ADCPRA, AIO, BBDC, BNL, BRKL, CMCSA, COLB, FLCA, FSCO, FSK, GDV, NBXG, PBA, PRWCX, PWFPRT:CA, SLRC, THQ, TPVG, WHR, WMB

Economy: 

Trump tariffs on Mexico, Canada, China imposed

China announces counter tariffs on numerous U.S. products with U.S. levies due to take effect - CBS News; China hits back at US with import tariffs including on crude oil, as Trump’s measures go into effect | CNN Perhaps more importantly, China announced that it was, or may be taking regulatory actions against several U.S. based firms and to restrict exports of 25 key minerals including tungsten which is difficult to source and a key material in the aerospace industry, tellurium used in solar panels, bismuth and molybdenum

Trump delayed the 25% tariffs on Mexico's exports for 30 days after the Mexican President agreed to reinforce the border with 10,000 National Guardsman in order to stem the flow of illegal drugs. Trump and Mexico's president say tariffs will be delayed for one month after talks; U.S. tariffs on Mexico paused for a month after border deal, Trump says | Reuters I view that as a gesture that will likely have, at best, a negligible impact. 

It is also the same gesture that Mexico made during Trump's first term to avoid U.S. tariffs. Trump drops tariff threat against Mexico, saying immigration will be reduced (2/7/2019) 

Trump delayed the 25% tariffs on Canada's imports for 30 days after Trudeau promised to spend $1.3B to beef up the border with new technology, more helicopters and personnel. Trump and leaders of Canada and Mexico say tariffs will be delayed one month after talks It is my understanding that this $1.3B was authorized before Trump imposed the tariffs on Canada, so this is not something that is new. Canadian ambassador to U.S. hopes for ‘off-ramp’ to trade war after Trump tariffs | PBS News Weekend (Canadian Ambassador to the U.S. "We invested $1.3 billion in new equipment, new infrastructure") There was also some meaningless gestures like a promise to appoint a fentanyl czar and to cooperate in law enforcement which both nations were already doing.  

'Folding like a bad poker player': Critics say Trump 'got played' by Trudeau - Raw Story I would agree, provided Trump was actually serious in imposing the 25% tariff on Canadian exports. 

About 1/3rd of Canada's exports to the U.S. are energy products. Those products account for all of the current U.S. trade deficit. The U.S. has a trade surplus with Canada for services and manufactured products. 

Excluding energy products needed by the U.S., the U.S. would have had a $45B trade surplus with Canada in 2023. The 2024 numbers are not currently available but that trend holds true for the first nine months. And, Canada is the largest importer of U.S. products. TD Economics - Setting the Record Straight on Canada-U.S. Trade (1/21/25). Mexico is the second largest importer. United States Exports By Country

Fact check: Canada makes up just 0.2% of US border fentanyl seizures | CNN Politics; Trump says Canada tariffs would fight fentanyl trafficking, but little comes in across northern border, officials say - CBS News This is a red herring as is illegal immigration across Canada's border.  

Trump’s tariffs on Canada and Mexico would hurt the auto industry-NPR

Trump's tariffs on Canada, Mexico, and China would cost the typical US household over $1,200 a year | PIIE

Colombian President Cancels Oil Joint Venture With U.S. Company | OilPrice.com I suspect this is only the beginning of how foreign nations will respond to Trump's bullying tactics. 

++ 

Personal Income and Outlays, December 2024 | U.S. Bureau of Economic Analysis (BEA):

PCE = Personal Consumption Expenditures

Annual PCE Inflation: +2.6%, up from 2.4% through November

{see, Personal Income and Outlays, November 2024 | U.S. Bureau of Economic Analysis (BEA)}

Annual Core PCE Inflation: +2.8%, unchanged for the 12 months ending in November

Month-to-Month PCE Inflation: +.3%

Month-to-Month Core PCE Inflation: .2%

Disposable Personal Income Increase in December: .4%

PCE Increase in December: .7%

Note that personal consumptions expenditures increased more than disposable personal income (personal income after current taxes).  

Trump's tariffs taxes will be disproportionately paid by lower and middle income households or his core supporters which is a form of justice for them. 

++++

Allocation Shifts Discussed in this Post: 

Treasury Bills Purchased at Auction: $20,000 in principal amount

Corporate Bonds: $14,000 in principal amount

Outflow U.S. Common Stocks: -$1,304.51

(consisting of $1,704,74 in proceeds minus $400.23 in purchases, with the realized gain at +$586.72)

Outflow Common Stock Funds: -$3,217.71 (realized gain at +$1,132.24)

(Reductions in PRWCX, THQ, AIO, NXBG; eliminations of GDV and FLCA) 

Net Outflow Common Stocks/Funds: -$4,522.22

Outflow Canadian Reset Equity Preferred: -C$2,230 with a realized gain of +C$450

Outflow U.S. Equity REIT Preferred: -$180.64 (+$9.68 realized gain)

Outflow Leverage Junk Loan/Bond CEF: -$374.53 (realized gain at +$57.18)

2025 Net Outflow Common Stocks & Funds: -$2,717.69 

The tariff war started by Trump has made me more cautious. No one should be surprised that the 25% tariffs on exports from Canada and Mexico will be reimposed soon.  

I have turned even more cautious about stocks. (My video: Trump Starts a Trade War - My Investment Response - YouTube)

I noted in that video that my net outflow from common stocks and common stock funds increased in 2024 compared to 2023 as relatively risk free income investments rose in yield. 

I am referring to treasury bills, treasury notes, short term investment grade corporate bonds, and treasury money market funds. My allocation to Tennessee municipal bonds increased slightly, but most of the purchases in 2023-2024 simply replaced those that had been called by the issuer.  

2023 Net Outflow:  $27,091.82, noted in my 1/6/2024 Post 

3 month T Bill Yields as of 1/2/23: 4.5%, up from .08% as of 1/1/22

2024 Net Outflow: $65,632.15  noted in my 1/1/2025 Post 

My 4% rule is the yield where I am able to save - after taxes- at least 30% of the income generated by my investments which I can then reinvest to generate more income. 

Given my conservative nature, age and lack of any earned income having retired many years ago, I will reduce my stock risk when my portfolio is generating a 4% income return or higher primarily through interest payments and to a lesser extent dividends (including fund capital gain distributions), and realized short and long term capital gains from trading activity, which was the case last year and will be the case this year, and in 2026 as well based on what I now own irrespective of whether interest rates start to trend back down or what happens in the stock market.

+++ 

A Few of the More Troubling Developments over the Past Week in the U.S.: 

Trump wants the U.S. to own Gaza and to forcibly remove the Palestinians who call Gaza home and  then redevelop the land into a Mediterranean "Riviera". Trump says Palestinians should leave Gaza permanently and US will ‘take over’ strip  I do wonder whether there would be any push back in the event Trump sends the military into the Gaza strip, or invades Panama or Greenland.  I doubt there would be any effective restraint. 

