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1,241 thoughts on “READER INITIATED ALERTS”

  1. Hello. Nexpoint Diversified REIT, a closed-end fund converting to a REIT, has a 5.5% cumulative investment-grade preferred and it’s selling at $21.50. It seems like income oriented folks might want to take a look at this. I think the preferred is selling below par because it was issued in a tender offer for the common, and those who tendered are probably selling the preferred for tax loss reasons.

    Anyway, maybe this could be added to the master list in the spreadsheets? The symbol is NXDT-A. Thank you.

      1. Yes, the CEF has done very well with the caveat you were able to buy at the lower prices. In converting to a REIT they are hoping to narrow the discount. The founder of this group (Nexpoint and Highland Capital), James Dondero, holds 2.8MM shares in NXDT and has been recently buying both the common and preferred. Keep in mind Dondero and Highland Capital spend a lot of time in litigation, both suing others and being sued. I think that’s the biggest wildcard and probably the reason for the 40% discount.

    1. AAI,

      I bought NXDT-A (was it NREF?-A) from another III’ers post from earlier in the year @ 21.17. It has held up mostly well, but is getting sucked into the interest rate vacuum with the others.

      I read through some of the last filing, and didn’t really see a time frame to finish the transition to a REIT. From what I last remember was that NXDT had filed all of the paperwork with the regulators already.

      As far as the performance of the CEF goes, I have seen worse. If there is no hype, performance, liquidity, size, or a big name behind CEFs they can go the way of the dinosaur. It probably doesn’t fit somebody’s style box, asset allocation profile, liquidity profile, coupon profile, etc…… The fund reminds of a solution in search of a problem if you get my drift.

      There is no way I would want this as a REIT, but earlier in the year I believe the discount was larger than 40% for the CEF. I’ll hold on to this unless the performance irregardless if the CEF discount gets real bad, or a massive rate spike, or Godzilla destroys Tokyo. Until then it is a CEF preferred like all of the other ones that may cash me out at par sooner than later. I liked this CEF better than some of the other weird CEF RE preferreds or bonds that are on the new issue list.

      Not feeling so great again (no beer virus or fatal) so everything is from memory today.

      As always DYODD and YMMV

      1. Based on their last N-CSR, it’s a BBB- rating from Egan-Jones. From what I can tell, they give a BBB+ to almost everything.

    2. …On December 9, 2021, Sotherly Hotels Inc., a Maryland corporation (the “Company”), and the sole general partner of Sotherly Hotels LP, a Delaware limited
      partnership (the “Operating Partnership”) entered into a Share Exchange Agreement (the “Agreement”) with Palogic Value Fund, L.P., a Delaware limited
      partnership (“Palogic”). Pursuant to the Agreement, Palogic agreed to exchange 75,000 shares (the “Palogic Shares”) of the Company’s 7.875% Series C
      Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”), together with all of Palogic’s rights to receive accrued and unpaid dividends
      on those Palogic Shares, for 620,919 shares (the “Company Shares”) of the Company’s common stock, par value $0.01 per share (the “Common Stock”). Closing
      of the transaction occurred on December 9, 2021…
      https://d18rn0p25nwr6d.cloudfront.net/CIK-0001301236/8a7c234a-013a-400c-ab62-2c600a5ebe4f.pdf

      1. Same path AHT was following, so I’m hopeful still at least, and this isn’t the first time they did a share exchange with them either.

    3. NEW YORK, Dec. 20, 2021 (GLOBE NEWSWIRE) — Fortress Transportation and Infrastructure Investors LLC (FTAI) today announced that it has confidentially submitted with the U.S. Securities and Exchange Commission (SEC) a Form 10 registration statement with respect to the potential spin-off of its infrastructure business.
      FTAI believes that, if completed, the potential spin-off would allow each company to more effectively pursue its distinct operating priorities, strategies and capital allocation policies, while also allowing shareholders to separately evaluate and value the companies based on their distinct markets, strategies and performance.
      If FTAI proceeds with the spin-off, it would be intended to be structured as pro rata distribution to all FTAI common shareholders as of a record date to be determined by FTAI’s board of directors. If completed, upon effectiveness of the transaction, FTAI common shareholders would own shares of both companies.
      Completion of the potential transaction would be subject to various conditions, including final approval of FTAI’s board of directors, and there can be no assurance that the potential spin-off transaction will be completed in the manner described above, or at all. If FTAI proceeds with the spin-off, it currently would expect to complete the transaction in the first half of 2022. In connection with the foregoing, Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.
      https://seekingalpha.com/pr/18608572-fortress-transportation-and-infrastructure-investors-llc-announces-confidential-submission-of

    4. NEW YORK, Jan. 04, 2022 (GLOBE NEWSWIRE) — Prospect Capital Corporation (PSEC) (“Prospect”, “our”, or “we”) announced today that Prospect’s preferred stock offerings (collectively, the “Preferred Stock”) have exceeded $450 million in aggregate liquidation preference issuances since the initial closing in the quarter ending December 31, 2020.
      “Prospect’s preferred stock offers investors recurring cash income with a stable stated value, ongoing liquidity, management alignment, leverage caps, and nearly $4 billion of junior common equity credit support,” said Grier Eliasek, President of Prospect. “Each of the institutional, registered investment advisor, wirehouse, and independent private wealth investor channels have invested in Prospect’s preferred stock.”
      Preferred Capital Securities LLC (“PCS”) is a securities broker dealer and the dealer manager for the ongoing offering of the Series A1, M1, and M2 Preferred Stock.
      https://seekingalpha.com/pr/18616820-issuances-in-prospect-capital-corporation-preferred-stock-offerings-exceed-450-million-across

      1. Have the Prospect Capital baby bonds (PBC) that were redeemed on Dec. 30, 2021, had their final interest posted yet for anyone?

    1. Interesting….. FWIW, both NEWTL and NEWTZ will have to be called in entirety as a contingency for NEWT to follow thru on their plan to convert into a bank holding company which they figure will be voted on some time after Feb 2022.

    2. CS my broker has lock these preferred shares in my fixed account and will not allow me to sell as the issuer will not allow it till it redeems on 12-29-21?
      I sold the rest of my shares that were still classified as a preferred stock.
      I am really screwed on this . CS has asked the Company to sell all shares at market at 25.33?

  2. GUT-A kinda, sorta called. I thought I saw that someone else had posted this, but it did not show up in III search. Surprised it took was not called earlier since it has been callable since 7/31/2008!

    Rye, NY – November 17, 2021 – The Board of Trustees of The Gabelli Utility Trust (NYSE:GUT) (the “Fund”) authorized the redemption of all outstanding 5.625% Series A Cumulative Preferred Shares (the “Series A Preferred Shares’). The redemption date will be announced at a later date. The redemption price is $25.00 per Series A Preferred Share, plus an amount equal to any accumulated and unpaid dividends to the redemption date.

    https://gab-pr.s3.us-east-2.amazonaws.com/RedeemAnnounce11-21_GUTPrAFINAL.pdf

    1. Tex – The GUT-A call had been discussed on here before along with the same vaguely worded announcement having been made for GDV-G and GGZ-A as well. It makes me wonder what the point of the call announcements might be… Maybe they’re attempting to start the call notification procedure 30 days in advance when they only need to announce within 15 days??? That’s pure speculation on my part, but the only time I can think of having seen anything remotely like this was when PRIF called some of their issues and announced a range of dates that the call could possibly happen. Going by memory, those always ended up being called on the earliest date within the range

    2. B. Riley Financial Announces Offering of $150 Million Senior Notes Due 2026
      LOS ANGELES, Nov. 29, 2021 /PRNewswire/ — B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley Financial” or “the Company”), a diversified provider of business advisory and financial services, today announced it has commenced an underwritten registered public offering of $150 million aggregate principal amount of Senior Notes due 2026 (the “Notes”), subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional Notes in connection with the offering.
      B. Riley Financial and this issuance of Notes each received a BBB+ rating from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.
      The Company intends to use the net proceeds from the offering for general corporate purposes, including funding future acquisitions and investments, repaying and/or refinancing indebtedness (which may, at the Company’s option, include redeeming all or a portion of its existing 6.75% Senior Notes due 2024), making loans and/or providing guaranty or backstop commitments to its clients in the ordinary course of business, making capital expenditures and funding working capital.
      In connection with the offering, the Company has applied to list the Notes on the Nasdaq Global Market under the ticker symbol “RILYG.”

  3. Looks like AATRL has officially crossed over to the darkside…..at least at Vanguard where my 300 shares now have a “value” of zero.
    What a pain this all is for trying to keep track of and actively manage portfolios.

    1. My account shows AATRL with a value of $0.0001 per share today. On the bright side, with a dividend of $2.575 per share, that’s annual rate of return of 2,575,000%. Warren Buffet would be proud.

    2. It happened to me on Fidelity on Tuesday, down 100%, then on Wednesday back to $60 and up a few million percent, and now down 100% again. Glad we’ve got the SEC protecting us from ourselves.

    3. Look at the bright side- for those having to take an RMD – smaller balance, smaller RMD – ho! Can the IRS really stand for that? Maybe they can straighten- out the SEC.

      1. Not only smaller balance to reduce your RMS, you can probably take out the AATRL as your RMD-in-Kind. Take out a zero value asset that pays a nice dividend. You could also roll over into a roth at zero value.

