Tri-Continental Corporation (NYSE: TY) has declared a third quarter ordinary income distribution of $0.2914 per share of Common Stock and $0.6250 per share of Preferred Stock. Distributions on Common Stock will be paid on September 23, 2024, to Common Stockholders of record on September 13, 2024, and dividends on Preferred Stock will be paid on October 1, 2024, to Preferred Stockholders of record on September 13, 2024. The ex-dividend date for both the Common Stock and the Preferred Stock is September 13, 2024.
The Corporation has paid dividends on its common stock for 80 consecutive years. The distribution on the Common Stock is in accordance with the Corporation’s distribution policy.
Tri-Continental Corporation is managed by Columbia Management Investment Advisers, LLC, a wholly-owned subsidiary of Ameriprise Financial, Inc. The Corporation’s distributions on common stock will vary, and the current distributions are from the earnings and profits of the Corporation.
It is important to note that the net asset value of the Corporation’s common shares may not always correspond to the market price of such shares, and shares of many closed-end funds frequently trade at a discount from their net asset value. Additionally, an investment in the Corporation is subject to stock market risk, which is the risk that market prices for the Corporation’s common shares may decline over short or long periods, adversely affecting the value of an investment in the Corporation.
The press release emphasizes that the Corporation’s portfolio investments are subject to market risk, which may affect a single issuer, sector of the economy, industry, or the market as a whole. Furthermore, fixed-income investments, including convertible securities, are subject to credit risk, interest rate risk, and prepayment and extension risk.
Investors are advised to consider the investment objectives, risks, charges, and expenses of the Corporation carefully before investing. It is also recommended to obtain a prospectus containing information about the Corporation and to read it carefully before making an investment.
Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. The press release also includes a disclaimer that investment products are not insured by the FDIC, NCUA, or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $31.88. If you want to know more, read the company's complete 8-K report here.