I think Barron Trump needs to lead the first U.S. assault force landing on the Gaza beach.  

El Salvador offers to accept US deportees of any nationality, as well as imprisoned Americans, in unprecedented deal Why stop with imprisoned U.S. citizens? Maybe, if Trump critics are lucky, they will not be deported but will merely be detained indefinitely in republican re-education centers where they can learn more about Trump being the Chosen One.  

Wired magazine published a list of the 19 to 24 year old people working for Musk that have now have access to the most sensitive and classified material, apparently without any security clearance. The Young, Inexperienced Engineers Aiding Elon Musk’s Government Takeover | WIRED An "X" user shared the names of the persons identified in the Wired magazine article and Musk shot back "You have committed a crime". Musk, the self-anointed champion of free speech, then deleted the person's X account for exercising First Amendment rights that he claims to cherish. Musk, Trump Prosecutor Targeting People Who Share Names of DOGE Staff

Musk apparently then had the recently installed Federal District Attorney for Washington, D.C. Edward R. Martin Jr. post on "X" that identifying people working for Musk in the federal government appears to violate some law since they may be targeted somehow. D.C.’s new top prosecutor Edwar Martin advocated for Jan. 6 rioters and echoed Trump’s false 2020 election claims | PBS News

The Constitutional Crisis Is Here - The Atlantic Well that is obvious. 

FBI turns over details of 5,000 employees who worked on January 6 cases to Trump Justice Department, as agents sue Retribution from Trump is coming. Republican Justices and judges did all that was necessary to protect Trump from having to stand trial. 

Trump administration drafting executive order to initiate Department of Education’s elimination 

During his confirmation hearing to lead the Department of Health and Human Services, which has about a $2 trillion budget, RFK Jr. proved that he was totally unfamiliar with the basics of the Medicare and Medicaid programs. RFK Jr. struggles with Medicare, Medicaid basics in Senate hearings  Being ignorant and more than a little bit crazy are qualifications for high office in Trump's America. 

I did not realize that RFK Jr believes that lyme disease was a militarily engineered bio weapon. ‘Probably Did’: RFK Jr. Chokes When Asked if He Made Wild Claim About Lyme Disease; RFK Jr., Trump’s pick for health secretary, grilled about vaccines : Shots - Health News : NPR I also did not know that RFK Jr. put baby chickens in a blender to feed his hawks. What Did Caroline Kennedy Say About RFK Jr. and Animals? I knew about using a chainsaw to sever a whale's head and then transporting it in his car.  

And, he has the other qualification for a Trump cabinet position. RFK Jr texts apology to woman who accused him of sexual assault - reports

I knew about the extremely crazy conspiracy theories that go far beyond the nutty comments about vaccines. RFK Jr.'s Troubling History with Animals, Explored-People Magazine; What Trump’s nominees revealed-The Atlantic (subscription publication well worth the price)  

Fact check: RFK Jr. denied saying things he did say | CNN Politics

D.C. Plane-Helicopter Collision: Trump blames DEI, Biden Just another thoroughly repulsive comment that Trump routinely makes. He will make thousands over the next 4 years. His supporters love that about him. Fact check: Trump’s FAA used the same language about hiring people with disabilities he’s now blasting  

The reliably repugnant VP J.D. Vance blamed DEI for the collision as well. JD Vance Says 'DEI Regime' Led To Deadly Plane Collision 

Pentagon Boots NBC, NPR, NYT, and Politico from Offices – To Be Replaced by Breitbart and One America News

The First Signs of Tyranny, From People Who Missed Them - YouTube

JD Vance: Trump To Decide On Whether to Take Greenland 

Elon Musk calls USAID a ‘criminal organization’ that should ‘die’ 

Elon Musk targets closure of US humanitarian aid agency | Reuters Employees have been locked out of their offices. 

Trump endorsed Musk's desire to shut down this aid agency. When asked whether he needed the approval of Congress to shut down an agency authorized by statute and funded by Congress, Trump gave this answer: "I don't think so, not if it's an act of fraud." USAID on Trump and Musk's chopping block, Rubio now agency head-NPR No evidence of fraud is necessary in Trump's America before Trump exercises dictatorial powers. 

Trump says that the people working at this humanitarian aid agency are radical "lunatics".  Trump says USAID run by "lunatics" 

Of course, no evidence supporting the opinions of Musk and Trump is necessary in Trump's America. 

Just make the accusation and then exercise dictatorial powers to repeal funding authorized by Congress. It is really simple. Just sign an Executive Order repealing a provision of the Constitution or an entire statute. No need for Congress to repeal the law or to go through the difficult process of amending the Constitution. 

Trump and Elon Musk are upending USAID. Here's what to know about its work. - CBS News;   

USAID employees around the world will be placed on leave Friday and ordered to return to US; USAID to put nearly all staff on leave Friday; overseas missions shuttering - CBS News  

Musk called the republican Senator from Indiana, Todd Young, a deep state puppet. 

Elon Musk Is President - The Atlantic I would not say President but co-President and probably more powerful than Trump.  

Musk’s inauguration salute is not the only apparent fascist signal from Trump’s administration 

Musk Says He’s ‘Deleted’ Popular Free IRS Tax Filing Program

Rubio told Panama that it will face sanctions unless that nation reduces China's influence. Rubio warns Panama of U.S. retaliation if China's canal influence remains A subsidiary of the The Hong Kong based company CK Hutchinson, one of the world's largest port operators, operates two terminals that do not have any control over access to the Canal but simply load and unload cargo onto the ships and provide fuel to them. Three other ports operated by other companies are present. 

New CFPB head, Scott Bessent, orders staff to halt work-NPR Bessent is one of Trump's billionaire buddies and a former hedge fund manager who was confirmed as the Treasury Secretary. He has now taken control over the Consumer Financial Protection Board, which means no more consumer protection and that is good news to several corporations who were in the CFPB's crosshairs. 

Prior to Trump becoming President again, the CFPB was an independent agency operating within the Federal Reserve system and was created in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Board was created to make it more difficult for the Masters of Disaster to cause another Near Depression. 

Musk and Trump are doing what almost 80 million Americans want them to do. They have their support and that of the republican controlled House and Senate. 

There are no effective guardrails, including the judicial branch now dominated by 6 Republican Justices who have given Trump a carte blanche, as a practical matter, to violate laws and to commit crimes with conviction of impeachment charges by a 2/3rds vote in the Senate as the only effective remedy which is, of course, a non-viable one. There will never be enough Republican Senator votes to convict no matter what Trump does or how many crimes he commits over the next 4 years.   

When Alito and Thomas retire, Trump will appoint two replacements that are even more far right reactionaries. 

