Large mREIT Two Harbors Investment (TWO) has announced the redemption of 2 issue of preferred stock.
They are redeeming their TWO-D 7.75% issue and their TWO-E 7.50% issue on 3/15/2021. Both of these issues were originally issued by CYS prior to TWO acquiring the company.
Holders of shares will make out nicely since TWO-D closed today at $24.05 and TWO-E closed at $24.55.
Redemption should be around $25.30 for each of the issues–as they will have about 2/3rds of a dividend payment accrued at redemption.
The company press release is here.
jalen picked up on this call early.
Sold mine too early. If I still had it I wouldbe delighted with the call. Hey, free profit! Then just buy something else.
Darn, have had a good amount of those since 2013/2015, and kind of expected D to be called for a while, so yet another income source lost. 2 years ago I wanted more cash, now not sure what to do with it, as I expect interest rates to rise, but hard to be patient when income is decreasing.
I’m in the same boat. Let us know if you have any good ideas.
You cna buy two A or B if you like the name. Fixed to 2027 and floating after that. Should be ok if rates rise…problem is of course that explosive increases in rates could hurt their book value / credit.