{"id":49589,"date":"2018-08-12T22:07:00","date_gmt":"2018-08-13T02:07:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49589"},"modified":"2025-08-21T22:08:34","modified_gmt":"2025-08-22T02:08:34","slug":"ftn-pr-a-semi-annual-report-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49589","title":{"rendered":"FTN.PR.A : Semi-Annual Report, 2018"},"content":{"rendered":"<p>Financial 15 Split Corp has released its <a href=\"https:\/\/docs.wixstatic.com\/ugd\/78f11d_e4ac02dee06243c793a0342b1d982ff4.pdf\">Semi-Annual Report to May 31, 2018<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: 1.17% of the whole unit value, &#8220;presented to reflect the normal operating expenses of the Company excluding any one time offering expenses.&#8221;<\/p>\n<p>Average Net Assets: We need this to calculate portfolio yield. The Total Assets of the fund at year end was $610.1-million, compared to $700.9-million on May 31, so call it an average of $655.5-million.  Preferred share dividends of $9,579,729 were paid over the half year at 0.55 p.a. (a temporary boost from the required 0.525), implying average units outstanding 34.836-million, at an average NAVPU of (17.31 + 18.32)\/2 = 17.815, implies net assets of $620.6-million. Say the Average Net Assets are the average of the two estimates, $660.8-million.<\/p>\n<p>Underlying Portfolio Yield: Income received of $8,304,005 divided by average net assets of $660.8-million, multiplied by two because it&#8217;s semiannual is 2.51%.<\/p>\n<p>Income Coverage: Net investment income of $4,279,848 (before capital gains) divided by preferred share dividends of $9,579,729 is a very low 45%.<\/p>\n<p>The income coverage calculated is fairly close to the 0.4 times <a href=\"https:\/\/www.dbrs.com\/research\/320072\/dbrs-confirms-financial-15-split-corp-preferred-shares-at-pfd-4-high\">calculated by DBRS in December 2017<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial 15 Split Corp has released its Semi-Annual Report to May 31, 2018. Figures of interest are: MER: 1.17% of the whole unit value, &#8220;presented to reflect the normal operating expenses of the Company excluding &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-49589","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49589"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49589\/revisions"}],"predecessor-version":[{"id":49590,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49589\/revisions\/49590"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}