7.375% Series B Cumulative Redeemable Perpetual
Preferred Shares, par value $0.01 per share
7.20% Series C Cumulative Redeemable Perpetual
Preferred Shares, par value $0.01 per share
If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e),
13d-1(f) or 13d-1(g), check the following box ☒.
The information required on the remainder of this
cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 709102503, 709102602, 709102701
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1
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NAME OF REPORTING PERSON
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Cygnus Opportunity Fund, LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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WC
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF
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7
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SOLE VOTING POWER
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SHARES
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BENEFICIALLY
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- 0 -
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OWNED BY
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8
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SHARED VOTING POWER
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EACH
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REPORTING
PERSON WITH
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77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
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9
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SOLE DISPOSITIVE POWER
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- 0 -
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10
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SHARED DISPOSITIVE POWER
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77,450
shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
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11
|
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
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12
|
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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2.2% of the outstanding shares of Series B Preferred Stock
1.4% of the outstanding shares of Series C Preferred Stock
1.9% of the outstanding shares of Series D Preferred Stock
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14
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TYPE OF REPORTING PERSON
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OO
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CUSIP No. 709102503, 709102602, 709102701
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1
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NAME OF REPORTING PERSON
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Cygnus Property Fund IV, LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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WC
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5
|
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
|
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NUMBER OF
|
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7
|
|
SOLE VOTING POWER
|
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SHARES
|
|
|
|
|
|
BENEFICIALLY
|
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|
|
- 0 -
|
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OWNED BY
|
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8
|
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SHARED VOTING POWER
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EACH
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REPORTING
PERSON WITH
|
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35,362 shares of Series B Preferred Stock
62,500 shares of Series C Preferred Stock
16,500 shares of Series D Preferred Stock
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|
9
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SOLE DISPOSITIVE POWER
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- 0 -
|
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|
10
|
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SHARED DISPOSITIVE POWER
|
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|
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|
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|
|
35,362 shares of Series B Preferred Stock
62,500 shares of Series C Preferred Stock
16,500 shares of Series D Preferred Stock
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|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
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|
|
|
|
|
|
35,362 shares of Series B Preferred Stock
62,500 shares of Series C Preferred Stock
16,500 shares of Series D Preferred Stock
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|
|
12
|
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
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13
|
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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1.0% of the outstanding shares of Series B Preferred Stock
Less than 1% of the outstanding shares of Series C Preferred Stock
Less than 1% of the outstanding shares of Series D Preferred Stock
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14
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TYPE OF REPORTING PERSON
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OO
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CUSIP No. 709102503, 709102602, 709102701
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1
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NAME OF REPORTING PERSON
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Cygnus Property Fund V, LLC
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2
|
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐
