MS just reported owning 9.341 million shares of NRF.....5.1%.
At 3/31 it owned 12.6 million pre split shares which equates to 6.3 million post split.
So, MS added 3 million nrf since 3/31.
No similar report on NSAM as of a few minutes ago.
Once 6/30 ownership is reported by 8/15 we can determine if big MS addition came after spin.
Ameritrade has allocated basis.....52.2331% to NSAM and 47.7669% to NRF.
Fidelity allocated 53.3333% to NSAM and 46.6667% to NRF.
I know Fidelity allocated basis in the ratio of 7/1 closing prices....19.20 for NSAM and 16.80 for nrf. Total = 36.00 so 19.20 / 36.00 = 53.3333%.
I do not know how Ameritrade allocated basis and, at this point, am too lazy to play with 7/1 numbers to try to replicate.
If your broker has allocated basis (other than 100% to one or the other), please name the broker here and the percentage TO 4 DECIMAL PLACES allocated to each company.
Never look back on a flip. Take the gain, whatever it is. If that's your bargain, then that is that.
No, did not sell nrf lot of 7/16. Waiting for fat dividend unless a spike takes me away. Gotta be well over 17 to shake me from this lot.
Just got off the phone with Fidelity. I asked why Ameritrade posted cash for fractions last Wed and Fidelity still had not done so.
Answer: The fractions are in accounts which drip, so the transfer agent (of the reverse split) sent fractions to Fidelity.
BUT, I have fractions in an IRA which does not drip and they are still there too.
Situation in Ameritrade account and small IRA at Fidelity is identical.....both drip dividends. AMTD posted cash for those fractions, but Fidelity says I got fractions and will not be getting cash. Fine with me. Fractions means less bookkeeping for me.
Steadfast just filed on NRF. They own just shy of 11 million or 5.8% of post reverse shares.
Same comment from 3/31 report.....split resulted in 5.45 million nrf, so steadfast has purchased another 5.5 million (from 3/31 filing).
Thank goodness for today's rebound. As of yesterday's close, combined was down about 3.5%.
NRF closed last Fri at 17.07 to 16.86 today.....down 1.33%.
NSAM closed last Fri at 19.95 to 19.32 today......down 3.16%.
No doubt in my mind the lack of a Griffin deal did a lot more to nsam than nrf, as it should since such a deal would have nsam grow substantially faster than nrf.
Combined on a weighted basis, one share of each added together declined 2.27%. Combined is easy for me to calculate since I have two accounts with nothing but an equal number of each co's stock. Just calculate the pct change in dollar value of the accounts.
Next week should bring the announcement of earnings release date, which I expect will be Aug 1.
BTW, I think Financial Times (FT) has a mole inside nrf. It was first to report ARCP talks and first to report Griffin.
How else does FT be first to break the news (rumor).
Not taking over 1,300 in a 2-day flip here. Holding for 50 cent aug dividend unless, of course, we get a big spike to mid 17s.
Yesterday broke the downward momo which I think came from silence on Griffin deal which means no deal. Just temporary, imo. If not Griffin, then something else. Don't know when, but know it is coming.
It's really very simple. Hamo is not going to reduce the dividend.
NSAM was included in nrf consolidated for all of 1Q and 2Q. NRF paid a split-adjusted 50 cent dividend in May. Why anyone could imagine a reduction in August is beyond me. It ain't gunna happen.
Just bought a flip lot at 16.4815. If wrong, will hold for very nice yield: Aug = 50 cents /16.4815 = 3.0337% x 4 to annualize = 12.13%, I suspect all tax deferred roc.
Beginning in Nov, 36 x 4 = 1.44 / 16.4815 = 8.737%, which is just fine with me.
No such thing as a backdated follow-on.
Offering, if there is one, will be announced 8/4 after close with a trade date of 8/5. That gives buyers the dividend with 8/6 as the ex date. 8/7 ex would not surprise me giving a day of wiggle room to presell the offering.
Also, 2Q dividend will be 50 cents, not 36.
No action letters filed on sec website. Paper documents effective 6/30, so nrf and nsam off the hook for wi and public trading of nsam without registration statement being declared effective.
Possible. One thing is for sure.....they will make it very clear that this (aug) dividend includes nsam and the next dividend will be split between nrf and nsam with each board acting independently. Yeah, sure...independent......tell me another one.
In connection with the spin of PM from MO, the first post-spin dividend was announced in advance. Same when ABT spun off ABBV. With respect to mo-pm it was not at dividend increase time....so first post spin dividend combined equaled the last pre-spin dividend. The first abt-abbv post spin dividend came at abt's usual dividend increase time. Sure enough, the first combined dividend was an increase over the last pre-spin dividend.
We might get a "we expect" disclosure of what the Nov dividend might be with the usual cautionary language about each board acting independently at the appropriate time.
Ameritrade added 1.84 cash to my account, but it does not yet show in the transaction history.
On a post reverse split basis, my fraction was .0505. So, 1.84 / .0505 = 36.4356 per post split share.
Prior to the reverse split the fraction was .101 which equates to a pre reverse split price of 18.2178. This makes sense because the fractions were sold in the post-spin market beginning 7/1.
When your broker posts cash for fractions, please post here the name of broker, the fraction sold and the price per share to FOUR DECIMAL PLACES. This is also a test of reading comprehension skills.
Not on this one. I want at least half a buck on this one, so it looks right now like I'll carry overnight. Thus I will look for more.
Selloff = a market not knowing where to stand on nsam. Too new, too unknown. So, it is easily spooked and manipulated. Way overdone today. Back to 19 without big acquisition announcement, imo. News of over 3.5 billion deal = back to 21 for nsam......all, imo. This new to me also.
Etrade has not allocated basis yet.....probably waiting for guidance from company. Thus nrf = half the shares at double the basis per share.
Fidelity doubled for reverse split and then allocated in the ratio of 7/1 closing prices......19.20 + 16.80 = 36.00.
NSAM = 19.20 / 36.00 = 53.33333% x 28.80 (14.40 doubled) = 15.3599 which rounds to 15.36.
28.80 total - 15.36 to nsam = 13.44 to nrf.
You can find the answer to that in nrf's 1Q 10-Q.......and I think an update of that disclosure is in the prospectus for nrfc sub-reit. You will learn much more about the effect of interest rate changes on nrf's cash flow by reading it yourself straight from the source document than by my dumping a short answer on a message board. You will also learn why it is what it is.