        1. Avoid holding AATRL in a taxable account. The OID will be a most unpleasant surprise at tax time.

  4. Ticker for new DTE Energy 4.375% notes will be DTG, but I do not see it trading yet.

      1. Changed to permanent symbol NYMTZ though some brokers aren’t trading it yet. New OTC rules made everything worse.

  5. DALLAS, Nov. 23, 2021 /PRNewswire/ — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) announced today that its Board of Directors declared cash dividends on the Company’s Series D, Series F, Series G, Series H, and Series I cumulative preferred stock reflecting accrued and unpaid dividends for the quarters ending June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, and September 30, 2021. The Company will pay a cash dividend of $3.1686 per Series D preferred share, $2.7654 per Series F preferred share, $2.7654 per Series G preferred share, $2.8125 per Series H preferred share, and $2.8125 per Series I preferred share. These preferred share dividends are payable December 10, 2021 to holders of record as of December 1, 2021.

        1. PTrader
          To clarify, if I buy one of them today I will receive 6 past due dividend payments?

          1. when they go ex- next week, they will all drop to right around par. with those huge dividends
            are the payment large enough to be considered extraordinary? so the ex-date will be after the payment date.

            1. All 5 will have their back dividends paid with record date 1st dec. and D,F,G will also pay their normal quarterly div with rec date dec 31st

        2. I would not be surprised if they suspend them again depending on how things play out. They’re only bringing them current for S-3(I think) eligibility to float more stock directly. And they needed to get an agreement/approval from higher up to be able to do this.

          1. regardless, they have announced the payment of divs so if we buy today we would receive them, they can’t just cancel them again. + all issues are very small after the conversion to common stock

            1. PTrader:

              Just be careful with the AHT preferreds if you intend to hold them after the make-up dividend payments. Even with the massive rebound in their operations, AHT was still free cash flow negative for the 3rd quarter, since they are spending an enormous $43 million/quarter in interest expenses on $4B in debt. They still have $175 million in outstanding preferreds. These dividend payments will cost the company $23+ million.

              I would not be surprised if the AHT preferreds never approach $25 again after the payments.

              But you have to hand it to AHT preferred holders who never sold even after dividends were suspended for 6 quarters and they traded below $4 in September of 2020.

              The company was able to convince/bamboozle nearly $400+ million in preferred shareholders to convert to common over the last 18+ months. Anyone who did that and held on to their common shares has been rewarded with a stock near its all-time lows and massive losses.

              1. Appreciate the warning, I am aware of their troubles and do not intent on holding any of them.

              2. I’m hoping for the same with SOHO (SOHOB, in my case). 6 or 7 quarters of suspended divies, yet cumulative, so maybe, possibly, could there be?, a payday next year? At least the share price has doubled since I nabbed a bit…

  6. Another one bites the dust:
    CAI A and B delisted and stopped accruing yesterday. Big loss for those who paid 25.8 yesterday since they are only paying $25 plus accrued from 10/15 till 11/22

    1. Rvert – Can you explain what you mean by CAI-A and B stopped accruing or a link saying that? They have been slated to be called because of being acquired by Mitsubishi HC Capital, but I’ve never seen an actual announcement and they could have gone to the expert market, but I’d be surprised if they stopped accruing… They are cumulative.

    2. …In accordance with the terms of the Merger Agreement, on November 22, 2021, Merger Sub merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger as a wholly-owned subsidiary of Parent. At the effective time of the Merger (the “Effective Time”)
      .
      each share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that was issued and outstanding immediately prior to the Effective Time (other than Excluded Shares (as defined in the Merger Agreement)) ceased to be outstanding and was converted into the right to receive $56.00, in cash, without interest, subject to deductions of any applicable withholding taxes (the “Common Merger Consideration”);

      each share of the Company’s 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), that was issued and outstanding immediately prior to the Effective Time, other than Excluded Shares, was converted into the right to receive an amount equal to the sum of: (i) the liquidation preference of $25.00 per share; plus (ii) the aggregate amount of all accrued and unpaid dividends on such Series A Preferred Stock as of the Effective Time, in cash, without interest, subject to deductions of any applicable withholding taxes (the “Series A Merger Consideration”); and


      each share of the Company’s 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), that was issued and outstanding immediately prior to the Effective Time, other than Excluded Shares, was converted into the right to receive an amount equal to the sum of: (i) the liquidation preference of $25.00 per share; plus (ii) the aggregate amount of all accrued and unpaid dividends on such Series B Preferred Stock as of the Effective Time, in cash, without interest, subject to deductions of any applicable withholding taxes (the “Series B Merger Consideration”)…
      https://seekingalpha.com/filing/5801473

      1. Thanks, Fabrib – That’s what I thought – but had been watching for an actual date and wasn’t sure if an announced date would still be subject to a 30 day notice….. So they were called yesterday, most likely with about .2243 of accrued…. Both issues have been really trading oddly in the face of this event happening one day…. It was also odd to not see them trading close to the same prices daily as they seemed to be identical in terms essentially… I sold out way too early based on how they ended up trading but still managed to sell above yesterday’s call price.

  7. NEE-K called
    JUNO BEACH, Fla., Nov. 22, 2021 /PRNewswire/ — NextEra Energy Capital Holdings, Inc., a subsidiary of NextEra Energy, Inc. (NYSE: NEE), today announced that it will redeem on Dec. 22, 2021, (“redemption date”) all of its outstanding Series K Junior Subordinated Debentures due June 1, 2076, that bear interest at 5.25% (NYSE: NEE.PRK) (CUSIP: 65339K 100), at a redemption price (“redemption price”) of 100% of the principal amount thereof plus accrued and unpaid interest to but excluding the redemption date.

    The redemption price for each Series K debenture will be equal to $25 (the principal amount of each Series K debenture) plus accrued and unpaid interest from Dec. 1, 2021, to but excluding Dec. 22, 2021, in the amount per Series K debenture of $0.0765625. The total principal amount of the Series K debentures is $570 million.

    1. TDA and Fidelity are still showing last Ex date of 8/30. I think next ex date should be tomorrow? Have they not declared the dividends yet? Or is there something I’m missing in the call notice? It dropped today like today may be ex date…? I just bought some at $25.05, so I should at least get the $.07, but hoping for $.40

  8. Is anyone doing anything with Watford Preferred zero valuation?
    Apollo Tactile (AIF) valued their 37,000 shares 6/30/21 at 25+. Their annual report 12/31/21, are they going to show a zero valuation for the position. Highly unlikely.

    I have talked to Schwab about the zero valuation and they just make excuses because it does not trade.
    I have connected with Arch and they do not care about the valuation.
    Is anyone talking to their broker, FINRA, or SEC? Thanks, 287.

    1. Most brokerages seem to have a “stale pricing” policy. Meaning if there is no trades or bid or ask shown for 15 days or so, they mark it zero. This doesnt mean its worth $0.00, its just “undeterminable” because no current pricing exists.
      Its one of my biggest holds. I dont worry about it at all. Its essentially a “private placement” issue which is where the vast majority of preferreds are at anyways. Public markets cant and dont value those. If its not tradeable it doesnt really matter where its assigned a $0.00 value or $1,000,000 value.
      So I personally dont care if they assign a negative value to it. But, I will tell you what concerns me. Some brokerages may want to jettison untradeable securities from your account after 18 months. I hope I dont have to deal with that. Fortunately only a small few hundred share amount are in my Roth. The vast majority are in taxable, so if the Aholes make me take paper stock certificate ownership, it is what it is and I will.

      1. Thanks Grid, Ive been also a bit uneasy about my Waterford Preferred shares. Your comments ease the uncertainty… for at least 18 months i guess 🙂

        1. Mick, Im a bit more sanguine on the $0.00 thing because I have experience in it. For example 7-8 years ago I found a couple little water utility gem preferreds from Connecticut Water. And I kept buying when I could but most of the time they were grey market lucky snags. So they would go to $0.00 all the time. Until I was able to ever buy more then it would show a value, then go back to $0.00. I bought most in $12-$14 range of one and it ultimately was redeemed on me at $21.
          Granted the terms of the Watford issue allowed me to keep them. If this was any standard insurance perpetual I wouldnt have held. But its positive northward adjustable feature, a very rare cumulative feature for an insurer, and the 2034 owner redemption feature allowed me the mental freedom to take the preferred across the DMZ line.

          1. Gridbird and Mick: Thank you for your comments. I doubt you would ever receive a paper certificate as that is the last thing Arch wants: More shareholders.
            One note from my conversation with Arch. They claim the original covenants for the preferred are now back in effect since the issue is “private”. One of the covenants is that if you want to sell you have to get board approval. Probably fees involved. So the board would not transfer your shares from brokers name to your name via stock certificate as they might approach the number of shareholders (300) where they would be required to make public reports again.
            Glad we have redemption in 2034. But I am not through working this.

            1. Since its a private entity I dont think the 300 people thing is applicable. That is my understanding only for public companies “going dark”. There are no common shares tradeable so I dont think that is applicable. Arch is not majority controlling interest, and will be “losing” Watford (Somers now I guess) them as a directly reportable in their filings if memory serves. They only have a 40% interest in it.

            2. 287, thanks for your efforts on this, and please pass on any additional learnings. I guess worse case we collect a nice div, and forget about it for 12 years.

        1. D, They might be a problem too. As who the hell is the transfer agent to handle this, Arch? I really doubt it gets there. Either someone will reassign a trading ticker on expert market, or these things will get redeemed in time.
          Many OTC issues were private placed and leaked out with a ticker assigned. SBNCM and FIISO are 2 examples off the top of my head.

      1. Randy, they are just quoting the last price it traded at before deregistering the issue. Mine held on to that price a while before they just zeroed it out. I guess it looks better on your account, but its really just as meaningless as having it assigned as $0.00. As the ticker symbol doesnt exist anymore.

