As a reminder, Google's Blogger is currently blurring images except when the image is supersized which cuts off part of the image in the text. All images are readable by clicking them, which also creates thumbnails of all images appearing at the bottom. All thumbnail images become readable by clicking them.
Another recent problem, which is more common for older posts, is that only the image icon loads. The image will frequently appear simply by reloading the page but not always.
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Dollar Value of Trades Discussed in this Post:
Inflow U.S. Common Stocks: $309.98
Outflow U.S. Common Stocks: $1,034.01
I am down to a trickle of stock trades, primarily implementing my small ball risk mitigation strategies. I am waiting to see how the Iran War shakes out.
Realized Gains Stocks: $280.71
Net Outflow U.S. Common Stocks: $724.03
Outflow Canadian Reset Equity Preferred Stock: C$1,168 (realized gain at C$344.5)
Corporate Bonds: 20 (total cost at $19,875.66)
All corporate bonds discussed below have 2027 maturities. I am filling in time gaps in my bond ladder. All of these bonds were bought at slight discounts to par value.
I am going to slow down purchases for a few weeks.
Treasury Bills Purchased at Auction: $15,000 in principal amount
I am likely to increase my purchases in late April as I slow down my corporate bond purchases.
Inflow U.S. Equity Preferred Stocks: $788.5 (Dividend yield: 7.77%) The annual dividends from those purchases will be $61.28.
5 Year Breakeven Inflation Rate as of 4/10: 2.58%
5-Year Breakeven Inflation Rate - St. Louis Fed
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Economy:
Consumer sentiment hits record low, inflation fears rise amid Iran war; Surveys of Consumers (Consumer sentiment for April 2026 was reported at 47.5, down from 53.3 in March 2026)
March CPI: Consumer Price Index Summary - 2026 M03 Results
Month-To-Month CPI: +.9%, up from .3%
Energy commodity prices spiked 21.3% month-to-month.
Month-To-Month Core CPI: .2%, unchanged
Annual CPI: 3.3%, up from 2.4%
Annual Core CPI: 2.6%, up from 2.5%
Discussed at CPI inflation report March 2026:
In its third GDP report for 2025 4th quarter, the government revised down its estimate of annualized real GDP growth to .5% from .7% in the prior estimate. GDP (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 4th Quarter and Year 2025 | U.S. Bureau of Economic Analysis (BEA)
Core PCE Inflation held sticky at 3% as U.S. headed into war with Iran, key Fed gauge shows The month-to-month increase was .4% for both PCE Inflation and Core PCE inflation.
Mark Zandi says the indicator that has called every recession since WWII just signaled we're in one | Fortune My opinion is that the entire U.S. economy is skating on the edge of a recession but not yet in one. The Iran War may be enough to cause a U.S. recession, particularly if the Strait of Hormuz remains closed to most ships for several more weeks.
Iran attacks on crucial Saudi pipeline and production facilities slash kingdom's oil output The attack was on a Saudi pipeline to the Red Sea that has cut throughput by 700,000 barrels per day according to this article. According to multiple media reports, this attack occurred on 4/8/26 shortly after the ceasefire was supposed to start.
Global Economy Braces for Prolonged Shock From Iran War | OilPrice.com Iran has learned that nuclear weapons are not necessary for as long as it controls access to the Strait of Hormuz and the world needs the products transported through the Strait. Iran Attacks Saudi Arabia's East-West Oil Pipeline | OilPrice.com Iran has proven and is currently signaling with recent attacks that it can cause serious disruptions in crude oil and LNG supplies whenever it chooses to do so.
The Iran War Has Finally Exposed Japan’s Achilles Heel | OilPrice.com
Used car prices rise to highest point since summer 2023 (4/7/26)
America Has a Helium Problem - Newsweek The Iran War has disrupted the supply of helium that is essential in MRI machines and semiconductor manufacturing. Qatar is the second largest producer of helium in the world. Two suppliers of helium have recently notified customers that it may not be able to fill orders.
Oil Price Charts | Oilprice.com
What the closure of the Strait of Hormuz means for the global economy - Dallasfed.org
Beer cans, helium balloons and mortgages: Unexpected costs of war-NPR (4/7/26)
Tariffs pushed up aluminum prices. War is driving them even higher
Since the start of the "ceasefire", "22 ships with their automatic identification system turned on have exited the strait", compared to approximately 135 daily transits before the war." Trump says Strait of Hormuz to reopen ‘soon’ as US, Iran head to talks - Al Jazeera (4/11/26) More than 600 vessels including 325 tankes remand stranded.
Strait of Hormuz still seeing significantly lower traffic despite Iran war ceasefire - CBS News (4/9/26)
Iran war: Why a super El Niño event poses fresh risks to food costs
20% of U.S. full-time workers say AI does part of their jobs: survey
Powell, Bessent met with U.S. Bank CEOs over Anthropic's Mythos threat (4/10/26) Anthropic developed an AI tool that can quickly find software vulnerabilities for hackers. The tool has been provided to major software companies. I read an article about Mythos in the Atlantic earlier last week. Claude Mythos Preview Is Everyone’s Problem - The Atlantic Will there ever be software that is not vulnerable to hackers? I doubt it.
Vance expects U.S., Iran war negotiations to be positive A meeting has started today in Islamabad. The Iranian parliamentary speaker Mohammad Bagher Ghalibaf, who appears to be the go to guy in Iran for negotiations, says that two conditions must be filled before any negotiations can take place. Those conditions are a ceasefire in Lebanon and the release of Iran's blocked assets. He may be posturing for an internal audience.
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Demagogue Don - America's Mad King:
Trump: Trump said he was joking when he made this comment about the Iran negotiations: "So, if it doesn’t happen, I’m blaming JD Vance. If it does happen, I’m taking full credit." Trump claims that Iran is "desperate" to make a deal. Trump Tells JD Vance He'll Take the Fall if Iran War Deal Crumbles While presented as a joke, it was not a joke. Trump routinely takes credit for positive developments that he did not cause, and blames everybody but Trump for negative ones. The buck never stops at Trump's desk.
It is Trump who is desperate, as reflected in his recent "Truth" Social messages, knowing now that he has created a massive product supply shortage through Iran's closures of the Strait and attacks on energy infrastructure throughout the Persian Gulf region that is adversely impacting the U.S. and world economies and consequently threatens a tsunami of republican losses in the upcoming November midterm House and Senate elections. Iran has the leverage, not Trump.
