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Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds: $216.32
Outflow Common Stocks/Stock Funds: $2,097.96
Realized Gains Common Stocks: $478.78
Net Outflow Common Stocks/Stock Funds: $1,881.64
Inflow Corporate Bonds: 20 (total cost at $19,742.77)
Outflow Corporate Bonds: 2 (proceeds at $1,978)
Treasury Bills Purchased at Auction: $10,000 in principal amount
Treasury Notes Purchased in the Secondary Market: 5 (total cost at $4,979.25)
Inflow Treasury ETF: $93.24
30-year Treasury yield hits highest level since 2007 after Fed keeps rates unchanged (7/29/26), see Jeffrey Gundlach on the Fed: Talk Is Cheap | CNBC - YouTube
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Traditional Valuation Metrics:
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (7/22/26)
US - Buffett Indicator | MacroMicroStock Market P/E Ratios - Yardeni Research
Q-Ratio and Market Valuation: June 2026 - dshort - Advisor Perspectives
S&P 500 Earnings Yield - Multpl
S&P 500 Price to Book Value - Multpl
US - S&P 500 Dividend Yield (1.08% July 2026) - MacroMicro (lowest since January 1871) As of 8/3/26, the yield was at 1.06%. S&P 500 Dividend Yield - Multpl
The stock and bond market rallied yesterday and crude oil prices declined based on Trump's representation that a deal with Iran was "imminent" that would reopen the Strait of Hormuz. Trump also claimed that the U.S. controlled the Strait notwithstanding Iran's repeated successful attacks on ships transiting the Southern Corridor protected by the U.S. Navy.
Iran denied that there were any talks with the U.S. but reiterated its claim that it was negotiating an agreement with Oman relating to control over the Strait. Iran says it is in talks with Oman but not the US after Trump says negotiations to resume
The Oman-Iran negotiations have been occurring for several months. The U.S. has reportedly pressured Oman to refrain from entering into a toll charging agreement with Iran. Against US warning: Iran, Oman negotiate toll system for Strait of Hormuz | The Jerusalem Post (5/23/26).
Oman presents Iran with Gulf-backed plan for voluntary fees to use Hormuz | Reuters Iran is apparently resisting a plan to make the "fees" voluntary.
The Southern Corridor hugs Oman's coast. The corridor approved by Iran is near its coast. I discussed recent developments in a comment published on 8/2/26.
Bessent claimed earlier today that a deal to open the Strait with "freedom of movement" may be signed today or tomorrow. U.S.-Iran deal to open Hormuz could come Tuesday or Wednesday: Bessent
Stocks and bonds are rallying today based on those cryptic representations.
US10Y: 4.643% -0.041 (-0.8753%) as of 9:33 CST, 8/4/26.
I do not doubt that Iran will agree to "freedom of movement", meaning no attacks on ships, provided it receives non-voluntary "service" fees.
Iran's attacks on ships moving through the Southern Corridor is only consistent with "freedom of movement" only after paying "service" fees, the rebranded name for tolls. Those attacks started shortly before the MOU was signed and continued thereafter with the latest attack occurring over the weekend.
Maybe there will be some kind of compromise, where a limited number of ships can pass through the Southern Corridor with only "voluntary" fees paid to Oman, possibly shared with Iran, and then the remainder have to use the Iran approved corridor that require the payment of "service" fees for safe passage.
And, depending on the amounts, the collection of "service" fees may place Iran in a far stronger position economically over time, along with the resumption of its crude oil shipments, than it would have been prior to the Iran War.
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Economy:
1st Estimate of 2026 Second Quarter GDP: +1.5%, down from 2.1% in the first quarter. Personal Consumption Expenditures (PCE) was a bright spot at +3.2%, up from .5% in the first quarter. GDP (Advance Estimate), 2nd Quarter 2026 | U.S. Bureau of Economic Analysis (BEA)
The government's June Personal Income and Outlays report has the PCE price index declining .1% month-to-month, with core PCE prices increasing by .1%. Personal Income and Outlays, June 2026 | U.S. Bureau of Economic Analysis (BEA) Compared to the same month in 2025, the PCE price index increased 3.7% with the core price index rising 3.3%. Energy costs decline in June but started to rise again in July. The personal savings rate declined to 2.7%, the lowest rate since the Covid era in 2022, from 3% in May.
Both reports are discussed in this article: U.S. economy slowed to 1.5% growth rate in Q2; June core inflation at 3.3%
Personal Savings Rate Chart: Personal Saving Rate at the St. Louis Fed
Qualcomm (QCOM) to raise prces - Issues Light Earnings Guiadance; QCOM SEC Filed Earnings Report ("The semiconductor industry is experiencing a broad-based increase in input costs, across wafter fabrication, assembly , test, advanced packaging memory and other materials")
Visa is cutting 7% of employees in efficiency push as AI reshapes work
Trump's Tariffs Are About to Make Back-To-School Season Painful— Families Could Spend Nearly $4,000 Per Child - Benzinga; Families face higher costs as back-to-school season nears - CBS News
Trump’s tariffs will cost each American household $900 in 2026
Trump's tariff obsession is only getting worse | Fareed's Take - YouTube
One reason for the republican tariff taxes is that it spreads the tax burden to the bottom 4 quintiles of household income while helping to compensate for the BBB tax cuts, directly or indirectly, to the republican Mega Donors. Indirect in this context refers to tax breaks for businesses owned or controlled by those billionaires. 7 Ways the Big Beautiful Bill Cuts Taxes for the Rich; At Least 88 Profitable U.S. Corporations Paid Zero Federal Income Tax in 2025 – ITEP (no federal income taxes on $105B in income)
The republican tariff taxes will disproportionately impact the bottom two quintiles of household income, most of whom pay no federal income taxes and who spend a considerable amount of their disposable income (or high cost borrowings) on products whose prices are increasing due to the tariff taxes and the Iran War. Who Will Pay No Federal Individual Income Tax in 2025? | Tax Policy Center That article notes that about 40% of households or 76 million tax units pay no federal income taxes. Consequently they do not benefit from tax cuts on tips, overtime pay, an increase in the standard deduction and the Child Tax Credit. They do pay the republican tariff taxes without having the tax disclosed to them.
