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Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks (Item # 1 ): $1,732.39
I am continuing what I call small ball shotgun scatter shot purchases where the focus is on beaten up dividend paying stocks and CEFs. Overall, my stock allocation is close to 8% of total assets held in 4 brokerage accounts.
My Fidelity account has a much larger allocation to stocks than my Interactive Brokers and Vanguard Accounts:
The Fidelity bond category includes treasury bills, T Notes, CDs, corporate and municipal bonds. The duration of my "bond" portfolio in this account is 2.634 years, significantly increased by longer term Tennessee municipal bonds, with an average YTM of 4.66% which is weighed down by T Bills and municipal bonds.
My Schwab account has the highest weighting in common stocks.
Outflow Common Stocks/Stock Funds: None
I am trying to restrain any further common stock selling this year since I have already exceeded my annual goal for realized capital gains which is $25K and my stock allocation is already extremely low.
I am selling some junk rated equity preferred stocks to reduce both credit and interest rate risks.
Corporate Bonds (Item # 2): 17 (Cost at $16,807.89)
Treasury Notes Purchased in the Secondary Market (Item # 3): $4,000 in principal amount (cost at $3,943.64)
Treasury Bills Purchased at Auction (Item # 4 ): $5,000 in principal amount.
Outflow Equity REIT Preferred Stocks (Item # 5): $1,951.77 (realized gain at $163.73)
I eliminated 1 REIT preferred stock and pared another by eliminating 1 of 2 positions based on my opinion about the credit risks in light of the relatively narrow spreads to the 10 year treasury yield given the junk ratings and low status in the capital structure (junior to all debt, senior only to common stock). Preferred stocks have been declining in price as the 10 year treasury yield has moved higher.
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives
10-Year Breakeven Inflation Rate - St. Louis Fed10-Year TIPS Yield (2003-2026) This is the real yield - the yield above the CPI rate. TIPS for Inflation Protection | Charles Schwab
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Economy:
CPI September 2026: Consumer Price Index Summary - 2026 M09 Results
Annual CPI: 3.7%, up from 3.4% through August
Annual Core CPI: 2.6%, up from 2.4% through August
Month-to-Month CPI: .6%
Month-to-Month Core CPI: .3%
September producer price index rose at a 6.3% unadjusted rate for the 12 months ending in September (10/15/26); Producer Price Index News Release summary - 2026 M09 Results The 6.3% annual increase is the highest number since the 6.4% annual rate through December 2022.
Fannie Mae sharply raises mortgage rate forecast for 2027
While Trump's diesel deal with Putin may provide cash for Russia's war machine, assuming Russia actually delivers the fuel, the total amount promised, even if all 4.8 million metric tons of it was delivered to the U.S. over the coming months, which is not going to happen since both Russia and the U.S. say the supply is for U.S. and global markets, this would amount to about 9 days of U.S supply needs. Trump says Russia to supply diesel to US and global markets | Reuters
There are reports that there is a diesel shortage inside Russia which suggests that Trump's alleged deal is Fake News and no meaningful exports will occur to the U.S. Kremlin relishes in U.S.-Russia diesel deal and Trump's criticism of Zelenskyy; Could Russia's growing fuel crisis help end the Ukraine war? -DW (8/23/26); Why Trump's Russia diesel deal may not lower prices- DW(10/14/26).
Diesel futures signal higher prices to come, despite Trump moves (10/13/26)
The U.S. uses about 120 million gallons per day. Use of diesel - U.S. Energy Information Administration (EIA)
Standard Chartered: Trump's Russian Diesel Unlikely to Ease Supply Shortages | OilPrice.com
Trump’s “Diesel Deal” With Russia Was Just the Start | Council on Foreign Relations
President Zelenskyy: 'We will stop' strikes on Russian diesel if Russia pauses attacks - ABC News Trump claimed in a social media post that Russia and Ukraine had agreed to a ceasefire targeting energy infrastructure. Ukraine did not know about this ceasefire prior to Trump's social media announcement. Trump can not create a ceasefire with his words. Shortly after Trump's ceasefire was announced, Russia attacked a Ukraine power plant and continued to attack Ukraine's energy infrastructure. Russia strikes power plant in Ukraine after Trump announces energy ceasefire - ABC News; Zelenskyy says Russia violating Trump's 'energy ceasefire' as attacks on Ukraine continue | CBC News
Since Russia refused to abide by the alleged ceasefire announced by Trump, Ukraine resumed attacks on Russia's energy facilities. Ukraine resumes strikes on Russian oil refineries as anger mounts with Trump (10/15/26).
Stationary structures are easy targets for drone attacks when there is any inadequacy in missile defenses. This drone attack was on the loading terminal of Russia's Novoshakhtinsk oil refinery: Ukraine Strikes Major Russian Oil Hub Hours After Trump's Diesel Deal With Putin - Newsweek This occurred before the alleged ceasefire.
Refineries located in the Persian Gulf are major suppliers of diesel fuel. That supply continues to be largely shut off due to the Iran Wa with less than 20% of pre-war levels being shipped. Crude oil exports from strait of Hormuz largely return to pre-war levels
Container ship sinks in Strait of Hormuz as Iran steps up attacks (10/14/26)
Americans' debt problems are flashing a warning not seen since the Great Recession
Junk bonds are 'flashing yellow.' Watch these warning signs
Social Security announces 3.6% COLA for 2027: What to know about benefits
Record Tanker Rates Leave Heavy Crude Stranded in the Americas | OilPrice.com
Europe’s Natural Gas Prices Close to 2022 High as Hormuz LNG Flows Remain Limited | OilPrice.com
BlackRock's Fink warns: data center moratorium could spark a recession
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Trump and His Party:
The U.S. has its first Orwellian government where the entire Executive Branch is controlled by a demagogic authoritarian who governs through intimidation, coercion, punishments, fear, ridicule, and a constant stream of demonstrably false or at best misleading statements that successfully manipulate tens of millions into believing false narratives.
7 Characteristics of the Modern Psychopath | Psychology Today You can form your own conclusion whether or not Trump checks all of the boxes. The conclusion was known or must be presumed to have been known in November 2024.
Trump Declares He Can Do “Very Bad Things” to His Enemies if He Wants | The New Republic (10/7/26) Trump: "I can do whatever I want, if I want." Trump had repeatedly made the same assertion prior to November 2024. For example, he made this statement in 2019: Trump: 'I have an Article 2 where I have the right to do whatever I want as president' | The Week US
Justice Department investigating TV networks over suspension of press pool after Trump media ban - CBS News The DOJ is merely an extension of Trump and lacks any independence from him. Trump's lawyers at the DOJ will consequently carry out Trump's punitive actions against those who oppose or criticize him and persons that he chooses to blame for bad results that Trump causes.
Trump experienced another narcissistic injury when he failed again to receive the recently awarded Nobel Peace prize.
Trump: "The United States of America, represented by me, as your President, should have received the Nobel Peace Prize, but didn’t. This is an indelible stain on Norway, one that will never be forgotten. The Nobel “Peace” Prize has been forever discredited by a handful of Radical Ideologues who are Anti-Democracy, and Enemies of Civilization!" Donald Trump claims he 'should have won' Nobel Peace Prize over Navi Pillay; Trump "Truth" Social Message (10/9/26) Trump claimed he deserves 8 Nobel Peace Prices. I did not count how many words were in this narcissistic rage rant, but I would guess somewhere between 2000-2,500.
Back in January, Trump claimed that he did not care about the Nobel Peace Prize. Donald Trump insists Norway controls Nobel Peace Prize
Paxton suggests cutting federal benefits in newest leaked audio
Russian strikes kill at least 15 in Ukraine including 3 children after Trump gets diesel deal with Moscow - CBS News Russia has deliberately and systematically targeted civilians and civilian buildings since Putin started this war believing that Ukraine would be defeated and absorbed into the Russian Federation in a few weeks. Russian attacks on civilians in the Russo-Ukrainian war (2022–present) - Wikipedia
Since Russia routinely and deliberately targets civilians and civilian structures in Ukraine, including apartment buildings, hospitals, and retail properties, it is understandable that Ukraine responds by attacking targets that fund Russia's war machine including some refineries or locations that produce weapons used to murder civilians and destroy civilian structures. Trump does not blame Russia who started the war but Ukraine for responding to Russia's aggression.
