UPDATE TICKER–as noted by mbg below the OTC grey market ticker is IPCRV (subject to change of course).
Inpoint Commercial Real Estate Income Inc. (not publicly traded) has announced they are selling a new perpetual preferred stock issue.
Inpoint is a non publicly traded commercial mortgage REIT and as a REIT the terms of this new issue are that it is cumulative, non qualified and I believe it will be unrated (still checking).
This is not a large company with just Net Asset Value of just $230 million as of 6/30/2021 so due diligence is necessary.
The ticker will be ICR-A and the OTC ticker has already been assigned as IPCRV
The registration statement is here.
6.75%
Temp ticker is IPCRV
https://otce.finra.org/otce/dailyList?viewType=Additions
09/15/2021 11:54:35 Addition 09/15/2021 00:00:00
IPCRV INPOINT COML REAL ESTATE INCOME INC CUM PFD SER A
Thanks mbg
Managed by Inland Real Estate which has been very big for a long time in the controversial non publicly traded REIT space so while the issuer is small the organization behind it is quite large. Curious why they wouln’t place the preferred the same way as the common.
Everybody and their brother wants in on the action now, Is that the sign of a market top?
Martin:
Considering that this preferred traded from $25 down to $17 (as of 8/19/22) then yes, it was a sign of the top (which of course occurred later for the entire preferred sector in November 2021).
A little surprising that HDO is reaching for preferred ideas on private commercial mortgage REITs, but they have their reasons.
Only a truly mindless sheep would put in a market order for a preferred with almost no liquidity and pay 30% higher than the previous day’s price.