Fannie Mae-No Politics (FNMA)

[ano]

To my knowledge all FnF prefs are NON-Cumulative preferred stock, NOT Convertible preferred stock

“Non-cumulative preferred stock does not issue any omitted or unpaid dividends. If the company chooses not to pay dividends in any given year, the shareholders of the non-cumulative preferred stock have no right or power to claim such forgone dividends at any time in the future.”

“Convertible preferred stock includes an option that allows shareholders to convert their preferred shares into a set number of common shares, generally any time after a pre-established date

https://www.investopedia.com/terms/p/preference-shares.asp

FNMAS pref stock: http://www.fanniemae.com/resources/file/ir/pdf/stock-info/series_s_12062007.pdf

how would prefs convert to common?