APA, AY, BBDC, CADEPRA, CVI, GILD, NMFC, SPTN, VLY,

Economy: 

The BLS reported that the economy added 272,000 jobs in May. Employment Situation Summary - 2024 M05 Results Average hourly earnings increased by 14 cents, or .4% to $34.91, higher than the consensus estimate. Over the past 12 months, average hourly earnings increased by 4.1%.  

In Thousands

Bureau of Labor Statistics Data

Discussed at Jobs report May 2024: U.S. job gains totaled 272,000 in May The consensus estimate was for +190,000. 

CME FedWatch Tool - CME Group As of 8:30 A.M. C.S.T, the probability that the FED will cut the FF rate by at least 25 basis points on or before the September meeting has gone down compared to yesterday. As of 8:37 A.M, C.S.T), the ten year treasury yield was up 13 basis points. U.S. 10 Year Treasury Note Overview | MarketWatch

Most Americans falsely think the U.S. is in recession, poll shows Unfortunately, Trump and his party have created an Orwellian alternate reality where tens of millions are permanent residents. Facts are Fake News in Trump's America.  

ADP reported that the economy added 152,000 private sector jobs in May. ADP® Employment Report

Services PMI® at 53.8% Up from 49.4% in April and better than the consensus forecast of 50.7%. The new orders component rose 1.9 to 54.1%.

Chart: All Employees, Service-Providing - St. Louis Fed

Manufacturing May PMI® at 48.7% Any number below 50% indicates an ongoing contraction. I discussed this report in a comment.  

Chart All Employees, Manufacturing-St. Louis Fed

European Central Bank cuts interest rates for first time since 2019 The benchmark rate was cut to 3.75% from 4%. The ECB benchmark rate was in negative territory for a long time. Chart: ECB Deposit Facility Rate for Euro Area -St. Louis Fed 

Bank of Canada cuts rates, economists predict another reduction next month The cut was from 5% to 4.75%. 

Switzerland becomes first major economy to cut interest rates in surprise move (3/21/24) The rate was reduced .25% to 1.5%. 

+++

Allocation Shifts Discussed in this Post: 

Treasury Bills: $10,000 in principal amount

Corporate Bonds: $5,000 in principal amoutn 

Inflow Common Stocks: +$436.39

(Consisting of $1,413.68 in purchases minus $977.29 in proceeds)

Equity Preferred Stock: -$321.75

2024 Outflow Stocks/Stock Funds:  -$30,873.32

+++

Demagogue Don and His Party: 

RealClearPolitics - Election 2024 - General Election: Trump vs. Biden

Trump once said indicted candidates shouldn’t run. 

Global warming surpassed 1.5 degrees Celsius for an entire year - The Washington Post; Trump pressed oil executives to give $1 billion for his campaign, people in industry say - POLITICO

Fact check: Trump’s post-conviction monologue was filled with false claims

Trump:  "We're living in a fascist state." 'We're living in a fascist state' Donald Trump rages against conviction | DW News - YouTube; Republican senator J.D. Vance reacts to Trump calling US 'fascist state' - YouTube

The republican responses to Trump's felony convictions were predictable. 'What I just heard makes me sick': Michael Beschloss reacts to GOP defense of Trump - YouTube

Elon Musk leaped to Trump's defense after the felony convictions. Elon Musk Is Absolutely Raging About the Trump Verdict

Trump Announces $34.8 Million Fund-Raising Haul After Guilty Verdict - The New York Times This haul was within 24 hours after the jury returned its verdict. 

Trump campaign and RNC say they raised $141 million in May

Business leaders speak out about Trump guilty verdict, with one immediately donating $300K | Fox Business The donor who gave $300,000 was Shaun Maguire, a partner in Sequoia Capital. Why Megadonors Are Unfazed by Donald Trump’s Guilty Verdict - The New York Times

Fox News hosts trash Trump conviction, vow political redemption - The Washington Post

‘Never’ seen a president who insulted our legal system and rule of law in public: Beschloss - YouTube

Trump’s former spiritual advisor calls guilty charge an ‘assassination attempt’ - YouTube

