RE:RE:Heads upObscure has created excellent posts in the past detailing the fact that Middlefield does not take in enough income from Enbridge dividends to fully fund the distributions. I doubt they can make up the difference by just writing call options.
One other item comes to mind that would put Middlefield in an even larger deficit position when it comes to paying distributions.
Middlefield increased the quarterly distribution on the preferred ENS.A shares by 4.375 cents per share starting early this year. From what I see in the first quarter financial report there are 24,387,082 ENS.PR.A shares outstanding. This would require Middlefield to pay out an additional $1,066,934 per quarter to the ENS.PR.A holders over what they were previously paying.
I'm not sure how big a deal this is but since Middlefield is already in a deficit position, unable to do overnight offerings and paying even larger distributions in 2024 where else are they getting the money??? It would have to be the ATM and that is what continues to depress the share price of ENS commons.