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Dollar Values of Trades Discussed in this Post:
Inflow U.S. Common Stocks: $180.63
Outflow U.S. Common Stocks: $2,429.43
Realized Gains U.S. Common Stocks/Stock Funds: $566.98
Net Outflow U.S. Stocks/Stock Funds: $2,248.8
Outflow Canadian Common Stock: C$8,914
Realized Gain Canadian Common Stock: C$6,775
Outflow Canadian & U.S Stocks/Stock Funds: $8,569.9
I converted the C$8,914 into US$6,321 in this computation.
Treasury Bills Purchased at Auction: $20,000 in principal amount
Treasury Notes Purchased Secondary Market: $3,000 in principal amount (cost at $2,987.88)
Inflow Corporate Bonds: 19 (cost at $18,854.42)
Outflow Corporate Bonds: 2 (proceeds at $1,974.58, profit at $15.06)
Outflow Canadian Reset Equity Preferred Stock: C$1,211.5
Realized Gain Canadian Reset Preferred Stock: C$461
JPMorgan Chase CEO Jamie Dimon says markets underestimate risks
Earnings reports released this morning, particularly the better than expected 3M report, a DJIA and S&P 500 component, are giving stock indexes a lift. MMM SEC Filed Earnings Press Release for the Q/E 6/30/26 (GAAP E.P.S. at $1.78 with non-GAAP at $2.4, with investors going with the non-GAAP number IMO; non-GAAP 2026 E.P.S. guidance at $8.8-$8.95; 3M Co (MMM) at Google Finance).
US10Y: 4.604% +0.006 (+0.1305%) as of 7:49 CST on 7/21/26.
The recent rise in short and intermediate term interest rates have made stocks less attractive to me given my investment objectives. A 4.5% yield on bonds, which have a promise to pay a sum certain in interest and the principal amount, is sufficient to pay all my expenses after taxes. I have no debt which makes it easy to meet that financial objective.
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BDC SU Bonds:
I have decided to let my existing BDC SU bonds run off without reinvesting the proceeds into new purchases. All of the ones that I currently own will mature within 11 months. I have been discussing in several posts recently the credit risks for these companies. I do not currently view the somewhat higher yields as worth the risks to me.
I had 6 BDC SU bonds mature last week (4 issued by Main Street and 2 from Blue Owl Capital).
The following snapshots reflect the BDC SU bonds that have matured so far in 2026:
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Profit numbers will be taxed as ordinary income.
Main Street Capital (4): +$199.9
Ares Capital (4): +$30.08
Bain Capital (2): +$37.82
FS KKR Capital (4): $131.52
BDC SU bonds are being priced by bond investors at much higher yields than identically rated SU bonds from other issuers. The yield discrepancy will increase as the maturity period lengthens indicating to me that the perceived credit risk increases as the maturity lengthens. Those issues indicate that bond investors view the credit risks as higher than the credit rating would indicate IMO.
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Economy:
It is not possible to predict when ship transit through the Strait of Hormuz will return to pre-war levels since it is unknowable when the Iranian War will end.
I noted in a video published on June 13th that there were already indications that the IRGC was not on board with the MOU. Is the IRGC on Board with the MOU - Continuing Net Stock Reduction Based on Valuations - YouTube at 7:09 Subsequent events have proven that to be an accurate observation.
Oil tankers face 'worst case scenario' in Hormuz, maritime risk CEO says (6/17/26) Note that only 8 ships pass through the Strait on 7/16, and 7 of those used Iran's approved route, citing MarineTraffic. Strait of Hormuz traffic: renewed U.S.-Iran conflict chokes Hormuz (7/20/26) "S&P Global data painted a similar picture. Just 40 vessels transited the strait between July 17 and July 19, averaging roughly 13 crossings a day")
Prior to the Iran War, the average number of crossing per day were about 120 per day. Clarksons - A Shipbroker: Strait of Hormuz transits again fall 90% against pre-war traffic levels (7/20/26)
Investors are pricing a disruption in crude oil supply. West Texas Intermediate crude oil, the U.S. benchmark, was at $71.41 per barrel on 7/10/26 (September 2026 contract) and was trading at $83.53 earlier today (7/21) when I last looked at the price. Oil Price Charts | Oilprice.com
Trump Energy Secretary Chris Wright disputed the finding of independent monitors and represented that 2/3rds of normal traffic is sailing through the Strait. Ships continue to move through Strait of Hormuz, Chris Wright says - POLITICO (7/19/26)(Chris Wright: "Almost all of the public date I've seen is incorrect") So who do you believe? Trump's Energy Secretary or the companies that track ship movements that are not controlled by Trump? Time will tell.
The world can not run on imaginary crude oil conjured up by Trump and his Energy Secretary. Reality creations, nothing but words from unreliable sources, about crude oil flowing through the Strait does not mean in the real world that 2/3rds of normal tanker traffic is occurring now.
Trump's Energy Secretary is of course a climate change denier. Contrarian climate assessment from U.S. government draws swift pushback | Science | AAAS; Trump administration report on climate change and public health faces scrutiny | AP News Wright claimed in an interview with Kimberly Strassel that too little carbon dioxide in the atmosphere is a bigger risk than rising Co2 levels. Chris Wright - Wikipedia (footnote 33). Prior to becoming Trump's Energy Secretary, Wright was the CEO of Liberty Energy, America's second largest hydraulic fracturing company.
Doug Burgum, Trump's Interior Secretary, stated yesterday (7/20), that Trump was "already saving Americans billions of dollars because we've got business leaders like President Trump, driving out energy policy". Trump Official Makes Bonkers Claim About President's Energy Policy As Gas Prices Rise
Houthis declare maritime embargo against Saudi Arabia
My personal belief is no statement made by Trump or his totally servile cabinet secretaries can be taken at face value and must be presumed to be false unless there is reliable evidence, sourced independently from the current U.S. government, supporting the claim.
U.S. slaps 25% tariff on Brazilian goods over unfair trade practices Trump had earlier levied a 50% tariff on Brazil's exports that were struck down by the Supreme Court. The republican tariff taxes on U.S. importers of Brazilian products are being levied even though the U.S. has a trade surplus with Brazil.
Trump had earlier imposed tariffs on Brazils exports that raised prices for U.S. consumers because he was unhappy that his buddy, Jair Bolsonaro, was convicted of staging a coup after the last election. Trump's Brazil tariffs are more about political revenge: analysis (noting that the 50% tariff was specifically framed by Trump "as retaliation over the prosecution of his ally, right-wing former Brazilian President Jair Bolsonaro")
Trump may now be trying to influence the outcome in Brazil's upcoming Presidential election next October in favor of Flávio Bolsonaro, the son of Jair. Poll Tracker: Brazil’s 2026 Presidential Election | AS/COA The fact that U.S. consumers will pay higher prices is just collateral damage and in irrelevant to those in power.
