of $16.95
per share of common stock as of June 30,
2018
- Originated $352.4 million of
small balance commercial ("SBC") loans
- Originated $48.3 million of loans
guaranteed by the U.S. Small Business Administration (the "SBA")
under its Section 7(a) loan program
- Originated $498.6 million of
residential mortgage loans
- Acquired $131.5 million of SBC
loans and $11.3 million of SBA
loans
- Completed CLO issuance of $278.3
million of originated transitional loans and sold
$217.1 million of senior bonds at a
floating rate of LIBOR + 121 basis points
A summary of Sutherland's operating results for the quarter
ended June 30, 2018 is presented
below. Sutherland reported U.S. GAAP net income for the three
months ended June 30, 2018 of
$15.9 million, or $0.48 per share of common stock, and Core
Earnings (a non-GAAP financial measure) of $15.8 million, or $0.47 per share of common stock.
Thomas Capasse, Chairman and
Chief Executive Officer commented, "We are pleased with our
financial results. For the second quarter in a row, we achieved our
stated goal of an ROE of at least 10%. This reflects continued
progress in steadily growing our earnings from our stable small
balance commercial origination franchise, combined with alpha from
our acquisition business. The results this quarter, in particular,
begin to demonstrate the earnings potential of our diversified
platform. Strong loan origination volumes, portfolio
performance and favorable pricing on certain investments helped to
offset the decline in the joint venture earnings that drove
outperformance last quarter. We believe these results support
our strategy of having a multi-pronged platform which provides
greater earning diversity compared to single-strategy lenders."
The Company issued a full detailed presentation of its second
quarter 2018 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 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 certain 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
June 30, 2018:
|
|
|
|
|
(In Thousands)
|
|
|
Three Months
Ended
June 30, 2018
|
|
Net
Income
|
|
$
|
15,884
|
|
Reconciling
items:
|
|
|
|
|
Unrealized loss on
mortgage-backed securities
|
|
|
86
|
|
Unrealized (gain) on
mortgage servicing rights
|
|
|
(253)
|
|
Total reconciling
items
|
|
$
|
(167)
|
|
Core earnings
before income taxes
|
|
$
|
15,717
|
|
Income tax
adjustments
|
|
|
64
|
|
Core
earnings
|
|
$
|
15,781
|
Webcast and Earnings Conference Call
Management will host a webcast and conference call on
Wednesday, August 8, 2018 at
8:30 am ET to provide a general
business update and discuss the financial results for the quarter
ended June 30, 2018. The
conference call can be accessed by dialing 877-407-0792 (domestic)
or 201-689-8263 (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 August
22, 2018. To access the replay, dial 844-512-2921
(domestic) or 412-317-6671 (international). The replay pin number
is 13681630.
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 Corporation
