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 the Post:
Inflow Common Stocks: $820.21
Outflow Common Stocks/Stock Funds: $2,169.82
Realized Gains Common Stocks: $672.46
Net Outflow Common Stocks/Stock Funds: $1,349.61
I will continue selling into the stock market rally, as noted in a recent comment. I do not view the risk/reward balance now as favorable to me, given my investment objectives that emphasize preservation of capital and current income generation, my age and financial condition.
Corporate Bonds: 16 (total cost at $15,833.58)
Treasury Bills Purchased at Auction: $30,000 in principal amount
Inflow REIT Equity Preferred Stocks: $325.5
Outflow Canadian Reset Equity Preferred Stock: C$2,525 (realized gain at C$1,010)
+++
Economy:
Exxon expects higher oil prices as market absorbs impact of Iran war Exxon CEO Darren Woods: "It’s obvious to most that if you look at the unprecedented disruption in the world supply of oil and natural gas, the market hasn’t seen the full impact of that yet."
Iran made a new offer yesterday. This is how Trump responded: "Iran wants to make a deal. Iran wants to make a deal because they have no military left. They’re asking for things that I can’t agree." Trump says rejects Iran deal offer to end war
Fed interest rate decision April 2026: Fed holds rates steady amid dissent The recent Trump appointee Stephen Miran voted to cut the FF range by .25%. There were 3 other dissenters who agreed with the hold but "did not support the inclusion of an easing bias in the statement at this time." Federal Reserve Board - Federal Reserve issues FOMC statement
The initial estimate of first quarter real GDP growth was at a 2% annualized rate, rebounding from .5% in the 2025 4th quarter. GDP (Advance Estimate), 1st Quarter 2026 | U.S. Bureau of Economic Analysis (BEA)("Compared to the fourth quarter of 2025, the acceleration in real GDP in the first quarter of 2026 reflected upturns in government spending and exports, and an acceleration in investment that were partly offset by a deceleration in consumer spending. Imports turned up.")
Discussed at Real GDP +2% in the 2025 Firist Quarter - First Estimate - CNBC
PCE (personal consumption expenditures) declined to 1.6% from 1.9% in the 2025 4th quarter:
As shown in the preceding table, PCE rose in the last 3 quarters of 2024 at 3.9%, 4% and 3.9%.
The government reported that the "personal consumption expenditures (PCE) price index increased 4.5 percent, compared with an increase of 2.9 percent, and the PCE price index excluding food and energy increased 4.3 percent, compared with an increase of 2.7 percent." (emphasis supplied):
The Atlanta Fed's GDP Now estimate was at 1.2% as of 4/29/30. GDPNow - Federal Reserve Bank of Atlanta
I view the 2% real GDP growth number as a weak rebound from the 4th quarter. This report is only the first estimate.
Fed’s key inflation gauge hits 3.5% in March as Iran war pushes up gas prices | CNN Business This article is referring to PCE Inflation. PCE Core Inflation rose 3.2%. This data is included in the governments monthly Personal Income and Outlays Report. Personal Income and Outlays, March 2026 | U.S. Bureau of Economic Analysis (BEA):
 |
| Excerpt from March 2026 Report |
Naval escorts will likely be needed when Strait of Hormuz reopens, Chevron CEO says - CBS News To send a vessel through the Strait, Chevron's CEO made this comment: "we'd have to believe that our people on the ship will be safe, the cargo will be safe, and they can be transited with a high degree of confidence."
Trump again pays offshore wind operators to walk away from leases | AP News The U.S. will pay the 2 companies almost $900M to walk away from developing those offshore wind projects.
Jamie Dimon warns of 'bond crisis' ahead as global debt risks build
Trump to burden consumers with a fresh round of tariffs as Americans continue to struggle with the cost of living: report | The Independent The tariffs will keep coming since foreign country opposition is viewed as weak by Trump.
Trump says he's raising EU auto and truck tariffs to 25% (My Video published over 1 year ago: Trump "Couldn't Care Less" if the Republican Tariff Taxes Increase New Car and Pickup Prices - YouTube)
Trump has threatened the U.K. with new tariffs, notwithstanding a trade deal negotiated last year, unless the U.S. eliminates its digital tariff taxes. Trump threatens 'big tariff' if UK does not drop digital services tax on US tech firms | UK News | Sky News; Fact Sheet: U.S.-UK Reach Historic Trade Deal | United States Trade Representative Trump also threatened the U.K. with additional tariffs in January 2026, notwithstanding the trade deal, unless the U.K. facilitated the U.S. acquisition of Greenland. Trump says he will '100%' carry out Greenland tariffs threat, as EU vows to protect its interests All foreign governments know, without any doubt, that Trump will keep using tariffs as a weapon to force policy changes and trade concessions even after a foreign country makes concession to secure a trade deal. There will be no end to the bullying. UK urged to deploy EU-style ‘trade bazooka’ against Trump’s tariffs- The Guardian
Gen X can't retire on time as inflation outpaces wages, survey finds | Fox Business
Will there be adequate returns on these investments? Microsoft Projects $190 Billion in 2025 Capital Spending; Alphabet (GOOGL) ups 2026 Capital Spending to as much as $190 billion and expects significant increase in 2027
China factory activity tops expectations in April — but growth slows as new orders soften (4/29/26). Non-manufacturing PMI fell into contraction territory at 49.4. Manufacturing PMI is in barely expansion territory at 50.3. The new orders component fell to 44.3. Numbers below 50 indicate an ongoing contraction.
++++
Trump and His Anti-Democracy Party:
Trump's party is not a conservative one in the American tradition.
The Age of American Caesarism - The Atlantic
Iran War:
The War Powers Act provides that the President shall, within 60 days after commencing hostilities, "terminate any use of United States Armed Forces … unless the Congress has declared war or has enacted a specific authorization for such use of United States Armed Forces." That 60 day period has expired, and Trump has elected not to exercise the 30 day extension period.
Trump declared that hostilities with Iran terminated, notwithstanding the continuing U.S. blockade that is generally view as hostilities under international law. Trump Tells Congress Iran Hostilities ‘Terminated’ on War Powers Deadline Does that mean Trump is not going to send Iran back to the stone age if it does not agree to his terms?
So what is really happening. Republican House and Senate members support this War with 1 or 2 possible exceptions, but do not want to vote before the midterms expressly authorizing Trump to continue hostilities. It is also possible that such a resolution would not pass the House with a few vulnerable House republicans from the Northeast or the west coast voting against approval.
This declaration from Trump actually weakens his negotiating position with the hardliners in Iran.
To applause from his audience, Trump declared last week that Iran War critics were committing treason with their comments. Trump calls critics of war 'treasonous', rejects Iran peace proposal; Day 63 of Middle East conflict — Trump considers it ‘treasonous’ to say US isn’t winning war
If someone does not parrot the claim that the U.S. has won the war, that is treasonous in Trump's America.
To say the U.S. has won the Iran War or is winning it, the objectives have to be defined as a basis for reasoned analysis of this issue.
