Author: Innovative Income Investor

Gabelli has posted all of their coverage ratios for the closed end funds (which includes the Bancroft Fund and Ellsworth Growth and Income Fund) for the month ending 11/30/2022.

Closed end funds must have asset coverage on their ‘senior securities’–mainly preferred stock, of 200%.

Gabelli coverage ratios have improved substantially in the last month or two as equity prices have risen.

Of course Gabelli has many CEFs outstanding – all of which can be seen here– along with all preferreds from closed end funds.

The Gabelli page for coverage is here.

CLO owner Eagle Point Credit (ECC) has posted their latest monthly update.

ECC has numerous term preferreds, traditional preferreds and baby bonds outstanding which can be seen here.

The update can be seen here.

Add Drive Shack (DS) to the list of company’s going ‘dark’ and delisting their securities. The date of delisting will be 1/3/2023.

Drive Shack common shares trade at 47 cents, but the company has continued to pay dividends on their 3 preferred issues.

The 3 preferred issues closed today between $9.98 and $11.10 and can be seen here

The company press release is here.

Insurer Maiden Holdings (MHLD) has announced they will convert all outstanding preferred shares to common shares and the preferred shares will be deregistered and delisted.

This is not something I have followed as the company suspended dividends years ago–dividends were non cumulative.

The preferred can be seen here.

The press release can be seen here.