Dollar Value of Trades Discussed in this Post:
Inflow Small Ball Buys of Common Stocks (Item # 1): $2,111.79
I increased my purchases this week and have cut off my discussion here for trades made after early morning on Wednesday 12/10.
Dividends: $137.38
Yield at $2,111.79 Cost: 6.51%
Treasury Bill Purchases at Auction (Item # 2): $20,000 in principal amount
Inflow Corporate Bonds (Item # 4): Bought 4, total cost at $3,842.51 or $157.49 below par value. Both of the bonds mature in 2029. I classify those purchases as marginal. It does transfer the tax recognition of the market discounts, treated as interest rather than long term capital gains, until 2029. Given the relatively low coupons, I do not anticipate that the bonds will be called earlier than 2029.
Inflow Equity Preferred Stocks (Item # 3): $195.15
Annual Dividend Preferred Stocks: $15.31
Yield at $195.15 = 7.85%
Inflow Leveraged Bond CEF (Item # 5): $190.19
Yield at Total Cost = 9.41%
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Permanent Portfolio -Investor Class (PRPFX)
Sponsor's website: The Permanent Portfolio Family of Funds
PRPFX Portfoli0 -Morningstar (5 stars, classified as a moderate allocation fund). The rating is based on performance within that classification.
PRPFX is classified as a moderate allocation fund. It is unusual in that the fund maintains close to a 25% allocation to gold and silver bullion.
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| As of 7/31/25 |
Average cost per share: $40.96 (190+ shares)
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| Price as of close on 12/10/25 |
Dividends: A significant part of my total return has originated from the annual dividends which I have been taking in cash.
PRPFX Stock Dividend History & Date | Seeking Alpha
Dividends Paid 2020-2024: $6.06 per share
Last Ex Dividend: 12/3/25
2025 Dividend per share: $2.4457
2025 Cash Dividend Paid: $466.27
Sell Discussions: Item #2.A. Pared PRPFX Again - Sold 10 at $74.05 (10/18/25 Post)(profit snapshot = $330.87); Item # 5.E. Sold 2 PRPFX at $72.67 (9/27/25 Post)(profit snapshot = $63.41); Item # 2.C. Pared PRPFX - Sold 5 at $68.4 (8/5/25 Post)(profit snapshot = $137.19); Item # 1.B. Sold 10 PRPFX at $68.09 (7/3/25 Post)(profit snapshot = $271.28); Item # 3.E. Pared PRPFX - Sold 10 at $67.16 (6/12/25 Post)(profit snapshot = $261.97); Item # 1. Sold 10 of 237+ PRPFX at $66.01 (5/16/25 Post)(profit snapshot = $250.48)(In that post, I included snapshots of prior realized gains including $590.26 in 2015 which was not discussed); Item # 2.A. Sold 125+ PRPFX at $40.22 (8/7/2017 Post)(profit snapshot = $308.84);
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Economy:
As expected, the Fed cut the federal funds range by .25%. Federal Reserve issues FOMC statement The new range is 3.5% to 3.75%. Two Fed members voted against the rate cut. The Trump appointee Stephen Moran dissented since he wanted a .5% cut.
The Fed also released its economic projections: December 10, 2025: FOMC Projections materials
Bessent: U.S. will finish the year with 3% Real GDP growth Bessent claims that concerns about affordability are not based on real experiences but on propaganda from the Fake News media. He has done a mind meld with Trump. In the Fed's projection materials referenced above, the FED is predicting 1.7% real GDP growth in 2025. My prediction is currently at 2.2%.
Before breaking out the champagne to celebrate the FED's inflation prediction, it is important to remember what the FED predicted for inflation in December 2020: December 16, 2020 FOMC Projections materials
Actual PCE Inflation:
2021: 4%
2022: 6.5%
CPI Inflation:
2021: 4.7%
2022: 8%
Consumer Price Index, 1913- | Federal Reserve Bank of Minneapolis
Fed's Dot Plot:
A majority of FED voting members currently project no more than one .25% cut in 2026 and 1 more in 2027. Three are forecasting a .25% rate hike next year and 4 expect no change in the current 3.5%-3.75% range.
I have been discussing that the current 3 to 6 month T Bill investment rates are not consistent with another cut before the June 2026 Fed meeting.
Trump Gaslighting Voters on Inflation:
Trump claims that he inherited the worst inflation in U.S. history. Asserting falsely that he has ended inflation, Trump consequently represents that discussions about affordability are just a con job by Democrats. WATCH: Trump says the word ‘affordability’ is a ‘con job’ by the Democrats; Trump Campaigned on Affordability. Now He’s Calling the Idea a ‘Con Job.’ - The Atlantic
As usual, Trump's claim that the 2024 inflation was the worst in history is just false and easily proven to be false. Consumer Price Index, 1913- | Federal Reserve Bank of Minneapolis Inflation had been trending down in the two years before Trump started his second term.
The last CPI report was for September:
CPI is trending higher in 2025 than the final number for 2024. There will not be a report for October due to the shutdown. The November report is currently scheduled for release on 12/18/25. I am anticipating that the annual CPI increase in 2025 will be higher than 2024.
Trump Is Making the Same Mistake as Biden - The Atlantic The mistake is downplaying what consumer's believe or know about affordability. Marjorie Taylor Greene recently commented that Trump was gaslighting his supporters on affordability, and that is unquestionably the case. Marjorie Taylor Greene says Trump administration is 'gaslighting' on economy (11/14/25) Trump has been hugely successful so far in convincing tens of millions that demonstrably false information is true. That is far harder to do when his false statements relate to prices that consumers know they are paying.
