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): June
27, 2006
Opteum
Inc.
(Exact
Name of Registrant as Specified in Charter)
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Maryland
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001-32171
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72-1571637
|
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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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:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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REGULATION
FD DISCLOSURE
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On
June
27, 2006, Opteum Inc. (the “Company”) issued the press release attached
hereto as Exhibit 99.1.
The
information furnished under this “Item 7.01 Regulation FD Disclosure” 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.
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ITEM
9.01.
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EXHIBITS
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(d)
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Exhibit
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99.1
- Press
Release of Opteum Inc.
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.
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Date:
June 27, 2006
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OPTEUM
INC.
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||
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By:
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/s/
Jeffrey J. Zimmer
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Jeffrey
J. Zimmer
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|||
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Chairman,
Chief Executive Officer and
President
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|||
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Exhibit
No.
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99.1
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-
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Press
Release of Opteum
Inc.
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OPTEUM
FINANCIAL SERVICES, LLC
COMPLETES
$491.5 MILLION SECURITIZATION
VERO
BEACH, Fla. (June 27, 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 approximately
$491.5 million aggregate principal amount of adjustable-rate mortgages. The
securitization was underwritten by CitiGroup and represents the thirteenth
for
OFS (seven 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’ strategy of securitizing high-quality mortgages
originated through each of its three origination channels (retail, wholesale
and
conduit), which operate in 47 states throughout the U.S. Details of the offering
will be available on Bloomberg under OPMAC 2006-2.
Key
metrics of the mortgage loan portfolio collateralizing the securitization
include:
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Unpaid
principal balance
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$491,571,939
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Number
of loans
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1,527
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Average
loan balance
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$321,920
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Weighted-average
coupon rate
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6.837%
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Weighted-average
lifetime maximum mortgage rate
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12.01%
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Weighted-average
original term, in months
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360
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Weighted-average
remaining term, in months
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357.6
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Weighted-average
loan-to-value ratio (LTV)
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76.97%
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Weighted-average
FICO score
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691
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Top
five geographic concentrations (% exposure):
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California
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70.40%
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Georgia
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4.91%
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Florida
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4.17%
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New
Jersey
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3.81%
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Washington
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2.44%
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Occupancy
status:
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Owner
occupied
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90.70%
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Second
home
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1.68%
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Investor
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7.62%
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Property
type:
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Single-family
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66.80%
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Condominium
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8.55%
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Other
residential
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24.65%
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About
Opteum
Opteum
Inc. is a real estate investment trust (REIT), which operates an integrated
mortgage-related investment portfolio and 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 36 offices
throughout the United States and operates as a taxable REIT subsidiary.
Statements
herein relating to matters that are not historical facts are forward-looking
statements as defined in 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
such forward-looking statements. Important factors that could cause such
differences are described in Opteum Inc.'s filings with the Securities
and
Exchange Commission, including Opteum Inc.'s most recent Annual Report
on Form
10-K or Quarterly Report on Form 10-Q. Opteum Inc. assumes no obligation
to
update forward-looking statements to reflect subsequent results, changes
in
assumptions or changes in other factors affecting forward-looking
statements.
Contact: Robert
E.
Cauley
Chief
Financial Officer
(772)
231-1400
www.opteum.com