Ukraine says new Starlink restrictions disrupt military amid intel gaps , Trump clash Musk claims that Trump was responsible for restricting Ukraine's access to Starlink.
How Trump Is Selling Out Ukraine - The Atlantic
One question that will not be clearly answered in my lifetime is whether Russia has compromising information on Trump or what the Russians call Kompromat.
I Asked 6 AIs If Trump Is a Russian Asset. Every One Had an Answer - YouTube
It is clear to me that Trump actions and words are consistent with the Russians having that kind of information but that circumstantial evidence does not prove it.
I am not aware of any direct evidence admissible in a U.S. Court that supports the claim made by some that Trump is a Russian asset:
See generally, A Russian asset: Trump's policy behavior confirms evidence he was groomed by the Kremlin since the 1980s | Milwaukee Independent;
Donald Trump bolsters 'Russia has kompromat' narrative;
Trump Kompromat Claimed: Kremlin Documents Reportedly Show Putin Conspiring For Billionaire - Forbes;
A Theory of Trump Kompromat | The New Yorker
Trump’s ‘sickening’ Putin deal suggests ‘something else is going on’ | Sean Bell - YouTube
Trump’s Affection for Russia Is No Mystery - The Atlantic
Maybe something will be revealed when and if Russia has another Glasnost type of event. I will not be around when and if that ever happens again.
For anyone who still believes Trump's origin story as a genius businessman, this book is worth reading. Lucky Loser: How Donald Trump Squandered His Father's Fortune and Created the Illusion of Success 'Lucky Loser' dispels the myth of Trump as a self-made billionaire; Lucky Loser review – how Donald Trump squandered his wealth | Politics books
The book starts with an historical account of how Fred Trump built a financial empire and his competence as a businessman. Fred Trump's success as a builder was aided by FDR's creation of the Federal Housing Administration in 1936 that provided the financing for new home purchases by those who previously could not obtain financing or who were required to make huge cash payments, usually close to 50% of the purchase price, just to receive a 3 to 5 year mortgage. FHA offered 30 year mortgages.
Another boost to Fred Trump came from the Veterans' Emergency Housing Act of 1946 (60 Stat. 207), signed by President Truman on May 22, 1946, a federal program that led to a post WWII housing boom that provided low cost loans to homebuilders WWII Housing Crisis That Created the American Dream In response to that federal legislation, Fred Trump started to build apartment buildings.
Needless to say, Trump sued the authors of Lucky Loser, the NYT, the book publishers and others for defamation. Trump refiles $15B defamation lawsuit against The New York Times (10/17/25) Hopefully, the defendants will seek legal redress from Trump and his lawyers after winning this lawsuit.
Trump has asked the Supreme Court to overturn a $938,000 damage award against him and his attorney Alina Habba for filing what the District Court Judge described as a completely frivolous lawsuit, both factually and legally, which was brought in bad faith for an improper purpose". The sanctions were imposed under Rule 11 of the Federal Rules of Civil Procedure. Rule 11. -Federal Rules of Civil Procedure; Trump, lawyer Alina Habba fined for 'frivolous' suit against Clinton, Comey-NPR The 11th Circuit Court of Appeals affirmed that award. Opinion.pdf (see pages 26- 33); Appeals court upholds $1M penalty against Trump in lawsuit against Hillary Clinton - POLITICO
I do not believe the Supreme Court has ever overruled the imposition of Rule 11 sanctions. The small number of Rule 11 cases decided by that Court involved who has to pay them (includes litigant(s) and the lawyers involved in the frivolous litigation) and jurisdictional issues. P & L v. Marvel Entertainment | 493 U.S. 120 (1989); Cooter & Gell v. Hartmarx | 496 U.S. 384 (1990); Business Guides v. Chromatic Commun. | 498 U.S. 533 (1991); Willy v. Coastal Corp. | 503 U.S. 131 (1992)
Defendants in Trump's defamation suits need to become aggressive in seeking legal redress after winning the cases. Aggressive means going beyond Rule 11 sanctions (state and federal Rule 11s) by pursuing punitive damages in malicious prosecution suits.
E. Jean Carroll secured a $65M punitive award against Trump which was affirmed by the U.S. Court of Appeals for the Second Circuit. Trump has appealed that verdict to the Supreme Court as well. Jury awards E. Jean Carroll $83.3 million in damages for Donald Trump defamation | Courthouse News Service; Appeals court upholds E. Jean Carroll's $83.3 million defamation judgment against Trump; Trump asks Supreme Court to hear appeal of $83.3 million defamation verdict against him | SCOTUSblog (7/29/26); Second Circuit Opinion.pdf Trump's lawyers failed to assert immunity as an affirmative defense in the Answer to the Complaint which had the effect of waiving that defense. If the 6 Monarchists accept the petition and reverse the judgment, the new Supreme Court created rule will be everyone but Trump has to include an affirmative defense in an Answer or lose it, though they would try to dress that up some to make it look less ridiculous.
Trump's Homeland Security Secretary Mullin Defends Livestreaming Fort Hood Shooter’s Execution - YouTube I would just note that this is contrary to the nation's national interest in a variety of ways but that does not seem to matter.
Judge chastises Justice Department lawyers after hundreds of trees cut down at D.C. golf course - CBS News Trump wants to "overhaul" the golf course which led to the government cutting down 430 trees. The Federal District Court Judge Ann Reyes held a 4 hour hearing and concluded that Trump's lawyers at the DOJ had "lost credibility". While they may be some lawyers at the DOJ who are representing the interests of the United States, I am not aware of any. What I am seeing instead are lawyers implementing Donald Trump's vendettas, including criminal prosecutions when no action is justified, and defending his unconscionable actions.
Trump’s Response To Protester Being Attacked At His Rally Sparks Outrage A woman wearing a shirt bearing the slogan "Release the Epstein Files" was was called a man by Trump and a paid protestor who wanted to "destroy our country" and was "scum". Trump also mocked her weight. She was hit in the face by one of the Trumpsters who attempted to throw her to the ground. Trump supporters started to chant "USA, USA". Nothing surprising.
Trump rally protester attacked in act of ‘senseless’ political violence, Ohio mayor says
Trump influencers started a conspiracy theory that James Talarico had flown to Ohio and checked himself into the Lindner Center of Hope mental hospital for treatment. GOP Operative Offers Truly Mind-Boggling Defense For James Talarico Hoax One claimed that he had talked to an employee of this facility who confirmed Talarico had been a patient and recorded the conversation, and posted brief excerpts of the call.
According to reporters who listened to recordings of all 3 conversations, allegedly with an employee of the Lindner Center, the employee repeatedly denied that Talarico had been a patient. Anatomy of a lie: James Talarico got the flu – sending rightwing midterm misinformation machine into overdrive ; Was James Talarico just discharged from ‘mental hospital’? Center denies it, timeline doesn’t fit - WBAL (the facility noted that any such disclosure would clearly violate privacy laws which is the case) The person who made the call identified himself falsely as Talarico's cousin in one of the calls.
The facility denied that Talarico had been a patient:
Talarico's Campaign-Trail Absence Sparks False Rumor - FactCheck.org; "Republicans Promoted a False Rumor That James Talarico Was in Ohio" - Election Law Blog A viral rumor claimed James Talarico was in a psychiatric hospital. The evidence doesn’t hold up. - PoynterFACT FOCUS: Posts Falsely Claim Democratic Senate Candidate James Talarico Was at a Mental Facility
The NYT and the Associated Press verified that Talarico was at his Austin, Texas home recovering from a bad case of flu. Talarico has type 1 diabetes that creates a higher risk of complications from the flu. James Talarico on X: "3 years ago I almost slipped into a coma and died. I was diagnosed with type 1 diabetes. I paid $684 for my first 30-day supply of insulin. Some pay $1000+ a month. Many die without it. Today I introduced legislation to cap the price of insulin at $50 a month. #txlege" / X; Flu and People with Diabetes | Influenza (Flu) | CDC The false claim was, as expected, magnified by Elon Musk.
Musk has donated $276M to republican candidates for the midterm elections and is doing whatever he can to defeat Talarico. Elon Musk becomes biggest known donor of 2026 midterm elections
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It is unfortunate that millions will believe fact free conspiracy theories created by Trump's True Believers. Their motives are always obvious and include creating income for themselves by catering to the crowd who actually believe whatever they say. Just make stuff up as Trump does all of the time.