Beef prices are soaring. Here's why that's hard to fix
Johnson reveals House GOP won’t allow extension of Obamacare subsidies, leaving 24M Americans at risk | The Independent This was never in doubt based on what I had read before the shutdown. During the shutdown negotiations, the republicans refused an offer to extend the subsidies for just one year. Republicans Reject Obamacare Subsidy Extension To End Shutdown - Newsweek; Senate rejects ACA funding and a Republican alternative with premiums set to spike
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Buy Now-Pay Later:
‘We fear people will end up in financial trouble.’ Americans will spend a record $20 billion via buy-now-pay-later during the holidays. - MarketWatch (subscription publication).
Adobe estimates that U.S. consumers will buy $20.2B in products between 11/1 to 12/31 using buy now - pay later services. In the 2024 Federal Reserve's Economic Well-Being of U.S. Households survey, 58% said the buy now-pay later services were used to buy products because that was the only way the purchase could be made by them. Some of the plans have high interest rates up to 35.99%, when selecting monthly payment plans rather than 4 payments every 2 weeks, and have severe late penalties for late payments. A comparison of 'buy now, pay later' services The result is this option can result in a large segment of consumers digging themselves into a deeper hole.
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China Purchases of U.S. Soybeans - U.S. Export Market Share in Long Term Decline Due to Trump's Trade Wars:
Trump trade rep changes China soybean purchase timeline, cites 'discrepancy';
Cutting Through the Confusion: White House Confirms Trade Agreement With China on Soybeans - AgWeb According to the White House fact sheet, China was supposed to buy 12 metric tons before year end. Trump's trade representative now claims that the deadline is not this year, which is stated in the WH fact sheet, but by the end of the growing season. Bessent is now claiming that the deadline is in February 2026. Scott Bessent Thinks You're Dumb, LIES About China Soybean "Deal" - YouTube (12/4/25)
Prior to Trump initiating another trade war with China this year, the U.S. exported 26.8 metric tons of soybeans to China in 2024; 26.4 million in 2023 and 30.23M in 2022. U.S.–China Soybean Deal: Comparing Past Export Levels and Global Market Impacts - farmdoc daily The government data on exports during the Biden Administration did not stop Karoline Leavitt from recently claiming that China did not purchase soybeans during Biden's term as President because China did not have any respect for him. Don't praise Trump for farmer bailout. His tariffs caused it; Karoline Leavitt Roasted Over False Claim on Trump's Tariffs; Trump’s claim on China soybean purchases isn’t backed by the data
Brazil's soybean exports started to surge higher during Trump's first term in response to Trump starting a trade war with China. Brazil's soybean exports to China hit 72.5M metric tons in 2024, up from 38.6M in 2016.
U.S. exports to China were 36.1M in 2016 before Trump became President in January 2017, close to Brazil's market share, but then declined to 8.2M in 2018 due solely to Trump's actions as President.
The republicans compensated the farmers for some of the economic damage caused by Trump in his first term and are about to do so again for the same reason. Trump says $12 billion bailout plan for farmers will come from tariff revenue - ABC News; 92 Percent of Trump’s China Tariff Proceeds Has Gone to Bail Out Angry Farmers | Council on Foreign Relations (10/28/20)
It needs to be emphasized, however, that there is no republican compensation for the permanent loss in soybean export market share to China which has happened due to Trump's policies even though he recently blamed Biden.
Trump and his administration tout the recent deal that China will buy 25 metric tons each year for the next 3 years, as if that is some accomplishment when the U.S. was exporting far more before Trump started his first term and more than 25M during Biden's term as noted above. The fact is that U.S. farmers have lost market share for farm products as China has concluded that its food security can not be too dependent on U.S. produce due to Trump's threats.
Yet, farmers voted overwhelmingly to reelect Trump in 2024 knowing that he would start another trade war in China that would harm their financial interests over both the short and long term. Ron Brownstein: Trump is about to betray his rural supporters - YouTube, published shortly after the November 2024 election. I can understand why one commenter to that YT video said let them reap what they have sowed.
(My Videos Negative Impacts on U S Food Exports Resulting from Trump's Tariff Increases During his 1st Term - YouTube, published about 11 months ago; Trump's "Trade Deal" with China a generous 1.5 on a 1 to 10 Scale, not a 12 as Claimed by Trump - YouTube and Harm to U S Farmers from Tariff Wars - YouTube)
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Home sellers are giving up at 'unusually high rate': Realtor report (12/8/25); Realator.com Article
Trump gives himself 'A++++++' grade on the economy - YouTube Trump believes, based on his tremendous past success at doing so, that he can create a false alternate reality that will be accepted as true by tens of millions even though rebuttal evidence is easily accessible on the internet.
Just make the false reality creation with a serious face as Trump does, engage in personal attacks against anyone who challenges the false claim or even asks about the reality creation, do not break out into laughter when making it which would ruin the persuasive value of the false claim, repeat the false claim over and over again in a serious and forceful manner with strong hand gestures, which is normal for him, and then claim that the rebuttal evidence which is accurate is Fake News when his reality creations are the Fake News.
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Trump and His Party:
Lying all the time about almost everything is a path to political power in the U.S., a point that I made in a post back in September 2011 long before Trump became a politician based on my observations over several decades. The Road to Political Power: Lying Works/Recent Gold and Silver Sales (9/15/2011) Trump has proved the truth of my 2011 observation beyond any doubt.
Trump’s Own Mortgages Match His Description of Mortgage Fraud, Records Reveal — ProPublica; Trump Signed Mortgages on Properties He Never Lived In - YouTube; Trump’s Mortgages Reek of Fraud Under His Own Definition We all can wait for Pam Bondi to cause a compliant D.A. and former Trump personal attorney to launch a criminal GJ investigation of President Trump's mortgages.