|
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(b) ☐
|
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3
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SEC USE ONLY
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4
|
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SOURCE OF FUNDS
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WC
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|
5
|
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
|
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
|
|
NUMBER OF
|
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7
|
|
SOLE VOTING POWER
|
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SHARES
|
|
|
|
|
|
BENEFICIALLY
|
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|
|
|
- 0 -
|
|
OWNED BY
|
|
8
|
|
SHARED VOTING POWER
|
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EACH
|
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|
|
|
REPORTING
PERSON WITH
|
|
|
|
|
147,802 shares of Series B Preferred Stock
210,479 shares of Series C Preferred Stock
165,000 shares of Series D Preferred Stock
|
|
|
|
9
|
|
SOLE DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
- 0 -
|
|
|
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
147,802 shares of Series B Preferred Stock
210,479 shares of Series C Preferred Stock
165,000 shares of Series D Preferred Stock
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
147,802 shares of Series B Preferred Stock
210,479 shares of Series C Preferred Stock
165,000 shares of Series D Preferred Stock
|
|
|
12
|
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
|
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|
|
|
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|
|
|
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|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
|
|
|
|
|
|
|
4.3% of the outstanding shares of Series B Preferred Stock
3.1% of the outstanding shares of Series C Preferred Stock
3.3% of the outstanding shares of Series D Preferred Stock
|
|
|
14
|
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TYPE OF REPORTING PERSON
|
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|
|
|
|
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|
OO
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CUSIP No. 709102503, 709102602, 709102701
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1
|
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NAME OF REPORTING PERSON
|
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Cygnus Property Fund VI, LLC
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2
|
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐
|
|
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(b) ☐
|
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3
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SEC USE ONLY
|
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4
|
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SOURCE OF FUNDS
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|
|
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|
WC
|
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|
5
|
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
|
|
|
|
|
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6
|
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CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
|
|
|
|
|
|
|
Delaware
|
|
NUMBER OF
|
|
7
|
|
SOLE VOTING POWER
|
|
SHARES
|
|
|
|
|
|
BENEFICIALLY
|
|
|
|
|
- 0 -
|
|
OWNED BY
|
|
8
|
|
SHARED VOTING POWER
|
|
EACH
|
|
|
|
|
|
REPORTING
PERSON WITH
|
|
|
|
|
41,485 shares of Series B Preferred Stock
71,781 shares of Series D Preferred Stock
|
|
|
|
9
|
|
SOLE DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
- 0 -
|
|
|
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
41,485 shares of Series B Preferred Stock
71,781 shares of Series D Preferred Stock
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
41,485 shares of Series B Preferred Stock
71,781 shares of Series D Preferred Stock
|
|
|
12
|
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
|
|
|
|
|
|
|
1.2% of the outstanding shares of Series B Preferred Stock
1.4% of the outstanding shares of Series D Preferred Stock
|
|
|
14
|
|
TYPE OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
OO
|
|
CUSIP No. 709102503, 709102602, 709102701
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1
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NAME OF REPORTING PERSON
|
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Cygnus Capital Advisers, LLC
|
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|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐
|
|
|
|
|
(b) ☐
|
|
|
|
|
|
|
|
3
|
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SEC USE ONLY
|
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|
|
|
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4
|
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SOURCE OF FUNDS
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AF
|
|
|
5
|
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
|
|
|
|
|
|
|
|
|
|
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|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
|
|
|
|
|
|
|
Wyoming
|
|
NUMBER OF
|
|
7
|
|
SOLE VOTING POWER
|
|
SHARES
|
|
|
|
|
|
BENEFICIALLY
|
|
|
|
|
- 0 -
|
|
OWNED BY
|
|
8
|
|
SHARED VOTING POWER
|
|
EACH
|
|
|
|
|
|
REPORTING
PERSON WITH
|
|
|
|
|
77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
|
|
|
|
9
|
|
SOLE DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
- 0 -
|
|
|
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
|
|
|
12
|
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
|
|
|
|
|
|
|
2.2% of the outstanding shares of Series B Preferred Stock
1.4% of the outstanding shares of Series C Preferred Stock
1.9% of the outstanding shares of Series D Preferred Stock
|
|
|
14
|
|
TYPE OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