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New White House Press Secretary Katie Zacharia:
New White House press secretary Katie Zacharia is a Pizzagate conspiracy theorist That article has snapshots of her disturbing social media posts which would have disqualified her for any position in any Administration other than Trump.
Zacharia did receive a law degree from Pepperdine in 2011, but that does not make one a lawyer, which requires taking and passing a bar exam and then receiving a license to practice law. Questions were quickly raised whether Zacharia has been licensed as a lawyer. Trump's new press secretary Katie Zacharia raises eyebrows with bar exam response
The WSJ claimed that Zacharia failed the bar exam in 2011 and then moved to China.
Last Thursday, Zacharia confirmed that she had not passed any bar exam in an interview with Jack Posobiec, noted as one of the chief promoters of the pizzagate conspiracy theory and many others. White House press secretary Katie Zacharia confirms she never passed bar exam after saying she's a lawyer - CBS News
While Zacharia referred to herself as a lawyer while working in the U.S. according to news reports, she claims that multiple experts told her that this was okay as long as she did not call herself an "attorney at law". I do not see the distinction as relevant in the U.S. In the U.S., a person can not call themselves a lawyer without a law license I passed the bar exam! When can I call myself a lawyer? - National Conference of Bar Examiners The issue will most likely come up when and if she reapplies to take a bar exam.
"Practicing law" without a license is a crime in the U.S., usually classified as a misdemeanor including in the District of Columbia as provided in Subchapter X. Prohibited Acts; Penalties; Injunctions. | D.C. Law Library, § 3–1210.01. Practicing without license, registration, or certification. § 3–1210.07. Criminal penalties.) Some states, like NY, classify the unauthorized practice of law as a felony. 6512 - Unauthorized practice a crime-2013 New York Consolidated Laws. Those U.S. state laws would probably not extend to her practicing as a lawyer in an international law firm located in China, though I have not specifically researched that issue. China does not allow foreigners to take its bar exam, which is in Mandarin, and consequently can not receive law license from China.
I have reviewed her performances at press briefings and have concluded that she is not qualified to be a President's press secretary but am not surprised that Trump chose her.
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Federal judge grants preliminary injunction continuing to block Trump's White House media ban - ABC News Trump's lawyers at the DOJ are investigating the news networks who refused to cover Trump while the ban was in place. The reported basis is a preposterous claim that the news organizations allegedly violated the antitrust laws. Justice Department investigating major TV networks over suspending pool coverage of Trump; Justice Department investigates TV networks, citing possible anti-trust violations-NPR
Judge orders Trump administration to cancel taxpayer-funded TV ads - CBS News New taxpayer funded ads extolling Trump's alleged greatness were aired after that order. Pro-Trump ads paid by taxpayers aired after judge said stop
Judge rules DHS spread false information to justify firing FEMA official - USA Today (10/14/26)
Bipartisan senators urge Trump to rescind Russian diesel deal, calling it a "betrayal" of Ukraine - CBS News And, I would add that it is contrary to U.S. national interest to fund Russia's war machine and imperialistic designs on neighboring companies. Russian sabotage operations in Europe - Wikipedia; Iran and Russia-linked hybrid attacks in Europe are mounting, U.K. spy chief says. Here's a look at recent incidents. - CBS News (10/14/26)
Trump wants to deport his critic Ilhan Omar, Ilhan Omar Faces New Probe After Raid as Trump Admin Launches Investigation - Newsweek. Trump DOJ’s Ilhan Omar probe is focused on a very specific detail: report | The Independent (The probe focuses on whether Omar's father misstated her birth date on immigration paperwork. Omar has been a U.S. citizen for 26 years after immigrating with her parents when she was 12).
Trump posted this very long rant about Omar on 10/13/26, Trump "Truth" Social
{Trump Truth Rant (1/18/26) Trump: Omar "should be in jail, or even worse a punishment, sent back to Somalia"} Trump claimed that he had nothing to do with the current Omar investigation. That claim is simply not believable.
Trump calls for shooting of leakers during Arizona rally (10/14/26)
The Washington Post obtained a copy of a 75 page report prepared by the reflecting pool contractor Atlantic Coating Inspection that explained the deficiencies that caused the peeling in the liner. Trump’s Reflecting Pool liner failed in a whopping 85 places, inspection finds | The Independent That report will not prevent Trump from blaming vandalism.
Trump claimed that he had nothing to do with arresting Kearns and others for allegedly causing the peeling. Those indictments were secured by Jeannine Pirro, the Federal D.A. in D.C. and former Fox "news" host, who is also leading the investigation of Omar. Pirro opens probe into Ilhan Omar after raid on Omar’s house – The Hill; Trump says Jeanine Pirro ‘folded like an umbrella’ in Reflecting Pool case; Trump can't revive David Hearn's Reflecting Pool charges, a judge rules : NPR; Order dismissing case with prejudice_United States v. David Hearn (2026 CF2 010237)
No one is safe from Trump's abuse of Presidential power which includes unjustified criminal prosecutions of Trump critics.
Fascists are not conservatives in the American tradition.
Trump: 'If Ken Paxton loses' Texas Senate, blame Cornyn, Karl Rove Do not blame Donald for endorsing Paxton rather than the incumbent senator Cornyn who does not have the serious ethical issues that everyone knows is attached to Paxton. In TrumpWorld, Trump is responsible only for good results including those that he had no involvement in causing.
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1. Small Ball Stock Purchases:
A. Added to Falling Knife FIS in Schwab Account - Bought 5 at $35.35; 5 at $34.7; 2 at $32.39:
Quote: Fidelity National Information Services (FIS) at Zacks
Cost: $415.02
Investment Categories: Bond Substitute, Dividend Growth, Contrarian Value. The bond substitute category describes the objective and says nothing about the dividend's safety. The objective is a realized average annual return of at least 2% in excess of the dividend yield.
FIS: Detailed Earnings Estimates - Zacks.com As of 9/28/26, the average E.P.S. estimate for 2026 was at $6.2 and at $6.73 for 2027. There is a strong disconnect between the current stock price and those estimates. At a $35.35 and using the 2027 E.P.S. estimate of 6.73, the P/E is only 5.25 with a current dividend yield at that price of
I suspect that the primary reason is concern about AI developments eroding profits in the more distant future after 2027. I discuss another possible reason in my 8/25/26 post linked below, which involves a business acquired in 2019 that has now been completely divested at a significant loss.
FIS Key Metrics Page at Reuters
Average cost per share this account: $37.92 (23+ shares)
Dividend: Quarterly at $.44 per share ($1.76 annually), last raised from $.40 effective for the 2026 first quarter payment. In 2016, the quarterly dividend was at $.26 per share.
FIS Dividend History & Date | Seeking Alpha
I am reinvesting the dividend for as long as the purchase prices lower my average cost per share.
Yield at 37.92: 4.64%
Last Ex Dividend: 9/11/26
Last Earnings Report (Q/E 5/30/26): I discussed this report in a recent post. Item # 5.B. Bought Back 5 FIS at $42.43 - Schwab Account (8/25/26); SEC Filed Earnings Press Release
The S&P analyst has a 4 star rating on the stock with a $50 twelve month price target. As shown in the 2026 press releases, FIS is incorporating AI into its products, including this release: FIS Brings Agentic AI to Banking with Anthropic, Starting with Financial Crimes
B. Added to Falling Knife MAA - Bought 1 at $115.31 - Schwab Account:
Quote: Mid-America Apartment Communities Inc (MAA) at Google Finance - Apartment REIT and S&P 500 Component
Cost: $115.31
"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."
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: MAA - Apartment Communities in the Southeast & Southwest
Purchase Restrictions: In my Schwab account, I am raising my MAA maximum position to 20 shares from 15, excluding shares purchased with dividends. I am trying to think longer term (3 to 5 years) about this quality apartment REIT. The risk/reward balance is improving IMO with the share price decline using that perspective.
Each subsequent purchase must be at the lowest price in the chain and no more than 1 share. I may buy some fractional shares.