The Stock Jocks are hopeful that something positive will happen this weekend. There is no pricing of possible worse case scenarios reflected in major stock index levels IMO.
King George III was reputed to be crazy, but then I thought America got rid of its Mad Kings with the American Revolution. What was the truth about the madness of George III? - BBC News And, here we are again.
Trump’s Desperate Madman Ploy - The Atlantic
I have read well over 1,000 statements from Trump that no prior U.S. President, republican or democrat, would have made since they reek of pure craziness and a juvenile immaturity. These are some of the recent ones this month.
Trump on 4/7/26: "A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will. However, now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS? We will find out tonight, one of the most important moments in the long and complex history of the World. 47 years of extortion, corruption, and death, will finally end. God Bless the Great People of Iran!" "Truth" Social (emphasis added)
Few Republicans condemn Trump's Iran threat - CBS News Almost no republican politicians criticized comments about destroying a "whole civilization". I found less than 5 and they were milquetoast, a charitable description of them.
Trump on 4/7/26: "We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate. Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated." (emphasis added) "Truth" Social This post suggested that the U.S. had agreed to the 10 point proposal from Iran.
Trump on 4/8/26: "NATO WASN’T THERE WHEN WE NEEDED THEM, AND THEY WON’T BE THERE IF WE NEED THEM AGAIN. REMEMBER GREENLAND, THAT BIG, POORLY RUN, PIECE OF ICE!!!" (emphasis added)
Article 5 of the NATO treaty is defensive in nature and does not apply when the U.S. starts a war against another nation and that nation does something in response. Trump has falsely claimed that Nato countries did not do much of anything after the U.S. was attacked on 9/11. Trump angers allies with claim NATO troops ‘stayed a little back’ from front lines in Afghanistan | CNN ("Around 3,500 allied troops died in the conflict, of which 2,456 were Americans and 457 were British. Denmark, with a population of around 5 million when the invasion began, lost more than 40 troops.") Trump has routinely insulted U.S. allies. The damage that he has caused may take decades to repair, if ever.
Trump on 4/8/26: When asked whether he approved of Iran charging tolls for safe passage through the Strait of Hormuz, Trump stated that he was considering a "joint venture" with Iran to charge tolls. Donald Trump mulls 'joint' toll program with Iran in Strait of Hormuz amid ceasefire (4/8/26). On 4/9, Trump warned Iran that collecting tolls was a violation of the ceasefire "agreement". Trump says Iran 'better stop' tolling oil tankers in Hormuz Strait When parties are unable to agree on material terms of an agreement, there is no agreement.
Trump on 4/9/28: "All U.S. Ships, Aircraft, and Military Personnel, with additional Ammunition, Weaponry, and anything else that is appropriate and necessary for the lethal prosecution and destruction of an already substantially degraded Enemy, will remain in place in, and around, Iran, until such time as the REAL AGREEMENT reached is fully complied with. If for any reason it is not, which is highly unlikely, then the “Shootin’ Starts,” bigger, and better, and stronger than anyone has ever seen before. It was agreed, a long time ago, and despite all of the fake rhetoric to the contrary - NO NUCLEAR WEAPONS and, the Strait of Hormuz WILL BE OPEN & SAFE. In the meantime our great Military is Loading Up and Resting, looking forward, actually, to its next Conquest. AMERICA IS BACK!" (emphasis added); "Truth" Social
On 4/8/26, Karoline Leavitt says that the summary of the 10 point proposal made by Iran was not the same 10 points that Trump claimed provided a workable basis for an agreement expected to finalized during the 2 week ceasefire. Trump and Iran remain far apart on peace terms. Here are the biggest gaps | CBC News
Both Iran and Pakistan, who brokered the ceasefire, claim that the ceasefire applies to Israel's attacks on Lebanon.US did not agree that ceasefire would cover Lebanon, Vance says | Reuters; Middle East crisis live: Netanyahu says ‘no ceasefire in Lebanon’ as Israel attacks ‘Hezbollah launch sites’ Israel and the U.S. deny that it does. However, multiple sources have told U.S. news organizations that the U.S. and Israel did agree to include Lebanon in the ceasefire, notwithstanding the denials. U.S. to lead ceasefire talks between Lebanon and Israel in D.C. as Lebanon emerges as potential spoiler to Iran deal - CBS News "Multiple diplomatic sources told CBS News that President Trump had been told that the ceasefire announced Thursday would apply to the Middle East region, and he agreed that included Lebanon. Mediators believed the ceasefire to include Lebanon, and Pakistani Prime Minister Shehbaz Sharif announced that it did. Araghchi also said it was included."
Israel rejects ceasefire with Hezbollah before Lebanon talks next week - Al Jazeera; Israel's War Against Lebanon, Explained - Time Magazine; Israel launches sprawling attacks on Lebanon after Iran ceasefire was declared (4/8/26); Hezbollah Launches Fresh Attacks After Israeli Strikes in Lebanon Ahead of Talks | N18G - YouTube (4/11/26); Lebanon Death Toll Tops 300 from Israel's "Black Wednesday" Attack - YouTube
Iran's New Supreme Leader Has Severe And Disfiguring Wounds, Reuters Sources Say The report from "sources" is that he is mentally sharp. Iran's Supreme Leader Mojtaba Khamenei says Iran 'will not forfeit its rights' | The Jerusalem Post
Haberman reveals how Netanyahu pushed Trump to hit Iran - YouTube; Trump & Hegseth Ignored Experts—Then Tried to Run a War (w/ Tom Nichols) - YouTube
ICE arrests newlywed wife of Army soldier at military base - ABC News She was later released after nationwide publicity.
CDC pauses testing for rabies, Epstein-Barr, monkeypox and other viruses
Some major Trump donors are now reaping billions in ICE contracts • OpenSecrets
I understand why Trump, Vance and many other republicans are so supportive of the authoritarian demagogue Viktor Orban. Orban is their kind of leader and his policies are what they want for America. America’s Future Is Hungary-Anne Applebaum; A Last Chance for Hungary | Foreign Affairs (Over the past 12 years, Orban has "systematically dismantled Hungary’s democracy and replaced it with an autocratic system concentrating political power and illicit wealth in the hands of family members and loyalists"); Vance stumps for authoritarian leader Viktor Orban ahead of Hungary’s national election - YouTube; Vance tries to boost ailing MAGA ally ahead of Hungary election; Trump stumps for Viktor Orbán in phone call during Vance’s rally-POLITICO Trump's party is not a conservative one in the American tradition.