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Trump and His Party of Invertebrate Minions:
Trump Blames Minnesota's Democrat Governor for Cyberattacks on Water Utilities in 7 States:
The FBI concluded that Iranian hackers targeted U.S. water utilities in seven states with 3 of them located in Minnesota that has a Democrat Governor, Tim Walz, who was also the Democrat nominee for VP in the last election. Hackers targeted municipal water systems in 7 states this week, FBI says
Trump will not admit that Iran is capable of causing damage inside the U.S. so he had this to say when asked about the cyberattacks: "They blame it on Iran. I don't think so. I think I blame it on Minnesota because they're grossly incompetent. I would blame it on Minnesota and the governor, the corrupt governor of Minnesota." Trump thinks Iran not responsible for Minnesota cyberattack
Trump would much prefer blaming a Democrat Governor for the cyberattack than Iran. When asked for evidence, Trump had none of course, but his words are all that is necessary to create what is real in Trump's America where reality creations can not be challenged by evidence.
Reflecting Pool Damage Caused by Improper Installation:
Prosecutors move to dismiss Reflecting Pool vandalism case, saying 'botched installation' to blame; DOJ admits 'botched installation’ on Reflecting Pool - YouTube I mentioned earlier that experts had concluded that the peeling in the blue lining was caused by an incompetent installation made by a contractor hired by Trump in a no-bid contract that caused the liner to peel and crack.
Trump wanted to distract attention from his responsibly for the damage and made it clear to his Jeanine Pirro, who he appointed to be the U.S. Attorney for D.C., that he wanted U.S. citizens criminally charged for causing the damage before any investigation was made as to the actual cause. Jeanine Pirro Announces Charges Over Vandalism Of The Reflecting Pool - YouTube
In dismissing the felony charge against Hearn, the DOJ made the following admission: "It was not until after the return of the indictment, that the DOI provided additional documents ... indicating that damage to the Lincoln Memorial Reflecting Pool in June 2026 was the result of flawed installation by the contractor, Atlantic Industrial Coatings ("AIC") and the rush to complete the project prior to events associated with the America 250 celebration in the weeks surrounding Independence Day 2026."
Trump responded claiming that the experts were wrong. Trump blasts Pirro after she refutes his claim that Reflecting Pool was damaged by vandals; Trump sours on Pirro in Reflecting Pool case, won't say her job is safe Trump continues to claim that vandals used a box cutter to slash the liner, but no evidence of that cutting has ever been provided and would have been publicly released if it existed. Trump’s Unsupported Claims About Reflecting Pool Vandalism - FactCheck.org In Trump's America, our Dear Leader does not need to back up any claim with facts. His words are sufficient to create what is real and true.
Trump would far prefer to have innocent individuals charged with felonies and to broadcast the charges worldwide in a public spectacle than to accept his own personal responsibility for what actually happened.
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Trump Criticized Biden for Draining America's Oil Reserves. They're Now at a 43-Year Low Amidst a Middle East War. - 24/7 Wall St. One of Trump's many undesirable personality traits is his persistent hypocrisy.
After rambling for almost an hour at a Michigan campaign rally, and heaping praise on himself of course, and he probably holds the world record on egotistical self praise, Trump made this claim to his True Believers: "I've done more for you than your parents, okay? Your parents are good. I'm not gonna knock to your parents, but I have been better to you than your parents." Republicans against Trump on X: "Trump: “I've done more for you than your parents, okay? Your parents are good. I'm not gonna knock to your parents, but I have been better to you than your parents."
Trump has endorsed Max Miller for Congress. Trump Backed Max Miller Accused of Domestic Violence, Threatening Sen. Bernie Moreno Trump views Miller as a "good person". Trump praises Rep. Max Miller amid domestic abuse allegations
Trump, DOJ ask Supreme Court to overturn E. Jean Carroll $83.3M verdict Most of the damages were punitive rather than compensatory. Trump had continued to repeat statements that a jury had found defamatory in the first trial.
Republicans Don't Think Steep Food Stamp Cuts Impacting 1.5M Children Will Hurt Them In The Midterms
Trump, Republicans brand Democrats ‘communists’ amid progressive push
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Blanche's Written Statement that the $1.776B "Weaponization" Fund is Dead is Legally Unenforceable and is Meaningless:
The settlement agreement creating the Weaponization fund is a contract. The U.S. government does not avoid its obligation to perform its obligations set out in a contract by simply declaring in writing or verbally that it no longer has an obligation to perform.
While Blanche finally agreed to issue a written statement that the $1.777B "weaponization" fund was dead, the document was not signed by Trump, the other party to the contract. Blanche rescinds Trump's 'Anti-Weaponization Fund' amid AG confirmation pressure - ABC News
Any modification of the settlement agreement has to be in writing signed by both parties to the IRS litigation.
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| Page 4 of the Settlement Agreement |
I suspect that Trump's attorneys will continue their appeal of the district court's order finding that the settlement was the result of collusion between non-adverse parties acting in bad faith. Judge rebukes Trump and DOJ over IRS lawsuit, refers lawyer for disciplinary proceedings - CBS News; I did not view that order as preventing the creation of the slush fund for Trump's allies or the disbursement of funds. Order.pdf.
Trump files appeal after judge’s scathing order in his ‘bad faith’ IRS case
If Trump wins that appeal, he could bring another lawsuit against the government claiming that it breached its obligations to create the weaponization fund and would likely win that lawsuit since one party to a contract can not unilaterally modify its terms and simply refuse to honor the obligations set out the agreement.
Republicans in the House and Senate have done nothing to stop the weaponization fund and are consequently equally responsible for it when the fund comes back to life and it will.
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Epic Corruption in Plain Sight | Brennan Center for Justice;
The Trump Administration’s Rampant Pay-to-Play Corruption Threatens Our Democracy;
Exposing President Trump’s Pay-to-Play Administration | Campaign Legal Center;
Stopping Trump’s Crypto Corruption: The Risks of the Clarity Act to Democracy and National Security
A Belgian diamond group is gifting Trump a lavish ring after that industry won tariff relief
A Familiar Pattern: White House Self-Dealing in US Trade & Investment Policy | Cato at Liberty Blog (Worth reading)
Trumps pocket $3.1B while investors lose $7B: Report - YouTube
Trump's corruption is just in your face with a dare - what are you going to do about it? Republican politicians, who will remain after the midterm elections or who simply wanted to win a republican primary against an incumbent, will do nothing to restrain the corruption even a lit bit.
