Your flame was "Do you really mean to broadcast your ignorance."
The only ignorance broadcast was YOURS, Foulger!
You falsely stated that CNBC does not "dwarf the competition", and I corrected your false statement.
You phonily compared the complete audience of all broadcasts, including the full spectrum of irrelevant Home Shopping, MTV, hunting & fishing, etc., to attempt to minimize the impact of CNBC. We're talking about FINANCIAL NEWS, not re-runs of Mayberry RFD or NCAA lacrosse games!
You choose to ignore objective facts here, as you do when mis-stating RAS financials and "never missed" dividends. The objective truth is that the audience draw for Fast Money, Squawk on the Street, Halftime Report, Closing Bell, etc., clearly exceeds the size of the competition (i.e.: other financial news shows broadcast during trading hours)
The OP's statement was specific, concrete, and correct.
You mis-statement was none of the above.
Feel free to blather, twist, spin, change the subject, or argue with the original premise, but you are just plain wrong on the facts, and as usual refuse to admit it.
What else is new?
FOX News, CNN, MSNBC, and CNN Headline news aren't "the competition" for CNBC any more than FAO Schwartz was competition for General Motors: they are in a different market entirely.
CNBC is a FINANCIAL NEWS network, like the dear, departed, unlamented FNN, bought by and merged with CNBC in 1991. The competition, such as it is, comes from CNNMoney, FOX business, Bloomberg Business News, and Reuters.
92,095,723 = 90,895,723 + 1,200,000 oversubscription, if fully exercised
The "Consolidated Statements of Operations", from Exhibit 99.1 of the 2015.07.30 8-K lists "Weighted-average shares (basic)" 82,150,475 and "Weighted-average shares (diluted)" 89,268,462, a difference of 7,117,987 shares.
Note (2) on a following page:
"The weighted-average shares outstanding excludes the dilutive effect of securities totaling 7,117,987"
"these securities are not outstanding for purposes of our quarterly dividends. These securities will be included in weighted average shares for purposes of CAD when, and if, these securities are converted to common shares."
on page 32 of the 2015-05-08 10-Q:
""we sold the following securities to the investor for an aggregate purchase price of $100.0 million: (i) 4,000,000 Series D Preferred Shares, (ii) warrants exercisable for 9,931,000 common shares (which have subsequently adjusted to 10,479,889 shares as of the date of filing this report); and (iii) investor SARs exercisable with respect to 6,735,667 common shares (which have subsequently adjusted to 7,107,948.84 shares as of the date of filing this report)"
"The warrants and investor SARs had an initial strike price of $6.00 per common share, subject to adjustment. As of the filing of this report, the strike price has adjusted to $5.59."
One might suppose that the 7,117,987 share differential represents 7,107,948.84 (SAR) shares as of 5/8 further adjusted thru the 7/30 filing date.
Strike price of the SAR units has probably also moved from the 5/8 adjusted value of $5.59 per share.
Note (2) on page S-3 of the prospectus:
"Based on 82,150,475...weighted-average shares outstanding...The weighted-average shares outstanding excludes the dilutive effect of securities totaling 7,117,987...shares...as these securities are not outstanding for purposes of our quarterly dividends. These securities will be included in weighted average shares for purposes of CAD when, and if, these securities are converted to common shares."
On the next page of the prospectus (page S-4):
"Common shares to be outstanding after this offering 90,895,723 shares"
That number, per note (1), "Excludes up to 1,200,000 common shares issuable upon exercise of the underwriters’ option."
Note (2)on page S-4 says:
"The number of common shares outstanding after this offering is based on 82,895,723 common shares outstanding as of June 30, 2015. This number does not include: (i) 1,927,330 common shares reserved and available for issuance under our incentive plans as of June 30, 2015; (ii) 7,918,919 common shares reserved and available for issuance under our common share at-the-market offering program as of June 30, 2015; (iii) 7,766,850 common shares reserved and available for issuance under our dividend reinvestment and share purchase plan as of June 30, 2015; (iv) 20,554,051 common shares reserved and available for issuance upon conversion of our outstanding convertible senior notes; (v) 9,931,000 common shares reserved and available for issuance pursuant to common share purchase warrants held by, or issuable to, ARS VI Investor I, LLC, or ARS; and (vi) 213,958 common shares reserved and available for issuance pursuant to the redemption of Class B membership units of our subsidiary."
