-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jm7E05P+KjXMvPi7gVxipjghPaHVdJSJcnfJoYDbga+wneNMCljrj02PxdiKGxmu zykvb4/p2msZ+tFT3lL+0w== 0000936392-98-000154.txt : 19980212 0000936392-98-000154.hdr.sgml : 19980212 ACCESSION NUMBER: 0000936392-98-000154 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980211 SROS: NASD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN RESIDENTIAL INVESTMENT TRUST INC CENTRAL INDEX KEY: 0001035744 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 330741174 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: SEC FILE NUMBER: 005-52265 FILM NUMBER: 98530209 BUSINESS ADDRESS: STREET 1: 445 MARINE VIEW AVE SUITE 230 STREET 2: STE 260 CITY: DEL MAR STATE: CA ZIP: 92014 BUSINESS PHONE: 6193505000 MAIL ADDRESS: STREET 1: 445 MARINE VIEW AVE SUITE 230 CITY: DEL MAR STATE: CA ZIP: 92014 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MDC REIT HOLDINGS LLC CENTRAL INDEX KEY: 0001023848 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 3000 SAND HILL ROAD STREET 2: BLDG. 3, SUITE 290 CITY: MENLO PARK STATE: CA ZIP: 94025 BUSINESS PHONE: 4158546000 MAIL ADDRESS: STREET 1: 3000 SAND HILL RD STREET 2: BLDG 3 STE 290 CITY: MENLO PARK STATE: CA ZIP: 94025 SC 13G 1 SCHEDULE 13G 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. )* American Residential Investment Trust, Inc. ----------------------------------------- (Name of Issuer) Common Stock, par value $.01 ----------------------------------------- (Title of Class of Securities) 02926T 10 3 ----------------------------------------- (CUSIP Number) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 2 - -------------------------------------------------------------------------------- CUSIP NO. 02926T 10 3 13G Page 2 of 7 Pages - -------------------------------------------------------------------------------- - -------------- ---------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS MDC REIT Holdings, LLC I.R.S. #_______ - -------------- ---------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------- ---------------------------------------------------------------- 3 SEC USE ONLY - -------------- ---------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Formed under the laws of the State of Delaware - -------------- ---------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES N/A BENEFICIALLY -------------- ------------------------------------------------ OWNED BY 6 SHARED VOTING POWER EACH 1,600,000 REPORTING -------------- ------------------------------------------------ PERSON WITH 7 SOLE DISPOSITIVE POWER N/A -------------- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 1,600,000 - -------------- ---------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,600,000 - -------------- ---------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES* [ ] - -------------- ---------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 19.7% - -------------- ---------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* 00 - -------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! 3 - -------------------------------------------------------------------------------- CUSIP NO. 02926T 10 3 13G Page 3 of 7 Pages - -------------------------------------------------------------------------------- - -------------- ---------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Home Asset Management Corp. I.R.S. #_______ - -------------- ---------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------- ---------------------------------------------------------------- 3 SEC USE ONLY - -------------- ---------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------- ---------------------------------------------------------------- 5 SOLE VOTING POWER N/A -------------- ------------------------------------------------ 6 SHARED VOTING POWER NUMBER OF 1,600,000 shares (the "Shares"), all of SHARES which are owned of record by MDC REIT BENEFICIALLY Holdings, LLC ("Holdings"). Home Asset OWNED BY Management Corp. ("HAMCO") is the managing EACH member of Holdings. REPORTING -------------- ------------------------------------------------ PERSON WITH 7 SOLE DISPOSITIVE POWER N/A -------------- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 1,600,000 shares of which 1,600,000 shares are owned of record by Holdings. HAMCO is the managing member of Holdings. - -------------- ---------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,600,000 - -------------- ---------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES* [ ] - -------------- ---------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 19.7% - -------------- ---------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! 4 Page 4 of 7 Pages ITEM 1(a) Name of Issuer: American Residential Investment Trust, Inc. ITEM 1(b) Address of Issuer's Principal Executive Offices: 445 Marine View Avenue, Suite 230 Del Mar, California 92014 ITEM 2(a)-(c) Name, Address and Citizenship of Persons Filing: (a) MDC REIT Holdings, LLC ("Holdings") (b) 445 Marine View Avenue, Suite 230, Del Mar, California, 92014 (c) (d) Delaware (e) Home Asset Management Corp. ("HAMCO") (f) 445 Marine View Avenue, Suite 230, Del Mar, California, 92014 (g) Delaware With respect to HAMCO, this statement relates only to HAMCO's indirect, beneficial ownership of the Shares, which are held of record by Holdings. HAMCO does not directly hold any shares of the Issuer. ITEM 2(d) Title of Class of Securities: Common Stock, par value $.01. ITEM 2(e) CUSIP Number: 02926T 10 3. ITEM 3 Type of Person: Not Applicable. ITEM 4 Ownership: See rows 5-8 of Cover Pages. Holdings is the holder of record of the Shares. HAMCO is the managing member of Holdings pursuant to an operating agreement. Accordingly, HAMCO may be deemed to have voting control of the Shares held by Holdings with respect to ordinary and usual matters. Decisions respecting voting of the Shares (except as described below), is by majority decision of 5 Page 5 of 7 Pages the Board of Directors of HAMCO. Each director of HAMCO is listed on Exhibit B. Shares of the Issuer beneficially held directly by each of the Directors are also set forth on Exhibit B. Transactions which could result in the disposition of the Shares by Holdings require the approval of the members of Holdings having membership interests which constitute more than 80% of all membership interests. No single member or group of affiliated members of Holdings hold 80% of the membership interests of Holdings. ITEM 5 Ownership of Five Percent or Less of a Class: Not Applicable. ITEM 6 Ownership of More than Five Percent on Behalf of Another Person: Pursuant to an operating agreement, the members of Holdings, including HAMCO, have a right to receive dividends from or proceeds from the sale of, the Shares owned by Holdings. HAMCO has a senior preference right to receive distributions equal to 5% per quarter of the capital amount contributed by HAMCO (initially equal to $20 million), compounded quarterly to the extent unpaid. After payment of the preferred amount in full, HAMCO has a right to receive approximately 50% of any remaining distributions in repayment of its capital contributions. The balance of any distributions shall be made to the remaining members of Holdings in proportion to their ownership ratios, which are set forth on Exhibit C. After payment in full of its preference amount and return of its capital contribution, HAMCO will have no further rights to distributions from Holdings. Holdings has pledged the Shares to secure HAMCO's obligations under certain Notes issued pursuant to a Securities Purchase Agreement. Upon a default under the Securities Purchase Agreement, the pledged shares will be transferred to the holders of the Notes. The holders of the Notes are the entities affiliated with TCW/Crescent Mezzanine, L.L.C. as set forth on Exhibit C. At the discretion of the Board of Directors of HAMCO and subject to the terms of the Securities Purchase Agreement and Notes, distributions received by HAMCO from Holdings may be used by HAMCO first to make payment on the Notes and thereafter to pay a cumulative dividend on non-voting preferred stock which is held by certain entities and individuals who are also members of Holdings. ITEM 7 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company: Not Applicable. ITEM 8 Identification and Classification of Members of the Group: Not Applicable. 6 Page 6 of 7 Pages ITEM 9 Notice of Dissolution of Group: Not Applicable. ITEM 10 Certification: Not Applicable. 7 Page 7 of 7 Pages Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 10, 1998. MDC REIT Holdings, LLC By: /s/ Mark A. Conger ------------------------------------ Name: Mark A. Conger Title: Executive Vice President and Chief Financial Officer Home Asset Management Corp. By: /s/ Mark A. Conger ------------------------------------ Name: Mark A. Conger Title: Executive Vice President and Chief Financial Officer 8 EXHIBIT INDEX Exhibit ------- Exhibit A: Agreement of Joint Filing Exhibit B List of Directors of Home Asset Management Corp. and Issuer's shares beneficially owned Exhibit C List of Members of MDC REIT Holdings, LLC 9 EXHIBIT A Agreement of Joint Filing The Undersigned hereby agree that they are filing jointly, pursuant to Rule 13d-1 of the Act, the statement dated February 10, 1998, containing the information required by Schedule 13G for the Shares of the Common Stock of American Residential Investment Trust, Inc., a Maryland corporation, held of record by MDC REIT Holdings, LLC and indirectly by Home Asset Management Corp. Date: February 10, 1998. MDC REIT Holdings, LLC, A Limited Liability Company formed under the laws of the State of Delaware By: /s/ Mark A. Conger -------------------------------------------------------- Name: Mark A. Conger ------------------------------------------------------ Title: Executive Vice President and Chief Financial Officer ----------------------------------------------------- Home Asset Management Corp., a Delaware corporation By: /s/ Mark A. Conger -------------------------------------------------------- Name: Mark A. Conger ------------------------------------------------------ Title: Executive Vice President and Chief Financial Officer ----------------------------------------------------- 10 Exhibit B Directors of HAMCO
Shares of the Issuer Name, Address(1) beneficially held ---------------- -------------------- John Robbins(2) 80,000 c/o American Residential Investment Trust, Inc. 445 Marine View Avenue, Suite 230 Del Mar, CA 92014 Jay Fuller(2) 78,000 c/o American Residential Investment Trust, Inc. 445 Marine View Avenue, Suite 230 Del Mar, CA 92014 George McCown 0 McCown De Leeuw & Co. 101 East 52nd Street 31st Floor New York, NY 10022 David De Leeuw 0 McCown De Leeuw & Co. 101 East 52nd Street 31st Floor New York, NY 10022 Jean-Marc Chapus 0 TCW Crescent Mezzanine LLC 11100 Santa Monica Blvd. Suite 2000 Los Angeles, CA 90025
(1) all directors are U.S. citizens. Each director disclaims beneficial ownership of the Shares. (2) Includes 72,000 shares issuable upon exercise of options exercisable within 60 days of December 31, 1997 11 Exhibit C Members of MDC REIT Holdings, LLC ENTITIES AFFILIATED WITH MCCOWN DE LEEUW & CO.: McCown De Leeuw & Co. II, L.P. 28.97% McCown De Leeuw Associates, L.P. 12.88% McCown De Leeuw & Co. Offshore (Europe), L.P. 3.22% McCown De Leeuw & Co. Offshore (Asia), L.P. 0.91% ENTITIES AFFILIATED WITH TCW/CRESCENT MEZZANINE, L.L.C. TCW/Crescent Mezzanine Partners, L.P. 19.76% TCW/Crescent Mezzanine Trust 6.01% TCW Crescent Mezzanine Investment Partners, L.P. 0.53% Crescent/Mach I Partners, L.P. 3.00% TCW Shared Opportunity Fund II, L.P. 0.61% No other member holds a percentage interest in excess of 2.5% -----END PRIVACY-ENHANCED MESSAGE-----