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Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks: $567.29
Outflow Common Stocks: $2,496.55
Realized Gains Common Stocks: $400.32
Net Outflow Common Stocks: $1,929.26
Corporate Bonds: $20,000 in principal amount with the total cost at $19,775.75
I live in Tennessee that does not have a state income tax. Consequently, the after tax yield for me will be the same for both corporate and treasury interest payments.
Treasury Bills Purchased at Auction: $10,000 in principal amount.
Throughout July, I intend to purchase only 6 month treasury bills that mature in January 2027. By holding those bills to maturity, the interest income will be taxable in 2027. I have never sold a T Bill purchase in the secondary market. I will always hold them to maturity.
My investment objectives: (1) preservation of capital; (2) income generation and (3) capital appreciation and harvesting those gains.
The general goal is to harvest $20,000 to $30,000 per year in capital gains which is becoming harder to do given my less than 10% stock allocation. I am on track to meet that goal this year.
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Economy:
Jeffrey Gundlach says Fed's Warsh is not going to be the 'easy money' chairman many hoped for; Fed interest rate decision June 2026: Fed holds rates steady I view the FED's monetary policy statement a slightly hawkish, primarily due to 2 sentences: "Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability." Federal Reserve issues FOMC statement The supply shocks go significantly beyond the spike in crude oil prices that coincided with the Iran War. And, all are caused by Trump. The supply shocks that were the primary cause of inflation in 2021-2022 was caused by the pandemic, but Biden was blamed nonetheless.
The Fed - June 17, 2026: FOMC Projections materials, accessible version
Economic Projections:
Compared the March 2026 projections, the median projection for Core 2026 PCE inflation rose to 3.3% from 2.7% with the 2026 PCE inflation estimate revised to 3.6% from 2.7%. 2026 Real GDP growth was revised down to 2.4% from 2.2%. Real GDP growth of 2.2% is still okay IMO.
Figure 3.E. has the Dot Plot. The FED Chair did not contribute to the Dot Plot. 9 of the 18 FED Members who supplied estimates projected at least a .25% hike in the FF before yearend while 8 predicted no change and 1 forecasted a .25% cut.
I view a .25% FF rate hike as more probable than not on or before the December meeting. The current 6 month T Bill yield is yield is consistent with a .25% increase in the FF rate. US6M: 3.898% +0.03 (+0.7756%), as of 11:00 C.S.T. on 6/18/26.
The recently signed MOU is important for investors in that the U.S. and Iran agreed to open the Strait with the U.S. withdrawing its blockade of Iranian ports. Iranian tankers exit U.S. blockade ahead of deal signing So Trump has restored the pre-War status quo with one limited exception. The U.S. in effect recognized that Iran and Oman control the Strait. US releases official agreement with Iran. Read the 14-point text | CNN ("The Islamic Republic of Iran will conduct dialog with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz in discussion with other Persian Gulf littoral states in line with the applicable international law and the sovereign rights of coastal states of the Strait of Hormuz.")
While my other opinions are not relevant to my investing decisions, I view the MOU as making so many substantial concessions to Iran when, if implemented in a final agreement, will place Iran in a far better economic position then prior to the War. If a Democrat President had signed this agreement, Trump, Republican Senators and Congressman and all Trump apparatchiks in the media would be referring to the MOU as conceding defeat and would be calling the Democrat President treasonous or at best weak. Trump’s Iran deal delivers key gains for Tehran, Washington scrutiny
Bank of America CEO Brian Moynihan on how the consumer is doing An example is that Bank of America is seeing U.S. consumers buying less of the premium pet foods and more of the less expensive brands.
CIA director doubts Iran's intentions on deal, sources say
Bill limiting investors from buying homes set to speed through Congress There is apparently no limit on investors building homes to rent, nor a requirement to sell the homes they build in 7 years that was in a previous version.
FedWatch - CME Group: FF Projection Probabilities for December 2026 as of 10:56 CST on 6/18/26.
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Trump and His Anti-Democracy Party:
Republican Senators were attempting to rush the confirmation of Jay Clayton as the Director of National Intelligence before Bill Pulte could become the Acting Director last Friday. Trump has made it clear what he wants Pulte to do when he has access to all U.S. intelligence. Trump claims Bill Pulte will investigate ‘rigged elections’ in temporary intelligence role- The Guardian; Jay Clayton spy chief nomination delayed: Why Trump is sabotaging his own nominee | Vox; Senators Warn of Nefarious Trump Plot to Keep Sycophant in Top Job Trump will use it to gin up criminal prosecutions against his enemies and to falsely claim some tidbit, even unsourced triple hearsay gossip, proves Trump's claim that he won in 2020, which is after all one of the Trump's most important objectives in his second term, possibly even more important than rigging the midterm elections to avoid another impeachment in the House.
If the Senate Republicans pass the SAVE Act, meaning save republicans from losing fair elections, Trump will reconsider removing Pulte as the DNI. Trump Delays DNI Hearings, Demands Congress Passes FISA & SAVE Act
The DNI position was created after 9/11 to fill gaps in communications by U.S. intelligence agencies in order to better prepare for attacks against the Homeland and U.S. citizens. That purpose is simply not served by appointing a Trump hatchet man, who is without question unqualified, to accomplish an objective irrelevant to that position.
Trump had another rambling, incoherent press conference. Trump rambles through G7 press conference as he tries to justify Iran war | The Independent; Exhausted Trump Rambles Through Parade of Grievances On G7 Stage - YouTube
Gladiators fought to entertain the American Emperor in bloody brawls on the White House lawn. UFC White House South Lawn fight Freedom 250 photos Nero and other Roman emperors would have approved of this spectacle, the first and hopefully last one on White House grounds. One of the fighters, Josh Hockit, claimed in a Joe Rogan interview soon after winning his bout that Michelle Obama was a man. Trump supporters have earnestly made that claim many times previously which says a great deal about them. The former Deputy Director of the FBI, Dan Bongino, appointed by Trump, thought Hockit's comment was funny, and Rogan of course had no push back as one would expect. UFC fighter calls Michelle Obama ‘a man’ after White House fight; Rogan Doesn’t Mention Michelle Obama Crack While Praising Trump’s UFC Event; White House Doesn't Condemn UFC Fighter's Michelle Obama Comment
Postal Service won’t deliver mail ballots for states that don’t hand over voter lists, under plan for Trump directive; USPS eyes new rule that would block ballots in states that balk at Trump’s demands This is a new wrinkle in the republican authoritarian playbook. Just give the U.S.P.S. the power to refuse delivery of mail-in ballots. The objective is the same as their gerrymandering efforts that have had the effect of disenfranchising non-white voters. The purpose is to rig elections in their favor and has nothing to do with preventing voter fraud which they have never been able to prove as having any material impact on results. Their scheme is obvious to everyone other than those who believe Trump is honest.
Donald Trump and his GOP allies are the real voter fraud - Salon.com
"Let's throw out the Constitution": Mullin shares DHS plans ahead of midterms - Salon.com
Scoop: Trump aides fear Haberman and Swan obtained Situation Room tapes for "Regime Change" Epstein files triggered "freakout" in White House, new report shows - YouTube; The Epstein Scandal Shows the Depth of the White House’s Dysfunction | The Nation As noted in the Nation article, one reason for the freakout was a claim made by an Epstein survivor Sarah Ransome who had relayed a claim about Trump told to her by a "woman or girl" called Jen.
