Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of general interest. Earnings season is pretty much over so we will have slow news days for a month or two.
NewtekOne, Inc. Declares a Quarterly Dividend of $0.19 per Share
Diana Shipping Inc. Announces Time Charter Contract for m/v Maera
Hyperscale Data Sells St. Petersburg Development Property for $13 Million
AG Mortgage Investment Trust, Inc. Announces Fourth Quarter 2024 Common Dividend of $0.19 per Share
Synovus to announce fourth quarter 2024 earnings results
Bridgewater Bancshares, Inc. Completes Acquisition of First Minnetonka City Bank
Pebblebrook Hotel Trust Declares Dividends for Fourth Quarter 2024
Air Lease Corporation Announces Closing of $966.5 Million Unsecured Term Loan Facility
Rithm Capital Corp. Declares Fourth Quarter 2024 Common and Preferred Dividends
Ellington Financial Inc. Completes First Securitization of Closed-End Second Mortgages
“In accordance with the terms of Rithm Capital’s Series B Cumulative Redeemable Preferred Stock (“Series B”), the Board declared a Series B dividend for the fourth quarter 2024 of $0.6660461 per share, which reflects a rate of 10.425%. The Series B Preferred Stock accrue dividends at a floating rate equal to three-month CME SOFR (plus a spread adjustment of 0.261%) plus a spread of 5.640%.”
$0.6660461 * 4 / 25 = 10.65%
Nice, r2s.
I differ with their rate on RITM-A too.
$0.6763961 * 4 /25 = 10.82% (not 10.587%).
I wonder – for years, RITM preferreds’ divvies went ex- around the 13th day of Jan, April, July, and October. The new divs go -ex at the END of the January, not ~Jan 13. That’s 3 months + ~17 days. Maybe their rates (10.425% for -B and 10.587% for -A) reflect that it’s more than 3 months.
https://www.nasdaq.com/market-activity/stocks/ritm.pra/dividend-history
…for any Dividend Period during the Floating Rate Period will be calculated on the basis of a 360-day year and the number of days actually elapsed in such Dividend Period.
10.425%/360*92=$0.6660417
$0.6763961/92×360/25=10.587%
Looks pretty close to me
That’s another advantage of floating rate deals as the effective yield is a bit higher than the stated coupon.
I guess QOnline is behind- they have over 11% for both.
Gary,
I just checked RITM-As page on QOL. I don’t see 11% anywhere.
I only see a yield for it in the “Cpn Rate / Ann Amt” box. There, it says “Fixfloat, $1.88” which is the annual div when it was fixed at 7.5%.
mbg – its not in the “boxes” on the QOL page, its at the top of the page in the line with price, etc. (right above the chart).
Its a feed they pickup from somebody (can’t recall whom – I think its the same one Tim uses) that is supposed to show yield at current price
Private, thank you! Yes, I see it now.