This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Vestin Realty Mortgage I, Inc. Reports Results For The Three And Six Months Ended June 30, 2010

Vestin Realty Mortgage I, Inc. (Nasdaq: VRTA), a real estate investment trust (“REIT”), announced results of operations for the three and six months ended June 30, 2010.

The Company reported a net loss of approximately $0.6 million or ($0.10) per share and $0.9 million or ($0.14) per share, respectively, for the three and six months ended June 30, 2010 compared with a net loss of approximately $3.2 million or ($0.49) per share and $4.7 million or ($0.72) per share, respectively, for the three and six months ended June 30, 2009.

Interest income from investment in real estate loans was approximately $0.6 million for the six months ended June 30, 2010, as compared with approximately $0.8 million for the same period in 2009. This decrease in interest income is mainly due to the decrease in our portfolio of performing real estate loans, which declined from 14 loans totaling approximately $12.7 million as of June 30, 2009, to nine loans totaling approximately $8.1 million as of June 30, 2010. Our revenue is dependent upon the balance of our performing loans and the interest earned on these loans. In addition, the weighted average interest rate on our performing loans has decreased from 12.48% as of June 30, 2009 to 10.85% as of June 30, 2010. This decline is a result of current market conditions in the lending industry, the level of non-performing assets in our portfolio and the reduction of interest rates on outstanding loans through Troubled Debt Restructuring.

As of June 30, 2010, the Company had 17 real estate loans outstanding with a balance of approximately $26.3 million, of which eight loans with an aggregate principal amount approximating $18.2 million were considered non-performing. Loans are considered non-performing when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when the payment of interest is 90 days past due. As of June 30, 2010, the Company had commenced foreclosure proceedings with respect to most of the non-performing loans, of which three loans have subsequently been foreclosed upon, including the RightStar loans in Hawaii. In addition, the Company is conducting workout discussions with certain non-performing borrowers; however, no assurance can be given as to whether these discussions will be successful. As of June 30, 2010, we owned six properties that we acquired through foreclosure, compared with 11 properties owned as of December 31, 2009.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
VRTA $3.00 0.00%
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs