RAIT Financial Trust Announces Third Quarter 2013 Financial Results

RAIT Financial Trust (“RAIT”) (NYSE:RAS) today announced third quarter 2013 financial results.

Highlights
  • Adjusted funds from operations (“AFFO”) increased 54% to $23.0 million for the quarter ended September 30, 2013 from $14.9 million for the quarter ended September 30, 2012.
  • AFFO per share increased 10% to $0.33 for the quarter ended September 30, 2013 from $0.30 for the quarter ended September 30, 2012.
  • Operating income increased 88% to $17.7 million for the quarter ended September 30, 2013 from $9.4 million for the quarter ended September 30, 2012.
  • Total revenues grew 20% to $62.4 million for the quarter ended September 30, 2013 from $52.2 million for the quarter ended September 30, 2012.
  • On August 16, 2013, RAIT’s subsidiary, Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT), an apartment property equity REIT, completed its underwritten public offering of 4,000,000 shares of IRT common stock for $8.50 per share, raising gross proceeds of $34.0 million and listed IRT common stock on the NYSE MKT. RAIT owns approximately 5.8 million shares of IRT common stock, representing 60% of IRT’s outstanding shares. RAIT consolidated IRT at September 30, 2013. A RAIT subsidiary is IRT’s external advisor and RAIT receives advisory fees from IRT and distributions on its IRT common stock.
  • RAIT originated $167.5 million of loans in the quarter ended September 30, 2013, consisting of $129.7 million conduit loans, $34.8 million bridge loans and a $3.0 million mezzanine loan, as compared to $21.6 million of loans, consisting of $15.6 million of conduit loans and a $6 million preferred equity investment, in the quarter ended September 30, 2012. RAIT originated $433.2 million of loans in the nine-month period ended September 30, 2013 and $285.2 million of loans in the nine-month period ended September 30, 2012.
  • RAIT sold $180.7 million of conduit loans during the quarter ended September 30, 2013, which generated $7.2 million of fee income. RAIT sold $301.0 million of conduit loans during the nine months ended September 30, 2013 and generated $14.9 million of fee income.
  • In July 2013, RAIT acquired a 288-unit, garden-style apartment property in Richmond, Texas for $30 million.
  • Rental income increased 11% to $29.2 million during the quarter ended September 30, 2013 from $26.4 million during the quarter ended September 30, 2012.
  • Average effective rent per unit per month in RAIT’s multifamily portfolio increased 8% to $753 for the quarter ended September 30, 2013 from $699 for the quarter ended September 30, 2012.
  • RAIT declared a third quarter 2013 common dividend of $0.15 per share, representing a 15% increase from the prior quarter's dividend of $0.13 per common share and a 67% increase from the third quarter 2012 dividend of $0.09 per common share.

Scott Schaeffer, RAIT’s Chairman and CEO, said, “The third quarter results further demonstrate the strength and depth of our commercial real estate platform. We continue to profitably deploy capital into our lending business while managing and opportunistically growing our real estate portfolio. We were also successful in listing the common shares of IRT on the NYSE MKT exchange and look forward to utilizing RAIT’s platform to grow IRT.”

Third Quarter 2013 Results

RAIT reported AFFO, a non-GAAP financial measure, for the three-month period ended September 30, 2013 of $23.0 million, or $0.33 per share - diluted based on 70.2 million weighted-average shares outstanding – diluted, as compared to AFFO for the three-month period ended September 30, 2012 of $14.9 million, or $0.30 per share – diluted based on 49.9 million weighted-average shares outstanding – diluted. RAIT reported a net loss allocable to common shares for the three-month period ended September 30, 2013 of $17.1 million, or $0.24 total loss per share - diluted based on 70.2 million weighted-average shares outstanding – diluted, as compared to net loss allocable to common shares for the three-month period ended September 30, 2012 of $18.4 million, or $0.37 total loss per share – diluted based on 49.9 million weighted-average shares outstanding – diluted. The third quarter 2013 net loss includes $24.7 million of unrealized losses relating primarily to non-cash mark-to-market adjustments in RAIT’s legacy Taberna portfolios and the associated hedges. Non-cash mark-to-market gains and losses are excluded from AFFO.

