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Laundry List of Current Preferreds and Baby Bond Holdings

This is a laundry list of issues I currently own. No recommendations here–just what I own now.

As I have noted I will be mostly adding to current positions–versus starting new positions–but there are areas that intrigue me such as lodging REITs and as such I may start new positions (but not many).


Entergy Texas Preferred (ETI-) 5.375% Cumulative Preferred

NiSource 6.50% Fixed Rate Reset Preferred (NI-B)

Spire Inc. 5.90% Cumulative Preferred (SR-A)

CMS Energy 5.875% Baby Bond (CMSD)

CMS Energy 4.20% Cumulative Preferred (CMS-C)

Closed End Fund Preferred

RiverNorth Capital and Income 5.875% Cumulative Preferred (RMPL-)

RiverNorth Opportunity Fund 6.00% Cumulative Preferred (RIV-A)

Tri-Continental 5.00% Cumulative Preferred (TY-P)

XAI Octagon Floating Rate Term Trust 6.5% Term Preferred

RiverNorth DoubleLine 4.75% Cumulative Preferred

GAMCO Natural Resources 5.20% Cumulative Preferred (GNT-A)


SiriusPoint LTD 8% Resettable Preferred (SPNT-B)

American International Group 5.85% Preferred

Jackson Financial 8.00% Fixed Rate Reset Preferred (JXN-A)

Lincoln Financial 9% Preferred (LNC-D)

Enstar Group 7% Preferred (ESGRO)

Athene Holdings 4.875% Preferred (ATH-D)

WR Berkley 5.70% Baby Bonds (WRB-E)


Customers Bancorp 6% Fixed to Floating (CUBI-F)

Customers Bancorp 5.375% Baby Bond (CUBB)

Heartland Financial 7% Fixed Rate Reset Preferred (HTLFP)

Bridgewater Bank 5.875% Preferred (BWBBP)

Merchants Bancorp 6% Fixed-to-Floating Preferred (MBINO)


Affiliated Managers 5.875% Baby Bonds (MGR)

CHS 6.75% Fixed to Floating Cumulative Preferred (CHSCM)

Liberty Broadband 7% Cumulative Preferred

Apollo Asset Management 6.375% Preferred (AAM-A)

UMH Properties 6.375% Cumulative Preferred (UMH-D)

Hennessy Advisors 4.875% Baby Bonds (HNNAZ)

Federal Agricultural Mortgage 5.70% Preferred (AGM-E)

8 thoughts on “Laundry List of Current Preferreds and Baby Bond Holdings”

  1. Tim, thanks for sharing the list. Any particular reason you don’t own any of the Gabelli, Bancroft, Ellsworth CEFs?
    Anything you can point out on why one should shy away?
    Thanks and best regards

        1. GNG—Gabelli issues have traded too strong and offer me more meager current yields. I do own the Gamco Natural Resources issue (GNT-A)—800% coverage ratio is the only reason. If I can get near a 6% Gabelli current yield I would jump on them. I have had most of them off and on over the years.

          1. I bought TIm when the return on yield offered that 6% and I didn’t sell for the reason I want income. I would buy more on any weakness.

  2. I have some of those bank stocks and a lot more REIT preferreds. Goal is to avoid bankruptcy risk while collecting high dividends, and to make trades on price movement. If I can boost my returns with arbs then it’s surely worth the risk.

    1. Martin – from your history here I would expect you to be more ‘adventuresome’ than I am – as you can see this is pretty conservative, but I am watching some more REIT preferreds for potential moves.

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