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READER INITIATED ALERTS

Below readers can post in the comments section items they believe are important to seen right away by all other readers.

For instance if we are not at our computer and a reader spots a new issue being issued they can post it below where others can come for ‘breaking news’ from other readers.

We want to keep this page ‘fresh’ so we will slick it off every 50 days so the items below remain only newer items.

We only ask that comments beyond the breaking news be kept to other pages or this page will be ‘out of control’ and not fulfilling what I hope is a handy alert page.

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1,309 thoughts on “READER INITIATED ALERTS”

  1. I had a standing order to sell UZD at 24.70. It executed exactly at the open. Yesterday’s close was 23.80. No trades today on ToS. Couldn’t find news. The sale to TMUS is pending. USM is trading today.

    1. You got a lucky fill. Etrade is saying 23.77 was the high of the day. You may have had a fill in pre-market if your standing order included outside of RTH.

        1. rocks,

          I see it in my Time & Sales screen.

          First 3 trades today:
          09:30:00. 1 share at 23.80
          09:30:01. 25 shares at 24.70
          10:19:57 1 share at 23.67
          10:20:58 19 shares at 23.72

          1. mbg-
            What a laugh! I bought those 25 at 19.45 in Dec 2023 when I hardly knew a thing about preferreds and BBs. Eventually, all UZD might end up at par in the acquisition.

    2. Looks like ‘everyone’ is showing high of 23.83 for the day- so I guess pre-opening doesn’t count for a high.

    1. Landlord –

      The ARE offering is indeed for $25 baby bonds? I can’t recall the last time a property REIT issued babies.

      Paying off 3.45% notes maturing this year….definitely a lousy refinancing on this one. The common shares have been a big time underperformer….trading near a 3-year low.

      Naturally, ARE is a perma BUY on SA. For the last 10 published reports 9 are BUYs. That site is becoming useless.

      1. LI and Papa Doc,

        Looks like it’s not a baby bond and will trade only via CUSIP.

        “The notes will be issued only in fully registered, book-entry form, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof, except under the limited circumstances described …”

        “The notes offered hereby are a new issue of securities. No market currently exists for the notes. We do not intend to list the notes on any national securities exchange.”

  2. IBKR is showing that six of Lumen’s most near-dated bonds have been called for early redemption on 2/15. This includes all three of the 2027 bonds (one holdco bond and two Level3 bonds). The Qwest 2025 bond appears notably excluded from this early redemption list..

    Bizarrely IBKR shows the holdco ’27 bond at $91 / $93 bid/ask, which is nonsensical given it’ll be redeemed at $100 par in ~2 weeks. Unfortunately can’t trade it at IBKR b/c less than 25% of the bond is outstanding (silly IBKR rule).

    If anyone wants to try buying it at a different broker, it’s offering quite the 2-week gain potential. The sellers appear to have missed the call notice and are asleep at the wheel..

    Reg S – https://www.finra.org/finra-data/fixed-income/bond?cusip=U1566PAC9

    Reg 144A – https://www.finra.org/finra-data/fixed-income/bond?cusip=156700BC9

  3. Sorry if someone already posted this:

    WEST READING, Pa.–(BUSINESS WIRE)–Customers Bancorp, Inc. (NYSE: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 (NYSE: CUBIPrE) of $0.61678915 per share. The dividend is payable on March 17, 2025, to shareholders of record on February 28, 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 (NYSE: CUBIPrF) of $0.59290165 per share. The dividend is payable on March 17, 2025, to shareholders of record on February 28, 2025.

  4. Re:BHFAL
    I own some of these and appreciate the information you all are providing. Reading the Quantum write up on BHFAL is states that the issuer has the right to defer interest payments for a period not exceeding five years. No further language about delisting

  5. TECTP down almost 4% on heavier than normal volume (8,910 shares so far, vs 3,027 avg daily volume).

    Last trade 10.21 (actually 2 shares at 10.1301).
    Bid/Ask = 10.21 / 10.64

    Don’t see any news (yahoo, company site) or SEC filing.
    Most of the shares traded at 11:26 – 11:27 am.