Ransome's credibility is an issue as discussed in this article: Misinformation Watch: Jan. 8 Epstein Document Release Confuses Media Across the Spectrum | AllSides; Sarah Ransome - Wikipedia; Epstein had ‘sex tapes’ of Prince Andrew and Bill Clinton, witness claimed - The Guardian
Texas Lieutenant Governor Dan Patrick (R) Says Democrat James Talarico is "going to hell for sure"; Dan Patrick says James Talarico will “go to hell” Talarico's response: "For decades, Dan Patrick has sold out the poor, the sick, and the vulnerable to enrich his donors. Love feels like blasphemy when you worship power." To thunderous applause from Texas Republicans, Patrick declared that Democrats are "living in darkness" and claimed that Talarico, who graduated from the Austin Presbyterian Theological Seminary with a Master of Divinity degree, was campaigning against God. James Talarico - Wikipedia
Gavin Newsom says Trump ordered DOJ to investigate him and his wife; Trump pressured DOJ to 'come up with a case' against top political enemy - Alternet.org; Trump does not need to order his attorney, the Acting AG, to investigate those on his enemies list. All of the Trump appointed prosecutors, Todd Blanche and his deputies already know what Trump wants.
Maybe Trump's DOJ lawyers need to read the following statement made by the Supreme Court and then make an effort to conform their conduct to the ethical standards summarized below, which is not going to happen IMO:
"The United States Attorney is the representative not of an ordinary party to a controversy, but of a sovereignty whose obligation to govern impartially is as compelling as its obligation to govern at all, and whose interest, therefore, in a criminal prosecution is not that it shall win a case, but that justice shall be done. As such, he is in a peculiar and very definite sense the servant of the law, the two-fold aim of which is that guilt shall not escape or innocence suffer. He may prosecute with earnestness and vigor -- indeed, he should do so. But, while he may strike hard blows, he is not at liberty to strike foul ones. It is as much his duty to refrain from improper methods calculated to produce a wrongful conviction as it is to use every legitimate means to bring about a just one." Berger v. United States | 295 U.S. 78, 88 (1935) | Justia U.S. Supreme Court Center
Republicans Block Bill To Ban Trump's Slush Fund, Tax Settlement The Republicans are doing nothing to stop Trump's slush fund and the freedom from all tax audits for Trump, his businesses and relatives that his attorney Todd Blanche game him, acting on behalf of the U.S. government, to settle Trump's bogus lawsuit against the IRS. The President Who Sued Himself | Lawfare This is what outside lawyers appointed by the District Court Judge who oversaw that case had to say: Amicus Brief.pdf The entire process was corrupt from start to finish.
What distinguishes corruption in Trump's second term from prior periods, like the Teapot Dome scandal, is the pervasiveness of the corruption and the fact that it is in your face with dare - What are you going to do about it? And, the answer from republicans is nothing. They will not even acknowledge that the corruption even exists notwithstanding its obviousness IMO.
Why July 4 Turned Into a Trump Rally - The Atlantic Trump: On July 4th, "We are going to host the most spectacular TRUMP RALLY of them all, a ‘TRIBUTE TO AMERICA."
Trump’s Quest to Seize Greenland from Denmark: On the Ground Report | Vanity Fair (subscription publication)
Some may recall that J.D. Vance thought Trump was "America's Hitler" back in 2016. JD Vance once compared Trump to Hitler. Now, he is Trump's vice president-elect | Reuters (Vance: I go back and forth between thinking Trump is a cynical asshole like Nixon who wouldn't be that bad (and might even prove useful) or that he's America's Hitler.") No argument from me on that opinion. In a recent interview promoting his book, Vance claimed that Trump was "a person of faith", notwithstanding an inability to cite his favorite bible verse. JD Vance Mocked For Saying Trump Is A ‘Person Of Faith’ Who ‘Doesn’t Wear It On His Sleeve’ The book reportedly chronicles Vance's "personal journey" back to Catholicism, though the book jacket has a photo of a Methodist church.
Trump attack on Fed's Lisa Cook cost her more than $1 million Lawyers are expensive. For Trump, it does not matter that he causes individuals and companies to spend millions defending against his frivolous claims. His purposes, which include intimidation, forcing critics to remain silent and discouraging opposition to his policies, are achieved by that result.
Oklahoma congressional candidate drops out amid texting infidelity furor | Oklahoma The candidate, Jackson Lahmeyer, had Trump's endorsement and had advanced into a Republican primary runoff for the 2nd Oklahoma congressional district. Lahmeyer is a pastor and a founder of Pastors For Trump. Based on a report from the Daily Mail, he had sent intimate text messages to someone who was not his wife.
I have concluded that the only explanation for pervasive hypocrisy among republicans must be genetic in origin, though no one has located that gene yet. How else can it be explained? Know thyself - Wikipedia
Iran Won the War but May Lose the Peace | Foreign Affairs
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1. Small Ball Common Stock/Stock Fund Purchases:
I am cutting off stock discussions with trades made on or before 6/11/26, except for another sale of OLP that was made on 6/12.
A. Restarted T in Schwab Account - Bought 5 at $22.61+:
Recent Trading History This Account:
Quote: AT&T (T) at Zacks
Cost: $113.08
T: AT&T - Detailed Earnings Estimates at Zacks.com
Last Discussed: Item # 4.A. Eliminated T - Sold 20 at $28.55 (3/30/26 Post)(profit snapshot = $101.52)
Last Buy Discussions (all sold): Item # 1.F. Added to T in Schwab Account - Bought 5 at $23.66; 5 at $23.2 (1/15/26 Post); Item # 1.G. Restarted T in Schwab Account - Bought 5 at $25.05 (12/25/25 Post)
Dividend: Quarterly at $.2775 per share ($1.11 annually), last slashed from $.52 effective for the 2022 second quarter payment.
T Stock Dividend History & Date | Seeking Alpha
I do not anticipate a dividend increase in 2026-2028 given the high debt levels, the likely rise in interest rates, competition restraining price increases, and massive capital expenditures.
The management and Board incinerated billions with the acquisitions of Warner Media and DirecTV.
Yield at $22.61: 4.909%
Last Ex Dividend: 4/10/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release
Highlights:
Revenues: $31.5B, up 2.9%
GAAP E.P.S. (continuing operations): $.54, down from $.61
Adjusted E.P.S. = $.57 vs. $.51
Schwab has the consensus estimate at $.55.
Reconciliation:
Free Cash Flow: $2.5B, down from $3.1B "reflecting higher capital investment as the Company accelerates the pace of its fiber deployment"
Customer Data: Wireless Phone and Internet
 |
| In Thousands |
The legacy phone segment, transmission through copper wires, is less important with declining revenues and operating income:
2026 E.P.S. Guidance: Adjusted E.P.S. of $2.25-$2.3 with free cash flow of $18B.
Analyst Reports Available to Schwab Customers:
S&P (4/23/26): 3 stars with a 12 month Price Target of $28, noting that Lumen acquisition, which closed last February, added 4+M fiber locations and that AT&T was on track to hit 40M fiber locations by yearend.
