To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image.
Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks (Item # 1): $1,564.15
My inclination now is buy beaten down stocks with relatively high dividend yields using just current cash flow from corporate bond interest payments. Several bond like stock sectors are in bear market trends. That is in part due to the rapid rise in intermediate term treasury yields that have made their dividends less attractive to income investors and also increases their financing costs.
Outflow Common Stocks/Stock Funds: Zero
I have met my annual goal of $25K in realized capital gains which explains the pause in my normal selling. I may not be able to avoid some selling for much longer.
Corporate Bonds: 16 (cost at $15,729.28)
Treasury Bills Purchased at Auction: $5,000 in principal amount
Treasury Notes Purchased in the Secondary Market: 4 (cost at $3,953.35)
US10Y: 4.961% -0.185 (-3.595%) as of 12:46 CST on 10/22/26
4 Reasons To Think US Inflation Will Come Back Down | Morningstar The 4 reasons why inflation may return to 2% by 2028-2030 are plausible causes, but probably no more than 50/50 based on what I know now. Even 2% annual inflation 2 or 3 years in the future will be on top of what has occurred in the past.
I would note that even a return to 2% annual inflation may not bring treasury yields down when the yields have become untethered from inflation expectations, the yields have a higher risk premium than in the past and supply far outstrips demand without significantly higher rates to soak up the vast increases in supply.
The Bill for Trumpism Comes Due - The Atlantic In this article, David Frum notes that Trump promised to eliminate the national debt during his second term in office. For the fiscal year ending on 9/30/26, the deficit was $1.992 trillion and the total U.S. government debt surged to over $40T. But, then he also promised to end the Ukraine was on his first day.
+++
Economy:
Housing is flashing warning signs just as the Fed weighs more interest rate hikes (10/20/26)
Global AI Investment Is Forecast to Exceed $1 Trillion in 2026 | Goldman Sachs Taking AI related spending out of GDP would have resulted in negligible real growth in 2026. Investors recognize the huge contribution from this spending and are starting to be concerned about how long it will continue.
For the fiscal year ending 9/30/26, the U.S. had a budget deficit of $1.992 trillion up from $1.775 trillion in the F/Y ending 9/30/25. U.S. budget deficit for 2026 fiscal year near $2 trillion
Trump pledges $8 billion in relief for farmers struggling with soaring diesel prices - CBS News Trump "When Republicans win, we will pass even more funding for our farmers. We love our farmers." This promise was made in Kansas where republicans are in tight races. What about "relief" for everyone else. Any relief provided will simply add to the fiscal 2027 federal budget deficit.
Ukraine targets Russia with more than 1,000 drones, striking oil terminal in St. Petersburg - ABC News (10/18/26). It is interesting that Ukraine has the capability to launch that many drones, almost 5 years into the War, which clearly indicates that Russia is not able to successfully target drone manufacturing facilities. According to news report, there are 500 drone manufacturers operating in Ukraine. A First Point View: Examining Ukraine’s Drone Industry | Georgetown Security Studies Review | Georgetown University The lesson is that it may be impossible to stop Iran from manufacturing drones at dispersed production sites throughout the country.
Ship attack reports near Hormuz reach record high as oil exports slow (10/15/26)
Oil prices jump to five-month high as attacks threaten global supply - The Guardian (10/22/26)
Oil Price Charts | Oilprice.com
Trump sued over 50% tariffs on Canada in latest trade challenge
+++
Trump and His Party:
Trump Pardoned Venezuelan Billionaire After Family Offered Alina Habba $50 Million Deal | Law Commentary; Billionaire nabbed Trump clemency deal just weeks after hiring Habba for $50M - Alternet.org Habba claimed the NYT article was false and defamatory. She maintains that her employment had nothing to do with the pardon. 'Big scoop': Trump lawyer spins out over 'October surprise' scandal exposed by NYT - Raw Story
On the day the government reported that CPI rose 3.7% for the twelve months ending in September, Trump represented to his supporters that the U.S. has "very little inflation". Trump touts booming economy at Montana rally, but supporters feel the pinch One Trump supporter made this statement to a reporter: "I love President Trump. I love what he’s doing for veterans. He’s not about himself. He’s about trying to help." Veterans Have Borne Trump Administration’s Deep Cuts to Federal Personnel | Center on Budget and Policy Priorities; New Report Details How Trump’s Policies Are Harming Veterans, VA Workers
+++
Trump Provides Aid to Russia to Continue its Aggression:
Trump waives Russia-linked sanctions, citing national interest This waiver is in the Russian national interest.
America Is Now an Ally of Russia - The Atlantic Tom Nichols draws the correct conclusion in this article, the only one possible IMO.
Trump Is In A De Facto Alliance With Putin It is not just Trump. It is the U.S. under Trump's direction and orders.
Siding With Putin Is a Huge Mistake - The Atlantic The fact that Trump has caused the U.S. to side with Putin is far from a surprise.
Do you recall when Trump last criticized Putin and Russia's deliberate attacks on Ukraine's apartment buildings, hospitals, and other civilian structures? Russian authorities committed crimes against humanity targeting civilian population through drone attacks as well as war crimes of forcible transfer and deportation of civilians | OHCHR; Russian Strikes against Ukraine Have Reached ‘New Horrifying Level’ -UN Press Releases (10/9/26); Russian attacks on civilians in the Russo-Ukrainian war (2022–present) - Wikipedia; Trump blames Zelensky for Russia's invasion of Ukraine that had the intent of absorbing the entire country into the Russian Federation.
Witkoff lauds 'humanitarian' Putin - ABC News
++
The Exceedingly Incompetent Planning for Iranian Retaliation:
Hegseth's Pentagon claimed that Iranian attacks on U.S. facilities after the war started did not significantly impact operations. How U.S. Naval Base Destruction Will Impact Iran War - Newsweek
Reporters and even a U.S. Senator were prevented from visiting the attacked sites. There was a deliberate effort to mislead the public.
I was aware that Iran had inflicted significant damage on the the U.S. naval base at Bahrain from reading several news articles published in August and September, as Trump Administration's containment of what actually happened started to break with photos and videos taken by U.S. citizens of the attack and its aftermath. E.G. Bahrain: Issues (Congressional Research Service) updated on 9/23/26.pdf; Gulf Strategy In Question After U.S. Naval Base in Bahrain Damaged; The devastation of NSA Bahrain is a national security warning.95-1013.191.pdf Photos show widespread damage at US sites from Iranian attacks (9/16/26) The destroyed naval base provided supplies to naval forces in the area including the aircraft carrier Abraham Lincoln. Supplies then had to rerouted through the base located at Diego Garcia which was about 2,200 miles away from the naval operations near the Persian Gulf.
