No. of Recommendations: 2
Certainly relative to the S&P it's likely a laggard in aggregate so far. And yes, the Occidental was 6% underwater at year end, and probably similar now since the stock is pretty flat year to date. But FWIW that 6% figure and the note about the impairment test are related to the common shares only.
Yeah, the preferred shares at least get the 8% annual dividend plus a one-time 10% when they're cashed out. The warrants are currently at about breakeven, but they still have a lot of option value, valued at about $1.8b (or 18% of the initial 2019 investment) as of the end of 2023. And the bigger investment, the underwater common shares, at least get the roughly 1.5% annual dividend yield, so they're probably close to breaking even. But we're a long long way from the S&P which is up from about 2900 to 5500 in the same time frame, plus roughly 1.3% annual in dividends.
dtb