For most of its history, the Supreme Court has been a deeply reactionary institution and has now completely returned to the kind of Supreme Court that decided Dred Scott v. Sandford (60 U.S. 393 (1857), the Civil Rights Cases, 109 U.S. 3 (1883); Plessy v. Ferguson, 106 U.S. 537 (1896), the Lochner era decisions and defining a corporations as a person within the meaning of the Constitution which is arguably a good policy, but a judge created one. 

We the Corporations: How American Businesses Won Their Civil Rights; 

‘Corporations Are People’ Is Built on a 19th-Century Lie - The Atlantic

My videos:  

Republican Justices Greenlight the President to Commit Crimes - YouTube; 

Presidential Immunity for Crimes and the Hypocrisy of the Originalists-YouTube; 

Will the 6 Republican Justices Bear Some Responsibility for Presidential Crimes Hereafter - YouTube

All of these developments are distressing, made more so by the total acquiescence of Republican House and Senate members, none of whom are conservatives in the American tradition (possibly 1 or 2 arguable exceptions), and the support of almost 1/2 of the U.S. voting population. 

+++

1. Sold 50 out of 1,003+ Shares of PRWCX at $35.66: 

Quote: T Rowe Price Capital Appreciation Fund Overview 

Proceeds: $1,783

The proceeds were transferred into the TRP Treasury MM fund that had a current 7 day yield of 4.16% as of 1/29/25. 

I sold 50 shares in November 2024 at $38.94. Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)(profit snapshot = +$967.35) The price decline is due to a $3.5922 per share dividend paid in December 2024, see discussion below. 

Profit Snapshot: $803.25

Average Cost per share remaining shares: $21.2

The average cost per share is divided into two classifications: Covered and Non-Covered. I am selling shares out of the non-covered category so the cost basis is at $19.59.  

I have not bought any shares since this $250 purchase: Item # 3.E. Added to PRWCX - Bought $250 at $33.66 (12/23/23 Post).  

I have been taking the dividends in cash for several years: 

Dividends: Paid annually

PRWCX Stock Dividend History & Date

2024 Annual Distribution: $3,605.11 ($3.5922 per share)

Earlier Cash Distributions: 

Per share Dividend/My Payment  

2023 = $1.4075 = $1,482.93 

2022 = $2.8079 = $2,958.39 

2021 = $3.41 = $3,592.76 

I spend these cash distributions. 

T. Rowe Price Capital Appreciation Fund Stock Price | Morningstar (rated at 5 stars)

PRWCX – Portfolio –  Morningstar (lists top 25 holdings)

2. Eliminated PWFPRT:CA - Sold 100 at C$23.21 - Interactive Brokers Account (C$1 Commission): 

Quote:  PWF-PT.TO

Proceeds C$2,320 after C$1 IB Commission. 

Issuer: Power Financial, a wholly owned subsidiary of Power Corp. of Canada (POW:CA) 

I still own 100 shares of POW:CA. Item # 1. Bought 100 POW:CA at C$21.37 (5/30/20 Post) I have frequently traded that stock as well as Power Financial when it was a publicly traded subsidiary, but I have been content so far in keeping the 100 POW:CA bought at C$21.37. 

Profit Snapshot: +C$454

Last Buy Discussion: Item # 1. Added 100 PWFPRT:CA at C$18.65 (8/19/23 Post)

Lowest Price Paid to Date: Item # 2.A. Added to PWFPRT:CA - Bought 50 at C$11.11 (5/23/20 Post) That lot was previously sold. 

5 Year Reset Equity Preferred Stock

Coupon: 5.595% paid on a C$25 in effect starting on 1/31/24 to but excluding 1/31/29. 

Dividends: Non-cumulative and paid quarterly

Last Reset: 1/31/24 at a 2.37% spread to the 5 year Canadian government bond as of 1/2/24. January 2, 2024 - Power Financial Announces Dividend Rates on Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series T, and Non-Cumulative Floating Rate First Preferred Shares 

When a Canadian reset equity preferred stock resets its coupon for five years at a relatively low rate, as this one did in January 2024, the price will likely decline in response to a non-temporary and persistent rise in interest rates. 

My experience so far in trading them is that a buying opportunity may arise when the price has not yet adjusted to a likely higher coupon reset soon to occur (<1YR) or has declined so much that the dividend yield at the current coupon becomes attractive for a longer term hold.  

Previous Sell Discussions: Item # 2. Pared PWFPRT:CA -Sold 100 at C$19.41 (12/30/23 Post)(profit snapshot: C$535.50)

2017 Trade: +C$190.5

Item # 4 Sold 100 PWFPRT:CA at C$21.41 (1/18/2017 Post) 

Taxation: Canada will withhold a 15% tax for dividends paid into a U.S. citizens taxable account which is where I own the Canadian reset equity preferred stocks. 

Foreign Tax: Credit or Deduction? | Charles Schwab

Goal: As with all Canadian preferred stocks, the goal consists of both income generation and trading gains. I want to earn more on my long term CAD position than I would by leaving the cash idle. 

PWF.PRT:CA Realized Gains = +C$1,180.

3. Small Ball Sells: 

A. Eliminated GDV - Sold 30 at $25.22: 

Quote: Gabelli Dividend & Income Trust Overview - Leveraged Stock CEF

Proceeds: $756.57

GDV SEC Filings

Sponsor's website:  GDV

GDV Page at Morningstar (currently rated 1 star)

GDV Portfolio | Morningstar (lists top 24 holdings)

Last Discussed: Item # 4.C. Pared GDV - Sold 5 at $24 (1/15/25 Post)(profit snapshot = $16.36) 

Last Buy Discussion: Item # 2.J. Added to GDV - Bought 2 at $20.43; 5 at $19.97 (5/27/2023 Post)

Profit Snapshot:  $181.73  (1/29/25 sale only) 

Dividend: Monthly at $.14 per share ($1.68 annually), last raised from $.11 effective for the January 2025 payment.  Over the past 12 months, there has been no ROC sourcing for the dividend. The dividend is partially supported by capital gains. 

Last Ex Dividend: 1/16/25  

Next Ex Dividend: 2/13/25

Data Date of 1/29/25 Trade: 

Closing Net Asset Value per share: $28.73 

Closing Market Price: $25.06

Discount: -12.77%

Average 3 Year Discount: -14.39%

Sourced:  GDV - CEF Connect 

B. Eliminated FSCO - Sold 55 at $6.81: 

Quote: FS Credit Opportunities Corp. Overview - Leveraged CEF 

Proceeds: 374.53 

SEC Filings 

SEC Filing - Portfolio as of 9/30/24 

Investment Category: CEF Monthly Income Generation 

Investments by Type as of 9/30/24: 

Floating Rates: 63% as of 9/30/24

Sponsor's website: FSCO-FS Investments

FSCO SEC Filings

Profit Snapshot: $57.18

Last Discussed: Item # 2.D. Eliminated Duplicate Position in FSCO  -Sold 20 at $6.78 (12/12/24 Post) 

Last Buy Discussions: Item # 1.B. Added to FSCO - Bought 5 at $5.67; (3/1/24 Post); Item # 2.E. Started FSCO - Bought 50 at $5.78  (2/2/24 Post)

Data Date of 1/29/25 Trade: 

Closing Net Asset Value per share: $7.15

Closing Market Price: $6.82

Discount: -4.62%

Sourced: FSCO - CEF Connect 

Dividend: Monthly at $.0645 per share, last raised from $.06 effective for the January 2025 dividend. 

