Core Viewpoint - The mortgage REIT sector offers high yields, but preferred shares present a lower-risk alternative for investors seeking income without the volatility associated with common stock [1] Company Overview - Annaly Capital Management is identified as a mortgage REIT with a portfolio primarily consisting of agency mortgage-backed securities, which have an attractive credit risk profile due to agency guarantees [16] - The company has preferred shares that are rated with the lowest risk in the mortgage REIT sector, making them suitable for conservative buy-and-hold investors [15] Preferred Shares Analysis - NLY-G (NLY.PR.G) is highlighted as an interesting preferred share due to its lower floating rate compared to other preferred shares [2] - The yield to call for NLY-G is 14.1%, which is more favorable than other preferred shares with a risk rating of 1, although it is unlikely to be realized under realistic scenarios [4] - The current price of NLY-G is $25.06, with a hold rating and price targets ranging from $23.15 to $25.16, reflecting an 8.19% yield [3] Scenario Analysis - Scenario 1: If short-term rates rise to 7%, the dividend rate on NLY-G would increase, but Annaly Capital would likely not call the preferred share due to lack of superior financing options [6][7] - Scenario 2: A significant rise in short-term rates would provide investors with alternative higher-yielding opportunities, limiting the price increase of NLY-G [8][9] - Scenario 3: If short-term rates fall, the dividend rate on NLY-G would decrease, potentially leading to disappointment among investors if it falls below 5% [11][14] - Scenario 4: A return to near-zero short-term rates could push the dividend rate below 5%, which would be unattractive for preferred share investors [12] Comparison with Other Preferred Shares - NLY-G's dividend rate of 4.172% is lower than NLY-F's 4.993%, indicating a material difference in credit spreads [13]

Financial Strategy - Metaplanet 将提供支付股息的优先股，以购买更多比特币，效仿其策略 [1]

Financial Strategy - Preferred shares are presented as a more effective tool than issuing common stock for increasing Bitcoin holdings without diluting common shares [1] - The core objective is to efficiently increase Bitcoin per share [2] - Issuing preferred shares at a 6% dividend rate is projected to have the same long-term effect as issuing new equity at an mNAV level of 860% (8.6x) [3] Bitcoin and mNAV Analysis - mNAV (market value relative to Bitcoin holdings) is a key metric for evaluating the company's enterprise value [2] - A simplified formula illustrates the impact of Bitcoin annual growth versus the preferred dividend rate on the equivalent mNAV: (1 + Bitcoin annual growth)^10 ÷ (1 + Dividend rate)^10 [2] - Example: If Bitcoin compounds at 30% annually and the preferred dividend is 6%, the equivalent mNAV is calculated to be 860% (8.6x) [2] Company Position and Vision - Metaplanet possesses a strong balance sheet in Japan, characterized by minimal debt and increasing Bitcoin reserves [3] - The company's long-term vision involves transforming Japan's credit markets by introducing yield instruments backed by Bitcoin [3]

Group 1 - Preferred shares are typically viewed as fixed income instruments, although they do not appear on the 'Liabilities' section of the balance sheet [1] - Investors utilize these capital market instruments primarily for income generation, with limited potential for capital appreciation [1] - Binary Tree Analytics (BTA) aims to enhance transparency and analytics in capital markets, focusing on Closed-End Funds (CEFs), Exchange-Traded Funds (ETFs), and Special Situations [1] Group 2 - BTA has over 20 years of investment experience, having a background in investment banking cash and derivatives trading [1] - The company seeks to deliver high annualized returns while maintaining a low volatility profile [1]

Core Insights - Strategy, the largest corporate holder of Bitcoin, purchased $27 million worth of Bitcoin last week before a price drop, acquiring 220 Bitcoin at an average price of $123,500, which was close to its all-time high [1][2] - The recent purchase raised Strategy's average Bitcoin cost above $74,000, with the firm now owning 640,250 Bitcoin valued at approximately $73 billion [2] - The latest Bitcoin acquisition was funded through the sale of preferred shares, with smaller purchases noted when proceeds were raised solely from selling preferred shares compared to common shares [3][4] Financial Performance - Strategy's Bitcoin purchases this year have varied significantly, with some weeks costing as much as $2.46 billion [2] - The firm's stock price was around $304.78, experiencing a 15% decline over the past five trading days [5] Market Context - Bitcoin's price fluctuated between $126,000 and $110,000 last week, with a current price around $115,000, reflecting an 8% decrease over the past week [4] - The cryptocurrency market is seeing increased interest in Bitcoin treasury firms, although competition is growing [6]

McAfee, a pioneer in antivirus software, is ridding its balance sheet of its most costly securities: preferred shares https://t.co/vY0ewtZ03F ...

Group 1 - Pearl Gray is a proprietary investment fund and independent market research firm focusing primarily on Fixed-Income and Preferred Shares [1] - The firm also provides analysis on equity REITs, Investment Funds, and Banks, offering a cross-asset blend for readers [1] Group 2 - The content published by Pearl Gray is categorized as Independent Analysis and does not constitute financial advice [1][3] - Readers are encouraged to consult a registered financial advisor before making investment decisions [3]

Core Insights - The article revisits the Virtus InfraCap U.S. Preferred Stock ETF (NYSEARCA: PFFA), indicating a focus on its infrastructure rather than a directional market outlook [1] Group 1: Fund Overview - The ETF was previously covered in May, highlighting its infrastructure characteristics [1] - The analysis is conducted by Pearl Gray, a proprietary investment fund and independent market research firm, specializing in Fixed-Income and Preferred Shares [1] Group 2: Research Focus - The firm also extends its analysis to equity REITs, Investment Funds, and Banks, indicating a cross-asset approach [1]

Financial Strategy - Metaplanet plans to issue up to ¥555 billion (approximately $3.7 billion) in perpetual preferred shares [1]

Group 1 - Pearl Gray is a proprietary investment fund and independent market research firm focusing primarily on Fixed-Income and Preferred Shares [1] - The firm also provides analysis on equity REITs, Investment Funds, and Banks, offering a cross-asset blend for its readers [1] - The content published by the firm is categorized as Independent Analysis and does not constitute financial advice [1][3] Group 2 - The firm encourages readers to consult a registered financial advisor before making investment decisions [3] - There is a disclosure stating that past performance is not indicative of future results, and no specific investment recommendations are provided [4]