BDN, CC, GNL, PDM, RRD, SEM SMMV, SLFPRJ:CA, SRVR, TPVG, VNO

The next post will be published on 5/29/21. I will be leaving comments to this post between now and that publication date, rather than the post published last Friday.  

Economy: 

Charts: 

Capacity Utilization: Total Index-St. Louis Fed

All Sectors; Debt Securities and Loans; Liability, Level/Gross Domestic Product-St. Louis Fed

Nonfinancial Corporate Business; Debt Securities; Liability, Level-St. Louis Fed 

Federal Debt Held by Federal Reserve Banks-St. Louis Fed

Households and Nonprofit Organizations; Consumer Credit; Liability, Level-St. Louis Fed

Household Debt Service Payments as a Percent of Disposable Personal Income-St. Louis Fed

Household Financial Obligations as a percent of Disposable Personal Income-St. Louis Fed

Households and Nonprofit Organizations; Debt Securities and Loans; Liability, Level/Disposable Personal Income-St. Louis Fed

Personal Consumption Expenditures (PCE-St. Louis Fed

M2 Money Stock -St. Louis Fed

Velocity of M2 Money Stock St. Louis Fed

Personal Saving Rate-St. Louis Fed 

4-Week Moving Average of Initial Claims- St. Louis Fed

Unemployment Rate-St. Louis Fed

Households; Owners' Equity in Real Estate, Level -St. Louis Fed

New One Family Houses Sold: United States -St. Louis Fed

15-Year Fixed-Rate Mortgage Average in the United States-St. Louis Fed

S&P/Case-Shiller 20-City Composite Home Price Index-St. Louis Fed

Median Sales Price for New Houses Sold in the United States-St. Louis Fed

Total Unemployed, Plus All Persons Marginally Attached to the Labor Force, Plus Total Employed Part-Time for Economic Reasons, as a Percent of the C- (U-6)-St. Louis Fed

Share of Labour Compensation in GDP at Current National Prices for the United States -St. Louis Fed

Light Weight Vehicle Sales: Autos and Light Trucks- St. Louis Fed

Cass Freight Index: Shipments-St. Louis Fed

Truck Tonnage-St. Louis Fed

Leading Index for the United States-St. Louis Fed

University of Michigan: Consumer Sentiment-St. Louis Fed

E-Commerce Retail Sales-St. Louis Fed

Consumer Price Index for All Urban Consumers: All Items in the U.S. City Average-St. Louis Fed

Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma-St. Louis Fed

The annual inflation number through April 2021 was juiced simply by crude oil WTI returned to January 2020 levels after the steep decline in March-April 2020. 

WTI Crude Oil Jan. 2020-April 2021

+++

Markets and Market Commentary:  

S & P 500 P/E Ratios as of 5/14/21: 

TTM GAAP: 37.04

Non-GAAP Estimated Forward 12 months: 22.57

Dividend Yield: 1.38% (2.12% a year ago)

DJIA P/E Ratios as of 5/14/21: 

TTM GAAP: 29.63

Non-GAAP Estimated Forward 12 months: 20.63

Dividend Yield: 1.75%, down from 2.79% a year ago 

Sourced: P/E & Yields

VIX Chart: 

 

Selected Earnings Reports Owned Stocks: 

Avangrid (AGR) Reports 1st Quarter Results (E.P.S. at $1.08, with the consensus at $.739 per Fidelity; net income at $309.5M; "raises 2021 EPS & Adjusted EPS Outlook from $2.15-$2.35 to $2.25-$2.45 per share")

Black Hills (BKH) Corp. Reports First Quarter 2021 Results and Reaffirms Guidance (E.P.S. at $1.54 with consensus at $1.661 per Fidelity; net income at $96.3M; guidance at $3.8 to $4.00; winter storm adversely impacted earnings by $.15 per share) 

Butterfield (NTB) Reports First Quarter 2021 R$1.esults (E.P.S. at $.83, with consensus at $.775 according to Fidelity; net income $41.6M; NIM = 2.09%; efficiency ratio = 64.8%; ROA = 1.1%; ROE = 17.5%; ROTE = 19.3%; NPL Ratio = 1.4%; NPA Ratio = .7%; Coverage Ratio = .7%; total capital ratio = 20%; tangible book value per share =  $17)

