{"data":{"id":"sw_cb5667d3e3c1a21881a1","slug":"costamare-s-8-5-series-c-preferred-trades-at-premium-despite-being-callable-sinc","title":"Costamare's 8.5% Series C Preferred Trades at Premium Despite Being Callable Since 2019","subheadline":"CMRE'C changes hands 6.6% above its $25 par value even though Costamare could redeem it at any time, a pattern unusual among shipping-sector preferreds.","summary":"Costamare's 8.5% Series C preferred stock trades at $26.66, a 6.6% premium to par, despite having been callable since January 2019, an outlier against most shipping preferreds that trade at discounts to face value.","body":"Costamare Inc.'s 8.5% Series C cumulative perpetual preferred stock, traded under the symbol CMRE'C, closed at $26.66 on September 24, 2026, a 6.64% premium to its $25 liquidation preference, even though the security has been callable by the issuer since January 21, 2019. The gap, first noted in data tracked on Preferred Stock AI, a Madison Labs research site, stands out because it runs against the general pattern among shipping-sector preferreds, which as a group trade at an average discount of roughly 0.4% to par according to the same dataset covering 17 issues with a current yield.\n\nThe mechanics matter for anyone holding or considering the security. A callable preferred can be redeemed by the issuer at its liquidation preference, in this case $25 per share, plus any accrued dividend, at the company's discretion once the call date has passed. CMRE'C has been past that date for more than seven years. Because the shares currently trade at $26.66, a call at $25 would represent a capital loss of $1.66 per share, or roughly 6.2%, for an investor who buys at the current market price. The security's current yield of 7.97%, calculated against the $2.1250 annual dividend, reflects the market price rather than the $25 par value, and Costamare has not published a yield to call figure since the shares are already callable.\n\nWhy the market continues to price CMRE'C above par despite this redemption risk is not explained in the available data, and no analyst attribution accompanies that pricing pattern in the material reviewed for this article. What is documented is the contrast with peer instruments: the broader shipping preferred category tracked in the same dataset trades at a slight discount on average, making Costamare's Series C an outlier rather than the norm. Investors who purchase preferred shares above par when a call is active are, by the structure of the security, accepting the possibility that the issuer redeems at a lower price than they paid, a dynamic that applies regardless of the company's intentions, which have not been publicly stated for this specific series.\n\nCostamare, founded in 1974 and listed on the New York Stock Exchange since 2010, operates as an international owner and lessor of containerships and, through a separate platform, participates in dry bulk shipping. As of February 2026 the company operated a fleet of 79 containerships and 38 dry bulk vessels. Alongside the Series C, Costamare has two other preferred series outstanding, the 7.625% Series B and the 8.750% Series D, giving income-focused investors multiple coupon and pricing points across the same issuer's capital structure. The Series C shares were originally issued in January 2014 with 4,000,000 shares offered, and the terms are documented in a prospectus filed with the SEC under Form 424B5.\n\nThe premium in CMRE'C comes amid a broader market session in which risk appetite has been mixed across asset classes, with major cryptocurrencies including Bitcoin and Ethereum posting gains and technology shares trading unevenly, Meta Platforms and Intel higher while Oracle and Accenture declined. Fixed-income and preferred markets do not always move in lockstep with those swings, but the backdrop of active demand for yield-generating instruments provides context for why a high-coupon, cumulative preferred like CMRE'C continues to attract buyers even at a price above its redemption value. Separately, recent news coverage of Costamare's common stock has included differing valuation views, with GuruFocus citing a GF Value estimate below the recent common share price and Simply Wall St publishing an analysis suggesting the common shares could be undervalued relative to its own model, both of which pertain to the common equity rather than the preferred series.\n\nInvestors tracking CMRE'C going forward are likely to watch whether Costamare exercises its call option on the Series C shares, a decision the company has not signaled publicly in the material reviewed. The next scheduled ex-dividend date and the shares' continued trading above the $25 liquidation preference will offer the clearest signals of how the market is pricing that redemption risk in the months ahead. Costamare's other outstanding preferred series, with different coupons and call schedules, may also draw comparison as investors weigh relative pricing across the company's capital structure.","source":{"name":"Preferred Stock AI","slug":"preferredstock-ai"},"category":"Preferred Stocks","article_type":"News","license":"Free to republish, in full or in part, with attribution to Capital Data Wire and a link to the original article. No fees, registration, or permission required.","quality_score":85,"human_reviewed":false,"original_url":"https://preferredstock.ai/symbol/CMRE-P-C","featured_image":null,"published_at":"2026-09-25T11:27:41.162570+00:00","updated_at":"2026-09-25T11:27:41.162570+00:00","is_demo":false,"attribution":"Via Capital Data Wire. Discovered via Preferred Stock AI.","attribution_html":"Via Capital Data Wire. Discovered via Preferred Stock AI."},"meta":{"demo_data":false}}