READER INITIATED ALERTS

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1,933 thoughts on “READER INITIATED ALERTS”

    1. they missed on earnings so common getting hit
      not sure what this means for preferred
      not much of a reaction so far

        1. Now trading at 66% of tangible NAV and 4.4 forward P/E based on low end of their $6-6.25 projected earnings for 2023… Despite everything, they easily beat their projection for 2022… CUBI seems hellbent on maintaining its Rodney Dangerfield of banks status..

          1. The three banks that I think the FDIC will be paying a visit are Signature, Silvergate and Associated. CUBI doesn’t seem to be in that kind of danger.

    2. Bad earnings report. There was a discussion in SA. Preferreds haven’t dropped, I might sell some of my iversized position.

  1. I attempted to place a low ball order for SJIJ using the cusip # on Schwab, but it was not accepted. Anybody else experience the same problem?

    1. Schwab’s website “upgrade” has caused some features to break … maybe this is another one … or did you try on StreetSmartEdge, or whatever it is that their other platform is called?

    2. SJIJ is ….at least as of today…. a valid symbol. I had no problem placing a low bid on street smart edge just now.

      1. Yes, there is no reason the ticker shouldnt work until at least around the date I posted earlier when they said the deal would be consummated.

    3. I’ve had a lot of problems with the new version- this week the ‘Classic’ version is gone. At least they finally added ‘last trade’ – not having that for months was idiotic.
      But, it does take SJIJ– although it doesn’t show in the drop-down, you have to click on the space below the entry box. DUMB

  2. does anyone know what will happen to the FHN preferreds if TD is allowed to acquire them?

    1. I know I remember reading the plan at one time but not sure I remember correctly, however if memory serves, I believe they will remain outstanding or become mirror image reissues under the TD name…. The COWN issues which are also being acquired by TD are different…. COWNL I believe is going to be called. There is also a COWN convertible preferred but have never looked into that… CWGRP… It’s a 5/625% 1k preferred trading at 1500 so obviously executable convertibility must be a part of its current pricing.

  3. Regarding GLOG Ltd’s proposed purchase of the units of GLOP partners, has anyone read or have a sense of what fate might await the GLOP preferreds? All 3 of the preferreds are down about 3% today after the announcement on 5 or 6 times normal volume.

    1. Only thing that will happen is that their dividends will become safer. GLOP is being stolen at $7.70/share so there will be a lot more cash to pay on the preferreds.

      As far as their listing is concerned….Nothing will happen to them. GLOG-A has traded on the NYSE for years after GLOG’s take-private transaction with Blackrock.

      1. Thanks for your reply. But then it seems strange that all 3 of Glop’s preferred should have dropped about 3% on 6 times normal volume yesterday. Perhaps it’s time to buy more.

      2. We’ll have to wait to see what they do in this market where so many times it has gone against the little guy.

    1. Ok, here is what the SJIJ vultures want to know……
      The Company expects the Merger to close on or around February 1, 2023, subject to satisfaction or waiver of the remaining conditions to the closing of the Merger. As a result of the Merger, shares of common stock, $1.25 par value per share, of the Company (the “Company Common Stock”) will cease to be listed for trading on the New York Stock Exchange (the “NYSE”). In connection with the Merger, the Company also has provided notice to NYSE that it is voluntarily delisting its 5.625% Junior Subordinated Notes due 2079 and its Corporate Units from the NYSE. A Form 25 with respect to the delisting will be filed on or about February 6, 2023.
      https://www.sec.gov/ix?doc=/Archives/edgar/data/0000091928/000114036123002749/brhc10047000_8k.htm

      1. Grid,
        No mention in the 8K of the delisting its 5.020% notes due 04/15/2031? I have a small position in an IRA looking to add on a drop and wondering when the last trade day might be? Thanks for the update

        1. 35, Those wouldnt be mentioned because they are not on any exchange. They trade on the bond desk so there is no delistment possible. My working assumption is they still trade there as many delisted companies bonds still trade on bond desk. I think bond market has been fighting the experts market thing. Im not sure its totally resolved. It thought implementation was delayed a year. I havent followed though and just plan on holding anyways. Would buy more if it dropped crazy.

            1. Now down 11%.

              I think we got our answer. The dumping has begun.

              Making short term high confidence trades is rare in investing. But avoiding SJIJ until we see massive volume is probably a safe bet. For instance, I see only 130k volume today, a lot compared to historical avg volumes, but PFF holds a lot more, last I checked.

