There are ways to redeem prior to that date. I don't understand what exactly could cause one of these 2 scenarios, however they have all seemed to trade down to Par recently. It looked to me that someone thought they could be called.
Section 6. Redemption.
(a) The Series C Preferred Stock is not redeemable prior to May 16, 2017 except as described in this Section 6 and except that, as
provided in this Articles Supplementary, the Corporation may
purchase or redeem shares of the Series C Preferred Stock prior to that date in order to preserve its qualification as a real estate investment trust
(“REIT”) for federal income tax purposes.
((c) Special Optional Redemption Right. Notwithstanding anything to the contrary contained in Section 6(a), upon the occurrence of a
Change of Control, the Corporation may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series C Preferred
Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred
OK - point taken. Default risk seems minimal. But knowing that NLY still isn't attractive. I think people are going away from the highest yielders down to the next level like MLP's and even utes...BDC's remain as opaque as ever.