      2. Randy, I bet your Schwab has it quoted at $25.09? I have most of mine in another account, but I forgot I have a few hundred in Vanguard, and they are still pricing it at $25.09 for those shares.

        1. You “forgot?” With your memory about preferred stocks that were issued in the 1800’s and all, I didn’t think you ever forgot anything, Grid….. 🙂 Happy Thanksgiving!

          1. 2WR, I got kind of a decent excuse on this. My Vanguard account is already screwed up amount wise, so I dont pay attention enough to know which ones are the problems. I have a delisted/deregistered baby bond and a $1000 preferred in the account and they are never priced right, so I dont even look much.
            Hopefully your Thanksgiving will be calmer than mine.. 6 hour round trip and back, Thursday. Then I see my local dealer quoted me a trade in on my 3 year old vehicle that is 3k more than I paid for it. I may buy something new if they dont bait and switch. As new cars have gone up some but used have gone up a lot.

  9. COMSP is the Titanic of preferreds. It IPO’ed ~ 10/6/21 and you would think with a 9.25% coupon yield, life would be good. The exact opposite has happened. Today it was down 5.50 or 25.5% to close @ 16.00. A 36% loss if you originally got in @ 25.00. Hopefully no III’ers got in.

    Thanking the preferreds gods that we do NOT own COMSP in any account or have any open orders.

  10. AFINP 7.5% preferred down nearly 5% today on big volume. Not callable until 3/26/24. 7.375% AFINO holding up fine.

    This looks like an HDO downgrade special on AFINP? Anyone know if that is the case?

    1. Maybe just a correction.. AFINO has more call protection so at these elevated prices it shouldn’t be much different. I sold awhile ago when the price got too lofty.

  11. Star Equity Holdings STRR has announced they are paying all accumulated dividends on their preferred STRRP amounting to $1.556/share, in addition to the upcoming regular dividend of $0.25/share on 12/10, record date is 12/1.

    I took a gamble on these, knowing they were cumulative and seeing signs of recovery in their earnings and outlook. Woo hoo!

    https://eresearch.fidelity.com/eresearch/goto/evaluate/news/basicNewsStory.jhtml?symbols=GOODN&storyid=202111220800PRIMZONEFULLFEED8398196

    1. The terms are 7% for the fixed period and SOFR+5.85% after 1/15/27. I can’t find a temporary trading symbol.

    1. Toronto based company. Losing money according to their Sept/21 report on their website.

  12. Well, EIX may be through with the public exchange traded preferreds. They just issued another one this month as a $1000 preferred via bond market. And its considerably worse than the one many of us got in on this spring. That being the 5.375% 4.68% spread plus 5 year. This new one starts at 5%…..

    The initial dividend rate on the shares of Series B Preferred Stock from and including the initial issue date to but excluding March 15, 2027 (the “First Reset Date”) will be 5.00% per annum. On and after the First Reset Date, the dividend rate on the shares of Series B Preferred Stock for each Reset Period (as defined herein) will be a per annum rate equal to the Five-year U.S. Treasury Rate (as defined herein) as of the most recent Reset Dividend Determination Date (as defined herein), plus a spread equal to (i) in respect of each Reset Period commencing on or after the First Reset Date but before March 15, 2032 (the “First Step-up Date”), 3.901% (the “Initial Margin”); (ii) in respect of each Reset Period commencing on or after the First Step-up Date but before March 15, 2047 (the “Second Step-up Date”), 4.151% (the Initial Margin plus 0.25%); and (iii) in respect of each Reset Period commencing on or after the Second Step-up Date, 4.901% (the Initial Margin plus 1.00%). See “Certain Terms of the Series B Preferred Stock—Dividends.”

  13. Looks like Ammo, Inc (POWW) got religion and decided to “make up” for the quarterly dividend it “lagged” last quarter. The December payment will include two dividends.

    Glad I held on to POWWP….

    AMMO, INC. ANNOUNCES PREFERRED STOCK DIVIDEND
    Posted in Press Releases
    AMMO, Inc. Announces Preferred Stock Dividend

    SCOTTSDALE, AZ, November 19, 2021 — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), a leading vertically integrated producer of high-performance ammunition and components and owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries is pleased to announce that the holders of record of the Company’s 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”) as of the close of business on November 30, 2021 will receive a cash dividend equal to $1.01475694444444 per Series A Preferred Stock share. The cash dividend will be paid on December 15, 2021.

    1. It’s “TERM” siblings, PRIF-I and PRIF-J, also hit yesterday and today. It gave me the opportunity to lower my average cost a little. Being around 6%, though, I’d think they wouldn’t drop too far, but what do I know?

  14. EBBNF is the preferred of the day. It shows as “Pink Current Information” but trades like a “Pink No Information.” It closed yesterday (11/17) @ 22.59 and opened today with a 16,500 share block at the same price. A few hours later it traded a 672 share block @ 19.21, down 3.38. Looks like some seller got took for ~ $2,271! If you look at a one month chart, you see this is the third time a 3.00+ spike down has been seen. In all cases, the price immediately recovered back to the 22 to 23 range. Best I can tell, there is no fundamental business issue that would drive the price down. It went ex-dividend last Friday. The chart reminds me of how the LTS* issues trade since they went dark.

    If you like the prospects AND your brokerage will allow, you might leave a GTC buy order at a lowball price. Maybe you will pick up a few shares.

    We do NOT own EBBNF in any account or have any open orders.

    1. I’m long EBBNF and it was ‘interesting’ to see the bid price be $0.00 on the Think Or Swim platform.

      I’m looking to rotate out of it at ~$22.90 and into ENB.

  15. CoBank To Redeem Series G Preferred Stock on January 1, 2022
    DENVER (November 18, 2021) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit System associations throughout the United States, today announced that it will redeem all of its issued and outstanding shares of 6.125% Series G Non-Cumulative Perpetual Preferred Stock, Par Value $100 Per Share (“Preferred Stock”) on January 1, 2022.

    The Preferred Stock will be redeemed at a redemption price of $100 together with accrued and unpaid dividends to but not including the redemption date (less any applicable tax withholding as required by law). The redemption and paying agent for the redemption is American Stock Transfer & Trust Company, LLC (“AST”).

    For more information, holders of the securities may contact AST at (877) 248-6417 or (718) 921-8317 or write to AST at American Stock Transfer & Trust Company, LLC, Shareholder Services Department, 6201 15th Avenue, Brooklyn, New York 11219.

    About CoBank

    CoBank is a $155 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country.

    CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.

    Media Contacts

    Julie Davis
    Corporate Communications
    202-215-1354
    judavis@cobank.com

    Dave Harding
    Knowledge Exchange
    262-825-7926
    david.h.harding@outlook.com

      1. Yeah I came back to work from getting a tooth pulled and saw the volume
        spiking. Sorry I didn’t catch it sooner. may have saved you that quarter.
        not sure what hurt worse the tooth being pulled or seeing this issue redeemed ?

        1. Woody, wait until you wake up in the morning to answer that question, ha. I dont know if you had avoided the dentist office if it would have helped. I was stalking that thing since yesterday morning when the big sell order came out and was hell bent to play.
          Usually a big sell order is a red flag, but it had happened so frequently in past with this issue, I had to take the chance at the price it went to.
          Gotta earn that money back somehow tomm. Lol..

  16. ECCB has dropped in the past few days to where you won’t lose even if it is called now. I picked up a few hundred @ 25.12.

    1. GR – I don’t think that’s correct…… Given ECCB is a monthly payor and ex-div date has past for this month, I think a call if immediately happening will only provide accrued for approx 17 days from 11/30 to 12/17… that’d be about 9¢.

      1. According to Fidelity, ECCB is ex-div 12/10 for .1615, payable 12/31. Wouldn’t ECCB have to pay the 16 cents as a potential redemption on 12/17 is after 12/10?

        “A Notice of Redemption shall be provided not less than thirty (30) nor more than forty-five (45) calendar days prior to the date fixed for redemption in such Notice of Redemption (the “Redemption Date”). Each such Notice of Redemption shall state: (A) the Redemption Date; (B)
        (E) that dividends on the shares of Series B Term Preferred Stock to be redeemed will cease to accumulate from and [b]after[/b] such Redemption Date; and (F)

      2. I don’t know what happened to my post, and I apologize if it appears twice. But according to Fidelity, ECCB is ex-div on 12/10 for $0.1615. The IPO prospectus states that in the event of redemption, they’ll provide at least 30 days notice, AND that dividends cease accruing from the redemption dates. This suggests to me, insofar is 12/18 is after 12/10, ECC is on the hook for the full sixteen cents.

        Am I wrong?

        https://www.sec.gov/Archives/edgar/data/1604174/000114420416127262/v450168_497.htm

      3. ECCB traded as low a $25.05 near Thu 11/19 close – so perhaps it is being called this December (though did not see any news to that effect).

        But at this low price it should be a no-loose way to park cash with potential upside till called.

  17. Does anyone have any update on PSEC-A. It’s been on free fall last week or so. I know they announce issuance of additional preferred shares but this price action is overreacted

      1. Mystified–I guess if it was good then it is great now. Actually I own a full position and it has been painful–but am considering adding.

  18. It looks like symbol “OPPBV” changed to “OPPBP” overnight. Right now there’s $0 Last Price, Bid, and Ask on ETrade for this new symbol.

  19. Dry Baltic Index is collapsing. Though still higher than a year ago. I absolutely hate shippers, but thankfully got over my hate to make money on them this year. But I dont trust them in general. So I will watch if it gets worse I quit playing my trading game with SB-C and D which I still own.
    https://tradingeconomics.com/commodity/baltic
    This shouldnt be confused with separate containership rates which include such companies as old Seaspan (ATCO) and GSL. I did drop a big load for me of my GSL-B this week but mostly because its past call and raced well above $26, so I sold.