Using the 92,095,723 number, and "Adjusted book value" of $520.128 million, BVPS calcs out to slightly less than $5.65 per share.
Oh, crud: here comes another "trading around a core position" long-winded lecture!
Hold onto your hats, the big windy is about to start blowing hard!
"the credit quality of a company borrowing at credit card rates will not be impacted by any FED moves"
Sounds just a tiny bit sarcastic: am I mistaken? Credit card rates DO get adjusted upward from time to time, but then, they aren't locked to LIBOR+[2|3|4]%, as some other forms of borrowing are.
so, in the interest of balance, let me note a few items that I think are negative:
(disregarding, for the moment, the issuance of new shares, which is being beaten to death by folks with heavier cudgels than I wield)
1»Weighted average coupon rates on CRE loans declined from 6.6% to 6.1%
2»Real Estate investments declined by more than $53 million ($1,658,659,000 - 1,605,316,000)
3»Multifamily and Retail occupancy rates both declined (RAIT only, excluding IRT numbers)
4»Investment Interest income down by $10.539 million (2015Q2 vs 2014Q2)
5»Investment Interest expense up (2015Q2 vs 2014Q2)
6»As an inevitable result of 4 & 5, Investment Interest margin down $10.598 million ($27,123,000 to $16,525,000)
7»Interest expense (non-investment), G&A expense, Real Estate Operating expense, etc. are all up, bringing total expenses up by more than $18 million, from $59.622 million to $77.653 million
NOTE: Real Estate Operating expense was way up even though the number of multi-familiy units owned declined by more than 1000 units. What's up with that?
8»Total equity down by more than $4.8 million (from $582,990,000 to $587,842,000)
9»Total shareholders' equity $378.956 million, less the liquidation value of the preferred shares ($231.733 million), stands at just $147.223 million, or $1.77 per share.
10»After "adjustments", the $520.128 figure, based on 89,268,462 shares outstanding yields a BVPS* of $5.82
*(B)ook (V)alue (P)er (S)hare
NOTE: Item 10» may be considered positive, momentarily, in light of the current market price of RAS common shares, but as recently as 10 days ago, RAS was selling at a significant premium to book value. A larger premium, in percentage terms, than the current 10% discount. The $5.50 price established for the dilution offering represents about a 5% discount, comparable to an industry-standard DRIP discount.
You paid $8.31 per share? Really? My sincere condolences.
I'm hoping to buy back most of the shares I dumped at $9.xxxx, when the falling knives become catchable...until then, I'm sitting this one outout and keeping my cash on the sidelines.
17 CFR 240.24B-2
NONDISCLOSURE OF INFORMATION FILED WITH THE COMMISSION AND WITH ANY EXCHANGE
"Any person filing any registration statement, report, application, statement, correspondence, notice or other document (herein referred to as the material filed) pursuant to the Act may make written objection to the public disclosure of any information contained therein in accordance with the procedure set forth below. The procedure provided in this rule shall be the exclusive means of requesting confidential treatment of information required to be filed under the Act."
"The person shall omit from material filed the portion thereof which it desires to keep undisclosed (hereinafter called the confidential portion). In lieu thereof, it shall indicate at the appropriate place in the material filed that the confidential portion has been so omitted and filed separately with the Commission."
Deferral periods? What "deferral periods"?
It's the 5 year no-call provisions that are expiring.
"At December 31, 2012, our total investment in Taberna VIII and Taberna IX is approximately $550.0 million which represents both preferred equity and various levels of debt positions. Approximately 87.9% of the investments are in the form of TruPS and TruPS related receivables issued by commercial real estate companies. The typical TruPS instruments are unsecured borrowings with a 30 year maturity and a 5 year no-call provision that prevented prepayments. Beginning in 2012, the no-call provisions for TruPS collateralizing Taberna VIII and Taberna IX started to expire and the TruPS issuers have the option to prepay the instruments on which the no-call provisions have expired. "
For the most recent numbers, see Table 9 on page 23 of the 10-Q filed with the SEC 2013-11-05.
