Let me translate that for you: We want to be assured that TERP and GLBL are fully controlled by SUNE so that they don't ask for better pricing on the assets that we are desperate to shove down their throats at "Market Prices". Wink Wink Nod Nod.
Terp is not the buyer you moron. Sune is the buyer, then Terp buys from Sune at a Market price. Terp is not on the hook.
Simply a selloff of REITS due to rising interest rates. Watch TBT. Reits will usually do the opposite in terms of price movement. The entire sector was down big.
The question I have is this: How would you spin this if ACAS was paying a dividend of .40/q on a $20 nav and not supporting the nav with buybacks? We would have a sub par dividend relative to other BDCs and a steadily declining NAV!
So why do you consider a 5% rate of return on a $20 Book value to be good or even acceptable?
Do you know what the cost and timing was for the two large sales out of ACE3? It seems like those two sales alone are equal to the entire valuation of ACE3 when the assets were put in there. I can't imagine ACAS not knowing that there was interest in these businesses before spinning them out. This has robbed ACAS holders of a great bit of upside. So who are the owners of ACE3 that benefited? And since a sale of a business doesn't happen over night, when were initial discussions begun. It is this slight of hand that has ACAS trading this poorly IMO. With that said, I added another 35k shares yesterday and today and am short 450 of the 13 and 12 puts so I think that ultimately we will see some bump, but view this as a trade now and not worth holding longer term due to the lack of trust
FIFO could save CVRRs butt when oil spikes and spreads narrow. There is a balance there. If spread rise while oil rises, we get a double bonus on margins.