Fortress Transportation and Infrastructure (FTAI) priced their previously announced fixed to floating preferred stock with an initial fixed rate of 8%. The issue will float starting in 2024.
The company is a partnership and as such it will issue a K-1 at tax time. As a partnership it will not pay a qualified distribution.
No comments about this issue? No much interest? I thought I had time to get some below par but it started quite strongly. I favored AXQEL but as usually happens these days playing conservatively doesn’t pay. AXA still below par while Fortress @$25.20.
Likely the K1 schedule turns people off.