Morningstar (1/28/26): 4 stars with a fair value estimate of $27, a narrow moat, poor capital allocation and medium uncertainty.
Largest Annual Gain: $750.6 (212+ shares)
Item # 7 Sold 102+ AT&T at $28.96 (11/3/2010); Item # 5 Sold 100 AT & T at 28.69 (9/27/10 Post)
Other Sell Discussions: Item #1.F. Eliminated Duplicate Position in T - Sold 5 at $28.8 (2/23/26 Post)(profit snapshot = $30.59); Item # 1.D. Eliminated T in Fidelity Account and Item # 1.E. Eliminated T in Schwab Account - Sold 10 + at $28.71 (4/4/25 Post)(profit snapshot = $269.7); Item # 1.C. Multiple Sales of T (3/18/25)(profit snapshot = $201.37); Item # 3.A. Sold 7 T at $24.17 (1/29/25 Post)(profit snapshot = $32.14); Item # 1.G. Continued to Pare AT&T (T) - Sold Highest Cost 5 Shares in my Fidelity Account at $23.08 (12/5/24 Post)(profit snapshots = $40.21); Item # 2.H. Sold 5 T at $22.98; 5 at $23.01 in Schwab Account (11/27/24 Post)(profit snapshots = $41.11); Item # 2.C. Pared AT&T in 2 Taxable Accounts - Sold 5 at $22.37; 5 at $22.22 (10/31/24 Post)(profit snapshot = $38.89); Item # 2.E. Sold 23 T Various Prices in Schwab Account and Item # 2.F. Sold 30+T at $21.35 -Fidelity Account (9/12/24 Post)(net profit snapshots = $46.75); Item # 3.F. Eliminated T in Vanguard and Schwab Accounts - Sold 31+ at $29.91 and 9 at $29.91 (6/12/21 Post)(net profit snapshots = $49.32); Item # 1.A. Sold Highest Cost 11 T Shares at $38.21; (3/7/20 Post)(profit snapshot = $73.88); Item # 1.B. Sold 13+ T at $38.49 (10/30/2019 Post)(profit snapshot = $74.71); Item # 1.E. Sold 10 T at $37.77 (1/28/18 Post)(profit snapshot = $42.65)
T Realized Gains to Date: $1,793.44
I do not view this stock as a long term hold. I approach buying cautiously, usually waiting for a dip back toward $20 or lower before reinitiating a position and then liquidating the position in the $25 to $30 range. If the dividend had not been slashed, the stock would be more enticing as a trade and possibly a longer term hold.
B. Added to Falling Knife KMB - Bought 1 at $94.65; 1 at $93.5 - Schwab Account:
Quote: KimberlyClark (KMB) at Zacks
Cost: $188.15
KMB Detailed Earnings Estimates - Zacks.com
Kimberly-Clark – Our Brands | Kimberly-Clark
KMB SEC Filed 2025 Annual Report
Last Discussed: Item # 1.C. Added to Falling Knife KMB - Bought 1 at $96.72 (4/11/26 Post) I discussed the 2025 4th quarter report in that post. SEC Filed Press Release
Last Elimination: Item # 3.A. Eliminated Remaining KMB in Fidelity Account - Sold 5+ at $137.87 (1/3/23 Post)
New average cost per share this account: $108.49 (11+ shares)
Dividend: Quarterly at $1.28 per share ($5.12 annually)
KMB Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
KMB is a dividend aristocrat. The 5 Best Dividend Aristocrats to Buy in 2026 | Morningstar (6/3/26)
Yield at $108.49: 4.719%
Last Ex Dividend: 6/4/26
Last Earnings Report (Q/E 3/31/26):
Diluted E.P.S. from continuing operations = $1.70; adjusted EPS from continuing operations at $1.60, down 1.2 percent versus the prior year.
"Net sales of $4.2 billion increased 2.7 percent, as organic sales growth of 2.5 percent and favorable currency impacts of 2.0 percent were partially offset by a 1.8 percent decline from the exit of the company's private label diaper business in the US. Organic sales growth was driven by volume-plus-mix growth of 3.0 percent, partially offset by lower pricing of 0.5 percent to drive trial of new products and enhance value propositions."
It is encouraging IMO that revenue growth was in part fueled by increases in volume:
The rapid rise in input costs starting in 2021 required consumer product companies to raise prices which resulted in lower volumes. The recent rise in gasoline costs will negatively impact KMB's cost structure.
2026 Outlook: "Adjusted Earnings Per Share from Continuing Operations are expected to grow at a double-digit rate on a constant-currency basis"
GAAP E.P.S., which included this business, was higher at $2, adjusted to $1.97
Reconciliation:
I do anticipate that this merger will reduce logistics costs since the products of both companies are sold to the same customers.
Analyst Reports Available to Schwab Customers:
Morningstar (4/27/26): 4 stars with a fair value estimate of $133, a narrow moat and high uncertainty.
S&P (4/29/26): 3 stars with a 12 month price target of $104, lowered $6 in this report reflecting what the analyst believes are integration risks with the Kenvue acquisition.
Purchase Restriction: 1 share with each subsequent purchase required to lower my average cost per share.
C. Added to Falling Knife FIS - Bought 1 at $40.65; 2 at $39.9; 1 at $38.88:
Quote: Fidelity National Information Services Inc (FIS)
Cost: $120.55
FIS Key Metrics Page at Reuters
FIS Detailed Earnings Estimates at Zacks.com
5 Year Chart: Major Bear Market
New average cost per share: $40.94 (7 shares)
Dividend: Quarterly at $.44 per share ($1.76 annually), last raised from $.40 effective for the 2026 first quarter payment. In 2016, the quarterly dividend was at $.26.
FIS Dividend History & Date | Seeking Alpha
Yield at $40.94: 4.3%
Last Ex Dividend: 6/11/26 (owned all as of)
I recently discussed this company and have nothing further to add here. See Item # 3.B. Started FIX as a Placeholder in Fidelity Account - Bought 1 at $43.38; 1 at $42.22; 1 at $41.65 (5/22/26 Post) I discussed the last earnings report in that post: SEC Filed Earnings Press Release for the Q/E 3/31/26
Purchase Restriction: 1 or 2 shares with each subsequent purchase required to be at the lowest price in the chain. Purchase restriction and maximum number of shares are both risk mitigation techniques that I use and are formulated based on my risk/reward analysis taken in context of my personal investment objectives and risk tolerances.
D. Added to SLRC - Bought 5 at $12.74:
Quote: SLR Investment Corp (SLRC) - Externally Managed BDC
Cost: $63.7
SLRC Detailed Earnings Estimates at Zacks.com
SEC Filed 2025 Annual Report (Risk factor summary starts at page 28 and ends at page 65) SLRC owns or has equity interests in several companies that are described at pages 77-80, including two companies that are involved in equipment leasing and equipment financing.
10-Q for the Q/E 3/31/26. A summary of investments starts at page 7.
