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Eastern Light Capital, Inc. (ELC)

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[ELC]

Eastern Light Capital

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Eastern Light Capital, Incorporated (“ELC”) –  formerly known as Capital Alliance Income Trust – is a publicly traded real estate investment trust (“REIT”) listed on the NYSE/Amex (formerly the American Stock Exchange) under the symbol ELC. The name change was a contractual requirement of the transition to self-management. Prior to January 2007, ELC was managed by an outside group. Commencing January 2007, ELC became self-administered and self-advised.

Eastern Light Capital, Incorporated, a real estate investment trust (REIT), operates as a specialty mortgage finance company in the United States. Its mortgage investment business invests in non-conforming residential mortgage loans. The company's mortgage banking business engages in the origination, purchase, and sale of conforming and non-conforming mortgage loans secured by first liens and junior liens on one-to-four single family residential properties. It originates loans from mortgage bankers, mortgage brokers, or existing borrower relationships. The company qualifies as a REIT for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Capital Alliance Income Trust, Ltd and changed its name to Eastern Light Capital, Incorporated in July 2008. Eastern Light Capital was founded in 1995 and is based in San Francisco, California

ELC’s management has suspended all loan origination to concentrate on non-performing loans and foreclosed real estate. During 2009, ELC will seek to diversify beyond one-to-four unit residential loans and will opportunistically seek other REIT compliant investments to enhance shareholder value. ELC’s 100% owned taxable subsidiary – WrenCap Funding Corporation, which formerly engaged in mortgage origination and secondary market sales – now trades exchange listed marketable securities.

The exchange will increase the total outstanding common share balance to approximately 597,047. As of September 30, 2010 that produced a net book value of approximately $6.28 per common share. [REF]

 

 

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