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READER INITIATED ALERTS

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1,645 thoughts on “READER INITIATED ALERTS”

  1. RITM-A down. Did they a announce an aditional call or is this a screaming buy? 6% short term APY for the called amount 3/18 then nearly 11% for the remaining. I’m all in.

    Reply

  2. MFA-C is down about $0.75 since last Friday to a current $24.02. It also just switched to floating at 9.9% starting with its next ex-div (June 3), which gives it a 10.7% yield. Maybe the whole mREIT field is having a reckoning, but if nothing else, this makes it a bargain compared to the fixed MFA-B which is only yielding 8.6%.

    Reply

      1. Nathan-
        Thanks for pointing out the surprising drop below par of MFA-C just 2 weeks before the call/float date to 3mL + 5.345%. Do traders not expect a call? The YTC is a ridiculous 71% at 24.06 today (exaggerated by the short time).

        Reply

        1. good comment.. I guess it illustrates that using 25 for end price on ftf preferred is problematic

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      2. I think we are just saying the same thing with a different focus. By one technically correct means of accounting, it’s still “paying” at the old rate. By the other accounting, since we are past the March 4 ex-div, the old fixed rate no longer matters to anyone who buys it now.

        I think we both agree that the June 30 payment will be at the new TSFR3M+5.35%+0.26%, and that this would be the next payment received by anyone who buys it now and holds until ~June 3?

        Personally, my guess is that the current low price might be in part due to the disagreement about how this should be measured. I think many people are still looking at as paying the old rate (which by one account it is) but I think the price will probably rise soon to reflect the new floating rate.

        Since I see your second response and still am in the edit window: Clearly the market is not expecting call. Maybe they are expecting the BB/preferred spread to open a lot? Otherwise MFA-C looks like a bargain to me at this price. Also, am I wrong that the extra .26% LIBOR adjustment should be in there too?

        Reply

      3. Technically, MFA-C’s call date is now 30 days away… tomorrow it will also be 30 days away.. it’s conitnuously callable on 30 days notice… Also technically it’s float date is “the second London Business Day (as defined below) immediately preceding the first date of the applicable Dividend Period” which probably means tomorrow…..that’s when the rate it will get set.

        heading out the door… hope I didn’t write this too hastily

        Reply

        1. Correction: float date = 2 business days before the applicable Dividend Period so will actually be 3/27, not tomorrow

          Reply

  3. AILLN ask at 79, i get a yield of 6.2% annualized. I bought a bit.

    not a recommendation tho

    Reply

  4. KMPB is down around $23 now if any is interested in it. Not sure why the price is so weak, but it floats in a couple of years so if it is called then your return will look pretty good.

    They just called one of their notes that was a much lower percentage rate than this one.

    Reply

    1. Scott I suppose that’s a good price. Guess I am spoiled. I picked up 250 shares last June or July around 21.80
      I want it to go lower!

      Reply

      1. good comment..kmpb/sjnk pair has been a narrow range with upward bias (outperform) for the last year..currently trading near 1 sigma cheap ..would expect continued outperformance

        Reply

  5. JAAA’s continued decline is definitely an issue.
    Check out the year chart.

    Market concern about BDC’s?
    I’m out.
    Used to be my MMF for my cash.

    Reply

    2. JAAA is a sell here. The last two month distributions are down over 22% each vs. previous periods.

      The present effective yield based on the most two current distributions is actually 5.2% now, it’s not 6.2% as is populating in many data providers because that’s pulling older stale numbers from the last 12 months.

      Why would you hold this as distributions will continue to decline along with trading price when you can get a Prudential/Metlife/JPM debenture or perpetual @ 6% locked in yield right now.

      Reply

        2. rocks2stocks – Depends which cash bucket we are talking about. But ultimately to protect myself from myself, I have a 3/6/9 month ladder in T Bills and then I either roll with core sweep MMF or traded MMF depending on broker and yields.

