matts

The Landy's also run UMH Properties, Inc. (UMH) a trailer park owner. UMH also holds a significant investment portfolio of REITS, including a big chunk of MNR, (as well as the names inside the MNR portfolio). Similar story, governance at UMH isn't great and the family is leeching a bit, but just like with MNR, the asset class is hot.

Don't know the rest of Europe. But in Poland, you don't pay cap gains on ANY real estate if your holding period is at least 5 years (primary, investment, raw land, whatever). If you hold the RE less than 5 years but reinvest the gains into RE anywhere else in EU for primary residence purposes within 1 year, you also avoid the tax. All other circumstances you pay 19% flat cap gains, which is around the level of the first of 2 income tax bracks. so you can sell your primary residence AND and 3 investment properties in poland, and buy something in a more expensive country like france to live in and avoid all tax even before the 5 years.

I'm in no rush to take it as I'm young and healthy. But we like to travel and looks like international travel will require it once it's widely available. Sooo, next time I want to take an international vacation i'll probably get the shot. By then, most of the kinks should be worked out, much more data etc.

FP is a volume production catamaran builder. The directly compete with Lagoon (French) and Leopard (South African). The three don't really distinguish themselves in quality or price. I would disagree with the statement that their clientele are not hurt by economic downturns. These are entry level catamarans. Many of the buyers are retirees or near-retirees with a very tight budget. The boat buyers who are not effected by the economy would be buying the semi custom and custom catamarans from the likes of gunboat, catana, privelege, etc. Final point is that economic downturns bring a glut of boats onto the used market. A 2016 fountaine pajot isn't much different than the 2020 FP, but like cars, can be bought for a steep discount right after it comes off the factory.

I was born in poland, educated in Canada, worked as a portfolio manager in Canada, and now I'm based in Poland. Just starting to get a real feel of the market here. Happy to share some thoughts.

this article is about Canada and tucows only operates in the US. Tucows also builds fiber in small cities but still cities. It's not "rural". Besides that, satellite internet could never match the speeds and bandwidth capacity of laid fiber. So, the article really is not very relevant to Tucows.

have you looked at the baby bonds of ECC? ECCX and ECCY. Similar company but sitting higher in the cap structure. I bought a small position when ECCX was trading at ~22.65. I imagine they will just sell more prefs and/or common during the pain period and the bonds should be money good and eventually recover to par.

Best of luck!

I read it before and it seems like shoddy work. All these guys just pick things out of financial statements with no context and slap it into a 200-page paper with lots of exclamation points!!!! In the latest q1 presentation newtek showed 2 examples of how they can get paid above pair even on a non-accrual loan. In addition to par, they might collect additional amounts under (not all in every case obviously) the outstanding interest, late fees on the interest, reimbursement of the legal fees, pre-payment penalty, "recoupment fee". Now I'm not saying marking a loan at 130% is correct, but it's not as simple as just screaming "IT SHOULDN'T BE ABOVE PAR!!!!". SBA loans require collateral over assets, business real estate, as well as a personal guarantee from the owners which ropes in their personal assets. And Newtek sits in a first lien position before the SBA on any recoveries. Recoveries are shared equally.

I worried it involved PVF as well, but the change is with Partners Limited, the very much private entity sitting on top of BAM. It has nothing to do with the public Partners Value Investments LP Brookfield Asset Management has unveiled sweeping changes to its unusual ownership structure that for decades has given a secretive group of self-styled partners the right to wield huge influence over the $500bn investment firm. The reforms strip Partners Limited, Brookfield’s governing “partnership”, of wide-ranging rights to control the NYSE-listed company. Under the old structure, the Partners shareholders — not all of whom were identified in Brookfield’s annual securities filings — controlled a special class of shares that, along with their other interests, enabled them to appoint nine of the firm’s 16 directors and overrule motions supported by outside investors. Those special shares will now be placed in a trust controlled by Bruce Flatt, Brookfield’s chief executive, and six other company officials, all of whom have been named. If a “fundamental disagreement” should break out among this inner circle, a designated back-up set of directors — which includes former British civil servant Gus O’Donnell — would temporarily take over the group’s powers.

what do you mean by modified?

There will be loses in their book once the SBA stops making payments on behalf of borrowers. NEWT stressed their books at 30% gross default ratio and 40% severity (probably will be worse). But offsetting that, looks like the SBA will have a larger role for years to come. NEWT will go back to writing SBA 7a loans. Rubio wants to up the 7a guarantee to 90% from the current 75%. If passed, that means more of the loans can be securitized and sold, leaving NEWT with less risk. NEWT also started a JV doing non-SBA loans, which thankfully was too new to cause major damage in this crisis and should get some good pricing going forward, IF they can underwrite the risk properly. the SBA guaranteed securitizations should also get better pricing for the next little bit. yield and federal guarantee is in high demand. New potential borrowers from their new referral programs at UBS and Stifel. Their "operating subs" are also very well positioned to be cross-sold to their loan applicants: online payment processing, POS touchless payments, Cloud storage, IT, cybersecurity.

Thanks for the input guys. I found another possible way to play it. would appreciate any input. Bluerock reit Pref shares BRG.PR.A trade at 20.62 (around 10% yield). Bluerock is a multifamily reit mostly in the sunbelt. They just had their Q1 Quickly put together highlights: Occupancy at April end - 94% Collected 97% april rents, 92% may rents through May 12 (includes 2% on payment plans) These guys are constantly buying new buildings, renovating new units etc, so they are constantly issuing new prefs. They said that even in april, they were issuing new prefs at an annual run-rate of 200MM. I think for the next little bit they will keep diluting common and raising new prefs in order to pay the old prefs. cap structure ooks like this: 2.5B assets (2B of depreciated buildings) 1.45B Mortgages (80% of that is GSE) 100MM revolver 715MM in pref shares many pref shares recovered, but these still trade at a good discount which i think should close leading the way to a decent IRR rents look like they are getting paid (if not, they can always stop paying the GSE mortgages for a few months) and they will likely keep issuing prefs to retail investors that want the yield. Any thoughts appreciated.

True. I'm mostly playing devil's advocate as i also own the common. Why do you think the market is punishing the stock as they announce more revenue from risk-free PPP and get their SBA payments paid by the feds? Is it just the fact that it's a "BDC" and people are not looking close enough? but then, who is selling? One thing i see on Seeking alpha is that many yield pigs hold this and are just nervous about their dividend.

The offsetting risk is the losses hiding in their loan book. How are you underwriting those loses that will offset the PPP fee revenue? I own the baby bonds, NEWTI and NEWTL as a safer way to play your thesis. about 8% YTM right now (was much cheaper when i bought it)