Post by
DanielDarden on Aug 31, 2024 5:52pm
Post PDL
This has made huge strides forward given the precarious position that PDL put it in. Accumulation at any cost without proper financing was a recipe for disaster and continuing with PDL would have been disastrous IMO. His plan was to continue paying the original distribution despite the floating debt while rates were escalating! A year later margins are improving which demonstrates that the least profitable properties were sold.
It will feel more comfortable later but the easy money will likely be made by buying early. The G Debs will need to be extended past Mar/25 and notice will be given shortly (after consultation). There should be no need to offer 10% again so additional savings will accrue post the extension on $120M. IMO the risk/reward here is shifting to the latter. Please do your own research.