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Dollar Values of Trades Discussed in this Post:
Inflow Common Stock/Stock Funds (Item # 1): $900.18
Outflow Common Stocks (Item # 6): $844.48
Net Realized Gains Stocks/Stock Funds: $139.67
I have previously met my annual goal of realizing over $25K in realized gains selling common stocks and stock funds. The largest realized gain in a common stock was POW:CA: Item # 1. Eliminated POW:CA - Sold 100 at C$89.25 in Interactive Brokers Account (7/21/26 Post)(profit snapshot = C$6,776). I continued throughout 2026 paring stock funds including my positions in 3 mutual funds: PRWCX (T. Rowe Price Mutual Fund Account), PRPFX, and VHCOX.
Close to one-half of the 2026 realized gains to date are in my Schwab account that has the highest weighting in common stocks:
Net Inflow Stocks/Stock Funds: $55.7
Corporate Bonds (Item # 2): 16 (total cost at $15,811.29)
Treasury Bills Purchased at Auction (Item # 3): $5,000 in principal amount
Treasury Notes Purchased in the Secondary Market (Item # 5): 3 (cost at $2,952)
Inflow "Preferred" Stock CEF (Item # 4): $158.5
Inflow Precious Metal ETF (Item # 7): $131.65
My Fidelity Account ended up $310.12 yesterday (11/5/26). The primary reason is the bond allocation in that account more than offsetting the stock declines:
Close on 11/5/26: S&P 500 7,353.73 -334.89 (- 4.36%) at Google Finance
I did have a few gainers yesterday in that account: BCE (42+ share, more than in my Schwab account), VRMK and RYN rose in response to earnings, packaged food stocks and a few REITs, BDCs, Bond ETFs and preferred stocks had fractional gains. CHCT continue to rise some based on its 11/3/26 earnings report.
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Economy:
Jobs report October 2026: +165,000 with the estimate at 59,000. The August number was increased to 186,000 while September was revised to 60,000 from 31,000.
Employment Situation Summary - 2026 M10 Results Average hourly earnings rose $.14 or .4% to $38. Over the past 12 months through October, average hourly wages increased by 3.1%, which remains below the CPI annual inflation rate. The U-6 number increase .3% to 7.9%. Table A-15. Alternative measures of labor underutilization - 2026 M10 Results
Yesterday, the Stock Jocks came to a realization that the House and Senate Democrats will pass a moratorium on new AI infrastructure builds. Many of the stocks that have led the S&P 500 higher are AI related and were priced for a blue sky scenario lasting for a decade or so IMO.
Trump will probably veto any moratorium bill. The issue then become whether Trump still has enough control over the republicans in Congress to prevent an override of his veto (290 in the House; 67 in the Senate). The Democrats will not be able to override without significant republican support.
My best guess is that Trump's veto will not be overridden. If that proves to be an accurate forecast, then it will become a state issue and there may be several states willing to accept new AI data centers.
Oil Price Charts | Oilprice.com
Mortgage Rates - Freddie Mac Declining some
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Trump and His Party:
Trump and his party's playbook for an authoritarian breakthrough has suffered a major setback. Trump Learns His Orbán Lesson - The Atlantic
Ann Applebaum: How Americans Defeated an Autocrat-in-Waiting - The Atlantic
Trump: "I wasn’t on the Ballot,” he whined, “and if I was, we would have won IN A LANDSLIDE! Trump whines ‘I wasn’t on the ballot’ as his candidates are crushed in midterms one after another | The Independent" But, didn't the Don repeatedly instruct his True Believers to vote as if he was on the ballot. Who could have missed that order that was frequently repeated to throngs of the TBs.
At least in the Alternate Reality that I call TrumpWorld, Trump could have carried his chosen candidate in the Texas Senate race, Ken Paxton, to a landslide victory over James Talarico, formerly 1 of 150 members of the Texas State House of Representatives, but only if Trump's name was on the ballot.
Dismissal with Prejudice of Trump's Frivolous Epstein Birthday Card Lawsuit:
Trump lawsuit against Wall Street Journal over Epstein birthday letter dismissed with prejudice - CBS News When a lawsuit is dismissed "with prejudice", it can not be filed again and is a final judgment in the case subject to appeal. The lawsuit was dismissed for failing to state claim that the defendants acted with "actual malice" that is a required showing when a public figure sues for defamation.
Trump claimed that his signature on an Epstein birthday card did not belong to him. In an earlier post, I compared Trump's signature on that card with his signature on several other documents that he did sign, including snapshots of all of those signatures. I concluded that members of the jury could find that the Trump signature on the Epstein birthday card was made by him. Since Trump has the burden of proving defamation by a preponderance of evidence, the jury only needs to conclude that Trump failed to carry this evidentiary burden. Trump had a zero chance of winning the lawsuit IMO even if he secures a reversal of the dismissal with prejudice ruling on appeal. Scroll to "Trump and Epstein" (9/13/26 Post)
Trump also falsely claimed that he "never wrote a picture in his life". There are numerous examples of his drawings. Some of them are reproduced here: Trump’s Old Drawings Resurface as He Denies Epstein Birthday Letter | The New Republic What really set Trump off was not his signature but the drawing and these words inside the drawing: "and may every day be another wonderful secret". See the alleged Trump birthday note to Epstein, released by House Democrats | PBS News
Trump believes that his denials establish truth that can never be contradicted by facts. Trump denies signing Epstein book, but past signatures look similar- USA Today (contains snapshots of exemplars); Handwriting expert says 'Donald Trump signature' in Epstein birthday book is 'absolutely' his - despite his denials; That Signature in Epstein Birthday Letter Sure Looks Like Trump’s (noting "countless examples of Trump signing other documents with the signature extremely similar to the one shown" on the Epstein birthday card)
Trump Appeals Judge's Dismissal of $10 Billion Wall Street Journal Suit
When the defendants win this lawsuit, they may file a malicious prosecution suit against Trump and his lawyers seeking in part several million in punitive damages. I view this appeal as adding more weight to the "legal malice" component of a malicious prosecution suit. Malicious prosecution; Adams v. Whitfield, 290 So.2nd 49 (Florida Supreme Court 1974) Legal malice may frequently be shown by a lack of probable cause (no reasonable prospect for success) for bringing the lawsuit or continuing it. Legal malice may also be proved by evidence of an improper motive such as harassment, personal retribution or ulterior motives other than seeking redress for a legitimate claim. Trump brought this defamation suit in a Florida federal district court.
