UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): August 15, 2007

 


Accredited Mortgage Loan REIT Trust

(Exact name of Registrant as specified in its charter)

 


 

Maryland   001-32276   35-2231035

(State or other jurisdiction of

incorporation or organization)

  (Commission File Number)  

(I.R.S. Employer

Identification Number)

15253 Avenue of Science, San Diego, CA 92128

(Address of principal executive offices) (Zip Code)

(858) 676-2100

(Registrant’s telephone number, including area code)

 


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 (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Section 2 – Financial Information

 

Item 2.02 Results of Operations and Financial Condition.

On August 15, 2007, Accredited Mortgage Loan REIT Trust (“REIT”) filed a Form 12b-25 in connection with the delayed filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2007. Such 12b-25 contained the following disclosure regarding the results of operations and financial condition of REIT:

“The following information is preliminary, not complete and subject to change, pending completion of REIT’s financial statements for the quarters ended March 31, 2007 and June 30, 2007 and Squar Milner’s review of such financial statements.

Total assets are expected to be $7.1 billion as of June 30, 2007 compared to $7.8 billion at June 30, 2006. Net earnings for the period ending June 30, 2007 are expected to be down at least 50% from the comparable period in 2006, primarily as the result of lower net interest margin and an increase in non-performing loans. Total provision for losses expense for the quarter ended June 30, 2007 is expected to increase by approximately $20 million compared to the comparable period in 2006.

REIT had approximately $65 million in liquidity at June 30, 2007, compared to $6 million at June 30, 2006 due primarily to the proceeds from the previously announced term loan from Farallon Capital Management, L.L.C.

*****

While REIT believes that it has considered all factors which may impact its results of operations, there can be no assurance that REIT has successfully identified all matters affecting those results or that additional adjustments will not be required prior to the completion of REIT’s financial statements for the three and six months ended June 30, 2007.

This Notification of Late Filing on Form 12b-25 contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, relating to REIT’s expected results for the three and six months ended June 30, 2007 and REIT’s expectations regarding it’s ability to file its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007 and June 30, 2007. These forward-looking statements involve a number of risks and uncertainties, including significant risks and uncertainties relating to REIT’s business, including the REIT’s ability to profitably grow its portfolio, maintain liquidity, execute on strategic opportunities, complete the review of REIT’s financial statements and assessment of its internal control over financial reporting, make other required SEC and regulatory filings and other risk factors as outlined in REIT’s Annual Report on Form 10-K for the year ended December 31, 2006, and other documents filed by the Company with the SEC. These and other factors could cause REIT’s actual results to differ materially from what it projects or contemplates in its forward-looking statements. REIT cautions readers that the non-prime mortgage industry and REIT’s business are subject to numerous significant risks and uncertainties.”


SIGNATURES

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.

 

  Accredited Mortgage Loan REIT Trust
Date: August 15, 2007    
  By:  

/s/ James A. Konrath

    James A. Konrath
    Chief Executive Officer

The following information was filed by Accredited Mortgage Loan Reit Trust on Wednesday, August 15, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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