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1. Corporate Bonds:
All the purchases discussed below have 2027 maturities. These bonds have de minimis interest rate risk.
A. Bought 2 Dominion Energy 3.6% SU Maturing on 3/15/27 at a Total Cost of 99.462:
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Issuer: Dominion Energy Inc (D) at Google Finance- Large Utility Holding Company and S&P 500 Component.
Cost: $1,989.24
I have eliminated my common stock position.
D - Detailed Earnings Estimates - Zacks.com
Dominion Energy (D) SEC Filed Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.1865%
Current Yield at TC: 3.62%
Generally, I will own more bonds issued by Virginia Electric, an operating subsidiary of Dominion Energy, that has a higher credit rating. Next year, I will have 4 Virginia Electric 3.5% SU mature on 3/15/27, Bond Page | FINRA.org. I have bought as many as 10 Virginia Electric SU bonds in one trade.
Other Owned Dominion Energy (Holding Company) Bonds:
2 Dominion Energy 4.25% SU Maturing on 6/1/28; Bond Page | FINRA.org
2 Dominion Energy 5.25% SU Maturing on 8/1/33, Bond Page | FINRA.org
A Dominion Energy subsidiary, Dominion South Carolina, issues first mortgage bonds and I own 1. Bond Page | FINRA.org; Discussed at Item # 1.E. Bought 1 Dominion South Carolina 5.25% First Mortgage Bond Maturing on 3/1/35 at a Total Cost of 99,024 (6/18/25 Post)
Dominion South Carolina was formerly known as South Carolina E&G, a subsidiary of the utility holding company SCANA that was acquired by Dominion Energy.
Last year, I traded longer term Dominion bonds that were owned for a brief period. This is a snapshot of a round trip on the Dominion 5.45% SU maturing on 3/15/35, Bond Page | FINRA.org:
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I also traded in a RI account the Dominion Energy 5.25% SU maturing on 8/1/33,
I had 6 Dominion Energy SU bonds matured last year:
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| IB Account |
%20+$22.7%20.png) |
| Fidelity Account |
B. Bought 2 Appalachian Power 3.3% SU Maturing on 6/1/27 at a Total Cost of 98.794:
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Issuer: Wholly owned operating subsidiary of the utility holding company American Electric Power Company Inc (AEP) at Google Finance, a S&P 500 component.
Cost: $1,975.88
AEP - Detailed Earnings Estimates - Zacks.com
AEP SEC Filed 2025 Annual Report
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.368%
Current Yield at TC: 3.34%
C. Bought 2 Coterra Energy 3.9% SU Maturing on 5/15/27 at a Total Cost of 99.594:
%203.9%25%205:15:27%20.png)
Issuer: Coterra Energy Inc (CTRA) at Google Finance
Cost: $1,991.88
"Coterra is a premier exploration and production company based in Houston, Texas with focused operations in the Permian Basin, Marcellus Shale, and Anadarko Basin."
The company was formed by the merger of Cimarex and Cabot Oil in 2021 with Cabot. Cabot Oil & Gas and Cimarex Energy Complete Combination, Forming Coterra Energy
I have eliminated my common stock position.
Last Discussed at Item # 1.E. Eliminated CTRA - Sold 6 at $28.16 (2/10/25 Post)(profit snapshot = $27.36)
Last CTRA Buy Discussion: Item # 5.C. Restarted CTRA - Bought 5 at $23.81 (8/15/24 Post)
Lowest CTRA Purchase Prices: Item # 2.J. Started CTRA in Fidelity Taxable Account - Bought 5 at $21.53; 2 at $21.1; 2 at $20.75; 2 at $20.4; 2 at $20 and 1 at $19.56 (12/10/21 Post)
Other CTRA Sell Discussions: Item # 1.A. Eliminate CTRA - Sold 22+ at $25.6 (5/27/23 Post)(profit snapshot = $112.59); Item # 2.A. Eliminated CTRA in 2 Taxable Accounts- Sold 10 at $25.17 and 5 at $25.41 (2/5/23 Post)(profit snapshot = $95.4) I eliminated my position in 2023 when natural gas prices had plummeted from unusually high 2021-2022 levels and the CTRA variable rate dividends would cease.
CTRA - Detailed Earnings Estimates - Zacks.com
CTRA SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.276%
Current Yield at TC: 3.916%
D. Bought 2 Darden Restaurants 3.85% SU Maturing on 5/1/27 at a Total Cost of 99.46:
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Issuer: Darden Restaurants Inc (DRI) at Google Finance
Cost: $1,989.2
"Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52, and Eddie V’s."
DRI - Detailed Earnings Estimates - Zacks.com
DRI SEC Filed Earnings Press Release for the Fiscal Quarter Ending 2/22/26
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.363%
Current Yield at TC: 3.871%
E. Bought 2 Enbridge 3.7% SU Maturing on 7/15/27 at a Total Cost of 99.301:
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Issuer: Enbridge Inc - Energy Infrastructure
Cost: $1,986.02
SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
Credit Ratings - Enbridge Inc.
YTM at Total Cost: 4.259%
Current Yield at TC: 3.726%
Last Bond Offering (3/26): Prospectus
Other owned ENB Bonds:
2 Spectra Energy Partners (acquired) 3.375% Maturing on 10/15/26
4 Enbridge 4.25% SU Maturing on 12/1/26, Bond Page | FINRA.org, last discussed at Item # 3.B. Bought 2 Enbridge 4.25% SU Bond Maturing on 12/1/26 at a Total of 99.171 (1/22/25 Post)
2 Enbridge 3.125% SU Maturing on 11/15/29, Bond Page | FINRA.org, discussed at Item # 2.B. Bought 2 Enbridge 3.125% SU Maturing on 11/15/29 at a Total Cost of 95.798 (12/18/25 Post)
Enbridge SU Bonds that Matured in 2024 or 2025:
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%20$61.38%20.png){kind=small}
%20+$28.76.png){kind=small}
F. Bought 2 Realty Income 3.95% SU Maturing on 8/15/27 at a Total Cost of 99.611:
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Issuer: Realty Income Corp (O) at Google Finance
Cost: $1,992.22
I have a small ball position in the common stock:
 |
| Snapshot Intraday 4/10/26/ AC at $47.85 (15+ shares) |
Last O Discussion: Item # 2.O. Pared O - Sold 5 at $63 (9/12/24 Post)(profit snapshot = $46.52).
