Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted. Earnings season has essentially ended so news will be slower until we get into mid April when some earnings will start to appear.
NGL Energy Partners LP Announces Quarterly Cash Distribution for the Class B, Class C, and Class D Preferred Units
TWO Announces First Quarter 2025 Common and Preferred Stock Dividends
Citizens Financial Group Announces First Quarter 2025 Earnings Conference Call Details
Nuveen Preferred Securities Closed-End Funds Announce Proposed Merger
UMH PROPERTIES, INC. PUBLISHES ITS 2024 ANNUAL REPORT
I took a quick look at JPI and JPC. JPI is a former term fund, now perpetual, merging into JPC, a larger fund. Both funds have fat yields, managed distributions that are not covered and high leverage. JPC has international holdings, a portfolio diversification plus. About 35%-40% of JPI’s and JPC’s portfolio is sub-investment grade. Both funds hold a lot of bank issues, which is either a plus or a minus. JPC’s formerly wide discount has closed up.
High yields are always enticing but there is no longer the psychological cushion of a NAV discount. I added the tickers to watch but that’s about it for now. JMO. DYODD.
Bear, When they have to merge funds because one or both are not performing well that is one red light. The fund manager amending the terms to perpetual bothers me as I suspect if they liquidated the assets they wouldn’t receive the value they wanted or paid for them in this market.
I can’t remember where I read it, but the article said this was the flaw that was exposed with targeted retirement funds that had been sold to individual savers and 401k accounts for employee retirement accounts.