Ooof, I went down a rabbit hole about their preferred stock and you better understand what you're getting into. It's non-cumulative redeemable. Meaning if they miss a dividend they aren't obligated to pay any missed dividends and redeemable means they are redeemable at a price set in their prospectus at or beyond a specific date. Looking at this is super interesting but also incredibly boring because to know what you're getting into you need to read the prospectus and understand the terms. Interesting though in that the redeemable price is set in stone in the prospectus and unless they go bankrupt they can't redeem it for any less. There is also like 5 current sets of preferred at different dividend payout rates. I, H I know for sure and like 3 others.

I need to really look into it more, BUT if they don't go out of business looks like a guaranteed eventual 4x because I'm pretty sure the prospectus set the redeem rate of all the currently issued preferred stock in the 20's. With that said I'm a complete novice in this area and could be wrong. You'd have to read and jnderstand the prospectus.

I think the play would be to find the highest dividend rate within a reasonable redeemable window (I is redeemable at or beyond June 30 2023 for example, I believe) and buy those because they will be redeemed first when interest rates go down and they can issue a new set at a lower rate. Again, this is a first looksie, novice take.

Also, you're senior to common stock but junior to bondholders. You may get something in the event of going under, but depends on a few factors.