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NSA-B can currently be purchased $1 cheaper than NSA-A for those willing to tolerate far less liquidity.
SWVXX ~ Name change today, formerly Schwab Value Advantage Money Fund is now Schwab Prime Advantage Money Fund. All other aspects of the fund remain the same.
ECCF and ECCV are misaligned in price. Both mature on 1/31/2029. At last price of $24.87, the IRR (or YTM) for ECCF is 8.12%. At last price of $22.46, the IRR for ECCV is 8.68%. The kicker is that ECCV is higher in the debt stack than ECCF. Disclosure: I just opened a position in ECCV, buying at $22.50. DYODD, and don’t take financial advice from Retired Sailors!
ECCV is not QDI. ECCF shows as “variable”. So depending on type of account it’s held in that may make a difference on closing the gap between the two.
ECCF has no QDI. CLOs pay interest and interest is passed thru as “dividends” but they are taxed as interest.
From SA news: AGNC Investment files to sell $1.5B shares of common stock.
Apr. 24, 2025 4:45 PM ET.
Probably good for preferreds, but a little concerning with stock price so low.
goin2cali–sure would make me feel good if I held the preferred. Love to see mREITs be able to sell lots of common shares.
Looks to be 20% dilution. Must have a need for capital, perhaps they are thinking rates will be falling and looking to purchase some of the newer, high rate, mortgages. Price has fallen recently while dividend has remained stable. Strange mix….
without reading the actual filing it would be my guess that the filing is done in anticipating of not just current but future issuance
I may have missed this being posted earlier, but it was ‘news’ to me. Ready Capital (RC) has a couple of preferred and several baby bond offerings.
https://www.globenewswire.com/news-release/2025/04/21/3064658/32716/en/Ready-Capital-RC-Faces-Investor-Backlash-as-Lawsuit-Alleges-Concealed-CRE-Loan-Woes-Hagens-Berman.html
Quinn v. Ready Capital Corporation, accuses the company and several top executives of violating federal securities laws. Central to the complaint are allegations that Ready Capital downplayed the extent of trouble in its commercial real estate (CRE) loan portfolio, particularly regarding a sizable tranche of loans that were not performing as expected.
According to court documents, plaintiffs claim that between November 2024 and early March 2025, Ready Capital issued statements that were either misleading or omitted critical information about the true state of its business. Among the key contentions: the company allegedly failed to alert investors to the magnitude of non-performing CRE loans, did not disclose that full reserves would be required to cover these problematic assets, and failed to accurately reflect these risks in its reported credit loss allowances. The complaint further asserts that these omissions painted an overly optimistic picture of Ready Capital’s financial health.
I own RC-C (busted convertible) and have for about three years. I bought at $21.12 for a yield of 7.38%. It’s now trading at $15.22. Wondering if RC is in danger of going belly-up? Should I sell and take a huge loss now? Anyone have an opinion as to the long term solvency of this company?
Well, I sure wouldn’t feel comfortable with RC in a bear market and maturities past 2026, imho.
CMSC is trading for a higher price than CMSD but has ex-div 6.5 weeks later. This might be a good time to swap. At the moment I have a very large position (in the context of my portfolio) in CMSD, and none in CMSC. DYODD and don’t take financial advice from Retired Sailors!
I’ll just add that it looks like CMSA has the highest current yield compared to CMSC and CMSD at the moment. The next ex-date on CMSA is 5/30. So it also looks like one could sell CMSC and buy CMSA instead and accerelate the next interest payment.
CMSC note is CYld 6.6% now
Gary,
Good info. I just added a few hundred shares to my wife’s retirement account. It was issued in 2018, when interest rates were very low, so I do not anticipate a call.