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William Packer

 
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  • Mortgage REITs higher as American Capital and Annaly maintain dividends; rates slip [View news story]
    "To be more "technically" correct, AGNC had ERTI of $0.28 per share and ERTI and net dollar roll of $0.67 per share last quarter. "

    This is incorrect. AGNC had core + drop income of 0.87 not 0.67. This is available on the presentation slides.
    Sep 19 09:35 PM | 1 Like Like |Link to Comment
  • Mortgage REITs lower amid higher rates [View news story]
    if you look at spreads.. they are doing really well. and book value is actually very stable despite the rise in rates... at least for AGNC and MTGE
    Sep 18 02:39 PM | 2 Likes Like |Link to Comment
  • More on Wunderlich upgrade of American Capital Agency [View news story]
    Merrill Ross is female... Whoever writes these things keeps calling her a he
    Sep 13 02:35 PM | Likes Like |Link to Comment
  • An 8.6% Yielding REIT Preferred With Upside From Pareto Superior Pricing [View article]
    So Dane, If you look... you can see the floating rate can only benefit shareholders *NOT* hurt them. ANd because the rates are actually higher than the other preferred.. the stock should trade a premium to the other preferred. Therefore, as of 9/8/2014, The stock, RSO-C appears underpriced and a much better deal. And I quote again, "provided that such floating rate shall not be less than the initial rate of 8.625%." So no, the dividend cannot go down on the series C preferred stock and it's definitely yields more TODAY and 10 years from now even more than that possibly.
    Sep 8 11:41 PM | Likes Like |Link to Comment
  • An 8.6% Yielding REIT Preferred With Upside From Pareto Superior Pricing [View article]
    Dane, You are wrong. The series C preferred stock actually pays this:

    3. Distributions.
    (a) Subject to the preferential rights of holders of any class or series of capital stock of the Corporation expressly designated as ranking senior in right of payment to the Series C Preferred Stock as to distributions, the holders of Series C Preferred Stock shall be entitled to receive, when, as and if authorized by the Board and declared by the Corporation, out of funds legally available for the payment of distributions, cumulative cash distributions, (i) from, and including, the original date of issuance of the Series C Preferred Stock to, but excluding, July 30, 2024 (the “ Fixed-Rate Period ”), at an initial rate of 8.625% per annum based on the $25.00 liquidation preference per share of Series C Preferred Stock (equivalent to a fixed annual amount of $2.15625 per share of Series C Preferred Stock); and (ii) from, and including, July 30, 2024 and thereafter (the “ Floating Rate Period ”), at a floating rate equal to three-month LIBOR (as defined below) as calculated on each applicable Date of Determination (as defined below) plus a spread of 5.927% per annum based on the $25.00 liquidation preference, provided that such floating rate shall not be less than the initial rate of 8.625%.
    Sep 8 11:40 PM | Likes Like |Link to Comment
  • American Capital Mortgage Update: A Deep Value mREIT With A 13% Yield [View article]
    maybenot, i have clients who are short AGNC and long MTGE in equal $ amounts. Because we feel that MTGE will outperform AGNC over the longer term and the dividend spread is positive for this.
    Sep 7 12:07 PM | Likes Like |Link to Comment
  • American Capital Agency: Let's Face Facts [View article]
    Short rates going up does not have to mean long rates will go up too.... It's called a flattener... I don't even believe short rates will go up. Probably go into another recession by then. But if it does happen.. The big rate move was from 1.4% to 2.4% on the 10 year.. Maybe in 2016 it will be 3.4% on 10s. But rates could just as easily go to 1% on 10s if the economy goes down the tubes because of sanctions, student loan debt, geopolitics, and general American bubble economics.. Every 5 years the economy crashes these days. Probably overdue. Look up the q2 2012 presentation of AGNC and read through the slides. Book can go up when rates go up... Gary trades. If you want to be balanced... Buy mtge not Agnc.
    Sep 4 07:32 PM | Likes Like |Link to Comment
  • New FHFA rule would kick REITs out of FHLBs [View news story]
    mREITS are financed with REPO.. REPO rates are unchanged.. so I still don't see what this has to do with mREITs. In fact, investors don't care because this really doesn't apply to mREITS at all. It's an interesting piece that may apply to certain investors in the REIT space.. but not to your typical mREIT.
    Sep 3 02:21 PM | 1 Like Like |Link to Comment
  • New FHFA rule would kick REITs out of FHLBs [View news story]
    I don't see how this has anything to do with the financing currently in place by mortgage REITs.
    Sep 2 03:01 PM | 5 Likes Like |Link to Comment
  • Prospect Capital: More Restructuring Of Senior Portfolio Debt - Meet First Tower [View article]
    BDC, I think it could go to $8.00. (NASDAQ:PSEC).
    Aug 28 10:33 PM | 2 Likes Like |Link to Comment
  • Prospect Capital: More Restructuring Of Senior Portfolio Debt - Meet First Tower [View article]
    Why don't they just convert the entire deal to equity in first tower and declare dividends based on the earnings? Oh wait... I already know the answer and it has to do with.. You guessed it... Incentive fees. Call the loan interest as income and not a return of capital...
    Aug 28 12:19 AM | 1 Like Like |Link to Comment
  • American Capital Mortgage Buy reiterated at Wunderlich [View news story]
    Replying to my prior post here... Yeah.. WMC back at book and mtge still down here. I should have listened more to myself. Rates are stuck in a downward spiral. You would think they would go up ahead of the fed raising rates in 2015... At least to 3% on 10s and sit there until they actually raise.. Then move up with short rates. But logic is out the window.. Economy is OK so US rates driven lower by European rates.

    I like MTGE the company.. But I hate the stock. Paid to wait is nice... Like the yield. Less risky than WMC by far.
    Aug 27 02:07 PM | Likes Like |Link to Comment
  • Update: Prospect Capital's Earnings For Fiscal Q4 2014 And My Reaction To The Results [View article]
    Scott... well.. doesn't the repayments and the originations both generate fee income? So how is it really negative if they collected early repayment fees + new origination fees?
    Aug 27 12:03 PM | Likes Like |Link to Comment
  • Update: Prospect Capital's Earnings For Fiscal Q4 2014 And My Reaction To The Results [View article]
    Scott, I really hope we get the chance to buy this at a 0.85x p/b multiple...I won't touch it until at least 0.88x though... I am targeting capital gains and income.
    Aug 27 11:49 AM | 1 Like Like |Link to Comment
  • Prospect Capital: How Secure Is The 12% Dividend Yield? [View article]
    yeah DHL-2.. but do they originate loans and have the ability to generate NII to the degree PSEC can? Are they mostly secured debt with floating rate loans and fixed liabilities? PSEC can generate NII of 0.30 to 0.33 for some quarters.. just not all of them in a year. i also doubt any BDC would have the liquidity PSEC has for the common shares.
    Aug 27 11:33 AM | 1 Like Like |Link to Comment
COMMENTS STATS
331 Comments
351 Likes