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SNCRL called May 12. I hardly knew thee.
at 25.25. Closed at 25.14.
As I write this , MITT-C is up 8c and over par at $25.11, while MITT-A is still at $22.07, while I just bought at 21.82, down sharp and makes no sense other than big seller. DYODD
C is floating for abt 11% yield?
Mitt-C is floating at sofr +6.74…MITT-A is a 8.25 perpetual.. apples and oranges.. .MITT-A/VCLT pair is trading near .5 sigma cheap (1yr horizon) .5 sigma rich (3yr horizon) has outperformed since december 2022
Purchased BAC-OO preferred from the Schwab bond desk—Moody’s BAA2 and BBB- from SP.
6.625% to, May 1, 2030; 5-year UST + 268.4 bps thereafter
https://investor.bankofamerica.com/fixed-income/preferred-stock
https://www.sec.gov/Archives/edgar/data/70858/000119312525093548/d946374dfwp.htm
@SteveA what is the symbol?
Does anybody know why the QVC 8% preferred {QVCGP} is being dumped today? I kind of hesitate to ask.
https://finance.yahoo.com/news/qvc-group-reports-first-quarter-200100922.html
…QVC Group revenue decreased 10% in both US Dollars and constant currency…
Thanks.
Seems a rather big reaction to the news of their continuing downturn.
My guess is with all this tarriff talk, there is concern that there will be further eroriding of future earnings. From their press release “we are particularly challenged as linear television viewership continued to decline, and tariff volatility strongly impacted consumer sentiment in discretionary retail,”
Not sure what the future is for QVC as they work to transfrom to social media. Seems like a company who is late to the dock and ship has already sailed.
Common trading as penny stock (14 cents) and was down almost 30%, and down from 70 cents a year ago. If you feel it’s a over reaction then it’s a great time to dive in and snag some shares on the cheap. While this one isn’t the one for me, I’ve done some similar dumpster diving in the past and it’s worked out (well most of the time).
“we are particularly challenged as linear television viewership continued to decline, and tariff volatility strongly impacted consumer sentiment in discretionary retail,”
Laughable to blame tariffs. Take a look at the free fall of that company since mid 2021. But…….if it wasn’t for those dreaded tariffs we would be ok. Sure you would. Like Bill Burr likes to say, “I ain’t buying it”. Literally and Figuratively.
It gets a little funny. Managements at a lot of failing companies are going to try to use “tariffs” as their Get Out of Jail Free cards.
So now with QVCGP down to $18.27 and paying cumulative distributions of 8.00% ($8) that’s about a 43% dividend. Note it is a $100 pref not $25. Maturity date is 3/15/2031. Obviously sellers aren’t expecting to get their money at maturity. No signs of the dividend being suspended at the moment.
They are trying to make up for their TV decreased revenue by selling in social media. That may or may not work. I did make a small purchase.
Liberty media bonds that I think Qurate is on the hook to redeem in 2029 and 2030 also dumped just as bad. No one trading it yesterday thinks they are getting a dime out of Qurate past 2026-2027. Maybe a better area than the preferred stock. That or the QVC senior secured baby bonds.
Compass Diversified (CODI) and its preferred’s getting hammered. Common is down 60%+, Preferred’s around 30% as of 10:15 eastern. CEO resigned, accounting issues for whole of 2024 cannot be relied upon, subsidiary Lugano apparently the focus.
Thanks, pig pile.
To avoid any misunderstanding -> the CEO of Lugano resigned, not the CEO of CODI.
“Effective May 7, 2025, Lugano’s founder and CEO, Moti Ferder, resigned from all of his positions at Lugano and will not receive any severance compensation. These issues are limited to Lugano, of which CODI owns approximately 60%, and the investigation is not focused on CODI’s other subsidiaries.”
My initial opinion is that Lugano represents about 9.5% of CODI’s holdings. I think the market is very much over the top on the reaction.