FSCO Dividend History | Nasdaq

Last Ex Dividend: 1/24/25 (owned as of) 

C. Eliminated BRKL - Sold 23 at $12.45: 

Quote: Brookline Bancorp (BKRL) - Bank Holding Company 

Proceeds: $286.54 

Investment Category: Regional Bank Basket Strategy

Profit Snapshot: $95.39

Last Discussed: Item # 2.E.  Bought 5 BRKL at $8.24 (6/28/24 Post) 

Last Sell Discussion: Item # 3.F. Pared BKRL - Sold 13+ at $10.16 (1/20/24 Post)

Dividend: Quarterly at $.135 per share, last raised from $.125 effective for the 2022 second quarter. The quarterly dividend was at $.085 in the 2015 first quarter. 

BRKL Dividend History | Seeking Alpha

Next Ex Dividend: 2/14/25

Last Earnings Report (Q/E 12/31/24): Investors responded positively to this report. I had no trouble containing my excitement. 

SEC Filed Press Release 

Comparisons are to the 2023 4th quarter.  

E.P.S. $.20, down from $.26

NIM: 3.12%, down from 3.15% 

Efficiency Ratio: 69.58% (too high IMO), up from 64.44% (going in the wrong direction)

ROE: 5.69% (unsatisfactory IMO)

Charge off ratio: .3%, unchanged

NPA Ratio: .59%, up from .4%

Tangible Book Value per share: $10.82, up from $10.5

D. Pared WMB Again - Sold 5 at $55.55 - Schwab Account: 

Quote: Williams Cos. (WMB) - Energy Infrastructure

Proceeds: $277.74

Homepage | Williams Companies

Williams Companies, Inc - Investor Relations

WMB SEC Filings

10-Q for the Q/E 9/30/24

Last Discussed: Item # 4.D. Sold 5 WMB at $58.08 (1/15/25 Post)(profit snapshot = $170.3) 

Last Buy Discussion: 

Profit Snapshot: $160.73

New Average Cost per share: $23.24 (55+ shares) 

Dividend: Quarterly at $.50 per share, last raised from $.475 effective for the 2025 first quarter payment. Williams Increases Quarterly Cash Dividend by 5.3% (1/28/25)

WMB Stock Dividend History & Date | Seeking Alpha  

Yield at $23.24: 8.6059%

Next Ex Dividend: 3/14/25

Last Earnings Report (Q/E 9/30/24): I discussed that report here: Item # 4.A. Pared WMB Again- Sold 5 at $55.58 (11/14/24 Post)(profit snapshot = $158.39); SEC Filed Press Release

The 2024 4th quarter report will be released on 2/12. 

WMB Realized Gains to Date (taxable accounts only): +$1,803.77

Other Sell Discussions: Item # 6.C. Pared WMB - Sold 5 at $56.69 (1/9/25 Post)(profit snapshot = $163.25); Item # 4.D. Sold 5 WMB at $52.28  (10/24/24 Post)(profit snapshot = $141.2); Item # 3.C. Pared WMB Again - Sold 5 at $50.3; 5 at $51.31 (10/16/24 Post)(profit snapshots = $267.84); Item # 2.A. Pared WMB - Sold 5 at $47.32; 5 at $49.33 (10/10/24 Post)(profit snapshots = $251.11); Item # 1.B. Sold 5 WMB at $45.29 (9/5/24 Post)(profit snapshot = $106.34); Item # 3.C. Pared WMB - Sold 4 at $40.27 (5/17/24 Post)(profit snapshot = $65.02); Item # 1.A. Pared WMB - Sold 10 at $36.12 (1/12/2024 Post)(profit snapshot = $127.61); Item # 6.A. Eliminated WMB Duplicate Positions - Sold 10+ at $35.23; 5 at $35.33 (8/12/23 Post)(profit snapshot = $190.8)

Owned WMB SU Bonds: 6

4 of the 4% SU Maturing on 9/15/25- FINRA Page 

2 of the  3.7% SU Maturing on 6/15/27 - FINRA Page 

I will likely increase the total to 10. 

I owned 6 that matured on 1/15/25: 

E. Pared WHR - Sold 3 at $132.5 - Fidelity Account: 

Quote: Whirlpool Corp.  (WHR)

Proceeds: $397.48

I mentioned in a comment published on 1/31/25 that WHR reported earnings one day after I sold the 3 shares. 

WHR has a recent history of disappointing earnings and/or future guidance so I elected to sell 3 out of 8 remaining shares prior to the earnings release. 

While the reported results for the 4th quarter beat the consensus estimate, the 2025 guidance was significantly below what had been forecasted by the analysts. The stock tanked on 1/30/25, closing at $108.39, down $21.39 or -16.48%.  WHR Historical Prices & Data - Yahoo Finance

WHR Analyst Estimates | MarketWatch

Last Discussed: Item # 4.B. Eliminated Duplicate WHR Position - Sold 3 at $120.1 - Schwab Account   (1/15/25 Post)(profit snapshot = $85.12, discussed the 2024 third quarter report, SEC Filed Earnings Press Release); Item # 2.G. Sold 1 WHR at $126.01 - Fidelity (12/12/24 Post)(profit snapshot = $49.28) 

Profit Snapshot: $124.67 

New Average cost per share: $87.22 (5 shares)

Snapshot Intraday on 1/29/25 after pare

Dividend: Quarterly at $1.75 per share ($7 annually)

WHR  Dividend History

Yield at $87.22: 8.03%

Last Ex Dividend: 11/15/24

Last Earnings Report (Q/E 12/31/24): SEC Filed Press Release 

GAAP E.P.S. ($7.1) includes an impairment charge related to the Maytag brand. 

Non-GAAP E.P.S. (ongoing operations): $4.57, up from $3.85

Consensus non-GAAP at $4.34

Net Revenues: $4.136B (down due to divestiture of European business, as previously discussed) The revenue number was below the consensus estimate. 

Organic Net Sales at +1.9%

Free Cash Flow = $385M

Intends to reduce stake in Whirlpool India from 51% to 20% during 2025

Whirlpool of India's shares plunge as parent plans to halve stake | Reuters

Intends to reduce debt this year by $700M

The stock. fell in response to lowered 2025 guidance: 

Guides GAAP E.P.S. to about $8.75 and non-GAAP to $10.  The consensus was for $11.59. 

Purchase Restriction: The next purchase has to be at the lowest price in the chain which is currently at $84.3. 

