gambler, agree wholeheartedly on VNR but I own the preferreds at a high price and doubled down a couple of weeks ago to cut my basis almost in half. Hoping for the best. Read and re-read their last CC transcript and seems their outlook has gotten better and if (and a big IF) oil continues to creep upwards the chances of them making it through this rough time increases significantly.
they are redeeming 5.6 million shares of the 13.3 million "C" preferred (Quantumonline only has that issue as 10 million shares from their prospectus.. That's 42% of outstanding shares. They intend to use some of the proceeds from this week's 5 million share secondary to redeem more preferreds. They will redeem those 5.6 million shares on June 7th. At 9.5% yield to maturity that's a smart move.
DH: If you haven't been following GSL for a while the previous earnings report shocked most when they suspended all their dividends. They certainly had enough earnings to cover them and actually some expected a dividend raise. They chose to pay down some debt, rather than pay the dividend. I guess time will tell if that was the right move but it sure angered most investors.
Still olding the GSL common and of course, should have sold when it got into the $2.30's. Looks to be headed back down to the one/teens again. I'm just too stubborn or too stupid to sell. Greedy I guess.
SSW has one preferred that is actually past it's callable date of 1/30/2016 and it's a big one, 10 million shares @25 par. They don't HAVE to call it but it's a high yielder of 9.50%. All as per Quantumonline
but I just sold a small (500) position in MMLP for a 30% gain in 10 weeks (+1 dist) and half my DLNG (1k + 1 dist) for a 32% gain in 7 weeks. Hope to buy both back cheaper on any pullback.
It really makes no difference and it will only affect NRZ's business positively, increasing it's portfolio value by about $80-100 million dollars per 1% rate rises (as per Mike N. in 4Q CC).. Might affect traders but to long term holders here it would be just a blip and, as you state, probably a good chance to pick up some shares. The fact that talk is now running rampant that we'll get that rate hike within the next few months might give the market time to digest it's effect on certain sectors and mitigate any volatility in the market.
I bought ARCC in late 2009, just before they announced the were buying out Allied Capital, a troubled BDC and middle market financier. They assimilated them easily and based on ensuing steady, if not spectacular performance, nothing was hidden. That's your negative way of assessing a deal. I have no regrets whatsoever on that deal and I'm sure today's announced deal will produce similar results. ARCC management is smart, very smart.
American Capital (NASDAQ:ACAS) shareholders will receive $6.41 per share in cash plus 0.483 shares of Ares Capital (NASDAQ:ARCC) for each share of ACAS they own - a total of $13.75 per share at current prices. As part of the deal, Ares Management (NYSE:ARES) is providing financial support, will pay $275M in cash, or $1.20 per share to America Capital shareholders, and has agreed to waive up to $100M in fees over the ten quarters following the close.The deal is expected to be immediately accretive to ARCC core EPS, with potential for boosted dividends over time. It's also expected to boost NAV per share between the first and second full years after closing, and beyond.
P.S. If I remember right 4Q 13-F filings had total institutional ownership at about 69% which means it is down in this reported 1Q 2016 filing from 69 to 64%. I'd much rather have more retail ownership than institutions. JMO
Sentiment: Strong Buy
As reported on new 13-F filings:
Total outstanding shares of NRZ: 230 million
Total institutional holdings: 147 million shares (64%)
Total increased positions: 18.6 million shares
Total decreased positions: 39 million shares
Total held positions: 89.1 million shares
Total new positions: 6.2 million shares
I don't have 4Q 2015 figures to compare. These come from the nasdaq site as of 3/31/16 13-F filings.
Large share holdings increase:
Vanguard: +556k shares
Vaughn Nelson: + 2.6 million shares
ING Group: +550k shares
Bank of America: + 630k shares
BNY/Mellon: +364k shares
Allianz: + 472k shares
GOLDMAN SACHS: + 1.15 million shares (doubled their position).