Saturday, September 19, 2026

BFS, BTX, GRX, JRI, REXR, SLRC, TPVG

To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image. 

Dollar Values of Trades Discussed in this Post:

I am barely active in stocks and will likely remain so until next year. 

My goal is to realize $25K each year in realized capital gains which I have already hit this year. 

I view capital gains as a supplement to my annual interest income. I am primarily a fixed income investor now (T Bills, T Notes, investment grade corporate bonds, Tennessee municipal bonds and treasury money market funds). 

For me, stocks are just inventory that will hopefully be sold at profits. I am not thinking long term about any of them. I will generally own close to 200  stocks, probably less now, but the overall allocation as a percentage of total assets will not be important to me. I would be fine with a 50% decline in the S&P 500.  

Inflow Common Stocks/Stock Funds: $896.35 

Outflow Common Stocks/Stock Funds: $1,137.62 

Realized Gains U.S. Stocks/Stock Funds: $158.74 

Net Outflow Stocks/Stock Funds: $241.27 

Inflow Corporate Bonds: 19 (cost at $18,787.07 )

Treasury Bills Purchased at Auction: $10,000 in principal amount

Treasury Note Purchased in Secondary Market: 6 (cost at $5,962.39)

Outflow Canadian Dollars: C$10,000 into USDs to fund U.S. investment grade corporate bond buying in my IB account

Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (9/11/26)("valuation indicators show the S&P 500 is overvalued by 121% to 227% based on August 2026 monthly data"; "four valuation indicators' average sits at 172%, remaining over 3 standard deviations above its historical mean") I do not view traditional valuation metrics as providing short term trading signals. However, when the stock market's valuation are extreme as now, the likelihood of a major valuation reset, similar to what happened in 2000-2002, becomes a major concern.  

S&P 500 Dividend Yield - Multpl: 1.06%

Buffett Indicator Valuation Model | Current Market Valuation

Shiller PE Ratio - Multpl

S&P 500 Price to Sales Ratio (P/S Ratio)

S&P 500 Earnings Yield - Multpl

S&P 500 Price to Book Value - Multpl

US10Y: 5.00% +0.053% (+1.0714%) as of 5:05 EST, 9/18/26, on TradeWeb

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9 Year 9 Month 10 Year TIP Auction Results (9/17/26): I bought only 1 in a RI account. I use a ladder approach with my TIPs with 10 years being a maximum maturity in the ladder. 

Real Yield of 2.653%, sold at a discounted price to the original auction last July 2026 which increased the real yield from 2.438%. 


As of the close on 9/17/26, using Treasury Department data, the breakeven inflation rate on the 10 year TIP was at 2.33%. 10-Year Breakeven Inflation Rate - St. Louis Fed Consequently, the buyer of this 10 year TIP at this auction would need a 2.33% annual average CPI rate over the maturity term to break even with the buyer of the non-inflation protected treasury maturing at about the same time. Those numbers are not precise since I do not have data for the breakeven inflation rate of a TIP maturing in 9 years and 10 months, but the rate would likely be the same or with an immaterial differential to the 10 year TIP data.    

I regard the TIPs as addressing a scenario similar to what happened in the 1966-1982 period. At currently expected inflation rates,  the 10 year TIP or the nominal 10 year have too low total returns to meet what most people will need to meet their financial objectives. It takes about 14.21 years for money to double at 5% and 17.67 years at 4% before any inflation or tax adjustments to the return. The Rule of 72 (with calculator) - Estimate Compound Interest

I have discussed recently the circumstances that will result in an investor losing money with a TIP purchased at auction, notwithstanding the inflation adjustment to the principal amount, when forced to sell the security prior to maturity. (e.g. Stocks Rallied 9/11/26 in response to a lot of bad news - 10 Year TIPs and the TIP ETF - YouTube) If I hold this TIP purchased at auction until maturity, I will receive the real return + the inflation adjustments to the principal amount. 

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Economy: 

As forecasted by the CME FedWatch tool, the Federal Reserve Board raised the federal funds range by .25% to 3.75%-4%. Federal Reserve issues FOMC statement (9/16/26) Comments made by Chairman Warsh after this announcement were viewed as hawkish. 

The Fed - September 16, 2026: FOMC Projections materials: 


Compared to the projections made in June, PCE inflation and core PCE inflation for 2026 were both raised by .1% to 3.7% and 3.4% respectively. Real GDP growth was lowered by .1% to 2.2%. 

The Dot Plot has 16 of the 18 Fed voting members forecasting another .25% increase prior to year end: 

A majority of the Fed members are not forecasting another increase in the FF rate above the the 4%-4.25% range, though 8 of the 18 are predicting another .25% hike in 2017. Overall, this forecast reflects IMO a Fed majority opinion that inflation will be placed under control and forced down with just two .25% hikes this year. Only 12 of the 18 are voting members. 

Trump demanded that the FED lower the FF rate to 1% or lower since the U.S. has "the Best Credit in the World — BY FAR". Trump "Truth" Social Post (9/16/26) The U.S. debt is rated at AA+/Aa1 while several foreign governments, corporations, U.S. state and local governments have AAA ratings. The next rating action for U.S. debt will be a one notch downgrade. The remaining part of Trump's post simply highlights his pervasive ignorance.  

The issue is not credit worthiness, as claimed by Trump, but whether higher short term rates are necessary to restrain inflation, which is too high, and to bring PCE inflation back down to 2% annual growth. The Fed - Why does the Federal Reserve aim for inflation of 2 percent over the longer run? (Quoting Trump: "I’m relying on Kevin, but he’s got, you know, a very tough board, he’s got a board that was put there by other people, And I told, I talked to Kevin, and I said, ‘You might as well vote with the board. It’s not going to matter.’") Trump appointed 3 of the 12 voting members. The other 2 Trump appointees, Michele Bowman and Christopher Waller, voted for the increase. 

Trump claimed the Federal Reserve Board was a "bunch of politicians" and "they're raising rates to make Trump do as bad as they can possibly do" Once again, it is all about Trump. The quote is referenced in this AP article.  Trump also claimed that he told Warsh to vote with the "bunch of politicians" on the Board (11 other voting members), all of whom voted for the increase. Trump still has confidence in Fed's Warsh, wants lower interest rates

I doubt that a .5% increase in the FF range off the 3.5% to 3.75% recent low will have any material impact on the inflationary pressures building in the economy. Inflation will have to fix itself. While I am only expressing an opinion here and recognize that inflation and interest rate trends are not predictable with any degree of certainty, my opinion is based on what I perceive as a failure to recognize all of the inflationary forces that are building and to heavily discount or even dismiss others like the republican taxes on U.S. importers. 