Trump has set out many objectives and almost all have not been achieved. There has been no regime change contrary to Trump's claim, the Strait of Hormuz remains closed, Iran still has its enriched uranium and has made no commitment yet on future enrichment, and no promise has been made to cease support of terrorist groups. If winning is defined as destroying Iran's navy, killing several members of its ruling class, and destroying missile launchers, then the U.S. has won the war, but that is not the definition of winning that Trump has set out in his objectives.
Trump Truth Social post threatens Iran with AI picture of himself with gun
Someone with the maturity level of a five year old published this post and many others that preceded it:
Trump has never been a "Nice Guy". He is now and has been an asshole and a terrible human being with no positive personality traits as far as I have been able to discern. But he is what Republicans want in a President.
His former Chief of Staff Mike Mulvaney acknowledge that Trump was "a terrible human being". Mulvaney called Trump a 'terrible human being' ahead of 2016 election - POLITICO; Video emerges of Mick Mulvaney calling Trump a 'terrible human being' - YouTube No other conclusion is possible IMO.
Depicting Mr. Bone Spurs as Rambo is more than just a lit bit cartoonish and ridiculous.
Trump: "We have all the cards." Apparently, control over the Strait of Hormuz is not a card.
German Chancellor Friedrich Merz made this observation about the Iran War: “I cannot see what strategic exit the Americans are now opting for, especially as the Iranians are obviously negotiating very skillfully -- or, rather, very skillfully not negotiating and letting the Americans travel to Islamabad [in Pakistan] only to leave again without any results. An entire nation is being humiliated by the Iranian state leadership, particularly through these so-called Revolutionary Guards." Germany's Friedrich Merz says US 'being humiliated' by Iran; US 'being humiliated by Iran,' says Merz as Europe's patience wanes
Pentagon withdraws 5,000 troops from Germany amid Trump-Merz feud | Fox News
++
Trump's $10 Billion Lawsuit against the U.S. Government:
An independent contractor working for the I.R.S. stole and released tax returns filed by Trump and other wealthy taxpayers. IRS consultant pleads guilty to leaking tax information associated with Trump, other wealthy individuals - ABC News Trump is the only taxpayer to my knowledge who has sued the U.S. for alleged injuries resulting from that unauthorized disclosure. I would add that Trump is the only recent President who refused to release their returns voluntarily.
Trump wants the U.S. government to pay him $10 billion dollars for his alleged injury. Trump sues IRS, Treasury for $10 billion over tax returns leak - ABC News
Trump's attorneys and the government filed a petition in the federal district court requesting a 90 day stay so that the parties could work out a settlement. Trump’s lawyers seeking resolution of his $10 billion lawsuit against IRS and Treasury | CNN Politics Maybe Todd Blanche would settle the case for less than $10B. Republicans will do nothing to even impede this nonsense.
Trump is basically negotiating with himself. The entire matter stinks of in your face corruption, which is the norm now IMO.
In response to the petition, the district court judge asked the parties to file briefs discussing why this case should even proceed. The parties must establish that the lawsuit is "a dispute between parties who face each other in an adversary proceeding."Judge orders Trump, DOJ to justify why president's $10B IRS lawsuit should proceed - ABC News
Separation of Church and State:
Supreme Court showdown over Ten Commandments likely after federal court decision | Constitution Center; Court Upholds REQUIRING Texas Schools to Display 10 Commandments - YouTube In a 9-8 decision handed down by the U.S. Court of Appeals for Fifth Circuit, written by the Trump appointee Stuart Kyle Duncan, a Texas law requiring the prominent display of the 10 Commandments in every public school classroom was upheld as constitutional. Duncan is a possible replacement for Thomas or Alito, a young and far more reactionary version of them.
Maybe in 50-100 years or so, assuming the U.S. still has a democracy which is doubtful, the current 6 Republican Justices and those who are likely to follow may be viewed in a manner similar to the Taney Supreme Court that decided Dred Scott v. Sandford, 60 U.S. 393 (1856) or the deeply reactionary Supreme Courts that decided Plessy v. Ferguson, 163 U.S. 537 (1896), Adkins v. Children's Hospital, 261 U.S. 525 (1923), Civil Rights Cases | 109 U.S. 3 (1883), Citizens United v. FEC , 558 U.S. 310 (2010) and ‘Corporations Are People’ Is Built on a 19th-Century Lie - The Atlantic (compare how the Court interpreted the 14th Amendment when concluding that this Amendment created constitutional rights for corporations but did not allow for civil rights legislation for the freed slaves); and Lochner v. New York, 198 U.S. 45 (1905). What is not generally understood is that the Supreme Court has been a deeply reactionary force for most of U.S. history. The Republican Justices are the most deeply reactionary in modern U.S. history and many of their decisions will weaken our Democracy by vastly increasing the powers of the President, permitting racial and political gerrymandering that is fundamentally at odds with a properly functioning democracy and making it more likely that future Presidents will commit crimes through their immunity decision, including crimes that undermine elections and election results in a bid to remain in power.
I view it as likely that the 6 Monarchists on the Supreme Court, who are also strongly influenced by their religious beliefs when making decisions IMO, will overrule the 5-4 decision in Stone v. Graham, 449 U.S. 39 (Sup.Ct. 1980) and affirm the Fifth Circuit's decision. The judicial trend is to move the U.S. back to 19th century jurisprudence.
So why is it necessary to force all public schools to prominently display the 10 Commandments in every classroom. Parents can hang a plaque in their child's bedroom, recite it to them every day and have them recite it back, teach the lesson in Sunday schools and so on. The purpose is simple. The Christian Nationalists are using this forced display in their ongoing effort to erode separation of church and state until there is no or almost no meaningful separation. That is the reason and the objective.
Compulsory religion classes in public schools will be next. Maybe the U.S. will evolve to children memorizing the bible in the public schools, reciting passages as their heads move up and down, similar to what happens daily in a Pakistan Madrassas with children reciting the Koran by memory.
++
The Latest Comey Criminal Indictment:
Comey, the former FBI Director, published a photo of seashells arranged in the following numbers: 8647. Trump's cult members called for his arrest.
Trump's DOJ viewed that as a threat to kill Trump. James Comey indicted over ‘8647’ post Trump called a threat
In the past, Trump has publicly called Comey "scum", "slimeball" and "lying scum".
I am not surprised that the Acting AG Todd Blanche, who is auditioning for the AJ job and is Trump's former attorney, is implementing Trump's vengeance campaign with this bogus criminal indictment.
Todd Blanche claims that Trump had nothing to do with the DOJ's decision to bring criminal charges, which is not believable. As noted in the Fox News article cited in the next paragraph, "Trump didn’t have to make a secret phone call to demand the indictment. He talks openly about those he views as enemies, such as Letitia James. He said he was glad when ex-special prosecutor Bob Mueller died."
