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Headlines of Interest to Holders of Preferred Stocks and Baby Bonds

Below are press releases from companies with preferred stock and baby bonds outstanding. Additionally, news of a more macro economic importance may be posted. 

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Ready Capital Corporation Announces New Share Repurchase Program

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SuRo Capital Corp. Fourth Quarter 2024 Preliminary Investment Portfolio Update

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Portman Ridge Finance Corporation Schedules Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

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Logan Ridge Finance Corporation Schedules Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

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Bank OZK Fourth Quarter and Full Year 2024 Management Comments

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LuxUrban Hotels Strategically Transitions to OTC Market to Accelerate Growth and Profitability

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Mortgage Rates Surpass Seven Percent

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UMH PROPERTIES, INC. WILL HOST FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS WEBCAST AND CONFERENCE CALL

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Runway Growth Finance Corp. Provides Fourth Quarter 2024 Portfolio Update

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

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Diversified Healthcare Trust Announces Quarterly Dividend on Common Shares

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Office Properties Income Trust Announces Quarterly Dividend on Common Shares

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U.S. Bancorp Reports Fourth Quarter 2024 Results

11 thoughts on “Headlines of Interest to Holders of Preferred Stocks and Baby Bonds”

  1. 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

    1. 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.

      1. 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

        1. 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?

          1. 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.

  2. 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!

  3. 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.

    1. 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.

      1. 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%

        1. 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 ?

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