Trump Media & Technology: A Day of Reckoning Approaching?:
A day of reckoning for Trump Media & Technology Group Corp (DJT). On 11/30/26, the owners of a $1B convertible bond can require DJT to pay value for these bonds. There is no rational reason why any owner would not put their convertible bonds back to DJT. As I have explained previously, this security is a busted convertible, exchangeable into DJT common stock at $34.72. This bond has no coupon. This bond was originally sold at a 4% discount to its par value. That OID is the interest. The owners can harvest the interest by putting the bond back on 11/20/26 or wait to receive par value when the convertible matures on 5/29/28 assuming DJT survives to pay off the bond in full when it matures. DJT reported a net loss for the Q/E 6/30/26 at $238.036B. 10-Q for the Q/E 6/30/26 The company does not have $1B in cash and short term investments. Cash, restricted cash and short term investments totaled $726.668M. Maybe that will cover the redemption requests. If not, then the company may have to sell some of its bitcoin at a loss to avoid a default on its paying off all of the convertible bond put to it for par value payments. The cost basis of DJT's crypto assets as of 6/30/26 can be found at page 13:
Harmeet Dhillon, controversial head of Justice Department's Civil Rights Division, resigns - CBS News The Democrats view her as one of the most prominent anti-Civil Rights attorneys.
1. Small Ball Common Stock/Stock Fund Purchases:
A. Added to UMH - Bought 10 at $15.02; 10 at $14.65; 10 at $14.35 - Schwab Account:
Quote: UMH Properties Inc (UMH) at Google Finance
Cost: $440.18
UMH "is a public equity REIT that currently owns and operates 145 manufactured home communities containing approximately 27,300 developed homesites, of which 11,400 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate."
The company also sells manufactured homes. 10-Q for the Q/E 9/30/26 at page 33 The company sold 109 manufactured homes in the third quarter with an average sales price of $108,000.
UMH SEC Filed 2025 Annual Report
The price decline in response to the earnings report was not justified IMO, but the upside is limited IMO without a more significant percentage improvement in AFFO per share and improved margins on manufactured home sales. The later issues restrained my purchases on 11/3/26.
10 Year Chart (weekly data): I view this chart unfavorably when considering this stock as a long term hold.
After an initial decline starting in February 2020 and ending in March 2020, the stock thereafter had a favorable reaction to the pandemic. Without researching why, I suspect that the reason had to do with families losing their single family homes to foreclosures and having to move into manufactured home rentals.
Starting in March 2023, the stock has been moving in what I call a narrow channel trade, suggesting purchases in the $14-$15 range with a consider to sell range between $16-$17, possibly holding some shares to see whether the price can move into the $17-$19 range. That objective would imply a dividend harvest strategy with a modest annual realized gain boosting the total return to 7% to 10%.
Historical FFO Numbers per share:
2025 FFO per diluted share: $.90, up from $.88 in 2024, SEC Filing
2023 FFO per diluted share: $.8, up from $.76 in 2022, SEC Filing
2021 FFO per diluted share: $.7.
New Average cost per share: $14.9 (45 shares)
 |
| Snapshot Intraday on 11/3/26 after last add |
Reduced from $15.35.
Dividend: Quarterly at $.225 per share ($.90 annually), last raised from $.215 effective for the 2025 second quarter payment. The the 2016 third quarter the rate was at $.18. The increase over a ten year period was 19.4%.
UMH Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at New AC: 6.04%
Next Ex Dividend: 11/16/26
Last Earnings Report (Q/E 9/30/26)
SEC Filed Press Release and Supplemental
The company noted that it had 3,100 vacant lots to fill and 2,400 acres available for future developments.
Revenues: $74.135M, up from $66.918M
Increased same store occupancy to 88.8% from 88.5%
Manufactured home sales increased 29%.
GAAP E.P.S. ($.02)
FFO per share: $.24, up from $.23
Normalized FFO per share: $.26, up from $.25
Reconciliation:
2026 Normalized FFO Guidance: $.99-$1.03. The midpoint remained at $1.01 compared to the prior guidance.
B. Added to BRT - Bought 5 at $13; 5 at $12.75 - Schwab Account:
Cost: $128.75
As of 9/30/26, "the Company: (i) wholly-owns
Website: BRT Apartments Corp.
BRT SEC Filed 2025 Annual Report
Investment Category: Item # 2.C. Added to BRT in Fidelity Account - Bought 5 at $13.36 (4/4/26 Post)
Last Discussed: Item # 1.C. Added to BRT in Schwab Account - Bought 5 at $13.25 (10/16/26 Post) I discussed the second quarter report in that post. SEC Filing and 10-Q
Last Sell Discussion: Item # 1.I. Pared Duplicate Position in BRT - Sold 6+ at $15.1 - Fidelity Account (8/4/25 Post)(profit snapshot = $5.92, reduced AC per share to $13.75 in that account)
New average cost per share: $14.25 (83+ shares)
 |
| Snapshot Intraday on 11/3/26 after last add |
Reduced from $14.43.
Dividend: Quarterly at $.25 per share
BRT Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
Yield at $14.25 = 7.02%
Last Ex Dividend: 9/28/26
Last Earnings Report (Q/E 9/30/26):
SEC Filing and 10-Q for the Q/E 9/30/26
Revenues: $14.146M, up from $13.043M
GAAP E.P.S. = ($.23)
FFO per share: $.26, down from $.28
AFFO per share $.31, down from $.36
Equity in a loss "of unconsolidated joint ventures was a loss of $411,000 compared to a $75,000 loss in the third quarter of 2025." This is explained at page 16 of the 10-Q and further discussed at page 25.
Reconciliation:
I do not view BRT's calculation of AFFO as consistent with the NAREIT definition which requires the deduction from FFO of routine maintenance expenses. No deduction for those cash expenses are made in the preceding snapshot.
The company does provide recurring capital expenditures elsewhere in its earnings release:
During the third quarter, BRT estimates its share of recurring capital expenditures at $1.658M. I deducted that amount from the AFFO number of $5.889M. That left $4.232M which is close to the cash available for distribution amount. I then divided $4.232M by $18.002M weighted average shares outstanding which reduced the AFFO number to $.235, slightly below the quarterly dividend. If my adjusted AFFO dividend coverage shortfall continues, a dividend cut becomes more likely IMO.
Recent activity summarized in the press release:
I do not have enough information to form an opinion whether those activities will result in higher AFFO per share, after adjustments for recurring capital expenditures.
The company did discuss at page 22 of its 10-Q that it anticipates higher interest expenses in 2027.
Overall, I had a negative reaction to this report.
IMO, this company needs to find a buyer. It does not make much sense to continue as an independent company.
Purchase Restrictions: I will continue to average down in 5 share lots until I own 100 shares + shares bought with dividends.