F. Pared AIO - Sold 5 at $24.6; 5 at $25: 

Quote: Virtus Artificial Intelligence & Technology Opportunities Fund Overview - A Balanced CEF

Proceeds: $248

The fund owns common stocks, convertible securities and junk rated bonds. 

Last Discussed:  Item # 1.I. Pared AIO - Sold 5 at $24.7 (12/5/24 Post)(profit snapshot = $44.18); Item # 2.K. Sold 4+ AIO at $22.54 (11/27/24 Post)(profit snapshot = $32.15) 

AIO SEC Filings

SEC Filing - Holdings as of 10/31/24 

Virtus Artificial Intelligence &amp; Technology Opportunities Fund - SEC Filed Semiannual Report for the period ending 7/31/24

Profit Snapshot: $91.16

New Average cost per share: $15.03 (30 shares)

Snapshot Intraday on 1/20/25 after last pare

Dividend: Monthly at $.15 per share ($1.8 annually)

AIO Stock Dividend History & Date

Yield at $15.03: 11.98%

Last Ex Dividend: 1/13/25

Next Ex Dividend: 2/13/25

Data Date of 1/30/25 Trade: 

Closing Net Asset value per share: $23.58

Closing Market Price: $24.98

Premium: +5.94%

Average 3 Year Discount: -8.49%

Sourced: AIO - CEF Connect (notes leverage at 13.2% as of 1/30/25)

Last Buy Discussions: Item # 2.C. Added to AIO - Bought 5 at $15.85; 5 at $15.63; 5 at $15.15 (10/28/23 Post); Item # 2.E. Added to AIO - Bought 3 at $16.37 (10/14/23 Post); Item # 5.B. Bought 5 AIO at $15.7 (10/25/22 Post)

Other Sell Discussions: Item # 2.F. Sold 8+ AIO at $19.66 (3/15/24)(profit snapshot = $22.87); Item #2.F. Pared AIO - Sold 15 at $19.7 (2/15/24 Post)(profit snapshot = $14.18)

Goal: Any total return prior to any ROC adjustments to the tax cost post in excess of the dividend payments. 

G. Pared Duplicate Position in BBDC - Sold 6+ at $9.97 (Fidelity Account): 

Quote: Barings BDC Inc. (BBDC) 

Proceeds: $67.22

I sold all shares purchased with the quarterly dividends. 

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

Profit Snapshot: $10.74

New Average cost per share: $8.38 (41 shares)

Snapshot Intraday on 1/28/25 after pare

Dividend: Quarterly at $.26 per share ($1.04 annually), last raised from $.25 effective for the 2023 third quarter payment. 

BBDC Stock Dividend History & Date

Yield at $8.38 AC = 12.41%

Last Ex Dividend: 12/4/24

Last Earnings Report (9/30/24): I discussed that report here: Item #2.F. Pared Duplicated BBCE  Position - Sold 13+ at $10- Fidelity Account(1/27/24 Post)(profit snapshot = $4.19); SEC Filed Press Release and 10-Q.

Net Investment Income per share: $.29

Quarterly Dividend per share: $.26

H. Pared Duplicate Position in BBDC in Schwab Account - Sold 5 at $10.05+: 

See Item #3.D. above. 

Proceeds: $50.28

Profit Snapshot: $6.25

New AC per share this account: $8.33 (38+ shares)

The AC was reduced from $8.38. 

Yield at $8.33: 12.485%

I. Pared SLRC - Sold 8 Shares at $16.75: 

Quote: SLR Investment Corp. (SLRC) - Externally Managed BDC

Proceeds: $134

I sold my highest cost lots using the specific identification method. 

Last Buy Discussions: Item # 1.A. Added 5 SLRC at $14.96 (3/8/24 Post); Item # 1.D. Added to SLRC - Bought 3 at $14.94 (11/25/23 Post); Item # 1.B. Added to SLRC  - Bought 3 at $14.29 (7/8/23 Post); Item # 2.H. Added to SLRC - Bought 3 at $14.39 (6/17/23 Post); Item #4.H. Added to SLRC in Fidelity Taxable Account - Bought 1  $13.38; 4 at $12.53; 3 at $12.34 (10/11/22 Post)

2023 SEC Filed Annual Report (Summary of risk factors starts at page 31 and ends at page 71)

Profit Snapshot: $14.16

New Average cost per share: $14.04 (50 shares)

Snapshot Intraday on 1/28/25 after pare

 Dividend: Quarterly at $.41 per share 

SLRC Dividend History & Date | Seeking Alpha 

Yield at $14.04 AC = 11.68%

Last Ex Dividend: 12/13/24

Last Earnings Report (Q/E 9/30/24): I discussed that report here: Item # 1. Pared SLRC - Sold 85 Shares at $16.35 (11/27/24 Post)(profit snapshot $21.24); SEC Filed Earnings Press Release

It is important to check each quarter whether the net investment income covers the dividend. If there is a persistent failure to cover, then a dividend cut may occur unless there is sufficient spillover income (income earned and not distributed) to make up the difference. 

NII per share for the Q/E 9/30/24:  $.45

Dividend per share: $.41

Other Sell Discussion: Item # 2.E. Eliminated SLRC in Two Taxable Accounts - Sold  37+ at $15.79 and 30 at $15.79 (3/11/23 Post)

SLRC Realized Gains to Date: $238.74

Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments.  

J. Pared FSK in Schwab Account - Sold 9 at $23.12: 

Quote: FS KKR Capital Corp. (FSK) - Externally Managed BDC 

Proceeds: $145.54

I sold my highest cost lots using the specific identification method. 

FSK SEC Filings

10-Q for the Q/E 9/30/24 A summary of investments starts at page 5. 

Last Buy Discussion: Item # 4.E. Added to FSK - Bought 5 at $18.66 (6/24/23 Post)  

Profit Snapshot: $48.06

New Average cost per share this account: $15.83 (30+ shares)

Snapshot Intraday on 1/31/25, Day after Pare

Dividend: Quarterly at $.64 per share ($2.56 annually)

FSK Stock Dividend History & Date

Special Dividends: $.34 per share paid in 2024, see previous link for details. 

Yield at $15.83 AC = 16.17% (regular dividend only)

Last Ex Dividend: 12/4/24 

Last Earnings Report (Q/E 9/30/24): I discussed that report here: Item # 1.M. Pared FSK - Sold 25 at $21.57 - Fidelity Account (11/27/24 Post)(profit snapshot = $49.24); SEC Filed Earnings Press Release

Goal: Any total return in excess of the dividend payments. 

Other Recent Sell Discussions: Item # 6.A. Pared FSK in Fidelity Account - Sold 4 at $21.97 and Item #6.B. Pared FSK in Schwab Account - Sold 8 at $22 (1/9/25 Post)(profit snapshots = $84.84); Item # 5.A. Pared FSK in Schwab Account -Sold 10 at $21.45 and Item #5.B. Pared FSK in Fidelity Account - Sold 6 at $21.44 (12/19/24 Post)(profit snapshots = $34.72). 