Trump claimed that the boat destroyed on 9/2/25 was headed to the U.S. which was a false claim:
The Hegseth Department of War claims that the destroyed boat was headed to another boat in transit to Suriname in South America, not the U.S. Exclusive: Boat sunk in 'double-tap' strike was not headed for the US - YouTube; Pete Hegseth’s Claim Drug Boat Was Headed to U.S. Blows Up Suriname is typically part of the drug route to Europe. Just prior to being killed by the U.S. military, the two shipwrecked survivors were waving at the U.S Drones, apparently trying to surrender, before being killed as ordered by Admiral Bradley. Survivors of Sept. 2 boat strike were waving before second attack, sources say - CBS News
Admiral Bradley justified the Double Tap on the basis that the wrecked boat, which admittedly had no means of locomotion, could still have some cocaine that was not visible but possibly submerged in the water, and the boat could drift with the current somewhere until finding land or be recovered somehow- without U.S. drones noticing - whereupon the cocaine, if any still existed after the first bombing and somehow managed to avoid becoming immersed in salty sea water for days, weeks or months, could then be dried out and sold in the United States, even though the boat was not headed to U.S. as the Admiral knew when he ordered the Double Tap.
When will the republicans publicly provide the video of the Double Tap? 'I didn't say that': Trump backtracks on double-tap strike video release - YouTube Do not hold your breath waiting for the release.
Trump administration National Security Strategy claims Europe facing "civilizational erasure" within 20 years - CBS News Trump made clear in this new strategy document that Russia is not in his opinion a threat to Europe. Trump’s ‘Russia tilt’ exposed in new US security strategy | Jim Townsend - YouTube Russia said it was aligned with Trump's U.S. National Security Strategy. Kremlin hails Trump’s national security strategy as aligned with Russia’s vision
What would a republican say if Russia said that about a Democrat President's National Security Strategy? It is important to recognize that Republicans will support what a Republican President does and oppose the same exact policy when undertaken by a Democrat President. GOP Voters Love Same Attack on Syria They Hated Under Obama Approval or disapproval is based just on the party affiliation of the President.
Trump criticism of European leaders as 'weak' (12/10/25). Why does Trump insist on antagonizing U.S. allies for no rational reason?
Chokehold: Donald Trump's War on Free Speech & the Need for Systemic Resistance.pdf This is a 50 page report documenting Trump's attacks on the First Amendment.
Fact check: Trump denies saying something he said on camera five days ago In addition, Trump launched a personal attack against the reporter who merely quoted what he said. Personal attacks are now an accepted means of political discourse in Trump's America and are an accepted substitute for reasoned fact based analysis among his supporters.
Trump slams pardoned Rep. Henry Cuellar for not switching parties 'No more Mr. Nice guy': Trump bashes Rep. Henry Cuellar for running as a Democrat after pardon Trump believes that Representative Cuellar needed to express his gratitude and loyalty to Trump after the pardon by running as a Republican in the 2026 congressional election. The quid pro quo IMO, which Trump would deny, was that Cuellar would switch parties and consequently help Trump maintain a republican majority in the House.
Trump is panicking about losing control over the House of Representatives after the midterm elections, knowing there will be investigations that will lead to passage of several more articles of impeachment. Even though he will survive a conviction vote in the Senate no matter what he does or the evidence supporting a conviction, the investigations will lead to a record being developed that will place him in an unfavorable light for as long as histories are written about his 2 terms as President.
This is the link to Trump "Truth" Social message about Cuellar that could not have been written by a sane and mature adult and that should worry everyone. Trump's "Truth" Social Post on 12/7/25
Marjorie Taylor Greene’s Explosive Claims About Trump and GOP | TIME Trump called Greene a "traitor" which has resulted in Greene and her family receiving death threats. Marjorie Taylor Greene blames Donald Trump for threats after 'traitor' label Trump was angered by Greene signing the discharge petition that required a House vote on releasing the Epstein files.
Trump has not yet realized that trying to convince his cult members of something with his tsunami of verbal and written rage rants and diatribes, invariably fact free, mean-spirited and juvenile - strange for a Messiah Chosen by God - is not a productive pursuit for a second term President, particularly when he solidifies and energises a large part of the electorate to vote against all republicans, thereby making it even more likely that his party will lose the House in the midterm elections.
All of Trump's mean-spirited, pejorative and juvenile rants are being preserved for Americans in the future to read long after all his cult members have passed away. Those messages will be an important part of Trump's legacy for future generations as well as for the republican politicians who will not even publicly mention a word of criticism.
For a normal, sane individual, it would be embarrassing to have one of his verbal or written rants preserved for prosperity, let alone thousands of them.
Trump will influence future generations of Americans who read these written and verbal communications, but not in a positive way.
There will be books devoted to those juvenile and disturbing rage rants of an American President.
Many of them will be cited in every history that is written about him in the decades to come. For many Americans not yet born, he will be remembered primarily for his rage rants. Historians will try to understand how the republicans nominated such a creature for President 3 times and voters elected him to two terms.
Trump's AG Pam Bondi made these statements in a Supreme Court brief filed in March 2024: "Military officers are required not to carry out unlawful orders" She added that it was patently unlawful for a President to order the "killing of nonmilitary targets".
The Video Pete Hegseth Doesn’t Want You to See (w/ Andrew Kaczynski) - YouTube Hegseth stated that soldiers do not have to follow illegal orders. Will he be recalled to duty and then court martialed for making that statement?
Cory Mills (R-FL) slapped with restraining order after Florida judge sides with accuser - POLITICO; GOP Rep. Cory Mills hit with a restraining order from ex-girlfriend; House blocks GOP Rep. Nancy Mace's censure effort against fellow Republican Cory Mills - CBS News Mills is currently the congressional representative for Florida's 7th Congressional District, having won 56.5% of the vote against his Democrat opponent in 2024. This is a safe Republican district. Cory Mills - Wikipedia
Who is the Socialist? Trump: Nvidia can sell H200 AI chips to China if U.S. gets 25% cut; What you need to know about the government’s 10% stake in Intel; Trump appoints officials to oversee U.S. Steel under 'golden share' deal
Trump Threatens To Target Colombia President: 'He's Next!'
