Category: Company Earnings

Specialty finance company OFS Credit Company (OCCI) has released their semi-annual report for the period ending 4/30/2022.

The company owns primarily the equity tranche of CLO’s (collateralized loan obligations). The equity tranche of the CLO is the highest risk portion.

OCCI has 2 issues of term preferred stock currently outstanding which can be seen here. Both issues have mandatory redemption in 2026.

Semi-Annual report for OFS Credit Company

Presentation for OFS Credit

Disclosure–I own shares of the 6.125% OCCIO term preferred.

Giant ag cooperative CHS today announced earnings for the quarter earnings for the period ending 11/30/2021.

The company reported blockbuster net earnings of $452 million which was mostly generated from the agricultural division which has benefited greatly from high grain prices.. Energy (refining) contributed $69 million to net income.

CHS (untraded) has numerous quality, yet high yield, preferreds outstanding which can be seen here.

The company press release can be read here.

For those wanting all the detail the 10-Q can be found here.

Giant ag cooperative CHS (Cenex Harvest States) has announced earnings for the year ending 8/31/2021.

Earnings were up 31% from the prior year. While the refining business carried them last year they actually lost money in refining this year while agriculture carried the company.

The earnings press release can be found here.

The actual annual report on 10-K can be found here.

The company has 5 high yield preferreds outstanding at this time which can be seen here. All issues trade at very high prices between $28 and $31/share.

Non-publicly traded closed end fund Priority Income Fund has posted their latest annual report–or as it is called ‘Certified Shareholder Report’, for the period ending 6/30/2021.

PRIF has been a serial issuer of ‘term preferred’ shares over the last 3 years or so–no one has sold as many term preferred issues as PRIF.

Many of us love to hate companies like Priority Income Fund–a company that owns bunches of CLO’s (collateralized income obligations)–most of the ‘equity tranche’ variety. While these are no doubt higher risk investments, over the course of the last 10 years, I have collected a lot of dividends from PRIF and company’s like them (Eagle Point Credit, Oxford Lane, OFS Credit).

While we all know there is plenty of risk in these issues they have offered some of the best coupons in these skimpy coupon times. Of course it is helpful that they are required to have a 200% asset coverage on their preferred issues.

The company has a good selection of term preferreds outstanding – the list is here.

Have a gander at the annual report here.

CHS Inc. (Cenex Harvest States) has announced stellar earnings for the quarter.

The huge cooperative (not publicly traded) showed great revenue gains as well as pretty spectacular earnings. Revenue was up 50% to $10.9 billion while earnings rose 40% to $274 million from $97 million a year ago.

No doubt much higher agricultural commodity prices, as well as increased margins in their oil refinery business, contributed greatly to their success on the quarter.

The earnings report can be found here.

As most you know CHS has 5 high yield perpetual preferreds outstanding–all trading at sky high prices. They can be reviewed here.