C. Added to BFS - Bought 5 at $28.75:
Quote: Saul Centers Inc (BFS) at Google Finance
Cost: $143.75
BFS "is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 62 properties, which includes (a) 50 community and neighborhood shopping centers and nine mixed-use properties with approximately 10.6 million square feet of leasable area and (b) three non-operating land and development properties. Over 85% of the Saul Centers' property net operating income is generated by properties in the Washington, D.C./Baltimore metropolitan area."
Last Discussed: Item # 1. D. Added to BFS in Schwab Account - Bought 5 at $29.14 (10/30/26 Post)
I discussed the 2026 second quarter report in this post: Item # 2.F. Added to BFS - Bought 5 at $30.3 (9/19/26 Post); SEC Filed Press Release
New average cost per share: $30.3 (45+ shares)
Reduced from $30.52.
Saul Centers List of Properties
Dividend: Quarterly at $.59 per share ($2.36 annually)
BFS Stock Dividend History & Date | Seeking Alpha
I am currently reinvesting the dividend.
Yield at New AC: 7.79%
Last Ex Dividend: 10/15/26 (owned 35 as of)
Last Earnings Report (Q/E 9/30/26): This report was released this morning.
SEC Filed Press Release and 10-Q for the Q/E 9/30/26
Revenue: $73.408M, up from $69.954M
GAAP E.P.S. $.27
FFO per share: $.72, unchanged.
Reconciliation:
There is no funds available for distribution calculation that would deduct routine maintenance expenses from FFO.
As of 11/2/26, a new mixed-use property, the Hampton House, "267 (73.0%) of the 366 residential units were leased and occupied and 100% of the retail space was leased. Concurrent with the opening of Hampden House on October 1, 2025, interest, real estate taxes, depreciation and all other costs associated with the residential portion and the majority of the retail portion of the property began to be charged to expense, while revenue continues to grow as occupancy increases. As a result, compared to the 2025 Quarter, net income for the 2026 Quarter was adversely impacted by $3.7 million due to the initial operations of Hampden House, of which $2.9 million is related to interest expense, net."
Saul Centers Inc. - Hampden House - Bethesda, Maryland
"Excluding Hampden House, the Residential portfolio was 97.1% leased at September 30, 2026 and September 30, 2025."
D. Added to BTX in Fidelity Account - Bought 10 at $8.20; 10 at $8 :
Quote: BlackRock Technology and Private Equity Term Trust (BTX) at Google Finance - A Stock CEF
Cost: $162
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. The price has declined significantly due to heavy AI stock exposure.
I will not be adding much to my recent discussion: Item # 1.D. Added to BTX in Fidelity Account - Bought 10 at $8.5 (10/22/26 Post)
I will continue to average down in 10 share lots.
Sponsor's website: BlackRock Technology and Private Equity Term Trust
BlackRock Technology and Private Equity Term Trust
BlackRock Tech and Private Equity Term (BTX)-Morningstar (Currently rated 1 star)
New Average Cost per share this account: $8.36 (40 shares)
Reduced from $8.62.
Dividend: Monthly at $.0525 per share ($.63 annually)
Quote: Hope Bancorp (HOPE) at Zacks
Cost: $25.5
HOPE Detailed Earnings Estimates - Zacks.com As of 11/2/26, the average E.P.S. estimate for 2026 was at $1.13 and at $1.58 in 2027. If the 2027 estimate turns out to spot on, then the stock is undervalued now IMO.
Last Discussed: Item # 3.E. Eliminated Duplicate Position in HOPE - Sold 22 at $14.12 (11/14/26 Post)(profit snapshot $33.04); Item # 1.B. Eliminated Duplicate Position in HOPE - Sold 36+ at $11.26 (4/5/26 Post)(profit snapshot = $32.87)
New average cost per share: $14.28 (102+ shares)
Dividend: Quarterly at $.14 ($.56 annually), last raised from $.13 effective for the 2018 third quarter payment. I view that history as highly unsatisfactory. At least there was no dividend cuts during the period since the last increase.
Dividend History - Hope Bancorp, Inc.
I am reinvesting the dividend.
Yield at AC = 3.92%
Last Ex Dividend: 11/6/26 (owned all as of)
Last Earnings Report (Q/E 9/30/26):
Comparisons are to the 2025 third quarter.
E.P.S. $.28, up $.24 (best part of the report)
Non-GAAP E.P.S. = $.28
NIM: 3.02%, up from 2.89% (positive trend but still low IMO)
Efficiency Ratio ex items: 63.59% (too high IMO), down from 67.56% (down is better for this ratio)
NPL Ratio: .72%, down from .82% (no more than okay given the level and the slight positive trend down)
"Nonperforming assets declined $4.4 million from the prior quarter to $108.5 million, or 0.57% of total assets, at September 30, 2026, compared with 0.59% of total assets at June 30, 2026, and 0.61% of total assets at September 30, 2025. The quarter-over-quarter improvement primarily reflected a reduction in nonaccrual loans."
Charge off Ratio: .19%, down from .14% (both good IMO)
ROTCE ex items: 8.45% (unsatisfactory IMO since I view 10%-12% to be average)
ROA ex items: .79% (unsatisfactory IMO since I view 1%-1.1% as average)
Total Capital Ratio: 13.92% (average)
2. Corporate Bonds:
A. Bought 2 Fidelity National Financial 4.5% SU Maturing on 8/15/28 at a Total Cost of 98.368 - Interactive Brokers Account:
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Issuer: Fidelity National Financial (FNF) at Zacks
Cost: $1,967.36
Filled on 10/19/26
Investor Relations - Fidelity National Financial
FNF Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26
SEC Filed Earnings Press Release for the Q/E 9/30/26
Response to 3rd quarter earnings report: FIS $29.76 (▼ 23.67%) on 11/4/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.45%
Current Yield at TC: 4.575%
I now own 4.
Last Discussed at Item # 2.D. Bought 2 Fidelity National 4.5% SU Maturing on 8/15/28 at a Total Cost of 98.851 (3/18/25 Post)
B. Bought 2 Kroger 3.7% SU Maturing on 8/1/27 at a Total Cost of 99.263 - Vanguard Account:
%208:1:27%203.7%25%20.png)
Issuer: Kroger Co (KR) at Google Finance
Cost: $1,985.26
Filled on 10/20/26
KR Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 8/15/26 (Revenues of $34.521B, with net income reported at $641M, adjusted to $667M. Revenues and earnings are seasonal. Revenues increased from $33.94B in the Q/E 9/16/25.)
SEC Filed Earnings Press Release for the Q/E 5/23/26 (Revenues of $46.141B with net income reported at $903M).
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.669%
For bonds maturing within 1 year, I do not view the current yield as important.