As to the inflationary impact of the republican tariff taxes, forecasters are making the following incorrect assumptions: (1) that the inflationary impacts were soon going to roll over Y-O-Y which assumes that no new tariffs have recently been imposed, which has been the case, or that no new ones will soon be levied which is also incorrect; (2) that prices were raised by the full amount of the tariff taxes when paid rather than phased in over a much longer period of time; and (3) that lower cost foreign products are not being replaced by higher cost ones produced domestically in the U.S.  

Trump reiterated his threat that he will prevent exports from all nations with a trade deficit unless the Fed lowers rates. Trump’s Latest Trade Threat Would Throw America Into A Massive Recession 

The FedWatch tool currently has the odds of at least another .25% increase in the FF range on or before the December meeting at 90.1%: 


Trump is simply incapable of understanding that reducing the FF rate to 1% or lower will substantially increase demand, create supply shortages, and consequently cause more inflation with longer term rates moving higher as the Fed would clearly be signaling that fighting inflation was no longer one of its 2 goals. The U.S. dollar would likely decline against most foreign currencies creating more inflationary pressure. 

Trump's demand for 1% or lower federal funds is not in the nation's interest but only in his personal and political interests  which is what matters to him IMO. A FF rate far below inflation will also result in a massive misallocations into assets like stocks causing price bubbles that can have far reaching negative impacts on the economy when the bubbles burst. 

A reporter needs to ask Trump what happened after the Fed cut the FF rate by .5% to 4.75% to 5%. Federal Reserve issues FOMC statement (9/18/24) I am confident that he has no idea. The ten year treasury closed at a 3.65% yield on 9/17/24 and at 4.58% on 12/31/24.   

Saudi Pipeline Outage Could Deepen the Global Fuel Crunch | OilPrice.com (9/17/26) The pipeline was moving 4 to 5 million barrels per day to the Red Sea port of Yanbu. The damage was more significant than early reports. Repairs may take 5-6 weeks, though initial flows could start soon. Trump's Energy Secretary Chris Wright claimed last Friday that the pipeline will be back in service within days. US Energy Secretary: Saudi Pipeline Could Be Back in Service Within Days | OilPrice.com (9/15/26). Notwithstanding that claim, Saudi Arabia told European refiners, who source crude from this pipeline, that there will be no deliveries in October. Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge | OilPrice.com (9/18/26). Saudi Arabia will be attempting to supply Asian markets through the Strait of Hormuz which remains open to question on the volumes. Iran takes credit for strikes on Togo-flagged tanker in Strait of Hormuz (9/18/26); Iran War Updates: 2 ships attacked in Strait of Hormuz as Trump says next move could be to "annihilate" regime (9/19/26)

Any above ground pipeline is an easy target for drone attacks. More attacks may occur before or after the repairs are completed. 

Oil prices rise as market awaits updates on Saudi pipeline outage (9/14/26)

Bab al-Mandeb Strait’s shipping traffic comes to halt amid conflict in Yemen – Middle East Monitor (9/17/26). 

Surge in heating costs expected to worsen price crunch - ABC News (9/19/26). This is Fake News in Trump's America even when the report is confirmed by the bills that consumers actually pay. 

Iran war impact: Oil prices, Treasury yields squeeze U.S. consumers with average impact of $1,700 per household

Mortgage Rates - Freddie Mac For the week ending 9/17/26, the average 15 year mortgage rate was at 6.26%, up from 5.44% for the W/E 2/26/26. On a $500,000 15 year mortgage, the increase in annual interest payments since the start of the Iran War is $4,100 per year. The average rate for the 30 year mortgage was reported by Freddie Mac at 6.95% (W/E 9/17/26), up from 5.98% for the W/E 2/26/26. The additional annual interest cost on a $500,000 30 year mortgage is $4,850.   

AAA Fuel Prices As of today (9/19/26), the national average for regular gasoline is at $4.4759, up from $3.1996. The average price for diesel is currently at $6.4886, up from $3.706 a year ago. 

Trump says "Canada wants to make a deal very badly, just like Iran" while in Ireland (9/12/26)

Federal government paid employees $9.5 billion not to work in 2025: GAO Report - ABC News

'Ominous': Trump threatens to turn US into 'investment pariah  

Carney welcomes EU invite for Canada to become first associate member Trump threaten the EU with more tariffs for granting associate member status to Canada, which Trump views as a "hostile" act. Trump threatens tariffs on EU over Canada's bid to become bloc's first associate member The EU treaty will have to be amended to create an associate membership. Canada and its citizens have reached the only rational conclusion - the U.S. is a hostile foreign power.  

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Our Dear Leader and his Party:

I no longer believe that Trump's party can be saved as a conservative one in the American tradition. It is just too far gone into something else. His supporters are not going to change.  

Our Dear Leader has banned CNN, MS Now and Politico from the White House since he does not like their reporting and views reporting by those media organizations as Fake News. More Trump banishments will follow. Trump: CNN, MS NOW and Politico banned from the White House : NPR 

The Republicans in Congress will not criticize this latest Trump attack on the First Amendment, nor will they do anything to restrain Trump from repeatedly punishing the exercise of First Amendment rights of news organizations, law firms, universities, Democrat politicians and other critics. Speak at Your Own Risk - The Atlantic They are after all his enablers and protectors. Trump has also been unleashed by the 6 Monarchists on the Supreme Court who are undermining the most fundamental reason why there was an American Revolution against rule by King George.  

Trump did not, as usual, provide any evidence that any statement made by a the journalists working for those news organization was false or, as he asserted, known to be false prior to making the statement. In Trump's America, it is only necessary for Trump to label all reporting by multiple news organizations as Fake News since his labeling is the all the proof required to support his claims. 

In Trump's America, any factual criticism of what Trump says or does can be dismissed simply by saying the speaker is suffering from Trump Derangement Syndrome and nothing more is required, certainly nothing resembling rebuttal evidence admissible in a court which excludes reality creations and conclusory statements of opinion offered as facts that circulate in Trump affiliated media organizations and influencers. 

It is Trump, not the U.S. government censored news organizations, who creates Fake News. His false and misleading statements need to be measured in units of ten thousand. False or misleading statements by Donald Trump (first term) - Wikipedia; False or misleading statements by Donald Trump (second term) - Wikipedia Trump fact checkers are just ignored as Fake News creators in Trump's America, which then allows republicans to still believe that Trump is honest and tells it like it is. 

Trump explained what he is doing to Leslie Stahl many years ago. Lesley Stahl says Donald Trump admitted attacking press to "discredit" media coverage of "negative stories" - CBS News (5/23/2018). The reason for Trump's attacks on the First Amendment is to turn people away from discovering that his statements are false. 