Trump Calls Reports on His Health "Seditious, Perhamps Even Treasonous" | TIME His rambling and very long Truth Social post, published on 12/9/25, where he made that statement, is just another confirmation IMO that he is, as Sean Hannity once said when Trump was several years younger, "bat shit crazy". Trump is a mean spirit and a demagogic authoritarian incapable of being truthful IMO.
Trump Insists 'Any' Warner Bros. Deal Must Include CNN He wants to turn CNN into OAN and will use his power to achieve that result. Paramount chief reportedly promised Trump ‘sweeping changes’ at CNN as part of Warner Bros. takeover | The Independent; One America News Network - Wikipedia
'He lies as often as he breathes': Political analyst Larry Sabato reacts to Trump rally - YouTube Almost 80% of republicans view Trump as an honest person.
Trump official claims '50 years of discrimination' against whites as lawyers flee DOJ - Raw Story
Grand jury rejects third attempt to indict Letitia James - YouTube The repeated failed efforts are additional evidence supporting a dismissal for vindictive prosecution in the event an indictment is returned. Other evidence includes Trump's instruction to Bondi to indict James, and Trump's firing of of his appointed republican Federal D.A. who refused to bring the charges, replacing him with his unqualified, former lawyer and beauty contestant Lindsey Halligan. Malevolence, Incompetence, and the Strange Case of Lindsey Halligan | Lawfare
Federal Judge: Trump Administration Affirmatively Misled the Court
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Public Trust in Government: 1958-2025 | Pew Research Center "Just 17% of Americans now say they trust the government in Washington to do what is right “just about always” (2%) or “most of the time” (15%)." The number was over 70% prior to 1965. Trust started to erode during the Vietnam War.
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Investments:
As previously discussed, I recognize that my interest income will trend down as higher yielding securities mature or are redeemed early. I am consequently cautiously adding to beaten up dividend paying stocks, more likely to be at or near their 52 week lows than anywhere near their 52 week highs. I will be averaging down in small lots, an extremely cautious approach, and will consider selling my highest cost lots whenever I can do so profitably.
1. Small Ball Common Stock Purchases:
A. Added 10 OLP at $20.65; 10 at $20.48 - Fidelity Account:
Quote: One Liberty Properties Inc. (OLP)
Cost: $411.3
As of 9/30/25, OLP owned 98 properties which includes 61 industrial properties. Occupancy was at 98.2%. 10-Q for the Q/E 9/30/25 at page 27
Management: Internal
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy This stock also fits into my Bond Substitute category.
Website: One Liberty Properties, Inc.
Last Discussed: Item # 1.I. Added to OLP in Vanguard Account - Bought 10 at $20.48 (11/29/25 Post)
Average cost per share this account: $21.61 (62+ shares)
Dividend: Quarterly at $.48 per share ($1.8 annually), last raised from $.43 effective for the 2017 4th quarter payment.
OLP Stock Dividend History & Date | Seeking Alpha
Dividends / Year End Tax Reporting The 2023 and 2024 dividends were classified as ordinary income or capital gains with no ROC support. I did not look at the years prior to 2023. The capital gains originate from selling depreciated real estate.
The dividend is currently at or near funds available for distribution. The dividend yield at the current price suggests a lack of confidence in the sustainability. Recent acquisition activity and the influx of proceeds from selling a non-income producing ground lease for the VIE Apartment complex support IMO a continuation of the current dividend, but no hope for an increase.
I am referring to this part of the last earnings release:
Last Ex Dividend: 9/24/25
Next Ex Dividend: 12/22/25
OLP declared its regular quarterly dividend on 12/9/25. One Liberty Properties Announces 132nd Consecutive Quarterly Dividend
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post); SEC Filed Press Release
Lowest Prices Paid: Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 - Schwab Account (10/7/23 Post)
B. Added to NMFC in Fidelity Account - Bought 10 at $9.77:
Quote: New Mountain Finance Corp. (NMFC) - Externally Managed BDC
Cost: $97.7
10-Q for the Q/E 9/30/25 A summary of investments starts at page 7.
SEC Filed 2024 Annual Report Risk factor summary starts at page 22 and ends at page 53.
NMFC Average cost per share this account: $10.11 (22+ shares)
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| Snapshot Intraday on 12/5/25 after add |
Regular Dividend: Quarterly at $.32 ($1.28 annually), reduced from $.33 effective for the 2025 first quarter payment. The regular dividend hit its high at $.36 effective for the 2024 first quarter, reduced to $.34 in the 2024 second quarter.
NMFC Stock Dividend History & Date | Seeking Alpha
Net investment income per share (NII) will trend down when the FED is cutting the Federal Funds rate as floating rate loans, priced at spreads to short term rates like the 3 month SOFR, reprice at lower coupons.
I am anticipating another cut to $.29 - $.3 during the first half of 2026 due to the decline in NIM per share.
Special Dividends: $.30 per share paid in installments during 2023-2024. The upside to rising short term rates is that shareholders will receive special dividends as floating rate loans reprice at higher coupons. I do not expect any NMFC special dividends until the FED returns to a rate hiking cycle.
Dividend Yield at $10.11 AC: 12.66% (assumes continuation of the $.32 per share quarterly rate which I do not view likely)
Next Ex Dividend Date: 12/17/25
Net Asset Value per share history:
9/30/25: $12.06
12/31/24: $12.55
3/31/24: $12.77
12/31/23: $12.87
9/30/23: $13.06
6/30/23: $13.14
12/31/22: $13.02
IPO May 2011-Prospectus: Public Offering Price at $13.75 (all expenses including the sales load paid by the management company)
Last Earnings Report (Q/E 9/30/25):
SEC Filed Press Release and 10-Q
NII per share: $.32
Weighted average yield at cost: 10.4%
Investment Types: Large allocation to equity investments for a BDC
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| 10-Q at page 37 |
Company assessment of loan credit risks:
Company assessment of how interest rate changes impact NII:
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| Page 138 10-Q |
Nonaccrual loans are discussed at page 127 of the 10-Q.