    1. Trading at 10.52 (Noon ET). Probably some fat finger of a trade entry. Maybe someone just needed to get out. So whatever it was seems to be short lived.

      1. $10.28 near close- 100 & 242 shs.
        Holding 300 @ 9.90 cost ave- will have to drop to get much more, if any.

        1. Trading at $10.628 this morning. Bid/Ask is $10.60/$10.63. Whoever got in yesterday at $10.20’ish got a great price.

    2. I now have 1,700 shares of TECTP and its been a great investment for years. I figured the issue was being called yesterday due to the high volume slide. Yet, they announced the current dividend this morning with no mention of a call. I happily picked up a few more shares yesterday @ $10.28.

    3. Possibly because Tectonic Therapeutics (TECX) took a nose-dive yesterday, and someone used wrong symbol??

    1. Bought some BHFAN at $17. As for catching a falling knife, it wouldn’t be my first time.

    2. bhfan/vclt pair has gone from near all time high and multiple tops (going back to june 2022) in october 2024 to 1.5 sigma cheap now (3yr horizon)..all time low on pair was may 2023 which was about 3 sigma cheap ..this reminds me of ESGRO (Enstar)

    3. BHFAN recent price behavior now explained. It was not a secret to some.

      What’s the worst that can happen if you own it? You get paid but it’s hard to sell?

      My worst-case technical target has been 16 for a while. Worst-worst is 14.33.

      1. rocks, I have BHFAN, not a lot but sucks to watch it go down anyway. I’m just going to hold onto it. If it were to get delisted, be a good time to buy right before that event and just hold for the proverbial perpetual annuity aspect of it.

        1. I personally would play BHF here with the sole junior debenture baby bond issue they have with maturity 2058 yielding over 7%. In a worse case scenario, if those perpetual preferreds get delisting/expert market treatment, there would be mandatory selling by certain entities and any kind of larger sell-side volume going to tank all of those preferred issues much lower. Just save some dry powder if you are looking at the preferreds. Don’t go all-in today.

          1. Theta,

            One has to consider that going to the expert market is not the “scary boogieman” it once was. People are getting quite used to it. Frankly many wish they would buy certain issues from it more easily. Yes liquidity is low for many but even before that they barely traded in some cases. All I am saying is that expert market fear reactions might not be as large as it was in the past.

            Take Link Parks for example. (PSB). It appears one can exit from those in a reasonable fashion. SLMNP always has a reasonable bid. It really just depends on what it is and at this stage there is not a lot of “trash” that could move over unless it went totally bust and not even paying.

            I would imagine any ETF that has to exit due to rules would be the final big reaction. After that it would settle down. Then a smart company starts making tenders for it. Since the chain of events is getting more and more well known people will start getting in front of things more and more.

            1. fc – what am I missing about the expert market? Isn’t it still a case similar to a roach motel where you can check in but you can’t check out? Sure some brokers, a very few, allow you to buy something that is handled in the expert market, but do any of them allow you to sell something listed there? You can’t put an offer out there can you? The only way to sell is to offer up your backside to the “experts” and re ready to accept the uh, hosing, you can expect them to give you…. Has that changed? I know, with the exception of SLMNP where I know I have an out that is not dependent upon an “expert’s” bid, I’m not particularly any more interested in getting involved in expert market listings than I was when it was originally introduced, but maybe that’s just me… In what ways do you feel it’s loosened up from its original model and is less of a Fed overreaction ensnaring a whole raft of securities that shouldn’t be there ?

              1. I can only speak for the broker I use but you can put a limit order to sell for any expert market shares you might have. Now only experts can see the bid/ask but by looking at recent sales you can get an idea what things are trading for. I use otcmarkets.com to see recent completed trades. I thought every single broker allowed you to sell? I think that is accurate.

                I do not consider that to be too terrible.

                So using PSBXP as an example I can see that if I wanted to sell I should put a limit order of approx 13.20ish to get it sold. Naturally if you used to own it at 20-25 that really sucks but if you bought it for 14-15 before it went dark, held for however many years, and wanted out that does not seem too unreasonable for a privately held company who just happens to have some preferred shares trading over the counter. On top of that people had a chance to take any tendered offers available to them.

