Financial 15 completes $107.8M overnight offering

• Financial 15 Split Corp. completed an overnight offering of Class A Preferred Shares (TSX: FTN.PR.A) on June 24, 2026.
• Gross proceeds totaled $107.8 million, led by National Bank Financial Inc.
• Net proceeds are designated for an actively managed portfolio of high-quality Canadian and U.S. financial services issuers.
• The preferred shares carry a fixed, cumulative monthly dividend rate of 7.25% annually (with a 6.00% floor until 2030) and are scheduled for redemption at $10.00 per share around December 1, 2030.
• This follows a prior $92.2 million preferred offering in November 2025 and aligns with the company's renewed $400 million ATM equity program.

• Was the news genuinely new? No. The offering was announced on June 16, 2026, and completed on June 24, 2026. It was fully telegraphed.
• Positive or negative on balance? Positive. It provides fresh capital to deploy into the target portfolio, supporting future distributions and NAV growth.
• Magnitude vs priced-in: The stock's +19.3% run into the completion date implies the market had already priced in continued capital deployment. The completed offering meets expectations without surprising the street.
• Track-record audit: Management's credible execution of prior offerings and the share split supports the durability of this capital raise.

• Financial 15 Split Corp. is a closed-end split corporation listed on the Toronto Stock Exchange.
• Investment objective: Actively managed portfolio of high-quality Canadian and U.S. financial services issuers.
• Capital structure: Class A common shares and Class A preferred shares (FTN.PR.A).
• Corporate actions: Recently completed a 10-for-100 share split and renewed its ATM equity program up to $400 million.
• Dividend history: 270 consecutive monthly dividends on common shares; preferred shares offer a fixed 7.25% cumulative dividend.