RAIT reported AFFO for the nine-month period ended September 30, 2013 of $63.6 million, or $0.95 per share - diluted based on 66.8 million weighted-average shares outstanding – diluted, as compared to AFFO for the nine-month period ended September 30, 2012 of $36.6 million, or $0.76 per share – diluted based on 48.0 million weighted-average shares outstanding – diluted. RAIT reported a net loss allocable to common shares for the nine-month period ended September 30, 2013 of $173.5 million, or $2.60 total loss per share - diluted based on 66.8 million weighted-average shares outstanding – diluted, as compared to net loss allocable to common shares for the nine-month period ended September 30, 2012 of $132.4 million, or $2.76 total loss per share – diluted based on 48.0 million weighted-average shares outstanding – diluted. The net loss for the nine-month period ended September 30, 2013 includes $200.4 million of unrealized losses relating primarily to non-cash mark-to-market adjustments in RAIT’s legacy Taberna portfolios and the associated hedges.

A reconciliation of RAIT's reported net income (loss) allocable to common shares to its AFFO is included as Schedule I to this release. A reconciliation of RAIT's total shareholders’ equity to its adjusted book value, a non-GAAP financial measure, is included as Schedule II to this release. Schedule I and Schedule II also include management's respective rationales for the usefulness of each of these non-GAAP financial measures.

RAIT also reported the following:
  • Investments in Real Estate. As of September 30 2013, RAIT had investments in real estate of $986.3 million as compared to $918.2 million at December 31, 2012.
  • Average Occupancy. The average occupancy of RAIT’s portfolio of investments in real estate increased to 87.6% at September 30, 2013 from 85.1% at December 31, 2012.
  • CRE CDO Coverage Tests. As of the most recent reporting date, RAIT CRE CDO I, Ltd’s overcollateralization test was passing at 127.0% with a trigger of 116.2% and RAIT Preferred Funding II, Ltd’s overcollateralization test was passing at 118.1% with a trigger of 111.7%.
  • Provision for losses. The provision for losses on RAIT’s commercial real estate loan portfolio was $0.5 million for the quarter ended September 30, 2013, unchanged from the quarter ended September 30, 2012.
  • Dividends. On September 10, 2013, RAIT declared a third quarter common dividend of $0.15 per common share to shareholders of record on October 3, 2013. The dividend was paid on October 31, 2013. On July 30, 2013, RAIT’s Board of Trustees declared a third quarter 2013 cash dividend of $0.484375 per share on RAIT’s 7.75% Series A Cumulative Redeemable Preferred Shares, $0.5234375 per share on RAIT’s 8.375% Series B Cumulative Redeemable Preferred Shares and $0.5546875 per share on RAIT’s 8.875% Series C Cumulative Redeemable Preferred Shares. The preferred dividends were paid on September 30, 2013 to holders of record on September 3, 2013. On October 29, 2013, RAIT’s Board of Trustees declared a fourth quarter 2013 cash dividend of $0.484375 per share on RAIT’s 7.75% Series A Cumulative Redeemable Preferred Shares, $0.5234375 per share on RAIT’s 8.375% Series B Cumulative Redeemable Preferred Shares and $0.5546875 per share on RAIT’s 8.875% Series C Cumulative Redeemable Preferred Shares. The preferred dividends are to be paid on December 31, 2013 to holders of record on December 2, 2013.
 