Clorox Reports Q3 Fiscal Year 2021 Results, Updates Fiscal Year Outlook (Adjusted E.P.S. $1.62 with consensus at $1.478; GAAP E.P.S. = -$.49 that includes a "pre-tax noncash impairment charge of $329 million (or $2.11 diluted EPS). The impairment charge is the result of an adjustment to the carrying values of goodwill, trademarks and other assets in the Better Health Vitamins, Minerals and Supplements" business) 

2021 Fiscal Year outlook: "$7.45 to $7.65 adjusted EPS range (1% to 4% increase versus a year ago")

Fortis Inc. (FTS) Reports Strong First Quarter 2021 Results (E.P.S. at $.76, non-GAAP at $.77 with the consensus at $.758 per Fidelity; net income = $355M; affirmed 6% dividend growth guidance)

Horizon Bancorp, Inc. (HBNC) Announces First Quarter 2021 (E.P.S. at $.46 with consensus at $.404 per Fidelity; Net income $20.4M; efficiency ratio = 57.03%; reported NIM at 3.29%, adjusted to 3.17%; NPL Ratio = .68%; Charge off ratio = .01%; ROA = 1.40%; ROE= 11.88%; total capital ratio holding company = 16.94%; tangible book value per share = $11.74)

Incyte (INCY) Reports 2021 First Quarter Financial Results and Provides Updates on Key Clinical Programs (non-GAAP diluted E.P.S. at $.67 with the consensus at $.644 according to Fidelity; revenues at $604.718M, up from $568.507M in the 2020 first quarter; Jakafi revenues of $605M, up 6% from the 2020 first quarter) 

Novo Nordisk's (NVO) net profit increased by 6% in the first quarter (Diluted E.P.S. in Danish Kroner at DKK5.45, up from DKK 5.05 in the 2020 1st Q; the consensus estimate was DKK5.107 according to Fidelity; revenues "remained unchanged in Danish kroner and increased by 7% at CER to DKK 33.8 billion; for 2021, "sales growth is now expected to be 6-10% at CER, and operating profit growth is now expected to be 5-9% at CER. The ongoing share buyback programme will be expanded to DKK 18 billion.", Convert Danish Kroner to US Dollars)

Orkla (ORKLY) reports strong profit growth ("Orkla’s pre-tax profit increased by 24% to NOK 1,434 million. Earnings per share increased by 25% to NOK 1.15. Adjusted earnings per share rose 21% to NOK 1.27"; revenues at NOK 11,503 million; Convert Norwegian Kroner to US Dollars) 

Pfizer (PFE) Reports First Quarter Results (GAAP E.P.S. at $.86; Non-GAAP E.P.S. at $.93 with consensus at $.783 according to Fidelity; 1st quarter revenues at $14.6B; raised full-rear 2021 revenue guidance to a range of $70.5 to $72.5B and adjusted diluted E.P.S. to $3.55 to $3.65, primarily reflecting anticipated updated revenues BNT162b2, partially offset by additional R&D expenses for  COVID-19 vaccines and other mRNA-based development programs and COVID-19 antivirals"; vaccine revenue = $4.894B, up from $1.611B in the 2020 first quarter)

PSEG (PEG) Announces 2021 First Quarter Results (GAAP and Non-GAAP E.P.S. at $1.28 with the consensus at $1.118 per Fidelity; net income at $448M; revenues = $2.889B; reaffirms 2021 non-GAAP E.P.S.  between $3.35 - $3.55)

Reynolds Consumer Products (REYN) Reports First Quarter 2021 Financial Results (GAAP E.P.S. at $.35, non-GAAP at $.36 with the consensus at $.364 per Fidelity; revenues up 4% to $757M; 2021 guidance now at non-GAAP E.P.S. between $1.83 to $1.94 with revenue growth in the high single digits compared to $3.263B in 2020; "the Company expects short-term earnings pressure in the second quarter, reflecting increases in commodity and logistics costs that precede price increases as well as continuing impacts from February’s storms.")

