Below are press releases from companys with preferred stock or baby bonds outstanding – or just of general interest.
NewtekOne, Inc. Achieves Record SBA 7(a) Loan Closings in the Third Quarter 2023
Brookfield Infrastructure to Host Third Quarter 2023 Results Conference Call
Apollo to Announce Third Quarter Financial Results on November 1, 2023
Costamare Inc. Declares Quarterly Dividend on Its Preferred and Common Stock
ARMOUR Residential REIT, Inc. Confirms Q4 2023 Common Share and Series C Preferred Share Dividends
ARMOUR Residential REIT, Inc. Announces Effectiveness of One-For-Five Reverse Stock Split
American Financial Group, Inc. Declares Quarterly Dividend
Two Harbors Investment Corp. Announces Closing of Acquisition of RoundPoint Mortgage Servicing LLC
KKR Sells Over $560 Million of U.S. Industrial Real Estate
Rithm Capital to Acquire Specialized Loan Servicing LLC
UMH PROPERTIES, INC. 2023 OPERATIONS UPDATE
CenterPoint Energy, Inc. to Host Webcast of Third Quarter 2023 Earnings Conference Call
UMH PROPERTIES, INC. DECLARES COMMON AND PREFERRED DIVIDENDS
Brighthouse Financial Announces Conference Call to Discuss Third Quarter 2023 Results
Assurant to Announce Third Quarter 2023 Financial Results
RenaissanceRe Schedules Third Quarter 2023 Financial Results Conference Call
Arch Capital Group Ltd. to Report 2023 Third Quarter Results on October 30
Orchid Island Capital to Announce Third Quarter 2023 Results
I had a large tranche of treasuries mature this weekend and am waiting for the funds to settle in my accounts – wondering how to allocate. I am thinking short term treasuries again. In my taxable account, will probably push to a January maturity to defer taxes – the rest it doesn’t matter as much as long as I can ladder effectively.
TLT trying to breach below $86 this morning. If you believe Rick Santelli yesterday on CNBC, we’re potentially heading toward 13% on the 10 year. That’s a very bold call by him…We shall see.
They will get to 13% – the only question is when.
Strongly recommend the book “A History of Interest Rates” by Sidney Homer.
Homer recounts the 5,000 year history of interest rates from 3000 BC to the modern era.
The key takeaway is that rates tend to move in 30-40 year cycles. By this – the long decline in rates which started in the early 1980’s is over and we are now in a 30-40 year period of increasing interest rates. So yes, the 10 year will reach and exceed 13%. The only question is when.
Of course rates will not go straight up (just as rates did not go straight down). However, this of us that are still alive in 40 years (not me) will marvel at how high rates will go.
Sidney Homer – now there’s a name I haven’t heard in a long long time… the predecessor of Henry Kauffman at Salomon Bros….
Great quote of his as mentioned in his obit – ”Nations, when confronted with a challenge, do behave wisely once all other alternatives have been exhausted.” https://www.nytimes.com/1983/08/11/obituaries/sidney-homer-80-finance-expert-and-writer.html
August:
“So yes, the 10 year will reach and exceed 13%. The only question is when.”
You might want to dial down on the fear mongering.
13% on the 10-year with inflation at 3%? Those real yields would crush any economy. Every dollar taken in of federal revenue would go towards interest costs on the national debt.
Not going to happen unless inflation spikes to 10%+ and stays there for years. And that likely won’t happen with the way the global economy is structured now with so many goods being permanently made cheaper overseas.
The reason Paul Volker raised rates to unprecedented levels in the 1980s was to break the back of inflation (which he did). We are clearly not in the same environment today and there appears to be very little chance of seeing that kind of monster inflation in the future.
Hi Kid – I don’t call it fear mongering – you can if you want.
I didn’t say what day, what week, what month, what year or what decade and I also mentioned that interest rates move in 30-40 year cycles, and I would only point you to the “History of Interest Rates” book.
What? you expect us to read books? hasn’t someone made it into a tick-tock video yet?
