01—Abstract
Summary
Summary of the 8-K filed August 20, 2026. Cited figures are marked; the original filing is the authoritative source.
Capital One Financial Corporation (NYSE: COF) announced on August 20, 2026 that it will fully redeem all 1,000,000 outstanding shares of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series M (CUSIP: 14040HCF0), on September 1, 2026.
Each share will be redeemed at $1,000,a for an aggregate redemption amount of roughly $1.0 billion, excluding dividends. Holders will also receive the regular quarterly dividend of $9.875 per share, payable on the redemption date to holders of record as of August 17, 2026. The redemption price itself does not include accrued and unpaid dividends, and dividends cease to accrue on and after the redemption date.
Payment will flow through DTC, with Computershare Trust Company, N.A. acting as redemption agent. For investors, this is a routine capital management action rather than a signal of financial stress.
Full redemption of a reset preferred at par typically reflects the issuer's decision to retire higher-cost capital, often at or after a reset or call date. The filing does not disclose the funding source or any replacement issuance, so investors should look to subsequent filings or earnings commentary for details on the impact to capital ratios and the company's capital plan.
02—Key points
Key Highlights
- Capital One will redeem all 1,000,000 outstanding shares of its Series M Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock on September 1, 2026.
- Redemption price is $1,000 per share, implying an aggregate principal redemption of approximately $1.0 billion.
- Holders of record as of August 17, 2026 will receive the regular dividend of $9.875 per share, paid separately on the redemption date.
- The redemption price excludes accrued and unpaid dividends; dividends stop accruing on and after the redemption date.
- Redemption is processed through DTC, with Computershare Trust Company, N.A. serving as redemption agent.
- The filing is a Form 8-K under Item 8.01 (Other Events), with the press release furnished as Exhibit 99.1.
- The filing does not disclose the funding source or any replacement preferred issuance.
03—Questions
Frequently Asked Questions
How much capital is being returned to Series M preferred holders?
Approximately $1.0 billion in principal, calculated as 1,000,000 shares at $1,000 per share, plus the separate $9.875 per share regular dividend payable on the redemption date.
Will holders receive accrued dividends in addition to the redemption price?
The regular dividend of $9.875 per share is paid separately on September 1, 2026 to holders of record as of August 17, 2026. The $1,000 redemption price itself does not include accrued and unpaid dividends, and no dividends accrue after the redemption date.
Does this redemption signal financial weakness at Capital One?
Not necessarily. Full redemption of preferred stock at par is a common capital management decision, often used to retire capital that is no longer cost-efficient. The filing itself does not state a reason, and it contains no information about financial performance or condition.
Is Capital One issuing new preferred stock to replace Series M?
The filing does not say. Investors should check subsequent 8-K filings, prospectus supplements, or earnings call commentary for any replacement issuance or updated capital plans.
When and how will the Series M shares be settled?
Redemption occurs on September 1, 2026 through DTC's standard procedures. Computershare Trust Company, N.A. will make payment to DTC as redemption agent. Beneficial holders should contact their brokers for settlement details.
04—Continue