Probably not, for almost any portfolio. I hold Preferred C (purchase at above $20/share). Most Preferred stock was converted in a vote-buying scheme of dubious legality that stripped the Pfd of most of its rights. It is, however, still senior to most other debt. The notes mature in 2035, and if you want to wait that long and the IRR works for you, then buy. Otherwise, there is no guarantee or even likelihood that the Pfd will be redeemed at Par in the near future.