Personal Purchases

Of the new issues offered in the last 2 weeks I personally made just made 1 new issue purchase.

Yesterday I made a full position purchase of the new Gladstone Commercial 6.625% monthly pay preferred–I paid $25.19.

Whether I flip this one for a few steak dinners or sell off most of it–retaining just a 100 or 200 share position is yet to be determined.

I do typically like various Gladstone issues–BUT I most like the term preferreds–not the perpetuals. I don’t believe I have ever held Gladstone Commercial shares of any type, but I guess there is always a first, in particular with the lack of reasonable new coupons being offered.

I also bought a full position in the WR Berkey 5.625% Sub Notes (NYSE:WRB-B). This is a pure ‘interest capture‘. I have played this before with good success. This issue is now callable and traded down to $25.29 yesterday. It will go ex-dividend on 10/12/2019 for around 35 cents so right now there is no call risk. I expect it will rise into the $25.50-$25.60 area by ex date at which point I can exit, or alternately hold through ex-dividend and sell a week or two later. This is an issue I would have no trouble holding long term, which generally is the only way I attempt a capture for a measly $150 bucks or so.

74 thoughts on “Personal Purchases”

  1. Not a flipper, but I sold my PSA-I today at 26.13. YTW and YTM dropped below my threshold due to the price run up. Took the healthy short term profit (tax free acct). Will move to other perpetual preferreds with slightly higher returns and closer to par.

    1. Warren–wish I would have bought this one. It is a complete surprise to see it over 26.

  2. This is a great conversation. I’m new to all of this and have learned so much by visiting this site. And now I’m wondering if Tim and the gang could give some insight into a recent purchase I made.

    I bought PSA-I at $25.10 (coupon rate of 4.875), and I remember Tim saying he’d never seen a rate this low from PSA in 13 or so years. But because PSA is so well capitalized, I thought I’d jump in. It closed this Friday at $26.16– higher than PSA-G’s 5.05% coupon, which I bought at $24.90–probably around the time of the big drop off in December.

    I know a lot of you are flippers. I don’t necessarily fall into that category. I’m actually looking for yield and am slowly replacing some CDs that are coming due.

    But can anyone explain why PSA-I has done so well—is it because people are willing to pay for quality, interest rates will probably stay low for the unforeseen future and plenty of people would be happy with this coupon—even though it’s considered “relatively” low by recent standards?

    Probably none of you would hold onto this, but is there a case to be made for a non-flipper to sit tight?

    And would none of you feel comfortable hanging onto new issues with acceptable yields but less than what they’re replacing? I get that there’s probably faster money to be made by buying low and selling high, but what about those of us who actually want yield? I’ve been waiting 10 years for rates to go up, and I’ve officially given up and I’m tired of not earning anything on my cash. There must be a few other people like me on this site.


    1. I don’t know much about PSA. An important question is What are you going to do with the money if you sell it? If you don’t have a better place to put it, that’s an argument for holding. This was an active week so I sold quickly to free up money I could reinvest. When it’s slow I hold longer.

      This month was not normal. Short term trading is normally about gaining a very small profit. It’s necessary to reuse the same money over and over again if playing that strategy. Sometimes I buy to flip but end up liking the value and keeping it for awhile. “You got to know when to hold ’em, know when to fold ’em” -Kenny Rogers as an Investor

      1. Thank you, Martin. Your explanation has brought me clarity. The problem is, I guess, I’m sitting on too much cash, so I don’t have to sell to free up money. Although they say the uber wealthy are now hoarding cash….

    2. PSA is a great company, but at $26.16, PSA-I is over priced relative to the other PSA preferred shares. A $0.43 gain in one day maybe too good to last.

    3. GG, that is a tough question that depends on your personal preferences. If you dont want to flip and like the security of payment, then one can treat it as an annuity with a “To be determined residual value”. My dad would say “I dont care if it drops to a penny as long as Im getting my 6%”. That was fine for him, but I keep an eye on capital preservation.
      Personally I own PFX that is over 11% all the way down to UELMO that pays a bit over 4% (but bought recently at near 5 yr low), so I cover the gamut, though leaning decidedly towards safer issues. Personally since that PSA issue is down to a 4.65% yield and YTC even worse, I would sell and buy an illiquid Ameren or Alabama Power ute that yields more and is below redemption price (at patient bid price). Because if rates started creeping up or sell fever woke up, this PSA liquid issue would drop quick. While the old ute illiquids would just sleep walk through it and give you time to get out. Provided you dont own 1000s of shares of these $100 issuances. But that is just me though.
      I have quite a few 5% ish and under issues, but they are IG and way under redemption price so they got room to run if rates go lower. But when holding something way above par, it becomes counter productive and an anchor that wont allow as much upward movement do to YTC or call risk strains.
      I trust rating agencies to provide me quality analysis. But I dont give a damn what PSA is rated, Ameren and Alabama Power were here before PSA, and will be here as long as I am around and longer. My point is if I personally am going to accept 4.65%, I am doing it under redemption price, not above it with a high quality issuance.