The MAGA Internet Calls for War - The Atlantic

The guilty verdict has resulted in a substantial increase in Trumpster violent threats and other malicious activity. Trump supporters try to doxx jurors and post violent threats after his conviction; Trump supporters call for riots and violent retribution after verdict | Reuters; Michael Cohen's family doxxed after Trump guilty verdict in porn star hush money case; Trump supporters try to dox jurors and post violent threats after his conviction

Anthony Fauci Gets Death Threats After Marjorie Taylor Greene's Remarks - Newsweek

Hear from former 'Apprentice' producer who says he heard Trump say the N-word - YouTube

Trump fans turn US flags upside down to protest former president’s conviction 

Senator McConnell (R-KY) suggests 'discipline' for Dem senators pressuring Supreme Court over Alito flags  This is the republican response to Democrat criticism of Alito's conflicts. Sanction the critics is their response and give Alito a pass. 

A Washington Post investigation found that many of Justice Alito's statements about the upside down flag flown at his home, which he made in a letter to Congress, were not true. What we still don’t know about the flags flown at Justice Alito’s homes-The Washington Post; Samuel Alito's Neighbor Disputes Flag Story: 'Outright Lying' - Newsweek I believe it is probable that the two flags represented a statement in support of the January 6th republican insurrectionists or, at a minimum, in support of their claim that the election was stolen from Trump.  

My Video: Republican Hypocrisy and Inconsistent Opinions - YouTube

‘Oh sure’: Gov. Sununu (R-NH) on voting for Trump after conviction - YouTube

Fact check: Trump falsely claims he didn’t call to lock up Hillary Clinton | CNN Politics The phrase "lock her up" was used by Trump and was a common chant by republicans at his rallies. It was not even conditioned on Clinton being tried and convicted for an unspecified crime. 

'If facts don't matter, this country is lost': Weissmann on MAGA assault on rule of law - YouTube

Billions in taxpayer dollars now go to religious schools via vouchers - The Washington Post Republican Supreme Court Justices have eroded the separation of church and state. The Supreme Court takes a wrecking ball to the wall between church and state - Vox; The Supreme Court Wants to End the Separation of Church and State - POLITICO Justice Alito is leading that charge. Of the six Republican Supreme Court Justices, 5 are Catholics and the other one was raised as a Catholic before joining another church as an adult. How Did Six Conservative Catholics Become Supreme Court Justices Together? 

Trump’s businesses and campaign have given financial benefits to witnesses, ProPublica report shows - YouTube; Trump Witnesses Have Received Financial Benefits From Trump Businesses, Campaign — ProPublica

Three Trump allies charged in Wisconsin fake elector scheme 

GOP’s Biden-Manhattan conspiracy theory suffers a double blow - The Washington Post, republished at MSN, GOP’s Biden-Manhattan conspiracy theory suffers a double blow There can be no doubt that Trump and other republicans will create fact free conspiracy theories that will be accepted without question by republicans. 

Conservative attacks on birth control could threaten access - The Washington Post 17 republican controlled legislatures have blocked passage of laws "assuring the right to birth control since 2022."

Senate GOP blocks bill to guarantee access to contraception The constitutional "right to privacy", recently abolished by the Republican Supreme Court Justices, had its origins in the Supreme Court decision Griswold v. Connecticut In that case, the Court struck down a Connecticut law passed in 1879 "banned the use of any drug, medical device, or other instrument in furthering contraception. A gynecologist at the Yale School of Medicine . . opened a birth control clinic . .  in conjunction with Estelle Griswold, who was the head of Planned Parenthood in Connecticut. They were arrested and convicted of violating the law, and their convictions were affirmed by higher state courts." The Supreme Court reversed the convictions in a 7 to 2 decision. Two of the concurring Justices, including its leading conservative, the republican John M. Harlan II, believed that the source of that Constitutional right was in the 14th Amendment Due Process Clause that would later be accepted as the source by the 7 member majority in the Roe v. Wade, 410 U.S. 113 (1973) decision authored by the conservative Republican Justice Harry A. Blackmun with other conservative republican Justices joining the majority decision including the Chief Justice Warren E. Burger and  Lewis F. Powell, Jr.. 

