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INPOINT Commercial Real Estate Income (not publicly traded) has priced the previously announced preferred stock. The issue prices at 6.75%, is cumulative and non qualified. The issue does have a 1% failure to redeem clause which kicks in on 9/30/2026 a…

Arizona banker Western Alliance Bancorporation (WAL) has announced pricing of their new Fixed-Rate Reset preferred. The issue prices with a meager coupon of 4.25% which will remain fixed about the first 5 years. On 9/30/2026 the coupon will reset to th…

I have begun to move the ‘links’ to all the various spreadsheets and lists to the top of each page. For instance if you ‘hover’ above ‘Preferreds’ at the top of the page lists will show up now. So this saves 1 click to get where you might be going. Thi…

Some of the items I have seen on Reader Alert. Telephone and Data Systems (TDS) has announced a call on their last outstanding baby bond. This is the TDA 5.875% baby bonds due 2061 (but redeemable since 12/2017. Press release is here. NWGG posted that…

UPDATE TICKER–as noted by mbg below the OTC grey market ticker is IPCRV (subject to change of course). Inpoint Commercial Real Estate Income Inc. (not publicly traded) has announced they are selling a new perpetual preferred stock issue. Inpoint is a…

Arizona banker Western Alliance Bancorporation (WAL) has announced they are selling a new issue of fixed-rate reset preferred stock. The company has mentioned the possibility of calling their WALA 6.25% subordinated notes which are outstanding and have…

UPDATE–OTC ticker is MOIVP. Small untraded REIT Modiv Inc has priced their new preferred. The issue prices at 7.375% and is cumulative and non qualified. It is rated BBB- by Egan-Jones. No OTC ticker has yet been announced. The pricing term sheet is h…

UPDATE–this is trading under NRZDP Mortgage REIT New Residential Investment Corporation (NRZ) has priced their new issue of fixed-rate rest preferred stock. The issue prices with an initial fixed rate of 7.00% which will ‘reset’ on 11/15/2026 at the r…

Mortgage REIT New Residential Investment Corporation (NRZ) has announced they will be selling a new issue of fixed-rate reset preferred. Fixed-rate reset preferreds adjust every 5 years to the 5 year treasury rate plus a fixed spread–generally the spr…

The OTC grey market ticker is VNOOV REIT Vornado Realty Trust (VNO) has priced their previously announced preferred stock issue. The issue prices at 4.45% and is split investment grade–BB+ from S&P and Baa3 from Moody’s. This issue is large at 12…

The Southern Company (SO) will be calling their 5.25% junior subordinated debentures soon. The issue to be called are the Series 2016A 5.25% shares (SOJB). At this moment these baby bonds are trading at $25.35. No definitive date for the call is set, b…

Modiv Inc (Not traded) has filed to sell a new issue of perpetual preferred stock. Modiv is a REIT, and not publicly listed. They own 38 properties which cover the span of office, retail, industrial and others–do your due diligence as this company is…