Guys (and gals)….. Lugano was over 50% of CODI’s EBITDA in Q4, and is also the about only business (of the 9) that is growing. Lugano was about 40% of full-year 2024 EBITDA. Lugano is the key engine at CODI. If there is big fraud there, its a problem. Also note that even though CODI has a private-equity like strategy, these businesses DO NOT get there own financing (like PE funded firms), CODI finances them all directly, and as a result, in addition to its $260 million equity investment in Lugano, CODI has a $600 mm+ intercompany loan to Lugano (financing inventory, working capital). I would recommend looking at their last presentation on the CODI website which shows trends for each business, etc. It might all work out, who knows….all depends on what is actually going on with Lugano.
mbg, Thanks for clarification!!!!
CODI preferreds off 30-32% coming off bottoms ( as is common)– ugh- will hold my small amts of B & C, of course.
Was going to kneejerk buy some of the preferred, then paused. Market might be saying there is more to this story. Also feel PE anything is very risky right now.
Bought a small amount of the preferred C for my and my wife’s IRA’s. CODI is in a strong cash position and has a strong revolving credit arrangement. I can’t see them doing any kind of default on their preferred.
Wintrust Financial Corporation
epositary Shares, Each Representing a 1/1,000th Interest in a Share of
% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F
WTFCN incoming
https://www.sec.gov/Archives/edgar/data/1015328/000110465925045940/tm2513736-2_424b5.htm#sUOP
USE OF PROCEEDS
We estimate that the net proceeds from this offering will be approximately $ million, or approximately $ million if the underwriters exercise their overallotment option in full, in each case after deducting the underwriting discounts and estimated offering expenses.
We intend to use the net proceeds from this offering for general corporate purposes, which may include the redemption of all or a portion of our outstanding shares of Series D preferred stock and/or Series E preferred stock and the corresponding depositary shares representing interests in the Series E preferred stock, subject to approval from the Federal Reserve. Pending such use, the net proceeds may be invested in cash or short-term marketable securities.
Thanks for the WTFC ” GoldenBoys ” call info. Had hoped for another Qtr pay !!
Probably refi under 6%.
Depends- if it lasts to the next one- 7/15, declaration NLT 6/15
Thanks J
Price talk 7.875% — so Reset would probably be +3.91 based on current US5Y
Thanks af
Federal Reserve keeps rates on hold for third meeting
May 07, 2025 2:00 PM ETBy: Liz Kiesche, SA News
“The Federal Reserve kept its benchmark rate at 4.25%-4.50% on Wednesday for the third straight meeting, as widely expected, even as it sees the risks of inflation and unemployment rising.
The decision comes against a background of volatile markets and economic data showing increased purchases and swings in trade, as the prospect of severe tariffs still hovers over the economy.
Excluding swings in net exports, U.S. economic activity appears to be expanding at a solid pace, the central bank policymakers said. Still, “uncertainty about the economic outlook has increased further,” the Federal Open Market Committee said in its statement. It’s carefully watching both sides of its mandate — maximum employment and price stability — as it ” judges that the risks of higher unemployment and higher inflation have risen.”
The FOMC used neutral language in the outlook for what it’s next move could be. “The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals,” it said.
The policy decision was supported by all voting members of the committee.”
I paid 21.22 (20.96 stripped) for CMSA 5.625 2078 6.68 cyyy.. the CMSA/VCLT pair trading near 2 sigma cheap on 3yr horizon..lows were double bottom on december 2022 and Liberation day which were near 3 sigma cheap..
Two Harbors Investment Corp
% SENIOR NOTES DUE 2030
TWOD incoming
https://www.sec.gov/Archives/edgar/data/1465740/000110465925044850/tm2513870-1_424b5.htm
Price talk..9.50 area hard maturity 2030
For general corporate purposes, which may include, among other things, the refinancing or repayment of debt, including TWO’s 6.25% senior notes due 2026 and MSR financing, the purchase of TWO’s target assets, including MSR, Agency RMBS and other financial assets, in each case subject to TWO’s investment guidelines, the repurchase or redemption of TWO’s common and preferred equity securities, and other capital expenditures.
Quantum posted that OCFCP will be called
The WCC-A redemption notice has officially gone out.
Hate to see that one go.
I received notice from Fido that WCCPRA is “expected to be called shortly”. No real clarity on exactly when and how much. Based on my reading of the depository agreement (6e), call date is 6/22/25 but normal int/div payment date would be 6/30/25. I am guessing that prin will be paid on 6/22 but int/div will be 6/30. Based on my calcs with a current price of $25.43, that would result in a yield of 7.34%. Not bad, better than CDs and its pretty safe.
