Dollar Value of Trades Discussed in this Post:
Inflow Common Stock/Stock Funds (Item # 2): $124.21
Outflow Common Stocks (Item # 1): $3,205.82
Realized Gains: $436.58
Net Outflow Stocks/Stock Funds: $3,081.61
The theme of this post is to selectively pare common stock positions and to emphasize other income producing securities.
Treasury Bills Purchased at Auction (Item # 3): $40,000 in principal amount
Corporate Bonds (Item # 4): $6,000 in principal amount, total cost at $5,924.82.
I am going to quit buying corporate bonds maturing prior to 2030 since the yields are too low for the credit risks compared to treasury yields for the same maturities.
Inflow Equity Preferred Stocks (Item # 5): $399.75
Inflow Leverage Bond CEF (Item # 6): $95.15
Inflow Exchange Traded First Mortgage Bond (Item # 7): $208.2
Inflow "Preferred" Stock ETFs (Item # 8): $408.6
I have quit citing quotes and other data from the Marketwatch website, which is behind a paywall. I will be citing data instead from MSN Money, which is accessible without a subscription.
Trump credits his tariffs for the DJIA closing above 50,000 and claims that index will hit 100,000 before his second term ends:
++++
Economy:
Employment Situation Summary - 2026 M01 Results The BLS reported this morning that the economy added 130,000 jobs in January with an unemployment rate of 4.3%. The Dow Jones consensus was at +55,000. Of the job gains, healthcare added 82,000 and the "social assistance" category added 42,000.
Over the past 12 months, average hourly earnings increased by 3.7%. "The change in total nonfarm payroll employment for November was revised down by 15,000, from+56,000 to +41,000, and the change for December was revised down by 2,000, from +50,000 to +48,000. With these revisions, employment in November and December combined is 17,000 lower than previously reported." The trend has been to lower the previously reported numbers.
"Payroll employment change little in 2025 (15,000 per month on average)(See Table B-1)"(emphasis added)
2025 Job Numbers with Revisions:
December retail sales were flat 
Retail Sales - Census Bureau.pdf
Trump threatens to block opening of new bridge between US and Canada - ABC News; Trump threatens to block new bridge in latest tirade against Canada; Trump, 79, Loses It Over a Bridge in Bonkers Truth Social Screed The six lane bridge, paid for by Canada, links Windsor, Canada and Detroit, Michigan. While the bridge will save tens of millions in transportation costs for U.S. businesses, Trump said he would block its opening "until the United States is fully compensated for everything we have given them, and also, importantly, Canada treats the United States with the Fairness and Respect that we deserve" and those negotiations must start "IMMEDIATELY".
Is it possible for a sane U.S. President to write that post and then publish it for the world to see?
The post is completely untethered from reality. Trump has repeatedly made false and misleading statements about U.S. trade with Canada. I discussed a few of them in this video published about 10 month ago: Trump's Routine Demonstrably False Statements about U S-Canada Trade - YouTube
Trump has continued making false statements at a fevered pace about U.S. - Canada trade since I published that video. Trump has probably irreparably damaged trade relations with Canada who is and will continue to seek out trading partners in foreign countries, particularly in China.
There are already widespread boycotts of U.S. products and services by Canadian citizens and that can reasonably be expected to intensify.
Among other demands, Trump wants Canada to transfer at least half ownership to the U.S. of this bridge, even though the U.S. had no involvement in the financing or construction.
Trump publicly supported this bridge project in his first term. Trudeau-Trump joint statement affirms confidence in Gordie Howe bridge project | CBC News
Income in the United States: 2024 - Census Bureau Publication. I missed reviewing this report when it was released in September 2025. I was not encouraged by the data.
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| Page 5 |
The Fed - Table: Distribution of Household Wealth in the U.S. since 1989
The top quintile is doing fine but the rest of the country is in various degrees of struggling to make ends meet.
Layoffs in January were the highest to start a year since 2009, Challenger says
Whistleblower Complaint.pdf Borges is the former chief data officer of the Social Security Administration. In this Complain, Borges claims that the DOGE Boys who were allowed access to confidential SS information uploaded the SS database to an unsecure site. The information included SS numbers, race, sex, parent's names, date of birth and addresses. The purpose was to deliver this information to an advocacy group that wanted "to overturn election" results. This kind of information could be used by fraudsters to effectuate identity theft.
I have locked my files at all three credit bureaus. I also have a credit monitoring service just in case someone tries to steal my identity for some other reason.
One long term headwind for U.S. jobs will be the implementation of AI.
The estimate of job losses that I have seen range from 5% to 20%.
The losses are only starting.
See,e.g., Citigroup to Axe 60,000 Jobs by 2026 — What It Signals for Bank Workers Everywhere | IBTimes UK
AI taking white-collar jobs. Economists warn 'much more in the tank'
AI jobs danger: Sleepwalking into a white-collar bloodbath
++++
Trump and His Orwellian/Authoritarian Party:
Trump's Ordered the Criminal Prosecution of Several Democrat Politicians for Exercising their First Amendment Rights:
Trump appointed the Fox News personality, Jeanine Pirro, to be the United States Attorney for the District of Columbia. She was confirmed with 50 republican votes in the Senate.
It was disclosed yesterday that Pirro had sought to criminally charge several Democrat politicians, including Senator Kelly, for correctly stating the law about obeying unlawful orders. Trump had clearly demanded that the democrats be criminally charged for exercising their First Amendment Rights and their Constitutional Rights under the Speech and Debate Clause.
Only political appointees tried to secure a grand jury indictment which failed. DOJ fails to secure indictment in connection with Democrats involved in 'illegal orders' video The FBI cooperated in this illegal investigation.
Ms. Pirro deserves to be impeached in the House, assuming the Democrats regain control after the midterms which hopefully will not be successfully stolen by the republicans, even though it will be impossible to secure a conviction in the Senate.
