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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 1-2 weeks until the 2nd quarter earnings season arrives. 

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Runway Growth Finance Corp. Announces Date for Second Quarter 2024 Financial Results and Conference Call

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Saratoga Investment Corp. Announces Fiscal First Quarter 2025 Financial Results

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Great Elm Capital Corp. (“GECC”) Issues $22 Million of Additional GECCI Notes

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Valley National Bancorp to Announce Second Quarter 2024 Earnings

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CareCloud Proposes Amendment to the Terms of its Series A Preferred Stock

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KKR & Co. Inc. to Announce Second Quarter 2024 Results

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Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity

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Bridgewater Bancshares, Inc. to Announce Second Quarter 2024 Financial Results and Host Earnings Conference Call


Cherry Hill Mortgage Investment Corporation Provides Update on Exploration of Strategic Alternatives by Special Committee

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Air Lease Corporation Activity Update for the Second Quarter of 2024

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MetLife Declares Third Quarter 2024 Common Stock Dividend

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Sotherly Hotels Inc. Announces Refinancing and Relaunch Plans for Jacksonville, FL Hotel

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Brighthouse Financial Announces Conference Call to Discuss Second Quarter 2024 Results

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Global Net Lease Announces $321 Million of Completed Dispositions Through Second Quarter of 2024

6 thoughts on “Headlines of Interest”

  1. So CareCloud is trying to reduce preferred CCLDP dividend from 11% to 8.75% and it’s up 4.08% today. Maybe it doesn’t matter since the dividend has been suspended but up 4.08%?

    1. denzeb–the favorable part is the terms of the 11% preferred change so they have to be redeemed in a buy out–currently they do not have to be redeemed (while their 8.75% preferred does have to be redeemed).. They had an offer to be bought for $5/share which they turned down and this is where this issue came up.

  2. *** Rant warning – disregard the following post – it is silly ***

    Externally managed REITs – let the buyer beware. Like overfed guppies they fatten up on properties bought with diluted common stock, taking a per cent of assets managed, good or bad. Then the external managers decide to leave, collecting a large “exit fee” from any remaining corporate cash on the way out. Then then new managers (who are the old managers, listen to the conference call), now desperate to reduce debt, sell off the overpriced properties that they bought and cut the dividend.

    Disclosure: I learned a lot of life lessons as a kid: don’t overfeed your guppies and don’t overfeed your corporate management. Both will eat until they explode.

    JMO. DYODD

    1. Does that include life/property insurance companies? Taking cash float and investing outside of traditional?

    2. Externally managed REITs are a problem and a no go zone for me for both debt and equity REITs. The reason is because typically executive management have duties of care and loyalty to shareholders at public firms.

      HOWEVER

      The externally managed REIT model turns this on it’s head as they are not employees of the REIT. So to whom do they owe these duties? My answer is their employer which is not the REIT. The best example of the problems associated with externally managed REITs is the Commonwealth REIT example and the Portnoy family which can be researched.

      Externally managed REITs are a no go for me on basic governance principles.

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