Cleaning up after a corporate action.
music selection: “Blame Me” — The Pretty Reckless
On 24FEB2014 I purchased 982 (split adjusted) shares of Two Harbors (TWO) for 20.36 a share. Shares are down 24.61% since that time but I’m up nicely after considering the distributions I have received during the holding period.
On 1NOV2017, TWO issued a special dividend of shares of Granite Point Mortgage Trust (GPMT). I received 186 shares with a cost basis of 17.83 a share. Today, I sold those shares for 17.39 each. I book a 82 dollar short term capital loss on the trade. I am counting the proceeds as a 3.30 distribution of TWO for purposes of tracking total return and my trailing stop loss.
Granite Point may turn out to be a good investment in its own right but I didn’t like it as an opportunity cost at this time.
Devour your prey raptors!