                So now that we fully understand the consequences of the situation the fear of what happens is lessened.

                1. Thanks, fc …. I use Fido but hadn’t tried to put in a sell order in a long time on an expert market issue, so I just did….. It was accepted. So that’s progress I wasn’t aware of……. so I appreciate the response.. Still there’s only a handful of brokers that will allow you to buy or sell expert market issues which of course the “experts” know so under normal circumstances, you have to expect continuing above average bid/asked spreads.. But at least you can participate to a higher degree than I was aware of…. There is a little added comfort in that…… also I have to remember otcmarkets.com. I keep forgetting it as a good source…..

                2. all accurate, but the dominant factor is that if you sell on the expert market, you are going to get a ridiculously low price (case by case, of course, but overall, highly accurate). the expert market is your choice between holding something until you die or getting killed on sale price.

                  1. Franklin,

                    The thing is the expert market is 95% full of crap. There might be 10-15 legit preferred shares available to buy still paying dividends that you even had a chance to buy considering how illiquid a handful were. Any of the legit ones seem to have reasonable bids for such obscure choices. Preferred from a private company will never get strong bids compared to one where you can see quarterly statements. Preferred that we can barely trace back who owns it yet still paying won’t get strong bids unless you are a Grid type person.

                    On top of that it took time for ?expert traders? to become aware of what was going on. Now accredited investors are aware of it who have boutique type broker services. They will start crowding each other out to place a slightly higher bid to get the deals.

                    In my humble opinion we do not have enough paying choices on the expert market to even draw a conclusion yet. You can view this by simply screening on otcmarkets.com, expert market, preferred, and sort by yield. Anything even slightly reasonable that is still paying it’s dividend has pretty active trading going on considering where located and circumstances.

                    It is what it is.. I suppose. Not ideal but not the worst case of being stuck with it with zero way to sell.

                    1. yes, my problem is when preferreds end up exiled to this purgatory — like PSB, — u, as the investor have 2 bad options (sell low, hold forever) after buying what seemed like a rock solid company. not worst case scenario of bankruptcy but really not what any of us are looking for, i think.

                    2. Agree w Fc, sucks for names to go expert.. but it’s a really small list right now. AFAIK, there are only 3 semi-large issuers on the EM: amtrust, ladenburg/osaic and the ps business parks/ links logistics issues.. and the first two are free to trade on fidelity.

                      Speaking of expert, alluvial just highlighted a couple of names including HMLPF and the ladenburg names.. and yes, HMLPF is free to trade on fidelity as well.

                      https://alluvialcapital.com/wp-content/uploads/2025/01/Alluvial-Capital-Management-Q4-2024-Letter-to-Partners.pdf

          2. theta-
            Thanks for the reminder about BHFAL (6.25% junior BB). Is your point that bonds don’t get delisted?

            1. rocks2stocks – My point was more so that #1 you’d potentially have a chance the BBs get redeemed and #2 but regardless if BBs just keep going, as you get closer to the maturity, that trading price will appreciate, as opposed to say, those PSB preferreds that fc mentioned, those are still trading near 1/2 par after all this time.

              I thing pig pile mentioned above and to fc’s points, I’m not necessarily saying expert market is such a terrible thing, it’s just wait and see who has to sell or get out of the position first. If you can get in at the $12s let’s say right before it goes, that would be ideal. From that point on, just treat it as an annuity.