TCP Capital Corp. (TCPC) Announces First Quarter 2021 Financial Results Including Net Investment Income of $0.32 Per Share; Declares Second Quarter Dividend of $0.30 Per Share; 36 Consecutive Quarters of Dividend Coverage (NII per share - $.32; net asset value per share = 13.46, up from $13.24 as of 12/31/20; no new non-accruals; as of 3/31/21, loans on non-accrual "represented 0.4% of the portfolio at fair value and 0.8% at cost"; declared a regular quarterly dividend of $.30 per share; the weighted average yield on debt portfolio was about 9.5%; as of 3/31/21, TCPC's portfolio consisted of "98 portfolio companies with a total fair value of approximately $1.7 billion, 89% of which was senior secured debt. 86% of the debt portfolio was first lien. Equity positions, including equity interests in portfolios of debt and lease assets, represented approximately 10% of the portfolio. 94% of our debt investments were floating rate, 84% of which had interest rate floors.")

WEC Energy Group (WEC) reports solid first-quarter results (E.P.S. = $1.61, up from $1.43 in the 2020 1st Q, with consensus at $1.473 per Fidelity; net income $510.1M; revenues at $2.7B, up $582.8M)

Williams (WMB) Reports Strong First-Quarter Results and Record Volumes; Raises 2021 Guidance (E.P.S. at $.35 with the consensus at $.292; net income at $425M; "available funds from operations (AFFO) of $1.029 billion–up $109 million or 12% from 1Q 2020";  "dividend coverage ratio is 2.07x (AFFO basis)"; "Adjusted EBITDA range now between $5.2 billion and $5.4 billion and Available Funds from Operations between $3.7 billion and $3.9 billion," both up $100M from February 2021 guidance)

W. P. Carey Inc.  (WPC) Announces First Quarter 2021 Financial Results (AFFO per diluted share = $1.22 with the consensus at $1.21; AFFO = $216.5M; "AFFO guidance range raised and narrowed to $4.87 to $4.97 per diluted share, including Real Estate AFFO of between $4.74 and $4.84 per diluted share"; raised the quarterly dividend to $1.048 per share; "collection rate of 98% for 2021 first quarter rent due"; Portfolio occupancy of 98.3%; Weighted-average lease term of 10.6 years)

++++

Rep. Andrew Clyde (R-GA) downplays Jan. 6 as ‘no insurrection’ in U.S. House hearing (Clyde: "There was no insurrection. And to call it an insurrection, in my opinion, is a bold-faced lie. Watching the TV footage of those who entered the Capitol and walked through Statuary Hall showed people in an orderly fashion staying between the stanchions and ropes taking videos and pictures. You know, if you didn’t know the TV footage was a video from Jan. 6, you’d actually think it was a normal tourist visit.") This is just another example of Orwellian speech among Republicans. 

Matt Gaetz (R-FL) investigation: Joel Greenberg admits to sex trafficking of a minor, agrees to cooperate with prosecutors - The Washington Post

Trump, Who Thinks He’s Still President, Is Bringing Back His Rallies Next Month | Vanity Fair

The Texas Republicans have passed a new law that seeks IMO to intimate volunteers and non-partisan election officials who administer the voting process.  G.O.P. Pursues Harsher Penalties for Poll Workers in Voting Crackdown, republished by MSN.com from G.O.P. Pursues Harsher Penalties for Poll Workers in Voting Crackdown - The New York Times  The only sensible course is for everyone to quit working at the Texas polling places other than partisan GOP hacks.  

Trump Attacks Pence and 'Pathetic' McConnell

++++

1. Small Ball: 

This post will deal only with pares and eliminations. 

My annual goal is to harvest at least $25K in short-term capital gains as a supplement to my dividend and interest income. 

This is going to be difficult going forward unless the market craters or I abandon the small ball risk mitigation strategy that I am now using. I am on a glide path in 2021 to reach that goal having harvested to date close to $10K in short-term capital gains.   

The small gains discussed in this post do add up given their abundance so far this year. 

The small ball trading strategy is primarily about risk mitigation. 

Part of the strategy involves selling my highest cost lots profitably, regardless of the profit amount. 

Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. I am doing that regularly now, having turned off the dividend reinvestment option in virtually all stocks that I own. 

The primary known threats to the stock market are inflation and valuations.  

The Stock Jocks will freak out when and if inflation becomes so problematic that the FED and other central banks have no choice but to raise interest rates rapidly. The U.S. FED will be slow to respond to inflationary pressures becoming embedded in the economy, claiming that several more months of hot inflation numbers are merely transitory. The FED is still signaling no near-term end to ZIRP and QE even after being confronted with an annual 4.2% CPI with the core CPI rising 3%.    

