Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks (Item # 5): $288.15
Outflow Common Stocks/Stock Funds (Item # 3): $2,805.5
I am continuing my risk off mode.
Realized Gains Common Stocks/Stock Funds: $736.4 (restrained by selling highest cost lots)
Net Outflow Common Stocks/Stock Funds: $2,517.35
Treasury Bills Purchased at Auction (Item # 2): $40,000 in principal amount
Inflow Exchange Traded First Mortgage Bonds (Item # 1): $844
Inflow Term Bond ETFs (Item # 4): $686.05
++
Economy:
Crude oil prices and derivative products are surging due to the U.S./Israel attacks on Iran, including the intentional killing of Iran's 86 year old brutal dictator/religious leader Ali Khamenei.
WTI Crude (April 26): $77.41 +$6.18 (+8.68%) as of 9:25 A.M. EST on 3/3/26. There was a substantial surge in price on 3/2/26 as well. Oil Price Charts | Oilprice.com
Iran has responded with attacks on commercial tankers attempting to pass through the Strait of Hormuz which has effectively closed this important passage for both crude oil and LNG products. Strait of Hormuz closure: which countries will be hit the most; Strait of Hormuz crisis explained: What it means for global shipping About 30% of the world supply of crude oil is delivered through that narrow sea passage bordering Iran and close to 20% of the LNG supply, primarily from Qatar.
Iran is also attacking oil infrastructure assets in the region. Iran attack on giant Saudi refinery pushes up oil prices; Qatar's state-owned energy company halts LNG production after Iran drone attacks
Iran is not going to strike tankers containing its crude oil shipments, primarily destined to China, and those shipments may be the only tankers passing through the Strait of Hormuz. Will the U.S. blockade those shipments?
++
January 2026: Core Wholesale Price Up .8% compared to December 2025; Producer Price Index News Release summary - 2026 M01 Results
Block laying off about 4,000 employees, nearly half of its workforce The CEO stated that other companies would be making similar moves due to AI tools.
Trump's new tariffs shift focus to balance of payments; economists see no crisis | Reuters There is none. Trump is abusing the limited authority given to him by section 122 of the 1974 Trade Act. Lawsuits may be filed in the U.S. Court of International Trade. The problems for the importers are the substantial litigation expense measured against the refund and the Trump Administration causing delays and even more expenses in receiving refunds even after the Supreme Court finds they were illegally imposed.
The New Trump Tariffs Are Also Unlawful | Cato at Liberty Blog Excellent discussion of why the section 122 republican tariff taxes are unlawful.
Trump’s New Tariffs Are Another Dangerous Presidential Power Grab | Cato Institute
Andrew McCarthy on "Why Trump’s Section 122 Tariffs Are Illegal"
As expected, Trump is already creating roadblocks and delays on refunding the illegally collected tariffs under IEEPA. Sore Losers at the Supreme Court: The Government Doesn’t Want to Pay Back Unlawful Tariff Money After All | Cato at Liberty Blog This is going to infuriate a lot of people just in time for the midterms.
ACA health coverage subsidy lapse hit 22 million people; some effects For those who still have health insurance, the cost increases after the lapse in premium support payments will result in lower spending on discretionary purchases. ACA Marketplace Premium Payments Would More than Double on Average Next Year if Enhanced Premium Tax Credits Expire | KFF Many will simply be unable to afford health insurance and will drop coverage.
In less than a year, Trump erased 12 years of solvency for the trust fund that pays for Medicare Part A, article originally published at Fortune and republished at MSN. CBO's Updated Projections of the Hospital Insurance Trust Fund's Finances | Congressional Budget Office
Is The Economy Actually Strong? Justin Wolfers Separates Facts From Spin - YouTube
+++
Trump's Imperial Presidency:
The Founders gave Congress the power to declare war in Article 1, Section 8, Clause 11. Overview of Congressional War Powers - Library of Congress
The reason was to prevent the President from starting a war without support of the people's representatives.
Once the War legally starts with that consent, the President is the Commander in Chief in charge of hostilities. Congress retains power over the purse.
That is the framework developed by the Founders, which is clear, but also irrelevant today.
The Republican Messiah, the "Chosen One", started a war with Iran without the consent of Congress and made almost no effort to convince the American people of why it was in the U.S. national interest. The involvement of the U.S. military in this conflict is in the long term national interest of Israel, but likely illegal under U.S. law unless Congress retroactively votes to declare war.
It is clear that Iran was no where close to developing intercontinental ballistic missiles capable of striking the U.S. an was not enriching uranium for nuclear weapons. Trump has repeatedly claimed that the U.S. entirely destroyed Iran's nuclear infrastructure.
There is reporting that Saudi Arabia Crown Prince Mohammed bin Salman had talked to Trump and urged the U.S. to go to war. Saudi Arabia, Israel pushed Donald Trump for Iran strike | The Jerusalem Post
One of the two negotiators chosen by Trump to negotiate with Iran was his son-in-law Jared Kushner who was the beneficiary of billions in Saudi investments.
Jared Kushner defends controversial $2bn Saudi investment; Jared Kushner's Great EA Swindle – CEPR; Jared Kushner is back – and so are big questions about his financial ties-The Guardian
There may be link between Trump starting a regime change war in Iran and financial benefits bestowed by Saudi Arabia, Qatar and the UAE, all of whom wanted a regime change in Iran. Information on that topic can be found in this video starting at 10:15: 'Follow the money' - YouTube It is IMO a plausible explanation but the evidence is circumstantial.
See, also, Qatar gifting Trump $400M luxury jet raises ethical and legal concerns; UAE 'Spy Sheikh' bought $500M stake in Trump crypto company Trump denies any knowledge of this investment made a few days before he started his second term and claims it had no impact on his decision to allow UAE access to the most advanced AI chips notwithstanding that nation's close ties with China; Abu Dhabi - Capital of the UAE - firm to invest $2bn in Binance using Trump’s crypto venture - The Guardian
What would republicans say if a Democrat President, including family members, received investments and gifts valued at billions and then made decisions desired by those nations making the investments and gifts.
Trump Threatens the Private AI Company Anthropic with Criminal Charges:
Trump has threatened to criminally charge the AI firm Anthropic for placing two conditions on the use of its products by the Pentagon. The two restrictions were that the AI products could not be used for mass surveillance of U.S. citizens and in fully autonomous machines that kill without human intervention.
Trump: "Anthropic better get their act together, and be helpful during this phase out period, or I will use the Full Power of the Presidency to make them comply, with major civil and criminal consequences to follow." (emphasis added) ‘Attempted corporate murder’: Trump’s threats against Anthropic chill AI industry - POLITICO
Trump: "The Leftwing nut jobs at Anthropic have made a DISASTROUS MISTAKE trying to STRONG-ARM the Department of War, and force them to obey their Terms of Service instead of our Constitution"
What provision of the the Constitution requires a private company to accept the government's terms. There is none except in Trump's imaginary world.
