Orphan Risk
Hi, guys --
Got to love the balance sheet & the short term catalyst, but how do you come to terms with the risk of that this non-cumulative preferred is just left hanging in the breeze? See, e.g., TLSRP for an example, and at least TLSRP is cumulative. It might be impossible to hold on to REIT status, but given that the D is ~40% of the assets anyway, why would a buyer care?
Yours,
RP