So the right of privacy constitutional right was first recognized in a Supreme Court decision that overturned a state law banning contraceptives. 

My video: Senate Republicans Block Law Protecting Access to Contraception - YouTube

Former Trump adviser John Bolton: 'Xi and Putin see Trump as an easy mark'- YouTube

++++++

Psychopath Putin and His Declining Orwellian State: 

Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war

Ukrainian Drone Strike on Novoshakhtinsk Oil Refinery in Rostov! - YouTube; Drone Strikes On Russian Oil Installations Cause Fire, Damage The drones are slow moving, yet Russia is unable to protect anything with their air defense systems. This oil refinery is located near the Ukraine border. It is only a question of time before it is leveled into rubble. 

HIMARS Destroys S-300 Launchers, Command Vehicle and Damages Radar in Belgorod! - YouTube

Big Russian Column Destroyed by Drones in Kursk! (At Least TEN Trucks Destroyed) - YouTube

Putin 'will pay a big price' for Russia's losses North of Kharkiv - YouTube

Russia Accidentally Bombs Itself Again: Reports - Newsweek

Putin Threatens Germany and U.S. - National Review  

Putin's 'inability' exposed after Kharkiv push doesn't reach objectives - YouTube

++++

1. Small Ball Buys: 

A. Added to NMFC - Bought 45 at $12.57: 

Quote: New Mountain Finance Corp. (NMFC) - Externally Managed BDC\c

Cost: $565.43

NMFC SEC Filings

10-Q for the Q/E 3/31/24 

5 Year Financial Data:

Page 61, Annual Report

2023 SEC Filed Annual Report (Risk factor summary starts at page 22 and ends at page 52)

New Average Cost per share: $12.18 (100 shares)

This purchase raised my AC per share from $11.86. Some low cost shares that are still owned were bought in 2020. 

Regular Dividend: Quarterly at $.32 per share ($1.28 annually)

New Mountain Finance (NMFC) Stock Dividend History & Date

Four special dividends totalling $.21 per share were paid  in 2023.  

I am not reinvesting the dividend. 

Yield at new AC =  10.51% (regular dividend only)

Next Ex Dividend: 6/14/23

The next dividend will include a 2 cent special dividend. 

Last Buy Discussions: Stocks, Bonds &(12/2/23 Post); Item # 1.E. Bought 25 NMFC at $12.85; 5 at $12.79 - Schwab Account (9/2/23 Post)

Net Asset Value per share history: 

3/31/24:    $12.77

12/31/23:  $12.87

9/30/23:   $13.06

6/30/23:   $13.14

12/31/22:  $13.02

6/30/21:   $13.33

03/31/21:  $12.85

12/31/20:  $12.62

12/31/19:   $13.26

12/31/18:   $13.22

12/31/17:   $13.63 

12/31/16:   $13.46

12/31/15:   $13.08

12/31/14:   $13.83

12/31/13:   $14.38 

12/31/12:   $14.06

IPO May 2011-Prospectus: Public Offering Price at $13.75 (all expenses including the sales load paid by the management company) 

Last Earnings Report (Q/E 3/31/24):  

SEC Filed Press Release and 10-Q for the Q/E 3/31/24 

Net Investment Income per share: $.36

Weighted average yield at cost: 11.16%

115 portfolio companies 

Portfolio composition: 

Floating Rate Loans at 89.67%

10-Q at page 33

Estimated Impact of Interest Rate Changes on Net Investment Income: 

10-Q at page 126

Risk Ratings and Bad Loans Summarized: 