          I don’t dabble with those JPST, MINT, SGOV types because it seems there is enough of a spread on the trading range for a one year time frame, 70 cents+ that I think could completely negate the yield. And with my luck, no doubt this would happen the moment I buy one because I have to sell out of it unexpectedly or an investment opportunity arises etc.

          Reply

    3. The chart of JBBB probably gives a clearer picture of a possible loss of investor enthusiasm about CLO’s as an asset class than JAAA. Or, as another poster here mentioned, the recent price action on ECC. ECC was buy-rated just a week ago by a top pundit on The Other Website. JMO. DYODD.

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      1. IMHO, the leveraged loan market does seem like it has started to “roll over” aka “spread widening”. How that propagates through to the day-to-day pricing of various CLO tranches within ETFs like JAAA/JBBB is beyond my pay grade. You can see this in the following Leveraged Loan index (select the 3M option to get better detail for the last 3 months):

        https://indexes.morningstar.com/indexes/details/morningstar-lsta-us-leveraged-loan-FS0000HS4A?currency=USD&variant=TR&tab=overview

        I am not sure if this is the best index to use but it’s something I’ve followed for a while.

        Reply

      2. good comment.. jbbb/bkln. pair has seen jbb outperform since october 2022…the low on pair was october 2022 and high was in january… on a 1y horizon jbbb is currently trading 2 sigma cheap.. of concern is that we close below 200dma which we did in september but held.. close below the 8/2 close of 48.27 would be ominous

        Reply

    4. good comment..bizd/sjnk pair went from 2 sigma cheap in november (and a triple bottom) to 2 sigma rich in February and rolled over …currently .5 sigma cheap. .would expect continued underperformance

      Reply

  6. 65339KDE7 This went pretty fast at Fido this morning. Merck 50 min at around 84 for a 6.2 % yield A+ Maybe someone can find at Schwab or another broker

    Reply

  7. BK/PRK new issue…..6.15% coupon, Moody’s BBB/ S&P Baa1, resets after 5 years to 5 Year Treasury plus 2.161%. Temp ticker is currently NYDSV, then later to BK/PRK. Closed at $25.18 today.

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  8. I bot SYF/PRB 8.25 FTF 5/15/2029 at 25.50(25.36 stripped) 7.80 ytc …it resets 4.04 above 5year good article on S/A by Arbitrage Trader dated 3/6

    Reply

  10. Further thought……
    JAAA is the AAA rated CLO tranche
    Probably if there is a major market drop they may be challenged to maintain liquidity given their fairly small (comparatively) underlying asset availability.
    That may explain…..
    Perhaps similar directional jumps in Bill prices today.

    Reply

    1. I know JAAA is supposed to be good stuff (I own some), but it’s really not meant to be or act like a MMF. JMHO.

      Reply

      1. Perhaps there is the perception that it is a place to park cash- in that way it’s a bit like a MMF- which can help stabilize it.

        Reply

    2. I’m probably just being dense, but why would a drop in the overall market cause liquidity problems for JAAA? The drop might cause people to sell JAAA to cover margin calls and the like, which would cause a drop in the share price for JAAA, but I’m not seeing why this would force the fund to ever need to sell underlying assets under unfavorable conditions.

      A drop in NAV can force this to happen for leveraged CEF’s that need to maintain debt ratios, and a mutual fund may need to sell assets if they have excess redemptions, but I’m not sure why a market drop would force an unleveraged ETF like JAAA to sell assets. Wouldn’t it just cause a divergence between their share price and the NAV?

      Reply

  11. PRIF-H Call

    NEW YORK, March 10, 2025 (GLOBE NEWSWIRE) — Priority Income Fund, Inc. (“Priority Income Fund” or the “Fund”) announced today that it will redeem all outstanding shares of its 6.000% Series H Term Preferred Stock Due 2026 (CUSIP: 74274W 798; NYSE: PRIF PRH) (the “Series H Preferred Shares”) at a price of $25 per Series H Preferred Share, plus accrued but unpaid dividends per Series H Preferred Share from March 31, 2025, to but excluding, the Redemption Date (the “Redemption Price”). The redemption date will be April 9, 2025 (the “Redemption Date”).