Largest Gain: Item # 1. Eliminated Realty Income (O)- Sold 100 at $52.37 -Seeking Alpha (profit snapshot = $1,579.6, sold on 1/20/16)
SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.245%
Current Yield at TC: 3.965%
Other Owned Realty Income SU Bonds:
2 Realty Income 4.125% SU Maturing on 10/15/26
2 Realty Income 3% SU Maturing on 1/15/27
Last SU Offering (3/26): Prospectus for $800M of 4.75% SU maturing in 2033.
G. Bought 2 EPR Properties 4.5% SU Maturing on 6/1/27 at a Total Cost of 99.745:
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Issuer: EPR Properties (EPR) at Google Finance
Cost: $1,994.9
I would describe EPR as a REIT that primarily owns entertainment properties (e.g. movie theatres) The company was hit hard by the pandemic. SEC Filed 2025 Annual Report at pages 2-5.
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
YTM at Total Cost: 4.725%
Current Yield at TC: 4.51%
I am replacing 1 EPR 4.5% SU bond that matured last year.
Most of my profits from EPR securities has originated from EPRPRC which I discussed in these posts: Item # 6.B. Eliminated EPRPRC - Sold 10 at $24.55 (6/5/25 Post)(profit snapshot = $58.52); Item # 5.A. Sold 10 EPRPRC at $23 (5/16/25 Post)(profit snapshot = $40.2); Item # 5.B. Sold 21 EPRPRC at $20.78 (1/20/24 Post)(profit snapshot = net of $26.54) Item # 4.B. Sold 10 ERPPRC at $20.32 (7/3/2020 Post)(profit snapshot = $76.66); Item # 3.B. Sold 10 EPRPRC at $17.5 and 5 at $16.22 (5/2/20 Post)(profit snapshot = $16.6); Item # 3 Sold 50 EPRPRC at $27.49 (10/21/18 Post)(profit snapshot = $178.58); Item # 1.B. Sold 50 EPRPRC at $28.48 (9/12/18 Post)(profit snapshot = $224.22); Item # 3 Sold 50 EPRPRC-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $160.48)
H. Bought 2 Capital One 3.65% SU Maturing on 5/11/27 at a Total Cost of 99.391:
Issuer: Capital One Financial Corp (COF) at Google Finance
Cost: $1,987.82
COF Detailed Earnings Estimates - Zacks.com
COF SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.222%
Current Yield at TC: 3.672%
Other Currently Owned COF SU Bonds:
1 of the 3.375% SU Maturing on 6/15/26, originally issued by Discover Financial.
4 of the 4.1% SU Maturing on 2/9/27, Bond Page | FINRA.org (originally issued by Discover Financial that was acquired by Capital One)
2 of the 3.5% SU Maturing on 3/8/27, Bond Page | FINRA.org, discussed at Item # 1.C. (4/4/25 Post)
I had 8 COF bonds mature last year.
I. Bought 2 Santander Holdings USA 4.4% SU Maturing on 7/13/27 at a Total Cost of 99.957:
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Issuer: Wholly owned subsidiary of Banco Santander SA (SAN) at Google Finance
Cost: $1,999.14
Santander Holdings USA SEC Filings
SEC Filing 4th Quarter Fixed Income Investor Presentation
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.43%
I am replacing 2 Santander Holdings SU bonds that matured in 2025:
%20$44.9%20.png) |
| +$44.9 |
Last Bond Offering (3/2025): Prospectus
J. Bought 2 HP 3% SU Maturing on 6/17/27 at a Total Cost of 98.468:
Issuer: HP Inc (HPQ) at Google Finance
Cost: $1,969.36
SEC Filed Earnings Press Release for the Fiscal Quarter ending on 1/31/26
I have a small ball position in the common stock that has a higher yield.
Last HPQ Discussion: Item # 5.A. Started HPQ - Bought 10 at $18.34+ (3/3/26 Post)
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.33%
I own 2 HPQ 4% SU bonds maturing on 4/15/29, Bond Page | FINRA.org, discussed Item # 2.G. Bought 2 HP 4% SU Maturing on 4/15/29 at a Total Cost of 96.77 (4/4/25 Post)
2. Small Ball Stock Buys:
A. Started FMS - Bought 5 at $22.36:
Quote: Fresenius Medical Care AG (FMS) at Google Finance
Cost: $111.8
"Fresenius Medical Care is the world's leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,601 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 292,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers."
This is my first purchase.
FMS SEC Filings (foreign issuer filings, FMS has its headquarters in Germany)
FMS Detailed Earnings Estimates - Zacks.com As of 4/10/26, the 2026 average E.P.S. estimate was at $2.48 and at $2.62 in 2027, a 5.65% increase Y-O-Y. If those numbers are hit, then I view the stock as undervalued at $22.36.
Five Year Chart: Major Bear Market Pattern with possible bottoming movement in the $20-$22 range but no indication yet of a possible breakout to a higher range.
A price top was hit near $56 in 2018. A major price spike decline started during the pandemic period with a bottom hit near $13 in October 2022.
Dividend: Paid Annually.
Last ADR Dividend: $.815, ex on 5/23/25
FMS Dividend History & Date | Seeking Alpha
The German-U.S. tax treaty limits the withholding tax for a U.S. citizen to 15%, but the claim of treaty rights must be submitted by the U.S. brokerage firm at the source. If no claim is made, it is my understanding that Germany will withhold 26.375%. Many brokers will fail to claim treaty rights for their customers at the source. The result of that failure will be the maximum tax on the dividend, with the customer able to file for a refund with the German tax office which of course is far too burdensome to do given the amount of the refund. I do not know what Schwab will do with dividends paid by a German company. I will just assume that no treaty right to the lower tax will be asserted at the source.
Last Earnings Report (Q/E. 12/31/25):
ADR ratio: 2 ADRs = 1 Ordinary, ADR program | Fresenius Medical Care
SEC Filed Earnings Press Release for the Q/E 12/31/25
Earnings are reported in Euros.
Euro to US Dollar Exchange Rate Chart | Xe
E.P.S. €1.14, up from €.23
E.P.S excluding special items: €1.44, up from €.91.
2025 E.P.S. excluding special items: €4.28, up from €3.06
Adjusting for the ADR Ratio, the 2025 E.P.S. excluding items was €2.14.
Special item reconciliation can be found at page 8 of the SEC Filed Supplemental.
2025 Free Cash Flow: €1.958B, down from €2.301B in 2024, see page 5 of Supplemental.
"In 2026, Fresenius Medical Care expects revenue growth to be broadly flat compared to prior year. The company expects operating income to remain on a consistent level, with a range between a positive and negative mid-single digit percent growth rate compared to prior year."