New Average cost per share: $126.04 (13+ shares)
Reduced from $126.91
Dividend: Quarterly at $1.53 per share ($6.12 annually), last raised from $1.515 effective for the 2026 first quarter payment. The quarterly rate in the 2016 third quarter was at $.82
MAA 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: 4.856%
Next Ex Dividend: 10/15/26 (owned all as of)
Last Earnings Report (Q/E 6/30/26): I discussed what I view as an unsatisfactory report here: Item # 1.A. Added to Falling Knife MAA in Schwab Account - Bought 1 at $123.81; 1 at $122.7; 1 at $118 (9/25/26 Post); SEC Filed Press Release
Last Elimination: Item # 1.E. Eliminated MAA - Sold 5 at $169.88 (3/18/25 Post)(profit snapshot = $222.26)
I currently own 10 MAA LP SU Bonds, stacked with maturities on 6/1/27, 6/15/28, and 3/15/29.
Six of the owned bonds are the 4.2% SU Maturing on 6/15/28, Bond Page | FINRA.org, discussed at Item # 3.E. Bought 2 Mid-America Apartments LP 4.2% SU Maturing on 6/15/28 at a Total Cost of 98.835 (9/25/26 Post)(YTM then at 4.901%); 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%). I will discuss buying 2 more in my next post.
C. Added to BRT - Bought 5 at $13.25 - Schwab Account:
Quote: BRT Apartments Corp (BRT) at Google Finance - Small Apartment REIT
Cost: $66.25
Website: BRT Apartments Corp.
Property Information as of 6/30/26:
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
BRT SEC Filed 2025 Annual Report
Last Buy Discussions: Item # 2.C. Added to BRT in Fidelity Account - Bought 5 at $13.36 (4/4/26 Post); Item # 5.A. Added to BRT in Schwab Account - Bought 5 at $14.14; 5 at $13.7 (3/23/26)
Last Discussed: Item # 1.I. Pared Duplicate Position in BRT - Sold 6+ at $15.1 - Fidelity Account (8/4/25 Post)(profit snapshot = $5.92)). This pare reduced my average cost per share to $13.75 in this account.
New Average cost per share: $14.43 (73+ shares)
Dividend: Quarterly at $.25 per share
BRT Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
Yield at $14.43: 6.93%
Last Ex Dividend: 9/28/26
Last Earnings Report (Q/E 6/30/26): SEC Filing and 10-Q
Revenue: $24.474M
GAAP E.P.S. = ($.19)
FFO per share: $.29
Adjusted FFO per share: $.36
Reconciliation: Routine maintenance expenses are not deducted from FFO in AFFO calculation which consequently is not a funds available for distribution number.
BRT states elsewhere that its share of maintenance expenses was $1.816M, which I subtracted from the $6.849 number, arriving at $5.033M. I then divided 5.033M by 17.979991 weighted average shares outstanding. The result was $.28 per share which at least is above the quarterly dividend of $.25. I do not see any room for a dividend raise.
D. Bought 5 RYN at $18.47; 1 at $18.17; 4 at $17.94 - Schwab Account:
Quote: Rayonier Inc (RYN) at Google Finance
The snapshot includes 20 shares sold at $21.73 (7/14/26)
Cost: $182.06
RYN is a "land resource" REIT that owns a portfolio of over 4 million acres in the south and northwest. Some of the land is being developed, but most of it is timberland. RYN harvests the timber and cuts into usable products at 6 sawmills. The long term value will likely be in the land IMO rather than the timber operations.
Recent Acquisition: Rayonier and PotlatchDeltic Announce Closing of Merger of Equals (1/30/26): Rayonier and PotlatchDeltic to Combine in an All-Stock Merger of Equals to Create a Leading Land Resources REIT (10/15/25)
Website: Rayonier | Forest Products, Timber & Land Management Company
Last Buy Discussion: Item # 4.B. Added to RYN in Schwab Account - Bought 5 at $20.92; 5 at 20.18 (3/16/26 Post) I have sold those shares.
Last Sell Discussion: Item # 5.G. Pared RYN in Schwab Account - Sold 20 at $21.73 (7/21/26 Post)(profit snapshot = $7.09)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
New average cost per share this account: $19.36 (20 shares)
Reduced from $20.5.
Dividend: Quarterly at $.26 per share ($1.04 annually)
RYN Dividend History & Date | Seeking Alpha
Yield at 19.36: 5.37%
Last Ex Dividend: 9/16/25 (owned 10 as of)
Last Earnings Report (Q/E 6/30/26):
Revenues: $396.5M
GAAP E.P.S. $.06
Non-GAAP E.P.S. $.10
The company reports in 4 business segments: Southern Timber, Northwest Timber, Wood Products, and Real Estate.
Of those 4 segments, I view the Real Estate segment to be the most important long term. Rayonier - Real Estate Over 4 million acres are owned in the South and Northwest.
During the second quarter, the Company repurchased approximately 3.5 million shares at an average price of $20.95 per share, or $72.4 million in total.
The total of the non-cash depreciation, depletion and amortization "expenses" was reported at $70.4M or about $.232 per diluted share.
Cash and Cash Equivalents: $411.8M
Long Term Debt: $1.8553B
Timber and Timberlands (net of depletion): $5.7911B
Non-Cash Charge . Definition, Examples and Types
E. Added to SBSI - Bought 5 at $30.48 - Schwab Account:
Quote: Southside Bancshares (SBSI) at Zacks
Cost: $152.4
"Southside Bancshares, Inc. is a bank holding company with approximately $8.76 billion in assets as of June 30, 2026, that owns 100% of Southside Bank. Southside Bank currently has 55 branches in Texas and operates a network of 71 ATMs/ITMs."
Investment Category: Regional Bank Basket Strategy
SBSI Detailed Earnings Estimates - Zacks.com
New average cost per share: $31.43 (15 shares)
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| Snapshot Intraday on 10/6/26 after add |
Dividend: Quarterly at $.37 per share ($1.48 annually), last raised from $.36 effective for the 2026 third quarter payment. The prior raise was from $.35 effective for the 2024 first quarter. In the 2016 third quarter, the rate was at $.24.
SBSI Stock Dividend History & Date | Seeking Alpha
Yield at $31.43: 4.71%
Last Ex Dividend: 8/20/26 (owned 5 as of)
Last Earnings Report (Q/E 6/30/26): I discussed this report here: Item # 6.A. Restarted SBSI - Bought 5 at $32.3; 5 at $31.5 (9/1/26); SEC Filed Press Release
2026 Sell Discussions: Item # 1.A. Eliminated SBSI - Sold 20 at $35.1 (7/1/26 Post)(profit snapshot = $161.82); Item # 1.G. Pared SBSI Again - Sold 5 at $34.35 (5/9/26 Post)(profit snapshot = $31.55)(discussed 2026 first quarter report, SEC Filed Press Release); Item # 1.F. Pared SBSI - Sold Highest Cost 5 Shares at $33.22+ (4/18/26 Post)(profit snapshot = $23.78); Item # 1.L. Pared SBSI Again - Sold 2 at $33.34 - Highest Cost Lot (2/11/26 Post)(profit snapshot = $10.38); Item # 1.E. Pared SBSI - Sold 3 at $33.35 (2/4/26 Post)(profit snapshot = $11.38)
Realized Gains Prior to 2026 Greater than $90: Item # 3.F. Eliminated SBSI - Sold 5 at $37.51 (11/14/24 Post)(profit snapshot = $55.21); Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.15); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69).
SBSI Realized Gains to Date: $906.13 (includes RI trades that were not discussed in posts)
F. Started FNF - Bought 5 at $39.07 - Schwab Account:
Quote: Fidelity National Financial (FNF) at Zacks
Cost: $195.35
FNF's primary business is title insurance. FNF is the largest title insurance company "through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York." Investor Relations - Fidelity National Financial
Title Revenues Q/E 6/30/26 (in millions):
FNF 10-Q for the Q/E 6/30/26 at page 72
The other business is a current 70% ownership of F&G Annuities & Life Inc (FG) at Google Finance. FNF distributed 12% of the FG shares to FNF shareholders last November. SEC Filed Press Release
FG was a drag on consolidated results for the 2026 second quarter:
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| 10-Q at page 76 |
FNF is another stock with a low P/E ratio and a relatively high dividend yield.
FNF Detailed Earnings Estimates - Zacks.com As of 10/12/26, the average E.P.S. estimate for 2026 was $5.18 and at $5.93. Using the $5.93 estimate for 2027 and the $39.07 stock price, the forward P/E ratio is only 6.59 with the dividend yield at 5.32% with historical dividend growth.
