AHT » Topics » Failure to maintain an exemption from the Investment Company Act would adversely affect our results of operations.

These excerpts taken from the AHT 10-K filed Feb 29, 2008.
Failure to maintain an exemption from the Investment Company Act would adversely affect our results of operations.
 
We believe that we will conduct our business in a manner that allows us to avoid registration as an investment company under the Investment Company Act of 1940, or the 1940 Act. Under Section 3(c)(5)(C) of the 1940 Act, entities that are primarily engaged in the business of purchasing or otherwise acquiring “mortgages and other liens on and interests in real estate” are not treated as investment companies. The SEC staff’s position generally requires us to maintain at least 55% of our assets directly in qualifying real estate interests to be able to rely on this exemption. To constitute a qualifying real estate interest under this 55% requirement, a real estate interest must meet various criteria. Mortgage securities that do not represent all of the certificates issued with respect to an underlying pool of mortgages may be treated as securities separate from the underlying mortgage loans and, thus, may not qualify for purposes of the 55% requirement. Our ownership of these mortgage securities, therefore, is limited by the provisions of the 1940 Act and SEC staff interpretive positions. There are no assurances that efforts to pursue our intended investment program will not be adversely affected by operation of these rules.
 
Failure
to maintain an exemption from the Investment Company Act would
adversely affect our results of operations.



 



We believe that we will conduct our business in a manner that
allows us to avoid registration as an investment company under
the Investment Company Act of 1940, or the 1940 Act. Under
Section 3(c)(5)(C) of the 1940 Act, entities that are
primarily engaged in the business of purchasing or otherwise
acquiring “mortgages and other liens on and interests in
real estate” are not treated as investment companies. The
SEC staff’s position generally requires us to maintain at
least 55% of our assets directly in qualifying real estate
interests to be able to rely on this exemption. To constitute a
qualifying real estate interest under this 55% requirement, a
real estate interest must meet various criteria. Mortgage
securities that do not represent all of the certificates issued
with respect to an underlying pool of mortgages may be treated
as securities separate from the underlying mortgage loans and,
thus, may not qualify for purposes of the 55% requirement. Our
ownership of these mortgage securities, therefore, is limited by
the provisions of the 1940 Act and SEC staff interpretive
positions. There are no assurances that efforts to pursue our
intended investment program will not be adversely affected by
operation of these rules.


 




This excerpt taken from the AHT 10-K filed Mar 9, 2007.
Failure to maintain an exemption from the Investment Company Act would adversely affect our results of operations.
 
We believe that we will conduct our business in a manner that allows us to avoid registration as an investment company under the Investment Company Act of 1940, or the 1940 Act. Under Section 3(c)(5)(C) of the 1940 Act, entities that are primarily engaged in the business of purchasing or otherwise acquiring “mortgages and other liens on and interests in real estate” are not treated as investment companies. The SEC staff’s position generally requires us to maintain at least 55% of our assets directly in qualifying real estate interests to be able to rely on this exemption. To constitute a qualifying real estate interest under this 55% requirement, a real estate interest must meet various criteria. Mortgage securities that do not represent all of the certificates issued with respect to an underlying pool of mortgages may be treated as securities separate from the underlying mortgage loans and, thus, may not qualify for purposes of the 55% requirement. Our ownership of these mortgage securities, therefore, is limited by the provisions of the 1940 Act and SEC staff interpretive positions. There are no assurances that efforts to pursue our intended investment program will not be adversely affected by operation of these rules.


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This excerpt taken from the AHT 10-K filed Mar 14, 2006.
Failure to maintain an exemption from the Investment Company Act would adversely affect our results of operations.
 
We conduct our business in a manner that allows us to avoid registration as an investment company under the Investment Company Act of 1940, or the 1940 Act. Under Section 3(c)(5)(C) of the 1940 Act, entities that are primarily engaged in the business of purchasing or otherwise acquiring “mortgages and other liens on and interests in real estate” are not treated as investment companies. The SEC staff’s position generally requires us to maintain at least 55% of our assets directly in qualifying real estate interests to be able to rely on this exemption. To constitute a qualifying real estate interest under this 55% requirement, a real estate interest must meet various criteria. Mortgage securities that do not represent all of the certificates issued with respect to an underlying pool of mortgages may be treated as securities separate from the underlying mortgage loans and, thus, may not qualify for purposes of the 55% requirement. Our ownership of these mortgage securities, therefore, is limited by the provisions of the 1940 Act and


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SEC staff interpretive positions. There are no assurances that efforts to pursue our intended investment program will not be adversely affected by operation of these rules.
 
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