Business: Fortress Biotech, Inc., 9.375% Series A Cumulative Redeemable Perpetual Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/15/2022 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 9.375% per annum ($2.34375 per annum <s> or $0.58594 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be 3/15, 6/15, 9/15 & 12/15</s> Amended on 06/17/2020 to a 0.1953125 dividend paid monlthy with the record date being 15th day of the month prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-29 of the prospectus for further information). </p> Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.