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Trading at a Discount to Par

Top Highest Current Yield Highest Monthly-Paying Yield Convertible Preferreds Largest Discount to Liquidation Preference Trading at a Premium to Par Trading at a Discount to Par Recently Crossed Below Par Perpetual Preferreds Fixed-to-Floating Rate Preferred Stock ETFs Baby Bonds ($25 Notes) New Preferred Offerings (last 18 months) Safe-Dividend Preferreds (cumulative, paying, non-distressed) Dow Components S&P 500 Components
SymbolIssuerSectorCouponPriceParYieldPrem/DiscFreq
PW'A Power REIT REIT - Diversified 7.750% 8.00 25 -68.00% quarterly
RC'C Ready Capital Corp REIT - Diversified 6.250% 12.10 25 12.91% -51.60% quarterly
CYCCP Cyclacel Pharmaceuticals Healthcare 6.000% 5.05 10 11.88% -49.50% quarterly
RC'E Ready Capital Corp REIT - Diversified 6.500% 12.99 25 12.51% -48.04% quarterly
NXDT'A NEXPOINT DIVERSIFIED REA REIT - Diversified 5.500% 13.22 25 10.40% -47.12% quarterly
CTA'A EIDP Inc Materials 3.500% 53.25 100 6.57% -46.75% quarterly
RILYL B. Riley Financial Inc Baby Bond 7.375% 13.74 25 -45.04% quarterly
BHR'B Braemar Hotels & Resorts REIT - Diversified 5.500% 13.81 25 9.95% -44.75% quarterly
HPP'C Hudson Pacific Propertie REIT - Diversified 4.750% 14.35 25 8.28% -42.60% quarterly
USB'Q US BANCORP \DE\ Banks 3.750% 14.38 25 6.52% -42.48% quarterly
VNO'O VORNADO REALTY TRUST REIT - Diversified 4.450% 14.68 25 7.58% -41.28% quarterly
PSA'O Public Storage REIT - Diversified 3.900% 15.03 25 6.49% -39.88% quarterly
PSA'N Public Storage REIT - Diversified 3.875% 15.06 25 6.43% -39.76% quarterly
PSA'Q Public Storage REIT - Diversified 3.950% 15.17 25 6.51% -39.32% quarterly
DBRG'I DigitalBridge Group, Inc Investment Advice 7.150% 15.18 25 11.78% -39.28% quarterly
RNR'G RENAISSANCERE HOLDINGS L Insurance 4.200% 15.24 25 6.89% -39.04% quarterly
USB'R US BANCORP \DE\ Banks 4.000% 15.31 25 6.53% -38.76% quarterly
STRD Strategy Finance Services 10.000% 61.36 100 16.30% -38.64% quarterly
DBRG'H DigitalBridge Group, Inc Investment Advice 7.125% 15.37 25 11.59% -38.52% quarterly
PSA'P Public Storage REIT - Diversified 4.000% 15.38 25 6.50% -38.48% quarterly
BOH'A BANK OF HAWAII CORP Banks 4.375% 15.40 25 7.10% -38.40% quarterly
PSA'R Public Storage REIT - Diversified 4.000% 15.41 25 6.49% -38.36% quarterly
COF'N CAPITAL ONE FINANCIAL CO Banks 4.250% 15.42 25 6.89% -38.32% quarterly
OPP'A RiverNorth/DoubleLine St Closed-End Fund 4.375% 15.55 25 7.03% -37.80% quarterly
DBRG'J DigitalBridge Group, Inc Investment Advice 7.125% 15.58 25 11.43% -37.68% quarterly
ABR'E ARBOR REALTY TRUST INC REIT - Diversified 6.250% 15.74 25 9.93% -37.06% quarterly
PSA'S Public Storage REIT - Diversified 4.100% 15.80 25 6.49% -36.80% quarterly
SIGIP Selective Insurance Grou Fire, Marine & Cas 4.600% 15.82 25 7.27% -36.72% quarterly
PSA'M Public Storage REIT - Diversified 4.125% 15.84 25 6.51% -36.64% quarterly
COF'L CAPITAL ONE FINANCIAL CO Banks 4.375% 15.85 25 6.90% -36.60% quarterly
ABR'D ARBOR REALTY TRUST INC REIT - Diversified 6.375% 15.87 25 10.04% -36.52% quarterly
BPYPM Brookfield Property Pref REITs 6.250% 15.94 25 9.80% -36.24% quarterly
ATH'D Athene Holding Ltd Baby Bond 4.875% 15.98 25 7.63% -36.08% quarterly
SF'D STIFEL FINANCIAL CORP Security Brokers, 4.500% 16.01 25 7.03% -35.96% quarterly
BPYPP Brookfield Property Pref REITs 6.500% 16.08 25 10.11% -35.68% quarterly
BAC'P BANK OF AMERICA CORP /DE Banks 4.125% 16.15 25 6.39% -35.40% quarterly
STRK Strategy Finance Services 8.000% 64.91 100 12.32% -35.09% quarterly
HFRO'A HIGHLAND OPPORTUNITIES & Closed-End Fund 5.375% 16.23 25 8.28% -35.08% quarterly
HFRO'B HIGHLAND OPPORTUNITIES & Closed-End Fund 5.375% 16.23 25 8.28% -35.08% quarterly
RF'E REGIONS FINANCIAL CORP Banks 4.450% 16.24 25 6.85% -35.04% quarterly
CTA'B EIDP Inc Materials 4.500% 65.20 100 6.90% -34.80% quarterly
EQH'C Equitable Holdings, Inc. Insurance 4.300% 16.37 25 6.57% -34.52% quarterly
WFC'D WELLS FARGO & COMPANY/MN Banks 4.250% 16.46 25 6.46% -34.16% quarterly
BAC'Q BANK OF AMERICA CORP /DE Banks 4.250% 16.50 25 6.44% -34.00% quarterly
CMS'C CMS ENERGY CORP Electric & Other S 4.200% 16.53 25 6.35% -33.88% quarterly
PCG'I PG&E Corp Electric & Other S 4.360% 16.57 25 6.58% -33.74% quarterly
CFR'B CULLEN/FROST BANKERS, IN Banks 4.450% 16.64 25 6.69% -33.44% quarterly
MS'O MORGAN STANLEY Security Brokers, 4.250% 16.67 25 6.37% -33.32% quarterly
PSEC'A PROSPECT CAPITAL CORP Closed-End Funds 5.350% 16.72 25 8.00% -33.12% quarterly
SCE'L SCE Trust II Trust Prefe Utilities 5.000% 16.75 25 7.46% -33.00% quarterly

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