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Preferred
Stocks
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Returns
•
Portfolio Details •
Dividend
Calendar •
About Preferred Stocks
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February Wrap-Up
(3/1/24)
Our portfolio broke ev en in February compared to a 2.7% gain
for the Equal Weighted S&P Index (RSP).
Looking at February's best picks, Atlanticus up 6.5%,
PartnerRe, up 5.2%, and FTAI Aviation up 4.0%, did the
best. On the downside, B. Riley Financial, down 11.5%, KKR Real Estate
Finance,
down 4.0%, and Ready Capital, down 2.9%, were our biggest losers.
As of February 29, 7 of our 25 buy-rated preferreds were still paying 8%+ dividend
yields.
Credit Rating Upgrade
S&P recently upgraded Ford Motor's 6.20% notes to BBB- (investment
grade) from below investment grade (BB+). The notes are currently paying
6.2%
Questions, comments,
complaints:
Support@DividendDetective.com
|
Preferred Returns |
Date
Added |
Last Month's
Return |
YTD
Return |
Return
Since Added |
|
AGNC Investment
|
7/1/19 |
0.5% |
5.1% |
31.4% |
|
Allstate |
7/1/23 |
0.0% |
0.9% |
5.3% |
|
Annaly Capital |
6/1/18 |
-0.3% |
1.5% |
43.8% |
|
Apollo Global Sub. Notes
|
9/1/23 |
0.4% |
-1.0% |
7.3% |
|
Aspen Insurance
(IQ) |
8/1/19 |
-0.8% |
3.4% |
9.0% |
|
Atlanticus Holdings |
8/1/21 |
6.5% |
1.1% |
11.4% |
|
B. Riley Financial
SELL |
10/1/20 |
-11.5% |
-5.8% |
-4.0% |
|
Brighthouse
Financial
(IQ) |
7/1/20 |
-1.9% |
11.2% |
24.4% |
|
Brookfield Infra.
(IQ)
|
2/1/21 |
2.9% |
11.1% |
-16.3% |
|
Brookfield Renewable
(IQ) |
10/1/22 |
1.5% |
6.1% |
-1.1% |
|
Carlyle Finance
(IQ)
|
7/1/21 |
-1.3% |
-2.7% |
-10.0% |
|
Compass Diversified
|
1/1/20 |
0.2% |
2.8% |
31.0% |
|
Entergy New Orleans
(IQ)
|
10/1/22 |
1.9% |
6.7% |
13.8% |
|
F&G Annuities
(IQ) |
1/1/24 |
0.8% |
2.7% |
2.7% |
|
First Horizon
|
6/1/16 |
0.2% |
3.9% |
39.7% |
|
Ford Motor Co.
(IQ)
|
6/1/20 |
-0.4% |
5.9% |
40.6% |
|
FTAI Aviation
(Fortress Trans) |
10/1/19 |
4.0% |
7.3% |
36.8% |
|
Global Net Lease (Necessity Retail)
|
11/1/19 |
-1.9% |
1.5% |
17.3% |
|
Global Partners |
4/1/21 |
0.0% |
1.6% |
28.2% |
|
KKR Real Estate Finance Trust
|
3/1/22 |
-4.0% |
1.1% |
-5.5% |
|
PartnerRe Ltd.
(IQ)
|
10/1/22 |
5.2% |
11.1% |
18.5% |
|
PennyMac Mortgage |
4/1/17 |
-0.5% |
-0.7% |
44.0% |
|
Ready Capital |
12/1/21 |
-2.9% |
-1.9% |
-13.4% |
|
RITHM Capital (New
Residential Invest.) |
10/1/19 |
-0.8% |
4.1% |
24.8% |
|
SCE Trust IV
(IQ) |
12/1/15 |
3.2%
|
7.0%
|
33.9% |
|
Textainer Group |
9/1/21 |
-0.5% |
0.4% |
15.3% |
|
Portfolio
Returns: 0.0% |
3.3% |
|
|
DNA: Do
Not Add •
IQ: Credit-Rated Invest.
Quality
|
Scroll down for detailed info on
each preferred
Sell B. Riley Preferreds
With no analysts following the company,
The outlook for B. Riley Financial looks risky to say the
least. We're advising selling the preferreds.
Highest Paying Preferreds
Based on market yields, currently our
highest paying buy-rated preferreds are Global Partners (GLP-B) at
9.1%, KKR Rea;Estate Fiance (KREF) at 8.9%, and
Global Net Lease (GNL-PD) at 88%.
