DIGITALBRIDGE GROUP PF

It indicates that investors are probably overpaying to get the dividend. Or they don't think DigitalBridge will be able to get funding at a cost of less than 7%, so they'll keep paying the dividend instead of redeeming the preferreds for $25, as they have the right to do, and refinancing at a lower rate.Every preferred is different, but DigitalBridge has historically redeemed its preferred shares on a pretty regular basis, and part of my rationale for buying them was the fact that the preferreds I bought between $18-$23 would likely be redeemed at $25 or so within a few years, giving a little boost beyond the dividend... so I'm happy to hold at close to the $25 redemption price, but I wouldn't pay more than that, and I'll consider selling if the price drifts too high. Might get more into the math of this in the Friday File, stay tuned.