Trump: "If anybody knows anything about, crime, they know 86 ... it's a mob term for kill him, you know. Do you ever see the movies? '86 him,' the mobster says to one of his wonderful associates. '86 him' -- that means kill him. The people like Comey have created tremendous danger, I think, for politicians and others. You know, Comey is a dirty cop, he’s a very dirty cop... He’s a crooked man." Trump says James Comey's Instagram post represents 'tremendous danger' - ABC News; Trump allies call the second Comey seashell indictment embarrassing' | Fox News
Trump will not be able to protect the DOJ attorneys involved in the Comey case from disciplinary proceedings. Former Trump lawyer John Eastman disbarred over efforts to overturn 2020 election-The Guardian
I will be anxiously awaiting to see whether Todd Blanche brings criminal charges against the former republican congressman Matt Gaetz:
+++
Republican Attacks on Press Freedoms:
The index of Press Freedom ranks the U.S. at 64 out of 180. Index | RSF The U.S. will continue to decline in press freedom during Trump's remaining term.
FCC launches review of Disney broadcast licenses Trump will use his total control over the government to punish both dissent and criticism. The FCC Chairman Brandon Carr is one of the most powerful enemies of free speech in U.S. history. FCC Chair Brendan Carr Must Stop Violating the First Amendment - Center for Democracy and Technology; FCC chair Brendan Carr leads Trump’s charge against the media
++
Steven Cheung:
The White House Communications Director Steven Cheung constantly tries to outdo his boss in childish social media posts. This is one of his latest:
Top Trump Goon Steven Cheung Drops Vile Slur on Female Senate Staffer Rachel Cohen Cheung attended, but did not graduate from the California State University at Sacramento. Steven Cheung - Wikipedia Maybe he is another extremely stable genius in TrumpWorld. Trump 'I'm an extremely stable genius' - POLITICO
+++
The 6 Republican Justices and Voting Rights:
Supreme Court guts Voting Rights Act, greenlights GOP gerrymanders - Democracy Docket; US supreme court ‘demolishes’ Voting Rights Act, gutting provision that prevented racial discrimination- The Guardian This 6-3 decision, written by Alito, was predictable. The dissent written by Justice Kagan correctly noted that the 6 Republican Justices will allow states to deliberately and "systematically dilute minority citizens" voting power, which Republican controlled states have been doing for several years.
Several southern states controlled by republicans are now in overdrive to disenfranchise minorities in congressional elections. Alabama seeks to draw new congressional map ahead of midterms - POLITICO (5/1/26); Louisiana will change congressional maps before midterms, Gov. Jeff Landry says (4/30/26); Florida passes GOP gerrymander, sending map to DeSantis - Democracy Docket
Prior to the mid-1960s, racists in the South were Democrats and now they are Republicans. What changed was the national Democrat party promoting Civil Rights for minorities including the passage of the Voting Rights Act of 1965 that has not been gutted by 6 Republican Justices.
The Republican "Southern Strategy" of using race issues to turn southern Democrats into Republicans was clearly set out by Kevin Phillips in his book The Emerging Republican Majority: Updated Edition published in 1969, which I read in 1970. Since black voters in the South now have the right to vote, the Republican approach is to make their votes meaningless in congressional elections. The 6 Republican Justices have made that possible.
The 6 Republican Justices know that their decisions permitting political and racial gerrymandering undermine America's Democracy, but they pursue that policy choice nonetheless. None of them are conservatives in the modern American judicial tradition. The racial gerrymandering in the South is probably more related to an anti-democracy power grab than purely racially motivated. Racism is the result however.
{My Video: Brief history of results oriented Supreme Court Decisions - YouTube}
Sen. Marsha Blackburn (R-TN) wants to eliminate the 1 Congressional Seat in Tennessee Occupied by a Democrat Blackburn is a female version of Trump who entered politics long before Trump. Eliminating the last remaining congressional seat held by a Democrat may be hard to do, though possible, since the last remaining Democrat seat allowed by the republicans is in Memphis.
The Tennessee Republicans who have absolute control of Tennessee's state government, disenfranchised black voters in Nashville shortly after the 2020 census. South Carolina Republicans were recently allowed to do the same by the 6 Republican Justices. Court rules for South Carolina Republicans in dispute over congressional map | SCOTUSblog {My Video published over 1 year ago: Republican Justices Rubber Stamp Racial Gerrymandering in South Carolina - Alito Wrote the Opinion - YouTube}
Several years ago, the republican super majority in the state legislature decided that Nashville would no longer be allowed to elect a Democrat to Congress. The city had so many moderate and liberal voters that republicans did not even run a candidate in 2020. The republicans then divided Nashville into three parts. Nashville covers all of Davidson County.
Nashville/Davison County is near the middle and has parts of three congressional districts.
An area with most of the black voters was joined with rural areas dominated by Trump supporters to create the 7th Congressional District (blue) Another Nashville area that did not vote the right way was joined with rural areas and small town extending all the way to Cookeville, Tn. (red), Tennessee's 6th congressional district - Wikipedia The remaining part of Nashville had too many voters that voted the wrong way, so the Tennessee Republicans decided to dilute their votes by putting them in another oddly shaped and newly created district containing rural areas and small towns dominated by Trump voters (the newly created 5th represented by my Congressman Andy Ogles who reminds many voters of George Santos.) The end result, as expected, was that the Tennessee Republican successfully prevented the voters of Nashville, now and in the future, from electing a candidate of their choice and will force them to be represented by three 100+% Trump worshippers, none of whom now even live in Nashville.
{My Video published over 1 year ago: The Tennessee GOP has decided that Nashville will not be allowed to elect a Democrat to Congress - YouTube}
++
Frat Boy Hegseth:
Hegseth faces questions about Iran in congressional appearance (Hegseth: "The biggest challenge, the biggest adversary we face at this point are the reckless, feckless and defeatist words of congressional Democrats and some Republicans."); Pete Hegseth Says Congressional Critics ‘Biggest Adversary’ in Fight Over Iran War - Newsweek Hegseth claimed that Iran's nuclear facilities had been obliterated in the attack last July.
++
Trump’s Sons Land Massive Pentagon Deal as They Flaunt Corruption | The New Republic; Fury flies over Trump sons' shady drone deal with Pentagon: 'But Hunter! But Burisma!' - Raw Story
Trump’s sons to take stake in Kazakh miner that won $1.6bn US backing
Eric Trump's Bitcoin Business Is A Disaster
U.S. gold coin with Trump image gets approved by president's hand-picked panel
U.S. to issue commemorative passports with Trump’s picture for America's 250th birthday
Appeals court rejects Trump's request to rehear E. Jean Carroll $83M verdict (4/29/26) Three republican judges dissented. The dissenting opinion was written by a Trump appointed judge. I would not be surprised if the 6 Republican Justices grant certiorari and reverse the verdict.
Appeals court issues nationwide order blocking telehealth distribution of abortion pill mifepristone - ABC News The appellate court is the Fifth Circuit now dominated by republican judges. This 3 judge panel decision was unanimous with 2 of the judges appointed by Trump and the other by George W. Bush. Fifth-Circuit-Order.pdf A Right-Wing Court Just Moved to Choke Off Abortion by Mail Stuart Kyle Duncan wrote the decision, the same judge discussed above who wrote the decision on the forced display of the Ten Commandments in schools. If Alito and/or Thomas retire this year, I suspect that Trump will appoint Duncan, who is 54, to the Supreme Court or someone with an identical or further to the right judicial philosophy who is even younger. Turning the U.S. back to 19th Century Constitutional Law is only in its early stages and may continue for at least another 4 decades.
