This morning I made a buy–of course it was something I already own and am very comfortable holding.
I bought shares in the UMH 6.375% perpetual preferred (UMH-D) at a price of $23.52. In spite of UMH operating manufactured house sites (parks) I think there is a fair amount of safety in that business. The company shows little, if any, net income, but their funds from operations (FFO) is quite strong. I note that the UMH-D issue is being sold in an ‘at the money’ offering and there are now 11.3 million shares outstanding as of 6/30/2024. The current yield of about 6.8% compliments my 7% target decently.
My weekend project is to go through my accounts and determine if I have adequate diversification. As I shift further over to preferreds and baby bonds I want to make sure I get as many sectors represented as possible. Thus far I have mainly added to current positions–makes sense since I am comfortable with my holdings, but this also raises my risks–numerous issues are at full or even overweight positions–I want to avoid further concentration.
Anyone own EIC? I own and would like to add but uncertain what reduced interest rates might have on them…thanks
EIC invests in CLOs with floating rate loans. Just as a guess, I’d say lower rates make those loans less likely to default. I saw a comment that (paraphrasing) patches are being applied to leaky boats, perhaps in hopes that lower rates will calm the seas.
If any of that is true, I still don’t know how it would affect EIC’s stock price, although I see that EIC and ECC have been trending up of late.
I am a big fan of their baby bonds and have been building a position in the three of them (EICA, EICB and EICC). Each of them will generate YTM of 8%+.
I feel safer being in the fixed rate debt vs the common shares (EIC) and within the CLO slices, I like being higher in the stack (income and EIC) vs the equity (ECC).
I thought these were preferred Stocks?
Craig
Eagle Point has both baby bonds and preferred stocks.
Craig,
As Tim pointed out –> the EICs are term preferreds.
As Greg stated –> ECC has both baby bonds and term preferreds.
It also has a perpetual preferred.
EIC (Eagle Point Income Co).
EICA, EICB, and EICC are all TERM preferreds.
https://www.quantumonline.com/ParentCoSearch.cfm?tickersymbol=EIC
ECC (Eagle Point Credit Co).
ECCC and ECCF are TERM preferreds.
ECC-D is a PERPETUAL preferred.
ECCV, ECCW, and ECCX are baby bonds.
https://www.quantumonline.com/ParentCoSearch.cfm?tickersymbol=ECC
Craig – they have some nice term preferreds outstanding.
https://innovativeincomeinvestor.com/security/eagle-point-income-company-inc-7-75-series-b-term-preferred-stock-due-2028/
Tim,
Might be time to dip your toes back into banking preferred.
Does anyone have the # of the CO-Bank $250 K bond?
TY
I’m interested in preferred (non floating) and Notes with CY in the 8-9% range
and I’m finding a couple recently from BDCs and CEFs, with the limitations on leverage
2 weeks ago ECCpD 6.75% at 19.11 500sh
and this past week NEWTG 8.5% Note at 25.02 400 sh
I have many REIT preferreds in that range I like them better than BDC and CEF because they have more trading opps and I’m a trader. They’ve also had low default rates though defaults could happen in waves if the stars misalign.
Over 9% there’s 5 year baby bonds NYMTI CIMN CIMO MITP MITN MFAO MFAN and fixed perpetuals NYMTZ MITT-A/B RWT-A CHMI-A. At slightly less than 9% there’s ABR-D/E GNL-D/E LANDO/P and several others I’m not following.
I’m so busy today Martin that I haven’t had time to look, but I was thinking about RTHM preferred because some of their income comes from servicing loans and we know that the majority of borrowers with 3% loans are going to be holding those loans for a long time.
Any thoughts on this mREIT or one similar to them
Ted, I hold EIC Baby bonds nothing of ECC
This latest review of ECC would have me concerned.
https://seekingalpha.com/article/4719447-eagle-point-credit-19-percent-yield-common-8-7-percent-preferred-equity
Think Tim or someone else on here mentioned they would also be concerned if a lender was getting paid in equity instead of cold hard cash. Tells you the borrower could be having troubles paying on its loan or that the lender is making speculative higher risk loans with equity being worth nothing if the borrower goes BK.
