Bayview Files $500 Million IPO

w Mortgage Capital Inc. has filed a $500 million initial public offering (IPO) with the Securities and Exchange Commission (SEC). According to Form S-11, filed July 27, the Maryland-based company intends to acquire and manage residential and commercial mortgages, as well as mortgage-backed securities. Bayview Fund Management, a wholly owned subsidiary of Bayview Asset Management, will act as the new company's manager. Bayview Asset Management is 46% owned by affiliates of asset manager Blackstone Group LP. Bayview Mortgage Capital is seeking to be qualified as a real estate investment trust, according to the SEC filing. The company plans to acquire targeted assets that Bayview Fund Management believes to be discounts. "We will then seek to maximize the value of these assets through analytical and portfolio management expertise as well as the servicing and special servicing capabilities of our manager and its affiliates," the filing says. Bayview Asset Management owns Bayview Loan Servicing LLP, a Coral Gables, Fla.-based servicer of residential and commercial mortgages. SOURCE: Securities and Exchange Com


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