Looks like NRF-B went up a bit on the report (NRF-A did not move and has higher yield... ;)). I have oversized position in NRF-A/B, so I lightened a bit today. Nothing negative about the outlook, it's just too much risk concentration in one place for me now.
The company is risky, they are playing a lot of games with income statement, balance sheet and cash flow statement, the author is not really discussing all the risks. However, there is a cushion of equity before prefs get impaired and they do pay divvie on common that could get suspended before prefs get affected. Of course, if it suspends common divvie, prefs would tank sharply.
If I had no position, I might buy a very small here, but really the time to buy this year was in May-June when the yields were at 15% range... ;) |
