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Updated: Mar 15

Apollo Asset Management Inc. (NYSE: AAMC) is a real estate asset management company that provides asset management and portfolio management services to real estate investors. In November 2019, Apollo Asset Management Inc. issued $15 million of 6.375% Preferred Stock Series A, with a par value of $25 per share (NYSE: AAMC-A). In this article, we will take a closer look at this security and what it means for investors.

The AAMC-A preferred stock is a perpetual security, which means that it has no maturity date. The stock pays a fixed annual dividend rate of 6.375% of the par value, or $1.59375 per share per year. The dividend is cumulative, which means that if Apollo Asset Management Inc. fails to pay a dividend in any year, the unpaid dividends accumulate and must be paid before any dividends can be paid to common stockholders.

The AAMC-A preferred stock is callable by Apollo Asset Management Inc. at any time on or after November 23, 2024, at a price of $25 per share plus any accrued and unpaid dividends. This means that if interest rates fall significantly, Apollo Asset Management Inc. may choose to call the preferred stock and issue new preferred stock with a lower fixed or floating rate.

The AAMC-A preferred stock is listed on the New York Stock Exchange under the ticker symbol AAMC-A and can be bought and sold like any other stock. However, because it is a preferred stock, it is less volatile than common stock and is less likely to experience significant price fluctuations.

Investors who are looking for a fixed income investment with a relatively high yield may find the AAMC-A preferred stock attractive. The fixed dividend rate of 6.375% is higher than the current yield on many other fixed-income securities, such as bonds and CDs. Additionally, the cumulative feature of the dividend provides an extra layer of protection for investors.

In conclusion, the AAMC-A preferred stock is an interesting investment opportunity for investors who are looking for a high-yield fixed income security. The fixed dividend rate of 6.375% is attractive, and the cumulative feature of the dividend provides an extra layer of protection. However, investors should be aware of the risks involved and carefully consider whether this security is appropriate for their investment goals and risk tolerance.

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