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Jeffrey Gall

 
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  • Mortgage REITs: Let's See What's Behind Door #1! [View article]
    I have an issue with your comment that "While these options won't necessarily protect you in a rising rate environment either" as it relates to PSEC.

    Read PSEC's latest earnings call. They have upside to rising rates - as interest rates rise so will their earnings because they are floating rate loans.
    Aug 29, 2013. 05:11 PM | 3 Likes Like |Link to Comment
  • Why It's Time To Sell Baytex Energy And Consider These 3 Alternatives [View article]
    aretailguy -- The FFO per share isn't the metric you should look at. It's how much you are willing to pay for a buck and 4 cents of FFO per share. BTE trades at 10x FFO per share. The other guys mentioned here trade between 3 and 4x. BTE is a lot more expensive for a little more FFO.
    Apr 20, 2013. 10:23 PM | Likes Like |Link to Comment
  • 3 Business Development Companies: The Good, The Bad, And The Maybe? Part 1 [View article]
    yawn
    Jan 24, 2013. 12:38 AM | 1 Like Like |Link to Comment
  • Armour Residential: Strong Dividends Set To Continue [View article]
    This is a fluff article. Where's the analysis?
    Jan 21, 2013. 08:27 PM | 1 Like Like |Link to Comment
  • Time For A BDC Swap: One Stock To Sell And Another To Buy [View article]
    you're right. It should read 102 cents on the dollar. Apologies for the typo
    Jan 7, 2013. 10:51 AM | 1 Like Like |Link to Comment
  • High Probability Of A Special Dividend Or Dividend Increase From Prospect Capital [View article]
    Don't mean to say I called it, but...
    Dec 7, 2012. 09:44 AM | 1 Like Like |Link to Comment
  • Annaly Capital - The Slippery Slope Continues [View article]
    Was there any worthwhile analysis in this article? No, not really.
    Nov 15, 2012. 10:39 AM | 6 Likes Like |Link to Comment
  • Are The Companies In Prospect Capital's Portfolio Healthy? [View article]
    you are right. Should be thousands USD. Thanks for letting me know
    Nov 12, 2012. 02:23 PM | 1 Like Like |Link to Comment
  • Why Gladstone Capital Is A Short Candidate [View article]
    Their PFDs are probably ok. Wouldnt touch the common though
    Sep 7, 2012. 10:33 AM | Likes Like |Link to Comment
  • Gladstone Capital: 3 Reasons To Buy This $8 Stock With A 10% Yield [View article]
    Does "solid financial results" mean a precipitous drop in NAV QoverQ? This company is a worst in class BDC that has done nothing but erode NAV faster than it can pay out divies.

    How can you say they have solid portfolio companies? Chinese Yellow Pages? That's a good business model. They have 5 or 6 companies valued at 30-50 cents on the dollar that are currently generating income. You tout BAS broadcasing - their debt is valued at 30 cents on the dollar. This company won't be diversifying their portfolio for long when it goes on non-accrual.

    Do your homework before you pump garbage stocks such as GLAD. See here and here for reference:

    http://seekingalpha.co...

    http://seekingalpha.co...
    Sep 7, 2012. 12:17 AM | Likes Like |Link to Comment
  • Armour Residential REIT Will Maintain A Big Dividend Through 2014 [View article]
    How was this article well written? No comment on any of the metrics relevant to how REITs make money - net interest spreads, sensitivity to interest rates, book value, dividend covered (or not covered) by earnings, etc. Who looks at P/E when valuing REITs?!?
    Aug 20, 2012. 09:14 AM | 7 Likes Like |Link to Comment
  • Why I Would Avoid Gladstone Capital: Q1 2012 Earnings Breakdown [View article]
    I havent dug into their latest 10-Q yet, but will be posting when I do so. Stay tuned.

    Jeff
    Aug 15, 2012. 04:15 PM | Likes Like |Link to Comment
  • The Consequences Of Prospect Capital's Secondary Offering [View article]
    PSEC is paying out 10+%. The divy alone provides outperformance relative to S&P given a flat stock price.

    Questions to ask:

    Is PSEC growing book value? Ans: Yes. Check out the NAV movement the last 5 quarters.

    Is PSEC covering its divies with NII? Yes. Check out the latest earnings release for this piece of info.

    They havent written down an investment in something like 2+ years. The fact that they can price this SPO above the most recent book value is a positive in that it increases book value on a per share basis.

    My cardinal rule for buying BDCs is make sure to buy at or below NAV. I always keep some powder dry for drops below NAV. By holding and reinvesting the divies, you can easily outperform the market.
    Jul 12, 2012. 08:48 PM | 2 Likes Like |Link to Comment
  • High Yield Canadian Oil And Gas Dividend Cuts Are Looming [View article]
    I want to echo Livingstone's comment. You assume that because the stock price is declining that a dividend cut is coming. How about some actual analysis? What impact does a 10 dollar decline in oil have on PGH/ERF/PWE/BTE's cash flow? etc etc.
    Jun 25, 2012. 08:58 PM | 3 Likes Like |Link to Comment
  • Is The Enerplus Dividend Sustainable? [View article]
    Not surprised about the cut. A little larger than I thought they would do.
    Jun 12, 2012. 09:40 PM | Likes Like |Link to Comment
COMMENTS STATS
43 Comments
55 Likes