Coupon is fixed until 8/15/2029 after which point it will float at the rate of 3 month Libor plus a spread of 3.148%
May only be redeemed on a dividend payment date
Type: Floating Rate
First Horizon National Corporation 6.10% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock Series D
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 6.10% until 4/30/2024 after which it will float at the rate of 3 month Libor plus a spread of 3.859%. When the security enters the floating rate period dividends will be paid on a quarterly basis on 2/1, 5/1, 8/1 and 11/1
Dividend is paid only 2 times per year on 5/1 and 11/1–that is why it is not in the grid below. Also the grid below shows a quarterly dividend of .763 cents/quarter–this is the semi-annual payment.
Merchants Bancorp 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock
Coupon is fixed until 4/1/2024 at 7% after which it begins to float at a rate of 3 month Libor plus a spread of 4.605%
May only be redeemed on a dividend payment date
NGL Energy Partners 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%
6/3/2021 dividends are suspended
Ellington Financial 8.25% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
The coupon will be fixed until 3/30/2024 after which it will float at a rate of 3 month Libor plus a spread of 5.664%
Ticker symbol changed 10/26/2020
Originally issued by Arlington Asset which was acquired by Ellington Financial on 12/14/2023
Air Lease Corporation 6.15% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Coupon is fixed at 6.15% until 3/15/2024 at which point it begins to float at 3 month Libor plus a spread of 3.650%
AGNC Investment Corporation 6.875% Series D Fixed-to-Floating Rate 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 6.875% until 4/15/2024 after which it floats at 3 month Libor plus a spread of 4.332%
Citizens Financial Group 6.35% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Coupon is fixed at 6.35% until 4/5/2024 after which it will float at a rate of 3 month Libor plus a spread of 3.642%
Only redeemable on a dividend payment date
Just Energy 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Shares
Issue will trade with a 8.50% fixed coupon until 3/31/2022. From 3/31/2022 until 3/30/2027 it will have a coupon of 6.48% plus the Mid Market Swap Rate plus 1/2%. On 3/31/2027 and thereafter the coupon will be 6.48% plus the Mid Market Swap Rate plus 1%
DIVIDENDS SUSPENDED ON THIS ISSUE 12/2/2019. ISSUE IS CUMULATIVE SO DIVIDENDS WILL CONTINUE TO ACCRUE
Shares delisted–converted to common
Chimera Investment Corporation 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Coupon is fixed at 8.00% until 3/30/2024 after which it floats at a rate of 3 month Libor plus a spread of 5.379%.