SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. )(1)
AMERICAN RESIDENTIAL INVESTMENT TRUST, INC.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
02926T103
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(CUSIP Number)
Noah Klarish & Associates, P.C.
1 World Trade Center - 85th Floor
New York, NY 10048
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 26, 1999
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(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |_|.
Note. Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
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(1) 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 disclosures provided in a prior cover page.
The information required on 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 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. 02926T103 SCHEDULE 13D Page 2 of 8 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Aletheia Research and Management, Inc. 95-4647814
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
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3 SEC USE ONLY
WC, OO
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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7 SOLE VOTING POWER (includes 19,800 shares held by
Aletheia Hyperion, L.P. and 36,000
55,400 shares held by Aletheia Metron, L.P.
NUMBER OF over which the Reporting Person has
SHARES voting power)
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON --------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
(includes 19,800 shares held by
423,900 Aletheia Hyperion, L.P. and 36,000
shares held by Aletheia Metron, L.P.
and 368,100 shares held by various
accounts over which Reporting Person
has share dispositive power.)
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10 SHARED DISPOSITIVE POWER
shares held by various accounts over
368,100 which Reporting Person has share
dispositive authority
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
423,900
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.26%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1. Security and Issuer.
This statement relates to the Common Stock, $.01 par value per share
(the "Common Stock"), of American Residential Investment Trust, Inc., a Maryland
corporation (the "Issuer"). The Issuer maintains its principal executive office
at 445 Marine View Avenue, Suite 230, Del Mar, CA 92014.
Item 2. Identity and Background.
(a) This statement is filed by (i) Aletheia Research and Management,
Inc., a California corporation ("Aletheia Research and Management"), with
respect to (i) shares of the Issuer's Common Stock held in investment accounts
over which Aletheia Research and Management has dispositive authority, (ii)
shares of the Issuer's Common Stock held by Aletheia Hyperion, L.P., a Delaware
limited partnership ("Aletheia Hyperion") for whom Aletheia Research and
Management acts as general partner, and (iii) shares of the Issuer's Common
Stock held by Aletheia Metron, L.P., a Delaware limited partnership ("Aletheia
Metron") for whom Aletheia Research and Management acts as general partner.
Aletheia Research and Management shall sometimes be referred to herein as the
"Reporting Person."
(b) The business address of Aletheia Research and Management is 100
Wilshire Boulevard, Suite 1960, Santa Monica, CA 90401.
(c) The principal business of Aletheia Research and Management is
securities investment.
(d) During the past five years, neither Aletheia Research and
Management nor any of its executive officers, directors or controlling persons
have been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) During the past five years, neither Aletheia Research and
Management nor any of its executive officers, directors or controlling persons
have been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction resulting in their being subject to a judgment, decree or
final order enjoining any such person from future violations of or prohibiting
or mandating activities subject to federal or state securities laws, or finding
any violation of such laws by any such person.
Item 3. Source and Amount of Funds or Other Consideration.
Aletheia Research and Management has dispositive authority over
accounts which own 368,100 shares of the Issuer's Common Stock for which such
accounts paid a total of $2,699,719 from the personal funds of the beneficial
owners of such accounts. Aletheia Hyperion directly owns 19,800 shares of the
Issuer's Common Stock for which it paid $150,478 from its investment capital.
Aletheia Metron directly
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owns 36,000 shares of the Issuer's Common Stock for which it paid $269,629 from
its investment capital.
Item 4. Purpose of Transaction.
The Reporting Person has acquired shares of the Issuer's Common
Stock for investment. The Reporting Person has no plans or proposals which,
other than as expressly set forth below, would relate to or would result in: (a)
the acquisition of additional securities of the Issuer or the disposition of
presently-owned securities of the Issuer; (b) any extraordinary corporate
transaction involving the Issuer; (c) a sale or transfer of a material amount of
assets of the Issuer; (d) any change in the present Board of Directors or
management of the Issuer; (e) any material change in the present capitalization
or dividend policy of the Issuer; (f) any material change in the operating
policies or corporate structure of the Issuer; (g) any change in the Issuer's
charter or by-laws; (h) the Common Stock of the Issuer ceasing to be authorized
to be quoted on the New York Stock Exchange; or (i) causing the Issuer becoming
eligible for termination of registration pursuant to Section 12(g) (4) of the
Securities Exchange Act of 1934. The Reporting Person, however, reserves the
right, at a later date, to effect one or more of such changes or transactions.
Although the Reporting Person has no present plans to purchase
additional shares of the Issuer's Common Stock or sell any of its shares of the
Issuer's Common Stock, it may seek to purchase additional shares of the Issuer's
Common Stock or sell some or all of its shares of the Issuer's Common Stock in
the open market or in privately negotiated transactions from or to one or more
sellers or purchasers, as the case may be, provided that, in accordance with its
best judgment in light of the circumstances existing at the time, such
transactions present an attractive (long or short term) opportunity for profit.
The Reporting Person further reserves the right to act in concert
with any other shareholders of the Issuer, or other persons, for a common
purpose should they determine to do so, and/or to recommend courses of action to
management and the shareholders of the Issuer.
Item 5. Interest in Securities of the Issuer.
