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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).
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CUSIP NO. 02926T 10 3 13G Page 2 of 7 Pages
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1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSONS
MDC REIT Holdings, LLC I.R.S. #_______
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Formed under the laws of the State of Delaware
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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
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,600,000
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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%
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO. 02926T 10 3 13G Page 3 of 7 Pages
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1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSONS
Home Asset Management Corp. I.R.S. #_______
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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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.
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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
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*SEE INSTRUCTION BEFORE FILLING OUT!
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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
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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.
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Page 6 of 7 Pages
ITEM 9
Notice of Dissolution of Group:
Not Applicable.
ITEM 10
Certification:
Not Applicable.
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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
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EXHIBIT INDEX
Exhibit
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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
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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
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Name: Mark A. Conger
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Title: Executive Vice President and Chief Financial Officer
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Home Asset Management Corp., a Delaware corporation
By: /s/ Mark A. Conger
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Name: Mark A. Conger
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Title: Executive Vice President and Chief Financial Officer
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Exhibit B
Directors of HAMCO
<TABLE>
<CAPTION>
Shares of the Issuer
Name, Address(1) beneficially held
---------------- --------------------
<S> <C>
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
</TABLE>
(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
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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%
