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NorthStar Realty Finance Corp. Message Board

ringhofer2000 4 posts  |  Last Activity: Apr 4, 2014 8:47 AM Member since: Jan 23, 2006
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  • Reply to

    sendary - new disappointment

    by ringhofer2000 Apr 4, 2014 8:46 AM
    ringhofer2000 ringhofer2000 Apr 4, 2014 8:47 AM Flag

    Pardon my misspelling "secondary" not "sendary"

  • ringhofer2000 by ringhofer2000 Apr 4, 2014 8:46 AM Flag

    Today's news is particularly disappointing and damaging in the face of a large secondary the first week of Feb. for $13 per share. Expect lawsuits - but you have to hope/believe that management did not have any inkling of today's news when they issued the new shares. Nevertheless, it would be typical for lawyers to start a fishing expedition shareholder suit. I have faith in management and the disclosure/due diligence/underwriting process that management acted in good faith. Nevertheless, there are a lot of shareholders that will be stung - thus a larger likely dumping of stock and a buying opportunity for long term believers?

  • ringhofer2000 by ringhofer2000 Feb 13, 2014 10:13 AM Flag

    As a potential investor I looked into this fund. From what I can lern from its website, the positives are the yield and option writing strategy to reduce volatility and produce some cash. However, it doesn't look like the fund ever earned enough to cover the dividend and the operating fees chew up a considerable chunk of the income. It is true that it is selling at a 15% discount to net assets, however the assets have declined from $24 to $20 in the short life of this fund. It looks to me that it is returning about 5% in income and the remaining 6% is a return of your own capital. The stock price, not surprisingly, is almost on a straight curve down since going public - as you would expect from such a large return of capital. The discount has gotten so large that the fund is trying to buy back some shares - which should slow the stock price/asset value decline for such time as the fund is buying back shares. Since it can't borrow or leverage, it needs to sell off its positions to buy back shares - further limiting the ordinary income. Any other thoughts?

  • If management is half smart (and ever intends another secondary and/or large bond issue) they will will come in with nice earnings well covering the dividend and also provide appropriate guidance all of which would more than justify a $14 price ......If they are as dumb as a mud fence, they will disappoint those buying the $14 secondary issued only a couple of days before the earnings release. The brokers involved and the institutions all take this very seriously. Let's see how smart these guys are.

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