Floating Rate | Innovative Income Investor - Part 11

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Invesco Mortgage Capital, 7.75% Fixed-to-Floating Rate Series B Cumulative Redeemable Preferred Stock

Dividend suspended 3/2020 because of asset damage caused by Covid 19. On 5/12/2020 the company announced the reinstatement of the dividend to be paid in a combination of stock and cash

Coupon is fixed at a rate of 7.75% until 12/27/2024 after which it floats at a rate of 3 month Libor plus a spread of 5.18%

First Horizon National., 6.625% Series B Fixed to Floating Non-Cumulative Perpetual Preferred Stock

IberiaBank merged with First Horizon National on 7/1/2020 with First Horizon National surviving. New shares of First Horizon Preferred have been exchanged for the old IberiaBank preferred–all terms remain the same.

Coupon is fixed at a rate of 6.625% until 8/1/2025 after which it will float at a rate of 3 month Libor plus a spread of 4.262%

THIS ISSUE PAYS ONLY 2 DIVIDEND PAYMENTS PER YEAR ON 2/1 AND 8/1. When the floating rate period (8/1/2025) begins the company will pay quarterly dividends.

First Horizon National, 6.60% Series C Fixed to Floating Non-Cumulative Perpetual Preferred Stock

IberiaBank merged with First Horizon National on 7/1/2020 with First Horizon National surviving. New shares of First Horizon Preferred have been exchanged for the old IberiaBank preferred–all terms remain the same.

Coupon is fixed until 5/1/2026 after which it will trade with a floating rate of 3 month Libor plus a spread of 4.92%

Goldman Sachs Group, Floating Rate Non-Cumulative Preferred Stock, Series D

Dividends are paid at the rate of either .67% above Libor or a minimum of 4%.

7/1/2023 Now trading at 3 month SOFR plus .2616%

Goldman Sachs Group, Floating Rate (3.75% minimum) Non-Cumulative Preferred Stock, Series A

Dividends paid at the rate of the greater of 1) .75% above libor or 2) 3.75%

7/1/2023 Now trading at 3 month SOFR plus .2616%

Goldman Sachs Group, 6.375% Fixed-to-Floating Non-Cumulative Preferred Stock, Series K

Coupon is fixed at an rate of 6.375% until 5/9/2024 after which the coupon will float at the rate of 3 month Libor plus a spread of 3.55%.

Replacement for LIBOR will be 3 month SOFR plus .2616%

Five Oaks Investment Corp., 8.75% Series A Cumulative Redeemable Preferred Stock

While these shares are not called fixed to floating rate the issue is in fact a fixed to floating rate issue.

The coupon will be 8.75% until 12/27/2018 at which point it will begin to float at the rate of 3 month libor plus a spread of 7.151%

Fifth Third Bancorp, 6.625% Fixed-to-Floating Non-Cumulative Preferred Stock, Series I

Coupon is fixed at 6.625% until 12/31/2023. Thereafter the coupon will float at 3 month Libor plus 3.71%

Federal Agricultural Mortgage Corp., 6.00% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C

Coupon will be fixed at 6% until 7/17/2024 after which it will float at a rate of 3 month Libor plus 3.26%.

F.N.B. Corporation., 7.25% Fixed-to-Floating Non-Cumulative Preferred Stock, Series E

Coupon will be fixed at 7.25% until 2/15/2024 after which it will float at a rate of 3 month Libor plus a spread of 4.60%