ECC has almost 70% of its loans in equity. Jack what could go wrong with selling your cash cow for magic beans!
thank you for that , Charles
I don’t think you are interpreting that correctly. ECC is not receiving equity as “payment in kind”. Rather, they are buying the “equity tranche” of a CLO. The CLO’s are arranged with a waterfall model, where the “debt tranches” get paid in full before the “equity tranche” gets anything.
So you are right that this is a risky investment, but the fact that they are holding an equity position doesn’t in itself tell you anything about the borrower having trouble. The right reason to be scared of ECC would be that they will plummet quickly in both price and return if those who have taken out the loans stop paying for any reason.
Did a little portfolio allocation review; I do it manually and about 1x month to keep my self in check mostly.
Finding Cash/like 42% down a little from last mo.; Pfds 23%; BB’s 5%; common stocks 14%; gold miners/related 16%
Largest holding is B2Gold (BTG) at 5.5%, not as ‘concentrated’ as Lou ! but a good chunk. Pays US$.16/yr .04/q, a CA co, if held in Roth/IRA no tax w/h, 6% well covered yield. Goes xd next week. Non miner common, mostly energy and some CA names discussed in CA chat.
Pfds? Largest is SR-A 4% then about 3% in ea; SLG-I, HOVNP, LBRDP, BFS D-E, then some GMRE-A, CTO-A, GAM-B, MTB-J, MS-E, CHS-M (loaned to shorties! omg! lol) NSA-A (my last buy w CSR-C proceeds sold at 25.32.)
Review thots for my risk tolerance and goals/
Would like to have more pfds at least I got pfd/bb’s up to 28% from 15% in Feb. Not just going to allocate to buyin tho. Will do some common trimming in Taxable a/c in Jan assuming gains hold, too much s/t cap gain this year, probably BTI the tobacco co. where basis is $30, lock that in, if I do it now I get whacked 25% of the ‘gain’ . It could go back to 30 as well I know but I am ok holding in that case.
Gold/related is bloated w trading shares I juice up on when prices are down to cut my basis in conviction names. I still feel like Cash is too high given I am 65 w longevity in the family and Mom w/b 91 soon for example, but preserve capital! Probably build on deep value common names w an eye to cap gains vs income payers other that the opportunities we find here etc.
Well that is my ‘review’ this works for me now. DYODD. BeaBuffett: ‘Buy at the sound of Cannons, sell at the sound of Violins.’ Don’t lose the cannon balls and keep the Stradivarius.
Hello Bea hard to read the short hand. But see little mention of the energy holdings, second thoughts? GMRE was reviewed by TV (trapping value) pointing out dividend payout was at 100% of funds from operations (FFO) This could lead to a dividend cut on the common and make it hard to sell the GMRE-A if there was a panic from investors heading for the exits. I’m still on the fence about the economy so HOVNP would be in the high risk bucket.
Hey have you seen those trades the football teams are doing? Reminds me of MS. I took a look on FINRA at all the bonds they have out. Quite a game of musical chairs. Issue a new bond, call an old one quite a game of rinse, wash, repeat. Wonder how much debt they have?
Holding the fort on CMS. If the gov. is willing to save the banks and auto manufacturers I’m sure they will save the American farmer.
I am looking more and more at common stocks as the rush to preferred has driven yields down to the 6% range and with shares of some companies yielding in the 5% range there is not much difference in the return and you get the potential for growth of your investment. Currently I am down to 22% cash eq. wishing I had more as I see buys on the horizon.
Looking for some advice on my home and I’m wondering what everyone considers as ‘cash equivalent.’ Does this include CD’s that have an EWP? Theoretically almost everything can be sold , so it’s cash equiv?
