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NYMTN - Got New Residential Series A Preferred Shares? You May Want To Trade
New York Mortgage Trust Inc. 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
NRZ-A has two sister shares, NRZ-B and NRZ-C. These shares should be viewed as interchangeable.
The problem is not that NRZ-A is fundamentally unattractive. The shares have a stripped yield of 8.32%, a discount to call value, and a floating yield on price of 6.67%.
Investors in NRZ-A are getting a weaker deal when compared to investors in either of the other two preferred shares.
Investors can pick which one offers them the best deal at any given time. We find trading between similar preferred shares is a nice way to enhance returns.