4/15/25

We are on a pause for the present in selling out of the money puts. Coming into the Market’s Tariff Trauma we had a number of puts outstanding through the June 20 expiration. We don’t go out more than three months on option sales. With the big market decline the puts in the money exceeded our cash available. Currently, with the high cost of margin debt we want to avoid going on margin so acquisition of stocks using debt we want to avoid. We bought to cancel some options to bring potential liability in line with cash available. If prices continue where they are to this Friday’s expirations we will buy a number of tech dividend growth stocks we very much want to own. We will then turn our focus to monitoring the May and June expirations in light of our remaining cash. We should note that we have a number of real estate assets on the market for sale. Should they sell and we experience a major infusion of cash we will reevaluate our current pause.