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Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks (Item # 6): $405.53
Outflow Common Stocks/Stock Funds (Item # 1): $2,219.67
Realized Gains Common Stocks: $597.59
Net Outflow Common Stocks/Stock Funds: $1,814.14
I will continue my slight stock reduction for as long as the stock market keeps going up. I view the market as overvalued with several valuation indicators pointing to an ongoing bubble. For stocks, my focus is on beaten up dividend paying stocks with yields at 4% or higher at my purchase prices. My primary investment approach is contrarian value.
Corporate Bonds (Item #2): $17,000 in principal amount (total cost = $16,874.62)
I am primarily a bond and T Bill investor now. I bought my first bond in 2007 as part of a reallocation process out of stocks that reduced my stock allocation then to about 40%.
Prior to 2007, I would characterize my risk asset investments as generally being 99% stocks. Currently, my total bond (corporate, municipal, treasury note), equity preferred stocks, T Bills, CDs and treasury MM funds allocation is slightly over 90% of my total portfolio held in 4 brokerage accounts.
Treasury Bills Purchased at Auction (Item # 3): $10,000 in principal amount
Starting in July, I will start buying 20 of the 6 month T Bills at auction each week through July only.
Treasury Notes Purchased at Auction (Item # 4): $7,000 in principal amount
Treasury Notes Purchased Secondary Market (Item # 5): $2,000 in principal amount
Net Outflow Bond ETFs (Item # 6): $125.63
Inflow Exchange Trade First Mortgage Bond (EAI): $401.6 (Item #7)
S&P 500 - 100 Year Historical Chart
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Economy:
Personal Consumption Expenditure (PCE) May Inflation Report:
Excluding food and energy, core PCE increased 3.4% for the 12 month period ending in May 2026 with PCE annual inflation hitting 4.1%. The seasonally adjusted month-to-month increase in core PCE inflation was .3%. Month-to-Month PCE inflation was at +.4%. Personal Income and Outlays, May 2026 | U.S. Bureau of Economic Analysis (BEA)
Discussed at PCE inflation report May 2026:
Factory job cuts in June neared financial crisis and Covid levels, S&P says
U.S. fights with Brazil for China's giant soybean market China will increasingly turn to Brazil and other foreign country soybean producers. Inside China’s push to feed 1.4 billion people without U.S. crops That is in response to Trump's trade wars that started during his first term. I have discussed this trend in YouTube video published over 1 year ago. Negative Impacts on U S Food Exports Resulting from Trump's Tariff Increases During his 1st Term - YouTube A more recent discussion was in this video: Trump's "Trade Deal" with China a generous 1.5 on a 1 to 10 Scale, not a 12 as Claimed by Trump - YouTube
Hormuz relief may not ease the economic toll that's already 'baked in,' analysts warn
Energy Secretary Chris Wright says U.S. has ended Iran's ability to close Hormuz He cited the movement of crude through the Strait after Iran recently announced its closure. That indicates to only that Iran is not go to fire on ships since the negotiations are going so well in its favor.
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Don the Destroyer and His Party:
The Senate and House recently passed a housing bill designed to lower housing costs with huge bipartisan support. The vote was 358 to 32 in the House. The Senate passed the bill 85 to 5. House passes affordable housing bill, sends it to Trump's desk A signing ceremony was set for 6/24.
Trump abruptly canceled the signing ceremony, shortly before it was scheduled to start, and refused to sign the housing bill, which makes housing more affordable for working families, until Congress passed the Save Republicans From Losing Elections Act, which has nothing to do with election fraud but is designed to suppress, even prohibit lawful voters from casting ballots who do not vote for republicans. Trump cancels plan to sign major housing bill as he fights with Congress over the SAVE America Act; Trump Message on 6/24/26 Trump claimed that it was a national emergency to pass this GOP's voter suppression legislation. The national emergency is that republicans may lose control over the House to the Democrats who will launch multiple investigations of Trump who will be impeached again.
Ethics Complaint Filed Against Acting Attorney General Todd Blanche for Alleged Violations of the New York Rules of Professional Conduct ("signed by a bipartisan group of more than 100 former federal and state judges"); Todd Blanche Ethics Complaint.pdf
'A Story of Change of Hubris': Haberman and Swann on How Trump's Second Term Went off the Rails - Vanity Fair (subscription publication) Haberman and Swann have a new book, Regime Change, and both are interviewed for this article.
Comparison to Hitler, Mao, Stalin? Trump says: ‘Sounds good to me!’
DOJ refuses to give sworn declaration that 'anti-weaponization' fund is dead Why? Because it is not dead.
Trump Calls New York Times Story ‘Treasonous,’ Vows to Add to Lawsuit - Newsweek Trump on 6/21/26: "The way the Corrupt and Failing New York Times is covering stories on a very battered and beat up Iran, through FAKE & MADE UP ‘FACTS' is, in my opinion, ‘TREASONOUS,’ I will be adding all of their false and ridiculous reporting to my multi Billion Dollar lawsuit against them. They are Criminals!"
The defendants in Trump's defamation lawsuits need to be more aggressive after winning the lawsuit by pursuing all legal remedies against Trump and his lawyers. One avenue for redress is to file a lawsuit alleging malicious prosecution seeking recovery of compensatory and punitive damages. Many states have SLAPP statutes. Understanding Anti-SLAPP Laws Another remedy is Rule 11 sanctions. Rule 11
If Iran closed the Strait again, Trump threatened to kill the Iran negotiators. Trump's messy path to peace Trump: "you close [the Strait of Hormuz] and you won't have a country. You won't even make it back to your f***** country. We'll take over the rest of the country." These statements were made in a call to the Fox reporter Trey Yingst. Trey Yingst on X: ""You close it and you won't have a country." President Trump said he told Iranian officials about the Strait of Hormuz. "You won't even make it back to your fu*king country." - X People throughout the world are aware of those kind of comments made by the U.S. President.
Trump claims Iran deal is 'unconditional surrender': Axios; Trump tells The Axios Show there are "no limits" to his power after Iran war Trump further told Axios that his power has "no limits". Trump may actually believe that his words can create a reality that does not exist. What is strange is that tens of millions accept as true these reality creations even when reliable information proving their falsity is easily accessible and notwithstanding the number of them having to be measured in the tens of thousands. This problem is a long term one and is not solvable IMO.
{Trump's party has implemented three extremely successful long term strategies - both starting with President Nixon. The first is what is known as the Southern strategy-Wikipedia. The second is a stunningly successful effort to turn people away from reliable and accurate news or what Trump calls "Fake News". This allows Trump and other republicans to make demonstrably false statements knowing that rank and file party members will accept them as true or will dismiss accurate information inconsistent with what they are told or their beliefs as false when and if that information somehow manages to penetrate into Alternate Reality Bubble. The third, which is made possible by successfully turning voters away from accurate information, is that claims made by republican politicians no longer have to supported by evidence and will nonetheless be accepted as if the words alone create the truth}
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Reflecting Pool Disaster:
John Cafaro of Greenwater Services Is Behind Part of Reflecting Pool Renovation, the one with green water. He pled guilty to bribing a Congressman.
Trump says he knows what he is doing when he hired that guy in a no bid contract: Photo of Felon Who Won Reflecting Pool Contract Goes Viral
The recently installed blue paint is peeling off already. Trump's $14M Reflecting Pool Paint Job Is Now Peeling Off And Floating To The Surface; The Guy Responsible for Trump's Shobby Reflection Pool Work is HILARIOUSLY Cliched - YouTube
One 3 time Olympic canoeist says he was arrested for merely touching a piece of blue paint that had peeled off. Trump cited his arrest as proof of vandalism. Trump blames vandals for Reflecting Pool problems and says it may need to be drained again That will be the first swamp in Washington drained by Trump.
