Crystal River Capital (CRZ) released its investor presentation for the Credit Suisse 2008 Global Real Estate Conference via this 8-K late this afternoon. As I suspected in this previous post about Crystal River, the Company is shifting its focus to Brookfield-backed funds, commercial real estate, and triple net lease buildings. During the first quarter, CRZ disclosed that the haircuts on agency portfolios financed with repo agreements surged from 3% to 7%. In response, Crystal River sold its entire agency portfolio to boost liquidity and redeploy funds to different asset classes.
I'm surprised Crystal River didn't file an 8-K to disclose the additional asset sales, but nonetheless, it's apparent that the dislocation in the agency MBS sector was swift and severe.
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