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)
|
|
June 30, 2018
|
|
December 31, 2017
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
105,833
|
|
$
|
63,425
|
|
Restricted
cash
|
|
|
15,108
|
|
|
11,666
|
|
Loans, net (including
$34,354 and $188,150 held at fair value)
|
|
|
1,035,330
|
|
|
1,017,920
|
|
Loans, held for sale,
at fair value
|
|
|
188,752
|
|
|
216,022
|
|
Mortgage backed
securities, at fair value
|
|
|
50,070
|
|
|
39,922
|
|
Loans eligible for
repurchase from Ginnie Mae
|
|
|
79,623
|
|
|
95,158
|
|
Investment in
unconsolidated joint venture
|
|
|
41,598
|
|
|
55,369
|
|
Derivative
instruments
|
|
|
4,758
|
|
|
4,725
|
|
Servicing rights
(including $85,554 and $72,295 held at fair value)
|
|
|
111,274
|
|
|
94,038
|
|
Receivable from third
parties
|
|
|
980
|
|
|
6,756
|
|
Other
assets
|
|
|
56,948
|
|
|
56,840
|
|
Assets of consolidated
VIEs
|
|
|
1,122,706
|
|
|
861,662
|
|
Total
Assets
|
|
$
|
2,812,980
|
|
$
|
2,523,503
|
|
Liabilities
|
|
|
|
|
|
|
|
Secured
borrowings
|
|
|
678,858
|
|
|
631,286
|
|
Promissory
note
|
|
|
5,524
|
|
|
6,107
|
|
Securitized debt
obligations of consolidated VIEs, net
|
|
|
795,503
|
|
|
598,148
|
|
Convertible notes,
net
|
|
|
109,484
|
|
|
108,991
|
|
Senior secured notes,
net
|
|
|
178,718
|
|
|
138,078
|
|
Corporate debt,
net
|
|
|
48,172
|
|
|
—
|
|
Guaranteed loan
financing
|
|
|
263,920
|
|
|
293,045
|
|
Contingent
consideration
|
|
|
1,686
|
|
|
10,016
|
|
Liabilities for loans
eligible for repurchase from Ginnie Mae
|
|
|
79,623
|
|
|
95,158
|
|
Derivative
instruments
|
|
|
935
|
|
|
282
|
|
Dividends
payable
|
|
|
13,340
|
|
|
12,289
|
|
Accounts payable and
other accrued liabilities
|
|
|
72,659
|
|
|
74,636
|
|
Total
Liabilities
|
|
$
|
2,248,422
|
|
$
|
1,968,036
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 500,000,000 shares authorized, 32,051,989 and
31,996,440
shares issued and outstanding, respectively
|
|
|
3
|
|
|
3
|
|
Additional paid-in
capital
|
|
|
539,457
|
|
|
539,455
|
|
Retained earnings
(deficit)
|
|
|
5,870
|
|
|
(3,385)
|
|
Total Sutherland Asset
Management Corporation equity
|
|
|
545,330
|
|
|
536,073
|
|
Non-controlling
interests
|
|
|
19,228
|
|
|
19,394
|
|
Total
Stockholders' Equity
|
|
$
|
564,558
|
|
$
|
555,467
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
|
2,812,980
|
|
$
|
2,523,503
|
|
SUTHERLAND ASSET
MANAGEMENT CORPORATION
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
(In Thousands, except share data)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
Interest
income
|
|
$
|
41,858
|
|
$
|
33,248
|
|
$
|
79,007
|
|
$
|
67,130
|
|
|
Interest
expense
|
|
|
(26,407)
|
|
|
(17,230)
|
|
|
(49,071)
|
|
|
(33,673)
|
|
|
Net interest
income before provision for loan losses
|
|
$
|
15,451
|
|
$
|
16,018
|
|
$
|
29,936
|
|
$
|
33,457
|
|
|
Provision for loan
losses
|
|
|
397
|
|
|
(159)
|
|
|
229
|
|
|
(1,391)
|
|
|
Net interest
income after provision for loan losses
