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KKR Financial Holdings LLC Message Board

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  • lightforth lightforth Oct 7, 2008 1:45 PM Flag

    KFN presentation 9/15

    From the Aug 10Q 2008

    As of June 30, 2008, the Company substantially completed its plan to exit its residential mortgage investment operations through the sale of certain of its residential mortgage-backed securities in the third quarter of 2007 and the agreement with the Noteholders related to the Facilities described above. In addition, on June 30, 2008, the Company completed the sale of a controlling interest in the REIT Subsidiary to Rock Capital 2 LLC, which did not result in a gain or loss. Accordingly, t he REIT Subsidiary is presented as discontinued operations for financial statement purposes for all periods presented.



    The Company no longer deems a sale or transfer of its remaining residential mortgage portfolio to be probable in the near term. As such, the Company’s remaining residential mortgage investment operations, which were previously presented as discontinued operations, are presented as continuing operations and the associated prior period amounts presented in the Company’s condensed consolidated financial statements relating to the Company’s existing residential mortgage assets and liabilities as of June 30, 2008 have been reclassified for comparative presentation.



    As of June 30, 2008, the Company’s remaining residential mortgage portfolio consisted of $315.2 million of RMBS, of which $279.6 million was rated investment grade or higher and $35.6 million was rated below investment grade. Of the $315.2 million of RMBS, $199.5 million represented interests in residential mortgage securitization trusts that were not structured as QSPEs . The Company consolidated these trusts as it was the primary beneficiary of these entities and therefore reported total assets of $3.4 billion and total liabilities of $3.2 billion for these trusts in continuing operations as of June 30, 2008.

 

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