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    1. Thanks. Had just come in from the garage, signed on to my account, saw the big jump and was wondering what was going on. Now, can anyone explain why they called -H (and -G a few months ago), when they could call the higher coupons D,F, and L??

      Reply

        1. In other words, PRIF’s goal is to extend maturities as first priority [pun intended], hence H not D, F and L.

          Reply

        2. I’m aware of that, but still not sure why they’re willing to hold on to the higher coupons, unless they’re worried that they wouldn’t be able to pay off the shorter term lower coupons if they paid off the higher ones early? Shouldn’t that worry holders of the higher/longer terms? Just trying to understand.
          (And F isn’t lower rate than H.)

          Reply

  12. Here’s an oddity. WFC-L normally trades in the same direction as treasuries. Today, with treasuries up and yields down, WFC-L is down with CY up. It’s trading more like a stock than a bond.

    Reply

    1. Thinking out loud: At some point in a stock market correction with treasuries rising (yields falling, flight to safety), corporates diverge and do the opposite as credit-risk concerns grow.

      Was today’s WFC-L “oddity” a sign of the start of the divergence?

      Reply

  13. Westie’s long-anticipated storm appears to be arriving.
    2 yr down 10 bps
    Recession predictor

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    1. HAMILTON, Bermuda, March 10, 2025 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) today announced that it has commenced a cash tender offer (the “Tender Offer”) for any and all of the outstanding 5.750% Fixed-Rate Reset Junior Subordinated Notes due 2040 issued by Enstar’s wholly owned subsidiary, Enstar Finance LLC, that Enstar guarantees on a junior subordinated basis (the “Notes”). The table below sets forth additional information with respect to the Notes and the Tender Offer…
      https://investor.enstargroup.com/news-releases/news-release-details/enstar-group-limited-announces-any-and-all-cash-tender-offer-0

      Reply

      1. Fabrib—I own this issue at $99.67. It’s callable on 9/1/25 (6 months). Then, it is reset at 5 YEAR T plus 5.468%. Any viewpoints/opinions regarding tendering shares or just waiting to see what happens in September? I would love to have Enstar not call the issue, but I guess that is not likely.

        Reply

      2. Westie, Your comment confuses me. Wondering if you could elaborate? I just don’t see any unusual volatility with JAAA, nor I would say any volatility whatsoever.

        Reply

        1. pig
          As you know, JAAA acts pretty like a MMF.
          It pays divs monthly, and accrues interest through its market price – i.e., most days the price is 1/30th increase in the montly div payment.
          On ex-date, its price drops back.
          Most days, bid/ask stays within 1 cent.
          Earlier this month, it lost 4 cents in one day.
          Today, look at the daily chart.
          Started at $50.66 – dropped to $50.61 – back to $50.65 – now back down to $50.61.
          10mm shares traded so far
          Maybe due to overall market volatility but greater than what I am used to.
          I have used it as my daily cash reserve- given the gyrations I am reducing my holdings.

          Reply

          1. Further thought……
            JAAA is the AAA rated CLO tranche
            Probably if there is a major market drop they may be challenged to maintain liquidity given their fairly small (comparatively) underlying asset availability.
            That may explain…..
            Perhaps similar directional jumps in Bill prices today.

            Reply

          2. Westie, Thanks for further color. I have JAAA and JBBB also. Don’t look at it alot, just thought I missed something. Always interested to hear other’s view on things. My line of thinking maybe going into that investment was that CLO’s not exactly steady as she flows investment, so some price fluctuation hasn’t really bothered me much. Appreciate your thoughts, I will pay more attention.

            Reply

      3. Westie-
        JAAA is showing a few jaggies lately, but on the ex date it actually rose, then closed at the same as the previous day ! It is now down 6¢ off that high close of 50.69 = .00118 – way less than a %.
        JBBB is off 1.07% – not an unusual fluctuation.
        But, they should be watched. Seem to be doing pretty well.