More Trump tariff taxes on U.S. importers, based on "investigations" under Section 308 of the 1974 Trade Act or Section 338 of the Tariff Act of 1930, are on the way. More Trump Tariffs Are Coming - YouTube
Greer hints new Trump tariffs on dozens of countries: 'Expect action soon' (7/21/26)
Trump slaps 50% tariffs on Canada goods on trade discrimination claims (7/20/26); Trump Imposes 50% Tariff Hike on Canadian Goods The additional Republican tariff taxes on U.S. importers will go into effect on 8/19. The 50% tariff is effectively a U.S. embargo on those products valued at about $20B using 2025 trade data. To the extent their are existing tariffs on those products, the additional 50% will result in lower U.S. tariff revenue and provide a price umbrella for U.S. producers to raise prices to U.S. consumers.
U.S. grocery spending slows in hit to food companies Consumers are buying fewer units resulting in revenue declines notwithstanding price increases.
Trump's 18-month deadline to cut electricity prices in half has arrived. Rates are up 18%.
My CPI bears no resemblance to what the BLS reports. I would estimate that my inflation rate for items that I buy, including insurance, is close to a 10% annual rate. I am simply comparing with what I actually pay compared to what the BLS claims is the month-to-month and annual CPI rates by category. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2026 M06 Results The most ridiculous comparisons are in the insurance categories. BLS, for example claims that the non-seasonally annual health insurance inflation was -7.4% and weighted only at .827%:
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| Excerpt June 2026 CPI Report, Table 2 |
New York Fed President Williams says inflation has peaked, rates 'well positioned' (7/15/26); Mohamed El-Erian: The worst of inflation is behind us - YouTube (7/20/26) We shall see in the fullness of time whether those prediction are prescient or a foolhardy ones.
China posts slowest GDP growth since 2022 at 4.3%, missing expectations
US refunds $81bn in Trump tariffs after supreme court ruled them illegal (7/14/26)
Trump’s Anti-Growth Agenda - The Atlantic (subscription publication)
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Trump and His Party:
Trump has what I call negative credibility which is rare for any human. That designation is required whenever any person makes as many demonstrably false statements as the current U.S. President. The number of demonstrably false statements required to achieve negative credibility status may be as high as 15,000 during a lifetime starting at around 21 and ending with the early stage of dementia when making false statements may no longer be intentional. (e.g. Four years of Trump falsehoods - Over 30,000 | Fact Checker - YouTube)
Some refer to Trump as being a shameless pathological liar which is the natural result of his incurable mental condition. Everyone who voted in November 2024 knew or must be presumed to have known, notwithstanding any protestations to the contrary about some kind of sudden and recent revelation.
Psychopathy | Psychology Today
For persons whose false statements are easily counted in the tens of thousand, and Trump is one, all statements made by them must be presumed to be false unless the listener or reader has clear and convincing evidence that the person with negative credibility has made a rare accurate statement. I do not recall Trump's last accurate statement. I really do just draw a blank.
If a President lies all of the time in an effort to manipulate voters, to gain and maintain power, and enrich himself and his family, he or she may at least know that the statements are false and may not actually make decisions based on the false information.
In a video published over two year ago and prior to the 2024 election, I argued that it is actually worse when the President makes impulsive decisions based on false information and his own reality creations and actually believes them to be true. Trump's Personality - YouTube
Trump's #1 priority, as he has stated many times recently, is passing the Save Republicans From Ever Losing Elections Act shortly before the midterm elections. SAVE America Act is ‘No. 1 priority,’ Trump tells Republicans - Live Updates - POLITICO Trump has guaranteed that republicans will not lose an election after passing that bill and almost all are eager to do so which is to be expected from them. Trump says Republicans will ‘never lose a race’ if Congress restricts voting
Passing that legislation shortly before an election would cause maximum chaos but then Trump is the King of Chaos and thrives on creating as much of it as possible. With the power of the Presidency, the ability to create worldwide chaos may have few limits.
The reason that election sabotage and voter suppression are Trump's #1 priority is his now palpable fear that the Democrats may regain control over the House and launch multiple investigations of what he has done in 2025 and 2026, including enriching himself and his family. This sheer terror is driving Trump's 2 a.m. rage tweeting
Since the Senate Republicans will never convict Trump of any impeachment charge, no matter how well deserved and supported by clear and convincing evidence warranting a conviction beyond any doubt, reasonable or otherwise, the important result from those investigations will not be passing more impeachment articles in the House, but building an extensive record of Trump's malfeasance for Americans to review for generations to come. Maybe future generations, who are no longer part of a Trump's cult of True Believers, will learn from that history, something that tens millions currently living have chosen to willfully ignore or cavalierly dismiss, possibly in many cases to avoid cognitive dissonance, particularly for those who view themselves as christians or what I call CINOs.
Trump's rambling speech last Thursday was just part of his ongoing effort to steal the 2026 midterm elections for republicans Donald Trump Humiliated by Instant Fact Checks After Crackpot Speech; Fact-checking Trump's speech on election security - CBS News; Fact check: Trump revives US election fraud claims.
Trump cites a statement from his 100% controlled DHS that 250,000 non-citizens are registered to vote but that claim has zero factual backing in the document Trump cites.
Four Things to Know about Noncitizen Voting; Markwayne Mullin, DHS Secretary, Threatens State Election Officials With Jail Trump will use the power of the Presidency, including criminal prosecutions, to punish critics and to coerce obedience to his demands.
System that DHS is urging states to use to assess voter rolls known to return faulty results: reports - ABC News Utah recently completed a comprehensive a audit of its voting rolls and found only 27 non-citizens registered to vote out of more than 2 million registered voters. Of those 27, on 13 of them voted in any election since 2018. "Thirteen illegitimate voters in Utah’s past four general elections amount to .00025% of the roughly 5,156,392 votes cast in those elections." Non-citizen voting: Utah finds just 13 invalid ballots out of millions cast - Democracy Docket This fact and many others about the rarity of non-citizen voting will not persuade Republicans that their voter suppression efforts are unjustified. Facts do not matter when the objective is to suppress lawfully cast votes made by voters who vote the wrong way.
Trump endorsed the My Pillow guy Mike Lindell for Minnesota's governor. Mike Lindell - Wikipedia Two peas from the same pod, so of course Trump would endorse him. Lindell is not registered to vote in Minnesota. "Mike Lindell, Trump’s pick for governor, isn’t registered to vote in Minnesota" - Election Law Blog
Trump, his Administration and FCC Approval of Skydance's Acquisitions:
Skydance is control by the Trumpster David Ellison who receives financial support from his billionaire Trump supporting father.