There are scientific reasons for the algae buildup which are explained here: Science Has a Name for What’s Plaguing the Reflecting Pool - The Atlantic (E.G. "The decision to paint the bottom a deep shade of blue, scientists have told me, raised the water temperature and accelerated the growth"); Algae turns reflecting pool green after repainting. Here's why : NPR
There are scientific reasons why the blue coating has peeled off. Why the paint is peeling off the Lincoln Memorial Reflecting Pool—experts explain | Scientific American Trump claims that someone tore a 100, 190, 200, 290, 300 or 350 foot gash in the coating, the length varies in Trump's accounting, but as usual he provides no proof.
Trump made this statement on 5/4/26: "If you had a knife, you can't even cut it." A resurfaced clip shows Donald Trump saying his new Reflecting Pool seal 'cannot be cut with a knife' just weeks before he claimed it had been slashed by saboteurs. | The Independent | Facebook Trump says it will soon release a video and photos of vandals cutting the blue coating. Trump under pressure to back up claim of sabotage at reflecting pool (noting that the NYT acquired government documents that did not mention vandalism as a possible cause" Wasting taxpayer money on Trump vanity projects is a major GOP priority.
On 6/18/26, Trump's U.S. Department of the Interior claimed the reflecting pool was a blue crystal clear American flag blue. U.S. Interior Press on X Anyone walking by could see that the water was a putrid, swampy like green color. Trump Administration Claims It Made The Reflecting Pool Blue. See For Yourself! The U.S. government has gone into pure Orwellian mode which is not surprising given its demagogic Orwellian leader.
Trump says he is going to sue ABC for its reporting on the reflecting pool disaster. Truth Details (6/22/26); Trump threatens lawsuits against ABC network for reporting on Reflecting Pool; Donald Trump Says He's 'Preparing Lawsuits Against ABC'
Dead ducks add to Trump’s reflecting pool drama - POLITICO
Did Trump's motorcade drive through newly painted reflecting pool? | Snopes.com The answer is yes. Trump drives across Lincoln Memorial Reflecting Pool to inspect blue coating he's adding | PBS News
Maybe those vandals need to be arrested by Trump's DOJ and sentenced to 10 years in prison after a trial of course. Jeanine Pirro vows to prosecute Reflecting Pool vandals
Trump uses defamation lawsuits and other actions to punish and silence criticism. Settlements are coerced using the power of the Presidency when the defendants require federal regulatory approval on some matter or do business with the federal government. The Abuse of Presidential Power and Breach of Public Trust; How Trump is weaponizing the government in his second term to settle personal scores - Los Angeles Times; Trump's direct attack on free speech - by Erwin Chemerinsky (Chemerinsky is the Dean of Stanford's Law School); Donald Trump's conflict with the news media - Wikipedia
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Trump ‘totally fabricated’ claim she begged him for a photo, Italy’s Giorgia Meloni says Just another Trump reality creation.
Trump will not stop attacking Italy and its Prime Minister. Trump Ramps Up Feud With Italy's Giorgia Meloni
Judge quashes ‘unlawful’ subpoenas he says Trump administration was using to harass Minnesota Democrats, Opinion.pdf The Judge was appointed by George W. Bush. Trump's DOJ has gone totally rogue.
Postal Service would restrict mail-in voting under Trump proposal, chief says - POLITICO; Postmaster general says USPS won't deliver mail ballots if states don’t give Trump administration voter rolls - Democracy Docket - Just another clearly authoritarian act directed by Trump to interfere in state administrations of elections as authorized in the Constitution.
MAGA candidate hatches kooky plot to deport ex-president Biden: report - Alternet.org
Ryan Fournier, Co-Founder of Students for Trump, tied to Secret Service impersonation case He had previously been arrested for allegedly beating up his girlfriend who claimed that she found Fournier "apparently intoxicated" sleeping on the floor. When she tried to wake him up, she claimed the he "started swinging his fists at her and struck her in the face with a closed fist two or three times." Co-founder of Students for Trump arrested on domestic violence charges-The Guardian Students For Trump Co-Founder Arrested On Domestic Violence Charges, Allegedly Yelled "Do You Want To Die Today?" | Defector A witness who described himself as Fournier's roommate said he heard him make this statement: "Do you want me to crush your head in with this lamp?" Fournier has pleaded not guilty.
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Tennessee Municipal Bonds (Early Redemptions): $35,000
Williamson County GO bonds are rated Aaa. I still own 5 GO bonds maturing on 4/1/29 that have a 2.25% coupon. EMMA Page I bought those bonds at a deeply discounted rate but the coupon was sufficiently low that the County decided to let me keep them. Is Williamson County TN the Richest County in the US?
Fidelity Account:
%20+$188.45.png){kind=small}
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I am cutting off stock trade discussions with those made or before 6/18/26.
1. Small Ball Common Stock Sales:
A. Pared MFC Again - Sold 5 at $40.37:
Quote: Manulife Financial Corp (MFC) at Zacks
Proceeds: $201.85
CAD Priced Shares: Manulife Financial Corp (Canada: Toronto)
Canadian Dollar to US Dollar Exchange Rate Chart | Xe
MFC Key Metrics Page at Reuters
MFC Key Metrics Valuation Page at Reuters
SEC Filings - Foreign Issuer Forms
2025 SEC Filed Annual MD&A Report
Manulife Products and Services
Manulife Financial Corp Key Metrics | Morningstar
MFC Detailed Earnings Estimates - Zacks
Last Discussed: Item # 3.C. Pared MFC Again - Sold 5 at $38.4+ (4/25/26 Post)(profit snapshot = $135.24). I discussed the 2025 4th quarter report in that post. SEC Filed Earnings Press Release
Average cost per share: $11.41, unchanged (45 shares):
 |
| Snapshot Intraday on 6/12/26 after pare |
I have been selling shares out of the same 100 share lot bought at $11.41: Item # 2.D. Bought 100 MFC at $11.41 (5/9/2020 Post)
Dividend: Quarterly at C$.485 per share, last raised from C$.44 effective for the 2026 first quarter payment.
The dividend will fluctuate with the CAD/USD exchange rate.
Canada will withhold a 15% tax when the dividend is paid into a U.S. citizens taxable accounts. This withholding does not occur when I own MFC in a Roth IRA account which is a treaty right for U.S. citizens. The broker still has to claim that right at the source.
Last 4 Dividends in USDs: $1.3364
MFC Dividend History & Date | Seeking Alpha
2 of the 4 dividends was at the new C$.485 penny rate.
Yield at $11.41 Using TTM Annual of US$1.336 = 11.71%
Last Earnings Report (Q/E 3/31/26): SEC Filed Shareholder Report
All amounts are in Canadian Dollars.
Highlights:
Core Earnings: $1.8B
Core E.P.S. $1.06, up 11%
In USDs per Schwab: $.77 vs. consensus at $.8.
Other Sell Discussions: Item # 4.E. Pared MFC - Sold 5 at $37.14+ (1/21/26 Post)(profit snapshot = $128.7); Item # 3.A. Pared MFC Again - Sold 5 at $32.14 (6/12/25 Post)($103.69); Item # 3.B. Pared MFC Again - Sold 5 at $32.02 (5/23/25 Post); Item # 1.A. Pared MRC - Sold 5 at $31.59 (4/5/25 Post)(profit snapshot = $100.91); Item # 2.A. Sold 5 MFC at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 2.A. Pared MFC - Sold 5 at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 4.B. Pared MFC Again - Sold 5 at $32.38 (11/14/24 Post)(profit snapshot = $104.39); Item # 3.B. Pared MFC Again - Sold 5 at $30.36 (10/16/24 Post)(profit snapshot = $94.9); Item # 2.B. Pared MFC - Sold 5 at $29.29 (10/10/24 Post)(profit snapshot = $91.44); Item # 1.G. Eliminated Duplicate Position in MFC - Sold 14 at $20.1-Fidelity Account (3/6/23 Post)(profit snapshot = $143.61); Item # 1.A. Sold 32 MFC at $20.63 (2/2/20 Post)(profit snapshot = $104.79); Item # 2.A. Sold 20 MFC at $18.78 (11/2/19 Post)(profit snapshot = $7.69)
Largest Gain Not Discussed here (IB Account): $481.06
That trade was only mentioned in a comment: South Gent's Comment Blog # 7 - Seeking Alpha
Lowest prices paid to date: Item # 2.C. Bought in Fidelity Account 10 MFC at $10.15; 2 at $9.3; 2 at $8.9 (5/9/20 Post) Those lots have been sold.
