From: Paul Barrett < Sent: Friday, September 21, 2018 3:37 AM To: Jeffrey E. Cc: Richard Kahn Subject: JPM Prefs Jeffrey JPM will likely call 1/4 of our $8MM JPM pfd positio=. Recall this was a fixed 7.90% coupon pfd that is now floating at Libor &=43; 347bps. The Xela bonds we bought at 102 are now 105. Will do=some more work on the Rackspace bonds as a replacement for the S2MM.<=o:p> Rich said you want to unwind the 2-10 curve steepner=option. The deadline for tax-year 2017 deductible corporate pension contri=utions expired this week. As a result we could see a continued move higher=in long rates especially as issuance picks up in the 4th quarter. This is a 2yr option. I think it i= worth keeping for a few months. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (c) </=pan> <mailto EFTA_R1_01831645 EFTA02623055