Page 117, 10-Q 

Sell Discussions: Item # 2.D. Eliminated Duplicate NMFC Positions (Fidelity and Vanguard Accounts)- Sold 30 Shares at $12.86 (9/2/2023)(profit snapshots = $160.55); Item # 2.G. Pared NMFC in Fidelity Account - Sold 3 at $13.39 (8/6/21 Post); Item # 2.H. Sold All Fractional NMFC Shares Bought with Dividends in Fidelity Account at $13.69 (6/25/21 Post); Item # 3.G. Pared NMFC in Fidelity Taxable-Sold 20 at $12.27 (1/1/21 Post); Item # 2 Eliminated NMFC-Sold 102+ at $14.2 (1/25/20 Post); Item  # 2.A. Sold 50 NMFC at $13.95 (1/15/20 Post); Item # 1.B. Eliminated NMFC-Sold 60 at $13.96 and 50 at $13.94 (2/9/19 Post); Item # 1 A. Sold 50 NMFC at $14.06 (8/19/18 Post); Item # 1 Sold Remaining 50 Shares of NMFC at $14.63 (11/1/14 Post); Sold 100 of 150 NMFC at $14.4773 (10/23/14 Post); Item # 8 Sold Highest Cost NMFC Lot at $15.37 (9/14/2014 Post)

Realized Gains NMFC to Date:  +$434.15 

Goal: Any total return before any ROC adjustments to the tax cost basis in excess of the dividend received. 

B. Added to SPTN - Bought 5 at $18.95: 

Quote: SpartanNash Co. (SPTN)

Cost: $94.75

"SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. . . . On the retail side, SpartanNash operates 147 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers."

SPTN Analyst Estimates | MarketWatch

SPTN SEC Filings

SEC Filed 2023 Annual Report

10-Q for the F/Q Ending 4/20/24  (1st fiscal quarter)

Investment Category: Possible Masochistic Contrarian Value

Last Discussed: Item # 1.C. Added to SPTN - Bought 5 at $18.81 (4/19/24 Post) I discussed the 2023 fiscal 4th quarter report in that post. SEC Filed Earnings Press Release I noted in that post that SPTN borrowed money at spreads to short term rates. The company guided fiscal 2024 adjusted E.P.S. to $1.85 -$2.1, down from the actual F/Y 2022 adjusted E.P.S. of $2.18.

Last Sell Discussion: Item # 2.F. Eliminated SPTN - Sold 15 at $29.01 in Fidelity Account; 20 at $31.05 in Vanguard Account; 10 at $30.64 in Schwab Account (3/23/22 Post)(profit snapshots = $421.49)

New Average cost per share: $19.49 (15 shares)

Dividend: Quarterly at $.2175 per share ($.87 annually), last raised from $.215 effective for the 2024 first quarter payment. The quarterly dividend was $.12 in the 2014 first quarter. 

SPTN Dividend History | Nasdaq 

Yield at AC = 4.46%

Next Ex Dividend: 6/14/24

Last Earnings Report (F/Q ending 4/20/24): SEC Filed Press Release 

Net Revenues: $2.806+B, down from $2.907+B

Diluted GAAP E.P.S. = $.37, up from $.32

Adjusted E.P.S. = $.53, down from $.64

GAAP to Non-GAAP: 

LIFO is an accounting measure that assumes that the most recently purchased item is the first to be sold. This accounting method helps companies reduce income during periods of inflation. My understanding is that the LIFO expense removes the entire impact of LIFO and reflects results as if the FIFO accounting method was used. I have zero training in accounting. So, when making a non-GAAP adjustment, this adjustment will increase GAAP net income during periods of inflation. 

Adjusted EBITDA:

Fiscal 2024 Guidance: The company maintained the adjusted E.P.S. guidance but lowered the net sales guidance. 

Bought back $2.6M in common shares during the quarter.  

C. Added to CVI - Bought 5 at $27.7; 5 at $27.1; 5 at $26.7: 

Quote: CVR Energy Inc. (CVI)

Cost: $407.5

CVI Analyst Estimates | MarketWatch

CVI SEC Filings

Website: Welcome to CVR Energy

New Average cost per share: $27.86 (25 shares)

Dividend: Quarterly at $.50 per share (regular dividend) 

Cash Dividends | CVR Energy, Inc.

$2.5 per share was paid in special dividends last year. 