Key Statistics

(Unaudited and dollars in thousands, except per share information)
 
 

As of or For the Three-Month Periods Ended
                 

September 30,2013
 

June 30,2013
 

March 31,2013
 

December 31,2012
 

September 30,2012
Financial Statistics:        
 
Assets under management $3,567,675 $3,616,009 $3,626,523 $3,587,901 $3,554,733
Total revenue $62,395 $58,622 $58,251 $54,922 $52,193
Earnings per share – diluted $(0.24) $(0.94) $(1.50) $(0.99) $(0.37)
Funds from Operations (“FFO”) per share $(0.12) $(0.81) $(1.37) $(0.83) $(0.21)
AFFO per share $0.33 $0.32 $0.31 $0.33 $0.30
Common dividend declared $0.15 $0.13 $0.12 $0.10 $0.09
 

Commercial Real Estate (“CRE”) LoanPortfolio:
CRE loans-- unpaid principal $1,103,272 $1,154,306 $1,118,519 $1,068,984 $1,042,047
Non-accrual loans -- unpaid principal $45,337 $65,597 $68,257 $69,080 $70,419
Non-accrual loans as a % of reported loans 4.1% 5.7% 6.1% 6.5% 6.8%
Reserve for losses $23,317 $24,222 $26,206 $30,400 $32,738
Reserves as a % of non-accrual loans 51.4% 36.9% 38.4% 44.0% 46.5%
Provision for losses $500 $500 $500 $500 $500
 
CRE Property Portfolio:
Reported investments in real estate(1) $986,296 $949,649 $914,919 $918,189 $906,487
Net operating income(1) $13,712 $12,947 $12,759 $12,184 $12,158
Number of properties owned(1) 61 60 59 59 58
Multifamily units owned(1) 8,940 8,535 8,206 8,206 8,014
Office square feet owned 2,015,524 2,015,576 2,015,524 2,015,524 2,015,524
Retail square feet owned 1,421,059 1,421,059 1,422,572 1,422,572 1,422,481
Land (acres owned) 21.92 21.92 21.92 21.92 21.92
 
Average occupancy data:
Multifamily(1) 92.5% 92.6% 92.6% 90.0% 90.2%
Office 74.1% 74.3% 70.3% 72.8% 71.9%
Retail 68.9%   68.7%   68.9%   73.2%   73.2%
Total 87.6% 87.1% 85.9% 85.1% 84.6%
 
Average Effective Rent per Unit/Square Foot (2):
Multifamily (1) (3) $753 $727 $720 $718 $699
Office (4) $19.45 $18.77 $18.91 $18.82 $19.08
Retail (4) $12.05 $11.78 $11.95 $12.53 $11.74
 
(1)   Includes nine apartment properties owned by IRT with 2,358 units carried at $152.8 million at September 30, 2013.
(2) Based on properties owned as of September 30, 2013.
(3) Average effective rent is rent per unit per month.
(4) Average effective rent is rent per square foot per year.
 

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM EDT on Thursday, October 31, 2013, from the home page of the RAIT Financial Trust website at www.raitft.com or by dialing 800.591.6942, access code 84813605. For those who are not available to listen to the live call, the replay will be available shortly following the live call on RAIT’s website and telephonically until Thursday, November 7, 2013, by dialing 888.286.8010, access code 79797103.

About RAIT Financial Trust

RAIT Financial Trust is an internally-managed real estate investment trust that provides debt financing options to owners of commercial real estate and invests directly into commercial real estate properties located throughout the United States. In addition, RAIT is an asset and property manager of real estate-related assets. For more information, please visit www.raitft.com or call Investor Relations at 215.243.9000.

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," “trend”, "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," “look forward” or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, those disclosed in RAIT’s filings with the Securities and Exchange Commission. RAIT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
 

RAIT Financial Trust

Consolidated Statements of Operations

(Dollars in thousands, except share and per share information)

(unaudited)
   

