KKR Financial Corp., San Francisco, an affiliate of the leveraged buyout firm Kohlberg Kravis Roberts, is making an initial public offering of 29.167 million shares of its common stock.The shares, including approximately 2.909 million shares being sold by current stockholders, are expected to be priced between $23 and $25 per share and trade on the New York Stock Exchange, according to KKR Financial's offering prospectus. The company, which is opting for real estate investment trust status, said it plans to invest in four areas: residential mortgage loans and mortgage-backed securities; corporate loans and debt securities; commercial real estate loans and debt securities; and asset-backed securities. In addition, KKR Financial said it intends to "invest opportunistically in other types of investments from time to time." The company plans to use additional debt financing to maximize its investment potential. KKR Financial's principal executives are Saturnino S. Fanlo and David A. Netjes.
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The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
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The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
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One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
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There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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May 10