Maryland | 1-32733 | 20-2287134 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) | File Number) | Identification No.) | ||
712 Fifth Avenue, 12th Floor New York, NY | 10019 | |||
(Address of principal executive offices) | (Zip Code) |
(d) | The exhibit furnished as part of this report is identified in the Exhibit Index immediately following the signature page of this report. Such Exhibit Index is incorporated herein by this reference. |
Resource Capital Corp. | ||||
/s/ David J. Bryant | ||||
Date: | May 6, 2014 | David J. Bryant Chief Financial Officer |
Exhibit No. | Description | |||
EX 99.1 | Press Release |
CONTACT: | DAVID J. BRYANT |
• | Adjusted Funds from Operations (“AFFO”) of $0.20 per share-diluted (see Schedule I). |
• | Invested over $300.0 million in new assets including over $161.0 million in commercial real estate loans and securities during the twelve months ended March 31, 2014. |
• | GAAP net income allocable to common shares of $0.12 per share-diluted. |
• | Common stock cash dividend of $0.20 per share. |
• | AFFO for the three months ended March 31, 2014 was $25.0 million, or $0.20 per share-diluted as compared to $21.0 million, or $0.20 per share-diluted for the three months ended March 31, 2013. A reconciliation of GAAP net income to AFFO is set forth in Schedule I of this release. |
• | GAAP net income allocable to common shares for the three months ended March 31, 2014 was $15.1 million, or $0.12 per share-diluted, as compared to $11.5 million, or $0.11 per share-diluted, for the three months ended March 31, 2013. |
• | CRE loan portfolio is comprised of approximately 91% senior whole loans as of March 31, 2014, as compared to 85% a year ago. |
• | RSO closed $374.1 million of new whole loans in the last 12 months with a weighted average yield of 6.31%, including origination fees. In addition, RSO funded $20.4 million of previous loan commitments on existing loans. |
Three Months Ended | 12 Months Ended | Floating Weighted Average Spread (1) (2) | Weighted Average Fixed Rate | |||||||||||
March 31, 2014 | March 31, 2014 | |||||||||||||
New whole loans production (3) | $ | 111.6 | $ | 394.5 | 4.70 | % | — | % | ||||||
Payoffs (4) | (22.2 | ) | (81.5 | ) | ||||||||||
Sales | — | (29.9 | ) | |||||||||||
Principal paydowns | (1.0 | ) | (16.7 | ) | ||||||||||
Loans, net | $ | 88.4 | $ | 266.4 |
(1) | Represents the weighted average rate above the one-month London Interbank Offered Rate (“LIBOR”) on loans whose interest rate is based on LIBOR as of March 31, 2014. Of these loans, $107.9 million have LIBOR floors with a weighted average floor of 0.80%. |
(2) | Reflects rates on RSO's portfolio balance as of March 31, 2014. |
(3) | Whole loan production includes the funding of previous commitments of $3.7 million for the three months and $20.4 million for the twelve months ended March 31, 2014, respectively. |
(4) | CRE loan payoffs and extensions resulted in $148,000 in extension and exit fees during the three months ended March 31, 2014 |
• | During the three months ended March 31, 2014, RSO acquired $36.8 million, par value, of CMBS which were partially financed by 30-day repurchase contracts with a repurchase value of $25.0 million. In addition, RSO acquired $4.1 million, par value, of CMBS, which were financed by RSO's Wells Fargo repurchase facility and were AAA rated by at least one rating agency. |
• | RSO's bank loan portfolio, including asset-backed securities (“ABS”), corporate bonds and certain loans held for sale, at the end of the first quarter of 2014 was $726.0 million, at amortized cost, with a weighted-average spread of one-month and three-month LIBOR plus 3.43% at March 31, 2014. RSO's bank loan portfolio was nearly 100% match-funded through three CLOs issuances. |
