Below are some press releases from company’s with preferred stock or baby bonds outstanding.
Global Ship Lease Reports Results for the Third Quarter of 2022
Maiden Holdings, Ltd. Releases Third Quarter 2022 Financial Results
Sachem Capital Revenue Increases 58.9% to $13.5 Million for the Third Quarter 2022
Conifer Holdings Reports 2022 Third Quarter Financial Results
Ellington Residential Mortgage REIT Reports Third Quarter 2022 Results
Annaly Capital Management, Inc. Announces Preferred Dividends
FG Financial Group, Inc. Reports Third Quarter Financial Results
Ontrak Announces 2022 Third Quarter Financial Results
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Big news for holders of Maiden’s three preferreds MH-A,C,D. All three had suspended payouts back in 2018. As part of their earnings announcement, Maiden said that all three were going to be forcibly converted into common shares. They went up from ~ 2.25 to close at ~ 5.20, about 120% on the day. Not every day you see preferreds up >100%. Great news if you bought them at 2.25, not so great news if you bought them around par, $25.
We do not own any of the three in any account.
It’s NOT a Wonderful Life! Where is Jimmy Stewart when you need him?
ICYMI, the crypto world is in uproar. The second largest crypto exchange FTX is literally going bankrupt shortly. From top of the world to BK in short order. The short version: bank run WITHOUT a backstop, which should make all us appreciate the Federal Reserve. Rewind to the 2008 GFC. The Federal Reserve under Ben Bernanke literally stopped all of the major banks from going bankrupt by giving them access to the discount window. Youngsters might not understand how the discount window works. Each Fed regional bank has the ability to loan any member bank funds supposedly backed by high quality collateral assets. The Fed kinda ignored the check on asset quality back in the GFC, but without access to the discount window, NONE of them would have been able to survive a bank run.
This might be pertinent to Silvergate (SI) and SI-A like we have been discussing. If I was a depositor to Silvergate beyond the FDIC $250k limit, I would march down to the local branch and take every penny out beyond the limit. It does NOT make any difference whether SI is in any trouble with their cyrpto loan book or not. Perception is what counts.
Credit Suisse (CS) appears to be in a similar situation. Their A3/A- corporate bonds are trading more like junk indicating investors are NOT sure about the return OF assets. It appears CS has been making frequent stops at the Swiss National Bank discount window, attempting to fight off a potential run.
Paging Jimmy . . .
https://www.youtube.com/watch?v=iPkJH6BT7dM
haha yeah those CS bonds love to be at the top of the YTM list along with Altria and Phillip Morris. 10% YTM on an A3… yeah, I’m going to have to pass on that one…er, three.
Well in other news….FTX collapsed and took BTC & Co down with it. Just last month Fidelity opened/expanded trading in crypto. But the firm I was thinking about was the mooch’s digital HF which was pushing new investors at 56,000 per BTC. I see he’s even been on with Kiernan recently doing the same. “The diFi revolution” were his actual words. YIKES well at least my worst are off only 50%!!
So much for fiscal conservation.I was reading all the things were are going to get more of, illegal immigrants, inflation, communism, etc and then realized……..the AOC’s of the world are unstoppable….we were going get them regardless of which way 11/8 went……. Prepare accordingly!!!!
Nevermind all that – I get my investment advice from Tom Brady… I’ll be OK, right???? https://www.dailymail.co.uk/sport/sportsnews/article-11408011/Tom-Brady-risks-losing-ENTIRE-investment-FTX-exchange-plunged-fortune-crash.html
Kind of hard to understand, you make hundreds of millions of dollars and you invest in crypto. Many years ago Drew Brees bought $15 million worth of diamonds from a jeweler in San Diego. I think they were worth about 40 cents on the dollar. I don’t remember how the law suit was settled.
He did well, comparatively
I like the catchy ad, Tom Brady is in are You ! ?
Wow he screwed all those people, friends, family, servants, and moms too
FTX did have a great commercial with the Founding Fathers. The one where one of the Fathers was trying to rip up the document when he discovered “even the stupid people” get the right to vote.
https://www.youtube.com/watch?v=M_w3_-2JfZc