I will concur with lumpygravy on the Risk notice.
The only information I get is from reading the Presido
ER. My small investment here was an income chase.
The area for most of their RE was Southern Calif.
It appeared.they were operating similar to a net lease play.
The cheapest Capital for them seems to be the preferred.
The price eroded as Fed interest was increased. Same for
all my RE income.
I am having a moment of relief with the 3 month divi news.
They may continue to pay the preferred as a means to finance
Financing investments he he. That what I figure they try to do.
And hold on until the rate raises end and or reverse.

Best Rgds,
R................There are good reasons this trades at a 30% discount to par.
I have it for a couple years now. It held price well
for first year.