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  • CBL & Associates refinances two properties at lower rates [View news story]
    They tapped the secured debt market (non-recourse mortgages) because they couldn't get a $300MM unsecured deal done this week. They announced it and pulled it. Deal was being tossed around at +300/5yr.
    Oct 2, 2015. 03:11 PM | Likes Like |Link to Comment
  • Joy Global: Opportunity Favors The Bold - And Rational [View article]
    JOY has the ability to engage in liability management, despite the current environment and sentiment towards its end markets, the company generates free cash flow and has options.
    Oct 1, 2015. 02:03 PM | Likes Like |Link to Comment
  • Apollo Buys Stake In Schorsch's RCAP [View instapost]
    GNL return since post: 11.70%, Realty Income (O) -0.58%, $VNQ -3.14%.
    Oct 1, 2015. 01:11 PM | Likes Like |Link to Comment
  • NorthStar Realty Finance: This 12% Yielding REIT Is Unfairly Beaten Down [View article]
    Over 25% held by hedge funds who are, I would assume, punting their shares. Management compensation that is, at best, outrageous. I have owned and followed NRF for years, but it is getting painful. Would like the European spin (look at their - NSAM - comp terms on that), but who knows if that will be in the pipe given market conditions.
    Sep 28, 2015. 03:59 PM | 3 Likes Like |Link to Comment
  • Joy Global: Opportunity Favors The Bold - And Rational [View article]
    Absolutely. While service revenues are down, the company is managing them well (and their costs, I might add). They have multiple ways to pay their debt and could engage in liability management exercises should they choose.
    Sep 27, 2015. 11:49 AM | 1 Like Like |Link to Comment
  • Joy Global: Opportunity Favors The Bold - And Rational [View article]
    That is another approach. I believe the stock has value, but the price is subject to more than the creditworthiness of JOY. for fixed income investors (the focus of the article) it allows for a high yield rate and a shorter duration when both are important. I am looking at the equity to find an entry point.
    Sep 27, 2015. 11:46 AM | Likes Like |Link to Comment
  • Realty Income: What It Takes To Not Get Richer [View article]
    Equity partnership? Partnership claim? How is this an example of an understanding of the company you tagged? Share prices (bid or offer) have occurred in the past, but represent the markets understanding of the future. Forgetting taxes and inflation might appear to make you "richer", but for many of us, they are a reality. As well, if "richer" means having more next year than you did this year, has this company come through? If I bought at $55 with a 5% yield and the stock now trades at $47, how many years until I am richer? Had I instead bought 3m T-Bills, I have more than I did, am I richer?
    Sep 27, 2015. 02:02 AM | Likes Like |Link to Comment
  • On A Qwest For Yield? Here's An Option [View article]
    given they can fund nearly 100bps cheaper (at current levels), they could call/refinance the deal. should rates move up from here (meaning 10/30 yr) over the next year, the savings wouldn't be as great. Ultimately it will depend on rates. If I had to put numbers on the probability, I would say 40% chance given that things (economy - growth and inflation) should be somewhat stronger and drive long rates up a bit.
    Sep 17, 2015. 11:41 PM | 1 Like Like |Link to Comment
  • Fool's Gold And The 10% Dividend Yield [View article]
    My ffo on SIR isAbsolutely wrong, I will have to correct. Forward P/FFO is 7.09x and current is 8.07x. I apologize for the bad information.
    Sep 4, 2015. 12:22 PM | 3 Likes Like |Link to Comment
  • 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