    1. Grid
      I’m watching my GSLD- call is at end of the year- probably should have sold at 26.25 or so- maybe it can jump a bit if the market gets even frothier with Santa’s approach.
      Think it can move up, and is it likely to be called ? ( not sure if they’ll have the loose change if they do GSL-B).
      thanks

      1. Hi Gary, they have mentioned in previous CC about calling some high debt next year. Dont didnt specify. GSLD is callable at $25.50 next month and that decreases to $25.25 following Dec. So it may survive a bit, but YTC must be factored in for your returns going forward being its 2024 maturity.
        GSL-D may survive longer, Im just going to wait to reenter lower or just stay out if it doesnt. GSL earlier this year did a secondary of this issue at $25.50 I read. So it could last, but oddly they would net a gain on those shares redeeming at $25.

      2. I own a big slug of GSLD as well, and if they want to call it next month at the premium price of $25.50 its alright with me. My guess is they won’t though.

  20. For those owners of AATRL the AMG convertible. I just sold 200 shares at $62 with a GTC order. Holding the rest of my position for the time being.

    1. Chris-
      This thing trades crazy- don’t see yours in the frealrealtime.com site, but at open it was 51.53 and then all over the place- up to 61.40 ! Don’t own it right now, but I’ve made a few good trades with it.
      Buy at 50, sell at 60 stuff. Nice.

      1. Not sure you can buy it anymore, just sell. The SEC has made it institutional only now, Fidelity won’t let me buy only sell. Still a great convert.

    2. Same thing. I had a weeks old GTC for 500 at 62.00 fill today, at 15:55, according to the broker confirm. Does not appear on the OTC transcript, and is outside the published high-low. Have no idea what’s going on here. Also still holding on to a few shares.

    3. I had 200 shares of AATRL, 100 at Vanguard which I sold and 100 at Merrill which I have tried to sell. Merrill will not accept a sell order. I even talked to them about converting, but they refuse to consider that. I welcome any ideas.

      1. After telling them they are Dheads for having zero customer assistance skills, here is a possible option. After all they really are your stock shares (well not technically but that is another issue) so you shouldnt have to answer to them.
        Transfer your street name shares into physical shares or getting them transferred to AMG transfer agent.
        Here apparently are the steps.
        https://finance.zacks.com/register-stock-certificate-6843.html
        Here is AMG transfer agent.
        https://ir.amg.com/shareholder-contacts

            1. Chris, That is the best easiest way. I was assuming that wouldnt or couldnt happen. But its worth trying. I have found Vanguard and TD both being non responsive in accepting OTC issues. And that was way before the new SEC ruling fiasco. They never would give me a reasoned answer as to why they would not accept a transfer of OTC issues, that freely allowed one to buy the same dang issue on their own platform.

              1. Note that I’ve had the TDA desk tell me they wouldn’t accept a security (IPPLF), and then then the ACATS was accepted without comment when I tried anyway.

            2. ChrisW: I tried that and Vanguard would not accept the transfer even though most of my assets are with them. Thank you for your thoughts.

  21. From the the 10% + drop in MTBCP, I am guessing it has been called.

    Who holds this stuff with this kind of call risk???

    1. CareCloud, Inc. (the “Company”) (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of proprietary, cloud-based healthcare IT solutions and services, today announced that its Board of Directors has declared monthly cash dividends for its 11% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) for December 2021, January and February 2022. This represents 76 consecutive months of dividends declared since the Series A Preferred Stock was initially sold in November 2015.

  22. New Issue New York Mortgage Trust, Inc. (NYMT)
    Series G Cumulative Redeemable Preferred
    $75mm
    Perpetual
    7.00-7.125%

        1. That’s YES it will be called. For those who don’t feel like clicking on an article. Reflected in the price. No problem I bought at par, then didn’t have the nerve to get out when it was bid up.

    1. Nymtl looked like more attractive… Though I have never touched this company’s issues

  23. New issue: Atlanticus Holdings Corporation (Nasdaq: ATLC)
    Senior Notes due 2026
    $75 million
    6.25%-6.50%

    1. Current preferred, ATLCP, has a coupon at 7.625%, current price is near par, and is not callable until June 2026. Don’t understand why anyone would be interested in this new issue.

      1. The bond is higher in the stack and has a maturity date in five years. The preferred is perpetual.

      2. Hi LarryL. ATLCP has no stated maturity. Notes have a maturity of 2026 which gives me a warm fuzzy feeling in the face of rising interest rates. But I will take a look at ATLCP since maybe the yield is enough to keep it from being decimated when rates rise?

        Technically, notes are more secure as they are senior to the company’s preferred shares. Not that I’m worried, but another reason to look at the notes.

    1. Fido showed price but didn’t allow bid at opening, now shows a price, allows bid, but bid/ask shows “0/0”

  24. Atlanticus Announces Offering of Senior Notes GlobeNewswire
    ATLANTA, Nov. 15, 2021 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the Company”, “we,” “our” or “us”), a financial technology company which enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced it has commenced an underwritten registered public offering (the “Offering”) of Senior Notes due 2026 (the “Notes”). The Company expects to grant the underwriters a 30-day option to purchase additional Notes in connection with the offering.

    The Company expects to use the net proceeds of this Offering for general corporate purposes.

    1. Boy, what a year it’s been for ATLC… started the year at around 22 and now at around 76… One of the best performing bank holding companies this year…. Wish I figured that out in January instead of last week………. This is a $25 note….. I hope it’s priced right.. Why it’s even got an A rating from Egan Jones so it might even be Baa quality…….

  25. PSEC-A keeps going down, it is trading at 22.35 now and went as low as 22.28 earlier today. Its chart looks terrible. However, the common is trading near 52 week high.
    Anyone has an explanation? if nothing is wrong with the company, that could be an opportunity?

    1. NEW YORK, November 10, 2021 – AmTrust Financial Services, Inc. (“AmTrust” or the “Company”) today announced that its Board of Directors has approved a cash dividend per share on the following series of non-cumulative preferred stock:
      Series Rate Dividend
      A 6.750% $0.421875
      B 7.250% $0.453125
      C 7.625% $0.476563
      D 7.500% $0.468750
      E 7.750% $0.484375
      F 6.950% $0.434375
      The preferred dividends will be payable December 15, 2021 to stockholders of record on December 1, 2021.
      https://amtrustfinancial.com/getmedia/1de3131f-b503-4949-b583-a5e2d0f08acb/Dividend_Q3_2021_Press_Release.pdf

      1. Too bad they’ve all gone to the Dark side. But, still trading on Schwab.
        I have to wonder if the brokerages are applauding the new SEC rule- looks like they stand to do well at $6.95 a pop if they gin-up full trading in the OTC dead zone.

    2. MFZ–yes it is painful–I own some. The company has been selling more preferred stock to institutional holders. Here is a press release from today on those sales.

      https://www.sec.gov/Archives/edgar/data/0001287032/000128703221000523/a20211115-psecpreferredpre.htm

      Beyond the sales of preferred stock Prospect Capital is one of those companies that folks ‘love to hate’–no respect for whatever reason–management is not respected–although with common shares trading higher maybe that is changing.

      I will add a little more soon as it dances around a 6% current yield.

      1. Speaking of PSEC, PBC callable as of 12/15, but today is 30 days out…any notice of call? Looks like market says not. They seem to call regular bonds with much lower coupons as soon as they can (in my limited experience), so I would have expected PBC to go right away…and sold half of mine last month when YTC barely >0 (although I lost a few $ by not looking at the confirmation page showing I had mis-typed my limit price). Anyone here with a clearer crystal ball than I have?

    3. Good buying opportunity in my opinion. TDS/PV has also dropped over $1/share in the last 10 days. Can pick up these for around par with the accrued interest built in. 6% with call date way out in 2026.

  26. New Issue DTE Energy Company (Ticker: “DTE”)
    2021 Series E []% Junior Subordinated Debentures due 2081
    $150mm
    4.375-4.50%

  27. JMPNZ called for Dec 13. Shareholders approve the merger with Citizens which tripped off the call for this issue… Cannot yet provide the link to this announcement,,,,,

    1. 2WR,
      I am figuring 73 days in interest or $.3485 and the $25? No ex-div if redeemed on the 13th?

  28. PFXNZ shows on E*Trade with no prices. I put in a limit order if trading begins Mon morning

  29. Brightsphere BSA down to $25.08 today. I had an order fill for it.

    Kind of low coupon just above 5%, but it matures in about 10 yrs so it might fit in some people’s plans.

    1. I remember reading somewhere that Brightsphere plans on redeeming BSA sometime in the 4th quarter. Can anyone confirm this?

        1. StackingNickels,
          I am, also, in BSA. The longer they take to redeem, the more pennies I can stack.

        2. I too notice that BSA quote on 10/30 – from the CC I think…. Given I’ve got too much cash sitting around doing nothing, I got a little bit more aggressive than you and started adding at 25.09. I’ve owned BSA since 2017, though, so even after adding, my average cost is well below par. Gee, looking back, I even bot 100 shares at 15.13 in March ’20

          1. It seems like most of my time these days is looking for places to put cash where it won’t get decimated when rates go up. Added to BSA at 25.09. Put in a bid at 25.08 and got a whopping 5 more shares.
            Got some AXS-E recently and looking at GAB-J.