Last Discussed: Item # 5.D. Pared SLRC - Sold 5 at $16.5+ in Fidelity Accont (9/27/25 Post)(profit snapshot = $10.03) I noted there that BDC stock prices had started to trend down as more investors realized that their net investment incomes per share would trend down as variable rate loans reset at lower rates.
Last Buy Discussion: Item # 1.A. Added 5 SLRC at $14.96 (3/8/24 Post)
Net Asset Value per share history:
3/31/26: $18.16
12/31/25: $18.26
6/30/25: $18.19
12/31/24: $18.20, 10-K at page 98
12/31/23: $18.09 "
12/31/22: $18.33
6/30/22: $18.53
12/31/21: $19.93
12/31/20: $20.16
9/30/20: $20.14 10-Q
12/31/19: $21.44
12/31/18: $21.75
12/31/17: $21.81
12/31/16: $21.74
12/31/15: $20.79
12/31/14: $22.05
12/31/13: $22.50
12/31/12: $22.70
12/31/11: $22.02
Initial Public Offering: Prospectus February 2010, priced to the public at $18.5 and at $17.205 to the underwriters The fact that the NAV per share is currently near the 2010 offering price is a good sign for a BDC, IMO, particularly compared to most other externally managed BDCs.
 |
| Snapshot Intraday on 6/8/26 after add |
Reduced from $13.27
Dividend: Quarterly at $.31 per share ($1.24 annually), slashed from $.41 effective for the 2026 second quarter payment.
SLRC Dividend History & Date | Seeking Alpha
Dividend slashes by BDCs have been common. The percentage slash will depend primarily on lower net income per share resulting from variable rate loans repricing at lower coupons, the increases in non-performing loans which will vary substantially among BDCs, and higher financing costs for SU debt that is now a pervasive problem for these companies which eats into net interest margins.
Yield at $13.17: 9.415%
Last Ex Dividend: 6/12/26 (owned all as of)
Last Earnings Report (Q/E 3/21/26):
Net asset value per share: $18.16
Net investment income per share (NII): $.31, down from $.37. The reseting of variable rate loans at lower coupons has been to date the reason IMO for the stock slide. This problem is ameliorated when the Fed starts to increase the federal funds rate since the variable rate loans are priced at spreads to short term rates like the 1 or 3 month SOFR.
Net asset value per share has remained fairly steady in the $18-$18.5 range starting in 2022 with the company taking a mild hit during the pandemic and its immediate aftermath.
As of 3/31/26, 83.1% of the income producing portfolio was at floating floats with the remainder at fixed rates.
Company assessment of loan credit risks:
Comprehensive Portfolio Composition:
"The Comprehensive Investment Portfolio is diversified across approximately 870 unique issuers, operating in over 105 industries, and resulting in an average exposure of $3.7 million or 0.1% per issuer. As of March 31, 2026, 97.7% of the Company’s Comprehensive Investment Portfolio was invested in senior secured loans of which 94.5% was held in first lien senior secured loans. Second lien ABL exposure was 3.2% of the Comprehensive Investment Portfolio as of March 31, 2026 and there was no second lien cash flow exposure."
Other Sell Discussions: Item # 3.F. Sold Highest Cost 5 SLRC Shares at $16.43 (8/12/25 Post)(profit snapshot = $10.65); Item # 3.I. Pared SLRC - Sold 8 at $16.75 (2/5/25 Post)(profit snapshot = $14.16); Item # 1. Pared SLRC - Sold 85 Shares at $16.35 (11/27/24 Post)(profit snapshot $21.24); Item # 2.E. Eliminated SLRC in Two Taxable Accounts - Sold 37+ at $15.79 and 30 at $15.79 (3/11/23 Post)(profit snapshot = $66.68)
SLRC Realized Gains to Date: $276.84
Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments using the unadjusted cost basis for the shares sold.
Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain.
E. Restarted PYPL - Bought 2 at $40.86:
Quote: PayPal (PYPL) at Zacks
Cost: $81.72
Investment Category: Lottery Ticket
10-Q for the Q/E 3/31/26 Cash, cash equivalents and short term investments at $9.343B with long term debt at $9.409B as of 3/31/26. Those numbers do not include the most recent bond offering.
Last Bond Offering (5/26): Prospectus
PYPL 2025 SEC Filed Annual Report A description of the business starts at page 7.
PYPL Detailed Earnings Estimates - Zacks.com As of 6/10/26, the date of purchase, the average 2026 E.P.S. estimate was at $5.3 and at $5.78 in 2027.
I eliminated a 3 share position at $50.74:
 |
| Sold on 4/20/26/$15.31 profit |
10 Year Chart: Horrific Major Bear Market starting in 2021:
Double Top formation 2/2021 and 7/2021. Closing price on 7/23/21 was at $308.53 with intraday all time high at $309.48 that day. Closing price on 2/16/21 was at $304.79 with an intraday high that day at $309.14.
Parabolic spike starting in April 2020 near $120 collapsed upon itself falling below $120 in February 2022.
The last rally failed in December 2024 with a peak price near $92.
Possible double bottom formation near $40 but not yet confirmed by a rally. The 1 year chart still looks awful and provides no comfort to me.
PYPL Dividend History & Date | Seeking Alpha
The company started to pay a dividend in the 2025 4th quarter.
Last Ex Dividend: 6/4/26
Last Earnings Report (Q/E 3/31/26):
Revenues: $8.4B, up 7% and 5% on currency neutral
GAAP E.P.S. $1.21, down 6%
Non-GAAP E.P.S. = $1.34, up just 1%
So the E.P.S. trend is a big problem and competition is the reason IMO including from Apple Pay.
The guidance for the second quarter and 2026 reinforces that problem:
Both GAAP and non-GAAP E.P.S. are expected to decline in 2026 compared to 2025.
Adjusted free cash flow of $1.7B
Active accounts increased by 1% to 439M
Analyst Reports Available to Schwab Customers:
Argus (5/6/26): Buy with a $65 price target.
S&P (5/5/26): 4 stars with a 12 month price target of $53, lowered from $60 in this report. The analyst notes that adjusted free cash flow is expected to exceed $6.5M and the company is facing deliberate margin compression in 2026 as the new CEO funds a branded checkout turnaround and modernizing technology with AI.
Morningstar (5/5/26): 5 stars with a fair value estimate of $80, a narrow moat and high uncertainty.
I gather from reading these reports that 2026 will be a transition year for PayPal. It remains to be seen whether the new CEO will be successful in improving earnings growth in 2027 and thereafter.
Maximum Position: 20 shares
Purchase Restriction: 1 or 2 share lots with each subsequent purchase required to be at the lowest price in the chain.
2. Small Ball Common Stock Sales:
A. Eliminated Duplicate DOC Position in Vanguard Account - Sold 40 at $20.42:
Quote: Healthpeak Properties, Inc (DOC) at Google Finance - Healthcare REIT and a S&P 500 component.
Proceeds: $816.78
Portfolio - Healthpeak | NYSE: DOC
Website: Home - Healthpeak | NYSE: DOC
DOC SEC Filed 2025 Annual Report
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation.
