I have traded in and out of the preferred. I bought between $10.50 and $13.50, sold $18 - 21.

The perception of a company's ability to pay the divy and competitive yields are the two factors that move preferred prices (unless they are convertable preferreds, which these are not).

As the risk of default decreases, the price will increase - this is what has happened to GMXRP. Each of the secondary issue of equity that goes to pay off debt/increases cash flow through higher production lowers a risk of default.

At this price, it should trade based on yield and closer to par of $25 - its max price.

The only corrolation could be that conservative, income investors feel more comfortable with GMX as a company, and the risk of default.