• | RSO, through its subsidiary Resource Capital Asset Management, earned $1.7 million of net fees during the three months ended March 31, 2014. |
• | RSO's middle market lending platform has made $58.2 million of loan commitments since January 1, 2014 and funded $41.2 million of those commitments. |
Amortized cost | Dollar price | Net carrying amount | Dollar price | Net carrying amount less amortized cost | Dollar price | |||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Floating rate | ||||||||||||||||||||
RMBS | $ | 1,909 | 20.68 | % | $ | 438 | 4.74 | % | $ | (1,471 | ) | (15.93 | )% | |||||||
CMBS-private placement | 27,138 | 91.99 | % | 15,508 | 52.57 | % | (11,630 | ) | (39.42 | )% | ||||||||||
Structured notes - trading | 8,057 | 34.49 | % | 9,549 | 40.88 | % | 1,492 | 6.39 | % | |||||||||||
Structured notes - available-for-sale | 12,841 | 100.00 | % | 12,841 | 100.00 | % | — | — | % | |||||||||||
Mezzanine loans | 12,467 | 99.06 | % | 12,365 | 98.25 | % | (102 | ) | (0.81 | )% | ||||||||||
Whole loans (1) | 833,853 | 99.56 | % | 828,664 | 98.94 | % | (5,189 | ) | (0.62 | )% | ||||||||||
Bank loans (2) | 687,154 | 99.56 | % | 686,413 | 99.45 | % | (741 | ) | (0.11 | )% | ||||||||||
Loans held for sale (3) | 272 | 22.08 | % | 272 | 22.08 | % | — | — | % | |||||||||||
ABS Securities | 35,648 | 94.25 | % | 36,839 | 97.40 | % | 1,191 | 3.51 | % | |||||||||||
Corporate Bonds | 2,603 | 96.23 | % | 2,580 | 95.38 | % | (23 | ) | (0.85 | )% | ||||||||||
Total floating rate | 1,621,942 | 97.88 | % | 1,605,469 | 96.89 | % | (16,473 | ) | (0.99 | )% | ||||||||||
Fixed rate | ||||||||||||||||||||
CMBS-private placement | 159,565 | 80.24 | % | 165,783 | 83.36 | % | 6,218 | 3.12 | % | |||||||||||
CMBS-linked transactions | 38,214 | 105.59 | % | 34,829 | 96.24 | % | (3,385 | ) | (9.40 | )% | ||||||||||
B notes (1) | 16,168 | 99.54 | % | 16,036 | 98.73 | % | (132 | ) | (0.81 | )% | ||||||||||
Mezzanine loans (1) | 51,832 | 100.05 | % | 51,410 | 99.24 | % | (422 | ) | (0.81 | )% | ||||||||||
Residential mortgage loans | 1,843 | 100.00 | % | 1,843 | 100.00 | % | — | — | % | |||||||||||
Loans held for sale (3) | 15,117 | 100.00 | % | 15,117 | 100.00 | % | — | — | % | |||||||||||
Loans receivable-related party | 6,498 | 100.00 | % | 6,498 | 100.00 | % | — | — | % | |||||||||||
Total fixed rate | 289,237 | 88.57 | % | 291,516 | 89.27 | % | 2,279 | 0.70 | % | |||||||||||
Other (non-interest bearing) | ||||||||||||||||||||
Investment in real estate | 19,971 | 100.00 | % | 19,971 | 100.00 | % | — | — | % | |||||||||||
Property available-for-sale | 35,256 | 100.00 | % | 35,256 | 100.00 | % | — | — | % | |||||||||||
Investment in unconsolidated entities | 62,053 | 100.00 | % | 62,053 | 100.00 | % | — | — | % | |||||||||||
Total other | 117,280 | 100.00 | % | 117,280 | 100.00 | % | — | — | % | |||||||||||
Grand total | $ | 2,028,459 | 96.55 | % | $ | 2,014,265 | 95.88 | % | $ | (14,194 | ) | (0.68 | )% |
(1) | Net carrying amount includes an allowance for loan losses of $5.8 million at March 31, 2014, allocated as follows: B notes $132,000, mezzanine loans $524,000 and whole loans $5.2 million. |
(2) | Net carrying amount includes allowance for loan losses of $741,000 at March 31, 2014. |
(3) | Loans held for sale are carried at the lower of cost or fair market value. Amortized cost is equal to fair value. |
• | unrestricted cash and cash equivalents of $156.1 million, restricted cash of $500,000 in margin call accounts and $2.1 million in the form of real estate escrows, reserves and deposits; |