      1. Thanks, Grid. You’ve given me a lot of food for thought. I know many are waiting for the next crash in preferreds, but I need to do better than 2% sooner rather than later. I’m also thinking I may be too much like my father. 🙂 But I get what you’re saying and will give it serious thought.

        1. GG, you just got to develop your own game plan (investing philosophy) you understand and are comfortable with. One can always tweak around the edges as one goes though. My personal philosophy is if Im wrong on price point and it drops, I want to be comfortable owning it.
          At some point sweating the price drop may happen, but sweating getting paid the dividend is a non starter for me. As far as preferreds go, that is the core essence in owning one. A preferred that suspends its divi defeats the entire purpose of buying if receiving income was the intent of purchase.

    4. GG:
      A friend of mine purchased PSA-I. She is concerned about “lower longer” and a future recession. She liked the lower debt metrics of PSA, the liquidity, and 5 year redemption protection on the newer preferred.
      It would not surprise me to see PSA eventually refund PSA-A at some future point in time.
      My suggestion is to be wary of preferreds over the call price with a low YTW. Redemption calls will happen.
      Gridbirds suggestions are right on the mark as always. Although you take an interest rate risk to the downside with a perpetual preferred if rates should ever spike back up, a gain over PAR if rates go lower will be limited by the YTC. That is to say the effect of a change in rates is disproportional. A lower coupon PSA will be negatively affected more by an interest rate spike that a higher coupon. There is no free lunch.
      Stay diversified to ameliorate risk.
      Hope this helps you a little.

      1. psa-x is callable but i have been purchasing it this month as it was at par and below. it may get called but nothing really to lose and sometimes when they are callable they are less volatile. it certainly won’t be flipable, i will hold until it is called. i also purchased some wfc pfrds for the same reason (at or below par and callable)

        1. I did the same thing as you, Libero, but with PSA-W. Bought it recently at $24.99, and intend to hold until called. No expectation of cap gain on this one, just hoping for several more quarters of dividends before it goes away.

          1. Libero and Inspy – I keep thinking about your idea and keep feeling (without considering actual price) that based on coupons outstanding and call dates, your rationales for buying PSA-W and X are actually reasons why I wouldn’t be buying these in particular… First of all, given they’re 5.20’s and PS just did their new issue at 4.875, they’re too close in coupon to be economically refunded at current interest rates, so you have to be looking for maybe another 50 basis points down or so to be thinking these would be refunded… However, the call dates will not give you much chance to take advantage or price increase. Secondly, BECAUSE of their closeness in coupon to the 4 7/8’s just issued, they will pretty much receive no price protection on the downside should rates to up… Don’t get me wrong, I like the idea! I just think that right now PSA doesn’t really have a good vehicle left to play it. If playing the will they or won’t they game for calling, I’d want to play with a marginally likely coupon to be done in today’s market where the amount of the coupon would also provide you with more downside protection plus squeeze out a hgher coupon payment whod it survive… PSA-A would be ideal normally, however, with what they said in Use of Proceeds for the 4 7/8’s and what they’re refunding with it now, it just doesn’t seem to be in question whether or not PSA-A will survive its first call date… It won’t. Just my 2 cents worth, no charge…

        1. cash hoarding uber here… sorry… the 99% lower for longer on rates view is not mine.. so best to all piling in 4-5% yielders.. if you are buying them someone is selling them.. that is what makes a market.. I’ll sacrifice 2-3% short term to preserve my capital.

          1. I appreciate your thoughts, Bea. But what makes you believe that interest rates will rise? An end to the trade war? An end to the Trump presidency?