Trump on establishing guardrails on AI:  "The only control or “guardrails” that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A. has that, in spades! . . .There is a SICK conspiracy going on against AI and Data Centers, and the only one that is happy about it is China. WHOEVER WINS AI, WINS! We are leading China, and all others, and will continue to do so. Conspiracy Theorists, Treasonists, Traitors, and Leakers, BEWARE!" Trump "Truth" Social Message 9/14/26 Trump is concerned IMO that a slowdown in AI spending will significantly reduce GDP growth.  

How do we know that Trump is an "extremely stable genius" with a very high IQ? That is what he claims and his words create what is real and true in Trump's America but not in the real world of course.

And we know that Trump has a "High IQ!" because he reportedly passed a simple test called the Montreal Cognitive Assessment (MoCA) that screens for dementia. That is his claim. Trump fact check: Did the president's health check show “extreme intelligence”? | The BMJ; How hard is it to ace Trump's cognitive test? | About That - YouTube That test, of course, in no way measures IQ and can not be transformed into an IQ test by Trump's words which are reality creations.  

OpenAI reveals 6 more incidents of "unexpected or concerning" AI behavior - CBS News (9/17/26); OpenAI model declared itself 'freed' from human control - YouTube

AI agents are hacking systems without any input from humans. How did we get here? | PBS News'; OpenAI agents hacked Hugging Face in 700-strong swarm, tried to cover tracks, investigations find

Google's Gemini becomes latest AI model to break out and hack computer systems

Trump says not to worry about robots marching into cities — a week after sharing an AI pic of him and robots marching | The Independent; Describing Himself as a “Hoax Buster,” Trump Dismisses Legitimate AI Concerns | Truthout

Supreme Court says Trump can’t enforce new mail-in ballot regulation The ruling applies to the upcoming midterm election. Alito and Thomas dissented from this decision and would have allowed Trump's EO to go into effect just prior to the midterm election creating the maximum amount of chaos. Postal Service v. California (9/14/2026)

While Congress has appropriated $257M for Kennedy Center repairs, Trump has impounded the funds until his name is put on the facade. Trump says Kennedy Center will stay closed unless his name is added back

Kennedy Center Board, selected by Trump, warns of bankruptcy unless Trump’s name is added to building: court documents - ABC News;  Trump’s Kennedy Center Shakedown - The Atlantic 

Trump bears considerable responsibility for causing the Kennedy Center to be stressed financially. Revenues plunged after he replaced the Board, made himself Chairman, and had his name placed on the facade. Kennedy Center Board elects President Donald J. Trump as Board Chair Then his hand-picked Board decided to close the Center due to artists cancelling their performances while renovations are made. In the past, repairs have been made with the Center remaining open. It would go a long way to restoring the Center's fiscal health for Trump to resign from his position as Chairman, give up his quest to have his name on the Center, and for all of his toadies to resign as well with competent people appointed to replace all of them.

Trump says Kennedy Center could be 'ripped down' if he doesn't get 'recognition' - ABC News (9/16/26) Just another temper tantrum of a disturbed man-child.  

Urgent motion filed to stop carving of Trump’s name into US Institute of Peace building - POLITICO

Empire of Grift - The Atlantic (An article written by Anne Applebaum)

Federal judge rules Trump DHS plan for 50% FEMA staffing cuts was unlawful - ABC News

Trump Says He Won’t Send More FEMA Aid If Republican Candidate Loses People Magazine (9/17/26)

RFK Jr. tells vaccine-skeptic group Children's Health Defense they have a 'friend' in the White House - ABC News; Pennsylvania’s Measles Outbreak Is Enormous - The Atlantic; Pennsylvania Gov. Shapiro slams RFK Jr. as not ‘connected or grounded in reality’ on measles outbreak; Measles Vaccination | Measles (Rubeola) | CDC

The Final Battle for America’s Democracy | The New Republic

Saudi Arabia's MBS pressed Trump to strike Houthis in Yemen, sources say - CBS News Trump told him everything will "work out fine and dandy, and it is "going to be very good".   

GOP analyst sounds the alarm on Trump disciples' 'dark plans' for America: 'Here to stay' - Raw Story  

Trump uncorks bizarre brag about his polls as he hits rock bottom - Raw Story (9/18/26) Trump stated in a post yesterday that his approval rating among republicans was at 95%. 

Trump considered dangerous and corrupt by majority in new poll

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1. Small Ball Sells: 

A. Eliminated REXR - Sold 15+ at $39.07: 

Quote: Rexford Industrial Realty Inc (REXR) at Google Finance - An Industrial Property REIT

Proceeds: $605.34

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

REXR SEC Filings

Website: Rexford Industrial

I recently discussed my displeasure with this company. Item # 2.I. Pared REXR - Sold 2 at $37.7 (7/28/26 Post)(profit snapshot = $6.97). In its second quarter report discussed in that post, SEC Filed Press Release, I noted that the CEO had some upbeat comments about the future after the company disclosed a $624.754M value impairment to owned properties. I started a position earlier this year. Item # 1.C. Started REXR - Bought 5 at $33.79; 5 at $33.2; 5 at $32.75; and 5 at $32.35 (3/30/26 Post)

Rexford Industrial Enters Into Agreement to Sell a $1.2 Billion Industrial Portfolio

Last Discussed: Item # 1.F. Pared REXR - Sold 3 at $37.1 (9/7/26 Post)(profit snapshot = $9.93) 

Profit Snapshot: $97.18

Dividend: Quarterly at $.435 per share, last raised from $.43 effective for the 2026 first quarter payment. 

Dividend History: REXR

Next Ex Dividend: 9/30/26

The dividend yields of equity REIT stocks become less attractive to me as short term yields on treasuries and investment grade corporate bonds rise. 

With fixed income investments, I know my total return when I purchase them, assuming no defaults, which is not the case with stocks. I also have a promise to pay a sum certain on a date certain with those securities. 

Since I am now an old income focused investor, I am more comfortable owning 2 to 5 year treasury notes  that have 4.4%-4.8% YTMs than an equity REIT stock with a 5% yield that has issues and whose total return may end up being a negative one over the same time period. I will still own both but will be in a hyper trading mode for most REIT stocks given the YTMs on short term T Notes and investment grade corporate bonds.  

I am not likely to restart a common stock position anytime soon. I am far more likely to buy a senior unsecured bond issued by Rexford's operating subsidiary provided the purchase has at least a 5% YTM, a relatively short maturity, and can be bought at a discount to par value. (e.g. Bond Page | FINRA.org)

B. Eliminated GRX - Sold 14 at $9.83; 40+ at $9.8+: 


Quote: Gabelli Healthcare & WellnessRx Trust (GRX) at Google Finance

Proceeds: $532.28

Gabelli Health & Wellness (GRX) Quote | Morningstar Currently rated at 1 star. 