Realized MFC Gain In USDs: $1,713.15
There have been no realized losses yet.
Reset Equity Preferred: MFC-PM.TO I recently eliminated my position: Item #1.A. Eliminated MFCPRM:CA - Sold 100 at C$25.26 - IB Account (5/2/26 Post)(profit snapshot = C$1,010)
Last Coupon Reset: 5.542% paid on a C$25 par value in November 2024, resets every 5 years, unless called on the reset date, at a 2.36% spread to the 5 year Canadian bond yield.
MFC SU Bonds: My last MFC SU bonds matured earlier this year:
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%20+$12.44%20%20.png){kind=small}
Analyst Reports (available to Schwab customers):
Morningstar (5/13/26): 2 stars with a fair value estimate of $30.9 with no moat and medium uncertainty.
S&P (3/15/26): 4 stars with a 12 month price target of $42, with analyst slightly lowering 2026 and 2027 operating E.P.S. estimates. (2027 lowered to C$4.9 from C$5)
Quote: W.P. Carey (WPC) at Zacks
Proceeds: $410.41
I sold my highest cost shares.
"W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations."
Net Lease Definition and Types—Single, Double, Triple
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Leaseback Build-to-Suit Real Estate Finance | W. P. Carey
Subsequent to this trade, WFC declined in response to this news: W. P. Carey tenant Hellweg files for insolvency- Seeking Alpha; WPC SEC Filing. The tenant is the German company Hellweg Die Profi-Baumärkte, one of that nation's largest hardware and DIY chains, who had leased 16 properties from Carey. I do not see this as a major problem, standing alone.
Profit Snapshot: $76.04 (6/12/26 sale only)
New Average cost per share: $54.78 (30+ shares)
 |
| Snapshot Intraday on 6/12/26 after pare |
Reduced from $55.95
Dividend: Quarterly at $.94 per share ($3.76), raised from $.93 per share effective for the 2026 third quarter payment.
WPC Dividend History & Date | Seeking Alpha
W. P. Carey Increases Quarterly Dividend to $0.940 per Share
Tax Information - W. P. Carey Inc.
Yield at $54.78: 6.86%
Next Ex Dividend: 6/30/26 at $.94 per share
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 1.A. Pared WPC Again - Sold 5 at $73.59 (5/29/26 Post)(profit snapshot = $29.56); SEC Filed Earnings Press Release and SEC Filed Supplemental
Other Sell Discussions: Item # 1.A. Pared WPC - Sold 10+ at $71.4 (2/11/26 Post)(profit snapshot = $62.94; discussed the 2025 4th quarter report, SEC Filed Press Release ); Item # 2. Eliminated Duplicate Positions in WPC - Sold 30 in Interactive Brokers Account at $64.2 and 10 in Schwab Account at $64.2 (7/29/25)(profit snapshots = $323.07); Item # 6.E. Eliminated 1 Duplicate Position in WPC - Sold 5 at $54.2 (9/30/23 Post)(profit snapshot = $59.5)
WPC Realized Gains to Date: $589.63
Some small profits, primarily in RI accounts, are included in the total but were not discussed.
Goal: Any realized annual average total return 2% or higher in excess of the dividend yield prior to any ROC adjustments to the tax cost basis. I have met this goal so far.
C. Pared BRT in Fidelity Account - Sold 10 at $15.1:
Proceeds: $151
This is standard small ball trading, which is primarily a risk reduction strategy expressed in terms of the dollar amount invested, averaging down and then considering to sell the highest cost shares when and if it becomes profitable. My primary focus is harvesting the dividend as a supplement to my interest income, with capital gains being secondary.
Management: Internal
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
BRT SEC Filed 2025 Annual Report
Last Discussed: Item # 2.C. Added to BRT in Fidelity Account - Bought 5 at $13.36 (4/4/26 Post); Item # 5.A. Added to BRT in Schwab Account - Bought 5 at $14.14; 5 at $13.7 (3/23/26)(discussed the 2025 4th quarter report, SEC Filing)
Profit Snapshot: $4.2
New average cost per share this account: $13.85 (20+ shares)
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| Snapshot Intraday on 6/12/26 after pare |
Reduced from $14.12.
Dividend: Quarterly at $.25 per share, last raised from $.23 effective for the 2022 third quarter payment.
BRT Dividend History & Date | Seeking Alpha
Yield at $13.85: 7.22%
Last Ex Dividend: 6/25/26
Last Earnings Report (Q/E 3/31/26):
Revenues: $24.605M
E.P.S. ($.14)
FFO per share: $.33
AFFO per share: $.39
Reconciliation:
I do not view the AFFO calculation as consistent with the NAREIT definition with the most important omission being a deduction for routine maintenance. Adjusted Funds from Operations (AFFO) | Nareit
The company provides routine maintenance expenses in another section of its press release:
The maintenance expenses, which are capitalized, totaled $1.638M during the first quarter. To arrive at AFFO per share, I would deduct $1.638 from the reported AFFO of $7.339M and then divide the new total of $5,701M by the weighted average shares of 18.063713M, which gives me an AFFO per share of $.315. The $.25 per share quarterly dividend was covered funds adjusted funds from operations as defined by NAREIT.
Properties and Occupancy Data:
D. Pared MAA in Schwab Account - Sold 2 at $139.33:
Proceeds: $278.65
"MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of March 31, 2026, MAA had ownership interest in 104,629 apartment units, including communities in development, across 16 states and the District of Columbia."
Property Statistics:
SEC Filed Supplemental Average same store occupancy at 95.5%, see page S-4.
Apartments REITs are currently experiencing problems that are largely beyond their control. Rents are stagnating or falling in many localities due in part to over supply and customer resistance to rent hikes after significant increases during the recent problematic inflation period. Maintenance and renovations costs are much higher due to the inflation over the past six years. SU and other debt financing costs have risen over the past three years compared to pre-March 2022 levels.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: MAA - Apartment Communities in the Southeast & Southwest
Last Discussed: Item # 2.E. Added to MAA - Bought 1 at $121.3 (4/4/26 Post)
Last Elimination: Item # 1.E. Eliminated MAA - Sold 5 at $169.88 (3/18/25 Post)(profit snapshot = $222.26)(discussed the 2025 4th quarter report, SEC Filed Report) I discuss in that post some trends that may improve the AFFO of Apartment REITs but it is too soon to make a call.
Profit Snapshot: $2.65
New average cost per share this account: $129.28 (10+ shares)
 |
| Snapshot Intraday on 6/12/26 after pare |
Reduced from $130.7.
Dividend: Quarterly at $1.53 per share ($6.12 annually), last raised from $1.515 effective for the 2026 first quarter payment. The quarterly rate in the 2016 third quarter was at $.82.
MAA Dividend History & Date | Seeking Alpha
Dividend Taxation: There were no ROC adjustments to the tax cost basis for dividends paid in 2025.
Yield at $128.28: 4.771%
Next Ex Dividend: 7/15/28
Last Earnings Report (Q/E 3/31/26):
This report will keep be from buying shares above $120 except through dividend reinvestment, until I see better results.
Revenue: $555.725M, up from $549.295M
E.P.S. $1.06
FFO per share: $2.23
Core FFO per share: $2.13, down from $2.20
Core AFFO per share: $1.98, down from $2.04
Funds Available for Distribution per share: $1.65 (calculated by me using AFFO of $197.654M ÷ 119.629 weighted diluted average shares + units)
Reconciliation:
2026 Guidance: Core FFO midpoint at $7.6
Owned SU Debt:
2 of the 3.6% SU Maturing on 6/1/27, Bond Page | FINRA.org, discussed in Stocks, Bonds & Politics: Monthly Update:Item # 1.F. Eliminated MAA - Sold 5 at $169.88 (3/18/25 Post)(switch from MAA stock to a short term MAA SU bond which then had a YTM at 4.66% compared to the stock at 3.57% yield at a $169.88 price)
2 of the 4.2% SU Maturing on 6/15/28, Bond Page | FINRA.org, recently bought and not yet discussed here.