            2. good comment.. bhfal/vclt pair also failed from multiple tops going back to seotember 2022 most recent being december 2024..on 3yr horizon went from about 1.5 sigma rich to 1 sigma cheap before sharply rebounding to near fair value.. have also seen sharp rebounds in preferreds

      2. approaching 16 target.. am likely to join you as the bhfan/vclt pair is approaching 12/14/23 low from point it rallied nearly 4 sigma to the april 2024 high… will likely be down nearly 15% on orginal purchase

  6. I bot PRIF/PRI 6.125 6/30/2028 at 23.32 (23.20 stripped) for ytm 8.58.. the prif.pri/sjnk pair has gone from 3 sigma rich in october to 2 sigma cheap (1yr horizon) and is testing 200 dma..good article on S/A 11.10.24 titled Priority Income Fund offers as a 7.7% preferred dividend yield

    1. thanks mjtr
      Perfect fit in my “Matures before 2030” portfolio
      Had to negotiate with nanny FIDO to buy 150 shares

      Good use of the Reader Alert page
      Much appreciated

        1. mj
          Duh
          I set up an account at Wells Fargo for illiquid trades – forgot to use it.
          Nanny works so well in every other area.

      1. I saw that headline but can’t read the article. Why is that pushing the preferreds down?

        1. I am pretty sure the prospectus for BHFAM says any possible buyer does not have to redeem the preferred. Maybe that is it for example for all of them?

          1. They lost 1/2 my business when I sold 1/2 of what I got as an inherited IRA from my parents last year. They are giving me less than I what can get from a CD from my local credit union. I plan on moving the rest this qtr.

        2. If it’s a private buyout, then you have the usual fear of preferred delisting, expert market abyss etc.

    1. Early bird. Fido Nanny limits sell orders. Be very sure you want to hold in case of a market drop you might not be able to sell unless the volume starts going up.
      I am speaking from experience. The volume needs to be closer to the A to add a level of safety for me.

    2. Yessssir! Doubled up on B today and got it quickly at the bid price, must be a motivated seller.

      1. Fan 59 my understanding if I remember correctly is B was created so investors in the company could cash in on their ownership without issuing a bunch of common shares and sinking the price.

      1. Well Lt, normally late to the party and early to leave to avoid the crowds. This time probably too early. Bought 10 of the EIX make whole with a maturity of 11/29 and YTM 6.7%
        Holding off on buying more as these will drop as the talking heads start speculating on liability due to damages from the Eaton fire.
        Snow and rains helped with the fires over the weekend, but added to the misery with mudslides.

    1. Should be available on Friday at Fidelity. 8% preferred backed by bitcoin. What could go wrong?

  7. It would be nice to read the “reader initiated alerts thread to read about alerts. There is so many political responses and comments. All of this stuff should go to sandbox where I can ignore it.

      1. don’t waste your time.. these blogs(not just your) are littered with this stuff.. they have taken the place of the local coffee shop

        1. I don’t appreciate that comment. Most posts attempt to explore a topic. Others express the pleasure of this community. Your posts require deciphering.

  8. The great Sunday Night Whale Treasury buyer is at it again! 10 Year yield down ..035 to 4.585! Thanks, Shamu, love you!!

    1. It didn’t take me more than a minute on a tech subreddit to find a post suggesting what the Achilles Heel of the AI boom is: Power consumption. One commenter suggested that if you tandemed some older chips, you could get a good result at a fraction of the cost. Which seems to be what the Chinese have done. (Do you really need the latest Nvidia chip to write a Valentines poem to your girlfriend? 4 dollars a query at Microsoft. 10 cents at DeepSeek?)

      What struck me was DeepSeek used old chips that are 50% less power hungry and presumably less costly to run (though I have seen zero on costs.) Deep Seek can go farther faster for less. So I would keep my eye on the utilities and pipeline companies that have been flying sky high on the expected AI data center build out. Anything reducing power consumption dents their business case.

      Disclaimer: all technical points certified to be wrong, having been translated from a YouTube video through a Luddite mind.) JMO. DYODD.

      1. Bear –

        Of course the ironic thing is that US government (prior administration) interference (banning the export of NVDA’s most powerful chips to China)….could lead to the eventual fall (or at least a much lower stock price) of NVDA.

        Curious how Rock Star Mr. Leather Jacket CEO is going to spin this one…certainly won’t be signing any more female breasts anytime soon.

        “DeepSeek benefited when Washington banned Nvidia from exporting H100s — Nvidia’s most powerful chips — to China. That forced local AI companies to engineer around the scarcity of the limited computing power of less powerful local chips — Nvidia H800s, according to CNBC.”

