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)