Exchange-traded debt securities, widely known as baby bonds, are ordinary corporate notes and debentures issued in $25 denominations so they can trade on a stock exchange. This list covers the baby bonds QuantumOnline tracks. They pay interest rather than dividends and, unlike perpetual preferred stock, carry a fixed maturity date on which principal is repaid.
For an income investor these are the most bond-like securities on the site: real debt, senior to every class of stock, with a date on which you get your money back — bought and sold through an ordinary brokerage account in any quantity.
| Symbol / CUSIP | Security Description | Exchange | IPO Date | Call Date | Prospectus |
|---|---|---|---|---|---|
| RWAYM 78163D506 | Runway Growth Finance Corp. 7.75% Notes Due 2031 | NGS | 9/28/2026 | 10/1/2028 | Prospectus |
| SAX 80349A844 | Saratoga Investment Corp 8.00% Notes due 8/31/2031 | NYSE | 8/18/2026 | 8/26/2028 | Prospectus |
| ADAMK 00547J207 | Adamas Trust, Inc. 9.60% Senior Notes due 10/01/2031 | NGS | 8/11/2026 | 10/1/2028 | Prospectus |
| PFLA 70806A205 | PennantPark Floating Rate Capital Ltd 7.375% Notes due 6/15/2031 | NYSE | 5/28/2026 | 6/15/2028 | Prospectus |
| RWTS 758075840 | Redwood Trust, Inc 9.75% Senior Notes due 6/1/2031 | NYSE | 5/19/2026 | 6/1/2028 | Prospectus |
| ELLA 288578206 | Ellington Credit Co 8.50% Notes Due 03/30/2031 | NYSE | 3/25/2026 | 3/30/2028 | Prospectus |
| NEE-W 65339K829 | NextEra Energy Capital Holdings, Inc. Se Z Junior Sub Debentures due 4/15/2086 | NYSE | 3/18/2026 | 4/15/2031 | Prospectus |
| GAING 376546859 | Gladstone Investment Corp 7.125% Notes due 05/01/2031 | NGS | 2/10/2026 | 5/1/2028 | Prospectus |
| SAV 80349A851 | Saratoga Investment Corp 7.50% Notes due 2/6/2031 | NYSE | 1/29/2026 | 2/6/2028 | Prospectus |
| RWAYI 78163D407 | Runway Growth Finance Corp. 7.25% Notes due 2031 | NGS | 1/28/2026 | 2/3/2028 | Prospectus |
| MLCIL 62188E202 | Mount Logan Capital Inc. 8.00% Senior Notes due 01/31/2031 | NCM | 1/16/2026 | 1/31/2028 | Prospectus |
| SRJN 84857L705 | Spire Inc. 6.375% Junior Subordinated Notes due 2086 | NYSE | 1/16/2026 | n.a. | Prospectus |
| NEWTO | NewtekOne, Inc. 8.50% Fixed Rate Senior Notes due 02/01/2031 | NGM | 12/1/2025 | 2/1/2028 | Prospectus |
| RWTQ 758075857 | Redwood Trust, Inc 9.50% Senior Notes due 12/1/2030 | NYSE | 11/17/2025 | 12/1/2027 | Prospectus |
| NOVTU 67000B203 | Novanta Inc. 6.50% Tangible Equity Units | NGS | 11/6/2025 | n.a. | Prospectus |
| TCPA 893526681 | TransCanada PipeLines Ltd 6.250% Junior Subordinated Notes due 11/01/2085 | NYSE | 10/6/2025 | 11/1/2030 | Prospectus |
| XELLL 98389B878 | Xcel Energy Inc 6.25% Junior Subordinated Notes Due 10/15/2085 | NGS | 9/26/2025 | 10/15/2030 | Prospectus |
| CIMP 16934Q869 | Chimera Investment Corp 8.875% Senior Notes due 8/15/2030 | NYSE | 9/9/2025 | 8/15/2027 | Prospectus |
| DTK 233331792 | DTE Energy Co 2025 Series H 6.25% Junior Subordinated Debentures due 2085 | NYSE | 9/8/2025 | 10/1/2030 | Prospectus |
| GECCG 390320869 | Great Elm Capital Corp 7.75% Notes due 12/31/2030 | NGM | 9/5/2025 | 12/31/2027 | Prospectus |
| OXSQH 69181V602 | Oxford Square Capital Corp 7.75% Notes due 2030 | NGS | 7/31/2025 | 7/31/2027 | Prospectus |
| METCI 75134P808 | Ramaco Resources, Inc. 8.250% Senior Notes due 2030 | NGS | 7/23/2025 | 7/31/2027 | Prospectus |
| OFSSO 67103B803 | OFS Capital Corp. 7.50% Notes due 07/31/2028 | NGS | 7/16/2025 | 7/31/2026 | Prospectus |
| ADAMH 649604816 | Adamas Trust, Inc 9.875% Senior Notes due 10/01/2030 | NGS | 6/30/2025 | 10/1/2027 | Prospectus |
| PMTW 70931T806 | PennyMac Mortgage Investment Trust 9.00% Senior Notes due 6/15/2030 | NYSE | 6/2/2025 | 6/15/2027 | Prospectus |
The remaining 210 securities — plus sorting, filtering and Excel, PDF and CSV export — are available to registered users. Registration is free.
A baby bond is debt. Its payments are a contractual obligation, and missing one is an event of default that can force the issuer into bankruptcy. A preferred dividend can be skipped — painfully, but without triggering default. That distinction is the entire reason baby bonds generally yield less than the same issuer's preferred stock.
Baby bonds also rank ahead of all preferred and common stock in a liquidation. Most are senior unsecured or subordinated notes, which places them behind secured lenders but ahead of every equity holder.
Having a stated maturity gives baby bonds something perpetual preferreds lack: pull to par. As maturity approaches, the price converges toward $25 regardless of where rates have gone, because the issuer must repay $25 on that date.
This makes baby bonds materially less rate-sensitive than perpetual preferreds. A note maturing in four years will barely move on a rate change that knocks a perpetual preferred down several points.
Interest from baby bonds is taxed at ordinary income rates and is never eligible for the qualified-dividend rate. It is reported on Form 1099-INT. When comparing a baby bond's yield with a qualified preferred's, compare after tax — in a high bracket the gap can be substantial. In a tax-deferred account the question does not arise.
Most baby bonds are callable at $25 about five years after issue, well before stated maturity. The same caution applies as with preferreds: paying a large premium over $25 for an issue that is already callable risks losing that premium on short notice. Each security's detail page shows the call date and call price alongside the maturity.
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.