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 redeem some of them.
The older issues are trading high and it looks like holders of 2 of the issues will take a bit of a spanking today–around 4% is likely.
I had these issues on my watch list, but haven’t owned any for quite some time because of valuation.
This issue will be unrated, cumulative, but non qualified.
Fabrib and Ralph were right on top of this one.