tag:blogger.com,1999:blog-246062512024-08-28T09:49:41.476-05:00A complete guide for those whose dream is to be rewarded with vast wealth from the stock market. Looking at what has worked in investing, four concepts stand out. Value investing, small cap stocks, high dividend stocks, and macroeconomic trends.Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.comBlogger159125tag:blogger.com,1999:blog-24606251.post-69122607813317744542010-07-06T21:50:00.000-05:002010-07-06T21:50:41.783-05:00

Medley Capital BDC has filed its latest N-2/A detailing plans to sell 13.3 million shares at $15.00/share. The initial portfolio will be contributed by some of the managers private funds, who will exchange loan assets for shares in the new BDC. This is similar to what THL capital did for its IPO. However unlike THL Credit (TCRD) Medley's fee structure is much more favorable to the manager, being

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-61339477363102308682010-05-05T01:49:00.000-05:002010-05-05T01:49:38.750-05:00

Oodles of S-11's and N-2's have been filed recently; and so this list is not exhaustive. 1. Legacy Healthcare Properties Trust. Equity healthcare reit started by ex-CNL folks. These folks are veterans of the non-public reit market (scam). Statements in the prospectus such as "In addition, we will grant an aggregate of ????? shares of our common stock to our executive officers upon completion of

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-15497324302325409942010-04-13T22:22:00.003-05:002010-04-16T23:12:40.606-05:00

The lawyers are busy as several REIT's have filed new (DLC Realty Trust/Younan Properties) or updated S-11's (Welsh Property Trust/Excel Trust/Hudson Pacific Properties, and Two Harbors Investment Corp). DLC Realty Trust DLC Realty plans to be a "a vertically integrated, self-administered and self-managed real estate investment trust, or REIT, that acquires, manages, leases, repositions and

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-78967666563142715522010-03-22T20:25:00.002-05:002010-03-22T20:28:48.441-05:00

THL Credit THL Credit has uploaded its second revised form N-2/A with a bunch of changes that make it non-comparable to previous filings. Most notably the management fee structure has changed from being (1.5% Base + 15% xs of 8% with a catch up) calculated quarterly with no cap, to being 1.5% + 20% xs of 8% with a catch up, but also being subject to cumulative total return hurdle. Most

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-51495650623810946602010-03-17T21:48:00.000-05:002010-03-17T21:48:05.569-05:00

Ellington Financial has filed a new S-11/A with the SEC. Thi filing removes the aspect that I think lead the previous IPO attempt to fail. Viz, that the company inteded to pay out only 50% of taxable income as cash dividends, while shareholders would be paying cash taxes on 100% of the companies income. This implied a very high effective tax rate on any cash distributions. As of March 17th 2010:

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-64080377247915230822010-03-09T00:52:00.000-05:002010-03-09T00:52:52.694-05:00

Couple of new S-11's/N-2's out there. Plainfield Direct A Plainfield Direct is is an externally managed business development Company with a 2/20 (7% hurdle + catch up) management fee structure. CEO is Max Holmes is ex-DE Shaw/Drexel Burnham Lambert etc. Interestingly Since 1993, he has taught “Bankruptcy and Reorganization” at New York University Stern Graduate School of Business, where he

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-67001710705868328052010-02-16T23:36:00.000-05:002010-02-16T23:36:01.835-05:00

This and last week saw several IPO's/secondary offerings. Terreno Realty Terreno Realty IPO'd with a reduced offering of 8.75 Million shares at $20/sh. I'm not sure how much of the reduction from the original plan was due to general hostility to IPO's vs the specific business that Terreno wanted to persue. On paper, iwning property at a 9% cap rate with 40% leverage won'tgenerate the mid teens

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-22994845452749379622010-02-02T01:45:00.001-05:002010-02-02T01:46:29.714-05:00

Okidata, PennyMac has reported results 4Q09, of a loss of $0.07 cents per share. This isn't that surprising given the companies high cost structure and relatively low percentage of invested assets (the company claims to have invested ~37% of IPO proceeds so far). At this pace I would expect them to be mostly invested by late 2010. The companies ultimate ability to generate FAD is hard to predict,

