Not really. I bought around the IPO levels at 18.77, but you would not know that so fair comment. Nevertheless, my view is the same. At a low end divvy of 1.50, the yield at today's price is around 7%. Assuming it falls further from here, an even better yield. Just need to pay close attention to asset purchases (like Hostess a few years ago @ 400mm) and the expected sale (rumored at 2bn) and calibrate the divvy on asset sales. I would like to see a wash-out that takes it down to 17-18.
Stock has been pummeled since its high of 34. IMHO, all based on them harvesting their PE companies and paying out hefty dividends over the past few years. They are working to re-build their pipeline of PE companies for the next wave of harvesting which won't be for 3-5 years. In the meantime, you are right that their Credit Division should start to produce higher next income driven by higher rates. Most of their assets are variable rate so you would expect to see a better contribution form this division. How much of a dividend can this division produce is unclear to me. However, the stock is inexpensive at this or lower levels. I was hoping it would go to the teen (17-18) so I can buy more. Been long this puppy for a long time and it has produced solid total returns (divvy plus cap appreciation). so I am holding for the next leg-up which should take it to 30. Best of luck to all on this investment.