OO
|
|
CUSIP No. 709102503, 709102602, 709102701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
1
|
|
NAME OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
Cygnus General Partners, LLC
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐
|
|
|
|
|
(b) ☐
|
|
|
|
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
AF
|
|
|
5
|
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
|
|
|
|
|
|
|
Wyoming
|
|
NUMBER OF
|
|
7
|
|
SOLE VOTING POWER
|
|
SHARES
|
|
|
|
|
|
BENEFICIALLY
|
|
|
|
|
- 0 -
|
|
OWNED BY
|
|
8
|
|
SHARED VOTING POWER
|
|
EACH
|
|
|
|
|
|
REPORTING
PERSON WITH
|
|
|
|
|
77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
|
|
|
|
9
|
|
SOLE DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
- 0 -
|
|
|
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
77,450 shares of Series B Preferred Stock
97,925 shares of Series C Preferred Stock
94,210 shares of Series D Preferred Stock
|
|
|
12
|
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
|
|
|
|
|
|
|
2.2% of the outstanding shares of Series B Preferred Stock
1.4% of the outstanding shares of Series C Preferred Stock
1.9% of the outstanding shares of Series D Preferred Stock
|
|
|
14
|
|
TYPE OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
OO
|
|
CUSIP No. 709102503, 709102602, 709102701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
NAME OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
Cygnus Capital Real Estate Advisors II, LLC
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐
|
|
|
|
|
(b) ☐
|
|
|
|
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
AF
|
|
|
5
|
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
|
|
|
|
|
|
|
Wyoming
|
|
NUMBER OF
|
|
7
|
|
SOLE VOTING POWER
|
|
SHARES
|
|
|
|
|
|
BENEFICIALLY
|
|
|
|
|
- 0 -
|
|
OWNED BY
|
|
8
|
|
SHARED VOTING POWER
|
|
EACH
|
|
|
|
|
|
REPORTING
PERSON WITH
|
|
|
|
|
224,649 shares of Series B Preferred Stock
272,979 shares of Series C Preferred Stock
253,281 shares of Series D Preferred Stock
|
|
|
|
9
|
|
SOLE DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
- 0 -
|
|
|
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
224,649 shares of Series B Preferred Stock
272,979 shares of Series C Preferred Stock
253,281 shares of Series D Preferred Stock
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
224,649 shares of Series B Preferred Stock
272,979 shares of Series C Preferred Stock
253,281 shares of Series D Preferred Stock
|
|
|
12
|
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
|
|
|
|
|
|
|
6.5% of the outstanding shares of Series B Preferred Stock
4.0% of the outstanding shares of Series C Preferred Stock
5.1% of the outstanding shares of Series D Preferred Stock
|
|
|
14
|
|
TYPE OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
OO
|
|
CUSIP No. 709102503, 709102602, 709102701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
NAME OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
Cygnus Capital, Inc.
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐
|
|
|
|
|
(b) ☐
|
|
|
|
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
AF
|
|
|
5
|
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
|
|
|
|
|
|
|
Wyoming
|
|
NUMBER OF
|
|
7
|
|
SOLE VOTING POWER
|
|
SHARES
|
|
|
|
|
|
BENEFICIALLY
|
|
|
|
|
- 0 -
|
|
OWNED BY
|
|
8
|
|
SHARED VOTING POWER
|
|
EACH
|
|
|
|
|
|
REPORTING
PERSON WITH
|
|
|
|
|
302,099 shares of Series B Preferred Stock
370,904 shares of Series C Preferred Stock
347,491 shares of Series D Preferred Stock
|
|
|
|
9
|
|
SOLE DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
- 0 -
|
|
|
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
302,099 shares of Series B Preferred Stock
370,904 shares of Series C Preferred Stock
347,491 shares of Series D Preferred Stock
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
302,099 shares of Series B Preferred Stock
370,904 shares of Series C Preferred Stock
347,491 shares of Series D Preferred Stock
|
|
|
12
|
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
|
|
|
|
|
|
|
8.8% of the outstanding shares of Series B Preferred Stock
5.4% of the outstanding shares of Series C Preferred Stock
6.9% of the outstanding shares of Series D Preferred Stock
|
|
|
14
|
|
TYPE OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
CO
|
|
CUSIP No. 709102503, 709102602, 709102701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
NAME OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
Christopher Swann
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐
|
|
|
|
|
(b) ☐
|
|
|
|
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
AF, PF
|
|
|
5
|
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
|
|
|
|
|
|
|
USA
|
|
NUMBER OF
|
|
7
|
|
SOLE VOTING POWER
|
|
SHARES
|
|
|
|
|
|
BENEFICIALLY
|
|
|
|
|
- 0 -
|
|
OWNED BY
|
|
8
|
|
SHARED VOTING POWER
|
|
EACH
|
|
|
|
|
|
REPORTING
PERSON WITH
|
|
|
|
|
302,099 shares of Series B Preferred Stock
370,904 shares of Series C Preferred Stock
350,491 shares of Series D Preferred Stock
|
|
|
|
9
|
|
SOLE DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
- 0 -
|
|
|
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
|
|
|
|
|
|
|
302,099 shares of Series B Preferred Stock
370,904 shares of Series C Preferred Stock
350,491 shares of Series D Preferred Stock
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
302,099 shares of Series B Preferred Stock
370,904 shares of Series C Preferred Stock
350,491 shares of Series D Preferred Stock
|
|
|
12
|
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
|
|
|
|
|
|
|
8.8% of the outstanding shares of Series B Preferred Stock
5.4% of the outstanding shares of Series C Preferred Stock
7.0% of the outstanding shares of Series D Preferred Stock
|
|
|
14
|
|
TYPE OF REPORTING PERSON
|
|
|
|
|
|
|
|
|
|
|
IN
|
|
CUSIP No. 709102503, 709102602, 709102701
The following constitutes the
Schedule 13D filed by the undersigned (the “Schedule 13D”).
