surfgeezer

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  • Golar Tundra Acquisition  [View article]
    Agree, and it showed how they can in fact still acquire new assets dropdowns-even with a crap stock price and at a cash flow locked in positive rate.
    As usual Fredriksen company showing innovation, at least as far as I know, none of my other shipping companies have done this kind of operating cash flow payment plan.
    Love it- yet price still going down?- LOL
    Feb 10, 2016. 01:20 PM | Likes Like |Link to Comment
  • Can Things Get Any Worse For Navios Maritime Partners Investors?  [View article]
    just spot on ! to important to just link-
    "Michael Webber

    None of my questions have already been touched on. I didn’t want to come in and ask how you guys think about your exposure to HMM [ph] just given the February [ph] news recently in terms of, I guess you called it restructuring, but specifically looking at it [indiscernible] and augments potentially and then extend their existing potential contracts. So this as well is around how you guys would look at approaching something like that now and what conversations or contact you guys have had to date around that topic?

    Angeliki Frangou

    Good question. I think the one thing we follow very closely HMM, we have sent - one of our teams was down in Seoul, we are monitoring closely. What we and [indiscernible] is doing is they are not going on their formal rehabilitation and process, but what they’re doing is they’re selling assets in order to being compliant. So under that - they’re not going for formal reorganization. So up to now they have been paying us without even one day delay and it is a large organization, that if they must, and this is what you have to really do, follow that process which is I think they will mostly sale of assets.

    Michael Webber

    Great, yes it seems as though augmenting container ship contracts is more of an issue for your creditors to look eventually up and refine and some opposition and then extending, you wouldn’t actually it will be the worst thing in the world depending on the terms. And I know you've seen this through in order cycles in [indiscernible], but can you drive [indiscernible] to the previous cycles where we are seeing either mines or larger commodity players look to augment current contracts, how much value you extrapolate upfront and how much leverage do you have in that situation? In general it seems you have a fair amount of negotiating leverage. I know you, just any commentary around just around how we kind of think about the spectrum of how that comes here?

    Angeliki Frangou

    You have to see that, as they will need to remain somehow and the system flow of cargos out of Korea, I think that somehow you will be able to capture – there is a value on this contract. So, I don’t think that they can easily either them or whoever is the subsequent company that will take the – they will need to use the vessels for the cargo flow. So, that’s why we had not – I mean it is something that we monitor very closely as you said and you may have different solutions to this period. I don’t think that is something that will go to a reorganization where you lose value quickly. It is something to monitor very closely.

    Michael Webber

    Right, yeah it might be – it certainly seems like it is a bit early in that process and this is something that would be down the line, but just curious since its been in the news. There is one more from me and I'll turn it over. It is actually more around your debt, you know the dividend cut makes sense all things considered and it seems like you would also be relatively credit positives, I know you got your Term Loan B rolls in 2018, but can you refresh us on where you guys stand on your loan to value and if takes around the Term Loan B and how you think about you access to refine that market?

    Angeliki Frangou

    The Term Loan B is that we are in compliance and you know and is 80% loan to value. While our bank debt which is the remaining part is at between 70% and 74% loan to value on our bank debt. So overall the company is taking cost duration where we are in the cycle. I think you want to, one is that you have to say that you are not in liquidity, you have plenty of liquidity, you have cash flows and you have a loan to value covenant.

    Now, if you see where you are, I mean there is one naturally being November of 2017 of about $57 million which is debt at value of about 9 vessels and that’s easily re-financeable meaning that’s why I give you that number. And then our Term Loan B is coming at end of – at mid 2018. If you realign your cash flow generation and see that you are today at 80% loan to value you can say that you will be able easily to re-finance even with conventional bank debt."

    IMO that was straight talk. Shipping is in the crapper. The CEO of HMM has pledged 100 mil personal, and the gov is supportive. Really think she did that N Korea "sunshine" outreach without some gov assurances? we will see, I am holding.
    Feb 10, 2016. 11:25 AM | Likes Like |Link to Comment
  • Is Ares Capital The Answer To The Prayers Of Income Investors?  [View article]
    That pain is self inflicted. What has changed from the biz? GE leaving? now multiple Partners, energy loans? probably. But IMO manageable. You can't control WHEN people will wake up to div is a good risk/reward- but they will.

    My YOC is only 9.07% in my Roth and 9.42% in my IRA. I can live with that. I can DRIP and raise Income quicker. I chose to write a March 13$ Put today to buy more at a Net 12.55$ buy, but more important to me- 12.5 yield :)
    Feb 9, 2016. 12:53 AM | 2 Likes Like |Link to Comment
  • Is Ares Capital The Answer To The Prayers Of Income Investors?  [View article]
    " PSEC is their management company is paid on assets under management rather than performance "- believe ARCC structured same, just better run :)
    Feb 9, 2016. 12:35 AM | 1 Like Like |Link to Comment
  • How Much Longer Will This 12.2% Yield Be On Sale?  [View article]
    TRB- that is certainly the traders view. Price changes everyday- on both the NAV and Fund. Yes you could play that multiple ways and price change is how you define profit.

    Income investors look at yield and math for "profit". Yes price is inverse of yield, but that only matters when you buy to an Income investor. The payout amount ( yield ) and it's overall safety are paramount to defining "profit", again on something you have no NEED to sell.

    This is a Closed End Fund, it has a huge amount of positions- picked and managed by guys smarter than me, using leverage cheaper than mine- but still the payout could get cut, as T Hamilton said above "Don't play in this pond unless you can afford it.". Some one above commented - UNII, so it's likely. IMO will still have a very good YOC-if you bought it at a high yield-no matter the price discount also.