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-47515798413431851032010-01-31T00:41:00.002-05:002010-02-02T01:48:06.669-05:00

Of all the 2009 MREIT IPO's PennyMac Mortgage Investment Trust (PMT) trades at a worst discount to book value. This creates plenty of head scratching as to if PMT is pregnant with opportunity or pregnant with something else. Reading the S-11's gives a number of reasons not to invest in PMT beyond those concerns with the target asset class; credit impaired residential mortgage assets requiring

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-12097723142723903492010-01-25T22:06:00.003-05:002010-01-26T07:21:37.829-05:00

It appears that Terreno Realty (TRNO) has postponed its IPO, because Goldman Sachs couldn't find enough IPO investors. I have mixed feelings about this, because I was honestly impressed by the companies road show. I went in as a complete skeptic, and was more convinced afterwards. The management team (Blake Baird, Mike Coke) showed a profound understanding of how to build a quality real estate

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-71744210150081275652010-01-24T01:37:00.002-05:002010-01-24T01:41:35.695-05:00

Verde Realty filed an S-11, to take this existing and operational REIT public. According the filing Verde already owns a multifamily rental portfolio of 14 properties totaling 4,790 units, an industrial distribution portfolio of 87 properties totaling 12.0 million square feet. In addition to the operating portfolio, the company has a land bank of approximately 1900 acres

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-71782930213926555522010-01-20T00:48:00.001-05:002010-01-22T02:17:45.458-05:00

Three new amended S-11's filed today; all equity REITs. Halvern Realty files an updated S-11. Halvern is trying to "acquire, own and manage a portfolio of office properties which will be located in Southern California." Chesapeake Lodging Trust files an updated S-11 reducing the proposed offering by 40%. The company is now offering 7.5 Million shares of Beneficial Interest ($20/sh) down from

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-73573775975133272072010-01-17T02:24:00.003-05:002010-01-22T02:19:05.375-05:00

There was a rush to file S-11's on last friday; in front of the federal National Plagiarism Awareness holiday on January 18th. S-11/A Chatham Lodging Trust. Chatham trust is run by Jeffrey H Fisher who was CEO of Innkeepers USA Trust (KPA) a New York Stock Exchange-listed hotel real estate investment trust, or REIT, from its inception in 1994 through its sale in June 2007 to Apollo Investment

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-8232764782709671412010-01-03T23:37:00.000-05:002010-01-03T23:37:32.185-05:00

Let's say we own shares in MREIT with a BVPS of $10.00 per share, and in which each $1 of book equity when fully leveraged/invested is good for generating $0.10/year in FAD (funds available for distribution). Now imagine that the REIT is trading at $12/sh and does a secondary public offering which causes fully diluted BVPS to become $10.50/sh for all shareholders. The REIT's earnings power

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-14495020566859512652009-12-29T00:08:00.000-05:002009-12-29T00:08:05.712-05:00

Morrison & Foerster LLP has issued a note to clients on IRS's extension of Revenue Procedure 2008-68 on taxable stock dividends: On December 23, 2009, under Revenue Procedure 2010-12, the Internal Revenue Service (“IRS”) extended the period of temporary guidance regarding certain stock distributions by publicly-traded real estate investment trusts (“REITs”) and regulated investment companies

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-22529131409001902009-12-28T21:03:00.004-05:002010-01-22T02:20:32.675-05:00

Taking a look at the hot sheets (aka SEC EDGAR online) reveals that S-11's for two REITs have been filed this week. Excel Trust (EXL) Invesco Mortgage Capital (IVR) Excel Trust (EXL) Excel Trust is a new REIT, started by former New Plan Excel (NXP) folks, who are looking to buy retail assets. This S-11 gets an immediate de-merit for burying "Management History and Experience" all the way on

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-38484690859552097002009-12-20T20:20:00.005-05:002009-12-20T22:57:33.499-05:00