What would republicans say if a Democrat President had done any of the foregoing? Republican criticism is not based on applying the same ethical and moral standards to both a Democrat and Republican President, but is instead dependent on whether the acts are committed by a Democrat or a Republican President. Republican hypocrisy and obviously inconsistent application of ethical standards are a dominant and persistent theme that will continue indefinitely.
Why Trump blames decisions on others – a psychologist explains Refers to the wooden sign on Truman's desk that read "The bucks stops here". "The Buck Stops Here" Desk sign | Harry S. Truman For Trump, the sign would read "The buck never stops or even reaches here". Trump will take credit for positive developments including those that he did cause.
Ted Cruz: Trump accounts are personal Social Security accounts
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Illegal "Insider Trading"?:
Truth Social launches paid early access to Trump posts-NPR For up to $100,000 per month, investors can receive "market moving announcements about economic policy and global affairs before the rest of the world". To the extent material information is released by Trump or anyone in his Administration to paid Truth Social subscribers before being released to the public, then that could be a violation of Rule 10b-5 subjecting those responsible to potential criminal penalties.
I wonder whether Trump Media has run this scheme through competent securities lawyers.
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1. Small Ball Stock Sales:
For pares, I am selling my highest cost lots at profits that reduces my average cost per share, which raises my dividend yield, and lowers my dollar exposure to stocks. For many positions, this process, when successful, will result in my highest percentage profit being realized when and if I eliminate the position.
I have been paring or eliminating equity REIT positions for several reasons. The reasons include the following: (1) the dividend yields become less attractive to me as high quality fixed income yields move higher; (2) the rally in this sector is suspect given the ongoing rise in treasury yields and short term investment grade bonds; (3) my small ball trading strategy, which is a risk management one, is in part based on selling my highest cost lots profitably into rallies; and (4) REIT dividend growth is at best lackluster and many have cut or "suspended" their dividends based on declines in funds available for distribution.
Many factors combined to cause the cuts: (1) for non-net lease REITs, inflation in maintenance and other costs offset rent increases; (2) for Office REITs, the work-from-home trend pressured lease and occupancy rates to the downside and required more rent and other concessions for lease renewals or to acquire new tenants; (3) the rapid rise in interest rates starting in 2022 significantly increased interest costs of variable rate debt that is heavily used by many REITs; (4) low yielding SU debt that matures can only be refinanced at much higher rates now; and (5) the long period of abnormally low debt financing costs contributed to many REITs overpaying for properties and borrowing money to finance purchases with low capitalization rates.
A. Eliminated LXP - Sold 6 at $60.86:
Quote: LXP Industrial Trust (LXP) at Google Finance
Proceeds: $365.16
There was a 1 for 5 reverse stock split in November 2025. LXP Industrial Trust Completes Reverse Share Split
LXP has agreed to be acquired for $61.2 per share in cash. LXP Industrial Trust - Brookfield and CPP Investments to Acquire LXP Industrial Trust in $5.2 Billion All-Cash Transaction I do not foresee any impediments that would prevent the closing and view a higher competing bid to be unlikely. There is also no reason for me to hold onto 6 shares until that happens.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $135.5
Dividend: Quarterly at $.70 per share.
LXP Dividend History & Date | Seeking Alpha
Last Ex Dividend (owned as of): 6/30/26, paid on 7/15
I discussed the last earnings report in this post: Item # 2.A. Eliminated Duplicate Position in LXP - Sold 10 in Fidelity Account at $50.38 (5/2/26 Post)(profit snapshot = $100.4)
Last Buy Discussions (prices unadjusted for reverse split): Item # 3.C. Added to LXP in Fidelity Account - Bought 10 at $8.25; 10 at $7.95 (7/29/25 Post); Item # 1.B. Bought 15 LXP at $8.36 - Fidelity Account (7/3/25 Post)
Some Other Sell Discussions (prices unadjusted for subsequent 1 for 5 reverse split): Item # 3.B. Sold 10 LXP at $9.31 (9/21/25 Post)(profit snapshot = $8.7); Item # 3.D. Pared LXP in Fidelity Account - Sold Highest Cost Shares at $9.1 (9/2/25 Post); Item # 1.I. Pared LXP in Schwab Account - Sold 20 at $10.53 (8/2/24 Post)(profit snapshot = $23.61); Item # 2.D. Eliminated Duplicate Position in LXP - Sold 20 at $10.29 - Fidelity Account (7/26/24 Post)(profit snapshot = $32.25); Item # 1.D. Eliminated LXP - Sold 20+ at $11.57 (2/13/23 Post)(profit snapshot = $33.37); Item # 1.C. Sold 137+ LXP at $9.08 and 53 at $9.06 In 2 Separate Roth IRA Accounts (9/12/18 Post)(profit snapshot = $914.11); Sold 100 LXP in Fidelity Roth IRA at $11.15 (1/6/17 comment- profit of $271.9 referenced with no snapshot)(snapshot in Gateway Post for Equity REITs); Item # 2 Sold 250 LXP on Ex-Dividend Date in Two Taxable Accounts-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $224.65); Item # 1.B. Eliminated LXP - Sold 155+ at $9.46 (6/26/19 Post)(profit snapshot = $6.37); Item # 1.B. Sold 108+ LXP at $9.45-Used Commission Free Trade (2/6/19 Post)(profit snapshot = $79.9);; Item # 1 Sold 150 LXP in Vanguard Roth IRA-Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha (profit snapshot = $80.19); Item # 1. Sold 54 LXP at $11.44 Vanguard Roth IRA (1/27/15 Post)(profit snapshot = $64.4); Item # 1 Sold 101+ LXP at $10.65 (10/28/14)(profit snapshot = $51.76)
Over time, this REIT has proven to be an average stock to own, sometimes poor depending on the time period. My normal word reaction to LXP's earnings reports is "blah". My focus has been and will continue to be on the higher yielding ones.
LXP Realized Gains to Date (likely to be my final number): $2,298.57
B. Pared CTO in Schwab Account Again - Sold 5 at $22.24:
Quote: CTO Realty Growth (CTO) at Zacks - A Mini Cap REIT
Proceeds: $111.21
Management: External
Stock Split: 3 for 1 in 2022.
