SFR rallied +1.48% yesterday to close at $4.81, well above last week’s $200mn capital raise at $4.30, a bargain for shareholders at this point who will have the opportunity to buy 1 new share for every 8.8 shares held at the discounted price. Clearly, an excellent read-through for SFR over the coming weeks/months if it can rally after a discounted capital raise.
- We are still considering trimming our SFR position into new highs above $5 but a test of $6 now feels a strong possibility.
- We are also considering selling OZL before the deal completes given the extended time frame for regulatory approvals, the deal unlikely to complete before 2Q23.
MM remains bullish and long SFR
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