<SEC-DOCUMENT>0001140361-21-009112.txt : 20210318
<SEC-HEADER>0001140361-21-009112.hdr.sgml : 20210318
<ACCEPTANCE-DATETIME>20210318165846
ACCESSION NUMBER:		0001140361-21-009112
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210318
DATE AS OF CHANGE:		20210318

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fortress Transportation & Infrastructure Investors LLC
		CENTRAL INDEX KEY:			0001590364
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS EQUIPMENT RENTAL & LEASING [7350]
		IRS NUMBER:				320434238
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236770
		FILM NUMBER:		21755051

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		45TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212-798-6100

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		45TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fortress Transportation & Infrastructure Investors Ltd.
		DATE OF NAME CHANGE:	20131029

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fortress Transportation & Infrastructure Investors LLC
		CENTRAL INDEX KEY:			0001590364
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS EQUIPMENT RENTAL & LEASING [7350]
		IRS NUMBER:				320434238
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		45TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212-798-6100

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		45TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Fortress Transportation & Infrastructure Investors Ltd.
		DATE OF NAME CHANGE:	20131029
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10021826x2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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  <div>
    <div style="text-align: right; font-weight: bold;">Filed pursuant to Rule 433</div>
    <div style="text-align: right; font-weight: bold;">Dated March 18, 2021</div>
    <div style="text-align: right; font-weight: bold;">Relating to Preliminary Prospectus Supplement dated March 18, 2021 and</div>
    <div style="text-align: right; font-weight: bold;">Prospectus dated February 28, 2020</div>
    <div style="text-align: right; font-weight: bold;">Registration Statement No. 333-236770</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: center;"><u>Term Sheet</u></div>
    <div>&#160;</div>
    <div style="text-align: right; font-weight: bold;">March 18, 2021</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">4,000,000 8.25% Fixed-Rate Reset Series&#160;C Cumulative Perpetual Redeemable Preferred Shares</div>
    <div style="text-align: center; font-weight: bold;">(Liquidation Preference $25.00 per Share)</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="font-weight: bold;">This pricing term sheet supplements Fortress Transportation and Infrastructure Investors LLC&#8217;s preliminary prospectus supplement, dated
      March 18, 2021 (the &#8220;Preliminary Prospectus Supplement&#8221;), including the documents incorporated by reference therein, relating to the offering of its 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Stock, and supersedes the
      information in the Preliminary Prospectus Supplement to the extent inconsistent with the information in the Preliminary Prospectus Supplement. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary
      Prospectus Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement.</div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdda39651c4224f40a616d411b612518d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Fortress Transportation and Infrastructure Investors LLC, a Delaware limited liability company (NYSE: FTAI) (the &#8220;Company&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Security:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>8.25% Fixed-Rate Reset Series&#160;C Cumulative Perpetual Redeemable Preferred Shares (the &#8220;Series C Preferred Shares&#8221; or the &#8220;shares&#8221;)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Size:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>$100,000,000 (4,000,000 Series C Preferred Shares)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Option to purchase additional shares:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>$15,000,000 (600,000 Series C Preferred Shares)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Maturity:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>Perpetual (unless redeemed by the Company as described in the Preliminary Prospectus Supplement)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Liquidation Preference</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>$25.00 per Series C Preferred Share, plus an amount equal to accumulated and unpaid distributions thereon, if any, to, but excluding, the date of such liquidating distribution, whether or not declared.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Distribution Payment Dates:</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Quarterly in arrears on the 15th day of March, June, September and December of each year, commencing on June 15, 2021 (each a &#8220;Distribution Payment Date&#8221;).&#160; An initial distribution will be payable on June 15, 2021
              in an amount equal to approximately $0.45833 per share.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 2%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Distribution Rate:</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div>Distributions based on the stated liquidation preference of $25.00 per Series C Preferred Share will accrue at a rate equal to (i) for each distribution period from and including the date of original issue to, but
              excluding, June&#160;15, 2026 (the &#8220;First Reset Date&#8221;),&#160; 8.25% per annum, and (ii)&#160;for each distribution period beginning on the First Reset Date, during each reset period, the five-year treasury rate as of the most recent Reset Distribution
              Determination Date plus 7.378% per annum.</div>
          </td>
        </tr>