            1. nhc – Take a look at CUBI-E. We should find out tomorrow or possibly Tues at the latest whether or not it survives for another 3 months……. CUBI’s committed to calling them in but sounded as though they were going to let it slide into 2022. I think the 16th is the actual last day for 30 day notice on call 12/15 and it can only be called on payment dates…. Current coupon is approx 5.27%, maybe 5.28%. I’m not sure of next ex-div date but historically date of record has been the last day of the preceding month, so on or about 11/29 should be right. At last trade of 25.39 for assumed 5.27% coupon, yield to 3/15/22 assumed call = 3.22% so there’s no particular upside, but a reasonable place to hide for 3 months.

              1. Looked at that as well. Tried for a better price, cheap SOB that I am, but got no fill. Will continue to monitor this one too.

  30. Anyone else own CPTAL? Looks like they are calling redeeming about 70% of the shares I own.

    1. I received an email from TDA today advising me that CPTAL will redeem 68% of my shares on 12/6/2021 at $25.00 each. I can’t sell the shares that are being redeemed.

    1. OCCIP redemption: no earlier than December 10, 2021, but no later than December 25, 2021.

      1. Randy – You’re not taking into account the big 41.67¢ chunk of accrued. You have to subtract that from the flat price when calculating accurate yield. So 28 becomes 27.583 in your calculation and that gives you 5.286% YTC…… Hmmmmmm, that still does not jibe with what I came up with originally as YTC….. I don’t know why… maybe I imputted an incorrect call date? I’ll look into it.

        1. Ahah! I see what happened! I use https://gpi.fidelity.com/ftgw/interfaces/pyc/ for my bond yield calculator and the prior calculation I had done in the calculator had a call premium of 25.60, NOT 25.00. I inadvertently did not change the call feature to 25.00 and, therefore came up with a wrong YTC….. My apologies to whomever may have followed me in on buying this one based on my wrong calculation… I sucked myself in too, probably at a higher price than you guys as my average add-on cost today was @ 28.40, including 100 shares bot at 28.16. The accurate YTC (I think now, ha!) at today’s closing price of 28.26 is 5.03%

        2. 2W—thanks for pointing out the large accrued divy that basically lowers the purchase price.

          1. From Investopedia – https://www.investopedia.com/terms/s/strippedyield.asp

            Stripped Yield and Preferred Shares

            Investors that purchase preferred shares often buy these shares with implied accrued dividend, and so a stripped yield is often more appropriate for understanding the true value of the preferred. The number of days interest earned on the preferred shares from the day the last dividend was paid to the day the shares are purchased represents the accrued dividend.

            For example, assume a preferred share is trading for $40 and paying 5% dividend. The dividend dollar amount, thus, is 5% x $40 = $2 per share per year. An investor purchases the shares at a time when the last dividend payment was 90 days prior. The accrued dividend can be calculated as $2/365 x 90 = $0.49.

            To find the price of the pure debt portion of the security, the accrued dividend is subtracted from the market price of the preferred share. In other words, the dividend rights are stripped away from the preferred share, separating ownership between the stock and any dividend on the stock that has not become payable. In our example above, the stripped price of the preferred stock is $40 – $0.49 = $39.51.

            The stripped yield is the annual dollar dividend of a preferred stock divided by its stripped price. Continuing with our example, $2/$39.51 = 5.06% is thus the stripped yield.

      1. BHF
        Moody’s (Exp): Ba2 (Stable)
        S&P (Exp): BBB- (Stable)
        Fitch (Exp): BB+ (Stable)
        Size $200mm
        Price Guidance: 4.75-4.875%

        1. Due to today’s inflation number, upcoming fed tightening, policy decisions/or not in D.C., I am presently selling all issues under with under 7% rates. Keeping near term baby bonds. Why buy/hold a 4-6.9 issue with 6% erosion? says I.

          Best to all and, please, enjoy Thanksgiving.

          1. Bill – what are you doing with the proceeds of your sales????? What alternatives do you see to solve the problem other than taking on higher degrees of issuer risk?

            1. Hi:

              a) Wait til dust settles….post fed hike. then look at tim’s list for “sale”preferred

              b) sold 13 issues….all finished a bit lower. (escaped). No losses….

              c) meantime….trying to decide for a 3-9 month div paying “non volatile” common such as a mcd, vz,home depot, wmt etc.

              d) stepping back a little and ducking.

              regards,

          2. 1% erosion is better than 7% erosion sitting in cash. Unless you expect the the price fall with the teetering economy increasing bankruptcy risk. As rate rise becomes a factor the under 5% issues fall first, an early warning system to maybe get out of the under 6% issues with smaller loss.

            1. With terms or baby bonds that have call/maturity dates and can hold, I don’t pay attention to these matters

              1. Because it’snot a loss unless you sell it. Otherwise you’re getting the dividends you paid for.

  31. 2WR, I see. Yes, I get close to, but HIGHER, YTW’s for those two “early” redemptions than the 6.80% for the 2027 redemption at par (excuse me, liquidating 🙂 )

    1. mbg – maybe this is an apples to oranges comparison but I just can’t help but look at a company like PhenixFIN Corp’s (a BDC with a somewhat checkered past as Medley Capital Corp) ability to issue a 2028 note at 5.25% and think just how cheap QRTEP is at 6.80% to a ’27 call and a 7%+ yield to a ’31 maturity is. Granted QRTEP is a preferred vs PFX’s note, but still I know which one I’d prefer as a credit risk.

        1. Not to say that being an apples to orange comparison makes this a completely invalid comparison. At least S&P rates QRTEA (most recent was this April, outlook improved to stable and affirming its “BB-” issuer rating).
          https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2634257
          I was unable to find a rating on PFX by either Moody’s or S&P. That may be only a minor advantage, if it merely reflects that Qurate was willing to pay for the rating and Phenix didn’t want to pay, but it does carry some weight with me.

  32. 2WR,

    I think it was originally issued in 2020, so that becomes callable in 2025 (the 5th anniversary of the original issue date), not 2027, which decreases your calculated YTW. However, they’ll also give a premium if they call btwn 2025-26 and a lesser one if called btwn 2026-27.

    1. QOL –> Callable on 9/18/25.
    2. Prelim prospectus (page 2), from the link on QOL –> “On any business day occurring on or after the fifth anniversary of the original issue date of the Series A Preferred Stock (the “Original Issue Date”), the Registrant is permitted, at any time and from time to time, to redeem all or a portion of the outstanding shares of Series A Preferred Stock out of funds legally available, at the liquidation price plus all unpaid dividends (whether or not declared) accrued from the most recent dividend payment date plus, if the redemption is (x) on or after the fifth anniversary of the Original Issue Date but prior to its sixth anniversary, 4.00% of the liquidation price, (y) on or after the sixth anniversary of the Original Issue Date but prior to its seventh anniversary, 2.00% of the liquidation price and (z) on or after the seventh anniversary of the Original Issue Date, zero.

    1. mbg – I think you’ve got the call features right but did you do the actual calculations @ 107 to the 3 different call dates and premiums? By my calculations, the YTW is the calculation to the ’27 par call, and the yields to either ’25 @ 104 or ’26 @ 102 are HIGHER yields than the 6.80% yield to the ’27 par call date… “YTW” being yield to worst possibility. the yields are all pretty close, but still yield to ’27 par is the lowest.. and yes I am using the term “par” improperly…. lol should be “liquidation preference”

      1. I saw your number and call date yesterday, but didnt mention because I assumed like you there little chance this gets redeemed in 2025. Not unless Maffei or Malone need their capital for some reason or a merger triggers it. This was a freebee giveway not a capital need issuance. As long as company keeps a float its Party on Garth in terms of it staying outstanding probably until maturity.
        As par as your par comment goes, nobody uses the term correctly so stand in line and wait for your terminology flogging with a whip. I havent checked, but par is probably the standard $0.01, or $0.00 I suspect, but who cares, ha.

      2. 2WR, This issue is bouncing around some. I couldnt help myself and put out a 106.91 bid and it hit this morning. Of course I would have done better if I had just bought it yesterday with my purchase at 106.75 but, it is what it is.

        1. It is strange to me that it remains hovering around this new level…. I can’t think of a comparable with yield like this but what do I know…. oh and as an aside you’ll find comforting, wifey continues to add to QRTEA’s revenue stream……….

  33. New Issue: Argo Blockchain plc (Nasdaq: ARBK)
    Senior Notes due 2026
    $50 million
    Talk 8.75%

    1. It seems like these mining companies only know one thing. Mine bitcoin and hold it. Borrow more money, buy more gear, rinse, and repeat. Not sure what to think of it. Holding the commodity that you are generating just seems like speculation instead of an actual business. Might as well take the money and buy the digital currency directly and skip the mining aspect. According to a recent news blurb they own a $127 million plus in bitcoin yet want to borrow 50 million at 8-9%. Go figure.

      1. Bitcoin has proved the theory if every market participant just holds (HODL) natural appreciation will follow due to limited new supply coming on the market.

        So far YTD 125% appreciation is much greater than 8% dividend. Agree they should just loan money to buy coins directly to hold forever.

  34. Has anyone seen any news on the BKEP / BKEPP purchase offer?

    It’s been a few weeks since the initial news and the distribution / dividends were paid this week. If the GP were going to alter the offer, it seems like this would be an opportune time.

    I’m long BKEPP and I have not seen dramatic changes in the share volumes of BKEP or BKEPP since the offer.

      1. For what its worth HDO/PT put a sell on it. He has an issue with them paying a special dividend to the common share holders and doing some buy backs. He feels it depletes their cash supply.

        1. Yes, I had a friend tell me that. Im not a friend of pumping cash below me either. But its still doing better than it did in 2019. 2020 comparison just wont work as they arent matching their “lock down” sale year. Plus I dont have near the amount I have when I loaded up around $90 last year…. And wont again either.