Trump in one breath said this private company was endangering national security and then said "We don’t need it, we don’t want it, and will not do business with them again!". He is not mentally capable to understand the stark inconsistency. Trump orders US agencies to stop using Anthropic technology in clash over AI safety | Courthouse News Service
Trump and Hegseth also issued an order that would prevent private defense contractors from using the Anthropic products, designating Antryopic a "supply chain risk", a draconian penalty assessed against foreign adversaries, not U.S. companies. Anthropic will challenge that designation made by our Dear Leader which has no legal or factual basis.
What ultimately caused the negotiations to break down is discussed in this article. Inside Anthropic’s Killer-Robot Dispute With the Pentagon - The Atlantic There was an agreement on all issues except Trump/Hegseth wanted to use Anthropic products to use the company’s AI "to analyze bulk data collected from Americans. That could include information such as the questions you ask your favorite chatbot, your Google search history, your GPS-tracked movements, and your credit-card transactions, all of which could be cross-referenced with other detail about your life." (emphasis added)
Trump/Hegseth might want to hang this banner at the DOJ: The best George Orwell quotes from 1984, Animal Farm and more
What would republicans say if a Democrat President had made these threats and taken actions to financially penalize a U.S. private company for refusing to agree to the U.S. government's demand to use AI for mass surveillance of U.S. citizens? They would not be silent as they are now. Hypocrisy must be in their DNA somewhere which is the only possible explanation for its prevalence.
++
Epstein Files: Ongoing Cover Up:
Epstein files: Trump sexual abuse claims withheld by DOJ; DOJ removed, withheld Epstein files related to accusations about Trump This would clearly be an illegal cover up if confirmed. The undisclosed file reportedly relates to three FBI interviews of a woman who claimed that Trump molested her when she was a child. Her identity is not publicly known but is known to some reporters who have not revealed this information.
The Guardian has acquired the interview documents that Trump's DOJ has so far refused to produce as required by law. Epstein files contain explicit but unsubstantiated claim that Trump abused minor - The Guardian The Guardian notes that her claims "appear at times outlandish" and "contradict what is known about Epstein's life in the early 1980s".
MAGA Republican Takeover of Major Media Organizations:
MAGA Billionaires Win Battle to Buy CNN and Turn it Trumpy;Netflix ditches Warner Bros. Discovery deal after Paramount offer deemed superior; ‘Panic’ at CNN as Trump and His Buddies Plot to Turn Network MAGA The Ellisons are closely aligned with Trump and his alternate reality creations. Both CBS "news" and CNN will undergo a Foxification.
Turning CNN into a republican propaganda media outlet may be gradual or occur quickly with the sacking of prominent journalists and anchors, with others quitting rather than taking a knee to Trump and his allies.
If that occurs, which I view as probable to some significant degree, then 3 possible responses would be to turn off both CBS News and CNN, delete bookmarks to their websites, and to cancel any subscription to CNN.
After Bari Weiss was given control over CBS News by the Ellisons, I have seen enough to date that I no longer have much faith in its journalistic integrity. Inside Bari Weiss’s Hostile Takeover of CBS News | The New Yorker; CBS is unraveling — and it goes beyond Bari Weiss
Jeff Bezos has already successfully neutered the Washington Post. How Jeff Bezos Brought Down the Washington Post | The New Yorker
More Trump Administration Actual or Potential Authoritarian Actions:
White House 'circulating' 17-page executive order draft to declare emergency over voting - Alternet.org The bogus reason is a false claim that China interfered in the 2020 election. Trump is becoming more desperate as the midterm elections approach and his popularity dives. Bogus claims relating to national security are Trump's go to justification for acquiring more power.
FBI Director Kash Patel ousts personnel tied to Trump classified documents probe This is simply part of Trump's ongoing retribution campaign. It is normal for the FBI to obtain call logs as part of an investigation. Those logs do not contain information about the conversation but simply who placed and received a call over a limited time period.
Posts claim Kash Patel's flight to Milan cost taxpayers $400K. That estimate seems a little high | Snopes.com Patel has been accused several times of using the FBI jet for personal jaunts. FBI fires top official amid Kash Patel’s outrage over reports of agency jet use
+++
In 2025, Trump Media & Technology Group Corp (DJT) "had a $712.3 million consolidated net loss, most of which comprised unrealized losses stemming from a drop in the price of digital assets and digital asset related securities. This included non-cash losses related to changes in the fair value of digital assets and digital assets pledged ($403.2 million) and non-cash losses stemming from the fair value mark to market of digital asset related securities ($178.8 million). The figure also includes $59.2 million in non-cash stock-based compensation and $27.0 million in non-cash interest expense on outstanding debt, leading to consolidated adjusted EBITDA loss of $664.4 million. The Company posted $3.7 million in revenue for the year." SEC Filed Press Release
+++++
Trades starting last Friday (2/27/26) will be discussed in the next post.
1. Exchange Traded First Mortgage Bonds:
Investment Category: Exchange Traded Baby Bonds
Exchange Traded: Trade on the stock exchange just like a stock.
A. Added 30 ELC at $21.12 in Vanguard Account:
Quote: Entergy Louisiana Collateral Mortgage Bonds 4.875 Due 9/1/2066 (ELC) at Google Finance
Cost: $633.5
Last Discussed: Item # 7.A. Added to ELC in Vanguard Account - Bought 10 at $20.82 (2/11/26 Post); Item # 4.B. Bought 10 ELC at $20.66 - Vanguard Account (1/15/26 Post): Item # 4.A. Added to ELC in Schwab Account - Bought 10 at $20.45+ (1/8/26 Post)
Coupon: 4.875% paid on a $25 par value
Interest Payments: Quarterly
Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)
First Mortgage Bond, with lien attaching to substantially all assets.
Credit Ratings: A2/A
The interest rate risk resulting from an early call due to a significant decline in interest rates is mitigated by the realized gain at a $25 par value call.
New average cost per share this account: $21.13 (100 shares)
 |
| Snapshot after add |
Yield at $21.13: 5.77%
Calculation: .04875% coupon x. $25 par value = $1.21875 in annual interest per share ÷ $21.13 average cost per share this account= 5.7679%
Last Ex Interest Date: 2/27/26
Currently Owned Energy Louisiana $1,000 par value First Mortgage Bonds:
%20+$52.2%20%20.png){kind=small}
%20$12.06%20.png){kind=small}
%20+$17.91%20.png)
%20+$26.05%20.png)
%20$13.37%20.png){kind=small}
I am more likely to trade bonds maturing 8 years or later from the purchase date. The reason is interest rate risk mitigation.
