In short: Income add to the preferred/baby-bond ballast: "We added to CFTR, the preferreds, which is over a 9% yield." (The issuer is not named on the call; the report's "Consolidated Edison" gloss is not supported by the transcript.)
A preferred share is a hybrid: it trades like a stock but behaves like a bond, paying a fixed dividend that must be paid before common shareholders get anything. Buying them below their face value pushes the effective income rate up.
This is a small income add to the part of the book Singh calls the ballast — several hundred high-yielding preferreds and small bonds that generate cash regardless of what equities do. He bought these at a yield above 9%. He does not name the issuer on the call.
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