            1. GG – I’ll take a contrarian stab at an answer to your question. First of all, the opinions are so overwhelmingly assumptive of your implied belief that interest rates will never rise again (lower for longer) that there’e reason enough right there to consider the alternative…. Wall St is historically rife with examples of that very same type of conclusing proving wrong… An example would have been the year 2000 when I bet you could hear your question being asked about internet stocks… “What makes you believe that this internet stock craze will end?” Well it did and it did at exactly the time when nobody could give a good reason for it to be ending other than valuation. Secondly, how about taking a longer, wider historical view of interest rates? Are we closer or already through the lowest rates ever recorded? Most certainly. So what becomes more likely – that they go substantially lower in the long term or substantially higher? Naturally, there’s a whole lot of room to revert to the mean on the upside….. What will be the catalyst??? I have no idea. Is the rationale for why lower interest rates should continue flawed in this environment? I don’t think so. Still, to act as the markets have been doing as if 100% of participants believe interest rates have nowhere to go but down seems to have all the characteristics of historical tops… Is this a contrarian idea with no specific answer as to why in sight such as end of the trade war or of the Trump presidency as a catalyst? You betcha…

              1. I’m not afraid of losses. I have mostly gains and I consider losses to be the cost of doing business. I like having a cash position but not to avoid losses, it’s to buy cheap after the crash.

          2. And sometimes people sell 4% ish issues to me and I turn around and make money selling back. The 4-5% issues have been great flippers to, but it depends what it is and on what volume.
            That being said I respect your restraint. I also have term dated and resets so Im not locked and loaded in one genre of preferreds. Pieces to a puzzle for me.

            1. One good thing about being a short term trader. I’m generally not fully invested. So when the bottom falls out I already have a cash position.

    5. If you can really sell it for $26.16+..I would sell PSA-I and buy PSA-X. I don’t think it gets called at 5.2% coupon so you get your 4% return on your PSA-I and another 5%+ over the next year on the X….and If X gets called and you want to rebuy the PSA-I… I think it shouldn’t cost more than todays price. I like the PSA preferreds.. Very interesting how PSA uses preferreds almost exclusively to finance their business as compared to using bonds and mortgages.

    6. GG – I’ll keep it to two items.

      First, as you compare issues (especially issues from the same issuer) look beyond coupon and yield on price. Look at yield-to-call, because, in the case of high grade issuers, YTC is usually what you get.

      Looking at the various PSA issues the stripped yields (on price) range from 5.83% to 4.67%. But the best yielding issue, the A issue, is going to be called unless rates go up substantially from where they are now. PSA just called a lower coupon issue so they sure aren’t going to let the A sit there past call. Its 5.83% yield is an illusion.

      On a YTC basis, the I issue is the best among the pre-call issues at 3.91%.

      If you want to temp fate a bit the 3 past call issues offer a greater yield, but at some call risk. Given their low coupons they may hang on for a bit. Buying past call issues that would be trading higher but for the call risk can be a good strategy. Just be cognizant of how much call risk you are taking on.

      Second, I agree that waiting for higher interest rates is non-productive. That doesn’t mean that waiting is a bad things. All income issues, preferred included, go through cycles in which they are cheap at times and expensive at times. Have a look at 52-week highs and lows on various issues and see how much prices move over fairly short periods of time.

      Especially look at the second half of December, 2018. Was the best buying opportunity of the last several years.

      Personally, I don’t have a crystal ball and don’t know when the next panic sell off will happen, but it will happen. Hence, I’m never all-in or all-out. When things look expensive to my eye, I accumulate cash. When they look cheap, I’m buying. On fixed income, I’m usually between 75 and 100% invested, with uninvested cash invested in whatever is the best cash sub at the time.

      Works well for me.

  3. Great week for IPO flips! 3% profit from Broadcam, 4% selling BFSaul today, nearly 2% from REX and the AFIN reboot. Sitting on 2% gains from Gladstone and MITT. And I just bought AGNIP. This game is too easy, heheh.

    1. Martin, I was thinking. If someone started year with a $100k and bought a grey market preferred and then just kept flipping it into every reasonable issue that passes eye test, no telling how much money that would have snowballed into. Most didnt need much of a hold time to catch a pop…Woulda, coulda, shoulda…But we cant complain can we this year….So far. 🙂

      1. I’m still alert. Every time I get overconfident I get humbled by a big loser or two.
        I snowballed small profits when I was playing the dividend capture strategy. An employee of the broker (tdAmeritrade) called and chewed me out for investing my wife’s money irresponsibly. He pointed to the capital losses and frequent trades. I said Look at the Dividends! then he claimed I was in denial about losing money.

