Innovative Income Investor | Innovative Income Investor

Headlines of Interest for Holders of Preferred Stocks and Baby Bonds

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.

Triumph Financial to Acquire Greenscreens.ai

Medallion Financial Corp. to Report 2024 Fourth Quarter and Full-Year Results on Tuesday, March 4, 2025

Regency Centers Upgraded by S&P Global Ratings to an ‘A-’ Credit Rating

Global Net Lease Announces Sale of Multi-Tenant Portfolio for Approximately $1.8 Billion

FTAI’s Strategic Capital Initiative Secures Commitment for $2.5 Billion of Asset-Level Debt Financing

FTAI Aviation Ltd. Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.30 per Ordinary Share, Announces Agreement to Expand Maintenance Capacity with QuickTurn Europe

Carlyle Credit Income Fund Announces First Quarter Financial Results and Declares Monthly Common and Preferred Dividends

New Mountain Finance Corporation Announces December 31, 2024 Financial Results

EPR Properties Reports Fourth Quarter and 2024 Year-End Results

Pebblebrook Hotel Trust Reports 2024 Results and Provides 2025 Outlook

AM Best Affirms Credit Ratings of CNO Financial Group, Inc. and Its Life/Health Subsidiaries

Popular, Inc. Declares a Cash Dividend of $0.70 per Common Share

Rithm Capital Corp. Announces a Redemption of $50 million of 7.50% Series A Fixed‑to‑Floating Rate Cumulative Redeemable Preferred Stock

Chatham Lodging Trust Announces Strong Fourth Quarter 2024 Results

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024

I Sold This Floating Rate Preferred

Lo and behold—I just wrote about ‘call risk’ and then I found the Annaly 6.95% fixed-to-floating preferred (NLY-F), which I hold, trading at $26.25. It would be quite embarrassing to get caught with this one after warning folks of call risk.

My shares are gone—sold at $26.23. So I collected a number of dividends at a very high rate (around 10%) and got a 3.5% capital gain to boot. Will be looking for a replacement issue.

Rithm Capital Makes a Partial Call on Floating Preferred

As posted by Z and Maine in comments earlier today mREIT Rithm Capital (RITM) is calling 2 million shares ($50 million) of their 7.50% fixed-to-floating preferred (RITM-A). Their press release is here.

This is a 6.2 million share issue so plenty will remain outstanding–but this is a ‘shot across the bow’ and will ensure the issues trades around $25 plus accrued dividends. The issue fell about 15 cents in trading today–not a big reaction, but only because pricing was reasonable.

I do own a modest position in the RITM-B 7.125% floating issue, which I bought instead of the ‘A’ issue figuring the A issue would be redeemed 1st.

This just a reminder to all of us that if something goes to a $25 plus 2 or 3 dividends and is callable there will be call risk-we can never forget this.

A Little Bit of This and That

The 10 year treasury is holding right at the 4.30% level today–plus or minus a basis point. No doubt traders are awaiting the personal consumption expenditures (PCE) on Friday–then we could see some fireworks one way or the other.

Today housing numbers were released–soft, soft, soft! New house sales were down over 10% month over month and about the same year over year. Mortgage rates just are not following enough to stimulate any kind of demand.

In the last few days B Riley finally filed their 10Q for the period ending 9/30/2024—what a disaster!! If Bryant Riley didn’t control the company there clowns would have been canned a long time ago. A loss of $286 million for the quarter and $771 million for the 9 month period. It is a very long filing and more than ever I question whether they can survive.

Yesterday I did some more nibbling by adding back some shares of the RiverNorth Opportunities Fund 6% perpetual preferred (RIV-A) for $23.55. This is about 3% below where I sold most of my position in October so I gained a bit there (although I lost maybe 10-20 cents on the lower yield on money market). I am looking for a 3% capital gain on these shares in the next year–we’ll see.

Well let’s see where we go now. With Nvidia reporting tonight who knows where that will drive tech shares and thus the S&P500.

Headlines of Interest for Holders of Preferred Stock and Baby Bonds

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.