Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of general interest. Earnings season is pretty much over so we will have slow news days for a month or two.
Scorpio Tankers Inc. Announces Commitments for New $500.0 Million Revolving Credit Facility
CoBank Releases 2025 Year Ahead Report – Forces That Will Shape the U.S. Rural Economy
Mortgage Rates Continue to Drop
Great Elm Capital Corp. (“GECC”) Raises $13.2 Million of Equity at Net Asset Value
Synchronoss Announces Three-Year Contract Extension with Major U.S Telecom Provider
Global Net Lease Announces $620 Million of Closed Dispositions as Part of Strategic Disposition Plan
Hancock Whitney Renews Share Repurchase Authorization
Edison International Raises Common Stock Dividend 6.1%; 21st Consecutive Annual Increase
KKR Real Estate Finance Trust Inc. Declares Quarterly Dividend of $0.25 Per Share of Common Stock
AM Best Affirms Credit Ratings of Jackson National Life Insurance Company and Its Affiliates
Terreno Realty Corporation Acquires Property in Brooklyn, NY, for $156.3 Million
NGL-B and NGL-C are still shown as having suspended dividends on the Floating Rate and Fixed to Floating Rate Google Sheets page.
I rolled back the clock to the first of the year to a GNL teaser headline, “What’s better, 15.6% on the common or 8.5% on the preferred?” The writer suggested the preferreds. That was a good call. One that shows the perils of yield hogging. GNL common is down 28% YTD, while the preferred A is up 9.4% YTD. Even taking into account the common’s lofty dividend, the preferred did better. (Unless you believe that you don’t lose anything until you sell.)
GNL has had a bouncy road since its merger, big payments to internalize management, untrendy offices on the books and dividend cuts in 2023 and 2024. And an imaginative approach to the concept of “investment grade.” The dispositions to reduce debt are a move in the right direction. The preferreds are a speculative hold for me in this lower rate environment… a little yield hogging. JMO. DYODD.