Toronto, July 3, 2026, 16:01 EDT
- North American Financial 15 Split Corp Class A shares were up 1.08% at C$10.77 at 3:45 p.m. EDT on Google Finance after starting ex-split.
- The 110-for-100 Class A split means that quote works out to around C$11.85 per old share. That’s higher than the C$11.72 close shown by Investing.com.
- The preferred share deal is set to close July 6 at C$10.90. FFN.PR.A last traded at C$10.73 on Friday.
- U.S. markets stayed shut for the Independence Day holiday, so some of the fund’s U.S. bank holdings didn’t get new cash-market prices.
North American Financial 15 Split Corp (TSE:FFN) moved higher on an adjusted basis Friday after its 110-for-100 Class A share split kicked in. The split means every old 100-share lot now shows up as 110 shares, which can make the price per share look lighter on screens, but doesn’t change overall value.
Class A shares traded at C$10.77, up 1.08% near 3:45 p.m. EDT, according to Google Finance. Shares moved between C$10.73 and C$11.23 today, with volume at 271,370. Market cap was about C$684.4 million with 63.54 million shares outstanding, the site showed.
Bottom line for holders: after the 10-for-100 stock distribution, the C$10.77 price translates to about C$11.85 per old share before the split. That’s slightly higher than FFN’s prior close of C$11.72 on July 3, according to Investing.com.
| Class A measure | Figure |
|---|---|
| Post-split price | C$10.77 |
| New shares for every 100 old | 110 |
| Equivalent price before split | C$11.85 |
| Investing.com last close | C$11.72 |
| Adjusted gain | about +1.1% |
The company said anyone on record at the end of July 3 will get 10 extra Class A shares for every 100 they own. The Class A shares are set to trade ex-split at the open that day. No fractional shares will be given.
The split also changes the payout math. North American Financial 15 said it will keep the monthly cash distribution target at C$0.11335 per Class A share after the split. But since investors will own more shares, total distributions rise about 10%.
The company declared a monthly payout of C$0.11335 for each Class A share and C$0.06250 for preferred shares, with the dividend set for July 10 to shareholders of record as of June 30. That brings total payouts since inception to C$19.33 per Class A share and C$12.93 per preferred share, according to the company.
| Security | Ticker | Monthly payout | Annualized payout |
|---|---|---|---|
| Class A | TSE:FFN | C$0.11335 | C$1.3602 |
| Preferred | TSE:FFN.PR.A | C$0.06250 | C$0.7500 |
North American Financial 15 said June 26 it finished overnight marketing for a preferred-share deal that should raise about C$102.5 million, led by National Bank Financial Inc. The preferred shares are priced at C$10.90. Closing is set for around July 6, pending conditions like TSX approval.
North American Financial 15 Split Corp preferreds (TSE:FFN.PR.A) traded at C$10.73, off 0.09%, with the last quote showing just before 1 p.m. EDT on Friday, according to MarketWatch. The price is below the offering price. At that quote, the C$0.75 annual payout gives a yield near 7.0%. On the C$10.90 offering, the yield comes in at about 6.9%.
| Preferred-share measure | C$10.73 market quote | C$10.90 offer price |
|---|---|---|
| Annual dividend | C$0.7500 | C$0.7500 |
| Simple current yield | near 7.0% | roughly 6.9% |
| Stated redemption objective | C$10.00 | C$10.00 |
| Premium to C$10.00 | 7.3% | 9.0% |
The spread is key because the preferred-share target is C$10.00 per preferred share by the current end date of Dec. 1, 2029, with a possible extension for another five years. If the price is over C$10.00, monthly dividends aren’t the full story if investors hold until that date.
The fund’s most recent portfolio shows it holds Canadian and U.S. financial stocks, including Bank of Montreal (TSE:BMO), Royal Bank of Canada (TSE:RY), Toronto-Dominion Bank (TSE:TD), JPMorgan Chase & Co NYSE:JPM, Bank of America Corp NYSE:BAC, Citigroup Inc NYSE:C, Goldman Sachs Group Inc NYSE:GS, and Wells Fargo & Co NYSE:WFC. Quadravest’s fund page listed the NAV after distribution at C$22.16 per unit as of June 15.
U.S. stock markets didn’t open Friday because of Independence Day observed, the NYSE’s 2026 holiday calendar shows. The TSX lists July 3 as a U.S. holiday too, so there’s special settlement for U.S. dollar trades, but Canadian markets stayed open.
Canadian shares traded higher. The S&P/TSX composite index added 1% to 35,333.96 at 10:23 a.m. ET, with the TSX financials index up 0.8%, according to Reuters. “Weaker U.S. job data reduced expectations of further interest rate hikes. Lower rate expectations weaken the U.S. dollar, boost gold and benefit Canadian resource stocks,” Matt Manara, executive vice president and portfolio manager at Avenue Investment Management, told Reuters. Reuters