Sponsor's website: GRX - Gabelli

Gabelli Health & Wellness (GRX) Performance | Morningstar Through 9/17/26, the five year annual average total return was -.08%. The average annual return over the past three years was +8.98%. 

The fund is leveraged at close to 32% according to CEFConnect.

SEC Filed Semiannual Report for the period ending 6/30/26 I reviewed this report last week and noted that 50.9% of assets were invested in treasury bills. The fund borrows money through 5.2% coupon preferred stocks, which is a higher rate than the yield from T bills (page 19). Fund expenses including management fees further dilute the benefit from T Bill interest payments. This made no sense to me. 

Profit Snapshots: $61.56


Dividend: Quarterly at $.17 per share 

GRX Dividend History & Date | Seeking Alpha

ROC supported. 

Data Date of 9/15/26 Trade: 

Closing Net Asset Value per share: $10.97

Closing Market Price: $9.74

Discount: -11.21%

Average 3 year Discount: -13.13%

Sourced: GRX - CEF Connect (Click "Pricing Information" Tab)

I will not be buying this CEF again. 

2. Small Ball Buys: 

A. Added to SLRC - Bought 5 at $12 - Fidelity Account: 

Quote: SLR Investment Corp (SLRC) - Externally Managed BDC

Cost: $60

Last Discussed: Item # 4.B. Added to SLRC in Fidelity Account - Bought 5 at $12.45 (9/7/26 Post) I discussed the last earnings report in that post. SEC Filed Press Release

SEC Filed 2025 Annual Report (Risk factor summary starts at page 28 and ends at page 65) SLRC owns or has equity interests in several companies that are described at pages 77-80, including two companies that are involved in equipment leasing and equipment financing. 

SLRC SEC Filings 

SLRC Detailed Earnings Estimates - Zacks.com

Net Asset value per share history:

6/30/26:   $18

 3/31/26:   $18.16

12/31/25:  $18.26

 6/30/25:  $18.19

12/31/24: $18.20, 10-K at page 98

12/31/23: $18.09   "

12/31/22: $18.33  

 6/30/22:  $18.53

12/31/21:  $19.93

12/31/20: $20.16

 9/30/20:  $20.14   10-Q

12/31/19:  $21.44

12/31/18:  $21.75 

12/31/17:  $21.81

12/31/16:  $21.74

12/31/15:  $20.79 

12/31/14:  $22.05

12/31/13:  $22.50

12/31/12:  $22.70

12/31/11:   $22.02

Initial Public Offering: Prospectus February 2010, priced to the public at $18.5 and at $17.205 to the underwriters The fact that the NAV per share is currently near the 2010 offering price is a good sign for a BDC, IMO, particularly compared to most other externally managed BDCs. 

New Average cost per share: $12.9 (35 shares)

Reduced from $13.05. 

Dividend: Quarterly at $.31 per share ($1.24 annually), slashed from $.41 effective for the 2026 second quarter payment. 

SLRC Dividend History & Date | Seeking Alpha

Dividend slashes by BDCs have been common. The percentage slash will depend primarily on how much net income per share will decline resulting from variable rate loans repricing at lower coupons, the increases in non-performing loans which will vary substantially among BDCs, and how much financing costs for SU debt will increase which is now a pervasive problem for these companies that reduces their net interest margins. 

Yield at $12.9: 9.61%

Last Ex Dividend: 9/11/26 (owned 30 as of)

Some Sell Discussions: Item # 5.D. Pared SLRC - Sold 5 at $16.5+ in Fidelity Account (9/27/25 Post)(profit snapshot = $10.03)(noting that BDC stock prices had started to trend down as more investors realized that their net investment incomes per share would trend down as variable rate loans reset at lower rates.); Item # 3.F. Sold Highest Cost 5 SLRC Shares at $16.43 (8/12/25 Post)(profit snapshot = $10.65); Item # 3.I. Pared SLRC - Sold 8 at $16.75 (2/5/25 Post)(profit snapshot = $14.16); Item # 1. Pared SLRC - Sold 85 Shares at $16.35 (11/27/24 Post)(profit snapshot $21.24); Item # 2.E. Eliminated SLRC in Two Taxable Accounts - Sold  37+ at $15.79 and 30 at $15.79 (3/11/23 Post)(profit snapshot = $66.68)

SLRC Realized Gains to Date: $276.84

Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments using the unadjusted cost basis for the shares sold.  

Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain.  

B. Added to TPVG - Bought 10 at $5.21+; 10 at $4.75:



Cost: $99.65

Management: External 

I bought 10 shares before and after the quarterly ex dividend date 


10-Q for the Q/E 6/30/26 A summary of the investments starts at page 5. 

As of 6/30/26, TPVG "held debt investments in 53 portfolio companies, warrants in 117 portfolio companies and equity investments in 60 portfolio companies." 

TPVG SEC Filed 2025 Annual Report (Risk factors are summarized starting at page 26 and ending at page 60) 

I  have this BDC classified as deservedly hated, so I tread carefully. 

This BDC started off with a bang, making several good investments that resulted in capital gains (e.g. Crowdstrike before its IPO), and only a few non-accruals. There were then a series of mistakes that caused substantial loan losses, a major bear market in the stock price, and dividend cuts. I discussed some of those mistakes in past posts.

Net Asset Value per share: Pathetic IMO with most of the damage inflicted in 2022-2023.  

It is possible that the incineration of assets (2022-2023), has stopped with the net asset value per share range holding in the $8.6 to $9.1 range starting in 2024. 

6/30/26:    $8.87

12/31/25:   $8.73

12/31/24:   $8.61

9/30/24:    $9.1  

6/30/24:   $8.83 10-Q for the Q/E 6/30/24

12/31/23:   $9.21

6/30/23:   $10.7

12/31/22:  $11.88

12/31/21:   $14.01

9/30/21:    $13.92

12/31/20:  $12.97
6/30/20:   $13.17
3/31/20:   $12.85
12/31/19:  $13.34

9/30/19:   $13.47
12/31/18:  $13.50  
9/30/18:   $13.59
12/31/17:  $13.25
9/30/17:   $13.39 
9/30/16:   $13.44
9/30/15:   $14.52 

IPO in March 2014 at $15

New average cost per share: $5.84 (40 shares)

Snapshot Intraday on 9/16/26 after second add

Regular 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.   

I have changed my dividend option back to reinvestment based on the discount to net asset value per share and as a mean to average down randomly. 

Yield at $5.84 AC: 15.75% (regular dividend only)

Last Ex Dividend: 9/16/26 for the regular and special dividends, owned 30 shares as of.  

Last Earnings Report (Q/E 6/30/26): 


Net investment income (NII) per share: $.21 (below the regular dividend), down from $.28 in the 2025 second quarter. 