I’m at 10% cash in MMA and banks, 22-25% CD’s, ~40% municipals all A- to AAA, 20% income producing RE , 1.5% PREFJ, rest in a variety of preferreds, FHLB debt at AA+, and only security less than investment grade is 1% in NYCB sub debt due in 2028, 20% real estate.
The house is a problem. It eats cash. I’m 65, now single, with 6600+ sq feet I purchased 17 years ago when I was making a lot more money. No note, but it still costs $150k per year to operate if I add up about 2% for repair /replacement, avg $1100 power bill, taxes are not bad at $12.5k, but still something new every time I turn around.
Weird thing is while virtually everything around me has gone up in value, my neighborhood hasn’t budged . Custom homes in my hood are selling for $300 psf, while tract homes are even more! The custom homes on the mountain behind and above me are $800 psf.
My lot cost $500k in 2006, and the original build was 1.8 per both original owner and builder. That’s 2.3. Comps are going for 1.85 and they have a pool while I do not.
So, while I’d hate to sell at this price point, I’m burning through about $100k per year after all my expenses.
I don’t think the answer is to go out on the risk curve with investments, rather it would be to sell the home and buy something smaller. Problem is a new, smaller home in a guard gated neighborhood like mine is more expensive than my much larger home.
I can’t go to high rise as I cannot do that with dogs that need their space, plus I like coming and going in seconds and privacy of sfr.
losingtrader
I, and many of my aging friends, have gone through the experience of
thinking “I’ll just sell my 4-5 bedroom 2 story house on an acre and buy a one floor 2BR house on 1/4 acre.”
only to find such a one floor house is impossible to find except for VERY expensive, low quality, new builds.
The market for large, older houses is poor
The market for new, small one floor houses is red hot
Westie, must be why I keep getting unsolicited calls from unknown callers for my single story vacation home with 3 bedroom 2 bath and 2 car garage on a 1/2 acre 45 minutes outside Sacramento.
Westie, do you considr a 2006 build as “older?”
losing…
“Older” really relates to style.
When we all grew up, houses were two story, living room, dining room, maybe library/sitting room, MBR on second floor. Sometimes, colored tile/toilets in the bathrooms.
“Newer” houses are one story, great room, bigger kitchen maybe with island, MBR on first floor.
“Older” are hard to sell.
“Newer” go in a week.
Losing Trader, Suggest you look at your out-of-pocket cost (on a cash flow basis) over the next 5 to 10 years. Compare cost of 1) staying in your current home, vs 2) moving to a smaller home in a gated community. It does not take into account any of your emotions and may provide you with a clearer financial picture of your choses.
For risk tolerance investors there’s the new 9.875% bond from JetBlue.
I just bought a few.
JetBlue Airways, 9.875% 20sep2031, USD (isin: USU04553AA87)
Top pick from Friday was RCB at $23.95
Ready Capital 6.20% Senior Notes due 2026
Hi Peppino —
A while ago you mentioned FCELB as a potential high risk alternative: https://innovativeincomeinvestor.com/would-you-pay-14-for-this-preferred-stock/#comment-122324
I came across it in an SA article a couple days ago: https://seekingalpha.com/article/4719402-fuelcell-energy-preferreds-q3-13-5-percent-yield-supported-persistent-common-shareholder-dilution
They seem to be a struggling fuel cell company based in Connecticut that’s been around for a long time with a real (but possibly outdated) product: https://investor.fce.com/
Do you (or does anyone else) know more about them?
I mentioned FCELB because it was better than another one (mentioned by somebody else but I dont’ remeber which one) even riskier!
So, in my opinion, FCELB is better.
FCEL keep losing money but the preferred share FCELB could be safe.
The article you read is written by a very good author.
No airlines for me Peppino, I seem to remember Ab seconding that.
A long time ago someone said “no investment if it has wings or wheels”.
