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As I suspected might happen the new Arbor Realty Trust 6.375% perpetual preferred has blasted into trading with shares now trading on the OTC grey market under ticker ABRRP. “Chatter’ around the web on this issue has been relatively heavy. Shares are n…

The new preferred issue from Arbor Realty Trust (ABR) has been priced. The relatively large issue of 8 million shares plus 1.2 million overallotment shares prices at 6.375%. The REIT has 3 high yield issues outstanding which can be seen here, could all…

I bought a 1/2 position of the lodging REIT preferred of Pebblebrook Hotels (PEB) this morning. The company has a total of 5 issues currently outstanding which can be seen here. The most recent issue, which was sold on 5/6/2021, was 8 million shares wi…

REIT Arbor Realty Trust (ABR) is selling a new perpetual preferred. The company has 3 high yield preferred outstanding and they are indicating they may call some of these issues. They have been redeemable since 2018 and 2019 so they are overdue to rede…

Little company AMMO Inc. (POWW) has sold a new issue of preferred stock which is trading now. Shares are now at $26.53–obviously some one is excited. The coupon is 8.75%, and it is cumulative and qualified. Some of you are already aware of this little…

A quiet week in the equity markets for sure. The S&P500 moved in a range of 4061 to 4189 before closing the week at 4156 which is less than a 1/2% loss on the week. This is only about 2% off of record highs. Interest rates (as represented by the 10…

Well the ‘goldilocks’ market continues for income investors—interest rates moving in a 7-8 basis point range. Of course the non-goldilocks part of this market is the never ending search for something to buy with cash that becomes available when issue…

Federal Agricultural Mortgage (AGM) has sold a new issue of preferred stock. The organization has an exemption from registering these shares as they are a government chartered enterprise. Because of the exemption the normal pricing data was not filed s…

Closed end fund Priority Income Fund (non listed) is going to redeem another of their outstanding preferred stock issue. They have filed to call the PRIF-C 6.625% issue between 6/18/21 and 7/16/2021–the exact date not specified. No damage will be incu…

Specialty finance company Eagle Point Credit (ECC) has released they quarterly review for the 1st quarter. This is of interest to some of us as ECC has 3 baby bonds and 1 term preferred outstanding. The outstanding issues can be seen here. The presenta…

The new notes have been sold with a 3.15% coupon for $500 million. Maturity date in 2031. The outstanding baby bonds fell today by a couple percent but still very over valued–it is a roll of the dice as to what happens here. If the company desired the…

The previously announced baby bonds from business development company First Eagle Alternative Capital BDC (FCRD) has been priced. The issue prices at a 5.00% coupon. The coupon would seem to be on the very lite side–but you know there are buyers who w…