Trump accuses Democrats of 'seditious behavior, punishable by death,' for urging military to ignore illegal orders 'Punishable by DEATH': Trump Floats Execution for Democrats Speaker Johnson supported those Trump comments. Mike Johnson defends Trump's 'sedition' attacks on Democrats - POLITICO
What the military oath of enlistment says about legal and illegal orders - ABC News
What US Law Says About Sedition and Troops Defying Illegal Orders - Newsweek
Trump's DOJ Attempted to Expedite the Deportation of Liam Ramos and His Father:
Almost immediately after Liam Conejo Ramos and his father were returned from an ICE detention facility, the DHS filed a petition for expedited consideration for their deportation trying to have a hearing last week. Administration seeking expedited removal of 5-year-old and family, Rep. Castro says - ABC News; DHS requests expedited deportation proceedings against family of Liam Conejo Ramos; Fact Sheet: Expanded Expedited Removal - National Immigration Forum DHS denies that this action is a retaliation for embarrassing Trump but does not explain why an expedited hearing was necessary since a hearing had already been scheduled for later this month.
As I discussed in my last post, the existence of the Ramos family asylum petition prevented the lawful seizure of Liam and his father and forced transfer to an ICE detention center, assuming the Trump Administration wished to follow the law.
Todd Blanche and DHS do not have the legal authority to decide an asylum claim. The Trump Administration's original seizure and abduction was consequently unlawful which is not relevant in Trump's America.
Only an immigration judge can decide whether to grant or deny the asylum petition.
Cruelty is the objective. Trying to expedite the asylum hearing immediately after their return from detention is proof of retaliation.
Ongoing Republican Efforts to Deter Citizens from Voting:
Trump's party is not a conservative one in the American tradition but the antithesis of one.
Trump doubles down on suggesting federal government 'get involved' in state elections - ABC News
Trump Says He'll Accept 2026 Election Results if 'Honest' Trump does not need any proof to declare an election as dishonest. This statement highlights the more likely than not seizure of voting machines after the 2026 midterm elections located in blue or swing states.
He also claimed that he did not say "nationalize" the federal elections. Trump: "I didn’t say ‘nationalize".
Two days before this denial, Trump had this to say: "The Republicans should say, 'We want to take over. We should take over the voting in at least — many, 15 places.' The Republicans ought to nationalize the voting." (emphasis added) Trump says Republicans should 'nationalize' elections
It does not matter to Trump that he is caught on tape using the word that he denied using two days earlier. Almost 80% of republicans view Trump as honest and that is after 10+ years of making demonstrably false or misleading statements that need to be measured in the tens of thousands.
Texas man charged with assault after fight with student protesters - YouTube This video shows a 44 year old white guy, wearing a red hat, attacking a teenage girl who are simply protesting against ICE.
In Nebraska, a vehicle with a large Trump flag ran over a student at an ICE protest and left the scene. Police locate driver in hit‑and‑run at Fremont protest | Nebraska Public Media; High school student protesting ICE hit by car with Trump flag - YouTube The driver drove by the protesters several times before hitting the student.
U.S. Citizen had to prove citizenship or be arrested by Border Patrol Agents - YouTube The citizen had to prove that he was a U.S. citizen or a multitude of federal officers who had surrounded his car would arrest him. This occurred 80 miles from the border. They searched his car without a warrant, tore open a bag in his trunk, took his phone without a warrant, and attempted to delete the video taken from the unlawfully seized phone unaware that the citizen could restore it. The Border Patrol agents told him that under the new Administration they could do whatever they wanted which describes the state of affairs under the current fascist U.S. government.
This bond was issued by the Metropolitan Government of Nashville Airport Authority and would have have matured on 7/1/45. The coupon was 3.875%. Interest payments were federally tax exempt. The bond was purchased at 98.694.
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| First Mortgage Bonds |
1. Small Ball Sells:
Several small ball sales will be discussed in my next post that were made on 2/5/25 or later, excerpt for STKL which I sold on 2/6. There were too many to discuss in 1 post.
A. Pared WPC - Sold 10+ Shares at $71.47 (High Cost):
Quote: W.P. Carey Inc. (WPC) at MSN Money
Proceeds: $727.26
"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 1,682 net lease properties covering approximately 183 million square feet as of December 31, 2025. 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."
Website: Leaseback Build-to-Suit Real Estate Finance | W. P. Carey
Last Discussed: Item # 2. Eliminated Duplicate Position in WPC - Sold 30 in Interactive Brokers Account at $64.2 and 10 in Schwab Account at $64.2 (7/29/25)(profit snapshot = $323.07)(discussed 2025 second quarter report, SEC Filed Press Release and SEC Filed Supplemental)
Profit Snapshot: $62.94
New Average cost per share: $57.41 (40+ shares)
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| Snapshot Intraday on 2/5/26 after pare |
Reduced from $58.98
Dividend: Quarterly at $.92 per share ($3.68 annually)
WPC Stock Dividend History & Date | Seeking Alpha
There was a dividend cut in 2023 4th quarter caused by the spinoff of WPC's office properties into a new REIT called Net Lease Office Properties (NLOP). W. P. Carey Announces Completion of Spin-Off of Net Lease Office Properties
2025 Tax Information: No ROC Support
Tax Information - W. P. Carey Inc.
Yield at New AC: 6.41%
Last Ex Dividend: 12/31/25 (owned all as of)
Last Earnings Report (Q/E 12/31/25): This report was released after I sold the shares.
Revenues: $442.386M
GAAP Net Income: $148.319M
GAAP E.P.S. $.67
FFO per share: $1.3
AFFO per share: $1.27
GAAP to AFFO Reconciliation:
2025 AFFO per share: $4.97, up from $4.7
2026 AFFO per share guidance: $5.13-$5.23
SEC Filed Supplemental - Information about the debt can be found at pages 12-15
Other Sell Discussion: 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: $484.03
Some small profits, primarily in RI accounts, were not discussed.
B. Eliminated TFC - Sold 5 at $53.68:
Quote: Truist Financial Corporation (TFC) at MSN Money
Proceeds: $268.43
TFC is a bank holding company that is generally described as a super regional and arguably a borderline money center bank (e.g. BAC, C).
I sold this lot for a variety of reasons: (1) I was not going to buy more anywhere near the current price; (2) there has been no increase in the dividend since the 2022 third quarter; (3) earnings growth has been slow; (4) the annual dividend income paid for shares was only $10.4 which is not worth continuing to monitor earnings; and (5) the safety of bank dividends is not that high as reflected in 2008 Near Depression period and its aftermath.