        Reply

  14. Lottery results for RITMprA fwiw….. 32% of my shares are slotted for 3/28 redemption.

    Reply

    1. I was just looking at RITM-A as I own a bunch. Per the press release on the RITM website we will get $.274091 accrued interest on the share redeemed. Currently RITM-A is at $25.31. I bought this one in July 2019 and paid right at par for it, so it has been a beneficial one to own. I generally hold most of what I buy for a long time. I have holdings of over a decade now. The thought has crossed my mind to just sell it all and re-invest the money in something equal to or greater than the 7.75%. as I could make a few pennies per share. Looking at Tim’s short term equities spreadsheet, which is where I have shopped mostly recently, I see some that would fit that bill easily. Only problem I already own a bunch of those too! Oh, what to do….. Maybe just let it ride as is?

      Reply

      1. ritm/a is floating . i think your getting close to 10 percent right now.
        so i am going to hold for now or switch to B. i assume they will keep calling the A an funds become available

        Reply

  15. MFA-C (6.5% cum perp preferred) is just past ex-div with March 31 call/float to 3mL + 5.345% coming soon. Last at 24.52 indicates traders are not expecting a call. At 24.52 the CY after the call date would be about 10%. MFA is an mREIT.

    Reply

    2. R2S why are these Mreits willing to pay such high rates? They don’t have the money to call? or they can’t refinance at rates less than what they are already paying?

      Reply

      2. There are safer ways (imo) for crypto bulls to invest their money than perpetual preferred shares of Microstrategy. Caveat Emptor!

        Reply

    1. Anyone know why CODI-B is going down the way it is? I had a low bid hit mid-week and was happy, but it’s continued dropping since then. The common (which I don’t hold) is on a somewhat downward trend, but not enough that would usually explain this amount of drop in the preferred.

      For those not following it, CODI-B is a 7.8% coupon fixed-to-float currently paying 8.7% that is scheduled (at current rates) to reset to 9.5% in 2028. CODI is a somewhat struggling diversified buyout firm that I don’t think is in imminent danger. On paper this might make it appealing, but the market doesn’t seem to think so!

      Reply

      1. Management has been selling a ton of these CODI preferreds into the market thru its ATM while also buying back common. I do own this pref, but a little perplexed as Management keeps touting this as cheap capital… results have been ok/pretty decent for codi overall.

        Reply

        1. Fidelity’s consolidated analyst rating for this bank is .5 out of 10. I am not sure what that’s worth but it’s rated very low by the analysts they use. The health of the company is rated at 47 out of 100 which is better than some preferred issuers but DYOD.

          Reply

            1. To be honest I was looking at Fidelity’s combined analyst ratings for CODI and it was .5 out of 10. I commented because I thought that was very low and could be a concern. I did not really pay attention to what the business was but when I saw compass for some reason I thought it was a bank.

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              1. Libero, over the years I used to track them. They bought several local companies that had been successful and had gained a loyal customer following. Then not much happened. Their worst purchase was an office furniture manufacturer that was a money loser. I lost interest as they issued preferred at almost 8%. That told me they were higher risk when other companies could issue at a lot less.

                Reply

    2. good comment.. I added to CODI/PRB as the codi.prb/sjnk pair is at all time low ..I paid 22.72 (22.32 stripped) for 7.875 4/30/2028 sofr +4.96 for 12.32 ytc.. the codi/spy pair is near bottom of range since inception 5/2006.. it went from off the charts rich in november 2021 to 2 sigma cheap today ..

