Out of an original 726,000,000 preferreds issued only 254,000,000 are outstanding. 55% was redeemed and an additional 72,000,000 on 10/27.
Based on page 38 of the prospectus, total asset values (or NAV but no deduction for borrowings) would have to fall below 508,000,000 for any triggers to occur.
Using a NAV of 6.92 (@10/31) times outstanding common stock of 41,873,494 gives me 289,764,578. We add back the preferreds oustanding of 254,000,000 as they were deducted to arrive at the 6.92 and we arrive at 543,764,578. The only guestimate I used is the oustanding common stock that I derived from Yahoo's market value. Thus, there is a cushion of about 36m. But I believe they will just keep redeeming if necessary.