mvdh schreef:
[quote=mvdh]
De helft verkocht, voorzie nog wel een dip richting 3,50 usd.
Gr
[/quote]
Weer in voor de lt, 2.98.
www.thestreet.com/story/10829797/1/ne...Ken Riis
Thanks, Nitty. Good morning, everyone, and thank you for joining our second quarter 2010 conference call. Things are looking better for us. I'm encouraged by the recent activities in the capital markets and our ability to execute Newcastle’s business plan. Even in the face of a sluggish economic recovery, we are seeing a resurgence in commercial real estate lending and the continued tightening of credit spreads.
At Newcastle, we have been very focused on executing our business plan to deleverage our balance sheet, stabilize operating earnings and increase the value and recovery of our current portfolio.
The second quarter was a direct result of our focus and ability to execute this plan. First, we generated $22 million of net operating income compared to $30 million in the first quarter.
Third, we improved our liquidity by $46 million in the quarter as we eliminated $20 million of short-term debt and increased unrestricted cash by $26 million. Today we have no short-term debt, $41 million of unrestricted cash on our balance sheet and $120 million of cash to reinvest in our CDOs.
Looking at the second quarter investment activities, we were able to source $200 million of new investments at a 50% unleveraged return; there is more to come. Today we are well positioned to take advantage of the dislocations in the markets and we are currently seeing several attractive investment opportunities.
Going forward, we are optimistic and confident in our ability to source new investments and build shareholder value.