"12.9% weighted average annualized portfolio yield on debt investments for the quarter"

"realized gain of $12.8 million from the secondary sale of equity shares in Revolut Ltd (“Revolut”); remaining warrant and equity position in Revolut with a fair value of $47.9 million as of June 30, 2026". Revolut is a private company. Revolut - Wikipedia; Revolut confirms customer data breach through fake government requests | TechCrunch (9/12/26)

Company Assessment of Credit Quality: 


Company Assessment of How Interest Rate Changes Impact NII: 


10-Q for the Q/E 6/30/26 at pages 72-73 I was surprised by a slight negative impact on NII resulting from a .5% increase and a minimal positive impact at a 1% increase. 

As of 6/30/26, TPVG "had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $38.6 million and $16.4 million, respectively. As of December 31, 2025, we had investments in four portfolio companies which were on non-accrual status, with an aggregate cost and fair value of $39.7 million and $17.1 million, respectively." 10-Q at page 61. 

Prior Sell Discussions: Item # 3.M.Eliminated TPVG - Sold 20 at $8.07; 10 at $8 (2/5/25 Post)(profit snapshots = $29.86){noting that I had no confidence in TPVG's external management company}; Item # 2.A. Eliminated TPVG in all Taxable Accounts - Sold 38+ at $10.76; 11 at $10.8; 29 at $10.88 (8/26/23 Post)(profi snapshots = $177.68); Item # 2.J. Pared TPVG in Fidelity Taxable Account- Sold 5 at $16.95; 5 at $18.83 and Item #2.K. Pared TPVG in Vanguard Account - Sold 3 at $17.62 (11/26/21 Post)(profit snapshots = $84.38 and $30.46); Item #3.R. Finished Selling Fractional Shares Bought with Dividends-Fidelity Account  (6/4/21 Post)(profit  =$2.01); Item # 1.L. Sold 5 TPVG at $15.67 in Schwab Taxable and Item #1.M. Sold 11 TPVG at $15.67-highest cost shares in Fidelity Taxable (5/16/21 Post)(profit snapshots  = $74.43); Item # 1.R. Pared TPVG in Fidelity Account-Sold 5 at $15.35 (4/9/21 Post)(profit snapshot = $20.74); Item # 1.C. Pared TPVG-Sold 4 at $14.85 (4/1/21 Post)(profit snapshot = $13.71); Item # 3.K. Pared-Sold 9 at $13.13-Lots Bought with Dividend (1/30/21 Post)(profit snapshot = $26.95); Item #1.L. Pared TPVG in Vanguard Taxable Account-Sold 10 at $12.41 (8/22/20 Post)(profit snapshot = $17.1; contains snapshots of prior round-trip trade profits); Item # 2.L. Pared TPVG in Vanguard Taxable Account-Sold 10 at $12.6 (8/15/20 Post)(profit snapshot $9.99); Item # 1.J. Eliminated TPVG in Schwab Taxable Account-Sold 30 at $10.58 (8/8/20 Post)(profit snapshot = $94.3); Item # 2.A. Pared TPVG-Sold 14 shares at $15.61-Used Commission Free Trade (9/1/2019 Post)(profit = $46.33); Item # 2.A. Sold 74+ TPVG at $14.87 (7/20/19 Post)(profit snapshot= $246.43 - largest gain single transaction); Item # 4.C. Eliminated  TPVG in Roth IRA Account (4/17/19 Post)(profit snapshot = $88.87); Item # 3.B.(4/14/19 Post)(profit = $71.76); Item 3.A. Sold 40 TPVG at $13.44-Schwab Account and Item #3B Sold 50 TPVG at $13.39 Vanguard Roth  IRA (3/13/19 Post)(profit snapshots of $4.17 and $4.49 ); Item 2.B. Sold 50 TPVG at $13.39 (3/4/2017 Post)(profit snapshot = $153.08); Item # 3 Sold 50 TPVG at $12.33 (1/16/17 Post)(profit snapshot = $83.48)  

TPVG Realized Gains to Date: $1,323.99 

Goal: As with all BDCs, the goal is any total return in excess of the dividends.

C. Started TPVG in Fidelity Account - Bought 10 at $4.9: 


See Item #2.B. above. 

Cost: $49

Yield at $4.9: 18.79% (regular dividend only) 

D. Added to JRI - Bought 10 at $11.95: 



Cost: $119.45

I am slowly buying back shares that were recently sold at a higher price. Item # 1. Eliminated JRI - Sold 100+ at $13.07 (7/14/26 Post)(profit snapshot = $448.92, 7/6/26 sale only)



Nuveen Real Asset Income & Growth Fund - SEC Filed Semiannual Shareholder Report 


Average Cost per share: $12.04 (20 shares)

Snapshot Intraday on 9/14/26 after add

Dividend: Monthly at $.1335 per share ($1.602 annually)

Heavy ROC Support 

Yield at $12.04: 13.3%

Last Ex Dividend: 9/15/26

Data Date of 9/14/26 Trade: 

Closing Net asset value per share: $12.73
Closing Market price: $11.96
Discount: -6.05%
Average 3 Year Discount: -6.31%

Sourced: JRI - CEF Connect (Click "Pricing Information" Tab)   

JRI Realized Gains to Date: $1,495.67 

I have nothing further to add to my recent discussion Item # 4.C. Restarted JRI - Bought 10 at $12.14 (9/7/26 Post) 

E. Added to UPBD - Bought 5 at $17.75; 5 at $17.3:



Cost: $175.25



UPBD Detailed Earnings Estimates at Zacks As pf 9/18/26, the average E.P.S. for 2026 was at $4.15 and at $4.58, both non-GAAP numbers. The current stock price is not consistent with investor acceptance of those estimates particularly given the dividend support. 


Investment Categories: Bond Substitute and Contrarian Value with dividend support

The Bond Substitute category only defines the investment objective which is to realize at least an annualized 2% gain on the shares plus the dividends. 

5 Year Chart (weekly closes): Major Bear Market Pattern

The bear market started in August 2021 with the price topping out near $64.

New Average cost per share: $19.26 (30 shares)

Snapshot Intraday on 9/18/26 after second add

Reduced from $19.95

Dividend: Quarterly at $.39 per share ($1.56 annually)


Yield at $19.26: 8.1%

Last Ex Dividend: 6/16/26


Last Earnings Report (Q/E 6/30/26): I discussed this report in a recent post and have nothing further to add here. Item # 4.A. Added to UPBD - Bought 5 at $20.87;  5 at $19.55; 5 at $19.10 (8/18/26 Post); SEC Filed Earnings Slide Presentation and SEC Filed "Second Quarter Review"

A major concern is the financial stress currently being experienced by many UPBD customers. 