FCC Officials Took Gifts From Paramount While It Had Business Before Them — ProPublica
The acquisition of Paramount by Skydance Media needed FCC approval. Trump had a frivolous lawsuit pending against Paramount involving how its subsidiary CBS (60 minutes program) had edited an interview with Kamala Harris. By settling the lawsuit for $16M, Paramount cleared the way for the FCC to approve its acquisition by Skydance. ABC, CBS settlements with Trump are dangerous step toward commander in chief's becoming editor-in-chief | The Free Speech Center David Ellison Sued by Paramount Investors Over Alleged Trump Side Deal; First Amendment advocates decry settlement in ‘60 Minutes’ lawsuit - POLITICO; Paramount’s Settlement with President Trump Is a Blow to Press Freedom, Knight Institute Says | Knight First Amendment Institute
Ellisons Sued by Paramount Investor Over Alleged Trump Side Deal for WB Approval
Paramount Skydance - Wikipedia
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U.S. military will test service members’ testosterone levels, Pete Hegseth says
Senator Tuberville (R-AL) claims ‘four or five’ US senators ‘didn’t legally win’ but offers no evidence - al.com; 'Total delusions': GOP senator blasted for bizarre claim colleagues 'didn't legally win' - Raw Story
Republicans use unsubstantiated claims of voting fraud to justify their ongoing voters to disenfranchise and suppress voting by lawfully registered voters who do not vote for them. It is just one small part of their lengthy authoritarian playbook. Once the purpose of Republicans is recognized, their talk and plans are correctly understood as being what they are, not efforts insure election integrity but simply to suppress voting by lawfully registered voters.
It is not surprising that Trump endorsed Mike Collins (R) in the Georgia Senate race against Jon Ossoff. Trump endorses Rep. Mike Collins in Georgia Senate race; GOP Rep. Collins responds to criticism of Ole Miss post; GOP Senate Nominee Very Close to His White Nationalist Son-in-Law | The New Republic
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Reflecting Pool:
The Washington Post hired 4 experts to examine what actually caused the reflecting pool damage. Installation failures caused Reflecting Pool damage, Washington Post analysis finds - CBS News The blue lining is also turning grey. Lincoln Memorial Reflecting Pool lining looks more gray than blue after algae bloom, draining; Drained Reflecting Pool reveals Trump's 'American flag blue' liner is now closer to gray - ABC News This will not stop Trump and his 100% controlled DOJ from attempting to deflect blame away from Trump and those that he had hired in no bid contracts. The deflections involve in part bringing criminal charges against individuals who simply touched the already dislodged blue liner sheets. No prior DOJ in either Democrat or Republican administrations would have filed these charges
The Canoeist Accused of Destroying the Reflecting Pool - The Atlantic When the pool was drained again last week, "no such gashes were visible on the surface", notwithstanding the claims made by Trump and his Interior Secretary Doug Burgum that there were 100, 250, 290, 300 or 350 foot slashes gashes made by a box cutter or maybe there was 350 yards. Secretary Burgum defends cost of Reflecting Pool repairs: 'It's going to be a small number' - ABC News (Burgum: "It's multiple gashes that add up to 350 feet"); Trump changes Reflecting Pool ‘gash’ size again, but offers no evidence; Trump’s Unsupported Claims About Reflecting Pool Vandalism - FactCheck.org (Trump: “You know, we have 100- … I think 290-, 300-foot slit right through it"); Trump keeps changing his story about the alleged ‘gash’ in the Reflecting Pool; Where is the Reflecting Pool gash?
Trump also claims that the algae was "criminally made", presenting no proof of course, since Trump making that claim is the proof in Trump's America.
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RFK: Trump "Knows Everything".
RFK JR., who knows almost nothing that is accurate, stated that Trump "knows everything" and has an "encyclopedic mind". RFK Jr Praises Trumps 'Encyclopedic Mind' and 'Knows Everything' I am diagnosing RFK Jr. with an incurable case of Trump Derangement Syndrome for those statements and many others. I would add that Trump has apparently avoided brain infestation by worms. Robert F. Kennedy Jr. says doctors found parasitic worm in his brain over 10 years ago - YouTube
I have yet to seen any evidence that either RFJ Jr. or Trump are able to distinguish fact from fiction, or recognize the difference between fact free conspiracy theories and what is proven by the best evidence, or good science from what is clearly not the "gold standard" including from space cadets and assorted wingnutes, or are even capable of recognizing their own reality creations as false, notwithstanding being confronted with contradictory and reliable evidence. RFK Jr. says the Trump administration is following 'gold standard' science. Here's what to know | PBS News RFK Jr., Trump and his other Cabinet Secretaries have yet to realize that their words do not create reality, nor do they describe reality no matter how many times they are repeated or placed in capital letters followed by multiple exclamation marks.
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ICE confrontations will no longer be investigated by FBI DHS will investigate itself. We already know what will happen in all DHS investigations of ICE agents killing both U.S. citizens and immigrants. There will be no accountability even when the evidence points to criminal conduct by federal agents.
ICE officer who killed Johan Sebastián Durán Guerrero has a violent history, family and records say | AP News; Ex-wife says ICE agent who killed man in Maine had racist beliefs : NPR; ICE agent who killed man in Biddeford identified as former Maine law enforcement officer
Trump Border Czar Says ICE Made No Mistakes in Minnesota | The New Republic
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The Anti-Democracy Party in Tennessee
I live in Brentwood located on the southern border of Nashville/Davison County. Brentwood residents voted heavily for Trump in the past 3 elections. My home is about 220 miles from Memphis. It would take me almost 4 hours to drive to the outskirts using the Interstate all the way. I just learned a few days ago that my area is now part of the 9th Congressional District that now includes only a part of Memphis.
The Tennessee Republicans decided that voters in Memphis, the 28th largest American city, would no longer be allowed to elect a Democrat congressional representative. So the republicans they carved up Memphis into 3 pieces and joined each piece with rural areas and small cities scattered through western and middle Tennessee that effectively diluted the large number of black voters in Memphis who will no longer be allowed to elect their preferred candidate. That candidate had been Steve Cohen (D). This happened in Nashville (35th largest city in U.S.) as well after the 2020 Census whose representative, Jim Cooper (D), had won 100% of the vote in 2020. Republicans did not bother to field a candidate:
Tennessee House election results 2020: NBC News
Both Cooper and Cohen retired after the gerrymanders since there was no way a democrat could win after the anti-democracy party carved up of both major cities into three pieces.
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It is important to quit calling Trump's party a conservative one in the American tradition. It is far too Orwellian and authoritarian.
The republicans in Tennessee's state government (governor, state house and senate members), both republican senators and soon to be an all republican congressional delegation bear no resemblance to the pre-Trump republican party including Senators Howard Baker, Bob Corker, Lamar Alexander and Fred Thompson, none of whom would have a chance to win a republican senate primary now in Tennessee IMO. All of the federal and state republican politicians in my state are just cookie cutter clones of Trump, proudly presenting themselves as such, who are only capable of parroting whatever he says and approving of anything that Trump does.
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1. Eliminated POW:CA - Sold 100 at C$89.15 - Interactive Brokers Account:
Quote: Power Corporation of Canada (POW:CA) at Google Finance
Proceeds after C$1 Commission: C$8,914
For purposes of determining changes in my asset allocation, I am converted the CAD proceeds into US$6,321 using a .71 CAD/USD exchange rate.
