Below are press releases from companys with baby bonds and/or preferred stock issues outstanding. Or just news of general interest.
Ready Capital Expands Partnership with Esusu, Donates to the Stable Home Fund
SITE Centers Declares $0.16 Per Share Cash Special Dividend
The Hartford Declares Quarterly Dividend Of $375 Per Share Of Series G Preferred Stock
MFA Financial, Inc. Announces Dividend of $0.35 per Share
Arlington Asset Investment Corp. Announces Intention to Delist Notes from the NYSE
Arlington Asset Investment Corp. Shareholders Approve Merger with Ellington Financial Inc.
NexPoint Real Estate Finance, Inc. Announces Preferred Stock Dividend
Huntington Bancshares Incorporated Declares Cash Dividend On Its Series I Preferred Stock
Preferred Bank Announces Increased Cash Dividend
Rithm Capital Corp. Declares Fourth Quarter 2023 Common and Preferred Dividends
Bankrate Recognizes Texas Capital as the Best Regional Bank in 2024
LifeMD and Medifast Partner to Offer Transformative Weight Management Solution
Thanks. I’m hoping it drops as well and am a bit surprised it hasn’t already. What is RIA? Thanks again.
Reader Initiated Alerts
Already own AIC, so I’m not hoping it drops a lot, but if it does, I’ll be ready.
All a matter of perspective. I got out of AIC yesterday at about $24.20 (late, because I wasn’t paying attention).
I expect AIC to drop significantly as we get closer to the closing (combination of tax loss harvesting, institutionals/funds that can’t own dark securities, panicky sellers who think the sky is falling…), when I hope re-enter for a modest amount of AIC at a better price/yield.
I think EFC is probably solid enough to survive for 15 months.
I could be wrong on this in so many ways, but I think it is worth the risk if the yield gets up significantly from where it is now.
If it doesn’t work out, I will just put the money somewhere else (I noticed that PCG preferreds are at above 7.5% – and although I hate the company, I have surrendered to my greed and will own their preferreds).
Some good news for any ENB preferred holders out there…helps pay for the big gas acquisition:
News
BRIEF-Enbridge Announces $3.1 Bln Sale Of Its Interests In Alliance Pipeline And Aux Sable
5:37 PM ET, 12/13/2023 – Reuters
Dec 13 (Reuters) – Enbridge Inc:
* ENBRIDGE ANNOUNCES $3.1 BILLION SALE OF ITS INTERESTS IN ALLIANCE PIPELINE AND AUX SABLE
* ENBRIDGE INC – ENBRIDGE’S 2024 FINANCIAL GUIDANCE AND NEAR-TERM GROWTH OUTLOOK THROUGH 2025 REMAIN UNCHANGED
* ENBRIDGE INC – PROPOSED DEAL INCLUDES NON-RECOURSE DEBT AT ALLIANCE OF APPROXIMATELY $0.3 BILLION, AND SUBJECT TO CUSTOMARY CLOSING ADJUSTMENTS
* ENBRIDGE INC: AS PART OF TRANSACTION, PEMBINA AND CURRENT OPERATOR OF AUX SABLE, WILL ALSO ASSUME OPERATORSHIP OF ALLIANCE
* ENBRIDGE INC- SALES PROCEEDS WILL FUND A PORTION OF STRATEGIC U.S. GAS UTILITIES ACQUISITIONS AND BE USED FOR DEBT REDUCTION
* ENBRIDGE INC: ENBRIDGE’S 2024 FINANCIAL GUIDANCE AND NEAR-TERM GROWTH OUTLOOK THROUGH 2025 REMAIN UNCHANGED
* ENBRIDGE INC – AGREEMENT TO SELL 50.0% INTEREST IN ALLIANCE PIPELINE AND 42.7% INTEREST IN AUX SABLE TO PEMBINA PIPELINE CORPORATION
https://www.enbridge.com/media-center/news/details?id=123793&lang=en
https://www.arlingtonasset.com/2023-12-13-Arlington-Asset-Investment-Corp-Announces-Intention-to-Delist-Notes-from-the-NYSE
There is a long thread on AIC/AAIN on RIA.
AIC matures on 3/15/2025.
At a price of 24.05, I calculate a YTM of 10.0% as of today. If I’m planning to hold to maturity anyway, I’m not overly concerned about the delisting. I also like the 15 months to maturity. It’s long enough to give the 10% YTM some real meaning, but short enough to reduce the probability of something going seriously wrong. The ~$35 million of AIC outstanding is not much more than a rounding difference for EFC when redemption time comes.
Some think that the delisting may cause a further drop when the ETFs rebalance at the end of the month. If so, I’ll be adding.