Natixis economic research has a very sharp man in Patrick Artus, who has put out a research piece which describes a problem that many sensible investors face today. What happens when investors no longer want to buy anything?s (10 December 2009 - No. 542). Patrick asks "Could investors reject all asset classes?", and concludes yes. Today, one could imagine a situation where investors no longer

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-50964694890076876052009-12-16T21:18:00.003-05:002009-12-17T00:27:44.102-05:00

One thing that is odd in the rush to file S-11's for new REITs, is the lack of filings of N-2's for new business development companies. So far just three have filed during this landrush to the SEC. The public markets have lost two BDC's (ALD and PCAP) to mergers, along with relatively little capital raising from secondary offerings. This doesn't make sense since the credit conditions in the

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-51121639752092717712009-12-14T22:35:00.003-05:002009-12-14T22:59:49.464-05:00

Today had four S-11's (Registration of securities issued by real estate companies) uploaded to the SEC's edgar system. If we ignore the private reit, we find...Terreno Realty Corporation. (TNRO) -- Internally managed (ex AMB folks) reit targeting industrial properties. Industrial is an odd sector because the key issue is scoring good locations. The properties themselves tend to be cheap to build,

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-39273586513697501682009-12-12T21:16:00.004-05:002010-01-17T02:28:14.408-05:00

Way back when, (September 23 2009) Tom Petruno of the LA times wrote about the troubles of starting up a new REIT as a blind pool offering (Real estate vulture Colony Capital set to launch REIT IPO and Why investors are balking at IPOs of new vulture mortgage funds). Buying into such an offering is making a macro bet that there are good investments out there, and a micro bet the management team

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-62414899984550403032009-12-10T21:48:00.008-05:002009-12-10T22:39:31.925-05:00

So when I last posted, the mortgage crisis was just beginning. And I thinking it was a good time to get into the banks. Because they were looking pretty cheap, relative to their performance over the past 8 years or so at the time. Pretty much all the old line players in commercial mortgage REIT space were wiped out, or never fully recovered. (CT, AHR, CRZ, JRT, GKK, CBF, NCT). Which is not to

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-56503108381444699132007-08-09T16:55:00.000-05:002007-08-11T18:33:48.302-05:00

Too much hard work getting this small business off the ground has kept me away from blogging, but I hope to return to a more normal schedule soon. If you really want to punish someone force them to keep a diary.All in I think this is an interesting time for investors as recent market dislocations have created some impressive buying opportunities, especially for stocks tainted with subprime

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com5tag:blogger.com,1999:blog-24606251.post-90979274071563630532007-03-05T19:21:00.000-05:002007-03-05T20:25:18.323-05:00

The subprime meltdown has been in full swing ever since February 7th 2007, when HSBC (HBS) raised subprime loan loss reserves by 20% and New Century (NEW) announced a net loss for 4Q06 and accounting probe to determine how big that loss was.On New Century filed a form 12b-25 with the SEC explaining why it could not file form 10-K on time. The grimmest part of this filing was:In the event the

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0tag:blogger.com,1999:blog-24606251.post-1170850827597283752007-02-07T07:20:00.000-05:002007-02-07T07:20:27.923-05:00

First Trust has filed with the SEC a plan to reorganize the First Trust Value Line 100 Fund (FVL) into a new ETF (FTA). This is the second direct closed end to ETF conversion done by first trust. The new ETF will track an index of the 100 stocks ranked #1 by Value Line for timeliness, reconstituted monthly.The old FVL fund tracked the VL100 stocks in real time as they were updated every week.

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com3tag:blogger.com,1999:blog-24606251.post-1169620177284418872007-01-24T07:26:00.000-05:002007-01-24T01:29:37.576-05:00

GlobeSt.com: REITs will also figure in your strategy. What structures are you looking for?Blumberg: We're not going to buy a $10-billion REIT. We'll be looking for specialty office REITs that are regionally focused--anywhere where we have market interest. For many years, I've been talking about REITs and takeovers. REITs are sitting ducks. They can't store cash, they can't buy back their shares.

Market Participanthttp://www.blogger.com/profile/16431759637730910395noreply@blogger.com0