Our site runs on donations to keep it running for free. Please consider donating if you enjoy your experience here!

Headlines of Interest

Below are press releases from companies with preferred stock and/or baby bonds outstanding-or just news of general interest.

cswc_logo.png

Capital Southwest Announces Preliminary Estimate of First Quarter 2025 Operating Results and Earnings Release and Conference Call Schedule

View Press Release

U.S. Bancorp Reports Second Quarter 2024 Results

SLGLogo.png

SL Green Realty Corp. Reports Second Quarter 2024 EPS of ($0.04) Per Share; and FFO of $2.05 Per Share

scorpio.png

Scorpio Tankers Inc. Announces That on July 30, 2024, the Company Plans to Issue Its Second Quarter 2024 Results and Have a Conference Call

View Press Release

Citizens Financial Group, Inc. Reports Second Quarter 2024 Net Income of $392 million and EPS of $0.78

wintrust-out-2color-rgb.png

Wintrust Financial Corporation Reports Record Year-to-Date Net Income

compassdiversified.png

Compass Diversified Announces Second Quarter 2024 Earnings and Conference Call Information

View Press Release

Regions Financial Corporation Increases Quarterly Common Dividend and Declares Preferred Stock Dividends

Bank OZK Logo Square Thumbnail.jpg

Bank OZK Announces Record Second Quarter 2024 Earnings and $200 Million Stock Repurchase Program

View Press Release

Virtus Diversified Income & Convertible Fund Discloses Sources of Distribution – Section 19(a) Notice

View Press Release

TPG RE Finance Trust, Inc. Announces Second Quarter 2024 Earnings Release and Conference Call Dates

View Press Release

The Hartford Declares Quarterly Dividends Of $0.47 Per Share Of Common Stock And $375 Per Share Of Series G Preferred Stock


Bank OZK Logo Square Thumbnail.jpg

Bank OZK Second Quarter and First Six Months of 2024 Management Comments

View Press Release

Northern Trust Corporation Reports Second Quarter 2024 Financial Results

LUX-URBAN-HOTELS-LOGO-Navy Blue.jpg

LuxUrban Hotels Announces the Launch of LUX 2.0

Sotherly Hotels Inc. logo

Sotherly Hotels Inc. Schedules Second Quarter 2024 Earnings Release and Conference Call

TriumphFinancial_Logo_FullColor.png

Triumph Financial Releases Second Quarter 2024 Financial Results

Quite a Tech Spanking – Income Issues Holding Strong

Well the NASDAQ is taking quite a spanking today being off over 2%–of course this pulls down the tech laden S&P500 as well–but the DJIA is up by a fair amount. Techs are worried about chip stocks being more heavily taxed (tariffs etc)–by tomorrow I expect this worry will be behind us as investors have shorter memories than ever.

Many times when common shares are off sharply it will tend to pull some of the income issues down with it–but not seeming to be the case today as issues are just up and down nickels and dimes and I am happy about that being the case.+

The 10 year treasury yield is off about a basis point to trade at 4.16%–one has to believe (at this moment) that the next leg down is going to take us to the 4% area—but it is going to take a favorable personal consumption expenditures (PCE) number next week to make that happen.

I have worked my way slowly back to the 60% area as far as my preferred stock and baby bond allocation goes–the balance is CDs, money market and treasuries. The ability to garner coupons in the 5.3% area presents a risk/reward proposition that I like–it has been so many years since we could get these yields it is difficult to wean oneself off of them. I am thinking 70% might be the ultimate allocation I am looking at–but all will depend on how well coupons hold up on competing instruments.

Headlines of Interest

Below are press releases from companies with preferred stock and/or baby bonds outstanding-or just news of general interest.

Enterprise Bancorp, Inc. Logo

Enterprise Bancorp, Inc. Announces Quarterly Dividend

Midcap Financial logo RGB 300.jpg

MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter Ended June 30, 2024

LUX-URBAN-HOTELS-LOGO-Navy Blue.jpg

LuxUrban Hotels Announces Closing of Public Offering of Securities

Presidio Property Trust.png

Presidio Property Trust Announces Series D Preferred Stock Cash Dividend

View Press Release

Equity Commonwealth Declares Series D Preferred Dividend

View Press Release

MFA Financial, Inc. Plans Live Audio Webcast of Second Quarter 2024 Earnings Conference Call


Public Storage to Release Second Quarter 2024 Earnings Results and Host Quarterly Conference Call

View Press Release

Hawaiian Electric Industries to Announce Second Quarter 2024 Results August 9; American Savings Bank to Announce Second Quarter 2024 Results July 30

View Press Release

Hancock Whitney reports second quarter 2024 EPS of $1.31

View Press Release

PennyMac Financial Services, Inc. Announces Date for Release of Second Quarter 2024 Results

View Press Release
View Press Release

Schwab Reports Second Quarter Results

View Press Release

State Street Corporation (NYSE: STT) Reports Second-Quarter 2024 Financial Results

View Press Release

Customers Bancorp, Inc. to Host Second Quarter 2024 Earnings Webcast on Friday, July 26, 2024

Trinity Capital Announces New Baby Bond

Business development company Trinity Capital (TRIN) has announced they are selling a new issue of baby bonds with a maturity date in 2029.

The copany has stated they may use part of the proceeds to call a portion of their 2025 baby bonds (TRINL). They had already called $30 million of this issue is May.