On a consolidated basis, FNF has almost $70B of owned securities:
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| 10-Q at page 82 |
The values of almost all of those securities are sensitive to changes in interest rates and would have gone down in value due to the recent surge in interest rates.
FG paid FNF $28M in dividends in the second quarter, 10-Q at page 90.
Dividends: Quarterly at $.52 per share ($2.04 annually), last raised from $.50 effective for the 2025 4th quarter payment.
FNF Dividend History & Date | Seeking Alpha
Last Ex Dividend: 9/16/26
Last Earnings Report (Q/E 6/30/26):
Revenue: $4.051 ($2.528B from title business)
GAAP E.P.S. $1.08, up from $1.02
Adjusted E.P.S. $1.39, up from $1.16
Reconciliation:
G. Restarted Duplicate Position in UMH (Schwab Account) - Bought 10 at $15.44; 5 at $15.17+:
Quote: UMH Properties Inc (UMH) at Google Finance
Cost: $230.8
The snapshot includes my last elimination in this account where I sold 82+ shares at $16.24.
UMH "owns and operates 145 manufactured home communities, containing approximately 27,300 developed homesites, of which 11,400 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate."
UMH also sales manufactured homes.
After reading the third quarter operation update, published on 10/1/2026, I decided to restart the Schwab account position:
UMH SEC Filed 2025 Annual Report
Last Buy Discussion: Item # 1.H. Added to UMH in Schwab Account - Bought 5 at $14 (3/30/26 Post)
Average cost per share: $15.35 (15 shares)
Dividend: Quarterly at $.225 per share ($.90 annually), last raised from $.215 effective for the 2025 second quarter payment. The the 2016 third quarter the rate was at $.18. The increase over a ten year period was 19.4%.
UMH Dividend History & Date | Seeking Alpha
Yield at$15.35: 5.863%
Last Ex Dividend: 8/17/26
Next Ex Dividend: 11/16/26
Last Earnings Report (Q/E 6/30/26): I discussed this report in Item F: Item # 1.F. Pared UMH in Fidelity Account - Sold 11+ at $15.92 and Item # 1.G. Eliminated UMH in Schwab Account - Sold 82+ at $16.24 (8/18/26)(profit snapshots = $87.12);SEC Filed Press Release and 10-Q
I mentioned in the previously linked post that an investor wanted UMH's Board to consider a merger. SEC Filed Schedule 13D I expressed skepticism that an investor group will be willing to pay a price acceptable to UMH Board or a price significantly higher than the then current market price.
Historical FFO Numbers per share:
2025 FFO per diluted share: $.90, up from $.88 in 2024, SEC Filing
2023 FFO per diluted share: $.8, up from $.76 in 2022, SEC Filing
2021 FFO per diluted share: $.7.
This snapshot includes the last 3 sales in this account.
Quote: Healthpeak Properties, Inc (DOC) at Google Finance - Healthcare REIT and S&P 500 component.
Cost: $92.7
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Portfolio as of 6/30/26: Dollars and Square Feet in Thousands.
Outpatient Medical - Mostly Triple Net Leases
Labs: Mostly Triple Net Leases
Sourced: SEC Filed Supplemental at pages 16-18
Portfolio - Healthpeak | NYSE: DOC
DOC SEC Filed 2025 Annual Report
Website: Home - Healthpeak | NYSE: DOC
Recent News:
Formation of Janus Living: Healthpeak Properties Announces the Formation of a Pure-Play, RIDEA-Structured Publicly Traded Senior Housing REIT (1/7/26)
Earlier this year, DOC announced that it had created a new REIT called Janus Living that it plans to take public. DOC will "contribute its 34-community, 10,422-unit senior housing portfolio to Janus Living and will serve as its external manager.
The Janus Living IPO was completed on 3/23/26 by selling 48.3M shares. Janus Living Inc (JAN) at Google Finance The public offering price was $20 per share with net proceeds to Janus of $18.7 per share after the underwriting commissions. Janus is managed by a DOC indirect subsidiary.
"As of June 30, 2026, Healthpeak’s ownership of the Janus Living Class A-1 and Class A-2 common shares, together with the Company’s ownership of common units of Janus Living OP, provides Healthpeak with voting and economic rights of
JV with Brookfield: Healthpeak Properties and Brookfield Form a $2.1 Billion Strategic Joint Venture (7/20/26) "The portfolio contributed by Healthpeak is comprised of 86 properties totaling approximately 5.6 million square feet, valued at approximately $2.1 billion. The portfolio is diversified across 11 states, including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey and New York, and is 95% leased with a weighted average remaining lease term of six years. Brookfield and its affiliates own a non-controlling 49% interest in the venture. Healthpeak retained a 51% controlling interest and serves as managing member, providing asset management, leasing, and property management services. Healthpeak received gross proceeds of approximately $1.025 billion from the sale of the 49% interest."
Most Recent Buy Discussions: Item # 1.H.Added to DOC in Vanguard Account - Bought 10 at $16.89 (1/15/26 Post); Item # 1.D. Added to DOC in Schwab Account - Bought 10 at $17.3 (12/5/25 Post); Item # 1.C. Added to DOC in Schwab Account - Bought 10 at $16.4; 10 at $16.14+; 10 at $15.85 (12/25/25 Post); Item # 1.J. Added to DOC in Schwab Account - Bought 10 at $16.49 (12/18/25 Post); Item # 1.E. Added to DOC in Schwab Account - Bought 10 at $16.8; 10 at $16.65 (12/11/25 Post)
New average cost per share: $16.75 (150+ shares)
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| Snapshot Intraday on 10/8/26 after add |
Raised from $16.69.
Dividend: Monthly at $.1017 per share ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
Yield at $16.75: 7.28%
Next Ex Dividend: 10/19/26
Last Earnings Report (Q/E 6/30/26):
Revenues: $771.579, up from $694.348
GAAP Diluted E.P.S. $.05
NAREIT Defined FFO per share: $.46, up from $.43
Adjusted FFO per share: $.46, unchanged
Reconciliation:
2026 Guidance: Adjusted FFO per share of $1.71-$1.75
Other 2026 DOC Sell Discussions: Item # 2.A. Pared DOC Again in Schwab Account - Sold 5 at $21.13; 10 at $21.59 (7/8/26 Post)(profit snapshots = $60.7); Item # 2.A. Pared DOC Again in Schwab Account - Sold 5 at $21.13; 10 at $21.59 (7/8/26 Post)(profit snapshots = $60.7); Item # 2.A. Eliminated DOC in Vanguard Account - Sold 40 at $20.42 (6/18/26 Post)(profit snapshot = $138.03); Item # 1.A.Pared DOC in Schwab Account - Sold 15 at $19; 15 at $19.61 (5/15/26)(profit snapshot = $55.8);
DOC Realized Gains To Date: $1,014.51 (includes RI account realized gains which are not discussed here)
The realized gain number includes profits realized from selling Physician Realty shares. Healthpeak Properties formerly traded under the PEAK symbol.
After completing the major acquisition of Physicians Realty, which had the "DOC" stock symbol, Healthpeak changed its symbol to DOC. Healthpeak Properties, Inc. - Healthpeak Properties Closes Merger with Physicians Realty Trust (3/1/24); Healthpeak Properties and Physicians Realty Trust to Combine in an All-Stock Merger of Equals to Create the Pre-Eminent Owner, Operator and Developer of Real Estate for Healthcare Discovery and Delivery, An Attractive and Growing Market (10/30/23)
Most of my trading profits were in Physicians Realty. In the symbol list to the right, "DOC" links the Physicians Reality trade discussions while DOC-Peak links the Healthpeak trades.
Physicians Realty Sell Discussions: Item # 1. Eliminated DOC -Sold 61+ at $13.73(1/12/24 Post)(profit snapshot = +$39.05); Item # 1.A. Eliminated DOC -Sold 46+ at $17.66 (7/3/2020 Post)(profit snapshot = $213.64); Item 1.A. Sold 55 DOC at $16.77 (4/18/20 Post)(profit snapshot $22.14); Item # 4.A. Sold Remaining DOC at $17.1-Used Commission Free Trade (12/9/18 Post)(profit snapshot = $69.5); Stocks, BItem # 5. Sold 100 DOC at $17.6 - Interactive Brokers Account (8/22/18 Post (profit snapshot = $61.25); Item # 3.A. Sold 103 DOC at $16.92 (8/19/18 Post)(profit snapshot = $12.97)
There were no posts in June 2015, so this trade was not discussed.
