As some know the website is experiencing issues with a ‘plugin’ which is causing issues in items I post. I took down a post from yesterday as it was only partially published and it repeated itself 3 times. Hopefully before the day is out I will have this resolved.
Author: Innovative Income Investor
Headlines of Interest to Holders of Preferred Stock and Baby Bonds
Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of general interest. Earnings season is pretty much over so we will have slow news days for a month or two.
CTO Realty Growth Expands Presence In Tampa Metro Area with Acquisition of Grocery Anchored Property
Hyperscale Data Currently Mining Approximately $26 Million Annually
PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2024 Financial Results
Dime Community Bancshares Declares Quarterly Cash Dividend for Common Stock
First Internet Bancorp to Pay Cash Dividend
Schwab Center for Financial Research Announces 2025 Market Outlook
Maiden Holdings, Ltd. Announces Sale of Maiden General Försäkrings and Maiden Life Försäkrings
Fulton Financial Announces Dividends
Headline of Interest to Holders of Preferreds and Baby Bonds
Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of general interest. Earnings season is pretty much over so we will have slow news days for a month or two.
NewtekOne, Inc. Declares a Quarterly Dividend of $0.19 per Share
Diana Shipping Inc. Announces Time Charter Contract for m/v Maera
Hyperscale Data Sells St. Petersburg Development Property for $13 Million
AG Mortgage Investment Trust, Inc. Announces Fourth Quarter 2024 Common Dividend of $0.19 per Share
Synovus to announce fourth quarter 2024 earnings results
Bridgewater Bancshares, Inc. Completes Acquisition of First Minnetonka City Bank
Pebblebrook Hotel Trust Declares Dividends for Fourth Quarter 2024
Air Lease Corporation Announces Closing of $966.5 Million Unsecured Term Loan Facility
Rithm Capital Corp. Declares Fourth Quarter 2024 Common and Preferred Dividends
Ellington Financial Inc. Completes First Securitization of Closed-End Second Mortgages
No One Wants to Give Me Shares
In what one might call one of my ‘penny wise, pound foolish’ moments I have been trying to buy 100 shares of the new very short duration RiverNorth/DoubleLine Strategic Opportunity Fund 6% Term preferred all morning. I only wanted to pay $10.03 per share–at 6% the coupon is somewhat lite for me–thus penny wise pound foolish.
Does it matter if I spend an extra $4? Of course not! I know it will trade within 5-10 cents of $10 (liquidation preference) for the next number of months–or maybe years.
In these situations I just finally give in and buy the shares–then I will set a good-til-cancelled order in at $10.02–eventually I will get some more shares at my price. This is simply a cash proxy until 2027 since it is a somewhat better coupon than money markets and CDs. The games I play over $4.
Weekly Kickoff
Well we had a week which saw the S&P500 hardly move–really one of the quietest weeks in years. The range was about 1% with a low of 6029 to a high of 6093–and ending on Friday with a loss of about 1/2% for the week. The economic news on the week was mainly on forecast, although producer prices were a bit hot, but prices remained tame.
Interest rates were a bit out of control on the week with rates on the 10 year Treasury shooting higher by 25 basis points. The yield closed the week at 4.40%–one has to wonder if equities can continue to remain level or move higher with threats of higher interest rates. It certainly seems like the ‘sugar high’ of the elections has disappeared and now we have to deal with the here and now and the specter of massive government deficits.
This week we have the FOMC meeting on Tuesday and Wednesday and then the presser and rate cut announcement mid day on Wednesday. I am fairly confident in the 1/4% rate cut–also I am relatively confident that Jay Powell will attempt to tamp down future expectations for more rate cuts –whether he succeeds is questionable in my mind. On Friday we get the PCE–personal consumption expenditures–report for another read on inflation.
Last week, we had some ugly numbers in the average $25/share preferred and baby bond pricing. The average price fell by 25 cents, with investment grade off a whopping 37 cents, bankers off 23 cents, CEF preferreds off 8 cents, and mREIT issues off 9 cents. Even the shippers fell by 13 cents. Part of this fall was ‘real,’ while late-week ex-dividend dates contributed to the fall.
The Federal Reserve balance sheet grew by $2 billion – the 1st pause we have seen in runoff of the balance sheet assets since early October.
Last week we had 2 new income issues price with BDC Gladstone Investment (GAIN) pricing a new baby bond with a coupon of 7.875% and CLO CEF Pearl Diver Credit (PDCC) pricing a term preferred at 8%.
