Of another SO coming down the pipeline in the next few weeks? Any guesses? Are they going to get the money from another line to fund the deal they may finish up in the next few days? The last offering was a good one at only a 4% discount. I would take those type all the time to fund more accretive deals.
I got the impression that they considered it too risky to lever the MSR investments at this time. In fact, I saw them backing off somewhat on throwing a lot of money at additional MSR investments, especially with other Fortress businesses competing for the opportunities. The first MSR was expected to pay a 20% return, and the second is now pegged at 18%. They said they can get 20% on levered investments in their core business.
They will use their capital first then prob do a secondary in the next couple of weeks. I love secondaries in NCT - stock goes down a bit so I can pick up more cheap then they invest at 15-25% and keep raising dividend.