It is clear now and no longer subject to debate that U.S. facilities throughout the region, were inadequately protected from Iran's retaliation, even though Trump, Hegseth and the top brass planning the war knew that those facilities would be attacked by Iran in retaliation. The Bahrain naval base was located just 120 miles from Iran, an easy, stationary target for Iranian missiles and drones. To Base or Not to Base: The Iran War Exposes Flaws of U.S. Basing in the Middle East | Council on Foreign Relations
Until recently, I was unaware that the U.S. military left the spouses and children of service members at the Bahrain naval base and did not evacuate those left behind until after Iran destroyed the base. ‘I was terrified’: Military families describe their harrowing evacuation from a Navy base in Bahrain
++++++
Trump Threatens California Officials With Imprisonment Over Stance On Mail Ballots
Washington Post/ABC Poll Puts Trump Approval at 33% Low- Mediate 66% believe that Trump is using the Presidency to enrich himself. That number should be 100% since the examples are so numerous and extensive publicized that everyone knows or must be presumed to know.
Donald Trump has gained wealth as president, not lost it – PolitiFact Homeland Security Secretary Markwayne Mullin, who lacks credibility IMO, made this statement on 10/1/26: "There’s no financial gain like the past presidents have had. It’s cost him to be in office." Politifact rated that claim as "Pants on Fire". The Definitive Net Worth Of Donald Trump- Forbes ("The president is an estimated $2.7 billion richer than when he won the 2024 election")
Poll: Americans are anxious, pessimistic and deeply unhappy with Trump ahead of the midterms
Ousted general warned of years-long missile defense shortage before Iran war - CBS News Any general that tells Hegseth, what he does not want to hear, no matter how true, will be fired.
Ashley Hinson (R-Iowa) Asks for Gas Money in Iowa Senate Race Against Josh Turek - Newsweek Hinson recently demanded an immediate end to the Iran War after voting 7 times to keep it going. Iowa GOP Senate candidate Ashley Hinson calls for Iran war to end despite voting to let Trump continue it (9/6/26). After that article was published, she voted to continue the war again on 9/15/26. Office of the Clerk, U.S. House of Representatives - Vote Details She currently represents Iowa's second congressional district. Ashley Hinson - Wikipedia
Trump publicly endorsed Netanyahu in the upcoming Israeli election. Trump "Truth" Social Message (10/18/26) I do not recall when a U.S. President, other than Trump, endorsed a candidate in a foreign election. Trump endorsed Viktor Orban, two peas from the same pod, which was not surprising. Donald Trump’s Viktor Orban Endorsement: Setting A Bad Historical Precedent? | American Foreign Policy Council
US citizen injured during ICE detainment in Long Beach, California, officials say - ABC News
Federal agents knock on doors to track down possible noncitizen voters ahead of midterms - CBS News Armed ICE agents are knocking on people's doors and inquiring whether they are registered to vote.
+++
The CBS "Reporter" Jan Crawford:
CBS "reporter" Jan Crawford scrambles to take down partisan post over ‘Muslim Brotherhood’ response | The Independent Republicans are claiming that the Democratic Michigan Senate candidate Abdul El-Sayed refused to disavow the Muslim Brotherhood when asked to do so at a town hall. Trump was asked by a GOP plant at a Michigan town hall called Tommy, who was not a Michigan resident, to disavow the Muslim Brotherhood. MAGA Operative Behind Muslim Brotherhood Question to Abdul El-Sayed | The New Republic (noting the operative was Thomas Teepell, the operations director of the Missouri for the Missouri Republican Senator Josh Hawley) El-Sayed clearly made a disavowal, which could not have been misunderstood, when asked to disavow the Muslim Brotherhood: "Sure. yeah, absolutely." He then asked the Trumpster "Do you assume that I wouldn’t?" The Trumpster then immediately replied "Yes, because I have not heard you disavow them yet".
The shameless Republican Senate Candidate running against El-Sayed, Mike Rogers, claimed that El-Sayed did not disavow the Muslim Brotherhood, knowing of course, that he clearly did. CNN’s Bash pushes back on Rep. Rogers’ claim El-Sayed ‘didn’t disavow’ the Muslim Brotherhood
Trump called El-Sayed, a "Muslim radical", a Jihadist and a member of the Muslim Brotherhood. WATCH: Trump Goes On Vicious Rant Against El-Sayed, Calls Him A 'Jihadist,' 'Muslim Brotherhood Guy' - YouTube
Bari Weiss Exposed for Pushing CBS to Smear Democratic Candidates | The New Republic One option is to just turn off CBS News. I was not aware the country needed yet another Fox "News" or OAN "News".Why the GOP is trying to tie Abdul El-Sayed to the Muslim Brotherhood | CNN Politics There is no connection. The charge is based primarily on a post made by his half-sister in 2012 who mentioned having a conversation with her mom, then living in Egypt, about the Muslim Brotherhood. El-Sayed's parents divorced when he was 3. He was primarily raised by his father in Michigan.
+++
Trump's Defense of Senator Roger Marshall (R-Kansas) and Attacks on the Methodist Pastor Running Against Him:
Trump uses antisemitic slur to defend GOP Kansas senator Roger Marshall; Sen. Roger Marshall's obstetrics practice sued more than 700 patients over unpaid bills | Medical Economics; With new defamation threat, Roger Marshall is making a bad story worse (Kansas City Start article republished at Yahoo); Roger Marshall sued 700 patients, 81 went to jail - YouTube Marshall charged 18% interest on unpaid debts. 81 arrest warrants were issued for patients who did not show up for court dates. Records show that a lawyer representing Marshall filed "dozens" of requests for arrest warrants. Marshall denies that he knew about any of the 81 arrest warrants, wanting you to believe that his lawyer did not inform him of what was being done to collect the debts, including garnishment of wages and arrests.