The preliminary prospectus can be read here.

Thanks to J for posting this in Reader Alerts.

Strong Retail Sales Calls Into Question Rate Cut

So if the retail consumer is staying strong and spending like a drunken sailor (my apologies to drunken sailors–was my dads term and he was a sailor in WWII) is there a need to cut interest rates? I was leaning toward September in my mind, but the sales report this morning doesn’t feed into that thought very well. Certainly we have plenty of data to come in before the September meeting–and we have a FOMC meeting starting in 2 weeks for July so we will have more ‘thoughts’ from them (the Fed) soon.

The 10 year treasury yield was trading down at 4.17% before the release of retail sales but popped back up to 4.22% after the release, but has now drifted back down to 4.19%.

Equities are partying like it is 1999–I checked the amount of money in money market funds in the U.S. just a bit ago and the amount of ‘dry powder’ available to power stocks higher is incredible. $6.11 trillion is one hell of a lot of dry powder. IF the FOMC starts cutting rates we will see one heck of a melt UP in stocks. I think it will take rates to back off under 4% on the 10 year to set it off.

I will be buying one of the baby bonds from Runway Growth Finance (RWAY) today–this is a decent business development company. The baby bonds have coupons of 7.50% and 8.00%. Looks to me like the 8% issue (RWAYZ) is the one (although it is almost a coin toss). They just published a portfolio update late last week.

Headlines of Interest

Below are press releases from companies with preferred stock and/or baby bonds outstanding-or just news of general interest.

Picture2.jpg

GAMCO Will Benefit From Executive Decision to Waive Compensation from August 1, 2024 to October 31, 2024

Healthcare Realty Trust.jpg

Healthcare Realty Trust Announces Second Quarter Earnings Release Date and Conference Call

Gabelli Funds.png

Gabelli Multimedia Trust Alerts Common Stock Shareholders to Rights Offering Expiration Date of July 22, 2024

Arbor Realty Trust, Inc. Logo.jpg

Arbor Reiterates its Confidence in its Financials and Business Practices

scorpio.png

Scorpio Tankers Inc. Announces an Update to its Securities Repurchase Program

logo GNL.JPG

Global Net Lease Announces Release Date for Second Quarter 2024 Results

View Press Release

Janus Henderson’s B-BBB CLO ETF (JBBB) Exceeds $1 Billion in AUM

View Press Release

Global Partners Announces Cash Distribution on Series B Preferred Units

View Press Release

SITE Centers Announces Reverse Stock Split

FMC Logo with trademark.jpg

First Merchants Corporation Announces Cash Dividend on Its Preferred Stock

View Press Release

OFS Credit Company Provides June 2024 Net Asset Value Update

No Conviction on Market Direction Today

After starting strong equities have backed off and now are closer to breakeven on the day–up a very small amount. Of course the last couple of hours of the trading day can see big moves either way. There is little news to send markets sharply in a particular direction, but maybe some folks will decide to lock down some capital gains–who knows?

Looking around the preferreds today the biggest movers seem to be the Ashford Hospitality (AHT) preferreds are good gainers today and a couple of the Ameren Illinois $100/share issues have moved higher. No chance I will be involved with AHT, but there is decent value in the Ameren Illinois issues if one thinks interest rates are heading lower. Everything else is pretty quiet–i.e. up and down nickels and dimes.

I have cash in my accounts–kind of burning a hole in my pockets, but with money markets at Fidelity at 4.99% (FDRXX) at least one continues to earn some coin. Probably will just watch the end of the day and not do any buying–I know for sure I will not sell anything–I am very happy with what I have in the portfolios right now.

Weekly Kickoff

Well the equity markets were higher last week, but only by just under 1% in the S&P500. The NASDAQ was off just a bit and the tech issues in the NASDAQ drive the bus when it comes to the S&P500. All equity indexes are up quite a bit this morning – by around 1/2%.

The 10 year treasury yield fell by 17 basis points last week to close at 4.19%, although right at this moment the yield is up 3 basis points to 4.22%. Of course last week we had new consumer price index and producer price index numbers released with the CPI coming in favorable, but the PPI number coming in slightly hotter than forecast.

This week we have quite a bunch of more minor economic news being released as well as a decent number of Fed yakkers. I am not certain we will see big movements in rates this week–or if we will be kind of quiet until we get big numbers next week in the personal consumption expenditures (PCE) numbers.

The Fed Reserve balance sheet assets rose by $3 billion last week as we continue on the path down on a $65 billion monthly runoff.

Once again we got a modest bounce higher in $25/share preferreds and baby bond prices. The price movements the last 2 weeks have been very modest, but at least they are moving higher in tandem with falling interest rates. The average share price was up 15 cents with investment grade up by 24 cents, banks up by 21, CEF preferreds up 6 cents and mREIT preferreds up 2 cents. The shipping issues were down by 6 cents, although they remain the highest priced preferreds sticking around the $25/share area.

Last week we had no new income issues priced–guess everyone is waiting for lower rates.

Arbor Realty Gets Hammered

mREIT Arbor Realty (ABR) is getting hammered today with news that the Justice Department is investigating the company. The company has undergone a number of short attacks over the last 18 months or so of claims improper accounting etc.

Here is the report from Ningi Research on ABR from 3/23.

Common shares are off $2.57 to trade at $12.99. The 3 preferred issues are all off $1.50 to $2.70.