Yield at New AC: 7.18%  (regular dividend only)

Last Ex Dividend: 5/10/24

Last Discussed: Item # 1.A. Bought 5  CVI at $29.38; 5 at $28.4 (5/17/24 Post) I discussed the last earnings report in that post. SEC Filed Press Release

D. Added to GILD - Bought 1 at $63.45: 

Quote: Gilead Sciences Inc. (GILD)

GILD  Analyst Estimates | MarketWatch

GILD SEC Filings

10-Q for the Q/E 3/31/24

SEC Filed 2023 Annual Report

New Average cost per share: $64.6 (6 shares)

Dividend: Quarterly at $.77 per share ($3.08 annually)

Yield at $64.6: 4.77%

Next Ex Dividend: 6/14/24

I discussed the first quarter earnings reports in my last post and have nothing further to add here. Item # 1.A. Restarted GILD - Bought 5 at $64.83 (5/31/24 Post); SEC Filed Earnings Press Release for the Q/E 3/31/24 

E. Added to APA - Bought 5 at $28.95: 

Quote: APA Corp.  (APA)

Cost: $144.75

APA Analyst Estimates | MarketWatch

Portfolio - APA Corporation

APA SEC Filings

10-Q for the Q/E 3/31/24

2023 SEC Filed Annual Report

New Average cost per share: $29.85 (25 shares)

Dividend: Quarterly at $.25 per share

Dividend History | APA Corporation

Yield at New AC = 3.35%

Last Ex Dividend: 4/19/24

Last Discussed: Item # 1.C. Started APA - Bought 5 at $30.7; 5 at $30.3; 5 at $29.8; 5 at $29.5 (5/24/24 Post) I discussed the last earnings report in that post. 

F. Restarted VLY - Bought 20 at $6.74: 

The preceding snapshot shows the last VLY elimination in this account, where I sold 31+ shares at $10.83. Item # 2.B. Eliminated VLY - Sold 31+ at $10.83 (1/26/24 Post)(profit snapshot = $110.71) I mentioned in that post my consider to repurchase price would be less than $8.  

Cost: $134.8

Quote: Valley National Bancorp  (VLY)

I classify the management of this bank as below average. The purchase price is sufficiently low enough for me to restart a position, which assumes there is no major undisclosed bad loans that are not already included in nonaccrual loans as of 3/31/24.  

I substantially reduced my regional bank allocation for the reasons generally discussed in this video: 4th Q Real GDP and PCE Inflation - YouTube

VLY | Valley National Bancorp Analyst Estimates

VLY SEC Filings

SEC Filed 2023 Annual Report 

Properties as of 12/31/2023: 229 banking centers of which 96 are owned 

Page 37, Annual Report

128 of the banking centers are located in New Jersey. 

Investment Category: Regional Bank Basket Strategy

Last Buy Discussion: Item # 2.G. Added 4 VLY at $6.98; 1 at $6.7 (5/20/23 Post) Those shares have been sold. 

Dividend: Quarterly at $.11 per share

Valley National Bancorp (VLY) Dividend History | Seeking Alpha

Dividend History: Unfavorable. 

The last change in the quarterly dividend was to slash the rate to $.11 from $.165 effective for the 2014 1st quarter payment. 

Yield at $6.74: 6.53%

Next Ex Dividend: 6/13/24

Last Earnings Report (Q/E 3/31/24): 

SEC Filed Press Release 

Comparisons are to the 2023 first quarter. 

Net Income: $96.28M, down from $146.551M 

E.P.S.: $.18, down from $.28

Adjusted E.P.S. = $.19, down from $.30.  

GAAP to Non-GAAP E.P.S.:  

The largest adjustment was to add back $7.394M in an FDIC special assessment that the FDIC imposed on banks to recoup its expenses incurred in two 2023 bank failures that included providing insurance protection to uninsured deposits. FDIC finalizes $16.3 billion special assessment to recover loss from SVB and Signature Bank failures 

Tax Equivalent NIM: 2.79%, down from 3.16%

Efficiency Ratio: 59.1%, up from 53.9% 

NPL Ratio: .58%, up from .50% 

Charge off ratio:  .19%, down from .25%

Total Capital Ratio: 11.88%, up from 11.58%

Tangible Book Value per share: $8.84, up from $8.36

Buying at a price lower than tangible book value per share is one of my criterias for restarting a regional bank stock position.  

