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Lodging REIT Summit Hotel Properties (INN) has priced their previously announced preferred stock issue. The issue prices at 5.875% for 4 million shares with another 600,000 available for over allotments. The issue is cumulative, non qualified and unrat…

The move to convert diversified MLP, Compass Diversified Holdings (CODI) to a corporation has been approved by their board of directors. The conversion will take place effective 9/21/2021. CODI has 3 issues of preferred units outstanding which can be s…

CEF (closed end fund) Priority Income Fund (non publicly traded) has announced another issuance of term preferred stock. Priority Income Fund is a serial issuer of term preferreds, but most recently they have used proceeds to ‘refi’ older issues and th…

Lodging REIT Summit Hotel Properties (INN) will be selling a new issue of preferred stock. Being a REIT the issue will be cumulative, but not qualified. The new issue will have a permanent ticker of INN-F on the NYSE after a short stint on the OTC grey…

Arbor Realty Trust (ABR) has priced their new preferred stock issue. The issue prices at 6.25% for 5 million shares with another 750,000 available for over allotments. The shares are cumulative, but non qualified and have the typical optional redemptio…

Tex the 2nd mentioned a yield to call for the 9.00% Innovative Industrial Properties perpetual preferred (IIPR-A) which I just had to check out. IIPR is a REIT devoted to owning primarily building used for the cannibis business. The issue is a cumulati…

Arbor Realty Trust (ABR) has announced a new offering of perpetual preferred stock. The issue is non-qualified, but cumulative and will have an early redemption available to the company starting in 2026. ABR has 1 other issue outstanding at this time–…

After a few days of delay B Riley Financial (RILY) has priced there previously announced $25 baby bond issue. The issue prices at 5.25%. The issue size is a giant sized 11 million shares (bonds) plus another 1.65 million available for over allotment. I…

Customers Bancorp (CUBI) and Gabelli Go Anywhere Trust (GGO) have both announced this morning that they will be redeeming preferred shares in the near future. CUBI has 4 issues of fixed to floating rate preferred outstanding–which can be seen here. 3…

Early today Telephone and Data Systems (TDS) called their 6.625% (TDI) baby bonds which have been callable since 2010. Not unlike many other issues these $25/bonds were trading way above any reasonable level–closing last Friday at $28.21. Not sure who…

The S&P500 moved lower last week–a rare down week, but only lower by about .4%–a measly 17 S&P points. The range w really tight as well for the week–a low of 4372 and a high of 4430. The 10 year treasury closed the week at 1.239% which was a…

B Riley Financial (RILY) will once again sell a new issue of baby bonds. The new issue will mature in 2028. The company already has many issues of baby bonds and preferred stock outstanding which can be seen here. The new issue will offer a bonus for e…