• | capital available for reinvestment in its securitizations of $40.3 million, of which $4.9 million is designated to finance future funding commitments on CRE loans; and |
• | loan principal repayments that will pay down outstanding CLO notes of $9.3 million and $4.7 million in interest collections. |
• | Schedule I - Reconciliation of GAAP Net Income to Funds from Operations (“FFO”) and AFFO. |
• | Schedule II - Book Value Allocable to Common Shareholders Rollforward. |
• | Schedule III - Securitizations - Distributions and Coverage Test Summary. |
• | Supplemental Information regarding loan investment statistics, CRE loans and bank loans. |
• | fluctuations in interest rates and related hedging activities; |
• | the availability of debt and equity capital to acquire and finance investments; |
• | defaults or bankruptcies by borrowers on RSO's loans or on loans underlying its investments; |
• | adverse market trends which have affected and may continue to affect the value of real estate and other assets underlying RSO's investments; |
• | increases in financing or administrative costs; and |
• | general business and economic conditions that have impaired and may continue to impair the credit quality of borrowers and RSO's ability to originate loans. |
March 31, 2014 | December 31, 2013 | ||||||
(unaudited) | |||||||
ASSETS (1) | |||||||
Cash and cash equivalents | $ | 166,686 | $ | 262,270 | |||
Restricted cash | 115,952 | 63,309 | |||||
Investment securities, trading | 9,987 | 11,558 | |||||
Investment securities available-for-sale, pledged as collateral, at fair value | 159,051 | 162,608 | |||||
Investment securities available-for-sale, at fair value | 74,500 | 52,598 | |||||
Linked transactions, net at fair value | 34,829 | 30,066 | |||||
Loans held for sale | 15,389 | 21,916 | |||||
Property available-for-sale | 35,256 | 25,346 | |||||
Investment in real estate | 19,971 | 29,778 | |||||
Loans, pledged as collateral and net of allowances of $6.6 million and $13.8 million | 1,596,731 | 1,369,526 | |||||
Loans receivable–related party | 6,498 | 6,966 | |||||
Investments in unconsolidated entities | 62,053 | 69,069 | |||||
Derivatives, at fair value | 556 | — | |||||
Interest receivable | 10,503 | 8,965 | |||||
Deferred tax asset | 5,048 | 5,212 | |||||
Principal paydown receivable | 1 | 6,821 | |||||
Intangible assets | 11,283 | 11,822 | |||||
Prepaid expenses | 4,155 | 2,871 | |||||
Other assets | 13,459 | 10,726 | |||||
Total assets | $ | 2,341,908 | $ | 2,151,427 | |||
LIABILITIES (2) | |||||||
Borrowings | $ | 1,502,089 | $ | 1,319,810 | |||
Distribution payable | 27,601 | 27,023 | |||||
Accrued interest expense | 3,848 | 1,693 | |||||
Derivatives, at fair value | 10,242 | 10,586 | |||||
Accrued tax liability | 387 | 1,629 | |||||
Deferred tax liability | 4,036 | 4,112 | |||||
Accounts payable and other liabilities | 13,511 | 12,650 | |||||
Total liabilities | 1,561,714 | 1,377,503 | |||||
STOCKHOLDERS’ EQUITY | |||||||
Preferred stock, par value $0.001: 100,000,000 shares authorized 8.50% Series A cumulative redeemable preferred shares, liquidation preference $25.00 per share, 872,039 and 680,952 shares issued and outstanding | 1 | 1 | |||||
Preferred stock, par value $0.001: 100,000,000 shares authorized 8.25% Series B cumulative redeemable preferred shares, liquidation preference $25.00 per share 3,988,977 and 3,485,078 shares issued and outstanding | 4 | 3 | |||||
Common stock, par value $0.001: 500,000,000 shares authorized; 128,577,980 and 127,918,927 shares issued and outstanding (including 2,670,189 and 3,112,595 unvested restricted shares) | 129 | 128 | |||||