K. Pared COLB in Fidelity Account - Sold 6+ at $28.14: 

Quote: Columbia Banking System Inc. (COLB) - Bank Holding Company

I sold all of the shares purchased with dividends in this account. I had already turned off dividend reinvestment. Profitably selling shares purchased with dividends is part of my risk mitigation strategy and will most of the time lower my average cost per share. At my age, I have zero interest in the compounding effect.  

Proceeds: $187.36

COLB is a bank holding company that is the parent of Umpqua Bank with locations in Arizona, California, Colorado, Idaho, Oregon, Nevada Utah and Washington.  

COLB Analyst Estimates | MarketWatch

COLB SEC Filings

Investment Category: Regional Bank Basket Strategy

Last Buy Discussions: Item # 1.J. Added to COLB - Bought 2 at $19.81  (6/3/23 Post); Item # 1.J. Added to COLB - Bought 2 at $19.81  (6/3/23 Post); Item # 2.K. Added 1 COLB at $20.31 (5/27/23 Post)

Last Discussed: Item # 1.F. Sold Highest Cost 10+ COLB Shares at $32.7  (12/5/24 Post)(profit snapshot = $43.05); Item # 3.B. Sold 12+ COLB at $31.73 - Fidelity Account (11/21/24 Post)(profit snapshot = $24.5)

Profit Snapshot: +$44.84 

New average cost per share this account: $21.12 (30 shares)

Snapshot Intraday on 1/30/25 after pare

Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.30 effective for the 2023 second quarter payment. 

COLB Dividend History | Nasdaq

Yield at $21.12 AC per share: 6.82%

Last Earnings Report (Q/E 12/31/24): 

Comparisons are to the 2023 4th quarter.

E.P.S. $.68, up from $.45

Non-GAAP E.P.S. $.71, up from $.46

NIM 3.64%, down from 3.78%

Operating Efficiency Ratio: 52.41%, down from 57.31%

2024 Diluted E.P.S. $2.55, up from $1.78

ROTE: 15.41%, up from 12.19%

NPL Ratio: .44%, up from .3%

NPA Ratio: .33%, up from .22% 

Charge off ratio: .27%

Average loan to deposit ratio: 89.77%

L. Eliminated FLCA - Sold 5 at $37.69:

Quote: Franklin Canada ETF Overview 

Proceeds: $188.44

Profit Snapshot: $27.19

Last Discussed: Item # 3.C. Bought 5 FLCA at $32.25 (12/23/23 Post) 

Sponsor's website: Franklin FTSE Canada ETF - FLCA

Expense ratio: .09%

I prefer buying the foreign country stock ETF offered by Franklin since they have the lowest expense ratios.  A comparable ETF, iShares MSCI Canada ETF (EWC), has a .5% expense ratio. 

Top 10 Holdings: 

In taxable accounts, I currently have positions in Enbridge, Canadian Natural Resources and the Bank of Nova Scotia.  

Dividends: Paid semiannually

I sold simply to reduce my Canadian stock position in advance of Trump imposing tariffs on Canadian exports to the U.S. 

M. Eliminated TPVG - Sold 20 at $8.07 and 10 at $8: 

Quote: TriplePoint Venture Growth BDC  (TPVG) - Externally Managed BDC

Proceeds: $241.91

While TPVG started out as a public company with positive results, which allowed me to generate realized gains as summarized below, more recent performance can charitably be described as pathetic.

The company has morphed over the past year or so into what I call deservedly hated BDCs based an acceleration of bad loans which I have summarized in prior posts.  

TPVG was doing fine before it raised a lot capital issuing stock and incurring more debt. That led to a long series of poor loan decisions which resulted in significant incineration of assets and a persistently declining net asset value per share as shown below. 

The external manager is paid a base management fee on total assets including assets purchased with debt so there is an incentive to issue more shares and incur more debt. 

One consequence of that recent poor performance is the cost of issuing debt has risen. I noted that TPVG recently sold a 3 year SU bond with an 8.11% yield. 

While the bond has an investment grade rating, the yield of 8.11% for a 3 year SU note indicates that the Bond Ghouls regard TPVG as having a junk credit risk. TriplePoint Venture Growth BDC Corp. Enters into Note Purchase Agreement for Issuance of 3-Year Investment Grade Notes (1/29/25). After reading that press release, I decided to eliminate my stock position. Higher interest rates on borrowed money will squeeze net investment income even more.  

Profit Snapshot: $29.86

Last Discussed: Item # 3.B. Added to TPVG - Bought 5 at $6.8 (10/10/24 Post); Item # 1.D. Restarted the Deservedly Hated BDC TPVG - Bought 10 at $7.52; 5 at $7.14 (9/19/24 Post) 

Net Asset Value per share history: Pathetic starting in 2022. 

9/30/24:   $9.1 (too early IMO to say that it has stabilized at this level)

6/30/24:   $8.83 10-Q for the Q/E 6/30/24

12/31/23:   $9.21

6/30/23:   $10.7

12/31/22:  $11.88

12/31/21:   $14.01

9/30/21:    $13.92

12/31/20:  $12.97

6/30/20:   $13.17

3/31/20:   $12.85

12/31/19:  $13.34

9/30/19:   $13.47
12/31/18:  $13.50  
9/30/18:   $13.59
12/31/17:  $13.25
9/30/17:   $13.39 
9/30/16:   $13.44
9/30/15:   $14.52 

IPO in March 2014 at $15

Dividend: Quarterly at $.30 per share, cut from $.40 effective for the 2024 3rd quarter payment. 

TPVG Dividend History | Nasdaq

The dividend had to be slashed given the lower net investment income caused by loans going on nonaccrual status and the number of loans that had been sold at steep losses.   

Dividend Yield at $8 and $1.2 Annual Payment: 15%

This dividend yield signals IMO a consensus opinion among investors that matter to the stock price that the reduced dividend rate will have to be cut again. That forecast may or not be proved to be prescient but it is factually based on recent performance. 

Last Ex Dividend: 12/13/24 (owned as of)

Last Earnings Report (Q/E 9/30/24):  

TriplePoint Venture Growth BDC Corp. Announces Third Quarter 2024 Financial Results

NII per share: $.35, down from $.54 in the 2023 third quarter. 

The company announced that it would be waiving the external manager's incentive fee under certain conditions. The waiver starts on 3/31/25 and ends of 12/31/25. My question is why the external manager is being paid any incentive fee in addition to the base management fee paid on total assets.  