In the past I have owned the ordinary shares priced in CADs that are traded on the Toronto exchange and the ordinary shares traded on the U.S. pink sheet exchange and priced in USDs. Power Corp. of Canada (PWCDF) A symbol that ends in "F" indicates the ordinary shares rather than an ADR.
Last Discussed: Item # 1. Eliminated PWCDF - Sold 100 at US$33.65 (12/16/21 Post)(profit snapshot = US$1,852.93)
Last PWCDF Buy Discussions: Item # 1. Restarted PWCDF Priced in USDs-Bought 100 at $15.65; 10 at $14.37 10 at $14.98 and Sold 10 at $16.31 (5/9/2020 Post); Item # 1.I. Added 10 PWCDF at US$14.11; 10 at US$13.85 (5/16/20 Post)
Profit: C$6,776.
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Total POW:CA Realized Gains: C$6,776
Total PWCDF Realized Gains: US$2,814.12 (includes U.S.$360.45 that had been converted into USDs from CADs after selling 400 POW:CA in 2016)
I no longer have a position.
Prior to being acquired by Power Corporation (POW:CA) in 2020, I also traded Power Financial: Item # 1A. Sold 50 POFNF at US$27.04 (1/8/2020 Post)(profit snapshot = US$299.2); Item # 1.B. Sold 50 PWF:CA at C$35.14 (1/8/20 Post)(profit snapshot C$480); Item # 2 Bought 50 POFNF at US$20.96 (8/14/19 Post); Item # 2.A. Sold 50 of 100 PWF:CA at C$30.99 (3/31/19 Post)(profit snapshot = C$161)
I have also traded a Power Financial reset equity preferred stock. StocItem # 2. Eliminated PWFPRT:CA - Sold 100 at C$23.21 (2/5/25 Post)(profit snapshot = C$454); Item # 2. Pared PWFPRT:CA -Sold 100 at C$19.41 (12/30/23 Post)(profit snapshot = C$535.50); Item # 4 Sold 100 PWFPRT:CA at C$21.41 (1/18/2017 Post)(profit = C$190.5). The lowest price paid for this C$25 par value preferred stock was C$11.11. Item # 2.A. Added to PWFPRT:CA - Bought 50 at C$11.11 (5/23/20 Post)
2. Canadian Reset Equity Preferred Stocks:
A. Pared TRPPRE:CA Again - Sold 50 at C$24.25 - Interactive Brokers Account:
Quote TC Energy Corp Preferred Shares Series 9 at Google Finance
Proceeds: C$1,211.5 after C$1 IB Commission
This preferred stock trades on the Toronto exchange.
All trades on foreign exchanges are made in my IB account due to lower commission costs and currency exchange commissions.Issuer:
TRP preferred stock prospectuses can be found here: TC Energy — Stock Information
I 15+ shares of TRP with an average cost per share at $33.24.
Last TRP Discussion: Item # 3.B. Pared TRP - Sold 5 at $62.74 (3/3/26 Post)(profit snapshot = $130.75)
Last TRP Buy Discussion: Item # 3.A. Added to TRP - Bought 2 at $37.29; 1 at $36.35; 1 at $36.15; 1 at $33.6 (7/29/23 Post)
Par Value: C$25 per share
Resets: Every 5 years at a 2.35% spread to the 5 year Canadian government bond yield.
Canada 5 Year Government Bond Overview | MarketWatch
Callable: Only on reset dates
Dividends: Paid Quarterly and Cumulative
Last Reset: October 2024 at 5.08% which makes the stock vulnerable to a persistent rise in rates. TC Energy provides conversion right and dividend rate notice for Series 9 and 10 preferred shares
New average cost per share: C$13.07 (100 shares)
 |
| Snapshot after pare/Closing Price as of 7/6/26 |
Reduced from C$13.72
Yield at New AC: 9.72%
Computation: 0508% coupon x. C$25 par value = C$1.27 annual dividend per share ÷ C$13.07 average cost per share = 9.7169%.
Last Elimination: Item # 2.A. Sold 100 TRPPRE at C$22.26 (5/23/17 Post)(profit snapshot = C$467.5)
Other TRPPRE Sell Discussion: Item # 1.A. Sold 100 of 250 TRPPRE at C$19.75 in IB Account (1/29/25 Post)(profit snapshot = C$413);
TRPPRE Realized Gains to Date: C$1,341.50
Other TRP Preferred Stocks Realized Gains:
TRPPRD: Item # 1.A. Sold 100 TRPPRD:CA at C$23.34 (8/19/25 Post)(profit snapshot = C$763); Item #6.A. Sold 50 of 250 TRP.PRD:CA at C$21.38 (2/10/25 Post)(profit snapshot = C$262.5); Item # 1.A. Sold 100 TRPPRD:CA at C$21.75 (8/20/17 Post)(profit snapshot = C$359) The remaining 100 shares have a cost basis at C$13.97, producing a current yield of 10.71%. Item # 3.A. Bought 50 TRPPRD at C$13 (7/3/20 Post); Item # 5.A. Added 50 TRPPRD:CA at C$14.9 (9/30/23 Post) The coupon resets every 5 years at a 2.38% spread to the five year Canadian bond yield. The last reset was at a 5.985% coupon and ends on 4/29/29. Call protection lasts until the next reset date.
TRPPRH: I eliminated a position in TRPPRH:CA: Item # 8 Eliminated TRPPRH:CA Sold 200 at C$13.24 (1/20/24 Post)(profit snapshot = $C$140). This one has an unattractive 1.28% spread to the 3 month Canadian T Bill that resets quarterly. Item # 5.B. Sold 100 TRPPRH at C$14.2 (5/17/17 Post)(profit snapshot = C$393)
My Video: Canadian Reset Equity Preferred Stocks - YouTube
3. Eliminated REYN - Sold 41+ at $26.7+:
Quote: Reynolds Consumer Products (REYN)
Proceeds: $1,113.47
This company has two primary businesses that have significant market share: Hefty waste bags and Reynolds aluminum wrap. Brands | Reynolds Consumer Products Other brands include Presto, a manufacturer of private label food storage bags, waste bags, reusable containers, and food wrap, many of which are also sold under the Presto name; the Diamond brand products, the Alcan brand products, and the Fresh-Lock brand of products.
REYN - Detailed Earnings Estimates - Zacks.com Earnings growth is unacceptable to me. One result is that the dividend has remained unchanged since the 2021 first quarter.
Last Discussed: Item # 2.D. Bought 1 REYN at $22.59 (2/17/26 Post)
Profit Snapshot: $127.01
Overall the total return was barely acceptable to me, more acceptable for the lots bought this year. Most of purchases were not discussed here which is the case when I am averaging down in 1 or 2 share lots.
Dividend: Quarterly at $.23 ($.92 annually), last raised from $.22 effective for the 2021 first quarter.
REYN Dividend History & Date | Seeking Alpha
Last Ex Dividend: 5/15/26 (owned all as of)
Last Earnings Report (Q/E 3/31/26):
Comparisons are to the 2025 first quarter.
