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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…

Business development company (BDC) First Eagle Alternative Capital BDC (FCRD) will be selling a new baby bond issue and will be using part of the proceeds to call another baby bond that is outstanding. The company will call their 6.75% baby bonds (FCRZ…

Brookfield Infrastructure Finance, a division of Brookfield Infrastructure Partners LP (BIP), has priced the previously announced new subordinated notes. The issue prices at 5.00%. 10 million share (bonds) are being sold and they are fully and uncondit…

Brookfield Infrastucture Finance, a subsidiary of Brookfield Infrastructure Partners LP (BIP) has announced a new subordinanted note with a maturity date in 2081. The company has 2 preferred units currently outstanding with coupons of 5.00% and 5.125%….