(a) The number of shares of the Issuer's Common Stock and the
percentage of the outstanding shares (based upon 8,055,500 shares outstanding as
reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
March 31, 1999) directly beneficially owned by each Reporting Person is as
follows:
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Percentage of
Name Number of Shares Outstanding Shares
- ---- ---------------- ------------------
Aletheia Hyperion 19,800 0.2%
Aletheia Metron 36,000 0.4%
Accounts over which
Aletheia Research and
Management has
dispositive authority 368,100 4.6%
(b) Aletheia Research and Management has sole power to vote 55,400
shares of the Issuer's Common Stock and sole power to dispose or to direct the
disposition of 423,900 shares of the Issuer's Common Stock.
(c) See Appendix A annexed hereto.
(d) Certain persons have the right to receive dividends from or the
proceeds of sale of certain of the shares of the Issuer's Common Stock included
in this statement. No such person individually has the right to receive
dividends or proceeds relating to shares of the Issuer's Common Stock
constituting more than 5% of the class of the Issuer's Common Stock.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Aletheia Research and Management may be deemed to have beneficial
ownership and control of the shares of the Issuer's Common Stock held by
accounts with respect to which it has dispositive authority and shares held by
Aletheia Hyperion and Aletheia Metron by virtue of its status as the General
Partner of such entities. Aletheia Research and Management disclaims beneficial
ownership of the shares of the Issuer's Common Stock held by the accounts over
which it has dispositive authority and by Aletheia Hyperion and Aletheia Metron.
Other than as set forth above, the Reporting Person has no
contracts, arrangements, understandings or relationships (legal or otherwise)
with any other persons with respect to the shares of the Issuer's Common Stock.
Item 7. Material to be Filed as Exhibits.
None
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Signatures
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: June 4, 1999
ALETHEIA RESEARCH AND MANAGEMENT, INC.
By: /s/ Peter J. Eichler
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Peter J. Eichler, Chief Executive Officer
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APPENDIX 1
TRANSACTIONS IN AMERICAN RESIDENTIAL INVESTMENT TRUST, INC.
COMMON STOCK WITHIN THE
PAST 60 DAYS
All transactions were open market purchases or sales and the commissions
are not included in the price of the shares.
1. Accounts over which the Reporting Person has Dispositive Authority.
NUMBER OF COST OF
SHARES PURCHASE OR PURCHASES OR
TRADE PURCHASED OR SALE PRICE PROCEEDS OF
DATE SOLD PER SHARE SALES
---- ---- --------- -----
3/25/99 5,900 $7.3782 $43,531.38
3/26/99 1,000 7.3750 7,375.00
3/30/99 16,500 7.2223 119,167.95
3/31/99 7,000 7.3813 51,669.10
4/7/99 200 7.1250 1,425.00
4/8/99 10,200 7.3536 75,006.72
4/9/99 11,500 7.5000 86,250.00
4/12/99 9,500 7.8920 74,974.00
4/13/99 7,700 7.9140 60,937.80
4/14/99 600 8.0000 4,800.00
4/15/99 6,400 7.9648 50,974.72
4/15/99 <1,200> 8.1250 <-9,750.00>
4/15/99 1,200 8.1250 9,750.00
4/16/99 16,100 8.2380 132,631.80
4/19/99 5,000 8.3063 41,531.50
4/22/99 13,500 7.9653 107,531.55
4/26/99 3,600 8.3750 30,150.00
4/28/99 2,600 8.0577 20,950.02
4/28/99 1,200 8.1875 9,825.00
5/5/99 <-600> 7.2500 <-4,350.00>
5/10/99 5,000 7.6375 38,187.50
5/11/99 34,900 7.9960 279,060.40
5/12/99 13,100 8.2325 107,845.75
5/13/99 7,500 8.2650 61,987.50
5/14/99 2,300 8.4103 19,343.69
5/26/99 21,000 8.0510 169,071.00
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201,700 $1,589,877.20
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2. Aletheia Metron, L.P.
NUMBER OF COST OF
SHARES PURCHASE OR PURCHASES OR
TRADE PURCHASED OR SALE PRICE PROCEEDS OF
DATE SOLD PER SHARE SALES
---- ---- --------- -----
2/24/99 1,000 $7.3750 $7,375.00
3/8/99 1,000 7.2500 7,250.00
3/17/99 1,000 7.3750 7,375.00
3/19/99 1,000 6.7500 6,750.00
4/12/99 10,000 7.8920 78,920.00
5/12/99 5,000 8.2325 41,162.50
5/13/99 2,000 8.2650 16,530.00
5/26/99 4,000 8.0510 32,204.00
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25,000 $197,566.50
3. Aletheia Hyperion, L.P.
NUMBER OF COST OF
SHARES PURCHASE OR PURCHASES OR
TRADE PURCHASED OR SALE PRICE PROCEEDS OF
DATE SOLD PER SHARE SALES
---- ---- --------- -----
3/8/99 2,000 7.2442 $ 14,488.40
3/31/99 1,000 7.3813 7,381.30
4/7/99 500 7.1250 3,562.50
4/7/99 1,000 7.1875 7,187.50
4/7/99 1,000 7.2500 7,250.00
4/7/99 500 7.3125 3,656.25
4/20/99 2,000 7.8906 15,781.25
5/12/99 2,200 8.2325 18,111.50
5/13/99 3,000 8.2650 24,795.00
5/25/99 1,600 7.6875 12,300.00
5/26/99 3,000 8.0510 24,153.00
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17,800 $138,666.70
0217-024
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