All high-yield works basically the same way. The market assigns a premium to treasury rates that the market requires to take the high-yield risk. This is the HY spread, or the average difference between treasuries and HY. Over the last few months, the HY spread had widened way out to 400 bp. This means that the HY yield would have to go up to 400 bp above treasuries. Higher yield reduces the price; hence, prices plummeted and yield sky-rocketed. Levered business like RAS saw their price drop even more. Now, the 400 bp isn't uniform, some HY would require a higher spread [MREIT's] than other categories. So, the drop of the stock price of RAS is caused by the market repricing risk. Here's the ways the stock price could go back up:
 Earnings could increase
 The HY spread could go down [it already is down from the 400 maximum to about 330 on average] which happens if the economic situation was viewed more positively.
 RAS could be re-categorized from MREIT to something less risky maybe like equity REIT. NRF did this by taking the asset management business out, and allowed it to seek it's own level.
 Treasury yields could go down, or not up as much as expected.
Right now, RAS is probably being priced for a substantial increase in treasury yields over the next couple of years. Some people think this won't happen; that the Fed can't push them up much even if they wanted to. If the global economy continues to struggle, treasury yields will stay down, and when the market realizes that, HY will move up and RAS along with it.
I report this using Turbo-Tax, which I used in 2013 as well, which seems to do a nice job, but it does "hide" to some extent what is going on. Nevertheless, I wouldn't file without it [hey, that's an idea].
If your NTI stock is not in an IRA: Your share of NTI's income as a partner is taxable as are the dividends you received. I would think that the dividends would be qualified, but I did not hold the stock this way in 2013 so I can't see it on my return.
If you hold the stock in an IRA: Your share of NTI's income is taxable as UBTI. The dividends are exempt from UBTI treatment, and therefore are not taxable due to the IRA shield.
In either case, NTI's income appears on the first page of the 1040 as Partnership Income. If JRAD wishes to comment on this, I would welcome it.
Well, I don't understand this. What I said above is true, but I looked at my K-1 from NTI for 2013 [the previous time I owned it] and the amount in box 1 is the same as the amount in box 20V. I'm not sure what the real effect is .... is it just calling it something else?
If you read my post at "Unrelated Business Income" you will be reading the IRS definition which is clear enough, and doesn't mention, directly or by inference, charities or non-profits. I don't know who JRAD is, but he's not the IRS.
Right on the money Sme. They are more than covering the divy so these other comments are either shorts or idiots.
 I believe you're wrong. I have owned a number of MLP's over the last few years, and have never observed 100% of income being "unrelated" or even close.
 Read my thread below about the definition of UBI ... those words were written by the IRS, not me.
 You need to document your opinion with something from the IRS otherwise there is no reason to believe your opinion.
From the IRS: Unrelated Business Income Defined
For most organizations, an activity is an unrelated business (and subject to unrelated business income tax) if it meets three requirements:
 It is a trade or business,
 It is regularly carried on, and
 It is not substantially related to furthering the exempt purpose of the organization.
There are, however, a number of modifications, exclusions, and exceptions to the general definition of unrelated business income. For example, dividends, interest, certain other investment income, royalties, certain rental income, certain income from research activities, and gains or losses from the disposition of property are excluded when computing unrelated business income.
I think you're making that up. GAAP was a loss of $0.07. RAS doesn't use the term "FFO" as a financial metric. What they did report is:
"RAIT reported CAD, a non-GAAP financial measure, for the three-month period ended September 30, 2015 of $23.7 million, or $0.27 per share"
So, contrary to a vehement objection on this thread, the $0.18 divy is solid from CAD of $0.27. CAD = Cash Available for Distribution.
... that the PPS is the result of shorts working the stock price. It is not the result of anything fundamental about the company. In fact, it is almost a perfect environment for this company, but the PPS is being affected by extraneous matters like the price of oil, China, bombings, etc. We know for sure that the divy will hold at $0.18 [some argue it will be increased]. I'll be holding, although I might be adding a little. Don't panic into selling .... the PPS will come back if you're an investor, and have a little time.
I think originations were down because the interest rates were too low for good deals. 4th Qtr rates are expected to be up ergo the rosier outlook.
Many of those "pros" you mention are nothing more than computer algorithms ... don't expect them to be too rational.
Correct, but the market is just not discriminating right now. If you like RAS, hang with it, the PPS will come back.