|
|
$
|
15,848
|
|
$
|
15,859
|
|
$
|
30,165
|
|
$
|
32,066
|
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on residential
mortgage banking activities, net of variable loan
expenses
|
|
|
9,762
|
|
|
10,985
|
|
|
21,496
|
|
|
21,495
|
|
|
Other income
|
|
|
1,826
|
|
|
1,588
|
|
|
3,160
|
|
|
2,429
|
|
|
Income on
unconsolidated joint venture
|
|
|
1,503
|
|
|
—
|
|
|
7,243
|
|
|
—
|
|
|
Servicing income, net
of amortization and impairment of $1,229 and $2,580
for the three and six months ended June 30, 2018, and
$1,511 and $4,276 for
the three and six months ended June 30, 2017,
respectively
|
|
|
6,627
|
|
|
5,631
|
|
|
13,037
|
|
|
10,074
|
|
|
Total
non-interest income
|
|
$
|
19,718
|
|
$
|
18,204
|
|
|
44,936
|
|
|
33,998
|
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation
and benefits
|
|
|
(14,272)
|
|
|
(13,451)
|
|
|
(29,592)
|
|
|
(26,915)
|
|
|
Allocated employee
compensation and benefits from related party
|
|
|
(1,200)
|
|
|
(1,008)
|
|
|
(2,400)
|
|
|
(2,020)
|
|
|
Professional
fees
|
|
|
(2,401)
|
|
|
(2,023)
|
|
|
(5,049)
|
|
|
(4,182)
|
|
|
Management fees –
related party
|
|
|
(2,036)
|
|
|
(2,007)
|
|
|
(4,049)
|
|
|
(3,984)
|
|
|
Incentive fees –
related party
|
|
|
(269)
|
|
|
—
|
|
|
(676)
|
|
|
—
|
|
|
Loan servicing
expense
|
|
|
(3,000)
|
|
|
(2,611)
|
|
|
(7,093)
|
|
|
(4,126)
|
|
|
Other operating
expenses
|
|
|
(8,916)
|
|
|
(6,206)
|
|
|
(16,927)
|
|
|
(11,736)
|
|
|
Total
non-interest expense
|
|
$
|
(32,094)
|
|
$
|
(27,306)
|
|
$
|
(65,786)
|
|
$
|
(52,963)
|
|
|
Net realized gain
on financial instruments
|
|
|
8,620
|
|
|
4,491
|
|
|
20,851
|
|
|
7,456
|
|
|
Net unrealized
gain on financial instruments
|
|
|
4,457
|
|
|
974
|
|
|
7,464
|
|
|
2,257
|
|
|
Income before
provision for income taxes
|
|
$
|
16,549
|
|
$
|
12,222
|
|
$
|
37,630
|
|
$
|
22,814
|
|
|
Provision for income
taxes
|
|
|
(665)
|
|
|
(1,069)
|
|
|
(3,228)
|
|
|
(2,104)
|
|
|
Net
income
|
|
$
|
15,884
|
|
$
|
11,153
|
|
$
|
34,402
|
|
$
|
20,710
|
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
588
|
|
|
657
|
|
|
1,252
|
|
|
1,358
|
|
|
Net income
attributable to Sutherland Asset Management
Corporation
|
|
$
|
15,296
|
|
$
|
10,496
|
|
$
|
33,150
|
|
$
|
19,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share - basic
|
|
$
|
0.48
|
|
$
|
0.34
|
|
$
|
1.03
|
|
$
|
0.63
|
|
|
Earnings per
common share - diluted
|
|
$
|
0.48
|
|
$
|
0.34
|
|
$
|
1.03
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
32,073,717
|
|
|
30,768,900
|
|
|
32,055,110
|
|
|
30,659,958
|
|
|
Diluted
|
|
|
32,092,750
|
|
|
30,769,332
|
|
|
32,069,499
|
|
|
30,660,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share of common stock
|
|
$
|
0.40
|
|
$
|
0.37
|
|
$
|
0.77
|
|
$
|
0.74
|
|
|
SUTHERLAND ASSET
MANAGEMENT CORPORATION
UNAUDITED SEGMENT
REPORTING
FOR THE THREE
MONTHS ENDED JUNE 30, 2018
|
|
|
|
|
|
|
|
SBA Originations,
|
|
Residential
|
|
|
|
|
|
|
Loan
|
|
SBC
|
|
Acquisitions,
|
|
Mortgage
