recon - i don't think we can know much of anything until mgmt provides more detail on how the proceeds will be /have been deployed - and that won't likely come until next qtrs cc at the earliest. rightly or wrongly MF is not one to provide a lot of disclosure/ color re: its strategies/ positions. all we can really surmise at this pt is that MF "thinks" that some opportunities are soon to present themselves for which CASH is needed - but only time will tell.
I remember when CIM made a big secondary after the meltdown in the fall of '08 and then sat on the proceeds for quite a while waiting for opportunities to present themselves/ play out. Of course no interest needed to be paid on the proceeds of that common stock offering; mgmt will be under more pressure to deploy the proceeds of this note offering - otherwise there WILL be a hit a earnings starting next qtr.
They didnot even try to explain why they need two or even more offerings in very short time frame? How do we know there won't be third, forth, 5th offering within months? Because we are waiting for the dividend, so the share price is not falling like a rock. What will happen after ex-dividend date?
Completey in your camp, the management have not kept share owners informed at all, plus the stealth style method of letting the world know.......AFTER HOURS or early in the morning.
doesn't make much sense as it will be difficult to deploy these new funds soon enough and ap an opportune enough price to keep distributions where they have been.
Mike Farrel should know better than to treat us shareholders like 'mushrooms' (keep us in the dark and feed us a little sullshyt about how the new shareholder are waiting with baited breath to convert into $21 shares in the futue.