Revenues: $877M, up from $818M
E.P.S. $.28, up from $.15 (depressed)
Adjusted E.P.S. $.28, up form $.23
2026 Adjusted E.P.S. Guidance $1.57 to $1.63
REYN reported adjusted E.P.S. of $1.59 in 2021 and $1.971 in 2020. The company was a beneficiary of the pandemic since more cooking was done at home creating more garbage and wrappings for leftovers. Press Release Q/E 12/31/2020 The 2021 adjusted E.P.S. was reported at $1.59. Adjusted E.P.S. numbers for 2022, 2023, 2024 and 2025 were $1.28, $1.42, $1.67, and $1.43 respectively.
The chart, dividend and earnings history suggest no more than a trade to me.
Other Sell Discussions: Item # 2.A. Eliminated REYN - Sold 40+ at $29.64 (3/1/2024 Post)(profit snapshot = $60.56); Item # 4.F. Eliminated Duplicate REYN in Schwab Taxable Account - Sold 20+ at $32.55 (12/6/22 Post)(profit snapshot = $95.96)
REYN Realized Gains to Date: $283.53
I do not have access to any analyst reports.
A. Sold 2 Crown Castle 4.3% SU Maturing on 2/15/29 at 98.834:
After $1 per bond commission: 98.734
Net Proceeds after commission: $1,974.68
"Profit" Snapshot: $15.06
Will be taxed as realized market discount classified as ordinary interest income.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB
B. Bought 2 Ventas LP 4% SU Maturing on 3/1/28 at a Total Cost of 99.218:
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Issuer: Operating Entity for the REIT Ventas Inc (VTR) who guarantees the notes.
Cost: $1,984.36
VTR SEC Filings
SEC Filed Earnings Press Release for the Q/E 3/31/26
Ventas Investor Relations 1,400+ properties and a S&P 500 component.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.493%
Current Yield at TC: 4.03%
I now own 4.
The prior purchase was not discussed here:
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| TC at 97.816 |
Other Owned Ventas Realty LP:
2 of the 4.4% SU Maturing on 1/15/29, Bond Page | FINRA.org, discussed at Item # 3.C. Bought 2 Ventas LP 4.4% SU Maturing on 1/15/29 at a Total Cost of 99.9 (5/2/26 Post)
2026 Maturities: 4
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%20+$57.39%20.png)
%20$100.03.png)
2024 Maturities: 13
%20+%20$30.72.png)
%20+$15.22.png)
%20+$15.22%20.png)
%20+$27.14.png){kind=small}
%20+$37.07.png){kind=small}
%20+$11.08%20.png){kind=small}
C. Bought 2 Waste Connections 4.25% SU Maturing on 12/1/28 at a Total Cost of 99.635:
%204.25%25%2012:1:28%20.png)
WCN Detailed Earnings Estimates - Zacks.com
WCN SEC Filed Earnings Press Release for the Q/E 3/31/26 (revenues at $2.37+B with GAAP net income of $241.51M adjusted to $293.12)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.41%
Current Yield at TC: 4.2655%
This is my first purchase of a WCN SU bond.
D. Bought 2 Interstate Power 4.1% SU Maturing on 9/26/28 at a Total Cost of 99.178 - Fidelity Account:
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Issuer: One of the wholly owned operating subsidiaries of the utility holding company Alliant Energy Corp. (LNT).
Cost: $1,983.56
LNT 10-Q for the Q/E 3/31/26 (at page 24, Interstate Power reported revenues of $561M with net income of $94M)
LNT SEC Filed 2025 Annual Report (at page 57, Interstate Power reported annual revenues of $2.208B with net income at $457M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 4.491%
Current Yield at TC: 4.134%
I now own 4.
Last Discussed: Item # 3.H. Bought 2 Interstate Power 4.125% SU at a Total Cost of 97.683 (2/10/25 Post)(YTM then at 4.795%)
E. Bought 2 Georgia Power 4% SU Maturing on 10/1/28 at a Total Cost of 99.219:
%2010:1:28%204%25%20.png)
Issuer: One of the operating subsidiaries of the utility holding company The Southern Company (SO)
Cost: $1,984.38
SO Detailed Earnings Estimates - Zacks.com
Georgia Power Data at page 21:
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 4.368%
Current Yield at TC: 4.031%
F. Bought 2 Jersey Central Power & Light 4.15% SU Maturing on 1/15/29 at a Total Cost of 99.046 - Interactive Brokers Account:
%204.15%25%201:15:29%20.png)
Issuer: An operating subsidiary of FirstEnergy Corp (FE)
Cost: $1,980.92
FE 2025 SEC Filed Annual Report
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.554%
Current Yield at TC: 4.03%
G. Bought 1 Toronto Dominion 4.109% SU Maturing on 10/13/28 at a Total Cost of 99.204 - Vanguard Taxable Account:
%204.109%25%2010:13:28%20.png)
Issuer: The Toronto Dominion Bank (TD)
Cost: $992.04
TD Detailed Earnings Estimates at Zacks.com
TD Bank Group Reports Second Quarter 2026 Results - May 28, 2026
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
YTM at Total Cost: 4.48%
Current Yield at TC: 4.142%
H. Bought 2 Atlantic City Electric 4% First Mortgage Bond Maturing on 10/15/28 at a Total Cost of 99.194:
%2010:15:28%20.png)
Issuer: One operating utility wholly owned by the utility holding company Exelon (EXC)
Cost: $1,983.88
Atlantic City Data:
 |
| Page 45, 10-Q |
EXC Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.374%
Current Yield at TC: 4.0325%
I. Bought 2 EBAY 3.6% SU Maturing on 6/5/27 at a Total Cost of 99.3:
Issuer: eBay Inc (EBAY) at Google Finance
Cost: $1,986
EBAY Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.391%
I now own 4.
Prior discussion at Item # 2.I. Bought 2 EBAY 3.6% SU at a Total Cost of 99.209 (3/30/26 Post)
J. Bought 2 Dell International/EMC 4.15% SU Maturing on 2/15/29 at a Total Cost of 99:
%204.15%25%202:15:29%20.png)
Issuer: Dell Technologies (DELL)
Cost: $1,980
Prospectus Dell International and EMC are co-issuers. Both are wholly owned subsidiaries of Dell Technologies who guarantees the notes, page S-3.
SEC Filed Earnings Press Release for the Q/E 5/1/26 (Revenue of $43.8B, with net income reported at $3.438B)
DELL Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.56%
Current Yield at TC: 4.192%
K. Bought 2 RTX 4.15% SU Maturing on 11/16/28 at a Total Cost of 99.329:
%204.125%25%2011:16:28%20.png)
Issuer: RTX Corporation (RTX)
Cost: $1,986.58
RTX Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.426%
Current Yield at TC: 4.153%
5. Small Ball Common Stock Sales:
Most of the stock sales made on or after 7/15/26 will be discussed in the next post.
