The coupon is fixed at 8.625% until 4/30/2028 at which time the rate is reset at the 5 year treasury plus a spread of 5.13% afterwhich the rate resets every 5 years.
Sector: Mortgage
AGNC Investment Corp 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock
AGNC Investment Corp (AGNC) is a Mortgage Real Estate Investment Trust (REIT) that specializes in investing in residential mortgage-backed securities. AGNC is one of the largest mortgage REITs in the United States and has a strong track record of delivering consistent income to its shareholders.
AGNC’s business model involves borrowing money at short-term interest rates and investing in long-term residential mortgage-backed securities. The difference between the short-term borrowing rate and the long-term mortgage yield is the profit margin for the REIT. This strategy allows AGNC to generate high levels of income for its shareholders, often yielding more than other types of REITs and traditional fixed-income investments.
However, like all mortgage REITs, AGNC is subject to a number of risks, including interest rate risk, credit risk, and liquidity risk. Interest rate risk arises from the fact that AGNC borrows at short-term rates and invests in long-term assets, meaning its profits are sensitive to changes in interest rates. Credit risk refers to the possibility of defaults or other problems with the underlying mortgages in AGNC’s portfolio. Liquidity risk refers to the possibility that AGNC may have difficulty selling its investments to meet its obligations, particularly during periods of market turbulence.
Despite these risks, AGNC has a strong track record of delivering consistent income to its shareholders and is well-regarded in the mortgage REIT industry. The company has a strong management team and a well-established investment strategy, making it a popular choice among investors seeking high-yielding income investments.
Coupon is fixed at 7.75% until 10/15/2027 after which it will reset at the 5 year treasury yield plus a spread of 4.39%. Coupon will then reset on the anniversary every 5 years.
Ellington Financial Inc. 6.25% Series B Fixed Rate Reset Cumulative Redeemable Preferred Stock
The coupon is fixed at 6.25% until 1/30/2027 at which time the rate is reset at the 5 year treasury plus a spread of 4.99% afterwhich the rate resets every 5 years.
Granite Point Mortgage Trust Inc 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Coupon is fixed at 7.00% until 1/14/2027 after which the rate is reset at 3 month SOFR plus a fixed spread of 5.83%. The coupon has a floor of 7.00% (coupon will never be below 7.00%).
The company is selling another 3.2 million shares (plus 480,000 for over allotment) on 1/18/2022.
New York Mortgage Trust 7.00% Series G Cumulative Redeemable Preferred Stock
Rithm Capital (New Rez) 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock
Name changed 8/1/2022–Previously New Residential Investment. Tickers changed.
Coupon is fixed until 11/15/2026 after which it will reset at the 5 year treasury plus a fixed spread of 6.223%. There after it will reset every 5 years.
Pennymac Mortgage Investment Trust 6.75% Series C Cumulative Redeemable Preferred Stock
Arbor Realty Trust Inc. 6.25% Series E Cumulative Redeemable Preferred Stock
Arbor Realty Trust is a real estate investment trust (REIT) that primarily focuses on investing in multifamily and commercial real estate-related bridge and mezzanine loans, as well as preferred equity and other real estate-related assets. The company was founded in 2003 and is based in Uniondale, New York. Arbor Realty Trust operates as a self-managed real estate investment trust and is primarily engaged in the business of originating, acquiring, investing in, and managing a diversified portfolio of real estate-related bridge and mezzanine loans, preferred equity, and other real estate-related assets.
New York Mortgage Trust Inc. 6.875% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Coupon is fixed at .875% until 10/15/2026 at which point it begins to float at 3 month SOFR plus a spread of 6.13%
Arbor Realty Trust Inc. 6.375% Series D Cumulative Redeemable Preferred Stock
Arbor Realty Trust is a real estate investment trust (REIT) that primarily focuses on investing in multifamily and commercial real estate-related bridge and mezzanine loans, as well as preferred equity and other real estate-related assets. The company was founded in 2003 and is based in Uniondale, New York. Arbor Realty Trust operates as a self-managed real estate investment trust and is primarily engaged in the business of originating, acquiring, investing in, and managing a diversified portfolio of real estate-related bridge and mezzanine loans, preferred equity, and other real estate-related assets.
Upon the occurrence of a Change of Control, each holder of shares of Series D Preferred Stock will have the right (subject to our election to redeem the Series D Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the shares of Series D Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock per share of Series D Preferred Stock equal to the lesser of:
the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of the Series D Preferred Stock plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date and prior to the corresponding dividend payment date for the Series D Preferred Stock, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price (as defined herein); and 2.8571, or the Share Cap, subject to certain adjustments as explained herein; in each case, on the terms and subject to the conditions described in this prospectus supplement, including provisions for the receipt, under specified circumstances, of alternative consideration as described in this prospectus supplement.
the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of the Series D Preferred Stock plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date and prior to the corresponding dividend payment date for the Series D Preferred Stock, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price (as defined herein); and 2.8571, or the Share Cap, subject to certain adjustments as explained herein; in each case, on the terms and subject to the conditions described in this prospectus supplement, including provisions for the receipt, under specified circumstances, of alternative consideration as described in this prospectus supplement.