4/2/2025
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Arbor Realty Trust (ABR) which has 3 high yield perpetual preferreds outstanding announced earnings on 2/14/2020.
With earnings that generally are pretty good, one has to wonder how long 3 issues of perpetual preferreds can remain outstanding–in particular one with a 8.50% coupon (ABR-C). Shares are all trading very strong with the ABR-C issue trading at $26.52–and it just went ex-dividend for 53 cents.
We have posted a new version of the sortable spreadsheet which we initally released on 12/16/2019.
The new version has new issues added and redeemable issues removed–no other changes.
If you copied the original version you may want to delete the old version and replace it with the new version to have new issues (through 2/10/20) added and redeemed issues removed.
I have posted the new “Broker/Brokerage” discussion thread in the right hand menu (under additional links”.
If folks have comments, notices, complaints etc about particular brokers or brokerages please go here.
Like all the threads in the right hand margin the more folks stick to the topic the better it will be as a resource to others.
mREIT Dynex Capital (DX) announced a surprise partial call of their 7.625% DX-B shares of preferred stock late today.
DX which just sold a new issue of 6.90% perpetual preferred (4 million shares plus 600,000 for over allotment) had announced with the sale of this new issue they were calling for redemption their 8.50% DX-A issue for 3/14/20. There was no mention of a partial redemption of the 7.625% DX-B issue.
Lo and Behold late today commenter Ralph happened upon a press release stating the intention of the company to redeem 1.7 million shares of the DX-B issue on 3/16/2020.
The press release can be read here.
The DX-B issue closed Fridays trading at $25.55. This partial call should now peg the remaining shares closer to $25 plus accrued dividends for the future.
Markets are all kind of quiet–both stocks and bonds, as we look into a 3 day weekend (at least as far as stock and bond trading are concerned).
Stocks are moving around 1/10% right now and the 10 year treasury is off 3 basis points at 1.59%. It will be interesting to see the close today–seems likely that stocks may slide as folks bail out before any surprise news potentially comes out over the long weekend.
$25/share preferreds and baby bonds are moving little today (on average). All sectors are up a penny or down a penny.
We are still awaiting pricing on the new Orchid Island Capital (ORC) perpetual preferred. This happens on occasion–an issue is announced and then pricing is delayed or in some instances even cancelled. The company has not filed a cancellation notice so I assume the issue is still on.
This weekend I will setting up a new ‘discussion‘ area for “Broker/Brokerage” talk. We always have folks discussing the rules and regulations of the various brokers–what they will let us buy etc. I will be getting this set up in the right hand menu area. This will allow for keeping some of this info segregated and will hopefully be a reference area. Thanks to a number of folks for encouraging this area.
Additionally I started a new ‘study‘ on new issues. I began with the Southern Company 4.95% Notes (SOJD) on 1/6/2020. I have seen questions on the value of buying new issues and then flipping them during the 1st month (or sometime shortly after issuance). I am looking at the ‘opening trade’, 1st day close, and close after 30 days.
If you would have bought on the open on the issue above and sold on trading day 30 you would have banked a capital gain of 47 cents/share.
I will see if I can get the spreadsheet to be understandable and then post it. I update it each day with new issues etc.