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If At First You Don’t Succeed….

In case you didn’t look at the ‘Headlines of Interest’ last night PS Business Parks (which is now privately owned) has once again made a tender offer for any and all preferred shares remaining outstanding.

Recall that they made a tender offer for any and all preferred shares (3 issues) back in November—at exactly the same price as the offer they made yesterday. You can read the offer here.

As I calculate it there remains about 30% of the original $755 million worth of shares outstanding.

I bought a ‘tracking’ 25 shares of the PSBZP 4.875% issue at $11.24/shares–my biggest gainer today at up 29%!! Too bad I didn’t buy 1000 shares, Anyway I am holdings them to see what happens–that was the intent of buying the original shares so I shall see it through.

The shares remain trading on the OTC market.

4% Breached – What Now?

I’ve been waiting for 4% to be breached–and right now the 10 year treasury is trading at 4.03%. This is a mostly meaningful because it is a round number–psychologically important. Inflation is the culprit–not just in the U.S., but globally. Seems to me that many folks on the website have done the right thing–raised a little cash in the last month and then sat on their hands as ‘cash’ rewards them for their patience. Market timing is generally a loser for me, but this time it seemed more ‘obvious’ that booking some gains and waiting was the right thing to do.

Where are rates going? Higher–how much higher is anyone’s guess, but until we see employment affected in a significant way rates will go higher. It goes without saying that we need to see the CPI and PCE numbers to soften a bit. We will see February jobs number next week.

In 30 minutes we have 1st time jobless claims. We need to see this start moving higher in the weeks an months ahead–this is the canary in the coal mine for employment–we get it every week. Expectations are for 197,000 claims versus 192,000 last week–not to wish ill will to anyone, but would love to see 210,000 or some such number, but no reason to believe that will happen.

So I will again be sitting on my hands—nothing new about that.

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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Cowen Announces Mandatory Conversion of Series A Preferred Stock

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Great Elm Capital Corp. (“GECC”) Schedules Fourth Quarter and Full Year 2022 Earnings Release and Conference Call

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Enstar Group Limited Reports Fourth Quarter and 2022 Year End Results

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SiriusPoint Confirms Contingent Value Rights Maturity Payment

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Compass Diversified Reports Fourth Quarter and Full Year 2022 Financial Results

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FTAI Infrastructure Inc. Reports Fourth Quarter 2022 Results, Declares Dividend of $0.03 per Share of Common Stock


PS Business Parks, Inc. Commences Tender Offers to Purchase for Cash Any and All of its Outstanding Preferred Securities Described Below and Declares Quarterly Dividend to be Paid in the First Quarter of 2023

View Press Release

XAI Octagon Floating Rate & Alternative Income Term Trust Declares its Monthly Common Shares Distribution of $0.073 per Share

View Press Release

SITE Centers Declares First Quarter 2023 Class A Preferred Share Dividend

View Press Release

Ontrak to Report 2022 Fourth Quarter Financial Results on March 15, 2023

Buy, Sell or Hold?

I continue to be mostly in the ‘hold’ camp. On Monday I nibbled a few bonds–maybe boredom, but they are good bonds–in fact if I thought we had seen peak interest rates I would have bought a truck load instead of a nibble.

With 13-14% cash I am in a comfortable position–but with cash paying me 4.5% to 5% (maybe more if I look harder)–I am totally not motivated to buy–and being 100% certain interest rates are moving higher for months to come I see better prices are ahead. My cash will grow by at least 1% in March as I have a fair sized stack of treasuries maturing on the 15th.

Again this morning we have equity prices up a little (1/4%)–of course futures prices are not highly meaningful and we will know in 9 hours how stocks trade–the 10 year treasury is trading at 3.94% and is looking for a reason to breach the 4% level. We have the manufacturing purchasing manager index at 8:45 a.m. central and ISM manufacturing and construction spending at 9 a.m. central.

We have only 1 Fed yakker on the schedule today so we should not have any ‘bombs’ thrown in this respect.

I see General Motors is laying off 500 white collar workers–not really meaningful in terms of employment news–any major company has a lot more dead wood around than 500–they probably could reduce 1000’s and not miss them. This looks like a PR stunt of sorts–they are saying ‘see we are keeping things lean and mean’–keep the activist at bay and feed the investor need to see that someone is taking care of business.

Well time to check the accounts to see what I see in terms of dividend and interest payments hitting the accounts (end of month/start of month).

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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UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2022

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Triumph Financial Announces Dividend for 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock

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Franchise Group, Inc. Announces Approval of Quarterly Preferred Dividend

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Franchise Group, Inc. Announces Fourth Quarter and Full Fiscal Year 2022 Financial Results

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Fidus Investment Corporation Schedules Fourth Quarter 2022 Earnings Release and Conference Call

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Saratoga Investment Corp. Increases Quarterly Dividend by $0.01, or 1.5%, to $0.69 per Share for the Fiscal Fourth Quarter Ended February 28, 2023

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Golar LNG Limited preliminary fourth quarter and financial year 2022 results

View Press Release

TravelCenters of America Inc. Announces Fourth Quarter and Full Year 2022 Financial Results

View Press Release

Virtus Convertible & Income Fund II Announces Quarterly Distribution: 5.500% Series A Cumulative Preferred Shares

View Press Release

Virtus Convertible & Income Fund Announces Quarterly Distribution: 5.625% Series A Cumulative Preferred Shares

View Press Release

CorEnergy Schedules Results Release for Fourth Quarter and Full Year 2022

View Press Release

Spirit Realty Capital, Inc. Announces Fourth Quarter of 2022 Financial and Operating Results

Horizon Technology Finance Announces Monthly Distributions for April, May and June 2023 Totaling $0.33 per Share

Horizon Technology Finance Announces Fourth Quarter and Full Year 2022 Financial Results