Federal Agricultural Mortgage Corporation 5.75% Non-Cumulative Perpetual Series E Preferred Stock




Stifel Financial Corp 6.125% Non-Cumulative Preferred Stock, Series C





B. Riley Financial Inc. 6.375% Senior Notes Due 2025

Bonus Rate for Early Redemption. On 2/28/2021 and before 2/28/2022 redemption shall be at $25.75 plus accrued interest, on 2/28/2022 and before 2/28/2023 redemption shall be at $25.375 plus accrued interest. On or after 2/28/2023 and prior to 2/29/2024 redemption shall be at $25.25 plus accrued interest–on or after 2/28/2024 redemption will be at $25 plsu accrued interest.




AMG Capital Trust II 5.15% Convertible Trust Preferred Securities due 10/15/2037 ($50 issue)

These shares were sold by AMG Capital Trust and the debentures, maturing on 10/15/2037 are the sole asset of the trust. The dividends of these trust preferred shares are NOT qualified for preferential tax treatment. The shares are convertible at anytime, at the option of the owner, into .25 common shares of Affiliated Managers Group (AMG). On or after 10/16/2012, if the price of the common shares exceeds 130% of the conversion price ($200/share) for 20 of 30 consecutive days the company may, at their option, force conversion of the preferred shares. Given that the common shares are trading around $65 on 5/5/2020 it is highly unlikely that the company will ever be able to force conversion.

Distributions (other than contingent distributions) may be deferred for up to 20 consecutive quarterly periods, but not beyond the maturity date of the junior subordinated convertible debentures held by the trust. The junior subordinated convertible debentures will mature on October 15, 2037.




JMP Group LLC 6.875% Senior Notes due 2029

On 1/2/2020 this issue began trading on the NASDAQ and a new ticker was assigned.




Morgan Stanley 4.875% Non-Cumulative Preferred Stock, Series L

Only redeemable on a dividend payment date.




American Financial Group Inc. 5.125% Subordinated Debentures due 2059

The company has the right to defer interest payments for up to 5 years one or more times without causing a default. Interest will accrue.




CIT Group Inc. 5.625% Non-Cumulative Perpetual Preferred Stock, Series B




Synchrony Financial 5.625% Fixed Rate Non-Cumulatve Perpetual Preferred Stock, Series A

Redeemable only on a dividend payment date





Northern Trust Corporation 4.70% Series E, Non-Cumulative Perpetual Preferred Stock

Redeemable only on a dividend payment date




B. Riley Financial Inc. 6.875% Series A Cumulative Preferred Stock




B Riley Financial Inc 6.50% Senior Notes Due 2026

Bonus Rate for Early Redemption. On 9/30/2022 and before 9/30/2023 redemption shall be at $25.50 plus accrued interest, on 9/30/2023 and before 9/30/2024 redemption shall be at $25.25 plus accrued interest. After 9/30/2024 redemption shall be at $25 plus accrued interest.




Ladenburg Thalmann Financial Services 7.75% Senior Notes Due 2029

Ladenburg Thalmann merged with Advisors Group effective 2/12/2020. There is no longer a ‘parent’ company that is publicly traded. This baby bond issue was delisted from the AMEX and now trades on the OTC exchange. We show the ‘parent’ as LTS for sorting purposes.