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Tim McPartland  

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  • Farmland Partners: Is This A Clean Energy Play? [View article]
    Certainly every corporation should squeeze all they can out of their assets, but no one should hold their breath waiting for energy to be more than just a footnote. Paul Pittman is a showman and tries to trump up every tiny event.
    Nov 21, 2015. 03:45 PM | 1 Like Like |Link to Comment
  • Bank Preferred Stock Update - Rundown And More [View article]
    Good point on the fixed to floating rate issues--it is very much a 'someday' event before they float as many of the new fixed to floating issues are fixed for 10 years.

    I note that in your chart you have lumped the trust preferreds with the standard preferreds. Given that trust preferreds are almost always higher rated than the standards is it appropriate to compare them side by side? I would think that it would be more apples to apples to eliminate the trust preferreds.

    Thanks for your work.
    Nov 20, 2015. 12:49 AM | 1 Like Like |Link to Comment
  • Consider Whitehorse Finance Baby Bonds For A Steady 6.5% Yield [View article]
    Thanks for the article on this good issue Downtown.

    Prospective buyers shouldn't be put off by the thin volume--most of us are buy to hold folks anyway. The only caveat it to make sure to us tight limit order and be patient (and realistic). On these I try to pay par or less, although I will go a interest payment above if the issue has a number of year to first call or maturity. No use being penny wise an pound foolish on a good issue.
    Oct 9, 2015. 05:00 PM | 1 Like Like |Link to Comment
  • A Safe Insurance Debt Issue With A Junk Debt Yield [View article]
    Thanks for this issue Richard--even with my conservative nature I may pick up a small position tomorrow. Risk/reward seems to be pretty reasonable.
    Oct 8, 2015. 05:15 PM | 1 Like Like |Link to Comment
  • Forget High Yield, How Risky Are Your Other Bond Funds? [View article]
    Hi Gregg--one item you are overlooking is the 'leverage' that CEFs carry--if their asset values fall too far they will be in violation of Section 18 of the SEC Act of 1940. This is already close to happening in many CEF's--in particular in the MLP arena.

    CEFs must maintain a 300% asset coverage ratio on debt or they are not allowed to declare distributions. Falling values mean they may have to liquidate holdings to pay down debt which only adds to the issue as it drives values down. A vicious circle of sorts. I just covered this issue on my website.

    This tends to become a problem just in panic situations--although in 2008 and 2009 it did become an issue and caused bunches of pain
    Oct 2, 2015. 08:49 PM | 1 Like Like |Link to Comment
  • American Capital Agency: The 8% Yielding Preferred Stock Is Not Looking Bad At All [View article]
    thales23--all dividends of REIT preferreds are taxed at ordinary income tax rates (non qualified for preferential treatment).
    Sep 24, 2015. 03:49 PM | 2 Likes Like |Link to Comment
  • I Pity The Fool That Chases Fool's Gold, Invest In REIT Preferreds [View article]
    Thanks for the article Brad. The SOHO issues are debt though and not preferreds. I understand that folks use the word 'preferreds' interchangeably, but clearly there is quite a bit of difference--in particular with maturities and duration risk.

    Take care.
    Sep 4, 2015. 12:57 PM | 2 Likes Like |Link to Comment
  • Annaly Capital Preferred As A Superior Investment To The Common [View article]
    Nice article Justin. It, of course, remains to be seen how the preferreds will react in the potential rising rate environment which lays just ahead (maybe). We certainly know that the perpetuals have almost breathtaking interest rate risk, in particular if we were to get a inflation in the years ahead--but crystal ball forecasts on this potential have been cloudy at best.

    Keep up the good work.
    Aug 11, 2015. 05:22 PM | 1 Like Like |Link to Comment
  • It's Not Rocket Science: STAG Is Now Grossly Mispriced [View article]
    You got it Archman.
    Jul 29, 2015. 11:06 AM | 1 Like Like |Link to Comment
  • Annaly Capital: Why Not Buy The 7.73%-Yielding Series D Preferred Stock And Reduce Portfolio Risk? [View article]
    All dividends on preferred stocks of REIT's are non-qualified dividends.
    Jul 9, 2015. 03:49 PM | 2 Likes Like |Link to Comment
  • Forget The Underdog, CorEnergy Is A Cinderella Story [View article]
    Any interest from debt is ordinary income. Additionally preferred stock of a REIT pays dividends that are ordinary income.
    Jun 25, 2015. 02:52 PM | 1 Like Like |Link to Comment
  • Keep Manhattan, Just Give Me The Countryside [View article]
    Brad--thanks for the balanced article on FPI. Risk/reward continue to be too high for me and I think we are at a critical juncture in the aq economy as we enter a 3rd crop year with very low commodity prices. Good Luck.
    Jun 12, 2015. 08:25 AM | Likes Like |Link to Comment
  • Wait For Realty Income To Fall $9 Before Buying [View article]
    Thanks Tim--don't own O at this moment and am very patient waiting for an entry point. I am looking for an entry more in the $40-$42 area--of course subject to change based on the macro economic outlook at that time.
    May 22, 2015. 12:06 PM | 4 Likes Like |Link to Comment
  • A 6.4%+ Yielding Preferred From Citigroup That Can Benefit From Rising Rates [View article]
    Wow Josh--you missed on this one. With what we know and see today this issue will be instantly called when possible.
    Apr 18, 2015. 01:27 AM | 1 Like Like |Link to Comment
  • 4 Critical Notes On Farmland Partners [View article]
    Excellent observations Bram. Thanks for the critical look. This management team is full of pixey dust stories that appear to be quite arrogant. You are on the mark to look with a critical eye instead of accepting their spoken word.
    Apr 14, 2015. 11:10 AM | 4 Likes Like |Link to Comment