Below are press releases from companys with preferred stock and baby bonds outstanding–as well as just news of general interest.
SiriusPoint reports 89.1% Combined ratio for its Core operations with Net Income up $742m from FY 22
CTO Realty Growth Declares Dividends For the First Quarter 2024
Medallion Financial Corp. Reports 2023 Fourth Quarter and Full-Year Results
Enstar Group Limited Reports Fourth Quarter and 2023 Year-End Results
Armada Hoffler Announces 5% Increase in Quarterly Cash Dividend on Common Shares
Global Indemnity Group 2023 Earnings Release & Conference Call
Redwood Trust Reports Fourth Quarter 2023 Financial Results
DigitalBridge Reports Fourth Quarter & Full Year 2023 Financial Results
Hercules Capital Announces Upcoming Event for the Financial Community
Regarding TPG Real Estate Finance Trust, look at some of these losses they had to take during 4Q in their office and apartment loan portfolios:
“Sold an office loan with an unpaid principal balance of $84.7 million for $29.0 million, resulting in a loss on sale of $55.8 million, including transaction costs of $0.04 million.”
“Sold a multifamily loan with an unpaid principal balance of $127.3 million for $98.7 million, resulting in a loss on sale of $22.4 million, including transaction costs of $2.7 million and $8.9 million from the reversal of an unamortized purchase discount from acquisition.”
I have been tracking this company for some time. Their book value has gone from $16.41/share on 3/31/22 to $11.86/share as of 12/21/23. But it is trading at a 50% discount to book value today, so most of the bad news seems to be priced in.
They have a 6.25% preferred that trades for $16/share….nearly a 10% yield.