2 of the 3.95% SU Maturing on 3/15/29, Bond Page | FINRA.org. This purchase was not discussed, which is not intentional but caused by short term memory malfunctions in part caused by the volume of trades:
%203.95%25%20.png) |
| IB Account: YTM then at 4.721% |
E. Pare PINE Again in Fidelity Account - Sold 5 at $20.28:
Quote: Alpine Income Property Trust Inc (PINE) at Google Finance - Externally Managed by a wholly owned subsidiary of CTO Realty Growth Inc (CTO), see Item # 1.K. below. In addition to managements fees, CTO also has an equity position that generates dividend payments from PINE.
Proceeds: $101.55
Last Buy Discussion: Item # 1.A. Added 25 PINE at $13.7 -Fidelitly Account and Item # 1.B. Added to PINE in Schwab Account - Bought 5 at $13.73+(11/1/25 Post)
Profit Snapshot: $26.87 (6/16/26 sale only)
New average cost per share this account: $14.04 (74+ shares)
 |
| Snapshot Intraday on 6/16/26 after pare |
Reduced from $14.10
Dividend: Quarterly at $.30 per share, last raised from $.28 effective for the 2026 first quarter payment.
PINE Dividend History & Date | Seeking Alpha
Yield at New AC This Account: 8.547%
Last Ex Dividend: 6/11/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post Item # 3.G. Pared PINE in Fidelity Account - Sold 5 at $19.55 (4/24/26 Post)(profit snapshot = $22.62); SEC Filed Press Release and SEC Filed Investor Presentation
Some Sell Discussions: Item # 1.B. Pared PINE in Fidelity Account - Sold 1+ at $18.33; 5 at $19.55; 5 at $19.33; 6 at $20.25 and Item # 1.C. Pared PINE in Schwab Account - Sold 7 PINE at $20; 5 at $20.75 (2/17/26 Post)(profit snapshots = $125.57); Item # 4 Pared PINE in Schwab Account - Sold 10 at $18.04 (1/29/26 Post)(profit snapshot = $6.95); Item # 4.G. Pared PINE - Sold Highest Cost 15 Shares at $18.47 (8/29/24 Post)(profit snapshot = $3.35); Item # 2.E. Eliminated Duplicate Position in PINE - Sold 11 at $17.11 - Schwab Account (7/26/24 Post)(profit snapshot = $21.07)
PINE Realized Gains to Date: $205.43, excludes gains in RI accounts that were not discussed.
Some Other Buy Discussions: Item # 1.B. Added to PINE in Fidelity Account - Bought 10 at $15.25 (6/14/24 Post); Item # 2.A. Added to PINE - Bought 10 at $15.18 (4/5/2024 Post); Item # 1.A. Added to PINE - Bought 5 at $14.9; 5 at $14.4 (10/28/23 Post)
F. Eliminated RMT - Sold 35+ at $13.9:
Quote: Royce Micro-Cap Trust Inc (RMT) at Google Finance - Stock CEF
Proceeds: $499.25
I no longer have a position in my taxable accounts.
Sponsor's website: Royce Micro-Cap Trust (RMT)
SEC Filed 2025 Annual Report (RMT information starts at page 30)
SEC Filing - Holdings as of 3/31/26 (cost then at $505.982+M with the market value at $709.666+M)
Royce Micro-Cap Trust (RMT) Portfolio | Morningstar (not rated). This page has a list of the top 25 holdings, accessible by non-subscribers)
Last Discussed: Item # 1.F. Pared RMT in Schwab Account - Sold 5 at $13.7 (5/22/26 Post)(profit snapshot = $28.12)
Last Buy Discussion: Item # 1.N. Added to RMT - Bought 10 at $7.85 (4/18/25 Post); Item # 3.C. Added 5 RMT at $7.69 (11/4/23 Post)
Profit Snapshot: $222.03
Dividends: Paid quarterly at a variable rate pursuant to a managed distribution policy.
RMT Dividend History & Date | Seeking Alpha
Last 4 Dividends per share: $.82
Last Ex Dividend: 6/11/26
Data as of 6/17/26:
Closing Net Asset Value per share: $15.84
Closing Market Price: $13.99
Discount: -11.68%
Average 3 Year Discount: -11.88%
Source: RMT - CEF Connect
Some Sell Discussions: Item # 4.D. Pared RMT - Sold 3 at $11.43 (3/30/26 Post)(profit snapshot = $10.06); Item # 4.D. Pared RMT - Sold Highest Cost 10 Shares at $11.49 (1/21/26 Post)(profit snapshot =$30.1); Item # 2.A. Eliminated RMT in Vanguard Taxable Account - Sold 10 at $10.36 (2/10/22 Post)(profit snapshot = $44.26); Item # 1.A. Eliminated RMT-Sold 113+ at $8.7 (2/22/20 Post)(profit snapshot +$79.95); Item # 1.B. Sold 100 RMT at $8.73 (1/25/20 Post)(profit snapshot = $23.25); Item # 3.A. Sold 274+ RMT at $8.9 - Schwab Taxable (8/3/17 Post)(profit snapshot = $45.41); Item 3.A. Sold 276+ RMT at $8.4 (5/17/17 Post)(profit snapshot = $61.77); Item # 2 Sold 433+ RMT at $12.76-Average Cost Per Share $7.91 (12/8/14 Post)(profit snapshot = $2,092.98); Item # 6 Sold Taxable Account: 126 RMT at $12.6 (7/12/14 Post)(profit snapshot = $149.91); Item # 4. Sold 200 RMT in RI at $9.3 (10/22/12)(profit snapshot = $84.37)
G. Pared EXG in Schwab Account - Sold 10 at $9.5:
Quote: Eaton Vance Tax-Managed Global Diversified Equity Fund (EXG) at Google Finance - A Buy/Write CEF
Proceeds: $95
Investment Category: Monthly Income Generation
EXG Page at Morningstar (currently rated 3 stars)
Last Buy Discussion: Item # 1.J. Added to EXG - Bought 10 at $7.42; 5 at $7.13 (10/21/23 Post)
Last Discussed: Item # 1.H. Sold 10 EXG at $9.74 (2/17/26 Post)(profit snapshot = $35.75); Item # 5.B. Sold 10 EXG at $9.01 (9/27/25 Post)(profit snapshot = $25.85)
Profit Snapshot: $34.63
For buy/write CEFs, there will generally be significant ROC support for dividends. My goal for these funds is any total return before ROC adjustments to the cost basis in excess of the dividend yield.
This 10 share lot was bought at (6/30/20), so the goal was achieved.
New average cost per share this account: $6.04 (98+ shares)
 |
| Snapshot on 6/17/26 after pare |
Dividend: Monthly at $.0657 per share ($.7884 annually)
EXG Dividend History & Date | Seeking Alpha
ROC Supported.
Yield at $6.04: 13.05%
Last Ex Dividend:
Data as of 6/17/26:
Closing Net Asset Valuer per share: $10.35
Closing Market Price: $9.51
Discount: -8.12%
Average 3 Year Discount: -8.92%
Sourced: EXG - CEF Connect (Click "Pricing Information" Tab)
Other Sell Discussions: Item # 4.B. - Sold Highest Cost 5 Shares at $8.78 (7/9/25 Post)(profit snapshot = +$2.87); Item # 1.K. Pared EXG in Schwab Account - Sold 15 at $8.5 (2/10/25 Post)(profit snapshot = $21.99); Item # 5.C. Eliminated Duplicate EXG Positions in 2 Taxable Accounts - Sold 15 at $7.65; 10 at $7.72 (4/29/23 Post)(profit snapshot = $21.65); Item # 1.F Pared EXG in Schwab Account - Sold 10 at $10.31 and Item # 1.G. Sold All Fractional Shares Purchased with Dividends in the Fidelity Account at $10.28 (7/2/2021 Post )(profit snapshot = $27.43).