I replaced with this purchase 2 General Motors Financial SU bonds that were called early:
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Note that the $14.98 "profit" was classified into 2 tax categories: $12.9 was classified as a realized market discount, which will be taxable as interest income, and $2.08 as a long term capital gain. I do not fully understand how brokers make that calculation, but it occurs when the original purchase price is close to the redemption price, which was the case for this bond, and the redemption occurs before the accrued market discount is fully realized. Tax Treatment of Market Discount Bonds; Tax treatment: bond premium and discount.pdf
The tax classification is not relevant to me since I managed my assets to keep my marginal tax rate at 15% or lower, which is easier to do now since I am retired and have no earned income.
Part of that management includes (1) owning tax free municipal bonds, (2) realizing long term capital gains and receiving qualified dividends (both taxed at 15% based on my income), (3) deferring tax recognition of interest income into the following year when income may move me into a higher tax bracket, (4) owning REIT stocks whose taxable dividends qualify for the Section 199A deduction which reduces the taxable amount, and (5) owning a number of dividend paying CEFs and stocks whose dividends are entirely or partially classified as return of capital.
Understanding return of capital
C. Bought 2 Nextera Capital 4.625% SU Maturing on 7/15/27 at a Total Cost of 99.953:
Issuer: Wholly owned subsidiary of NextEra Energy Inc (NEE) who guarantees the notes.
Cost: $1,999.06
Filled on 10/20/26
"NextEra Energy, Inc. (NYSE: NEE) is the largest electric power and energy infrastructure company in North America and is a leading provider of electricity to American homes and businesses. . . NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility, which provides reliable electricity to approximately 12 million people across Florida. NextEra Energy also owns the largest energy infrastructure development company in the U.S., NextEra Energy Resources, LLC. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage."
NEE SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues = $7.524B with net income reported at $3.144B adjusted to $2.407B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.682%
For bonds maturing within 1 year, I do not view the current yield as important.
Currently Owned Nextera Capital SU Bonds:
Stacked as follows
4 of the 3.55% SU Maturing on 5/1/27, Bond Page | FINRA.org, last discussed at Item # 2.F. Bought 2 Nextera Capital 3.55% SU Maturing on 5/1/27 at a Total Cost of 99.215 (3/30/26 Post) In that post I have snapshots of the 12 Nextera Capital SU bonds that matured in 2024.
2 of the 4.65% SU Maturing on 7/15/27, discussed in this post.
2 of the 4.9% SU Maturing on 2/28/28, Bond Page | FINRA.org, discussed at Item # 2.D. Bought 2 Nextera Capital 4.9% SU Maturing on 2/28/28 at a Total Cost of 99.854 (10/9/26 Post)
2025 Nextera Capital SU Bonds Traded in 2025:
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%20+$32.94%202034%20.png){kind=small}
%20+$21.38%20.png){kind=small}
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%20$46.18%20%20.png){kind=small}
D. Bought 1 Entergy Louisiana 5.15% First Mortgage Bond Maturing on 9/15/34 at a Total Cost of $95.957:
Cost: $959.57
Filled on 10/20/26
ETR 10-Q for the Q/E 6/30/26 The Entergy Louisiana results start at page 107.
 |
| Page 123, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.794%
Current Yield at TC: 5.367%
I now own 5.
Last Discussed: Item # 3.C. Bought 1 Entergy Louisiana 5.15% First Mortgage Bond Maturing on 9/15/34 at a Total Cost of 97.951 (5/30/25)(YTM then at 5.432%)
Last Sell Discussion: I kept the bond linked above but sold the highest cost one bought in March 2025 at 101.328. Item # 2.C. Sold 1 Entergy Louisiana 5.15% First Mortgage Bond Maturing on 9/15/34 at 101.328 (8/12/25 Post)
%20+$17.91%20.png)
E. Bought 2 Bunge 4.1% SU Maturing on 1/7/28 at a Total Cost of 99.032 - Interactive Brokers Account:
%201:7:28%204.1%25%20.png)
Issuer: Bunge Global SA (BG) at Zacks
Cost: $1,980.64
Filled on 10/21/26
BG Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues of $24.041B with net income at $678M.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 4.93%
Current Yield at TC: 4.14%
Last Bond Offering (8/26): Prospectus for 5% SU Maturing in 2021 issued by Bunge Limited Finance and guaranteed by Bunge Global.
G. Bought 2 DuPont 4.725% SU Maturing on 11/15/28 at a Total Cost of 99 - Interactive Brokers Account:
%204.725%25%2011:15:28%20.png)
Issuer: DuPont de Nemours (DD) at Zacks
Cost: $1,980
Filled on 10/21/26
DD Detailed Earnings Estimates - Zacks.com
DD SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.241%
Current Yield at TC: 4.798%
H. Bought 2 Lowes 4% SU Maturing on 10/15/28 at a Total Cost of 97.895 - Vanguard Account:
%204%25%2010:15:2028%20V%20.png)
Issuer: Lowe's Companies Inc (LOW) at Google Finance
Cost: $1,957.9
Filled on 10/21/26
LOW Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 7/31/26 (Revenues reported at $24.956B with net income at $2.399B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.131%
Current Yield at TC: 4.086%
I now own 6.
Last Discussed at Item # 3.F. Bought 2 Lowes 4% SU Maturing on 10/15/28 at a Total Cost of 98.807 - Fidelity Account (8/25/26 Post)(YTM then at 4.58%); Item # 3.J. Bought 2 Lowes 4% SU Maturing on 10/15/28 at 98.904 - Vanguard Account (7/28/26 Post)(YTM then at 4.516%)
I. Bought 2 Oneok 4.55% SU Maturing on 7/15/28 at a Total Cost of 99.237:
%204.55%25%207:15:28.png)
Issuer: ONEOK Inc at Google Finance - Energy Infrastruture
Cost: $1,984.74
Filled on 10/22/26
Website: ONEOK, Inc.
ONEOK Announces Higher Second-Quarter 2026 Earnings: Net Income up 13%, Adjusted EBITDA up 7%
I have a small ball position in the common stock which I have been paring.
Last OKE Discussion: Item # 1.F. Pared OKE - Sold 1 at $93.06 (8/4/26 Post)(profit snapshot = $70.82)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 5.012%
Current Yield at TC: 4.585%
Currently owned OKE SU Bonds: 12
%207:13:27%204%25%20.png)
2 of the 4.55% SU Maturing on 10/15/28, discussed above.
2 of the 4.35% SU Maturing on 3/15/29; Bond Page | FINRA.org
I did not discuss this purchase, made in my Fidelity Account, at a total cost of 97.938.
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2 of the 5.05% Maturing on 11/1/34, Bond Page | FINRA.org; Item # 4.C. Bought 2 Oneok 5.05% SU Maturing on 11/1/34 at a Total Cost of 99.325 (2/11/26 Post)
J. Bought 1 Caterpillar Financial Services 4.85% SU Maturing on 2/27/29 at a Total Cost of 99.66:
Issuer: Wholly owned subsidiary of Caterpillar Inc (CAT).
