Hi, Eric,

I'm shocked at how long it's taken for me to be able to focus back on this. It took me a while to clear the decks as I had a lot on my plate. This is a wonderful, thoughtful and informative post, though. Thank you.

So, I'm looking at my 1 share of preferred stock, WFC-PRL and want to make sure I understand. I paid $1152.94 for it, on 3/13/23. I think I first learned about it earlier but wasn't ready, yet. So,

3/13/23 Purchased for $1152.94
6/15/23 Dividend 18.75
7/7/23 Market price 1139.01

Quantum Online (my new membership--Thank you)
From NYSE
Chart
7.50%
$75.00 $1,000.00
$1,000.00 Noncallable
Maturity date: None Baa2 BB+
3/30/2023 conv. 6.3814 (if common exceeds 130% of purchase for 20 of 30 days can be converted to common)
Share price $156.71 paid 3/15, 6/15, 9/15 & 12/15
Click for MW ExDiv Date May 30, 2023
Click for Yahoo ExDiv Date May 30, 2023

YES 15% Taxable

If I understand, I will continue to get $18.75 or so dollars/quarter on every WFC/PRL shared (unless common goes over 30%of $156.71 for 20 days out of 30)? $75.00/yr equals, right now, about 6.52% of my original purchase price of $1152.

So can I buy the preferred at $1139, and get the $75 year (6.585)? If so, that is better than a treasury if WFC doesn't blow up? Am i understanding this correctly??

Also, I'm not sure what 7.50% dividend refers to and how that works out (current share price?)??? I'm still working on what the difference is between yield and coupon.

Thank you.
Elizabeth Foley Morgan