Healthpeak (PEAK) Sell Discussion: Item # 1.G. Eliminated PEAK - Sold 15 at $31.08 (3/6/2021 Post)(profit snapshot = $38.01)
Goal: A 1% realized annual total return prior to ROC adjustments to the tax cost basis in excess of the dividend payments.
I. Added to TPVG in Schwab Account - Bought 5 at $4.66; 10 at $4.48+:
Quote: Triplepoint Venture Growth BDC Corp (TPVG) at Google Finance - Externally Managed BDC.
Cost: $68.15
I classify TPVG as a deservedly hated BDC for the reasons discussed in my posts including the one linked below.
New Average cost per share: $5.47 (56+ shares)
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| Snapshot Intraday on 10/13/26 after second add |
Reduced from $5.84.
Net Asset value per share as of 6/30/26: $8.87
Dividend: Quarterly at $.23 per share ($.92 annually), cut from $.30 effective for the 2025 3rd quarter payment and cut to $.30 from $.40 effective for the 2024 third quarter payment.
TPVG Dividend History & Date | Seeking Alpha
Special Dividends: A $.06 per share special dividend went ex dividend on 9/16/26 and another $.06 is scheduled to ex dividend on 12/16/26. I view the special dividends to be too sporadic and unpredictable to include in my dividend yield calculation. The main consideration is whether the BDC is earning its regular dividend. A failure to cover the regular dividend with net investment income is what led to the dividend cuts.
TPVG has spillover income of $1.03 per share as of 6/30/26 which can be used to pay special dividends or support the regular dividend.
Yield at $5.47 (regular dividend only): 16.82%
Last Ex Dividend: 9/15/26 for the regular and special dividends, owned 30 shares as of.
Last Earnings Report (Q/E 6/30/26): I discussed this report here: Item # 2.B. Added to TPVG - Bought 10 at $5.21; 10 at $4.75 (9/19/26 Post); SEC Filed Press Release I bought 10 shares before and after the quarterly ex dividend date. Prior sell discussions are linked in that post.
TPVG Realized Gains to Date: $1,323.99
J. Added 10 IGR at $11.27:
Recent Trades this Account:
Quote: CBRE Global Real Estate Income Fund (IGR) at Google Finance - Leveraged CEF
IGR owns domestic and foreign common and preferred stocks of real estate companies.
Investment Category: Monthly Income Generation
CBRE Global Real Estate Income Fund - SEC Filed Semiannual Report for the period ending 6/30/26
CBRE Global Real Estate Income (IGR) at Morningstar (unrated)
CBRE Global Real Estate Income (IGR) Portfolio at Morningstar Lists top 10 holdings.
CBRE Global Real Estate Income (IGR) Performance at Morningstar - I would give this fund a 1 star rating based on this data.
This CEF underwent a 1 for 3 reverse split effective after the market closed on 9/4/26. CBRE Global Real Estate Income Fund (NYSE: IGR) Announces Approval of 1-for-3 Reverse Stock Split and Adjustment to Monthly Distribution I owned 16 after this reverse split and received cash in lieu of the fractional share as shown in the snapshot above.
This CEF owns securities that are sensitive to interest rate changes and has consequently gone down in price since I restarted a position. Item # 4.A. Restarted IGR - Bought 50 at $4.47+ (7/1/26)
Adjusting the $4.47 purchase price for the 1 for 3 reverse split, the adjusted price is $13.41. I bought back the 50 shares sold at 4.9+. Item # 1.K. Eliminated IGR - Sold 50 at $4.9+ (2/17/26 Post)(profit snapshot = $35.46)-Item # 1.E. Restarted IGR - Restarted IGR - Bought 50 at $4.25 (12/18/25 Post). The goal of any realized gain before ROC adjustments was realized for this last transaction.
Sponsor's website: CBRE Global Real Estate Income Fund NYSE: IGR | CBRE Investment Management
Top 10 Holdings as of 8/31/26:
I have traded CUBE down to a low cost basis (currently at $20.79 for 8 shares)
Leveraged: Yes at 31.4% as of 8/31/26 (sourced: sponsor's website)
Borrowings are at a .75% spread to the federal funds rate. As of 6/30/26, the fund had borrowed $320.93+M. For the period ending on 6/30/26, the average interest rate was at 4.39% SEC Filing at page 30
As the federal funds rate goes up, so will the interest rate charged on this fund's borrowings which is a negative generally and made more so by owned securities responding negatively to higher interest rates
New Average cost per share: $12.6
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| Snapshot Intraday on 10/12/26 after add |
IGR Dividend History & Date | Seeking Alpha
The dividend has heavy ROC support.
In 2025, 84.66% of the dividends paid that year were classified as return of capital.
As of December 31, 2025, the fund "had capital loss carryforwards of $36,726,165, comprised of $1,370,427 of Short-Term and $35,355,738 of Long-Term carryforwards." The fund shows a realized loss of $49.269+M for the 6 months ending 6/30/26, SEC Filing at page 21
Even if the fund realizes net capital gains in 2026, those gains could be offset up to the loss carryforward and would consequently not be available to support the dividend.
Yield at $12.6: 17.24%
Last Ex Dividend: 9/21/26
Data Date of 10/12/26 Trade:
Closing Net Asset Value per share: $11.94
Closing Market Price: $11.32
Discount: -5.19%
Average 3 Year Discount: -1.56%
Sourced: IGR - CEF Connect (Click "Pricing Information" Tab)
Some Other Sell Discussions: Item # 2.E. Eliminated IGR in Schwab Account - Sold 50 at $5.25+ (7/15/25 Post)(profit snapshot = $44.57); Item # 3.B. Eliminated IGR - Sold 180 at $6.54 (3/11/23 Post)(profit snapshot = $253.51, largest gain); Item # 2.G. Pared IGR in Fidelity Account - Sold 10 at $6.69 (2/5/23 Post)(profit snapshot = $8.17): Item # 2.H. Pared IGR - Sold 2 at $9.09 (8/27/21 Post)(profit snapshot = $6.29); Item #3.H. Sold All IGR Shares Purchased with Dividend (6/12/21 Post)(profit snapshot = $49.1); Item # 1.R. Sold 42+ IGR at $8.1 (4/17/21 Post)(profit snapshot = $43.23); Item # 1.A. Pared IGR-Sold 100 at $7.64 (4/9/21 Post)(profit snapshot = $63.6); Item # 1. I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR in Schwab Account-Sold 100 at $5.96 (6/13/20 Post) (profit snapshots = $113.32); Item # 1.C. Sold 9 IGR at $8.33 (2/19/20 Post)(profit snapshot = $4.99); Item # 2.A. Sold 100 IGR at $8.01 (12/28/19 Post)(profit snapshot = $42.98); Item # 1 Sold 283 IGR at $7.89+ (8/24/13 Post)(profit snapshot on all 2013 sales = $77.62)
Goal: Any total return before ROC adjustments to the cost basis plus the dividends. Historically, this has required trading which may not be successful in the future. I am currently in a hole.
BCE Detailed Earnings Estimates - Zacks.com
Investment Category: Bond Substitute (defines the goal only)
5 Year Chart: Major Bear Market Pattern
New Average cost per share: $22.53 (27 shares)
Reduced from $22.67.
Dividend: Quarterly at C$.4375
When owned in a U.S. citizens taxable account, Canada will withhold a 15% tax provided an investor's broker claims this limit for its customers at the source. Foreign Tax: Credit or Deduction? | Charles Schwab
The quarterly dividend was slashed from C$.9975 effective for the 2025 second quarter payment, which was prudent IMO.