As previously discussed, a wholly owned subsidiary of CTO provides management services to Alpine Income Property Trust Inc (PINE). During 2025, CTO received $4.591M in fees from PINE and also received dividends from PINE amounting to $2.8M last year. CTO Realty SEC Filed 2025 Annual Report at page F-22. I also own PINE shares. As of 3/31/26, the fair value of CTO investment in Pine "totaled $44.5 million, or 14.0% of PINE’s outstanding equity, including the units of limited partnership interest."
CTO Realty SEC Filed 2025 Annual Report
Website: CTO Realty Growth, Inc.
Property Portfolio — CTO Realty Growth, Inc.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 3.B. Sold 15 CTO at $21.56 in Schwab Account (7/14/26 Post)(profit snapshot = $68.41)
Last Buy Discussions: Item #3.E. Added to CTO in Fidelity Account - Bought 5 at $16.89 (8/26/25 Post); Item # 3.G. Added to CTO in Schwab Account - Bought 5 at $16.59 (8/19/25 Post); Item # 1.B. Added to CTO - Bought 5 in Schwab Account at $17.13 (5/10/24 Post)
5 Year Chart: Roller Coaster.
I define a roller coaster pattern as up and down price spikes that basically end up where the ride started five years ago or slightly higher or lower waiting for the next spike down or up. Bottoming has occurred near $16 which is where the current trend higher started in October 2025. Since 2023, topping action has occurred in the $20-$21 price range, lower than the topping range near $22 in 2022. A new topping range of $22-$23 may be forming now. The topping formations are generally in a narrow price range.
When looking at this chart, available at Zacks, my consider to sale range for my highest cost lots is currently $20 or higher with the consider to buy range mostly in the $16-$18 range.
Profit Snapshot: $26.78
New average cost per share this account: $16.40 (45+ shares)
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| Snapshot Intraday on 7/21, Day after Pare |
Reduced from $16.45
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Dividend History & Date | Seeking Alpha
Tax Information - CTO Realty Growth (immaterial ROC adjustments in 2024 and 2025)
I am not reinvesting the dividend.
Yield at $16.4: 9.27%
Last Ex Dividend: 6/11/26
Last Earnings Report (Q/E 6/30/26): This report was released after this last pare.
SEC Filed Press Release; SEC Filed Slide Presentation for the 2026 Second Quarter; and SEC Filed Supplemental
Revenues: $43.831M
GAAP E.P.S. $.38
Core FFO per share: .53
AFFO per share: $.55, up from $.47 in the 2025 second quarter.
Reconciliation:
Sold during the quarter 4,183,616 common shares at a weighted average price of $20.29.
Interest was from commercial loans was reported at $5.229M.
Those loans are discussed in the 10-Q at pages 17-19.
2026 Guidance AFFO per share guidance: $2.21-$2.25, revised up from $2.19-$2.24.
Other Sell Discussions: Item # 1.I. Pared CTO in Fidelity Account - Sold 5 at $20.35 (5/9/26 Post)(profit snapshot = $17.11, discussed the 2026 first quarter report, SEC Filed Press Release); Item # 1.K. Pared CTO in Fidelity Account - Sold 5 at $20.83 and Item # 1.L. Pared CTO in Schwab Account - Sold 5 at $20.89 (6/25/26 Post)(profit snapshots = $38.31); Item # 2.C. Pared CTO in Schwab Account - Sold 10 at $2035 and Item # 2.D. Sold 5 CTO in Fidelity Account at $20.36+ (6/4/26 Post)(profit snapshot = $48.75); Item # 1.O. Pared CTO in Schwab Account - Sold 3 at $19.01; 2 at $20 (2/23/26 Post)(profit snapshots = $9.59, discussed the 2025 4th quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental); Item # 1.I. Pared Duplicate CTO Position in Schwab account - Sold 3 at $18.32 (2/11/26 Post)(profit snapshot = $2.5); Item # 3.B. Pared CTO in Schwab Account - Sold 8 at $20.52 (12/26/24 Post)(profit snapshot = $15.68); Item # 2.A. Pared CTO in Schwab Account - Sold 13 at $20.37 (12/12/24 Post)(profit snapshot = $12.89); Item # 3.H. Sold 10 CTO at $19.72 (11/7/24 Post)(loss snapshot = -$13.48)
CTO Equity Preferred Stock: I also own the $25 par value equity preferred stock, CTO-PA, that has a 6.375% coupon. My AC per share is $18.89. {Last Discussed: Item #2.C. Added to CTOPRA - Bought 3 at $17.77 (11/11/23 Post); Item # 1.A. Bought 5 CTOPRA at $18.5; 2 at $17.8 (9/30/23 Post)}
Goal: Any total return before ROC adjustments to the tax cost basis + the dividend which has been achieved so far on a net basis.
CTO Net Realized Gain to Date: $263.53 (includes minor RI gains)
Quote: FrontView REIT Inc. (FVR) - Internally Managed Net Lease REIT
Proceeds: $215
"As of March 31, 2026, FrontView owned a diversified portfolio of 309 direct frontage properties across 36 U.S. states, leased primarily to service and necessity based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive related, fitness, and general retail along with several other diversified industries."
Website: FrontView Reit.com
Last Discussed: Item # 1.F. Started FVR - Bought 10 at $15 (12/5/25 Post)
Profit Snapshot: $66
Dividend: Quarterly at $.215 per share ($.86 annually)
FVR Stock Dividend History & Date | Seeking Alpha
2025 Dividend Tax Treatment:
$.40 of the total classified as ROC which are not taxed in the year paid but will reduce the cost basis per share by an equivalent amount that will increase the profit when the shares are sold or decrease the loss as the case may be.
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 3/31/26):
I viewed this report favorably. The pop in price from my $15 purchase price to $21.5 over about six months was extreme for a REIT IMO and creating a high Price/AFFO ratio.
Comparisons are to the 2025 first quarter:
Revenues: $18.185M, up from $16.243M
GAAP E.P.S. $0.00, up from ($.06)
FFO per share: $.27, up from $.23
AFFO per share: $.34, up from $.30
Reconciliation:
Increased 2026 AFFO per share guidance to $1.29-$1.33 from $1.27-$1.32.
The next report is scheduled for release on 8/6/26.
