North American Financial 15 Split Corp. (TSX: FFN) has announced the renewal of its at-the-market equity program, replacing a prior program established in September 2024 that has since terminated. The renewed ATM Program, effective until November 7, 2028, allows the company to issue Class A Shares and Preferred Shares to the public at prevailing market prices, with maximum gross proceeds capped at $350,000,000. The program is structured through an equity distribution agreement with National Bank Financial Inc. and investors may be watching how proceeds are deployed within the company's existing investment mandate.

Key Points

  • North American Financial 15 Split Corp. (TSX: FFN) announced renewal of its at-the-market equity program on October 8, 2026.
  • The renewed ATM Program replaces the prior program from September 2024 and runs until November 7, 2028, unless terminated earlier.
  • Maximum gross proceeds from share issuances under the program are set at $350,000,000.
  • Investors may watch how the company deploys proceeds in line with its financial services portfolio investment objectives.

ATM Program Structure and National Bank Financial Agreement

The renewed ATM Program operates under an equity distribution agreement dated October 7, 2026, with National Bank Financial Inc. acting as agent. Class A Shares and Preferred Shares sold through the program will be distributed at prevailing market prices on the Toronto Stock Exchange or any other eligible Canadian marketplace where these securities are listed or traded. Because shares are sold at market prices, the release states that prices may vary among purchasers during the distribution period. The program is offered pursuant to a prospectus supplement dated October 7, 2026, to the company's short form base shelf prospectus dated October 6, 2026.

Proceeds to Support FFN's North American Financial Services Portfolio

The company states it intends to use proceeds from the ATM Program in accordance with its investment objectives, strategies, and restrictions. FFN invests primarily in a portfolio of fourteen North American financial services companies, including the six major Canadian banks — Bank of Montreal, Bank of Nova Scotia, CIBC, Royal Bank of Canada, TD Bank, and National Bank of Canada — alongside Canadian insurers Manulife Financial, Sun Life Financial, and Great-West Lifeco, and major U.S. institutions including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Wells Fargo.

Volume and Timing Left to Company's Discretion

The announcement confirms that the volume and timing of any distributions under the ATM Program will be determined solely at the company's discretion. No specific issuance schedule or targets were disclosed. The maximum program capacity of $350,000,000 represents the ceiling on gross proceeds, but actual issuances may be materially lower depending on market conditions and the company's capital requirements. The immediate share price impact was not clear from available public information at the time of the announcement.