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RAIT Financial Trust Message Board

sme20_98 21 posts  |  Last Activity: Mar 18, 2015 7:42 PM Member since: May 10, 1999
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  • Reply to

    NII

    by players2 Mar 18, 2015 3:57 PM
    sme20_98 sme20_98 Mar 18, 2015 7:42 PM Flag

    Net Investment Income

  • wonder who--insiders again perhaps??--we'll have to see.

    Sentiment: Strong Buy

  • sme20_98 sme20_98 Feb 10, 2015 8:05 AM Flag

    Look at the numbers--they primarily buy quarterly--lets see what they do in March?

    Sentiment: Strong Buy

  • Reply to

    FSC

    by raytarpley Feb 9, 2015 7:50 AM
    sme20_98 sme20_98 Feb 9, 2015 8:32 AM Flag

    PSEC rebound has nothing to do with oil and everything to do with their earnings report. No real decrease in NAV as many were saying would happen--no real reliance on oil in the total portfolio. Once spin offs and asset sales begin, it will be up,up,up from here--IMHO of course.

    Sentiment: Strong Buy

  • Reply to

    Time to Expose Mr. Bock's Comments

    by sme20_98 Feb 6, 2015 1:44 PM
    sme20_98 sme20_98 Feb 6, 2015 1:48 PM Flag

    Sorry, i didn't conclude here--seems to me that fees have been fairly flat in correlation to total investment income.

  • I have reviewed the total advisory fees(made up of incentive and management fees) over the last eight quarters (two years) as a percentage of total investment income generated. The percentages rage from 26.6 % in June of 2013 to 29% in June of 2014. In the last two quarters, the percentage has been less than the June 2014 quarter at 28.1% and 28.6% respectively for Sept and Dec 2014, so not significantly increasing at all. Are they two high to start with, I'm not arguing that--those are investment decisions each of us make when you invest. The accounts that Jon Bock and wells Fargo represent are paying them somehow--do you think it is by a percentage of assets and based upon what they earn for them? Probably not much different from what PSEC is doing.

    Sentiment: Strong Buy

  • sme20_98 sme20_98 Feb 6, 2015 12:54 PM Flag

    As i have already stated in other threads--How are Jon bock and Wells Fargo compensated for the investment accounts they manage? Do they get paid for the percentage of income they earn each year for their account holders? I think not. They charge a percentage fee of assets they manage--not unlike PSEC management does. A little hypocritical don't you think?

  • Reply to

    Some FACTS about Management Fees

    by sme20_98 Feb 6, 2015 8:34 AM
    sme20_98 sme20_98 Feb 6, 2015 9:52 AM Flag

    You can't leave out the fact that I returned $260(13% div) to you over those two years in dividends/returns of capital. So your total value of your $1000 is $1212 or $212 more than you invested. And if you reivested those monthly dividends you may have done even better, but this case works out to about 10% on your money--not a terrible loser after all.

  • Some facts about the management fees charged by PSEC from the lastest 10Q:
    The component labeled incentive fees actually went down, all be it very slightly, in the most recent quarter when compared with the dec qtr of a year ago--just as management on the call said it did. This all while total investment income rose by over $20 million. The base fee is the large increase here, rising $9 million. As a percentage of Total Investment Income, management fees last December were 27% of TII, where as this year they are 28.6 % of TII. In terms of percentage, not a significant increase, but in terms of dollars, because TII rose significantly, the actual total advisory fees have risen significantly--but not on a percentage basis.

    Fairness is being judged because the current PPS is down. My understanding of management's position is they were willing to pay a dividend based upon the taxable earnings of PSEC, but at the end of the day, were getting no "credit " in the market place(PPS) for doing so, so they lowered the dividend to reflect NII to make the markets happy. They clearly don't feel the assets under management are fairly valued in the PPS by the market, and they have loudly stated their intentions to unlock some of that value through spin offs and out right sales of performing assets(don't forget how they did with Gas Solutions). The question now is whether you have the patience to see if they earn those fees or not. Believe me, I'm not happy with any expense that takes away from my dividend, but management does not control the market and thus can't control PPS. Would you think they were earning those fees if PPS were $15? They have increased NII, now they are working to unlock the value they feel isn't represented in the PPS. I'm hanging around to see if they are right. Good luck to the rest of you in your decision.

    Sentiment: Strong Buy

  • sme20_98 sme20_98 Feb 6, 2015 8:07 AM Flag

    Your so right--now sell your shares and move to one of those great BDC's touted so often on SA. I'll take my chances that this management will deliver and ultimately earn those fees versus others. By the way, you don't indicate as such , but the incentive fee and management fee are two separate lines items that make up total advisory fees. I haven't looked, but your analysis spoke as if they are one and the same--they are not. Si maybe it is possible--again, i didn't do the analysis, but possibly incentive fees may be less this quarter than in the past. Not total fees, although percentage wise to total investment income , they only rose 1 percent year over year, Again, i understand your point, but make sure your talking apples to apples--right now I don't think you are. Based upon the PPS today, you have an argument, but I can't judge a stock based upon such a short term. I like their ideas for the near future and feel it will impact PPS significantly--but for now the naysayers hold all the cards because of the weak PPS. Time will tell. But for now, no one would blame you for selling and moving on.