This bank cut its quarterly dividend from $.47 to $.15 in 2009. The bank did not surpass the $.47 penny rate until the 2021 third quarter when the dividend was increased from $.48 from $.45.
TFC: Detailed Earnings Estimates - Zacks.com
Profit Snapshot = $132.52
Last Buy Discussion: Item # 2.B. Restarted TFC Bought 2 at $30.87; 1 at $28,85; 1 at $28.53; 1 at $27.45; 2 at $26.8 (5/30/20 Post)
Dividend: Quarterly at $.52, last raised from $.48 effective for the 2022 third quarter payment.
TFC Stock Dividend History & Date | Seeking Alpha
Yield at $53.68 Sales Price: 3.87%
Next Ex Dividend: 2/12/26
Last Earnings Report (12/31/25 Post):
Comparisons are to the 2024 4th quarter
GAAP Net Income: $1.3B
E.P.S. = $1.00, up from $.91
Adjusted E.P.S. = $1.12
NIM (TE): 3.07%, unchanged
Adjusted Efficiency Ratio: 54.9%, down from 56%
NPL Ratio: .48%, up from .47%
Loans and Deposits:
More financial data can be found in the SEC Filed Quarterly Performance Summary
Last Bond Offering (1/26): Prospectus for $1.25B 4.597% fixed-to-floating rate SU maturing in 2032. The floating rate starts 1 year prior to maturity.
Some Prior Sell Discussions: This bank was formerly known as BB&T and traded under the BBT symbol. Some of the profit originated from National Penn shares that were exchanged for BB&T stock.
Quote: The Clorox Company (CLX) at MSN Money
I still own 17+ shares in my Schwab account. I will consider adding 1 share lots in that account when the purchases lower my average cost per share which is currently $100.27.
Proceeds: $509.93
Clorox - Detailed Earnings Estimates - Zacks.com
10-Q for the Q/E 12/31/25 This is the report for the second fiscal quarter. The fiscal year ends on 6/30/25
Investment Categories: Long term contrarian value/Bond Substitute with a flavor of Dividend Growth
Profit Snapshot: $43.08
Last Discussed: Item # 1.K. Added to Falling Knife CLX in Fidelity Account - Bought 1 at $97 (12/25/25 Post); Item # 1.H. Added to Falling Knife CLX - Bought 1 at $102.9; 1 at $101.9; 1 at $100.2; 1 at $98.9 (11/22/25 Post ); Item # 1.M. Added to Falling Knife CLX - Bought 1 at $109.87; 1 at $106.8- Schwab Account (11/8/25 Post)(discussed 2025 third quarter report; SEC Filed Press Release)
Dividend: Quarterly at $1.24 per share ($4.96 annually)
CLX Stock Dividend History & Date | Seeking Alpha
Last Earnings Report (12/31/25): There was a positive reaction to this report. I suspect that was due to many investors expecting worse and/or the price had already reflected a more dire report.
SEC Filed Earnings Press Release and Supplemental
Revenues at $1.67B, down 1% vs. the consensus at -2.7%
I did not like the revenue decline in the household segment resulting from both volume and price declines:
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| Supplemental |
Adjusted E.P.S. $1.39 with the consensus at $1.43, down from $1.55 in the 2024 4th quarter.
Free Cash Flow: $326M
Reaffirmed 2006 adjusted E.P.S. at $5.95 to $6.3
With a guidance midpoint at $6.125, the forward P/E at $117.3 is 19.15 with my target range to keep a duplicate position being a forward P/E of 15 to 18.
D. Eliminated Duplicate Position in AMCR (Fidelity Account) - Sold 6 at $47.17:
Quote: Amcor PLC at MSN Money - Packaging Company
Proceeds: $283.02
"Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries."
I still own 23 shares in my Schwab Account.
AMCR underwent a 1 for 5 reverse split on 1/14/26. Amcor Completes One-for-Five Reverse Stock Split
Profit Snapshot: $26.56
Dividend: $.65 per share, unchanged from the $.13 per share amount paid prior to the reverse split.
Next Ex Dividend: 2/25/26
Last Earnings Report (Q/E 12/31/25):
SEC Filed Earnings Press Release
The report is for the second fiscal quarter.
Revenues: $5.499B
GAAP E.P.S. $.38
Adjusted E.P.S = $.86, up 7%
Reconciliation (Box- Far Right):
Most of the adjustments relate to Amcor's acquisition of Berry Global. Amcor completes combination with Berry Global
"Free Cash Flow $289 million including Berry transaction, restructuring and integration costs of $69 million"
Guides Fiscal 2026 Adjusted E.P.S. to $4.00 - $4.15
E. Pared UPS - Sold 2 at 115.89 - Highest Cost Shares:
Quote: United Parcel Service (UPS)- MSN Money
Proceeds: $230.38
"UPS is one of the world’s largest companies, with 2024 revenue of $91.1 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories".
UPS to cut additional 30,000 jobs in Amazon unwind, turnaround plan UPS cut 45,000 jobs in 2025. UPS decided to unwind its Amazon business because of low margins.
UPS SEC FilingsProfit Snapshot: $7.5
New Average cost per share this account: $89.49 (3+ shares)
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| Snapshot Intraday on 2/4/26 after pare |
Dividend: Quarterly at $1.64 per share ($6.56 annually), last raised from $1.63 effective for the 2025 first quarter payment. The dividend had been raised effective for the 1st quarter payment starting in the 2010 first quarter but was not raised in the 2026 first quarter.
UPS Stock Dividend History & Date | Seeking Alpha
I have turned off dividend reinvestment due to the price rise.
Yield at New AC: 7.33%
Next Ex Dividend: 2/17/25
Last Earnings Report (Q/E 12/30/25):
SEC Filed Earnings Press Release
Revenues: $24.5B
GAAP E.P.S. $2.10
Adjusted E.P.S $2.38
Reconciliation:
2025 Full Year: GAAP E.P.S. of $6.56 with Non-GAAP at $7.16 and adjusted free cash flow of $5.5B.
F. Eliminated STKL - Sold 35 at $6.39:
Quote: Sunopta (STKL) at MSN Money
Proceeds: $223.74
Dividends: None.