I normally add if it floats as well.
I would not invest in common shares.
Peppino,
Where did you buy the JetBlu? IBKR states one must be QIB if US citizen? I saw JetBlu received an upgrade yesterday so good timing!
Overall, I think the purchase of UMH-D should be a decent investment. There is a lot of stability in the mobile home business. Oddly enough, UMH (used to stand for United Mobile Homes) had to pay 8% in the past when interest rates were much lower and I loved those preferreds.
Also, great to hear other investor ideas about diversification. A few years ago, after much investment reading on people like Buffet, Gates and Ellison, I decided to take another route. Based on market gains right now, I’m running with a 40/40/20 portfolio, but it is risky and would not recommend.
40% in one common stock
40% in another common stock
20% for my bonds and preferred stocks
Overall, it is working out well so far, but did hundreds of hours of research and evaluated probably over 500 companies to find the right match for me. Thanks to everyone for sharing their ideas and thoughts on different investments.
kaptain–certainly the way to get dramatic returns–not sure that would be for me though as I don’t have that confidence in my own investing abilities.
Tim;
Same here. I like BDC’s but I am not confident enough to pick a single company unless it has a preferred issue, ( I do own some CSWCZ & ARCC ) so I bought a BDC index fund, BIZD, it holds 25 BDC”s and it pays an 11% dividend, works for me.
Thanks to EVERYONE?
Tim and everyone else.
What tools are you using to manage allocations? I myself have a painfully manual custom Google sheet as none of the financial platforms manage proper custom categories for preferreds, bonds and fixed income in general.
I’ve unsuccessfully tried Quicken classic, Personal Capital(Empower) and fixed income support in general has primitive at best.
Hster – wish I could offer up a suggestion but I too use a heavily customized Google spreadsheet. It was a learning opportunity for me and I am pretty pleased with what it does. It auto updates all of my equity / preferred / cef holdings but I have to manually update my bond holdings. Tried to write scripts to “scrape” FINRA and other bond sources with no success.
Hster–just using my Google sheet. I started reworking it today to add in some percentages etc. I am not aware of software etc that addresses this issue.
Tim, Proto123, Tex, Lonetree, 2whiteroses, and everyone else
Thank you for all your input. I am trying Investment Account Manager(IAM) and I apologize with a very low bow to Tex and Lonetree in advance. For the yearly licensing fee, the charting and reporting facilities feel exceedingly (almost insultingly) basic to me. I have my treasury/CD ladder maturity bar charts broken down by month, quarter and year. I don’t know why IAM would use a pie chart(?!??) for the Maturity Schedule when such visualizations are best viewed in a time sequence.
Also the Estimated Income report is a sum table without even specifying a time frame. I would expect at least a monthly bar chart controlled by time frames, but my biggest concern would be that the income reports out of the box were not correct for treasuries and CDs. E*Trade I think has the most functional Estimated Income reports.
Maybe I am missing something and being overly harsh. If a product has such primitive charting for fixed income investors after 40 years, I would guess it’s not a priority for them.
I am looking Fund Manager Software reports. I lack strength to even try a demo as the charts alone tell me I am again doomed to Google sheets for the foreseeable future.
Hster, I know understand better what you are looking for report wise. It sounds like you want the equivalent of reporting you can get from one of the large brokerages, like Fido, Schwab, Etrade etc plus maybe a few custom options. If the online platforms like Empower are not sufficient, the next step up from IAM/FMS is to go with one of the platforms that RIA’s use. Many IRA’s put out the kind of reports you are looking for as part of their standard offering. Smaller ones probably use third party software, whereas larger ones might have a roll your own solution.
There are many of them to choose from and the cost is much higher since they are intended to support more accounts. Pick a number out of the air and assume the entry fee is $25K PLUS an annual maintenance fee. That is fine if you are supporting say >=500 client accounts, but a little costly to support a single client.
