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Wilhelmina International, Inc. Message Board

ethison 271 posts  |  Last Activity: 1 hour 57 minutes ago Member since: Oct 3, 2007
  • Reply to

    New Presentation

    by ethison Aug 27, 2014 9:32 AM
    ethison ethison Aug 27, 2014 6:19 PM Flag

    When market interest rates rise why would apartment Values be hammered any more than RE in general?
    By the way, in the discussion period of investor conferences Scott has agreed with your general statement............ they do expect rates to rise sometime in the near future.

  • Reply to

    New Presentation

    by ethison Aug 27, 2014 9:32 AM
    ethison ethison Aug 27, 2014 2:22 PM Flag

    Need,
    Is management also doing a poor job of running IRT? Do you think I should sell my IRT shares and buy a REIT where management will get more aggressive in its approach to the market and the opportunities out there?

  • Nothing new that I see. Anyone else find a new tidbit? Wonder who they will present to? sell more Prfd A.

  • Reply to

    Upgrade

    by stonergreg13 Aug 26, 2014 9:06 AM
    ethison ethison Aug 26, 2014 4:22 PM Flag

    Very Thorough of you to include the negative ones. I think the negative ones (correct me if I'm wrong) are more service providers that don't actually have people look it all over, but rather run the numbers through a model to come up with their thumbs up or down. Much cheaper to do it that way.

  • Reply to

    Upgrade

    by stonergreg13 Aug 26, 2014 9:06 AM
    ethison ethison Aug 26, 2014 2:49 PM Flag

    Wall Street told me all is good, That's all I know. Of course they are looking after all our interests.

  • Reply to

    Upgrade

    by stonergreg13 Aug 26, 2014 9:06 AM
    ethison ethison Aug 26, 2014 1:15 PM Flag

    ok. thanks. we know RAS has only added wall street followers and W-Street only have + things to say.

  • Reply to

    Upgrade

    by stonergreg13 Aug 26, 2014 9:06 AM
    ethison ethison Aug 26, 2014 10:02 AM Flag

    How many firms are following RAS now? They all are getting opportunities to issue new securities, so RAS is a real money maker for them.

  • Reply to

    Upgrade

    by stonergreg13 Aug 26, 2014 9:06 AM
    ethison ethison Aug 26, 2014 9:24 AM Flag

    Is their market outperform the rating before an outright buy?

  • Reply to

    Symbol???

    by jrfillion Aug 25, 2014 8:53 AM
    ethison ethison Aug 25, 2014 10:08 AM Flag

    Both the 5 year & the 10 year were issued at $25 each.

  • Reply to

    looking forward.......

    by ethison Aug 22, 2014 12:49 PM
    ethison ethison Aug 22, 2014 3:45 PM Flag

    Yes, most lenders, including RAS are not looking to lend into a default.
    During an investor conference Scott did a good job of explaining the massive foreclosures that RAS did during the downturn. He stated that in each and every situation the borrowers were given opportunities to refinance when the loans came due, even when all other financing had dried up. "They may have needed to bring a check to the table" to make it work (values had fallen precipitously) and if they chose not to make it work, RAS stood ready to foreclose........"we are not bankers, we are real estate guys" i.e. We are not afraid of becoming owners of real property the way many other lenders are afraid.
    Still, beyond giving us an idea of 75% or 80% LTV, they could also tell us interest coverage at the time the loan was made. They could tell us if there was an interest reserve.......These types of things would add to transparency while not really disclosing any trade secrets or suggesting that they are eager to foreclose on RAS borrowers.

  • I wonder how far up rates would need to move before there would be major loan defaults in the newer securitizations and RAS would end up foreclosing on many properties. Presumably the loans are all about 75% LTV, so there is meaningful room for rates to move up based on "perceived value." Since most of these properties are in one way or another in transitions, there may be much less room in terms of immediate interest coverage. Hard to say...............I wonder if management would share some of those numbers.