              I.e. the falling knife hasn’t hit the floor yet.

              1. Ya, I may bottom fish at some point, but this issue could be stranded forever or until maturity and I will be more dirt that dirt is by then. I picked up the 2031 with almost 9% YTM. The present yield here for SJIJ isnt even there yet for me as counting on YTM for this issue is way to problematic for me.
                There are 8 million of these little buggers potentially available to trade.

              2. Agreed. No idea if we’ll get there or blow right past, but I’m looking for that magic 10%+ yield if we’re going to go dark with it.

      2. Amazing SJIJ hasn’t plummeted., esp with the 2031 notes offering better risk/returns. The magic question is when PFF starts its dump. Would assume in the next week or so.

        Grid, btw, thanks for feeding the vultures.

    2. Why do you suppose the SJI 2031 notes are trading with such a high YTM? Is it due to the credit rating? Seems like a juicy yield given the risk profile but I feel like I must be missing something. Thanks!

      1. Dick, I checked TD this morning and they have them marked up at 80+ besides the trade costs unless you want 25 or more. I think the secret is out and the vultures are going to miss a meal

      2. Dick, my understanding is these should trade at some discount as there should be a risk of these being untradeable too down the road. The bond market has been trying to fight off the onerous new SEC reg, but if I understood correctly they only got a year delay. I dont know how its going to pan out. Bond market has been fighting it saying it will mess up the 144a bond market where many private entities seek working capital from.

    1. It was only a matter of time before that was going to happen if you dug into the past of the person at the top. Sometimes I think these companies are created with other people’s money just to drain it via salaries and perks. If it works out even better but such a slim chance for it to happen.

      FATBP is probably next. Paying a common div AND preferred while losing money, trying to grow, and high interest rates with a high debt load. What is there not to like?

      1. I vote recovery. They are leasing a large number of apartments this year and earnings should be strong. The only reason they are deferring the dividends at this point is due to the bank loan which is currently being renegotiated. Once that is finalized, they should reinstate the preferred dividends. Who knows…the company may be doing this to acquire shares on the cheap.

  4. HROWM

    Anyone have any thoughts on this Preferred – it was recently launched and the parent HROW.

    From a pure technical analysis standpoint HROW is performing well and recently raised equity, which is good they have addnitional cash on hand. Thinking of taking a small position in HROWM for my speculative bucket for the 11%

    1. The thing I’ve noticed about the Harrow Health notes is that HROWL has a call date just two months prior to maturity in April 2026, while HROWM has a call date in December 2024 and a maturity in Dec 2027. With its three percentage point higher coupon and likelihood of getting called in a couple of years, HROWM seems like a better choice for investors than HROWL.

      1. Im sure you noticed the first note was a straight vanilla 5 year term fixed. HROWM only has 2 years call protection. Im sure this wasnt an accident. They are assuming this acquisition bears quick fruit and they can improve finances in short order to take it out quickly to reduce cost of capital. But as the saying goes… “The best laid plans of mice and men often go awry”. I hold a small M position bought under par. It has already went exD on a partial and trading slightly above par. So its performed ok for now. Dont know how long I will hold it though.

    2. sjc, see https://innovativeincomeinvestor.com/harrow-health-selling-new-baby-bonds/ for initial discussion on this board.

      Any company paying 11.875% on new money (3.25% more than their previous note) has issues I don’t care to own.

      I just took a look at their latest 10-Q (published in November at https://investors.harrow.com/static-files/e2648537-db56-48d0-99ec-5cf073521edf):
      – Net loss of $10.6M on $50.1M revenue as of 2021Q3. Ouch.
      – Net loss widened to $15.1M on $63.4M revenue as of 2022Q3. Ouch.
      – Nice cash cushion, yes, but it’s down 23% in 2022Q3 vs 2021Q3, and they’re having to pay handsomely for it:
      – Interest expense up 53% in 2022Q3 ($5.39M) vs 2021Q3 ($3.51M), a picture which will worsen considerably with the issuance of HROWM at 11.875%. Ouch.