+++
1. Canadian Reset Equity Preferred Stocks:
A. Eliminated MFCPRM:CA - Sold 100 at C$25.26 (Interactive Brokers Account):
Quote: Manulife Financial Non Cumulative Rate Reset Class 1 Preferred Shares Series 17 at Google Finance
Proceeds: C$2,525 after IB C$1 commission.
Issuer: Manulife Financial Corp (MFC)
MFC Detailed Earnings Estimates - Zacks.com
MFC Key Metrics Valuation Page at Reuters
I have a small ball position in the common that I last discussed here: Item # 3.C. Pared MFC - Sold 5 at $38.45+ (4/24/26 Post)(profit snapshot = $135.24). I have been paring my common stock position for awhile now and am down to owning 55 shares at a $11.41 average cost per share.
Profit Snapshot: C$1,010
Last Discussed: Item # 2.A. Bought 100 MFCPRM:CA at C$15.14 (7/25/20 Post)
Par Value: C$25
Resets: Every 5 years at a 2.36% spread to the five year Canadian bond yield unless called on the reset date.
Last Reset Coupon: 5.542% on 11/20/24. Manulife Financial Corporation announces Dividend Rates on Non-cumulative Rate Reset Class 1 Shares Series 17 and Non-cumulative Floating Rate Class 1 Shares Series 18
Dividends: Paid quarterly and non-cumulative.
MFC preferred stocks have a BBB+ credit rating. Manulife Credit Ratings
At a C$25.26 price, the dividend yield using the current coupon is only 5.364%. I do not view that as attractive for an equity preferred stock that does not represent an ownership interest in the business notwithstanding its low equity position in the capital structure.
I would prefer having the gain before I lose some material part of it. The price will be sensitive to interest rate changes. A significant rise in interest rates over the next two or so years would likely lead to a price decline. If interest rates start to decline in the year prior to the next reset, when the likely coupon reset would be lower than 5.542% for another 5 years, that may also result in a price decline.
Last Elimination: Item # 4.A. Sold 50 MFCPRM at C$20.51 (1/21/17 Post)(profit snapshot = C$113).
2. Small Ball Sales:
I am cutting off stock/stock fund trade discussions with those made on Monday, 4/27/26 or earlier.
A. Eliminated LXP in Fidelity Account - Sold 10 at $50.38:
Quote: LXP Industrial Trust (LXP) at Google Finance
Proceeds: $503.78
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: LXP Industrial Trust - Preeminent single-tenant U.S. industrial REIT
Properties | LXP Industrial Trust
Portfolio as of 3/31/26:
Last Discussed: Item # 3.B. Sold 10 LXP at $9.31 (9/21/25 Post)(profit snapshot = $8.7)
There was a 1 for 5 reverse split in November 2025. LXP Industrial Trust Completes Reverse Share Split
Profit Snapshot: $100.4
Dividend: Quarterly at $.70 per share, last raised from $.675 effective for the 2025 4th quarter. The split adjusted rate in the 2015 second quarter was at $.85.
LXP Dividend History & Date | Seeking Alpha
The dividend was cut from $.1775 per share ($.8875 split adjusted) to $.1025 ($.41 split adjusted) effective for the 2019 first quarter payment. The reduction occurred after LXP disposed of office properties which turned out to be fortuitous since the transaction occurred prior to the pandemic and its negative impact on office properties. Lexington Realty Trust Announces Disposition of 21 Office Assets for $726 Million to Joint Venture
Last Ex Dividend: 3/31/26
Last Earnings Report (Q/E 3/31/28):
SEC Filed Press Release and Supplemental
Revenue: $85.948M, down from $88.863
GAAP E.P.S. ($.03)
Diluted FFO per share: $.8, up from $.78
Reconciliation GAAP to FFO:
2026 Adjusted FFO per share Guidance: $3.22-$3.37
During the quarter, purchased and retired approximately 325,000 shares at a weighted average price of $48.7.
Last Buy Discussions: Item # 3.C. Added to LXP in Fidelity Account - Bought 10 at $8.25; 10 at $7.95 (7/29/25 Post); Item # 1.B. Bought 15 LXP at $8.36 - Fidelity Account (7/3/25 Post)
Some Sell Discussions: Multiply prices in the following links by 5 to adjust for the 1 to 5 reverse split in November 2025. Item # 3.D. Pared LXP in Fidelity Account - Sold Highest Cost Shares at $9.1 (9/2/25 Post); Item # 1.I. Pared LXP in Schwab Account - Sold 20 at $10.53 (8/2/24 Post)(profit snapshot = $23.61); Item # 2.D. Eliminated Duplicate Position in LXP - Sold 20 at $10.29 - Fidelity Account (7/26/24 Post)(profit snapshot = $32.25); Item # 1.D. Eliminated LXP - Sold 20+ at $11.57 (2/13/23 Post)(profit snapshot = $33.37); Item # 1.C. Sold 137+ LXP at $9.08 and 53 at $9.06 In 2 Separate Roth IRA Accounts (9/12/18 Post)(profit snapshot = $914.11); Sold 100 LXP in Fidelity Roth IRA at $11.15 (1/6/17 comment- profit of $271.9 referenced with no snapshot)(snapshot in Gateway Post for Equity REITs); Item # 2 Sold 250 LXP on Ex-Dividend Date in Two Taxable Accounts-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $224.65); Item # 1.B. Eliminated LXP - Sold 155+ at $9.46 (6/26/19 Post)(profit snapshot = $6.37); Item # 1.B. Sold 108+ LXP at $9.45-Used Commission Free Trade (2/6/19 Post)(profit snapshot = $79.9);; Item # 1 Sold 150 LXP in Vanguard Roth IRA-Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha (profit snapshot = $80.19); Item # 1. Sold 54 LXP at $11.44 Vanguard Roth IRA (1/27/15 Post)(profit snapshot = $64.4); Item # 1 Sold 101+ LXP at $10.65 (10/28/14)(profit snapshot = $51.76)
Over time, this REIT has proven to be an average REIT at best, sometimes poor depending on the time period. I have so far at least successfully traded shares to improve total return numbers. My normal word reaction to LXP's earnings reports is "blah".
LXP Realized Gains to Date: $2,163.07
Remaining Taxable Account Position: This leaves me with just 6 shares owned in my Schwab account with an average cost of $38.3.
B. Eliminated TGT - Sold 3+ at $131.91+:
Quote: Target Corp (TGT) at Google Finance
Proceeds: $404
TGT Detailed Earnings Estimates - Zacks.com
Last Buy Discussions: Item # 1.H. Added to TGT - Bought 1 $88.88 (9/21/25 Post); Item # 3.G. Added to TGT - Bought 1 at $90.31 (9/13/25 Post)
Profit Snapshot: $127.31
Dividend: Quarterly at $1.14 per share
TGT Stock Dividend History & Date | Seeking Alpha
Next Ex Dividend: 5/13/26
Last Earnings Report (Q/E 1/30/26): I discussed this report here: Item # 2.E. Sold 1 TGT at $120 (3/9/26 Post)(profit snapshot = $26.03); SEC Filed Press Release
Other 2026 Sell Discussion: Item # 1.K. Pared TGT - Sold 1 at $113.84 - Highest Cost Lot (2/11/26 Post)(profit snapshot = $17.41)
I am skeptical that TGT has solved its problems that includes competition from lower cost retailers.
