The OTC grey market ticker for the new Gladstone Commercial preferred is GSCCV–effective immediately.
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5/4/2024
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At ETrade and on the otcmarkets.com site, the temp symbol changed, from GSCCV to GSCCP:
GSCCP
Gladstone Commercial Corp.
Class G Preferred Stock – PFD SER G Preferred Stock
25.41
25.40 / 25.42 (1 x 1)
All of the other Gladstone offerings seem to be trading at a higher yield so this doesn’t look like a bargain to me.
And just a reminder, you can still get a LAND preferred at $25 on MYIPO. At least you could the last I checked.
And Tim, you might want to look into getting disqus for the comment section. It is easy to add and will keep people from having to do the robot check on every post.
Thanks, Scott.
Yes, the LAND 6% preferred’s current offering period is open for 22 more days. Next closing date is July 16.
https://www.myipo.com/offers/50f81083-6e89-4e31-a66f-757fadd0ee06
Scott, mbg
1) Has your experience been positive w MyIPO? Any tips or tricks to share? Are new preferred issues commonly offered there?
2) Regarding this LAND issue, the prospectus says, “There is currently no public market for shares of Series C Preferred Stock. We intend to apply to list the Series C Preferred Stock on Nasdaq or another national securities exchange within one calendar year of the Termination Date [the earlier of 01 jun 2025 or when all 20M shares are sold], however, there can be no assurance that a listing will be achieved in such timeframe, or at all. We do not expect a public market to develop before the shares are listed on Nasdaq or another national securities exchange, if at all.”
So how do you sell it? Are you stuck with the $22.50 put option?
No, they don’t get many syndicate offers at all. The LAND issue is the only one to my knowledge.
you can’t sell it till they list it (potentially in 2025)
My comments, and I’m very interested in those with experience dealing with myipo ….
I am very good with LAND preferred and was prepared to go 6 figures into their myipo offering. 6%, drip the dividends at a big discount, and the lack of liquidity near term was no issue to me. LAND pretty much has to take it public by 2025 and will likely do so earlier. They did exactly the same with their last issue (LANDO).
The problem was with myipo. I needed a number of basic account related questions answered and I couldn’t get them out of myipo. They NEVER returned a phone call and look weeks to supply incomplete answers to emailed questions.
So I passed.
I also considered what happened to the LANDO when it was listed. It dove to the canvas like Sonny Liston in the 2nd Ali fight, skidding to almost 22 before recovering. The market was deep, with hundreds of thousands of shares trading hands. The selling was, I assume, because the previously locked in LANDO owners had liquidity for the first time and needed money for alimony payments or such. The rush for the exits was considerable, but short lived.
I think the next LAND issue will provide a similar buying opportunity, so why rush to buy now if myipo is not making the process easy?
That is a really good point about all of the shares hitting at once Bob, and it is one I had not considered.
But at least I should know when it happens because I will see it when checking my balance. Usually I miss out on those type of things, but in this case it will prompt me to buy more since I only took a small position to see how the mechanics work.
I just set up an account last week so I don’t have enough experience with it to know, but I wouldn’t have done so except for the chance to get the LAND issue. I am very skeptical of the other offerings I saw there.
The LAND issue does kind of compensate you for the lack of liquidity by letting you DRIP at a discounted price, and it is from a company I would have invested in anyway.
All I can say so far is that the set-up process was painless, but they come back and ask for your driver’s license after you transfer money to the account instead of before like I have had other investment companies do so it delays things a bit.
If I may ask, did you set up an individual account or JTWOS or directed beneficiary? The account I opened (but did not fund) was individual (only option) and I could not get myipo to tell me if I could switch. Other issues, too, but account titling was a deal breaker for me.
It was an individual account, and there were zero questions about beneficiaries. At least if there were any I don’t remember since that is not an issue for me, but I guess they could come back for that information later like they did for the identity verification.
I will let you know if they do.
Thumbs up to LAND and its preferreds, but thumbs down to Disqus.
With the current commenting setup, readers can easily subscribe to an RSS feed and see all the comments in one place as they come in. (Go to theoldreader.com, or any other feed-reader website, and paste https://innovativeincomeinvestor.com/comments/feed/ into the Subscribe box) With Disqus, you can’t do that.
Plus with the current setup, Tim owns the comments; with Disqus, Disqus owns them. Why bring a third party into the mix?
Scott R. writes of being very skeptical of the other offerings on myipo. Me too, with one possible exception.
I see that Bluerock Residential (BRG) offers their Series T through myipo. I’ve done very well on BRG-A (now called) and BRG-C (almost certain to be called this July). If they also call BRG-D come October, the 6.15% Series T on myipo will be the only option left to invest in BRG preferreds. Buying it at par and having to hold for four years isn’t exactly the deal of the century, but the fact that the CFO holds a few million bucks worth is possibly one point in its favor. I’d be interested in the reactions of others here.
Thanks for this input Mike D
Thanks Scott–we have looked into various commenting packages before and finding one that is acceptable for all the various needs is really tough. But Disqus is on the list of future possibilities.
Gladstone Commercial is a good company, although leverage is slightly larger than I would like. I would take them at $25, but if not, I’ll just move along with some of my other micro-cap stocks that pay a 6% dividend and will take the money to the bank. Inflation is up and running hard now, so no problems taking off common stocks with the ability to increase dividends.
So, which microcap stocks are you in Lou?
According to the OTC Market
OPEN 25.44
DAILY RANGE 25.1297 – 25.47
VOLUME 788,490
Last Trade:
DATE TIMESTAMP PRICE VOLUME CHANGE
06/22/2021 15:50:11 25.30 2,500 -0.14
IMHO it is over priced…I’m looking for an under Par price, especially this early in the Preferreds life…
Totally agree. Sold my allocation near the open at 25.44. The new Arbor preferred is preferable..
af; Can you expand as to why Arbor is more preferrable to you over this issue? I don’t own either but just interested in your opinion.
There are many posters on this website who deserve respect. Unfortunately, I am not one of them. I just flip the new issues that I am allocated. When trying to figure out at what price to sell, I look at what appear to be comparable securities. I think GSCCV should be 6.25% to justify a 25.44 price. Just my 2 cents — that isn’t even worth that.
Tally so far ….
Schwab is trading GSCCV
TDA has heard of it but won’t trade it.
Vanguard never heard of it.
IBKR doesn’t trade grey market symbols, so no need of looking.
Reportedly, almost a million shares traded thus far.
Fidelity shows it as GSCCV. No “-” .
That didn’t work for me at Ameritrade
Not tradeable at Schwab yet. When I tried to do a trade, I see 257,000 traded today (other platforms) at a price range of $25.40 – $25.45
Not even teed up at eTrade yet.
At TD Ameritrade, the symbol can be added to the watch list and shows the last trade of $25.47 and a high low of $25.45 / $25.39. No volume is recorded,
Not available yet on Fidelity
Schwab orders being accepted