31c GAAP net loss
NIM of 3.74%
BV of 11.93
10.1% of 2014 Year end portfolio was Agency.. That was surprising.
Starting to look a bit more like NYMT. Makes sense, some of OAKS mgmt is from NYMT..
If it falls between the B & C prefies.. some money is there. Not a ton of course.
But $25.10 - $25.25 range doesn't seem impossible.
Based on the yield it should slot in a little bit higher than the B series price.
Currently at this second. And those both dropped a bit on Thursday and haven't fully recovered.
AFSI-B = $24.95
AFSI-C = $25.48
AFSI-B AmTrust Financial Services, 7.25% Dep Shares Non-Cumul Preferred Stock Series B NYSE
AMSVP AmTrust Financial Services, 7.50% Dep Shares Non-Cumul Preferred Stock Series D OTOTC
AFSI-C AmTrust Financial Services, 7.625% Dep Shares Non-Cumul Preferred Stock Series C NYSE
I'm stayin away from this new one for now, poor upside potential.Reloaded jpm-f last week at 24.97, just sold chscl at 26.90,
patience get your price or something else will come along
right now I like idg at 26.00 in 2 weeks its worth 25.55 and I see 20 cent pop
I like 10 cents per week.
I have 6k at .00 and will get 6k more at .90 if everything hold up
That figures.. by the time I get online it shot way up. -- 25.02
Gonna keep an eye on it though.
I don't trade any of the others
its not that liquid for a bank issue - but ill be watching also
it will digest quickly since its only 165mil or so
yeah this will be a 1 to 2% hopeful (alpha) and then maybe a 1 to 3% bounce against etfs (that's a bet on direction really so im not looking for that)
exactly so as one might say "you broke even at best"
underwriters probably got this for 24.20 and so I doubt they sell less than 24.50 but we'll see. Watching all 4 Monday, might get a selloff in the existing 3 so lots to assess.
great, they have to issue this week with Yellen about to remove 'that word". Lets see where it trades Monday morning...............
broke even?? That was the best return I got on a Preferred all year.
OLD ONES FOR COMPARISON
B AND C BOTH JUST HAD DIVI 2/25 SO ABOUT 2 WEEKS OF ACCRUED DIVI IN THE THEIR PRICE
AFSI-B 7.25% AND ITS TRADING NEAR 24.80
AFSI-C IS 7.625% AND ITS TRADING NEAR 25.25
BOTH JUST ROLLED OVER 2 TO 3% (SO THEY FELL VERSUS THE INDEX FOR SURE BUT YOU ALSO SAW STOCKS LIKE JPM-F FALL A BIT TOO)
NEW AMSVP IS 7.50% SO ABOUT IN THE MIDDLE
LITTLE MORE UPSIDE THEN MIDDLE BUT ALSO LITTLE MORE DURATION IN IT TOO
SO BALLPARK ABOUT 24.75/25.20 SO MAYBE YOU CAN GET 25 EVENTUALLY
SEE IF THEY GIVE YOU A FILL NEAR 24 TO 24.25 (EVEN 24.50 ISNT BAD BUT NOT THAT GREAT ON THE GREY MARKET) SO 24 TO 24.25 WOULD BE NICE FILL CASTLE "GREY MARKET" SKULL STYLE
IF THEY DONT GIVE YOU A GOOD FILL DONT GET IT
WATCH FOR THE OTHER 2 TO SEE IF THEY RALLY BACK 25 TO 75 CENTS (IM NOT SAYING THEY WILL BUT IF THEY DO ) THEN ADJUST YOUR UPSIDE EXPECTATION OF THE NEW ONE AND LOOK TO BID A LITTLE HIGHER
Still same results
if the long end doesnt move then it doesnt move for banks either
and their short costs are either the same or better
so banks would be same or worse
if the long end doesnt move then why would they be affected.
im not saying banks are mreits
but you have short end of curve and long end
2 year started the year at .67 its at .66
10 year started the year at 2.17 its at 2.12 (its gone down)
the 2/10 year has narrowed more from 1.50 to 1.46
prev quarters end were 1.92, 2.08, 2.29, 2.68
so its narrowed and narrowed
funny that rates are going higher but high duration prefs are sitting up near their highs???
oh wait the long end will somehow move but magically just for mreits and utilites but not for banks or prefs.
careful if compression comes i agree and that is always a risk - but ill be ready to short other areas too if it comes because arent feeling the effects while mreits have been in some ways as utilities clearly have as well.
The rate hikes have not happened yet. Also, banks lock in cost of funds from CD investors etc and have more control over their cost of funds in general. mREITS are not banks. If the long end doesn't move... then you gotta realize spread compression is possible like 2005-2006 was for NLY
Banks dont seem to be affected
odd that all the talk of a rate hike will help the spread in banks but not in mreits
so the short end will go up in mreits but not banks
and the long end wont go up for mreits but it will for banks
Problem is the spreads... they will compress over the next 3 years unless the longer end of the curve moves up... so far... we are only a couple months away from a possible fed tightening but the 10 year bond is hovering in the 2% to 2.25% range. This is not a good sign for earnings.... not bad from a book value prospective but terrible for earnings.