Trump represented to the voters that it would have been a crime for Marshall to refrain from taking legal actions. Trump Defends GOP Senator Doctor With A Claim That's Diagnosed As False
The county where Marshall practiced "has above-average poverty and uninsured rates", and is 1 of the ten states that refused to expand Medicaid coverage under the Patient Protection and Affordable Care Act.
+++
Threats to Criminally Charge the Republican Lt. Governor of Utah:
Senator Mike Lee (R-Utah) defends Trump DOJ after Utah lieutenant governor Deidre Henderson (R) calls federal government 'threat' to elections | KSL.com; Why Utah election official says she rejected the DOJ’s request for voter data - YouTube Trump's lawyers at the DOJ responded with an investigation of Henderson who has been threatened with criminal prosecution by Trump. Utah Lt. Gov. slams DOJ election probe – Deseret News
The Democrat candidate running against Marshall is Adam Hamilton, the pastor and founder of the largest United Methodist congregation in the U.S.
Trump called Hamilton a "bad person" and a "disgrace" who is "pretending to be a moderate" who will "plunder our nation's wealth or demolish what our ancestors built with their own sweat, blood, tears, and skill." Trump said Marshall was a "good person". Trump attacks Democratic challenger Adam Hamilton at Kansas rally as Senate race tightens - ABC News Standard Trump demagoguery which still works on the intended audience.
+++
Vivek Ramaswamy (R-Ohio) Hits a New Low:
Ramaswamy doubles down on explosive ad featuring rival's mother, despite backlash; Ramaswamy Takes Responsibility For Ad With Amy Acton’s Mother And Will Spend Millions To Promote It This is pure evil.
Ohio governor's race takes ugly turn with attack ad featuring Amy Acton's estranged mother Donna Arthur- CBS News The republican ad features the mother of Amy Acton's urging people to vote against her daughter in Ohio gubernatorial race. The ad does not mention that Arthur's husband Cledith Arthur, Acton's stepfather, was accused of raping Amy Action when she was 12. He was arrested and released on bail but fled the state with Donna Arthur, who left her children behind, and did not stand trial. State health director’s passion come from Youngstown | Vindy Archives
The spokesperson for the republican Vivek Ramaswamy called Amy Action a "serial fabulist". Donald Trump Jr. vouched for the ad. Ad featuring Amy Acton’s estranged mother garners national attention, criticism; Donald Trump Jr. on X: "YIkes! Ohio watch this and think about what it means." / X
Amy Acton’s Mother Disputes Abuse Claims Despite Records | National Review
J.D. Vance, showing once again who and what he really is, defended this ad and attacked republicans for daring to criticize it. JD Vance Rips Republicans 'Whining' About Ramaswamy Ad There is no ethical issue for Vance in promoting this despicable ad since the only thing that matters to him is winning. Character is for suckers and losers in TrumpWorld.
Vance praises Ramaswamy for having 'audacity' to run controversial Amy Acton ad - ABC News Yes, it is audaciously immoral but that is fine in Trump's America.
Vance has no moral center and is just another power hungry person willing to do and say anything to achieve more power for himself. Remember his claim about Haitians eating pets. JD Vance admits he is willing to ‘create stories’ to get media attention; Fact-checking JD Vance's past statements and relationship with Trump; J. D. Vance Fails a Simple Moral Test - The Atlantic
As expected, Trump was strongly supportive of this ad. Trump Truth Social Message 10/22/26 Post Trump had this to say about the republican governor of Ohio who called on Ramaswamy to take down the ad:"Our RINO Governor of Ohio, Mike DeWine, who I unfortunately helped get elected years ago, ... was, as usual, disloyal to the Republican Party. He strongly suggested that Vivek should, “take down the Ad.” He probably wants a Dumocrat to win." Trump wants the ad to be broadcasted, saying that "Vivek should keep it up, and let everyone listen to the mother of a defective, dishonest, and incapable Candidate, explain how the daughter is a DISASTER who, uncontrollably, lies, cheats, and steals!"
+++++++
Trump Repeatedly Flips Out At Reporters During Fraud Whistleblower Announcement In a meeting with reporters last Tuesday, Trump directed these comments to reporters in attendance: Listen to you. Hey, I’m not pointing. You better, you better, I don’t know who the hell you are, but you better be careful." (clear threat) and "Quiet. Quiet! What’s wrong with you? Are you a sick person? I actually think there’s something wrong with you"
It is not surprising that Texas republicans chose Ken Paxton to be their senate candidate. A Timeline of Nearly 20 Years of Ken Paxton Scandals It is exactly what I expected them to do.
In 2024, Trump won Texas with 56.3% of the vote. Texas Election Results 2024: Live Map - Races by County - POLITICO Trump is exceedingly more ethically challenged than Paxton IMO, so no one should be surprised if Paxton wins this senate race.
+++
1. Small Ball Common Stock/Stock Fund Purchases:
I have previously discussed the reasons why BDC stocks are in major bear market patterns.
Most BDC loans are at variable rates priced at a spread to a short term rate that will rise and fall in tandem with changes in the federal funds rate. The Fed ended its interest rate hiking cycle that started in March 2022 when it cut the federal funds range 50 basis points in September 2024, followed by several cuts thereafter until there was a .25% increase in September 2026 to a 3.75% to 4% range. The decreases in the FF rate starting in September caused the coupons of variable rate loans to reset at lower rates, thereby reducing net investment income.
Another major negative trend has been increases in BDC borrowing costs due in part to investor perceptions about credit risks and more recently to the rapid increases in 2 to 10 year yields. While many BDCs have BBB- rated SU debt, the bond investors are pricing that debt well into junk territory, and it is the junk level coupons that have to be paid when refinancing lower coupon debt.
Several BDCs have also started to experience what I view as unacceptable non-performing loans to total loans, with some going into the 5% to 10% range. The percentage is often lowered by selling bad loans at a loss which reduces the percentage but does not go unnoticed by sophisticated investors.
There is also heightened concerns that loans to software companies will go bad due to the AI threat.
So I view these stocks as risky but somewhat less so after many have declined 50% or so from a recent 2 year high price. That decline increases the dividend yield which is still high even after several including the ones discussed in this post slashed their payouts.
On a potential positive note, net investment income will improve some when and if the FED increases the FF range by another 50 basis points as currently forecasted in the CME FedWatch tool, but that assumes no offsetting increase in non-performing loans.