C. Eliminated RIGL - Sold 15 at $32.52 - Schwab Account:
Quote: Rigel Pharmaceuticals Inc (RIGL) at Google Finance
Proceeds: $484.87
Investment Category: Lottery Ticket
This stock underwent a 1 for 10 reverse split on 6/7/24. Rigel Announces Reverse Stock Split My last purchase was at $.9597 per share or a split adjusted price of $9.6. Item # 1.C. Bought 100 RIGL at $.9597 (5/17/24 Post)
RIGL Detailed Earnings Estimates - Zacks.com
Website: Rigel Pharmaceuticals, Inc. (RIGL)
Products: Rigel has three FDA approved products: Tavalisse, Rezlidhia, and Gavreto.
There is 1 drug in a phase 1 trial. IRAK1/4 Inhibitor
Overview of Products:
 |
| P.4 Annual Report |
Recent News: Lilly reneges on remainder of Rigel RIPK1 deal This was the trigger for selling my remaining shares since it removed a potential wild card benefit to Rigel. This compound was licensed to Eli Lilly with Rigel receiving milestone payments and royalties when and if approved by the FDA. The drug was in a Phase 2 trial. The results must have been disappointing for LLY to return the compound to Rigel.
Earnings in 2025 were positively impacted by non-cash accounting profits. An example is $40M in non-cash revenue recognized in the 2025 second quarter that resulted from Rigel notifying Eli Lilly "that it would not exercise its opt-in right related to the development and commercialization of ocadusertib (previously R552) for the treatment of non-central nervous system (CNS) diseases." This resulting in the release of Rigel's remaining cost share liability for advancing that compound in clinical trials.
Profit Snapshot: $349.89
Last Discussed: Item # 3.A. Sold 3 RIGL at $39.15; 2 at $41 (8/19/25 Post)(profit snapshots = $102.76) I discussed in that post a concern that results had not yet been posted for the LLY Phase 2 trial.
Dividend: None and none expected.
Last Earnings Report (Q/E 12/31/25): SEC Filed Press Release
Product Sales: $65.4M
See pages 5-17 Investor Presentation.pdf
Diluted E.P.S. = $13.54 which included $245.351M from a non-cash deferred income tax benefit which I ignored as not relevant to valuation.
Cash and cash equivalents: $155M
Company anticipates that 2026 product sales will be $255-$265M and expects "it will report positive net income for the full year".
Prior Sell Discussions: (before reverse split): Item # 3.A. Sold 100 RIGL at $3.05 (3/31/22 Post)(profit snapshot = $134.99); Item # 2.E. Sold 50 RIGL at $3.06 (12/25/20 Post)(profit snapshot = $9.05); South Gent's Comment Blog # 4 (sold 150 RIGL at $2.93 that was bought at $2.15; profit = $109.24 with no profit snapshot):
Consider to Repurchase Criteria: I will monitor developments for a potential re-entry into Rigel, but I will need a lower price, more revenue growth in its 3 FDA approved products and positive trial data from its Phase 1 pipeline product.
RIGL Realized Gains to Date: $705.93
D. Eliminated Duplicate Position in NBXG - Sold 12 at $14.55 (Schwab Account):
Quote: Neuberger Next Generation Connectivity Fund (NBXG) - Google Finance - Stock CEF that writes call options.
Proceeds: $174.6
NBXG Portfolio | Morningstar Lists top 22 holdings and is accessible to non-subscribers. NBXG is currently rated at 1 star, down from 2 stars when I last discussed this CEF in February 2026.
SEC Filed Annual Report for the period ending 10/31/25
SEC Filing: Holding as of 1/31/26
I still own 45 shares in my Fidelity taxable account.
Last Discussed: Item # 2.A. Added to NBXG in Fidelity Account - Bought 10 at $13.34; 10 at $13.2(2/17/26 Post) I noted in that post that fund realized $157.148+M in capital gains in the prior fiscal year. The fund used $154.149+M in capital loss carryforwards which resulted in no income support for the dividends since fund expenses would exceed the remaining income.
Profit Snapshot: $33.27
Dividend: Monthly at $.12 per share ($1.44 annually)
ROC Supported
NBXG Dividend History & Date | Seeking Alpha
Last Ex Dividend: 4/15/26
Data Date of 4/27/26 Trade:
Closing Net Asset Value Per share: $16.94
Closing Market Price: $14.58
Discount: -13.93%
Average 3 Year Discount: -14.13%
Sourced: NBXG - CEF Connect (Click "Pricing Information" Tab)
Goal: Any Total Return in excess of the dividend payments before ROC adjustments to the purchase prices. I will spot check to see whether this goal was achieved. The two five share lots purchased were purchased at $12.93 and $12.65. The one lot purchases were at $10.78 and $12.29.
The goal was achieved with a realized gain of $23.63 based on the original purchase cost numbers. I would then add the dividend received to that number, rather than $33.27, in a total return calculation.
E. Eliminated Duplicate Position in PFS - Sold 10 at $22.89:
Quote: Provident Financial Services Inc (PFS) at Google Finance
Proceeds: $228.9
"Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering "Commitment you can count on" since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc."
Profit Snapshot: $44.55
Dividend: Quarterly at $.24 per share, last raised from $.23 effective the 2021 4th quarter.
PFS Dividend History & Date | Seeking Alpha
I view the dividend growth as unsatisfactory.
Last Earnings Report (Q/E 3/31/26): This report was released after my sale.
Comparisons are to the 2025 first quarter.
E.P.S.: $.61, up from $.49, but down from $.64 in the 2025 4th Q.
NIM: 3.4%, up from 3.34%, but down from 3.44% in the 2025 4th quarter.
Efficiency Ratio: 52.2%, down from 54.43%. Down is better for this ratio.
NPL Ratio: .73%, up from .53% and up from .4% in the 2025 4th quarter. The trend is unfavorable but not yet concerning given the low charge-off ratio referenced below IMO.
"Non-performing loans to total loans as of March 31, 2026 increased to 0.73% from 0.40% as of December 31, 2025, while non-performing assets to total assets as of March 31, 2026 increased to 0.58% from 0.32% as of December 31, 2025. The $64.5 million increase in non-performing loans as of March 31, 2026, compared to the trailing quarter, was primarily driven by the addition of four commercial loans on senior housing properties totaling $82.1 million that are the subject of related bankruptcy filings, partially offset by payoffs. These loans have no prior charge-off history and require no specific reserve allocations due to strong collateral values. Appraisals received in 2026 reflect loan-to-value ratios for the collateral properties of 32.9%, 51.7%, 61.3%, and 81.9%."
