If you're not prepared to be patient NTR is probably not the investment for you. All the mortgage REITs are under pressure from interest rate compression. But it can't last long; you're buying below book value; and it's a great business - basically just pushing money around. Buy when they're friendless.
Thanks for the prompt response. You are obviously more knowledgeable in these matters than I am. I hope we can keep up this dialogue as I am a large shareholder and I speak to the Company form time to time. Bill P.S. They have always said they would buy back shares when the price was under book value.
STOCKHOLDERS' EQUITY: Common stock, $0.01 par value, 400,000,000 shares authorized 18,258,221**** shares issued and outstanding at December 31, 2005 and 17,797,375 shares issued and outstanding at December 31, 2004 183 181 Additional paid-in capital 98,865 119,045 Accumulated other comprehensive income (loss) 1,910 256 Total stockholders'/equity (deficit) 100,958**** 119,482 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,791,293 $1,614,762
Well, it *was* 102% of BV last night.....
I don't necessarily condemn the moves made, just that it's a tough environment to be opening up a shop
When companies don't balance pay with performance then the company suffers where it matters most to us - in the stock price. These guys are taking all the money out of the company, including mid level managers and loan officers - superstar pay packages for journeyman work. They are not buying the stock even at $5.5. They should be telling the street and the investors what they are doing other than living lavishly and not performing.