      Reply

  17. I bot GAINZ 4.875 11/1/2028 AT 22.94 7.47 YTM.. the gainz/sjnk pair is at lower end of 1 yr range … good article on sister bond GAINI on S/A
    Yield-Hunting Part 9: GAINI And Its 7.64% Yield To Worst
    Feb. 21, 2025 9:30 AM ETGladstone Investment (GAIN), GAINI StockGAIN, GAINI

    Arbitrage Trader
    Investing Group Leader

    Reply

  18. FWIW – Financial Times came out with a hit piece on Brookfield. Need a sub to read, but you can still Google.

    “$1 Trillion Labyrinth”: Canada’s Brookfield Investigated By FT For Self-Dealing, Complex Financials”

    I have some debt instruments in mostly ARGD, BEPJ & BIPJ.

    Reply

      1. This reminds me of pre-crash AIG…the constant transactions with it’s own entities.
        AIG was IMPOSSIBLE to figure out when it was highly rated by NRSRO’s. They got it wrong by a long shot.
        IT’S SCARING ME because I have fixed annuities.
        As my dad said at the time of AIG (he has 70 years in commercial insurance), the failure of AIG would have wiped out all 50 states’ guaranty funds, and created an economic collapse.
        Given many states would require contributions from every company doing business in the state to recapitalize the funds, every insurer would have been bankrupted.

        Reply

            1. LT, It was crazy times. I remember the news that a community or teachers union in Norway lost their investment because of AIG. Here in Northern Calif. I seem to remember they were going to have a conference in Monterey or somewhere out here and give out the bonuses to their top sales people until the government told them to cancel it.

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    2. I got excited for a min.. ARGD was down 10% and then halted.. but it was only for 400 shares, now all shares are trading and seem unchanged.

      Reply

    3. https://www.zerohedge.com/markets/1-trillion-labyrinth-canadas-brookfield-questioned-fts-dan-mccrum-self-dealing-complex
      Hey NWGG they aren’t the first.
      But when it’s laid out this way it reminds me of late 80’s savings and loan scandals. Investors and developers would buy bare property for development and borrow the money, then 30 days later raise the price and sell to another group of investors and the savings and loan would pay off the first loan and make a bigger loan. This started with the deregulation of savings & loans. I apologize there has been this discussion before about these big financial entities.
      I just dealt with the minnows in my local pond. Google Soderling Bros. Clem Carnelli, Sid Shah Centennial savings and loan. I was one of the investors.
      Now you have one running for Canadian prime minister. What could possibly go wrong.

      Reply

    4. Accused of complex financials? – LOL – somebody posted here about Brookfileld wanting to use its insurance company to become the next Berkshire Hathaway. My first thought was, “if they can figure out what they own.” They do have a complex structure. JMO. DYODD.

      Reply

  19. Haven”t seen a notice here on III but may have missed it. VIA renewables has come out with yet another tender offer. This one @ $24.00/sh for VIASP . At least this time they are near market pricing.

    Reply

    1. Do you have the announcement details?

      I’m wondering what the expiration date is and wondering if there’s an opportunity to purchase under the $24 and capture the upcoming dividend in about 5 weeks.

      Reply

    2. The tender offer is a partial one, with proration, I believe. The company went private recently. I wonder if they might de-list the preferred (? )

      Reply

      1. See page S-22 of the prospectus. The float rate goes up by 2% if the issue is delisted.

        Reply

  20. GAM b , going ex tomorrow I believe, is very heavy the past few days. Lots of offers. At a 6 pct yield, qualified or cap gains the past 10 years I looked at dividends, I am long and getting…longer. 850% asset coverage

    Reply

  21. Care Cloud. I have the A preferred CCLDP. The company made an announcement they are converting it to their common. The preferred has taken a dump. I looked at the prospectus, it says there is no conversion right. In the announcement they called it an 8.75% yield when it is, in fact an 11% yield. Anyone know what is going on???

    Reply

      1. Irish Thanks for the info. CareCloud appears to have done dirt to all shareholders with this move. My preferred tanked, and the common tanked. I wonder why the Preferred A stockholders ever voted for this?

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        1. It makes me wonder who held the preferred shares. Did the company hold them or a major shareholder of common stock?

          From what I read, I don’t see any benefit given to preferred A shares for converting but just my opinion.