Quote: Entergy Mississippi 4.90 First Mortgage Bond Due 10/1/2066 (EMP) - Google Finance
Cost: $210.5
Last Discussed: Item # 4.A. Added to EMP in Fidelity Account - Bought 10 at $21 and Item # 4B. Added to EMP in Schwab Account - Bought 15 at $20.7(1/1/26 Post)
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
First Mortgage Bond
Par Value: $25
Coupon 4.9%
Interest Payments: Quarterly
Maturity: 10/1/2066
No call protection. Issuer has the optional right to call at par value plus accrued and unpaid interest.
Interest Rate Risk: High given the potentially long maturity. Interest rate risk is asymmetric in favor of the issuer who has the optional call right. If interest rates fall too far, the issuer will call the bond, but will allow the owner to keep the security when interest rates are rising and the price is falling.
Credit Risk: Rated at A2/A. Low IMO since the issuer is a regulated utility and the bond is a first lien on substantially all assets.
 |
| Snapshot Intraday on 2/20/26 after add |
Yield at $21.08: 5.81%
Calculation .049% coupon x. $25 par value = $1.225 annual interest per share ÷ $21.08 total average cost per share = 5.8112%
Sell Discussions: Item # 5.B. Pared EMP in Schwab Account - Sold 5 at $21.62; 5 at $22.39+ (9/21/25 Post)(loss snapshot = -$27.2); Item # 4.A. Eliminated EMP-Sold 70 at $24.87 (5/1/19 Post)(profit snapshot = $207.92); Item # 2.B. Sold 30 EMP at $24.44 (2/13/19 Post)(profit snapshot = $7.04); Items 2.A and B. Sold 50 EMP at $24.97 and 30 at $24.96 (9/21/17 Post)(profit snapshots $167.52); Item # 2.A. Sold 50 EMP at $24.47 (7/22/17 Post) (profit snapshot = $66.98)-Item # 2.B. Bought 50 EMP at $22.85 (5/17/17 Post)
Goal: The goal is simply to realize a total return in excess of the interest payments. A total return in excess of the dividend payments will require long term interest rates to decline from current levels. The YTM for this bond will be at a spread above the 30 year treasury bond.
 |
| Yield Curve February 2026 |
Daily Treasury Rates | U.S. Department of the Treasury
I do not have the software to calculate the YTM of EMP at a total cost of $21.08, assuming the bond is not called prior to maturity. A calculator at a website came up with 5.927% which is close.
If the bond was called in 10 years at par value, the YTM would increase to 7.104% and to 8.811% at five years.What is causing the increase in the YTM is the shortened time period to redemption at par value when the "profit" is realized which adds to the yield in the YTM calculation.
I would not anticipate a call at par value unless the bond can be refinanced at around 3.5% or less with the same or later maturity. The refinancing costs money, consisting of offering expenses and the underwriters discount, both of which reduce the proceeds from a new bond offering.
I used this online Bond Yield Calculator which uses years to maturity rather than the date of maturity.
EMP Net Trading Profits to Date: $437.7
Owned Entergy Mississippi $1,000 Par Value First Mortgage Bonds: 12
4 Entergy Mississippi 3.25% FM Maturing on 12/1/27, Bond Page | FINRA.org
1 Entergy Mississippi 2.85% FM Maturing on 8/1/28, Bond Page | FINRA.org
7 Entergy Mississippi 5% FM Maturing on 9/1/33, Bond Page | FINRA.org (sold 2 earlier this year)
I prefer owning the $1K par value bonds that mature in less than 10 years since they have a much lower interest rate risk.
I have sold 1 Entergy Mississippi 5.8% FM maturing on 4/15/55. Item # 3.D. Sold 1 Entergy Mississippi 5.8% FM at 100.049 (8/5/25)(profit snapshot = $37.17) - Item # 3.E. Bought 1 Entergy Mississippi 5.8% First Mortgage Bond Maturing on 4/15/55 at a Total Cost of 96.232 (5/30/25 Post) I also sold 2 Entergy Mississippi 5% FM Maturing on 9/1/33 in Roth IRA accounts.
2. Treasury Bills Purchased at Auction:
The current federal funds range is 3.5% -3.75% with the midpoint at 3.625%. The investment rates for the 4 and 6 month discussed below were slightly higher than that midpoint and are consequently not consistent IMO with a Fed rate cut on or before September.
A. Bought 20 T Bills at the 2/25/26 Auction - Two Accounts:
%206:30:26%20Van%20.png)
%206:30:26%20%20Fid%20%20.png)
119 Day Bill
Matures on 6/30/26
Interest: $237.34
Investment Rate: 3.684%
B. Bought 20 T Bills at the 3/2/26 Auction - Two Accounts:
%209:3:26%20Sch.png){kind=small}
%209:3:26%20Fid%20.png)
182 Day T Bills
Mature on 9/3/26
Interest: $357.42
Investment Rate: 3.649%
3. Small Ball Common Stock Sales:
A. Pared WMB Again - Sold 5 at $74.85:
Quote: The Williams Companies, Inc. (WMB) at MSN Money - Energy Infrastructure
Proceeds: $374.25
Last Discussed: Item # 3. Pared WMB Again - Sold 5 at $64.85 (1/29/26 Post)(profit snapshot = $209.09). I discussed the 2025 third quarter report in that post. SEC Filed Press Release
Last Buy Discussions: Item # 2 Added 95 WMB at $24.98 and 5 at $23.8 (8/20/21 Post); Item # 3.B. Added 5 WMB at $24.2 (10/8/21 Post) There have been some ROC adjustments to the original cost numbers.
Profit Snapshot: $259.09
New Average cost per share: $22.76 (30 Shares)
 |
| Snapshot Intraday on 2/26/26 after pare |
Reduced from $22.8. The remaining shares have similar average cost per share numbers.
Dividend: Quarterly at $.525 per share ($2.1 annually), last raised from $.50 effective for the 2026 first quarter payment.