Sticky Price CPI increased at a 5.5% annualized rate in April following a 3.4% increase in March. The annual rate through April 2021 is now at 2.4%. Sticky-Price CPI - Federal Reserve Bank of Atlanta 

Sticky CPI:  % Change Monthly

Sticky Price Consumer Price Index-St. Louis Fed

A. Eliminated RRD-Sold 50 at $4.76: 

Quote: R.R. Donnelley & Sons Co.

RRD Analyst Estimates | MarketWatch

RRD SEC Filings

RRD Profile | Reuters

2020 Annual Report 

10-Q for the Q/E 3/31/21 

Profit Snapshot: +$169.58 

Item #3.L. Bought 50 RRD at $1.37 (12/19/20 Post) 

Investment Category: Lottery Ticket Basket

Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

GAAP E.P.S. -$.03

Non-GAAP E.P.S. = $.06 with consensus at $.13

Organic net sales declined 4.3%

While the report was arguably okay for a struggling company, it was not sufficient to keep me in the stock with an unrealized profit and risk something worse down the road. 

B. Eliminated VNO-Sold 5.133 at $45.83: 

Quote: Vornado Realty Trust (VNO)

Investor Relations | Vornado Realty Trust

Overview Portfolio | Vornado Realty Trust

VNO SEC Filings

2020 Annual Report 

10-Q for the Q/E 3/31/21 

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Profit Snapshot: +$69.4 

Item #1.H. Bought 5 VNO at $32.1 (11/13/20 Post) 

I still own the VNOPRM: 

As of the close on 5/14/21

Dividend: Quarterly at $.53 per share, reduced from $.66 effective for the 2020 third-quarter payment. Dividend Information | Vornado Realty Trust

Vornado Declares Quarterly $.53 Dividend On Common Shares 

Last Ex-Dividend: 5/7/21

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

C. Eliminated SRVR-Sold 5 at $38.43: 

Quote: Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF Overview

Sponsor's website: SRVR | Pacer ETFs

Expense Ratio: .6%

Profit Snapshot: +$16.15

Last Discussed: Item # 2.A. Bought 5 SRVR at $35.2 (12/25/20 Post) 

I am just not comfortable with the valuations. I am having trouble holding onto IRM which has a 5.12% weighting in this fund. 

Top 10 Holdings: 

SRVR Portfolio -Morningstar

D. Eliminated SEM-Sold 5 at $37.75: 

Quote: Select Medical Holdings Corp.

Key Developments-Select Medical Holdings

SEM Analyst Estimates | MarketWatch

SEM SEC Filings

5 Year Chart: 

Profit Snapshot: +$83.85

Last Discussed: Item # 2.F. Bought 5 SEM at $20.98 (11/29/20 Post) 

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release This result was released after I sold my 5 shares. If I had waited to review the report, I would not have sold the stock. I will now simply wait for a better opportunity to buy more than 5 shares. SEM suspended its dividends in 2015 but announced in this press release that it would restart paying dividends:  "Select Medical’s board of directors declared a cash dividend of $0.125 per share. . . There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of Select Medical’s board of directors after taking into account various factors, including, but not limited to, our financial condition, operating results, available cash and current and anticipated cash needs, the terms of Select Medical’s indebtedness, and other factors Select Medical’s board of directors may deem to be relevant."

E. Eliminated SMVV in Schwab account-Sold 5 at $38.22: 

Quote: iShares Edge MSCI Minimum Volatility USA Small-Cap ETF Overview

Sponsor's Website: iShares MSCI USA Small-Cap Minimumum Volatility Factor ETF 

Expense Ratio: .2%

iShares Edge MSCI Min Vol USA Sm-Cp ETF (SMMV)-Morningstar (currently rated 4 stars)

Profit Snapshot: +$22.1

Last Discussed: Item # 1.G. Bought 5 SMMV in Fidelity Account at $28.96 (8/8/20 Post) I still own those shares.    

F. Pared CC in Fidelity Taxable-Sold 5+ at $33.81: 

Quote: Chemours Co.

Brands and Products | The Chemours Company

Chemours Co Profile | Reuters

SEC Filings

2020 Annual Report

Investor Relations

I sold a fractional share purchased with 1 dividend payment and the 5 shares previously bought at $26.6, the highest cost lot in this account. 

