4/6/2025
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In case anyone has interest Gladstone Land (LAND) has reported earnings for the 4th quarter and year ending 12/31/2019.
I have an interest in this because of the term preferred shares currently outstanding (LANDP) which are trading at $25.71 right now. These shares have been callable since 2018 and will be redeemed 9/30/2021 (if not sooner).
Energy company Brookfield Renewable Partners LP (BEP) has priced the previously announced preferred unit offering.
The issue priced at 5.25%. It will become redeemable in 2025.
The issue is rated BBB- (low investment grade) by Standard and Poors.
The issue will trade immediately on the OTC Grey market under ticker BKFRF.
Update from earlier–BEP is a Bermuda company so there will be no Canadian withholding. But there will be a K-1 issued.
As Landlord Investor noted in the comment section preferreds and baby bonds were pretty red today.
I personally am not aware why we would be seeing red so widely–except for the fact that every damned issue is overvalued (when has that mattered?).
Today we saw investment grade issues off 14 cents, banks off 15 cents and overall we saw a fall of 13 cents. The big losers were shippers which were off 30 cents (not on the chart below).
Maybe we will see a buying opportunity?
Priority Income Fund (non traded) has announced the launch of a new term preferred issue.
Priority Income Fund is a closed end fund which primarily invests in collateralized loan obligations (CLOs) and as such it should be considered somewhat higher risk than the run of the mill closed end fund. DO YOUR DUE DILIGENCE.
The issue has not yet been priced, but will trade under PRIF-F on the NYSE. I believe it will trade on the OTC Grey market to start, but the ticker is not yet known.
The announcement can be found here.
The updated registration statement for the issue can be read here.
The company already has 5 term preferred outstanding which can be seen here.
Disclosure–I own some of the PRIF-D 7% term preferred.
Brookfield Renewable Partners LP (BEP) has announced a new offering of preferred units (they are units if the issuer is a partnership). As a partnership this offering will likely generate a K-1 at tax time.
BEP is a $3 billion dollar renewable energy partnership that I am not familiar with other than they are another unit of the giant asset manager Brookfield Asset Management.
Being a Canadian partnership there may be withholding on your distributions.
The preliminary prospectus can be read here.
Thanks to EarlyBird for being the ‘earlybird’. Yield talk is in the 5.50% are with a low investment grade rating.