Coverage Ratio (allowance for loan losses to nonperforming loans): 123.84%, down from 185.78%) When making a new investment, I prefer to have the coverage ratio over 100%
The decline would normally tell me without looking that non-performing loans to total loans is moving higher.
Charge Off Ratio: .06%
ROTCE: 16.58%
Tangible Book Value per share: $16.03, up from $14.15.
Prior Sell Discussions: Item # 4 Sold 50 PFS at $14.88 (3/4/11 Post)(profit snapshot = $144.08); Item # 5 Sold 50 PFS at $14.4 (11/17/10 Post)(profit snapshot = $67.08)
F. Pared RYLD - Sold 5 at $15.3+ (Schwab Account):
Quote: Global X Russell 2000 Covered Call ETF (RYLD) at Google Finance - A Buy/Write ETF
I sold my highest cost 5 shares.
Proceeds: $76.53
Investment Category: Monthly Income Generation
Sponsor's website: Russell 2000 Covered Call ETF (RYLD)
Global X Russell 2000 Covered Call ETF-Morningstar (currently rated 1 star)
Last Discussed: Item # F. Added to RYLD - Bought 5 at $14.62 - Schwab Account (5/9/25 Post); Item # 1.G. Eliminated Duplicate Position in RYLD - Sold 34+ at $16.65 - Fidelity Account and Item #1.H. Eliminated Duplicate Position in RYLD - Sold 40 at $16.65 - Vanguard Account (2/10/25 Post)(profit snapshots = $101.16)
Profit Snapshot: $8.85
New average cost per share: $13.29 (20+ shares)
 |
| Snapshot after pare/closing price as of 4/24/26 |
Dividend: Paid monthly at a variable rate.
Last 12 Dividends: $1.83 per share (when I tallied 12 months of dividends through April 2025, the total was at the $1.934 per share)
Yield at $13.29 Using $1.83: 13.77%
Last Ex Dividend: 4/20/26
Goal: Any total return before ROC adjustments to the cost basis in excess of the dividend payments.
G. Eliminated a Duplicate Placeholder Position in PRU (Schwab Account) - Sold 3 at $99.05:
Quote: Prudential Financial Inc (PRU) at Google Finance
Proceeds: $297.14
Profit Snapshot: $8.19
I am keeping the Placeholder position in my Fidelity account. I discussed buying 1 share in Item # 5.D below.
3. Corporate Bonds: 16
I am cutting off discussion of corporate bond purchases with trades made on or before Friday, 4/24/26. I am running over a week behind.
I live in Tennessee that does not have a state income tax. For investors living in a state with an income tax, and who are comparing the after tax yields of a U.S. treasury and a corporate bond, the state taxation of corporate interest is a factor to consider along with the credit risk issue. States can not tax interest paid by direct ownership of U.S. treasury securities. (They can tax interest paid by repurchase agreements that have treasuries as the underlying collateral), Nebraska Dept. of Revenue v. Loewenstein, 513 U.S. 123 (Sup.Ct. 1994)
A. Bought 2 Mosaic 4.5% SU Maturing on 11/15/27 at a Total Cost of 99.666:
%2011:15:27%20.png)
Issuer: Mosaic Co (MOS) at Google Finance
Cost: $1,994.32
I will discuss starting a common stock position in my next post.
"Mosaic is a leading producer and marketer of potash and phosphate fertilizer which are essential inputs for the world’s farmers. Through the Mosaic Biosciences platform, the company is advancing the next generation of biological solutions designed to improve nutrient use efficiency, strengthen crop performance, and support more sustainable agricultural systems".
MOS SEC Filed Loss Report for the Q/E 12/31/25
MOS Detailed Earnings Estimates - Zacks.com
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.271%
B. Bought 2 Autodesk 3.5% SU Maturing on 6/15/27 at a Total Cost of 99.276:
%206:15:27%20%203.5%25%20.png)
Issuer: Autodesk Inc (ADSK) at Google Finance
Cost: $1,985.52
ADSK SEC Filed Earnings Press Release for the fiscal quarter ending on 1/31/26
ADSK Detailed Earnings Estimates at Zacks.com
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.149%
C. Bought 2 Ventas LP 4.4% SU Maturing on 1/15/2029 at a Total Cost of 99.9:
%20.png)
Issuer: Operating entity for the REIT Ventas Inc (VTR) who guarantees the notes:
Total Cost: $1,998.
VTR SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.437%
Current Yield at TC: 4.404%
D. Bought 2 Amcor Flexibles 4.25% SU Maturing on 3/8/29 at a Total Cost of 99.455:
.png)
Issuer: A wholly owned subsidiary of Amcor PLC (AMCR) at Google Finance who guarantees the notes along with other subsidiaries.
AMCR Detailed Earnings Estimates at Zacks.com
Total Cost: $1,989.1
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.453%
Current Yield at TC: 4.273%
Owned AMCR SU Bonds:
I had 2 Amcor Finance 3.625% SU Bonds mature on 4/28/26. I am replacing those bonds with this purchase.
2 Amcor Flexibles 3.1% Maturing on 9/15/26
2 Amcor Finance 4.5%% Maturing on 5/15/28, Bond Page | FINRA.org
I discuss adding to my common stock position in Item # 4.A. below. The common shares have a higher yield than the bonds and a tax advantaged through the qualified dividend tax rate.
E. Bought 2 O'Reilly Automotive 4.2% SU Maturing on 4/1/30 at a Total Cost of 99.295 - Interactive Brokers Account:
Issuer: O'Reilly Automotive Inc (ORLY) at Google Finance
Total Cost: $1,985.9
ORLY Detailed Earnings Estimates at Zacks.com
ORLY SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.396%
Current Yield at TC: 4.223%
F. Bought 2 Autozone 4% SU Maturing on 4/15/30 at a Total Cost of 98.313:
Issuer: AutoZone Inc (AZO) at Google Finance
Total Cost: $1,966.26
AZO Detailed Earnings Estimates at Zacks.com
SEC Filed Earnings Press Release for the fiscal quarter ending 2/14/26 GAAP earnings of $468.86M.
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.468%
Current yield at TC: 4.069%
I am replacing 2 SU bonds that matured on 4/21/26:
%20$42.9%20.png){kind=small}
G. Bought 2 Quest Diagnostics 4.2% SU Maturing on 6/30/29 at a Total Cost of 99.781 - Interactive Brokers Account:
%206:30:29%204.2%25%20.png)
Issuer: Quest Diagnostics Inc (DGX) at Google Finance
Total Cost: $1,995.82
DGX Detailed Earnings Estimates at Zacks.com
DGX SEC Filed Earnings Press Release for the Q/E 3/31/26
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.273%
Current Yield at TC: 4.209%
H. Bought 2 Oklahoma Gas & Electric 3.3% SU Maturing on 3/15/30 at a Total Cost of 95.933:
.png)
Issuer: Wholly owned operating subsidiary of the utility holding company OGE Energy Corp (OGE) at Google Finance
Total Cost: $1,918.66
OGE Detailed Earnings Estimates at Zacks.com
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.449%
Current Yield at TC: 3.44%
I own 2 bonds issued by Public Service of Oklahoma, which is a different utility and is wholly owned by American Electric Power Company Inc (AEP), see, Item # 2.J. Bought 2 Public Service of Oklahoma 5.2% SU Maturing on 1/15/35 at a Total Cost of 99.352 (4/30/25 Post); Bond Page | FINRA.org
4. Treasury Bills Purchased at Auction:
Even in a 15% tax bracket, these T Bills will likely generate a slightly negative real rate of return (adjusted for inflation during their terms) and after taxes when owned in a non-retirement account. I call them running in place investments.