WMB Stock Dividend History & Date | Seeking Alpha
Yield at $22.76: 9.227%
Last Ex Dividend: 3/13/26
Last Earnings Report (Q/E 12/31/26):
2025 Revenue: $11.95B, up from $10.503B
Adjusted E.P.S. $.55, up from $.47
Other Sell Discussions: Item # 1.B. Pared WMB - Sold 5 at $61.1 (4/4/25 Post)(profit snapshot = $188.44); Item # 1.F. Pared WMB - Sold 5 at $58.27 (3/18/25 Post)(profit snapshot = $175.26); Item # 3.E. Pared WMB - Sold 5 Shares at $55.55 (2/2/25 Post); Item # 4.D. Sold 5 WMB at $58.08 (1/15/25 Post); Item # 4.A. Pared WMB Again- Sold 5 at $55.58 (11/14/24 Post)(profit snapshot = $158.39); Item # 6.C. Pared WMB - Sold 5 at $56.69 (1/9/25 Post)(profit snapshot = $163.25); Item # 4.D. Sold 5 WMB at $52.28 (10/24/24 Post)(profit snapshot = $141.2); Item # 3.C. Pared WMB Again - Sold 5 at $50.3; 5 at $51.31 (10/16/24 Post)(profit snapshots = $267.84); Item # 2.A. Pared WMB - Sold 5 at $47.32; 5 at $49.33 (10/10/24 Post)(profit snapshots = $251.11); Item # 1.B. Sold 5 WMB at $45.29 (9/5/24 Post)(profit snapshot = $106.34); Item # 3.C. Pared WMB - Sold 4 at $40.27 (5/17/24 Post)(profit snapshot = $65.02); Item # 1.A. Pared WMB - Sold 10 at $36.12 (1/12/2024 Post)(profit snapshot = $127.61); Item # 6.A. Eliminated WMB Duplicate Positions - Sold 10+ at $35.23; 5 at $35.33 (8/12/23 Post)(profit snapshot = $190.8)
Currently Owned WMB SU Bonds:
2 of the 3.7% SU Maturing on 6/15/27 - FINRA Page
2 of the 4.9% SU Maturing on 3/15/29 -FINRA.org
The 4.9% SU was the last one purchased. Item # 2.V. (2/5/25 Post) The total cost was slightly below par value.
Analyst Reports (Available to Schwab Customers):
Morningstar (2/10/26): 2 stars with a Fair Value estimate of $60 and a narrow moat.
S & P (2/12/26): 2 stars with a 12 month PT of $64, noting that Capex increased to almost $4.9B, up from $2.57B in 2024, and is estimated to increase to $6.1B-6.7B this year.
Argus (2/17/26): Buy with a $83 PT, raised from $69 in this report. The analyst believes that Williams is well positioned to benefit from increasing demand for natural gas and liquified natural gas. WMB's natural gas pipeline system spans over 33,000 miles, connecting major production fields to "key demand centers".
B. Pared TRP - Sold 5 at $62.74:
Quote: TC Energy Corp (TRP) at CNBC - Energy Infrastructure
Proceeds: $313.7
SEC Filings - Foreign Issuer Forms
SEC Filed Annual Report - Management Discussion
Last Discussed: Item # 2.I. Pared TRP - Sold 3 at $49.91 (11/27/24 Post)(profit snapshot = $37.71)
Last Buy Discussion: Item # 3.A. Added to TRP - Bought 2 at $37.29; 1 at $36.35; 1 at $36.15; 1 at $33.6 (7/29/23 Post)
Profit Snapshot: $130.75
New Average cost per share: $33.24 (15 shares)
 |
| Snapshot Intraday on 2/23/26 after pare |
Reduced from $34.08
Dividend: Quarterly at C$.8775 per share, last raised from C$.85 effective for the 2026 first quarter payment.
TC Energy — Shareholder Information
Dividends in USDs: TRP Dividend History & Date | Seeking Alpha
2025 Dividends in USDs: $2.4466
The USD dividends and dividend yield will fluctuate with the CAD/USD exchange rate. Canada does withhold 15% as a dividend tax when held in a U.S. citizens taxable account.
Yield at $33.34 Using US$2.45 Annual: 7.349%
Next Ex Dividend: 3/31/26
Last Earnings Report (Q/E 12/31/25):
TC Energy reports fourth quarter and full-year 2025 results
All amounts are in Canadian Dollars.
Reported Earnings:
Cash Flow:
Net cash per share: $1.82, down from $2.
TRP Reset Equity Preferred Stocks: I will generally maintain a larger dollar position in TRP reset equity preferred stocks. Par values are at C$25.
I currently own 100 shares of TRP-PD.TO and 150 shares of TRP-PE.TO.
I have been taking profits in my Canadian reset equity preferred stocks including in the TRP ones.
Item # 1.A. Sold 100 TRPPRD:CA at C$23.34 (8/19/25 Post)(profit snapshot = C$763); Item #6.A. Sold 50 of 250 TRP.PRD:CA at C$21.38 (2/10/25 Post)(profit snapshot = C$262.5); Item # 1.A. Sold 100 TRPPRD:CA at C$21.75 (8/20/17 Post)(profit snapshot = C$359) The remaining 100 shares have a cost basis at C$13.97, producing a current yield of 10.71%. Item # 3.A. Bought 50 TRPPRD at C$13 (7/3/20 Post); Item # 5.A. Added 50 TRPPRD:CA at C$14.9 (9/30/23 Post) The coupon resets every 5 years at a 2.38% spread to the five year Canadian bond yield. The last reset was at a 5.985% coupon and ends on 4/29/29. Call protection lasts until the next reset date.
I also own 150 shares of TRP.PRE:CA with an average cost of C$13.72 per share. Item #5.A. Bought 100 TRPPRE at C$15 and 50 at C$11.12 (3/20/20 Post); Last Discussed at Item # 1.A. Sold 100 of 250 TRPPRE at C$19.75 in IB Account (1/29/25 Post)(profit snapshot = C$413); Last Elimination discussed at Item # 2.A. Sold 100 TRPPRE at C$22.26 (5/23/17 Post)(profit snapshot = +C$467.5); resets every 5 years at a 2.35% spread to the five year Canadian government bond yield, last reset coupon at 5.08% in October 2024. Yield at C$13.72 = 9.257%)
I eliminated a position in TRPPRH:CA: Item # 8 Eliminated TRPPRH:CA Sold 200 at C$13.24 (1/20/24 Post)(profit snapshot = $C$140). This one has an unattractive 1.28% spread to the 3 month Canadian T Bill that resets quarterly. Item # 5.B. Sold 100 TRPPRH at C$14.2 (5/17/17 Post)(profit snapshot = C$393) I sold the lot purchased at C$10.25. Item # 2 Bought 100 TRPPRH:CA at C$10.25 Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 5/26/2016 - South Gent | Seeking Alpha; Canada 3 Month Government Bond Overview; Selected treasury bill yields - Bank of Canada This preferred stock can become slightly attractive when the Canadian 3 month treasury bill has started a long term uptrend with the price still low enough to generate an acceptable current yield notwithstanding the 1.28% spread.
TRP Preferred Stock Prospectuses can be found here: TC Energy — Stock Information
Quote: Iron Mountain Inc (IRM) at Google Finance - Paper Storage and Digital Data REIT
Proceeds: $112.34
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
SEC Filed 2025 Annual Report A description of the businesses can be found at pages 1-5. The debt load is heavy and is listed and discussed starting at page 49. The SU debt is rated in junk territory at BB-/Ba3. IRM started out as a paper storage company built underground or in caverns. Other companies moved into data centers first and IRM had to borrow and spend a lot of money to catch up.
