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Rubicon Associates  

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  • Bank Preferred Rundown - Citigroup [View article]
    The N should be called as it is a cap trust trup where the favorable capital treatment is gone. the market price of the P would imply that it won't, but given the high coupon and their ability to refi cheaper, I would expect it to.
    Aug 10, 2015. 08:06 AM | Likes Like |Link to Comment
  • Orchid Island Capital: The Pair Trade Is Delivering [View article]
    Despite the fact that slamming other analysts isn't really professional as your analysis should speak for itself (last paragraph), the trade is working. The smackdown in ORC today, however, has narrowed the "alpha" to 2.65%. What are you modelling as the cost of borrow? This will obviously have an impact on the "net alpha" which is what an investor can expect.
    Aug 3, 2015. 11:42 AM | 1 Like Like |Link to Comment
  • Vale's Second Quarter Shows Strength [View article]
    Another reasoned article. thanks.
    Jul 31, 2015. 05:59 PM | 3 Likes Like |Link to Comment
  • Bank Preferred Rundown - Bank Of America [View article]
    I have been excluding converts and $1000 par, but perhaps a separate section makes sense
    Jul 31, 2015. 08:19 AM | Likes Like |Link to Comment
  • Schwab - New Preferred Is Attractive [View article]
    wow, great question! Its all perspective I suppose. less likely that an IG company skips the div, so less necessary for cumulative. more likely that HY skips and therefore need cumulative. Keep in mind that you have to look at the issuer rating. Many are non-investment grade issues (the ratings notching of preferred) of investment grade issuers.
    Jul 31, 2015. 08:16 AM | Likes Like |Link to Comment
  • Schwab - New Preferred Is Attractive [View article]
    I was a GM bond holder with a significant institutional position. An illicit 363 sale, union concerns and a policy agenda by the executive branch make this a little different. Bear preferred traded (recall JPM took them), Merrill preferred still trade... cumulative financial (ex-REIT) issues will cease to exist (TRUPs capital treatment virtually ensures this). Bottom line is that nothing is bullet proof (look at the 40 point loss in BTU 2nd liens). this is an option for investors focused on income and diversifying income streams.
    Jul 31, 2015. 08:13 AM | Likes Like |Link to Comment
  • RIF: An Index-Like REIT CEF With A Nearly 7% Yield [View article]
    RMR was given the boot from commonwealth and is under the microscope in SIR for a reason. One of the worst management teams in the business. 160bps for them to manage REIT money is nearly criminal.
    Jul 28, 2015. 01:08 AM | 2 Likes Like |Link to Comment
  • Rubicon's REIT Roundup [View instapost]
    click on it, then right click on it and select open in a new tab. I am trying to find a way to post the spreadsheet.
    Jul 25, 2015. 12:46 AM | Likes Like |Link to Comment
  • RSO Preferred Stock - Why Did It Decline Recently? Consider This 10%+ Yielder [View article]
    Not to mention it is long term funding for the REIT. The inclusion of preferred (which can be deferred without default) is a credit positive and only helps them.
    Jul 22, 2015. 11:54 PM | 2 Likes Like |Link to Comment
  • Rubicon's REIT Round-Up [View instapost]
    I will add it.
    Jul 20, 2015. 11:06 AM | Likes Like |Link to Comment
  • Bank Preferred Rundown - JPMorgan [View article]
    was a typo, I will fix
    Jul 20, 2015. 11:02 AM | Likes Like |Link to Comment
  • 8% Yields Without Equity Volatility In Mortgage REITs [View article]
    John, I like IVR and not including them was/is not a reflection on their ability or their appropriateness. I am considering creating a sector focused mREIT preferred spreadsheet and posting it to my instablog every Friday (as I have been doing with bank preferreds). Haven't seen much interest in it as of yet, but I continue to believe it has value to investors (my instablog is almost a free newsletter if you will - the economics are so compelling for me!!!!!)
    Jul 17, 2015. 09:57 AM | Likes Like |Link to Comment
  • 8% Yields Without Equity Volatility In Mortgage REITs [View article]
    NRF is, and has been (despite recent weakness), one of my top picks. While it is a diversified REIT, it is not so complex as to warrant its current valuation. I started buying it back in the mREIT days, and added to it as it transitioned. Looking forward to the European spin and I have continued to hold NSAM.
    Jul 17, 2015. 09:53 AM | 1 Like Like |Link to Comment
  • Fitbit surges above $48; shorts pile in [View news story]
    FIT - count your steps and count the days till it tanks
    Jul 15, 2015. 01:07 PM | 2 Likes Like |Link to Comment
  • American Realty jumps as activist remains a bull [View news story]
    they said the divvie would be lower, it isn't a guess. Corvex has been silent on this, not shaking the trees like with the old Commonwealth. I like the portfolio (red lobster included) but management has been silent as well. difficult times call for bold action.
    Jul 15, 2015. 01:05 PM | 1 Like Like |Link to Comment