Sell Discussions: Item # 2.D. Eliminated Duplicate NMFC Positions (Fidelity and Vanguard Accounts)- Sold 30 Shares at $12.86 (9/2/2023)(profit snapshots = $160.55); Item # 2.G. Pared NMFC in Fidelity Account - Sold 3 at $13.39 (8/6/21 Post); Item # 2.H. Sold All Fractional NMFC Shares Bought with Dividends in Fidelity Account at $13.69 (6/25/21 Post); Item # 3.G. Pared NMFC in Fidelity Taxable-Sold 20 at $12.27 (1/1/21 Post); Item # 2 Eliminated NMFC-Sold 102+ at $14.2 (1/25/20 Post); Item # 2.A. Sold 50 NMFC at $13.95 (1/15/20 Post); Item # 1.B. Eliminated NMFC-Sold 60 at $13.96 and 50 at $13.94 (2/9/19 Post); Item # 1 A. Sold 50 NMFC at $14.06 (8/19/18 Post); Item # 1 Sold Remaining 50 Shares of NMFC at $14.63 (11/1/14 Post); Sold 100 of 150 NMFC at $14.4773 (10/23/14 Post); Item # 8 Sold Highest Cost NMFC Lot at $15.37 (9/14/2014 Post)
Realized Gains NMFC to Date: +$434.15
Goal: Any total return before any ROC adjustments to the tax cost basis in excess of the dividend receive
C. Added to NNN in Fidelity Account - Bought 5 at $40.39:
Quote: NNN REIT Inc. - A Net Lease Retail REIT similar to Realty Income Corp. (O)
Cost: $201.95
Website: NNN REIT The REIT states that it has raised its dividend annually for 36 consecutive years.
"NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases and are primarily held for investment. . . NNN's real estate is typically leased to tenants under triple-net leases, whereby the tenant is responsible for all operating expenses relating to the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures." 10-Q for the Q/E 9/30/25 pages 9-10
Property Portfolio as of 9/30/25:
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| 10-Q at page 9 |
Retail Properties | Our Portfolio | NNN REIT
Last Buy Discussions: Item # 1.H. Added to NNN - Bought 5 at $39.64 (1/22/25 Post); Item # 2.F. Added to NNN - Bought 1 at $37.63; 1 at $36.67; 1 at $35.32; 2 at $34.95 (9/30/23 Post)
Last Sell Discussion: Item #2.L. Sold 1+ NNN at $46.18 (8/8/24 Post)
The current plan for this position is to sell my highest cost lots, shown in the snapshot below, when and if the price moves into the $44-$46 range:
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| Highest Cost NNN Lots/Price as of 12/5/25 Intraday |
There has been some tiny ROC adjustments to the tax cost basis for those shares in 2023 and 2024:
New Average cost per share: $40.3 (45+ shares)
Dividend: Quarterly at $.60 per share, last raised from $.58 effective for the 2025 third quarter payment. In the 2015 4th quarter, the rate was at $.435. Dividend increases occur effective for the third quarter payment.
NNN Stock Dividend History & Date | Seeking Alpha
Yield at New AC: 5.955%
Last Ex Dividend: 10/31/24
Last Earnings Report (Q/E 9/30/25):
Revenues: $230.149M
Occupancy Rate: 97.5%
Number of Properties: 3,697
Gross Leasable Square Feet: 39.209M
Weighted Average Remaining Lease Term: 10.1 years
GAAP E.P.S. $.51
FFO per share: $.84
Core FFO per share: $.85
AFFO per share: $.86
Reconciliation:
D. Added to SILA - Bought 5 at $22.95; 5 at $22.5 - Fidelity Account; 5 at $21.95 :
Quote: Sila Realty Trust Inc. (SILA) - Internally Managed Healthcare REIT
Cost: $337
The stock started to publicly trade in June 2024. In anticipation of becoming a publicly traded stock, SILA underwent a 1 for 4 reverse split and conducted a dutch tender offer at $22.6, buying back 2,213,389 shares.
Website: Home - Sila Realty Trust
Properties Archive - Sila Realty Trust
Average cost per share in this account: $23.33 (35+ shares)
Dividend: Quarterly at $.40 per share
Sila Realty Trust - Dividend History
I am reinvesting the dividend in this account. SILA paid a monthly distribution of $.1333 per share in 2024 after becoming a public company and then switched to a quarterly payment.
Yield at $23.33: 6.858%
Last Ex Dividend: 11/20/25
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.D. Added to SILA in Fidelity Account - Bought 5 at $23.1 (11/15/25 Post); SEC Filed Press Release and SEC Filed Supplemental
E. Added to DOC in Schwab Account - Bought 10 at $16.8; 10 at $16.65:
Quote: Healthpeak Properties Inc (DOC)
Cost $334.5
DOC SEC Filed 2024 Annual Report
Website: Home - Healthpeak | NYSE: DOC
New Average cost per share this account: $17.25 (141+ shares )
Dividend: Monthly at $.10167 per share ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend in this account - at least until the likely reinvestment price is over $19. I will consider selling some of my highest cost shares when and if the price goes over $19. That is part of my somewhat complicated risk mitigation strategy for stocks.
Yield at New AC this account: 7.07%
Next Ex Dividend: 12/19/25
Last Earnings Report (Q/E 9/30/25): I discussed this report in my last post. Item # 1.D. Added to DOC in Schwab Account - Bought 10 at $17.3 (12/5/25 Post); SEC Filed Press Release and SEC Filed Supplemental
F. Added to SLG - Bought 1 at $43.75; 1 at $42.64 - Schwab Account:
Quote: SL Green Realty Corp. (SLG) - Primarily an Office REIT
Cost: $86.39
Homepage - SL Green - NYC's Largest Commercial Landlord
I am not going to buy more shares until I see what the new quarterly dividend rate will be, see discussion below.