Preferred Stock Terminology
• Call Date: Earliest date issuer can
redeem shares, at the "Call Price."
• S&P: S&P bond rating (all starting
with "A" and 3-letter B ratings are investment grade).
• Not Credit Rated: Issuer has not
paid to have preferreds rated. May or may not be investment quality.
• 15% Tax Rate: "Y" means dividends
are subject to maximum 15%/20% federal tax rate.
• Div Det Risk Rating: Ratings 1 to
5, where 1 is lowest, 3 is average, and 5 is highest risk.
• Cumulative: Issuer liable for
skipped dividends.
Click for:
Preferred Dividend Calendar
|
Div Det Buy Ratings: Preferreds
listed in
green
are 'buy' rated.
|
|
Ticker |
Portfolio Details
Data:
2/29/24
|
Recent
Price |
Mkt.
Yield |
Call
Date |
S&P
Rtg. |
15%/20%
Tax Rate |
DD
Risk
Rtg. |
Yield
to
Call |
|
AGNCM |
AGNC Investment 6.875% |
24.70 |
7.0% |
4/15/24 |
|
N |
3 |
15.3% |
|
AGNC Investment 6.875% Series D
Cumulative. Pays 1/15, 4/15, 7/15, 10/15. Call Price $25.00.
Annual dividend: $1.71875.
Not credit rated
- For speculative funds only.
AGNC Investment,
a REIT, invests mostly in debt secured by home
mortgages that is insured by U.S. Government agencies. |
|
ALL-J |
Allstate 7.375% |
27.23 |
6.8% |
7/15/28 |
BBB |
Y |
2 |
5.1% |
|
Allstate Corp. 7.375% Series J
Non-Cumulative. Pays 1/15, 4/15, 7/15, 10/15. Call Price
$25.00. Annual dividend: $1.843.75.
The Allstate Corporation provides property
and casualty, and other insurance products in the United
States and Canada. |
|
NLY-G |
Annaly 6.50% G |
25.08 |
6.5% |
3/31/23 |
|
N |
3 |
6.8% |
|
Annaly Capital Management
6.50% Series G Cumulative. Pays 3/31,6/30,9/30,12/31. Call
Price $25.00. Annual dividend: $2.00.
Not
credit rated - For speculative funds only.
Annaly,
a REIT, invests mostly in debt secured by home
mortgages that is insured by U.S. Government agencies. |
|
APOS |
Apollo
Global Sub. Notes |
26.72 |
7.1% |
9/15/28 |
BBB |
N |
1 |
5.9% |
|
Apollo Global Management 7.63% Junior Subordinated Notes. Pays 3/15,6/15,9/15,12/15. Call
Price $25.00. Annual dividend: $1.90625.
Apollo Global Management is a private equity
firm specializing in investments in credit, private equity
and real estate markets. |
|
AHL-D |
Aspen Insurance 5.625% |
21.50 |
6.5% |
10/1/27 |
BB+ |
Y |
1 |
12.6% |
|
Aspen Insurance Holdings 5.625%
Series D Non-Cumulative. Pays 1/1, 4/1, 7/1, 10/1. Call
Price $25.00. Annual dividend: $1.40625.Credit
rated below investment grade - For speculative funds only.
Aspen Insurance
Agency, wholly owned by a unit of
Apollo Global Management, provides reinsurance and insurance
coverage to clients around the world.
Eligible
for corporate holders'
dividends
received deduction. |
|
ATLCP |
Atlanticus 7.625% B |
22.56 |
8.4% |
6/11/26 |
|
Y |
2 |
14.5% |
|
Atlanticus
Holdings 7.625% Series B Cumulative. Pays 3/15, 6/15, 9/15,
12/15. Call Price $25.00. Annual dividend: $1.90625.Not
credit rated- For speculative funds only.
Atlanticus
Holdings offers auto financing and a range of consumer loan
products, such as private label and general purpose credit
cards to customers in the U.S.
Eligible
for corporate holders'
dividends
received deduction. |
|
RILYL |
B. Riley Financial 7.375% |
18.37 |
10.0% |
9/4/25 |
|
Y |
5 |
29.9% |
|
Rating:
SELL
B. Riley Financial 7.375% Series B
cumulative. Pays 1/31, 4/30, 7/31, 10/31. Call Price $25.00.
Annual dividend: $1.84375.
Investment
banker and private equity investor B. Riley offers a variety
of financial services to customers in North America,
Australia and Europe.