Profit Snapshot: +$37.11

New Average Cost per share this account: $25.16 (20 shares): 

Snapshot Intraday on 5/5/21 after pare

Dividend: Quarterly at $.25 per share

Yield at AC = 3.97%

Last Ex-Dividend: 5/14/21

Buy Discussions: Item # 1.D. Started CC in Fidelity Taxable Account-Bought 5 at $26.6; 5 at $26.14; 5 at $25.4; 5 at $24.8; 5 at $24.3 and Sold 22 CC Vanguard Taxable account at $28.5 (1/16/21 Post)(profit snapshot = $45.79); Item # 1.Q. Started  CC in Schwab Taxable Account-Bought 5 at $25.2 (2/20/21 Post); Item # 1.K. Added 1 CC at $24.08-Schwab Account (3/20/21 Post) 

Last Earnings Report (Q/E 3/31/20): The Chemours Company (CC) Reports Strong First-Quarter Results And Increases Full-Year 2021 Outlook  

E.P.S. at $.57, adjusted to $.71 with consensus at $.634; 

net sales of $1.4, up 10% Y-O-Y; 

raises 2021 guidance: adjusted E.P.S. "between ~$2.84 and $3.56 vs. prior expectation of ~$2.40 and $3.12"; 

free cash flow "now expected to be greater than $450 million, up $100 million vs. prior outlook" 

G. Sold 1 PDM at $18.16 in Schwab Taxable Account: 

Quote: Piedmont Office Realty Trust Inc. Cl A  (PDM)

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy/Bond Substitute

Piedmont Office Realty Trust, Inc- Investor Relations

SEC Filings

2020 Annual Report 

10-Q for the Q/E 3/31/21 

Last Buy Discussions: Item # 3.K. Started PDM in Vanguard Taxable Account-Bought 10 at $11.45 (10/7/20 Post); Item # 1.H. Added to PDM in Schwab Taxable Account-Bought 5 at $13.6; 5 at $13.3; 5 at $12.5; 5 at $12.3; 5 at $11.69; 5 at $11.4 and 10 at $10.30(10/31/20 Post)(I discussed the 2020 third-quarter report in that post, and also mentioned in Item 1.I. starting a position in my Fidelity taxable account) 

Position Before Pare: 

I eliminated fractional shares purchased with 2 dividends.  

Profit = +$2.27

New Average Cost After Pare this Account: $12.17 (39+ shares)

Dividend: Quarterly at $.21 per share  

Dividend History: $.50 per share special dividend in 2017

Dividend History | Piedmont Office Realty Trust, Inc.

Yield at AC: 6.9% (regular now)

Next Ex-Dividend: 5/27/21

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

Core FFO per share = $.48

Core FFO calculation: 

"collected over 99% of billed tenant receivables near pre-COVID levels for the quarter ended March 31, 2021."

Revenues = $129.3M

2021 Guidance: Core FFO per share between $1.86-196

H. Eliminated SLFPRJ-Sold 50 at  C$14.65: 

Quote: SLF-PJ.TO 

Profit Snapshot: C$80.5

Item # 1.A. Bought 50  SLFPRJ at C$13 (11/16/2019 Post) 

Issuer: Sun Life Financial Inc. (SLF)

Last Ex-Dividend: 

Investment Category: Canadian Reset Equity Preferred stock 

Par Value: C$25 

The discount to par value has nothing to do with the issuer's credit quality. Moody's rates SunLife's preferred stocks at Baa1. 

Coupon: 1.41% spread to the 3-month Canadian government treasury bill, resets every 3 months.  That bill is currently around .09% to .1%, which generates about a 1.5% coupon. Even at a C$14.65 price, the yield is only about 2.56%. 

The Canadian reset equity preferred stocks that reset every 3 months can be an inflation hedge, but only if the Canadian central bank starts to raise its benchmark rate in response to inflationary pressures. CBs in developed countries are suppressing short-term rates far below the current inflation rate.  

Canada 3 Month Government Bond Overview

The low yield explains the discount. 

If Canada's central bank starts hiking its benchmark rate, then the pricing for this security would improve given the 3-month reset provision.   

