I am looking at the preferreds for AINV. I want to keep them for awhile. I haven't been in AINV since the IPO long ago and haven't followed it. The preferreds are rated BBB. Do you see any cracks in this company? Will it be able to pay me back if I loan them money :-)
the NAV at AINV has been dropping since inception. See for yourself. They are near the lows. Company constantly bleeding book value. Eventually big losses hit due to non performing loans. Bad investment. Buy mitt-B preferreds instead. Or CYS-A. Or AGNCP.
I went to cash earlier this year and sold all my preferreds. I bought back in fully about 10 days ago when the market crashed. This time I did not pick up any preferreds rated less than BBB except BAC nor did I buy any unrated, but that's just me.
I am carefully watching AIB. I studied the decline of Apollo but I wonder if they can pay their debts like these preferreds. Think maybe they can. If they suspend any payments of these preferreds it would be the kiss of death since they are using the preferreds to get capital. Don't know about that law suite against them and the change at a top management position. Don't know if you use quantumonline but that is an amazing free site to analyze debt equities.
They are making good money this year according to their annual and recent quarterly reports so even though the NAV went to heck since the IPO they still are producing decent returns. I would never buy their stocks; maybe their debt.