Eligible
for corporate holders'
dividends
received deduction. |
|
BHFAO |
Brighthouse Financial
6.75% |
25.00 |
6.8% |
6/25/25 |
BBB- |
Y |
2 |
6.8% |
|
Brighthouse Financial 6.75% Series
B. Pays 3/25, 6/25,
9/25, 12/25. Call Price $25.00. Annual dividend: $1.6875.
Brighthouse,
founded in 2016,
offers life
insurance, annuities, and
related products in the U.S. |
|
BIP-B |
Brookfield Infrastructure
5.00% |
17.67 |
7.1% |
2/16/26 |
BBB- |
N |
2 |
24.2% |
|
Brookfield Infrastructure
Partners 5.00% Series 14. Pays 3/15, 6/15, 9/15, 12/15. Call
Price $25.00. Annual dividend: $1.25.
Brookfield, based in Canada, owns
utility, transport, energy and data
infrastructure assets in North and South America, Asia, and
Europe. |
|
BEP-A |
Brookfield Renewable
Partners 5.25% |
17.76 |
7.4% |
3/31/25 |
BBB- |
N |
2 |
39.4% |
|
Brookfield Renewable
Partners L.P. 5.25% Class A. Pays 1/31, 4/30, 7/31, 10/31. Call
Price $25.00. Annual dividend: $1.3125.
Issues
k-1 tax forms.
Brookfield,
based in Bermuda, owns renewable power generating facilities
in North America, Colombia, Brazil, Europe, India, and
China. |
|
CGABL |
Carlyle Finance 4.625%
|
19.74 |
5.9% |
5/15/26 |
BBB |
N |
2 |
16.2% |
|
Carlyle Group 4.625%
Subordinated Notes (Baby Bonds). Pays 2/15, 5/15,
8/15, 11/15. Call Price $25.00. Annual dividend: $1.15625.
Carlyle,
with $260 billion of assets under management, is a global
player focusing on private equity, credit, and investment
opportunities. |
|
CODI-C |
Compass Diversified
7.875% |
25.15 |
7.8% |
1/30/25 |
|
N |
3 |
7.2% |
|
Compass Diversified Holding 7.875%
Series C, Cumulative. Pays 1/30, 4/30, 7/30, 10/30.
Call price: $25.00. Annual
dividend: $1.97.
Not credit rated - For speculative funds only.
Compass forms
and or acquires and operates a variety of middle-market
businesses. |
|
ENO |
Entergy New Orleans 5.50%
|
24.27 |
5.7% |
4/1/21 |
BBB |
N |
1 |
|
|
Entergy New Orleans 5.50% Series
First Mortgage Bonds. Pays
1/1, 4/1, 7/31, 10/1. Call
Price $25.00. Annual dividend: $1.38.
Entergy operates electric utilities and distributes natural
gas in four Southern states. |
|
FGN |
F&G Annuities & Life
|
26.01 |
7.6% |
12/15/28 |
BBB- |
N |
3 |
7.0% |
|
F&G Annuities & Life 7.950%
Senior Notes. Pays
3/15,6/15, 9/15, 12/15. Call
Price $25.00. Annual dividend: $1.9875.
Offers fixed annuities and life insurance
products in the U.S. Serves retail annuity and life
customers, as well as institutional clients. |
|
FHN-C |
First Horizon National
6.60% |
24.00 |
6.9% |
6/1/26 |
BB- |
Y |
4 |
8.6% |
|
First Horizon 6.60% Series C
Non-cumulative. Pays 2/1, 5/1, 8/1, 11/1. Call Price $25.00.
Annual dividend: $1.65.
Credit rated
below investment grade - For speculative funds only.
Operates 480
bank branches in 11 states.
Eligible
for corporate holders'
dividends
received deduction. |
|
F-B |
Ford Motor 6.20% |
24.90 |
6.2% |
6/1/24 |
BBB- |
N |
4 |
7.8% |
|
Ford Motor Co. 6.20% Notes,
a.k.a. "Baby Bonds" Pays 3/1,6/1, 9/1,12/1.
Call Price $25. Annual dividend
$1.55.
Ford is a major
global manufacturer on cars, trucks, sport utility vehicles
and electrified vehicles.
|
|
FTAIN |
FTAI Aviation 8.25% A |
25.97 |
7.9% |
9/15/24 |
|
N |
2 |
1.0% |
|
Fortress Transportation &
Infrastructure Investors 8.25% Series A. Pays 3/15, 6/15,
9/15, 12/15.Call Price $25.00. Annual dividend $2.06.
Not credit
rated- For speculative funds only.