I had a strange talk with a young (late 20s) woman the other day. We were talking about how people sometimes make decisions that are against their own interests, and I recommended Barbara Tuchman’s incredible work “The March of Folly.” (If you have never Read Tuchman, you have been missing out. Great historian who was also a great writer.)
Anyway, the gal asked how old it was. I said mid 1980s, but its history, so it doesn’t change very much. I even offered to give her a copy ). She declined because she doesn’t read old books (anything written before 2001). She said the material in them just isn’t relevant to the modern world.
I was speechless (a rarity for me). She also said she doesn’t watch black and white movies for the same reason.
Wow.
Another proof that I am getting old.
Hi Private – the “History of Interest Rates” is by far the most boring book ever written. Unless, of course, you are trying to make a living investing in bonds.
The book covers the history of interest rates going back to 3000 BC. The book is available on Audible as an audio book.
https://www.wiley.com/en-us/A+History+of+Interest+Rates%2C+4th+Edition-p-9780471732839
The book will clearly prove the point that interest rates move in 30-40 year cycles.
August, I think I read some of that book years ago, but I am pretty sure it was a revised edition (I just looked on Amazon and I think I recognize the cover).
Someone had left it in the “library” in a hotel in Bangkok where I was living (for most of a year) in the 90’s, but I had to leave briefly (crisis on another project) and when I came back, someone had taken it. Hotel only had “CNN headlines” in English, so I read a LOT. Used to be hard to find English language books in many non-English speaking countries, so I think I read about everything in that hotel (except romance novels).
I might have to go find it again.
If you are a reader, you might enjoy anything from Barbara Tuchman (I think I mentioned her here before). She won the pulitzer twice. Some of her books include:
“March of Folly” is great. (about people taking actions that are against their own best interests)
“Guns of August” won her a pulitzer (about the run up to wwI). I read somewhere that JFK had read it and used some of the concepts during the Cuban Missile Crisis.
“Zimmerman telegram” recounts how Germany tried to get Mexico to join WWI and invade the US (most people haven’t ever heard of that).
But if you read anything of hers, you will be hooked.
August:
From a recent piece from BofA Equity Strategist:
4% real rates popped the internet bubble in 2000
3% real rates popped the subprime/housing bubble in 2007-08
1.5% real rates popped the crypto bubble in 2022
Real interest rates on the 10-year Treasury are near or above 2% today. This is why the equity market is now struggling to go higher.
So unless you think inflation is going to MUCH higher levels, 13% rates on the 10-year will not happen in our lifetime.
You can take that to the (FDIC insured) bank.
Dang that is a bold call. Nobody wants to know what their perpetuals will be trading at if that happens. Early 1980s charts would show a 5% $25 par perpetual to be trading in the $7-$8 neighborhood if that happened. But as that famous investing financial midget PennYlessY says, “its not a loss unless you sell”. Or..”I invest for income and it is meeting my goals”….Which apparently means he wont be retiring anytime soon, ha.
Interesting that Bank of Ozark is increasing its common stock dividend, choosing to decrease liquidity. Conversely, CUBI maintaining liquidity by continuing to pay high floating-rate preferred dividend on CUBI-E and CUBI-F.
Probably because of this:
Bank OZK’s consistent track record of increasing its common stock dividend has led to it being included in the S&P High Yield Dividend Aristocrats® index (Ticker: SPHYDA) since January 2018. The index consists of members of the S&P Composite 1500® that have followed a managed-dividends policy of consistently increasing common stock dividends every year for at least 20 years
Even a bank that is raising dividends can have a bank run…./s
Speaking of bank runs, which bank is seeing the biggest deposit outflows?
Schwab is one that acts just a bank in some respects and could be severely crippled by it.
Justin, After decades with TD, I’m one of those that is having TD accounts moved to Schwab. One account transfer is completed and two are upcoming. The links to external bank accounts did not transfer from TD to Schwab when the first account was moved.
I tried to add those external bank account links this morning and early afternoon. Received this message all day: “This feature is temporarily unavailable. Please try again later.” hahaha. Are they kidding.