For the Three-MonthPeriod EndedSeptember 30

For the Nine-MonthPeriod EndedSeptember 30
Revenues: 2013   2012 2013     2012
Net interest margin:    
Investment Interest income $ 32,730 $ 30,358 $ 95,266 $ 87,059
Investment Interest expense   (8,235 )     (8,134 )   (22,996 )     (25,057 )
Net interest margin 24,495 22,224 72,270 62,002
Rental income 29,233 26,412 84,260 76,783
Fee and other income   8,667       3,557     22,738       7,077  
Total revenue 62,395 52,193 179,268 145,862
Expenses:
Interest expense 10,052 10,233 29,696 31,896
Real estate operating expense 15,521 14,254 44,842 41,538
Compensation expense 6,565 6,031 19,849 17,015
General and administrative expense 3,245 3,790 10,583 11,398
Provision for loan losses 500 500 1,500 1,500
Depreciation and amortization   8,784       7,939     25,972       23,233  
Total expenses   44,667       42,747     132,442       126,580  
Operating income 17,728 9,446 46,826 19,282
Interest and other income (expense) (3,849 ) 52 (3,704 ) (1,386 )
Gains (losses) on sale of assets (191 ) - 30 2,529
Gains (losses) on extinguishment of debt - - - 1,574
Change in fair value of financial instruments   (24,659 )     (24,177 )   (200,436 )     (144,269 )
Income (loss) before taxes and discontinued operations (10,971 ) (14,679 ) (157,284 ) (122,270 )
Income tax benefit (provision)   (164 )     (292 )   470       65  
Income (loss) from continuing operations (11,135 ) (14,971 ) (156,814 ) (122,205 )
Income (loss) from discontinued operations   -       -     -       -  
Net income (loss) (11,135 ) (14,971 ) (156,814 ) (122,205 )
(Income) loss allocated to preferred shares (6,024 ) (3,476 ) (16,831 ) (10,305 )
(Income) loss allocated to noncontrolling interests   53       61     130       154  
Net income (loss) allocable to common shares $ (17,106 )   $ (18,386 ) $ (173,515 )   $ (132,356 )
Earnings (loss) per share—Basic:
Continuing operations $ (0.24 ) $ (0.37 ) $ (2.60 ) $ (2.76 )
Discontinued operations   -       -     -       -  
Total earnings (loss) per share—Basic $ (0.24 )   $ (0.37 ) $ (2.60 )   $ (2.76 )
Weighted-average shares outstanding—Basic   70,192,918       49,908,051     66,807,299       47,994,085  
Earnings (loss) per share—Diluted:
Continuing operations $ (0.24 ) $ (0.37 ) $ (2.60 ) $ (2.76 )
Discontinued operations   -       -     -       -  
Total earnings (loss) per share—Diluted $ (0.24 )   $ (0.37 ) $ (2.60 )   $ (2.76 )
Weighted-average shares outstanding—Diluted   70,192,918       49,908,051     66,807,299       47,994,085  
 
 

RAIT Financial Trust

Consolidated Balance Sheets

(Dollars in thousands, except share and per share information)

(unaudited)
       

As ofSeptember 30,2013
   

As ofDecember 31,2012
Assets
Investments in mortgages and loans, at amortized cost:

Commercial mortgages, mezzanine loans, other loans and preferredequity interests
$ 1,111,313 $ 1,075,129
Allowance for losses   (23,317 )       (30,400 )
Total investments in mortgages and loans 1,087,996 1,044,729

Investments in real estate, net of accumulated depreciation of $119,377 and$97,392, respectively
986,296 918,189
Investments in securities and security-related receivables, at fair value 574,576 655,509
Cash and cash equivalents 116,623 100,041
Restricted cash 158,114 90,641
Accrued interest receivable 50,967 47,335
Other assets 51,614 45,459

Deferred financing costs, net of accumulated amortization of $18,656 and$15,811, respectively
18,025 19,734

Intangible assets, net of accumulated amortization of $3,504 and $2,976,respectively
  2,097         2,343  
Total assets $ 3,046,308       $ 2,923,980  
 
Liabilities and Equity
Indebtedness:
Recourse indebtedness $ 185,038 $ 172,476
Non-recourse indebtedness   1,793,187         1,627,119  
Total indebtedness 1,978,225 1,799,595
Accrued interest payable 24,806 24,129
Accounts payable and accrued expenses 32,861 22,990
Derivative liabilities 117,303 151,438
Deferred taxes, borrowers’ escrows and other liabilities   46,000         35,704  
Total liabilities 2,199,195 2,033,856
 

