First has been mentioned on other threads. It is probably very smart to change direction with IRT. I can see where there might be strong demand for this type of REIT with a certain type of investor. It just wasn't going to happen fast enough for RAS going the other route.
Second, Scott told us they plan another securitization for the bridge loan business!!!!!!! Davis, you were right about this. If they get this done in the next few months, they will have cheap money to play with for years to come. This is very important for RAS's future. Eventually, the existing bridge loan securitizations will pay back and RAS will lose the spread they are making. Just like a bank needs deposits to make loans a lending REIT needs cheap funds for leverage and spread.
Hmm, you must have missed where Davis told you IRT was the bestest, newest, most awesome...nest?, thing around and it was going to be the super savior for RAS and was going to give them tons and tons and tons of money to play with.