The largest realized gain was $414.31 in a Roth IRA account realized in 2013.
Goal: Any total return before ROC adjustments to the original cost basis + the dividends. Over long period of time, this goal has generally been difficult to achieve with Buy/Write CEFs which has caused me to trade them.
The goal was achieved for this sale with the original cost basis. The 10 shares sold were part of lots bought at $7.25 and $7.10 in October 2020. Item # 2.B. Bought 10 EXG at $7.25; 10 at $7.10 (11/28/20 Post)(net asset value per share on 10/29/2020 at $8.17 with the $7.25 closing market price creating an 11.25% discount):
Average Annual Total Return (dividends reinvested) starting on 10/29/2020 to 6/18/2026: 14.85%
Sourced: DRIP Returns Calculator | Dividend Reinvestment Calculator
Buying this CEF during a market downturn worked out but still underperformed SPY over the same time period which had a 17.21% annual average total return. Far more of the EXG total return was sourced from dividends and dividend reinvestment.
The S&P 500 closed at 3,310.11 on 10/29/20.
H. Eliminated ARE as a Placeholder - Sold 1 at $53.1:
Quote: Alexandria Real Estate Equities, Inc (ARE) at Google Finance - Life Science REIT
Proceeds:$53.1
I still own 6+ shares in my Schwab account with an average cost per share at $53.81.
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Long Term Contrarian Value. The company does own a lot of valuable real estate.
Overview:
10-Q for the Q/E 3/31/26 at page 46.
As previously discussed, this REIT has incinerated a great deal of money through investments that had to be written off and/or sold for a loss. Item # 1.L. Added to Placeholder ARE - Bought 1 at $54.42; 1 at $53.8 (11/15/25 Post) I noted in that post that I was expecting a dividend cut which happened soon after I published that post. The quarterly rate was at $1.32 per share and was slashed to $.72 effective for the 2025 4th quarter payment made on 12/31/25. ARE Stock Dividend History & Date | Seeking Alpha
I am skeptical that cockroach infestations has been entirely eliminated, but that is a possibility.
SEC Filed 2025 Annual Report (at page 86, note the 2025 net income loss to common shareholders was reported at $1.438B or ($8.44 per share)
Last Discussed: Item # 1.J. Added to Falling Knife ARE in Schwab Account - Bought 1 at $52.1; 1 at $50.9 (11/22/25)
Profit Snapshot: $11.2 (6/12/26 sale only)
Last Earnings Report (Q/E 3/31/26):
GAAP E.P.S. $2.10
FFO per share: $1.73, down from $2.16 in the 2025 4th quarter and $2.3 in the 2025 first quarter.
Reconciliation:
Occupancy and Other Data:
 |
| 10-Q at page 47 |
Purchase Restriction - Schwab Account: 1 share lots with each subsequent purchase required to reduce my average cost per share.
Maximum Position All Accounts: 20 shares
Current ARE SU Bond Stack:
2 of the 3.95% Maturing on 1/15/27 (RI account), Bond Page | FINRA.org
2 of the 4.5% Maturing on 7/30/29, Bond Page | FINRA.org., discussed at Item # 5.C. Bought 2 Alexandria REIT 4.5% SU Maturing on 7/30/29 at a Total Cost of 98.55 (6/5/26 Post)
Credit Rating on SU Debt: Baa1/BBB+
ARE SU Bonds That Matured in 2026:
Taxable Accounts:
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%20$27.4%20.png){kind=small}
Roth IRA Account:
%20+$26.54%20RI%20.png)
I. Pared FMS - Sold 5 at $23.02:
Quote: Fresenius Medical Care AG & Co. (FMS) at Zacks
Proceeds: $115.1
FMS is based in Germany.
ADR Ratio: 2 ADRs = 1 Ordinary Share Priced in Euros. ADR program | Fresenius Medical Care
The USD priced ADR price will generally reflect the Euro price converted into USDs with that number then divided by 2 but there will be a time lag since the electronic trading on the Xetra Frankfurt exchange will close at 11:30 EDT during the NYSE trading hours.
Fresenius SE & Co. KGaA (FRE.DE) Stock Price
FMS "is the world’s leading provider of products and services for individuals with renal diseases, based on publicly reported revenue. The Company provides dialysis and related services for individuals with renal diseases, including through value and risk-based care programs, as well as other healthcare services. The Company also develops, manufactures, and distributes a wide variety of healthcare products. The Company’s healthcare products include hemodialysis machines, peritoneal dialysis cyclers, dialyzers, peritoneal dialysis solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals, systems for water treatment, as well as acute cardiopulmonary and apheresis products. The Company supplies dialysis clinics it owns, operates or manages with a broad range of products and also sells dialysis products to other dialysis service providers. The Company’s other healthcare services include pharmacy services, vascular specialty services, ambulatory surgery center services, and physician nephrology practice management."
FMS SEC Filings (foreign issuer forms)
Profit Snapshot: $3.3
New average cost per share: $20.08 (5 shares)
Dividend: Paid annually
FMS Dividend History & Date | Seeking Alpha
Dividend Withholding:
The higher withholding rate (26+%) indicates that Schwab did not assert my treaty right to no more than a 15% tax "at the source". It is possible that Schwab may make a claim for a refund but this is not likely. This reduces the appeal of the stock to me.
Last Annual Ex Dividend: 5/22/26 (owned 10 shares as of)
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 3.B. Added to FMS - Bought 5 at $20.08 (5/15/26 Post); SEC Filed Financial Report
My consider to buy price is <$20 now.
J. Sold 10 AOD in Fidelity Account at $10.52:
Quote: Abrdn Total Dynamic Dividend Fund (AOD) at Google Finance - A Stock CEF
Proceeds: $105.2
Investment Category: Monthly Income Generation
Sponsor's website: abrdn Total Dynamic Dividend Fund | Aberdeen
SEC Filing Holdings as osf 1/31/26 (cost then at $738.2+M with the value at $1.0893+B)
abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar Lists top 25 holdings (not rated)
SEC Filed Annual Report for the period ending 10/31/25
Last Discussed: Item # 1.B. Pared AOD Position in Fidelity Account - Sold 30 at $10.53 and Item # 1.C. Eliminated Duplicate AOD Position - Sold 30 at $10.53 - Schwab Account (5/22/26 Post)(profit snapshots = $195.08)
Last Buy Discussions: Item # 2.C. Bought 10 AOD at $7.81 (4/19/24 Post); Item # 2.A. Bought 5 AOD at $7.95 (2/2/24 Post); Item # 6.D. Added to AOD - Bought 10 at $7.92 (1/20/24 Post); Item # 3.B. Added to AOD - Bought 30 shares at $8.13 (12/30/23 Post); Item # 3.B. Added to AOD - Bought 5 at $7.4 (11/18/23 Post); Item # 3.A. Added to AOD - Bought 10 at $7.33 (10/14/23 Post)
Profit Snapshot: $33.55 (6/15/26 sale only)
New average cost per share this account: $6.99 (160 shares)
 |
| Snapshot Intraday on 6/15/26 after pare |
Reduced from $7.
Dividend: Monthly at $.11 per share ($1.32 annually), last raised from $.1 effective for the March 2026 payment.
AOD Dividend History & Date | Seeking Alpha
Yield at $6.99: 18.88%
Last Ex Dividend: 6/23/26
Data as of 6/15/26:
Closing Net Asset Value per share: $10.75
Closing Market Price: $10.51
Discount: -2.23%
Average 3 Year Discount: -9.96%
Sourced: AOD - CEF Connect (Click "Pricing Information" Tab)
Goal: Any total return before ROC adjustments to the tax cost basis in excess of the dividend payments. The goal was achieved for this 10 share sale. This lot was bought at $8.04:
Based on the original cost, the profit was $24.8. The ROC sourced profit was at $8.75.
As part of my risk mitigation strategy, I will consider selling some shares in a closed end fund when the discount narrows from the 3 year average and moves closer to no discount, with a consider to sell more shares when the market price is higher than the net asset value per share particularly when the average 3 year discount is close to 10% or higher.