Recent Buy Discussions: Item # 1.H.Added to DOC in Vanguard Account - Bought 10 at $16.89 (1/15/26 Post); Item # 1.D. Added to DOC in Schwab Account - Bought 10 at $17.3 (12/5/25 Post); Item # 1.C. Added to DOC in Schwab Account - Bought 10 at $16.4; 10 at $16.14+; 10 at $15.85 (12/25/25 Post); Item # 1.J. Added to DOC in Schwab Account - Bought 10 at $16.49 (12/18/25 Post); Item # 1.E. Added to DOC in Schwab Account - Bought 10 at $16.8; 10 at $16.65 (12/11/25 Post
Profit Snapshot: $138.03
Dividend: Monthly at $.1017 ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post and have nothing further to add here which is also the most recent detailed discussion. Item # 1.A.Pared DOC in Schwab Account - Sold 15 at $19; 15 at $19.61 (5/15/26)(profit snapshot = $55.8); SEC Filed Press Release and SEC Fiiled Supplemental. I have been selling my highest cost shares.
The largest remaining position in DOC is in my Schwab account, which I have been paring by selling my highest cost lot. I currently own 165+ shares in that account with an average cost per share at $16.77.
I currently own 12 SU Bonds and will be discussing the purchase of 2 more Physicians Realty LP 3.95% SU bonds maturing on 115/28 in my next post. Bond Page | FINRA.org Physicians Realty was acquired by Healthpeak.
Quote: Provident Financial Services (PFS) at Zacks
Proceeds: $338.92
PFS is the holding company for Provident Bank which has "branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York."
Investment Category: Regional Bank Basket Strategy
Last Buy Discussions: Item # 1.F. Started PFS in Fidelity Account - Bought 5 at $18.57; 5 at $18.3 (11/1/25 Post); Item # 2.E. Added to PFS in Schwab Account - Bought 5 at $16 (6/18/25 Post); Item # 2.D. Restarted PFS - Bought 10 at $16.52 (6/12/25 Post)
Profit Snapshot: $93.72
Dividend: Quarterly at $.24 per share
PFS Dividend History & Date | Seeking Alpha
I view the dividend growth as unsatisfactory.
Last Ex Dividend: 5/15/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 2.E. Elimianted Duplicate Position in PFS - Sold 10 at $22.89 (5/2/26 Post)(profit snapshot $44.55); SEC Filed Press Release
Prior Sell Discussions: Item # 4 Sold 50 PFS at $14.88 (3/4/11 Post)(profit snapshot = $144.08); Item # 5 Sold 50 PFS at $14.4 (11/17/10 Post)(profit snapshot = $67.08)
C. Eliminated SAFE in Schwab Account - Sold 41+ at $15.71+:
Quote: Safehold Inc (SAFE) at Google Finance - Ground Lease REIT
Proceeds: $645.95
I did not like the last earnings report in the context of no dividend growth.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Safehold - The Modern Ground Lease Company
Last Discussed: Item # 2.B. Pare SAFE in Schwab Account - Sold 10 at $16.43 (3/9/26 Post)(profit snapshot = $11.21)
Buy Discussions: Item # 1.F. Added to SAFE in Fidelity Account - Bought 5 at $12.95 (11/29/25 Post); Item # 1.A. Added to SAFE in Schwab Account - Bought 5 at $13.1; 5 at $12.85 and Item # 1.B. Added to SAFE in Fidelity Account - Bought 5 at $13.3 (11/15/25 Post);
Profit Snapshot: $70.6
Dividend: Quarterly at $.177 per share ($.708 annually)
Safehold Inc. (SAFE) Dividend History & Date | Seeking Alpha
Last Ex Dividend: 3/31/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Press Release and SEC Filed Slide Presentation
GAAP E.P.S. $.40, down from $.41
Adjusted E.P.S. $.40, down from $.44
As a ground lease REIT, there are no property related expenses so FFO is not a relevant number.
D. Pared HR Again - Sold 4 at $20.38:
Quote: Healthcare Realty Trust Inc (HR) at Google Finance
Proceeds: $97.19
I sold all shares with a tax cost basis higher than $15.
HR is one of the largest medical office building REITs.
Total Properties as of 3/31/26: 563 with 32.9M square feet includes 64 joint venture properties.
Wholly owned occupancy at 92.1%, up from 91.1%
Sourced: SEC Filed Supplemental for the Q/E 3/31/26
Merger: Healthcare Realty Trust (HR) and Healthcare Trust of America (HTA) Announce Closing of Merger - Healthcare Realty HR acquired HTA but HTA was the company that survived, a reverse merger. After the merger was consummated, the name of the surviving company was change to Healthcare Realty and the symbol changed from HTA to HR. Prior to the closing, HTA paid its shareholders a special dividend of $4.82 per share. I owned 50 HTA shares and received a $241 cash payment, most of the payment was classified as ROC as I recall which reduced my tax cost basis.
Profit Snapshot: $22.65 (6/9/26 sale only)
New average cost per share: $13.26 (16+ shares)
 |
| Snapshot Intraday on 6/9/26 after pare |
Reduced from $13.81
Dividend: Quarterly at $.24 per share ($.96 annually), slashed from $.31 per share effective for the 2025 third quarter payment.
HR Dividend History & Date | Seeking Alpha
The dividend slash was necessary IMO since HR was not covering the dividend with funds available for distribution (FAD). For dividend coverage for non-triple net lease REITs, FAD is the most important cash flow number IMO.
I am not reinvesting the dividend and will reconsider that option when and if the likely reinvestment prices reduce my average cost per share.
Last Earnings Report (3/31/26): I recently discussed this report here: Item 1.G. Pared HR Again - Sold 5 at $19.7 ( )(profit snapshot = $18);
I have been selling my highest cost lots.
Realized Gains HR and HTA: $1,107.1
Currently Owned SU Debt: 10 issued by Healthcare Realty or Healthcare Trust of America, now combined into HR as discussed above. The bonds are rated BBB/Baa2 and generally have slightly higher YTMs than similar rated non-REIT bonds maturing at about the same time.
6 mature on 7/1/27; Bond Page | FINRA.org
4 mature on 1/15/28; Bond Page | FINRA.org
I lost 4 to an early call last May:
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Last SU Purchase Discussions: Item #2.B. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.467 (4/15/25 Post); Item # 2.E. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.048 (3/18/25 Post); Item # 3.A. Bought 2 Healthcare Realty 3.75% SU Maturing on 7/1/27 at a Total Cost of 97.287 (2/10/25 Post)
E. Eliminated FHB - Sold 5 at $28.18:
Quote: First Hawaiian (FHB) at - Zacks - A Bank Holding Company
Proceeds: $140.95
Investment Category: Regional Bank Basket Strategy
FHB Detailed Earnings Estimates - Zacks.com As of 6/10/26, the date of sale, the average E.P.S. estimate for 2026 was at $2.33 and at $2.46 in 2027.
Number of branches: 49
Last Discussed: Item # 1.J. Restarted FHB - Bought 5 at $23.75 (8/12/25 Post) This post contains my most detailed recent discussion.