F. Added to BFS - Bought 5 at $30.8; 5 at $30.3:



Cost: $305.5


As of 6/30/26, the properties consisted of 50 shopping center properties, nine mixed-use properties, which are comprised of office, retail and multi-family residential uses  and three (non-operating) land and development properties. The properties are concentrated in the Washington, D.C./Baltimore metropolitan area. A majority of the shopping center "are anchored by one or more major tenants and 34 of which are anchored by a grocery store, offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 4.3% of the Company's total revenue for the six months ended June 30, 2026. No other tenant individually accounted for 2.5% or more of the Company's total revenue, excluding lease termination fees, for the six months ended June 30, 2026."  10-Q at page 11 

The company is in a lease up phase of Hampden House, an apartment complex located in Bethesda, Maryland. "As of August 3, 2026, 235 of the 366 (64.2%) residential units were leased and occupied and 8,600 square feet of the 10,100 (85.1%) square feet of retail space is leased and occupied." Starting in October 2025, expenses associated with this property (real estate taxes, depreciation, interest and other cost) started to be expensed while revenue continues to increase but is not yet at optimum levels. The mismatch resulted in $4M negative impact to 2026 second quarter net income. 

Another property, Twinbrook Quarter in Rockville, Maryland, has existing apartments and retail tenants but is still in a developmental phase. 


New average cost per share: $31.08 (25 shares)

Snapshot Intraday on 9/18/26 after second add

Dividend: Quarterly at $.59 per share ($2.36 annually), last raised from $.57 effective for the 2022 third quarter payment 


Yield at $31.08 AC: 7.59%

Last Ex Dividend: 7/15/26 (owned 15 as of)

Next Ex Dividend: 10/15/26

Last Earnings Report (Q/E 6/30/26): 


Revenues: $76.8M, up from $70.8M

GAAP E.P.S. $.24, down from $.33

FFO per share: $.69, down from $.73

Reconciliation: 


Repairs and maintenance expenses are deducted in the net income calculation 2010-Q at page 25

F. Started BTX as a Placeholder - Bought 10 at $8.75:



Cost: $87.5

This fund will own both publicly listed and non-publicly traded private stocks. The fund provides a way for small investors to participate indirectly in non-public companies prior to their IPOs. 



BlackRock Technology and Private Equity Term Trust - SEC Filed Shareholder Semiannual Report for the period ending on 6/30/26. The BTX holdings are listed starting at page 77. 

BlackRock Tech and Private Equity Term (BTX)-Morningstar Currently rated 1 star. The fund started in 2022 which was a horrific year. The total return that year was -47.76%. BlackRock Tech and Private Equity Term (BTX) Performance | Morningstar In 2022, the State Street Technology Select Sector SPDR ETF (XLK) had a total return of -27.73%. XLK – Performance at Morningstar

Top 10 Holdings as of  8/31/26:


Of those 10 stocks, the following are still private companies: Anthropic, PsiQuantum, DeepGram,  and Snorkel AI. 

Dividend: Monthly at $.0525 per share ($.63 annually)


The only way to support the dividend is through realized capital gains. 

Yield at $8.75: 7.2%

Last Ex Dividend: 9/15/26

Next Ex Dividend: 10/15/26

Data Date of 9/17/26 Trade: 

Closing Net Asset Value per share: $9.85
Closing Market Price: $8.73
Discount: -11.37%
Average 3 Year Discount: -11.87
Sourced: BTX  - CEF Connect (Click "Pricing Information Tab")  

By clicking the "Distribution" tab, information about ROC support for the dividend can be reviewed. 

I am just establishing a Placeholder position that reminds me when I scroll through an account that I may want to buy more shares depending on the price or, in some cases, liquidate the position for a profit since I am not willing to buy more shares.  

I currently own, and have traded, another Blackrock CEF that owns both publicly traded and privately owned stocks. BlackRock Science and Technology Term Trust (BSTZ) at Morningstar, last discussed at Item # 2.B. Eliminated BSTZ in Fidelity Account - Sold 30 at $21.45 (1/22/25 Post)(profit snapshot = $136.92); Item # 2.C. Eliminated Duplicate Position in BSTZ  - Sold 15+ at $19.75 (5/31/24 Post)(profit snapshot = $44.2) 

3. Corporate Bonds: 19

I am about 2 weeks behind in discussing corporate bonds purchases. Yields continue to rise as prices decline. Without checking, I simply assume that all of the bonds discussed below could be bought next Monday at lower prices. 

I characterize this kind of interest rate risk as the risk of lost opportunity which is the only interest rate risk that I face when interest rates are rising. 

I lose the opportunity to buy higher yielding bonds with the funds tied up in lower yielding ones. 

I am financially able to own all bonds until they mature, so I avoid the interest rate risk resulting from having to sell bonds at a loss. The unrealized loss on my corporate bonds will evaporate and turn into a realized market discount when redeemed by the issuer since all corporate bonds that I own are bought at discounts to par value.  

My primary methods to reduce the risk of lost opportunity are to have a (1) relatively short average duration and a (2) a weekly flow of redemption proceeds that can be used to buy higher yielding securities

The Stryker bond discussed in Item # 2.A. below will be the last one that I will buy that has a coupon of less than 4% during the current period of rising rates. I am aiming for bonds with higher current yields and preferring those with YTMs and current yields close together and over 4.5%. 

I own corporate bonds in 3 taxable accounts. 

In my Fidelity account, I own 318 different T Bills, T Notes, investment grade corporate and Tennessee municipal bonds. That account is heavily weighted in those securities. Prior to 2007, I did not own any bonds. I have changed dramatically my investment approach based on my financial condition, lack of any debt, and age. 

The average duration of the "bonds" is 2.64 years with an average yield to maturity of 4.45%. Fidelity lumps T Bills into the bond category.  At a 4.45% YTM on all fixed income securities owned in 4 taxable brokerage accounts, I can pay all of my living expenses after taxes with about 50% left over for reinvestments. 

Duration: Understanding the Relationship Between Bond Prices and Interest Rates - Fidelity

Both the average YTM and duration numbers are increasing slightly with new purchases. 

Redemptions of lower yielding bonds and replacing them with higher yielding ones is also increasing the average YTM.  

The weighting in Tennessee municipal bonds decreases the average YTM while increasing the portfolio's duration. 

The weighting in T Bills lowers both the YTM and the duration. 

Next week I have 4 corporate bonds with a 3.125% coupon and 10 T Bills maturing in this account. I am likely to use the proceeds to buy investment grade corporate bonds. 

As a resident of Tennessee, which does not have a state income tax, the after tax yield of corporate and treasury interest payments will be the same for me. That is an important consideration in choosing between treasuries and corporate bonds.   