Cost: $996.66
Filled on 10/26/26
Caterpillar Financial Services SEC Filed 2025 Annual Report
CAT SEC Filed Earnings Press Release for the Q/E 6/30/26
Caterpillar Financial Services 10-Q for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 5.003%
Current Yield at TC: 4.867%
3. Treasury Bills Purchased at Auction:
I am going to increase the weekly dollar amount to $10K and will likely pause corporate bond purchases due to yield declines.
A. Bought 5 T Bills at the 11/2/26 Auction:
%205:6:27.png){kind=small}
182 Day Bills
Matures on 5/6/27
Interest: $104.9
Investment Rate: 4.298%
4. "Preferred" Stock CEF:
A. Added 10 FPF at $15.85 - Schwab Account:
Cost: $158.5
Leveraged: Yes at 36.02% as of 10/28/26.
This fund will own some exchange traded bonds that pay interest.
Equity preferred stocks issued by pass through entities like REITs pay non-qualified cumulative dividends.
Bank holding equity preferred stocks generally pay non-cumulative and qualified dividends.
Most non-pass through corporations other than banks pay qualified and cumulative dividends but some do pay non-cumulative dividends.
The 1099 for this fund will have a mixture of both qualified and non-qualified dividend payments. For 2025, the fund paid $1.65 per share in dividends of which $.397+ was classified as return of capital. The ROC is not taxed as a dividend but reduces the tax cost basis in the shares. The total subject to taxation was $1.252+ of which $.963 was classified as qualified.
SEC Filed Semiannual Report for the Q/E 4/30/26 Leverage is discussed at pages 22 and 25. The borrowings are through reverse repurchase agreements and a bank credit facility, both priced at spreads to short term rates. This amount of borrowing at spreads to short term rates adds considerable risk to net asset value per share, but will tend to increase distributable income per share for as long as there is a positive net interest spread between the cost of borrowing and the yields realized from securities bought with the borrowed funds.
SEC Filing Holdings as of 7/31/26
There is also a meaningful credit risk associated with equity preferred stocks that have priority only to common stock in the capital structure. Preferred stock funds will generally have a substantial weighting in non-cumulative equity preferred stocks issued by bank holding companies which will become worthless, or almost so when and if the FDIC seizes the operating bank.
Equity preferred stocks have significant interest rate risk which explains what happened to the FPF this year. I would expect the fixed coupon equity preferred stocks to go down in value more the percentage increase in the ten year treasury yield.
Equity preferred stocks have no maturity dates which increases both the interest and credit risks IMO. I view them as an unfavored asset class since they are part of issuer's equity, junior to all debt, but the shares do not represent any ownership interest which is the primary reason for owning equity securities IMO. These stocks are more bond like, but lack the protections of senior unsecured or secured bonds. Dividends can be eliminated for non-cumulative preferred stocks and deferred for cumulative dividends, provided the Stopper Clause is not activated by paying a cash dividend on the common stock or using cash to buy back common stock. They also lack a maturity date which is an important characteristic for bonds. And, any recovery in a bankruptcy will generally be significantly less, if any, than for debt owners.
The primary benefits are higher yields than bonds from the same issuer and qualified dividend payments when the issuer is not a pass through entity like a REIT or a BDC whose preferred stock dividends will entirely, or almost so, be classified as non-qualified. This fund had less than 2% exposure to preferred stocks issued by REITs.
Sponsor's website: First Trust Intermediate Duration Preferred & Income Fund (FPF)
Credit Quality:
I am starting to replace some of the shares sold at higher prices earlier this year:
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| Realized Gains = $59.82 (36 shares) |
Some of the realized gain total would originate from ROC adjustments to the tax cost basis.
I have not discussed most of my trades in this CEF. I am basically trading off my opinion about the dominant directional trend in the ten year treasury yield.
New average cost per share: $14.41 (44+ shares)
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| Snapshot Intraday on 10/29/26 after add |
Raised from $14.
Dividend: Monthly at $.1375 per share ($1.65 annually)
The dividend has some ROC support.
Dividend Yield at $14.41 AC per share: 11.45%
Last Ex Dividend: 11/2/26 (owned all as of)
Data Date of 10/29/26 Purchase:
Closing Net Asset value per share: $17.6
Closing Market Price: $15.79
Discount: -10.08%
Average 3 Year Discount: -5.82%
Sourced: FPF - CEF Connect
5. Treasury Notes Purchased in the Secondary Market:
A. Bought 1 T Note 4.125% Coupon Maturing on 11/30/29 at 97.9375:
%2011:30:29%204.125%25%20.png){kind=small}
YTM 4.846%
Cost: $979.38
Filled on 10/20/26
B. Bought 1 T Note 4.125% Coupon Maturing on 7/15/29 at 98.1367:
%204.125%25%207:15:2029%20S%20.png){kind=small}
YTM 4.859%
Cost: $981.37
Filled on 10/21/26
I now own 4.
C. Bought 1 T Note 4.125% Coupon Maturing on 6/30/28 at a Total Cost of 99.125:
%204.125%25%206:30:28%20.png){kind=small}
YTM 4.667%
Cost $991.25
Filled 10/22/26
I now own 6. The other 5 were bought at the June 2026 auction at 99.878 (2 year note auction).
6. Small Ball Stocks Sales:
A. Eliminated Duplicate Position in UPBD (Fidelity Account) - Sold 14+ at $22.86:
Quote: Upbound Group Inc (UPBD) at Google Finance
Proceeds: $327.38
I am keeping for now the 46+ shares owned in my Schwab account which includes 1+ shares purchased with a recent dividend at $17 ($.01 lower than the Fidelity reinvestment):
It is common for me to start a small ball duplicate position in my Fidelity account and then eliminate it for a short term trading gain, while keeping a position in my Schwab account. The primary reason for keeping the Schwab account position is the stock's dividend yield at my total cost compared to what I would earn selling the stock and having the proceeds transferred into my Schwab sweep account.
Schwab account position:
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| UPBD Closing Price 11/4/26 |
Schwab Sweep Account Yield:
UPBD Detailed Earnings Estimates at Zacks
Investor Overview | Upbound Group, Inc.
5 Year Chart: Major Bear Market Pattern
I do not have enough data to form an opinion yet whether the recent rally will end the major bear market pattern or is just a bear market rally.
