pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Theoretically yes, but as a practical matter perhaps not.
At the core of my question is whether I should be willing to pay any sort of premium for a cumulative preferred over a non-cumulative. While it is not a huge factor, I think it is even less so for REIT preferreds.
I have been fortunate to never been smacked with a call.
You didn’t get caught holding GWSVP with the rest of us a while back?
You didn’t get caught holding GWSVP with the rest of us a while back?
I think some entity was trying to get back what wasnt meant to be sold. As this wasnt someone like us buying them. Very odd but the quickest $600 I ever made all within minutes and next transaction. Something wasnt quite right there on the entire process of those shares even being available to buy.
Wow! That’s 2 weeks worth of steak dinners! My recent flip isn’t as quick or profitable but I was proud of it. In addition to my Prefs I juice returns a bit with MLPs, too. One I track, NGL had just come off recent lows so I picked up 500 shares at $10.50. It immediately started creeping up and I was able to sell 4 days later at $11.50 and quick $500. Current quarterly divy is $0.39 so I got 2.5 of them in a few days. I immediately put a buy order back in at $10.50 and while it’s not there yet, it’s down to $11 so maybe I get lucky and can grab it back before it goes ex in early Feb.
As much as I am ashamed to admit it, I'm still holding CBB Preferred B. After the 30% drop last year I couldn't get myself to sell as the dividends kept coming in.
Today the announcement of the sale broke, and the price is back up over $47. I've looked at Quantum Online but can't find any information on how the Preferred will be handled.
Sell now?
Wait to see if they redeem all of this issue at par?
Or will it become a "broken" issue with no chance of being redeemed?
I think the last one above could be my best outcome. I seem to recall that CBB has some significant debt coming due in 2-4 years. If the Preferred is not redeemable and the parent is financially strong, the 6.75% dividend would be a keeper for me!
Any advice?
Been waiting on this. Let’s hope the price doesn’t crater for our remaining shares after the redemption. Also, I seem to recall the redemption being for 30% of the shares, wonder why it’s now 20%
First day of 2020 trading, I sold most of my EP-C position at $51.20.
Bought at average cost of $50.06, received 1 dividend.
Will buy back if it swings below $51, which I feel is a very distinct possibility.
I don't think that action is tender-able. They are redeeming 20 odd percent pro rata. The legal street name holder "Cede & Co." will have 20% redeemed. How that gets divided up amongst the brokers is the question. Don't know if they go down to the beneficial holder level, or they hold a lottery to see who gets redeemed.For those that own SPLP-A, I expected today to receive a notice in my Schwab account about how to tender these shares. However, I saw nothing, so I called and they told me that there was nothing for me to do. I insisted that the SPLP website said I should contact my broker to find out about redemption, so they said they would escalate and get back to me. Anyone heard anything different? I want to make sure I don't miss the redemption due to some mistake I make.
That is usually how it is done, by lottery. DTCC runs a lottery tells each broker x number got redeemed, then the broker runs a lottery to see which customers got hit.I checked with my broker at Stifel and they will get back to me also. When Colony did a partial call in the past, everybody had some pulled, in fact, twice, IIRC. Colony B is in full call now for remaining shares.
This isn't a "hit". I want these to get redeemed. It's part of the reason I bought them so long ago.