D. Pared APLE in Fidelity Account Again - Sold 4 at $16.89:
Quote: Apple Hospitality REIT Inc (APLE) at Google Finance - Hotel REIT
"As of March 31, 2026, the Company owned 217 hotels with an aggregate of 29,583 guest rooms located in urban, high-end suburban and developing markets throughout 37 states and the District of Columbia, including one hotel with 124 guest rooms classified as held for sale, which was sold in April 2026. Substantially all of the Company’s hotels operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 15 hotel management companies, none of which are affiliated with the Company." 10-Q for the Q/E 3/31/26 at page 19.
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Website: Apple Hospitality REIT
Hotel Map – Apple Hospitality REIT
Last Discussed: Item # 1.D. Pared APLE in Fidelity Account - Sold 6+ at $15.52 and Item # 1.E. Pared APLE in Schwab Account - Sold 10 at $16.74 (7/1/26 Post)(profit snapshots = $69); Item # 2.D. Pared APLE in Fidelity Account - Sold 5 at $15.02 and Item # 2.E. Pared APLE in Schwab Account - Sold 5 at $15.15; 5 ant $15.49 (6/12/26 Post)(profit snapshots = $28.69)
Last Buy Discussions: Item # 1.E. Added to APLE in Fidelity Account -Bought 5 at $11.36 (12/5/25 Post); Item # 1.E. Added to APLE - Bought 15 at $11.5 - Schwab Account (10/25/25 Post); Item # 1.D. Added to APLE - Bought 5 at $11.5 (5/30/25 Post); Item # 1.E. Bought 7 APLE at $11.74 (4/25/25 Post)
Profit Snapshot: $17.43 (7/21/26 sale only)
New average cost per share this account: $11.84 (30 shares)
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| Snapshot Intraday 7/21/26 after pare |
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Dividend History & Date | Seeking Alpha
Yield at $11.84: 8.11%
Last Ex Dividend: 7/31/26
Last Earnings Report (Q/E 3/31/26): I discussed this report here: Item # 1.K. Pared APLE in Fidelity Account - Sold 15 at $14.43+ (5/29/26 Post)(profit snapshot = $2.36); SEC Filed Earnings Press Release
E. Pared NWBI in Schwab Account - Sold 6 at $15.42+:
Quote: Northwest Bancshares (NWBI) at Zacks
Proceeds: $92.55
NWBI Detailed Earnings Estimates - Zacks.com
Investment Category: Regional Bank Basket Strategy
Last Substantive Discussion: Item # 1.E. Pared NWBI in Schwab Account - Sold 10 at $13.83 (5/29/26 Post)(profit snapshot = $7.46, discussed the 2026 first quarter report, SEC Filed Press Release)
Last Buy Discussion: Item # 1.G. Added to NWBI - Bought 10 at $11.4 in Fidelity Account (11/29/25 Post)
Profit Snapshot: $17.77
New average cost per share this account: $11.54 (25+ shares)
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| Snapshot as of 7/24/26 Close after pare |
Reduced from $11.72
Dividend: Quarterly at $.20 per share, last raised from $.19 effective for the 2021 second quarter payment.
NWBI Dividend History | Seeking Alpha
Dividend History: Poor IMO. The dividend was slashed from $.22 to $.10 effective for the 2010 first quarter payment. While understandable, the dividend has still not returned to the pre-slash level.
Yield at $11.54: 6.93%
Last Ex Dividend: 5/7/26
Last Earnings Report (Q/E 6/30/26):
This report was released after this last pare. Investors reacted favorably to it.
Comparisons are to the 2025 second quarter.
Diluted E.P.S: $.36, up from $.26
Non-GAAP E.P.S. $.37, up from $.3
NIM: 3.75%, up from 3.56%
"Average cost of interest-bearing deposits declined compared to the prior quarter to 1.83% from 1.89% for the quarter ended March 31, 2026 while average cost of borrowings increased to 3.96% from 3.88% for the quarter ended March 31, 2026."
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| Discussion of NIM Increase in Press Release |
Adjusted Efficiency Ratio: 56.24%, down from 60.42% (down is better for this ratio)
NPL Ratio (non-performing loans to total loans): .61%, down from .91% (positive trends)
Coverage Ratio (allowance for losses to NPL): 162.44%, up from 125.53%
NPA Ratio: .53%, down from .71% (positive trend)
Charge off Ratio: .15%, down from .18% (good)
Annualized Return on Average Tangible Equity: 14.94%, up from 10.78%
Other Sell Discussions: Item # 1 Sold 156+ NWBI at $12.52 (6/30/11 Post); Item # 2 Sold 50 NWBI at $12.5 (2/22/11 Post)
NWBI Realized Gains to Date: $330.36 (includes RI sale)
Quote: ONEOK Inc at Google Finance -Energy Infrastructure
Last Discussed: Item # 2.H. Pared OKE - Sold 1 at $86.11 (3/9/26 Post)(profit snapshot = $13.86) - Item # 1.I. Added to OKE - Bought 1 at $72.25 (12/25/25 Post)(discussed the 2025 third quarter earnings report in this post, SEC Filed Earnings Press Release). I just dumped the recently bought share and kept the far lower cost ones bought in 2020.
Other Buy Discussions: Item # 1.L. Added to OKE in Fidelity Account -Bought 1 at $24.9 (10/24/20 Post)(classified then as "deep contrarian value"); Item # 1.G. Started OKE in Fidelity Taxable Account-Bought 5 at $27.77 (6/13/20 Post) Some of the small lot purchases were not discussed here.
OKE Key Metrics page at Reuters
Profit Snapshot: $70.82
New Average Cost per share: $21.33
 |
| Remaining Shares after pare/Snapshot Intraday 7/23/26 |
Reduced from $21.44
Dividend: Quarterly at $1.07 per share ($4.28 annually), last raised from $1.03 effective for the 2026 first quarter payment.
OKE Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
Yield at $21.33: 20.07%
Last Ex Dividend: 8/3/26
2026 First Quarter Earnings Report (Q/E 3/31/26):
Revenues: $9.618B, up from $8.043B
GAAP E.P.S. $1.23, up from $1.04
2026 GAAP E.P.S Guidance: Midpoint at $5.53
The depreciation "expense" was $378M which reduced GAAP earnings.