Profit: $22.2
Dividend: Quarterly at $.26 per share ($1.04 annually), last raised from $.24 effective for the 2019 first quarter.
Dividend growth has been highly unsatisfactory.
FHB Dividend History & Date | Seeking Alpha
The problem is anemic E.P.S. growth
Both the 2023 and 2024 E.P.S. numbers were lower than the 2018 E.P.S.
2018 E.P.S. = $2.09, 10-K at page 38
2023 E.P.S. = $1.84, 10-K at page 51
2024 E.P.S. = $1.79 , 10-K at page 51
The 2025 GAAP E.P.S. was reported at $2.20. 10-K at page 50
With that earnings history, I would expect the dividend to remain unchanged until there is a solid and persistent uptrend in earnings per share from the $2.2 reported in 2025.
I would add that 2020-2024 period was a rough one for banks, starting with a recession caused by the pandemic, the higher inflation period thereafter, the suppression of interest rates through ZIRP and Q/E and the rapid rise in interest rates starting in 2022.
Banks hurt themselves by failing to engage in a rational interest rate risk policy when inflation was running hot in 2021 and the FED continued to suppress interest rates far below the inflation rate. Long duration securities, particularly mortgage backed securities whose duration increases as rates rise, needed to be substantially reduced in 2021 when it was obvious that the Fed would have to rapidly increase the FF rate soon. For FHB, I have given the bank a "D" grade for interest rate risk management.
Last Earnings Report (Q/E 3/31/26):
Comparisons are to the 2025 first quarter.
E.P.S. at $.55, up from $.47
NIM: 3.19%, up from 3.08%, but down from 3.21% in the 2025 4th quarter.
Efficiency Ratio: 57.77%, down from 58.22% (down is better for this ratio)
ROTCE: 15.33%, up from 14.59%
Charge Off Ratio: .14%, up from .11% (both are good IMO)
NPL Ratio: .27%, up from .14% (both are good IMO)
Tangible Book Value per share: $14.57, up from $13.15
Dividend payout ratio: 47.27%
Some Prior Sell Discussions: Item # 3.F. Eliminated FHB - Sold 20 at $27.85 (11/21/24 Post)(profit snapshot = $268.74); Item # 3.F. Sold 5 FHB at $24.89 and remaining fractional shares purchased with dividends (11/7/2024 Post)(profit snapshot = $46.23); Item # 3.D. Pared FHB - Sold 7+ at $22.34 (2/2/24 Post)(profit snapshot = $33.31); Item # 4.C. Pared FHB in Fidelity Taxable Account - Sold 5+ at $26.355 (1/10/23 Post)(profit snapshot = $18.33); Item # 3.B. Sold 11 FHB at $29.21-Highest Cost Lots in my Fidelity Account (3/17/22 Post)(profit snapshot = $78.07); Item # 2.D. Sold 5 FHB in Fidelity Account at $29.86 and Item # 2.E. Pared FHB in Schwab Account-Sold 5 at $29.86 (11/5/21 Post)(profit snapshots $31.19 and $30.76); Item # 3.G. Pared FHB in Fidelity Taxable Account-Sold 12+ at $29.07 (7/9/21 Post)(profit snapshot = $51.02); Item # 1.P. Continued Paring FHB in Fidelity Taxable Account-Sold 5.891 Shares bought with dividends at $30.47 (3/20/21 Post)(profit snapshot = $26.28); Item # 1.B. Pared FHB in Fidelity Taxable Account-Sold 5 at $28.61 and Item #1.C. Pared FHB in Schwab Taxable Account-S0ld 55 at $28.62 and 6 at $29.9 (3/13/21 Post)(profit snapshots = $79.88); Item 1.A. Pared FHB in Schwab Account: Sold 40 at $29.65; 5 at $30.81 and Item #1.B. Pared 10 FHB in Fidelity Account at $29.65 and 10 at $30.02 (2/12/20 Post)(profit snapshots= $39.45 and $21.59 respectively); Item # 1.A. Sold 10 FHB at $30.76 (6/21/18 Post)(profit snapshot = $17.55; includes a snapshot of 100 shares, held for 6 trading days, booking a $40.11 profit)
F. Pared OLP Again - Sold 2.798 Shares at $24.25; 6 at $24.73 - Fidelity Account:
Quote: One Liberty Properties Inc (OLP) at Google Finance
Proceeds: $216.23
I am selling my highest cost lots.
Website: One Liberty Properties, Inc.
Management: Internal
OLP SEC Filed 2025 Annual Report
Website: One Liberty Properties, Inc. - Primarily an industrial REIT with some retail property exposure.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Buy Discussions: Item # 1.H. Added to OLP in Fidelity Account - Bought 5 at $20.15; 5 at $19.85 (12/25/25 Post); Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post); Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 - Schwab Account (10/7/23 Post)
Profit Snapshot: $16.12 (6/5 and 6/12 sales only)
I eliminated all shares purchased with dividends and have turned off dividend reinvestment.
New Average cost per share this account: $20.44 (40 shares)
 |
| Snapshot Intraday on 6/12/24 after second pare |
Dividend: Quarterly at $.45 per share ($1.8 annually)
OLP Dividend History & Date | Seeking Alpha
Yield at $20.44: 8.8%
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post. Item # 1.F. Pared OLP - Sold 5 at $23.2 (5/9/26 Post)(profit snapshot = $4.75); SEC Filed Press Release
Goal: Given the high dividend yield, the goal is simply any profit before ROC adjustments to the tax cost basis + the dividends.
G. Pared SLG in Fidelity Account - Sold Highest Cost 1 Share at $51.1:
Quote: SL Green Realty (SLG) at Zacks
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Homepage - SL Green - NYC's Largest Commercial Landlord
SLG SEC Filed Report for the Q/E 12/31/25
Last Discussed: Item # 2.G. Added to SLG in Fidelity Account - Bought 1 at $35 (4/4/26 Post) I discussed recent news in that post as well as the 2025 4th quarter report. SLG SEC Filed Financial Report for the Q/E 12/31/25 and SEC Filed Supplemental
Profit Snapshot: $3.16
New average cost per share this account: $41.05 (5+ shares)
 |
| Snapshot Intraday after pare |
Reduced from $42.18.
Dividend: Quarterly at $.6175 per share ($2.47 annually), cut from monthly dividend of $.25 per effective for the 2026 first quarter. The monthly dividend was cut from $.3108 to $27.08 effective for the December 2022 payment and was then cut to $.25 effective for the December 2023 payment. The dividend had to be slashed.
SLG Dividend History & Date | Seeking Alpha
Starting with the pandemic that ushered in a work-from-home trend, Office REITs have struggled but that trend seems to be in retreat for many employers.
Yield at $41.05: 6.017%
Last Ex Dividend: 3/31/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Press Release and SEC Filed Supplemental The Supplemental filing has more detailed information about the properties starting at page 29.
I would characterize the operating results as unsatisfactory.
Revenues: $253.08M, up $239.846M
GAAP E.P.S. ($1.2) vs. ($.30) in the 2025 first quarter.
FFO per share: $.84, down from $1.4 in the 2025 first quarter which included a $.33 per share benefit from resolution of a mortgage investment.
