Triangle Capital Calls a Note – Pondering Some ‘Harvesting’

Triangle Capital (ticker:TCAP) has called their 7% notes (ticker:TCC) for 6/22/2015.  These notes had a maturity date of 3/15/2019.  Unfortunately we have these in the 2015 Blended Income Portfolio as well as in our personal accounts.  The positive spin for us is that while we lose a issue we wanted to hold to maturity we generate some cash which was our plan anyway (cash position now almost 13%–and we are looking toward 20%).  There is no loss on the TCC which we held as we paid $25.37 for them and will receive around $25.45 for them ($25 plus accrued interest to 6/22/2015).   We continue to hold the 6.375% issue (ticker:TCCB).

We are now looking at ‘harvesting’ some profits as we have some super gains on a number of issues.  Star Bulk Carriers Notes (ticker:SBLK) which were bought when it went on sale at $19.30 now trades at $22.79.  On the other hand it has a current yield of 8.78%.  One of our Canadian issues–Premium Brands Holdings(ticker:PRBZF) has a 20% gain and we think this one will be sold tomorrow–nothing grows to the sky.  One of our MLP’s, Alliance Bernstein(ticker:AB), a money manager, also has a 20% gain.  This is a variable rate MLP and is a darling of ours–we’ll see.

We continue to study a potential equity market ‘short’.  After the 6% fall in the Chinese market last night one must wonder when it will be our turn–soon I think.