RE:RE:FTN unit nav to Sept 29 = approx: $16.26 before dist. 15% loss, true if you are just talking about the A shares, but that is kind of misleading as you need to take into account the total value of the preferred and the A shares which would be 15.98 (after dist is paid). So......a drop of only 6% would bring the combo down to $15.02, which would close to the cutoff for paying the dist on the A shares.
Hopefully we see a bit of a rebound tomorrow (Monday) after the US government reached a deal to avert a shutdown.
Inglewood - (9/30/2023 1:59:53 PM)
RE:FTN unit nav to Sept 29 = approx: $16.26 before dist.
Like you said... super reasonable premium, maybe even a bargain.. IF the market wasn't rolling down Dante's Hill. I parked half my portfolio in this in early Sep, buying the dips. And boy, wish I hadn't been so greedy and put it in the pref shares instead!
Hopefully the this doesn't fall too much further. Got about 98 cents of room before payments stop (taking into account October premiums that are scheduled to be paid) ... so we can withstand approximately another
15% loss.. any more than that, watch out below!