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Headlines of Interest to Preferred Stock and Baby Bond Holders

Below are headlines from companys with preferred stock and baby bonds outstanding–or just news of general interest.

UMH PROPERTIES, INC. SURPASSES 1,000 SELF-STORAGE UNITS

Diana Shipping Inc. Announces Successful US$25 Million Tap Issue

Armada Hoffler Reports Third Quarter 2024 Results

Brunswick Corporation Reports Another Successful Ft. Lauderdale International Boat Show with Record Sales and Continued Share Gains

FAT Brands Files Form 10 Registration Statement for Planned Listing of Twin Hospitality Group

Kimco Realty® Announces Commencement of Cash Tender Offer to Purchase All of Its Outstanding Depositary Shares Representing 1/1,000 of a Share of 7.25% Class N Cumulative Convertible Perpetual Preferred Stock and Consent Solicitation

Triton International Declares Quarterly Dividends on Preference Shares

Brookfield Asset Management Announces Record Third Quarter Results

Alta Equipment Group Announces Common Stock Dividend

Capital Southwest Announces Proposed Convertible Notes Offering

Citizens Financial Group, Inc. Declares Dividends on Preferred Stock

Diversified Healthcare Trust Announces Third Quarter 2024 Results

AIG Reports Excellent Third Quarter 2024 Results

AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended September 30, 2024

Lincoln National Corporation’s Board of

Eagle Point Income Company Inc. Schedules Release of Third Quarter 2024 Financial Results on Thursday, November 14, 2024

Eagle Point Credit Company Inc. Schedules Release of Third Quarter 2024 Financial Results on Thursday, November 14, 2024

XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.085 per Share

Global Partners LP Completes Acquisition of East Providence Liquid Energy Terminal

Equitable Holdings Reports Third Quarter 2024 Results

Sound Point Meridian Prices New Term Preferred

Sound Point Meridian (SPMC) a newer closed end fund and owner of CLOs has announced a new issue of term preferred stock with a redemption date of in 2029.

I am not familiar with the company which just completed their IPO in the last few months. I will have to do some digging and see if this one is worth a look.

The pricing term sheet for the new preferred can be read here.

Thanks to Peppino for pointing this out this morning.

Bryant Riley Feels ‘Personally Sick’ After Franchise Group Goes Belly Up

After once again being forced to take giant write offs and sell assets of the company to stay afloat Bryant Riley feels ‘personally sick’! I wonder how he thinks the common share holders and debt holders feel after being lead down the primrose path with his deals which were pretty well destined to fail.

I hope that investors here are not holding shares/bonds from years ago—there have been so many warnings signs along the way that I hope folks exited their positions with only minor losses (or no losses). At this point in time only highly speculative positions should even be considered as the more assets the company sells the less profit potential the company will have available when/if they get the company ‘righted’.

The company announced the sale of some of their consumer brands last week which garnered $236 million which they say will be used to pay down debt.

Then today the company announced they have an agreement to sell part of their wealth management business to Stifel. Honestly the wealthy clients that B Riley still has on board have to be asking themselves if they want to hang around given the events of the last couple of years.

You have to wonder now if there is any hope for the company as the common shares are down to $4.99 right now and the baby bonds and preferreds are off sharply.

Weekly Kickoff

Finally election week is here and it can’t come soon enough–I have had my fill of political ads.

Last week the S&P500 continued to move lower as it had the week before–last week by about 1.4% versus 1% the previous week. With many, if not most of the earnings from big tech being released already maybe we will see some relative calmness in the marketplace. On the other hand I don’t know what the election results on Tuesday will do to markets.

Interest rates are the big question for this week. Last week rates moved sharply higher with the close Friday at 4.36% which was essentially the high of the week and 13 basis points higher than the close the previous Friday. Economic news was mixed as has been the case most weeks. Jobless claims were very low and new jobs created in October were also minimal. JOLTs showed a large drop in job openings. While jobs are showing some weakness the PCE (personal consumption expenditure) showed a bit of inflation with the core rate at 2.7% versus forecast of 2.6% and last months reading of 2.7%.

Last week the Fed balance sheet fell by $16 billion–we will fall below $7 trillion this week for the 1st time since Augusts, 2020.

This week we have the double whammy of the election on Tuesday with the FOMC meeting starting on Wednesday with a rate decision, announcement and press conference on Thursday afternoon.

As one might expect we had the average $25/share preferred and baby bond move lower in price last week–by 18 cents/share after moving lower by 19 cents the previous week. Investment grade issues fell by 25 cents, banks by 20 with mREITs off just a penny. On a relative basis income issues remain a little over valued – (maybe around 1%).