You can get the charts and graphs you want using Excel, it is just a matter of how much time/effort you put into setting it up. I have less experience with Google sheets, so cannot comment. I have seen Excel sheets with maybe 25 tabs of data and graphs in one sheet. Once you get it setup with automatic data pulls, it can be quite useful. You click one button and say 10 graphs get automatically updated. You probably already know all of this, but some other III’ers might not be aware of the capabilities. Wall Street trading desks I am aware of use two apps: Bloomberg Terminal and Excel.
As a last resort, you can hire a custom programmer to setup exactly what you want. BTW, most of what I do everyday is with custom software my programmer set up.
Tex – I have Fidelity/E*Trade/Schwab accounts and I use Fidelity AllView to do all my consolidated exports. However none of them have an operationally usable consolidated view for making allocation decisions and maintaining bond ladders.
On Empower, I have used them on and off for 10+years since when they were Personal Capital, but I am uncomfortable for how they use your personal data. They called me relentlessly for 2 years even though I told them I wasn’t interested in any of their services. Also their custom allocation category functionality is very limited and has not improved much for 7 years.
As I have most of the software skills to build my own platform, I doubt I would pay for the kind of platforms RIA use internally. I’ve thought about putting my data into a proper time series DB and having Grafana on top to build a richer dashboard. Excel/Google sheets doesn’t do dynamic drill down charts very gracefully. Also, it’s not ideal to maintain historical data. I get lazy and limp on with Google sheets but I want to make sure I’m not missing out on an existing solution that would make my fixed income life easier. I grumble a lot about Google sheets at the dinner table and my husband keeps telling me to look for a paid solution. I guess I feel better knowing even Tim the man relies on Google sheets.
Hster, my apologies for wasting your time with IAM. I did not originally comprehend what you were trying to do. This also illustrates the wide distribution of software usage/expertise here on III. Recall that some III’ers disavow spreadsheets. You are at the other end of the distribution with Mongo and Grafana expertise.
There are many, maybe 20+ online portfolio management programs for individual investors. VC’s have funded a gazillion of them as part of their fintech push. I would not be surprised if one of them fits you needs, but without anyone here having used it, it is lost on us. Wish I had a better off the shelf solution. . .
BTW, I share your concern with Empower sharing your data. I do NOT trust them.
Tex,
No apologies needed and I really welcome our dialog as none of my friends/family are interested in fixed income tools. I didn’t waste time with IAM. It’s important for me to see as many of the options out there to make sure I am not missing out on a better tool. I have tried more than a dozen tools in my search but I am incredibly weary of using fintech startups with the risk of data security breaches.
I am looking for a tool for life and it’s nigh impossible to bet on the longevity of any fintech. Despite Google’s innate fondness for killing off their services, I think Docs/Sheets is on safer ground.
Despite the bond market being bigger than the equities market, all of the consolidated portfolio management tools I’ve seen give only cursory functionality to the fixed income investor. I thought about creating my own platform but always think it’s better to spend my precious time in actual investing.
(ps I would not use MongoDB as document databases are not ideal for doing aggregation through sophisticated querying. MongoDB/MQL would be a painful painful way to go. It would be much easier to use a time series database like InfluxDB. )
You could use elasticsearch as a time series db as well.
Hster, I share you pain that none of the portfolio tracking sites or programs cater to fixed income investors AFAIK. I have yet to find an off the shelf solution that tells me when expected interest and/or principal was NOT received. This happens all of the time. Last year, Jamie Dimon apparently forget to pay the principal for a corporate bond in one of our accounts. I guess JPM just defaulted on it. And it was a significant amount, like get the new BMW. The nameless brokerage NEVER spoke up and/or took any action. I have yet to find a brokerage that proactively tracks and fixes these late/missing payments.
Despite the size of the fixed income markets, the majority of investment dialogue is geared towards stocks or crypto these days. You never hear talk about buying individual bonds. Probably why software developers do not propose new tracking solutions.