A. Bought 2 Stryker 3.65% SU Maturing on 3/7/28 at a Total Cost of 98.65: 

Issuer Stryker Corp (SYK) - A Medical Device Company

Cost: $1,973

Filled on 9/8/26 

SYK Detailed Earnings Estimates at Zacks.com

SYK SEC Filings 

SYK SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues = $6.589B, net income = $1.276B)

FINRA Page: Bond Page | FINRA.org

Credit Ratings: A3/BBB+

YTM at Total Cost: 4.595%

Current Yield at TC: 3.7%

I now own 4. 

B. Bought 2 Dell International/EMC 4.15% SU Maturing on 2/15/29 at a Total Cost of 98.297- Fidelity Account: 

Issuer: Wholly owned subsidiaries of Dell Technologies (DELL) who guarantees the notes. 

Total Cost: $1,965.94

Filled on 9/9/26

Prospectus Dell International and EMC are co-issuers. Both are wholly owned subsidiaries of Dell Technologies who guarantees the notes, page S-3.

SEC Filings 

SEC Filed Earnings Press Release for the Q/E 5/1/26 (Revenue of $43.8B, with net income reported at $3.438B)  

SEC Filed Earnings Press Release for the Q/E 7/31/26 (Revenue of $46.971B, with net income reported at $4.133B)

DELL Detailed Earnings Estimates - Zacks.com

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.9%

Current Yield at TC: 4.222%

I now own 4. 

C. Bought 2 MPLX LP 4.8% SU Maturing on 7/15/29 at a Total Cost of 99.738: 

Issuer: MPLX LP (MPLX) at Google Finance

Cost: $1,994.75

Filled on 9/9/26

"MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins."

MPLX LP SEC Filings

MPLX LP SEC Filed Earnings Report for the Q/E 6/30/26 (Revenues = $3.312B with net income reported at $1.077B, distributable cash flow at $1.45B)

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.914%

Current Yield at TC: 4.813%

Other Owed MPLX LP SU Bonds:  

2 MPLX LP 4.25% SU Maturing on 12/1/27, Bond Page | FINRA.org, discussed at Item # 3.C. Bought 2 MPLX LP 4.25% SU Maturing on 12/1/27 at a Total Cost of 98.467 (2/10/25 Post)(YTM then at 4.83%)

4 MPLX LP 4% SU Maturing on 3/15/28, Bond Page | FINRA.org, last discussed Item # 3.B. Bought 2 MPLX LP 4% SU Maturing on 3/15/28 at a Total Cost of 99.294 (7/14/26 Post)(YTM then at 4.43%). In the same post, I discussed selling 2 MPLX LP bonds maturing in 2035. Item # 3.A. Sold 2 MPLX 5.4% SU Maturing on 4/1/35 at 100.206 (7/14/26 Post)("Profit" Snapshot = $17.18) That switch slightly reduced my interest rate risk and interest income.   

D. Bought 2 Realty Income 4.75% SU Maturing on 2/15/29 at a Total Cost of 99.86 - Interactive Brokers Account: 

Issuer: Realty Income Corp (O)  at Google Finance - A Net Lease Retail REIT

Cost: $1,997.2

I have a small ball position in the common stock (15+ shares with an average cost per share at ). 

Last Discussed: Item # 2.O. Pared O - Sold 5 at $63 (9/12/24 Post)(profit snapshot = $46.52) 

Largest Gain: Item # 1. Eliminated Realty Income (O)- Sold 100 at $52.37 -Seeking Alpha (profit snapshot = $1,579.6, lot sold on 1/20/16)

O SEC Filings

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: 4.81%

Current Yield at TC: 4.757%

Other owned Realty Income SU Bonds: 

Stacked as follows

2 Realty Income 4.125% SU Maturing on 10/15/26, discussed at Item # 2.I. Bought 2 Realty Income 4.125% SU Maturing on 10/15/26 at a Total Cost of 99.225 (11/21/24 Post) 

2 Realty Income 3% SU Maturing on 1/15/27, Bond Page | FINRA.org (not discussed)

2 Realty Income 3.95% SU Maturing on 8/15/27, Bond Page | FINRA.org, discussed at Item #1.F. Bought 2 Reality Income 3.95% SU Maturing on 8/15/27 at a Total Cost of 99.611 (4/11/26 Post) 

2 Realty Income 3.65% SU Maturing on 1/15/28, Bond Page | FINRA.org, discussed at  Item #4.E. Bought 2 Realty Income 3.65% SU Maturing on 1/15/28 at a Total Cost of 98.963 (5/15/26 Post) 

2 Realty Income 3.95% SU Maturing on 2/1/29, Bond Page | FINRA.org, discussed at Item #3.E. Bought 2 Realty Income 3.95% SU Maturing on 2/1/29 at a Total Cost of 98.796 (6/12/26 Post) 

2 Realty Income 4% SU Maturing on 7/15/29, Bond Page | FINRA.org, discussed at Item # 2.K. Bought 2 Realty Income 4% SU Maturing on 7/15/29 at a Total Cost of 98.014 (8/4/26 Post) 

E. Bought 2 Amcor Flexibles North America 4.8% SU Maturing on 3/17/28 at a Total Cost of 99.959 - Interactive Brokers Account: 

Issuer: The original issuer was Bemis that was acquired by Amcor  (AMCR) who guarantees the notes along with related entities. 

Cost: $1,999.18

Prospectus (see pages 31-32 for guarantees)

I currently own 30 AMCR shares in my Schwab account. I recently eliminated a duplicate position in my Fidelity account. Item # 1.A. Eliminated Duplicate Position in AMCR - Sold 15+ at $46.01 (8/18/26 Post)(profit snapshot = $112.42).  

AMCR Detailed Earnings Estimates - Zacks.com

AMCR Profile Page at Reuters

AMCR SEC Filings

SEC Filed Earnings Press Release for the Q/E 6/30/26 

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.828%

Current Yield at TC: 4.802%

I had 2 Amcor Flexibles 3.1% SU bonds mature on 9/15/26: 

Other Owned AMCR Subsidiary Bonds (guaranteed by AMCR): 

2 Amcor Finance 4.5% SU Maturing on 5/15/28, Bond Page | FINRA.org (not discussed) 

4 Amcor Flexibles 4.25% SU Maturing on 3/8/29, Bond Page | FINRA.org, discussed at Item # 2.F. Bought 2 Amcor Flexibles 4.25% SU Maturing on 3/8/29 at a Total Cost of 99.282 (7/1/26 Post) and Item # 3.D. Bought 2 Amcor Flexibles 4.25% SU Maturing on 3/8/29 at a Total Cost of 99.455 (5/2/26 Post) 

F. Bought 2 Quest Diagnostics 4.2% SU Maturing on 6/30/29 at a Total Cost of 97.643: 

Issuer: Quest Diagnostics Inc (DGX) at Google Finance

Cost: $1,952.86

Filled on 9/11/26

Prospectus (3/19)

DGX Detailed Earnings Estimates at Zacks.com

DGX SEC Filings

SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues = $$3.043B, net income at $350M)

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 5.113%

Current Yield at TC: 4.301%

I now own 6 bonds. 

