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(Update: We cannot get a break on anything lately. Frustrating as hell. GAINM dropped down to one cent above our buy price, and so our limit order was NOT filled. One Penny!!! We will keep the limit order in place just in case we luck out and the price comes back down.)
(Update: We own MDLX in the Core Portfolio. If you do not own, buy now, or you can ADD to current positions.)
October 4, 2016
Investing for income has become extremely difficult.
We have been trying to buy ARU and as mentioned, the order was placed at $25.00. We were hoping to get lucky and get filled, but it was not to be. The chances looked good. But yield starved investors have driven the price up beyond what anybody should be willing to pay. And this holds for dozens of positions that we have been looking at.
Tonight we we placed a Buy Limit order for GAINM a preferred stock. Earlier in the morning, the price was too high and we ignored it. But for three days now, the low for the day has been around $25.33 SO we are placing a buy order at $25.33 in hopes of getting filled on Wednesday. This issue CAN be called as early as September 2018.
(The good news is that we have been receiving dividends from dozens of positions over the last 15 days. It is nice to see them rolling in!!! So far the year has been good to us but October is usually full of surprises.)
QUANTUMONLINE.COM SECURITY DESCRIPTION: Gladstone Investment Corp., 6.25% Series D Cumulative Term Preferred Stock, liquidation preference $25 per share, redeemable at the issuer’s option on or after 9/30/2018 at $25 per share plus accrued and unpaid dividends, and mandatorily redeemable on 9/30/2023 at $25 per share plus accrued and unpaid dividends. Cumulative distributions of 6.25% ($1.5625 per annum or $0.130208 per month) will be paid monthly on the last business day of each month to holders of record on the record date fixed by the board, not more than 20 days or less than 7 days prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date).