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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Day count:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>360-day year consisting of twelve 30-day months.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Optional Redemption on or after June 15, 2026:</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top;">
            <div>At any time on or after June 15, 2026, the Company may redeem, in whole or in part, the Series C Preferred Shares at a redemption price of $25.00 per
              Series C Preferred Share, plus an amount equal to all accumulated and unpaid distributions thereon, if any, to, but excluding, the date of redemption, whether or not declared.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 69.94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Optional Redemption upon a Ratings Event:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top;">
            <div>At any time within 120 days after the conclusion of any review or appeal process instituted by the Company following the occurrence of a Ratings
              Event, the Company may, at its option, redeem the Series C Preferred Shares in whole, but not in part, prior to June 15, 2026, at a redemption price per Series C Preferred Share equal to $25.50 (102% of the liquidation preference of $25.00),
              plus an amount equal to all accumulated and unpaid distributions thereon, if any, to, but excluding, the date of redemption, whether or not declared.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 69.94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Optional Redemption upon a Change of Control:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top;">
            <div>If a Change of Control occurs, the Company may, at its option, redeem the Series C Preferred Shares, in whole but not in part, prior to June 15, 2026,
              at a price of $25.25 (101% of the liquidation preference of $25.00) per Series C Preferred Share, plus an amount equal to all accumulated and unpaid distributions thereon, if any, to, but excluding, the date of redemption, whether or not
              declared.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 69.94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top;">
            <div style="font-weight: bold;">Distribution Rate Step-Up Following a Change of Control:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top;">
            <div>If (i) a Change of Control occurs (whether before, on or after June 15, 2026) and (ii) the Company does not give notice prior to the 31st day
              following the Change of Control to redeem all the outstanding Series C Preferred Shares, the distribution rate per annum on the Series C Preferred Shares will increase by 5.00%, beginning on the 31st day following such Change of Control.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 28.07%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 69.94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Optional Redemption upon a Tax Redemption Event:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>If a Tax Redemption Event occurs, the Company may, at its option, redeem the Series C Preferred Shares, in whole but not in part, prior to June 15, 2026 and within 60 days after the occurrence of such Tax
              Redemption Event, at a price of $25.25 (101% of liquidation preference of $25.00) per Series C Preferred Share, plus an amount equal to all accumulated and unpaid distributions thereon, if any, to, but excluding, the date of redemption,
              whether or not declared.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Listing:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>The Company intends to file an application to list the Series C Preferred Shares on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;FTAI PR C.&#8221; If the application is approved, trading of the Series C
              Preferred Shares on the NYSE is expected to commence within 30 days after the original issue date.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0c2519d99ce4444bb6fb5d01db127e0e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>March 18, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>March 25, 2021 (T+5).&#160; We expect to deliver the shares against payment for the shares on or about March 25, 2021, which will be the fifth business day following the date of the pricing of the shares (&#8216;&#8216;T+5&#8217;&#8217;).
              Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade
              shares on the date of pricing or the next two succeeding business days will be required, by virtue of the fact that the shares initially will settle in T+5 to specify alternative settlement arrangements to prevent a failed settlement.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Public Offering Price:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>$25.00 per Series C Preferred Share</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Underwriting Discount:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>$0.7875 per Series C Preferred Share</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Net Proceeds (before expenses) to Issuer:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>$96,850,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top;">
            <div>Morgan Stanley&#160;&amp; Co. LLC</div>
            <div>Citigroup Global Markets Inc.<br>
              J.P. Morgan Securities LLC</div>
            <div>Stifel, Nicolaus &amp; Company, Incorporated</div>
            <div>UBS Securities LLC</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 69.94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top;">
            <div>BTIG, LLC</div>
            <div>Cantor Fitzgerald &amp; Co.</div>
            <div>Compass Point Research &amp; Trading, LLC</div>
            <div>JMP Securities LLC</div>
            <div>Raymond James &amp; Associates, Inc.</div>
            <div>The Benchmark Company, LLC</div>
            <div>The Oak Ridge Financial Services Group, Inc.</div>
            <div>WR Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Transfer Agent and Registrar:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>American Stock Transfer &amp; Trust Company, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">CUSIP/ISIN:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>&#160;</div>
          </td>
          <td style="width: 69.94%; vertical-align: top;">
            <div>34960P 408 / US34960P4081</div>
            <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.07%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="font-weight: bold;">Director Purchase:</div>
          </td>
          <td style="width: 2%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 69.94%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div>As discussed on page S-33 of the Preliminary Prospectus Supplement, certain of our officers and directors may purchase shares in this offering.&#160; One of our directors intends to purchase up to $20.0 million
              (800,000 shares) in this offering from the underwriters at the public offering price.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="font-weight: bold;">General</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div>This communication is intended for the sole use of the person to whom it is provided by us. This communication does not constitute an offer to sell the Series
      C Preferred Shares and is not soliciting an offer to buy the Series C Preferred Shares in any jurisdiction where the offer or sale is not permitted.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div>The Company has filed a registration statement (including a prospectus and the Preliminary Prospectus Supplement) with the U.S. Securities and Exchange
      Commission (&#8220;SEC&#8221;) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the Preliminary Prospectus Supplement and any other documents the Company has filed with the
      SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering
      will arrange to send you the prospectus and prospectus supplement if you request it by contacting: Morgan Stanley&#160;&amp; Co. LLC at (866) 718-1649, Citigroup Global Markets Inc. at (800)-831-9146, J.P. Morgan Securities LLC at (212) 834-4533, Stifel,
      Nicolaus &amp; Company, Incorporated at (855) 300-7136 and UBS Securities LLC at (888) 827-7275.</div>
    <div> <br>
    </div>
    <div>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES
      WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</div>
    <div>&#160;</div>
    <div>
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