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As predicted, IVR issues new shares. You can’t be surprised, we told you on 1/26/2021 that IVR should be looking to issue shares. Shares of IVR just closed at $4.01, which is about equal to management’s stated BV range for 1/31/2021 of $4.00 to $4.10. We remain beari...
Today we're focusing in on preferred share opportunities. Specifically, we like CMO-E, CIM-A, TWO-D, and TWO-E among the fixed-rate opportunities. Each offers a solid yield and still has a modest discount to call value. In this series, we’re providing readers with discounts...
Some mortgage REITs are trading at significant premiums to book value per share. When that happens, issuing new shares is wise. One mortgage REIT already took advantage of favorable pricing to issue new shares. That’s intelligent and expected. IVR and MITT should be looking...
There are a few mistakes we’ve seen in analyzing mortgage REITs. These can stem from misconceptions about how they work. Investors who understand mortgage REITs better are putting themselves in a better position for investing. In this series, we’re providing readers ...
December 15 to January 11, readers mentioned 48 equities in their comments. Some lamented bad news so bad news investments (rogues) mixed with (mostly) favorites. Ten analyst-target-estimated TOP-NET-GAIN reader faves & rogues (ReFa/Ro) UVV, PM, GOOD, OXLC, O, AFIN, MO, REML, CHMI...
BDCs need to have a focus to be exceptional. ORCC uses CLOs as a source of recapitalization, like SAR. We see two tailwinds and one headwind moving into 2021. For further details see: 9.7% Yield, 10% Discount, High Insider Ownership: Owl Rock
Part 2 of this article compares ARCC’s recent dividend per share rates, yield percentages, and several other highly unique (and useful) dividend sustainability metrics to 14 BDC peers. This includes a comparative analysis of ARCC’s cumulative undistributed taxable income...
Part 1 of this article compares ARCC’s recent quarterly change in NAV, quarterly and trailing twelve-month economic return, NII, and current valuation to 14 BDC peers. Part 1 also performs a comparative analysis between each company’s investment portfolio as of 6/30/2020...
Business development companies offer high-yield and potential for market-beating total returns in today's market. While we are bullish on a few select BDCs, we avoid most of them. We discuss the key issues affecting most BDCs, and highlight one BDC to avoid and one to buy. F...
BDCs have outperformed over the last few quarters mostly due to reporting stronger-than-expected results. I'm expecting the average BDC to deliver total returns of around 25% from their current prices through 2021 for the reasons discussed below. The average BDC is currently yield...