Some Other Sell Discussions: Item # 2.M. Eliminated VLY in Fidelity Account - Sold 15+ at $11.76 and Item # 2.N. Eliminated VLY in Vanguard Account - Sold 15 at $11.75 (2/5/23 Post)(profit snapshots = $134.03);Item # 1.A. Eliminated VLY-Sold 102+ at $10.51 (9/11/2019 Post)(profit snapshot = $33.12); Item # 2.A. Eliminated VLY Sold 51+ VLY at $12.76 (7/25/18 Post)(profit snapshot = $98.62) Some sales were not discussed but snapshots are included in the main Regional Bank Basket Strategy post linked above.  

Largest Gain: $197.85 in 2016

VLY Realized Gains to Date: $666.21

Preferred Stock Position: I currently own 10 VLYPP, a fixed-to-floating rate preferred stock that transitions, if not called, to a floating rate on 6/30/25: Item # 1.C. Bought 10 VLYPP at $16.31 (6/3/2023 Post) Valley National Bancorp 6.25% Preferred Series A (U.S.: Nasdaq)

VLY Bond Position: I own 2 VLY 4.55% Junior bonds. tem # 3.G. Bought 2 Valley National 4.55% Junior Bonds Maturing on 6/30/25 at a Total Cost of 92.752 (6/10/23 Post)(YTM then at 8.447%); Bond Page | FINRA.org 

CDs: I own 2 Valley Bank 5.3% CDs that mature on 7/8/2024. 

 2. Small Ball Sells: 

A. Eliminated AY  - Sold 40 at $21.9: 

Quote: Atlantica Sustainable Infrastructure PLC (AY)

Proceeds: $876.17

As previously discussed, AY is in the process of being acquired for $22 per share in cash. Atlantica Enters into Agreement to be Acquired by Energy Capital Partners and its Co-Investors Several regulatory authorities have to sign off on the acquisition. I did not see any reason to hang onto the shares any longer.   

Profit Snapshot: $138.04 

Last Discussed: Item # 2.C. Pared AY - Sold 5 at $21.05 (5/10/24 Post) 

Dividend: Quarterly at $.445 per share ($1.78 annually)

AY Dividend History | Nasdaq

Last Ex Dividend: 5/31/24 (owned all as of)

B. Pared 1 of 2 Duplicate Positions in BBDC  - Sold Highest Cost 10 Shares at $10.12 (Schwab Account): 

Quote: Barings BDC Inc. (BBDC) - Externally Managed BDC

Proceeds: $101.12

SEC Filings

BBDC SEC Filed 2023 Annual Report (Risk Factor summary starts at page 33 and ends at page 68)

10-Q for the Q/E 3/31/24 (Summary of investments starts at page 8)

Breakdown of Assets: 67% First Lien

10-Q at page 41

Barings purchased the asset of another BDC, formerly called Triangle Capital, that was internally managed. The name and symbol was changed to Barings BDC (BBDC) as the external manager. Triangle Capital Corporation Completes Previously Announced Sale of Investment Portfolio Barings Becomes Investment Adviser to Barings BDC, Inc. Barings paid the Triangle Capital shareholders $1.78+ per share to accept Barings as the external manager. Barings also injected $100M in cash through the purchase of shares at $11.72.

Subsequent Acquisitions: 

Barings BDC Completes Merger with Sierra Income Corp (2/25/22)

BBDC acquired another BDC, MVC Capital, in 2020. Barings BDC, Inc. Completes Merger With MVC Capital, Inc. (12/23/20) 

Last Buy Discussions: Item # 2.F. Added to BBDC - Bought 10 at $8.67 - Vanguard Account (12/9/23 Post); Item # 1.A. Added to BBDC -Bought 10 at $8.94 -Vanguard Account (11/25/23 Post); Item # 3.A. Added 40 BBDC at $7,75 - Vanguard Taxable Account (7/15/23 Post); Item # 2.F. Added B BBDC at $7.21 - Vanguard Taxable Account (5/20/23 Post); Item # 2.K. Added 5 BBDC at $7.65 - Vanguard Taxable Account (3/19/23 Post)

Profit Snapshot = $1.65

New Average cost per share: $8.38 (43+ Shares)

Dividend:  Quarterly at $.26 per share ($1.04 annually), last raised from $.25 effective for the 2024 4th quarter payment. 