Last Dividend in USDs: US$.3143
BCE Dividend History & Date | Seeking Alpha
Last 4 Dividends in USDs: $1.2648 per share
Yield Using US$22.53 and US$1.26 Annual: 5.59%
I recently eliminated my small ball AT&T position in part based on this potential competition. Item # 1.A. Eliminated T - Sold 6 at $26.3; 15 at $26.16 (9/12/26 Post)(profit snapshots = $104.38). I also reduced my VZ position to just 10+ shares and my VOD position to 25+ shares earlier this year. Item # 1.B. Pared VOD Again - Sold 5 at $16.27 (8/11/26 Post)(profit snapshot = $37.22, reduced AC per share to $8.5 for 25+ shares); Item # 1.H. Pared VZ Again - Sold 5 at $48.8 (2/23/26 Post)(profit snapshot = $44.14, reduced AC per share to $33.34 for 10+ shares)
Competition in the wireless sector was intense among the incumbent carriers without any new entrants. Competition has to be viewed in context that includes extremely high (1) levels of debt, (2) capital spending, and (3) labor costs. Rising interest rates and inflation add to the problems.
L. Added to AMCR in Schwab Account - Bought 1 at $42.08; 1 at $41.35:
Quote: Amcor (AMCR) at Zacks - Global Packaging Company
Cost: $83.43
SEC Filed Annual Report for the Fiscal Year Ending 6/30/26 (Revenues at $23.506B and net income reported at $1.106B).
Website: Global leader in producing responsible packaging | Amcor
AMCR Detailed Earnings Estimates - Zacks.com
Amcor Completes One-for-Five Reverse Stock Split
Last Discussed: Item # 1.A. Eliminated Duplicate Position in AMCR - Sold 15+ at $46.01 - Fidelity Account (8/18/26 Post)(profit snapshot = $112.42). I discussed the last earnings report in that post. SEC Filed Earnings Press Earnings Press Release for the Q/E 6/30/26
Prior Sell Discussion: Item # 2.H. Pared Duplicate Position in AMCR (Fidelity Account) - Sold 10 at $44.78 (7/28/26 Post)(profit snapshot = $34.27)
Last Buy Discussions: Item # 5.A. Added to AMCR - Bought 5 at $39.9; 5 at $39 in Fidelity Account (5/2/26 Post); Item # 5.A. Added to AMCR in Fidelity Account - Bought 5 at $42.08; 5 at $40.46 (4/18/26 Post)
I am buying back the shares in my Schwab account that were sold in my Fidelity account.
The Schwab sweep account pays almost nothing, just call it nothing:
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| $100 in annual dividends on $1M |
I have used SNOXX, a purchased Schwab MM fund with a .34% expense ratio, to hold idle funds but have used that fund as a funding source for more T Bill purchases that have higher yields and no brokerage commission for their purchases:
New average cost per share this account: $48.09 (32 shares)
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| Snapshot Intraday on 10/15/26 |
Dividend: Quarterly at $.65 per share ($2.6 annually)
AMCR Dividend History & Date | Seeking Alpha
I have changed my dividend option to reinvestment for as long as the likely reinvestment price reduces my average cost per share.
Last Ex Dividend: 9/4/26
Yield at $48.09: 5.41%
2. Corporate Bonds:
Without looking, I would assume that all of the bonds discussed below can now be bought at lower prices given the persistent rise in interest rates since their purchases.
Since I can hold all bonds until maturity, I am not exposed to the interest rate risk associated with selling bonds at an inopportune time. I am subject to what I call the risk of lost opportunity, a component of interest rate risk. I lose the opportunity to invest funds tied up in vintage purchases at higher yields.
A. Bought 2 Evergy Kansas Central 4.7% SU Maturing on 3/13/28 at a Total Cost 99.421 - Interactive Brokers Account:
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Issuer: Wholly owned operating subsidiary of the utility holding company . Evergy was created by the merger of Westar Energy and Great Plains, the parent company of Kansas City Power & Light
Cost: $1,988.42
Filled on 9/25/26
Quarterly Results for Evergy Kansas:
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| Page 16, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.115%
Current Yield at TC: 4.727%
This company also issues first mortgage bonds that are rate A2/A. This is an example: Bond Page | FINRA.org; Prospectus
I now own 4. The previous purchase was not discussed here:
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B. Bought 2 Healthpeak Operating 5.25% SU Maturing on 12/15/32 at a Total Cost of 96.344 - Interactive Brokers Account:
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Issuer: Operating entity for the healthcare REIT Healthpeak Properties, Inc (DOC) who guarantees the notes.
Cost: $1,926.88
Filled on 9/28/26
SEC Filed Earnings Press Release for the Q/E 6/30/26
Website: Home - Healthpeak | NYSE: DOC
DOC is a S&P 500 component.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.96%
Current Yield at TC: 5.449%
I now own 4.
Owned Healthpeak SU Bonds: 16
I own 8 Physicians Realty bonds which was acquired by Healthpeak:
C. Bought 2 HCA 5% SU Maturing on 3/1/28 at a Total Cost of 99.748 - Fidelity Account:
%203:1:28%205%25%20(9:28:26).png)
Issuer: HCA HEALTHCARE (HCA) at Zacks
Cost: $1,994.96
Filled on 9/29/26
HCA Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.183%
Current Yield at TC: 5.103%
Other Owned HCA Bonds:
4 of the 4.5% SU Maturing on 2/15/27 (I am replacing 2 of these bonds prior to maturity with the 5% SU purchase discussed here)
2 of the 4.125% SU Maturing on 6/15/29, Bond Page | FINRA.org
I had 6 HCA SU bonds mature in 2024-2025:
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%20+$5.84.png){kind=small}
Those bonds had a 5% (4) and 5.375% (2) coupons.
D. Bought 1 Idaho Power 5.25% First Mortgage Bond Maturing on 8/15/34 at a Total Cost of 96.466 - Vanguard Account:
%208:15:24%205.2%25%20V%20.png)
Issuer: Wholly owned operating subsidiary of IDACORP (IDA)
Cost: $964.66
Filled on 9/29/26
IDA Detailed Earnings Estimates at Zacks.com
IDA SEC Filed Earnings Press Release for the Q/E 6/30/26
Idaho Power Results:
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| Page 14, 10-Q |
FINRA Page:Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 5.763%
Current Yield at TC: 5.442%
I now own 3, last discussed at Item # 2.C. Bought 1 Idaho Power 5.2% First Mortgage Bond Maturing on 8/15/34 at a Total Cost of 99.858 (8/11/26 Post)(YTM then at )
E. Bought 2 Ameren 5% SU Maturing on 1/15/29 at a Total Cost of 99.274:
%20(9:28:26).png)
Cost: $1,985.48
Filled 9/28/26
AEE Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 5.337%
Current Yield at TC: 5.037%
F. Bought 1 WEC Energy 4.75% SU Maturing on 1/15/28 at a Total Cost of 99.545:
%201:15:28%20(9:28:26).png)
Issuer: WEC Energy Group Inc (WEC) at Google Finance - Utility Holding Company
Cost: $995.45
Filled on 9/28/26
WEC SEC Filed Earnings Press Release for the Q/E 6/30/26 (Net income at $299.2M and at $1.1B in the first 6 months) Earnings and revenues are weather related.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.112%
Current Yield at TC: 4.772%
G. Bought 2 Consumers Energy 4.9% First Mortgage Bonds Maturing on 2/15/29 at a Total Cost of 99.173- Interactive Brokers Account:
%202:15:26%204.9%25%20.png)
Issuer: Operating utility owned by the utility holding company CMS Energy (CMS)
Cost: $1,983.46
Filled on 9/29/26
CMS Detailed Earnings Estimates at Zacks.com
CMS SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 5.272%
Current Yield at TC: 4.941%
H. Bought 1 GATX 4.7% SU Maturing on 4/1/29 at a Total Cost of 98.208:
%204:1:29%20(9:30:26)%20.png){kind=small}
Issuer: GATX (GATX) at Zacks
Total Cost: $982.08
Filled 9/29/26
"GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide."
GATX Detailed Earnings Estimates at Zacks.com
GATX SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues at $580.1M with net income at $103.4M. The non-cash depreciation expense was reported at $166.5M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.476%
Current Yield at TC: 4.786%
I now own 2.
