Yes, the $400 million tax loss carryover is a big deal. It amounts to about $10 per share for protection of future earnings. It is not shown on the balance because there are no earnings currently. Eventually (hopefully) some or all of it will be shown as a deferred tax asset on the balance sheet adding to book value per share.
"The Board-approved changes were the result of the Company's effort to protect the potential future value for shareholders of the approximately $400 million of Net Operating Losses accumulated by the Company since its inception, and to provide flexibility in the event another transaction could be structured to retain the benefits of such losses."
The bond par value is $1000. They are now trading at 2.00 or 2% of par value. That would be a market value of $20 per bond.
Because CV Holdings was a private / non public company before the merger with Realty Finance, it may take a while to produce public company financial statements. Eventually it would be positive to see this as an SEC reporting company.
The new web address is below. It doesn't provide much information about the company. It would be nice if these guys issued a shareholder news release from time to time.
I agree. What would be more credible is a tender by NRF to takeover ARCP.
I received this news from my Etrade account:
"On 2/7/14, ARCP announced a special cash dividend of $0.0811 per share, payable on 2/6/14 to shareholders, with an ex-dividend date of 2/7/14."
ARCP insiders seem to think so
"Notable Purchases: •
• The real estate investment trust American Realty Capital Properties (NASDAQ:ARCP) saw five insiders buys shares: Chairman and CEO Nicholas Schorsch bought 14,690 shares of company stock for $299,228, President David Kay bought 7,500 shares for $152,567, Vice President and Financial Officer Peter Budko bought 5,000 shares for $101,803, Treasurer and CFO Brian Block bought 5,000 shares for $101,683, and Director William Kahane bought 4,900 shares for $99,649.
How much did this cost us? The lawyers got a pay off to go away.
"On January 17, 2014, solely to avoid the costs, risks, and uncertainties inherent in litigation and without admitting any liability or wrongdoing, ARCP, Cole and the other named defendants in the Realistic Partners action entered into a memorandum of understanding with the plaintiff in the Realistic Partners action to settle the case."
My guess is an earnings release by Feb 15. .. I'm Looking for some one time gains from the former Realty Finance holdings..
I wish CVHL would get its web site and contact information corrected. All stock websites still show the old RTYFZ information.
You got that right. The class action law firms are the big winners in any class action law suit. I cannot see any harm to Cole shareholders in this merger.
Share buy back? What is your source for that statement?
Book value per common share of $6.32 at September 30, 2013, as compared to $6.25 per common share at June 30, 2013.
ACAS has one of the lowest debt/equity ratios in the BDC universe at 12.2% Why not issue new debt at current low interest rates to buy common shares? Here are some other current debt to equity ratios for BDCs:
JMI lost $27 million or $2.00 per share since June 30, 2013 in the sale of mortgage securities. From the latest 10Q:
"Note 18 – Subsequent Events
In response to increased interest rate and spread volatility since June 30, 2013, we sold approximately $329.5 million of Agency Securities resulting in realized capital losses of approximately $27.6 million. We also realized approximately $1.0 million of capital gains on the short sales of U.S. Treasury Securities. "
Agree. It all comes down to cash available for distribution (CAD). Reported earnings do not necessarily represent CAD because of the complexity of GAAP rules. NYMT appears to be confident that in the second half of 2013 CAD will benefit from its investment of newly raised funds from stock sales.
.""As we look to the second half of 2013, we continue to believe that our investments in both the distressed residential and the multi-family commercial space will continue to benefit the Company in this difficult interest rate environment. In particular, we expect the resolution of loans within our portfolio of distressed residential mortgage loans to have a greater impact on our earnings during the second half of the year."
Its time for RTYFZ management to step up to the plate and become an SEC reporting company. They now have the staff and organization to do this. This would allow investors and analysts the ability to fairly assess the prospects of this company.
From the last press release:
"....please refer to the Company's previous periodic filings with the Securities and Exchange Commission. However, the Company is no longer a Securities and Exchange Commission reporting company as of March 16, 2009 and therefore, such information is not current and circumstances have changed significantly since the date of such filings."