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CMSD just went ex-div and is selling at a higher price than CMSC which goes ex-div on or about 6/30/25. By swapping, you get the 18 cents extra accrued dividends “for free.” For those of you who would consider such as swap (looking at you, Green and Gold), now might be the time.
Disclosure: I did this with a very large number of shares, within the context of my meager portfolio. I’m now completely out of CMSD.
Don’t take financial advice from retired sailors, and DYODD.
Thank you Retired. Good eye! I would do it but I exchanged all my CMSD for CMSC the last time this happened. Thank you!
Between now and the end of June, there’s a good chance that CMSC will sell for considerably more than CMSD. That will be the time to switch back. If not, just stay put. Exchanging right after the ex-div sometimes works, too.
SPLPP looks to be yielding in excess of 10% to the Feb 26 redemption .
Co can redeem for cash or stock (60 day VWAP)
I bot MBINM at 25.19(24.93 stripped) ftf 10/1/2027 5yr +4.34 ytc 8.89 ytc using stripped price and it trades at parity (quantwolf calculator) …the MBINM/SJNK pair is trading near 2 sigma cheap on 1year horizon
New in this board, mostly reading. i bought GRBK-PA at 21.72 Cumulative perpetual 5.8% yld, Trading at the lower end of 1 year horizon. Got the first bunch today
Al – Fantastic alert. I don’t think I ever vetted this one. Nearly $3B cap with close to $100mm in operating cash flow, incorporated for two decades, huge annual revenues >$2B with 20% operating margins and over 17% net profit margins. Cash > $100M vs. Debt $200M.
The most positive momentum factor this company has going is the consistent double digit quarterly revenue growth YOY. For a near 7% yield this is legit pick. Cheers.
According to Quantum Online: Green Brick Partners, is a diversified home-building and land development company that currently operates in Texas, Georgia, Colorado, and Florida. The preferred A-shares are subject to 15% tax, which is suitable for non-qualified accounts. Good choice.
good comment.. grbk-a/vclt pair trading near 1 sigma cheap (1yr horizon) ..has outperformed since december 2023.. on a longer term (3yr horizon) pair is trading fair value ..
With all the talk on the US credit rating people may have missed this.
https://www.fitchratings.com/research/corporate-finance/fitch-places-edison-int-l-so-california-edison-on-rating-watch-negative-16-05-2025
Thanks Charles.
BUSEV is now trading as BUSEL If you have a bid in you might want to change it.
MFA-C sure seems like a bargain today. I already have a full position, so I haven’t been buying, but it’s been trading at about $24.30 this morning. It switched to floating in March, and is going ex-div in early June as a floater. It’s got about $0.50 accrued ($23.80 stripped), and will be paying a 9.9% coupon (TSFR3M+5.35%+0.26%) for the first time at the end of June, making it a 10.4% EY. Unless you think they are going bankrupt (please tell me if they are!) this feels underpriced. I think it’s cheap because the markets still aren’t fully pricing in the new floating rate.
Nathan- I like it here at 24.35 and below.. It seems about 40 cents cheaper than it should be, basing that on other mREIt prefs. It’s a great name to flip, as you probably know. My guess is that it bounces back above $24, shortly after ex date.
That preferred is giving you a 560 bps spread. The bond MFAO gives you a 500 bps spread. I don’t think 60 bps is enough compensation for stepping down in safety to the preferreds. Typically, I look for 150-200 bps extra spread from a preferred over its sr. bonds.
Makes sense, but I think you’d agree that we need to consider not just the spread but the current price. MFAO is about $24.80 stripped ($0.11 accrued) with EY of 9.06%. MFA-C is $23.83 stripped ($0.52 accrued) with an EY of 10.42%. MFA-B by contrast is paying just slightly lower than the BB’s.
It’s not quite that 150BPS advantage you say you are looking for, but pretty close. As ‘maine’ said, I think it’s probably going to bounce back above $24 pretty quick once the 9.9% coupon rate gets recorded. I said I was full already, but I grabbed a few more shares today hoping this is true.
It’s kind of silly to not factor in the price, no?! Prices matter for current yield AND and potential price appreciation as it trades closer to par, a very likely scenario.
Nathan, BTW.. the dividend was declared this evening: $0.61911