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy, Bond Substitute, Long Term Contrarian Value
Properties - Prime NYC Real Estate
This REIT is still in a recovery phase from the pandemic and the work-from-home trend. The stock was trading at over $101 in February 2021.
I am proceeding with extreme caution with this stock since it requires ignoring what may prove to be a continuation of short term problems and instead "betting" on a long term recovery in prime NYC real estate. The short term problems include a possible dividend cut, high leverage and refinancing costs, and rent concessions given in lease negotiations.
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| 10-Q at page 23 |
Recent News:
SL Green Announces Series of Transactions at 800 Third Avenue | SL Green Realty Corp. "
SLG bought its joint venture partners' combined 39.48% interest for just $5.1M and a modification and extension of a $170M mortgage. "The mortgage modification extended the maturity date from
SL Green Announces Acquisition of Park Avenue Tower (10/15/25) SLG "announced that it has entered into a contract to acquire
The SLG Chief Investment Officer made this comment: "Park Avenue Tower is strategically located and well-leased at below-market rents, offering significant upside as vacancy in the
SL Green Completes $1.4 Billion Refinancing of 11 Madison Avenue (9/22/25)
SL Green Announces Acquisition of 346 Madison Avenue (9/2/25) SLG "has entered into a contract to purchase
SL Green’s Office Leasing Volume Reaches 2.3 Million Square Feet in 2025 to Date (12/5/25)
Last Discussed: Item # 1.B. Added to Falling Knife SLG - Bought 1 at $46.6; 1 at $45.6 (11/22/25 Post)
Average cost per share: $46.52 (8 shares)
Dividend: Monthly at $.2575 ($3.09 annually)
SLG Stock Dividend History & Date | Seeking Alpha
The company announced that it would switch to a quarterly dividend in 2026. SLG SEC Filing SLG did not specify in that announcement whether the quarterly dividend will be the same as the 3 monthly dividends which would total $.7725. That announcement also provided 2026 FFO guidance of $4.4 to $4.7 with the consensus at $5.22.
Last Ex Dividend: 11/28/25. This will be the last monthly payment.
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.O. Restarted SLG as a Placeholder - Bought 2 at $50.2; 1 at $48.7 (11/15/25 Post); SEC Filed Press Release
SLG Realized Gains to Date: $1,421.75
G. Added to LKQ in Fidelity Account - Bought 3 at $28.65:
Quote: LKQ Corp. (LKQ)
Cost: $85.95
Investment Category: Contrarian Value - Likely Long Term
Subsequent to this purchase, it was announced that LKQ was being removed from the S&P 500 index effective on 12/22, which was expected given its recent results and share price decline.
LKQ will be added to the S&P 600, a small cap index. Dec 5, 2025
Being removed from the S&P 500 index did result in some temporary downside stock price pressure since the dollar volume of S&P 500 index sales would exceed buy orders from S&P small cap index ETFs.
The stock recovered last Wednesday after the brokerage firm Stephens initiated coverage with a buy rating and a $39 price target. I do not have access to that report.
LKQ is a provider of "alternative and specialty parts to repair and accessorize automobiles and other vehicles". The company "offers its customers a broad range of OEM recycled after aftermarket parts, replacement systems, components, equipment and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles." Operations are more fully described in the 2024 SEC Filed Annual Report at pages 3-10.
On 9/30/25, the company completed the sale of its Self-Service segment and used the pretax net proceeds of approximately $390M to pay off its revolving credit facility borrowings. 10-Q at page 10
Revenue will be highly dependent on collision repair demand.
The company will carry a lot of inventory. As of 9/30/25, the value assigned to inventory was at $3.316B, 10-Q at page 5.
I have barely started a small ball position before seeing a report that I did not like that resulted in 2 quick eliminations. I have now restarted a position at the lowest price ever paid for this stock.
Website: LKQ Corporation - Investor Relations
Reuters Key Metrics -Valuation Page
Last Discussed: Item # 1.H. Bought 2 LKQ at $28.75 (10/18/25 Post)
Last Elimination: Item # 4.F. Eliminated LKQ - Sold 5 at $42.64 (8/29/24 Post)(profit snapshot +$6.22)
New Average cost per share: $29.14 (10+ shares)
Dividend: Quarterly at $.30 per share ($1.2 annually)
LKQ Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at $29.14: 4.12%
Last Ex Dividend: 11/20/25
Last Earnings Report (Q/E 9/30/25)
Revenues: $3.499B
E.P.S. Continuing Operations: $.69
Adjusted E.P.S. $.84, down from $.86 in the 2024 third quarter.
Reconciliation:
Used $40M to buy back stock in the third quarter (1.2M shares)
2025 Guidance: Adjusted E.P.S. $3.00-$3.15
2025 GAAP E.P.S. Guidance: $2.47-$2.62
H. Added to CUBE in Schwab Account - Bought 5 at $36; 5 at $35.6:
Quote: CubeSmart (CUBE) - Storage REIT
Cost: $358
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Chart Assessment: Ongoing Bear Market
Note: Item # 1.K. Sold 1 CUBE at $50.25 - Fidelity Account (12/5/24 Post); Item # 1.L. Sold 1 CUBE at $53.15 - Fidelity Account (9/24/21 Post)
My opinion is that the weakness in storage REITs originates primarily from too many units being built that has restrained rent increases (or required rent concessions) and occupancy rates.
Average cost per share this account: $36.9 (20 shares)
Dividend: Quarterly at $.52 per share ($2.08 annually)
CUBE Stock Dividend History & Date | Seeking Alpha
The quarterly rate was at $.21 in the 2015 4th quarter.