        “U.S. export limitations to Nvidia put pressure on startups like DeepSeek to prioritize efficiency, resource-pooling, and collaboration. To create R1, DeepSeek re-engineered its training process to use Nvidia H800s’ lower processing speed, former DeepSeek employee and current Northwestern University computer science Ph.D. student Zihan Wang told MIT Technology Review.”

      2. Personally, I am taking the DeepSeek announcement with a LOT of salt.

        I spent some time discussing with some tech contacts in China (and some who left China over the last few years) last night and even they are skeptical about time frame, cost, and what technology was actually used (e.g. they likely used first tier NVIDIA chips that they aren’t supposed to be able to buy because of US rules). Zero transparency (from what I have seen) backing up their claims.

        -The Chinese gov. is desperately looking for ways to make themselves look like tech/economic winners to distract attention from all of the economic woes they are fighting. This helps them.

        -it is also part of Chinese foreign policy to cause as much turmoil in the western economies as possible. This helps them.

        To that end, they are masters at making Chinese companies be their front people to drive party goals. Not clear to me that this isn’t exactly that.

        Time will tell.

        1. Maybe they can trade that Deep Seek for those worthless apartments that 80% of the Chinese middle class owns and have sunk their life savings in…

          I am in my mid-50’s and completely expect the Communist Party in China to implode their economy and cause another civil war there in my lifetime.

            1. Danzeb
              Not really a political statement, IMHO.

              So much of the global economy is tied to China, and the CCP is desperately trying to keep up the illusion that everything is doing fine.
              it isn’t.
              I deal with it every day in companies we own and ones we advise.

              The party has have become quite good at manipulating the west through our own media (most of the stuff they put out isn’t even available through domestic media).

              Will the party implode? maybe. at a minimum, big changes will have to come (one way or another). unfortunately, I think the party has no idea what to do going forward.

              Xi is casting about for something to show as his “legacy”. Legacy is very important to Chinese leaders. What has he got to show for his term as leader? Belt and road cratered. Hong Kong hasn’t really been a stellar success. technology isn’t working out. Covid, tanking economy, aging/shrinking population, real estate crisis – lots of problems, not a lot of wins.

              One of the newer challenges is that young people who can’t get jobs are adopting the “let it rot” life. Just give up trying and move home with mom and dad (youth unemployment is likely up around 80%, from some unofficial sources). If young people aren’t willing to work, it will make the aging population problem even worse (how will the gov care for the elderly if fewer kids will work?)

              So, what are the options?
              keep spinning nonsense? can buy time, but won’t fix anything.
              keep trying to back Russia? also might not be a long term solution.
              Invade Taiwan? its own nightmare (VERY high risk strategy).
              ??

              So, as investors, the future of China is a big potential problem. If they implode, the global economy will take a big hit.

      1. Fully agree with you Costas. If Powell were to raise rates that would be like making a declaration of War to this Admin. Not going to happen.

        1. The current administration’s leader believes that the Fed controls longer-term interest rates, which makes the declaration of war more likely.

    1. voner-
      Thanks for that. If the Fed were to make no cuts in 2025, it would be a raise as far as markets are concerned.

      The biggest factors for 2025 in Sløk’s inflation shock chart are exchange rate (a negative), and inflation expectations and monetary policy (positives). The net is rising inflation throughout the year per this model. All I can say is good luck getting all three of those guesses right. I’d like to know how well Sløk’s model has performed in the past.

      Looking at inflation from a supply/demand POV, where in the economy (goods and services) is demand, created by plentiful new money courtesy of deficit spending, likely to outstrip supply? In the cost of labor? Will the availability of labor be disrupted by the new administration’s policies? All I have are questions. Sløk is the smart guy.

