(Read more on the debt and equitymarkets.)
PHILADELPHIA-RAIT Financial Trust has revealed that AmericanHome Mortgage Investment Corp. failed to make its payment on RAIT'strust preferred financing due on July 30. All other issuers ofRAIT's trust preferred securities did meet their obligations, thelocally based financial REIT says in a statement.
RAIT says its net equity exposure to AHM is approximately $95million resulting from trust preferred financing RAIT provided toMelville, NY-based AHM in 2005. In tandem with the announcement,RAIT pushed its second-quarter conference call ahead one day toAug. 2 from the originally scheduled Aug. 3, and says it willfurther discuss its exposure to the troubled AHM at that time.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