        2. Well surprisingly HDO is technically right but were it not QRTEA I’d be more concerned. As almost always, it’s nice to once again be on the other side of an HDO recommendation…. QRTEA has a history of doing this kind of thing, so they have the wherewithall and expertise to know when they’re in a healthy enough position to do it…. Still, as a preferred holder it sure doesn’t make you jump up and down and start yelling yay for me! BTW, I add, too,

          1. 2WR:

            As long as you know that QRTEA’s balance sheet is deteriorating. I haven’t seen the HDO piece, but a quick read of the 10Q:

            Paying out ALL of 2021 cash flow ($495 million) as a common dividend, and bought back $216 million of stock during the year at $11.60/share (current price is $10).

            $8 Billion of net debt + preferreds on the balance sheet against $4 Billion in market value equity. $10 Billion of goodwill/trademarks comprise their asset base, which is 60% of their assets! I know everyone loves Malone, but basically QRTEA’s balance sheet is crap.

            But I’m still hiding out in the secured baby bond QVCC….for now.

            1. Rob, I dont consider this a widows own myself. But being Maffei and Malone it is what it is. And we have to accept it, or move on because they wont change.
              Maffei…
              We have told you in the past, we are committed to returning a substantial majority of our free cash flow to shareholders. And this year, we anticipate returning virtually all of it, including some onetime tax, green energy and other like items. This announcement about the dividend reflects our ongoing endorsement of Qurate’s business and our commitment to balance shareholder returns and equally our statement about our intent to return the majority or more of all of our cash flow.
              Question….Okay. And then just lastly for me. You guys were at net leverage of 1.9x. The onetime dividend is going to push that up a little bit. Is 2.5x still your net leverage target?

              Greg Maffei

              Yes, 2.5x or better, we should clarify, given that we are substantially below 2.5. But we should also point out that we anticipate that free cash flow will cover the dividend. And so we don’t anticipate going higher in leverage as a result. There may be some short-term timing issues, but on an ongoing basis, it will not move.

            2. Rob – Yes, I get all that, but also believe that given this is being done in a managed way, it’s not indicative of corporate weakness….. Also, keep in mind the yields on QRTEP the security…. At 107, you’re talking about a 6.80% YTW (par call in 2027 is the worst I believe) and 7.15% YTM…. For comparable quality, , imho, keeping in mind the final maturity, it’s out of line cheaper than alternatives…

    1. Thanks, EB… Quick glance at EDGAR, I see no mention of the fate of MNR-C this time around………..

      Under the terms of the agreement, Monmouth shareholders will be entitled to receive the previously announced dividend of $0.18 payable on December 15, 2021. If the Transaction is not consummated by March 31, 2022, Monmouth shareholders will also be entitled to receive a dividend for that completed quarter up to $0.18 if and as declared. In addition, Monmouth plans to continue to pay its regular quarterly 6.125% Series C Cumulative Redeemable Preferred Stock dividend through the closing of the Transaction.

      1. Perhaps I’m being overly cautious but I have been selling MNR-C today. Given there’s no mention of C in the plan, I am assuming it will remain outstanding and they have said that MNR will no longer trade afterwards… Not only does that open the door to 15c-2-11 problems but they also say that the combined company will have high leverage (6x-8x) and assumption of MNR debt, so probably preferred as well… Lots of contingencies too it appears so maybe this will be another false start but I don’t see much upside potential and far more downside.
        https://www.sec.gov/ix?doc=/Archives/edgar/data/0001717307/000110465921134692/tm2132072d1_8k.htm.

        The information in this Current Report on Form 8-K states the Company expects to finance the acquisition of Monmouth by entering into a joint venture with one or more institutional investors for equity investments of between approximately $430 million and $1.3 billion. However, the Company may not be able to enter such joint venture or obtain such equity investments on favorable terms, and the Company may not be able to find alternative financing in such amount and/or on as favorable terms, if at all. In addition, there are conditions to the funding of the bridge loan facility that may not be satisfied.
        · The information in this Current Report on Form 8-K states the Company expects the debt to Adjusted EBITDAre to be between 6 and 8 times following the closing of the merger and the execution of the financing plan

          1. Good catch, xerty – that certainly implies C will be called…. that should give stability to the price…. Still not regretting moving on……..

            1. It seems like you’ve been doing a lot of selling recently 2wr…are you expecting a down turn in the market, or just housekeeping?

              1. I suppose it’s more housekeeping than anything, CW… As per usual, I’ve got way too much cash doing nothing to be selling outright and adding to it, but like someone mentioned here recently, it does feel as though the market is almost forcing you to look for alternatives to this area… What with the calls and the pricing levels of new issues to me it’s just feeling as though we’re getting way too squeezed to be buying much…. I have been doing some stuff in other areas, participating and maneuvering in some rights issues in CEFs, looking for alternate ideas, etc… Still holding on FPI acquired thru the conversion, though, and actually added a tad there………. I sure didn’t play that one very well but do not feel uncomfortable being in the common.

                1. Ditched my MNR as well. I have too much on the “dark side” now that the SEC decided to make a market just for the elites to play in. I guess if you want fire sale rates on other people’s holdings the easiest way to get them is to start the fire — and boy, did they ever!

                  Watford had its price targets raised again by several ratings outfits. Might be worth adding some there on weakness if there is room in your high risk bucket.

                  1. Scott and 2WR:

                    I think you both might be taking this Expert Market risk to an extreme.

                    In a publicly-traded REIT to publicly-traded REIT merger, the surviving REIT has full responsibility for any preferred stock in the acquired company.

                    Either ILPT will call MNR+C or it will become fully tradeable ILPT+C. MNR+C will of course no longer trade, and that is why MNR mentioned it in their press release. But I am 99% certain that MNR+C will be redeemed next Spring, and we will all get another (final) quarterly dividend payment in March of 2022. I am happy that we are getting 2 more dividends on a rock-solid security that was callable on 9/15/21.

                    Scott – how are you acquiring shares in the Watford preferred if it has become delisted and de-registered? I would love to buy more myself.

                    1. Rob – In mentioning the Expert Market re: MNR, I had in the back of my mind, SLMNP – left me thinking it could possibly be dependent upon how Monmouth ends up operating under the ILPT name…. However, more importantly was what xerty had found in the investor presentation – I had been looking for the words, not the numbers but within the presentation, they essentially do confirm that MNR-C will end up being called along with Monmouth’s outstanding debt.. So I essentially agree with you to the timetable for what will happen on MNR-C going forward…. As I said after seeing xerty’s find, I assume there should be some stability in price on it going forward with little price movement and a couple of quarterly payments to come. After xerty’s find I did attempt to buy back what I sold for 10¢ but missed it by a penny or two….

                    2. Rob, I dont believe Watford is high risk, nor is it currently possible to buy any. Unless someone is selling hard paper stock certificates to someone.

  35. Announced:
    Tellurian Inc. $25 par Senior Notes
    Issuer: Tellurian Inc. (NYSE American: TELL)
    Securities:
    Senior Notes due 2028
    Size:
    $100 million
    Offering Price:
    $25 Par
    Issue Rating:
    BBB+ (Egan-Jones Ratings Company)
    Use of Proceeds:
    The Issuer intends to use the net proceeds from this offering for general corporate purposes, including the potential acquisition of upstream assets.
    Expected Listing:
    NYSE American under the symbol TELZ
    Settlement:
    T+2

      1. IPWLP drops 11% to 86?
        Anybody know if there’s something going on? I’m trying to add.

        1. Good luck on trying to add with this one.

          With all the Halloween candy, the market going up every day, my fixed investments are making me just shy of 10% this year. Thank god for the walks and exercise… otherwise the weight gain would be huge. My guess is someone is not exercising and their fingers are getting fat. Can’t see what they are typing, fingers are hitting multiple keys, and when you do this on ill liquids and with investments that might trade a few thousand for an entire year… That is my bet because I want to guess that .006 % of the shares traded. Noone is going to buy my shares in the drawer that I have them placed in.

          1. Bet you’re right, probably meant to sell at 96, c 350 traded – gonna leave a mark.

  36. RRD being bought out by Atlas. I own some PYS, one of those repackaged products by Merrill. I wonder what will happen with those. Ask price late Wednesday was near 24.00

    1. re: PYS – There’s a bidding war for RRD now with Chatham Asset Mngmt being the other bidder, but it looks as though the results of either winning is that RRD goes private….. It sucks how the new SEC rules make playing this game much more risky of ending up owning something completely unmarketable for the next 8 years, but here’s language in the PYS prospectus that might make owning PYS at a discount interesting…..

      In addition, if the underlying securities issuer ceases to file
      Exchange Act reports or ceases to satisfy the requirements of Rule 3-10 of
      Regulation S-X under the Securities Act, the call warrant holders will have an
      opportunity to exercise call rights and thereafter the trustee will divide the
      underlying securities between the trust certificate classes in accordance with
      the allocation ratio and distribute each class’ portion of the underlying
      securities pro rata to the trust certificateholders of that class. If the events
      set forth in clause (1) above occur, and if such payment exceeds the sum of (x)
      the aggregate stated amount of the Class A trust certificates plus any accrued
      and unpaid distributions to the date of payment and (y) the sum of the present
      values, discounted at the rate of 6.30% per year, of the unpaid payments due, or
      to become due, in respect of the payments to be made on the Class B trust
      certificates on or after the date of payment (assuming, for purposes of such
      calculation, that the underlying securities would have been paid in full at
      their stated maturity, that such acceleration had not occurred and that no
      portion of the underlying securities would have been redeemed prior to that
      stated maturity date), all call warrant holders will be deemed to have
      automatically exercised their rights pursuant to all outstanding call warrants,
      all Class A certificateholders will receive the call price with respect to their
      Class A trust certificates called and all amounts received from the underlying
      securities issuer will be distributed directly to the call warrant holders. If
      the events set forth in clause (2) above occur, the call warrants will expire
      and have no value. If the events set forth in clause (3) occur, the call warrant
      holders will have an opportunity to exercise call rights before the trustee
      distributes any amounts received or any underlying securities to the trust
      certificateholders.