      1. R2s you know how polling companies do it and they get a lot wrong as we have seen time and again. I don’t believe a lot in polls because the polling companies are paid a lot of times to research a subject and they ask questions phrased in such a way to get the answers the payee wants for their agenda. Example sales tax for a commuter train. Question: does it seem like there is too much traffic on the freeways during commute. duh, Yes
        Would you approve a increase in sales tax if it reduces traffic on the freeway.
        Depends on the part of the country you live in.
        Colorado, question to a drywall Distributor: do you sell lead lined drywall? Answer, I quote a job at least once a week.
        Southern Oregon to central California Bakersfield.
        Question, how is business going? Ranges from slow and getting slower to we are ok staying busy. Not a lot of new construction, mostly residential and not a lot of commercial.
        If both short term construction loans and long term real estate loans rates were lower I’m sure it would help.
        Not sure if this answers any of your questions rock

      2. Rate manipulation is an indirect factor and not the most important factor in the economy. I don’t understand how it became such a religion.

        1. martin-
          My guess is that economists have for a long time considered interest rates to be the most important factor in how the economy operates. Fed economists live by this “religion.” In recent years, Lyn Alden will tell you, fiscal dominance has overshadowed interest rates (and the Fed’s tools) as the primary force in the economy.

          I’d like someone to model what will happen to rates, inflation, etc. if the Fed ends QT and resumes QE later this year.

          1. When the only tool you have is a hammer, everything looks like a nail. Fiscal restraint has been taken off the table as a tool for decades now. That doesn’t leave much. Hopefully that is changing though.

  9. VIASP with another tender offer at 22.50. Makes no sense since it selling at 23.22. Unless they plan on cratering the price to get people out. But if I really believed that I’d sell now and buy it back.

    1. They are only planning to buy a very small portion of the overall issuance. Not exactly a big move on their port in terms of either price or volume.

      1. But who who would ever tender it cheaper than they could sell it? Something odd is happening.

    2. If you look at another way, they are providing vast liquidity and there is a cost to that. Say you had a couple hundred thousand shares you wanted to unload promptly. In the last 30 days, this issue has trading volume ranging from only 2,000 to 10,000 shares.

      You would absolutely crush the bid and most likely welcome an exit @ $22.50.

  10. As expected:

    American National Group Inc. (the “Company”) (NYSE: ANG PRA) today announced that the Company will redeem (the “Redemption”) all the 16,000 outstanding shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and the corresponding 16,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series A Preferred Stock (the “Depositary Shares”), on February 24, 2025 (the “Redemption Date”).

    I calculate that at 25.35 today you can still get 6.81% YTC.

    1. “I calculate that at 25.35 today you can still get 6.81% YTC.”

      Thanks for posting ANG-A. I already own a few shares, but based on this I might add more still.

      I’m not entirely sure how the final dividend payments works on these resets.

      I assume when they call the security will they will pay a pro-rata dividend at the reset rate. For ANG-A, I calculate the full dividend at about $2.10 based on 4.09% for the 5-Year reset plus 4.32 spread, but pro-rated for 62/90 (0.688) the last dividend will be about $1.44. Is this correct, and when does it go ex-dividend – 2/15?

  11. MSBIP took a big hit today. Bank lost a bunch of $$ on bad consumer loans. Looks like they financed some “Greensky” consumer loans that went south.
    I had a couple of those loans. Greensky gives loans at zero cost if they are paid off in a year, If you don’t they sock it to you with big interest charges. The seller of the service or product sold pays Greensky for taking the loan. I don’t know how well those loans are vetted, but the results say not very well.

  12. Friday Bank Bonds…

    * Monthly Payer ~

    BAC, 06055JHR3, 5.5%, Senior, A1/A-, Monthly, 96.85
    YTC 5.767% 12/16/27, YTM 5.767% 12/16/44

    * Semi-Annual Payer ~

    BAC, 06055JJF7, 6%, Senior, A1/A-, SemiAnnual, 99.35,
    YTC 6.056 1/23/26, YTM 6.056 1/23/45

    BAC, 06055JJD2, 5.7%, Senior, A1/A-, SemiAnnual, 99.52,
    YTC 5.74% 1/23/35, YTM 5.74% 1/23/45 ~ 10YR Call Protection

    * Annual Payer ~

    JPM, 48130CXQ3, 6%, Senior, A1/A-, Annual, 100,
    YTC 6% 1/31/30, YTM 6% 1/31/45 ~ 5YR Call Protection

    1. I bought the first two issues at issue this week. There was a third new issue this week from BAC. 5.6% paying monthly. I didn’t place an order but that monthly pay feature was unusual. I believe it was a 2036 maturity with two years of call protection. I didn’t check the secondary market today but I’d be interested in seeing where it’s trading.