    Sentiment: Strong Buy

  • Anytime management wants to say they are looking at deals that are similar to the Gas Solutions deal--well special dividends won't be in cents, they will be in dollars. Future of PSEC is strong. Thanks for the cheap shares shorties, sorry you will be buying back higher--NOT!

  • Reply to

    Conference call notes

    by psacmanagementpublicrelations Feb 5, 2015 11:53 AM
    sme20_98 sme20_98 Feb 5, 2015 12:19 PM Flag

    Your an idiot--definitely heard that on the call.

    Sentiment: Strong Buy

  • Reply to

    Painful

    by dienerofli Jan 29, 2015 4:02 PM
    sme20_98 sme20_98 Feb 5, 2015 8:28 AM Flag

    Glad your not now or ever will be my financial professional. You see as a REAL long term holder in PSEC, I have continued to average down while this stock traded at these ridiculous prices knowing that this management will continue to deliver as it always has. Every BDC has stumbled due to market changes, but that has not had anything to do the real value of PSEC--and this management intends to unlock that value that is not reflected in the PPS currently. You either believe them or not, but soon we shall see who is right. This earnings report is just the beginning. NII and taxable earnings both cover the dividend--taxable earnings always has. NAV really only went down because the quarter was still paying the old dividend rate--which was always covered by taxable earnings as required anyway. There is so much to love about an investment in PSEC right now that if you are a financial professional, you need to find a new hobby. Now get back in class, I hear your teacher calling for you!

    Sentiment: Strong Buy

  • Reply to

    Not excited with earning report.

    by pae_rip Feb 5, 2015 12:23 AM
    sme20_98 sme20_98 Feb 5, 2015 8:15 AM Flag

    I'm sure that a short as yourself would say that. How about earnings that covers the new dividend with both NII and taxable. With taxable earnings at 30 cents, special dividends down the road are a real possibility. How about the start of spin offs are weeks away, although I would agree we still need to hone in on that time frame better--perhaps on todays call. How about an NAV that barely moved down even though oil was going to doom the NAV( some SA writers were writing ridiculous impacts on NAV due to oil and CLO investment in oil related debt). How about PSEC is so undervalued now based upon the report it trades back towards NAV like normal. We'll see how strong the shorts like yourself are this morning--I think you have alot more downside due toi the strengths in this report today. MOve on to your next target.

    Sentiment: Strong Buy

  • sme20_98 sme20_98 Feb 4, 2015 7:58 PM Flag

    Thought they said filings for spin offs were weeks away not months. I'd like to see that clarified on the call tomorrow--it is important.

    Sentiment: Strong Buy

  • Reply to

    Better High Yield Options

    by schieboutz Feb 4, 2015 4:47 PM
    sme20_98 sme20_98 Feb 4, 2015 4:57 PM Flag

    I can't wait until tomorrows open when all you shorts cover and move on. The down trend for PSEC is over. Only up from here. NAV at $10.35 was solid compared to everyone saying oil was going to kill NAV. The short party ends at 9:30 AM EST tomorrow.Finally!!

    Sentiment: Strong Buy

  • Reply to

    EARNINGS OUT.........

    by slicktop4 Feb 4, 2015 4:25 PM
    sme20_98 sme20_98 Feb 4, 2015 4:43 PM Flag

    Its up 9 cents shorty, and more on the way tomorrow. You shorts are screwed!!

    Sentiment: Strong Buy

  • Reply to

    Energy Exposure of PSEC

    by slicktop4 Jan 29, 2015 6:46 AM
    sme20_98 sme20_98 Jan 29, 2015 12:12 PM Flag

    I said 10 plus you loser. You have one week shorty!

    Sentiment: Strong Buy

  • Reply to

    Reality is as follows

    by criminalmindscraft Jan 28, 2015 8:29 PM
    sme20_98 sme20_98 Jan 29, 2015 8:50 AM Flag

    They are not saying it was the best investment ever--it's just not the loser you keep spouting it is. As for you shorts, i thank you very much for a job well done, you have allowed me to get alot of shares at a great price. See you after next week's earnings--I'm sure you will be busy covering.

    Sentiment: Strong Buy

  • Reply to

    Energy Exposure of PSEC

    by slicktop4 Jan 29, 2015 6:46 AM
    sme20_98 sme20_98 Jan 29, 2015 8:42 AM Flag

    you shorts have one week until earnings and NAV of $10 plus are announced at which time IMHO this stock soars back towards $10. Enjoy your time, this joke of a PPS is about to come to an end.

    Sentiment: Strong Buy

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