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Thanks, pauleckler. I already have a position in this preferred and they have been good about paying their dividends. For me, the dumb question was whether the call date usually coincides with a final dividend payment or not. It struck me that the call date was a couple of days shy of when you'd expect the third quarterly payment to occur, so I was concerned whether that third payment would occur or not.

Now, assuming a third payment, I can calculate whether the high dividend is high enough to compensate for a possible redemption of all shares at $25. Perhaps the market has already brought down the price to what's still profitable.

In your experience, if a company is going to call preferred shares, how far in advance is it announced or is it announced at all? Do companies that wish to redeem preferred shares simply do so once the call date passes without any press release?
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