Below are press releases from company’s with preferred stock and baby bonds outstanding.
OFS Credit Company Provides October 2022 Net Asset Value Update
Ellington Financial Announces Estimated Book Value Per Common Share as of October 31, 2022
Popular, Inc. Declares a Cash Dividend of $0.55 per Common Share
EPR Properties Declares Monthly Dividend for Common Shareholders
WesBanco Declares Increase in Quarterly Cash Dividend to Its Shareholders
Merchants Bancorp Declares Quarterly Common and Preferred Dividends
Ugly day for Drive Shack preferreds:
DS-B -20.9% close @ 10.10
DS-C -12.7% close @ 11.00
DS-D -24.9% close @ 10.13
DS common -8.7% close @ 0.39, yes that is 39 cents!
DS filed with the SEC that they are NOT able to release their Q3 10Q on time. Seems they have a dispute with their auditor, Ernst & Young on some impairment charges. From the filing: “the company expects to report a material weakness in its internal controls over financial reporting. . .”
All of the preferreds paid their latest dividends on time @ 10/31/22. Market seems to be saying that future dividend payments are uncertain. If that is the case, these are way over priced. For Q2 they reported revenues of $93 million and a lot of ($10.8 million)
The Interim Chief Financial Officer is Kelley Buchhorn. Previously she was at JC Penney which went bankrupt. Before that she was with Pier One which went bankrupt. Might not portend well for Drive Shack.
We do not own any preferred and/or common shares in any account.
My old buddies dig these Drive Shack ranges, and the one in my hometown has been quite busy even mid-week for the last year and a half, so I was eye’ing the common as a gamble last month b/c this isn’t DS’s first rodeo as a penny stock.
But they’ve got that looming reverse split to avoid delistment, and I’ve never been a part of a successful/profitable reverse split, plus I need to stop gambling. I keep telling myself I’m an honest investor these days.
well, they hired the CFO with relevant experience…./s
Not sure how anyone can go bankrupt when catering to people who spend as much money as golfers do… but there you have it..
This thing was a wet mangy dog in its first life as Newcastle. Probably never had a chance despite, fat wallet tubby golfers drinking beer , eating fries, and shanking chips into the neighboring booth.