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Anthracite Capital, Inc. Message Board

  • jamookey jamookey Dec 2, 2002 2:52 PM Flag

    ahr secured debt

    the company says it will help shore up earnings.how do we feel about this?BD,IRVKOCH,WALLSTVET,ANYBODY?

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    • Hard to tell what "shore up" means jamookey.
      My hope is that it means they'll try not to piss so much money away "hedging" as I still believe rates will remain this low for some time to come.

      As an aside,I believe that this continued "prosperity is just around the corner" attitude the market bounce has engendered is causing many to be apprehensive about immediate rate rises of significant magnitude. I would remind these guys that this has happened 3 times in the last 15 months or so. They were wrong then and of course they're wrong now (all IMHO of course).

      Prediction (which may be worth what it costs you): the next downdraft in the market will bring bonds and interest sensitives to new highs and I don't think it is too far in the future.

    • I find it interesting that they are using the $25 million to reduce leverage (i.e., pay off debt).

      I just don't think the market understands this stock. It just raised $25 million without selling the 2.5 million shares in a secondary.

      Oh, well, back to taking in my $.35/share dividends that are even more safe and secure.

      • 1 Reply to chriswinters98
      • <<I just don't think the market understands this stock. It just raised $25 million without selling the 2.5 million shares in a secondary.>>

        i KNOW the market does not understand how this latest CDO now effectively has AL of the assets owned by AHR now funded to maturity with all rate risk and risk of shutdowns in repo markets as in 1998 gone ......

        the reason ?.... its the second worst performing MREIT after AXM this year when most are having a bangup year........

        hard for AHR to justify anything OTHER than a management fee cut given share price now lower than end of 2001 , unchanged dividend in a year most competitors raised theirs , and stumble to earnings by shoving the excess liquidity into the 'liquidity account' right as all hedging strategies for fixed rate MBS blew up (like AXM)...........

        the CDO's are great......so why did we do 3 secondaries in 2001 and flood ourselves with liquididty ?

 

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