BEACH INVESTMENT COUNSEL INC/PA

Beach Investment Counsel's Coca-Cola share count fell 11.8% this quarter, from 277,966 to 245,049 — a genuine $2.4 million real sale. The position's reported dollar value climbed $244,000 anyway, as the stock's price rose enough to offset the share reduction entirely. It's a small, easy-to-miss contradiction sitting inside a much larger real move: Apollo Global Management was cut 36.9% (a real $7.0 million outflow, the book's largest sale), while Bank of America nearly doubled, up 88.0% in share count for a genuine $7.3 million purchase — the largest real buy in the portfolio. Six international ADRs, including Roche, Siemens, and Deutsche Telekom, joined as new positions, while Boston Scientific ($10.4 million) and NVIDIA ($4.0 million) were among six full exits.