|
Item 1.
|
Security and Issuer.
|
This statement relates to the
following securities (collectively, the “Securities”) of Pennsylvania Real Estate Investment Trust, a Pennsylvania business
trust (the “Issuer”):
|
(a)
|
7.375% Series B Cumulative Redeemable Perpetual Preferred Shares,
par value $0.01 per share (the “Series B Preferred Stock”);
|
|
(b)
|
7.20% Series C Cumulative Redeemable Perpetual Preferred Shares,
par value $0.01 per share (the “Series C Preferred Stock”); and
|
|
(c)
|
6.875% Series D Cumulative Redeemable Perpetual Preferred Shares,
par value $0.01 per share (the “Series D Preferred Stock”).
|
The address of the principal
executive offices of the Issuer is One Commerce Square, 2005 Market Street, Suite 1000, Philadelphia, Pennsylvania 19103.
|
Item 2.
|
Identity and Background.
|
|
(a)
|
This statement is filed by:
|
|
(i)
|
Cygnus Opportunity Fund, LLC, a Delaware limited liability company (“Cygnus Opportunity”),
with respect to the Securities owned directly by it;
|
|
(ii)
|
Cygnus Property Fund IV, LLC, a Delaware limited liability company (“Cygnus IV”), with respect
to the Securities owned directly by it;
|
|
(iii)
|
Cygnus Property Fund V, LLC, a Delaware limited liability company (“Cygnus V”), with respect
to the Securities owned directly by it;
|
|
(iv)
|
Cygnus Property Fund VI, LLC, a Delaware limited liability company (“Cygnus VI”), with respect
to the Securities owned directly by it
|
|
(v)
|
Cygnus Capital Advisers, LLC, a Wyoming limited liability company (“Cygnus Capital”), as the
investment adviser of Cygnus Opportunity;
|
|
(vi)
|
Cygnus General Partners, LLC, a Wyoming limited liability company (“Cygnus GP”), as the managing
member of Cygnus Opportunity;
|
|
(vii)
|
Cygnus Capital Real Estate Advisors II, LLC, a Wyoming limited liability company (“Cygnus Property
GP”), as the general partner and investment advisor of each of Cygnus IV, Cygnus V and Cygnus VI;
|
|
(viii)
|
Cygnus Capital, Inc., a Wyoming corporation (“Cygnus”), as the managing member of each of
Cygnus Capital, Cygnus GP and Cygnus Property GP; and
|
CUSIP No. 709102503, 709102602, 709102701
|
(ix)
|
Christopher Swann, with respect to the Securities owned directly and indirectly by him, including as the
President and CEO of Cygnus.
|
Each of the foregoing is referred
to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party
to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule
13D.
Set forth on Schedule A to the
Schedule 13D is the name and present principal occupation or employment, principal business address and citizenship of the executive officers
and directors of Cygnus. To the best of the Reporting Persons’ knowledge, except as otherwise set forth herein, none of the persons
listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required
to be disclosed herein.
(b) The
principal business address of each of Cygnus Opportunity, Cygnus IV, Cygnus V, Cygnus VI, Cygnus Capital, Cygnus GP, Cygnus Property GP,
Cygnus, and Mr. Swann is 3060 Peachtree Road NW, Suite 1080, Atlanta, Georgia 30305.
(c) The
principal business of each of Cygnus Opportunity, Cygnus IV, Cygnus V and Cygnus VI is investing in securities. The principal business
of Cygnus Capital is serving as the investment adviser to Cygnus Opportunity. The principal business of Cygnus GP is serving as the general
partner of Cygnus Opportunity. The principal business of Cygnus Property GP is serving as the general partner and investment adviser to
each of Cygnus IV and Cygnus V. The principal business of Cygnus is serving as the managing member of each of Cygnus Capital, Cygnus GP
and Cygnus Property GP.
(d) No
Reporting Person, nor any person listed on Schedule A to the Schedule 13D, has, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) No
Reporting Person, nor any person listed on Schedule A to the Schedule 13D, has, during the last five years, been party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Mr.