JDC- dividend will only be paid to 6/22
Changes my yield calc to 5.45%, not as good, but still better than CDs.
(assumes int/div pmt of 60.5 cents per share versus 66.4/sh)
Final dividend will be .59765625 as specified in redemption notice.
Redemption of 7.125% Notes due 2027 and Series D and Series H Preferred Shares (ATCOL, ATCO-D, ATCO-H)
https://www.sec.gov/Archives/edgar/data/1794846/000119312525112868/d771251d6k.htm
Thanks J
I am the owner of a bunch of the H preferred. The form says they will voluntarily redeem a portion of those, then de-list them. So, I think they may (for instance) redeem 80% of them, leaving me with 20% de-listed shares??
Jack…. You can sell them just before the redemption date and probably get the redemption price if you don’t want delisted shares. Personally I have enough delisted stuff in my portfolio.
Hopefully, there will be more information as to the number of shares to be redeemed. I wouldn’t mind having a few de-listed shares.
Does the wording of this announcement seem weird to others? to “redeem AND delist? I suppose it’s just a technicality to meet rules for listing in the first place to have it written this way, but if you’re redeeming, then what’s left to delist???? Then the other oddity in this day and age is who announces a redemption on the first day of a 30 to 60 day window these days? Everyone seems to wait until the last day….. pleasant surprise though..
2WR wrote “…what’s left to delist???”
The fact that the Series H shares are only being partially redeemed may answer your question. Sounds like there will be a rump of -H left over to be delisted … “Atlas expects the redemption and delisting of the Series D Preferred Shares and a portion of the Series H Preferred Shares will take place in the second quarter of 2025.”
https://www.sec.gov/Archives/edgar/data/1794846/000119312525112868/d771251d6k.htm (emphasis added)
What’s also weird about this partial redemption scenario is that the terms of the 2023 Atlas / Poseidon Group merger agreement specifically require the continued NYSE listing of the preferred shares. Have a look:
Section 8.11 Continued Listing of Preferred Stock. From and after the Effective Time, Parent shall cause the Company to continue to cause the Designated Company Preferred Shares (other than the Series J Preferred Shares) to be listed on the NYSE.
https://www.sec.gov/Archives/edgar/data/1794846/000119312523004976/d313377dex99a1.htm , page A-64 (emphasis added)
+++++
I’ll be sad to see these things go, but there is something a little “off” about the delisting language, especially since it’s apparently not a complete redemption of the Series H shares.
I get the difference you’re pointing out, ES. What among other things sounded weird to me was the language pertaining directly to ATCOL where it says they will “voluntarily redeem its 7.125% Notes due 2027 (“Notes”) and delist them from the Nasdaq Stock Market…” I have to believe it’s because they are considering the usual red tape they have to follow upon redeeming them when they also say “delist,” but that’s probably the same procedure every other issuer has to follow upon a call but never include similar language in their announcement. But thanks for making me re-read. Considering they are including an issue that they will not be calling in total and others that will be redeemed on an unspecified timetable, I feel better about the specifics regarding ATCOL despite it being at the 60 day notice level not the normal 30.
I am a little confused.
All 3 are currently callable.
ATCOL and ATCO-D will be fully called/ redeemed. ATCO-H will be partially called/redeemed, and then delisted.
Is that the correct interpretation?
“ Atlas expects the redemption and delisting of the Series D Preferred Shares and a portion of the Series H Preferred Shares will take place in the second quarter of 2025.”
BWSN and BWNB are in free fall today on no news and average volume. Parent BW is up slightly.
Disclosure: I hold about 20% of what I consider to be a full position in BWSN – obviously, way down. The risk/return seems really good to me to buy more, but that little voice in my head is screaming “NO!”
There could be undisclosed ‘going concern’ issues at Babcock and Wilcox especially if they don’t get their common share price back above $1.00.
Do your own DD, but here is a paragraph from their recent earnings announcement posted on 3/31/25.