        1. Bottom line we are not in charge. The credit spreads, yield environment, and sentiment trump our “investing acumen”. But I can at least control reckless kicks to the gonads by staying in my investing lane and credit risk profile. Its tempting to stray, but I largely dont, or do so in very modest amounts.

        2. Martin, A few months back I called FIDO about a sell trade that should have gone through and didn’t. They fixed it but not before the rep scolded me for “profiteering”. One of those moments when you look around the room then take the phone away from your ear and just look at it.

          1. Alpha and Martin – It does sometime make you laugh when you have to speak to some of these experts employed.. Scolded for profiteering? As opposed to doing what at Fidelity? Being chewed out for investing irresponsibly? I suppose it’s that nanny state mentality at FIDO that makes so many of the types of securities we all care about off bounds to buy there… TWICE, I’ve called in to Fidelity because I wanted to invest in a called bond or preferred and had the person say why would you want to buy a called bond at a price above the call price??? This from people in the Fixed Income Dept, people who don’t seem to realize they’re called at par PLUS accrued…….. That must be taught in Fixed Income 102, not 101…..

          2. The only time I had a problem with Fidelity reps is when I sold a low volume stock to myself. I was playing the spread with a low buy order and a high sell order. I made a mistake and entered the wrong price, the result was my buy and sell order both executed at the same price. Apparently that’s a No-No. They didn’t say why but I’m guessing it’s an SEC red flag for price manipulation.

            1. Lol, dont do that. Yep I did it too and got a nasty call from Vanguard. But I did it on purpose. To move a QDI illiquid from Roth to taxable. Now sell it to a different brokerage account to yourself and its no problemo.

              1. For those berating the acumen of Fidelity reps…or any other discounter…Keep in mind that these people are generally hired after washing out at the big firms. There are reasons why they have washed out.

                Gridbird….why can’t you just transfer the securities in kind from your Roth to a taxable account?

                1. Retired, I didnt check on that process. After dealing with brokerages on trying to transfer my preferreds to different brokerage, the less I deal with anyone the better. I couldnt move half my preferreds as TD refused to accept a transfer. Such dangerous preferreds like Enbridge and Indianapolis Power and Light preferreds. So Im stuck with 3 brokerages instead of 2 now.
                  It was very easy to do it my way, the $10 transaction costs was worth it to avoid dumb hassles and incompetent people.

                2. RB – regarding a transfer, this is a tax question really but I’ll ask away.

                  I understand that a transfer from a taxable account to another taxable account is a non-issue, but a transfer from Roth to taxable? I was under the impression that the transfer from a Roth to taxable would be a deemed distribution from the Roth.

                  Am I off?

            2. RE: trading with yourself. It has to do with a FINRA rule. The rule at issue specifically permits trading with yourself so long as the practice is not disruptive to the market or meant to manipulate the market

              But the key to this is that the rule applies to the BROKER, not to you. If it’s a violation it’s the broker’s violation, and they get fined. That’s why they take an overly broad interpretation of the rule and forbid self-trading even when it’s not a rule violation. It’s for their protection.

        3. Amusing. I’ve had a similar experience with Vanguard. The system flags it, then they hand it to someone junior to call you about the errors of your ways. Last time it happened I called and spoke with someone in compliance. I’ve not had a call since.

      2. Client accounts are up 13-16% this year. For preferred investors that’s like a 4-5 point standard deviation move. Way way way outside normal. Looking at beat up yr end 2018 $20-22 issues move to $28 has occurred across the board.

        In general a ytc under 3 is a sell. Mid 4 or higher a possible long candidate

      3. It’s the new game in town, out with the old and buy the new at par. the only drawback is every new issue has a lower dividend. i sold ktba, aqnb, ctbb, sojc all between 7 and 9 % profits. i also picked a few new ones.

          1. The question we have to ask ourselves is, are we comfortable with what’s in our bags?

            Gridbird and I are in the same envious position in that neither of us has to spend investment income to support our somewhat frugal but very comfortable lifestyles.

            He worries more about capital preservation and enjoys working hard to maintain it. But I am older and want things much simpler. So I no longer worry about anything except continued ongoing payments from whatever I hold.

