Luminent Mortgage Capital Inc., Philadelphia, has announced a proposed restructuring under which it would convert from a real estate investment trust into a publicly traded partnership. Luminent said maintaining its REIT status is no longer beneficial to the company or its stockholders, and that freeing itself from the REIT income and asset tests will "significantly enhance its flexibility for investment diversification and cash management." After the restructuring, the company says it plans to offer fee-based services such as credit risk management, asset management advisory services, and sub-manager services for investment funds. Luminent can be found online at http://www.luminentcapital.com.
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