Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted.
Ready Capital Corporation Announces New Share Repurchase Program
SuRo Capital Corp. Fourth Quarter 2024 Preliminary Investment Portfolio Update
Bank OZK Fourth Quarter and Full Year 2024 Management Comments
LuxUrban Hotels Strategically Transitions to OTC Market to Accelerate Growth and Profitability
Mortgage Rates Surpass Seven Percent
Runway Growth Finance Corp. Provides Fourth Quarter 2024 Portfolio Update

Assurant Board of Directors Declares Quarterly Dividend of $0.80 per Common Share

Diversified Healthcare Trust Announces Quarterly Dividend on Common Shares

Office Properties Income Trust Announces Quarterly Dividend on Common Shares

U.S. Bancorp Reports Fourth Quarter 2024 Results
Charles, mbg re-posted this listing of re-sets in the comments of one of Tim’s daily notes, originally posted a ways back by Tex II.
Ticker Pref / Baby Spread Reset Date
EFC-B Pref 4.990% 1/30/2027
KMPB Baby 4.140% 3/15/2027
EBBNF Pref 3.150% 9/1/2027
BANC-F Pref 4.820% 9/1/2027
MSBIP Pref 4.713% 9/30/2027
MBINM Pref 4.340% 10/1/2027
AGNCL Pref 4.390% 10/15/2027
RZC Baby 3.456% 10/15/2027
KEY-L Pref 3.132% 12/15/2027
ATH-E Pref 3.962% 12/30/2027
ASBA Baby 2.812% 3/1/2028
JXN-A Pref 3.728% 3/30/2028
HBANL Pref 2.704% 4/15/2028
RWT-A Pref 6.278% 4/15/2028
EFC-C Pref 5.130% 4/30/2028
EBBGF Pref 3.140% 6/1/2028
FTAIM Pref 5.162% 6/15/2028
APOS Baby 3.226% 12/15/2028
EBGEF Pref 2.820% 3/1/2029
ATHS Baby 2.986% 3/30/2029
SYF-B Pref 4.044% 5/15/2029
SNV-E Pref 4.127% 7/1/2029
RF-F Pref 2.771% 9/15/2029
VOYA-B Pref 3.210% 9/15/2029
VLYPN Pref 4.182% 9/30/2029
Thanks D, I saw mbg’s post this morning. I really need to print it out. This is heavy to banks so I’m a little cautious on buying more than what I already have.
Charles
Had the same thought.
I’m uncomfortable doing bank perpetuals – counting on a Call
Saw just today that 40 odd percent of office CRE loans are underwater
Westie these are also a little on the heavy side to insurance co’s. Commercial RE loans sold to the secondary market, I wonder what’s in the insurance companies wallets? Do they break down what they hold in their 10k report?
Charles
More comfortable with ins companies – altho many are foreign.
Ins co’s can not have depositor runs nor can the regulator step in without notice unless it can demonstrate that the co is insolvent.
Last, don’t think ins co’s do construction loans where the biggest risk lies.
2025 is very volatile so far – even with my preferreds and bonds/BBs. My accounts started the year off with a quick +0.98% then tanked to the point they were down 0.46% on the year and now back to almost +1% again (+0.95%). I rearranged some deck chairs during the pullback and now, like Tim P. here, feel much better with my allocations for the medium term. Rates on the 10Y have come back down nicely…will they stay and/or continue down? Who knows, but I am assuming a 4.25-5.00% level for the foreseeable future with my furthest bonds (so far) out to 2032 with most 2029 or less.
I have had a ‘hobby’ account (2% of my net worth) for the last several years where I trade short weekly options on things like NVDA, AAPL, etc. In 2024, I had 9 losing and 43 winning weeks so looking forward to another successful year there as well!
Abacus Life (NASDAQ:ABL) files preliminary prospectus 9.2M shares of common stock $72.7M of 9.875% Fixed Rate Senior Notes due 2028.
https://seekingalpha.com/filing/9447984#hasComeFromMpArticle=false
US Bank USB was down today after a slight earnings miss. (An hour later, another headline said it was an earnings beat, got to love AI.) Morningstar just picked USB as an undervalued stock for this quarter even though they rate it only 3-stars. M-star thinks USB has been overlooked sitting in-between the bigger TBTFs and the smaller regionals. Its trailing performance makes it a good swap to replace more appreciated mega banks. Its stock is up 16% Y2Y much less than JPM or KRE. USB pays around a 4% dividend. M-star says USB has a wide moat. I don’t own USB or its preferreds and I have not gone through its latest financials, so DYODD and JMO.
“5 Stocks to Buy During 1Q 2025 I January 13, 2025” – Searching on YouTube will get your there. Skip to ~36 minutes for USB.
USB has done almost nothing in the last 10 years stock price wise. While JPM has been an easy triple. Every time I consider selling my position in JPM I say nah.. and rewarded again and again. JPM has grown the quarterly dividend 300% in 10 years. .40 cents to about 1.25. USB is annual and dysfunctional.
I feel like news places or things like morningstar just produce news/reports/stuff because they have to. Hard to take them seriously.
USB-H and unlikely called USB-A are decent and safe buys if you are looking for SOFR dependent current yield of 6.75-7.25%
mSq I would be interested if I didn’t have enough bank preferred already. Do you know of any other lists besides Tim’s for FF or resets ?