      1. The call warrant holders can act at any time, but haven’t. So I’m not sure why ceasing to file with the SEC would trigger them to act.

    1. This was a great one to flip and capture dividends. Buy at $25.50 ish, sell at over $26+. I was selling all week at intervals at $26.10 and investors took everything I had on Tue.

      1. Mr. Conservative:

        Same here. I was down to only 5 shares of IPLDP this morning!

        So if I sell the remaining 5 shares today, will Schwab tell me I am short 5 shares on redemption day of 12/15/21? In the old days, I remember many preferreds ceased to trade once a redemption was announced, but that isn’t the case in today’s markets?

  37. Haven’t received METCL payment at E*Trade as of this evening. Also no partial on 7-30 either.Anyone else?

    1. CBL Properties (CBL) (OTCPK:CBLAQ) completes its Chapter 11 reorganization, emerging with an improved capital structure, increased financial flexibility and a lowered cost of capital.
      The company has reduced its debt and preferred obligations by ~$1.7B. After the restructuring, its balance sheet includes a new $883.7M secured term loan, $455.0M of new secured notes bearing interest at 10%, and a $150.0M of new convertible notes bearing interest at 7%, including $50.0M funded by new money.
      CBL intends to utilize the $50.0M in new money proceeds and $10.0M in recent asset sale proceeds to redeem a portion of the 10% notes, which will result in a total of $395.0M of 10% notes outstanding post-redemption.
      Following the redemption and $195M in cash payments made as part of the emergence and other fees and costs, CBL will have ~$260.0M in cash and cash equivalents on the balance sheet.
      Existing common and shareholders and common unitholder will each get their pro rata share of 5.5% of the newly reorganized company; existing preferred shareholders will also get their pro rata share of 5.5% common equity in the reorganized company.
      CBL’s stock will go back to trading under the symbol “CBL” on Nov. 2.

  38. For the nickle stacker crowd – there’s been a seller in the mkt today on CUBI-E at 25.25….. If I figure correctly, using 5.27% as approximate coupon, 25.25 translates into a 2.67% yield to the next possible call date of 12/15. Last quarterly cc hinted that they may more be looking at holding off calling until 2022. If it makes it past 12/15 it’s good until 3/15/22…. Looks like a can’t lose situation for money market alternative cash.. We’ll know for sure if it makes it past 12/15 in no more than 2 weeks’ time given the 30 day provision

  39. Harbor Custom Development (HCDI) reported strong earnings this morning. I purchased a few more shares of their 8% preferreds at a steep discount. I know there is a lot of skepticism regarding the secondary offering that was done at $15, but they seem to be deploying that capital strategically and posting positive results.

    Worth a small position IMHO.

    1. I own a share amount I fortunately sold out of and bought after secondary at $13.75. Still holding. I dont trust this outfit, but my greedy side wins out to hold and watch. Part of the original preferred issuance was to pay for owners insurance. Give me a break!
      I can easily see this ending badly somewhere down the road. I just want things to go well long enough for me to get a big score, lol.

      1. The way this has been managed, they’ll be needing the $1M they spent on D&O insurance. Typical policy only covers $5M of liability but I’m guessing they went with the XL package.

      2. HCDI just announced a new stock buyback program. The common shares are skyrocketing. Preferreds up nicely too, but will likely move quite a bit higher with this news as well.

        1. Sell preferred at less than 60% of redemption value, then turn around and buy some common. There’s some next level genius going on here.

          1. They didn’t get as much as they wanted in the $15 secondary. Wouldn’t be surprised to see another secondary after they drive the price up. Fool me twice, shame on me.
            There’s so many warrants out on the common wouldn’t that put a ceiling on the price until the warrants are exercised?

  40. Vanguard is having some serious trading issues. Can’t use margin, can’t see open or executed orders…….

    1. Interesting company . Certainly a different industry from a lot of the preferreds we have been seeing. Declining sales and a product that is more fashion than anything else ( the last time I asked a guy for the time since he had an impressive watch he whipped out his cellphone to tell me). Will keep an eye on it.

  41. I just learned that FTAI is splitting into 2 companies. It currently has 3 Preferred issues outstanding; one of which I own. Does anyone know what the impact of this split will have on the Preferred shares. If they are associated with only one of the surviving entities then the financial support for them is significantly reduced. that would seem unfair to the preferred shareholders but I don’t see how 2 separate entities can both support an outstanding preferred class,
    I would appreciate any input

  42. RC-C Help, please. This is a busted convertible preferred with no call paying 6.25%, yet it’s trading at only $25.05. Why? Ready Capital is making money and the common is trending up. Is the risk really so great? Anyone know the story? It looks appealing to me, but but I need some info/advice. Thanks.

    1. wilson—I own RC-E which is a 6.5% issue callable in about 5 years. Both trade right around $25. It has 4.6M shares as opposed to 780K for RC-C. So I think a case could be made either way as to the more desirable investment option. If liquidity is important to you, RC-E would be a better option. If you want to hold forever, RC-C is not callable so perhaps it is a better option.

      1. Thanks for the input. I own RC-E, too, but wasn’t aware of the disparity in size. I would have expected both to be trading a little higher, but looks like my sights have been off, maybe because of the nature of RC’s business and the yields on other mREIT preferreds.

      2. Randy and Wilson:

        I believe the share count on RC+C is even less than 780K – more like 335K left outstanding. It is very illiquid, so you would have to expect its share price to get whacky at times.

        Ready Capital offered to buy this essentially non-callable preferred back in May at $25, and some (43% of outstanding shares) did not tender. Ready is stuck with them for now unless they launch another tender offer – which might have to be higher than $25 to rid RC+C from its books.

        Ready Capital Corporation Announces Final Results of Tender Offer
        05/05/2021
        NEW YORK, May 5, 2021 /PRNewswire/ — Ready Capital Corporation (NYSE: RC) (“Ready Capital” or the “Company”) announced today the final results of its tender offer for all outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per share (the “Series C Preferred Stock”), which expired at 5:00 p.m. New York City time on April 30, 2021.

        Based on the final count by the paying agent for the tender offer, 445,065 shares of Series C Preferred Stock were properly tendered and not withdrawn. Ready Capital has accepted for purchase all tendered shares of Series C Preferred Stock at a price of $25.14323 per share (which represents 100% of the $25.00 liquidation preference, plus accrued and unpaid dividends to, but not including, the purchase date) for a total cost of approximately $11.2 million.

        These shares represent approximately fifty-seven percent of the shares of Series C Preferred Stock outstanding.

        The paying agent will promptly issue payment for the shares of Series C Preferred Stock validly tendered and accepted for purchase in the tender offer.

        1. Sounds like its not bad for buy&hold, it’s bad for those who need to sell quickly, and it’s possibly good for traders who can be patient.
          I’m not buying any though I did add to RC-E at the lowered priced.

        2. That tender offer was the result of a change of control provision… RC was obligated to offer to pay $25 at the holders’ option. They used the tender method to fulfill their obligation. I had bot to participate and did only to see RC-C sky higher almost to 27 in the next month and a half only to have it come back down to its present level…

    2. priced about right compared to their other issues, after adjusting for the different terms. No sudden drop this week, what’s the concern?

  43. RE: HGH – Closed today at 26.06. This is not in doubt of call – it will be called on its first call date of 4/15/22 and at 26.06, it’s trading at a negative yield to the call… 9/16/21 they had a new issue that had Use of Proceeds for calling HGH at first call…. https://www.sec.gov/Archives/edgar/data/874766/000119312521274720/d143132d424b5.htm#supprom143132_7

    That was reconfirmed in their 10/28 conference call…. “From October 1st through October 27th, we repurchased approximately 1.5 million common shares for $108 million cash and investments at the holding Company were 2.1 billion as of September 30th, which includes the proceeds from the September issuance of 600 million of 2.9% senior notes. These proceeds will be used to repay our 600 million 7.875% junior subordinated debentures, which are redeemable at par on or after April 15th, 2022.”

    Obviously they cannot officially announce until closer to the call date, but it will be called on or about 4/15/22.

    1. Goes ex Div Thursday I believe. Still yielding more than 5%. Had a bit of a run up today.

  44. Slight meltup in RILYK @ 27.42, up 68 cents on the day. All of ours is out of here. . .

    1. RILYK good until 2026. The heck with the hunt for yield and hold in your case I guess. I’ve bought in the low to upper 25’s and plan on holding.

    2. Tex
      Thanks for the alert. I sold my small position, will consider adding back on a drop.

    3. Right, good call Tex. Any non investment grade plunging < 5% territory is usually a good time to evaluate. It is also snagging almost a year in dividends in a couple of days.

    4. RILYK is the only one of their securities that has a make whole premium if they call it before 2026. Management expressed their desire to redeem their high interest notes in the coming quarters. RILYK is worth more due to this potential MW provision.