For pares, I am selling my highest cost shares when they are available to sell. For some positions, I am selling shares out of a single lot purchase (e.g. MFC, discussed in Item # 5.B. below)
A. Pared STAG Again in Schwab Account - Sold 5 at $40.04:
Quote: Stag Industrial Inc (STAG) at Google Finance
Proceeds: $200.2
Last Buy Discussion: Item # 2. Added to STAG in Interactive Brokers Account-Bought 50 at $17.55-Update For Equity REIT Basket Strategy As Of 1/21/16 - South Gent | Seeking Alpha (lot has been sold)
Profit Snapshot: $130.54
New Average cost per share: $13.93 (30+ shares)
 |
| Snapshot Intraday on 7/14/26 after pare |
Dividend: Quarterly at $.3875 per share ($1.55 annually)
STAG had been paying a monthly dividend. The last monthly dividend was at $.1242 per share ($1.4904 annually), last raised from $.1233 effective for the January 2025 payment. In 2015, the monthly rate was at $.115. I view the dividend increases as effectively meaningless which is the primary reason I have been harvesting profits. Another reason is resistance near $40.
STAG Stock Dividend History & Date | Seeking Alpha
Yield at $13.93: 11.13%
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 3/31/26): I discuss this report here: Item # 1.E. Pared STAG - Sold 5 at $39.01 (5/15/26 Post); SEC Filed Press Release
Some Other Sell Discussions: Item #2.A. Pared STAG Again - Sold 5 at $37.75 (2/4/26 Post)(profit snapshot = $92.61); Item # 2.A. Pared STAG - Sold 5 at $36.42 (7/15/25 Post)(profit snapshot = $79.82) Item # 2.A. Pared STAG - Sold 5 at $35.41 (5/30/25 Post)(profit snapshot = $149.47); Item # 1.D. Sold 10 STAG at $36.67 (3/18/25 Post)(profit snapshot = $165.13) Item # 1.A Sold 10 STAG at $40.53 (9/5/24 Post)(profit snapshot = $199.74); Item #2.A. Pared STAG - Sold 10 at $39.44 (7/26/24 Post)(profit snapshot = $189.98); Item # 2.A. Pared STAG - Sold 10 at $38.99 (1/23/24 Post)(profit snapshot = $249.22); Item # 4.A. Eliminated Duplicate Position in STAG - Sold 50 at $37.22 (9/16/23 Post)(profit snapshot = $1,075.13); Item # 1.G. - Sold 4 STAG at $33 (4/1/21 Post)(profit snapshot = $32.49); Item # 7-Pared STAG Sold 42 at $25.2: Update For Equity REIT Basket Strategy As Of 7/28/16 | Seeking Alpha (profit snapshot = $271.32); Item # 2. Pared STAG-Sold 54 Shares at $23.81: Update For Equity REIT Basket Strategy As Of 7/1/16- South Gent | Seeking Alpha (profit snapshot = $318.54); Item # 2. Pared STAG -Sold 50 of 240 at $22.74: Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha(profit snapshot = $48.31); Update For Equity REIT Basket Strategy As Of 3/21/16 - Item # 2. Sold 133 STAG at $19.61 | Seeking Alpha (profit snapshot = $125.27)
STAG Realized Gains to Date: $3,316.27 (includes RI account gains that were not discussed)
B. Pared MFC Again - Sold 5 at $43.08:
Quote: Manulife Financial Corp (MFC) at Zacks
Proceeds: $215.38
CAD Priced Quote: Manulife Financial Corp (Canada: Toronto)
MFC Detailed Earnings Estimates - Zacks
Canadian Dollar to US Dollar Exchange Rate Chart | Xe
MFC Key Metrics Page at Reuters
SEC Filings (foreign issuer forms)
Last Discussed: Item # 1.A. Pared MFC Again - Sold 5 at $40.37 (6/25/26 Post)(profit snapshot = $144.81) I discussed the last earnings report in that post. SEC Filed Shareholder Report
Profit Snapshot: $158.35
Average cost per share unchanged: $11.41 (40 shares)
 |
| Snapshot Intraday 7/15/26 after pare |
I have been selling shares out of this 100 share lot: tem # 2.D. Bought 100 MFC at $11.41 (5/9/2020 Post)
Dividend: Quarterly at C$.485 per share, last raised from C$.44 effective for the 2026 first quarter payment.
The dividend will fluctuate with the CAD/USD exchange rate.
Canada will withhold a 15% tax when the dividend is paid into a U.S. citizens taxable accounts. This withholding does not occur when I own MFC in a Roth IRA account which is a treaty right for U.S. citizens. The broker still has to claim that right at the source.
Last 4 Dividends in USDs: $1.3364
MFC Dividend History & Date | Seeking Alpha
2 of the 4 dividends was at the new C$.485 penny rate.
Yield at $11.41 Using TTM Annual of US$1.336 = 11.71%
Last Ex Dividend: 5/29/26
Other Sell Discussions: Item # 3.C. Pared MFC Again - Sold 5 at $38.4+ (4/25/26 Post)(profit snapshot = $135.24; I discussed the 2025 4th quarter report in that post, SEC Filed Earnings Press Release); Item # 4.E. Pared MFC - Sold 5 at $37.14+ (1/21/26 Post)(profit snapshot = $128.7); Item # 3.A. Pared MFC Again - Sold 5 at $32.14 (6/12/25 Post)($103.69); Item # 3.B. Pared MFC Again - Sold 5 at $32.02 (5/23/25 Post); Item # 1.A. Pared MRC - Sold 5 at $31.59 (4/5/25 Post)(profit snapshot = $100.91); Item # 2.A. Sold 5 MFC at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 2.A. Pared MFC - Sold 5 at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 4.B. Pared MFC Again - Sold 5 at $32.38 (11/14/24 Post)(profit snapshot = $104.39); Item # 3.B. Pared MFC Again - Sold 5 at $30.36 (10/16/24 Post)(profit snapshot = $94.9); Item # 2.B. Pared MFC - Sold 5 at $29.29 (10/10/24 Post)(profit snapshot = $91.44); Item # 1.G. Eliminated Duplicate Position in MFC - Sold 14 at $20.1-Fidelity Account (3/6/23 Post)(profit snapshot = $143.61); Item # 1.A. Sold 32 MFC at $20.63 (2/2/20 Post)(profit snapshot = $104.79); Item # 2.A. Sold 20 MFC at $18.78 (11/2/19 Post)(profit snapshot = $7.69)
Largest Gain Not Discussed here (IB Account): $481.06
That trade was only mentioned in a comment: South Gent's Comment Blog # 7 - Seeking Alpha
Lowest prices paid to date: Item # 2.C. Bought in Fidelity Account 10 MFC at $10.15; 2 at $9.3; 2 at $8.9 (5/9/20 Post) Those lots have been sold.