The prior purchase was not discussed:
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I had 3 GATX SU bonds mature on 9/15/26:
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Issuer: Public Storage (PSA) at Google Finance - Storage REIT
Cost: $1,997.68
Filled on 9/30/26
PSA SEC Filed Earnings Report for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.176%
Current Yield at TC: 5.131%
J. Bought 2 Fairfax Financial 4.85% SU Maturing on 4/17/28 at a Total Cost of 99.441 - Vanguard Account:
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Cost: $1,988.82
About Fairfax - Fairfax Financial
Financial Results for the Second Quarter - Fairfax Financial
Filled on 9/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/A-
YTM at Total Cost: 5.23%
Current Yield at TC: 4.877%
3. Treasury Notes Purchased in Secondary Market:
For many of the treasury notes that I have purchased recently, I am buying back notes sold last year at higher prices including the following 2025 sales:
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%202029%20+$22.92%20.png)
%202032%20+$37.28%20.png)
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%2012:31:31%20+$63.81.png)
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I also sold last year 122 corporate bonds maturing in 2032 or later and have been buying some of those back as well.
Item # 3 (7/15/25 Post)(2 sold)(profit snapshot = $30.92)
Item # 3 (7/22/25 Post): Sold 9, profit snapshots = $103.55
Item # 3 (8/5/25 Post)(sold 7), profit snapshots = $155.07
Item # 2 (8/12/25 Post) (Sold 20); profit snapshots = $479.50
Item # 4 ( 8/19/25 Post) Sold 10, profit snapshots = $219.23
Item # 4 (8/26/25 Post): Sold 11, profit snapshots = $243.77
Item # 2 (9/2/2025 Post): Sold 22; profit snapshots = $523.79
Item # 2 (9/8/25 Post): Sold 15, profit snapshots = $429.61
A. Bought 1 T Note 4.25% Coupon Maturing on 2/28/29 at 98.4688:
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YTM: 4.929%
Cost: $984.69
I now own 2.
B. Bought 1 T Note 4.25% Coupon Maturing on 2/15/28 at 99.4531:
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YTM: 4.663%
Cost: $994.53
I now own 3.
C. Bought 1 T Note 4.25% Coupon Maturing on 1/31/30 at 97.8516:
YTM: 4.958%
Cost: $978.52
I now own 4.
D. Bought 1 T Note 4.625% Coupon Maturing on 9/30/30 at 98.5898:
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YTM: 5.02%
Cost: $985.9
4. Treasury Bills Purchased at Auction:
I have lowered the dollar amount of T Bills auction purchases due to an over allocation in them as I discussed in my last post.
A. Bought 5 T Bills at the 10/13/26 Auction:
182 Day Bills
Matures on 4/15/27
Interest: $106.17
Investment Rate: 4.351%
Normally, I would have a snapshot taken from the Treasury website showing the results, but that website is no longer functioning.
5. REIT Equity Preferred Stocks:
Both of the preferred stocks discussed below have junk credit ratings.
A. Eliminated VNOPRM - Sold 20 at $17.01; 20 at $17.16 (2 accounts):
Quote: VNO-M at Google Finance
Proceeds: $683.39
Issuer: Vornado Realty Trust (VNO) at Google Finance
SEC Filed Financial Report for the Q/E 6/30/26
Last Discussed: Item # 6.B. Pared VNOPRM in Schwab Account - Sold Highest Cost 5 Shares at $17.79 (9/2/25 Post)(profit snapshot = $12.05)
Profit Snapshots: $141.95 (Schwab and Fidelity Accounts)
Last Buy Discussions: Item # 1.C. Added to VNOPRM - Bought 10 at $14.15 (8/12/23 Post); Item # 2.E. Added 5 VNOPRM at $11.25 (5/27/23 Post)
Credit Ratings: BB- by Fitch, Ba3 by Moody's, and B+ by S&P (junk ratings)
Vornado Realty Trust Credit Ratings-Fitch Ratings
Fixed Income Information | Vornado Realty Trust
VNO suspended the payment of its common share cash dividend after the 2023 4th quarter payment. Only two quarterly payments were made in 2023 totaling $.674 per share, down from the 2022 total of $2.12 per share. In both 2024 and 2025, the REIT paid an annual dividend of $.74 per share. VNO Dividend History & Date-Seeking Alpha If the preferred cumulative dividend is legally deferred, the deferred dividends have to be paid in full once a cash common dividend is paid.
VNO has not yet deferred any preferred stock dividends. As an owner of office buildings, I view the REIT to be credit challenged however.
Par Value: $25
Coupon: 5.25%
Dividends: Paid quarterly, non-qualified, and cumulative
Maturity: None, potentially perpetual and probably so.
Stopper Clause: Standard
Some Sell Discussions: Item # 4.B. Pared Duplicate VNOPRM Position in Schwab Account - Sold Highest Cost 5 Shares at $18.33 (10/24/24 Post)(loss snapshot = -$24.3); Item # 6.B. Sold Highest Cost 5 VNOPRM Shares at $17.99 - Fidelity Account (9/19/24)(profit snapshot = $7.45); Item # 3.A. Sold 10 VNO.PRM at $25.34 (10/31/2020 Post)($72.21); Item # 3.C. Sold 5 VNO.PRM at $24.99-Highest Cost lot bought at $19 (7/18/20 Post)(profit snapshot = $29.94); Item # 2.A. Eliminated VNO.PRM-Sold 50 at $22.95 (5/23/19 Post)(profit snapshot = $56.69)
B. Eliminated SLGPRI in Schwab Account - Sold 12 at $21.4; 48 at $21.45:
Quote: SL Green Realty 6.5% Preferred
Proceeds: $1,286.38
Issuer: SL Green Realty (SLG) at Zacks
Last SLG Discussions: Item # 1.E. Pared SLG in Schwab Account - Sold 3 at $56.03 (8/18/26 Post)(profit snapshot = $27.01); Item # 2.G. Pared SLG in Fidelity Account - Sold 1 at $51.1 and Item # 2.H. Pared SLG in Schwab Account - Sold 2 at $52.01 (6/18/26 Post)(profit snapshot = $6.79)
Last SLG Buy Discussion: Item # 2.G. Added to SLG in Fidelity Account - Bought 1 at $35 (4/4/26 Post)
I still own 25 SLGPRI shares in my Fidelity account.
I first attempted to sell 60 SLGPRI shares at $21.4 and received a fill for only 12 on 10/8. I then entered a limit order to sell the remaining 48 at $21.4, prior to the market opening the next day (10/9), which was fill at $21.45
Profit Snapshot: Net of +$21.78
Last Buy Discussions: Item # 6.A. Added to SLGPRI - Bought 5 at $21.14 (6/12/26 Post); Item # 4.D. Added to SLGPRI in Fidelity Account - Bought 4 at $21.1; 6 at $20.44 (4/4/26 Post); Item # 4.A. Started SLGPRI in Fidelity Account - Bought 10 at $21.9 (3/9/26 Post); Item # 5.D. Added to SLGPRI in Schwab Account - Bought 5 at $20.95 (12/18/25 Post); Item # 5.A. Added to SLGPRI - Bought 5 at $20.94 (6/28/24 Post); Item # 6.A. Added to SLGPRI in Schwab Account - Bought 3 at $17.5; 2 at $17.27 (11/25/23 Post); Item # 5.C. Added 2 SLGPRI at $17.99 (11/18/23 Post)
Credit Ratings: Ba1/B
Fitch has a BB- rating. Fitch Affirms SL Green Realty Corp. at 'BB+'; Outlook Positive The BB+ rating is for senior unsecured debt.
Coupon: 6.5%
Par Value: $25
Dividends: Paid quarterly, non-qualified (pass through entity) and cumulative
Optional Call: Call protection expired in 2017. The stock may be called at par value + the accrued and unpaid dividend. I do not view it as likely that the issue will be called unless there is a substantial decline in interest rates and SLG returns to an investment grade credit rating.
Stopper Clause: Standard
Maturity: None, potentially perpetual
Prior Sell Discussions: Item # 5.A. Eliminated Duplicate Position in SLGPRI - Sold 15 at $21.28 - Fidelity Account (1/20/24 Post)(profit snapshot = $62.49); Item # 3.A. Eliminated SLGPRI-Sold 20 at $25.96 (9/12/20 Post)(profit snapshot = $122); Item # 5 Sold 50 SLGPRI at $23.6 (4/3/2014 Post)(profit at $29.58).
SLGPRI Realized Gains to Date: $235.55
SLG Realized Gains to Date: $1,455.85
6. Cash Flow into Fidelity Taxable Account on 10/15/26:
Redemption Proceeds: $12,000
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.