I do not currently detect a bottoming formation in BDC charts. These stocks are in major bear market patterns. The dollar amount of my purchases are consequently insignificant with periodic averaging down in small lots. As discussed below, I used $350.83 to buy shares in 4 BDCs: CION, FSK, PFLT and PNNT. This does not qualify as nibbling.
A. Started CRGY - Bought 5 at $12.88; 5 at $12.6 - Schwab Account:
Quote: Crescent Energy Company (CRGY) at Zacks
Cost: $127.38
CRGY's activities are focused in the Eagle Ford, Permian and Uinta Basins and owns mineral "and royalty interests across premier U.S. oil and natural gas basins, primarily operated by large, well-capitalized companies, with a core focus in the Eagle Ford."
This is a new stock for me. I become aware of this company only after reading this article. Devon Energy Exits Eagle Ford in $4.2 Billion Shale Deal with Crescent Energy| OilPrice.com (10/8/26)
Part of the financing will be sourced from a recent completed stock offering. Prospectus (80M shares + greenshoe at $12.5) New debt will be the primary funding source. Crescent estimates that the cost will be about $3.85B after closing adjustments and will be paid in cash. So somewhere close to another $3B in new debt.
The company has engaged in other recent acquisitions. Crescent Energy Closes Transformative Acquisition of Vital Energy (12/15/25)- Crescent Energy to Acquire Vital Energy in All-Stock Transaction, Establishing a Top 10 Independent (8/25/25); Crescent Energy Closes Accretive Central Eagle Ford Bolt-On Acquisition (1/31/265).
CRGY Detailed Earnings Estimates - Zacks.com
10-Q for the Q/E 6/30/26 (long term debt as of 6/30/26 was reported at $5.166+B, see page 26) The debt has high coupons indicating a junk rating which I then confirmed as BB- by S&P, BB- by Fitch, and Ba3 by Moody's. The new debt incurred as as result of this latest acquisition will IMO add substantial risks when there is a major decline in energy prices as there has been throughout history.
Crescent Energy Co. 'BB-' Ratings Affirmed On Ann | S&P Global Ratings (10/13/26)
Fitch Places Crescent Energy on Rating Watch Positive; Rates New Term Loan 'BB+'/'RR1' The senior unsecured notes are rated at BB-. The term loan facility is secured.
Operational Summary Q/E 6/30/26:
Average cost per share: $12.74 (10 shares)
Dividend: Quarterly at $.16 per share ($.48 annually)
Yield at $12.74: 3.768%
Last Ex Dividend: 8/17/26
Last Earnings Report (Q/E 6/30/26):
Revenues: $1.395+B
 |
| By Product Category |
Diluted GAAP E.P.S. $1.3, up from $.60
Adjusted E.P.S. $.69, up from $.40
Consensus at $.57 per Schwab
Reconciliation:
Levered Free Cash Flow: $417.678M
I do not have access to any analyst reports.
I view the stock as risky given the price volatility of its products, the total amount of debt, and the cost of that debt.
B. Added to XRN in Fidelity Account - Bought 5 at $31.2; 5 at $30.53; 5 at $30.2; 5 at $29.2:
Quote: Chiron Real Estate Inc (XRN) at Google Finance
Cost: $605.63
Last Discussed: I discussed the last earnings report in this post: Item # 4.C. Added to XRN - Bought 10 at $35 (8/18/26 Post); SEC Filed Press Release and SEC Filed Supplemental
New average cost per share this account: $32.27 (45+ shares)
Reduced from $33.8.
Dividend: Monthly at $.16 per share ($1.92 annually), slashed from $.25 effective for the June 2026 payment.
I am reinvesting the dividend.
Yield at $32.27: 5.95%
Last Ex Dividend: 10/20/26 (owned 40+ as of)
Owned XRN Preferred Stocks: I have small ball positions in XREPRA and XREPRB that formerly traded under the symbols GMRE.PRA and GMRE.PRB respectively.
C. Added to UNB in Schwab Account - Bought 5 at $22.9:
Quote: Union Bankshares (UNB) at Zacks
Cost: $114.5
There are no analyst estimates.
UNB is a small bank holding company whose operating bank Union Bank, operates "throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint."
Union Bankshares, Inc. - Investor Relations
This is a mini-cap stock that generally has a wide bid/ask spread.
Diluted Shares: 4.8326+M as of 6/30/26 or about $116M at $24 per share.
I view it as likely that Trump's trade war has had a negative impact on small businesses operating in Vermont and New Hampshire due to Canadian customer boycotts.
Investment Categories: Regional Bank Basket Strategy and Bond Substitute (defines the goal only).
Last Discussed: Item # 5.A. Added to UNB - Bought 10 at $23.4 (8/25/26 Post) I discussed the second quarter earnings report in that post: UNB SEC Fiiled Earnings Press Release (Diluted E.P.S. $.60, up from $.52)
New average cost per share: $23.12 (30 shares)
 |
| Snapshot after add |
Reduced from $23.16.
Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.33 effective for the 2022 first quarter payment. In the 2016 third quarter, the rate was at $.28.
UNB Dividend History & Date | Seeking Alpha
Yield at $23.12: 6.23%
Last Ex Dividend: 7/27/26
Last Earnings Report (Q/E 9/30/26):
Union Bankshares Announces Earnings
This small bank provides limited information in its earnings press releases. Most of the relevant financial data will be in the 10-Q for the Q/E 9/30/26 which has not yet been filed.
E.P.S. $.77, up from $.75
E.P.S. for the 9 months ending 9/30: $2.13, up from $1.83.
Credit loss expense: $34,000
Last Elimination: Item # 2.L. Eliminated UNB - Sold 10 at $29.31 (10/31/24 Post)(profit snapshot = $76.2)
Largest Gain to Date: Item #2 C. Sold 50 UNB at $24.56 (1/25/14 Post)(profit snapshot = $238.61) The stock can not be reasonably viewed as a long term hold IMO. The last stock split was in 2003. Union Bankshares, Inc. (UNB) Stock Split History | Seeking Alpha
UNB Realized Gains to Date: $429.02.