    I doubt they go belly up, too many performing-most likely. Big sharks in this pond also ;) Long PHT, that just cut it's d.- I can live with my 9% YOC just fine, while price does what it wants-it's a CLOSED fund and me and the manager are very aligned ;)
    Feb 8, 2016. 07:00 PM | 1 Like Like |Link to Comment
  • Prospect Capital: Upcoming NAV Declines And Potential Credit Rating Downgrade  [View article]
    Glad to see you at least put a toe in Buzz! Gotta think the management reduction of fees and share buy backs has helped, but the market has given them less than zero credit for that. Earnings will be interesting to say the least. Expecting NAV reduction ( like almost all BDC's ), but it will be interesting to see NII coverage still good.
    Decided to not play it, but do have PSEC shorts in place ;)- but still long-LOL
    Feb 8, 2016. 02:47 PM | 1 Like Like |Link to Comment
  • Prospect Capital Corp.'s Fiscal Q2 2016 NII And NAV Projection (Including Current Price Target)  [View article]
    Well actually they are not even doing that. From Scott "Originally discussed within PSEC's distributions to stockholders from net ICTI figure, I am projecting 0.2 million shares of common stock were issued under the company's dividend reinvestment plan for the months of October, November, and December 2015."
    Soooo- they buyback 3-4, while issuing .2 DRIP @ let's say avg 6.5$=1.3 mill ????
    Feb 8, 2016. 03:56 AM | 1 Like Like |Link to Comment
  • The Pigs Get Fat And The Hogs Get Slaughtered  [View article]
    nosolot- not a chance I am close to a master at options, probably opposite ;)
    As a point of fact the option side has had negative cash flow for about three months >:0

    Like you, I normally invest in RE, and like you love that RE does not have the constant media pumping of price change metrics. Options normally are done by traders, whereas I normally use them more like GTC order. The O naked sold Put, and several others I have working now are just me reacting/betting/trying to Capitalize on what I see as a fundamentally psycho market conditions. We will see how it works out :)

    Will just add, sold Puts are usually allowed in IRA and virtually are not different than a GTC order, except you receive cash up front and price is limited to strike prices, and you miss the chance of a quick "flash crash" dip- all good reasons- but either way you need the cash sitting in IRA's :)
    Feb 7, 2016. 11:01 PM | 1 Like Like |Link to Comment
  • The Pigs Get Fat And The Hogs Get Slaughtered  [View article]
    nosolo- same story- but I like selling Puts to get back in-WHEN it gets cheaper.
    The cycle of sold Puts, then sold Covered Calls IS Income. Normally it would be somewhere in that cycle, except I took profit early to move to NXRT- because I wanted apartment sector. Get others won't be comfortable with young higher yield, but point is I still am working O in that cycle-synthetically.
    Instead of angst over price change, it is a force to be harnessed.

    The only constant is change ;)
    Feb 6, 2016. 09:59 PM | Likes Like |Link to Comment
  • The Pigs Get Fat And The Hogs Get Slaughtered  [View article]
    I like Muni's, why so low% yield? Should check out CEF's. I use Muni CEF's getting 5-8% YOC, state and fed tax free. Also I use tax advantage Cef's to get high monthly Income from other sectors. I happen to have a good chunk of Taxable loss's, and I can get paid in Tax Gains from those funds-tax free net.

    IMO, best utility is BIP- a MLP with ports, toll roads, Nat gas, train lines and great history of DGR.
    Feb 6, 2016. 09:13 PM | Likes Like |Link to Comment
  • Investment News Fuels Blackstone Non-Traded REIT Rumors - How About BlackStar?  [View article]
    12170861-"Even if they sold assets at a discount, that option would still be significantly accretive to CAD/share at current share prices."- depends on run rate/cash flow coming off what they sell, has to be lower than yield on stock. Like to hear what those were and compare growth rates. I personally hold little hope of div growth in NRF it self.
    Feb 6, 2016. 06:50 PM | Likes Like |Link to Comment
  • Investment News Fuels Blackstone Non-Traded REIT Rumors - How About BlackStar?  [View article]
    TUI-Cash flow trumps value ;)
    Feb 6, 2016. 05:57 PM | 1 Like Like |Link to Comment
  • How To Beat The Realty Income 'Problem"  [View article]
    If they do the short Puts ( I have 55 also ), will go up by several multiples :)
    Feb 6, 2016. 05:33 PM | Likes Like |Link to Comment
  • How To Beat The Realty Income 'Problem"  [View article]
    Defined yield ;)-either way it goes.

    Plugs into my leveraged Income portfolio just like my RE rents ;
    )
    My retirement has always/is based on spreadsheets of Income.

    Price is fairy dust to me, I am about the net real cash- it's growth and safety usually does not come from price plays, except the options. Love Put Premiums get folded into cost-so no Taxable event till you sell, and I seldom do ;)
    Feb 6, 2016. 05:29 PM | Likes Like |Link to Comment
  • Calumet Specialty Products' Distribution Bucks The Down Market  [View article]
    Agree with long term. Long since 2012. Happy with my YOC of 10.66%, it was 10.16, but I added shares from Put option at 15% today-
    but I do play the prices with options-and no K1's, and end up with cash flow higher
    just saying kinda both if ya want ;)
    Feb 6, 2016. 04:02 PM | Likes Like |Link to Comment
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