Very nice find. This is worthy of a press release. I wonder why none????
Hmmm, raised 111 million (11.1 million shares x 10) from 6/7 thru 6/24. Great job.
There is a little capital at risk. NRF put 4.6 million in plus whatever they put into the failed Opportunity Fund which merged into Income 1. Plus they charged to expense the costs of building the broker-dealer and building the selling network of....what's the number??...74,000 (from vague memory) sales representatives.
Took almost 3 years to raise 1.1 B for Income 1. Unless the bottom falls out of the market, I expect 1.2 to 1.5 B per year raised for Healthcare and Income 2. They estimate more than 40 million of 2013 management fees (including vies). I expect 2014 will total between 65 and 75 million. If the increase is 25 million / 210 million shares = another 11.9 cents, so say 10 cents.
So, 95 became 1.01 for 2013 plus another 17 cents from latest p/e deal for 2014. Add 10 cents for management fees and 2014 with only investments announced to date looks like 1.28.....and there are 18 months left to make more investments before the end of 2014.
2014 penny per quarter totals 94 cents in calendar 2014 / 1.28 = 73.4% payout ratio. I suggest you not sell your nrf common as I have the feeling 1.28 cad for 2014 is low.