Innovative Income Investor | Innovative Income Investor

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.

Great Elm Group Reports Fiscal 2025 Second Quarter Financial Results

Enstar Group Limited Announces Quarterly Preference Share Dividends

SiriusPoint Announces Date for Fourth Quarter and Full Year 2024 Earnings Release

TEN Ltd. Declares Dividend on its Series E Cumulative Perpetual Preferred Shares

Innovative Industrial Properties Announces Fourth Quarter 2024 Earnings Release Date and Conference Call

Equitable Holdings Reports Full Year and Fourth Quarter 2024 Results

Kemper Reports Fourth Quarter 2024 Operating Results*

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

Chatham Lodging Trust Announces Fourth Quarter 2024 Earnings Call to be Held on Wednesday, February 26, 2025

Ares Capital Corporation Announces December 31, 2024 Financial Results and Declares First Quarter 2025 Dividend of $0.48 Per Share

MetLife Announces Full Year and Fourth Quarter 2024 Results

Terreno Realty Corporation Declares Quarterly Dividend and Files Annual 2024 Financial Statements

U-Haul Holding Company Reports Third Quarter Fiscal 2025 Financial Results

An Interesting Day – But Daily Confusion Reigns Supreme

Today has been an interesting trading day—a fair amount of ups and downs. This isn’t a surprise since daily we have news coming out of the new Trump administration that is either good or bad (depends on your political leanings I guess)–but mostly just leaves one wondering about the outcomes. It doesn’t matter–we have to deal with the hand we are dealt–and for now that is a bit murky.

Interest rates are trading down in the 4.41% area–near the lowest we have seen in many months. I’m not sure of the reasons for the move lower, although the JOLTs (job openings and labor turnover report) came in yesterday showing fewer job openings at 7.6 million versus forecasts of 8 million. On the other hand the ADP employment report today showed 183,000 new jobs in January versus a forecast of 150,000. So once again we have some conflicts in data, but I think all in all the economy is slowing–honestly at about the right pace in my opinion.

Today I bought a position in the Newtek 5.50% baby bond (NEWTZ) issue at $24.63. This issue matures on 2/1/2026–so less than a year. Some one had mentioned it yesterday in comments so I stole their idea to lock down a decent yield to maturity (over 7%).

I continue to look for some issues with short durations but decent yield to maturity since I want to hold something other than CDs, etc. On the other hand, with the new administration in Washington, D.C., I am a bit goosy about where we are headed.

PennyMac Mortgage Investment Trust Prices Baby Bonds

Residential mortgage REIT PennyMac Mortgage Investment Trust (PMT) has priced their new senior notes with a coupon of 9%.

This is a large issue with 6 million shares (bonds) being sold with another 900,000 shares available for over allocation.

PMT has a 8.50% senior note issue outstanding (PMTU) which fell around 40 cents on the announcement of this new issue.

The pricing term sheet can be read here.

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.