Analyst Reports Available to Schwab Customers:
Morningstar (3/10/26): 5 stars with a fair value estimate of $38, with high uncertainty and a narrow moat.
S&P (2/25/26): 2 stars with a 12 month PT of $21
B. Added to CLX - Bought 1 at $101.46 (Schwab Account):
Quote: The Clorox Company (CLX) at MSN Money
Clorox - Detailed Earnings Estimates - Zacks.com
Recent News Since My Last Discussion: Clorox Completes Acquisition of GOJO Industries, Makers of Purell® (4/1/26)
Last Discussed: Item # 3.I. Pared CLX in Schwab Account - Sold Highest Cost 2 Shares at $127 (3/3/26 Post)
New average cost per share: $108.01 (16+ shares)
Reduced from $108.55
Dividend: Quarterly at $1.24 per share ($4.96 annually)
CLX Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at New AC: 4.59%
Next Ex Dividend: 4/22/26
Last Buy Discussions: Item # 1.H. Added to Falling Knife CLX in Schwab Account - 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)
Last Earnings Report (Q/E 12/31/25): I discussed this report in a recent post: Item # 1.C. Eliminated Duplicate Position in CLX - Sold 4+ at $117.3 (2/11/26 Post); SEC Filed Earnings Press Release and Supplemental
C. Added to Falling Knife KMB - Bought 1 at $96.72:
Last Discussed: Item # 1.F. Added to Falling Knife KMB - Bought 1 at $97.68 (1/8/26 Post)
Last Elimination: Item # 3.A. Eliminated Remaining KMB in Fidelity Account - Sold 5+ at $137.87 (1/3/23 Post)
KMB SEC Filed 2025 Annual Report
New average cost per share: $111.63 (9+ shares)
Dividend: Quarterly at $1.28 per share ($5.12 annually), last raised from $1.26 effective for the 2026 first quarter payment.
KMB Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at $111.63: 4.5866%
Last Ex Dividend: 3/6/26
Last Earnings Report (Q/E 12/31/25):
Comparisons are to the 2024 4th Quarter.
Revenue: $4.08B, down from $4.104B
GAAP E.P.S.: $1.5, up from $1.34
GAAP E.P.S. Continuing Operations: $1.14, up from $1.03
Continuing Operations Non-GAAP E.P.S. $1.43, up from $1.19
Non-GAAP E.P.S. $1.86, up from $1.5
Reconciliation:
Most of the adjustment for the 4th quarter related to costs associated with the pending acquisition of Kenvue. Stock investors reacted negatively to the announcement of this acquisition as I discussed in my January post linked above. I view the acquisition negatively as well but I do not currently view it as rising to the idiotic level given the likely savings on logistic costs.
2026 Outlook:"Consistent with the Company's long term growth algorithm, it currently expects 2026 Organic Sales Growth to grow in line to ahead of the weighted average growth in the categories and countries it competes, which for the latest year grew at approximately two percent. Reported Net Sales are forecast to reflect a negative impact of 50 basis points from the exit of the company's private label diaper business in the US with no meaningful impact from currency translation. Adjusted Operating Profit is expected to grow at a mid-to-high single-digit rate on a constant-currency basis. Adjusted Earnings Per Share from Continuing Operations are expected to grow Double-Digit on a constant-currency basis driven by approximately 30 percent increase in Income from Equity Companies versus 2025, expectations of flat net interest expense, an adjusted effective tax rate of approximately 23 percent, and average shares outstanding essentially unchanged versus 2025. Adjusted Earnings Per Share attributable to Kimberly-Clark are expected to be flat on a constant-currency basis reflecting a reduction in Income from Discontinued Operations in line with the expected close of the IFP transaction in mid-2026, the proceeds from which will be held to fund, in part, the Kenvue acquisition. Earnings Per Share are expected to be favorably impacted by currency translation of approximately 130 basis points."
The reference to IFP refers to KMB's International Family Care and Professional business. Kimberly-Clark Announces Major Step Forward in its Powering Care Transformation (6/5/25) KMB has entered into a joint venture agreement with Suzano whereby KMB will contribute substantially all of its IFP business to the venture "which encompasses sales in more than 70 countries, 22 manufacturing facilities and approximately 9,000 employees. IFP's more than 40 regional brands will be owned by the new entity and its five global brands, including Scott, Kleenex, Viva, WypAll and Kimberly-Clark Professional, will be licensed to the venture by Kimberly-Clark under a long-term agreement. Kimberly-Clark's interests in Mexico and its joint venture in South Korea are outside the scope of this transaction." When completed, KMB will own 49% of the JV and Suzano 51%. KMB will receive about $1.73B in cash.
KMB expects that the transaction will be $.30-$.40 per share dilutive in the first full year after the close which includes KMB's expectation "to return the initial cash proceeds from the transaction, net of taxes and transaction costs, to shareholders through share repurchases."
I did note the following news item: UK regulators to investigate the proposed JV between Kimberly-Clark and Suzano I do not know the basis for this investigation.
3. Small Ball Stock Sales:
A. Eliminated Duplicate Position in FFBC - Sold 10 at $28.18+ (Schwab Account):
Quote: First Financial Bancorp (FFBC) at Zacks - A Bank Holding Company
Proceeds: $281.85
"First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of December 31, 2025, the Company had $21.1 billion in assets, $13.4 billion in loans, $16.4 billion in deposits and $2.8 billion in shareholders’ equity. The Company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.9 billion in assets under management as of December 31, 2025. The Company operated 134 full service banking centers as of December 31, 2025, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis."
FFBC Detailed Earnings Estimates - Zacks.com As of 4/10/26, the average E.P.S. estimate for 2026 was at $3.04 and at $3.3 in 2027.
Last Discussed: Item # 1.D. Added to FFBC - Bought 5 at $25.79 (1/15/26 Post); Item # 1.D. Restarted FFBC - Bought 10 at $24.26; 5 at $23.85; 5 at $23.5 (11/1/25 Post)
Investment Category: Regional Bank Basket Strategy
Profit Snapshot: $41.35
Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2025 third quarter.
FFBC Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend: 3/2/26
Last Earnings Report (Q/E 12/31/25):
SEC Filed Earnings Press Release and SEC Filed Earnings Presentation
Diluted E.P.S. $.64, down from $.68
Adjusted E.P.S. $.8
Reconciliation:
A number of banks have been selling vintage and low yielding securities at a loss.
