This is just a ‘heads up’ on the preferred shares of REIT Arbor Realty Trust (ABR).
The company has improved their financials substantially over the last number of years, which of course means they are able to borrow money at pretty decent rates.
Recently, in a private note offering, ABR was able to borrow $110 million at a coupon of 4.75% due in 2024.
The company HAS NOT announced the intention to redeem any of their preferreds, but if you have 3 issues outstanding with coupons of 7.75%, 8.25% and 8.50% respectively you have to consider the possibility. All 3 issues are now redeemable.
The company SEC filing on this note sale can be seen here.