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Headlines of Interest to Holders of Preferred Stock and Baby Bonds

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.

Earnings season has essentially ended so news will be slower until we get into mid April when earnings will start to be released for those on a 3/31/2025 quarter end.

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Fitch Ratings Revises Outlook on SiriusPoint to Positive Based on Significant Underwriting Performance Improvement

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Alta Equipment Group Announces Fourth Quarter and Full Year 2024 Financial Results and Provides Adjusted EBITDA Guidance for 2025

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Global Ship Lease Reports Results for the Fourth Quarter of 2024

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Hyperscale Data, Inc. Announces Acceptance of Plan by NYSE

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KKR Real Estate Finance Trust Inc. Announces Closing of New $550 Million Senior Secured Term Loan B

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MetLife Confirms First Quarter 2025 Series A Preferred Stock Dividend

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Virtus Convertible & Income Fund Announces Quarterly Distribution: 5.625% Series A Cumulative Preferred Shares

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Virtus Convertible & Income Fund II Announces Quarterly Distribution: 5.500% Series A Cumulative Preferred Shares

Time to Digest?

After some difficult days in equities it looks like markets are ‘digesting’ recent moves–equity indexes are moving in a relatively narrow range–up and down now.

Interest rates are kind of doing the same with not much movement and just hanging in the 4.20% to 4.25% area, although this is a fair amount higher than the low of 4.11% 24 hours ago.

We had the ADP jobs report released this morning at 77,000 new jobs created in February–much weaker than forecast of 140,000. As folks know I concluded long ago that employment was one of the most important indicators of economic strength/weakness. No doubt this is weak and when we see the ‘official’ government numbers on Friday we will have a darned good hint at where this economy is going.

As folks have been noting KKR is selling a mandatory convertible $50 preferred which folks can read about here. I’m not personally fond of convertible issues–for no particular reason-guess I just like plain vanilla preferreds.

Also Highland Opportunities and Income Fund (HFRO) has just completed an exchange offer for a new series of preferred stock. It is a 5.375% coupon–same as their HRFO-A issue which is trading at $16.76 now for a current yield of 8.02%. Folks really hate this closed end fund. The ‘B’ issue will be listed on the NYSE soon.

Well I’ll do nothing investment wise today–boring, but preferable to doing something stupid.

Headlines of Interest for Holders of Preferred Stock and Baby Bonds

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.

Earnings season has essentially ended so news will be slower until we get into mid April when earnings will start to be released for those on a 3/31/2025 quarter end.

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Enstar Completes Previously Announced Transaction with Atrium Syndicate 609

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Medallion Financial Corp. Reports 2024 Fourth Quarter and Full-Year Results

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Granite Point Mortgage Trust Inc. Announces 2025 Annual Meeting of Stockholders

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Popular, Inc. Declares Dividend on Preferred Stock and Announces Distribution on Trust Preferred Securities

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Ellington Financial Announces Estimated Book Value Per Common Share as of January 31, 2025

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KKR Announces Offering of Mandatory Convertible Preferred Stock

Are We Going to Stabilize or Not?

Well another ugly day–I thought just maybe we would have gotten a ‘sell the potential tariffs’ and buy the actual tariffs–but I guess folks still are feeling threatened today by the future. We have gotten a couple of dead cat bounces today, but with the S&P500 down 1.6% as I type this one can’t predict the balance of the day. I am thinking we will have (or maybe need) a giant ‘flush’ yet today to weed out the sellers. Who knows?

With the 10 year treasury off another 5 basis points to 4.13% we are seeing just minor damage to portfolios–contrary to yesterday we are seeing red–I never like red but with the equity prices falling so hard it is just a matter of time until preferreds and baby bonds get pulled down as the baby goes out with the bath water.

I did buy a few CDs this morning at 4.35% (3 month) just because money is stacking up and I need to keep it at work somewhere. Still have no intention of buying prferreds or baby bonds now, but I will be watching my current holdings to see if I can get a bargain (bargains on a term preferred or short duration baby bond is defined differently than perpetuals to me–a drop of 50 cents in an issue that matures in a year or two may present great opportunity). Perpetuals are off the table for now (this week).

Headlines of Interest for Holders of Preferred Stock and Baby Bonds

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted. 

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XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.077 per Share

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CTO Realty Growth Announces Acquisition of Lifestyle Center in Atlanta, Georgia for $79.8 Million

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Ready Capital Corporation Reports Fourth Quarter 2024 Results and Declares First Quarter 2025 Dividends

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CareCloud Reignites Acquisition Strategy with MesaBilling Acquisition

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Synovus announces quarterly dividends

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OFS Capital Corporation Announces Fourth Quarter 2024 Financial Results

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New Fortress Energy Announces Fourth Quarter and Full Year 2024 Results

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Chatham Lodging Increases Common Dividend 29 Percent

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ICE Mortgage Monitor: Property Insurance Costs Rose at a Record Rate in 2024 Prompting Homeowners to Shop for Better Rates, Accept Higher Deductibles

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Harrow to Report Fourth Quarter and Year-End 2024 Financial Results After Market Close on March 17, 2025

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AG Mortgage Investment Trust, Inc. Reports Full Year and Fourth Quarter 2024 Results