D. Added to BTX in Fidelity Account - Bought 10 at $8.5:
Quote: BlackRock Technology and Private Equity Term Trust (BTX) at Google Finance
Last Discussed: Item # 2.G. Started BTX - Bought 10 at $8.75 (9/19/26 Post)
New average cost per share: $8.62 (20 shares)
 |
| 5 Share Limit Order Filled at 2 Prices |
Quote: Safehold Inc (SAFE) at Google Finance
Cost: $167.01
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Safehold - The Modern Ground Lease Company
Last Elimination: Item # 2.C. Eliminated SAFE - Sold 15+ in Fidelity Account at $16.02 (7/8/26 Post)(profit snapshot = $40.99) Item # 2.C. Eliminated SAFE in Schwab Account - Sold 41+ at $15.71 (6/18/26 Post)(profit snapshot = $70.6)(discussed the 2026 first quarter report in that post, where I noted that both GAAP and Adjusted GAAP declined, SEC Filed Press Release and SEC Filed Slide Presentation)
Safehold SEC Filed 2025 Annual Report
New average cost per share: $12.10 (40+ shares)
Reduced from $12.68.
Dividend: Quarterly at $.177 ($.708 annually)
SAFE Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at $12.1: 5.85%
Last Earnings Report (Q/E 6/30/26): I discussed this report here: Item #1.E. Restarted SAFE in Fidelity Account - Bought 10 at $13.15; 5 at $12.9; 5 at $12.3 (9/25/26 Post)
SEC Filed Press Release and Supplemental (most of the information is in the supplemental filing)
F. Added to PFLT (Fidelity Account) - Bought 5 at $6.61; 5 at $6.35:
Quote: PennantPark Floating Rate Capital (PFLT) at Zacks - Externally Managed BDC
Cost: $64.77
PFLT Detailed Earnings Estimates at Zacks.com
Website: Home - PennantPark
SEC Filed Annual Report for the F/Y ending 9/30/25 (Summary of risk factors starts at page 18 and ends at page 37)
2 Year Chart: Major Bear Market Pattern
I view this BDC as a risky but less so after the share price collapse from the closing price of $11.28 on 3/28/25 in late March 2025 to the current price.
New Average cost per share this account: $7.55 (51+ shares)
Reduced from $7.65.
Last reported net asset value per share = $10.26 as of 6/30/26
Dividend: Monthly at $.08 per share ($.96 annually), recently slashed from $.1025 effective for June 2026 monthly payment.
PFLT Dividend History & Date | Seeking Alpha
I am reinvesting the dividend for as long as the likely reinvestment price reduces my average cost per share.
Yield at New AC: 12.715%
Next Ex Dividend: 10/15/26
Last Earnings Report (Q/E 6/30/26): I discussed this report here: Item # 5.A. Bought 5 PFLT in Fidelity Account at $6.99 (8/11/26 Post); SEC Filed Press Release; 10-Q This post also contains snapshots of the largest gains in this stock.
Realized Gains PFLT to Date: $276.56
Goal: Any total return in excess of the dividends.
G. Added to Duplicate Position in CION - Bought 10 at $6.88; 5 at $6.58; 5 at $6.38 (Fidelity Account):
Quote: Cion Investment Corp (CION) at Google Finance - A BDC
Cost: $133.56
The 5 share purchase was made on the 10/16 ex dividend date.
Management: External
Recent News: CION Announces the Repayment of Certain Outstanding Debt and the Closing of a Strategic Joint Venture Transaction (9/29/26) The company repaid in full $114.8M in debt and $200M in a JPM credit facility. The JV acquired $180.3M in loans from CION at an implied purchase price of 99.8% of par value. The company claims that these transaction reduced its net leverage to about 1.35x.
SEC Filed 2025 Annual Report (Risk factor summary starts at page 32 and ends at page 60)
Website: Home - CION Investment Corporation
10-Q for the Q/E 6/30/26 Summary of investments starts at page 5.
2 Year Chart: Major Bear Market Pattern
The stock closed at $12.54 on 2/28/25.
Net Asset Value per share history:
6/30/26: $13.57
12/31/25: $13.76
12/31/24: $15.43
12/31/23: $16.23
12/31/22: $15.98
12/31/21: $16.34
The stock commenced trading under the ticker CION in October 2021 after a 1 for 2 reverse split in 9/2021. SEC Filing The per share data prior to that reverse split needs to be doubled.
New Average cost per share this account: $7.18 (46+ shares)
Dividend: Monthly at $.10 per share ($1.2 annually)
I am reinvesting the dividend in this account.
Effective for the first payment in 2026, CION switched from a quarterly payment of $.36 per share to a quarterly payment of $.30 paid in monthly installments. This was a dividend slash.
The company provided no explanation for the slash, nor did the press release even acknowledge it was a slash. SEC Filed Press Release I am expecting dividend slashes for BDCs.
CION Stock Dividend History & Date | Seeking Alpha
Special dividends were paid in 2021 through 2024 totaling $.62 per share.
When short term interest rates were rising starting in 2022 until the FED started to cut the federal funds rate in September 2024, the floating rate loans repriced their coupons at higher rates generating more net investment income. Rather than changing the regular dividend amount, or only increasing it slightly, many BDCs opted to pay special dividends to flush out what proved to be temporary increases in interest income.
I do not anticipate any additional special dividends or an increase in the regular dividend until the FED is well into an interest rate hiking cycle.
Last Ex Dividend: 10/16/26 (owned 36+ as of)
Next Ex Dividend: 11/13/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release and SEC Filed Presentation
Net Investment Income "NII") per share = $.29, down from $.32 in the 2025 second quarter.
As of 6/30/26, "investments on non-accrual status amounted to 1.44% and 4.41% of the total investment portfolio at fair value and amortized cost, respectively, down from 1.53% and 5.35%, respectively, as of March 31, 2026."
Company Estimates of How Interest Rate Changes Impact NII:
10-Q at page 87 The table reflects the general trend where a rise in short term interest rates results in a net benefit.
Investments by Type:
While most of the loans are classified as first lien debt, it is not unusual for first lien loans made by BDCs to become almost worthless, or close to it, in a bankruptcy since the lien does not attach to assets that have much liquidation value. Total losses do occur even for senior secured debt. Reorganizations outside of a bankruptcy filing occur where the lenders substitute equity for some debt and/or exchange existing loan with lower principal amount ones that mature later in time.
Bad loans are also sold at losses. CION reported in this quarter a realized loss of $17.966M. 10-Q at page 2.