Estimated spillover income: $1.03 per share

Net Realized Loss on Investments (1/1/24-9/30/24): $32.913M 

Sell Discussions: Item # 2.A. Eliminated TPVG in all Taxable Accounts - Sold 38+ at $10.76; 11 at $10.8; 29 at $10.88 (8/26/23 Post)(profi snapshots = $177.68); Item # 2.J. Pared TPVG in Fidelity Taxable Account- Sold 5 at $16.95;5 at $18.83 and Item #2.K. Pared TPVG in Vanguard Account - Sold 3 at $17.62 (11/26/21 Post)(profit snapshots = $84.38 and $30.46); Item #3.R. Finished Selling Fractional Shares Bought with Dividends-Fidelity Account  (6/4/21 Post)(profit  =$2.01); Item # 1.L. Sold 5 TPVG at $15.67 in Schwab Taxable and Item #1.M. Sold 11 TPVG at $15.67-highest cost shares in Fidelity Taxable (5/16/21 Post)(profit snapshots  = $74.43); Item # 1.R. Pared TPVG in Fidelity Account-Sold 5 at $15.35 (4/9/21 Post)(profit snapshot = $20.74); Item # 1.C. Pared TPVG-Sold 4 at $14.85 (4/1/21 Post)(profit snapshot = $13.71); Item # 3.K. Pared-Sold 9 at $13.13-Lots Bought with Dividend (1/30/21 Post)(profit snapshot = $26.95); Item #1.L. Pared TPVG in Vanguard Taxable Account-Sold 10 at $12.41 (8/22/20 Post)(profit snapshot = $17.1; contains snapshots of prior round-trip trade profits); Item # 2.L. Pared TPVG in Vanguard Taxable Account-Sold 10 at $12.6 (8/15/20 Post)(profit snapshot $9.99); Item # 1.J. Eliminated TPVG in Schwab Taxable Account-Sold 30 at $10.58 (8/8/20 Post)(profit snapshot = $94.3); Item # 2.A. Pared TPVG-Sold 14 shares at $15.61-Used Commission Free Trade (9/1/2019 Post)(profit = $46.33); Item # 2.A. Sold 74+ TPVG at $14.87 (7/20/19 Post)(profit snapshot= $246.43 - largest gain single transaction); Item # 4.C. Eliminated  TPVG in Roth IRA Account (4/17/19 Post)(profit snapshot = $88.87); Item # 3.B.(4/14/19 Post)(profit = $71.76); Item 3.A. Sold 40 TPVG at $13.44-Schwab Account and Item #3B Sold 50 TPVG at $13.39 Vanguard Roth  IRA (3/13/19 Post)(profit snapshots of $4.17 and $4.49 ); Item 2.B. Sold 50 TPVG at $13.39 (3/4/2017 Post)(profit snapshot = $153.08); Item # 3 Sold 50 TPVG at $12.33 (1/16/17 Post)(profit snapshot = $83.48)  

TPVG Realized Gains to Date: $1,323.99

Current Position: None in taxable accounts. I own 4+ shares in a RI account where all of the shares remaining were purchased with dividends.  

Goal: Any total return prior to any ROC adjustments in excess of the dividends paid.  

I have zero confidence in TPVG's external management company. I see no rational reason to trust their loan valuation marks for reasons discussed in prior posts, nor do I have a factual basis for believing that the worst is over.  

TriplePoint Venture Growth BDC Corp. Announces Retirement of Chief Financial Officer (6/14/24)

I will gamble small amounts on BDC stocks that I have classified as deservedly hated, so it is at least theoretically possible that I may buy back a few TPVG shares at less than $7.   

N. Eliminated Duplicate Position in NBXG - Sold 10 at $13.05: 

Quote: Neuberger Berman Next Generation Connectivity Fund Inc. Overview - A Stock CEF

Proceeds: $135

NBXG SEC Filings

SEC Filing Portfolio Holdings as of 7/31/24

SEC Filed Semiannual Report for the period ending 4/30/24

NBXG Page at Morningstar The fund is currently rated at 2 stars.  That is based on the -41.36% total return in 2022 when the technology sector experienced a correction with many stocks falling into a bear market. 

NBXG Portfolio | Morningstar (lists top 23 holdings, may be reviewed by non-subscribers)

Profit Snapshot: $10.5

Last Discussed: Item # 3.B. Bought 10 NBXG at  $12.75 (10/3/24 Post) 

Dividend: Monthly at $.10 per share

NBXG Dividend History & Date | Seeking Alpha

The dividend has been supported by return of capital rather than earned income. 

Last Ex Dividend: 1/15/25

Date Date of 1/31/25 Trade: 

Closing Net Asset Value per share: $15.36

Closing Market Price: $13.43

Discount: -12.57%

Average 3 Year Discount: -16.48% 

Sourced: NBXG Neuberger - CEF Connect 

O. Pared THQ - Sold 5 at $21.34: 

Quote: Tekla Healthcare Opportunities Fund Overview - A Leverage Balanced CEF that invests in the healthcare sector. 

Proceeds: $106.7

This CEF will own common stocks, convertible securities, and bonds. The fund will also write call options. 

SEC Filed  Annual Report for the period ending 9/30/24 At page 15, note that the fund classified $.80 of the total annual dividend as return of capital, $.55 sourced from realized gains and $.54 from net investment income.  

Leveraged: Yes, see page 25 of the Annual Report linked above. 

Sponsor's website: abrdn Healthcare Opportunities Fund

THQ SEC Filings

Tekla Healthcare Opportunities (THQ)-Morningstar (currently rated 4 stars)

Tekla Healthcare Opportunities (THQ) Portfolio | Morningstar Lists top 24 holdings. 

Profit Snapshot: +18.41 

Last Discussed: Item # 2. Eliminated Duplicate Position in THQ - Sold 69+ at $18.87 (1/20/24 Post) 

Last Buy Discussion: Item # 2.A. Added to THQ in Schwab Account  - Bought 5 at $16.14; 10 at  $15.95; 5 at $15.6 (10/28/23 Post) 

New average cost per share: $14.58 (25+ shares)

Snapshot Intraday on 1/31/25 after pare 

Dividend: Monthly at $.18 per share ($2.16 annually)

THQ Stock Dividend History & Date | Seeking Alpha

Most of the dividend has been classified as return of capital over the past year. Click the "Distribution" tab at THQ - CEF Connect. 

Yield at New AC = 14.81%

Last Ex Dividend: 1/24/25

Data Date of 1/31/25 Trade: 

Closing Net Asset value per share: $21.1

Closing Market Price: $21.08

Discount: .09%

Average 3 Year Discount: -8.91%

Sourced: THQ - CEF Connect 

Some Other Sell Discussions: Item # 1.H. Pared THQ in Fidelity Account - Sold 10 at $17.55 and 10 at $17.9 - Highest Cost Lots (5/23/20 Post)(profit snapshot = $23.34); Item # 1.B. Sold Remaining THQ-61+ Shares at $17.5 (9/1/19 Post)(profit snapshot = $60.49); Item # 2.A. Sold 53 THQ at $17.98(7/31/19 Post)(profit snapshot = $44.81); Item # 5 Sold 100 THQ at $17.59-Used Commission Free Trade(7/7/19 Post)(profit snapshot = $79.88 and contains 2017 profit snapshots =$555.56); Item # 2.C. Sold  232+ THQ at 17.59 (7/3/17 Post); Item # 2.D. Sold 118+ THQ at $18.7 in a Roth IRA Account (7/3/17 Post;); Item # 3. Sold 160+ THQ at $17.41 (6/5/17 Post)

THQ Realized Gains to Date: $916.94, part of that gain resulted from ROC sourced dividends lowering my tax cost basis. 