I. Pared GLQ-Sold All Shares Purchased with Dividends: 

Quote: Clough Global Equity Fund Overview - a CEF

GLQ SEC Filings

GLQ- CEF Connect

Sponsor's Website: Clough Global - GLQ

Holdings as of 1/31/21-SEC Filing (balanced worldwide fund with a meaningful allocation to U.S. corporate bonds and U.S. treasuries)  

Profit Snapshot: +$3.46 

Buy Discussion: Item # 2.A. Added 8 GLQ at $10.95 (11/28/20 Post); Item #1.H. Started GLQ-Bought 10 at $11.37; 10 at $11.18 (8/8/20 Post)

Remaining Shares Average Cost this account = $11.08 (20 shares)

Snapshot Intraday 5/3/21 after pare

Dividend: Monthly at $.1105 per share ($1.32 annually rounded)

I have turned off dividend reinvestment. 

Yield at New AC = 11.91%

Last Sold: Item #2.M. Sold 10 GLQ at $12.27-highest cost lot in Fidelity Account (12/12/20 Post) 

J. Pared GNL in Fidelity Taxable-Sold 20 at $19.49: 

Quote: Global Net Lease Inc.

GNL SEC Filings; 2020 Annual Report

Overview | GNL

Profit Snapshot: +$49.98 (5/4 sell only)

In my most recent GNL discussion, I mentioned that I would sell 20 shares when and if the price exceeded $19.47. Item # 1.A. Pared GNL-Sold 20 at $19.1 (3/20/21 Post) I discussed the 2020 4th Q. report in that post

Management: External 

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Last Buy Discussions: Item # 1.I. Added to GNL-Bought 5 at $16.9 (1/23/21 Post); Item # 1.E. Bought 1 GNL at $13.19 and 1 at $12.61 (5/23/20 Post); Item # 4.A. Added 5 GNL at $17.65; 5 at $16.87, 5 at $16.3; 5 at $14.6; 5 at $14; 10 at $13.5; 5 at $12.94; 2 at $12.66; 2 at $12.1; 2 at $11; 1 at 10.1; 4 at $11.48 and 2 at $10.8  (4/4/20 Post)

Dividend: Quarterly at $.40 per share, reduced from $.53 effective for the 2020 second quarter payment. The dividend reduction was expected since the prior rate was not entirely supported by cash flow. The former dividend was what I call a teaser yield frequently offered by new publicly-traded REITs that are intended to attract mom and pop individual investors. 

New Average Cost per share this account: $14.57 (includes ROC adjustments to the tax cost basis through 2020 only)

Snapshot Intraday 5/4/21 after pare

Yield at New AC = 10.98% (107+ shares this account)

Last Ex-Dividend: 4/9/21 

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

"portfolio of 306 net lease properties is located in ten countries and comprised of 37.2 million rentable square feet leased to 130 tenants across 48 industries at March 31, 2021."

AFFO per share = $.44 with quarterly dividend at $.40.

Collected "100% of first quarter original cash rents, including 100% from top 20 tenants, as of April 15, 2021"

"99.7%  leased with a remaining weighted-average lease term of 8.3 years"

"93.9% of the portfolio contains contractual rent increases based on square footage"

K. Pared BDN-Sold 1+ at $13.75-all shares bought with dividends in Fidelity Taxable: 

Quote: Brandywine Realt (BDN)

SEC Filings; 2020 Annual Report

Category: Equity REIT Common and Preferred Stock Basket Strategy

Last Discussed: Item # 1.D. Sold 50 BDN at $12.9 in Schwab Taxable Account (3/27/21 Post) I discussed the 2020 4th quarter report in that post. 

Last Buy Discussion: Item # 3.A. Restarted BDN in Fidelity Taxable Account-Bought  10 at $9.27; 5 at $8.7; 5 at $7.79 (4/11/20 Post)

Profit Snapshot: +$3.3

AC Remaining Shares this Account = $8.76 (20 shares)

Snapshot Intraday on 5/4/21 after pare 

Dividend: Quarterly at $.19 per share ($.76 annually)

Yield at New AC = 8.68%

Last Earnings Report (Q.E. 3/31/21): SEC Filed Press Release 

FFO = $60.2M or $.35 per share

"98.9% of total cash-based rent due has been received from our tenants during the first quarter 2021, which represents a 99.1% collection rate from our office tenants."

"Core Portfolio: 90.3% occupied and 92.5% leased."

Net income to FFO calculation:

 

The FFO number of $.35 per share is not equivalent to cash available for distribution. 