      1. I noted https://www.businesswire.com/news/home/20230123005117/en/Harrow-Closes-Acquisition-of-U.S.-Rights-to-ILEVRO%C2%AE-NEVANAC%C2%AE-VIGAMOX%C2%AE-MAXIDEX%C2%AE-and-TRIESENCE%C2%AE-and-Will-Begin-Receiving-Net-Profit-Payments-for-Acquired-Products with interest (Tim posted that link in his latest “Headlines of Interest”), but I also note that while it says the products will be “immediately financially accretive,” it doesn’t say by how much (the revenue and EBITDA numbers they give–overall, not specific to those acquisitions–seem to be in line with what you would infer from the Q3 10-Q).

    3. On January 24, 2023, GasLog delivered an unsolicited non-binding proposal (the “Offer Letter”) to the Issuer’s board of directors to acquire all of the outstanding Common Units not already beneficially owned by GasLog. In connection with the proposed transaction, each Common Unit would receive overall value of $7.70 per Common Unit in cash, consisting in part of a special distribution by the Issuer of $2.33 per Common Unit in cash to be distributed to the Issuer’s unitholders immediately prior to the closing of the proposed transaction and the remainder to be paid by GasLog as merger consideration at the closing of the proposed transaction. The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, which is filed as Exhibit 1 hereto and incorporated by reference in its entirety into this Item­­ 4.
      There can be no assurance that any discussions that may occur between the Reporting Person and the Issuer with respect to the proposal contained in the Offer Letter will result in the entry into a definitive agreement concerning a transaction or, if such a definitive agreement is reached, will result in the consummation of a transaction provided for in such definitive agreement.
      Discussions concerning a transaction may be terminated at any time and without prior notice. Except as may be required by law, the Reporting Person does not intend to disclose developments with respect to the foregoing unless and until the Issuer and the Reporting Person have entered into a definitive agreement to effect such transaction.
      https://www.sec.gov/Archives/edgar/data/1598655/000095015723000043/sc13da.htm

      1. Really tired of these “will they- won’t they” takeovers. Will sell my small profitable position in GLOP-A to get ahead of the rush.

    4. sjc-
      Looking at Bur Davis’s comment, I wouldn’t know you are both talking about HROW (M). Maybe one danger of tech analysis?
      Makes a market….

  5. SOHO paying 2020 declared dividend, not getting totally caught up but in the right direction.
    “We are pleased to announce the reinstatement of quarterly preferred dividend payments, which was facilitated by the continued recovery of the Company’s operating fundamentals,” commented Dave Folsom, the Company’s President and Chief Executive Officer. “Additionally, in the future, we intend to reduce the amount of accrued preferred dividends through the periodic announcement of special dividends, as warranted by market conditions and the Company’s profitability.”

    1. This is why I dont invest in hotels. They can choose to use them as a checking account. They can “choose” to pay what and when they want. They can use the proceeds for anything. This is why they chose to not get bonds and get preferreds instead. They can’t just choose to pay the interest on a bond. When I want that periodic check coming into me, I can’t rely on a strategy as they have implemented. It is not investor friendly.

    2. I was just reviewing my SOHON holding last week. Considered selling but things looked like they were improving so I decided to hold it through 2023 expecting some good news by 2024. It came a year early.

  6. Easy swap opportunity:

    Sell: ABR-D, trades at $20, fixed coupon of 6 3/8, callable 2026

    Buy: ABR- F, trades at $20, FTF, fixed coupon of 6 1/4, but then floats on 2026 call date at SOFR plus 5.442% per annum however, that in no event shall the Floating Rate be lower than 6.125%

    What am I missing? F should be at least $1 higher for the protection against rates rising.

    1. The market has done a 180 degree shift in the last few weeks. Concern now seems to be how low can rates drop vs how high can rates go. On the ABR preferreds, the market knows income will be higher on the D shares for over three years. I agree F should be higher…but maybe not as much as a dollar higher. I like both issues.

      As another example, take a look at USB-A and WFC-L. The USB issue has a higher credit rating, more cap gain potential, and a higher current yield. Plus the yield on USB-A will be higher still next quarter. The market obviously is figuring in a rate drop down the road….

      1. Retired, yup I love it. Fixed rates went from hated to loved. I think the pendulum has swung too far. Another good example is that MITT-B now trades close to MITT-C. Bananas.. Gridbird must be selling his fixed now rotating into floats.

        Not quite sure that USB-A has greater cap gain potential since it is callable.

        Interest rates are hard to predict. I am concerned of the scenario where rates fall significantly and I’m left with a 3.5% coupon. If treasuries go back to 1.5%, and WFC debt trades at 2.5%, it’s not unreasonable to have their pref trading at 4.5% yield, which means massive upside.