Last Discussed: Item # 3.C. Bought 2 Quest Diagnostics 4.2% SU Maturing on 6/30/29 at a Total Cost of 99 (7/28/26 Post)(YTM then at 4.563%) 

Last Bond Offering (8/24): Prospectus 

G. Bought 1 Enterprise Products Operating 4.3% SU Maturing on 6/20/28 at a Total Cost of 99.215: 

Issuer: Operating entity for Enterprise Products Partners L.P (EPD) who guarantees the notes. 

Cost: $992.15

Filled on 9/11/26

Prospectus

EPD SEC Filings 

EPD SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues = $18.269B with net income at $1.84B) 

EPD Detailed Earnings Estimates at Zacks.com

FINRA Page: Bond Page | FINRA.org

Credit Ratings: A3/A-

YTM at Total Cost: 4.765%

Current Yield at TC: 4.334%

H. Bought 2 Eli Lilly 4.15% SU Maturing on 5/20/29 at a Total Cost of 99.322 - Interactive Broker's Account: 

Issuer: Eli Lilly (LLY) at Zacks

Cost: $1,986.44

LLY Detailed Earnings Estimates - Zacks.com

LLY SEC Filings

LLY SEC Filed Earnings Press Release for the Q/E 6/30/26

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Aa3/AA-

YTM at Total Cost: 4.822%

Current yield at TC: 4.178%

I now own 4. 

Last Discussed: Item # 2.I. Bought 2 Eli Lilly 4.15% SU Maturing on 5/20/29 at a Total Cost of  99.17 (8/11/26 Post)(YTM then at 4.466%) 

I. Bought 1 WEC Energy Group 4.75% SU Maturing on 1/15/28 at a Total Cost of 99.948: 


Issuer:  WEC Energy Group (WEC) - Utility holding company

Cost: $999.48

Filled on 9/1/28

WEC Detailed Earnings Estimates - Zacks.com

Prospectus  

WEC SEC Filings 

WEC SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues at $2.062.1B with net income at $299.2M) 

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 4.786%

Current Yield at TC: 4.753%

J. Bought 2 Motorola Solutions 4.6% SU Maturing on 5/23/29 at a Total Cost of 98.663: 

Issuer:  Motorola Solutions Inc  (MSI) at Google Finance

Cost: $1,973.26

Filled on 9/14/26

MSI Detailed Earnings Estimates at Zacks.com

MSI SEC Filings 

MSI SEC Filed Earnings Press Release for the Q/E 7/4/26 (Revenues of $3.133B with GAAP net income at $557M)

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 5.136%

Current Yield at TC: 4.662%

I now own 4. 

K. Bought 1 Becton Dickinson 4.693% SU Maturing on 2/13/28 at a Total Cost of 99.72: 

Issuer: Becton, Dickinson and Company (BDX) at Zacks

Cost: $997.2

Filled on 9/14/26

BDX SEC Filings 

BDX Detailed Earnings Estimates at Zacks.com

BDX SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues: $4.983B, with GAAP net income at $377M)

FINRA Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.898%

Current Yield at TC: 4.706%

L. Bought 1 Entergy Texas 5.2% First Mortgage Bond Maturing on 6/15/36 at a Total Cost of 95.509: 

Issuer: One of the operating subsidiaries of the utility holding company Entergy Corp (ETR) 

Cost: $955.09

Filled on 9/14/26

ETR SEC Filings 

ETR 10-Q for the Q/E 6/30/26 Entergy Texas quarterly results can be found starting at page 157; revenue at $568.657M with net income at $92.73M, see page 166). 

Prospectus (5/26)

FINRA Page: Bond Page | FINRA.org

Credit Ratings: A3/A

YTM at Total Cost: 5.808%

Current yield at TC: 5.445%

4. Treasury Bills Purchased at Auction: 

A. Bought 5 T Bills at the 9/14/26 Auction: 

182 Day Bills 

Matures on 3/18/27

Interest: $102.63

Investment Rate: 4.203%

B. Bought 5 T Bills at the 9/16/26 Auction:  

119 Day Bills 

Mature on 1/19/27

Interest: $66.61

Investment Rate: 4.141%

5. Treasury Notes Purchased in the Secondary Market: 6

All purchases were made in my Schwab account. 

I am buying in 1 note lots and then averaging down as interest rates continue to go up and the prices down. I am about 1 week behind in discussing these purchases. 

All purchases are at discounts to par value, so the YTM for each purchase will be higher than the current yield. 

I am now buying only T Notes that have 4% or higher coupons which narrows the difference between the YTMs and current yields compared to purchases with lower coupons. 

Currently, I am able to pick up almost all of the ten year treasury yield with the purchase of a 3 year T Note: 


Daily Treasury Rates | U.S. Department of the Treasury

I will be buying the 2 year T Note at next week's auction. 

So far in September, the 2 year T note has risen from a 4.39% to a 4.76% yield through 9/18/26.  

A. Bought 1 T Note 4.125% Coupon Maturing on 7/15/29 at 99.039: 

Cost: $990.39

YTM: 4.487%

B. Bought 1 T Note 4.25% Coupon Maturing on 1/15/28 at 99.7539: 

Cost: $997.54

YTM: 4.437%

I now own 5. 

C. Bought 1 T Note 4.375% Coupon Maturing on 8/31/28 at 99.6758: 

Cost: $996.76

YTM: 4.548%

I now own 2. 

D. Bought 1 T Note 4% Coupon Maturing on 6/30/28 at  99.0117: 

Cost: $990.12

YTM: 4.577%

I now own 2. 

E. Bought 1 T Note 4% Coupon Maturing on 5/31/28 at 99.0273: 

Cost: $990.27

YTM: 4.594%

I now own 3. 

F. Bought 1 Note 4.125% Coupon Maturing on 9/30/27 at 99.7305: 

Cost: $997.31

YTM: 4.39%

I now own 2.  

6. Cash Flow Into Fidelity on 9/15/26: 

Corporate Bond Interest: $1,414.93

Dividends: $25.14

Corporate Bond Redemptions: $5,000 

"Profit": $129.44


Almost all of my bond realized gains are classified as realized market discount and taxed as interest. Some gains will be classified as short term gains, which is federally taxed in the same manner as interest income. 

I use a bond ladder approach to reduce the negative impacts from rising interest rates. 

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. 

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