Yield at $36.9: 5.637%
Last Ex Dividend: 10/1/25
I discussed the 2025 third quarter earnings report in my last post. Item # 1.B. Added to CUBE in Schwab Account - Bought 5 at $37.36; 5 at $36.7 (12/5/25 Post); SEC Filed Press Releaase As noted in that post, I am transitioning to owning the common stock rather than to buy more of the lower yielding senior unsecured bonds. I had 10 CUBE bonds mature on 11/15/25. I still own 6 including 4 of the 4.375% SU maturing on 2/15/29. Bond Page | FINRA.org
I. Added to KIM in Fidelity Account - Bought 10 at $19.9:
Quote: Kimco Realty Corp. (KIM)
Cost: $199
Management: Internal
KIM is a S&P 500 component.
Website: Kimco Realty
New Average cost per share this account: $20.42 (50 shares)
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| Snapshot Intraday on 12/9/25 after add |
Dividend: Quarterly at $.26 per share ($1.04 annually)
KIM Stock Dividend History & Date | Seeking Alpha
Yield at $20.42: 5.09%
Last Ex Dividend: 12/5/25 (owned 40 this account as of)
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.B. Added to KIM in Vanguard Account - Bought 10 at $20.18 (11/8/25 Post); SEC Filed Press Release
2. Treasury Bills Purchased at Auction:
The first 6 month T Bill auction in 2025 had an investment rate of 5.264%.
The 3 month T Bill was auctioned that day at a 5.404% IR:
A. Bought 10 T Bills at the 12/8/25 Auction:
182 Day T Bills
Mature on 6/11/26
Interest: $180.99
Investment Rate: 3.697%
B. Bought 10 T Bills at the 12/10/25 Auction:
119 Day T Bills
Matures on 4/14/26
Interest: $119.33
Investment Rate: 3.704%
3. Equity Preferred Stocks:
A. Added to AHHPRA in Schwab Account - Bought 5 at $20.8:
Quote: AHH-PA
Cost: $104
Issuer: Armada Hoffler Properties Inc. (AHH)
Last Discussed: Item # 3.B. Added to AHHPRA in Fidelity Account - Bought 5 at $20.89 (11/22/25 Post)
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Prospectus (public offering price at $25 in June 2019)
Par Value: $25
Coupon: 6.75%
New average cost per share this account: $20.66 (35 shares)
The highest price paid in this account was $21.35.
Yield at New AC: 8.17%
Calculation: .0675% coupon x. $25 par value = $1.6875 annual dividend per share ÷ $20.66 total cost per share = 8.168%
Last Ex Dividend: 10/1/25
Dividends: Paid quarterly and cumulative
B. Added to DCOMP - Bought 5 at $18.23:
Quote: Dime Community Bancshares 5.5% Non-Cumulative Preferred Series A
Cost: $91.15
Issuer: Dime Community Bancshares Inc. (DCOM) - A Bank Holding Company
Par Value: $25
Coupon: 5.5% paid on the $25 par value
Placement in the Capital Structure: Equity preferred stock, senior only to common stock and junior to all debt.
Stopper Clause: Standard. (see pp. S-16 and S-17 of the prospectus). This clause enforces the preferred shareholders' preferential claim to cash against only the common stockholders. The common stock cash dividend has to be eliminated before eliminating the preferred stock dividend.
Issuer Optional Call: On or after 2/15/25. Given the low coupon, I would not currently anticipate that this security will be called. To be called, the ten year treasury yield would probably need to fall to less than 2%, and DCOM would need to have a credit risk profile that would enable it to call DCOMP and refinance at a materially lower coupon. This will likely end up being a perpetual preferred stock.
New Average cost per share: $18.61 (15 shares)
Yield at $18.61 = 7.39%
Calculation: .055% coupon x $25 par value = $1.375 annual dividends per share ÷ $18.61 = 7.3885%
Last Ex Dividend: 11/8/24
To repeat something that I have said many times, an equity preferred stock issued by a bank holding company will become worthless when and if the FDIC seizes the operating bank.
And, preferred stocks issued by banks pay non-cumulative dividends. The issuer may eliminate the dividend, with no future obligation to pay them, provided no cash is used to pay a common stock dividend or used to buy common stock. The Stopper Clause enforces the preferred shareholders superior claim to cash vs. the common stock shareholder only.
Preferred stocks for small and medium size bank holding companies cratered in 2023 after 3 mid-sized banks were seized by the FDIC after deposit runs starting with Silicon Valley Bank. Preferred stocks issued by 2 of the bank holding companies became worthless. I did nibble on DCOMP in the wake of the collapse in prices. Item # 4.C. Added to DCOMP - Bought 10 at $15 - Fidelity Account (10/21/23 Post); Item # 2.D. Added to DCOMP - Bought 10 at $13.85 (6/10/23 Post) Those shares have been sold.
Sell Discussions: Item # 4.A. Eliminated DCOMP - Sold 50 at $19.92 (10/31/24 Post)(profit snapshot = $104.78); Item # 2.I. Eliminated DCOMP in Schwab Account - Sold 10 at $22.3 and Item # 2.J. Eliminated DCOMP in Vanguard Taxable Account - Sold 15 at $21.77 (2/5/23 Post)(profit snapshots = $47.55); Item # 2.A. Pared DCOMP in Fidelity Account - Sold 30 out of 80 at $25.8 (1/9/21 Post)(profit snapshot = $170.85); Item # 2.B. Sold 10 DCOMP at $21.14 and 10 at $22.06-Highest Cost Lots Fidelity Taxable Account (9/5/20 Post)(profit snapshot = $26.23)
I will trade this one. I will be satisfied by receiving 4 quarterly dividends and selling the position at a 2+% annual gain.
DCOMP Realized Gains: $349.41
4. Corporate Bonds:
I have a significant number of T Bills and corporate bonds maturing in the 2026 first quarter. I am only starting to buy bonds that will replace a limited number of the ones that will soon mature. This is one of them:
A. Bought 2 Healthpeak Operating 3.5% SU Maturing on 7/15/29 at a Total Cost of 97.402:
Issuer: Operating Entity for Healthpeak Properties (DOC)
Finra Page: Bond Page | FINRA.org The bond was issued when Healthpeak was known as HCP.