Iron Mountain - Investor Relations
Last Discussed: Item # 2.A. Pared IRM - Sold 1 at $106.1 (11/1/25 Post)(profit snapshot = $83.66)(discussed again issues that I have with adjustments to GAAP)
Last Buy Discussion: Item # 2.E. Started IRM in Schwab Taxable Account-Bought 10 at $26.8; 5 at $25.8; 5 at $25.25; 5 at $24.9 (12/5/20 Post)
Profit Snapshot: $91.4
New Average cost per share: $20.34 (7 shares)
 |
| Snapshot Intraday on 2/24/26 after pare |
I sold my highest cost lot.
Dividend: Quarterly at $.864 per share ($3.456 annually), last raised from $.785 effective for the 2025 third quarter payment.
IRM Dividend History & Date | Seeking Alpha
Yield at New AC per share: 16.99%
Next Ex Dividend: 3/16/25
Last Earnings Report (Q/E 12/31/25):
Revenues: $1.843B, up from $1.581B
GAAP E.P.S. $.30, down from $.35
Adjusted E.P.S. $.61, up from $.5
Reconciliation GAAP to Adjusted E.P.S:
When a company is constantly incurring expenses relating to restructuring, which describes IRM, I am not inclined to make an adjustment to GAAP E.P.S. for what amounts to recurring and normal operating expenses.
FFO per share Using NAREIT Definition: $.7, up from $.63
Normalized FFO per share, adjusted NAREIT: $1.01, up from $.93
Note the add back of $43.48M in restructuring and other "transformation" charges, up from $36.797M in the 2024 4th quarter but down from $47.346M in the 2025 third quarter.
IRM is not done yet with its smorgasbord of adjustments.AFFO per share: $1.44, up from $1.24
Reconciliation from Normalized FFO to AFFO:
Sell Discussions: Item # 4.C. Pared IRM -Sold 1 at 100.8 (7/9/25 Post)(profit snapshot = $77.22)(discussed issues that I have with adjustments made to normalized FFO calculation); Item # 2.A. Pared IRM -Sold 3 at $109.83 (8/8/24 Post)(profit snapshot = $257.65); Item # 2.F. Pared IRM - Sold 2 at $100 (7/26/24 Post)(profit snapshot = $150.29); Item # 1.J. Eliminated IRM in Vanguard Account - Sold 3 at $54.25 (2/13/23 Post)(profit snapshot = $98.68); Item # 4.G. Sold 1 IRM in Fidelity Taxable Account at $55.04 (9/20/22 Post)(profit = $29.61); Item # 3 Eliminated IRM in Schwab Taxable Account - Sold 19+ at $57.73 (5/5/22 Post)(profit snapshot = $631.54) Item # 2.H. Pared IRM in Fidelity Taxable Account - Sold 1 at $47.58 (10/10/21 Post)(profit snapshot = $21.6); Item #1.A. Sold 3 IRM in Fidelity Taxable-Sold 3 at $49.12 (10/1/21 Post)(profit snapshot = $86.06); Item # 2.K. Pared IRM in Fidelity Taxable Account-Sold 5 at $44.18 Item #2.L. Pared IRM in Vanguard Taxable-Sold 1 at $46.19; and Item # 2.M. Pared IRM in Schwab Taxable-Sold 1 at $46.93 (6/19/21 Post)(profit snapshots = $122.41); Item # 1.K. Sold 5 IRM at $37.69 (4/30/21 Post)(profit snapshot = $76.42); Item # 1.L. Sold 5 IRM in Schwab Account at $36.42 and Item #1.M. Sold 2.731 in Fidelity Account at $36.86 (4/1/21 Post)(profit snapshots = $73.38); Item #1.B. Sold 2 IRM at $35.63; 5 at $36.8 in Fidelity Taxable (2/27/21 Post)(profit snapshot = $54.15) ; Item # 1.B. Pared IRM-Sold 15 at $33.04 (2/22/20 Post)(profit snapshot = $36.73); Item # 1.C. Sold 10 IRM at $33.91-Used Commission Free Trade (12/26/18 Post)(profit snapshot = $12.24 ); Item # 4 Sold 50 IRM at $33.82 Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $398.06)
D. Pared KMI Again - Sold 10 at $32.56+ (Vanguard Account):
Quote: Kinder Morgan Inc (KMI) at Google Finance - Energy Infrastructure
Proceeds: $325.65
Last Discussed: Item # 1.H. Started Duplicate Position in KMI - Bought 5 at $26.62 in Schwab Account (12/18/25 Post)
Profit Snapshot: $185.6
New Average cost per share: $14.01 (40 shares)
 |
| Snapshot Intraday on 2/25/26 after pare |
Unchanged. I have been selling lots out of a 100 share purchase made at the original tax cost of $15.89 per share. Item # 1. Bought 100 KMI in Vanguard Taxable Account at $15.89 (1/7/22 Post)
Dividend: Quarterly at $.2925 per share ($1.17 annually), last raised from $.2875 effective for the 2025 second quarter payment.
KMI Stock Dividend History & Date | Seeking Alpha
Yield at $14.01: 8.35%
Last Ex Dividend: 2/2/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25): SEC Filed Earnings Press Release
Revenues: $4.508B, up from $3.987
GAAP E.P.S. $.45
Adjusted E.P.S. = $.39, up from $.32
Reconciliation:
Free cash flow:
Sell Discussions: Item # 4.B. Pared KMI - Sold 10 at $28.3 (6/5/25 Post)(profit snapshot = $142.89) Item # 3.A. Pared KMI - Sold 10 at $28.01 - Vanguard Account (5/23/25 Post)(profit snapshot = $140); Item # 2.A. Sold 10 KMI at $29.77 (1/22/25 Post)(profit snapshot = $157.63); Item # 6.D. Sold 10 KMI at $28.38 (1/9/25 Post)(profit snapshot = $143.73); Item # 3.A. Sold 10 of 100 KMI at $26.44 (12/26/24 Post)(profit snapshot = $124.08) The gains originate from the 100 share lot referenced above.
Currently Owned SU Bonds: 4, stacked as follows
2 KMI 4.3% SU Maturing on 3/1/28, Bond Page | FINRA.org
2 KMI 5% SU Maturing on 2/1/29, Bond Page | FINRA.org
I traded last year several KMI SU bonds maturing in 2033 and 2034. I do not currently own any maturing after th 5% SU referenced above.
Quote: National Storage Affiliates Trust (NSA) at Yahoo Finance - Storage REIT
Proceeds: $216
I sold my highest cost lots.
