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NEW YORK CITY-A specialty finance company that was formed inJanuary by Hyperion Capital to invest in real estate-relatedsecurities, loans and instruments and various other asset classeshas filed for an initial public offering that could raise up to$460 million. The number of shares and pricing was not listed inthe filing. The prices at which the selling stockholders may sellthe shares will be determined by prevailing market prices orthrough privately-negotiated transactions. The company will notreceive any proceeds from the sale of any of the shares.

Crystal River Capital will elect and intend to qualify to betaxed as a REIT. In its SEC filing, the firm lists it objective as"to provide attractive returns to our investors through acombination of dividends and capital appreciation. To achieve thisobjective, we are investing primarily in and intend to continue toinvest primarily in residential mortgage-backed securities, orRMBS, and commercial mortgage-backed securities, or CMBS, wholemortgage loans, bridge loans, junior interests in mortgage loansknown as B Notes and mezzanine loans." Crystal River also investsin--and intends to continue to invest in opportunistically indirect real estate interests and preferred equity interests inentities that own real estate, diversified asset-backed securities,or ABS, including aircraft and consumer obligations, andcollateralized debt obligations.