Additional paid-in capital | 1,059,805 | 1,042,480 | |||||
Accumulated other comprehensive loss | (14,071 | ) | (14,043 | ) | |||
Distributions in excess of earnings | (265,618 | ) | (254,645 | ) | |||
Total stockholders’ equity | 780,250 | 773,924 | |||||
Non-controlling interest | (56 | ) | — | ||||
Total equity | 780,194 | 773,924 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,341,908 | $ | 2,151,427 |
March 31, 2014 | December 31, 2013 | ||||||
(unaudited) | |||||||
(1) Assets of consolidated VIEs included in the total assets: | |||||||
Restricted cash | $ | 113,362 | $ | 61,372 | |||
Investment securities available-for-sale, pledged as collateral, at fair value | 116,429 | 105,846 | |||||
Loans held for sale | 272 | 2,376 | |||||
Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million | 1,305,377 | 1,219,569 | |||||
Interest receivable | 6,626 | 5,627 | |||||
Prepaid expenses | 163 | 247 | |||||
Principal paydown receivable | 1 | 6,821 | |||||
Total assets of consolidated VIEs (a) | $ | 1,542,230 | $ | 1,401,858 | |||
(2) Liabilities of consolidated VIEs included in the total liabilities: | |||||||
Borrowings | $ | 1,183,468 | $ | 1,070,339 | |||
Accrued interest expense | 1,356 | 918 | |||||
Derivatives, at fair value | 9,841 | 10,191 | |||||
Accounts payable and other liabilities | 4,150 | 1,604 | |||||
Total liabilities of consolidated VIEs (b) | $ | 1,198,815 | $ | 1,083,052 |
(a) | Assets of each of the consolidated variable interest entities ("VIE"s) may only be used to settle the obligations of each respective VIE. |
(b) | The creditors of the Company's VIEs have no recourse to the general credit of the Company. |
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
REVENUES | |||||||
Interest income: | |||||||
Loans | $ | 20,229 | $ | 27,812 | |||
Securities | 4,004 | 3,642 | |||||
Interest income − other | 2,852 | 1,866 | |||||
Total interest income | 27,085 | 33,320 | |||||
Interest expense | 9,637 | 11,165 | |||||
Net interest income | 17,448 | 22,155 | |||||
Rental income | 5,152 | 6,174 | |||||
Dividend income | 136 | 16 | |||||
Equity in net earnings (losses) of unconsolidated subsidiaries | 2,014 | (425 | ) | ||||
Fee income | 2,756 | 1,410 | |||||
Net realized gain on sales of investment securities available-for-sale and loans | 3,680 | 391 | |||||
Net realized and unrealized (loss) gain on investment securities, trading | (1,560 | ) | 1,116 | ||||
Unrealized gain (loss) and net interest income on linked transactions, net | 2,305 | (259 | ) | ||||
Total revenues | 31,931 | 30,578 | |||||
OPERATING EXPENSES | |||||||
Management fees − related party | 3,080 | 2,978 | |||||
Equity compensation − related party | 1,667 | 3,591 | |||||
Rental operating expense | 3,396 | 3,937 | |||||
General and administrative | 8,105 | 3,481 | |||||
Depreciation and amortization | 836 | 1,138 | |||||
Income tax expense | 16 | 1,762 | |||||
Net impairment losses recognized in earnings | — | 21 | |||||
(Benefit) provision for loan losses | (3,960 | ) | 1,042 | ||||
Total operating expenses | 13,140 | 17,950 | |||||
18,791 | 12,628 | ||||||
OTHER REVENUE (EXPENSE) | |||||||
Other expense | (1,262 | ) | — | ||||
Loss on the extinguishment of debt | (69 | ) | — | ||||
Total other expense | (1,331 | ) | — | ||||
NET INCOME | 17,460 | 12,628 | |||||
Net income allocated to preferred shares | (2,400 | ) | (1,311 | ) | |||
Net loss allocable to non-controlling interest | 56 | 209 | |||||
NET INCOME ALLOCABLE TO COMMON SHARES | $ | 15,116 | $ | 11,526 | |||
NET INCOME PER COMMON SHARE – BASIC | $ | 0.12 | $ | 0.11 | |||