NIM: 3.96%, up from 3.91%
NPL Ratio: .76%, up from .56% (concerning IMO but the concern is lessened by the coverage and charge off ratios)
Charge off ratio: .27%, down from .4%
Coverage Ratio (allowance for loan losses to non-performing loan): 183.18%
ROTE: 16.27%
Tangible Book Value per share: $15.74, up from $14.15
Some Prior Sell Discussions: Item # 2.A. Sold 60+ at $21.52 (3/8/24 Post)(profit snapshot = $358.63); Item # 5.A. Pared FFBC in Fidelity Account- Sold 20+ at $25.5 and Item # 5.B. Eliminated FFBC in Vanguard Account -Sold 10 at $25.89 (11/29/22 Post)(profit snapshot = $184.33); Item # 1.N. Pared FFBC in Fidelity Account - Sold 25 Shares at $26.2 - Highest Cost Lots (4/1/21 Post)(profit snapshot = $30.91); Item # 3.A. Sold 84+ FFBC at $28.1 (3/24/17 Post)(profit snapshot = $1,129.21); Item # 4 Sold 52 FFBC at $21.25-Update For Regional Bank Basket Strategy As Of 8/18/2016 - South Gent | Seeking Alpha (profit snapshot = $280.72); Item # 1 Sold 50 FFBC at $20.11-Update For Regional Bank Basket Strategy As Of 7/12/16 - South Gent | Seeking Alpha (profit snapshot = $215.98); Item # 3 Sold 50 FFBC at $19.25 Update For Regional Bank Basket Strategy As Of 5/4/16 - South Gent | Seeking Alpha (profit snapshot = $52.76); Item # 4 Sold 57 FFBC at $17.03-Highest Cost Shares (12/23/13)(profit snapshot = $37.68)
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| Snapshot as of Close on 4/10/25: 25 Shares - AC at $24.33 |
B. Eliminated HTBK - Sold 30+ at $13.24:
Proceeds: $404.56
Investment Category: Regional Bank Basket Strategy
Profit Snapshot: $162.15
The snapshot reveals my standard risk mitigation in small ball trading.
HTBK is in the process of being acquired by CVB Financial Corp (CVBF) at Google Finance.
"Under the terms of the agreement, HTBK shareholders will receive 0.6500 shares of CVBF common stock for each HTBK share. Upon closing, CVBF shareholders will own approximately 77% and HTBK shareholders will own approximately 23% of the combined company." SEC Filing
I mentioned in a comment published on 2/21/26 that I would be selling this position. The price dropped after the Iran War started so I just waited until the price returned back close to $13.30.
My average cost per share was at $7.93. With a quarterly dividend of $.13 per share, the yield at that AC per share was 6.56%. HTBK Dividend History & Date | Seeking Alpha The last ex dividend was on 3/25/26.
As with other stocks with high dividend yields (>5% at my average cost per share), I define victory as realizing an annual average total return of at least 2% + the dividend yield.
HTBK Realized Gains To Date: $457.47 (This will be my final number unless the merger falls through)
C. Eliminated Placeholder Position in EBAY - Sold 1 at $97.47:
EBAY Detailed Earnings Estimates - Zacks.com
Placeholders: Placeholder positions are just a reminder that I may want to buy more shares at a lower price. Positions normally start only with a 1 share purchase.
The reminder is triggered by scrolling through the securities owned in a particular account and seeing the Placeholder position price. A price decline below my last purchase price will result in a consider to buy more shares.
If the price does not drop, and instead rises to what I view as my objective, I will sell the position, which has now happened to Ebay Placeholder positions three times. The consider to repurchase EBAY shares as a Placeholder is at <$80, with subsequent purchases required to be at the lowest price in the chain.
Stocks that pay minimal dividends, such as Ebay, frequently receive this classification which severely restrains my dollar exposure to stocks that pay nominal or no dividends.
Last Discussed: Item # 2.A. Restarted EBAY as a Placeholder - Bought 1 at $79.87 (2/23/26 Post) I discussed the last earnings report in that post. SEC Filed News Release
Profit Snapshot: $17.6
Dividend: Quarterly at $.31 per share
EBAY Dividend History & Date | Seeking Alpha
The yield at $97.47 is only 1.27%.
D. Pared VOD Again - Sold 5 at $15.74:
Quote: Vodafone Group (VOD) at MSN Money
Proceeds: $78.73
VOD SEC Filings - Foreign Issuer Forms
VOD Detailed Earnings Estimates - Zacks.com
Last Discussed: Item # 1.D. Sold 16+ VOD at Various Prices Shown in Snapshot (2/23/26 Post)(profit snapshot = $103.84)
Profit Snapshot: $32.26 (4/8/26 sale only)
New Average cost per share: $8.6 (35+ Shares)
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| Snapshot Intraday on 4/8/26 after pare |
Reduced from $8.69.
Dividend: Paid semiannually and recently slashed.
VOD Dividend History & Date | Seeking Alpha
Last 2 Dividends: $.5316 per share
Yield at $8.6 Using Annual at $.5316 = 6.18%
The last report is a Trading Update that does contains primarily revenue information and does not disclose earnings, a practice following by several European countries that I find aggravating. SEC Filing I am not going to repeat the revenues numbers in that report here.
E. Sold 5 BHB at $34.4 - Last Remaining Lot in Taxable Accounts:
Quote: Bar Harbor Bankshares (BHB) at Yahoo Finance
Proceeds: $172
Profit Snapshot: $27.35
BHB: Detailed Earnings Estimates - Zacks.com
Investment Category: Regional Bank Basket Strategy
Consider to repurchase price: <$30.
Last purchase: Item # 1.K. Added to BHB in Schwab Account - Bought 5 at $29 (11/22/25 Post)
BHB Realized Gains to Date: $4,943.3
This is the largest gain in my regional bank basket strategy.
Last Discussed: Item # 2.D. Eliminated BHB in Schwab Account - Sold 10 at $33.28 (3/9/26 Post)(profit snapshot = $40.3) I have nothing substantive to add to my recent discussion that summarized the earnings report. SEC Filed Press Release
I have links to prior sale discussions in that 3/9/26 post. The 4 largest gains were realized in 2016 and 2018: Item # 1.A. Sold 100 BHB at $30.69-Used Commission Free Trade (7/15/18 Post)(profit snapshot = $1,718.56); Item # 1.A. Sold 50 BHB at $30.02 (5/21/18 Post)(profit snapshot = $666.96); Item #3.A. Sold 100 BHB at $29.55 (4/26/18 Post)(profit snapshot = $682.94); Sold 100 BHB Update For Regional Bank Basket Strategy As Of 5/6/2016 - South Gent | Seeking Alpha (profit snapshot = $936.96)
Stock Splits: I owned shares when there was a 3 for 2 stock split in May 2014 and another 3 for 2 split in March 2017.
