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Redwood Trust, Inc. Message Board

smoothjazz0204 3 posts  |  Last Activity: Jun 10, 2014 4:14 PM Member since: Dec 5, 2004
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  • Reply to

    SEC: No restatement needed!!

    by xrayflourishes Jun 10, 2014 4:10 PM
    smoothjazz0204 smoothjazz0204 Jun 10, 2014 4:14 PM Flag

    Stock is HALTED as of 4:15. No buys\sells until the halt is lifted!

  • smoothjazz0204 smoothjazz0204 May 9, 2014 5:55 PM Flag

    Thanks Lunco. Still around and lurking. Still have all those PSECs shares I bought in the low $8s during the crash in Sep 2011. New Yahoo board format too annoying and cumbersome IMO, so I don't really post as much anymore. Be well.

  • Prospect Capital (PSEC) Weakness Viewed as Buying Opportunity - National Securities
    11:47 AM ET, 05/08/2014 - Street Insider

    National Securities maintained a Buy rating on Prospect Capital Corporation (NASDAQ: PSEC) price target of $13.00. Analyst Andrew Kerai thinks SEC issues my ultimately be positive for shareholder, and he thinks related weakness is a buying opportunity.

    "Prospect was informed by the SEC that some of its wholly-owned portfolio companies should be considered investment companies and consolidated. Should this occur, the company may be required to restate historical earnings and consolidate these entities for accounting purposes going forward. At first glance, this appears negative, and resulted in the stock trading significantly lower by roughly 5% yesterday. However, given that this could result in lower interest income recognized under GAAP accounting, while cash income from these investments would remain unchanged, we believe this could positively impact the company s net asset value and taxable earnings," said Kerai.

    "Given that incentive fees are based on the company s GAAP preincentive fee net investment income, which would likely be lower should the company consolidate some of these entities, a possible restatement could result in higher historical taxable earnings (given lower incentive fees) and a higher net asset value. Furthermore, this may increase the amount of spillover income to support the current dividend based on undistributed taxable earnings. In essence, while we believe the SEC s assertion was viewed negatively by many investors, which explains the significant decline in the stock price, we believe this should be viewed positively given that it could result in lower incentive fees and higher distributable income for shareholders," he added.

    For an analyst ratings summary and ratings history on Prospect Capital Corporation click here. For more ratings news on Prospect Capital Corporation click here.

RWT
19.540.00(0.00%)Jul 10 4:06 PMEDT

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