|
|
Corporate-
|
|
|
|
(In Thousands)
|
|
Acquisitions
|
|
Originations
|
|
and Servicing
|
|
Banking
|
|
Other
|
|
Consolidated
|
|
Interest
income
|
|
$
|
12,970
|
|
$
|
18,891
|
|
$
|
8,998
|
|
$
|
999
|
|
$
|
—
|
|
$
|
41,858
|
|
Interest
expense
|
|
|
(6,277)
|
|
|
(15,320)
|
|
|
(3,972)
|
|
|
(838)
|
|
|
—
|
|
|
(26,407)
|
|
Net interest
income before provision for loan losses
|
|
$
|
6,693
|
|
$
|
3,571
|
|
$
|
5,026
|
|
$
|
161
|
|
$
|
—
|
|
$
|
15,451
|
|
Provision for loan
losses
|
|
|
80
|
|
|
73
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
397
|
|
Net interest
income after provision for loan losses
|
|
$
|
6,773
|
|
$
|
3,644
|
|
$
|
5,270
|
|
$
|
161
|
|
$
|
—
|
|
$
|
15,848
|
|
Non-interest
income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on residential
mortgage banking activities, net of
variable loan expenses
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
9,762
|
|
$
|
—
|
|
$
|
9,762
|
|
Other income
(loss)
|
|
|
111
|
|
|
1,356
|
|
|
291
|
|
|
68
|
|
|
—
|
|
|
1,826
|
|
Income from
unconsolidated joint venture
|
|
|
1,503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,503
|
|
Servicing
income
|
|
|
5
|
|
|
330
|
|
|
1,464
|
|
|
4,828
|
|
|
—
|
|
|
6,627
|
|
Total
non-interest income
|
|
$
|
1,619
|
|
$
|
1,686
|
|
$
|
1,755
|
|
$
|
14,658
|
|
$
|
—
|
|
$
|
19,718
|
|
Employee compensation
and benefits
|
|
|
(141)
|
|
|
(2,285)
|
|
|
(3,138)
|
|
|
(8,535)
|
|
|
(173)
|
|
|
(14,272)
|
|
Allocated employee
compensation and benefits from
related party
|
|
|
(120)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,080)
|
|
|
(1,200)
|
|
Professional
fees
|
|
|
(150)
|
|
|
(325)
|
|
|
(524)
|
|
|
(115)
|
|
|
(1,287)
|
|
|
(2,401)
|
|
Management fees –
related party
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,036)
|
|
|
(2,036)
|
|
Incentive fees –
related party
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(269)
|
|
|
(269)
|
|
Loan servicing
expense
|
|
|
(764)
|
|
|
(886)
|
|
|
211
|
|
|
(1,561)
|
|
|
—
|
|
|
(3,000)
|
|
Other operating
expenses
|
|
|
(1,998)
|
|
|
(3,287)
|
|
|
(970)
|
|
|
(1,981)
|
|
|
(680)
|
|
|
(8,916)
|
|
Total
non-interest income (expense)
|
|
$
|
(3,173)
|
|
$
|
(6,783)
|
|
$
|
(4,421)
|
|
$
|
(12,192)
|
|
$
|
(5,525)
|
|
$
|
(32,094)
|
|
Net realized
(loss) gain on financial instruments
|
|
|
(52)
|
|
|
3,532
|
|
|
5,140
|
|
|
—
|
|
|
—
|
|
|
8,620
|
|
Net unrealized
gain (loss) on financial instruments
|
|
|
848
|
|
|
4,130
|
|
|
(819)
|
|
|
298
|
|
|
—
|
|
|
4,457
|
|
Net income (loss)
before provision for income taxes
|
|
$
|
6,015
|
|
$
|
6,209
|
|
$
|
6,925
|
|
$
|
2,925
|
|
$
|
(5,525)
|
|
$
|
16,549
|
|
Total
Assets
|
|
$
|
707,943
|
|
$
|
1,296,872
|
|
$
|
489,938
|
|
$
|
298,027
|
|
$
|
20,200
|
|
$
|
2,812,980
|
|
SUTHERLAND ASSET
MANAGEMENT CORPORATION
UNAUDITED SEGMENT
REPORTING
FOR THE SIX MONTHS
ENDED JUNE 30, 2018
|
|
|
|
|
|
|
|
SBA Originations,
|
|
Residential
|
|
|
|
|
|
|
Loan
|
|
SBC
|
|
Acquisitions,