Profit Snapshot: $56.93
STKL is being acquired by Refresco for $6.5 per share in cash. Refresco to Acquire SunOpta for $6.50 Per Share in Cash
Investment Category: Lottery Ticket Basket Strategy.
Last Sell Discussions: Item # 1.B Sold: 50 STKL at $9 (2/24/14 Post)(profit snapshot = $141.6); Item # 2. Sold 50 STKL at $6.64-LT Category (9/25/12 Post)(profit snapshot = $56.1); Item # 4. Sold 100 STKL at $4.06 (9/30/2009 Post)(profit snapshot = $224.04, lot bought $1.65)
The largest annual gain was $807.93 on two 100 share lots sold in 2007 before I started this blog in October 2008.
Final STKL Realized Gains: $1,286.6
G. Eliminated Duplicate Position in LYB (Fidelity Account) - Sold 2+ at $56.56:
Quote: LyondellBasell Industries NV (LYB) at MSN Money
Proceeds: $157.97
LYB: Detailed Earnings Estimates - Zacks.com As of 2/8/26, the average E.P.S. estimate for 2026 was at $3.09 and at $3.87 in 2027.
Chemical stocks have been in a bear market that started in around 2021-2022. LYB had a double top near $117 that occurred in June 2021 and May 2022. I have invested a few dollars in this stock primarily for the dividend. I still own 10+ shares in my Schwab account.
When demand is robust, earnings will soar but the stocks will still be generally priced at single digit P/E multiples since investors recognize the historical boom and bust cycles.
LYB reported diluted GAAP E.P.S. at $16.75 in 2021, at $11.81 in 2022 and at $6.46 in 2023. SEC Filed 2023 Annual Report at page 65
When valuing the stock, I will not take the average of those 3 years (E.P.S. of $11.67) and assign a below market multiple of 15 which would give me an absurd price of $175.1. I know that any boom will be followed by a bust with earnings continuing to decline and may move into negative territory for 1 or 2 years. These companies are hard to value.
It helps that LYB has not cut the dividend. If I am going to play with these stocks, I will buy a few shares during a bust period and hope that it does not last too long and the dividend is maintained.
Profit Snapshot: $24.56
Dividend: Quarterly at $1.37 per share ($5.48 annually), last raised from $1.34 effective for the 2025 second quarter payment.
LYB Stock Dividend History & Date | Seeking Alpha
Unlike other chemical companies, LYB has not yet cut its dividend. I do not regard the dividend as safe and am surprised that it has not yet been slashed. Demand for chemical products has been lackluster for about 3 years now, indicating that the world economy is not as healthy as advertised. Chemicals industry trends in 2026 | McKinsey
I did own a few shares when LYB paid a $5.2 special dividend.
Yield at $56.56: 9.69%
Last Ex Dividend: 12/1/25 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
Revenues: $7.091B, down from $7.808B
GAAP E.P.S ($.45), down from ($1.87)
Adjusted E.P.S. ($.26), down from $.77
Reconciliation:
LYB SU Bond: I own 2 LYB International Finance 3.5% SU maturing on 3/2/27, which are guaranteed by LYB. Item # 2.B. Bought 2 LYB International Finance 3.5% SU Maturing on 3/2/27 at a Total Cost of 97.463 (2/10/25 Post)(YTM then at 4.784%, rated at BBB/Baa2); Bond Page | FINRA.org
Last Elimination: Item # 1.C. Eliminated LYB - Sold 6 at $98.42 (2/13/23 Post)(profit snapshot = $53.85)
H. Pared GTY in Schwab Account - Sold 5 at $31.33 (Highest cost lot):
Quote: Getty Reality Corp. (GTY) at MSN Money - a REIT
Proceeds: $156.65
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
As of 9/30/25, GTY "owned
Last Elimination: Item # 3.A. Eliminated GTY - Sold 5 at $35.65 and 20 at $35.69 (1/3/23 Post)(profit snapshots = $211.35).
Profit Snapshot: $8.18
New Average cost per share this account: $27.28
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| Snapshot Intraday on 2/5/25 after pare |
Reduced from $27.52
Dividend: Quarterly at $.485 per share ($1.94 annually), last raised from $.47 effective for the 2026 1st quarter payment.
GTY Stock Dividend History & Date | Seeking Alpha
Yield at $27.28: 7.11%
Last Ex Dividend: 12/26/25 (owned all as of)
Last Discussed: Item # 1.F. Added to GTY in Schwab Account - (1/1/26 Post) I discussed the third quarter earnings report in that post. SEC Filed Press Release
GTY is scheduled to report its 4th quarter results after the market closes.
I. Pared Duplicate Position in CTO (Schwab Account) - Sold 3 at $18.32:
Quote: CTO Realty Growth Inc. (CTO) at MSN Money
I sold my highest cost shares.
Proceeds: $54.96
Recent News: CTO Realty Growth Announces Full Year Investment Activity and Leasing Update for the Collection at Forsyth (1/6/26) "The Collection at Forsyth is a 561,000-square-foot premier outdoor lifestyle destination located at the intersection of Georgia 400 and Peachtree Parkway. The Center features a dynamic mix of national retailers, local boutiques, restaurants, fitness concepts, and entertainment venues, serving one of Atlanta’s most affluent and fastest-growing counties."
In addition to owning real estate, CTO, through a subsidiary, receives a fee as the external manager of Alpine Income Property Trust (PINE) which was $1.176M in the third quarter, CTO 10-Q at page 45 I also own PINE shares in several of my accounts. I will discuss paring one position in my next post as the shares reacted favorably to PINE's 4th quarter report.
CTO owns 16.1% of PINE's equity and receives dividends amounting to $700,000 in the third quarter. 10-Q at pages 20, 45
The quarterly change in the value CTO's ownership interest will be a line item. A decline in value will result in an addition to GAAP income in the FFO calculation, while an increase will be a subtraction. No actual or gain or loss is realized on the PINE shares but the change in unrealized values during a quarter is including as an accounting entry in GAAP.