      1. Fair point, Chris. I hadn’t realize that on K, however, it’s still only a 5.50% coupon…. If the make whole provision wasn’t enough to put K low on the totem pole for call, the coupon would be when compared to so many of their other issues having higher coupons and current callability… K’s the second lowest coupon in their $25 par stable… It still looks out of line high imho,

  45. CUBI-E and CUBI-F – Boy what an amazing quarterly report from CUBI today…. extraordinary….. I know we’ve got followers of CUBI-E on here so just to report from the conference call, it looks as though the idea that E will make it past its next coupon payment and then die in 3/15/22 is confirmed:

    “Yes. And from a preferred perspective what we’re thinking about right now is, as of December 15 our last series of preferred stock will ultimately reset and become redeemable. So, as we think about that longer term we’re considering potentially refinancing them or redeeming them and refinancing them in 2022.”

    That being said, calling for 12/15 is not completely off the table and won’t be until they hit the 30 notification date.

  46. With the search for yield amongst all the new low yield issues I put together a list of possible good buys based on price and/or call and maturity dates.Any opinions? AAIN,RILYZ,ECCC , OXLCO,OXSQG, RCC,SBNA,PRIF-I,H,J,TPTA

    1. I just traded out of RILYK to RILYZ + 100 shares-take profit and maintain limit on RILY exposure. Bought it at par. Coupon is lower and call is earlier but I got it at par and I think given the coupon the call protection is pretty good

  47. Another outsized 8.375% new issue sinking . . . SNCRL. IPO’ed ~ 7/30/21 @ ~25.00, now trading at 23.41. SNCR common trading at a robust 2.47.

    ANOTHER issue to avoid IMO. Market is telling us that long term the coupon payment is in jeopardy, otherwise a 8.375% coupon with first call of 6/30/22 and a maturity of 6/30/26, should be trading north of 27.00. B Riley did the IPO so it looks like they are using Michael Milken as a consultant.

    1. I guess it works until it doesn’t, right? My goodness did you see RILY’s quarterly??? I guess all the insider buying had a reason…. They raised the quarterly div from $.50 to $1 and on top of that announced a $3 special dividend…. Whew! Still going to watch them very closely……

    1. Thanks, SN – I’ve been wondering how much longer we could continue enjoying BSA’s payments…. It looks like maybe a little coal in the stocking for Christmas time I guess…

      1. My thanks too, SN. Good digging. At 25.14, I don’t see a lot of downside risk here. I’m going to try to stack another nickel myself.

    2. Yes, BSA is a perfect Nickel Stacker. I am in today at $25.09 with a full position. Bid is now $25.08.

      1. Irish:

        The “ThinkEquity” investment “bank” strikes again! They have done this before with FATBP (although that secondary issue was done at $20), and recently did it with HCDIP when they offered $25 redeemable preferred at $15.

        Anyone holding or interested in these two issues needs to know these discounted preferred secondaries will likely happen again and again.

        Management of both companies care little to none about any shareholders.

        1. They are also the culprits behind massive dillutions like PXSAP, YCBDprA and FBIOP! I’d watch out for their issues.

        2. I would like to figure out why the CEO of each company is doing this. What is their game? Sterling owns a big chunk of HCDI.. and I will bet you the CEO of FAT does as well. Is this just a game of how much money I can pay myself before the whole thing explodes? Use other people’s money to keep it going?

          1. Seems weird that it’s recovered up to 22.5 when the secondary is pricing at 18. I got in and out already this morning but I’m wondering if owners are ignoring it now.

        3. They did the same thing or something similar in August. I sold then after losing money. I have been tempted to buy back in but not now I am staying away. I bet management is laughing at us for being so gullible.

    1. Looking at the Q2 10-Q from 06 aug: operating CF down, LTD waaaaay up (97%), and that’s not including the $250M of debt they announced on 01 sep. Looks like the CEO and Board are addicted to fast expansion?

  48. NEW ISSUE Bank OZK Preferred (“OZK”)
    Series A Non-Cumulative Perpetual Preferred Stock
    Expecting Ratings: Ba2/BBB (Moody’s/Kroll)
    Perpetual
    $150mm
    Price talk 4.75%

    1. Just clicked on link, had no problem, popped right up. No suggestions as to why you are having problems. Perhaps try in Incognito mode?

      As FYI – you might want to post these types of messages on the Sandbox Page.

    2. Hi ScottH–just worked for me and I use chrome. I’ll check some stuff and see what I can find.

    3. Scott–here are some suggestions.,

      The webpage might be temporarily down error will prevent you from accessing your favorite websites, and speaking of this issue, here are some similar issues reported by users:

      This site cannot be reached might be temporarily down – This issue can occur due to your antivirus software, and if you encounter it, temporarily disable or remove your antivirus and check if that helps.
      Chrome web page might be temporarily down – This is another common problem that can occur with Chrome. To fix it, remove any applications that might be interfering with Chrome.
      Site cannot be reached err_failed – Sometimes this error can occur due to your Internet settings, and the quickest way to fix the issue is to reset the settings to the default.
      The webpage might be unavailable – This issue can occur if your browser is out of date. Simply update your browser to the latest version and check if the problem is still there.
      The webpage cannot be found, displayed – Sometimes this problem can occur if your date and time aren’t correct. To fix that, be sure to check date and time and update them if necessary.

  49. NEWTL dove yesterday — I don’t see any news regarding a call on it but 5.75% and trading near par. Anyone see anything?

    1. Could be that some investors are understanding that paying over call price for something that can be called is probably not a great investment strategy. Many issues have been called with a large -ytc

      1. However, Mr. C, NEWTL fell yesterday to as low as 25.01 takinthg call risk completely out of the equation…. I wish I had seen it when it happened because that would have been a no brainer to buy…It closed at 25.05 and I put in a bid at 25.08 at the opening this morning which of course, got quickly surpassed once it was visible but no trades so far today at all… In addition, IMHO, with NEWT’s plan to transition to a BHC, my guess is that calling right now is essentially off the table until the shareholder vote on the attempt to lose BDC status for BHC and that won’t happen until 2/22 at the earliest.. That being said, most likely NEWTL and NEWTZ will both be required to be refinanced in advance of the move to BHC status to get out from under the 1940 Act language.

  50. HNNAZ is trading on TDA. Low is $25.28 and it has traded as high as $25.45. I have bids in at $25.35 and $25.40, but they have not been executed.

  51. Suddenly last week I started getting messages from seeking alpha that I had used all my free articles and that I had to sign up for their paid product to see anything ( not the usual Pro pieces). Anybody else having the same issue?

    1. I get the same thing occasionally, but just go to a different screen and had no problems. I haven’t been locked out yet.

    2. They announced in January you could only see a limited number of articles per month for free. Didn’t say what that limit was. Apparently I’ve never reached it, never been locked out. How many articles did you read this month?

      1. this is based on an algorithm in addition to the monthly ‘limit’ which is unspecified. so they are ‘watching’ you, your posts, your history with them etc. If you go to the Feedback Forum, when people complain about the shut-out for reaching the limit, you will often see the same rote response explaining somewhat this ‘method.’ I have been on there since 2008, have not subscribed to premium but my algo must be very high as I do not get locked out. I comment/read a lot so I suspect? my algo # is high.. Without premium, the algorithm is the determinant.

        There is less and less to read over there imo.. author article payment is also on some weird ‘method’..so they write less free articles and many have left. imo, it hasn’t been the same since Eli Hoffman died. Apparently like so many sites, they ‘have to make money’ and the ads/clicks weren’t cutting it. Like so many firms, their customer service is based in India.. I had a login issue about a month ago and it took 10 days to resolve– and I am a subscriber to a service! oh and being a subscriber to a service does NOT up your algorithm/access to free content re: the article quota! lol. Marketplace subscribers also face the ‘limit’ shut-down!

        Authors used to get I think $35/article and a per-read payment.. now payment is based ONLY on how many premium subscribers read and comment on your articles and only on less frequently written on tickers!! And I think it is only $10/article now. Many Marketplace Service writers have just stopped provided free content ( I don’t know how they get new subscribers!!).. or joined forces w other writers to bring up numbers -or hired a flunky or two to pump out free stuff to bring in subs. It is just wild. I am ‘friendly’ with two marketplace people/writers who explained this to me and others (right in their comments in articles! not just to me!) so that is how I was clued into this reading their responses… so many changes there in the last few years.

        many folks have just left..even the Yahoo comment section is lively and active w comments (some good) now after years of nonsense.. I noticed this directly after all the SA changes. Ironically, I left Yahoo commenting in 2008 after they started spamming comments etc to go to SA!

        final thought here.. I don’t know how you get new people (the millions of new investors/retirees out there) to come to your site and appreciate it when you shut them off after the read a few things to get a taste!! I am guessing other sites-including here- have ‘feasted’ on the new SA rules!! Bea

        1. Just erase your history and you can read 2 articles. Then erase your history again and you can read 2 more.

          1. I believe their programs track IP addresses and there is some kind of opt in requirement. Not sure how long this would work.

            1. I believe they are using tracking cookies. Clearing browser history should work. IPv4 address is not granular enough as everyone behind a common home or business router is using the same public IP address of the router performing NAT.

        2. Bea, I Know you know we have a interest in some of the same investments. What I have found is if I read a article I go to comments section and look at articles a viewer has commented on and I haven’t had a problem with reading any articles when I click through the reference from the comments. I do have to sign in after reading only a few articles. But that doesn’t bother me as I erase my history.
          If it’s a premium article I look for other writers who have done articles on same company.
          Same as you, I have started going back to yahoo and reading comments over there too.
          BTY I liked reading about the gold miner you have been tracking

          1. Oh, one other thing but I don’t know if it helps. I don’t research a lot on my mobile device. I only log in to SA on a desk top as I am not into loading apps on my phone. Even deleting history on a mobile device doesn’t keep apps from tracking you. Buried in the contract is always some disclaimer.