Website: National Storage Affiliates Trust (NSA)
NSA SEC Filed 2025 Annual Report
As of 12/31/25, NSA "held ownership interests in and operated a geographically diversified portfolio of 1,063 self storage properties located in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet, configured in approximately 548,000 storage units, excluding three properties classified as held for sale that were sold to a third party in January 2026." Annual report at page 4
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.J. Added to NSA in Fidelity Account - Bought 2 at $28.16; 2 at $27.68 (12/25/25 Post); Item # 1.L. Added to NSA - Bought 2 at $28.8; 3 at $28.5 (11/22/25 Post)
Profit Snapshot: $3.95
New average cost per share this account: $30.35 (15+ shares)
 |
| Snapshot Intraday on 2/23/26 after pare |
Reduced from $32.17.
Dividend: Quarterly at $.57 per share ($2.28 annually)
NSA Dividend History & Date | Seeking Alpha
As previously discussed, I view a dividend cut as possible given recent operating results.
I have turned off dividend reinvestment.
Yield at $30.35 = 7.51%
Next Ex Dividend: 3/13/26
Last Earnings Report (Q/E 12/31/2025): Release after the pares discussed in this post.
SEC Filed Earnings Press Release
GAAP E.P.S. = $.23
FFO per share: $.57, down from $.6
2025 FFO per share: $2.23, down from $2.44.
Reconciliation:
Same Store Occupancy: 84% down from 85.5%.
Average annualized rental revenue per share foot: $15.76, down from $15.6
Revenue: $169.057, down from $170.587
2026 Guidance: Core FFO per share of $2.21-$2.25, compared to actual 2025 at $2.23.
I did not have a positive response to this report and 2026 guidance.
Last Sell Discussions: Item # 2.C. Pared NSA in Fidelity Account - Sold 5 at $48.54 (9/19/24 Post)(profit snapshot = $52.95); Item # 2.B. Eliminated Duplicate Position in NSA - Sold 7 at $41.91 (Schwab Account) and Pared NSA in Fidelity Account Sold 5 at $53 (8/15/24 Post)(profit snapshots = $67.91)(mentioning in that report that I was not impressed with the 2024 second quarter earnings report, SEC Filing)
Storage REIT stocks have been under pressure IMO due to overbuilding. With too much new supply, occupancy rates tend to move down with competitive pressures restraining rent increases.
NSA Equity Preferred Stocks: I own 2 NSA equity preferred stocks: NSAPRA and NSAPRB. Both have 6% coupons paid on a $25 par value.
F. Pared NSA in Fidelity Account - Sold 5 at $35.59:
See Item # 3.E. above.
Proceeds: $177.95
Profit Snapshot: $3.48
New Average Cost per share this account: $31.07 (57+ shares)
 |
| Snapshot Intraday on 2/20/26 after pare |
Reduced from $31.88
Yield at $31.07: 7.34%
G. Pared Duplicate Position in UMH - Sold 5 at $16.25 (Fidelity Account):
Proceeds: $90.45
UMH is a REIT that "currently owns and operates 145 manufactured home communities containing approximately 27,100 developed homesites, of which contain 11,000 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate."
Profit Snapshot: $7.35
New Average cost per share this account: $14.26 (25 shares)
 |
| Snapshot Intraday 2/23/26 after pare |
Reduced from $14.56.
Dividend: Quarterly at $.225 per share ($.90 annually)
UMH Dividend History & Date | Seeking Alpha
Yield at $14.26: 6.31%
Last Ex Dividend: 2/17/25 (owned all as of)
Last Earnings Report (Q/E 12/31/25): Released after this pare.
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $66.698M, up from $61.873M
GAAP E.P.S. ($.01)
FFO per share: $.23, unchanged
Normalized FFO per share: $.24, unchanged
Reconciliation:
Operating Data: Occupancy levels are stable.
Guidance: "In 2026, we anticipate adding 700-800 new rental homes to our portfolio, growing our sales revenue and profitability and developing 300 or more sites. We anticipate high single digit or low double digit same property growth. At this time, we are announcing full year 2026 guidance of $0.97 - $1.05 normalized FFO per share. This represents an increase of 8% at the mid-point."
There has been some increase in the weighted average interest rate:
This was a blah report. I will consider exiting the position when and if the price goes back over $16 and possibly buy opportunistically more of the equity preferred stock UMHPRD, last discussed here: Item # 5.A. Added to UMHPRD in Schwab Account - Bought 5 at $21.9 (1/1/26 Post); Item # 4.A. Added to UMHPRD in Fidelity Account - Bought 5 at $21.95 (12/5/25 Post) This preferred stock has a 6.375% coupon paid on a $25 par value. Dividends are cumulative.
H. Pared OPRA - Sold 5 at $15.31 - Schwab Account:
Proceeds: $76.55
Opera is based in Norway and is best known for its internet browser.
Last Discussed: Item # 1.B. Added to OPRA - Bought 5 at $12.8; 5 at $12.45 (2/4/26 Post); Item # 1.G. Started OPRA - Bought 10 at $13.4(12/5/25 Post)(discussed earnings report for the Q/E 9/30/25, SEC Filed Press Release)
OPRA SEC Filings - Foreign company forms
Investor Relations | Opera Limited
OPRA Valuation Page at Reuters
Profit Snapshot: $9.55
New Average Cost per share: $12.69
 |
| Snapshot Intraday on 2/26/26 after pare |
Reduced from $12.83
Dividend: Semiannually at $.40 ($.8 annually)
OPRA Dividend History & Date | Seeking Alpha
Yield at $12.69: 6.3%
Last Ex Dividend: 1/7/26
Last Earnings Report (Q/E 12/31/25): Investors reacted positively to this report. I discussed it a comment published on 2/26/26.
Revenue: $177.21M, up from $145.833M
Reported E.P.S. $.61, up from $.32
Adjusted E.P.S. $.30, up from $.28
As I mentioned in my comment, I would go with the adjusted E.P.S.. which exclude fair value adjustments in Opera's investment. Those adjustments are non-cash. The investment is an equity interest in a company called OPAY that is a fintech company operating in Nigeria and Egypt.
The value of that investment increased by $36.3M in the quarter. Adjusted E.P.S. subtracts that unrealized gain from the reported E.P.S. number:
Free cash flow: $35.35M, up from $18.635M
2025 Free Cash Flow: $97.707M, up from $70.19M
Advertising revenue in the 4th quarter increased 25% Y-O-Y to $114.4M. Query revenue rose 16% Y-O-Y to $62.3M.
The company authorized up to a $300 share repurchase program.
Guidance:
I. Pared CLX - Sold 2 at $127 - Schwab Account:
Proceeds: $254
I sold my highest cost shares.
Clorox - Detailed Earnings Estimates - Zacks.com
Last Buy Discussions: Item # 1.H. Added to Falling Knife CLX in Schwab Account - Bought 1 at $102.9; 1 at $101.9; 1 at $100.2; 1 at $98.9 (11/22/25 Post ); Item # 1.M. Added to Falling Knife CLX - Bought 1 at $109.87; 1 at $106.8- Schwab Account (11/8/25 Post)
Profit Snapshot: $3.09
New Average cost per share: $108.55 (15+ shares)
 |
| Snapshot Intraday 2/24/26 after pare |
Standard small ball adds.