CTO invests in secured commercial real estate investments. A discussion of those investments can be found at pages 17-18 of the 10-Q. The ones existing as of 9/30/25 are listed in this table:
Last Discussed: 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)(discussed 2025 second quarter report,SEC Filed Press Release)
Profit Snapshot: $2.5
New Average cost per share: $16.77
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| Snapshot Intraday on 2/4/26 after pare |
Reduced from $16.8
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Stock Dividend History & Date | Seeking Alpha
Yield at $16.77: 9.06%
Last Ex Dividend: 12/11/25
Last Earnings Report (Q/E 9/30/25):
The 2025 4th quarter report is scheduled for release on 2/19/26 after the market closes.
Revenues from Income Properties: $33.439M
Interest received on commercial loan investment was reported at $3.142M.
Core FFO Per Share: $.48
AFFO per share: $.50
Reconciliation:
2025 Guidance: AFFO per share $1.96-$1.99
Recent Sell Discussions: 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)
Stock Split: 3 for 1 in 2022.
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)}
J. Eliminated Placeholder Position in GPC - Sold 1 at $147.91:
Quote: Genuine Parts Co. (GPC) at MSN Money
Proceeds: $147.91
GPC is a global distributor of automotive and industrial parts.
GPC Detailed Earnings Estimates - Zacks.com
Website: Genuine Parts Company
Last Discussed: Item # 3. Restarted GPC as a Placeholder - Bought 1 at $113.51 (10/31/24 Post) I noted in that post that the stock "declined $30.1, or 20.97%, on 10/23 in response to an earnings report and lowered guidance." I purchased the position the next day.
A Placeholder is a reminder that I want to buy more shares at a lower price. As I scroll through my account positions, I may see the position and the lower price and then decide whether to buy more. If the price goes up too much, reaching a point where I would not buy any shares, I will frequently just jettison the position.
Last Elimination: Item #6.D. Eliminated GPC - Sold 1 at $178.35 (11/15/22 Post)(profit snapshot = $57.1) I noted in that post that I had a fair value range at that time of $121-146. That range explains why I sold the 1 share that had been bought at $121.24. Item # 2.L. Bought 1 GPC at $121.24 (3/24/22 Post) This is another example of a Placeholder position rising too much in price using my fair value estimates.
Profit Snapshot: $34.4
Dividend: Quarterly at $1.03 ($4.12 annually), last raised from $1 effective for the 2025 first quarter payment. The quarterly dividend was at $.615 in th 2015 4th quarter.
GPC Stock Dividend History & Date | Seeking Alpha
GPC is an S&P 500 Dividend Aristocrat, which means that it has raised its dividend for at least 25 consecutive years. I have a small ball position in an ETF that owns those stocks. NOBL | S&P 500 Dividend Aristocrats ETF | ProShares
Yield at $147.91: 2.7855%
Given my current income objective, this dividend yield is not attractive to me. A continuation of the dividend growth, and buying after a significant price decline, may prove beneficial to someone much younger.
Last Ex Dividend:12/5/25
Last Earnings Report (9/30/25): The 2025 4th quarter report is scheduled for release on 2/17/26.
I am just going to link the report for the third quarter and take a snapshot of some relevant data.
This is not impressive:
K. Sold 1 TGT at $113.84 - Highest Cost Lot:
Quote: Target (TGT) at MSN Money
Proceeds: $113.84
"Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com"
TGT Detailed Earnings Estimates - Zacks.com
Target has had a series of disappointing reports for several years. I discussed some of its problems in this recent post: Item # 3.L. Started TGT as a Placeholder - Bought 1 at $96.43 (8/26/25 Post)
Arguably the current price is reasonable, provided those analyst estimates are hit and earnings growth continues, but I lack confidence in that actually happening.
Profit Snapshot: $17.41
New Average cost per share: $91.23 (4+ shares)
Dividend: Quarterly at $1.14 ($4.46), last raised from $1.12 effective for the 2025 third quarter.
TGT Stock Dividend History & Date | Seeking Alpha
I have turned off dividend reinvestment due to the price rise.
Yield at New AC: 5%
Last Ex Dividend: 2/11/26
Last Earnings Report (Q/E 11/1/25): This is for the third fiscal quarter.
E.P.S. $1.51, down from $.185
Comparable Sales:
Adjusted E.P.S. $1.78 (excludes severance charges and "asset-related charges"), down from $1.85
Reconciliation:
"Full-year GAAP EPS is now expected to be approximately $7.70 to $8.70. Full-year Adjusted EPS, which excludes the gains from the litigation settlements in the first quarter and severance and asset-related charges in the third quarter, is now expected to be approximately $7.00 to $8.00."
L. Pared SBSI Again - Sold 2 at $33.84 (Highest Cost Lot):
Quote: Southside Bancshares (SBSI) at MSN Money
Proceeds: $57.68
SBSI Earnings Estimates - Zacks.com
Investment Category: Regional Bank Basket Strategy
Profit Snapshot: +$10.38
New Average cost per share: $27.43
Reduced from $27.5
Dividend: Quarterly at $.36 per share ($1.44 annually)
SBSI Stock Dividend History & Date | Seeking Alpha
Yield at New AC: 5.25%
Next Ex Dividend: 2/19/26
Last Earnings Report (Q/E 12/31/25): I discussed this report in my last post and have nothing further to add here. Item # 1.E. Pared SBSI - Sold 3 at $33.35 (2/4/26 Post)(profit snapshot = $11.38); SEC Filed Press Release
SBSI Realized Gains to Date: +$657.9
M. Eliminated INVH - Sold 10 at $27.4+:
Quote: Invitation Homes (INVH) at MSN Money
Proceeds: $274.05
Invitation Homes Inc. - Investor Relations
Profit Snapshot: $9.62
Last Discussed: Item # 1.F. Started INVH - Bought 5 at $25.69; 5 at $26.2 (12/18/25 Post)
This company is a REIT that buys single family homes and then rents them out.
Subsequent to my purchases, Trump announced that he wanted to prohibit institutional buyers from buying single family homes. Trump ban on institutional investors in housing: experts have doubts Trump issued an Executive Order on this subject but seems to recognize that he needs Congress to enact legislation to implement the ban.
This creates uncertainty about this REIT's business and is consequently not worth holding 10 shares primarily for the dividend yield which is not that high. Investors, analysts react to Trump’s single-family home buying ban | Multifamily Dive
If Trump's proposal goes nowhere, I will consider restarting a position.