Last Earnings Report (Q/E 6/30/26): This report was released yesterday after the close. ONEOK Announces Higher Second-Quarter 2026 Earnings: Net Income up 13%, Adjusted EBITDA up 7%
E.P.S. $1.53 up from $1.34
2026 Guidance: E.P.S. to a midpoint of $5.68.
2 of the 4.35% SU Maturing on 3/15/29; Bond Page | FINRA.org
I did not discuss this purchase, made in my Fidelity Account, at a total cost of 97.938.
2 of the 5.05% Maturing on 11/1/34, Bond Page | FINRA.org; Item # 4.C. Bought 2 Oneok 5.05% SU Maturing on 11/1/34 at a Total Cost of 99.325 (2/11/26 Post)
Recently Owned OKE SU Bonds That Have Matured:
2025: 4
G. Sold Last 2 HALO Shares at $81.82 - Fidelity Account:
Quote: Halozyme Therapeutics, Inc. (HALO) at Google Finance
Proceeds: $163.64
Investment Category: Lottery Ticket
Halozyme Therapeutics, Inc. News Releases
HALO - Detailed Earnings Estimates at Zacks.com
Website: Reinventing the patient experience. | Halozyme
Last Buy Discussion: Item # 7 Bought 2 HALO at $71.77 - Fidelity Account (1/29/26 Post)
Profit Snapshot: $20.22
Dividend: None and none expected.
I am concerned about the durability of earnings due to loss of patent protections, see pages 18 and 32 of the SEC Filed 2025 Annual Report.
I have nothing further to add to my recent discussion. Item # 2.H. Sold 2 HALO at $75.51 (7/8/26 Post)(profit snapshot = $14.27, discussed the 2026 first quarter report, see SEC Filed Earnings Press Release for the Q/E 3/31/26 and 10-Q for the Q/E 3/31/26)
H. Pared QYLD Again - Sold 5 at $17.65+:
Proceeds: $88.28
Investment Category: Monthly Income Generation
Sponsor's Website: Nasdaq 100 Covered Call ETF
NASDAQ 100 Covered Call ETF at Morningstar
Last Buy Discussion: Item # 1.G. Added to QYLD - Bought 5 at $16.39 (5/9/26 Post)
Last Discussed: Item # 2.D. Pare QYLD - Sold 10 at $18.15 (7/8/26 Post)(profit snapshot = $14.75)
Profit Snapshot: $5.27
New average cost per share: $15.43 (35+ shares)
 |
| Snapshot as of Close on 7/24/26 after pare |
Reduced from $15.57
Dividends: Monthly at a variable rate.
QYLD Dividend History & Date | Seeking Alpha
Heavy ROC Support.
Last 12 Dividends per share through July: $2.04 (rounded)
Yield at $15.43 Using Annual: 13.32%
Last Ex Dividend: 7/20/26
I. Pared Duplicate Position in BRT - Sold 6+ in Fidelity Account at $15.1:
Quote: BRT Apartments Corp (BRT) at Google Finance - Small Apartment REIT
Proceeds: $92.96
Website: BRT Apartments Corp.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.C. Sold 10 BRT at $15.10 (7/25/26 Post)(profit snapshot $4.20) I discussed the 2026 first quarter report in that post. SEC Filing
BRT SEC Filed 2025 Annual Report
Profit Snapshot: $5.92 (7/27/26 sale only)
New Average cost per share this account: $13.75 (15 shares)
 |
| Snapshot Intraday on 7/27/26 after pare |
Reduced from $13.85
In small ball trading, I will consider buying back shares sold when the price falls below my average cost per share.
Dividend: Quarterly at $.25 per share, last raised from $.23 effective for the 2022 third quarter payment.
BRT Dividend History & Date | Seeking Alpha
Yield at $13.75: 7.27%, raised from 7.22%.
Last Ex Dividend: 6/25/26
J. Pared Duplicate Position in KIM - Sold 5 at $26.4:
Quote: Kimco Realty (KIM) at Zacks
Proceeds: $132
KIM 2025 SEC Filed Annual Report
Website: Kimco Realty
Last Discussed: Item # 1.B. Eliminated Duplicate Position in KIM (Vanguard Account) - Sold 20+ at $25.02 (7/1/26 Post)(profit snapshot = $87); Item # 1.G. Pared KIM in Fidelity Account - Sold 5+ $24.45 (6/4/26 Post)(profit snapshot = $20.31, discussed the 2026 first quarter report, SEC Filed Press Release)
Profit Snapshot: $30.44 (7/27/26 sale only)
Average cost remaining shares: $20.07 (30 shares)
 |
| Snapshot Intraday on 7/27/26 after pare |
Dividend: Quarterly at $.26 per share ($1.04 annually), last raised from $.25 effective for the 2025 4th quarter. The dividend was slashed from $.28 to $.10 effective for the 2020 third quarter payment.
KIM Dividend History & Date | Seeking Alpha
A major negative for an income oriented investor like myself is that the quarterly dividend was slashed from $.28 to $.10 effective for the 2020 third quarter, with no dividend paid in the second quarter. While some temporary cut was understandable under the circumstances, the dividend has not yet been raised back to $.28 after that slash and missed quarterly payment.
Yield at New AC of $20.07: 5.18%
Last Ex Dividend: 6/5/26
Last Earnings Report (Q/E 6/30/26): This report was released earlier today.
Comparisons are to the 2025 second quarter.
Revenues: $550.801M, up from $525.175M
GAAP E.P.S. $.22, down from $.23
FFO per diluted share: $.46, up from $.44
Reconciliation:
2026 Guidance: Raised FFO per share guidance to $1.83-$1.84 from $1.81-$1.84, which I do not view as a material change.
K. Eliminated ADBE - Sold 2.6725 Shares at $253.19 - Schwab Account:
Quote: Adobe Inc (ADBE) at Google Finance
Proceeds: $676.54
ADBE Detailed Earnings Estimates - Zacks.com
SEC Filed Annual Report for the F/Y ending 11/28/25
Last Discussed: Item # 3.K. Eliminated Duplicate Position in ADBE (Fidelity Account)- Sold .956 at $227.17 (7/14/26 Post)(profit snapshot = $17.84); and Item # 4.C. Multiple $50 Purchases of ADBE in Schwab Account (7/8/26 Post)
Profit Snapshot: $83.23
Last Earnings Report (Q/E 5/31/26):
SEC Filed Earnings Press Release This report is for the second fiscal quarter.
