Latest news with #Redeemable
Yahoo
30-05-2025
- Business
- Yahoo
Duff & Phelps Utility and Infrastructure Fund Inc. Redeems Remaining Floating Rate Mandatory Redeemable Preferred Shares, Series C and Issues Floating Rate Mandatory Redeemable Preferred Shares, Series D
CHICAGO, May 30, 2025--(BUSINESS WIRE)--Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE: DPG), a closed-end investment management company advised by Duff & Phelps Investment Management Co. ("Duff & Phelps"), today exercised an option to voluntarily redeem ("Redemption Date") its remaining 1,400,000 issued and outstanding Floating Rate Mandatory Redeemable Preferred Shares, Series C (the "Series C MRP Shares") (CUSIP No. 26433C4#9). The Series C MRP Shares were redeemed at the liquidation preference of $25.00 per share and accumulated but unpaid dividends and distributions up to, but excluding, the Redemption Date. The redemption of the Series C MRP Shares is being funded by DPG's issuance of 1,000,000 Floating Rate Mandatory Redeemable Preferred Shares, Series D (the "Series D MRP Shares") and borrowing $10 million under the Fund's existing credit facility with a major commercial bank. The issuance of Series D MRP Shares and additional borrowing under the credit facility occurred on May 29, 2025. The 1,000,000 Series D MRP Shares were issued at a liquidation value of $25.00 per share, par value of $0.001 per share, with a maturity date of May 29, 2030. The Series D MRP Shares have a floating rate based on the three-month secured overnight financing rate (SOFR) plus 2.00% and will pay dividends on a quarterly basis. Duff & Phelps believes this capital restructuring is prudent management of DPG's borrowings to facilitate its use of leverage. About the Fund Duff & Phelps Utility and Infrastructure Fund Inc. is a closed-end investment management company whose investment objective is to seek total return, resulting primarily from (i) a high level of current income, with an emphasis on providing tax-advantaged dividend income and (ii) growth in current income, and secondarily from capital appreciation. The Fund seeks to achieve these objectives by investing primarily in equities of domestic and foreign utilities and infrastructure providers. Under normal market conditions, the Fund will invest at least 80% of its total assets in dividend-paying equity securities of companies in the utility industry and the infrastructure industry. The utility industry is defined to include the following sectors: electric, gas, water, telecommunications, and midstream energy. The infrastructure industry is defined as companies owning or operating essential transportation assets, such as toll roads, bridges, tunnels, airports, seaports, and railroads. For more information, contact shareholder services at (866) 270-7598, by email at duff@ or visit the DPG website, About the Investment Adviser Duff & Phelps Investment Management Co. is a boutique investment manager that specializes in listed real asset strategies for institutional and individual clients. An investment manager of Virtus Investment Partners, Inc. (NYSE: VRTS), the firm began in 1932 as a fundamental research firm and has been managing assets since 1979. The firm seeks to provide specialty investment strategies that enhance client outcomes through active portfolio management and customized solutions, utilizing a process with values that include quality, reliability, and specialization. Investment strategies include U.S. and global real estate securities, global listed infrastructure, energy infrastructure, water, and clean energy. For more information visit View source version on Contacts Shareholder Services(866) 270-7598duff@
Associated Press
28-01-2025
- Business
- Associated Press
TPG RE Finance Trust, Inc. Announces Tax Treatment of 2024 Dividends
NEW YORK--(BUSINESS WIRE)--Jan 28, 2025-- TPG RE Finance Trust, Inc. (NYSE: TRTX) ('TRTX' or the 'Company') today announced the income tax treatment of its 2024 common stock and its 6.25% Series C Cumulative Redeemable Preferred Stock (the 'Series C Preferred') dividends. The following table summarizes, for income tax purposes, the nature of cash dividends paid to the Company's common stockholders for the tax year ended December 31, 2024: Common Stock (CUSIP # 87266M107) The following table summarizes, for income tax purposes, the nature of cash dividends paid to the holders of the Company's Series C Preferred Stock for the tax year ended December 31, 2024: Series C Preferred Stock (CUSIP# 87266M206) 3/18/2024 3/28/2024 $0.3906 $0.3906 $0.0000 $0.0000 6/18/2024 6/28/2024 0.3906 0.3906 0.0000 0.0000 9/20/2024 9/30/2024 0.3906 0.3906 0.0000 0.0000 12/20/2024 12/30/2024 0.3906 0.3906 0.0000 0.0000 Totals $1.5624 $1.5624 $0.0000 $0.0000 1. Ordinary Income dividends are eligible for the 20% deduction applicable to 'qualified REIT dividends' pursuant to IRC Section 199A. 2. Pursuant to IRC Section 857(b)(9), cash distributions made on January 25, 2024 with a record date of December 29, 2023 are treated for federal income tax purposes as received by shareholders on December 31, 2023 to the extent of the Company's 2023 earnings and profits. As the Company's aggregate 2023 dividends paid in 2023 exceeded its 2023 earnings and profits, the January 2024 cash distribution declared in the fourth quarter of 2023 is treated as a 2024 distribution for federal income tax purposes and is being included on the 2024 Form 1099-DIV. 3. Pursuant to IRC Section 857(b)(9), cash distributions made on January 24, 2025 with a record date of December 27, 2024 are treated for federal income tax purposes as received by shareholders on December 31, 2024 to the extent of the Company's 2024 earnings and profits. As the Company's aggregate 2024 dividends paid in 2024 exceeded its 2024 earnings and profits, the January 2025 cash distribution declared in the fourth quarter of 2024 will be treated as a 2025 distribution for federal income tax purposes and will be included on the 2025 Form 1099-DIV. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividends. For additional information, refer to the Investor Relations section of the Company's website. ABOUT TRTX TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit +1 (212) 405-8500 [email protected] MEDIA CONTACT TPG RE Finance Trust, Inc. Courtney Power +1 (415) 743-1550 [email protected] KEYWORD: NEW YORK UNITED STATES NORTH AMERICA SOURCE: TPG RE Finance Trust, Inc. Copyright Business Wire 2025. PUB: 01/28/2025 04:15 PM/DISC: 01/28/2025 04:17 PM
