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A Little Buying This Morning

While I don’t see many ‘bargains’ out there in shorter dated maturities I did add to one of my current holdings today to help me toward my 7% goal (and you can be certain 7% will be plenty difficult in the next year).

I doubled up my position in the MidCap Financial Investment 8% notes due 2028 (MFICL). The issue goes ex-dividend the end of this month so I had to pay more than is optimal ($25.55), but at least I capture the 50 cent interest payment. It should be noted the issue has a 1st call date in December, 2025. It should be noted that with the early call date and the maturity in 2028 pricing on this issue should be close to $25 (stripped price) most of the time over the course of the next couple years.

MidCap just released their earnings last night so one can get a good update on the company in the release. This is a pretty large BDC (relatively speaking) with assets of over $3 billion after merging with 2 Apollo fund last quarter.

Of course I will add this to my ‘laundry list’ of holdings.

12 thoughts on “A Little Buying This Morning”

  1. New equity highs here…not a lot of changes except sold AGNCO and bought TSLX for 19.92 this week. I had sold it a while back for 22 and change. Fun times!

  2. NEW YORK, November 8, 2024 – AmTrust Financial Services, Inc. (“AmTrust” or the “Company”) today announced that its Board of Directors has approved a cash dividend per share on the following series of non-cumulative preferred stock:
    Series Rate Dividend A 6.750% $0.421875 B 7.250% $0.453125 C 7.625% $0.476563 D 7.500% $0.468750 E 7.750% $0.484375 F 6.950% $0.434375 The preferred dividends will be payable December 16, 2024, to stockholders of record on December 1, 2024.

    1. Fabrib,
      Do they publish financial info? I know they have some expert market securities

      1. Buongiorno LT,
        Amtrust is privately held, so they do not need to report to the regulators you would use for other securities. The reason this trades in the pinks is that they do not report anything. You could try getting their Annual Statements that they produce for insurance departments, but i think those are not in the same format as the financial reports.

        1. Buongiorno Fabrib – You are in Italy, is that correct? Been there many times, from north to south, love it!

            1. Very nice! I’ve always wanted to visit Milan, but we’ve not yet had the chance. It’s definitely high on the list!

        2. It is more than different formats. The financial information that you see for publicly traded US registrants is based on US GAAP (Generally Accepted Accounting Principles) which are defined by the Financial Accounting Standards Board (FASB). The reporting to insurance regulators is an entirely different basis of accounting referred to as statutory accounting with accounting principles defined by the National Association of Insurance Commissioners (NAIC) but individual state insurance departments can grant exceptions (and sometimes do and those are referred to as prescribed or permitted practices). Apples vs oranges. Statutory accounting focuses on solvency and ability to pay policyholder claims and in contrast to GAAP focuses on providing information to investors.

  3. I bought a slug of MFICL when it issued. will have to look at it again.

    Bought a little more MS-F with some divis we received in a small account. Yielding about 6.8%
    Its a busted Fixed to float (no libor replacement) – been callable since Jan. 15. Using it as a “safer” play.

    Of course, now that I bought, it will be called…

  4. Added some of our friend, Tim, LBRDP 7% payer to my RothIRA sub $24..SPAXX down down down in yield although I think that will reverse personally, we’ll see how the Charter merger thing goes but Charter itself is on fire, the backing of the pfds here w Charter Comm shares is massive insulation to me. Take care. DYODD Bea

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