            It’s that simple. I don’t worry at all about what rates are doing as long as I can reinvest in something that keeps paying me. It’s great if rates are up when I buy. If they’re down but still positive, so be it. I buy. I do not hide in money markets trying to time or anticipate the direction of the world’s rates. That is beyond my pay grade and capabilities.

            But I have no illusions about the wisdom of any of us oldtimers. I know I’ve been very lucky and I’ve come to the conclusion that my strategy is just my own best way to sleep well at night. I’m certainly not denigrating anything that works for others, nor am I recommending any strategy to anybody else. Not at all. I just put my own situation out here so that maybe it helps someone clarify their own way forward. It is–wait for it–


            1. Camroc, we own very similair issues, and in general same thesis. Admittedly I like to flip to goose returns, because its in my blood. I got busted as a junior high kid running a gambling ring, lol. This method is safer and just as fun…Now concerning core holds…In general I have regretted flipping these for profits. So I am trying to wall off those from my hot trading issues. The ones I am trying to wall off is SLMNP, IPWLO, PPWLO, the Ameren and Union Electric issues and a few others of that ilk. Something bought as a core hold IMO, probably should be reserved for its intended purpose like you have stated.

    2. It sure has been. I have been guilty of flipping a few myself.

      But having been burned a few times (when the bottom fell out of a new issue) my self imposed rule is not to buy anything that I’m not prepared to hold long term if it’s not possible to unload it.

      1. or just take the loss. If 1 out of 5 lose money it’s still a god strategy. I avoid the high risk stocks they’re the ones at risk of the bottom dropping out.

  4. Sold half my GLSDP at 25.50 for a 30 cent one day gain. Yes, I’m a wimp. Holding other half targeting 25.80.

    1. Landlord–just noticed the pop this afternoon, but think I will hold longer and see if this one runs a bit.

      1. Tim, normally I wouldn’t be such a wimp and would have held GLSDP through the weekend and longer (although I still have half). IPOs that are strong out of the gate can sometimes really run. But just wanted to close the week taking some easy profits and being mindful of the old Wall Street adage “Sell Rosh Hashanah, Buy Yom Kippur”. That starts Sunday and ends 10/9. Took profits on some SITC-J too after reading your comments on them. Thanks.

    2. Landlord, I read your post and was about to sell half and then got distracted as out of the blue like I said two days ago EP-C went crazy right at close. Sold those 300 shares for a quick near $350 tax free gain for a few day hold as it spiked right at close. That is one crazy issue!

  5. A very much riskier dividend capture is DS-B. I bought some today at $25.55; it goes ex-div Monday with a dividend of $0.62. This is the 9.75% coupon DS preferred

    1. Fred – I have been watching them for a few years as they build the business–maybe I need to revisit it.

    2. I owned DS preferred once. If I ever buy it again it will be in a free trades account. Hard to get rid of at a good price without risking the dreaded partial fills with 6 shares.

    1. I did TDA below par. 5.875% coupon,. Here is my positioning. With a few called issues issues in the 6.8% – 7.25% range (they own US wireless), would expect new issue in 5.5% – 6% range to redeem old issues. That would put TDA into very competitive coupon rate. If I am wrong and they call TDA, I get capital gains plus dividend capture.

        1. I went the TDJ route. Mostly because this is my hot money, and am not concerned about losing the issue to a redemption. Looking for a survival and spike at exD. If redeemed at payment date, one still gets a modest quarter for the hold.

          1. Joined you in TDJ at 25.15. I like your thinking here. Not much to lose on this callable senior note.

            1. Unaware of these posts at the time, I too bought some TDJ today at $25.15.
              No flipping from me – just another addition to my new aggressive “money market/sweep account” I’ve been building in all my accounts that have excess cash. Gave up on money market accounts with the Fed’s recent moves.

              My brother has 20 years in with this company so far, so I know it inside and out.

              1. Cool insight. I picked up both TDA and TDJ in the last few weeks. Both callable and TDA was/is way under par.

          2. Grid,
            They are about to announce earnings and the drop may simply be ppl bailing thinking the earnings will stink. I’ve been in TDE for some months now because if there is a call, I’d expect TDJ to get hit first. But these guys are not exactly a Verizon or AT&T or TU. Still, their money is green like the rest!

            1. A4I, I agree with you on their place on telecom totem pole. I generally am not a big player here either. Its mirroring exactly what it did 3 months ago. Lets see if history repeats. Just looking for an interest payment. It pays the 16th very quick after going exD in Dec. Its my hot money so it is what it is! 🙂

  6. Quit beating around the bush, Tim. Whats your target sell price? I want to maximize flip, but not at expense of being greedy. Dont really have price history feel for this one as I do in the sandbox I normally play in.