|
|
Mortgage
|
|
Corporate-
|
|
|
|
(In Thousands)
|
|
Acquisitions
|
|
Originations
|
|
and Servicing
|
|
Banking
|
|
Other
|
|
Consolidated
|
|
Interest
income
|
|
$
|
22,655
|
|
$
|
36,751
|
|
$
|
17,713
|
|
$
|
1,888
|
|
$
|
—
|
|
$
|
79,007
|
|
Interest
expense
|
|
|
(12,106)
|
|
|
(27,790)
|
|
|
(7,592)
|
|
|
(1,583)
|
|
|
—
|
|
|
(49,071)
|
|
Net interest
income before provision for loan losses
|
|
$
|
10,549
|
|
$
|
8,961
|
|
$
|
10,121
|
|
$
|
305
|
|
$
|
—
|
|
$
|
29,936
|
|
Provision for loan
losses
|
|
|
(192)
|
|
|
109
|
|
|
312
|
|
|
—
|
|
|
—
|
|
|
229
|
|
Net interest
income after provision for loan losses
|
|
$
|
10,357
|
|
$
|
9,070
|
|
$
|
10,433
|
|
$
|
305
|
|
$
|
—
|
|
$
|
30,165
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on residential
mortgage banking activities, net of
variable loan expenses
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
21,496
|
|
$
|
—
|
|
$
|
21,496
|
|
Other income
|
|
|
268
|
|
|
2,615
|
|
|
168
|
|
|
109
|
|
|
—
|
|
|
3,160
|
|
Income from
unconsolidated joint venture
|
|
|
7,243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,243
|
|
Servicing
income
|
|
|
10
|
|
|
582
|
|
|
2,716
|
|
|
9,729
|
|
|
—
|
|
|
13,037
|
|
Total
non-interest income
|
|
$
|
7,521
|
|
$
|
3,197
|
|
$
|
2,884
|
|
$
|
31,334
|
|
$
|
—
|
|
$
|
44,936
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation
and benefits
|
|
|
(313)
|
|
|
(4,922)
|
|
|
(6,393)
|
|
|
(17,650)
|
|
|
(314)
|
|
|
(29,592)
|
|
Allocated employee
compensation and benefits from
related party
|
|
|
(240)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,160)
|
|
|
(2,400)
|
|
Professional
fees
|
|
|
(467)
|
|
|
(714)
|
|
|
(1,003)
|
|
|
(224)
|
|
|
(2,641)
|
|
|
(5,049)
|
|
Management fees –
related party
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,049)
|
|
|
(4,049)
|
|
Incentive fees –
related party
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(676)
|
|
|
(676)
|
|
Loan servicing
expense
|
|
|
(1,565)
|
|
|
(1,525)
|
|
|
287
|
|
|
(4,290)
|
|
|
—
|
|
|
(7,093)
|
|
Other operating
expenses
|
|
|
(2,816)
|
|
|
(5,967)
|
|
|
(2,080)
|
|
|
(4,681)
|
|
|
(1,383)
|
|
|
(16,927)
|
|
Total
non-interest expense
|
|
$
|
(5,401)
|
|
$
|
(13,128)
|
|
$
|
(9,189)
|
|
$
|
(26,845)
|
|
$
|
(11,223)
|
|
$
|
(65,786)
|
|
Net realized gain
on financial instruments
|
|
|
94
|
|
|
12,231
|
|
|
8,526
|
|
|
—
|
|
|
—
|
|
|
20,851
|
|
Net unrealized
gain (loss) on financial instruments
|
|
|
801
|
|
|
1,763
|
|
|
(286)
|
|
|
5,186
|
|
|
—
|
|
|
7,464
|
|
Income before
provision for income taxes
|
|
$
|
13,372
|
|
$
|
13,133
|
|
$
|
12,368
|
|
$
|
9,980
|
|
$
|
(11,223)
|
|
$
|
37,630
|
|
Total
Assets
|
|
$
|
707,943
|
|
$
|
1,296,872
|
|
$
|
489,938
|
|
$
|
298,027
|
|
$
|
20,200
|
|
$
|
2,812,980
|
View original
content:http://www.prnewswire.com/news-releases/sutherland-asset-management-corporation-announces-second-quarter-2018-results-300693598.html
SOURCE Sutherland Asset Management Corporation