I want to hear your logic for pulling out of the stock. I keep buying more as I am convinced there is great LT value here. Strong mgmt. team. Portfolio of assets recently purchased from Barclays at 80% of book value. Dividend just increased to $1.00/yr. Now this REIT is selling at 78% of book value.
If you see it differently, let's hear your reasons. Thanks.
It's really quite Stunning and adds ammo to the Lawsuit.
Let me get this straight...
Not only did the pass $14 bid-- to Rush into a huge buy (to increase their mgt fee)...
12%/$65 mil of the app 20% disct of the buy is already in default/non-performing.
These guys are self-interested CLOWNS.
I will be joining the suit even I bought subsequent to the secondary as they either knew and didn't say, or didn't know/are Incompetent and didn't do due diligence on the buy.
It's inexcusabe to have such a big chunk go dead so soon after a buy.
They were Bagged by Barclays-- probably willingly.
I'm on your asses now CXS mgt.
Get serious. These purchases are chicken feed, they mean nothing to the wealth of these directors. The directors have to have a few shares to be on the board. And that is all they have, just a very few shares. I've got more shares than any of them.
Well if this company is really in such a bad way the insiders are insane..
There have been no sales and 8 open market purchases so far in august, which is the worst market month in some years.
Seems rather odd that the insiders are throwing good money after bad......
No loan loss, but it does increase the risk. No payments from borrower means less cash to reinvest or pay dividends. As the property sits, it generates no income to be returned to shareholders. I hope that there is a market for the property.
I'm not selling but looks to me like "risk off" is the reason. The agency REITs are holding up but anything exposed to a sour economy and loans going bad is being sold. As good as the Barclays might be, a bad economy can sink the portfolio.
Thanks. The portfolio purchased from Barclays does include some loans now in default. No loan loss provisions are recorded because mgmt. is confident that collateral is worth more than the loan. Still, does give one pause. See Credit Suisse's evaluation available on Ameritrade.
I still go back to the fact that stock purchased by the market at $11.50/share, and STWD offered $14/share. Tells me there must be value to be captured by a competent mgmt. team.