Fortress
Transportation owns and operates transportation
infrastructure and equipment assets.
|
|
GNL-PD |
Global Net Lease 7.50%
(The
Necessity Retail REIT) |
21.25 |
8.8% |
3/26/24 |
|
N |
4 |
|
|
Global Net Lease, Formerly Necessity
Retail REIT,
7.5% Series A Cumulative. Pays 1/15, 4/15, 7/15, 10/15. Call
Price $25.00. Annual dividend: $1.875.
Not credit rated
- For speculative funds only.
Formerly
American Finance Trust (AFIN), The Necessity Retail REIT
primarily owns single-tenant and grocery anchored retail
cneters in the U.S. |
|
GLP-B |
Global Partners 9.50% |
26.10 |
9.1% |
5/15/26 |
|
N |
2 |
7.3% |
|
Global Partners 9.50% Series B
Cumulative. Pays 2/15, 5/15, 8/15. 11/15. Call price $25.00.
Annual dividend: $2.375 (K-1 tax
forms).
Global
operates or supplies 1,500+ gasoline stations and 270+
convenience stores and also offers crude oil, gasoline, and
propane storage and logistics services to customers in the
Northeastern states. |
|
KREF-A |
KKR Real Estate
Finance |
18.35 |
8.9% |
4/16/26 |
|
N |
4 |
22.6 |
|
KKR Real Estate Finance
6.50%
Series A. Pays 3/15, 6/15, 9/15, 12/15. Call Price $25.00.
Annual dividend: $1.625.
Not credit
rated - For speculative funds only.
KKR Real Estate
Finance a mortgage REIT, originates and acquires senior
loans secured by commercial real estate assets.
|
|
PRE-J |
PartnerRe 4.875%
|
20.50 |
5.9% |
3/15/26 |
BBB |
N |
1 |
15.3% |
|
PartnerRe Non-Cumulative 4.875%
Series J. Pays 3/15, 6/15, 9/15, 12/15. Call
Price $25.00. Annual dividend: $1.21875.
PartnerRe
Ltd. offers reinsurance services in Europe, North America,
Asia, Australia, New Zealand, Latin America, the Caribbean,
and Africa. |
|
PMT-A |
PennyMac 8.125%
|
23.24 |
8.7% |
3/15/24 |
|
N |
4 |
|
|
PennyMac Mortgage Investment Trust
8.125% Cumulative.
Pays 3/15, 6/15, 9/15, 12/15. Call Price $25.00. Annual
dividend: $2.03125.
Not
credit rated - For speculative funds only.
PennyMac, a mortgage REIT,
primarily invests in distressed (delinquent) mortgages
secured by residential properties.
|
|
RC-E |
Ready Capital |
18.65 |
8.7% |
6/10/26 |
|
N |
4 |
20.8% |
|
Ready Capital
6.50% E Cumulative. Pays 1/31,4/30,7/30,10/31. Call Price
$25.00. Annual dividend: $1.625.
Not
credit rated - For speculative funds only.
Ready,
a commercial mortgage REIT, originates, manages and finances
commercial real estate loans and related securities. |
|
RITM-B |
RITHM Capital 7.125%
|
23.55 |
7.6% |
8/15/24 |
|
N |
4 |
|
|
RITHM Capital
(Was New Residential Investment, NRZ-B)
7.125% Series B Cumulative. Pays 2/15, 5/15, 8/15, 11/15.
Call Price $25.00. Annual dividend: $1.78.
Not credit rated
- For speculative funds only.
RITHM
Capital, formerly New Residential Investment,
a REIT, invests in residential mortgage-related assets and
in consumer loans. |
|
SCE-J |
SCE Trust IV 5.375% |
23.55 |
6.1% |
9/15/25 |
BB+ |
Y |
3 |
9.5 |
|
SCE Trust I IV, 5.375%,
Cumulative. Pays 3/15/, 6/15. 9/15, 12/15. Call Price
$25.00. Annual dividend $1.4375.
Credit rated
below investment quality. For speculative funds only.
Edison
International operates Southern California Edison, a
utility. Eligible for corporate holders dividends received
deduction. |
|
TGH-B |
Textainer 6.25% B |
24.78 |
6.3% |
8/11/26 |
|
Y |
4 |
8.3% |
|
Textainer Group Holdings 6.25% B
Cumulative. Pays 3/31,6/30,9/30,12/31. Call Price $25.00.
Annual dividend: $1.5625.
Not
credit rated - For speculative funds only.
Based in
Bermuda, Textainer owns a fleet of over two million shipping
containers that it leases to customers worldwide.
|
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