          Reply

          1. Holders of CCLDP toke the loss EXCEPT large holders don’t have to do the conversion. Also CCLDO is ok so anyone knowing what was happening could switch to CCLDO or sold CCLDP for $19. CCLDP went down to $14.
            I wonder how many investors knew what was going to happen in advance.

            Reply

        1. Quick read was 8.375 prefd holders with over 100,000 shares were not forced to convert to approx 7.3358? shares…common down huge today

          but why is the 11% prfd way below the 8.375?

          I

          Reply

            1. What do you like about care cloud? I took 1 look at the books and said no. Is it future/anticipated growth 5-10 yrs down the line? I personally dont like micro caps with a net loss. They also approved to dilute with more common shares, so the price will continue to sink especially if it is not profitable. The only way is to dilute shares and hope for a turnaround. They also need more shares to divy out to the board which they authorized as well. I also only saw selling of shares of insiders too.

              Reply

    2. CCLDP share holders got screwed. The conversion is 7.2258 shares so with the common at $2 the preferred holders are getting $14.71 for there $25 preferred. Goes into effect today.

      Reply

      1. Not to rub salt, but technically more since there are past accrued above $25. What I can’t figure out is why CCLDO isn’t trading higher but I have an over full position of it.

        Reply

        1. Anyone with less than 100,000 shares of CCLDP had a forced conversion to CCLD stock. For most that was a loss getting just under $15 dollars and an significant drop by the end of the day to $12.59. Those with 100,000 shares of CCLDP kept them and saw a 30% jump in price today to $18.99. Being in the under 100,000 category, today I have the equivalent of selling my CCLDP for $11.80. Not happy.

          Reply

  22. IIPR-A under $25 or par FYI

    stock not really down – this is a weed reit pref – 9% at par

    Reply

    1. Just heads up, IIPR common stock is down nearly 50% from 1 year high. I thought they had their largest tenant default EOY 2024 which caused the preferred to tank as well from $26/$27 handle. Might want to circle back on this before backing up the truck.

      Reply

      1. well aware on IIPR of tenant which was partially resolved

        2 billion market cap, 150m in cash, 300m in debt

        No debt maturities until May 2026. Debt service coverage ratio of 16.8x (calculated in accordance with IIP’s 5.50% Unsecured Senior Notes due 2026). 11% debt to total gross assets, with $2.6 billion in total gross assets.

        Then like 1m pref shares issued

        Reply

      1. do not know – this happened once before like a huge volume day last year (maybe several hundred thousand) as the co. has/had the ability to ATM these prefs I believe and sold some into the market – with only like 1m outstanding its not real liquid so any selling or buying can move this one

        then it bounced back in a short period of time last year to around 26

        might be the company selling with ATM here, as these are generally not high volume prefs

        Reply

      2. I didn’t find any news and bought into a starter position and now just set an alert and I guess a director sold 7599 shares of common yesterday.

        Lots of lawsuit notices but those seem to have been going already and I see those with other companies.

        Let’s keep an eye out for anything quirky…

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        1. I am with you. Put in a lower bid and snagged a starter position. It appears in a bad scenario these preferred should pay considering how much room there is to cut from the common. In the worst case they have a lot of assets and a reasonable amount of debt. Under par makes the call irrelevant and 9% seems nice for the higher risk bucket.

          If it goes above 26ish.. well that is a nice problem to have and I can consider selling it.

          Reply

  23. Bank stocks
    JPM -4.0%
    KBE -3.7%
    KRE -3.5%

    Looking at SPX doesn’t tell you what’s going on under the hood.

    Reply

  24. When I first mentioned DOW (November ?) it was around 45 and the yield was ~6%. My deep target was 34, which I recently expanded to 32-34. DOW closed at 35.62 today, upping the yield to 7.9% (assuming steady 70 cents dividend).

    The target is in sight. What happens next? Will the dividend hold?

    XLI not looking too good.