Swann is a citizen of the United States of America. The citizenship of the persons listed on Schedule A to the Schedule 13D is set forth
therein.
|
Item 3.
|
Source and Amount of Funds or Other Consideration.
|
The Securities purchased by
each of Cygnus Opportunity, Cygnus IV, Cygnus V and Cygnus VI were purchased with working capital (which may, at any given time, include
margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the
77,450 shares of Series B Preferred Stock, 97,925 shares of Series C Preferred Stock and 94,210 shares of Series D Preferred Stock beneficially
owned by Cygnus Opportunity is approximately $735,472, $864,360 and $857,580, respectively, excluding brokerage commissions. The aggregate
purchase price of the 35,362 shares of Series B Preferred Stock, 62,500 shares of Series C Preferred Stock and 16,500 shares of Series
D Preferred Stock beneficially owned by Cygnus IV is approximately $329,830, $567,902 and $151,718, respectively, excluding brokerage
commissions. The aggregate purchase price of the 147,802 shares of Series B Preferred Stock, 210,479 shares of Series C Preferred Stock
and 165,000 shares of Series D Preferred Stock beneficially owned by Cygnus V is approximately $951,262, $1,326,313 and $1,140,027, respectively,
excluding brokerage commissions. The aggregate purchase price of the 41,485 shares of Series B Preferred Stock and 71,781 shares of Series
D Preferred Stock beneficially owned by Cygnus VI is approximately $324,544 and $557,997, respectively, excluding brokerage commissions.
CUSIP No. 709102503, 709102602, 709102701
The Securities purchased by
Mr. Swann personally, including Securities held in an individual retirement account in Mr. Swann’s name, were purchased with personal
funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases.
The aggregate purchase price of the 3,000 shares of Series D Preferred Stock beneficially owned by Mr. Swann is approximately $171,317,
excluding brokerage commissions.
|
Item 4.
|
Purpose of Transaction.
|
The Reporting Persons purchased
the Securities based on the Reporting Persons’ belief that the Securities, when purchased, were undervalued and represented an attractive
investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons and
the availability of Securities at prices that would make the purchase or sale of Securities desirable, the Reporting Persons may endeavor
to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Securities in the open market,
private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
No Reporting Person has any
present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule
13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed
herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending
on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the
securities of the Issuer, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may
in the future take such actions with respect to their investment in the Issuer as they deem appropriate
including, without limitation, engaging in communications with management and the Board and their
advisors, engaging in discussions with stockholders of the Issuer and others about the Issuer and the Reporting Persons’
investment, making proposals to the Issuer concerning changes to the capitalization, the ownership structure,
the structure, composition and skill sets of the Board and senior management or the operations of the Issuer, purchasing additional
securities of the Issuer, selling some or all of such securities, entering into financial instruments or other agreements that increase
or decrease the Reporting Persons’ economic or beneficial exposure with respect to their investment in the Issuer, engaging in short
selling of or any hedging or similar transaction with respect to the securities of the Issuer, including swaps and other derivative instruments,
or changing their intention with respect to any and all matters referred to in Item 4.
|
Item 5.
|
Interest in Securities of the Issuer.
|
(a)(b) See rows (11) and
(13) of the cover page to this Schedule 13D for the aggregate number of Securities, and percentage of the outstanding Securities, beneficially
owned by each of the Reporting Persons, respectively. See rows (7) through (10) of the cover page to this Schedule 13D for the number
of Securities as to which the Reporting Persons have the sole or shared power to vote or direct the vote of and sole or shared power to
dispose or to direct the disposition of.
The aggregate percentage of
Securities reported owned by each Reporting Person is based upon (i) 3,450,000 shares of Series B Preferred Stock outstanding, (ii) 6,900,000
shares of Series C Preferred Stock outstanding and (iii) 5,000,000 shares of Series D Preferred Stock outstanding as of September 30,
2021, as set forth on the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5,
2021.
CUSIP No. 709102503, 709102602, 709102701
(c) The
transactions in the Securities during the past 60 days by certain of the Reporting Persons are set forth on Schedule B attached hereto
and are incorporated herein by reference.