Company Assessment of Credit Risks:
 |
| Page 76, 10-Q |
I. Added to JRI - Bought 10 at $10.38:
Quote: Nuveen Real Asset Income and Growth Fund (JRI) at Google Finance - Leveraged CEF
Cost: $103.8
I recently discussed this CEF and will not be repeating some of that prior discussion here, including the sections on leverage and ROC support for the dividends.. Item # 1.A. Added to JRI in Schwab Account - Bought 10 at $11.02; 10 at $10.75 (10/9/26 Post)
I am simply buying back gradually the 100 shares that I recently sold at $13.07, with each purchase required to be at the lowest price in the chain. Item # 1. Eliminated JRI - Sold 100+ at $13.07 (7/14/26 Post)(profit snapshot = $448.92)
Recent weakness in the shares is related to the rise in interest rates since the holdings are interest rate sensitive.
New Average cost per share: $11.25 (50+ shares)
Reduced from $11.46.
Schwab changed without my consent the cost method for all CEFs owned in my account. The change was to average cost from original cost minus any ROC adjustments to the original cost numbers. I am assuming this was done for all customers. No other broker has forced this cost method on its customers.
Dividend: Monthly at $.1335 per share ($1.602 annually)
JRI Dividend History & Date | Seeking Alpha
I am reinvesting the dividend for as long as the likely reinvestment price lowers my average cost per share and is at a >5% discount to net asset value per share.
Yield at New AC: 14.24%
Last Ex Dividend: 10/15/26
Data Date of 10/14/26 Trade:
Closing Net Asset value per share: $12.1
Closing Market Price: $10.4
Discount: -14.05%
Average 3 year discount: -6.19%
Sourced: JRI - CEF Connect (Click "Pricing Information" Tab)
JRI Realized Gains to Date: $1,495.67
Other Sell Discussions: Item # 2.B. Sold Highest Shares: 10 at $14.08; 10 at $14.32 (10/4/25 Post)(profit snapshot = $66.51; As noted in that post, the price was then at a premium to net asset value per share. Most of the price decline since those sales is due to that premium evaporating (+4.14% on 10/1/25) and the price moving to a 6.95% discount as of 3/2/26. I will seriously consider selling shares in a CEF when the price moves into a premium to net asset value per share); Item # 1.F. Pared JRI - Sold 10 at $13.75; 10 at $13.98 - Vanguard Account (9/13/25 Post)(profit snapshots = $59.62); Item # 1.C. Pared JRI Again - Sold 10 at $13.48 (9/8/25 Post)(profit snapshot = $21.04, contains snapshots of prior roundtrips); Item # 4.A. Sold Highest Cost 10 JRI Shares at $13.36 and Item # 4.B. Eliminated Duplicate Position in JRI - Sold 20 at $13.35 (8/26/25 Post)(profit snapshots = $72.95); Item # 3.A. Eliminated JRI in my Fidelity Taxable Account - Sold 130 at $12.13 (3/11/23 Post)(profit snapshot = $184.6); Item # 1.I. Pared JRI Again-Sold 12.661 shares at $16.31-Remaining Shares Bought With Dividends in Fidelity Taxable Account (10/1/21 Post)(profit snapshot = $53.03); Item # 2.C. Pared JRI-Sold 22.235 at $16.11(8/6/21 Post)(profit snapshot = $42.31); Item # 2.A. Pared JRI-Sold 30 at $15.9-highest cost shares (6/19/21 Post)(profit snapshot = $14.73); Item # 1.K Eliminated JRI in Schwab Taxable Account-Sold 100 at $11.48 (6/6/20 Post)(profit snapshot = $69.35); Item # 2.A. Sold 102+ JRI at $17.98 (12/22/19 Post)(profit snapshot = $140.67); Item # 1.A. Sold 100 JRI at $17.51(10/30/19 Post)(profit snapshot = $100.41); Item # 4 Sold 100 JRI at $17.23 (10/2/19 Post)(profit snapshot = $40.45). Some profitable sales, including all made in Roth IRA Accounts, were not discussed here.
Goal: Any realized gain before ROC adjustments to the original purchase prices + the dividends. I do not view leveraged CEFs whose dividends have a significant ROC source as long term holds. The reason is reflected in the preceding trading history. The goal is simply to earn a return in excess of the dividend payments prior to any ROC adjustments to the tax cost basis. That requires some luck and a fair amount of trading.
J. Added to PNNT - Bought 10 at $3.09; 10 at $2.94:
Quote: PennantPark Investment Corp. (PNNT) at Google Finance
Cost: $60.3
I have classified this BDC as deservedly hated.
PNNT Detailed Earnings Estimates - Zacks.com
SEC Filed Annual Report for the Fiscal Year Ending 9/30/25 (Risk factor summary starts at page 20 and ends at page 38)
PNNT Dividend History | Seeking Alpha
Special Monthly Dividends: $.04 per share.
Since slashing the regular dividend by 50% to $.04, PNNT has paid 7 special dividend of $.04 per share seven with the last payment made on 10/1/26.
Yield Using Regular Dividend Only: 13.68%
I do not anticipate that the special dividend will last for long.
Last Ex Dividend: 10/15/26 ($.04 regular; $.04 special)
Last Earnings Report (Q/E 6/30/26): I discussed this report in a recent post: Item # 4.D. Restarted PNNT - Bought 30 at $3.84 (8/18/26 Post); SEC Filed Earnings Press Release
Last Eliminations: Item # 1.F. Eliminated PNNT - Sold 10+ at $7.23 - Fidelity Account (9/8/25 Post)(profit snapshot = $43.52); Item # 3.D. Eliminated Duplicate Position in PNNT - Sold 26+ at $6.96 - Schwab Account (1/29/25 Post)(profit snapshot = $42.88)
PNNT Realized Gains to Date (includes RI accounts): $259.88
Goal: As with all BDC stocks, the goal is simply to earn any return in excess of the dividend yield.
K. Added to FSK - Bought 5 at $10.3; 5 at $10.14 - Fidelity Account:
Quote: FS KKR Capital Corp (FSK) at Google Finance
Cost: $102.2
Investment Category: Lottery Ticket with dividends. I reclassified this BDC as deservedly hated as noted in a comment published on 8/15/25. Notwithstanding that classification, the share price is so beaten up after I last eliminated my position that a small ball buy may work (acceptable total return for me) with averaging down in 5 to 10 share lots possible.
