<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
(Amendment No. 1)
Wilshire Real Estate Investment Trust, Inc.
(Name of Issuer)
Common Stock, $.0001 par value
(Title of Class of Securities)
971892104
(CUSIP Number)
December 31, 1998
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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).
Page 1 of 8 Pages
<PAGE>
- --------------------------------- ---------------------------
CUSIP No. 971892104 13G Page 2 of 8 Pages
--------- --- ---
- --------------------------------- ---------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Kramer Spellman, L.P.
- ---------- ---------------------------------------------------------------------
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
None
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 708,500
OWNED BY
------ ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH None
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
708,500
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
708,500
- ---------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.2%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
- --------------------------------- ---------------------------
CUSIP No. 971892104 13G Page 3 of 8 Pages
--------- --- ---
- --------------------------------- ---------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Orin S. Kramer
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
4,000
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 708,500
OWNED BY
------ ----------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 4,000
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
708,500
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
712,500
- ---------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.2%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Item 1(a): Name of Issuer:
- ---------- ---------------
Wilshire Real Estate Investment Trust, Inc.
(the "Company").
Item 1(b): Address of Issuer's Principal Executive Offices:
- ---------- ------------------------------------------------
1776 S.W. Madison Street
Portland, Oregon 97205
Items 2(a) Name of Person Filing; Address of Principal
- ---------- -------------------------------------------
and 2(b): Business Office:
- --------- ----------------
This Statement is being filed by (1) Kramer
Spellman, L.P., a Delaware limited
partnership ("KS"); and (2) Orin S. Kramer,
in his capacity as general partner of KS and
an individual holder of common stock, par
value $.0001, of the Company ("Common
Stock"). KS serves as a general partner to
investment partnerships and as a
discretionary investment manager to managed
accounts. The principal office of KS is
located at 2050 Center Avenue, Suite 300,
Fort Lee, New Jersey 07024, which is also the
business address of Mr. Kramer.
The shares of Common Stock which are the
subject of this Statement are held directly
by investment partnerships for which KS
serves as the general partner, managed
accounts for which KS serves as discretionary
investment manager (collectively, the
"Partnerships and Managed Accounts"), and by
Mr. Kramer.
Item 2(c): Citizenship:
- ---------- ------------
Mr. Kramer is a United States citizen.
Item 2(d): Title of Class of Securities:
- ---------- -----------------------------
Common stock, par value $.0001 per share.
Item 2(e): CUSIP Number:
- ---------- -------------
971892104
Item 3: If this statement is filed pursuant to
- ------- --------------------------------------
ss.ss.240.13d-1(b) or 240.13d-2(b) or (c),
------------------------------------------
check whether the person filing is a:
-------------------------------------
Not Applicable.
Page 4 of 8 Pages
<PAGE>
Items 4(a)-(c): Ownership:
- --------------- ----------
As of December 31, 1998:
(1) KS had beneficial ownership of 708,500
shares of Common Stock by virtue of its
position as general partner of, or
discretionary investment manager to, the
Partnerships and Managed Accounts, as the
case may be, holding such shares of Common
Stock. Such shares represent 6.2% of the
issued and outstanding Common Stock. KS
shares voting power and dispositive power
over such shares with Mr. Kramer.
(2) Mr. Kramer had beneficial ownership of
712,500 shares of Common Stock by virtue of
his position as (i) general partner of KS
(708,500 shares of Common Stock representing
6.2%), and (ii) an individual holder of
Common Stock (4,000 shares of Common Stock
representing less than 0.1%). Such shares
represent 6.2% of the issued and outstanding
Common Stock. Mr. Kramer has sole voting
power and dispositive power over the shares
of Common Stock described in (ii) above, and
shares voting power and dispositive power
over the shares of Common Stock described in
(i) above with KS.
The percentages used herein are calculated
based upon the 11,500,000 shares of Common
Stock stated to be issued and outstanding as
of October 31, 1998, as reflected in the
Company's Quarterly Report on Form 10-Q for
the quarterly period ended September 30,
1998.
Item 5: Ownership of Five Percent or Less of a Class:
- ------- ---------------------------------------------
Not Applicable.
Page 5 of 8 Pages
<PAGE>
Item 6: Ownership of More than Five Percent on Behalf
- ------- ---------------------------------------------
of Another Person:
------------------
No person other than each respective record
owner of shares of Common Stock referred to
herein is known to have the right to receive
or the power to direct the receipt of
dividends from, or proceeds upon the sale of,
shares of Common Stock, except that the
respective shareholders, partners or owners,
as relevant, of the Partnerships and the
Managed Accounts have the right to
participate in the receipt of dividends from,
or proceeds upon the sale of, the shares of
Common Stock held for their respective
accounts.
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.
Item 9: Notice of Dissolution of Group:
- ------- -------------------------------
Not Applicable.
Item 10: Certification:
- -------- --------------
By signing below each of the undersigned
certifies that, to the best of the
undersigned's knowledge and belief, the
securities referred to above were not
acquired and are not held for the purpose of
or with the effect of changing or influencing
the control of the issuer of the securities
and were not acquired and are not held in
connection with or as a participant in any
transaction having that purpose or effect.
Page 6 of 8 Pages
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of the undersigned's knowledge and
belief, each of the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Dated: February 10, 1999
KRAMER SPELLMAN, L.P.
By: /s/ Orin S. Kramer
----------------------
Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
----------------------
Orin S. Kramer
Page 7 of 8 Pages
<PAGE>
EXHIBIT A
---------
Joint Filing Agreement, dated July 30, 1998, between the signatories to this
Schedule 13G (filed as Exhibit A to the initial Schedule 13G and incorporated
herein by reference).
Page 8 of 8 Pages
