Preferred stocks and baby bonds

This table lists 150 preferred series from 81 issuers, the highest-yielding of 329 live series, ordered by forward yield, highest first. Forward yields run from 7.12% to 15.02%, median 8.28%, across the 150 series here with a payment history. Forward yield means the last regular distribution multiplied by the number of payments a year, divided by the latest price — not the trailing twelve months, and not an index yield. 146 of these series pay quarterly and 2 pay monthly. No figure here is a yield to call. For a series trading above the price at which the issuer may redeem it, the yield shown ignores call risk — the single most important thing the number does not tell you, because a call returns the redemption price and ends the income.

One row is one series: a single fixed payment from a single company, quoted at whatever the market last paid for it. Read across from the ticker and the row answers three questions — what it costs, what that payment works out to as a percentage of the cost, and when the next one goes ex. Two things in this table mislead people. A yield well above the rest of the column is usually the market pricing a risk into the price rather than a better payment, because the payment is fixed and only the price moves. And the yield takes no account of the issuer buying the series back at a set price, which ends the income and can cost more than a year of it if you paid above that price — the callout further up this page works that through.

Prices in this table as of Aug 25, 2026 — the newest exchange trade timestamp on the quotes behind this table (max(quotes.quote_ts)), not the time our pipeline last wrote to the database. Prices and payment history from Financial Modeling Prep (FMP).

Showing the 150 highest forward yields of 329 live series. Show every series. A high yield on a preferred is usually the market's price for credit risk, call risk or thin trading rather than a bargain — read the series prospectus before drawing any conclusion. The issuer column shows the common stock's company name where we carry the common; where we do not, it shows the parent ticker the series is listed under. Prices are last trades: the Last trade column gives the exchange timestamp for each row, so a series that has not traded today is visible as such rather than blended into the table.

This table lists 22 exchange-traded debt securities — baby bonds — ordered by forward yield, highest first. Each is a note or debenture issued in $25 denominations that trades on an exchange under its own symbol. Forward yields run from 6.02% to 9.73%, median 7.86%, across the 22 notes here with a payment history, on the same basis as the preferred table above: last regular payment annualised, over the latest price. 21 of them pay quarterly. On all 22 notes whose listed name states a coupon, our annualised payment matches that coupon on a $25 denomination. The yield takes no account of the maturity date or of an issuer call, both of which are in the prospectus and neither of which is in our data feed. The payment is interest, not a dividend.

The column that trips people here is the coupon. It is a rate on the $25 the note was issued at, not on the price in the next column, so a note bought above $25 collects less than the coupon suggests and one bought below it collects more — which is exactly the gap the yield column measures. The last column is our own arithmetic check on that: where it reads Disagrees, our payment figure and the coupon in the name do not line up and the yield on that row should not be used until the prospectus settles which is right. Neither the maturity date nor the issuer's right to repay early is anywhere in this table.

Prices in this table as of Aug 25, 2026 — the newest exchange trade timestamp on the quotes behind this table (max(quotes.quote_ts)), not the time our pipeline last wrote to the database. Prices and payment history from Financial Modeling Prep (FMP).

These securities are classified as baby_bond in our universe and are deliberately excluded from every common-stock and REIT screen on this site: left among equities they inflate yield medians and rank above real shares on any yield sort. The issuer column shows the security's full listed name because that is where the coupon and the maturity year actually appear in our data. The distribution column is annualised interest on the forward basis, not a trailing twelve-month total.

The coupon column is read out of the security's own listed name — it is not a separate feed, and it is blank when the name does not state a rate. That gives one check nothing else on this page has: a $25 note paying a stated coupon owes coupon × $25 a year, so the Payment vs coupon column compares our annualised payment against it and reports whether the two agree within a small tolerance. A row marked Disagrees means our own two figures contradict each other — usually because the payment history we hold is incomplete or has a payment recorded twice — and the yield on that row should not be relied on until the prospectus settles it. A fixed-to-floating note that has passed its reset date can also show a gap legitimately. We report the disagreement rather than quietly picking a winner.

This table lists 12 of the 76 companies in our universe with two or more live preferred series — 82 series between the companies shown — ordered by the number of series outstanding. Both yield columns are forward yields, so the low and the high are measured the same way. The widest spread between one issuer's own series is 1.20 percentage points, at AHT. A gap like that is usually about call dates, fixed-to-floating terms and trading volume rather than about the company's health.

Each row is one company rather than one security, and the two yield columns are the bottom and the top of its own range. The useful thing to notice is the size of that gap: it is the same borrower behind every series, so the difference is coming from the terms — when each one can be bought back, whether the rate resets, how thinly it trades — and not from one series being safer than another.

This table lists 9 exchange-traded funds holding baskets of preferred securities, ordered by trailing twelve-month yield, highest first. Trailing twelve-month yields run from 5.40% to 9.83%, median 6.49%, across the 9 funds here for which we hold a full year of distributions. This is a different measurement from the tables above: it is the cash actually paid over the last 365 days divided by the latest price, after fund expenses, not a forward annualisation. A fund distribution is not fixed, so the two figures answer different questions and must not be compared as equivalents.

This is the one table on the page whose yield column is measured differently, and the difference is not cosmetic. Everywhere above, the figure is one fixed payment multiplied out over a year. Here it is the cash a fund actually handed out over the past twelve months, after its own costs, divided by today's price — a record of what was paid rather than a rate anything is committed to, because the fund's payment moves as the series it holds are bought back and replaced. Lining a number from this table up against one from the tables above compares two different measurements.

Prices in this table as of Aug 25, 2026 — the newest exchange trade timestamp on the quotes behind this table (max(quotes.quote_ts)), not the time our pipeline last wrote to the database. Prices and payment history from Financial Modeling Prep (FMP).

The yield column here is a trailing twelve-month figure — cash actually paid over the last 365 days, divided by the latest price — and cannot be compared with the forward yields in the tables above as though they were the same measurement. A blank means we do not hold twelve months of distributions for that fund — a recent listing, or one we have only just added. A fund's distribution is not fixed the way a single series' distribution is: it changes as holdings are called, replaced and repriced, and it is reported after the fund's expenses. Concentration in banks and insurers is a feature of the underlying market, so most broad preferred funds carry it. Some funds in this space use leverage, which amplifies both the distribution and the drawdown — check each fund's own documents.