Just noticed Arbor Realty Trust's preferred shares hitting something interesting in recent trading. Their 6.25% Series E (ABR.PRE) broke through a 9% yield - that's noticeably higher than the typical 8% you see across most real estate preferreds. Shares were trading down to $17.33, which puts them at a 30% discount to liquidation value.

That discount is pretty wide compared to the sector average of around 14%, so there's definitely some selling pressure on these. The quarterly dividend works out to about $1.5625 annualized, which explains the yield bump. Meanwhile, the common shares (ABR) were up nearly 6% on the same day, so there's some divergence happening between the preferred and common stock.

Worth keeping an eye on if you're hunting for higher-yielding preferreds. The Arbor Realty preferred is trading at levels that make it worth comparing against other plays in the sector right now.