Last Blog Discussion: Item # 2.D. Added to Falling Knife UPBD in Schwab Account - Bought 5 at $16.95; 5 at $16 (10/2/26 Post)
I discussed the last earnings report in a comment published on 10/29/26. SEC Filed Earnings Report for the Q/E 9/30/26
Profit Snapshot: $68.07
Dividend: Quarterly at $.39 per share ($1.56 annually)
UPBD Dividend History & Date | Seeking Alpha
Last Ex Dividend: 10/6/26 (owned as of, reinvested the dividend at $17.01)
B. Pared APLE in Schwab Account - Sold 5 at $18.3:
Quote: Apple Hospitality REIT Inc (APLE) at Google Finance - A Hotel REIT
Proceeds: $91.53
I sold my highest cost 5 shares.
APLE "is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 216 hotels with approximately 29,500 guest rooms located in 83 markets throughout 37 states and the District of Columbia. Concentrated with industry-leading brands, the Company’s hotel portfolio consists of 114 Hilton-branded hotels, 96 Marriott-branded hotels, five Hyatt-branded hotels and one independent hotel."
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
APLE Management: Internal
Hotel Map – Apple Hospitality REIT
Website: Apple Hospitality REIT
Last Discussed: Item # 1.D. Pared APLE in Fidelity Account Again - Sold 4 at $16.89 (8/4/26 Post)(profit snapshot = $17.43; reduced AC per share to $11.84); Item # 1.D. Pared APLE in Fidelity Account - Sold 6+ at $15.52 and Item # 1.E. Pared APLE in Schwab Account - Sold 10 at $16.74 (7/1/26 Post)(profit snapshots = $69); Item # 2.D. Pared APLE in Fidelity Account - Sold 5 at $15.02 and Item # 2.E. Pared APLE in Schwab Account - Sold 5 at $15.15; 5 ant $15.49 (6/12/26 Post)(profit snapshots = $28.69); Item # 1.K. Pared APLE in Fidelity Account - Sold 15 at $14.43+ and Item # 1.L. Pared APLE in Schwab Account - Sold 15 at $14.48 (5/29/26 Post)(profit snapshots = $5.36)
Last Buy Discussions: Item # 1.E. Added to APLE in Fidelity Account -Bought 5 at $11.36 (12/5/25 Post); Item # 1.E. Added to APLE - Bought 15 at $11.5 - Schwab Account (10/25/25 Post); Item # 1.D. Added to APLE - Bought 5 at $11.5 (5/30/25 Post); Item # 1.E. Bought 7 APLE at $11.74 (4/25/25 Post)
Profit Snapshot: $32.75
New average cost per share share this account: $11.5 (25+ shares)
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| Remaining Shares/Price as of Close 10/26/26 |
Reduced from $11.54.
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Dividend History & Date | Seeking Alpha
Yield at $11.50: 8.35%
Last Ex Dividend: 10/30/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release
Revenues: $398.332M, up from $373.878M
GAAP E.P.S. = $.26, up from $.21
Modified Funds from Operations: $.50, up from $.43 (FactSet had the consensus at $.45)
Reconciliation:
Comparable Hotel Occupancy: 78.5%, up from 76.2%
Revenue per available room: $133.58, up from $124.03
C. Eliminated Duplicate Position in MFIC - Sold 27+ in Fidelity Account at $10.3+:
Proceeds: $283.57
MFIC has agreed to be acquired by Ares Capital in a cash and stock deal. Ares Capital Corporation Agrees to Acquire MidCap Financial Investment Corporation
Transaction Details:
Quote for Ares Capital Corporation (ARCC) at Google Finance
I mention in a comment published on 10/27/26 that I would sell the 27+ shares owned in my Fidelity account.
I still own 48+ MFIC shares in my Schwab account where I also own ARCC.
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| MFIC Average Cost per Share: $10.72 - Closing Price 10/30/26 |
I will likely keep those shares and will consequently receive ARCC shares in exchange plus some cash when and if the deal is consummated.
ARCC's Claimed Benefits for it Shareholders:
ARCC Position in Schwab Account: $12.2 (20+ Shares - all bought in 2020)
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| Closing Price as of 10/30/26 |
I also own ARCC in my Fidelity account, just 15 shares with an average cost per share of $9.57.
I have sold my highest cost shares in both accounts which is a standard risk mitigation strategy that I use given my financial objectives.
Website: MFIC SEC Filings
10-Q for the Q/E 6/30/26. The net asset value per share was reported at $13.82. In the press release announcing the acquisition, MFIC claims that the preliminary asset value was at $12.86 as of 9/30/26 which was later confirmed in the earnings report. MFIC SEC Filed Earnings Report for the Q/E 9/30/26
There was a 1 for 3 reverse split in 2018. Adjusted for that split, the initial IPO price of $15 was at $45. Final Prospectus (4/8/2004, trading then under the AINV symbol)
Profit Snapshot: $30.44
Regular Dividend: Quarterly at $.31 per share, slashed from $.38 effective for the 2026 first quarter payment.
MFIC Stock Dividend History & Date | Seeking Alpha
Special Dividends: A $.20 special dividend was paid in 2024. I did not own shares when any of the 2024 dividends went ex dividend.
Last Ex Dividend: 9/8/26 (owned all as of)
Most Recent Prior MFIC Eliminations: Item # 1. Eliminated MFIC - Sold 72+ at $13.97 (1/12/24 Post)(profit snapshot = $84.44); Item # 7.A. Eliminated Duplicate Position in MFIC - Sold 36+ at $13.46 in Fidelity Account (12/16/23 Post)(profit snapshot = $48.08); Item # 3.F. Eliminated 1 or 2 Duplicate Positions in MFIC (Vanguard Account) - Sold 50 at $13.64 (8/5/23 Post)(profit snapshot = $30.12)
ARCC: Historically, ARCC has been a far better managed BDC than MFIC IMO which I view as a deservedly hated BDC.
ARCC Last Discussed: Item # 3.C. Pared ARCC Again in Fidelity Account - Sold 5 at $23.42 (1/29/25 Post)(profit snapshot = $58.41, reduced AC per share to $9.57).