Barings BDC Inc (BBDC) Dividend History | Seeking Alpha

Yield at New AC = 12.41%

Last Ex Dividend: 6/5/24

Last Earnings Report (Q/E 3/31/24): 

SEC Filed Press Release 

Net Investment Income: $29.4M

NII per share: $.28

Net Asset value per share: $11.44, up from $11.28 as of 12/31/23. 

Weighted average yield on performing loans: 10.7%

"During the three months ended March 31, 2024, the Company repurchased a total of 115,911 shares of its common stock in the open market under the authorized program at an average price of $9.56 per share, including brokerage commissions."

"On February 12, 2024, the Company issued $300.0 million in aggregate principal amount of senior unsecured notes that mature on February 15, 2029 and bear interest at a rate of 7.000% per annum." Prospectus for $300M in 7% Notes 

Nonaccrual loans:  As of March 31, 2024, we had six portfolio companies with investments on non-accrual, the aggregate fair value of which was $7.9 million, which comprised 0.3% of the total fair value of our portfolio, and the aggregate cost of which was $38.1 million, which comprised 1.5% of the total cost of our portfolio."

Page 122, 10-Q

Estimate Impact of Interest Rate Changes on Net Investment Income

Page 142, 10-Q

3. Corporate Bonds: 

A. Bought 1 Bank of America 5.55% SU Maturing on 12/3/25 at Par Value: 

Issuer: Bank of America Corp. (BAC) 

BAC Analyst Estimates | MarketWatch

Interest Paid Quarterly 

Purchased under Fidelity's Corporate Notes Program. 

B. Bought 2 Canadian Resources 3.9% SU Maturing on 2/1/25 at a Total Cost of 98.9: 

Issuer: Canadian Natural Resources Ltd. (CNQ)

CNQ Analyst Estimates | MarketWatch

CNQ SEC Filings (foreign company forms)

SEC Filed Earnings Press Release for the 2024 First Quarter 

I previously eliminated my common stock position: Item # 1.A. Eliminated CNQ - Sold 10 at $55.2 (6/10/23 Post)(profit snapshot = $237.5)

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB-

Credit Ratings – Canadian Natural Resources

YTM at Total Cost: 5.616%

Current yield at TC = 3.94%

I now own 6 bonds. 

I had 2 bonds mature on 4/15/24: 

C. Bought 2 Healthpeak Properties 3.4% SU Maturing on 2/1/25 at a Total Cost of 98.546: 

Issuer: Healthpeak Properties Inc. (DOC) 

DOC SEC Filings 

SEC Filed Earnings Press Release for the Q/E 3/31/24 

10-Q for the Q/E 3/31/24 

SEC Filing Portfolio Summary at pages 13-14 

I have a small ball position in the common stock Item # 1.K. Restarted PEAK - Bought 10 at $15.61 (11/4/23 Post)  After acquiring Physicians Realty, which traded under the DOC symbol, Healthpeak changed its symbol from PEAK to DOC. 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 5.693%

Current Yield at TC: 3.45%

I now own 6 bonds. 

4. Treasury Bills Purchased at Auction: 

A. Bought 10 Treasury Bills at the 6/3/2024 Auction:

182 Day Bill

Matures on 12/5/24

Interest: $260.62

Investment Rate: 5.366% 

5. Equity Preferred Stock: 

A. Eliminated CADEPRA - Sold 15 at $21.45:

Quote: CADE-PA

Proceeds: +321.75

Issuer:  Cadence Bank  (CADE) - Bank Holding Company

CADE Analyst Estimates | MarketWatch

Profit Snapshot: $59.5

Buy Discussions: Item # 4.B. Added 5 CADEPRA at $16.75 (10/21/23 Post); Item # 2.E. Bought 10 CADEPRA at $17.85 (7/22/23 Post) 

Dividends: Paid quarterly, qualified and non-cumulative 

Coupon: 5.5% paid on a $25 par value

Optional Call: On or after 11/20/24

Maturity: None, potentially perpetual

Stopper Clause: Standard

Last Ex Dividend: 5/2/24  (owned as of)

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.