Hster, you want want to try this which has a 60 day free trial. It has a one time license fee and will easily download data from most brokerages. Does NOT work as well with Schwab last I checked, due to Schwab mandated limitations. Offers a 60 day free trial and has a AAII discount if you are a member. Pretty widely used by individual investors, not so much by institutions. They do offer quick and excellent technical support via email. I have no affiliation with them.
https://www.investmentaccountmanager.com/
I have use this software for years and really like it.
https://www.investmentaccountmanager.com/
Thanks, I might give this a try. I have a huge number of accounts at a huge number of brokers (don’t ask) so this would be very helpful if it would work. Do you know if it has Risk/Return graphs?
Also, I would like to thank you for all of the detailed information you post. That, and other information here has made a material difference in my life.
I think you were the one who listed the floating $1000 par bonds which were just what I was looking for at the time. I had only found a few myself so that list was a huge help. I am now looking for some fixed rate stuff of better quality that would be likely to increase if the Fed starts (and keeps) lowering rates for a while. I rotated into this sort of stuff in preferreds in time to get the run-up, but I need some of the $1000 issues for a certain part of the portfolio since I am light there. Anyone have any ideas?
Scott, I hate to be the bearer of bad news, but it is NOT good. All of us that participate in preferred land have to deal with X different brokerages using Y different tickers for the same preferred. For example:
ABC-A
ABC-PA
ABC-PRA
ABC PA
ABC PRA
ABC/PA
Ad nauseam . . .
To III’ers these are all the same issue/ticker. To software, these are all different, so setting up one program that integrates all of these different tickers into one is a pain. And if you want to use a single data source, it will only recognize one of the tickers, another reason to drive you into mapping.
I am not aware of any off the shelf portfolio tracking program that solves this. You can do custom programming scripts that “parse” the data into the same format before it feeds into the off the shelf program, but most individual investors do not employ programmers.
These are the cards we have been dealt, so we have to play with them as is. . .
BTW, I was the one that posted the detailed list of floating $1k bonds. Theoretically I could do the same for $1k fixed coupon bonds, but I recently posted an analysis that showed ~1,500 of them for 2024 alone. To go out 10 years, might be 15k different issues. Not sure that would fit into an III post.
Looks like you could map the symbols to be the same and it would not be that hard if you could export and import say .csv files. Then it is just find and replace on the proper field.
The biggest pain would be setting up the mapping for new symbols when you add something new to your portfolio.
But I don’t really care what each account calls a particular issue as long as it accounts for it correctly within that account. What symbol it gives it wouldn’t bother me except on the rare occasion I am totaling up how much I own of a particular preferred held across multiple accounts. But I would be fine doing that manually if it saved more effort elsewhere.
I downloaded it and will give it a go. Sometime next week.
JP Morgan alone had 8 preferreds….and 14,000++ cusips of thousand dollar bonds. Any list, Scott, that Tex can run will be highlights/greatest hits type of summation.
One thing working in buyers favor is the migration of the big dealers away from owning inventory towards merely listing exchange offerings. (bucket shop). It’s inevitable that these streams will be seen by wider audiences.
Once they do open up you’ll be able to search using perimeters. There are over a dozen primary search functions for you. name, coupon, maturity date, float options, ratings, YTW, YTC, YTM, deal size, etc. You can ask it to show all of certain type of bond, say from BAC. Then you can stack them based on all those other factors. And change low to high or high to low. Then most importantly you can see is this a small one off offering or is it part of a large deal! You dont get that searching say SCHW offering sheets.
In other word, what you need vs what we can give you, is just scratching the surface. Tread carefully I equate it to a turkish bazaar or shopping in NY. So many options hard to know if you’re seeing everything you need to in order to make good informed decisions.
Yeah, I wasn’t really looking for a comprehensive list, just if anyone had run across some good values lately. What you say about it being a bazaar is correct, which is why I thought it might be nice to have a few issues to look at as a starting point.
