Just noticed something interesting with Arbor's preferred shares (ABR.PRE) - they're yielding over 9% now based on the quarterly dividend. The stock is trading pretty cheap, down to around $17.33 recently, which is pulling that yield up nicely. For context, most real estate preferred stocks are sitting around 8% yield, so this is noticeably higher. What caught my eye is how deep the discount is - Arbor's trading at over 30% below its liquidation value, while the typical real estate preferred is only around 14% discounted. That kind of gap makes you wonder if there's opportunity here or if the market knows something about the risk. The common shares (ABR) seem to be doing better though - up a decent amount while the preferred is struggling. Might be worth digging into why there's such a divergence between the two. Anyway, if you're hunting for higher yields on preferred stocks, Arbor's definitely on the radar right now.