View:
Download DOC
Download PDF
Download XLS
OPX 8K 3-28-2006 Press Release
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
Form 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 28, 2006
 
Opteum Inc.
(Exact Name of Registrant as Specified in Charter)

Maryland
001-32171
72-1571637
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

3305 Flamingo Drive, Vero Beach, Florida 32963
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (772) 231-1400

N/A
(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


REGULATION FD DISCLOSURE

On March 28, 2006, Opteum Inc. (the “Company”) issued a press release. A copy of this press release is attached hereto as Exhibit 99.1.

The Company believes that certain statements in the information attached may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.

This information furnished under this “Item 7.01 Regulation FD Disclosure,” including the exhibit related hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

ITEM 9.01.
EXHIBITS

(c)
Exhibit

The following exhibit is filed pursuant to Item 601 of Regulation S-K:

99.1 - Press Release of Opteum Inc.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: March 28, 2006
OPTEUM INC.
   
   
 
By:
/s/ Jeffrey J. Zimmer
  
   
Jeffrey J. Zimmer
   
Chairman, Chief Executive Officer and President


EXHIBIT INDEX
 
Exhibit No.
 
  
 
 
 
99.1
-
Press Release of Opteum Inc.
OPX 3-28-2006 8K Exhibit 99.1



OPTEUM FINANCIAL SERVICES, LLC
COMPLETES $934.4 MILLION SECURITIZATION


VERO BEACH, Fla. (March 28, 2006)— Opteum Inc. (NYSE:OPX), a real estate investment trust (REIT) that operates an integrated mortgage-related securities investment portfolio and a mortgage origination platform, today announced that its wholly owned subsidiary, Opteum Financial Services, LLC, or OFS, has completed a securitization of $934.4 million of fixed- and adjustable-rate mortgages. The securitization was underwritten by Bear Stearns and UBS Investment Bank and represents the twelfth for OFS (six on the current OPMAC shelf and six on the predecessor HMAC shelf - OFS operated previously under the name of Homestar Mortgage Services, LLC). This transaction continues OFS’s strategy of originating and securitizing high quality mortgages through each of its three origination channels (retail, wholesale and conduit), which operate in 44 states throughout the U.S. Details of the offering will be available on Bloomberg under OPMAC 2006-1.

Key metrics of the mortgage loan portfolio collateralizing the securitization include:

 
 
Unpaid principal balance
$934,441,048
  
 
Number of loans
3,062
  
 
Average loan balance
$305,173
  
 
Weighted-average coupon rate
6.429%
  
 
Weighted-average lifetime mortgage rate
9.389%
  
 
Weighted-average original term, in months
357.85
  
 
Weighted-average remaining term, in months
355.00
  
 
Weighted-average loan-to-value ratio (LTV)
72.53%
  
 
Weighted-average FICO score
704
  
 
Top five geographic concentrations (% exposure):
    
 
     California
62.36%
  
 
     Georgia
10.51%
  
 
     New Jersey
6.70%
  
 
     New York
4.42%
  
 
     Florida
4.20%
  
 
Occupancy status:
    
 
     Owner occupied
89.32%
  
 
     Second home
2.72%
  
 
     Investor
7.96%
  
 
Property type:
    
 
     Single-family
85.34%
  
 
     Condominium
8.15%
  
 
     Other residential
6.51%
  
 
Opteum Inc. is a real estate investment trust (REIT), which operates an integrated mortgage-related investment portfolio and a mortgage origination platform. The REIT invests primarily in, but is not limited to, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). It earns returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows. Opteum’s mortgage origination platform, Opteum Financial Services, originates, buys, sells, and services residential mortgages from 35 offices throughout the United States and operates as a taxable REIT subsidiary, OFS.

This news release contains forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Important factors that could cause such differences are described in the periodic filings of Opteum Inc. with the Securities and Exchange Commission, including Opteum Inc.’s Registration Statement on Form S-11. Opteum Inc. assumes no obligation to update forward-looking information to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking information.

Contact: Robert E. Cauley
Chief Financial Officer
(772) 231-1400
www.opteum.com