    Reply

    1. Wow, didn’t know the yield on that was so high. The annual div highly exceed free cash flow, could be a trap but now I’m watching. Schwab says earnings are on 4/24 before market.

      Reply

  25. KKR -9.2% today and 29% off the Jan. all-time high. Some others down today with the same stats:
    BX -4.9%, -25%
    APO -4.6%, -27%
    ARES -5.2%, -20%
    OWL -5.0%, -26%
    BAM -5.3%, -16%

    BIP and BN also sharply down.

    Reply

    2. Some of these will thrive in an environment where corporations are reshoring and reacting to tariffs. Volatility creates opportunities for capital market companies.

      Reply

  26. 4:12 EST: March 4 (Reuters) – Flagstar Financial Inc:

    * FLAGSTAR FINANCIAL INC -FILES FOR NON- TIMELY 10-K WITH THE U.S. SEC

    Oh boy….

    Reply

      1. Hmmm– 10K is dated 2/28/25 or 12/31 – not sure what they missed. Nothing burger…or?

        Reply

  28. China raised tariffs by 10% on soybeans, pork, beef, and fruits starting March 10th, and 15% tariffs on chicken, wheat, corn and cotton in line with yesterday’s press reports of agricultural goods being Chinese tariff targets. 10 American companies involved in defense work have also been put on the entity list.

    Additionally, China’s Customs suspended imports of US lumber effective immediately, and suspended soybean import qualification for three US companies from Tuesday including CHS Inc (CHSCO), Louis Dreyfus Company, EGT (BG).

    Reply

  30. PLDGP – Moodys raises rating to A3 from Baa1

    https://www.moodys.com/research/Moodys-Ratings-upgrades-Prologis-senior-unsecured-ratings-to-A2-from-Rating-Action–PR_503292?cid=GAR9PTU7VKT2671&emailToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJVc2VySWQiOiIwNTkzODg3Yi1iM2NhLTRmNTgtYmY3Ny0xZDRjZmI3M2VlY2QiLCJEb2NJZCI6IlBSXzUwMzI5MiIsImNyZWF0aW9uRGF0ZSI6IjIwMjUtMDMtMDRUMDc6MTQ6MzcuNTQzNjE4NC0wNTowMCIsImV4cCI6MTc0MTM0OTY3NywiVXNlck5hbWUiOiIyd2hpdGVyb3NlcyIsIlVzZXJUeXBlIjoiMiJ9._3t5e9_WESao2AhEsIiZpsU0AYNMcT3c7oI9jPlgA2g

    Reply

        2. From the latest 10K – https://www.sec.gov/Archives/edgar/data/1045609/000095017025021272/pld-20241231.htm#noteeight p84: “At December 31, 2024 and 2023 our Series Q preferred stock outstanding had a dividend rate of 8.54% and will be redeemable AT OUR OPTION on or after November 13, 2026. Holders have, subject to certain conditions, limited voting rights and all holders are entitled to receive cumulative preferential dividends based on liquidation preference. The dividends are payable quarterly when, and if, they have been declared by the Board, out of funds legally available for the payment of dividends.”

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      2. PLDGP is an old “Grid special.” I wish I could find my notes on it, but I can’t… On the surface, I would think the possiblity of call in Nov is high…. That being said, at today’s rate, based on what’s on QOL, I would say it is not a buy

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      3. PLDGP sells now for $55.62 with a possible call at $50 on 11/13/26. That’s a YTC of roughly less than 2%

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        1. danzeb –

          “PLDGP sells now for $55.62 with a possible call at $50 on 11/13/26. That’s a YTC of roughly less than 2%”

          Thank you…what in God’s name are folks doing posting ideas to the RIA section that have 2% YTMs?

          I really don’t know what anyone is thinking on buying PLDGP at current prices – the rest of us prefer to make income investments that at least exceed inflation.

          If anyone is hell bent on buying similar overvalued property REIT preferreds with such meager returns, take a look at MAA-I and SPG-J.

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