As mentioned by J early today the new preferred stock from INPOINT Commercial Real Estate Income (not publicly traded) is now trading on the New York Stock Exchange.
This issue was not able to be purchased by most of us, because of stricter regulation on the OTC grey market, when trading 1st began is now available to all.
The most recent 10Q (quarterly report) from the company can be read here.
The issue is trading under ticker ICR-A and last traded at $24.90.
Perhaps, but their lack of investor Relations takes them back in the other direction for me…. I asked them about the Downgrade kicker in the language that supposedly increases the coupon if the issue is downgraded but they didn’t bother to answer… The problem is that there’s no indication that anyone is rating this issue in the first place so Downgrade from what by whom?
The failure to redeem clause helps make it more palatable. Takes you half way to making it a term preferred issue.