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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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Dime Community Bancshares to Release Earnings on January 27, 2023

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Saratoga Investment Corp. Announces Fiscal Third Quarter 2023 Financial Results

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Runway Growth Finance Corp. Provides Fourth Quarter 2022 Portfolio Update

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MetLife Declares First Quarter 2023 Common Stock Dividend

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Bridgewater Bancshares, Inc. to Announce Fourth Quarter 2022 Financial Results and Host Earnings Conference Call

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NuStar Energy L.P. to Announce Fourth Quarter 2022 Earnings Results on February 1, 2023

Bank of America Declares Preferred Stock Dividends for First Quarter 2023

Bank of America Declares Preferred Stock Dividends for First Quarter 2023

AGNC Investment Corp. Announces Date for Fourth Quarter Earnings Release and Stockholder Call

Lumen Technologies sets fourth quarter 2022 earnings call date

Lumen Technologies sets fourth quarter 2022 earnings call date

Gladstone Investment Announces Monthly Cash Distributions for January, February, and March 2023, a Supplemental Distribution to Common Stockholders, and Third Fiscal Quarter Earnings Release and Conference Call Dates

GLADSTONE CAPITAL ANNOUNCES INCREASE IN MONTHLY CASH DISTRIBUTIONS FOR JANUARY, FEBRUARY AND MARCH 2023 AND CONFERENCE CALL DATE

CHS Declares Dividends

Markets on Inflation Watch

After nice rally’s in equities and interest rates it appears that markets will go on ‘inflation watch’—somewhat minimal movement as we wait for the all important consumer price index (CPI) to be released on Thursday. Expectations are for the core rate to be 5.7% versus 6.0% last month (both year over year). CPI is expected to be 6.5% versus 7.1% last month.

So with equities up about 1/3% this mornings and the 10 year treasury yield bouncing to the 3.57% area (up 6-7 basis points) we wait.

The fear I have (I am always worried–100% of the time) is that we get a ‘hot number’ on Thursday and with the rally we have experienced we could see a giant sized move higher in rates–maybe 20 basis points, which would certainly mean income issues get spanked.

On the other hand many of the gains seen in the last week were likely from bargain hunters after tax loss selling in December and they may be less prone to sell with interest rate movements.

In the end I am mostly ‘buy and hold’ so whatever will be will be.

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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Armada Hoffler to Discuss Fourth Quarter Earnings on February 14th

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Safe Bulkers, Inc. Declares Quarterly Dividend on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares; 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares

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Sotherly Hotels Inc. Reports Preliminary Operating Results for the Fourth Quarter Ended December 31, 2022


Diana Shipping Inc. Announces Time Charter Contract for m/v G. P. Zafirakis With Solebay

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Ellington Financial Declares Monthly Common Dividend

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Arch Capital Group Ltd. to Report 2022 Fourth Quarter Results on Feb. 13, 2023

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Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity

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Allstate to Discuss Fourth Quarter 2022 Earnings With Investors


W. R. Berkley Corporation to Announce Fourth Quarter and Full Year 2022 Earnings on January 26, 2023

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Hudson Pacific Properties Announces Dates for Fourth Quarter Earnings Release and Conference Call

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SITE Centers Provides Fourth Quarter 2022 and YTD 2023 Transaction Update

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BXP Announces Closing of $1.2 Billion Unsecured Term Loan Facility

Trinity Capital Inc. Sets a Record with $975 Million in New Commitments for 2022

Trinity Capital Inc. Sets a Record with $975 Million in New Commitments for 2022

Webster Financial Corporation Announces Q4 2022 Earnings Release and Conference Call

B. Riley Financial Declares Preferred Stock Dividends

B. Riley Financial Declares Preferred Stock Dividends

Interest Rates Continue Lower as Preferreds and Baby Bonds Stay Slightly Green

The 10 year treasury yield is off 6 basis points to 3.51%—most income issues are flattish to slightly green–my main accounts are up about 2/10%. So will see the 5th up day in a row. This is the best rally in income issues since November when we had near a 4% gain. I would think markets would cool a bit for a couple days and then on Thursday with the CPI release we will see fireworks one way or another.

The NY Fed released the consumer 1 year inflation expectations this morning and it came in at 5.0%–the lowest level since July, 2021. Although consumers believe inflation will moderate they plan to spend much less in the future–the last reading was a 6.9% growth in spending while the current reading was for 5.9%. This may account for interest rates ticking down a bit today–but who knows with absolute certainty. It also plays into the possibility of an economic slowdown as folks rein in the spending plans.

I didn’t nibble anything today–I was out of the office for 3-4 hours early so didn’t get a chance to survey the possibilities out there–although there are plenty of possibilities.

It will be interesting to see how the just announced new fixed-rate-reset preferred will be priced by Redwood Trust (RWT). We have 1 other mREIT fixed-rate-reset issue out there and it is from AGNC Investment (AGNC)–7.75% with a 4.39% spread. It is trading kind of weak at $21.81%.

Redwood Trust To Sell New Fixed Rate Reset Preferred

Mortgage REIT Redwood Trust (RWT) has announced a new issuance of fixed rate reset preferred stock.

I remember RWT having preferred shares outstanding year ago, but not in recent years.

The preliminary prospectus can be found here.

This is a company that deserves deep due diligence.