Trump claims that this policy when implemented will bring down home prices, but that is mostly just Trump PR. Will Banning Corporate Homebuyers Make Housing More Affordable? | Yale Insights; The institutional buyers own a slither of single family homes, meet a market need by renting them out to those in need of housing, and will then frequently sell the homes. The institutions are in effect providing capital for homebuilders to build new homes.
What would restrain new home prices would be for Trump to lift all tariffs are products and materials used in that construction.
Dividend: Quarterly at $.30 per share
INVH Stock Dividend History & Date | Seeking Alpha
I received 1 dividend payment (just $3).
2. Small Buy Buys:
A. Added 2 KBWY at 2 15.97+; 2 at $15.88:
Quote: Invesco KBW Premium Yield Equity REIT ETF (KBWY) at MSN Money
Cost: $63.71
This ETF owns the highest yielding equity REITs which amounts to a collection of the riskiest ones IMO.
Top 10 Positions as of 2/9/25:
I have a significant overlap in my individual positions. I currently own 19 of 31 stocks owned by this fund. My contrarian style tends to lead me to these REITs as opposed to ones that would be characterized and priced by many REIT investors as blue chips.
Last Discussed: Item # 1.J. Added to KBWY in Fidelity Account - Bought 5 at $15.49; 5 at $15.23 (10/11/25 Post)
I was willing to buy at a higher price since I am more willing to accept more risk for yield given the decline in Treasury Bill yields with lower yields possible as the FED cuts the FF rate more. I did reduce my average cost per share some with this last add.
Sponsor's website: Invesco KBW Premium Yield Equity REIT ETF
Expense ratio: .35%
KBWY Morningstar Page Currently rated 1 star.
Goal: Any total return in excess of the dividends paid.
Risk Evaluation: High IMO. I currently own 17 of the stocks owned by this fund. They are not quality equity REITs IMO. Many have cut their dividends over the past several years. I would describe them generally as the riskier equity REITs with significantly higher dividend yields than the quality ones.
Last Sell Discussion: Item # 3.E. Pared KBWY - Sold 10 at $20.54; 17+ at $20.63 (10/16/24 Post)(profit snapshot = $11.39). I sold my highest cost lots.
New average cost per share this account: $16.04 (55+ shares)
Reduced from $16.15.
Dividends: Monthly at a variable rate.
KBWY Stock Dividend History & Date | Seeking Alpha
Yield: About 9.42% based on TTM dividends and a $16.04 AC per share.
Last Ex Dividend: 1/20/26
B. Added to OPRA - Bought 5 at $12.1:
Quote: Opera Limited (OPRA) at MSN Money
Cost: $60.5
OPRA dived in price during the period when investors were selling software stocks based on fears that AI products would replace them or diminish their importance. The closing price on 2/2/26 was $14.1 and the intraday low on 2/5/26 was at $11.71. I placed another order for 5 shares on 2/5 that was not filled. This is typical small ball trading.
I do not have the expertise to form an opinion on whether AI products will diminish or replace OPRA's products at some future time.
OPRA SEC Filings - Foreign Company Forms
OPRA Analyst Estimates | MarketWatch
Investor Relations | Opera Limited
OPRA Valuation Page at Reuters
Opera is based in Norway.
New Average cost per share: $12.83 (25 shares)
Dividend: Semiannual at $.4 per share
OPRA Stock Dividend History & Date | Seeking Alpha
Yield at New AC: 6.235%
Last Earnings Report (Q/E 9/30/25): I discussed this report here: Item # 1.G. Started OPRA - Bought 10 at $13.4(12/5/25 Post); SEC Filed Press Release
I do not have access to any analyst reports.
Maximum Position: 50 shares
3. Treasury Bills Purchased at Auction: 40
A. Bought 20 T Bills at the 2/5/25 Auction:
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56 Day Bill
Matures on 4/7/26
Interest: $112.93
Investment Rate: 3.701%
B. Bought 10 T Bills at the 2/9/25 Auction:
182 Day Day Bill
Matures on 8/13/26
Interest: $176.94
Investment Rate: 3.613%
C. Bought 10 T Bills at 2/9/25 Auction:
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91 Day Bills
Mature on 5/14/26
Interest: $91
Investment Rate: 3.684%
4. Corporate Bonds:
A. Bought 2 W.P. Carey 3.85% SU Maturing on 7/15/29 at a Total Cost of 98.901 - Interactive Brokers Account:
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Issuer: W.P. Carey (WPC) at MSN Money
I have a position in the common stock, see Item # 1.A. above.
Total Cost: $1,978.02 (The TC number does not include the accrued interest paid to the seller since I will receive that sum from the issuer when the next interest payment is made)
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.195%
Current Yield at TC: 3.918%
I now own 4 bonds.
Other WPC Currently Owned SU Bonds:
6 WPC 4.25% SU Maturing on 10/1/26, Bond Page | FINRA.org
Last Purchase Discussion: Item 2.H. Bought 2 W.P. Carey 4.25% SU Maturing on 10/1/26 at a Total Cost of 99.201 (11/14/24 Post)(YTM then at 4.693%)
2025 Maturities
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B. Bought 2 Oaktree Specialty Lending 2.7% SU Maturing on 1/15/27 at a Total Cost of 98.015:
Issuer: Oaktree Specialty Lending (OCSL) at MSN Money - A BDC
Total Cost: $1,960.3
OCSL SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa3
YTM at Total Cost: 4.88%
I will not own more than 2 OCSL bonds and will keep the maturities short.
