RE:SBC unit nav will have dropped below 25$ here...
Generally speaking its a function of the Funds Tax position. If they have a high Capital gains, they need to distribute the gains otherwise the fund is taxable.
If it is a small amount than they might distribute cash, however, if it is a large amount, they will distribute A shares, and issue more preferred shares to equalize Preferred and A shares.
SBC and BK both maybe in that predicament of having more capital gains than usual and "IF" that is the case we will get bonus shares or cash in due course.
Sometimes, it can be a reorganization, if the price is too high and effective yeild is not attactive enough. It that case, I agree, they will wait to have a high degree of certanity that price stays high.