Traditional convertible preferreds pay a fixed distribution like any other preferred, and additionally give the holder the right — but never the obligation — to exchange the security for a set number of the issuer's common shares. This list covers the traditional convertibles QuantumOnline tracks.
The appeal is asymmetry. You collect a preferred's income while retaining a claim on the common stock's upside, and if the common never rises you simply keep collecting the distribution.
| Symbol / CUSIP | Security Description | Exchange | IPO Date | Call Date | Prospectus |
|---|---|---|---|---|---|
| AMBKO 024343204 | American Bank Inc., Series A Preferred Stock | OTCBB | 6/22/2007 | 6/22/2012 | Prospectus |
| AMBKP 02503Q209 | American Capital Trust I, 6% Cumul Convertible Trust Preferred Securities | OTOTC | 2/26/2002 | 3/31/2007 | Prospectus |
| AERGP 462070202 | Applied Energetics Inc., 6.50% Series A Redeemable Convertible Preferred Stock | OTCBB | 12/27/2005 | 11/1/2010 | Prospectus |
| BAC-L 060505682 | Bank of America, 7.25% Non-Cumulative Convertible Preferred Stock, Series L | NYSE | 1/25/2008 | 1/30/2013 | Prospectus |
| BGMSP 23254L207 | Bio Green Med Solution, Inc 6.00% Convertible Exchangeable Preferred Stock | OTOTC | 10/29/2004 | 11/1/2014 | Prospectus |
| BHR-B 044102507 | Braemar Hotels & Resorts, 5.50% Series B Cumulative Preferred Stock | NYSE | 4/27/2016 | 6/11/2020 | Prospectus |
| CRLKP 154787303 | Central Parking Finance Trust, 5 1/4% Convertible Trust Preferred Securities | OTOTC | 3/18/1998 | 4/3/2003 | Prospectus |
| CIMXP 171798200 | Cimarex Energy Co. 8 1/8% Ser A Cumul Perpetual Convertible Preferred Stock | OTOTC | n.a. | n.a. | Prospectus |
| EP-C 283678209 | El Paso Energy Capital Trust I, 4 3/4% Trust Convertible Preferred Securities | NYSE | n.a. | 3/31/2002 | Prospectus |
| ET-I 226344307 | Energy Transfer LP 9.25% Preferred Partnership Units -144A STOCK | NYSE | 5/3/2018 | n.a. | Prospectus |
| EPR-C 26884U208 | EPR Properties, 5.75% Series C Cumulative Convertible Preferred Shares | NYSE | 12/20/2006 | 1/15/2012 | Prospectus |
| EPR-E 26884U307 | EPR Properties, 9.00% Series E Cumulative Convertible Preferred Shares | NYSE | 3/28/2008 | 4/20/2013 | Prospectus |
| GMBLP 29667K405 | Esports Entertainment Group, Inc. 10% Series A Cumul Convertible Preferred Stock | OTOTC | 12/3/2021 | 1/1/2023 | Prospectus |
| XELAP 30162V607 | Exela Technologies, Inc. Series B Cumulative Convertible Preferred Stock | OTOTC | n.a. | n.a. | |
| FBYDP | Falcon's Beyond Global 11% Series B Cumulative Convertible Preferred Stock | NGM | 5/21/2026 | n.a. | Prospectus |
| FNMFO 313586810 | Fannie Mae, 5.375% Non-Cumulative Convertible Series 2004-1 Preferred Stock | OTOTC | 1/4/2005 | 1/5/2008 | Prospectus |
| FNSPQ 32111B203 | First National Bancshares, 7.25% Series A Non-cum Conv Perp Preferred Stock | OTOTC | 7/3/2007 | 7/3/2010 | Prospectus |
| FCELB 35952H205 | FuelCell Energy, 5% Series B Cumulative Convertible Perpetual Preferred Stock | OTOTC | 3/14/2005 | 11/20/2009 | Prospectus |
| GRM** 370442691 | General Motors Corp., 1.50% Series D Convertible Senior Debentures due 6/1/2009 | NYSE | 5/25/2007 | n.a. | Prospectus |
| GXM 370442741 | General Motors, 4.50% Series A Convertible Senior Debentures due 3/6/2032 | NYSE | 3/4/2002 | 3/6/2007 | Prospectus |
| GBM 370442733 | General Motors, 5.25% Series B Convertible Senior Debentures due 3/5/2032 | NYSE | 3/4/2002 | 3/6/2009 | Prospectus |
| GPM** 370442717 | General Motors, 6.25% Series C Convertible Senior Debentures due 7/15/2033 | NYSE | 6/27/2003 | 7/20/2010 | Prospectus |
| HL-B 422704205 | Hecla Mining Co., $3.50 Series B Cumulative Convertible Preferred Stock | NYSE | 6/29/1993 | 7/1/2003 | Pre-EDGAR |
| KIM-N 49446R687 | Kimco Realty Corp., 7.25% Dep Shares Class N Cumulative Preferred Stock | NYSE | 4/1/2011 | n.a. | Prospectus |
| LXP-C 529043309 | Lexington Realty Trust, 6.50% Series C Cumul Convertible Preferred Stock | NYSE | 12/3/2004 | 11/16/2009 | Prospectus |
The remaining 12 securities — plus sorting, filtering and Excel, PDF and CSV export — are available to registered users. Registration is free.
Every convertible specifies a conversion ratio: the number of common shares received per preferred share. Divide the $25 liquidation preference by that ratio and you get the conversion price — the common-stock level at which converting begins to make sense.
A preferred convertible into 0.5 common shares has a conversion price of $50. Below $50 the conversion right is worth little and the security trades on its yield. Above $50 the preferred increasingly tracks the common.
A convertible preferred has two anchors. Its investment value is what it would be worth as a straight preferred with the same coupon and credit — this acts as a floor when the common is depressed. Its conversion value is the market value of the shares it converts into.
The security generally trades at the higher of the two plus a premium for optionality. That floor is what distinguishes a convertible preferred from a call option: if the common goes nowhere, you still hold an income security rather than a wasting asset.
The conversion right belongs to the holder, so you are never obliged to convert. However, most convertible preferreds are also callable, and issuers use that to force conversion: when the conversion value exceeds the call price, calling the security leaves holders converting rather than accepting cash worth less than the shares.
Watch the call terms as closely as the conversion terms. Both are on each security's detail page, along with the conversion ratio and conversion price.
QuantumOnline has tracked exchange-traded income securities since 1997. Every security in this list is researched and maintained by hand from the issuer's prospectus and SEC filings, not scraped from a vendor feed. Where a figure is unavailable we show "n.a." rather than guessing.
Information is believed to be accurate but is not guaranteed, and nothing here is a recommendation to buy or sell. Always confirm terms against the issuer's prospectus before investing.