North American Financial 15 Split Corp T.FFN

FFN unit nav in realtime @ aapprox; $16.42

[mouserman]

Showing a gain of 26 cents since yesterdays numbers. I used my estimate for UNIT NAV to the 15th which could be out a few pennies, but will be able to correct it easily once the actual number is posted.
FFN last sale was @ $6.06 and a big discount happening at this point in time, as some are hesitant to buy as the US banks may pullback once common sense kicks in.

[Pesyk1]

This looks like a full blown Trump rally .  It should continue. 

[AwesomeMatthews]

I think I might have found the reason this is detacted from NAV, I don't recall ever seeing the cost of borrowing shares this high brfore

[AwesomeMatthews]

*before, I tried to paste a clipart but it won't let me, the borrow rate for shorting is 22%

[AnAmateur]

Do you think this disconnect between NAV and FFN price could simply be because many (most?) traders have no clue about ongoing NAV? i.e. they don't know mouserman and this forum?

[Higherhopes2020]

About a year back FFN FTN were trading atleast 50 cents premium.  Then I believe short sellers came in.  Now these should trade atleast at par. If u look at lbs dgs bk they all are trading at premium. 

[AwesomeMatthews]

There,s definitely a huge short on FFN , no way that preffered shares should carry a 22% borrow rate that's insanely high. Could be someone opened up a short to load below NAV or something, IDK how else to explain it

[Nakate]

If they are short the preferreds they maybe long the common, playing with the house's money to buy the common and pay the interest with the divi, not sure if that math works, maybe in that 22% the divi  is also priced in, 

[Splitfunding]

Sorry but you could you explain this further, not exactly 100% familiar with the mechanics of shorting, re: when you say the preferred shares carrying a 22% borrow rate (which I assume is the yearly cost of shorting the stock) I thought that when holding a short position you only have to pay the divided, which for the preffered shares is 9.3% 22% is more or less the divided rate of the class A

[mouserman]

Shorting the preferreds , you would pay the distributon on the preferreds only. IF you short the UNITS, (1 preferred and 1 common) you pay the distributions on both ,which would be around 19 cents. You pay the margin interest on your short position on TOP OF paying the distribution if you are short on ex divvy date.

[Nakate]

If you short the preferred's it is basically an expensive loan, the price of the preferred's is very stable. so then you can take that "Loan" and invest it where ever you want, if you buy the common at 5 and it pays 23% and then it goes to 6 dollars you made 20+% on the "Loan"

[mouserman]

There is a very SMALL short position in FFN, and that is due to the common shares trading at a discount, and paying a huge %yield. Here are the latest stats from SW: anything under half a percent  (.50) is considered a very tiny short position. Short Positions for FFN Symbol Report Date Volume Change Shares Issued

[AwesomeMatthews]

Nice info, where did you get that from, also does it tell you how many shares are available to short? The average vol. is 179k so 107k is a massive amount of short shares active vs volume, ladder attacks is easy with stocks that don't trade frequently.FWIW today the borrow rate is 40% so it's getting hard for shorts to find shares and a dramatic increase day to day, I have level 2 with my

[AwesomeMatthews]

I think so, most ETF's have a ticker with the daily NAV so I guess some wait until it updates, FFN doesn't track it daily, they should though it would help a lot of the investors  

[NoShoesNoShirt]

Most investors don't know about mouserman or even stockhouse.com.  Quadravest  Doesn't want us to know daily navs, they want obvious investors. And to pesyks point, Biden might suddenly resign causing a panic to get out of everything. I mean a crash.