The filing of this Schedule
13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934,
as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically
disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(d) No
person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Securities.
(e) Not
applicable.
|
Item 6.
|
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
|
On February 10, 2022, the Reporting
Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements
on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
As of the close of business
on February 10, 2022, the Reporting Persons owned in the aggregate 1,635,466 of the Issuer’s shares of beneficial interest.
Other than as described herein,
there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and
any other person, with respect to the securities of the Issuer
|
Item 7.
|
Material to be Filed as Exhibits.
|
|
99.1
|
Joint Filing Agreement by and among Cygnus Opportunity Fund, LLC, Cygnus Property Fund IV, LLC, Cygnus
Property Fund V, LLC, Cygnus Property Fund VI, LLC, Cygnus Capital Advisers, LLC, Cygnus General Partners, LLC, Cygnus Capital Real Estate
Advisors II, LLC, Cygnus Capital, Inc. and Christopher Swann, dated February 10, 2022.
|
CUSIP No. 709102503, 709102602, 709102701
SIGNATURES
After reasonable inquiry and
to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.
Dated: February 10, 2022
|
Cygnus Opportunity Fund, LLC
|
|
|
|
By:
|
Cygnus General Partners, LLC, its general partner
|
|
|
|
|
By:
|
Cygnus Capital, Inc., its managing member
|
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
|
Cygnus Property Fund IV, LLC
|
|
|
|
By:
|
Cygnus Capital Real Estate Advisors II, LLC, its general partner
|
|
|
|
|
By:
|
Cygnus Capital, Inc., its managing member
|
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
|
Cygnus Property Fund V, LLC
|
|
|
|
By:
|
Cygnus Capital Real Estate Advisors II, LLC, its general partner
|
|
|
|
|
By:
|
Cygnus Capital, Inc., its managing member
|
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
CUSIP No. 709102503, 709102602, 709102701
|
Cygnus Property Fund VI, LLC
|
|
|
|
By:
|
Cygnus Capital Real Estate Advisors II, LLC, its general partner
|
|
|
|
|
By:
|
Cygnus Capital, Inc., its managing member
|
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
|
Cygnus Capital Advisers, LLC
|
|
|
|
By:
|
Cygnus Capital, Inc., its managing member
|
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
|
Cygnus General Partners, LLC
|
|
|
|
By:
|
Cygnus Capital, Inc., its managing member
|
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
|
Cygnus Capital Real Estate Advisors II, LLC
|
|
|
|
By:
|
Cygnus Capital, Inc., its managing member
|
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
|
Cygnus Capital, Inc.
|
|
|
|
By:
|
/s/ Christopher Swann
|
|
|
Name:
|
Christopher Swann
|
|
|
Title:
|
President and CEO
|
|
/s/ Christopher Swann
|
|
Christopher Swann
|
CUSIP No. 709102503, 709102602, 709102701
SCHEDULE A
Directors and Officers of Cygnus Capital,
Inc.
Name and Position
|
Principal Occupation
|
Principal Business Address
|
Citizenship
|
|
|
|
|
Christopher Swann*
President and CEO
|
|
|
|
|
|
|
|
Natasha Swann
Secretary and Treasurer
|
Secretary and Treasurer of Cygnus Capital, Inc.
|
3060 Peachtree Road NW, Suite 1080, Atlanta, Georgia 30305.
|
USA
|
_____________________________
* Mr. Swann is a Reporting Person and,
as such, the information with respect to Mr. Swann called for by the Schedule 13D is set forth therein.
