Item 3. LEGAL PROCEEDINGS

The Company currently is not subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company other than routine litigation and administrative proceedings arising in the ordinary course of business.

SEC Investigation “In the Matter of Certain Single Family Rental Securitizations”

On February 13, 2019, we received a letter from the staff of the SEC stating that it has concluded the previously disclosed investigation captioned “In the Matter of Certain Single Family Rental Securitizations” with respect to the Company and that the SEC does not intend to recommend an enforcement action against the Company.