I had 2 mature in 2025:
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C. Bought 2 Oneok 5.05% SU Maturing on 11/1/34 at a Total Cost of 99.325 (Interactive Brokers Account):
%2011:1:34%205.05%25%20IB%20.png)
Issuer: Oneok Inc. (OKE)- MSN Money
OKE Detailed Earnings Estimates - Zacks.com
OKE SEC Filed Earnings Press Release for the Q/E 9/30/25
I have a small ball position in the common stock:
 |
| Price as of 2/6/26 (9+ Shares AC at $26.67) |
OKE Last Discussed: Item # 1.I. Added to OKE - Bought 1 at $72.65 (12/25/25 Post); Item # 2.J. Sold 1 OKE at $111.71 (11/27/24 Post)(profit snapshot = $83.79); Item # 2.A. Eliminated Duplicate Position in OKE (Fidelity Account) - Sold 5+ at $64.78; 1 at $64.93 (9/2/23 Post)(profit snapshot = $274.91)
Total Cost: $1,986.5
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.146%
Current Yield at TC: 5.084%
I now own 4 bonds. The purchase of the other 2 were discussed here: Item # 4.D. Bought 2 Oneok 5.05% SU Maturing on 11/1/34 at a Total Cost of 97.498 (7/3/25 Post)
Other Currently Owned SU Bonds:
4 OKE 4.25% SU Maturing on 9/24/27; Bond Page | FINRA.org; Item # 2.W. Bought 2 Oneok 4.25% SU Maturing on 9/24/27 at a Total Cost of 98.695 - Fidelity Account (2/10/25 Post); Item # 2.N. Oneok 4.25% SU Maturing on 9/24/27 at a Total Cost of 98.695 - Interactive Broker Account (2/10/25 Post)
2 OKE 4.35% SU Maturing on 3/15/29, Bond Page | FINRA.org
2025 OKE Matured Bonds:
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%20+$42.64%20.png){kind=small}
2024 OKE Matured Bonds: 2 in a RI Account
%20+$6.72.png)
%20+$62.78%20.png){kind=small}
%20$42.18%20RI.png)
%20+$27.48%20.png)
5. Equity Preferred Stocks:
A. Added to NSAPRA - Bought 5 at $20.6:
Quote: NSA-PA - Yahoo Finance
Cost: $103
Issuer: National Storage Affiliates Trust (NSA) at MSN Money
I own the common stock.
Last NSA Discussion: Item # 1.J. Added to NSA in Fidelity Account - Bought 2 at $28.16; 2 at $27.68 (12/25/25 Post)
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Last Sell Discussion: Item # 7.A. Eliminated Duplicate NSAPRA (Schwab Account) - Sold 10 at $23.385 and Item # 7.B. Pared NSAPRA in Fidelity Account -Sold 10 of 40 at $23.6 (5/23/25 Post)(profit snapshots = $13.83)
Last Buy Discussion: Item # 2.A. Added to NSAPRA - Bought 5 at $21.35; 15 at $21.21 - Fidelity Account (11/29/25 Post)
Placement in the Capital Structure: Equity with a preferential claim to cash compared only to the common stock owners and junior in priority to all bonds.
Par Value: $25
Coupon: 6%
Optional Call: At par value + accrued and unpaid dividend on or after 10/11/22.
Maturity: None, potentially perpetual
Stopper Clause: Standard (company must eliminate the cash common share dividend before deferring payment of the preferred dividend)
New Average cost per share: $21.6 (55 shares)
Yield at $21.5: 6.94%
Calculation: .06% coupon x. $25 par value = $1.5 annual dividend per share ÷ $21.60 total average cost per share = 6.9444%
Last Ex Dividend: 12/15/25
5 Year Chart:
B. Started ATHPRB - Bought 10 at $19.85; 5 at $19.65:
Quote: ATH-PB - Yahoo Finance
Cost: $296.75
Issuer: Athene Holding Ltd. - private company owned by Apollo Global Management (APO)
While Athene is a privately owned company, financial results are filed with the SEC since the company has sold bonds and preferred stocks to the public.
Placement in Capital Structure: Equity Preferred Stock, senior only to common stock and junior to all bonds and credit facility borrowings.
Coupon: 5.625% paid on a $25 par value.
Dividends: Qualified, non-cumulative and paid quarterly.
Optional Call Date: On or after 9/30/24. I do not anticipate that this preferred stock will be called at par value. Currently, the company is having to pay higher coupons for senior unsecured bond and junior bonds.
Fitch has a BBB-. Fitch Affirms Athene's Ratings; Outlook Stable (8/20/25)
Average cost per share: $19.78 (15 shares)
Yield at $19.78: 7.14%
Calculation: .0565% x. $25 par value = $1.4125 annual dividend per share ÷ $19.78 = 7.1411%
Next Ex Dividend: 3/13/26
Athene Holding Ltd. Declares First Quarter 2026 Preferred Stock Dividends
Owned SU Bond: I own 2 of the Athene Holding 4.125% SU Maturing on 1/12/28, Bond Page | FINRA.org.
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Last Bond Offering (6/25): Prospectus for $600M 6.875% Fixed-to-Floating Rate Junior Bond Maturing in 2055.
6. Leveraged Bond CEFs:
A. Added to BHK - Bought 10 at $9.51+:
Quote: BlackRock Core Bond Trust (BHK) at MSN Money - Leverage Bond CEF
Cost: $95.15
BHK SEC Filed Semiannual Report for the period ending 6/30/25
SEC Filed Quarterly Report Q/E 9/30/25
Sponsor's Website: Core Bond Trust | BHK (As of 1/30/26, the effective duration was at 9.88 years, and the leverage was at 33.97%. The number of holdings was then at 1,622 )
New Average cost per share: $9.51 (30 shares)
Dividend: Monthly at $.0746 per share ($.8952 annually)
Some ROC Support
Yield at New AC: 9.41%
Next Ex Dividend: 2/13/26
Data Date of 2/4/26 Trade:
Closing Net Asset value per share: $9.97
Closing Market Price: $9.55
Discount: -4.11%
Average 3 Year Discount: -.41%
Sourced: BHK-CEF Connect (Click Pricing Information Tab) The table provided at that page shows that this CEF traded at significant premiums to net asset value per share between June 2024 through April 2025.
I will consider eliminating any leveraged bond CEF when the price exceeds net asset value per share.
