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Headlines of Interest

Below are press releases from companies with preferred stock and/or baby bonds outstanding-or just news of general interest.

News will be slow for the next 4-6 weeks until the 2nd quarter earnings season arrive.


Priority Income Fund Announces Declaration of Preferred Stock Distributions for June 2024


Global Ship Lease Declares Quarterly Dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares


Sachem Capital Corp. Announces Appointment of Nicholas M. Marcello as Interim Chief Financial Officer

Freddie Mac logo.jpg

Mortgage Rates Pull Back

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AM Best Revises Issuer Credit Rating Outlook to Positive for Credit Ratings of W. R. Berkley Corporation and Its Subsidiaries

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Citizens Financial Group, Inc. Announces Date and Time Change for Third Quarter 2025 Results Conference Call

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Two Virtus Closed-End Funds Announce Two Monthly Distributions: NCV, NCZ

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NGL Energy Partners LP Announces Fourth Quarter and Full Year Fiscal 2024 Financial Results; Guidance for Fiscal 2025

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NGL Energy Partners LP Announces $50 Million LP Common Unit Repurchase Program

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Chatham Lodging Trust Declares Quarterly Common, Preferred Dividend

Global Medical REIT Inc. Board Declares 2024 Second Quarter Common and Preferred Dividends

5 thoughts on “Headlines of Interest”

  1. Posted this on Sadbox as well, but this SACH news is noteworthy IMO.

    After over 1 year of CEO/Chairman also acting as Interim CFO (and signing off on the K Q forms) current VP Finance has been promoted to *Interim* CFO.

    Not exactly a way to set him up to act independtly and make the tough calls with the support of the CEO now is it?

    There is just something strange about this move.

    1. How do you fill a post without any expectations? Names in a hat?
      Not sure how it should normally be done.

      1. Hi Gary,

        Well this is the CFO of a public company. One might promote from internal candidates, one might use industry contacts or one might use an exec search firm. Promoting internally makes a lot of sense.

        The issue here is that after the CEO held the CFO slot for over 1 year on an Interim basis – he then filled the CFO slot with the existing VP of Finance on an *Interim* basis.

        To me that handicaps the CFO among his peers and direct reports. His position is interim and conditional. He clearly does not have the ful support of the CEO and BOD despite having served as VP Finance.

        Meanwhile the firm has 2 tranches of baby bonds maturing in 2024 *and* is pushing the limits on their required asset coverage ratios ( I last calculated 168% when their lower limit is 150%). Their loan book is quickly deteriorating in terms of credit quality, they are not earning their common dividend and the common trades well below book value.

        I just think it’s strange, and I think the company needs a CFO with full authority to make the tough calls. Maybe that’s the issue. Perhaps the CEO does not want anybody to make the tough calls…

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