K. Pared CTO in Fidelity Account - Sold 5 at $20.83:
Quote: CTO Realty Growth (CTO) at Zacks - Micro Cap REIT
Proceeds: $104.15
Website: CTO Realty Growth, Inc.
Property Portfolio — CTO Realty Growth, Inc.
Management: External
Last Discussed: Item # 2.C. Pared CTO in Schwab Account - Sold 10 at $2035 and Item # 2.D. Sold 5 CTO in Fidelity Account at $20.36+ (6/4/26 Post)(profit snapshots = $48.75)
Last Buy Discussions: Item #3.E. Added to CTO in Fidelity Account - Bought 5 at $16.89 (8/26/25 Post); Item # 3.G. Added to CTO in Schwab Account - Bought 5 at $16.59 (8/19/25 Post); Item # 1.B. Added to CTO - Bought 5 in Schwab Account at $17.13 (5/10/24 Post)
Profit Snapshot: $19.82 (6/15/26 sale only)
New average cost per share this account: $16.21 (20 shares)
 |
| Snapshot Intraday on 6/15/26 after pare |
Reduced from $16.34.
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Dividend History & Date | Seeking Alpha
Tax Information - CTO Realty Growth (immaterial ROC adjustments in 2024 and 2025)
Yield at $16.21: 9.38%
Last Ex Dividend: 6/11/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post and have nothing further to add here: Item # 1.I. Pared CTO in Fidelity Account - Sold 5 at $20.35 (5/9/26 Post)(profit snapshot = $17.11); SEC Filed Press Release
L. Pared CTO in Schwab Account - Sold 5 at $20.89:
See Item #1.H above.
Proceeds: $104.45
Profit Snapshot: $18.49
New Average cost per share this account: $16.58 (65+ Shares)
 |
| Snapshot Intraday Intraday on 6/16/26 after pare |
Reduced from $16.62
Yield at $16.58: 9.17%
Other Sell Discussions: Item # 1.O. Pared CTO in Schwab Account - Sold 3 at $19.01; 2 at $20 (2/23/26 Post)(profit snapshots = $9.59, discussed the 2025 4th quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental); Item # 1.I. Pared Duplicate CTO Position in Schwab account - Sold 3 at $18.32 (2/11/26 Post)(profit snapshot = $2.5); Item # 3.B. Pared CTO in Schwab Account - Sold 8 at $20.52 (12/26/24 Post)(profit snapshot = $15.68); Item # 2.A. Pared CTO in Schwab Account - Sold 13 at $20.37 (12/12/24 Post)(profit snapshot = $12.89); Item # 3.H. Sold 10 CTO at $19.72 (11/7/24 Post)(loss snapshot = -$13.48)
CTO Equity Preferred Stock: I also own the $25 par value equity preferred stock, CTO-PA, that has a 6.375% coupon. My AC per share is $18.89. {Last Discussed: Item #2.C. Added to CTOPRA - Bought 3 at $17.77 (11/11/23 Post); Item # 1.A. Bought 5 CTOPRA at $18.5; 2 at $17.8 (9/30/23 Post)}
Goal: Any total return before ROC adjustments to the tax cost basis + the dividend which has been achieved so far on a net basis.
CTO Net Realized Gain to Date: $174.81
2. Corporate Bonds: 17
I cut off corporate bond purchase discussions with those made on or before 6/12/26.
I will be discussing 21 corporate bond purchases made on or before 6/22 in my next post (scheduled for publication on 7/3), with some purchases made that day (6/22) discussed in the post after that one.
I have 22 corporate bonds purchased prior to today that I have scheduled for discussion in a post scheduled for publication on 7/10/26 post. Bonds bought starting today will be discussed in a 7/17/26 post. I am way behind.
A. Bought 2 Hewlett Packard Enterprises 4.4% SU Maturing on 9/25/27 at a Total Cost of 99.908:
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Issuer: Hewlett Packard Enterprise Co (HPE) at Google Finance
Cost: $1,998.16
HPE SEC Filed Earnings Press Release for the Q/E 4/30/25)(net income of $595M with revenues at $10.678B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.469%
B. Bought 2 Public Service of Colorado 4.15% First Mortgage Bonds Maturing on 3/13/29 at a Total Cost of 99.098 - Vanguard Account:
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Issuer: Wholly owned operating subsidiary of the utility holding company Xcel Energy Inc (XEL)
Cost: $1,981.96
XEL SEC Filed Earnings Press Release for the Q/E 3/31/26 Public Service of Colorado contributed $.42 per share of the reported $.91 E.P.S.
XEL SEC Filed 2025 Annual Report Page 8 has a map of the service territory.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.499%
Current Yield at TC:
I now own 6 bonds Item # 2.I. Bought 2 Public Service of Colorado 4.15% First Mortgage Bonds Maturing on 3/13/29 at a Total Cost of 98.899 (5/29/26 Post); Item # 2.H. Bought 2 Public Service of Colorado 4.15% First Mortgage Bonds Maturing on 3/13/29 at a Total Cost of 99.822 (5/9/26 Post)
I own 2 FM bonds that mature on 6/15/28: Item # 5.G. Bought 2 Public Service of Colorado 3.7% First Mortgage Bonds Maturing on 6/15/28 at a Total Cost of 96.854 (2/5/28 Post)
C. Bought 2 Lowes 3.95% SU Maturing on 10/15/27 at a Total Cost of 99.588:
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Issuer: Lowe's Companies (LOW) at Zacks
Cost: $1,991.76
LOW: Detailed Earnings Estimates - Zacks.com
LOW SEC Filed Earnings Press Release for the Q/E 5/1/26 (net income at $1.528B with revenues at $23.078B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.2645%
D. Bought 1 ERP Operating LP 3.5% SU Maturing on 3/1/28 at a Total Cost of 98.512:
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Issuer: Operating entity of Equity Residential (EQR), a large Apartment REIT that is in the process of acquiring AvalonBay Communities Inc (AVB), another large Apartment REIT. AvalonBay, Equity Residential apartment merger; AvalonBay Communities and Equity Residential Announce Merger of Equals, Creating One of the Country's Leading Real Estate Companies
Cost: $985.12
EQR SEC Filed 2026 First Quarter Report
I have a small ball position in EQR: Item # 1.A. Started EQR - Bought 5 at $59.75 (11/8/25 Post)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.402%
Current Yield at TC: 3.553%
E. Bought 2 Emera U.S. Finance 4.5% SU Maturing on 4/1/29 at a Total Cost of 99.422:
Issuer: Wholly owned indirect subsidiary of Emera Inc (CA:EMA), a Canadian based utility holding company, who guarantees the notes.
Cost: $1,988.44
SEC Filings for Emera U.S. Finance
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
YTM at Total Cost: 4.72%
Current Yield at TC: 4.526%
I replaced 2 Emera U.S. Finance 3.55% SU bonds that matured on 6/15/26:
%20+$77.42.%20.png){kind=small}
F. Bought 2 Physicians Realty LP 3.95% SU Maturing on 1/15/26 at a Total Cost of 99.171 - Vanguard Account:
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Issuer: Physicians Realty was acquired by Healthpeak Properties, Inc (DOC), a component of the S&P 500.
Cost: $1,983.42
The credit ratings will be the same as bonds issued by Healthpeak.
I own the common shares.
I discussed in my last post eliminating 1 of 2 duplicate positions. Item # 2.A. Eliminated Duplicate Position in DOC - Sold 40 at $20.42 (6/18/26 Post)(profit snapshot = $138.03)
The largest remaining position, which I have been paring, is in my Schwab account, currently at 165+ shares with an average cost per share at $16.77. The last pare in that account was discussed here: Item # 1.A.Pared DOC in Schwab Account - Sold 15 at $19; 15 at $19.61 (5/15/26)(profit snapshot = $55.8), reducing AC per share from $16.89 to $16.77.
2025 DOC SEC Filed Annual Report "Additionally, on March 1, 2024, concurrently with the consummation of the Merger, DOC DR OP Sub assumed, and the Company and Healthpeak OP guaranteed, Physicians Partnership’s $
DOC SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.493%
Current Yield at TC: 3.983%
I now own 4 bonds.
