Bushore Michelle’s SEC Form 4 filings reveal a consistent pattern of selling activity in Realty Income Corporation (NYSE: O) with no recorded purchases, totaling approximately $2.41 million in proceeds since late 2023. The transactions, marked as derivative dispositions (code "F"), include multiple sales in the $50,000–$500,000 range, with the largest single transaction occurring on December 31, 2025, valued at $365,108. Smaller dispositions, such as an $11,588 sale on February 8, 2024, and a $11,798 sale on February 8, 2025, suggest periodic liquidation of holdings rather than a single bulk exit. Notably, several filings with zero-dollar values (code "A") indicate adjustments or non-monetary transactions, though the bulk of activity remains monetarily significant.
The sales are spread across multiple dates, often clustered around year-end and early-year periods, including January 1 and December 31 in consecutive years. For example, transactions on January 1, 2025, totaled $364,309 across two sales, while February 2026 saw a $435,576 disposition alongside smaller sales earlier that month. The absence of any buys and the repeated divestments suggest a gradual reduction in exposure to Realty Income, though the filings do not indicate whether the sales represent full exits or partial position trimming. The consistency in timing—particularly around fiscal year-ends—may reflect tax or portfolio rebalancing considerations, though the data alone does not specify intent.
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