How is a preferred stock different from a bond?

Both pay fixed income, but a bond is debt and a preferred is equity. A bond's interest is contractual and ranks ahead of preferred shares if the company fails, while a preferred's dividend can be skipped or suspended and ranks behind bonds. Preferreds usually yield more to compensate for that added risk; the exception is a baby bond, which is debt that trades like a preferred.

A baby bond is exchange-traded debt issued in small $25 pieces, so it trades on a stock exchange just like a preferred share. It pays interest rather than a dividend and has a maturity date when the $25 principal is repaid. Because it's debt, the interest must be paid or the issuer defaults, which generally makes a baby bond safer than the same issuer's preferred shares.

What does par value (liquidation preference) mean?

Par, the liquidation preference, is the face value of a preferred share, usually $25 and sometimes $50 or $100. It's the amount you're owed per share if the issue is redeemed or the company is liquidated, and the dividend is set as a percentage of it. A share trading below par has upside toward par; one above par risks losing that premium if it's called.

What is a call date, and why does it matter?

The call date is the first date the issuer can redeem a preferred at its par value, usually about five years after issue. If you pay more than par and the issue is later called, you lose that premium, so for an above-par, callable issue the yield-to-worst, not the current yield, is the honest measure of return.

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Preferred stocks & preferred shares, made clear.

Q: What is a preferred stock?

A preferred stock, also called a preferred share, is a class of ownership that sits between a company's bonds and its common stock. It pays a scheduled dividend, usually at a fixed rate though some issues float or are reset by the issuer, and is paid before common shareholders, but usually carries no voting rights and little price growth. Most trade near a $25 face value and are bought for steady income.

Yields, dividends, call dates and SEC-verified terms for every preferred stock and baby bond, each figure traced to SEC filings and market quotes, and actually readable.

What is a preferred stock?

New to preferreds? Start with the basics →

A preferred stock (also called a preferred share) sits between a company's bonds and its common stock: it pays a fixed, scheduled dividend and usually trades around a $25 (sometimes $100 or $1,000) face value called the liquidation preference, or par, so preferreds are judged less on growth and more on current yield, call risk, dividend terms, and price relative to par.

511

Securities tracked: 380 preferreds, 110 baby bonds, 20 ETFs, 1 other

17.6%

Highest current yield

+10.5%

Today's top gainer · GPUS'D

SEC

Terms & filings verified

Start where the income is

Four ways in, each one screened, sourced and explained.

All lists & screens →

Yield

Highest yield

The biggest payouts on the board, and what each one depends on.

17.6%top current yield

Value

Below par

Trading under liquidation value, with the call upside that implies.

$25par most trade below

Funds

Preferred ETFs

One-ticker diversified baskets, compared by yield and what they hold.

20funds tracked

Bonds

Baby bonds

Exchange-listed debt at $25 face value: bond terms, traded like a stock.

$25par, quarterly income

Today's big gainers

GGPUS'D	19.02	+10.46%	17.09%
PPRIF'K	21.38	+5.95%	8.19%
KKEY'K	18.63	+3.44%	7.55%
TTFIN-P	20.70	+3.07%	8.61%
KKEY'J	18.94	+2.99%	7.46%
GGLU'A	102.58	+2.58%	1.85%

Today's big losers

AABR'D	9.07	-21.81%	17.57%
AABR'E	9.21	-19.77%	16.97%
AABR'F	13.58	-17.65%	11.51%
RRCD	18.36	-9.29%	12.25%
UUPLT	15.49	-6.98%	4.31%
HHPE'C	141.20	-6.37%	2.70%

Highest current yield

Ranked by current yield, updated after each session. A high yield is a question, not a gift.

Why these yields are so high →

Symbol	Issuer	Price	Coupon	Par	Yield	Prem/Disc
AABR'D	Arbor Realty Trust Inc	9.07	6.375%	25	17.57%	-63.72%
HGPUS'D	Hyperscale Data, Inc.	19.02	13.000%	25	17.09%	-23.91%
AABR'E	Arbor Realty Trust Inc	9.21	6.250%	25	16.97%	-63.16%
RRC'C	Ready Capital Corp	9.58	6.250%	25	16.31%	-61.68%
RRC'E	Ready Capital Corp	10.00	6.500%	25	16.25%	-60.00%
WWHR'A	Whirlpool Corp	26.54	8.500%	50	16.01%	-46.92%
SSTRD	Strategy Inc	69.75	10.000%	100	14.34%	-30.25%
RRWT'A	Redwood Trust Inc	17.89	10.000%	25	13.97%	-28.44%
LLFT'A	Lument Finance Trust, Inc.	14.50	7.875%	25	13.58%	-42.00%
BBHR'D	Braemar Hotels & Resorts Inc	15.25	8.250%	25	13.52%	-39.00%

Ranked from the 371 preferreds with a current yield · full list → · * par assumed $25 (pending prospectus confirmation)

Most active S&P 500 preferreds

The most heavily traded preferreds from S&P 500 & Dow component companies, ranked by average daily dollar volume.

Symbol	Issuer	Price	Yield	Avg Daily Volume	Prem/Disc
BBA'A	Boeing Co	54.74	5.48%	$44.6M	+9.48%
BBAC'L	Bank of America Corp	1163.29	6.23%	$16.8M	+16.33%
WWFC'L	Wells Fargo & Company	1052.50	7.13%	$15.7M	+5.25%
JJPM'D	JPMorgan Chase & Co	21.68	6.63%	$6.9M	-13.28%
WWFC'Z	Wells Fargo & Company	16.71	7.11%	$6.9M	-33.16%
JJPM'K	JPMorgan Chase & Co	16.78	6.78%	$6.4M	-32.88%
JJPM'L	JPMorgan Chase & Co	16.98	6.81%	$5.2M	-32.08%
BBAC'B	Bank of America Corp	21.44	7.00%	$5.0M	-14.24%

all S&P 500 component preferreds →

Preferred stock ETFs

Symbol	Price	Yield	Freq
PPFFL	6.31	14.73%	monthly
PPFFA	18.56	11.15%	monthly
PPFFR	16.13	9.15%	monthly
PPSK	27.81	7.77%	monthly
PPFFV	21.20	7.43%	monthly
PPGF	12.50	7.20%	monthly
PPGX	9.84	7.10%	monthly
SSPFF	8.83	7.07%	monthly

compare the best preferred ETFs → · all →

Upcoming ex-dividends

Symbol	Ex-Date	Amount	Yield
IPFF	2026-10-31	$0.1594	6.00%
VPFXF	2026-10-31	$0.0648	6.34%
SPSK	2026-10-31	$0.1600	7.77%
GSPFF	2026-10-31	$0.0520	7.07%
CCCRP	2026-10-31	$0.0841	4.79%
GPFFD	2026-10-31	$0.1000	7.07%
GPFFV	2026-10-31	$0.1300	7.43%
RRIV'A	2026-11-02	$0.3750	7.50%

full ex-dividend calendar →

Latest preferred offerings

Symbol	Issuer	Issued
FFITBI	Fifth Third Bancorp	2026-06-12
FFITB'M	Fifth Third Bancorp	2026-06-12
FFITBP	Fifth Third Bancorp	2026-06-12
AATH'B	Athene Holding Ltd	2026-05-28
FAGM'I	Federal Agricultural Mortg	2026-05-22
BBFH'B	Bread Financial Holdings,	2026-05-15