1
1
Safe Harbor
This
presentation
contains
forward-looking
statements
that
involve
risks
and
uncertainties.
These
forward-looking
statements
are
not
historical
facts
but
rather
are
based
on
our current beliefs, assumptions and expectations. These beliefs, assumptions and
expectations can change as a result of many possible events or factors, not all of which
are known to us or are within our control. If a change occurs, our business,
financial condition, liquidity and results of operations may vary materially from those expressed in
our
forward-looking
statements.
You
should
not
place
undue
reliance
on
these
forward-looking
statements,
which
reflect
our
view
only
as
of
the
date
of
this
presentation.
We use words such as anticipate,
expect,
intend,
plan,
believe,
seek,
estimate,
and variations of these words and similar expressions to identify
forward-looking statements. Forward-looking statements are subject
to various risks and uncertainties that could cause actual results to vary from our forward-looking statements, including:
changes in our industry, interest rates, the debt securities markets, real estate
markets or the general economy; increased rates of default and/or decreased
recovery rates on our investments; the performance and financial condition
of our borrowers; the cost and availability of our financings, which depends
in part on our asset quality, the nature of our relationships with our lenders and other capital providers, our
business prospects and outlook and general market conditions;
the availability and attractiveness of terms of additional debt repurchases;
availability, terms and deployment of short-term and long-term
capital; availability of, and ability to retain, qualified personnel;
changes in our business strategy;
availability of investment opportunities in commercial real estate-related and
commercial finance assets; the resolution of our non-performing and
sub-performing assets; our ability to comply with financial covenants in
our debt instruments; the degree and nature of our competition;
the adequacy of our cash reserves and working capital;
the timing of cash flows, if any, from our investments;
unanticipated increases in financial and other costs, including a rise in interest
rates; our
ability
to
maintain
compliance
with
over-collateralization
and
interest
coverage
tests
in
our
CDOs
and/or
CLOs;
our dependence on our Manager and ability to find a suitable replacement in a
timely manner, or at all, if we or our Manager were to terminate the management
agreement;
environmental and/or safety requirements;
our ability to satisfy complex rules in order for us to qualify as a REIT, for
federal income tax purposes and qualify for our exemption under the Investment Company
Act of 1940, as amended, and our ability and the ability of our subsidiaries to
operate effectively within the limitations imposed by these rules;
legislative and regulatory changes (including changes to laws governing the
taxation of REITs or the exemptions from registration as an investment company); and
other factors discussed under Item IA. Risk Factors of our Annual Report on Form
10-K for the year ended December 31, 2013 and those factors that may be
contained in any subsequent filing we make with the Securities Exchange
Commission. We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by law. In light of these risks and uncertainties, the forward-looking events
and circumstances discussed in this presentation might not occur and actual results, performance
or achievement could differ materially from that anticipated or implied in the
forward-looking statements. |