Below are press releases from companys with preferred stock or baby bonds outstanding – or just of general interest.
I have added in some earnings reports from some smaller banks to get a ‘flavor’ of where they stand relative to commercial real estate loans.
Freddie Mac Announces Release Date for Second Quarter 2023 Financial Results
MidWestOne Financial Group, Inc. Reports Financial Results for the Second Quarter of 2023
DT Midstream Reports Strong Second Quarter 2023 Results; Announces New Ohio Utica Investment
Sotherly Hotels Inc. Announces Quarterly Preferred Dividends
Dynagas LNG Partners LP Declares Cash Distribution on Its Series B Preferred Units
PartnerRe Ltd. Reports First Half 2023 Results
CenterPoint Energy, Inc. Announces Offering of $900 Million of Convertible Senior Notes Due 2026
Triton International Reports Second Quarter 2023 Results and Declares Quarterly Dividends
SOHO will have paid a year’s worth of dividends in the six months from 3/15/23-9/15/23. Hopefully there will be more paid this year. After the payment on 9/15, there will still be 10 left in arrears with the 11th one due on 10/15/23.
Fingers crossed that this one works out for me. I had the misfortune to buy into this one pre-covid.
https://seekingalpha.com/news/3995042-kimbell-royalty-partners-gaap-eps-of-0_23-beats-0_09-revenue-of-60_75m-beats-6_44m
up pre-market
Re: NuStar and NSS — https://investor.nustarenergy.com/node/20816/html
Still over 8 mil shares of more expensive Preferred D outstanding before they go after NSS or NS-C..
On July 31, 2023, NuStar Energy L.P. redeemed 2,560,000 Series D Cumulative Convertible Preferred Units (“Series D Preferred Units”) at a redemption price of $32.18 per Series D Preferred Unit. The redemption was primarily funded with the proceeds from borrowings under NuStar Logistics, L.P.’s revolving credit facility with the remainder funded using cash on hand. Following the redemption, 8,286,650 Series D Preferred Units remain outstanding.
To me, it speaks volumes that they are willing to dip into the revolver to redeem these D shares.
The D’s start paying 13.75% this year (stepped up from prior years), so it is costing them a fortune.
IIRC, they said in their 10K last year that they were planning to redeem them all in 2024, but I think that had a higher repurchase volume outlook for this year (sorry, working from memory).
FITCH…….Oh my………..
This is not a political comment. It is a financial comment. There is a price to pay for the massive government deficits and the continual threat that the debt ceiling will not be increased. At some point, the credit ratings get impacted. Fitch has reached this point. Unless we start addressing both of these issues together (not just one of them), we are not leaving the rating agencies with no choice.