Realized MFC Gain In USDs: $1,871.5
Proceeds: $198
HIW owns office buildings in Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond, and Tampa. As of 3/31/26, HIW, through its operating entity, owned "or had an interest in
Management: Internal
Recent News: Highwoods Sells Bridgestone Tower in Nashville.pdf (513,00 square feet office tower sold for $255M, with the expected gain at approximately $75M)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Highwoods
Last Discussed: Item # 2.K. Sold Shares Purchased with Dividends in Fidelity Account at $29.71 (6/18/26 Post)(profit snapshot = $3.23)
Last Buy Discussions: Item # 2.B. Added to HIW in Schwab Account - Bought 5 at $24.53; 5 at $22.3 (2/17/26 Post)(discussed the 2025 4th quarter report, HIW Announces Fourth Quarter 2025 Results.pdf); Item # 1.D. Added 5 HIW at $25.25 (12/25/25 Post); Item # 1.E. Added to HIW - Bought 1 at $18.13, 1 at $17.93; 3 at $17.74 (12/2/23 Post); Item # 1.J. Added to HIW - Bought 1 at $20.2; 1 at $19.85; 1 at $19.31; 1 at $18.87 (10/7/23 Post)
New Average cost per share this account: $20.6 (35+ shares)
 |
| Closing Price as of 7/16/26 - Day after Pare |
Dividend: Quarterly at $.50 per share
HIW Dividend History & Date | Seeking Alpha
There was no ROC support for the 2025 dividend payments: 2025 FORM 8937: Tax-Treatment of Distributions.pdf. I view it as unlikely that there will be ROC support in 2026 due in part to the realized gains from property sales included in GAAP net income.
I am no longer reinvesting the dividend.
Yield at $20.6: 9.71%
Last Ex Dividend: 5/18/26
Last Earnings Report (Q/E 3/31/26): I discussed that report here: Item # 2.H. Sold 15 HIW in Fidelity Account at $26.04 - Duplicate Position (6/4/26 Post)(profit snapshot = $10.2); HIW Announces First Quarter 2026 Results.pdf
Other Sell Discussions: Item # 1.G. Pared HIW Again - Sold 3 at $32.34 (9/13/25 Post)(profit snapshot = $32.52): Item # 3.D. Sold 5 HIW at $30.2 - Highest Cost Shares (5/23/25 Post)(profit snapshot = $29.77); Item # 2.B Pared HIW Again - Sold 2 at $36.26 (10/31/24 Post)( profit snapshot = $22.8); Item # 3.F. Pared HIW - Sold 10 at $34.31; 5 at $35.77 (10/16/24)(profit snapshot = $50.6);
Last Elimination: Item # 1.I. Eliminated HIW - Sold 7 at $47.22 (2/3/22 Post)(profit snapshot = $15.31) HIW was holding up far better than other Office REITs one year into the pandemic, but I suspected that would not last.
2 of the 3.875% SU maturing on 3/1/27, Bond Page | FINRA.org, discussed at Item # 2.C. Bought 2 Highwoods Realty LP 3.875% SU Maturing on 3/1/27 at a Total Cost of 98.334 (4/4/25 Post)
2 of the 4.125% SU maturing on 3/15/28, Bond Page | FINRA.org; discussed at Item # 5.A. Bought 2 Highwoods Realty LP 4.125% SU Maturing on 3/15/28 at a Total Cost of 99.014 (11/15/25 Post)
2 of the 4.2% SU maturing on 4/15/29, Bond Page | FINRA.org, Prospectus, discussed at Item # 3.A. Bought 2 Highwoods Realty Partnership 4.2% SU
D. Pared HIW in Fidelity Account - Sold 1 at $33.12:
See Item # 5.C. Above
Profit Snapshot: $10.28 (7/20/26 sale only)
New Average cost per share this account: $21.59 (5 shares)
 |
| Snapshot Intraday on 7/20/26 after pare |
Reduced from $21.8.
Yield at $21.59: 9.26%
Realized HIW Gains to Date: $437.06 (includes RI account gains that were not discussed here)
Quote: Adams Diversified Equity Fund Inc (ADX) at Google Finance - A Stock CEF Formed Shortly before the October 1929 crash.
Proceeds: $130.13
Adams Diversified Equity Fund (ADX) Portfolio | Morningstar (currently rated 4 stars). Lists top 10 holdings.
Last Discussed: Item # 1.G. Pared ADX - Sold 5 at $24.73+ (5/22/26 Post)(profit snapshot = $39.31); Item # 2.G. Sold 5 ADX at $23.15 (2/4/26 Post)(profit snapshot = $32.19)
Last Buy Discussions: Item # 3.B. Added to ADX - Bought 5 at $16 (11/4/23 Post); Item # 4.A. Added 15 ADX in Schwab Account at $14.76- (1/16/23 Post); Item #4.F. Added 5 ADX in Schwab Account at $14.65 (10/11/22 Post)(contains snapshots of realized gains starting in 2014)
Sponsor's website: Adams Funds
SEC Filing - Holdings as of 3/31/26. Cost then at $1.4979+B with the value at $2.8544+B.
Profit Snapshot: $47.43
New Average cost per share: $15.21
Reduced from $15.26
Dividends: Quarterly at a variable rate pursuant to a manage distribution policy.
ADX Stock Dividend History & Date | Seeking Alpha
I am not reinvesting the dividends.
A main component of the total return will be the dividends.
ADX currently has a managed distribution plan: "Beginning in 2024, the annual distribution rate is the total dividends and distributions per share divided by the average of the Fund's net asset values for the four quarter-end periods ending prior to the calendar year-end in accordance with the Managed Distribution Policy adopted in 2024. Prior to that, the calculation was based on the Fund's average month-end stock price for the twelve months ended October 31, in accordance with the annual 6% minimum distribution rate commitment adopted in September 2011."
Last 4 Dividends: $1.87 per share
Using the TTM $1.87, the yield at $15.21 is 12.29%.
Last Ex Dividend: 4/27/26
Largest Gain: Eliminated ADX - Sold 467+ Shares Update On Closed End Fund Basket Strategy As Of 7/28/15 - South Gent | Seeking Alpha (profit snapshot = $1,923.24, scroll to "Deletions/Reductions Since Last Update)
Goal: With the current dividend payments, I am content to earn any total return in excess of those payments.
Data Date of 7/13/26 Trade:
Closing Net Asset value per share: $26.39
Closing Market Price: $25.96
Discount: -1.63%
Average 3 year Discount: -9.87%
Average 5 year Discount: -11.83%
For many purchases in the past, the discount was in the 15% to 20% range.
When a CEF discount narrows this much toward zero, I am in a consider to eliminate or pare mode.
Sourced: ADX - CEF Connect (Click "Pricing Information" Tab)
F. Pared NNN Again in Fidelity Account - Sold 2 at $47.27:
Quote: NNN REIT Inc (NNN) at Google Finance
Proceeds: $94.54
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
"NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases and are primarily held for investment"
Last Buy Discussions: Item # 1.C. Added to NNN in Fidelity Account - Bought 5 at $40.39 (12/11/25 Post); Item # 1.H. Added to NNN - Bought 5 at $39.64 (1/22/25 Post); Item # 2.F. Added to NNN - Bought 1 at $37.63; 1 at $36.67; 1 at $35.32; 2 at $34.95 (9/30/23 Post)
Properties: 3,711 with 38.597M square feet and an weighted average lease term of 10.1 years.
