i’ve been buying treasuries, laddering the maturity dates
I’ve been a heavy buyer of baby bonds, mostly issued by Business Development Companies (BDCs) and all of them NYSE-listed: FCRX, GAINN, NMFCZ, SAZ, etc. Two-to-four year maturities with yields-to-maturity of 6.8-8.25%.
Also, I hold many preferred shares with upcoming resets to their coupons: Kemper Pr B, Western Alliance Pr A, etc.
The Western Alliance I began buying when Ken Griffin of Citadel announced that he’d purchased 5% of their common. At its current price it yields 5.8% but the 4.25% coupon will reset on 9/30/26 at the prevailing 5-year Treasury rate + 3.452%. If called at that date its yield-to-call would be 18.5%.