ARCC Dividend History: ARCC Stock Dividend History & Date | Seeking Alpha
Other ARCC Sell Discussions: Item # 2.E. Pared ARCC in Fidelity Account - Sold 5 at $21.64 (11/27/24 Post)(profit snapshot = $48.01); Item # 4.G. Pared ARCC in Fidelity Account - Sold 5 at $21.76 (10/24/24 Post)(profit snapshot = $47.2); Item # 1.E. Pared Duplicate Position in ARCC - Sold 1 at $21.1 (9/5/24 Post); Item # 3.B. Pared ARCC - Sold 2 at $20.36 (1/20/24 Post)(profit snapshot = $14.04); Item # 2.I. Pared ARCC in Schwab Account - Sold 4 at $20.72 (5/12/22 Post)(profit snapshot = $22.94); Item # 1.D. Eliminated ARCC in Vanguard Taxable Account - Sold 10 at $22.16 (1/27/22 Post)(profit snapshot = $83.53); Item # 1.M. Sold 1 ARCC at $21.61- Fidelity Account (10/20/21 Post)(profit snapshot = $9.1); Item # 1.J. Sold 1 ARCC at $19.27 (4/30/21 Post)(profit snapshot = $6.84); Item # 3.C. Pared ARCC in Schwab Taxable Account-Sold 20 at $17,44 and Item #3.D. Pared ARCC in Fidelity Taxable-Sold 5 at $17.32 (1/1/21 Post)(profit snapshots = $39.52: post contains in Item # 3.D. prior profit snapshots including those that were not discussed); Item # 1.C. Sold 50 ARCC at $16.98 (6/18/18 Post)(profit snapshot $63.24); Item 2.A. Eliminated ARCC-Sold Remaining 50 Shares at $17.25 (2/15/17 Post)(profit snapshot = $160.51; contains snapshot of 100 share in RI in 2016, profit snapshot of $105.57); Item # 1, Sold 102+ ARCC at $15.32 and 50 at $15.26: Update For Portfolio Positioning And Management As Of 8/21/16-South Gent | Seeking Alpha (profit snapshot =$62.72); Item # 1 Sold 100 ARCC at $17.195 (4/28/15 Post)(profit snapshot = $116.36); Item # 3 Sold 100 ARCC Roth IRA at $17.05 (2/25/15 Post)(profit snapshot $19.97); Item # 2. Sold 100 ARCC at $17.54-IRAs in Two 50 Share Lots (9/13/12 Post)(profit snapshots = $53.19)
Goal: As with all BDCs, the goal is any total return in excess of the dividend payments.
D. Eliminated OFS - Sold 25 at $3.55:
Quote: OFS Capital Corp (OFC) at Google Finance - Deservedly Hated IMO BDC
Proceeds: $88.75
After reading the third quarter earnings report, discussed below, I reach my limit on tolerating poor performance by the external management company. I will not be buying this stock again.
SEC Filed 2025 Annual Report (Risk factor summary starts at page 28 and ends at page 67)
Investment Category: Blackjack Hand, part of the Lottery Ticket Basket
Last Discussed: Item # 5.C. Bought 10 OFS at $3.1; 5 at $4.04 (3/23/26 Post) As discussed in that post, net asset value per share significantly depends on the valuation mark an equity position in Pfanstiehl Holdings, a non-publicly traded stock that does not pay dividends.
Website: Pfanstiehl Injectable Grade Excipients GMP - Highest Purity
With the dividends, the total return was close to breakeven.
Dividend: Quarterly at $.17 per share ($.68 annually), slashed from $.34 effective for the 2025 4th quarter payment.
OFS Capital Dividend History & Date | Seeking Alpha
As previously discussed, I anticipated a dividend slash since this BDC was not coming close to earnings the $.34 per share quarterly dividend.
9/30/26: $7.48, NAV per share has declined by 18.61% this year through the 3rd quarter
6/30/26: $8.41
12/30/25: $9.19; NAV per share declined by 24.48% in 2025
9/30/25: $10.17
3/31/25: $11.97
12/31/24: $12.85
9/30/24: $11.29
6/30/24: $11.51
3/31/24: $11.08
12/31/23: $12.09
9/30/23: $12.74
6/30/23: $12.94
12/31/22: $13.47
6/30/22: $14.57 10/Q for the Q/E 6/30/22 at page 3
03/31/21: $11.96 10-Q at page 3
12/21/20: $11.85 10-K at page 69
6/30/20: $10.10
3/31/20: $ 9.71
12/31/19: $12.46
9/30/19: $12.74
6/30/19: $12.95 Page 2 10-Q
3/31/19 $13.04 10-Q
12/31/18 $13.10
6/30/18 $13.70
03/31/18 $13.67
12/31/17 $14.12
12/31/16 $14.82
12/31/15 $14.76
12/31/14 $14.24
12/31/13 $14.54
IPO Offering Price at $15 (November 2012) with proceeds after the underwriters' discount at $13.05 Final Prospectus Supplement
Last Earnings Report (Q/E 9/30/26):
Net Investment Income per share = $.05, down from $.22 in the 2025 third quarter
During the quarter, the company "placed loans to three portfolio companies on non-accrual status, while we restructured loans to two portfolio companies which had previously been on non-accrual status."
Net Realized loss on investments per share: $.57
As of September 30, 2026, the OFS 'loan portfolio had non-accrual loans with an aggregate fair value of $23.4 million, or 9.3% of our total investments at fair value." (emphasis and coloring added)
I mentioned in a comment this news: On 10/5/26, "OFS SBIC I, LP (“SBIC I LP”), our wholly owned subsidiary, admitted a third-party investor (the “New Investor”) as a limited partner, which acquired 56.62% of the limited partnership interests of SBIC I LP. SBIC I LP holds 400 Class A shares of Pfanstiehl Holdings, Inc., a global manufacturer of high-purity pharmaceutical ingredients. The New Investor acquired its limited partnership interests in exchange for $52.3 million paid to SBIC I LP, the entirety of which was distributed to (OFS). Following the transaction, SBIC I LP is no longer a wholly owned subsidiary of the Company."
This transaction resulted in OFS owning 217 shares, down from 400:
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| 217 Shares Valued at $87.71M or 88.7% of Net Assets |
Sourced: OFS 10-Q for the Q/E 9/30/26 at page 12
For federal income tax purposes, the company estimates it "will recognize a long-term capital gain of approximately $47 million, net of the proportional cost basis and transaction costs related to facilitating the transaction. We currently estimate that we have sufficient capital loss carryforwards to fully offset the capital gain resulting from the transaction, and thus no net capital gain, and no resulting capital gain distribution, is expected for tax year 2026. The current estimate of year-to-date 2026 U.S. federal taxable income is based on certain estimated amounts, including information received from third parties, and does not include certain income amounts that may be recognized in the remainder of the year. Accordingly, actual full-year 2026 U.S. federal taxable income will not be finally determined until our 2026 U.S. federal tax return is filed in 2027 (and, therefore, such estimate is subject to change). The determination of the tax attributes of our distributions is made annually as of the end of our fiscal year based upon our estimated taxable income and distributions paid for the full year." 10-Q at page 59.
I did not know until reading this earnings press release that Pfanstiehl Holdings had filed a lawsuit seeking to unwind this sale:
I do not have any information that would even allow me to guess at the potential outcome. Why would Pfanstiehl evencare about another firm having a minority equity stake. Generally, there could be at least two possible reasons. The first is that Pfanstiehl wants to buy the entire minority stake at a much lower price and wants OFS to be stuck owning a non-income producing position until OFS agrees to its buyout price. A second reason is that the new investor may be perceived as hostile.
