I think they do and actually, I think the liquidity issue explains why FLY seems to hold up much better. It is incredibly hard to get out of a large position in FLY without pushing the price down considerably. There are so many 100 share lots that fill in FLY and volume today on fly was 1/10 of AYR, so it simply isn't possible to manipulate the price as easily - the spreads are a lot broader.

I wouldn't trade out (swap) one of these entirely (AYR/FLY) because either one could at any time announce a divi increase.

Have a good weekend.

Leeb