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.397%
Current Yield at TC = 3.59%
The "profit" when the bond is paid off will be taxed as realized market discount which is classified as interest income rather than a capital gain.
Last Bond Offering (8/25/): Prospectus for $500M of 4.75% SU notes maturing in 2033, issued by Healthpeak Operating LLC and guaranteed by Healthpeak Properties, Inc, and two other entities.
B. Bought 2 Black Hills 3.05% SU Maturing on 10/15/29 at a Total Cost of 95.159 - Interactive Brokers Account:
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Issuer: Black Hills Corp. (BKH) - Utility Holding Company
BKH Analyst Estimates | MarketWatch
BKH SEC Filed Earnings Press Release for the Q/E 9/30/25
Finra Page: Bond Page | FINRA.org
Purchased at 95.059
Credit Ratings: Baa2/BBB+
YTM at Total Cost of 95.159: 4.432%
Current Yield at TC: 3.205%
I own 10 Black Hills 3.95% SU bonds that mature on 1/15/26.
Last Bond Offering (9/25): Prospectus for $450M of 4.55% SU Maturing in 2031. The proceeds will be used to repay the 3.95% SU maturing on 1/15/26 at or before maturity, page S-7.
5. Leverage Bond CEFs:
Leverage bond CEFs have had an overall poor performance for the past several years, but it is possible that total return potential will improve with lower borrowing costs, priced at spreads to short term rates, and possible rallies in owned bonds.
A. Restarted BHK in Schwab Account - Bought 20 at $9.51:
Quote: BlackRock Core Bond Trust Overview - Leveraged Bond CEF
Cost: $190.19
BHK SEC Filed Semiannual Report for the period ending 6/30/25
Leveraged: Yes, through reverse repurchase agreements, see pages 137-138. The weighted average interest rate paid by BHK for the 6 months ending 6/30/25 was 4.54%. It has probably gone down some during the second half of this year.
The weighted average interest rate for the 6 months ending 6/30/24, prior to the FED rate cutting cycle starting in September 2024, was 5.46%, page 145.
Generally speaking, the lower borrowing costs can reduce the ROC support for the dividend.
Sponsor's website: Core Bond Trust | BHK
Leveraged at 32.39% as of 11/28/25
Effective Duration: 9.74 years as of 11/28/25 A rule of thumb in evaluating interest rate risks of a bond fund is to multiply the duration number by the change in interest rates. Duration: Understanding the Relationship Between Bond Prices and Interest Rates - Fidelity The result is an estimate of interest rate risks.
So, using that formula, a 1% rise in interest rates for a 9.74 year duration would result in about a 9.74% decline in net asset value per share for this fund, while a 1% decline would result in about a 9.74% increase in net asset value per share. Other factors can influence the impact including credit quality and the number of defaults.
Number of Holdings: 1,612 as of 11/28/25
Credit Quality:
Last Discussed: Item # 5.A. Eliminated BHK Again - Sold 20 at $10.07 (10/11/25)(profit snapshot - $10.04) - Item # 6.A. Restarted BHK - Bought 20 at $9.5 (6/12/25 Post)
Dividend: Monthly at $.0746 per share ($.8952 annually)
BHK Stock Dividend History & Date | Seeking Alpha
ROC supported.
Yield at $9.51: 9.41%
Last Ex Dividend: 11/14/25
Data Date of 12/10/25 Trade:
Closing net asset value per share: $10.04
Closing market price: $9.5
Discount: -5.38%
Average 3 year discount: -.35%
Sourced: BHK - CEF Connect (Click "Pricing Information" tab)
Some Other Sell Discussions: Item # 1. Eliminated BHK - Sold Remaining 54+ Shares at $11.64 (10/24/24 Post)(profit snapshot = $89.67; the closing market price was then at a 8.75% premium to the closing net asset value per share); Item # 2.D. Pared BHK - Sold 20 at $11.85 (9/19/24 Post)(profit snapshot = $21.24); Item # 2.N. Pared BHK - Sold 5+ at $11.36 (8/8/24 Post)(profit snapshot = $4.76); Item # 3.A. Sold 100 BHK at $12.74 (1/20/19 Post)(profit snapshot = $63); Item # 1 Sold Remaining BHK at $13.07 Update For CEF Basket Strategy As Of 3/21/16 - South Gent | Seeking Alpha (profit snapshot = $28.17); Item # 4 Sold 200 of 300 BHK at Update For CEF Basket Strategy As Of 2/26/16 - South Gent | Seeking Alpha (profit snapshot = $47.43); Pared Interest Rate Risk Exposure In Roth IRA: 200 BHK At $13.86 - South Gent | Seeking Alpha (profit snapshot = $99.55); Item # 1 Sold 200 BHK at $13.86-Taxable Account-Completes BHK Transition to Roth IRA (1/14/15 Post)(profit snapshot = $75.23); Sold All of the Bond CEF BHK at $14.058 (2/21/12 Post)(profit snapshot = $68.3)
Realized Gains in BHK to Date: $514.27
Some realized gains were not discussed.
Given the risks of leveraged bond CEFs, I will trade them and will eliminate positions after harvesting several dividends. I will sell all shares when the price exceeds net asset value per share, with the only question being how long will I wait.
The long term decline in BHK's price does not inspire confidence in the managers of this fund, particularly since investment grade corporate bonds were in a bull market for most of the period prior to 2022. I do far better just buying individual bonds and trading them some.
BHK does provide a strong diversity of holdings.
Holding leverage bond CEFs long term is likely to result in an average total return that is significantly lower than the dividend yield.
For BHK, the annual average total return (dividends reinvested) for the period starting on 12/11/15 through 12/10/25 was 4.33%. DRIP Returns Calculator | Dividend Channel The past performance is a fact while the future is unpredictable.
Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.