CUSIP No. 709102503, 709102602, 709102701
SCHEDULE B
Transactions in the Securities During the
Past 60 Days
Nature of Transaction
|
Amount of Securities Purchased/(Sold)
|
Price per Share ($)
|
Date of Purchase
|
Cygnus Opportunity Fund, LLC
Sale of Series B Preferred Stock
|
(1,900)
|
7.2226
|
12/30/2021
|
Sale of Series C Preferred Stock
|
(401)
|
7.2925
|
12/30/2021
|
Sale of Series D Preferred Stock
|
(2,725)
|
7.1313
|
12/30/2021
|
Purchase of Series B Preferred Stock
|
1,900
|
7.9622
|
01/03/2022
|
Purchase of Series C Preferred Stock
|
401
|
7.7925
|
01/03/2022
|
Purchase of Series D Preferred Stock
|
2,725
|
7.6015
|
01/03/2022
|
Purchase of Series C Preferred Stock
|
3,300
|
7.4252
|
01/21/2022
|
Purchase of Series D Preferred Stock
|
1,800
|
6.5578
|
01/21/2022
|
Purchase of Series C Preferred Stock
|
9,857
|
7.4803
|
01/21/2022
|
Purchase of Series D Preferred Stock
|
13,200
|
6.7805
|
01/21/2022
|
Purchase of Series D Preferred Stock
|
100
|
4.8700
|
01/26/2022
|
Purchase of Series D Preferred Stock
|
100
|
5.3200
|
01/27/2022
|
Purchase of Series B Preferred Stock
|
100
|
5.1900
|
01/28/2022
|
Purchase of Series B Preferred Stock
|
500
|
4.9650
|
02/07/2022
|
Purchase of Series C Preferred Stock
|
700
|
4.9888
|
02/07/2022
|
Purchase of Series C Preferred Stock
|
900
|
4.9900
|
02/07/2022
|
Purchase of Series C Preferred Stock
|
368
|
4.9817
|
02/07/2022
|
Cygnus Property Fund IV, LLC
Purchase of Series C Preferred Stock
|
14,000
|
8.5999
|
12/17/2021
|
Purchase of Series C Preferred Stock
|
500
|
8.5960
|
12/17/2021
|
Purchase of Series D Preferred Stock
|
2,900
|
7.4490
|
12/17/2021
|
Purchase of Series D Preferred Stock
|
2
|
7.5100
|
12/17/2021
|
Purchase of Series D Preferred Stock
|
998
|
7.4200
|
12/20/2021
|
Purchase of Series B Preferred Stock
|
5,000
|
7.2496
|
12/22/2021
|
Cygnus Property Fund V, LLC
Sale of Series B Preferred Stock
|
(5,000)
|
7.2004
|
12/22/2021
|
Sale of Series D Preferred Stock
|
(25,000)
|
7.7000
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(25,000)
|
7.8500
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(1,501)
|
7.7600
|
01/13/2022
|
Sale of Series B Preferred Stock
|
(500)
|
8.6440
|
01/13/2022
|
Sale of Series C Preferred Stock
|
(300)
|
7.2000
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(600)
|
7.1967
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(3,200)
|
7.3723
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(1,000)
|
7.4075
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(1,000)
|
7.3940
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(1,000)
|
7.2090
|
01/21/2022
|
Sale of Series D Preferred Stock
|
(1,000)
|
6.6420
|
01/21/2022
|
CUSIP No. 709102503, 709102602, 709102701
Sale of Series D Preferred Stock
|
(1,000)
|
6.6400
|
01/21/2022
|
Sale of Series D Preferred Stock
|
(1,000)
|
6.5270
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(1,000)
|
7.3825
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(1,000)
|
7.3710
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(1,000)
|
7.3825
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(2,100)
|
7.3543
|
01/21/2022
|
Sale of Series D Preferred Stock
|
(5,000)
|
6.6623
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(2,200)
|
7.3409
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(3,100)
|
7.2142
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(2,100)
|
7.2938
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(800)
|
7.2663
|
01/21/2022
|
Sale of Series D Preferred Stock
|
(100)
|
6.5400
|
01/21/2022
|
Sale of Series C Preferred Stock
|
(3,900)
|
7.5044
|
01/21/2022
|
Sale of Series B Preferred Stock
|
(15,000)
|
7.3400
|
01/21/2022
|
Sale of Series B Preferred Stock
|
(10,000)
|
7.3400
|
01/21/2022
|
Sale of Series B Preferred Stock
|
(9,445)
|
7.3400
|
01/21/2022
|
Purchase of Series D Preferred Stock
|
306
|
4.1100
|
02/07/2022
|
Purchase of Series D Preferred Stock
|
233
|
4.1113
|
02/07/2022
|
Purchase of Series D Preferred Stock
|
768
|
4.3000
|
02/07/2022
|
Purchase of Series D Preferred Stock
|
2,000
|
4.4475
|
02/07/2022
|
Cygnus Property Fund VI, LLC
Purchase of Series B Preferred Stock
|