Liquidity and Balance Sheet
At December 31, 2024, the Company had total debt of $473.9 million and a cash, cash equivalents and restricted cash balance of $127.6 million.
The Company has a credit agreement that provides for an up to $150.0 million asset-based credit facility with an outstanding balance of $124.4 million, comprised of a $35.1 million revolver and $89.3 million in letters of credit as of December 31, 2024 that is now currently due in November 2025 and accordingly is classified as a current liability. In addition, the Company has senior notes with an aggregate principal amount of $193.0 million as of December 31, 2024 for which the maturity date is February 2026 and is within the 12 months following the issuance of these financial statements. As a result of the uncertainty regarding our demonstrated ability to repay the current debt, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management believes it is taking all appropriate actions to address the current debt and alleviate our going concern; however, these plans have not been finalized and are subject to market conditions.
Link to announcement…
https://www.babcock.com/home/about/corporate/news/babcock-and-wilcox-enterprises-reports-fourth-quarter-and-full-year-2024-results
It’s really interesting. So they had the going concern warning over a month ago, and the preferreds tanked pretty hard immediately, but it only took the last two trading days for the notes to get hammered, on seemingly no news.
Hmm. Going to look at this one a little more closely.
Okay, after a quick look through the filings, not much to see here I guess.
* The company is already technically insolvent
* They keep losing money and operating cash flow is negative
* They need to roll $125MM of debt over the next twelve months
* It’s got the B. Riley stink on it
Definitely feels like B&W will see a restructuring before too long.
Here is my question. If they are delisted, will the preferred shares move to the expert market?
I added to my position today. I reviewed the latest balance sheet and company news and don’t have any concerns. They actually signed some lucrative contracts this past quarter and have a backlog of $160m in work.
Interesting the overall volume at least on BWNB is not that large…. It’s twice normal, but you would think it’d be larger than that to bring it down this much…… I’ve got that same “NO” voice in my head too though… I hold 100 shares just to see what happens.
There were several highly negative posts about BWSN and BWNB today on the Cohodes X Twitter feed which may have moved these two illiquid issues. Many of his followers are short sellers.
Cohodes was sued by Holbrook Income Fund who owns large positions in the two BW baby bonds.
“Cohodes was sued by Holbrook Income Fund”
As a lawyer… Good luck with that…
Speaking of future lawsuits…
it seems Mr. Market is split on RILEY’s bonds, seeing a decent chance of paying off the 2026 RILYK at par, but thinking the rest of them are worthless….
To paraphrase Inspector Callahan of the SFPD…
“Do you feel lucky? Well, do ya?”
Oh my God.
here is one Holbrook fund holding from 1/31.
https://www.holbrookfunds.com/_files/ugd/0b9fcd_78bf5f98c3d9497c8450feb1e4de43b6.pdf
BWSN
$140 million issue size, The Holbrook fund owns 20% of the outstanding bonds.
https://www.sec.gov/Archives/edgar/data/1630805/000110465921147779/tm2134981d1_fwp.htm
BWSN’s issue size was $120 million.
https://www.sec.gov/Archives/edgar/data/1630805/000110465921021077/tm214528-5_424b5.htm
and it is even WORSE with BWSN.
That Holbrook fund owned ALMOST HALF OF THE ENTIRE ISSUE (47 million) in January.
This fund has over 200 securities. What investment manager in their right mind would load up on a risky position like that?
Haha. Trying to be slick with Riley bonds too..
They own two of them, but have them listed under different categories, so it isn’t readily apparent they own nearly a hundred million of it.
That fund probably lost a hundred million in NAV just in the last week.
The phrase “More money has been lost chasing yield than at the point of a gun” comes to mind…
Holbrook Income no longer owns RILYK or RILYG. They did a bond exchange for an 8% RILY note higher up in the capital stack and also got some warrants on the common. Check out the portfolio on 3/31.
I own one of their other funds HOSIX which has excellent performance the last few years.
Today is my deadline to fund a $250k 5-year , 5.5 %annuity with A++ Mass Mutual Ascend.
I mention this because every time I fund one of these, rates then skyrocket the following day and I regret I’m tied up for 5 years.
