T.FFN UNIT NAV in realtime @ approx: $15.07So after a couple of down sessions for FFN, the unit NAV has now regained its losses and added 2 pennies to the UNIT NAV since Nov 15th.
That would value the Commons @ $5.07 before distributions and $4.90 after distributions are paid to commons and preferreds. The premium would 77 cents post distribution, and that would be a premium of 15.7% , much higher than FTN's premium of 9 % after distributions are paid. Not hard to see which pays a bigger yield if they pay all year... ( FFN) but also not hard to see which has more safety for distributions ( FTN will likely continues paying for a long time).
But for sure some were surprised that FFN made the cut, and so were jumping in with both feet, chasing yield.