Some Sell Discussions: Item # 5.A. Eliminated BHK Again - Sold 20 at $10.07 (10/11/25); Item # 1. Eliminated BHK - Sold Remaining 54+ Shares at $11.64 (10/24/24 Post)(profit snapshot = $89.67; premium to NAV per share then at +8.75%); Item # 2.D. Pared BHK - Sold 20 at $11.85 (9/19/24 Post)(profit snapshot = $21.24); Item # 2.N. Pared BHK - Sold 5+ at $11.36 (8/8/24 Post)(profit snapshot = $4.76); Item # 3.A. Sold 100 BHK at $12.74 (1/20/19 Post)(profit snapshot = $63); Item # 1 Sold Remaining BHK at $13.07 Update For CEF Basket Strategy As Of 3/21/16 - South Gent | Seeking Alpha (profit snapshot = $28.17); Item # 4 Sold 200 of 300 BHK at Update For CEF Basket Strategy As Of 2/26/16 - South Gent | Seeking Alpha (profit snapshot = $47.43); Pared Interest Rate Risk Exposure In Roth IRA: 200 BHK At $13.86 - South Gent | Seeking Alpha (profit snapshot = $99.55); Item # 1 Sold 200 BHK at $13.86-Taxable Account-Completes BHK Transition to Roth IRA (1/14/15 Post)(profit snapshot = $75.23); Sold All of the Bond CEF BHK at $14.058 (2/21/12 Post)(profit snapshot = $68.3) Some smaller profitable trades were not discussed.
Realized Gains in BHK to Date: $514.27
The long term decline in BHK's price does not inspire confidence in the managers of this fund, particularly since investment grade corporate bonds were in a bull market for most of the period prior to 2022. I do far better just buying individual bonds and trading them some.
10 Year Average Annual Total Return through 2/6/25: 4.21% Total return would be with dividends reinvested. DRIP Returns Calculator | Dividend Channel
I have nothing further to add to a recent discussion: Item # 5.A. Restarted BHK in Schwab Account - Bought 20 at $9.51 (12/11/25 Post)
7. Exchange Traded First Mortgage Bond:
A. Bought 10 ELC in Vanguard Account at $20.82:
History this Account:
Quote: Entergy Louisiana at MSN Money
Issuer: Entergy (ETR) - Utility Holding Company
Last Discussed: Item # 4.B. Bought 10 ELC at $20.66 - Vanguard Account (1/15/26 Post): Item # 4.A. Added to ELC in Schwab Account - Bought 10 at $20.45+ (1/8/26 Post)
Coupon: 4.875% paid on a $25 par value
Interest Payments: Quarterly
Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)
First Mortgage Bond, with lien attaching to substantially all assets.
Credit Ratings: A2/A
The interest rate risk resulting from an early call due to a significant decline in interest rates is mitigated by the realized gain at a $25 par value call.
Yield at $21.14: 5.765%
Calculation: .04875% coupon x. $25 par value = $1.21875 in annual interest per share ÷ $21.14 average cost per share this account= 5.7651%
Maximum Position ELC - All Taxable Account: 300 shares
Current ELC Position - All Taxable Accounts: 260 shares ($316.88 in annual interest income)
I also own this FM bond in 2 RI accounts.
8. "Preferred" Stock ETF:
My Videos: Preferred Stock ETFs - YouTube; Fixed Coupon Equity Preferred Stocks - YouTube; Floating Rate Equity Preferred Stocks Issued by U S Companies - YouTube
A. Restarted PGX - Bought 20 at $11.33+:
Quote: Invesco Preferred ETF (PGX) at MSN Money
Cost: $226.7
Sponsor's website: Invesco Preferred ETF
The name suggests that this fund owns only equity preferred stocks.
I put "preferred" in quotes since preferred stock ETFs will own some exchange traded senior unsecured and first mortgage bonds. Those securities pay interest. A number of equity preferred stocks owned by PGX will pay cumulative and non-qualified dividends (REITs). PGX will have a significant exposure to preferred stocks issued by bank holding companies that pay non-cumulative and qualified dividends.
Last Discussed: Item # 7.E. Eliminated PGX - Sold 40 at $11.75 (1/9/25 Post)(profit snapshot = Net of +$6.36)
Last Buy Discussions: Item # 4.B. Added to PGX - Bought 5 at $11.3 (8/5/23 Post); Item # 2.B. Bought 5 PGX at $11.04 (5/27/23 Post)
Dividends: Monthly at a variable rate.
PGX Dividend History | Seeking Alpha
Yield: Using the past 12 months of dividends and the $11.33 price, the yield is about 6%.
Last Ex Dividend: 1/20/26
PGX – Invesco Preferred ETF – ETF Stock Quote | Morningstar - Currently rated at 2 stars.
Other Sell Discussions- Taxable Accounts Only: Item # 5 Sold: 200 PGX at $14.38 (11/12/2010)(profit snapshot = $155.36); Item # 1.A Sold 50 PGX at $14.35 (3/3/19 Post)(profit snapshot = $45.46);Item # 3.A. Eliminated PGX - Sold 100 at $14.51 (8/1/2020)(profit snapshot = $61.46)
I highlighted the blog post dates and sale prices to emphasize that this kind of security is not appropriate IMO as a long term hold when evaluated on a total return basis.
B. Started PFFR - Bought 10 at $18.19:
Cost: $181.9
I believe this is my first purchase of this ETF.
This ETF will own both Mortgage and Equity REIT preferred stocks. I dislike the Mortgage REIT preferred stocks more than other preferred stock sectors based on my opinions about the risk/reward balance.
Sponsor's website: InfraCap REIT Preferred ETF | Virtus Investment Partners
Expense Ratio: .45%
I prefer owning individual REIT preferred stocks that I can buy without paying a commission. The ETF does offer more diversity than I have currently have with my individual positions. Of the top 10 holdings, I own UMHPRD and VNOPRM. Based on the last Annual Report disclosure, I also own the following preferred stocks owned by this fund: ADCPRA, AHHPRA, CTOPRA, GMREPRA, GOODN (preferred stock series E); GNLPRB, GNLPRD, and SLGPRI. Of those preferred stocks, GOODN and ADCPRA pay monthly dividends.
Dividends: Monthly at $.123 per share ($1.476 annually), last raise from $.12 effective for the January 2026 payment.
PFFR Dividend History & Date | Seeking Alpha
Yield at $18.19: 8.114%
I view a few of the preferred stocks owned by this fund as providing unacceptable to me credit risk for the current dividend yields. Those include the ones issued by hotels, DigitalBridge Group, Hudson Pacific, and Diversified Healthcare.
The last annual report was for the fiscal year ending 10/31/25 which is downloadable from the sponsor's website. As of that date, the cost of investments was reported at $110.436M with the value at $106.836+M.
PFFR – InfraCap REIT Preferred ETF Page at Morningstar - Currently rated 2 stars.
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.
