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NorthStar Realty Finance Corp. Message Board

  • dar200 dar200 Jun 4, 2013 11:16 AM Flag

    40.6 million in 11 days

    Per prospectus supplement #4, Income 1 raised 40.6 million between 5/13 and 5/24. At this rate I expect a "sold out" announcement between the end of June and early July.

    Income 1 also made a nice loan to a luxury townhouse developer.....float at libor + 500 basis points with a minimum libor of 5% = minimum rate of 10.5% plus a point in and a point out. Supplement did not mention leverage, but I suspect yield on leveraged equity between 17-19%. Good. The better Income 1 does, the easier the sell on Healthcare and Income 2.

    Once Income 1 is closed Healthcare will be the only nrf game to sell until launch of income 2, which I expect in 4Q.

    Hmmmm, est 40 million of mgt fees in 2013. I'm beginning to smell between 55 and 60 million in 2014, almost all of which goes to the bottom line. Let's see......209 million shares and units x 4 cents = 8.36 million. Beginning to look to me like increase in management fees alone is more than enough to continue a penny per quarter thru 2014. I ain't sellin. Market manipulators can't scare me out.

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    • Hang in there. My booty keeps increasing. What I want to hear today is the # of reps. selling private reits. Last I heard is that the number increased from 65,000 to 74,000.

    • What impresses me is NRF's ability to source this volume of new loans and, then, find many other kinds of equity investments. Their relationships must be vast. I own RSO, but they can't even get close to NRF's ability to source new business. RSO, though competent, acts more like a Mom and Pop operation.

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