Market dataIncome framework read
Split-Share / Structure-SensitiveTSXCanada

NPS.TO

North American Preferred Share Fund

FinancialsSplit-share structureUnknown

Market Snapshot

$15.41

+$0.21 (1.38%)

Toronto

Yield

14.02%

Rate $2.16

Next Payment

Payment date passed

Ex-date 2026-05-29

52wk Position

89.44%

-4.23% below high

Updated just now

Income Intelligence Summary

Deterministic interpretation from Prospyr's income framework and available market data.

Framework readout
1

Income reliability

Derived from payout history

Payout depends on structure rules

NPS.TO is structure-sensitive. The payout may look regular, but coverage tests and distribution conditions matter more than cadence alone.

2

DRIP defense

Editorial framework

Fortress at the default 100-share test

NPS.TO prints 1.17 shares per payment at default inputs. The defended price ceiling is $18.00.

3

Main watch item

Editorial framework

Structure coverage comes first

NPS.TO is structure-sensitive, so the main check is whether the split-share rules, asset coverage, and distribution conditions support the visible payout.

Decision Area

Distribution and DRIP Defense

Payout history, default DRIP coverage, and price creep pressure using market data where available.

Distribution Chart

Last 12 payments

Confirmed Expected

Coverage Ratio Test

DRIP defense check

Fortress
Cash
$18.00
APR
1.168
Coverage
1.168

Fortress level. Selectively used for highest-priority rungs.

Price Creep

Defended price ceiling

Max defended
$18.00
Cushion
$2.59
Cushion %
16.81%
Current $15.41Break $18.00

Smart Recommendation

NPS.TO is inside the defended DRIP zone at these inputs; monitor price creep before adding new capital.

Research Signals

Research in progress

DRIP availability

Pending

Tax character

Pending

Distribution history

Pending

Structure Overview

This is a split-share corporation, which separates the capital appreciation and dividend income of an underlying equity portfolio between two share classes: preferred shares (priority distributions) and capital shares (residual income and NAV growth). The leverage embedded in the capital-share structure amplifies both gains and losses; distributions can be suspended if the coverage ratio falls below regulatory thresholds.

Canadian Planning Notes

  • 1Split-share preferred shares receive priority distributions but are not the same as bank-issued preferred shares; review the coverage ratio, asset coverage test, and termination date before planning.
  • 2Distribution suspensions on capital units can happen quickly when the underlying portfolio declines; do not plan income around split-share capital units without stress-testing coverage.
  • 3Tax character of split-share distributions varies; confirm the T5 breakdown annually as it may include capital gains, eligible dividends, or return of capital depending on the issuer.

Market Facts

Market Data

A factual market, distribution, valuation, and financial snapshot for this holding.

Market Data

Market data

Updated facts where available

Price

$15.41

Previous close

$15.20

Day range

$15.21 - $15.50

52wk range

$9.65 - $16.09

Market cap

32M

Volume

3.2K

Avg volume

5.2K

Exchange

Toronto

Dividend and distribution

Forward rate

$2.16

Trailing rate

$1.48

Forward yield

14.02%

Trailing yield

0.00%

Per payment

$0.18

Cadence

Monthly

Next ex-date

May 29, 2026

Next pay

May 14, 2026

Last dividend

$0.18

Last dividend date

Apr 30, 2026

Performance

Daily change

$0.21

Daily change %

1.38%

52wk position

89.44%

Below 52wk high

-4.23%

Above 52wk low

59.69%

Open

$15.21

Earnings and financials

Trailing EPS

N/A

Forward EPS

N/A

Revenue

N/A

Revenue growth

N/A

Profit margin

0.00%

Operating margin

0.00%

Payout ratio

N/A

Free cash flow

N/A

Total cash

N/A

ROE

N/A

ROA

N/A

Debt/equity

N/A

Beta

N/A

Valuation

Trailing P/E

N/A

Forward P/E

N/A

Price/sales

N/A

Price/book

N/A

Enterprise value

N/A

EV/EBITDA

N/A

Analyst facts

Target mean

N/A

Target high

N/A

Target low

N/A

Recommendation mean

N/A

Recommendation key

none

Analysts

N/A

Canadian Context

Account placement

TFSA

Mixed-character distributions are usually easiest to handle in a TFSA because annual tax reporting is avoided.

RRSP: Also shelters distribution complexity.

Non-registered: Review T3 or issuer tax breakdown before using a taxable account.

Eligible dividend tax credit

Total credit
$345.27
Effective rate
34.53%

Broker DRIP status

Questrade

Available

Wealthsimple

Available

RBC Direct Investing

Available

TD Direct Investing

Available

Run Your Numbers

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Use a planning tool that matches this holding's structure, payout timing, and income use case.

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This profile is informational only and does not constitute licensed financial advice. Signal values, planning notes, market data, and structure summaries may not reflect the most current issuer disclosures. Always verify current payout policy, ex-dividend dates, financial statements, and issuer communications before making any investment decision.