I have 4 Physicians Realty 4.3% SU bonds maturing on 3/15/27.
G. Bought 2 Clorox 3.9% SU Maturing on 5/15/28 at a Total Cost of 99.177:
%203.9%25%205:15:28%20.png)
Issuer: Clorox (CLX) at Zacks
Cost: $1,983.54
I have a small ball position in the common shares.
Last CLX Discussion: Item # 5.B. Added to Falling Knife CLX - Bought 1 at $92.5 (6/12/26 Post)
SEC Filed Earnings Press Release for the Q/E 3/31/26
CLX: Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.351%
Current Yield at TC: 3.932%
Current Clorox SU Stack - All Recent Purchases:
2 of the CLX 3.1% SU Maturing on 10/1/27, Bond Page, discussed at Item # 3.E. Bought 2 Clorox 3.1% SU Maturing on 10/1/27 at a Total Cost of 98.495 (4/18/26 Post)
2 of the CLX 3.9% SU Maturing on 5/15/28 (discussed here)
2 of the 4.4% CLX SU Maturing on 5/1/29, Bond Page | FINRA.org, discussed at Item # 2.E. Bought 2 Clorox 4.4% SU Maturing on 5/1/29 at a Total Cost of 99.694 (5/22/26)(YTM then at 4.515%)
H. Bought 2 Federal Realty LP 3.25% SU Maturing on 7/15/27 at a Total Cost of 98.928:
%203.25%25%207:15:27%20F%20.png)
Issuer: Operating entity of Federal Realty Investment Trust (FRT) who does not guarantee the notes.
Cost: $1,978.56
SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.271%
I now own 4 bonds. The other 2 were recently bought: Item # 4.C. Bought 2 Federal Realty 3.25% SU Maturing on 7/15/27 at a Total Cost of 98.73 (5/15/26 )(YTM then at 4.352%)
When this kind of add occurs, I am making a decision on how to redeploy proceeds received from maturing bonds and treasuries after my last purchase. Considerations that led to this purchase are (1) the low yield on Fidelity's sweep fund, (2) the credit quality of the issuer; (3) relatively light maturities in July 2027 (currently at 44 bonds); and (4) the low interest rate risk given the July 2027 maturity in the context of the YTM.
I. Bought 2 General Motors Finance 3.85% SU Maturing on 1/05/28 at a Total Cost of 99.183:
%201:5:28%203.85%25%20.png)
Issuer: The finance subsidiary of General Motors Co (GM)
Cost: $1,983.66
GM SEC Filed Earnings Report for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.398%
Current Yield at TC: 3.88%
I am replacing 2 General Motors Finance bonds that will be called early on 7/6/26:
3. Treasury Bill Auctions:
A. Bought 10 at the 6/15/26 Auction:
%2012:17:26%20.png){kind=small}
182 Day Bills
Mature on 12/17/26
Interest: $186.04
Investment Rate: 3.802%
4. Treasury Notes Purchased at Auctions:
A. Bought 5 Treasury Notes at the 6/23/26 Auction at a Total Cost of 99.8784 - Vanguard Account:
%204.125%25%206:30:28%20.png)
2 Year Note: Sold at 99.8784
Matures on 6/30/28
Coupon: 4.125%
YTM: 4.189%
The difference between the coupon and YTM is the original issue discount that will be taxed as additional interest income.
B. Bought 2 Treasury Notes at the 6/24/26 Auction at a Total Cost of 99.6649 - Schwab Account:
%204.125%25%206:30:31%20.png){kind=small}
Matures on 6/30/2031
Coupon: 4.125%
YTM: 4.2%
5. Treasury Notes Purchased in the Secondary Market:
These purchases were made in either my Schwab of Fidelity account both of whom do not charge commissions for Treasury trades.
A. Bought 1 T Note 3.875% Coupon Maturing on 5/31/27 at a Total Cost of 99.7812 :
%203.875%25%205:31:27%20.png){kind=small}
Matures on 5/31/27
Current Yield: 3.875%
Yield-to Maturity = 4.113%
B. Bought 1 Treasury Note 4% Coupon Maturing on 12/15/27 at a Total Cost of 99.75:
%2012:15:27%20.png){kind=small}
Cost at $997.5
Current Yield: 4.01%
YTM: 4.176%
C. Bought 1 Treasury Note 3.87%% Coupon Maturing on 12/15/27 at a Total Cost of $99.5:
Cost: $995
Current Yield at 3.895%
YTM at 4.22%
6. Small Ball Common Stock Buys:
A. Started Duplicate Position in LTC - Bought 10 in Schwab Account at $36.57:
Quote: LTC Properties Inc (LTC) Google Finance- Senior Living and Nursing Home REIT
Cost: $365.7
Management: Internal
Website: LTC Properties Inc.
As of 3/31/26, the total investment portfolio "included owned real properties subject to non-cancellable triple-net leases (“NNN” or “Triple-Net Portfolio”) (
SHOP: Senior Housing Operating Portfolio
LTC has been reducing its exposure to nursing homes.
Properties:
10-Q for the Q/E 3/31/26 at page 10
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
SEC Filed 2025 Annual Report Summary of risk factors starts at page 14 and ends at page 24.
Recent News: LTC Expands SHOP Platform with $54 Million Acquisition and Welcomes MorningStar Senior Living to SHOP (6/2/26); LTC Kicks Off 2026 with $108 Million SHOP Acquisition (1/26/26)
Last Discussed: Item # 1.F. Added to LTC in Fidelity Account - Bought 5 at $34.2; 5 at $34 (12/25/25 Post)
Dividend: Monthly at $.19 per share ($2.28 annually)
LTC Stock Dividend History & Date | Seeking Alpha
Yield at $36.57: 6.235%
Last Ex Dividend: 6/22/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $95.411M
GAAP E.P.S. $.48
NAREIT Defined FFO per share: $.72
Core FFO per share: $.69
Funds Available for Distribution per share: $.72
Reconciliation:
For triple net leased properties, the tenant is responsible for property taxes, maintenance and insurance.
Guidance: Core FAD per share $2.82-$2.86 (current annual dividend at $2.28)
The preceding snapshot does not include assumptions for this guidance which can be viewed in the press release.
B. Added to PFLT in Fidelity Account - Bought 5 at $7.96+:
Quote: PennantPark Floating Rate Capital Ltd. (PFLT) - Externally Managed BDC
Cost: $39.83
As discussed in several prior posts, BDC stocks are in bear markets. The primary systemic problems are variable rate loans repricing at lower coupons, significantly higher SU bond refinancing costs, significant increases in non-performing loans for many (occurring without a recession), widespread recent dividend cuts, forced liquidation of assets in private BDC companies to meet investor redemptions, bank lenders becoming more concerned about credit risks of BDC loans (cutting back on credit facilities), and concerns about loans made to software companies whose businesses may be harmed by AI developments.
I view these stocks as having high risks that are summarized in their Annual Reports. They are a disfavored niche stock category for me, but I will nonetheless attempt to profitably trade them with the goal being any return in excess of the dividend payments which are generally high.