E.G. Assume a 3.7% yield, CPI at 3.3% during the term and a 15% tax bracket:
After Tax Yield: 3.145% applied to 3.7% (lose .555% due to federal tax at a 15% tax rate)
CPI at 3.3%
Negative Real Return after taxes: -.155%
A. Bought 10 T Bills at the 4/27/26 Auction:
%2010:29:26%20.png){kind=small}
182 Day Bill
Matures on 10/29/26
Interest: $181.49
Investment Rate: 3.707%
B. Bought 10 T Bills at the 4/27/26 Auction:
%207:30:26%20.png){kind=small}
91 Day Bill
Matures on 7/30/26
Interest: $90.75
Investment Rate: 3.673%
%209:1:26%20Fid.png)
%209:1:26%20Sch.png){kind=small}
5. Small Ball Common Stock Buys:
A. Added to AMCR - Bought 5 at $39.9; 5 at $39 - Fidelity Account:
Quote: Amcor (AMCR) at Zacks - Global Packaging Company
AMCR Detailed Earnings Estimates at Zacks.com
SEC Filed 10-Q for the Q/E 12/31/25
AMCR Detailed Earnings Estimates - Zacks.com
Amcor Completes One-for-Five Reverse Stock Split
Amcor completes combination with Berry Global
 |
| Snapshot Intraday on 4/24/26 after last add |
Dividend: Quarterly at $.65 per share ($2.6 annually)
Unchanged from the $.13 per share prior to the reverse split
Yield at $40.36: 6.44%
Last Ex Dividend: 2/25/26
Last Earnings Report (Q/E 12/31/25): This is the second fiscal quarter. I discussed this report here: Item # 1.D. Eliminated Duplicate Position in AMCR (Fidelity Account)-Sold 6 at $47.17 (2/11/26 Post) SEC Filed Earnings Press Release
B. Added to Falling Knife CLX - Bought 1 at $97.95; 1 at $96.75:
Quote: The Clorox Company (CLX) at MSN Money
Cost: $194.7
After these purchases, CLX reported earnings and declined primarily to a major downward revision in non-GAAP E.P.S. for the fiscal year ending on 6/30/26.
Last Discussed: Item # 2.B. Added to Falling Knife CLX - Bought 1 at $101.46 (4/11/26 Post)
New average cost per share: $106.85 (18+ shares)
Reduced from $108.01
Dividend: Quarterly at $1.24 per share ($4.96 annually)
CLX Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend as a means to average down randomly.
Yield at New AC: 4.64%
Last Ex Dividend: 4/22/26 (owned 16+ as of)
Earnings Report (Q/E 12/31/25): I discussed this report in a recent post. Item # 1.C. Eliminated Duplicate Position in CLX - Sold 4+ at $117.3 (2/11/26 Post)(profit snapshot = $43.08)
SEC Filed Earnings Press Release and Supplemental
Last Earnings Report (Q/E 3/31/26): Released after my purchases.
SEC Filed Press Release This report is for the third fiscal quarter.
Revenues: $1.67B, up from $1.668B
Diluted GAAP E.P.S.: $1.54, up from $1.5
Adjusted Diluted E.P.S.: $1.64, up from $1.45
2026 Fiscal Year Guidance: Adjusted E.P.S. $5.45 - $5.65. The prior guidance was $5.95-$6.3.
"Gross margin is now expected to be down 250 to 300 basis points. This compares to the company's prior expectation at the low end of 50 to 100 basis points decline range. Impact from the GOJO acquisition is expected to be about 60 basis points of headwinds, of which about 50 basis points is transaction-related costs mainly associated with inventory step up. The reversal of the impact from incremental shipments associated with ERP transition in the prior fiscal year is expected to result in about 100 basis points of headwinds. Gross margin expectation also includes headwinds associated with higher energy costs from the Middle East conflict." (emphasis added)
As previously discussed, shipments increased during the prior fiscal year that boosted E.P.S. related to the ERP transition. Clorox to replace 25-year-old tech with new ERP | Supply Chain Dive; CLX Earnigns Press Releae for Fiscal 4th Quarter Ending on 6/30/26 (fiscal 2026 non-GAAP E.P.S. guidance of $5.95-$6.3, maintained in the 2026 2nd fiscal quarter Earnings Press Release) That took away revenues that would have been received in the current fiscal year. The impact on the 2026 fiscal E.P.S. from this transition is approximately a $.90 per share reduction. There is about a 7.5% negative impact on organic sales growth from this transition.
The acquisition of GOJO, the maker of the Purell line of products, will result in about a 2 to 4 cent dilution due to the higher interest expense associated with that acquisition. That acquisition closed on 4/1/26. Clorox Completes GOJO Acquisition
Purchase Restriction: I will continue to average down in 1 share lots. I already viewed fiscal 2026 as a transition year due in large part to the ERP transition.
Other Recent Sell Discussion: Item # 3.I. Pared CLX in Schwab Account - Sold Highest Cost 2 Shares at $127 (3/3/26 Post)(profit snapshot = $3.09)
Analyst Reports (available to Schwab customers):
Morningstar (2/13/26): 5 stars with a fair value estimate of $163 and a wide moat.
S&P (4/9/26): 3 stars with a 12 month PT of $121.
Argus (2/6/26): Hold
C. Started SON as a Placeholder - Bought 2 at $48.59:
Quote: Sonoco Products (SON) at Zacks
Cost: $97.18
Sonoco Products "is a global leader in high-value sustainable metal and paper consumer and industrial packaging."
SON Detailed Earnings Estimates - Zacks.com
On 4/22/26, the day of my purchase, SON declined $9.21 or 16.2% to close at $47.58. The decline was triggered by guidance contained in an earnings report that "targeted "the low end of previous full-year adjusted diluted EPS guidance of $5.80 to $6.20, stemming from projected inflationary pressures and lower demand due to the uncertain macroeconomic and geopolitical environment." That guidance is for 2026. While the company uses fiscal quarters, the annual results are for the year ending on 12/31.
My initial reaction is that the share price decline was not so much based on the guidance but on a fear that the issues raised would result in even lower guidance later in the fiscal year.
2025 Divestitures: Sold TFP for about $1.8B in cash and Thermosafe for about $656M. Divestitures contributed, pages 26-28. E.P.S. from discountinued operations added $4.14 to 2025 GAAP E.P.S., page F-4. As of 12/31/25, cash and cash investments were reported at $378.398M with long term debt at $3.788+B, down from $4.895+B as of 12/31/24.
