4/21/2025
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Below are some press releases from company’s that have preferred stock or baby bonds outstanding–or general news of interest.
Freddie Mac Issues Monthly Volume Summary for November 2022
iMedia Brands Signs Agreement to Sell Three Buildings For $48 Million
Freddie Mac Announces Replacement Rates for its Legacy LIBOR Contracts
XOMA Declares Quarterly Preferred Stock Dividends
Freddie Mac has reported that mortgage rates on the 30 year mortgage moved just a bit lower to 6.27% which is just 4 basis points lower than than a week ago–the high for the cycle has been 7.08%. The 15 year mortgage was up 15 basis points to 5.69%–the high for this cycle has been 6.36%
I watch rates just to get a sense for some general economic conditions (or potential conditions). Right now in the midwest sales of homes are getting pretty sparse–and obviously refinancing’s are few and far between although there is a far amount of activity in home equity loan applications. These are my own observations in Minnesota now, but I suspect that it mirrors the country.
Property values (single family residential) are close to stable in Minnesota–marketing times are longer, but with the lack of inventory values have held up–subject to change at any time. Almost always values in the midwest follow the east and west coast–both on the way up and the way down.
The common shares of B Riley Financial (RILY) are getting smacked hard today. Shares are down $3.40/share now at $32.08.
I don’t see new news for them, but Core Scientific–a crypto company which owes RILY $42 million did file for bankruptcy yesterday. That filing is here.
There doesn’t appear to be any reaction in the baby bonds at least thus far. Be careful out there.
We now have had a couple up days in the S&P500–and just 30 minutes ago equity futures were green by a bit, but now (7:30 a.m.) the index is red–so maybe Santa is running out of gas.
The final read on GDP for the 3rd quarter has just been released at a surprising 3.2% which is an upward adjustment from 2.9%. Initial jobless claims rose just 2,000 – neither number indicates the softness that the Fed needs to change interest rate increases ahead. We are on the runway now for the 1/31/2023 FOMC meeting–so the initial data points indicate another 50 basis point hike–lots more data to come.
The 10 year treasury yield is fairly flat at this time at 3.68%–we had a couple days of 10 basis point moves which was plenty detrimental to income investors- so flat is good at this point–just give us stability.
PS Business Parks, which is owned by a Blackstone company, announced their results of their tender for preferred shares. A really quick look at the numbers shows that more than 25-30% of the shares will remain outstanding after the delisting of the shares. The last day of trading of the shares will be on or around 1/13/2023. The article is here.
I did nothing yesterday–barely looked at our accounts, but with a tiny amount of money available now I am looking for 1 more regional/community bank–with a current yield of 7-8% to buy today or tomorrow.
Below are some press releases from company’s which have preferred stock or baby bonds outstanding–or other news of general interest.
