Financial 15 Split Corp. Announces Overnight Offering of Preferred Shares

Core Viewpoint - Financial 15 Split Corp. is launching an offering of Preferred Shares, aiming to invest in a high-quality portfolio of North American financial services companies [1][3]. Offering Details - The sales period for the offering will conclude at 9:00 a.m. EST on November 18, 2025, with an expected closing date around November 25, 2025, pending TSX approval [2]. - The Preferred Shares will be priced at $10.60 each, while the closing price on November 14, 2025, was $10.72 [2]. Dividend History and Structure - Since its inception, the Company has declared 263 consecutive dividends for the Preferred Shares, totaling $12.83 per share, all distributed as tax-advantaged eligible Canadian dividends [3]. - Effective December 1, 2025, the Company will provide fixed, cumulative monthly dividends at an annual rate of 7.25%, with a minimum rate of 6.00% until 2030 [5]. Investment Portfolio - The proceeds from the offering will be allocated to a portfolio of financial services companies, including major institutions such as Bank of Montreal, Bank of America Corp., and Royal Bank of Canada [3]. Regulatory Information - A prospectus supplement detailing the Preferred Shares and Class A Shares will be filed with securities commissions across Canada, and no sales will occur until this filing is complete [4].