Q: What is the due date of this pref? Also, I don't fully understand this split share, can you provide a high level overview?
5i Research Answer:
This aticle and this article provide a very good summary. Generally speaking, we are not fans of the Class A shares of split corps., but the preferred shares often have decent characteristics for income seekers. Partners owns shares in BN, and that is its only asset. Recent net asset value was $174.91. Stated redemption date is May 31, 2029 but note this is not an obligation to the company and they 'may' be redeemed on or after that date. We would consider these prefs. to be among the highest quality in the split share world.