Revenues: $6.618B, up from $5.641B
GAAP E.P.S. $4.25, up from $3.94 (+7.87% which is an issue for a stock selling at a high multiple to GAAP E.P.S.) The percentage increase quarter -to-quarter is also slowing down.
{For the Q/E 5/31/24, diluted GAAP E.P.S. was reported at $3.49, up from $2.82 per share or a +23.76% increase. SEC Filed Press Release. For the quarter ending on 5/30/25, diluted GAAP E.P.S. was reported at $3.94, up from $3.49 or a 12.89% increase. SEC Filed Press Release The percentage declines are occurring prior to AI making meaningfully encroachments into revenues/GAAP profits in those fiscal years}
Non-GAAP E.P.S. $5.96, up from $5.06 but down from $6.06 in the Q/E 2/27/26.
Reconciliation:
As previously discussed, I am not willing to add back to GAAP the stock compensation expense which was $556M or $1.38 per share in this quarter. To offset the dilution, cash will be used to buy back the shares. Consequently increasing employee cash compensation by $1.38 per share is equivalent to giving them an average of $1.38 per share in stock. The share compensation does provide an incentive but then that is not the relevant issue when classifying the share compensation as a non-expense that can be added back to GAAP earnings in non-GAAP calculation.
I do accept the add backs impairment of goodwill and amortization of intangibles, totaling $.29 per share before the tax adjustment that would slightly reduce the add back.
I have read several articles that Adobe is vulnerable to AI software developments. I lack the expertise to evaluate the vulnerability and no one can predict how AI will evolve and whether Adobe and other software can effectively respond by incorporating AI into newly developed product offerings.
2. Corporate Bonds: Bought 20, Sold 2
Since I made the purchases discussed below, bond prices have continued to move down and yields up.
For me, given how I have structured my bond ladder, its short duration and my financial ability to hold all bonds until maturity, the interest rate risk for me is what I call the risk of lost opportunity, one component of interest rate risk. The funds used to pay for a purchase can no longer be used to buy a higher yielding bond unless I sell the owned bond at a loss.
In August, I have mostly T Bills maturing.
Since I own T Bills and bonds in multiple account, I keep track of the maturities by taking snapshots and then placing the snapshots in a folder arranged by date.
When there are multiple purchases of a security maturing a particular day, I will place the snapshots in separate folders.
The number of bonds or T Bills is indicated by a number inside a ().
I will also indicate the account holding the security with a S, V, I, or F standing fro Schwab, Vanguard, Interactive Brokers and Fidelity accounts respectively.
All of the securities have $1,000 par values.
This is what the maturity schedule is for August and September:
August:
September:
A. Bought 2 General Mills 4.2% SU Maturing on 4/17/2028 at a Total Cost of 99.528:
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Issuer: General Mills (GIS) at Zacks
$1,990.56
I own the common stock which is currently in a major bear market pattern.
GIS SEC Filed Earnings Press Release for the Q/E 5/31/26
SEC Filed Annual Report for the F/Y Ending 5/31/26
GIS Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.481%
Current Yield at TC: 4.22%
I now own 4.
Previously discussed at Item # 2.R. Bought 2 General Mills 4.2% SU Maturing on 4/27/28 at a Total Cost of 98.399 (2/10/25 Post)(YTM then at 4.764%)
B. Bought 2 Synchrony Financial 3.95% SU Maturing on 12/1/27 at a Total Cost of 99.115:
%203.95%25%2012:1:27%20.png)
Issuer: Synchrony Financial (SYF)
Cost: $1,982.3
SEC Filed Earnings Press Release for the Q/E 3/31/26 (net income of $805M)
SYF Detailed Earnings Estimates - Zacks.comFINRA Page: Bond Page | FINRA.org
Credit Ratings: BBB- by S&P, BBB by Fitch.
Fitch Upgrades Synchrony Financial to 'BBB'; Outlook Stable
YTM at Total Cost: 4.624%
Current Yield at TC: 3.985%
I am replacing two bonds that will mature on 8/4/26. Item # 5.C. Bought 2 Synchrony Financial 3.7% SU Maturing on 8/4/26 at a Total Cost of 97.966 (2/5/25 Post)(YTM then at 5.095%)
I had 4 mature in 2025:
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%20+$28.26%20.png){kind=small}
I had 2 mature in 2024:
%20+$29.46.png){kind=small}
Based on my assessment of credit risks, and taking into account my personal financial objectives which limit my risk taking, I will generally own no more than 4 Synchrony Financial bonds and will keep the maturities short term.
C. Bought 2 Public Service Electric & Gas 3.65% First Mortgage Bond Maturing on 9/1/2028 at a Total Cost of 98.401:
%203.65%25%209:1:28%20%20.png)
Issuer: Operating subsidiary of Public Service Enterprise Group (PEG)
Cost: $1,968.02
PEG Detailed Earnings Estimates - Zacks.com
Pricing Term Sheet: 9/2018 This document refers to this bond as being secured, but the terms are not disclosed in that document. The terms are contained in another Prospectus.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.45%
Current Yield at TC: 3.71%
D. Bought 1 Union Pacific 3.95% SU Maturing on 9/10/28 at a Total Cost of 99.13:
%203.95%25%209:10:28%20.png)
Issuer: Union Pacific (UNP) at Zacks - Major Railroad
Cost: $991.3
UNP Detailed Earnings Estimates - Zacks.com
Union Pacific Reports Second Quarter 2026 Results | Union Pacific
UNP is still in the process of trying to acquire Norfolk Southern. Union Pacific and Norfolk Southern to Create America’s First Transcontinental Railroad | Union Pacific (7/29/25)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.379%
Current Yield at TC: 3.985%
E. Bought 1 Union Pacific 3.7% SU Maturing on 3/1/29 at a Total Cost of 97.903 - Interactive Brokers Account:
%203:1:29%203.7%25%20.png)
Issuer: See Item D. above.
Cost: $979.03
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.567%
Current Yield at TC: 3.78%
F. Bought 2 Williams Partners LP 3.75% SU Maturing on 6/15/27 at a Total Cost of 99.45:
%206:15:2027%203.75%25.png)
Issuer: Williams Partners was acquired by The Williams Companies (WMB) in 2018. SEC Filed Press Release
Cost: $1,989
I own the common shares.