Sourced: 10-Q at page 1
Website: Increasing Dividends | NNN REIT
Retail Properties | Our Portfolio | NNN REIT
Profit Snapshot: $12.89 (7/13/26 sale only)
New Average Cost per share this account: $38.69 (28 shares)
 |
| Snapshot Intraday on 7/13/26 after pare |
Dividend: Quarterly at $.60 per share ($2.4 annually), last raised from $.58 effective for the 2025 third quarter.
NNN Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend. All shares purchased with dividends have been sold at profits.
Yield at $38.59: 6.22%
Last Ex Dividend: 4/30/26
Last Earnings Report (Q/E 3/31/26): I discussed this report here: Item # 1.I. Pared NNN in Fidelity Account - Sold 3 at $45.08 (6/4/26 Post)(profit snapshot = $11.36); SEC Filed Press Release
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Quote: Rayonier Inc (RYN) at Google Finance
Proceeds: $334.59
RYN is a "land resource" REIT that owns a portfolio of over 4 million acres in the south and northwest. Some of the land is being developed, but most of it is timberland. RYN harvests the timber and cuts into usable products at 6 sawmills. The long term value will likely be in the land IMO rather than the timber operations.
I was unable to generate enthusiasm for the last earnings report.
Website: Rayonier | Forest Products, Timber & Land Management Company
Last Discussed: Item # 4.B. Added to RYN - Bought 5 at $20.82; 5 at $20.18 in Schwab Account (3/16/26 Post); Item # 5.B. Added to RYN in Vanguard Account - Bought 5 at $20.94 (3/3/26 Post)(discussed the 2025 4th quarter report, SEC Filed Press Release)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $7.09
New Average cost per share this account: $20.5 (10 shares)
 |
| Snapshot Intraday 7/14/26 after pare |
Reduced from $21.08.
Dividend: Quarterly at $.26 per share ($1.04 annually)
RYN) Dividend History & Date | Seeking Alpha
Yield at $20.5: 5.07%
Last Ex Dividend: 6/16/26
Last Earnings Report (Q/E 3/31/26)
SEC Filed Earnings Press Release and 10-Q
While I still believe the company has potential, whatever potential it may have can not be gleaned from the previous snapshot.
H. Eliminated Placeholder Position PYPL after Acquisition Offer - Sold 2 at $55:
Quote: PayPal Holdings Inc (PYPL) at Google Finance
I mentioned in a comment published on 7/15/26 that PYPL had received a cash acquisition offer at $60.5 per share. PayPal stock soars as Stripe, Advent make $53B takeover offer The current stock price indicates some skepticism that PYPL will agree to that offer or the parties will not be able to agree on a higher price. There was no reason for me to hold onto a 2 share position and to spend time trying to follow what was likely to happen next.
Proceeds: $110
Investment Category: Lottery Ticket
PYPL Detailed Earnings Estimates - Zacks.com
PYPL 2025 SEC Filed Annual Report
Profit Snapshot: $26.28
I noted in that post that the stock was in a Horrific Major Bear Market Pattern. The closing price on 2/16/21 was at $304.79 with a double top formation in February and July 2021. The price decline from that top was due to increasing awareness that the earnings trajectory embedded in the price was not going to happen. I also noted in that post a possible bottom formation near 40.
6. Treasury Bills Purchased at Auction:
I will buy 20 more 6 month T Bills at the next auction and will then switch into using proceeds from maturing T Bills and corporate bonds to buy more short term corporate bonds that have higher yields. Since I live in Tennessee which does not have a state income tax, the after tax yield of both corporate and treasury interest payments will be identical.
I may continue adding 1 short term T Note purchases to fill gaps in my bond ladder.
A. Bought 20 at the 7/20/26 Auction:
%201:21:27%20.png)
182 Day Bill
Matures on 1/21/27
Interest: $387.76
Investment Rate: 3.965%
7. Treasury Note Purchased in the Secondary Market:
A. Bought 1 T Note 4% Coupon Maturing on 6/30/28 at a Total Cost of 99.5703:
%20.png){kind=small}
YTM: 4.23%
B. Bought 1 Treasury Note 3.625% Coupon Maturing on 8/31/27 at 99.4961:
%208:31:27%203.625%25%20.png){kind=small}
YTM 4.086%
C. Bought 1 Treasury Note 4% Coupon Maturing on 5/31/28 at 99.722:
%205:31:28%204%25%20.png)
YTM: 4.154%
8. Small Ball Buy:
A. Restarted LKQ in Schwab Account - Bought 5 at $26.14, 2 at $24.98:
Quote: LKQ Corp (LKQ) at Google Finance
The snapshot includes my last elimination which was selling 13+ shares at $33.41 on 2/19/26.
Cost: $180.63
LKQ "is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles."
5 Year Chart: Major Bear Market Pattern starting in June 2023, with multiple tops near $59 in 1/2022, 1/2023, 2/2023, 5/2023, and 7/2023. Since then, the chart reveals a series of lower highs and lower lows.
Investment Category: Contrarian Value with dividend support.
Last Sell Discussions: Item # 1.I. Eliminated Duplicate Position in LKQ (Schwab Account)- Sold 13+ at $33.41 (2/23/26 Post)(profit snapshot = $32.82); Item # 4.F. Eliminated LKQ - Sold 5 at $42.64 (8/29/24 Post)(profit snapshot = $6.22, reaction to what I viewed as an unfavorable unfavorable earnings report for the 2024 second quarter, SEC Filed Press Release)
LKQ Detailed Earnings Estimates at Zacks.com
10-Q for the Q/E 3/31/26 Debt is listed at page 14.
Reuters Key Metrics -Valuation Page
Average cost per share: $25.8 (7 shares)
Dividend: Quarterly at $.30 per share, last raised from $.275 effective for the 2023 4th quarter payment. Given the recent lackluster earnings reports, I do not anticipate a dividend hike until the company is able to return to earnings growth. A dividend cut is currently more likely than a hike IMO.
LKQ Dividend History & Date | Seeking Alpha
Yield at AC: 4.65%
Last Ex Dividend: 5/21/26
Last Discussed: Item # 3.C. Added to LKQ in Fidelity Account - Bought 3 at $27.47; 5 at $26.45; 2 at $24.7 (5/22/26 Post) I discussed the last earnings report in that post. SEC Filed Earnings Press Release I own 22+ shares in my Fidelity account with an average cost per share at $27.8
Analyst Report (available to Schwab customers):
S&P (5/2/26): 3 stars with a 12 month price target of $34. If the PT is $34 within 12 months, then a 3 star rating is hard to justify with that PT IMO.
The pessimism about LKQ's prospects, expressed in the current price, is deep and showing no signs of changing yet IMO.
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.
