2 Model Purchases Today

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We made 2 purchases in the 2014 Model today–both issues we had mentioned last week in this space.

1st off we have made a purchase of Store Capital (ticker:STOR) a new issue REIT (not a new REIT–they have been around since 2011).  As we mentioned in this short article last week Store Capital is a triple net lease owner of single tenant properties.  We look at them as a mini Realty Income (ticker:O).  Of course they are much smaller than Realty Income, but they do have 850 properties–all throughout the United States. They will be paying a minimum quarterly distribution to start of $1.00/annually which gives them a current yield of 5.01% on todays closing price of $19.98.  They came public at $18.50. Their website is here.

Additionally we added shares of THL Credit 6.75% Notes (ticker:TCRX) which began trading today. THL Credit is a BDC and we outlined the issue last week.  Details of the issue are here.  Of primary concern is we like the rather short duration of the issue (2021).

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We will update the model later today.

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