Seeing a lot of panic about $STRC trading around $94.
A reminder: preferred stocks trading below par is completely normal. Many preferreds spend long periods below their $25 or $100 liquidation preference.
STRCβs $100 par value is not a price floor. Itβs the stated value used for liquidation preference and certain redemption provisions.
Whatβs unique about STRC is that its dividend rate is adjusted monthly with the stated goal of encouraging the stock to trade near its $100 par value. That mechanism can influence demand, but it does not guarantee the stock will always trade at par.
A 5% discount to par is not evidence that something is broken. Itβs evidence that investors are demanding a higher yield, pricing risk, or reacting to market conditions β exactly what preferred stocks do.
This is a preferred stock trading like a preferred stock.
Thomas Massie on Meet the Press today, on the Epstein Files Transparency Act:
"Probably the only bill that has passed Washington in the last ten years that lobbyists haven't written."
Six months since it became law. The files are still sealed.
This man robbed a bank for $1, sat down and waited for the police, just to get free healthcare in prison
In 2011 a man named Richard James Verone walked into a RBC Bank in Gastonia, North Carolina
Handed the teller a note demanding $1
One dollar
Then sat down in the lobby and waited calmly for police to arrive
He was 59. No job. No insurance. A growth on his chest. Two ruptured discs.
Calculated that a federal conviction would guarantee him full medical coverage inside prison
The judge sentenced him to 3 years
He got the surgery
He got the treatment
He told reporters on the way out he had no regrets
A 59 year old American man robbed a bank for $1 because it was cheaper than seeing a doctor