The average cost per share was reduced from $110.27
Dividend: Quarterly at $1.24 per share ($4.96 annually), last raised from $1.22 effective for the 2025 third quarter payment. The quarterly dividend was at $.77 per share in the 2016 first quarter.
CLX Stock Dividend History & Date | Seeking Alpha
Yield at 108.55: 4.57%
Last Ex Dividend: 1/28/26 (owned all as of)
J. Pared OLP in Vanguard Account - Sold 15 at $23.25+:
Quote: One Liberty Properties Inc (OLP) at Google Finance
Proceeds: $348.86
I sold my highest cost shares.
I own this stock in several accounts.
Website: One Liberty Properties, Inc.
Management: Internal
Last Discussed: Item # 2.F. Pared OLP in Schwab Account - Sold 5 at $21.8 (2/4/26 Post)(profit snapshot - $9)
Last Buy Discussion: Item # 1.H. Added to OLP in Fidelity Account - Bought 5 at $20.15; 5 at $19.85 (12/25/25 Post)
Profit Snapshot: $10.36
New Average Cost per share this account: $20.9 (20+ shares)
 |
| Snapshot Intraday on 2/26/26 after pare |
Dividend: Quarterly at $.45 per share ($1.8 annually)
OLP Dividend History & Date | Seeking Alpha
2025 Dividend Tax Information: No ROC Classifications
Yield at $20.9: 8.61%
Last Ex Dividend: 12/22/25 (owned all as of)
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post); SEC Filed Press Release The 2025 4th quarter report will be released later today. I will discuss it in a comment.
Last Sell Discussions: Item # 2.B. Pared OLP in Schwab Account - Sold 5 at $26.84 (9/12/24 Post)(profit snapshot = $26.93); Item # 2.A. Pared OLP in Schwab Account - Sold 5 at $25.12+ (8/15/24 Post)(profit snapshot = $16.38)
Lowest Prices Paid: Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 - Schwab Account (10/7/23 Post)
Goal: Given the high dividend yield, the goal is simply any profit before ROC adjustments to the tax cost basis + the dividends.
K. Pared OLP in Fidelity Account - Sold 20 at $23.3:
Proceeds: $466
I sold my highest cost shares.
Profit Snapshot: $5.9
New Average cost per share this account: $20.76 (53+ shares)
 |
| Snapshot Intraday on 2/25/26 after parer |
Reduced from $21.37
Yield at $20.76: 8.67%
L. Pared GLQ - Sold 6+ at $8.25:
Quote: Clough Global Equity Fund (GLQ) at Google Finance - Leveraged Long/Short CEF
Proceeds: $49.75
SEC Filed Annual Report for the F/Y Ending 10/31/25 GLQ holdings information starts at page 18, with the short positions listed at page 19.
Sponsor's website: Clough Global Equity Fund (GLQ) | Clough Capital
Top 10 Long Positions as of 12/31/25:
Leverage ratio as of 12/31/25: 16.8%
Last Discussed: Item # 2.B. Pared GLQ - Sold 8 at 7.71 and 23+ at $7.41 (10/11/25 Post )(profit snapshot $60.45)
Last Buy Discussions: Item # 1.B. Added to CLQ - Bought 10 at $6.78 (8/29/24 Post); Item # G. Added to GLQ - Bought 10 at $6.49 (3/28/24 Post); Item # 3.A. Added to GLQ - Bought 5 at $5.2 (11/4/23 Post)
Profit Snapshot: $25.88
New average cost per share: $4.07
 |
| Snapshot Intraday on 2/25/26 after pare |
The original tax cost is close to $6, but I did not do a precise calculation.
Dividend: Monthly at $.0729 per share ($.8748 annually)
GLQ Dividend History & Date | Seeking Alpha
This CEF has a high dividend yield but the dividend has substantial ROC support. The goal is too earn a return in excess of the dividend payments using the original cost basis.
Before selling my highest cost lots, I did a sample of my purchase prices in 2023 and found that they were slightly below $6:
This was sufficient for me to conclude that I sold those shares at profit based on my original cost.
Yield at $4.07: 21.5%
I did not attempt to calculate an exact number based on the original costs. The yield at a $6 total original cost per share would be 14.58%
Next Ex Dividend: 3/18/26
Data as of 2/25/26:
Closing Net Asset value per share: $9.27
Closing Market price: $8.26
Discount: -10.9%
Average 3 Year Discount: -14.5%
Sourced: GLQ - CEF Connect (Click "Pricing Information" tab)
4. Term Bond ETFs:
I discuss buying two term Junk Bond ETFs below and 1 term investment grade bond ETF. The Junk Bond term ETFs have a higher expense ratio at .35% compared to .10% for the investment grade ones.
I may add to these ETFs provided each purchase is at the lowest price in the chain.
I will not go out beyond 2031 for the investment grade term ETF or beyond 2029 for the junk bond term ETFs. That restriction is due mostly to interest rate risks that are not adequately compensated in the yields IMO.
The goal is simply to earn a total return in excess of the dividend payments as an alternative to MM yields.
I will not hold term bond ETFs for long.
While the term characteristic reduces interest rate risk, the reduction is not equivalent to buying individual bonds maturing in a particular year.
I bought these bond ETFs before the last ex dividend date which was 3/2/26.
A. Restarted IBDW - Bought 10 at $21.22:
Quote: iShares iBonds Dec 2031 Term Corporate ETF (IBDW) at MSN Money
Cost: $213.3
IBDW Portfolio: Morningstar (not rated) On the right hand side of this page near the top, material data is provided including the weighted average price of bonds owned by this fund and the YTM. It is important for me that the weighted average price is below par value when I make the purchase. For this fund, the average price is currently shown at 96.3, below the 100 par value, with the YTM at 4.54%.
"Designed to mature like a bond, trade like a stock. Combine the defined maturity and regular income distribution characteristics of a bond with the transparency and tradability of a stock."
Sponsor's website: iShares® iBonds® Dec 2031 Term Corporate ETF
Expense Ratio: .1%
Number of Holdings as of 2/23/26: 520
Effective Duration: 4.67 years.
Credit Ratings:
Last Buy: Item # 1.A. Bought 5 IBDW at $20.49 (7/26/24 Post)
I could not find a sell discussion which is not unusual for this kind of small position. I did sell this lot at $20.62, and had forgotten about it.
Dividends: Paid monthly at a variable rate
Last Ex Dividend: 3/2/26
B. Started IBHH - Bought 10 at $23.7+:
Quote: iShares iBonds 2028 Term High Yield and Income ETF (IBHH) at MSN Money
Cost: $237.05
This is my first purchase.
