Robert Hemker

Robert Hemker
Contributor since: 2012
In the 1st quarter earnings release today, they cited some 13% gain in NAV - split between some combo of share buy-backs and general asset profitability that you allude to.
But I am intrigued with your argument of past asset performance; I will definitely check into whether we are giving up high profits that could be accretive to NAV, more so than the buy-back program is. Opportunity costs are often forgotten
I understand you viewpoint; it is valid and I think it is echoed by many shareholders.
Thanks for the kind words - I'm glad you understand the overall picture.
Management restated their previously announced philosophy that they will return capital to shareholders through share buy backs while the PPS trades at a discount to NAV, and switch to a dividend when the PPS sells above NAV.
Essentially, they have the money available to pay a dividend, but at this time it is more beneficial to shareholders to buy back shares.
I hope this clarifies.