Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.
Triumph Financial to Acquire Greenscreens.ai
Regency Centers Upgraded by S&P Global Ratings to an ‘A-’ Credit Rating
Global Net Lease Announces Sale of Multi-Tenant Portfolio for Approximately $1.8 Billion
Carlyle Credit Income Fund Announces First Quarter Financial Results and Declares Monthly Common and Preferred Dividends
New Mountain Finance Corporation Announces December 31, 2024 Financial Results
EPR Properties Reports Fourth Quarter and 2024 Year-End Results
Pebblebrook Hotel Trust Reports 2024 Results and Provides 2025 Outlook
AM Best Affirms Credit Ratings of CNO Financial Group, Inc. and Its Life/Health Subsidiaries
Popular, Inc. Declares a Cash Dividend of $0.70 per Common Share
Chatham Lodging Trust Announces Strong Fourth Quarter 2024 Results
UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024
Why is REGCO and REGCP selling at such a low price compared to FRT-C ?
Regency centers just got upgraded to A- so where does that put the rating on the preferred shares ? Also keep in mind that it’s a thinly traded so if you have fido you might have issues selling
Maybe they wont call the remaining A or B and save the money to redeem RITM-D in late 2026, which will cost them even more with the big reset rate for D.
Good morning Gumfighter, nice to hear from you.
I also see where NEWT reported this afternoon and seemed to beat expectations on revs and earnings…..https://finance.yahoo.com/news/newtekone-inc-reports-full-2024-222700535.html But you know what they didn’t report (as usual)? There’s no mention of asset coverage ratio as it pertains to NEWTZ. And don’t ask them about it because the only answer you’ll get is “we’re in compliance.” They haven’t announced the actual ratio since they turned into a bank, but as long as NEWTZ is outstanding Z is directly under the 1940 Act protections for BDCs… and by association that should mean that each other NEWT note would be subject to the asset coverage ratio at time of issue as well, yet you won’t even find mention of it in any of the other prospectuses…… but it’s there, and they ignore it….. I have absolutely no ability to independently know if “in compliance” means they’re meeting the coverage ratio, but if they were you would think they’d not be reluctant to publish it as every other company does that’s subject to it… and all I’ve ever gotten from them on this subject when brought up is radio silence…
See? I told you I had a gripe with NEWT regarding their old notes issued when they were BDCs… That’s the cliffnote version of why for those who haven’t heard it before…. BTW I have no concern about NEWT as being credit worthy and Z is my largest holding, but I can’t help but believe “compliance” to them means something different than what we would think we have under the 1940 Act.
Thank you, 2wr.
I was recently able to grab some NEWTZ the day after the Jan 31 swoon on heavy volume, when it fell to 24.41. I paid a little more, and got a nice YTM of ~7.5% for a 1-year hold.
Someone posted it (probably on RIA?) but I was too late that day. Lucky I got some the next day.
I also have some NEWTG, which goes ex in 2 days. Still trading under par on a stripped price basis.
Plus ritm has the d prefs reseting at a huge rate later this year
Z,
RITM-D reset date is late next year (11/25/2026).
Prospectus (p. S-2):
“When, as and if declared by our board of directors, we will pay, out of amounts legally available for such purpose, cumulative cash dividends on the shares based on the stated liquidation preference of $25.00 per share at a rate equal to (i) for each dividend period from and including the date of original issue to, but excluding, November 15, 2026 (the “First Reset Date”).”
By the way, RITM-C began floating 11 days ago (2/15/2025).
Floats at the 3mSOFR + .26161% (tenor adj) + 4.969% spread. *
* I think they’ll replace LIBOR w 3mSOFR (+ tenor adj).
IIRC, in their recent 10-K, they said they’ll use the prospectus’ fallback language and that language says, “Notwithstanding the foregoing, if we determine on the relevant Dividend Determination Date that LIBOR has been discontinued, then we will appoint a Calculation Agent and the Calculation Agent will consult with an investment bank of national standing to determine whether there is an industry accepted substitute or successor base rate to Three-Month LIBOR Rate. If, after such consultation, the Calculation Agent determines that there is an industry accepted substitute or successor base rate, the Calculation Agent shall use such substitute or successor base rate.”
correct – my bad on ritm-d
should have read late next year
thx
Well, there goes part of RITM-A — but at least my RITM-B is safe, for a little while… I’ll take the juicy for as long as they let me have it.
Dave–I think we have a good amount of time on the ‘B’ issue which is why I had bought the B instead of the A. We’ll see how long it takes them to call the other 4 million shares of ‘A’.