Look for this heading:
"NOTE 9: VARIABLE INTEREST ENTITIES
"The following table presents the assets and liabilities of our consolidated VIEs as of each respective date. As of September 30, 2013 and December 31, 2012, our consolidated VIEs were: Taberna Preferred Funding VIII, Ltd., or Taberna VIII, Taberna Preferred Funding IX, Ltd, or Taberna IX, RAIT I, RAIT II, Willow Grove and Cherry Hill."
About all the Taberna specific info you will find is on page 35:
"Taberna VIII—Taberna VIII has $484.0 million of total collateral at par value, of which $49.3 million is defaulted. The current OC test is failing at 80.9% with an OC trigger of 103.5%. We currently own $40.0 million of the securities that were originally rated investment grade and $93.0 million of the non-investment grade securities issued by this securitization. We do not expect to receive any distributions from this securitization other than our senior management fees for the foreseeable future."
"Taberna IX—Taberna IX has $517.7 million of total collateral at par value, of which $121.8 million is defaulted. The current OC test is failing at 66.8% with an OC trigger of 105.4%. We currently own $89.0 million of the securities that were originally rated investment grade and $97.5 million of the non-investment grade securities issued by this securitization. We do not expect to receive any distributions from this securitization other than our senior management fees for the foreseeable future."
"Taberna VIII and Taberna IX securitizations (314,690) (4.48)"
That's a $314.69 million hit against value, which represents a negative $4.48 per share depression of Book Value Per Share (BVPS) from the two Tabernas.
When the 10-K for full year 2013 is filed (soon?), more current information might be forthcoming.
"Window length trendline: 28, 30, 24, 16, 21, 26, 28"
95% confidence level 4.49
Standard Deviation 4.855
Sample Variance 23.57
predicted range 20 30 call it 25 ± 5 with 1 outlier
Today's issue: 7,475,000 shares at a maximum price of $8.79 yielding at most $65,705,250 $8,463
Current market price $8.56 on volume of 92,400 shares (10:33 am)
Property list/from the prospectus dated 2014.01.21:
Property,location/date acquired/year renovated/units/occupancy rate/average rental $
Heritage Trace/Newport News/Virginia/4.29./2011/2011/200/89.0/717
Tresa at Arrowhead/Phoenix/Arizona/4.29.2011/2006/360/94.4/827
yankeeboy4748 had the earliest use of the "magic phrase" I could find.in the RAS message board archive
Here he is, from Sep 7, 2007, talking about Dr. F:
He is a good man. No one is perfect,esp. myself. He is rational. He should just learn to do some trading around a core position,which he has done,but he has to do more.All longs and shorts should learn how to trade,that is how the money is made.
"trading around a core position"
Maybe not the first use of that phrase on this local RAS board, but at least it shows that it's not a recent fad.
At 6 years old, it's in first grade by now.
With an equivalent annual return over 7.5%, more likely there will be year end window dressing by institutional managers and retail investors trying to buy the dividend between now and EOY.
Maybe the $9.00 target is in reach, after all.
Don't forget these guys (all 1,000,000 shares and up):
MUNDER CAPITAL MANAGEMENT 2,580,956 shares
JPMORGAN CHASE & CO 2,200,550 shares
MORGAN STANLEY 1,856,157 shares
CETERA ADVISORS LLC 1,688,512 shares
BARCLAYS GLOBAL INVESTORS UK HOLDINGS LTD 1,662,798 shares
VANGUARD GROUP INC 1,457,505 shares
FMR LLC 1,257,239 shares
DEUTSCHE BANK AG 1,001,810 shares
BHR CAPITAL LLC 1,000,000 shares
Who are the biggest investors in RAIT/RAS?
ARS VI Investor I, LLC=6,455,150=9.6% (Matthew W. Kaplan)
BlackRock, Inc.=3,519,528=5.8% (Laurence D. Fink)
RIMA Senvest Management, L.L.C.=5,495,992=8.3% (Richard Mashaal)
Between them, the "big three" own 15,470,670 shares, 25.48% of the 60,720,757 common shares outstanding
(as of March 15, 2013)