5/29/2025
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Banker Wintrust Financial (WTFC) has priced their recently announced fixed rate reset preferred offering.
The issue will trade with a coupon of 7.875% for just over 5 years–until July 2030 and then will ‘reset’ at the 5 year treasury rate plus a fixed spread of 3.878%. Resets will be every 5 years thereafter.
mREIT Two Harbors Investment (TWO) priced their previously announced senior notes with a coupon of 9.375%.
They are issuing 4 million shares (bonds) with another 600,000 shares available for overallotment.
There will not be OTC early trading in this issue and it will be a week or so before trading begins.
Finally we have a new issue being sold today with mortgage REIT Two Harbors Investment announcing they will be selling a new $25 note issue.
This issue which is likely to be high yield has a shorter optional redemption date of 5/15/2027 with a final maturity in 2030.
The use of proceeds mentions that they company may use the proceeds to redeem their 6.25% senior notes due 2026. The company has 3 fixed to floating preferreds outstanding.
The preliminary prospectus can be read here.
Thanks to J for catching this one and for Jerrymac chiming in with yield talk in the 9.50% area.
It took a little time, but Rithm Property Trust (RPT) has priced their new fixed-to-floating rate preferred issue.
The issue priced at a fixed rate of 9.875%. The issue goes to floating rate on 5/15/2030 at 3 month SOFR plus a spread of 5.56%.
This is an unrated issue and one must remember risk equals reward–this is a dicey issue. Deep due diligence should be done by investors. This is the old Great Ajax mREIT which originally invested in non performing and re-performing residential mortgages which is now swinging toward commercial mortgages.
The pricing term sheet can be seen here.
mREIT Rithm Property Trust has announced they will be selling a new fixed-to-floating rate preferred.
This issue will have an early redemption available to the company in 2030.
The preliminary prospectus can be read here.
J was on top of this one just a bit ago in reader alerts.