In case you haven't noticed all the preferreds are performing poorly; perhaps more so the closed end funds like HPS and all the Nuveens etc

This has been going on ever since the Feds decided not to pay dividends on the Fannie Mae and Freddie Mac preferreds last month.

Preferreds are now a toxic investment even if they are paying their dividends. Everyone is afraid. In addition their are large calls on margin accounts and investors in hedge funds are also clamoring for their cash.

Look at the Ford preferreds that are now paying around 40%. Ford surely has the cash to pay and more than likely will pay (otherwise it will damage their credit rating even further)on their preferreds. Later this month they will declare the dividend and usually pay around December 7th