Last WMB Discussion: Item # 3.A. Sold 5 WMB at $74.85 (5/3/26 Post)(profit snapshot = $259.09)
WMB SEC Filed Earnings Press Release for the Q/E 3/31/26
WMB SEC Filed 2025 Annual Report This note is listed as part of Williams debt at page 164
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.378%
Current Yield at TC: 3.77%
I now own 4.
The purchase of corporate bond maturing in 2027 at discounts is a minor way to shift income into that year. The funds used to purchase the bond are removed from a MM fund which lower the dividends paid this year. Only 1 interest payment will be received this year (only a partial net for six months). The "profit" of $11 will be taxed in 2027 when the principal is paid.
Prior Discussion: Item # 3.A. Bought 2 Williams Partners 3.75% SU Maturing on 6/15/27 at a Total Cost of 97.281 (1/22/25 Post)(YTM then at 4.955%)
Last WMB Bond Offering (1/26): Prospectus
Other currently owned WMB Debt:
2 of the 4.9% SU Maturing on 3/15/29, Bond Page | FINRA.org, discussed at Item # 2.V. (2/5/25 Post).
2025 WMB Matured Bonds: 14
%20+$17.62%20.png){kind=small}
%20+$12.58.png){kind=small}
%20+$22.66%20.png)
%20+$42.98%20.png){kind=small}
%20+$46.12%20.png){kind=small}
%20+$95.82%20.png){kind=small}
%20$8.4%20.png){kind=small}
"Profit" of $246.18
Without checking, I just assume that the "profit" is taxed as additional interest income ("realized market discount"). Sometimes, I have noted in my 1099 forms that a short term "profit" (a bond owned for less than 12 months) will be classified as a short term capital gain which results in the same federal tax rate.
G. Bought 2 Phillips 66 Company 3.75% SU Maturing on 3/1/28 at a Total Cost of 98.768:
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Issuer: Wholly owned subsidiary of Phillips 66 (PSX) who guarantees the notes:
Cost: $1,975.36
PSX Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.551%
Current Yield at TC: 3.797%
H. Bought 2 W.P. Carey 3.85% SU Maturing on 7/15/29 at a Total Cost of 97.603:
%203.85%25%207:15:29%20.png)
Issuer: W.P. Carey (WPC) at Zacks
Cost: $1,952.06
I own the common stock.
Last WPC Discussion: Item # 1.B. Pared WPC Again - Sold 5+ at $76.71 (6/25/26 Post)(profit snapshot = $76.04)
SEC Filed Earnings Press Release for the Q/E 3/31/26 and SEC Filed Supplemental
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.721%
Current Yield at TC: 3.945%
I now own 6.
Discussed at Item # 4.A. Bought 2 W.P. Carey 3.85% SU Maturing on 7/15/29 at a Total Cost of 98.901 (2/11/26 Post); Item # 2.A. Bought 2 W.P. Carey 3.85% SU Maturing on 7/15/29 at a Total Cost of 98.881 (1/8/26 Post) Short term rates have risen since those purchases, using the 3 year treasury note as the benchmark: US3Y: 4.301% +0.045 as of 7/21/26 (+1.0573%), up from about 3.67% on 1/15/26. Given the short term maturities, I am not concerned about interest rate risk or the temporary decline in value. Given the structure of my bond ladder, with a short term duration and multiple maturities each week that can be reinvested, I want interest rates to go up.
I owned 6 W.P. Carey 4.25% SU bonds that were called early on 7/29/26 that would have matured on 10/1/26.
 |
| Fidelity Account |
%20+$15.98.png){kind=small} |
| Interactive Brokers Account |
I have now replaced those matured bonds with 6 of the 3.85% SU.
2025 Maturities:
%20+$7.82%20RI%20.png)
%20+$30.46.png)
%20$33.2%20.png){kind=small}
%202034%20+$70.72%20.png){kind=small}
%20+$52.5.png)
%203.775%25%203:3:28%20.png)
%20%204%25%207:15:29%20.png)
%201:31:30%204.25%25.png){kind=small}
%203:31:28%203.875%25%20.png){kind=small}
%204.25%25%201:15:28%20.png){kind=small}
%2011:30:2027%203.875%25%20.png){kind=small}
%204%25%205:31:28%20S.png){kind=small}
%202::4:27%20.png){kind=small}
Investment Category: Deep Contrarian Value with dividend support, revised from just Contrarian Value. The last earnings report and guidance, discussed below, renders it unlikely that a turnaround will occur within 1 year and may occur, if at all, in a 1 to 3 year time frame. So I have to dig deep to find the value, engage in some uncomfortable optimistic thinking which is not the forte of contrarian value investors, and likely hold for a longer period to see whether one occurs. The best outcome within a year would be a take out.
 |
| Snapshot Intraday on 7/30/26 after add |
LKQ Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at $24.07: 4.986%
Last Ex Dividend: 5/21/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release and 10-Q for the Q/E 6/30/26
Revenues: $3.408B, down from $4.513B
GAAP E.P.S. from continuing operations: $.52, down from $.72
Non-GAAP E.P.S. $.67, down from $.84
Reconciliation:
The revisions down in the forecasted 2026 E.P.S and Non-GAAP numbers was more troubling than the 2nd quarter miss.
Adjusted E.P.S. from $2.9-$3.2 to $2.6-$2.9.
The CEO made the following slightly upbeat comments: "Our second‑quarter performance reflected solid execution across our North America and Specialty segments. North America returned to positive organic growth for the first time in nine quarters, driven by record alternative-parts utilization of over 40%, moderating insurance premiums that were negative in May and June, and continued sequential improvement in repairable claims. Specialty also delivered growth despite a challenging end‑market environment and continued macro‑economic pressure on consumers. Europe fell short of expectations, with results affected by the ERP implementation in Germany. Outside of the ERP impact, the team delivered substantial cost reductions that largely offset the lower volumes we witnessed in the UK and Benelux regions. Overall, the fundamentals of our business are improving, and as market conditions continue to recover, we expect those operational gains to translate into stronger financial performance and profitability in the quarters ahead,” commented Justin Jude, President and Chief Executive Officer.
The reference to a discontinued operation in the previous snapshots relates to an agreement to sell LKQ's Self Service segment for $410M with the proceeds being used to repay a $390M credit facility. 10-Q at page 11
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.