Conclusion:
My mistakes clearly have more predictive value than virtually any other indicator as I’m stuck for another ~ 3.5 years in a 3.5% 7 year annuity, purchased when rates were near zero , a 4.6 for 3 years, and several others.
Google AI:
Apple Selling Corporate Bonds For the First Time Since 2023
The iPhone maker is looking to issue debt in as many as four parts , with initial price discussions for the deal’s longest portion, a 10-year note, in the area of 0.7 percentage point above Treasuries, said the person.
Available at Schwab on prelim prospectus.
I’d be a buyer if it were more juicy. I guess we’ll see what the market believes the yield should be.
Upcoming US Treasury Auctions…
* 13wk Bills ~ $76B ~ 5/5
* 26wk Bills ~ $68B ~ 5/5
* 3yr Notes ~ $58B ~ 5/5
* 6wk Bills ~ $70B ~ 5/6
* 10yr Notes ~ $42B ~ 5/6
* 30yr Bonds ~ $25B ~ 5/8
liquidated ATLCZ 9.25 1/31/29 AT 25.47 (25.36 stripped) as ATLCZ/SJNK pair trading near 3 sigma rich (1yr horizon) was near 3 sigma cheap on liberation day ..
FWIW-
ABR announcing it cut div a bit over 30%
not long
I foresee a hard landing for ABR. Never liked it. Biased.
SPLP-a sold off $1.08 on a 300,000+ share sell imbalance due to the delisting.
If this is indeed maturing or being redeemed 2/7/26, the YTM should be close to 20% with the accrued.
I’m betting also this trades down on otcqx on the first day available.
We sold some into the imbalance and covered on the closing print at 23.05 then went long an additional amount
Isn’t the 9th anniversary mentioned on QOL 2/7/27 if it IPO’d in 2018?
Don’t forget lt, that this one can issue common stock in place of cash when they redeem it.
yes, but based on a 60 day vwap , from memory. The common will continue to trade so I’d assume we’ll have a decent picture as the time approaches
Be careful, the Common is being delisted as well.
Here is the announcement.
Steel Partners Announces Voluntary NYSE Delisting and SEC Deregistration
April 11, 2025 at 8:15 AM EDT
NEW YORK–(BUSINESS WIRE)–Apr. 11, 2025– Steel Partners Holdings L.P. (NYSE: SPLP), a diversified global holding company (“SPLP” or the “Company”) announced today that it has given formal notice to the New York Stock Exchange (“NYSE”) of its intention to voluntarily delist its (a) Common units, no par value (the “Common Units”) and (b) 6.0% Series A Preferred Units (the “Series A Units” and together with the Common Units the “Units”) from the NYSE and to deregister under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”). Following the de-listing from the NYSE, SPLP expects to quote the Common Units and Series A Units on the OTCQX platform (the “OTCQX”). SPLP plans on filing a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) on or about April 21, 2025. The last day of trading in SPLP’s Common Units on the NYSE will be on or about May 1, 2025. When SPLP files a Form 15 on or about May 1, 2025, its filing obligations under the Exchange Act will immediately be suspended or terminated, including the filing of all reports on Forms 8-K, 10-Q and 10-K. On July 30, 2025 the deregistration of the Units is expected to become effective.
Link…
https://ir.steelpartners.com/news-releases/news-release-details/steel-partners-announces-voluntary-nyse-delisting-and-sec
Isn’t there a potential problem with this?
> Mandatory Redemption
> If not earlier redeemed, on the date that is the ninth (9th) anniversary of the original issuance date of the SPLP preferred units, SPLP shall redeem all of the SPLP preferred units at a redemption price equal to $25.00 per SPLP preferred unit plus an amount equal to accumulated and unpaid distributions, if any, on such SPLP preferred unit to, but excluding, the redemption date, in cash **or in common units** or a combination thereof, at the sole discretion of the SPLP GP Board.
I would very much not want to be redeemed in common.
Has anyone ever seen the terms/pricing for how they might convert to the common, if they go that route? Would it just be based on the common price on the redemption date or maybe an average price for x number of days prior? Or how is it usually done?
It’s a 60-day vwap
as expected when something trades much lower on a big sell imbalance, SPLPP is up .65….. and I’m out of most of it. I had thought it would drop when moving to PINK but there are plenty of individuals or firms willing to hold it.
