Fieldstone Goes Public
Shares of Fieldstone Investment Corp. here began trading publicly on Feb. 3, after the Securities and Exchange Commission signed off on the nonconforming lender's registration statement.
The company received authorization to resell 43.3 million shares of its common stock which, previously, had been issued only privately.
In early February, shares in Fieldstone, the nation's 21st largest subprime funder, were trading for about $17.20 each, giving it a market capitalization of $745 million.
Under the registration statement, the stockholders were permitted - but not obligated - to sell some or all of the shares covered by the prospectus. (The stock was originally sold in a private placement late in 2003.)
The common stock of Fieldstone, a real estate investment trust, is trading on the Nasdaq under the symbol FICC.
Friedman, Billings, Ramsey Group, its investment banker, owns 4.68 million shares, or 9.59% of the company, according to documents filed with the SEC. Officers and directors own about 3% of the stock.
In the third quarter, FIC's subsidiary, Fieldstone Mortgage, funded $1.7 billion in subprime loans. It is both a retail and wholesale funder.
Through the first nine months of 2004, Fieldstone originated $4.6 billion in nonconforming loans but also funded almost $1 billion in conventional product.
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