Trust preferred securities, commonly called TruPS, are hybrids issued through a special-purpose financing trust rather than directly by the operating company. This list covers the trust preferreds QuantumOnline tracks. They trade at $25 like traditional preferreds and pay quarterly, but the tax treatment and the capital-structure position are meaningfully different.
The distinction is easy to miss on a brokerage screen, where a trust preferred and a traditional preferred look identical. It is not cosmetic — it changes what you owe in April and where you stand in a bankruptcy.
| Symbol / CUSIP | Security Description | Exchange | IPO Date | Call Date | Prospectus |
|---|---|---|---|---|---|
| AIRTP 00919P120 | Air T Funding, 8.00% Alpha Income Trust Preferred Securities Due 6/7/2049 | NGM | 6/11/2019 | 6/7/2024 | Prospectus |
| BAC-G 05518VAA3 | BAC Capital Trust XIV, HITS 5.63% Fixed/Floating Rate Preferred Hybrid | NYSE | 2/13/2007 | 3/15/2012 | Prospectus |
| BANFP 05539S206 | BFC Capital Trust II, 7.20% Cumul Trust Preferred Securities | NGS | 2/25/2004 | 3/31/2009 | Prospectus |
| C-N 173080201 | Citigroup Capital XIII, 7.875% Fixed/Floating TruPS Trust Preferred Securities | NYSE | 10/1/2010 | 10/30/2015 | Prospectus |
| CBCPQ 19560Q203 | Colonial Capital Trust IV, 7.875% Preferred Securities | OTOTC | 9/11/2003 | 10/1/2008 | Prospectus |
| DDT 25406P200 | Dillard's Capital Trust I, 7.50% Capital Securities | NYSE | 8/10/1998 | 8/12/2003 | Prospectus |
| HABKP* 407040203 | Hamilton Capital Trust I (FLA), 9.75% Beneficial Unsecured Securities, Series A | OTOTC | 12/23/1998 | 12/31/2008 | Prospectus |
| LEHKQ 52519Y209 | Lehman Brothers Holdings Capital Trust III, 6.375% Preferred Securities Series K | OTOTC | 3/14/2003 | 3/15/2008 | Prospectus |
| LEHLQ 52520B206 | Lehman Brothers Holdings Capital Trust IV, 6.375% Preferred Securities Series L | OTOTC | 10/14/2003 | 10/31/2008 | Prospectus |
| LHHMQ 52520E200 | Lehman Brothers Holdings Capital Trust V, 6.00% Preferred Securities Series M | OTOTC | 4/6/2004 | 4/22/2009 | Prospectus |
| LEHNQ 52520X208 | Lehman Brothers Holdings Capital Trust VI, 6.24% Preferred Securities, Series N | OTOTC | 1/7/2005 | 1/18/2010 | Prospectus |
| BK- 58551TAA5 | Mellon Capital IV Fix/Float Normal PCS | NYSE | 6/14/2007 | 6/20/2012 | Prospectus |
| FLG-U 64944P307 | New York Community Capital Trust V, BONUSES Units due 11/1/2051 | NYSE | 10/30/2002 | n.a. | Prospectus |
| BPOPM 73317H206 | Popular Capital Trust II, 6.125% Cumul Monthly Income Trust Preferred Securities | NGS | 11/29/2004 | 12/1/2009 | Prospectus |
| SCE-G 78407R204 | SCE Trust II, 5.10% Trust Preference Securities | NYSE | 1/23/2013 | 3/15/2018 | Prospectus |
| SCE-K 78409W201 | SCE Trust V, 5.45% Cumulative Fixed-to-Floating Rate Trust Preference Securities | NYSE | 3/3/2016 | Called 3/15/2026 | Prospectus |
| SCE-L 78410V200 | SCE Trust VI, 5.00% Cumulative Trust Preference Securities | NYSE | 6/19/2017 | 6/26/2022 | Prospectus |
| SCE-M 783892201 | SCE Trust VII 7.50% Trust Preference Securities | NYSE | 11/16/2023 | 11/22/2028 | Prospectus |
| SCE-N 80620A208 | SCE Trust VIII 6.95% Trust Preference Securities | NYSE | 5/7/2024 | 5/13/2029 | Prospectus |
| TMCVP 879734200 | Temecula Valley Statutory Trust VI, 9.45% Trust Preferred Securities | OTOTC | 1/14/2008 | 3/30/13? | Prospectus |
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The parent company creates a trust. The trust sells $25 preferred securities to investors and uses the proceeds to buy junior subordinated debentures from the parent. The parent pays interest to the trust; the trust passes it through to investors. Legally you hold an interest in a trust that owns debt, not equity in the company.
This structure was built for a tax reason: the parent deducts the interest it pays the trust, which it could not do with a common or preferred dividend. The company gets a deductible payment that regulators historically treated as capital.
Because the underlying instrument is debt, trust preferred distributions are interest income taxed at ordinary rates. They are not eligible for the qualified-dividend rate, and they arrive on a Form 1099-INT rather than a 1099-DIV.
A 7% trust preferred and a 7% qualified traditional preferred therefore deliver quite different after-tax income. In a taxable account this can be worth more than the coupon difference between two securities; in an IRA it is irrelevant.
Most trust preferreds allow the issuer to defer distributions for up to five years — usually 20 consecutive quarters — without triggering a default. Deferred payments accrue and compound, and the issuer cannot pay common dividends while deferring, but the security can go years without paying while remaining technically current.
Unlike perpetual preferreds, trust preferreds carry a stated maturity, often 30 to 49 years from issue, on which principal is repaid. In practice most are called at $25 around five years after issue.
Trust preferreds sit above traditional preferred stock and common equity because they represent debt, but they are junior subordinated debt — behind every senior and subordinated lender. The improvement over preferred stock is real but modest.
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.