Series D Preferred Shares, 4,000,000 shares authorized, 2,600,000 issuedand outstanding

52,498

52,278
 
Equity:
 

Preferred shares, $0.01 par value per share, 25,000,000 shares authorized:

7.75% Series A cumulative redeemable preferred shares, liquidationpreference $25.00 per share, 4,069,288 and 3,124,288 shares issuedand outstanding

41

31

8.375% Series B cumulative redeemable preferred shares, liquidationpreference $25.00 per share, 2,288,465 shares issued and outstanding

23

23

8.875% Series C cumulative redeemable preferred shares, liquidationpreference $25.00 per share, 1,640,100 shares issued and outstanding

17

17

Series E cumulative redeemable preferred shares, liquidation preference$25.00 per share, no shares issued or outstanding

-

-
 

Common shares, $0.03 par value per share, 200,000,000 shares authorized,70,249,254 and 58,913,142 issued and outstanding, including 385,148unvested restricted common share awards at September 30, 2013

2,108

1,760
Additional paid in capital 1,940,389 1,837,389
Accumulated other comprehensive income (loss) (71,129 ) (95,173 )
Retained earnings (deficit)   (1,111,514 )       (910,086 )
Total shareholders’ equity 759,935 833,961
Noncontrolling interests   34,680         3,885  
Total equity   794,615         837,846  
Total liabilities and equity $ 3,046,308       $ 2,923,980  
 
 

Schedule I

RAIT Financial Trust

Reconciliation of Net income (loss) Allocable to Common Shares and

Funds From Operations (“FFO”) and

Adjusted Funds From Operations (“AFFO”) (1)

(Dollars in thousands, except share and per share amounts)

(unaudited)
         
     

For the Three-Month Period EndedSeptember 30,
 

For the Nine-Month Period EndedSeptember 30,
2013       2012       2013       2012    

Amount

Per Share(2)

Amount
 

Per Share(3)

Amount
 

Per Share(2)
 

Amount
 

Per Share(3)
Funds From Operations:
Net income (loss) allocable to common shares $ (17,106 ) $ (0.24 ) $(18,386 ) $ (0.37 ) $ (173,515 ) $ (2.60 ) $ (132,356 ) $ (2.76 )
Adjustments:
Real estate depreciation and amortization 8,517 0.12 7,738 0.16 24,540 0.37 22,646 0.47
(Gains) losses on the sale of real estate   191       0.00     -       -       1,517       0.02       -       -  
Funds From Operations $ (8,398 )   $ (0.12 )   $(10,648 )   $ (0.21 )   $ (147,458 )   $ (2.21 )   $ (109,710 )   $ (2.29 )
 
Adjusted Funds From Operations:
Funds From Operations $ (8,398 ) $ (0.12 ) $(10,648 ) $ (0.21 ) $ (147,458 ) $ (2.21 ) $ (109,710 ) $ (2.29 )
Adjustments:
Change in fair value of financial instruments 24,659 0.35 24,177 0.49 200,436 3.00 144,269 3.00
(Gains) losses on debt extinguishment - - - - - - (1,574 ) (0.03 )
Capital expenditures, net of direct financing (889 ) (0.01 ) (270 ) (0.01 ) (1,858 ) (0.03 ) (1,053 ) (0.02 )
Straight-line rental adjustments (428 ) (0.01 ) (471 ) (0.01 ) (1,394 ) (0.02 ) (1,562 ) (0.03 )
Amortization of deferred items and intangible assets 6,912 0.10 1,555 0.03 11,312 0.17 4,597 0.10
Share-based compensation   1,096       0.02     550       0.01       2,562       0.04       1,656       0.03  
Adjusted Funds From Operations $ 22,952     $ 0.33     $14,893     $ 0.30     $ 63,600     $ 0.95     $ 36,623     $ 0.76  
 
(1)   We believe that funds from operations, or FFO, and adjusted funds from operations, or AFFO, each of which are non-GAAP measures, are additional appropriate measures of the operating performance of a REIT and us in particular.
 
