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Sometimes you have a week that simply sucks---the week where the nervous nellies sell the hell out of one of your holdings and a number of other issues you hold announce secondary offerings.  This has been one of those weeks.1st off we hold Escalera Resources preferred shares (ticker:ESCRP). Escalera is a small natural gas company and has always been a dicey holding…

Like many of you who have written to us today we have watched Oxford Lane Capital 8.125% Term Preferred (ticker:OXLCN) tumble 50 cents today. Oxford Lane has announced additional shares of this issue are being sold.  This is NOT a new issue--just more shares of the older issue.Details of the offering (original prospectus) are here.  We think this is a chance…

Giant billboard advertising company Lamar Advertising Company (ticker:LAMR) has completed a merger into its own subsidiary at midnight last night to officially complete a conversion into a real estate investment trust.All shares of the predecessor company are automatically converted to shares in the new REIT.  The ticker symbol remains the same (LAMR).  The company began to pay a substantial dividend earlier in…

Large office REIT Paramount Group(ticker:PGRE) has priced their IPO shares at $17.50/share and today they are trading at $18.34/share. At the risk of looking foolish (when/if the shares zoom higher) we have absolutely no interest in these shares.  Paramount Group owns higher end office properties in just 3 markets, NYC, Washington DC and San Francisco.  There will be a 2.2% yield…

THL Credit Inc. (ticker:TCRD) has priced a note issue at 6.75%.  THL Credit is kind of a middle quality BDC, which has recently been shifting their investments from heavily weighted in subordinated debt toward 1st lien debt---obviously a desired move from our conservative point of view.The new notes mature in 2021 and even though we would like to have a…