    1. TY not something I follow 118 million to 120 million in assets (Really?) Looking at Quantum I see CCIA BB due 2028 up now at 27.79 Sell!

      1. I just sold. These securities are callable on my birthday, Halloween of this year.

  13. ANG-A CALLED FOR 2/24/25

    https://www.sec.gov/ix?doc=/Archives/edgar/data/0001039828/000110465925005784/tm254004d1_8k.htm

    On January 24, 2025, American National Group Inc. issued a press release announcing the full redemption on February 24, 2025 of all the 16,000 outstanding shares of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”) and the corresponding 16,000,000 depositary shares, each representing a 1/1,000th interest in one share of Series A Preferred Stock (the “Depositary Shares”), and its intent to delist and deregister the Depositary Shares. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

    1. What a strange date. After the expected ex date but before the next payment date by 4 days. Any idea what the dividend will be?

      1. Interesting observation but I doubt relevant to the amount in toto to be received by shareholders who hold between now and 2/24.
        “The Depositary Shares will be redeemed for a redemption price equal to $25.00 per Depositary Share (equivalent to $25,000 per share of Series A Preferred Stock) plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend attributable to 1/1,000th of a share of Series A Preferred Stock to the then-current dividend period that has not been declared and paid to, but excluding, the Redemption Date (the “Redemption Price”)”

        And from prospectus, “Any declared but unpaid dividends payable on a redemption date that occurs subsequent to the dividend record date for a dividend period will not constitute a part of or be paid to the holder entitled to receive the redemption price on the redemption date, but rather will be paid to the holder of record of the redeemed shares on the dividend record date relating to the dividend payment date.”

        So the question I suppose is whether or not there will even be an x-div date.

        1. So what is the likely dividend payment. The dividend rate is a little over 8.4%

          I am wondering if it is worth holding or to look for something else.

    1. PFFA was never on my ETF shopping list, expenses too high, yield too high (risk) and levered. A second look: although PFFA’s gross expenses are high, its net expenses after interest are not much higher than other funds. PFFA outperformed other ETFs I like that have lower gross expenses. I had a change of opinion on PFFA after I listened to a recent interview with the fund manager. Who actually seems to be actively managing the fund. Here is the interview. (Warning: YouTube interjects annoying ads every few minutes. Click “Skip” or fall down the rabbit hole.)

      Inside PFFA: Beating the Preferred Index
      https://www.youtube.com/watch?v=dkxWIJwO1k0

      Disclosure: I’ve had no luck with preferred ETFs. JMO. DYODD.

  14. For those willing… A new issue FHLB bond…cusip# 3130B4QS3…paying 5.620% semi-annual…due 2/7/2045…1st call 2/7/2028.

    1. Maine – Timely post. Apparently the S-1 just hit and major revision to initial target price. PDX trading down 12% right now. Great potential entry point setting up here.

      Worth nothing though only a couple weeks ago PDX was trading $25 handle and then got massive pop on news of Venture’s 20% stake buy-in. So in reality, still a couple bucks here above previous floor.

  15. California wildfire news:
    Reinsurers’ 10-15% share of LA wildfire industry loss not enough to alter pricing trajectory: Evercore

    Average insured claim estimated at $1.9m with 17,027 structures destroyed or damaged based on Corelogic’s 35-45 Billion and Moodys est of 20-30 bill

    Comment: 1)I would not rely on any number yet, and Corelogic could never given a decent estimate of the value of my house. They were always wildly off by 50% or more to the high side. My thought is if they can’t get that right given the number of comps, they are just throwing spaghetti against the wall.
    2) Buffet has always said Berkshire is such a big reinsurer you can assume they have 3-5% of any reinsurance loss

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