The common might be the buy. Look at the financials…
K-1 doesn’t make this as enticing, especially for IRA’s.
As for 9th anniversary, you can’t believe everything you read on the internet…. as per the perspectus: THE OFFER AND THE WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, AT THE END OF FEBRUARY 6, 2017, UNLESS EXTENDED OR TERMINATED.
So it was 2017 – but now as this is on the internet, can you believe that? LOL
https://www.sec.gov/Archives/edgar/data/1452857/000119312517032524/d321918d424b3.htm#rom321918_122
Fl_guy,
That was the exchange offer years ago.
Am I missing something?
That’s how SPLP-A was created – exchange common for preferred. Read the prospectus in the link I posted.
Summarizong the boiler plate mumbo-jumbo from the prospectus:
Steel Partners Holdings L.P. (“SPLP”) is offering to exchange each outstanding share of Steel Excel Inc. common stock not already owned by SPLP for 0.712 newly issued 6.0% Series A preferred units of SPLP, plus cash in lieu of any fractional units, subject to the terms and conditions in the offer.
WCC-A – Not that it was really in doubt, but WCC-A WILL be redeemed in June – as per https://investors.wesco.com/news-releases/news-release-details/wesco-international-reports-first-quarter-2025-results
“Preferred stock will be redeemed in June, using proceeds of financing completed during the first quarter”
Good catch 2wr.
Interesting that at today’s price, there’s still ~ 23¢ on the bone –given one more div.
Pass
Things are different, I can’t remember the last time one of my preferred stocks
Was called. It’s been over 2 years. PSA would call them right on the date.
I don’t mind getting paid longer but it’s different now.
UMBFP posts 7/15 ex, regular div and no call. Will float after that.
(Long the stock)
Say what? I see where in the quarterly report just released they’ve declared the 7/15 dividend with x-div date 6/30, but not unexpectedly, they’ve said nothing yet indicating their intentions to call UMBFP. It’s essentially too early. Perhaps something will be hinted at on the morning conference call, but I see nothing in the quarterly definitively indicating what they’re going to do… No surprise there… The very earliest they can officially announce a call would be May 15 approx (60 days prior to First Reset date). The latest and more likely day they would announce would be June 15. If no announcement by June 15 approx, then UMBFP will reset and remain outstanding for 5 more years at least. I am most certainly expecting a call.
UMB has no other preferred, and can certainly access capital at lower rates.
I’m spitballing when I say they , like many solidly-run banks, do not need capital at the going rates for a preferred issue . I am “wearing” a huge slog of this in 3 accounts…it’s the largest holding in my mark- to -market trading account.
I’m willing to take the risk a big rock hits the Earth . (for that I have a 60 day Costco emergency food supply with, ahem, no stored water. A neighbor has an entire bedroom filled with 2 gallon purified water jugs, but no emergency food)
“Brighthouse Financial jumps on report of takeover offers”
https://seekingalpha.com/news/4437291-brighthouse-financial-jumps-on-report-of-takeover-offers
The preferreds up big.
As always- what happens to them….
well, down today
Aspen Insurance that Apollo had purchased is launching its IPO.
https://s27.q4cdn.com/674865338/files/doc_news/2025/Apr/29/Aspen-Announces-Launch-of-Initial-Public-Offering.pdf
Wonder what it means for its preferreds such as AHL-F the 7% coupon that was issued in Dec 2024 or some of the older preferred that were discussed in June 2024 at
https://innovativeincomeinvestor.com/looking-at-a-10-total-return-on-this-insurer/
WEST READING, Pa.–(BUSINESS WIRE)– Customers Bancorp, Inc.(CUBI) announced that the Board of Directors has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E of $0.61304235 per share. The dividend is payable on June 16, 2025, to shareholders of record on May 31, 2025.
The Board of Directors has also declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F of $0.58915485 per share. The dividend is payable on June 16, 2025, to shareholders of record on May 31, 2025.
I have some CUBI-F, not sure why they aren’t calling it, but ka-ching !
NSA-B can currently be purchased $1 cheaper than NSA-A for those willing to tolerate far less liquidity.