Schwab’s site is surprisingly clunky, divvies slow to post and cumbersome MM options with hold periods and an insufferable platform compared to apple-esqe TD. Was already going to move the accounts – but that “temporarily unavailable” feature was enough to get me to stop being lazy. Transferred all 3 out, took maybe 20 minutes and Fidelity is paying a nice perk for the effort.
I’ve been considering it as well-does cost basis and everything transfer? Do you call tda or fidelity?
Fidelity. make sure you lock in a transfer bonus and whatever other perks are floating around before you commit.
Irish, Keep in mind TDA is merging into Schwab. I already had accounts set up at Fidelity so “pulled” the Schwab and remaining TD accounts with the tools on the Fidelity website. The beauty is that if you already have an account at Fidelity (or some other receiving account), then they already have your info and it just becomes a matter of how fast you can click through the prompts.
The reps are very helpful. If you call and share that you want to transfer your accounts they will walk you through the process.
Alpha – Have you been a ThinkOrSwim user? I dread hearing these dismal reports on what it’s like to be moved to Schwab. I sure would miss TOS if I had to move……..I’ve yet to be notified..
I had heard from a schwab rep that TOS will be continued at schwab. I haven’t started moving yet, so I can’t confirm (I got notified that I move 11/3).
2WR, It could be that I’m not smart enough to understand and appreciate the plethora of tools in TOS but I’ve never been able to translate the complexity, breadth and time-consumption of the platform into higher returns. I stay in my zeros and ones lane and run my own sheets. I did like TD base-site because of it’s crisp, clean simplicity and easy navigation – but sadly we are losing that.
Like Private, my understanding too is that the TOS platform will be retained.
The benefits of multiple platforms notwithstanding, I’ve decided to consolidate all accounts to Fidelity with the goal of simplification. They are not a bank, are regulated by the SEC and FINRA, SIPC insurance applies of course, though they also self-insure clients accounts to near unlimited amounts and maintain separate accounts between them and clients. They continue to invest heavily in their technology, frequently offer more flexible trading options and offer some tools that are more apple-esqe than found on TD. …and they accrue MM yields daily on unused funds.
Thanks, A – Yes I know TOS is being retained but the question will be if Schwab tweaks it in a way that’s more Schwab like than TDA. If they leave it untouched, I may be able to get used to their formats….. I’ve already got their annoyance regarding money market accounts vs sweep accounts so they do have one strike against them… If they’re late with divvies v how they’ve been paid in the past or how Fido pays them, then that’ll be Strike 2.
I agree about Fido… That’s where I too have my other account…. I’m reluctant to consolidate same as I’m reluctant to “sync” accounts at any one site where I can view all financial accounts in one space. That’s a security risk in my eyes…. I won’t even provide Norton with all the info they want to protect me with Lifelock because that would mean I 100% trust them and I don’t….. So even though I certainly agree that Fido’s been coming on strong where I’ve always favored TDA for many areas, I would probably not want to consolidate everything there. I agree with the simplification theme, but do feel more comfortable with multiple brokers…. And as far as TOS and being smart enough to understand, I bet if I use 5% of what is possible it’s a lot in TOS…. but what I do use I think TOS is better than Fido’s Active Trader Pro….. That may be because I grew up online brokers on TOS. I’m sure ATP would be satisfactory had I started there… And hey, talk about not being smart enough – running my own sheets? Ain’t ever gonna happen with me, so your smarts are there, buddy, that’s for sure…
I have both Schwab and TDA (as yet unconverted) accounts. They are definitely continuing TOS software. In fact, my Schwab accounts recent go invitations to apply to start using it if I wanted, although I guess you have to pick only 1 stand-alone Schwab software at a time – either their StreetSmart or TOS. Since I liked TOS from TDA, I was happy I could get that working recently for my Schwab accounts. You can sign up for it here if you’re interested:
https://client.schwab.com/app/trade/tradingtools/#/home
Noteworthy that mREITS are buying mortgage servicing firms. Both RITM and TWO made such announcements reported in this summary alone.