Lance Mallett

Former investment banker with 20+ years experience working with financial service companies

[Lance Mallett @FormerFinancial]

@Talkot @jimdelisle I’m almost ready to capitulate to signal a turn.

[Lance Mallett @FormerFinancial]

@iBladesi @tonythearena I did the exact same. I’ve probably followed Gator less than 5 times over past 10 years - I think all the others worked though 😢

[Lance Mallett @FormerFinancial]

@GardinerIsland Best thing about this in past was they were conservative to point of hurting common holders.

[Lance Mallett @FormerFinancial]

@iBladesi @AarushP1 @daveymac62 Totally different IMO. An argument for both but I don’t want too much in D as I expect it calls by Q2 next year.

[Lance Mallett @FormerFinancial]

@jimdelisle Agency REITS own very little 6.5 and higher: NLY 6%, AGNC 6%, DX None/not disclosed, ARR 5%, ORC 12%.

>6: NLY 24%, AGNC 18%, DX 6%, ARR 23%, ORC 39%.

Still not a good day for NAV but certainly not as dramatic as this suggests.

[Lance Mallett @FormerFinancial]

And some RITM-D

[Lance Mallett @FormerFinancial]

Added some $DX, a little $AGNCZ and $RITM-F. Pretty wimpy actually.

[Lance Mallett @FormerFinancial]

@iBladesi 🤣It's funny that market prices these credit REITs that book value is so much later that stated but when they mark it down closer to reality, the market throws up. [Not planning on taking a position but who knows]

[Lance Mallett @FormerFinancial]

@AarushP1 Defintely. The savings on dividend and tax savings is pretty beneficial.

Am I missing something - isn't liquidity to pay off convert next year somewhat limited? I think selling legacy should do it if they can get done.

[Lance Mallett @FormerFinancial]

A little nervous for $RWT earnings. Counting on them to show they've generated enough liquidity to cover 2027 maturities. Fully expecting shitty results otherwise.

[Lance Mallett @FormerFinancial]

@AarushP1 They have to pay off convert first. Will be interesting if they give much on potential buying of BBs.

[Lance Mallett @FormerFinancial]

@iBladesi Can't believe they thought they could be this vague. This seems to ignore how much liquidity they need to run business. Looks like it's been pretty consistently above $200 million which makes things pretty tight.

[Lance Mallett @FormerFinancial]

@iBladesi Scratching my head with this slide:

[Lance Mallett @FormerFinancial]

@iBladesi Suggests position was tiny.

[Lance Mallett @FormerFinancial]

@iBladesi I was really hoping they'd selling some of their AI private investments to increase liquidity.

[Lance Mallett @FormerFinancial]

@alphahunterfund Their capital raising strategy/structure was a huge red flag but when it sold off enough I buried my head in the sand and bought anyway. Now, stuck needing them to execute.

[Lance Mallett @FormerFinancial]

@iBladesi I certainly shouldn't have added yesterday.

[Lance Mallett @FormerFinancial]

@iBladesi Agency mREITs didn't really make much sense today. Market now down to only 2 hikes left in this cycle.

[Lance Mallett @FormerFinancial]

@yenoms Added a little here.