Website: FS/KKR Advisor, LLC
FSK SEC Filings The 10-Q and annual reports are very large files.
FSK SEC Filed 2025 Annual Report (Summary of risk factors starts at page 24 and ends at page 58)
Reverse Split: 1 for 4 in 2020. FS KKR Capital Corp. Announces Effectiveness of Four-to-One Reverse Stock Split
Last Elimination: Item # 4.D. Eliminated FSK in Fidelity Account - Sold 21+ at $17.88; and Item # 4.E. Eliminated FSK in Schwab Account - Sold 20+ at $17.83 (8/19/25 Post)(profit snapshots = $126.95)
Last Buy Discussion: Item # 4.B. Restarted FSK - Bought 10 at $10.9 (7/1/26 Post) I discussed the 2026 first quarter report in that post. SEC Filed Press Release
New average cost per share: $10.57 (20+ shares)
Reduced from $10.9
Regular Dividend: $.44 per share ($1.76 annually), raised from $.42 effective for the 2026 third quarter payment. The dividend was slashed from $.64 to $.45 effective for the 2026 first quarter payment with an additional $.03 special dividend paid in the first quarter.
Special Dividends:
2026: $.23 (includes $.20 with a 12/1/26 ex dividend date)
2025: $.12 per share
2024: $.34 per share
Yield at $10.57 (regular dividend only): 16.65%
Next Regular Ex Dividend: 12/16/26
Next Special Ex Dividend: 12/1/26
6/30/26: $18.3
3/31/26: $18.83
12/31/25: $20.89
6/30/25: $21.93
3/31/25: $23.37
12/31/24 $23.64
9/30/24: $23.82
12/31/23: $24.46
6/30/24: $23.95
12/31/22: $24.89
12/31/21: $27.17
12/31/20: $30.54
12/31/19: $31.35
12/31/18: $37.20
12/31/17: $37.65
12/31/16: $36.39
FSK retroactively adjusted the numbers to account for the 1 for 4 reverse stock split at page 155 of the SEC Filed 2020 Annual Report
I view this net asset value per share history to signal that a trading strategy, difficult to implement, is necessary to achieve a satisfactory total return.
Last Earnings Report (Q/E 6/30/26):
FSK SEC Filed Earnings Press Release
Net Investment Income (NII) per share: $.44, adjusted to $.43.
Loans:
FSK has a lower percentage of senior secured loans than most other BDCs.
As of 6/30/26, "investments on non-accrual status represented 3.8% and 7.1% of the total investment portfolio at fair value and amortized cost, respectively, compared to 4.2% and 8.1% as of March 31, 2026." I view those numbers unfavorably.
Company Assessment of How Interest Rate Changes Impact NII:
10-Q for the Q/E 6/30/26 at pages 193-104 Dollar amounts are in millions.
Company assessment of credit risks:
10-Q at page 93-94
Goal: As with all BDC stocks, the goal is to realize a total return prior to any ROC adjustments to the cost basis + the dividends.
2. Corporate Bonds:
A. Bought 2 Evergy 4.25% SU Maturing on 3/15/29 at a Total Cost of 97.499:
%203:15:29%20(10:2:26).png){kind=small}
Issuer: Evergy (EVRG) - Utility Holding Company
Cost: $1,949.98
Filled 10/2/26
EVRG Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.orgCredit Ratings: BBB/Baa2
YTM at Total Cost: 5.354%
Current Yield at TC: 4.359%
I now own 6.
Last Discussed at Item # 2.G. Bought 2 Evergy 4.25% SU Maturing on 3/15/29 at a Total Cost of 98.759 - Interactive Brokers Account (9/7/2026 Post)
B. Bought 1 Anheuser-Busch InBev 4.75% SU Maturing on 1/23/29 at a Total Cost of 99.012 - Interactive Brokers Account:
%201:23:29%204.75%25.png)
Issuer: AnheuserBusch InBev (BUD) at Zacks
Cost: $990.12
Filled on 10/2/26
BUD Detailed Earnings Estimates - Zacks.com
SEC Filed Semiannual Report for the period ending 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
YTM at Total Cost: 5.208%
Current Yield at TC: 4.797%
C. Bought 2 Willis North America 4.5% SU Maturing on 9/15/28 at a Total Cost of 98.550:
%20.png)
Issuer: A subsidiary of Willis Towers Watson PLC (WTW) who guarantees the note.
Cost: $1,969
Filled on 10/5/26
Prospectus "Payment of the principal of and interest on the Notes is fully and unconditionally guaranteed by Willis Towers Watson Public Limited Company, Willis Towers Watson Sub Holdings Unlimited Company, Willis Netherlands Holdings B.V., Willis Investment UK Holdings Limited, TA I Limited, Willis Towers Watson UK Holdings Limited, Trinity Acquisition plc and Willis Group Limited."
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues at $2.466B with net income at $231M, adjusted to $316M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2 by Moody's/BBB+ by S&P
Fitch has a BBB+ rating
YTM at Total Cost: 5.294%
Current Yield at TC: 4.566%
I now own 4. All are held in my Vanguard taxable account.
The prior purchase was not discussed here:
.png)
I also 2 bonds maturing in June 2027. Item # 3.J. Bought 2 Willis North America 4.65% SU Maturing on 6/15/27 at a Total Cost of 99.667 (2/10/25 Post); Prospectus
Willis North America Last Bond Offering: Prospectus (Use of Proceeds at S-14)
D. Bought 1 McDonalds 4.8% SU Maturing on 8/14/28 at a Total Cost of 99.674 - Interactive Brokers Account:
%204.8%25%208:14:28%20.png)
Issuer: McDonald's (MCD) at Zacks
Cost: 996.74
Filled on 10/7/26
US2Y: 4.789% -0.002% as of 10/7 9:15 AM CST
The 2 year T Note yield shown above was taken when I placed the order for this bond. The YTM spread in favor of the bond was then .194%. That advantage is clearly insufficient for an investor that lives in a state that taxes corporate bond interest, while interest paid by direct ownership of U.S. treasury securities can not be taxed by the states. I live in Tennessee which does not have a state income tax, so there will be no after tax takeaway from the .194% spread through state taxation
The bond matures almost two months earlier than the 2 year note, which may prove beneficial, and the maturity date fills a gap in my bond ladder which is relevant to me.
I sourced the purchase from my IB sweep account that pays almost nothing.
