Rich Howe thinks NXDT could be the next NXRT
Rich Howe, founder of stock spinoff investing, walks through the bull case for NXDT. NXDT is a closed end fund trading at a huge discount to NAV; the fund is planning to transition to a REIT and Rich thinks that makes the stock very catalyst rich. A related company, NXRT, pursued a similar move ~6 years ago and their stock has gone up ~6x since.You can find all my writings here: https://yetanothervalueblog.substack.com/My thread on NXDT: https://twitter.com/AndrewRangeley/status/1488504533709991943?s=20&t=1i5ngJavxgKCHeNtsTWz1ARich's twitter: https://twitter.com/stockspinoffssStock Spinoff Investing: https://stockspinoffinvesting.com/premium/Chapters0:00 Intro1:40 NXDT overview6:55 Insider buying9:45 NXRT parallels12:00 NXDT's discount to NAV13:10 NXDT's level 3 assets and their valuation16:45 Vinebrook homes, one of NXDT's holdings24:30 Why has NXDT's NAV discount widened?27:10 NXDT investing into controlled entities31:30 What is NXDT's post-REIT strategy?34:30 Why is it taking so long to switch to a REIT?37:50 Will NXDT buyback shares?40:00 NXDT's fees43:30 Post-REIT dividend policy47:55 Closing NXDT thoughts50:00 Rich's favorite recent spin: JXN55:00 BHC: the spin Rich is looking forward to the most