Hedge fund Farallon Capital has recently been an active buyer of CapitalSource (CSE) since the beginning of December, purchasing an additional 2.8 million shares to bring its total stake in CSE to 15.2%. Based on the most recent 13F-HR filing as of 9/30/07, CapitalSource is Farallon's largest single company holding.
Farallon, you'll remember, was the hedge fund that bailed out Accredited Home Lenders (LEND) until LEND was taken private by Lone Star Partners.
Although Farallon discloses its holdings in CSE on Form 13-D, it hasn't announced any intention to purchase CapitalSource or otherwise rabblerouse - yet. However, with the price of CapitalSource shares down about a third this year, expect to see Farallon get more active with its investment.
3 comments:
Hi Patrick
This isn't a comment on this post in particular, but I just wanted you to know I read the blog every day, and find it very useful and informative. So thanks for posting. These are exciting times, especially for the agency mREITs in particular.
Thanks a lot, Rob. Glad you're enjoying the blog. Let me know if you have any tips or spot anything that needs to be covered.
The agency mREITs are absolutely benefiting from a reduction in their cost of funds and the continued wide TED spread. As LIBOR has refused to come down in step with the Fed Funds rate, groups like Capstead that are heavily invested in ARM assets are seeing asset yields remain stable while borrowings get cheaper.
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