FBIOP Fortress Biotech Inc - 9.375% PRF PERPETUAL USD 25 - Ser A

If you assume that $FBIOP doesn't restart dividends until beginning of 28, the returns at this price are outstanding This has been a frustrating hold the last couple of months. And it has been a slight source of cash for me but it really is set up very nicely right now even if we don't get dividends restored before the next 10k

$FBIOP $FBIO Yes, they have the capital. But for the sake of long-term credibility regarding the maintenance of the monthly dividend on the FBIOP shares, I fundamentally believe it is better to wait. At the same time, having access to new capital via a shelf registration statement on Form S-3 serves as a useful backup, and utilizing it would require the accumulated dividend payments to be settled in the coming months. This is worth noting, even though the CEO has indicated that they will likely never need to raise additional capital. Furthermore, the share price of the common stock (FBIO) is so depressed that this might also increase the likelihood of a dividend payment on the FBIOP shares in the near term.

$FBIOP $FBIO The CEO has stated that Fortress will pay off all its debts during 2026, and the accumulated dividends represent a liability on the balance sheet. Furthermore, if they had no intention of paying out the accumulated FBIOP dividends in near term, I doubt they would have fully repaid the debt to Oaktree on September 30th. As I interpreted the updated agreement with Oaktree, it was structured to largely ensure that Oaktree would recover virtually the entire interest component; in other words, Fortress would not have incurred any significant loss by allowing the remaining loan to persist and paying it off according to the latest agreed-upon schedule. 2/3

$FBIOP $FBIO I believe the probability that Fortress will eventually pay out the accumulated dividends to FBIOP holders is close to 100%. And if you force me to guess today when, I suspect it will happen before the end of this year. As you surely recall, I have shifted my predictions back and forth—between the summer (June–July) and the end of the year (December)—at least 3 or 4 times (I believe my most recent guess in april was June–July, and if so, I was clearly wrong). 1/3

On this risk off day, it is funny to watch $FBIOP go down. I think 27 is a gonna be a rough year. And I think $FBIOP is gonna be a nice place to hang our