Investment Categories: Lottery Ticket and Monthly Income Generation
Website: Home - PennantPark
SEC Filed Annual Report for the F/Y ending 9/30/25 (Summary of risk factors starts at page 18 and ends at page 37)
Last Discussed: Item # 1.E. Started Duplicate Position in PFLT in Fidelity Account - Bought 10 at $9.09+ (12/25/25 Post)
Average cost per share this account: $8.72 (15 shares)
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| Snapshot Intraday on 6/12/26 after add |
PFLT Dividend History & Date | Seeking Alpha
Yield at $8.72: 11%
Last Ex Dividend:
Net asset value per share history:
3/31/26: $10.47
12/31/25: $10.49
9/30/25: $10.83
3/31/25: $11.07
12/31/24: $11.34
6/30/23: $10.96
12/31/22: $11.30
9/30/22: $11.62
12/31/21: $12.70
3/31/21: $12.71 Press Release 2021 1st Q Earnings
3/31/20: $12.20 10-Q at page 5
12/31/19: $12.95
9/30/19: $12.97
6/30/19: $13.07
3/21/19: $13.24
12/31/18 $13.66
9/30/18 $13.82
6/30/18: $13.82
9/30/17: $14.10
9/30/16: $14.06
9/30/15: $13.95
9/30/14: $14.40
9/30/13: $14.10
9/30/12: $13.98
Last Earnings Report (Q/E 3/31/26):
Net investment Income (NII) per share: $.26
Core NII per share: $.27
Dividends per share Paid During Quarter: $.31 (led to dividend slash)
As of 3/31/26, the portfolio "consisted of $2,252.1 million of first lien secured debt (including $237.7 million in PSSL and $65.6 million in PSSL II), $18.8 million of subordinated debt and $309.3 million of preferred and common equity (including $60.1 million in PSSL and $27.9 million in PSSL II). Our debt portfolio consisted of approximately 99% variable-rate investments. As of March 31, 2026, we had three portfolio companies on non-accrual, representing 0.8% and 0.5% of our overall portfolio on a cost and fair value basis, respectively. As of March 31, 2026, the portfolio had net unrealized depreciation of $66.1 million. Our overall portfolio consisted of 162 companies with an average investment size of $15.9 million and had a weighted average yield on debt investments of 9.8%." (emphasis added)
PSSL and PSSL II are unconsolidated JVs.
The non-accrual loan numbers at the end of a quarter need to be assessed IMO with the realized losses taken on loans during the quarter. PFLT had a realized loss of $7.535M.
Overall, the non-accrual loan numbers and the realized loss number, given the size of the portfolio, are not yet concerning to me.
PFLT Estimate of How Interest Rate Changes Impact NII:
10-Q at page 78 (Summary of loans starts at page 8)
Assuming no change in non-performing loans, a FED increase in the FF rate will result in more NII.
Sell Discussions: Item # 1.J. Pared PFLT Again - Sold Highest Cost 5 Shares at $11.02 (12/5/24 Post)(profit snapshot = $.98); Item # 2.H. Pared PFLT in Schwab Account - Sold 20 at $12.29 (1/12/24 Post)(profit snapshot = $12.13); Item # 2.D. Eliminated PFLT in Fidelity Account (Duplicate Position)-Sold 15 at $10.93 (3/11/23 Post)(profit snapshot = $74.78); Item # 7.E. Sold Highest Cost 20 PFLT Shares Purchased with Dividends at $14.07 - Schwab Taxable Account (4/28/22 Post)(profit snapshot = $46.13); Item # 3. Sold 102 PFLT in Schwab Taxable Account at $13.26 -Highest Cost Lots (7/30/21 Post)(profit snapshot = $30.92); Item # 2.A. Eliminated PFLT in Fidelity Account-Sold 81+ at $12.01 (12/14/19 Post)($29.66)
Goal: As with all BDCs, the goal is to realize any total return in excess of the dividend payments. The goal takes into account the risky loans made by BDCs, their leverage, the stock price meltdowns that occur periodically in response to a recession or too many bad loan decisions, a recognition that all of the BDC stocks are disfavored by me notwithstanding their high dividend yields.
Last Bond Offering (5/26): Prospectus for $100M 7.375% SU Maturing in 2031. This is a $25 par value exchange traded bond. PFLA
7. Bond ETFs:
I do not like bond ETFs, much preferring owning individual bonds using a bond ladder approach. See generally, this video that I published over 1 year ago: Investment grade corporate or treasury bond funds vs owning individual bonds and treasuries - YouTube
A. Added to SCYB - Bought 5 at $26.14:
Quote: Schwab High Yield Bond ETF at Google Finance - Junk Bond ETF
Cost: $130.73
Last Discussed: Item # 5.E. Added to SCYB - Bought 5 at $26.45 (2/4/26 Post); Item # 6.A. Restarted SYCB - Bought 10 at $26.56 (1/15/26)
Sponsor's website: SCYB | Schwab High Yield Bond ETF
Expense Ratio: .03%
Effective Duration as of 5/31/26: 3 years
Average weighted maturity: 3.79 years as of 5/31
SEC Yield as of 6/17/26: 6.9%
Credit Quality:
New Average Cost per share: $26.44 (20 shares)
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| Snapshot Intraday on 6/12/26 after add |
Dividend: Monthly at a variable rate.
SCYB Dividend History & Date | Seeking Alpha
Last Ex Dividend: 6/1/26
SCYB Page at Morningstar (currently unrated)
SCYB – Performance at Morningstar The total return in 2024 was 8.15% and at 8.33% last year. The fund was organized in 2023.
SCYB – Portfolio at Morningstar Lists top 23 holdings. As of 6/19/26, this page has the weighted average price of owned bonds at 98.33 vs. 102.7 for the category.
B. Sold 5 USIG at $51.27:
Quote: iShares Broad USD Investment Grade Corporate Bond (USIG) at Google Finance
Proceeds: $256.36
I sold my highest cost shares.
Sponsor's website: iShares Broad USD Investment Grade Corporate Bond ETF | USIG
Expense ratio: .04%
Number of Holdings: 11,401 as of 6/18/26
Effective Duration: 6.47 years as 6/18/26
Average weighted maturity: 10.07 years as of 6/18/26
The rule of thumb for estimating the impact of interest rate changes on net asset value per share is to multiply the duration in years by the change in interest rates.
As with other bond ETFs, the total return performance has been poor: USIG Performance – Morningstar (accessible to non-subscribers).
As of 5/18/26, the total annual average three year return was 5.52%, .53% for 5 years (hurt by the rapid rise in interest rates in 2022 through 2024); +2.64 for 10 years; and 3.29% for 15 years. In other words, and this is normal for bond ETFs, a negative annual average total return adjusted for inflation and taxes.
Profit Snapshot: +$1.89
New Average cost per share: $49.17 (25 shares)
Reduced from $49.9
Dividends: Paid Monthly at a variable rate
USIG Dividend History & Date | Seeking Alpha
Last Ex Dividend: 6/1/26
I am no longer reinvesting the dividend.
I will consider restarting reinvestment when the likely reinvestment prices reduce my average cost per share. I have been selling my highest cost shares as a risk management technique that I use for bond ETFs which I hold in disfavor.
8. Exchange Traded First Mortgage Bonds:
A. Added to EAI in Vanguard Account - Bought 20 at $20.08:
Quote: Entergy Arkansas First Mortgage Bonds 4.875% Due in 2066 (EAI) at Google Finance
Cost: $401.6
Investment Category: Exchange Traded Baby Bonds
Last Discussed: Item # 7.A. Added to EAI in Fidelity Account - Bought 5 at $20.22 (6/12/26 Post); Item # 5.A. Added to EAI in Schwab Account - Bought 10 at $20 and Item #5.B. Added to EAI in Fidelity Account - Bought 5 at $19.75 (4/4/26 Post); Item # 8.C. Added to EAI in Vanguard Account - Bought 5 at $20.5+ (5/23/26 Post); Item # 3.A. Added to EAI in Fidelity Account - Bought 20 at $21.2 (11/8/25 Post)
Par Value: $25
Coupon: 4.875%
Maturity: 9/1/66
Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021.
Credit Risk: Low IMO
Credit Ratings: A2/A
Interest Rate Risk: High IMO
Interest Rate Risk is asymmetrical in favor of the issuer which is the case for EMP and ELC as well.
Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment)
Interest Payments: Quarterly
Entergy Arkansas, LLC 1M BD 4.875% (EAI) Ex Interest Dates - Seeking Alpha
4 of the 4% FM Maturing on 6/1/28, Bond Page | FINRA.org
2 of the 5.15% FM Maturing on 1/15/33, Bond Page | FINRA.org
2 of the 4.95% FM Maturing on 1/15/36, Bond Page | FINRA.org (a 1 bond purchase is discussed in Item # 3.G. above)
2 of the 4.95% FM Maturing on 12/15/44, Bond Page | FINRA.org
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.
