Foursquare Capital Corporation
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Foursquare Capital Corporation (NYSE:FSQR) was an intended mortgage Real Estate Investment Trust set up to take advantage of the United States Treasury Public-Private Investment Program (PPIP), which is intended to remove "toxic asset" from bank balance sheets.
Foursquare Capital's headquarters are in New York City. It was set up by AllianceBernstein to invest in both Residential Mortgage Backed Securities (RMBS) and Commercial Mortgage Backed Securities (CMBS).
Foursquare will buy these securities from the banks that own them and want to get rid of them, using the United States Treasury's Term Asset-Backed Securities Loan Facility (TALF).
They will also invest in commercial and residential mortgage loans, other real estate securities, other asset-backed securities (ABS), and other financial assets.
Peter S. Kraus is the President of Foursquare Capital. Jonathan Sobel is CEO. Jeffrey Phlegar is Chief Investment Officer and Director.
Foursquare Capital has Not Yet Held Its IPO
Foursquare Capital announced that its IPO would be September 24, 2009 but it was delayed, apparently because other, similar IPOs around that time failed to sell all their available shares.
Foursquare Capital Corporation would have been a mortgage REIT attempting to take advantage of the financial crisis. As of now, however, it is not trading publicly. It may exist as a private company, however.
Next: KKR Financial -- although it had a hugely successful IPO, it was another victim of the financial crisis and is now a limited liability company not a REIT.
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