        1. Consider if USB-A were called that would be a 26.4% gain. Now consider that if WFC-L were to rise by 26,4% it would be priced at 1575. That’s essentially its all time high when rates were at their lowest , and it should be sold. At the time WFC-L reached 1575, USB-A actually traded above par 1000. So treasuries going back to 1.5% would mean good upside for both issues.

          I presently hold both for different reasons.

          1. I may regret selling some of my lower quality preferred yesterday but I had standing sell orders in on some US cellular as I had too much in all my accounts. Between last quarters report and the next one coming up even though we are a month out from next divy I want to be better positioned before the first week of Feb. with the possibility of another 25 bp raise.
            I also sold another communication stock I had that paid the last dividend yesterday.
            Note- both of these I may buy back if their prices drop

        2. Maine, I wish I could stay on top of the flavor of the day! Im just presently sticking to a little bit of everything mode with a wink and nod tilt to quality.

    2. EIDP? That’s what CTA preferreds are now?
      Where did that come from. Is that DD?
      This preferred drives me nuts,
      Anyway it’s still the same stock but EIDP?
      Good night

      1. It references the initials of the name of company founder

        Éleuthère Irénée du Pont (1771–1834)

        The description listed in the profile for CTA/ A/B is the same as DD

        This is a good sock drawer issue IMO

  7. Continuing theme of illiquids rising crazily today…
    AATRL up 19% UEPEP up nearly 18%.
    Cannot be “real”?? Only noticed cos I own both and was wondering where my crazy acct balance rise comes from. I guess part of the joy of owning our Illiquid friends…

    1. UEPEP only had 118 shares trade today. Just a case of someone wanting to add at any cost below par. Who knows. Maybe getting called?

    2. AATRL only traded 100 shares, @$62 vs prior close of $52. How does that happen in what is supposed to be an “expert” market? I have a GTC order to sell my AATRL at $60, which didn’t get hit as the “expert” choose to pay $62. LOL

      1. This is probably only going to confuse things more. I had had a GTC order to sell 100 shares of AATRL for $54. It was a remnant of a more substantial holding from back when and had been outstanding for some time. I saw it had filled and figured that it was just part of a larger trade. But no, it was the only 100 shares that traded yesterday. How this happens, I have no idea, but obviously I’m not complaining. I see at as a small bit of compensation for what the “experts” have exacted from me on KTBA.

  8. Does anyone know why CTA-B is up over 13% today? Is it being redeemed at the call price of $120?

    1. I was just going to post that alert on CTA-B. That is a giant price move for that particular issue.

      Yields continue to evaporate as if we are going to get rate cuts in Q4. Madness.

      1. Craziest preferreds i own. Today they went way up..why?
        Tomorrow? Could take it all back. If they call it I will faint.

  9. I have tracked 3mo. LIBOR vs. 3mo. TERM SOFR since late Oct 2022.
    The bp spread has steadily declined from arnd 35bp to Friday’s 16bp ….
    3mo. LIBOR has had a higher yld # than the 3mo. TERM SOFR.
    Jan 13 ## = LIBOR @ 4.792% vs. 3mo. TERM SOFR @ 4.632%.
    Have had a steady interest in using active , currently floating issues.
    With upcoming switch away from LIBOR is reason for my track.

    1. I’d be careful about buying those floating rate issues. I own AGNCN mostly because of the high 7% teaser rate offered before conversion to a floater. Before buying any floater ask yourself “ for how long do I expect these high rates to last?” and what will reverting back toward normal do to the share price. I’m not very comfortable with floaters because I think the high rate situation is artificial and duration may be short lived.

      1. Would you say the current high rates are Transitory?

        Powell is that you behind the veil?

        But in all seriousness, it took boatloads of free money, plus China lockdowns and low supply to get inflation going after years of it not budging. I feel like it could drop back down in a flash so I haven’t dabbled much into floaters outside of what I already had.

        But I’m not going to go to Vegas and bet the house on it being transitory either.

  10. There’s a small allotment of Trinity Capital bonds available on E-Trade if anyone is interested. CUSIP is 896442AG5. I picked up a few of these this morning. Yield to maturity in 2026 is over 8.5%. Trinity has a preferred stock, TRINL, that is at 7% yield to maturity. Bonds are a much better deal. Company is doing well and has a solid balance sheet. Also a can’t miss BBB rating by Egan Jones 🙂

    1. Thanks for alert Chris. Shockingly the 2 year TRINL ETD has to be one of the best price action holdups I have come across. These barely traded down a mere .50 cents from current par levels during peak of the yield panic back in October.

