Preferreds aren't down 50% YTD like Commons are. OUCH! That must hurt.
In fact, the Preferred to Common ratio is increasing each week (sometimes each day!). That should be a BIG concern for Commons shareholders as the Conversion from Preferred to Commons increases as the Common price continues its downward spiral towards sub-$1.
Brace yourselves, Moelis is coming. And it's going to be worse than Winter for Common shareholders.