Jun. 26 at 6:24 PM
$PBI $FBRT Gonna do some fixed income table pounders here, it's been a minute.
Both FBRT.PRE preferred shares and PBI.PRB baby bond are at strong buy levels. FBRT.PRE is at a stripped yield of 10% about to go ex dividend with common dividend cut to preserve capital a few months back saving more money for the preferred and strengthening the balance sheet. Extremely low recourse leverage compared to peers.
PBI.PRB is a strong buy any time it gets under
$20. The common stock has doubled , the balance sheet is massively healthier with debt pay down the last few months from CEO Kurt Wolf, tons of free cash flow, easy buy here and take the income and sell near
$22 in a few months. CEO may very well tender again for them, he just tendered last year for 22.50 on a good chunk of them, they also must be taken out at par in the even of a buyout, which many have been speculating on PBI for quite some time. Regardless, fabulous deal today.
