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Impac Mortgage Holdings Inc. Message Board

kahe_us 606 posts  |  Last Activity: Dec 10, 2013 10:21 PM Member since: Sep 8, 2000
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  • Reply to


    by jjnov711 Dec 10, 2013 4:24 PM
    kahe_us kahe_us Dec 10, 2013 10:21 PM Flag

    Its NAV fell by as much as the price did so today wasn't irrational

  • Reply to

    Finished getting out today

    by kahe_us Jun 24, 2013 10:35 AM
    kahe_us kahe_us Aug 19, 2013 9:37 PM Flag

    You win some you lose some.

    Although I stand by my idea that fixed income is going to be hard to make money on any time in the near future.

  • It has been a good run since 2008. Bought in at the 4s but I think the bond market has turned and it is taking pfds with it. Had been selling in stages as it has been working lower from the high. Missed the low spot in 2008/2009 and missed the high here but made good money in price change and yield while in.

    Good luck to the remaining longs. Will be looking for the right entry point in the future.

  • Reply to

    People are just in a panic now

    by kahe_us Jun 13, 2013 9:45 AM
    kahe_us kahe_us Jun 13, 2013 12:15 PM Flag

    May have missed the chance to get in on the cheap already as it went low this morning and bounced back already.

  • Sorry, but the current free fall is going to quickly turn into a great buying point as people are just in a panic now.

  • kahe_us kahe_us May 31, 2013 2:41 PM Flag

    I will add this the price has fallen farther and faster then the NAV so there could be a short term bounce if the discount to NAV gets too large.

  • kahe_us kahe_us May 31, 2013 2:38 PM Flag

    I think they are reacting to the idea that bond yields are rising and going to keep rising. These funds are work much like bonds. The higher the yield the lower the price.

    Glad I got in this one in 2008 at a much lower price.

    But this recent drop has been larger then years worth of divy. I for one plan on keeping my finger on the trigger.

  • kahe_us by kahe_us Feb 26, 2013 4:02 PM Flag

    Anyone have any ideas on why this company's pfd stock dropped over 15% today?

    I know it is thinly traded but there was a huge volume for it and it dropped over 15%. I most admit I might have to look at it again if it at this price.

  • Reply to


    by carpintero58 Nov 14, 2012 2:22 PM
    kahe_us kahe_us Nov 19, 2012 10:08 AM Flag

    It is starting to look like who ever was dumping those large blocks last week could have gotten themselves a better overall profit if they has sold in smaller chunks the market could have handled better.

  • Reply to

    Any theory on what is going on

    by kahe_us Nov 15, 2012 12:11 PM
    kahe_us kahe_us Nov 15, 2012 2:10 PM Flag

    I have seen what is happending to COY used to own it and didn't like how big its premium got to be. I also agree there is a number of similar funds acting this way. JTP which is a CEF mostly owning pfd stocks is acting this way.

    I might be the tax thing but none of these dividends got the 15% if I recall correctly. I own this in a retirement fund so I don't pay taxes currently. But this fund is mostly paying flow through interest. But it could be the taxes thing.

    It could be the market is starting to say the economy is about to decline and junk bonds do bad in bad economies.

  • It seems like someone has simply decided to sell at any price they can get. The odd thing is the NAV hasn't changed much. I was a little worried a fund that historically sells at a discount was selling for a premium but it is selling at a discount to NAV now.

  • Reply to


    by carpintero58 Nov 14, 2012 2:22 PM
    kahe_us kahe_us Nov 14, 2012 10:44 PM Flag

    All I can tell you was it was a broad base decline. I own several pfd stocks directly. My other pfd fund went down pretty hard today also. My junk bond CEF went down by a similar percentage. All of them on large volume. Not sure what to make of it all but it wasn't a one fund fluke.

  • Reply to

    Someone Did It Right

    by rpschom Jul 10, 2010 7:59 AM
    kahe_us kahe_us Nov 14, 2012 10:40 PM Flag

    All I can tell you is it was rather broad based sell off. I own a few pfds they went down pretty hard today. My other pfd fund PDT had a steep decline. My junk bond CEF declined by a large amount also. All of them were on large volume. Still haven't decided what it means but it wasn't a one fund fluke.

  • Bought years ago in the $1.68 range. I am almost in the money after adj for the reverse split. Had kind of given up on that. Didn't buy very much it was a high risk shot and didn't want a huge down side in case this one went under. Come on get into the $17 range and I will have a small gain.

  • Reply to

    Tea-Drooler in NYC

    by pilodialcyst Aug 24, 2012 10:51 AM
    kahe_us kahe_us Aug 24, 2012 11:48 AM Flag

    Typical liberal ignoring facts and just going off in his own little world of ideology.

    By all accounts this was a disgruntled worker because he just go laid off from his job.

    Religion and politics had nothing to do with it. But anymore with liberal since the personal is political they don't know the difference any more. It is all political and ideology as it is all personal. Emotions over facts is their rule of the day.

  • Reply to


    by h92661 Jul 27, 2012 12:26 PM
    kahe_us kahe_us Aug 8, 2012 6:08 PM Flag

    I have to hand it to you on SPG you saw something alot of people didn't see.

    Out of that time period the REITS that I did well were MFA (sold too early although).

    I still own NRF-B prfds, got in at in 10s, nice dividend and double in price. Also, got into HCP prd- got called at par. Should have bought the common also- can't win them all.

    Good luck to you going forward.

  • Coy has been very good to me. I got in the fall of 2008 in the low 4s (if I recall correctly haven't looked it up). Collected a fair amount of divy, and reinvested them over the years in this fund.

    But don't care for the premium over NAV, too high.

    Bought HYV. A different Blockrock CEF. Similar investments, but not same, higher yield and lower premium. Although it turns out that almost of the junk bond CEF are selling at some kind of premium.

    Good luck longs.

  • Reply to

    New High Today!!!!!!!!

    by h92661 Aug 8, 2012 11:26 AM
    kahe_us kahe_us Aug 8, 2012 11:49 AM Flag

    Yup so far those long have been right, congrats.

    Not trying to rain on the longs but I will point out the NAV yesterday was $7.38/share. The NAV could go up a bunch more and close that gap, but currently one is pay around 9% over NAV.

    But I still have a small long position after my recent sale. So those that held have gotten it right.

  • Reply to


    by h92661 Jul 27, 2012 12:26 PM
    kahe_us kahe_us Aug 8, 2012 11:46 AM Flag


    I haven't been out here for a while. Apparently, the answer is "yes" as it broke 8 today.

    I still am having a hard time being anything but biased towards a sale. The NAV as of 8/7/2012 was 7.38. Which means the 8.03 sale the buyer was paying almost a 9% premium over NAV. I have a hard time seeing how paying 1.09 for a $1.00 worth of assets is a good idea in the long run.

    I do look at SPG every now and then. I must admit I really did not think we would see those levels after 2008/2009 and all the new stock they issues via dividends and 2nd issues. And I was wrong. It was all the new shares they issues that stopped me from buying back then. I called that wrong.

  • Reply to

    Bullish Pattern?

    by mikenduke Jul 26, 2012 12:13 PM
    kahe_us kahe_us Aug 2, 2012 9:50 AM Flag

    I am still holding a good size position, but selling every now and then.

    I am biased towards decline. I am of this opinion mostly because this fund has historically sold at a price < NAV. It is currently selling at a price > NAV. I think the historically pattern will take hold sooner then later.

    So either the NAV needs to move up to close the gap or the price needs to go down to close the gap. But currently one is paying about $1.03 for a $1 worth of assets.

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