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)
Is the quarter-over-quarter rental income adversely affected because of the transfer of the best-yielding high-occupancy properties to IRT?
I thought that, with RAS/RAIT the only shareholder of IRT, it is still a W.O.S.* and therefore all expenses and revenues are still consolidated on the parent company balance sheet, no?
*Wholly Owned Subsidiary
If this is _not_ the case, then the loss of rental revenue is easily understood: IRT is getting the gravy, and RAS loses out, except for management fees, many of which have been waived for the initial start-up transition phase of IRT.
I stand ready to read any corrections/adjustments/arguments on either side.
I'll read them. I won't necessarily agree with them, but I'll read them!
"In April 2012, we redeemed all of our outstanding 6.875% convertible senior notes for cash."
No small thing...this was allegedly the Sword of Damocles hanging over RAS for years...now a total non-event!
Should this be "FAQ" material?
Or at least a floating link to the latest data?
Yes, I am really FFF, and StankeyBoy, and pws112, and all of the thousands and thousands of 'deep' caricatures, and RasZilla, and...
In fact, there are really only two posters on this entire board: every thread that isn't started by you, or one of *your* sock-puppets, is mine.
And we're all out to get you. All of us. Meaning just me.
"The Depository Trust & Clearing Corp. received approval from the Securities and Exchange Commission to operate a clearinghouse for trading of U.S. mortgage bonds, allowing it to replicate the services it offers for U.S. Treasuries and other government-related securities."
"You had your chance today.....why didn't you"
Maybe because Foulger waited until after the close to admit that RAS would post a GAAP loss?
Probably he wanted to ditch his shares first, before he slammed the stock on a public message board.
He's counting on help from his followers to drive down the price so he can buy back in lower.
Just the usual sheep shearing.