14,000
|
8.6207
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
21,000
|
7.8100
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
6,781
|
7.7500
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
4,830
|
7.7600
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
5,170
|
7.8100
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
13,008
|
7.8135
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
10,000
|
7.8040
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
10,992
|
7.6000
|
01/14/2022
|
Purchase of Series B Preferred Stock
|
5,000
|
7.7184
|
01/21/2022
|
Purchase of Series B Preferred Stock
|
22,485
|
7.3407
|
01/21/2022
|
Christopher Swann
Sale of Series C Preferred Stock (1)
|
(14,000)
|
8.6000
|
12/17/2021
|
Sale of Series D Preferred Stock
|
(12,000)
|
7.4500
|
12/17/2021
|
Purchase of Series D Preferred Stock
|
128
|
7.2800
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
75
|
7.2500
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
47
|
7.2900
|
01/13/2022
|
Purchase of Series B Preferred Stock
|
1
|
7.8400
|
01/13/2022
|
Purchase of Series B Preferred Stock
|
1
|
7.8400
|
01/13/2022
|
Purchase of Series B Preferred Stock
|
45
|
7.6900
|
01/13/2022
|
Purchase of Series B Preferred Stock
|
401
|
7.8400
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
2,955
|
7.7000
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
3,000
|
7.8500
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
3,599
|
7.8500
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
4,000
|
7.8000
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
3,999
|
7.8500
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
4,000
|
7.8500
|
01/13/2022
|
CUSIP No. 709102503, 709102602, 709102701
Purchase of Series D Preferred Stock
|
4,000
|
7.8500
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
10,000
|
7.7000
|
01/13/2022
|
Purchase of Series D Preferred Stock
|
9,999
|
7.8500
|
01/13/2022
|
Sale of Series D Preferred Stock (1)
|
(13,000)
|
8.6200
|
01/13/2022
|
Sale of Series D Preferred Stock (2)
|
(9,990)
|
7.8000
|
01/13/2022
|
Sale of Series D Preferred Stock (2)
|
(10)
|
7.8100
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(13,717)
|
7.8200
|
01/13/2022
|
Sale of Series B Preferred Stock
|
(6,000)
|
7.7500
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(5,600)
|
7.8000
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(4,400)
|
7.8100
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(4,000)
|
7.7600
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(3,683)
|
7.8300
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(3,096)
|
7.8300
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(1,904)
|
7.8100
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(1,000)
|
7.8500
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(1,000)
|
7.7700
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(981)
|
7.7500
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(500)
|
7.8500
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(100)
|
7.8400
|
01/13/2022
|
Sale of Series D Preferred Stock
|
(19)
|
7.8000
|
01/13/2022
|
Purchase of Series B Preferred Stock
|
10,000
|
7.3400
|
01/21/2022
|
Purchase of Series B Preferred Stock
|
10,000
|
7.3400
|
01/21/2022
|
Purchase of Series B Preferred Stock
|
15,000
|
7.3400
|
01/21/2022
|
Sale of Series B Preferred Stock
|
(35,000)
|
7.3400
|
01/21/2022
|
Sale of Series C Preferred Stock (2)
|
(3)
|
5.0500
|
02/07/2022
|
Sale of Series C Preferred Stock (2)
|
(10)
|
5.0000
|
02/07/2022
|
Sale of Series C Preferred Stock (2)
|
(100)
|
5.0400
|
02/07/2022
|
Sale of Series C Preferred Stock (2)
|
(100)
|
5.1300
|
02/07/2022
|
Sale of Series C Preferred Stock (2)
|
(100)
|
5.1400
|
02/07/2022
|
Sale of Series C Preferred Stock (2)
|
(201)
|
5.1200
|
02/07/2022
|
Sale of Series C Preferred Stock (2)
|
(600)
|
5.0300
|
02/07/2022
|
Sale of Series C Preferred Stock (2)
|
(8,886)
|
4.9900
|
02/07/2022
|
_____________________________
(1) Represents
a transaction executed in an account held by Mr. Swann’s spouse.
(2) Represents a transaction executed in an account
held by Mr. Swann’s immediate family member.