IBHH Portfolio: Morningstar (not rated) Weighted average price shown at 99.13 with a YTM at 6%.
Sponsor's website: iShares® iBonds® 2028 Term High Yield and Income ETF | IBHH
Expense Ratio: .35%
Number of Owned Bonds: 247
Effective Duration: 1.23 years
Dividends: Monthly at a variable rate
Last Ex Dividend: 3/2/26
Credit Quality: Junk Territory
Quote: iShares iBonds 2029 Term High Yield and Income ETF (IBHI) at MSN Money
Cost: $235.7
This is my first purchase.
IBHI Portfolio: Morningstar (not rated) Weighted average price at 98.69 with a YTM at 6.66%.
Sponsor's website: iShares® iBonds® 2029 Term High Yield and Income ETF | IBHI
Expense Ratio: .35%
Number of Holdings: 412
Effective Duration: 2 years
Dividends: Monthly at a variable rate
Last Ex Dividend: 3/2/26
Credit Quality: Junk Territory
5. Small Ball Commons Stock Purchases:
A. Started HPQ - Bought 10 at $18.34+:
Quote: HP Inc. (HPQ) at MSN Money
Cost: $183.45
Investment Category: Bond Substitute which defines the objective rather than the safety of the dividend.
HP is best known for its computers, printers and related accessories. Laptop Computers, Desktops, Printers, Ink & Toner
The products are generally described at page 11 in the last filed 10-Q.
I would categorize the printer and related products as in a long term secular decline due to widespread adoption of digitization.
Computers are a commoditized products with temporary surges in demand during refresh and windows upgrade cycles.
HP is attempting to innovate with new AI products. AI PCs - HP's Next Gen AI PCs, Computers, and Laptops
HP is currently being hurt by a shortage in memory chips and related price increases resulting from spikes in AI demand. According to the Morningstar analyst, 2026 production of DRAM and NADN had already largely sold out late last year. While I view this as a temporary problem, I do not know how long it will take to ramp up production levels to ease the shortage and reduce prices.
Notwithstanding the foregoing, the company still has substantial revenues and earnings and returns its free cash flow to investors through dividends and share purchases provided there are no acquisitions. The last major acquisition was Poly, formerly known as Plantronics, in an all cash acquisition in 2022. HP Inc. Completes Acquisition of Poly (8/29/22).
Dividend: Quarterly at $.30 per share ($1.20 annually), last raised from $.2894 effective for the 2025 4th quarter payment.
Yield at $18.34: 6.54%
Next Ex Dividend: 3/11/26
Last Earnings Report (Q/E 1/31/26): This is for the first fiscal quarter.
Revenues: $14.4B, up from $13.5
GAAP E.P.S. $.58, down from $.59
Non-GAAP E.P.S. = $.81, up from $.74
Consensus non-GAAP at $.764 per Fidelity.
Reconciliation: In Millions except for per share amounts
Free Cash Flow: $175M
"HP’s dividend payment of $0.30 per share in the first quarter resulted in cash usage of $277 million. HP also utilized $325 million of cash during the quarter to repurchase approximately 13.3 million shares of common stock in the open market. HP exited the quarter with $3.2 billion in gross cash, which includes cash and cash equivalents of $3.2 billion, and short-term investments of $3 million included in other current assets."
Outlook:
B. Added to Duplicate Position in RYN (Vanguard Account) - Bought 5 at $20.94:
Quote: Rayonier Inc. (RYN) at MSN Money Timber and Land Development REIT
Cost: $104.7
"Rayonier is a land resources real estate investment trust (REIT) with a portfolio comprising over four million acres in the U.S. South and U.S. Northwest. The company is focused on managing its timberlands on a sustainable basis while optimizing its overall portfolio value by delivering land to its highest and best use. Rayonier also operates six sawmills, an industrial-grade plywood mill, residential and commercial real estate developments, and a rural land sales program."
Website: Rayonier | Forest Products, Timber & Land Management Company
Last Discussed: Item # 1.C. Started RYN in Schwab Account - Bought 10 at $21.45 (11/29/25 Post)(discussed 2025 third quarter report, SEC Filed Press Release)
Recent News: Rayonier - Rayonier and PotlatchDeltic Announce Closing of Merger of Equals (1/30/26) This acquisition was discussed in a 10/24/25 press release. Rayonier and PotlatchDeltic to Combine in an All-Stock Merger of Equals to Create a Leading Land Resources REIT This was an all stock acquisition. The combined entity will own 6 lumber mills with a total capacity of 1.2B board feet and 1 industrial plywood mill. Rayonier and PCH are transforming some of their timberland properties into real estate developments including Wildlight and Chenal Valley.
New average cost per share this account: $21.22 (10 shares)
Dividend: Quarterly at $.26 per share ($1.04 annually), cut from $.2725 per share effective for the 2026 first quarter payment.
I do not regard this dividend cut unfavorably since the company issued 7.5M shares in December 2025 as part of a special dividend, with the new rate being "consistent with our previous communications regarding the anticipated impact of the special dividend on the Company’s ordinary quarterly dividend." The special dividend was paid in both cash and stock with cash not to exceed 25% of the total. The special dividend was intended to "distribute the taxable gains arising from the sale of its New Zealand business". Rayonier Completes Sale of New Zealand Business to The Rohatyn Group (6/30/25)
Tax Treatment of 2025 Dividends: No ROC
Rayonier Announces Tax Treatment of 2025 Dividends
Yield at $21.22: 4.9%
Next Ex Dividend: 3/17/26
Last Earnings Report (Q/E 12/31/25)
This report including expenses related to the acquisition of PotlatchDeltic which was consummated after the quarter ended.
Revenues: $117.5M
Net Income: $25.9M
Pro Forma Net Income: $32.1M (adds $6.3M in expenses related to the acquisition)
2026 Outlook:
 |
| Page 7 of "Additional Interest" Statement: 2024 Tax Filing |
Item # 3 (7/15/25 Post)(9 bought and 2 sold)(profit snapshot = $30.92)
Item # 3 (7/22/25 Post): Sold 9, profit snapshots = $103.55
Item # 3 (8/5/25 Post)(bought 2; sold 7), profit snapshots = $155.07
Item # 2 (8/12/25 Post) (Sold 20, bought 1); profit snapshots = $479.50
Item # 4 ( 8/19/25 Post) Sold 10, profit snapshots = $219.23
Item # 4 (8/26/25 Post): Sold 11, profit snapshots = $243.77
Item # 2 (9/2/2025 Post): Sold 22; profit snapshots = $523.79
Item # 2 (9/8/25 Post): Sold 15, profit snapshots = $429.61
This GO municipal bond has an AA+ credit rating and pays federally tax free interest.