    2. TRINL is also a bond. I guess the lower yield on TRINL is due to the earlier maturity and better liquidity.

      1. And perhaps because call date (on QOL) is 1/16/23? I’d assume it will stay pinned to par until maturity. The bond isn’t available on Fidelity right now.

      2. TRINL is inexplicably high imho when compared to other short maturity BDC bonds…. GAINN 5% due 5/1/26 just went x-div and last trade was 23.07 with YTM = 7.67%. Saratoga’s SAT 6% due 4/30/27 is last trade @ 23.35 for YTM = 8.05%. TRINL 7% due 1/16/25 trading at a slight premium with a 1/16/23 par call seems high to me comparably…. You can buy noncallable RCA 7% due 8/15/23 at essentially the same premium as TRINL. Granted, RC is not a BDC but nevertheless……..

        1. 2WR, RCA is my throwaway trade when I have a bit too much promiscuous cash laying around. Bought some today for a modest income capture play as it approaches exD. Bought some 5.3% 2025 YTM subsidiary ute Public Service New Mexico today. Pickings getting slim in bond market again.

          1. I’ve got RCA on Ron Popeil’s “Set it and Forget” setting….. I miss some decent income capture opps by ignoring the exact same thing you’re doing….. My bad.

          2. Grid, the only RCA I bought was the color console to replace the black & white round Dumont. . .

            1. Tex – Elvis Presley and Nipper the Dog would be sad to hear that…. You never owned an Elvis record? Maybe that was before your time, but RCA bot Presley’s contract from Sam Phillips and Sun Records in 1955 for all of $40,000. The rest is history with “Heartbreak Hotel” being Presley’s first recording for RCA. He was RCA Victor’s largest selling artist ever……

        2. TRINL’s shorter maturity in relation to GAINN and especially SAT is the reason for it’s lower YTM and greater price stability IMHO. Trinity has also been pumping out common shares like there’s no tomorrow which provides more cushion. I have a position in the new SAJ issue that matures a few months after SAT. It has a higher 8% coupon and has traded close to par since its recent ipo. I may flip it if the price increases enough as we get closer to the $0.6889 payday next month.

    3. Then there is the Trinity Capital stock TRIN that paid $2.33 last year in dividends. At there current price around $12 the return would be over 18% if they pay the same dividend next year. Why is the stock so cheap? Most likely investors are concerned.

      1. Danzeb – a snippet from BDCReporter’s 2 part write up on TRIN in Dec:

        “However, we count 6 companies in Category 5 with a cost of $80mn and a FMV of $34mn, a discount of (57%). One of these non performers is the third of three crypto mining companies TRIN lent to – Core Scientific. This company has just filed Chapter 11 and substantial losses are likely. However, as of September 30, 2022, TRIN’s $24mn in advances at cost was still valued at $19.4mn.

        Also in credit trouble is FemTech Health, which we wrote about on November 7, 2022. When your CEO LAYS himself off “in solidarity”, things must be bad. TRIN has invested $29mn but values the debt and equity stakes at just $10mn. Further losses are plausible. Then there’s GoFor Industries – a delivery company using electric vehicles – which has lost nearly two thirds of its value.”

      2. I certainly hope that folks here do a bit more due diligence than that before rejecting an investment. Here are a couple of recent articles on Trinity Capital (TRIN) from SA that provide additional information. Suffice it to say that they’re not hurting for cash going into 2023 and the stock is up over 10% YTD.

        https://seekingalpha.com/article/4564806-trinity-capital-17-percent-yield-plus-5-percent-extra-22-percent-discount

        https://seekingalpha.com/news/3923147-trinity-capital-ends-2022-with-record-975m-in-new-commitments

        TipRanks is another source of information worth checking for news and information on both stocks and the analysts that write about them. Great tool for winnowing out bad advice and unknown analysts.

        https://www.tipranks.com/stocks/trin/stock-analysis

  11. Careful with this one if you have it long 17%+ premium
    In addition, Genie will redeem 117,647 shares of the outstanding Preferred Stock on February
    15, 2023 (the “Redemption Date”) at a price of $8.50 per share (an aggregate of $1 million),
    together with an amount equal to all dividends accrued and unpaid up to, but not including, the
    Redemption Date.