The order book at Schwab for a T Note maturing on 8/15/28 had a 4.765% YTM for a 1 note purchase, but the coupon was lower at 3.626% which creates less current income than the MCD bond.
 |
| Order Book 1 Note Purchases Maturing on 8/15/28 |
I could buy the T Note at 3 of my brokers without a commission but had to pay IB a $1 commission for the MCD bond purchase.
This McDonald's SU bond purchase was nonetheless a marginal one with all of the foregoings considerations in mind.
MCD Detailed Earnings Estimates - Zacks.com
MCD SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues at $7.099B with net income at $2.362B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.983%
Current Yield at TC: 4.816%
E. Bought 2 Mississippi Power 3.95% SU Maturing on 3/30/28 at a Total Cost of 98.587 - Interactive Brokers Account:
%203:30:28%203.95%25%20%20.png)
Issuer: Mississippi Power, one of the operating utilities of the utility holding company Southern Co (SO)
Cost: $1,971.74
Filled on 10/7/26
Mississippi Power Results Q/E 6/30/26:
SO 10-Q for the Q/E 6/30/26 at page 26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.953%
Current Yield at TC: 4.007%
F. Bought 2 Mid-America Apartment 4.2% SU Maturing on 6/15/28 at a Total Cost of 98.643 - Vanguard Account:
%20V.png)
Issuer: Operating entity for Mid-America Apartment Communities Inc (MAA), an apartment REIT and S&P 500 Component
Cost: $1,972.86
Filled on 10/7/26
"As of June 30, 2026, MAA had ownership interest in 104,698 apartment units, including communities in development, across 16 states and the District of Columbia."
Website: MAA - Apartment Communities in the Southeast & Southwest
SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 5.046%
Current Yield at TC: 4.258%
I now own 6.
Prior purchases discussed at Item # 3.E. (9/25/26 Post); with the prior discussion at Item # 2.A. Bought 2 Mid-America Apartments LP 4.2% SU Maturing on 6/15/28 at a Total Cost 0f 99.495 - IB Account (7/8/26 Post)(YTM then at 4.469%).
G. Bought 2 Southwestern Electric Power 4.1% SU Maturing on 9/15/28 at a Total Cost of 97.979 - Interactive Brokers Account:
%20IB%209:15:28%20.png)
Issuer: One of the operating utilities wholly owned by the utility holding company American Electric Power Company Inc (AEP)
Cost: $1,958.58
Filled on 10/8/26
AEP 10-Q for the Q/E 6/30/26 Southwestern Electric results can be found at pages 96-105.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 5.211%
Current Yield at TC: 4.185%
I now own 6.
Last Discussed: Item # 2.C. Bought 2 Southwestern Electric Power 4.1% SU Maturing on 9/15/28 at a Total Cost of 99.112 (7/1/26 Post)(YTM then at 4.513%); Item # 2.E. Bought 2 Southwestern Electric Power 4.1% SU Maturing on 9/15/28 at a Total Cost of 99.165 - Vanguard Account (5/29/26 Post)
H. Bought 2 Mondelez International 4.75% SU Maturing on 2/20/29 at a Total Cost of 99.048 - Interactive Brokers Account:
%202:20:29%20IB%20.png)
Issuer: Mondelez International (MDLZ) at Zacks
Cost: $1,980.96
Filled on 10/8/26
I have eliminated my small ball position in the common shares. Item # 1.C. Eliminated MDLZ - Sold 5+ at $61.51 (5/29/26 Post)(profit snapshot $40.43) - Item # 1.D. Bought 1 MDLZ at $55.07; 1 at 54.1; 1 at $53.33; 1 at $52.8; 1 at $51.8 (1/8/26 Post)
MDLZ Detailed Earnings Estimates at Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues at $9.355B with net income at $1.548B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 5.18%
Current Yield at TC: 4.796%
I now own 4.
Last Discussed: Item # 2.J. Bought 2 Mondelez International 475% SU Maturing on 2/20/29 at a Total Cost of 99.388 (9/25/26 Post)
I. Bought 2 Essex L.P. 4% SU Maturing on 3/1/29 at a Total Cost of 96.965 - Fidelity Account:
%203:1:29%20(10:9:26).png)
Issuer: Operating entity for Essex Property Trust Inc (ESS) who guarantees the note.
Cost: $1,939.3
Filled on 10/8/26
SEC Filed Earnings Report for the Q/E 6/30/26 ("Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 258 apartment communities comprising over 62,000 apartment homes with an additional property in active development.")
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.366%
Current Yield at TC: 4.125%
Last August, I had a brain malfunction and accidentally sold 4 of these bonds in my account. I thought that I was in a family member's account but had somehow switched to my account. Worked out since the price has gone down some:
%20+$10.36%20.png){kind=small} |
| +$10.36 Net |
 |
| Sold 4 at 98.035, net at 97.935 |
3. Treasury Notes Purchased in the Secondary Market:
A. Bought 1 T Note 4.375% Coupon Maturing on 11/30/28 at 98.9766:
%2011:30:2028%204.375%25%20.png){kind=small}
YTM = 4.879%
Cost: $989.77
Filled on 10/5/26
I now own 2.
B. Bought 1 T Note 4% Coupon Maturing on 2/29/28 at 99.0391:
YTM: 4.714%
Cost: $990.39
Filled on 10/5/26:
I now own 4.
C. Bought 1 T Note 4.25% Coupon Maturing on 8/15/29 at 98.2695:
%208:15:29%204.25%25%20.png){kind=small}
YTM: 4.905%
Cost: $982.7
Filled on 10/6/26
I now own 3. The other 2 were bought at the 8/11/26 auction. Item # 6.A. (8/18/26 Post)
D. Bought 1 T Note 4.5% Coupon Maturing on 5/31/29 at 99.0586:
%204.5%25%205:31:29%20.png){kind=small}
YTM: 4.881%
Cost: $990.59
Filled on 10/7/26
4. Treasury Bills Purchased at Auction:
I have an excessive allocation to T Bills and will be limiting my purchases to 5 per week through October. I will then resume purchases of 10 to 20 per week.
A. Bought 5 T Bills at the 10/19/26 Auction:
%204:22:27%20.png)
Matures on 4/22/27
Interest: $106.67
Investment Rate: 4.372%
The treasury is now using a different format in announcing the results.
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.
