Vestin Realty Mortgage II Inc.

• Public
• US

Dow Jones Description

Vestin Realty Mortgage II ("VRTB") was organized as a corporation on January 3, 2006 by Vestin Fund II, LLC ("Fund II") to succeed to the business of Vestin Fund II, a $500 million mortgage fund established in December 2000. VRTB is electing to be treated as a real estate investment trust, or REIT, for U.S. federal income tax purposes. We are not a mutual fund or an investment company within the meaning of the Investment Company Act of 1940, nor are we subject to any regulation there under. Fund II merged into VRTB in order to provide liquidity to Fund II's Unit Holders while maintaining the business operations, investment objectives and assets of Fund II. As a REIT, VRTB is not required to pay corporate income taxes as long as it pays at least 90% of its REIT taxable income to its shareholders as dividends (historically, Fund II has paid approximately 100% of its taxable income to unit holders). We currently intend, to the extent practicable, to distribute substantially all of our REIT taxable income, which is consistent with Fund II's practice of distributing all of its net income available for distribution. We anticipate that distributions will be paid on a regular basis from cash available for distribution (generally equal to cash from operations, other than repayment of mortgage loan principal, less an amount set aside for creation or restoration of reserves). However, the actual amount and timing of any dividends will be determined and declared by our board of...

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