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Capital Trust, Inc. Message Board

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  • bjspokanimal bjspokanimal Apr 4, 2011 4:15 PM Flag

    The Forbearance Agreements Expire in 2 Days

    ... I think it will take longer to recover than my other 2, BDO industry holdings (Blackstone & American Capital) since CT is tied more to commercial real-estate, which will recover more slowly than other forms of BDO capital investment.

    Since CT lost 48% interest in it's most viable CDO asset (III) along with the elimination of it's direct recourse debt, it has both lost it's most potential growth vehicle and it's biggest risk factor in one swoop. Still, we need to remember that mark-to-market is a 2-edged sword and the slow improvement in rents and occupancies will allow both a reversal of mark-to-market adjustments and use of tax loss carryforwards as occupancies and rents eventually affect values and new investments that can exploit the yield curve.

    Of the 3 BDO's I mentioned, I like ACAS the best but I think CT has more potential upside... albiet with more patience.



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