Dividend: Quarterly at $.54 per share ($2.16 annually), last raised from $.53 effective for the 2026 second quarter payment. The rate was at $.37 in the 2016 second quarter.
SON Dividend History & Date | Seeking Alpha
Yield at $48.59: 4.445%
Next Ex Dividend: 5/8/26
Last Earnings Report (Q/E 3/29/26): This is the first fiscal quarter. SEC Filed Press Release
Revenues: $1.676+B
Diluted GAAP E.P.S. = $.68
Adjusted GAAP E.P.S. = $1.20, down from $1.38 for the Q/E 3/30/25
Reconciliation:
D. Added to PRU - Bought 1 at $94.2:
Quote: Prudential Financial (PRU) at Zacks
Cost: $94.2
Prudential has run into some problems in Japan. Prudential of Japan Extends Voluntary Sales Suspension by an Additional 180 Days (4/21/26);Over 100 employees of Prudential Life Insurance behind ¥3.1 billion fraud, firm reveals - The Japan Times (1/16/26) That is a lot of bad apples. Prudential Financial Extends Japan Sales Freeze 180 Days, Pulls EPS Target; Warns of $1B Hit
PRU Detailed Earnings Estimates - Zacks.com
Investor Relations | Prudential Financial
Average cost per share: $96.04
Reduced from $96.65
Dividend: Quarterly at $1.4 per share ($5.6), last raised from $1.35 effective for the 2026 first quarter payment.
PRU Dividend History & Date | Seeking Alpha
Yield at New AC: 5.58%
Last Ex Dividend: 2/17/26
Last Earnings Report (Q/E 12/31/25): I discussed this report in a recent post. Item # 5.B. Restarted PRU - Bought 1 at $96.15; 2 at $96.9 (4/18/26 Post)
Most Recent Sell Discussions: Item # 2.B. Eliminated PRU - Sold 5 on Ex Dividend Date at $107.88 (2/23/24 Post)(profit snapshot = $223.42); Item # 1.D. Eliminated PRU in Two Taxable Accounts - Sold 2 at $98.92; 2 at $98.95 (3/6/23 Post)(profit snapshots = $146.38); Item # 2.B. Pared PRU in Vanguard Taxable Account - Sold 2 at $108.34 (6/25/21 Post)(profit snapshot = $89.04)
PRU SU Bonds: I currently own 3.
1 of the 4.4% SU Maturing on 11/15/27
2 of the 5.25% (1 in a RI account) SU Maturing on 5/15/35, discussed at Item # 4.A. Bought 1 Prudential 5.25% SU Maturing on 5/15/25 at a Total Cost of 99.2 (7/3/25 Post); Bond Page | FINRA.org (credit rating then at A3/A) This bond last traded in February.
F. Added to Lottery Ticket HRZN - Bought 5 at $4+; 5 at $3.82 - Fidelity Account :
Quote: Horizon Technology Finance Corp (HRZN) at Google Finance - A BDC
Investment Categories:
Blackjack Hand, part of the Lottery Ticket Basket and the Monthly Income Generation category. I classify this BDC as deservedly hated and EXTREMELY HIGH RISK. However, there is always a possibility that its equity positions in private companies owned by HRZN may turn out to be beneficial to shareholders, provided asset destruction from soured loans ends or is reduced to a de mininis level.
Recent News: Horizon Technology Finance Corporation Closes Merger with Monroe Capital Corporation (4/14/26)
HRZN Detailed Earnings Estimates - Zacks.com
HRZN SEC Filed 2025 Annual Report (A summary of risk factors starts at page 26 and ends at page 66)
New average cost per share this account: $4.34 (50 shares)
Dividend: Monthly at $.06 per share ($.72 annually), recently slashed from $.11 effective for the March 2026 payment.
HRZN Dividend History & Date | Seeking Alpha
HRZN was not even close to covering its $.11 per share monthly dividend with net investment income (NII). The company did have undistributed spillover income that was used to support the dividend.
Supplemental Dividends: "To create near-term value for the post-Merger combined company stockholders, the HRZN Board intends to use HRZN’s current undistributed taxable earnings (i.e., spillover income) of
Yield at $4.34: 16.59% (regular dividend only)
Reduced from $4.47
Last Ex Dividend: 4/16/26
Last Earnings Report (12/31/25): I discussed the last earnings report in that post and provided historical information about the net asset value per share numbers. There has been a considerable incineration of net assets by the external managers. ($6.98 as of 12/31/25 down from $17.01 per share as of 12/31/11 and $11.47 as recent as of 12/31/22.
Some Sell Discussions: Item # 2.I. Eliminated Duplicate Position in HRZN - Sold 10 at 10.01 (10/31/24 Post)(profit snapshot = $8.14); Item # 2.A. Eliminated HRZN in my Vanguard Account - Sold 20 at $12.05 (11/25/23 Post)(profit snapshot = $5); Item # 6.C. Pared HRZN - Sold 5 at $13.32 (11/15/22 Post)(profit snapshot =$7.4); Item # 1.B. Eliminated HRZN - Sold 30 at $11.8 (11/18/18 Post)(profit snapshot = $53.09)
6. Equity Preferred Stocks:
A. Added to XRNPRB in Fidelity Account - Bought 5 at $24.65:
Quote: Chiron Real Estate 8% Cumulative Preferred Series B (XRN-B) at Google Finance
Cost: $123.25
Issuer: Chiron Real Estate Inc (XRN) at Google Finance - Healthcare REIT
SEC Filed Report for the Q/E 12/31/25
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Coupon: 8%
Par Value: $25
Dividends: Paid quarterly and cumulative
Stopper Clause: Standard (page S-17 Prospectus)
New Average Cost per share this account: $23.82
Computation: .08% x. $25 par value = $2.00 annual dividend per share ÷ $24.82 total cost per share = 8.058%
Last Ex Dividend: 4/15/26
B. Added 5 BFSPRD at $20.3; 5 at $20.15 - Schwab Account:
Quote: Saul Centers 6.125% Cumulative Preferred Series D (BFS-D) at Google Finance
Cost: $202.25
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Issuer: Saul Centers Inc (BFS) at Google Finance
I have recently started a small ball position in the common stock.
BFS Discussion: Item # 1.H. Started BFS - Bought 10 at $31.5 (1/1/26 Post) The dividend yield at a $31.5 total cost is 7.49%. BFS Stock Dividend History & Date | Seeking Alpha
Saul Centers List of Properties
Last Discussed: Item # 5.D. Started BFSPRD in Schwab Account - Bought 10 at $20.49 (4/11/26 Post)
Par Value: $25
Coupon: 6.125%
Dividends: Paid Quarterly and Cumulative
Maturity: None
Optional Call: On or after 1/23/23. I do not view a call as likely.
New Average cost per share this account: $20.36 20 shares)
BFSPRD Yield at $20.36: 7.521%
Computation: .06125 x. $25 par value = $1.53125 annual dividend per share ÷ $20.36 total cost per share = 7.521%
100% of the 2025 dividends were characterized as ordinary income and Section 199A dividends, Saul Centers, Inc. Announces Tax Treatment of 2025 Dividends
Last Ex Dividend: 4/1/26
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.