We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, gains or losses on sales of real estate and the cumulative effect of changes in accounting principles.
 
AFFO is a computation made by analysts and investors to measure a real estate company's cash flow generated by operations. We calculate AFFO by adding to or subtracting from FFO: change in fair value of financial instruments; gains or losses on debt extinguishment; capital expenditures, net of any direct financing associated with those capital expenditures; straight-line rental effects; amortization of various deferred items and intangible assets; and share-based compensation.
 
Our calculation of AFFO differs from the methodology used for calculating AFFO by certain other REITs and, accordingly, our AFFO may not be comparable to AFFO reported by other REITs. Our management utilizes FFO and AFFO as measures of our operating performance, and believes they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash items, such as real estate depreciation, share-based compensation and various other items required by GAAP that may not necessarily be indicative of current operating performance and that may not accurately compare our operating performance between periods. Furthermore, although FFO, AFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we also believe that FFO and AFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs.
 
Neither FFO nor AFFO is equivalent to net income or cash generated from operating activities determined in accordance with U.S. GAAP. Furthermore, FFO and AFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor AFFO should be considered as an alternative to net income as an indicator of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity. References to “we”, “us”, and “our” refer to RAIT Financial Trust and its subsidiaries.
 
(2) Based on 70,192,918 and 66,807,299 weighted-average shares outstanding-diluted for the three-month and nine-month periods ended September 30, 2013.
 
(3) Based on 49,908,051 and 47,994,085 weighted-average shares outstanding-diluted for the three-month and nine-month periods ended September 30, 2012.
 
 

Schedule II

RAIT Financial Trust

Reconciliation of Shareholders’ Equity to Adjusted Book Value (1)

(Dollars in thousands, except share and per share amounts)

(unaudited)
       
 
As of September 30, 2013
Amount Per Share (2)
Total shareholders’ equity $ 759,935 $ 10.82
Liquidation value of preferred shares characterized as equity(3)   (199,946 )   (2.85 )
Book value 559,989 7.97
Adjustments:
Taberna VIII and Taberna IX securitizations (314,690 ) (4.48 )
RAIT I and RAIT II derivative liabilities 48,370 0.69
Change in fair value for warrants and investor SARs 3,294 0.05
Accumulated depreciation and amortization 147,603 2.10
Valuation of recurring collateral and property management fees   19,550     0.28  
Total adjustments $ (95,873 ) $ (1.36 )
Adjusted book value $ 464,116   $ 6.61  
 
(1)   Management views adjusted book value as a useful and appropriate supplement to shareholders’ equity and book value per share. The measure serves as an additional measure of our value because it facilitates evaluation of us without the effects of various items that we are required to record in accordance with GAAP, but which have limited economic impact on our business. Those adjustments primarily reflect the effect of consolidated securitizations where we do not currently receive cash flows on our retained interests, accumulated depreciation and amortization, the valuation of long-term derivative instruments and a valuation of our recurring collateral and property management fees. Adjusted book value is a non-GAAP financial measurement, and does not purport to be an alternative to reported shareholders’ equity, determined in accordance with GAAP, as a measure of book value. Adjusted book value should be reviewed in connection with shareholders’ equity as set forth in our consolidated balance sheets, to help analyze our value to investors. Adjusted book value may be defined in various ways throughout the REIT industry. Investors should consider these differences when comparing our adjusted book value to that of other REITs .
(2) Based on 70,249,254 common shares outstanding as of September 30, 2013.
(3) Based on 4,069,288 Series A preferred shares, 2,288,465 Series B preferred shares, and 1,640,100 Series C preferred shares outstanding as of September 30, 2013, all of which have a liquidation preference of $25.00 per share.

Copyright Business Wire 2010

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