4. Canadian Reset Equity Preferred Stock:
All Canadian common and preferred stocks transactions on the Toronto exchange are made in my Interactive Brokers account, which has the lowest commission among the brokers that I use for such trades. IB also has the lowest currency exchange fees among the 4 brokerage firms that I use.
A. Sold 50 ENBPRP:CA at C$23.4 ($1 IB Commission):
Quote: Enbridge Cumulative Preferred Series P at Google Finance
Proceeds: C$1,168 after C$1 Commission:
Issuer: Enbridge Inc (ENB) at Google Finance
I own the common stock and several ENB SU bonds. I discussed buying 2 ENB SU bonds in Item #1.E. above.
Last ENB Discussion: Item # 1.S. Pared ENB - Sold 5 at $45.45 (4/4/25 Post)(profit snapshot = $66.91)
Last Discussed: Item # 2.A. Pared ENBPRA:CA Again - Sold 100 at C$21.48 (7/22/25 Post)(profit snapshot = C$432)
Profit Snapshot: +C$344.5
I sold my highest cost 50 shares.
Preferred Shares and Hybrid Securities - Enbridge Inc. Contains links to the prospectuses.
Canada 5 Year Government Bond Overview | MarketWatch
Current Coupon: 5.918% to but excluding 3/1/2029
Dividends: Currently at C$.36988 per share (C$1.4785 annually); Paid Quarterly and Cumulative
New Average Cost per share: C$14.38 (250 shares)
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| Remaining Lots/Unrealized Gain then at C$2,265 |
Yield at C$14.38: 10.29%
Computation: .05918% coupon x. C$25 par value = C$1.4795 annual dividend per share ÷ C$14.38 average cost per share = 10.2886%
Last Ex Dividend: 2/17/26
More Details:
Optional Redemption: Every 5 years on the reset date, so this preferred stock is call protected until the next reset date in 2029. This limited call option distinguishes 5 year Canadian reset equity preferred stocks from the U.S. fixed-to-floating rate stocks that can generally be called at par anytime after the transition from the fixed to the floating rate, with minor exceptions.
Dividend: Paid quarterly and cumulative
Canada Withholding Tax = 15%
Foreign Tax: Credit or Deduction? | Charles Schwab I claim a tax credit and fill out the IRS Form 1116.
Other Sell Discussions: Item # 5.A. Sold 100 ENBPRP:CA at C$20.62 (7/3/25 Post)(profit snapshot C$191); Item # 1 Sold 100 of 600 ENBPRP:CA at C$20.06 (5/23/24 Post){profit snapshot = C$19, selling my highest lot purchased at C$19.85, Item # 6.A. Bought 100 ENBPRP:CA at C$19.85 (10/3/24 Post)}; Item # 1.A. Sold 100 out of 400 ENBPRP:CA at C$20.20 (12/31/21 Post)(profit snapshot = C$368); Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)(profit snapshot = C$963, also contains a snapshot of a prior realized gain of US$1,458.25 converted from C$1,814.)
ENBPRP:CA Realized Gains to Date: C$4,131.5
The Canadian resets have been unusually profitable niche category for me, having produced substantially better than total returns than my investments in U.S. equity preferred stocks, so far.
Canadian Reset Equity Preferred Stocks Realized Gains to date:
Snapshots are included in this post: Advantages and Disadvantages of Equity Preferred Floating Rate Securities
The tax reportable USD gain would be lower. For trades made in a foreign currency, both the purchase cost and sale proceeds are converted into USDs when made. The USD amounts will be significantly lower given the CAD/USD exchange rates.
5. U.S. Equity Preferred Stocks:
Global Medical REIT Inc. Announces Strategic Rebrand to Chiron Real Estate Inc.
Global Medical REIT (GMRE) changed its name and symbol from GMRE to Chiron Real Estate (XRN). In this section, I am discussing 2 preferred stocks originally issued by GMRE that traded under the symbols GMREPRA and GMREPRB. The new symbols are XRNPRA and XRNPRB. I have change the symbols in the symbol list to XRNPRA-GMREPRA and XRNPRB-GMREPRB. There was no change in the terms of those two equity preferred stocks.
I also have multiple small ball positions in XRN.
This is my current Fidelity account position in XRN, XRNPRA, XRNPRB:
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| Closing Prices as of 4/8/26 - After XRNPRB Add |
A. Added to ATLCP - Bought 5 at $21.85 (Schwab Account):
Quote: Atlanticus Holdings 7.625% Cumulative Preferred Series B (ATLCP) at Google Finance
Cost: $109.25
I view the credit risk as high which is inherent in its business.
Issuer: Atlanticus Holdings Corp (ATLC) at Google Finance
ATLC Detailed Earnings Estimates - Zacks.com
ATLC SEC Filed 2025 Annual Report
Last Discussed: Item # 8.A. Added to ATLCP - Bought 5 at $22.04 (6/26/25 Post)
Par Value: $25
Coupon: 7.625%
Dividends: Paid quarterly and cumulative
Maturity: None
Optional Call: On or after 6/11/26 at par value + accrued and unpaid dividends
Stopper Clause: Yes, see page S-18 of the Prospectus
No cash dividend is currently being paid, so the stopper clause would not prevent a deferral of the preferred share dividend unless cash was used to buy back common stock.
The absence of a cash common share dividend and no expectation from common shareholders that one will be declared soon create an enhanced risk for a preferred stock owner IMO.
If there was a cash common share dividend and an expectation that one would be paid, a company would be more hesitant to eliminate the cash dividend altogether, which would then legally allow the deferral of a cumulative preferred dividend.
Average cost per share this account: $22.4 (17 shares)
Yield at AC: 8.51%
Computation: 7.625% coupon x. $25 par value = $1.90625 annual per share dividend ÷ $22.4 average cost per share = 8.51%.
