Hi Alee, I am feeling the opposite. On one hand, yes, they are good at getting repaid. On the other hand.... that is TWICE now in the past 12 months that mgmt has had the opportunity to close thing down, and repay ALL cash to unitholders (including themselves at 18% ownership). Continuing to reinvest into new loans (net 7% yield to us). Would have the result of taking 1.8 years to distribute the same income as they could other wise distribute in 1 month if they wound things up. I.e. share price at $5.15 (and distributions of 42 cents pa.).... vs an immediate return of $5.94.
Of course they have to forgo the (paltry) mgmt fee if they did this. But hey, sometimes its nice to deliver some value for shareholders?
TCF Price at posting:
$5.22 Sentiment: Hold Disclosure: Held