NET INCOME PER COMMON SHARE – DILUTED | $ | 0.12 | $ | 0.11 | |||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING − BASIC | 125,616,537 | 104,224,083 | |||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING − DILUTED | 126,667,614 | 105,326,614 |
March 31, | ||||||||
2014 | 2013 | |||||||
Net income allocable to common shares - GAAP | $ | 15,116 | $ | 11,526 | ||||
Adjustments: | ||||||||
Real estate depreciation and amortization | 292 | 673 | ||||||
(Gains) losses on sales of property (1) | (866 | ) | 22 | |||||
Gains on sale of preferred equity | (984 | ) | — | |||||
FFO | 13,558 | 12,221 | ||||||
Adjustments: | ||||||||
Non-cash items: | ||||||||
Adjust for impact of imputed interest on VIE accounting | — | (1,090 | ) | |||||
(Benefit) provision for loan losses | (125 | ) | 194 | |||||
Amortization of deferred costs (non real estate) and intangible assets | 2,223 | 1,866 | ||||||
Equity investment losses | 1,282 | 336 | ||||||
Share-based compensation | 1,667 | 3,591 | ||||||
Impairment losses | — | 21 | ||||||
Unrealized gain on CMBS marks - linked transactions | (1,763 | ) | — | |||||
Unrealized loss on trading portfolio | 442 | — | ||||||
Straight line rental adjustments | 2 | 2 | ||||||
Loss on the extinguishment of debt | 69 | — | ||||||
PCA expenses | 300 | — | ||||||
REIT tax planning adjustments | 957 | 726 | ||||||
Cash items: | ||||||||
Gains (losses) on sales of property (1) | 866 | (22 | ) | |||||
Gains on sale of preferred equity | 984 | — | ||||||
Gain on the extinguishment of debt | 4,532 | 3,585 | ||||||
Capital expenditures | (13 | ) | (418 | ) | ||||
AFFO | $ | 24,981 | $ | 21,012 | ||||
Weighted average shares – diluted | 126,668 | 105,327 | ||||||
AFFO per share – diluted | $ | 0.20 | $ | 0.20 |
(1) | Amount represents gains/losses on sales of joint venture real estate interests that were recorded by RSO on an equity basis. |
Amount | Per Share | |||||||
Book value at December 31, 2013, allocable to common shareholders (1) | $ | 674,681 | $ | 5.41 | ||||
Net income allocable to common shareholders | 15,116 | 0.12 | ||||||
Change in other comprehensive income: | ||||||||
Available for sale securities | (289 | ) | — | |||||
Derivatives | 458 | — | ||||||
Foreign currency conversion | (196 | ) | — | |||||
Common dividends | (25,663 | ) | (0.20 | ) | ||||
Proceeds (dilution) from additional shares issued during the year (2) | 1,193 | (0.05 | ) | |||||
Total net decrease | (9,381 | ) | (0.13 | ) | ||||
Book value at March 31, 2014, allocable to common shareholders (1)(3) | $ | 665,300 | $ | 5.28 |
(1) | Per share calculations exclude unvested restricted stock, as disclosed on the consolidated balance sheets, of 2.7 million and 3.1 million shares as of March 31, 2014 and December 31, 2013, respectively. |
(2) | Includes issuance of common shares from the Company's dividend reinvestment plan of 111,000 shares and 442,000 vesting of shares of restricted stock. |
(3) | Book value is calculated as total stockholder's equity of $780.2 million less preferred stock equity of $114.9 million. |
Name | Cash Distributions | Annualized Interest Coverage Cushion | Overcollateralization Cushion | |||||||||||||||||
Three Months Ended March 31, | Year Ended December 31, | Three Months Ended March 31, | Three Months Ended March 31, | As of Initial Measurement Date | ||||||||||||||||
2014 (1) | 2013 (1) | 2014 (2) (3) | 2014 (4) | |||||||||||||||||
Apidos CDO I (5) | $ | 532 | $ | 4,615 | $ | 1,512 | $ | 11,272 | $ | 17,136 | ||||||||||
Apidos CDO III (6) | $ | 1,170 | $ | 6,495 | $ | 3,225 | $ | 8,853 | $ | 11,269 | ||||||||||
Apidos Cinco CDO (7) | $ | 2,764 | $ | 12,058 | $ | 5,451 | $ | 19,639 | $ | 17,774 | ||||||||||
