The growth for Select Income will come from taking advantage of real estate opportunities now as there is less competition from well-capitalized investors. But that cuts both ways, as SIR is affected by declines in tourism in Hawaii. Investors in SIR will be making a stand on a strong rental market in Hawaii. If the economy continues in its recovery, then more people will be heading to Hawaii.

Crescent Capital ( CCFG) is the third financial company that plans to go public as it tries to raise $125 million. The shares are expected to price at $15.

Crescent Capital is planning to buy a portfolio of $75 million in junk bonds from Trust Company of the West . Crescent's structure is a little different in that is it a business development corporation. It is a registered investment company and is taxed like a REIT. REIT's pay out the income from real estate properties and Crescent will pay out the income it earns from its junk bonds. However, Crescent doesn't know its expected payout.

Gaskins suggested investors go with an established BDC, like Apollo Investments ( AINV) or Blackrock Kelso ( BKCC). He is also concerned that Crescent said it had $11 billion in assets when TCW spun it off, but lately it said it only has $9 billion.

"Just where did that $2 billion go?" asked Gaskins.

CCFG Advisors seems to do pretty well in the deal. CCFG will pay CCFG Advisors a 2% management fee and a 20% incentive fee and give CCFG Advisors stock at the closing.

--Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

>To follow the writer on Twitter, go to http://twitter.com/wallandbroad.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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