I would add that I have no confidence in the OFS managers to invest the $52.3M wisely given its track record.
Some OFS Sell Discussions: Item # 3.B. Eliminated OFS - Sold 36 at $8.5 (6/12/25 Post)(profit snapshot = $176.01; discussed non-performing loans in that June 2025 post); Item # 4.E. Pared OFS - Sold 4 at $8.05 (11/21/24 Post)(profit snapshot = $15.93); Item # 2.A. Sold 9 OFS at $8.14 (10/31/24 Post)(profit snapshot = $35.16)(I discussed my negative reaction to the second quarter earnings report in that post. SEC Filed Press Release); Item # 2.A. Eliminated Duplicate Position in OFS - Sold 59+ at $9.56 and Item #2.B. Pared OFS in Fidelity Account - Sold 9+ at $9.55 (5/10/24 Post)(profit snapshots = $335.97)(As noted there, I decided to eliminate this duplicate position based on an acceleration of non-performing loans and the erratic valuation marks for an equity position in Pfanstiehl); Item # 1.D. Pared Duplicate Position in OFS - Sold 22 at $10.04(4/5/24 Post)(profit snapshot = $13.7); Item # 3.G. Pared OFS in Schwab Account - Sold 10 at $12.02 (1/26/24 Post)(profit snapshot = $21.59); Item # 3.D. Pared OFS in my Fidelity Account - Sold 8+ at $11.81 (1/20/24 Post)(profit snapshot - $60.72); Item # 1.B. Pared OFS in Schwab Account - Sold 20 at $11.51 (12/30/23 Post)(profit snapshot = $17.65); Item # 6.C. Pared OFS in Schwab Account - Sold 20 at $10.86 (9/30/23 Post)(profit snapshot = $28.94); Item # 3.A. Eliminated OFS in Vanguard Account - Sold 20 at $10.2 and Item # 3.B. Pared OFS in my Fidelity Account-Sold 10 at $10.15 (8/19/23 Post)(profit snapshots = $182.5)(Item #3.B. also contains snapshots of prior realized gains); Item # 3.D. Pared OFS in Fidelity Account - Sold 13.82 Shares at $11.32 (8/16/22 Post); Item # 4.B. Pared OFS in Fidelity Account - Sold 15.427 at $12.49 (6/15/22 Post)(profit snapshot = $60.07; contains snapshots of realized gains prior to 2022); Item # 4.D. Pared OFS in Fidelity Account - Sold 29+ at $13.06 (4/21/22 Post)(profit snapshot = $69.88); Item # 1.H. Pared OFS in Fidelity Account Sold 35 at $10.07- Highest Cost Lots That Could be Sold Profitably (7/22/21 Post)(profit snapshot = $12.44);; Item # 2.M. Pared OFS in Vanguard Taxable-Sold 20 at $7.2 (12/25/20 Post)(profit snapshot = $56.8); Item # 3.B. Sold 10 OFS at $12.04 (11/30/19 Post)(profit snapshot = $7.04); Item # 4.B. Sold 60 shares at $12 (11/13/19 Post)(profit snapshot = $13.11); Item # 3.A. Sold Highest Cost OFS Lots in Schwab Account - 50 shares at $12.27 and 50 at $12.47 (5/5/19 Post)(profit snapshots = $69.55)
E. Sold 10 ACCO at $5.33:
Proceeds: $53.25
Investment Category: Lottery Ticket Basket with dividends
ACCO Detailed Earnings Estimates - Zacks.com
Website: ACCO Brands
Last Buy Discussions: Item # 2.F. Added to ACCO - Bought 30 at $2.92 (4/4/26 Post); Item # 5.B. Added to ACCO - Bought 30 at $3.3; 20 at $3.15 (5/23/26 Post)
Profit Snapshot: $16.7
New Average cost per share: $3.24 (133+ shares)
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| Snapshot Intraday on 10/30/26 after pare |
Reduced from $3.27
Dividend: Quarterly at $.075 per share ($.30 annually)
ACCO Dividend History & Date | Seeking Alpha
Yield at New AC: 9.26%
Next Ex Dividend: 11/20/26
I discussed the third quarter earnings report in my last post and have nothing further to add here: Item # 5.B. Sold 10 ACCO at $4.72 (10/30/26 ); SEC Filed Press Release
Goal: Any total return in excess of the dividend payments.
7. Precious Metal ETFs:
A. Added 5 PPLT at $13.42; 5 at $12.9:
Quote: abrdn Physical Platinum Shares ETF (PPLT) at Google Finance
Cost: $131.65
This fund owns physical platinum. While I own gold and silver bullion, stored in safety deposit boxes at my bank, I do not own any physical platinum. If the price of PPLT continues to decline, I may buy up to 100 shares.
Precious metals entered into a parabolic spike that peaked earlier this year. I have pointed out here and in YouTube videos that parabolic price spikes have a tendency to collapse upon themselves. (e.g. Price collapses after parabolic price spikes in alternatives to fiat currencies - YouTube, published about 9 months ago; and Parabolic Spikes in Gold and Silver Prices - YouTube, published about 1 year ago).
I decided to restart a position after reading this article at Barchart: Why Platinum Is a Highly Asymmetric Long-Term Bet Right Now (6/15/26).
The platinum price has been declining in price starting in January 2026, when the price peaked near $2,900 per ounce to about $1,470 as of 10/31/26. 10 Year Historical Platinum Chart
Website for the World Platinum Investment Council (see Platinum Quarterly - Supply & Demand and Demand Drivers)
1 Year Chart (through 11/3/26): Major Bear Market Pattern.
Sponsor's website: abrdn Physical Platinum Shares ETF | Aberdeen
Expense ratio: .6%
There was a 10 for 1 split that become effective on 5/18/26.
Last Discussed: Item # 7.B. Restarted PPLT - Bought 10 at $14.46 (7/28/26 Post)
New average cost per share: $13.81 (20 shares)
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| Snapshot Intraday on 11/3/26 after last add |
Last Sell Discussions (prices prior to 10 for 1 split): Item #2.B. Eliminated PPLT - Sold 15 at $79.91 (7/10/2019 Post)(profit snapshot = $55.58); Item 3.C. Sold 17 PPLT at $83.75 (4/20/19 Post)(profit snapshot = $19.68)
Gains in 2016 & 2017: $253.66 (6 ten share lots)(snapshots in Item # 7 of the 7/28/26 Post linked above
Total PPLT Realized Gains (excludes gains in RI Account): $328.92 (92 shares in taxable accounts)
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.
