LOS ANGELES - Aames Financial Corp. received $15.3 million in the second part of a $50 million equity investment by Specialty Finance Partners, an affiliate of Capital Z Financial Services.

Aames sold 18 million shares of series D convertible preferred stock to the New York private equity firm. On June 7, Capital Z closed the first part of the deal, buying 40.7 million shares for $34.7 million.

Aames, a subprime and home equity lender, has 101 retail offices and seven wholesale loan centers. It lost $61.5 million in the first quarter. Fitch IBCA is reviewing Aames' junk-rated debt for a possible downgrade.

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