Reconciliation: GAAP Loss to Funds Available for Distribution (FAD):
FAD: $10.848M, down from $73.529M. Note the "Second cycle tenants improvements". This expense relates to what SLG spends in renovations made in a commercial property that had already been previously occupied by a tenant.
"Occupancy in the Company's Manhattan same-store office portfolio increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, as compared to 93.0% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026."
While I still view SLG as having significant upside price potential, there is still a question in my mind when and if that will occur. I have no familiarity with the Manhattan office real estate market and the numbers reported by SLG are less than reassuring that an uptrend is in place.
At page 6 of the Supplemental, SLG notes that it signed 51 office lease in its Manhattan office portfolio totaling 929,790 square feet during the first quarter. The average rent was $105.12 per square foot, the highest quarterly starting rent in SLG's history. The new leases have an average lease term of 9.8 years.
While that signs promising, the company also noted that the average free rent was at 10.9 months with a tenant improvement allowance of $107.76 per square foot. Those are "rent" concessions .
I also own SLGPRI, a 6.5% coupon equity preferred stock, which I discussed in my last post. SL Green Realty 6.5% Cumulative Preferred Series I
H. Sold Highest Cost 2 SLG Shares at $52.01 - Schwab Account:
Proceeds: $104.03
Profit Snapshot: $3.63
New average cost per share this account: $43.44 (8+ shares)
 |
| Snapshot Intraday after pare |
I have turned off dividend reinvestment.
Yield at $43.44: 5.686%
SLG Realized Gains to Date: $1,428.54 with most of the gains realized in 2009 and 2010 selling two fifty share lots.
Subsequent to 2010, the largest gains in taxable accounts was a 6 share lot.
This stock has been difficult for a long time but the company has potential for a turnaround. The price peak in 2007 near $161, collapsed in price during the Near Depression period when I bought shares the two 50 share lots with a bottom near $12, rallied to about $136 in February 2015 and then entered a long term bear market patten:
I find no clear signal in this chart about the future. It is possible that bottoming action near $40 can form a base for another uptrend, but this is a show me stock based on price movement over the past 17 years IMO.
I. Pared NOBL - Sold 1 at $54.91:
Sponsor's website: NOBL | S&P 500 Dividend Aristocrats ETF | ProShares
Expense Ratio: .35%
Number of Holdings: 69
To qualify for inclusion, the company must have increased its dividend for 25 consecutive years.
Some Holdings as of 6/12/26:
Profit Snapshot: $26
New average cost per share: $27.91 (5 shares)
 |
| Snapshot Intraday on 6/9/26 after pare |
Reduced from $28.05.
Dividend: Quarterly at a variable rate.
NOBL Dividend History & Date | Seeking Alpha
Last Ex Dividend: 3/31/26 for $.256+ per share. This amount and all prior amounts have been adjusted for a 2 for 1 stock split effective for shares owned at the close on 5/26/26. ProShares Announces ETF Share Splits
Last 4 Dividends through 2025 1st Q: $1.136 adjusted for the 2 for 1 stock split
Yield at $27.19: 4.178% (and this is with a low AC per share)
At a $54.81 purchase price the yield would be $2.07 using the $1.136 TTM annual. Stock index fund yields are so low based on current prices.
Last Discussed: Item # 5.A. Eliminated Duplicate NOBL Position - Sold 2 at $87.72 (10-28/23 Post)(profit snapshot = $61.65). Adjusting for subsequent stock split, I sold those shares at $43.86)
Last Buy Discussion: Item # 3.I. Restarted NOBL Bought 1 at $57.82, 1 at $55.56; 1 at $54.9 in Fidelity Account; Bought 1 at $55.87; 1 at $57.98 in Vanguard Account (4/11/2020 Post) The Vanguard position has been sold as indicated in the preceding link. The 3 shares in the Fidelity account had a pre-split average cost per share of $56.09 adjusted to $28.047 to account for the 2 for 1 stock split. I received 3 shares on 5/28/26.
Prior Elimination: Item # 2.D. Sold 5 NOBL at $74.28 (12/4/19 Post)(profit snapshot = $39.44)-Item # 5.A. Bought 5 NOBL at $66.39 (3/23/19 Post)
J. Sold Remaining NWBI Purchased With Dividends at $14.4+ (Fidelity Account):
Proceeds: $9.09
Investment Category: Regional Bank Basket Strategy
NWBI Detailed Earnings Estimates - Zacks.com
Profit Snapshot: $.98
New average cost per share this account: $11.59 (16 shares)
 |
| Snapshot Intraday on 6/9/26 after pare |
Dividend:
I have turned off dividend reinvestment which is what I normally after selling all shares purchased with dividends.
K. Sold HIW Shares Purchased With Dividends - Fidelity Account:
Quote: Highwoods Properties (HIW) at Zacks
Proceeds: $21.4
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Highwoods
HIW Announces First Quarter 2026 Results.pdf
I own 41+ shares in my Schwab account with a $21.33 average cost per share.
Profit Snapshot: $3.23 (6/9/26 sale only)
New Average cost per share this account: $21.8 (6 shares)
 |
| Snapshot Intraday on 6/9/26 after pare |
Dividend: Quarterly at $.50 per share
HIW Dividend History & Date | Seeking Alpha
I sold the fractional share purchased with a a dividend on 6/8/26. I have turned off dividend reinvestment.
Yield at New AC: 9.17%
Last Ex Dividend: 5/18/26
I discussed this office REIT in a recent post and have nothing further to add here. Item # 2.H. Sold 15 HIW in Fidelity Account at $26.04 - Duplicate Position (6/4/26 Post)
3. Corporate Bonds: 20
I am cutting off bond discussions for trades made on or before 6/8/26.
Short term investment grade corporate bond purchases have been relatively heavy.
I will be receiving next week $25,000 in early redemptions of 3 different municipal bonds. Most of the proceeds will be used to buy investment grade corporate bonds maturing in 2028 or 2029. Those bond will generate more current income than what I have been receiving from those municipal bonds.
A. Bought 2 Cubesmart LP 4.375% SU Maturing on 2/15/29 at a Total Cost of 99.193:
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Issuer: Operating entity for CubeSmart (CUBE), a Storage REIT, who guarantees the notes.
Cost: $1,983.86
I have small ball positions in two taxable and two Roth IRA accounts.
CUBE SEC Filed Earnings Press Release for the Q/E 3/31/26
Last Bond Offering (8/25): Prospectus
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.696%
Current Yield at TC: 4.411%
I now own 6.