  • Reply to

    Next dividend

    by jmyduce Aug 22, 2014 10:49 AM
    ethison ethison Aug 22, 2014 12:15 PM Flag

    Basically management hit the "top line" but missed in some ways....AFFO, while doing well on others ....CAD.
    RAS made about $250 million in new loans......about half bridge and half conduit.
    The shares dropped in August, but not based on the announced earnings.......more general market and a lack of interest in a small cap REIT that hasn't found a way of standing out.
    They continue to perform according to what they say they will do. It would seem that they continue to make new loans at a steady pace as they increased and got looser terms on a $200 million wholesale line from Citi. Plus, they raised cash by issuing more unsecured debt. They say they will have a new $250 million securitization done in late 3rd, early 4th quarter.
    Dividend announcement in 2 to 3 weeks. My guess, based on what has been happening.......19.
    further little predictions. IRT will close on three properties before 8/31 and a fourth by about 9/15. There will be steady press releases on this in order to build momentum/enthusiasm with the cherry on the top being the new $250 million securitization.

  • Reply to

    OT: NRF and APTS

    by wallstpirate Aug 20, 2014 3:27 PM
    ethison ethison Aug 21, 2014 10:42 AM Flag

    no worries, pirate. I'm just nuancing the differences between the companies. It's one of the things I feel a need to do:-)

  • Reply to

    Same Old Song.

    by imjoel00 Aug 20, 2014 2:11 PM
    ethison ethison Aug 21, 2014 10:27 AM Flag

    Mug, I did get buggy because the poster that only knows consonants insisted that it was revealed that I was Davis. That poster might have some form of dyslexia since he/she mistook David S for Davis..................
    I questioned if they ever read any of the posts, and if they were able to pay attention to what was actually being written. And, yes, I acknowledged that my given name is David, not Ethison:-)

  • ethison ethison Aug 21, 2014 7:11 AM Flag

    I will tell you a flaw with the types of posts Mug is complaining about. They are usually talking in the past and the present, but not the future, which for a holding or would be stockholder is the most important. What do I mean? When you write those lengthy posts, you neglect to discuss that the yardstick by which we measure is likely to change over time, thus significantly impacting the share price. The yardstick, by which we measure??????? 10 points for anyone that can explain my post. I want to keep my post brief.

  • Reply to

    OT: NRF and APTS

    by wallstpirate Aug 20, 2014 3:27 PM
    ethison ethison Aug 20, 2014 7:08 PM Flag

    Also, I think between the contract, the need to kiss up to wall street to continue the funding of both RAS and IRT, and the large number of shares that RAS holds (as you mentioned).................RAS is being kept honest in its ongoing management of IRT. After a very quick look at APTS, I'm not sure that I see the same.

  • ethison ethison Aug 20, 2014 3:52 PM Flag

    Thanks ghost:-)
    As you are the second most active poster on this board, your reading and responding to my pointy points means quite a bit to me.
    Your continuing voluminous contributions are.......how can one say.......I guess I just said it....voluminous....keep those fingers moving.

  • ethison ethison Aug 20, 2014 2:13 PM Flag

    GTW,

    I just wish to address one point you made in this post. They are not moving to repo financing. This is an increase in line and a loosening of terms and an extending of expiration on an existing line with Citi. This is a warehouse line that is structured to give Citi a relatively "tight hold" on the collateral until the collateral is moved into either a Citi securitization or a RAS securitization. This is not a change in business for RAS, it is how business has been done for a few years now, and I think you will find a similar structure in place for most other MREITs.

  • Reply to

    Buy before the news release

    by ethison Aug 13, 2014 6:39 PM
    ethison ethison Aug 19, 2014 11:09 PM Flag

    Rvsh.......one word .......rehab.
    You will feel better without taking all that stuff.

  • Reply to

    We rollin' now. We rollin' like a big wheel.

    by jridley17 Aug 19, 2014 10:42 AM
    ethison ethison Aug 19, 2014 3:45 PM Flag

    If you share some of whatever you're currently taking I could see the world in a whole new light................I know you're a generous man down under, Rvsh. Please share. I need a fix.................bad:-)
    I'll give you one of my shares of RAS for a hit.

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