  12. So Genie Energy just announced another 117,647 shares of their Series 2012-A Preferred Stock GNE-A to be redeemed at 8.50$ on Feb 15th which leaves them with 866,000 outstanding –
    https://www.sec.gov/Archives/edgar/data/1528356/000121390023002512/ea171593ex99-1_genieenergy.htm
    – and it still amazes me that currently there is a bid at 10.22$.
    I exited my position a while back because of the accelerated redemption and i highly suggest you do the same considering the current premium. Spreads are getting wild aswell.

  13. NYCB-U: Fidelity reports that on 12/8/22 a dividend of .5083 was announced with a record date of 1/31/23. But NYCB-U has a coupon of 6% and par of $50, which translates to a 75 cent quarterly dividend, which it has regularly paid. I can’t find any confirmation of this 12/8/22 dividend announcement. Seems like a mistake. I have a call into Investor Relations but haven’t heard back. Does anyone know more about this?

    1. Cws, It has to be a mistake, it doesnt float or adjust. It can be called or converted now by owner (at a substantial loss so no one will do it).
      The SEC filings reinforce this….
      The Bifurcated Option Note Unit SecuritiESSM (“BONUSES units”) included in the preceding table were issued by the Company on November 4, 2002 at a public offering price of $50.00 per share. Each of the 5,500,000 BONUSES units offered consisted of a capital security issued by New York Community Capital Trust V, a trust formed by the Company, and a warrant to purchase 2.4953 shares of the common stock of the Company (for a total of approximately 13.7 million common shares) at an effective exercise price of $20.04 per share. Each capital security has a maturity of 49 years, with a coupon, or distribution rate, of 6.00% on the $50.00 per share liquidation amount. The warrants and capital securities were non-callable for five years from the date of issuance and were not called by the Company when the five-year period passed on November 4, 2007.

    2. CWS, TDA is showing the same dividend.

      Be interested to find out what IR has to say.

    3. NYCB doesn’t announce their payments on the BONUS units. they just announce for their preferred stock. I wouldn’t bother flooding their IR department with calls 2 weeks before the record date.
      Watch it get corrected by Monday at the latest.

    4. CWS…. I did find the divi amt on the NYCB web site as unchanged at .75c
      I will post that shortly. I own the ” U ” also & Schwab has recently been posting a lowered qtr pay .

    1. Meanwhile GLAD and GAIN notched up, with GAIN announcing a special dividend 3x the current dividend

  14. The WSJ reported this afternoon that the The Franchise Group (FRG) is considering going private. FRG has one preferred outstanding – FRGAP. No mention was made by the WSJ of how the preferred would be dealt with.

    1. Read through the prospectus. It seems like if FRGAP is delisted, then there will be an option for holders to redeem their preferred shares for $25 a share. If the company continues to report financials and it remains on the Nasdaq, then it will continue to pay 7.5% I don’t see the risk of this one going dark. Should increase in price tomorrow.

      1. Chris…The way I read it, it looks like the company has the option to redeem at $25, but if they don’t, the holder has the option to convert shares into common, but if they go private, what value will shares of the common have? Haven’t had my coffee yet this a.m., so my interpretation may be a bit impaired.

        1. Lucky,
          I see that verbage in the perspective, but underneath that there is a description on what would happen if the shares are delisted. That is what typically happens when they go dark…. they do not remain on the NYSE and nasdaq. Im this case, it looks like you would have the option to receive $25. I certainly could be wrong though since these prospectuses are written by lawyers and our clear as mud.

          1. Chris….Seems like people are a little more suspicious since Blackswan acquired PSB. Got my attention anyway

            1. well, this is interesting….
              https://www.sec.gov/Archives/edgar/data/1528930/000110465920105949/tm2030786-2_424b5.htm
              They hold all the cards, it appears, but if they go private, it is only considered a delisting event if the PREFERRED is delisted, not the common. (which is an interesting take on a convertible preferred, since one price is linked to the market price of the other)
              Slightly edited for brevity.

              Upon the occurrence of a Delisting Event (as defined below), we may, at our option, redeem the Series A preferred stock, in whole or in part, within 90 days after the first date on which such Delisting Event occurred, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.
              A “Delisting Event” occurs when, after the original issuance of Series A Preferred Stock, both (i) the shares of Series A Preferred Stock are no longer listed and (ii) we are not subject to the reporting requirements of the Securities Exchange Act of 1934,but any Series A Preferred Stock is still outstanding.

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