Today I let go of the last of my Eagle Point Credit Corp 7.75% term preferred (ECCA). I was most happy to get rid of this at $26.26–it is now trading at $26.38. Anyone holding this issue is looking for trouble–about $1.00/share of trouble.
The above issue is callable, and in fact the company did a partial call back in June (they called 909,000 shares of 1.6 million original shares–so there is about 700,000 yet outstanding)–at that time I told myself “I need to unload the rest of my holdings when it is an opportune time”–then I promptly forgot. The issue was trading 75 cents lower than it is currently trading. It is a monthly payer so there is not much accrued dividend ever in the price (16 cents at best).
Also I went right ahead and held our New Residential Investment 7.125% (NRZ-B) and WR Berkley 5.625% Subordinated Notes (WRB-B) right through their ex-dividend dates today. Neither were meant to be long term holds, but I have had the full position of NRZ-B since 8/9/2019 as the new issue did not give us a decent bounce until recently so I decided just to go ahead and lock down the dividend and then ponder selling–I simply seldom hold a mREIT issue for long. The WR Berkley issue is now trading around $25–so I will hold it for a while and see what develops.