Last Ex Dividend: 2/27/26
B. Added to XRNPRA in Fidelity Account - Bought 5 at $24.32:
Quote: Chiron Real Estate 7.5% Cumulative Preferred Series A (XRN-A) at Google Finance
Cost: $121.6
Issuer: Chiron Real Estate Inc (XRN) at Google Finance - Healthcare REIT
SEC Filed Report for the Q/E 12/31/25
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Coupon: 7.5% paid on a $25 par value
Dividends: Paid quarterly and cumulative
Optional Call: On or after 9/15/22 at par value + accrued and unpaid dividends. There is a possibility of a call when and if it would be advantageous for the issuer to do so.
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| Snapshot Intraday on 4/8/26 after add |
Yield at New AC: 7.78%
Computation: Calculation: .075% coupon x. $25 par value = $1.875 annual dividend per share ÷ $24.08 total average cost per share = 7.77865%
Next Ex Dividend: 4/15/26
GMREPRA Buy Discussions: Item # 5.I. Added to GMREPRA - Bought 5 at $23.06 (10/25/22 Post); Item # 4.C. Bought 10 at $24.66 (10/11/22 Post); Item # 2.A. Bought 10 GMREPRA at $21; 5 at $16.88 (4/18/20 Post); Item # 2.A. Bought 10 GMREPRA at $21; 5 at $16.88 (4/18/20 Post)
GMREPRA Sell Discussions: Item # 1.B. Sold 70 GMREPRA at $25.87 (4/24/19 Post)(profit snapshot = $208.36); Item # 1.A. Sold 30 GMREPRA at $24.84 (2/20/19 Post)(profit snapshot = 9.79)
C. Started XRNPRB in Fidelity Account - Bought 10 at $24.9:
Quote: Chiron Real Estate 8% Cumulative Preferred Series B (XRN-B) at Google Finance
Cost: $249
Issuer: See Item # 5.B. above.
Last Discussed: Item # 2.C. Started GMREPRB in Schwab Account - Bought 5 at $24.23 (11/29/25)
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Coupon: 8%
Par Value: $25
Dividends: Paid quarterly and cumulative
Stopper Clause: Standard (page S-17 Prospectus)
Computation: .08% x. $25 par value = $2.00 annual dividend per share ÷ $24.9 total cost per share = 8.031%
Next Ex Dividend: 4/15/26
D. Started BFSPRD in Schwab Account - Bought 10 at $20.49:
Quote: Saul Centers 6.125% Cumulative Preferred Series D (BFS-D) at Google Finance
Cost: $204.9
Issuer: Saul Centers Inc (BFS) at Google Finance
Saul Centers List of Properties
SEC Filed Earnings Report for the Q/E 12/31/25
SEC Filed 2025 Annual Report List of properties starts at page 28
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
I have recently started a small ball position in the common stock.
BFS Discussion: Item # 1.H. Started BFS - Bought 10 at $31.5 (1/1/26 Post) The dividend yield at a $31.5 total cost is 7.49%. BFS Stock Dividend History & Date | Seeking Alpha
Par Value: $25
Coupon: 6.125%
Dividends: Paid Quarterly and Cumulative
Maturity: None
Optional Call: On or after 1/23/23
BFSPRD Yield at $20.49: 7.4732%
Computation: .06125 x. $25 par value = $1.53125 annual dividend per share ÷ $20.49 total cost per share = 7.4732%
100% of the 2025 dividends were characterized as ordinary income and Section 199A dividends, Saul Centers, Inc. Announces Tax Treatment of 2025 Dividends
E. Added to REXRPRC in Schwab Account - Bought 5 at $20.75:
Quote: Rexford Industrial Realty Inc 5.625% Preferred Shares Series C (REXR-C) at Google Finance
Cost: $103.75
Issuer: Rexford Industrial Realty Inc (REXR) at Google Finance
I recently started a position in the common stock.
Coupon: 5.625%
Maturity: None, Potentially Perpetual
Issuer Optional Call: On or after 9/1/25 at par value + accrued and unpaid dividends.
Stopper Clause: Standard
Dividends: Paid Quarterly and Cumulative
Maturity: None, potentially perpetual.
Last Discussed: Item # 6.D. Added to REXRPRC in Fidelilty Account - Bought 5 at $20.5 (5/23/26 Post); Item # 8.A. Added to REXRPRC in Fidelity Account - Bought 5 at $21.03 (3/16/26 Post)
New average cost per share this account: $21.4 (20 shares)
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| Closing Price as of 4/8/26 |
Computation: Calculation: .0565% coupon x. $25 par value = $1.4125 annual dividend per share ÷ $21.4 total cost per share = 6.6005%
My General Opinion about U.S. Equity Preferred Stocks:
I view preferred stocks as a disfavored asset class. They combine the less desirable features of both bonds and stocks.
These securities are equity capital but do not represent an equity ownership interest.
While the bond like quality is the dominant one, the preferred stock lacks the protections of senior unsecured debt.
The result is that the price will decline when interest rates rise and/or credit risk fears intensify far more than senior unsecured debt.
The equity REIT preferred stocks pay cumulative dividends and the amount of the dividends sourced from ordinary income will be classified as Section 199A dividends.
The main advantage of a cumulative preferred stock, compared to a non-cumulative one, is that the dividend has to be paid in full as long as the stopper clause is activated by common stock cash dividend payments or by common share purchases using cash. Many of the risk equity REIT stocks have cut their common stock cash dividends but continue to pay the preferred dividends in full.
By equity REITs, I am referring to REITs that own real estate as distinguished from the more leveraged Mortgage REITs that own paper assets.
Concerns about credit risks will cause significant downside price pressure. That is in part due to common stock corrections and bear markets resulting from a recession or worse and the lowly status of preferred stocks in the capital structure. Deferral of cumulative preferred dividends or elimination on non-cumulative dividends may occur during a recession, with the number depending on the severity and duration of the downturn and the number of bank holding companies with outstanding non-cumulative preferred stocks having their primary asset seized by the FDIC.
Major volatility in common stocks with downside momentum will frequently cause preferred stocks to decline.
A rise in intermediate term treasury yields, particularly the 10 year treasury, will pressure preferred stock prices down since they are priced at spreads to those yields with the spread in part determined by the perceived credit risk.
6. Treasury Bills Purchased at Auction: 15
I will be participating in the 1 year T Bill auction next Tuesday.
2026 Treasury Auction Schedule.pdf
A. Bought 10 T Bills at the 4/6/26 Auction:
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182 Day Bills
Mature on 10/8/26
Interest: $182.76
Investment Rate: 3.733%
B. Bought 5 Treasury Bills at the 4/8/26 Auction:
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119 Day Bill
Matures on 8/11/26
Interest: $59.5
Investment Rate: 3.694%
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.
