Tri-Continental Corporation Declares Fourth Quarter Distribution

Rhea-AI Summary

Tri-Continental Corporation (NYSE: TY) announced a fourth quarter distribution of $0.2651 per share for Common Stock and $0.6250 for Preferred Stock. Additionally, a long-term capital gain distribution of $0.6213 per Common Stock share will occur. Payments will be made on December 20, 2022 for Common Stockholders and on January 3, 2023 for Preferred Stockholders. The company has a 78-year history of paying dividends, which are derived from its earnings with no return of capital.

Positive

• Established a consistent dividend history with 78 years of continuous payments.
• Declared long-term capital gain distribution of $0.6213 per share.

Negative

• Investments are subject to market risk, including possible declines in share value.
• The net asset value might not align with the market price, indicating potential undervaluation.

BOSTON--(BUSINESS WIRE)-- Tri-Continental Corporation (the “Corporation”) (NYSE: TY) today declared a fourth quarter ordinary income distribution of $0.2651 per share of Common Stock and $0.6250 per share of Preferred Stock. In addition, the Corporation declared a total long-term capital gain distribution of $0.6213 per share of Common Stock. Distributions on Common Stock will be paid on December 20, 2022 to Common Stockholders of record on December 12, 2022 and dividends on Preferred Stock will be paid on January 3, 2023 to Preferred Stockholders of record on December 12, 2022. The ex-dividend date for both the Common Stock and the Preferred Stock is December 9, 2022. The $0.2651 per share ordinary income distribution and the $0.6213 per share capital gain distribution on the Common Stock is in accordance with the Corporation’s distribution policy. The capital gain distribution, being a special distribution, will be paid in stock except that any stockholder of record as of December 12, 2022, may elect to receive such distribution as follows: 75% in shares and 25% in cash; 50% in shares and 50% in cash; or 100% in cash.

The Corporation has paid dividends on its common stock for 78 consecutive years. The Corporation’s investment manager is Columbia Management Investment Advisers, LLC, a wholly-owned subsidiary of Ameriprise Financial, Inc.

The Corporation’s distributions on common stock will vary. The Corporation’s current distributions (as estimated by the Corporation based on current information) are from the earnings and profits of the Corporation. No amount of the Corporation’s current distribution consists of a return of capital (i.e., a return of some or all of your original investment in the Corporation).

The net asset value of the Corporation’s common shares may not always correspond to the market price of such shares. Shares of many closed-end funds frequently trade at a discount from their net asset value. 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.

Securities selected for the Corporation using quantitative methods may perform differently from the market as a whole, and there can be no assurance that this methodology will enable it to achieve its objective. 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. Fixed-income investments, including convertible securities, are subject to credit risk, interest rate risk, and prepayment and extension risk. These risks may be more pronounced for longer-term securities and high-yield securities (“junk bonds”). In general, bond prices rise when interest rates fall and vice versa. Convertible securities are subject to both the risks of their security type prior to conversion as well as their security type after conversion. The Corporation’s use of leverage, including through its preferred stock, exposes it to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns.

You should consider the investment objectives, risks, charges, and expenses of the Corporation carefully before investing. A prospectus containing information about the Corporation (including its investment objectives, risks, charges, expenses, and other information) may be obtained by contacting your financial advisor or Columbia Management Investment Services Corp. at 800-345-6611. The prospectus can also be found on the Securities and Exchange Commission’s EDGAR database. The prospectus should be read carefully before investing in the Corporation. There is no guarantee that the Corporation’s investment goals/objectives will be met or that distributions will be made, and you could lose money.

Tri-Continental Corporation is managed by Columbia Management Investment Advisers, LLC. This material is distributed by Columbia Management Investment Distributors, Inc., member FINRA.

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

Past performance does not guarantee future results.

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 principle and fluctuation in value.

© 2022 Columbia Management Investment Advisers, LLC. All rights reserved.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20221117005173/en/

Stockholder contact:

Kevin Howley

617-385-9517

kevin.howley@columbiathreadneedle.com

Media contact:

Lisa Feuerbach

617-897-9344

lisa.feuerbach@ampf.com

Source: Tri-Continental Corporation

FAQ

What are the latest dividends declared by Tri-Continental Corporation (TY)?

Tri-Continental Corporation declared a fourth quarter ordinary income distribution of $0.2651 per share for Common Stock and $0.6250 for Preferred Stock.

When are the dividends for Tri-Continental Corporation (TY) payable?

Dividends for Common Stock will be paid on December 20, 2022, and for Preferred Stock on January 3, 2023.

What is the capital gain distribution announced by Tri-Continental Corporation (TY)?

The Corporation announced a long-term capital gain distribution of $0.6213 per share for Common Stock.

What risks are associated with investing in Tri-Continental Corporation (TY)?

Investing is subject to stock market risk, which may affect the market prices of the Corporation’s shares.

How can shareholders elect to receive the capital gain distribution from Tri-Continental Corporation (TY)?

Shareholders can elect to receive the capital gain distribution in various proportions, including 75% shares and 25% cash.