FFO does not deduct cash used for maintenance expenditures.   

Pretend cash revenues created by the straight-line accounting convention will also be included in FFO and would be excluded in a CAD calculation. 

2021 Guidance:  FFO between $1.33 to $1.41.  

Prior Round-Trip: Item # 2.B. Sold 101+ BDN at $15.33 (11/9/19 Post)-Item # 2.A. Bought 100 BDN at $14.34-Commission free trade (7/17/19 Post)

L. Eliminated TPVG in Schwab Account-Sold 5 at $15.67:

Quote: TriplePoint Venture Growth BDC

TPVG SEC Filings

Website: TriplePoint Venture Growth

2020 Annual Report (risk factor summary starts at page 23 and ends on page 50)

Last Substantive Buy Discussion: Item # 3.B. Added 5 TPVG at $11.1; 5 at $10.7; 5 at $8.2; 5 at $6.92; 2 at $5.35; 2 at $4.45; 2 at $4; 2 at $3.5; 2 at $2.99; 5 at $4.96  (4/11/2020 Post)

Management: External

I mention this transaction in a 5/5/21 comment. 

Profit Snapshot: +$23.27 

Last Earnings Report (Q/E 3/31/21): 

TriplePoint Venture Growth BDC Corp. (TPVG) Announces First Quarter 2021 Financial Results 

The NII number provoked an immediate sale response. The company literally buried the number deep into the press release and gave an incomprehensible reason for missing the consensus. 

NII = $.29 per share with the consensus at $.365; 

net asset value per share =$13; 

"estimated undistributed taxable earnings from net investment income and realized gains of $14.0 million, or $0.45 per share, as of March 31, 2021"; 

weighted average portfolio yield on debt investments = 13.3% 

M. Pared TPVG in Fidelity Taxable-Sold highest cost 11 shares at $15.67: 

See Item #1.K. above. 

Profit Snapshot: $51.16 (5/5 sell only)

New average cost per share this account: $6.28 (39+ shares)

As of 5/5/21

Dividend Yield at $6.28: 22.22% (regular only)

TPVG  Dividend History

Prior Sale Discussions: Item # 1.R. Pared TPVG in Fidelity Account-Sold 5 at $15.35  (4/9/21 Post)(profit snapshot = $20.74); Item # 1.C. Pared TPVG-Sold 4 at $14.85 (4/1/21 Post)(profit snapshot = $13.71); Item # 3.K. Pared-Sold 9 at $13.13-Lots Bought with Dividend (1/30/21 Post)(profit snapshot = $26.95); Item #1.L. Pared TPVG in Vanguard Taxable Account-Sold 10 at $12.41 (8/22/20 Post)(profit snapshot = $17.1; contains snapshots of prior round-trip trade profits, new AC this account at $5.32 with dividend yield at 27.07%); Item # 2.L. Pared TPVG in Vanguard Taxable Account-Sold 10 at $12.6 (8/15/20 Post)(profit snapshot $9.99); Item # 1.J. Eliminated TPVG in Schwab Taxable Account-Sold 30 at $10.58 (8/8/20 Post)(profit snapshot = $94.3); Item # 2.A. Pared TPVG-Sold 14 shares at $15.61-Used Commission Free Trade (9/1/2019 Post)(profit = $46.33); Item # 2.A. Sold 74+ TPVG at $14.87 (7/20/19 Post)(profit snapshot= $246.43); Item # 4.C. Eliminated  TPVG in Roth IRA Account (4/17/19 Post)(profit snapshot = $88.87); Item # 3.B.(4/14/19 Post)(profit = $71.76); Item 3.A. Sold 40 TPVG at $13.44-Schwab Account and Item #3B Sold 50 TPVG at $13.39 Vanguard Roth  IRA (3/13/19 Post)(profit snapshots of $4.17 and $4.49 ); Item 2.B. Sold 50 TPVG at $13.39 (3/4/2017 Post)(profit snapshot = $153.08); Item # 3 Sold 50 TPVG at $12.33 (1/16/17 Post)(profit snapshot = $83.48) 

TPVG Realized Gains to Date: $960.02

Goal: Any total return in excess of the dividend payments. 

Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. I am acting solely as a financial journalist focusing on my own investments in this post. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals and situational risks. I can only make that kind of assessment for myself and my family members.