Last year when the ten-year Treasury rate hit 350, many people in the market were convinced that the ten-year would stay above 3% for the foreseeable future. But then the Treasury rate dropped and net lease REIT Store Capital felt compelled to make a move. So it did a Treasury lock at 290 in order to issue debt. “We were happy with where ten-year was and we were happy issuing debt at that spread,” Chris Volk, president and CEO of the company, says. “So we locked in. Of course, as it turned out, we lost money on the lock.” Because with impeccable timing, the Treasury promptly dropped to 240 after STORE Capital’s lock.


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