Usually the selection at Fidelity is not all that great, but using other brokers I found things like the Reynolds bond I bought that has done very well. I guess there is no shortcut for just getting on IBKR etc… and running the screens.
Tex, I wish ABC was listed. One of the few independent building suppliers left. Very well run company. I looked at their bonds but they are restricted to institutional buyers only. Beacon roofing supply has been sniping their managers lately. At some point this company will be bought out or go public.
Not sure if this is the kind of thing you’re looking for but I’ve been using the Personal version of Fund Manager for decades now. I know I only scratch the surface of its capabilities but it can do a lot of things that perhaps you’re looking for…. People around here know I’m a non-spreadsheet using dinosaur, so I probably don’t even know what this software’s true capabilities are, but it works for me in the crude way I use it.. https://www.fundmanagersoftware.com/versions.html The costs are one time charges, not annual, but they will occasionally come out with upgraded versions they will charge you for for but you are never forced to upgrade
The Professional version does have a Risk/Rewards Scatter Plots area. You can also choose from multiple sources for downloading prices so since you enter data for each security you follow, you can work around the problem Tex is pointing out about multiple symbols for the same issue
Thanks 2WR. I will give this one a look too.
In a similar vain, I used the recent bounce to finish de-risking my portfolio. and reducing concentration risk. I smell a bear coming (or at least a decent buying opportunity) and see no reason to hold fully valued stuff with large paper profits heading into that when I already met my return goals for the year. Too much risk with geopolitics, domestic politics and general lack of management across both the public and private spectrum. I do believe gold will be the thing to own going forward.
Tim, thanks for bringing UHM-D to my attention. I sold it a few yrs ago at $26.60 according to my records (got lucky at that price). I’m happy to get back in at under $24.
UMH-D not UHM-D.
If the economy has a downturn some may need to downsize. Mobile home parks could hold up better than other housing. People gotta live somewhere.
Tim, I also worry about concentration. But going into new areas have their pit falls also. Interesting article over on SA about BDC’s
Writer was saying that last several years they were doing good with having variable rate loans out with the higher rate environment. Higher rates carry their own risk for the BBC with the borrowers not able to pay and non acurral loans growing. Now if borrowing rates go down the risk is the BDC’s income shrinks and they have to cut the common dividend. Might not affect the preferred unless it is a weak BDC
This is just one sector of the market.
Wish you the best on your research this weekend.
With the upcoming call on Realty Income (O-), I have been looking for a replacement in the same sector. UMH may fit my need. I need to delve deeper into their finances – not sure if they are rated (S&P, Moodys, etc).
Proto I have been off and on again on buying the preferred. On one hand this is a family run business and during the time I have followed it I think they will make sure it keeps them employed and paid. The ATM aspect is what bothers me and turned me off. Would have preferred it was the common. I did own the Pr-C prior to it being called.
I don’t know if it’s a national trend, but it seems like there are more people living in RVs year round. I see them set up in back or side yards as maybe an inlaw or extra room, plus there are RV’s set up in trailer parks in what looks like a permanent spot amongst the single and double wides. Perhaps a coping mechanism for the high cost of housing?
Catherine, my neighbor was renting one out for extra income. With the fires in California a lot of people lost their homes and rentals are expensive. Past few years counties and cities were not enforcing zoning laws because of this.
Tim; If you are interested in something long term and relatively safe, I bought $250K last week of CO-BANK. Its a 7.25% coupon and I bought it for $101. It could be trading a little higher now with this jittery bond market. It has call protection until July 1st, 2029.
Chuck-
That’s the bond with a minimum $250k purchase, right?
To: Rocks2Stocks; Yes, the minimum purchase is $250,000. I hesitated at first but after doing some DD & seeing the S & P rating of BBB+ I went ahead & bought $250K at a smidgen over $101. Its not callable till July of 2029.
CUSIP?