XMFRoyal’s Activity

Wed May 24

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 8:36 PM

Re: CLNS

And there we go... They're selling it at 7.15% -- just 5 bps above their cheapest, Series H, IIRC, despite higher interest rates than when H was issued. So that's a significant savings over the legacy NRF preferreds that were paying 8.5% and [more]

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 5:37 PM

Re: CLNS/NRE

Rob, that IS quite interesting.

Jim

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 10:21 AM

Re: CLNS

https://finance.yahoo.com/news/colony-northstar-inc-announce...

And right on schedule comes the re-financing... Let's see how it [more]

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 12:05 AM

Re: Interesting stuff

I'm perplexed too at Liberty's interest in Pandora. But interesting to see, not all that unusually, an acquisition run amok, and the company looking to divest or spin off the recently acquired unit.

At least Liberty seems patient [more]

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 12:01 AM

Re: CLNS/NRE

Hi, Kingran et al,

In theory, there should be some premium over NRE's current price. CLNS paid Bow Street $12.75 per share to shut up and go away, so that's perhaps a reasonable proxy for upside. NRE estimates NAV at $16, and NRE [more]

Mon May 22

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 9:49 PM

Re: A thesis on Tegna (TGNA)

Thanks, Jeff. Of course, you're right -- that's a dumb screw-up on the EV and purchase price of CARS from before.

Thanks for your perspective on the industry as well.

Jim

NL

Boards Post

XMFRoyal posted to the Jim Royal board. 9:46 PM

CLNS/NRE

Well, after taking out Bow Street's stock and getting them into a standstill for a couple years in exchange for an above-market offer of $12.75 per share, CLNS is out in the market buying NRE directly. We're starting to see the first bits of [more]

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 2:41 AM

Re: A thesis on Tegna (TGNA)

Jeff,

A very interesting surmise backed by some numbers that at least make that SWAG plausible. I did find it curious that they said "mid-term", when a lot of companies give you a "long-term" or "long-term run [more]

Fri May 19

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 9:15 PM

Re: A thesis on Tegna (TGNA)

Thanks, Jeff and Rob, for the comments.

So the proforma net income for TTM is $98mn or so. With PF share count at 72 mn and a price of $24 per share, we're looking at a market cap of $1,728 mn. So a P/E of 17.6, by my calcs. This seems [more]

Tue May 16

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 11:01 PM

Re: CLNS

Is it really spending that much buying back stock? They authorized $300 mn and haven't quite completed two-thirds of it. This is an $8 bn company, so their authorization is for about 3.75% of the shares. It's really not a lot. They have [more]

Mon May 15

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 4:59 PM

Re: CLNS

Hey, Bill,

Thanks!

I do still own it and haven't sold. In fact, I'm buying more with much of the dividend money that comes in every quarter. Klarman owns a huge slug, at least as of the latest filing date. [more]

Sat May 13

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 2:17 PM

Re: GPT earnings

Hi, Rajesh,

Yep, the stock doesn't seem to have done a whole lot in the last couple years, except pay out that nice dividend. They're continuing to do the right things and will grow, so I'm not selling my shares. In fact, I'm [more]

Tue May 9

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 6:26 PM

Re: Sabra / CCP merger

srockaz,

While FFO slipped year over year (some non-operational reasons for that too), they still had pretty healthy dividend coverage, like you say. They do have some troubled properties, but they've been working with them. The real [more]

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 6:21 PM

Re: what SPAC was this, even?!

Rob, that was Capitol Acquisition Corp II. The news didn't seem to sink the stock.

I always worry about theses like that, unless these types of businesses target super-ultra-mega wealthy, but they don't usually. Those are the people [more]

Mon May 8

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 5:59 PM

Re: Sabra / CCP merger

Hey, srockaz,

Multiple points. First, the news is maybe baked in now, at least by the people who are watching and know what's what.

Second, the prior pricing may have already been indicating some market hesitancy on the [more]

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 11:59 AM

Re: Sabra / CCP merger

Hey, SBN,

In general it looks like a reasonable tie-up for strategic reasons, and they do save some money on opex, though it's not a whole lot. Both of these guys are big enough so they're not losing a lot via opex, so they're at [more]

Fri May 5

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 6:01 PM

Re: A thesis on Tegna (TGNA)

Rob, thanks for the TGNA link. I just finished reading, and while there are some issues, it's not bad on the whole. I suspect the author is overestimating the value of Cars.com, though I was surprised to learn that [more]

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 10:03 AM

Re: MSG transcript of CC

Hey, it's just proof that it's all fixed, right? I mean nixed. I mean Knicksed.

Jim

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 12:54 AM

Re: AMID merger opportunity?

Interesting. Well, it's good that they have little exposure to pricing, but are their contracts volume-based? Do they have to move product to get paid? Obviously in the long term, that has to be true for everyone. I'm just wondering. [more]

Thu May 4

NL

Boards Post

XMFRoyal replied to the Jim Royal board. 7:33 PM

Re: AMID merger opportunity?

srockaz, I'm not super up on MLPs, but what kind of MLP is it? Upstream? Midstream? The midstream MLPs tend to be safer, because they often have take-or-pay contracts that are pay regardless of what gets shipped through their pipes. IIRC, they [more]

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