Below are press releases from company’s with preferred stock or baby bonds outstanding–or just general news of interest.
Prospect Capital Schedules Second
Armada Hoffler Earns Investment Grade Credit Rating
First Republic Bank Announces Common Stock Offering
Assurant Reports Fourth Quarter and Full-Year 2022 Financial Results
Prudential Financial, Inc. Announces 2022 Results
Ellington Financial Inc. Completes Non-QM Loan Securitization
CNO Financial Group Reports Fourth Quarter and Full Year 2022 Results
Lumen Technologies reports fourth quarter 2022 results
AmTrust Announces Quarterly Cash Dividends on Preferred Stock
Chatham Lodging Trust Pays off Mortgages with Proceeds from Term Loan
KKR Real Estate Reports Earnings
Long AHH-Pfd’s from swoon at $20, nice to see them get a little respect from someone at M* DBRS BBB.
RE: NEWT – I posted this on SA upon seeing the announcement – Interesting – According to their website, Patriot Financial Services specializes in community banks – “A community banking fund with an expanded focus on adjacent niche markets within the financial services sector” https://www.patriotfp.com/about-us/ Its IV Fund is @ https://www.patriotfp.com/portfolio/?status=Active&fund=fund-iv “Patriot seeks to make investments in 15 to 20 companies in each of its funds. Investments will be non-control and the fund will generally seek board representation. With each investment, Patriot will work with the company’s management teams to identify and prioritize key business initiatives and help implement best practices for growing franchise value. In sourcing transactions, Patriot intends to utilize both its extensive industry relationships and a proactive internal research approach.”
2WR, I keep waiting for NEWT to call NEWTL and NEWTZ. Have you heard Barry speak or seen any press release about these bonds? Thoughts? Newtek Business Services Corp. (NASDAQ: NEWT) announced January 6th that they completed the acquisition of the National Bank of New York City and my belief was they had to call these bonds within 30 days.
That condition was waived. They don’t need to call the bonds until they get close to the leverage covenants
Thank you for your reply. I tried calling NEWT today and it seems impossible to get to the CFO or even Investor Relations. I was going to knock on their office door tomorrow and see if I could speak with Barry.
It may be impossible for you, but pain in the butt me got to talk to him for a third time recently… As mcg mentioned, the precondition to closing the bank deal on the “Buyer.” [NEWT, the buyer of the bank} that required them to call the notes, almost in the same sentence, gave the Purchaser the right to waive any precondition imposed on him…. Go figure…..
Meanwhile, back at the ranch, what I got from this third conversation was confirmation that the BDC language in the prospectuses of Z and L remains in effect, unchanged by NEWT choosing to lose its status as a BDC. Along with that confirmation was confirmation that they will always be in compliance and that means that whenever they decide to go over the 150% asset coverage ratio, they know they will have to redeem these. There was no nor will there be any projections of timing as to when this will occur… However, having said that, one of the prime motivators for becoming a BHC was to take advantage of the ability to use greater leverage, so I would guesstimate that these will most likely not see the second half of this year…. That’s purely speculation, though… There was no way Barry would be saying anything like that, particularly privately.. ha.
About a week ago I was surprised to discover that it was possible for me to place buy orders for Amtrust preferreds, specifically for AFSIB and AFSIC. After several days with no takers, I was able to pick up 100 shares of AFSIB today for 15.25.
Interesting Stephen – figured they were restricted but knew they were still trading OTC. I assume you are ok on no financial reporting by them?
Yes, Tim, that was my thinking, too, that they were restricted for purposes of purchase to the “experts”. If I’m not mistaken about 6 months ago I had tried unsuccessfully to place buy orders. But just for the hell of it I tried again and was surprised to be able to do so. Actually I already owned 900 AFSIC and 200 AFSIB at the time they went “dark” and when it seemed that ordinary folk were only able to sell, but as I’m okay with their not reporting I chose not to sell and now even add a few hundred more if possible.
You can get some information here.
https://amtrustinternational.com/corporate-governance/solvency-financial-condition-reports/
Edit. This may not be the same company.
Stephen,
Which brokerage accepted your order for AFSIB? TDA rejects mine. Thanks.
I bought 300 of these preferreds a couple of days ago on Fido. They are very illliquid and seem to trade in small amounts. Amazing that we can purchase some “expert market” securities at Fido. At $15 they are paying 12.5% and have paid steady since they went private 4 years ago. Definitely mad money purchase, but seems like good risk/reward to me. Good luck!