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On June 8th I wrote a little dab on Compass Diversified Holdings 7.25% perpetual preferred (CODI-A) as I made a purchase on the shares. I expected it to go from the $25.30 area up to around $25.80 by the ex date which is on 7/14/2021. Today the shares…

Well here we go, back after a long weekend. Last week the S&P500 moved further into record territory as cash continues to slosh around seeking a home. The index closed at 4352 last Friday which is about 65 points above the close from the previous F…

Water resource company Cadiz Inc (CDZI) has priced their new preferred issue. The issue prices at 8.875%, is cumulative and non-qualified (at this time). The issuer of preferred stock can only pay qualified dividends if they have income–CDZI not only…

Mortgage REIT New York Mortgage Trust (NYMT) has priced their new issue of fixed-to-floating rate preferred stock. The issue prices with an initial fixed rate coupon of 6.875%. The issue will convert to a floating rate of 3 month SOFR (secured overnigh…

Insurance company SiriusPoint Inc (SPNT) recently filed a registration for holders of their 8% resettable cumulative preferred stock. NOTE– the sellers of the 5 million shares are private equity funds (they own a total of 8 million shares). These shar…

California water resource company Cadiz Inc. (CDZI) is selling 2 million shares of a new cumulative preferred. Shares will trade tomorrow on the OTC grey market market under ticker CDZAV–the issue has not yet priced. Caution that the company has littl…

The OTC grey market ticker is CTOPV for the new CTO Realty Growth (CTO) perpetual preferred issue.

mREIT New York Mortgage Trust (NYMT) has announced a new issue of fixed-to-floating rate preferred. The company already has 4 high yield issues outstanding which can be seen here–2 of the issues are currently redeemable. The company hopes to redeem th…

As mentioned yesterday ACRES Commercial Realty (ACR) sold an additional 2 million shares (plus 300,000 available for overallotment) of the 7.875% preferred shares (ACR-D). The shares were priced at $25. The term sheet is here. The company sold this new…

Real estate investment trust CTO Realty Growth (CTO) has priced their newly announced preferred stock issue. The issue prices at 6.375%. Of course it is cumulative and non qualified which is typical for REIT preferreds. The issue is not rated. The issu…

Applied UV (AUVI) has announced that they will be issuing a new high yield preferred stock offering. The offering was registered as a 10.5% coupon with 720,000 shares to be sold (along with another 108,000 available for overallotments). Potential inves…

It has only been a 6 weeks since ACRES Commercial Realty (ACR) sold their 7.875% cumulative perpetual preferred issue (ACR-D), but the company is reopening the issue already. The preliminary prospectus can be found here. It is not known yet how many sh…