Brookfield Property Partners LP 5.75% Class A Cumulative Redeemable Perpetual Preferred Units, Series 3




Blueknight Energy Partners LP Series A Preferred Units

This is an odd duck preferred. Per the most recent 10K I reviewed (for year ending 12/31/2018) there are just over 35 million Series A Preferred units outstanding. 52% of the preferred A units are held by Ergon which relates to a transaction in 2016 where Ergon bought the BlueKnight general partner. While the Series A shares are not called convertible they are in fact convertible. Directly from the prospectus–The Series A Preferred Units are convertible in whole or in part into common units at the holder’s election. The number of common units into which a Series A Preferred Unit is convertible is equal to (i) $6.50 divided by (ii) the Conversion Price. The Conversion Price is an amount equal to the volume-weighted average trading price per common unit during the 20 consecutive trading days ending on September 28, 2011; provided, that the Conversion Price shall be no greater than $6.50 and no lower than $5.50. In addition, under certain circumstances, we can convert all of the Series A Preferred Units into common units.

There does not appear to be an early redemption period available to Blueknight




Compass Diversified Holdings 7.875% Series C Cumulative Preferred Shares




Brookfield Property Partners L.P. 6.375% Class A Cumulative Redeemable Perpetual Preferred Units, Series 2




Energy Transfer Operating LP 7.60% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

The coupon is fixed at 7.60% until 5/15/2024 after which it will float at a rate of 3 month Libor plus a spread of 5.161%




Steel Partners Holdings LP 6.00% Series A Cumulative Preferred Units

A total of 7,927,288 shares of Series A preferreds are now outstanding as of 12/31/2018. The company has used the shares a number of times while doing acquisitions. 20% of the shares will be redeemed, on a pro-rata basis, not later than 2/9/2020. These shares have a maturity date 9 years after initial issuance, which was in 2017

On 12/23/2019 the company announced the redemption of 1.6 million shares of the preferred stock–20.2% of the outstanding shares.




Brookfield Property Partners LP 6.50% Class A Cumulative Redeemable Perpetual Preferred Units, Series 1




NGL Energy Partnrs LP 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon is fixed at 9.625% until 4/15/2024 at which point it begins to float at 3 month Libor plus a spread of 7.384%




Dynagas LNG Partners 8.75% Series B Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Units.

Rate will be fixed at 8.75% until 11/22/2023 at which point it will float at a rate 3 month Libor plus a spread of 5.593%

Distributions for this security are qualified for tax purposes as Dynagas has chosen to be taxed as a C-Corp.




NGL Energy Partners LP 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon is fixed at 9% until 7/2022 after which it floats at a rate of 3 month Libor plus a spread of 7.213%




Landmark Infrastructure Partners LP Series C Floating to Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units

The dividend payment floats at a rate of the higher of 7% OR 3 month Libor plus a spread of 4.698% until 5/15/2025 at which point the dividend will be 9%.





Compass Diversified 7.25% Series A Preferred Stock




DCP Midstream LP 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon is fixed at 7.95% until 5/15/2023 after which it will float at a rate of 3 month Libor plus a spread of 4.882%




Global Partners LP 9.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon is fixed until 8/14/2023 after which it will float at the rate of 3 month Libor plus a spread of 6.774%




Oaktree Capital Group LLC 6.55% Series B Preferred Units




Oaktree Capital 6.625% Series A Preferred Units




Energy Transfer Partners LP 7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon will be 7.625% until 8/15/2023 and then will float at 3 month Libor plus a spread of 4.738%.




DCP Midstream LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon is fixed at 7.875% until 5/15/2023 after which it will float at a rate of 3 month Libor plus a spread of 4.919%




Energy Transfer Partners 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred

Coupon will be 7.375% until 5/15/2023 and then will float at 3 month Libor plus a spread of 4.53%




Apollo Global Management Corp 6.375% Series B Preferred Shares

9/2019 Apollo converted from a partnership to a corporate structure making the dividends on this issue now qualified




Apollo Global Management Corp 6.375% Series A Non-Cumulative Preferred Stock

9/2019 Apollo converted from a partnership to a corporate structure making the dividends on this issue now qualified




GasLog Partners LP 8.20% Series B Cumulative Redeemable Perpetual Fixed-to-Floating Rate Preference Units

Shares shall carry a coupon of 8.20% until 3/15/2023 at which time the coupon will float at the rate of 3 month libor plus a spread of 5.839%.

Investors in this security will receive a 1099 NOT a K-1 as GasLog Partners has chosen to be taxed as a C-Corp.





NuStar Energy LP 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Coupon is fixed at 7.625% until 6/15/2022.  After this date the rate will float at a rate of 3 month Libor plus a spread of 5.643%.