    1. Based on price and volume this has the feel of being subject to another round of monthly rebalancing selling by PFF. Check out the dip on August 30. Sometimes rebalancing selling starts a day or two before the end of the month. I would target mid October to sell the flip.

      1. LL, one thing that is curious to me and I dont know answer, is how many of these newly underwritten shares get blocked off for direct sale to these institution types. And how many ultimately are doled out to us peons. But as long as rates stay tame, I think you are right to let it play out a bit.

        1. Yes, isn’t it great when you see hundreds of thousands of shares go by and you can’t get a bid in?

          When it comes to new issues, the institutions have a big leg up. However, an individual is at an advantage most of the time after that.

          When prices are right I get even by buying preferred CEFs.

    2. Grid–on Gladstone I think I will target around $26–then a partial sale keeping a hundred or two around for longer term. On the WRB-B I want a profit in 30 days or 30 cents–however I get it. Last time I held it I think I did around 40 cents in a couple weeks. A spike pre ex-dividend to 25.60 would be out for me–or a post ex-dividend price of maybe 25.25 or 25.30 would do it for me.

  7. Nice call on WRB-B for the capture. I got some at 25.30. Hitting singles and on base percentage is a good strategy!

    1. LI–just to keep things exciting one has to take a little here and a little there. While there is strong evidence against doing captures on common stock dividends I would guess I probably have a 80% success rate in 2 weeks on captures of baby bonds and preferreds—not huge money but a giant annualized percentage (if you don’t have a life a person could work it everyday).

      1. First thing in the morning, before market opened, I sold a few legacy shares of UBP-G (6.75%) with IMHO unacceptable call risk, taking profit. Sold all my CAI-B in all accounts taking profit, hearing the “rumor” from Silicon that CAI (which pays zero dividends to its common shareholders) are seeking to sell their used rail road cars. CAI preferreds were deemed as speculative by Moody), taking profit on this tasty QDI high yield. I intend to buy more of Rida Morwa’s XAN-C, common downgraded by some FIDO analysts but probably no worse than CODI (Compass Diversified) partnership, recommended by Barron’s mag and has been behaving like a “real company” with no net earnings except EBITDA play. Bought 400 shares of the new UTBPP @ $24.80. It could get cheaper. But it seems to me that UTBPP unrated is a long time de facto unrated SWAN. Richard Hill of SA, now working for Brad Thomas just like Rubicon Associates, is a very hard working late comer analyst, new in SA and has developed algorithm and has concluded that the TDS and its wholly subsidiary, USM, both have tasty preferreds are safe. As Gridbird correctly pointed to Rich that Richard’s work did fail to detect weakness in NuStar Energy. I bought TDE right before he sold out to Brad Thomas. I wish I bought more, very safe and tasty. The lower coupons are also good and safe with current declining (at least for now) rates IMHO. I bought tons of EBGEF after Steve A took the task of posted detailed explanation. I forgot that I did have EBGEF already. It is okay for a little over allocation. Thank you Steve A and Thank you. Grid. Grid made me a believer on his SLMNP. Even my earlier sloppy trade is now above water. Of course, “wish I bought more”. Thanks Gridbird. I also wish to thank the person in this group who recommended KRG. Probably one of the best eREIT with some risk but much better than the likes of MAC or SKT (I do not like SKT and never bought this risky one). I cleared the deck on my IRA accounts and aim to buy the new AGNC preferred, AGNIP. Thanks to Tim with his best INFO, this large offering with 6.5% but generous LIBOR plus almost 5% should be trading slightly below par, I hope. We’ll see.

        1. johncal – the call risk on UBP-G is not “unacceptable,” it’s a non-existent as it’s essentially a done deal – lol….. In the new issue, they say, “We plan to give a notice of redemption to the holders of the Series G Preferred Stock following the closing of this offering. We anticipate that our notice of redemption will provide for a redemption date on or shortly after October 28, 2019.” So as long as the new issue closes, G is announced as called for 10/28. If you sold at the opening trade of 25.35 on Friday, you sold at something like a 3.29% annualized discount to what you would receive at call date. If you’re leaving your proceeds in a money market, you’d have been better off not selling…….

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