Pier Asset Management's Office Plant (@pierassetmgmt) 's Twitter Profile
Pier Asset Management's Office Plant

@pierassetmgmt

Fiddle-Leaf Fig Tree reporting from the corner of the Pier office. They say they do “short duration alternative credit”, whatever that is.

ID: 835293124465311744

linkhttps://www.pieram.com/disclaimers calendar_today25-02-2017 00:59:34

372 Tweet

730 Takipçi

155 Takip Edilen

Conor Neu (@conorneu) 's Twitter Profile Photo

Unsecured consumer data is out for October from dv01. Impairments and charge offs up slightly again in almost every aspect, though at or slightly lower than seasonally adjusted trends. Florida underperforming in the last few months after outperforming a year ago.

Conor Neu (@conorneu) 's Twitter Profile Photo

Treat deal counterparts well. Had a seller come back to us recently: “We made a mistake and only sold you half of our portfolio. You guys have been great. We’d rather not take this back to market. Do you want it at the same price/terms?” This 2nd half looks twice as good.

Conor Neu (@conorneu) 's Twitter Profile Photo

We recently had a concentration covenant breach on one of our credit facilities. The originator has three loan products. We capped one at 50% of the portfolio, and they came in at 50.4% in June. Fortunately, this has been the best performing product. Exemption granted.

Conor Neu (@conorneu) 's Twitter Profile Photo

State level unemployment slowly creeping higher. Ohio probably the most noticeable on the incline. Arizona has been decking for 6 straight months.

State level unemployment slowly creeping higher. 
Ohio probably the most noticeable on the incline. Arizona has been decking for 6 straight months.
Conor Neu (@conorneu) 's Twitter Profile Photo

Pier puts out a monthly newsletter called Planks & Pilings. It usually includes a short piece from myself, a similar piece from Jillian, a few charts, suggested reading/listening, and Easter eggs galore. You can sign up on our website. Link below.

Conor Neu (@conorneu) 's Twitter Profile Photo

Here is a deal you all may find interesting. In December, Pier purchased a portfolio of $21.7MM of subprime auto loans for 57.7% of par (~$12.5MM). Using conservative default rate and recovery expectations in our DCF model, we priced this using a 20% discount rate. How did we get

Here is a deal you all may find interesting. In December, Pier purchased a portfolio of $21.7MM of subprime auto loans for 57.7% of par (~$12.5MM). Using conservative default rate and recovery expectations in our DCF model, we priced this using a 20% discount rate. How did we get