As we have written about we personally held bunches of Arbor Realty 7.375% baby bonds (ABRN) which were redeemed in total last Friday. The shares redeemed at $25 plus about 37 cents of accrued interest.
We also held 400 shares of them in the Medium Duration Portfolio.
Lacking better ideas we purchased an additional 200 shares of the Southerly Hotels 7.25% baby bonds (NASDAQ:SOHOK) which have a maturity date in 2021. They also have a early call date starting in a year–thus we hope they are not early redeemed (although they would be redeemed at 101% plus accrued interest). The shares went ex-dividend today.
This leaves the portfolio at 85% invested which is just fine at this moment. We await a bargain somewhere with the last 15%.