SWVXX ~ Name change today, formerly Schwab Value Advantage Money Fund is now Schwab Prime Advantage Money Fund. All other aspects of the fund remain the same.
ECCF and ECCV are misaligned in price. Both mature on 1/31/2029. At last price of $24.87, the IRR (or YTM) for ECCF is 8.12%. At last price of $22.46, the IRR for ECCV is 8.68%. The kicker is that ECCV is higher in the debt stack than ECCF. Disclosure: I just opened a position in ECCV, buying at $22.50. DYODD, and don’t take financial advice from Retired Sailors!
ECCV is not QDI. ECCF shows as “variable”. So depending on type of account it’s held in that may make a difference on closing the gap between the two.
ECCF has no QDI. CLOs pay interest and interest is passed thru as “dividends” but they are taxed as interest.
From SA news: AGNC Investment files to sell $1.5B shares of common stock.
Apr. 24, 2025 4:45 PM ET.
Probably good for preferreds, but a little concerning with stock price so low.
goin2cali–sure would make me feel good if I held the preferred. Love to see mREITs be able to sell lots of common shares.
Looks to be 20% dilution. Must have a need for capital, perhaps they are thinking rates will be falling and looking to purchase some of the newer, high rate, mortgages. Price has fallen recently while dividend has remained stable. Strange mix….
without reading the actual filing it would be my guess that the filing is done in anticipating of not just current but future issuance
With their 4 preferred’s not all floating at a pretty rich SOFR adjustment, what’s the likelhood they will issue common to redeem those preferred shares?
I may have missed this being posted earlier, but it was ‘news’ to me. Ready Capital (RC) has a couple of preferred and several baby bond offerings.
https://www.globenewswire.com/news-release/2025/04/21/3064658/32716/en/Ready-Capital-RC-Faces-Investor-Backlash-as-Lawsuit-Alleges-Concealed-CRE-Loan-Woes-Hagens-Berman.html
Quinn v. Ready Capital Corporation, accuses the company and several top executives of violating federal securities laws. Central to the complaint are allegations that Ready Capital downplayed the extent of trouble in its commercial real estate (CRE) loan portfolio, particularly regarding a sizable tranche of loans that were not performing as expected.
According to court documents, plaintiffs claim that between November 2024 and early March 2025, Ready Capital issued statements that were either misleading or omitted critical information about the true state of its business. Among the key contentions: the company allegedly failed to alert investors to the magnitude of non-performing CRE loans, did not disclose that full reserves would be required to cover these problematic assets, and failed to accurately reflect these risks in its reported credit loss allowances. The complaint further asserts that these omissions painted an overly optimistic picture of Ready Capital’s financial health.
I own RC-C (busted convertible) and have for about three years. I bought at $21.12 for a yield of 7.38%. It’s now trading at $15.22. Wondering if RC is in danger of going belly-up? Should I sell and take a huge loss now? Anyone have an opinion as to the long term solvency of this company?
Well, I sure wouldn’t feel comfortable with RC in a bear market and maturities past 2026, imho.
Whidbey, Im in the boat with you. Sold a few 100 sh lots last year. Very thinly traded so hard to liquidate. Selling pressure on RC-C most of this year.
Depends on your risk tolerance. Some traders bail out on a drop but I generally don’t sell low on a dividend payer. Sometimes they default sometimes they don’t. Also depends on tax situation, if I need the writeoff then future losses look smaller. Or a partial sell, hedging my bet. Sometimes it depends on if I want the money to buy something else.
CMSC is trading for a higher price than CMSD but has ex-div 6.5 weeks later. This might be a good time to swap. At the moment I have a very large position (in the context of my portfolio) in CMSD, and none in CMSC. DYODD and don’t take financial advice from Retired Sailors!
I’ll just add that it looks like CMSA has the highest current yield compared to CMSC and CMSD at the moment. The next ex-date on CMSA is 5/30. So it also looks like one could sell CMSC and buy CMSA instead and accerelate the next interest payment.
CMSC note is CYld 6.6% now
Gary,
Good info. I just added a few hundred shares to my wife’s retirement account. It was issued in 2018, when interest rates were very low, so I do not anticipate a call.