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Day of Reckoning is Here

We get the consumer price index (CPI) in 30 minutes and markets are fully expecting a number that meets the forecast or is even below forecast. The forecast is for a CPI of 6.5% and a core rate of 5.7%. Almost with doubt if the CPI comes in hot we will see bloody markets.

The 10 year treasury is at 3.55% this morning which is pretty much flat to yesterdays close with equity futures up a tiny amount. These will likely make huge moves premarket after CPI.

Yesterday was the 6th green day in a row for income issues–a person could get used to this, but probably shouldn’t. No buying or selling yesterday, but today may well nibble on an addition to my CHS holdings–I have a small holding in their preferreds so would be adding to a current position.

So let’s go–on to CPI.

CHS Posts Earnings

CHS Inc (Cenex Harvest States), a agricultural cooperative has posted earnings for the Quarter Ending 11/30/2022.

Results were nothing less than spectacular–$783 million versus $452 million in the year ago quarter. Energy, Ag and Nitrogen were all favorable to the year ago quarter, although energy was most favorable.

The company press release is here.

The 10Q filing is here.

CHS has 5 high yield preferreds outstanding.

Headlines of Interest

Below are press releases from company’s with preferred stock or baby bonds outstanding–or just general news of interest.

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Brookfield Renewable To Host Fourth Quarter 2022 Results Conference Call

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Scorpio Tankers Announces Repurchases of Its Common Shares

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Sachem Capital Corp. Announces Management Transition

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UMH PROPERTIES, INC. DECLARES PREFERRED DIVIDENDS

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Compass Diversified Announces Sale of Advanced Circuits

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Triumph Financial Announces Schedule for Fourth Quarter 2022 Earnings Release and Conference Call

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Sotherly Hotels Inc. Schedules Fourth Quarter 2022 Earnings Release And Conference Call

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Priority Income Fund Raises Over $1 Billion in Cumulative Capital Since Inception, Including Record Common Equity Fundraise of $148 Million in 2022

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Scorpio Tankers Inc. Announces Update on Daily TCE Revenues and Securities Repurchase Program

View Press Release

Assurant to Announce Fourth Quarter and Full Year 2022 Financial Results

View Press Release

American Financial Group, Inc. Announces Its Conference Call and Webcast to Discuss 2022 Fourth Quarter and Full Year Results

View Press Release

Prudential Financial, Inc. to Announce Fourth Quarter 2022 Earnings; Schedules Conference Call

View Press Release

UDR Announces Dates for Fourth Quarter and Full-Year 2022 Earnings Release and Conference Call

View Press Release

MetLife Announces Full Redemption of 4.368% Series D Senior Debentures

BRAEMAR HOTELS & RESORTS DECLARES DIVIDENDS FOR THE FIRST QUARTER OF 2023

ASHFORD TRUST DECLARES PREFERRED DIVIDENDS FOR THE FIRST QUARTER OF 2023

Horizon Technology Finance Provides Fourth Quarter 2022 Portfolio Update

Agree Realty Announces Fourth Quarter 2022 Earnings Release Date and Conference Call Information

Agree Realty Announces Fourth Quarter 2022 Earnings Release Date and Conference Call Information

AGNC Investment Corp. Declares Monthly Common Stock Dividend of $0.12 per Common Share for January 2023

DIAMONDROCK HOSPITALITY ANNOUNCES UPDATE ON RECENT OPERATIONS

Heads Up Franchise Group Preferred Holders

For those that have not seen the news apparently Franchise Group (FRG) may be going private.

FRG has a 7.50% cumulative preferred outstanding FRGAP.

If the company goes private they may or may not file SEC reports–they may or may not keep the preferred listed. This is not known now.

The preferred shares are trading at $22.52 now.

This ‘heads up’ is simply to remind preferred holders to weigh their options.

A summary is here.

It Was An Odd Day Yesterday

Yesterday was a strange day in the markets as preferreds and baby bonds were up for the 5th day in a row—although only by 1/10%.

Interest rates shot higher yesterday by 10 basis points, but income issues which typically would react negatively to higher rates– but as I noted in the Monday Morning Kickoff there is good demand for income ‘bargains’ after the December selloff and these buyers may well be ‘stronger’ owners than owners late last year. Interest rates are down about 4 basis points this morning at 3.59%.

mREIT Redwood Trust (RWT) finally priced their new fixed-rate-reset last night. The issue prices with a sky high initial fixed rate of 10%—WOW. I won’t be looking at this one for myself–I guess if one is into high risk this might fit–won’t for me.

I see nationwide flights are down–what a mess–all I can say is that I am glad to not be flying today as my patience for these things is minimal—regardless of the cause.

Economic news is non existent today–so we will be looking forward to CPI tomorrow at 7:30 a.m. (central).