RREF 2006-1 (8) | $ | 1,770 | $ | 36,828 | $ | 5,272 | $ | 67,336 | $ | 24,941 | ||||||||||
RREF 2007-1 (9) | $ | 2,433 | $ | 10,880 | $ | 9,022 | $ | 39,703 | $ | 26,032 | ||||||||||
RCC CRE Notes 2013 (10) | $ | 2,398 | N/A | N/A | N/A | N/A |
(1) | Distributions on retained equity interests in CDOs (comprised of note investments and preference share ownership) and principal paydowns on notes owned; RREF CDO 2006-1 includes $231,000 and $28.1 million of paydowns during the three months ended March 31, 2014 and the year ended December 31, 2013, respectively. |
(2) | Interest coverage includes annualized amounts based on the most recent trustee statements. |
(3) | Interest coverage cushion represents the amount by which annualized interest income expected exceeds the annualized amount payable on all classes of CDO notes senior to the Company's preference shares. |
(4) | Overcollateralization cushion represents the amount by which the collateral held by the CDO issuer exceeds the maximum amount required. |
(5) | Apidos CDO I's reinvestment period expired in July 2011. |
(6) | Apidos CDO III's reinvestment period expired in June 2012. |
(7) | Apidos Cinco CDO's reinvestment period ends in May 2014. |
(8) | RREF CDO 2006-1's reinvestment period expired in September 2011. |
(9) | RREF CDO 2007-1's reinvestment period expired in June 2012. |
(10) | RCC CRE Notes 2013 closed on December 23, 2013; the first distribution was in January 2014. There is no reinvestment period for the securitization. Additionally, the indenture contains no coverage tests. |
March 31, 2014 | December 31, 2013 | |||||||
Allowance for loan losses: | ||||||||
Specific allowance: | ||||||||
Commercial real estate loans | $ | — | $ | 4,572 | ||||
Bank loans | 441 | 2,621 | ||||||
Total specific allowance | 441 | 7,193 | ||||||
General allowance: | ||||||||
Commercial real estate loans | 5,844 | 5,844 | ||||||
Bank loans | 300 | 770 | ||||||
Total general allowance | 6,144 | 6,614 | ||||||
Total allowance for loans | $ | 6,585 | $ | 13,807 | ||||
Allowance as a percentage of total loans | 0.4 | % | 1.0 | % | ||||
Loans held for sale: | ||||||||
Commercial real estate | $ | — | $ | — | ||||
Bank loans | 272 | 6,850 | ||||||
Residential mortgage loans | 15,117 | 15,066 | ||||||
Total loans held for sale (1) | $ | 15,389 | $ | 21,916 |
(1) | Loans held for sale are presented at the lower of cost or fair value. |
Security type: | ||
Whole loans | 91.2 | % |
Mezzanine loans | 7.0 | % |
B Notes | 1.8 | % |
Total | 100.0 | % |
Collateral type: | ||
Multifamily | 39.9 | % |
Hotel | 19.3 | % |
Retail | 18.9 | % |
Office | 14.0 | % |
Mixed Use | 3.6 | % |
Industrial | 1.5 | % |
Other | 2.8 | % |
Total | 100.0 | % |
Collateral location: | ||
Southern California | 27.3 | % |
Northern California | 9.2 | % |
Texas | 13.2 | % |
Arizona | 10.7 | % |
Florida | 5.9 | % |
Utah | 3.4 | % |
Washington | 3.3 | % |
Minnesota | 3.2 | % |
Nevada | 2.7 | % |
Other | 21.1 | % |
Total | 100.0 | % |
Industry type: | ||
Healthcare, education and childcare | 13.3 | % |
Diversified/conglomerate service | 11.6 | % |
Broadcasting and entertainment | 6.9 | % |
Automobile | 6.3 | % |
Chemicals, plastics and rubber | 5.8 | % |
CDO | 5.2 | % |
Retail stores | 5.1 | % |
Telecommunications | 4.2 | % |
Oil and gas | 3.5 | % |
Leisure, amusement, motion pictures, entertainment | 3.4 | % |
Hotels, motels, inns and gaming | 3.3 | % |
Personal, food and miscellaneous services | 3.2 | % |
Electronics | 3.0 | % |
Utilities | 2.7 | % |
Finance | 2.3 | % |
Aerospace and defense | 2.1 | % |
Mining, steel, iron and non-precious metals | 2.0 | % |
Other | 16.1 | % |
Total | 100.0 | % |