I own 2 CubeSmart LP 3.125% SU bonds that mature on 9/1/26. Item # 2.B. Bought 2 CubeSmart LP 3.125% SU Maturing on 9.1/26 at a Total Cost of 99.26 (11/14/24 Post)
2025 Maturities: 10 of the 4% SU maturing on 11/15/25, with the "profit", taxed as interest income, at $155.36
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B. Bought 2 Sempra 3.4% SU Maturing on 2/1/28 at a Total Cost of 98.173 - Vanguard Account:
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Issuer: Sempra (SRE) at Google Finance - Utility Holding Company
Cost: $1,963.75
FINRA Page: Bond Page | FINRA.org
SRE SEC Filed Earnings Press Release for the Q/E 3/31/26 (revenues at $3.655B with GAAP net income at $1.04B)
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.561%
Current Yield at TC: 3.463%
C. Bought 2 Sherwin Williams 4.3% SU Maturing on 8/15/28 at a Total Cost of 99.671 - Fidelity Account:
%204.3%25%208:15:28%20.png)
Issuer: SherwinWilliams (SHW) at Zacks
Cost: $1,993.42
SHW SEC Filed Earnings Press Release for the Q/E 3/31/26
SHW Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.456%
Current Yield at TC: 4.314%
Other Owned SHW SU Debt:
2 of the 3.45% SU Maturing on 5/1/27, Bond Page | FINRA.org, discussed at Item # 1.H. Bought 2 Sherwin Williams 3.45% SU Maturing on 5/1/27 at a Total Cost of 98.953 (4/4/26 Post)
2 of the 4.3% SU Maturing on 8/15/28, Bond Page | FINRA.org, discussed at Item # 3.F. Bought 2 Sherwin Williams 4.3% SU Maturing on 8/15/28 at a Total Cost of 99.642 (6/4/26 Post)
Owned SHW Debt That Matured in 2025:
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%20+$52.92%20.png){kind=small}
D. Bought 2 Consolidated Edison 3.125% SU Maturing on 11/15/27 at a Total Cost of 98.461:
%203.125%25%2011:15:27%20%20.png)
Issuer: Consolidated Edison (ED) at Zacks
Cost: $1,969.22
"Consolidated Edison, Inc. is a holding company that provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., a regulated company primarily under the oversight of the Federal Energy Regulatory Commission, that develops and invests in electric transmission projects and owns interests in both electric and gas assets."
SEC Filed Earnings Press Release for the Q/E 3/31/26
ED Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.24%
E. Bought 2 Capital One 3.8% SU Maturing on 1/31/28 at a Total Cost of 98.842 - Interactive Brokers Account:
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Issuer: Capital One Financial (COF) at Zacks
Cost: $1,976.84
SEC Filed Earnings Press Release for the Q/E 3/31/26
COF Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.528%
Current Yield at TC: 3.844%
I now own 4 bonds.
Current Stack Capital One SU Bonds: Most of the purchases have made this year.
4 of the 4.1% SU Maturing on 2/19/27, originally issued by Discover Financial which has been acquired by Capital One, Bond Page | FINRA.org, discussed at Item #2.D. Bought 2 Capital One 4.1% SU Maturing on 2/9/27 at a Total Cost of 99.896 (3/30/26 Post); Item #3.K. Bought 2 at a Total Cost of 98.618 (2/10/25 Post)(YTM then at 4.834%)
2 of the 3.75% SU Maturing on 3/9/27, Bond Page | FINRA.org; discussed at Item # 1.C. Bought 2 Capital One 3.75% SU Maturing on 3/9/27 at a Total Cost of 99,544 (4/4/26 Post)
2 of the 3.65% SU Maturing on 5/11/27, Bond Page | FINRA.org, discussed at Item # 4.B., Bought 2 of the 3.65% Capital One SU Maturing on 5/11/27 at a Total Cost of 98.977 (5/15/26)
4 of the 3.8% SU Maturing on 1/31/28 (2 discussed here), prior purchase discussed at Item # 4.A. Bought 2 of the Capital One 3.8% Maturing on 1/31/28 at a Total Cost of 98.977 - Fidelity Account (5/15/26) What I am doing is replacing the 4 Capital One bonds that are about to mature on 2/19/27 with 4 maturing on 1/31/28.
I had one bond mature on 6/15/26:
2025 Maturities Capital One or Discover Financial:
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%20+$105.4%20.png){kind=small}
%20+$35.56.png){kind=small}
%20+$33.24%20.png){kind=small}
F. Bought 2 Extra Space Storage LP 3.875% SU Maturing on 12/15/27 at a Total Cost of 99.185:
%203.875%25%2012:15:27%20.png)
Issuer: Operating entity for Extra Space Storage (EXR) - a Storage REIT who guarantees the notes.
Cost: $1,983.7
This note was originally issued by Life Storage LP, which was acquired by Extra Space. The Life Storage notes were exchange for Extra Space Storage LP notes with the same terms. Prospectus "(Extra Space Storage Inc., a Maryland corporation, ESS Holdings Business Trust I, a Massachusetts trust and ESS Holdings Business Trust II, a Massachusetts trust." page 29)
FINRA Page: Bond Page | FINRA.org
EXR SEC Filed Earnings Press Release for the Q/E 3/31/26
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.435%
Last SU Offering (8/25): Prospectus
I am replacing 2 bonds that will mature on 7/1/26. Item # 4.C. Bought 2 Extra Space Storage LP 3.4% SU Maturing on 7/1/26 at a Total Cost of 98.194 (11/27/24 Post)(YTM then at 4.672%)
G. Bought 2 JP Morgan 3.625% SU Maturing on 12/1/27 at a Total Cost of 98.995 - Interactive Brokers Account:
%203.625%25%2012:127%20.png)
Issuer: JPMorgan Chase & Co. (JPM) at Zacks
Cost: $1,979.9
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
YTM at Total Cost: 4.333%
H. Bought 2 Hubbell 3.5% SU Maturing on 2/15/28 at a Total Cost of 98.342:
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Issuer: Hubbell (HUBB) at Zacks
Cost: $1,966.84
"Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently."
HUBB Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26 (revenues of $1.5167B with net income at $181.8M adjusted to $209.9M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.531%
Current Yield at TC: 3.56%
Last Bond Offerings (6/4/26): Prospectus
Use of Proceeds:
Hubbell Incorporated Completes Acquisition of NSI Industries, "a leading manufacturer and supplier of over 15,000 branded electrical products that are sold to over 2,000 distributors in North America. NSI Industries includes well-respected brands such as Bridgeport fittings, Polaris connectors and Tork timers."
I. Bought 2 Stryker 3.65% SU Maturing on 3/7/28 at a Total Cost of 98.722:
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Issuer: Stryker (SYK) at Zacks
Cost: $1,974.44
SYK SEC Filed Earnings Press Release for the Q/E 3/31/26 (revenue of $6.02B with net income of $745M adjusted to $1.004B)
SYK Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.416%
Current Yield at TC: 3.697%
J. Bought 2 Dollar General 4.125% SU Maturing on 5/1/28 at a Total Cost of 99.189:
Issuer: Dollar General (DG) at Zacks
Cost: $1,983.78
DG Detailed Earnings Estimates at Zacks.com
DG SEC Filed Earnings Press Release for the Q/E 5/1/26
FIRNA Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB
YTM at Total Cost: 4.575%
Current Yield at TC: 4.159%
4. Treasury Bills Purchased at Auction:
I am only buying 10 of the 182 day bills that mature in December 2026 through the end of this month. I will then start buying 10-20 of those bills each week through July.
A. Bought 10 T Bills at the 6/8/26 Auction:
182 Day Bill
Matures on 12/10/26
Interest: $186.55
Investment Rate: 3.812%
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.
