Which broker report? Cant understand that logic. Suspect that...

Which broker report? Cant understand that logic. Suspect that accounting treatment is irrelevant. Bankers consider it as equity because it is subordinate to their debt and the equity holder ie Brookfield considers it as a debt substitute and if they can borrow enough at less than the step up rate, why would they pay the stepped up rate. At the moment debt is so tight that they might step it up and redeem in in a year or 2 when debt costs have fallen