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Today has been an interesting trading day—a fair amount of ups and downs. This isn’t a surprise since daily we have news coming out of the new Trump administration that is either good or bad (depends on your political leanings I guess)–but mostly ju…

Residential mortgage REIT PennyMac Mortgage Investment Trust (PMT) has priced their new senior notes with a coupon of 9%. This is a large issue with 6 million shares (bonds) being sold with another 900,000 shares available for over allocation. PMT has…

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted. Runway Growth Finance Corp. Announces Date for Fourth Quarter and Full Year 2024 Financial Re…

Mortgage REIT PennyMac Mortgage Investment Trust (PMT) has announced they will be selling a new Senior Note offering with maturity in 2030. PMT has a number of outstanding preferreds and senior notes which can be seen here. The preliminary prospectus i…

In the last couple of weeks we have had a couple of fixed-to-floating rate mREITs move into their floating rate periods. The New York Mortgage Trust 7.875% (NYMTM) issue is now trading with at 3 month SOFR+.2616% plus a spread of 6.429% for a very juic…

Actually I did own this term preferred when it had a yield to maturity in the 8% area, but sold it all for $24.98 on 11/24/2024. The issue I am talking about is the Gladstone Lane 5% Term Preferred (LANDM) issue. Currently slated to be redeemed on 1/31…

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.  XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Sh…

As I suspected might happen tariffs on Mexico have been ‘paused’ for at least a month. When the word got out at about 9:30 a.m. central the S&P500 went straight up 1.50% in about 20-30 minutes. Nothing has changed for Canada and China–although I h…

As most of you have no doubt noticed by now I am doing some work on the website menus right now—nothing final, but trying out some options and seeing if they are beneficial. The reason I have been working on menus is because many time I have read com…

The overnight equity sell off isn’t as bad as I imagined it might get—and interest rates are falling by 3-4 basis points. I suspect over the course of the day we will see a lot of up moves and then down moves in stocks, while it would appear that may…

Well last week was another record breaking week for equities with the S&P500 trading at record highs by 11 a.m. Friday–then the selloff began which sent the index down almost 2% where it closed. For the week the index ended up down 1% from the pre…

I’ve been pondering the effect that the announced tariffs will have on markets on Monday. I can’t think of of reason that this will be well received by markets–stocks or bonds. It could be pretty ugly. Friday afternoon markets were doing just fine but…