P. Pared PBA - Sold 2 at $36.17: 

Quote: Pembina Pipeline Corp. (PBA ) - Energy Infrastructure company based in Canada with U.S. operations. 

Proceeds: $72.34

"Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business." 

PBA Analyst Estimates | MarketWatch

Investor Presentation January 2025.pdf Pages 68 have maps of PBA's facilities.  

PBA Investor Relations 

Profit Snapshot: $12.02

New Average Cost per share: US$29.99

Snapshot Intraday on 1/31/25 after pare

Dividend: Quarterly at C$.69 per share, last raised from C$.6675 effective for the 2024 second quarter payment. Stock & Dividend

Prior to 2023, the dividend was paid monthly. 

For U.S. citizens, Canada will withhold a 15% tax when the dividend is paid into a non-retirement account. I also own PBA in two Roth IRA accounts and no Canadian tax is withheld for dividends paid into those retirement accounts per the current U.S. - Canada Tax Treaty.  

Dividend Yield: The yield will fluctuate based on the CAD/USD conversion rate.  An increase in the CAD's value against the USD results in a dividend increase even when there is no change in the dividend. Conversely, a decrease has the same effect as a dividend cut. 

2024 Dividends In USDs (4 quarterly payments): $1.99 rounded up from $1.9878 

Sourced: PBA Dividend History & Date | Seeking Alpha

Yield Using US$29.99 AC and 2024 Annual Dividend of US$1.99 = 6.63%

Last Ex Dividend: 12/16/24

Last Discussed: Item # 2.D. Eliminated Duplicate PBA Position - Sold 14 at US$$31.34 (9/9/23 Post)(profit snapshot = $246.88)

Last Buy Discussion: Item # 2.A. Bought 20 PBA in Schwab Taxable Account at $30,16 (1/13/22 Post) 

Last Earnings Report (Q/E 9/30/24): SEC Filed Press Release 

All numbers are in Canadian Dollars. 

Revenue: $1.844B

E.P.S. $.60

Adjusted cash flow per share: $1.23

Adjusted cash flow calculations: 

Other Sell Discussions: Item # 4.F. Pared PBA - Sold 3 at $37.9 (4/21/22 Post)(profit snapshot = $66.54); Item # 2.A. Eliminated PBA in Schwab Taxable-Sold 100 at $32.31 and Item # 2.B. Sold Shares Bought with  Dividends in Fidelity Taxable (5/14/21 Post))(profit snapshots = +$1,044.26 and $6.8); Item # 2 Sold 100 PBA at $38.69 (1/18/20)(profit snapshot = $435.78)= Item # 1 Bought 100 PBA at $34.34 (12/11/19 Post); Item # 5 Sold 100 PBA at 33.19 (10/3/13 Post)(profit snapshot = $383.72)-Item # 3 Bought 100 PBA at $29.22 (2/20/13 Post)

PBA Realized Gains to Date: $2,205.42

I have only traded the USD priced shares. 

Pembina Reset Equity Preferred Stock PPL.PRC:CA: I currently own 300 after recently selling my highest cost 100 shares. Item # 1. Sold 100 PPLPRC:CA at C$22.1 (1/15/25 Post)(profit snapshot = C$436)

4. Small Ball Buys: 

A. Restarted CMCSA - Bought 5 at $32.81: 

The snapshot includes the last elimination at $41.82. 

Quote: Comcast Corp. Cl A (CMCSA) 

Cost: $164.05

2024 SEC Filed Annual Report 

2024 Annual Results Compared to 2023: Diluted E.P.S. at $4.14, up from $3.71

CMCSA Analyst Estimates | MarketWatch

CMCSA SEC Filings

When I purchased this lot, Comcast's stock was having a bad day.

This is a snapshot of the quote shortly after I entered an order: 

On 1/30/25, the day of purchase, the stock closed at $33.25, down $4.11 or 11%. The Stock Jocks were reacting to the 2024 4th quarter earnings report and forward guidance which I discuss below. 

Comcast announced that it will be splitting into two companies. Comcast to spin off cable networks I do not see that adding to the current stock price. 

Cable Networks: 

Last Discussed: Item # 2. Eliminated CMCSA - Sold 20 at $41.82 (10/3/24 Post)(profit snapshot = $70.9) 

Last Buy Discussions: Item # 2.K. Added to CMCSA- Bought 5 at $37.3  (6/20/24 Post); Item # 1.C. Restarted CMCSA - Bought 10 at $38.91; 5 at $37.98 (6/14/24 Post)

Dividend: Quarterly at $.33 per share ($1.32 annually), last raised from $.31 effective for the 2025 second quarter payment. 

CMCSA Dividend History | Nasdaq

Yield at $32.81: 4.02%

Next Ex Dividend: 4/2/25

Last Earnings Report (Q/E 12/31/24):  SEC Filed Press Release 

Revenues: $31.915B

E.P.S. $1.24, adjusted to $.96 

Free Cash Flow: $3.26B

Purchased $2B in stock during the quarter. 

Customer Relationships: This data relating to customer losses explains the negative reaction.

My concern now is the same as when I last liquidated my position. Cable services are becoming too expensive, leading to cord cutting as a long term trend IMO. I pay almost $300 per month now for an expanded cable package and broadband. This amount will continue to increase, likely at a rate significantly in excess of CPI. Notwithstanding that concern, I view the stock as undervalued at my last purchase price.  

Other Sell Discussions: Item # 3.C. Eliminated CMCSA - Sold 25+ at $46.89  (8/19/23 Post)(profit snapshot = $102.85); Item # 3.D. Eliminated CMCSA in Vanguard Taxable Account - Sold 7 at $45.6 (8/5/23 Post)(profit snapshot = $35.56)

My Consider to Sell Price: >$45. 

B. Added to BNL - Bought 15 at $15.75: 

I bought back the 15 shares sold, as reflected in the previous snapshot.

Quote: Broadstone Net Lease Inc. (BNL) 

Cost: $236.18

BNL is an "industrial-focused diversified real estate investment trust ("REIT") that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants"

As of 9/30/24, BNL's portfolio consisted of 773 individual net leased properties.  

Net Lease Definition and Types—Single, Double, Triple

BNL SEC Filings

10-Q for the Q/E 9/30/24. Debt is listed at page 15.

Last Sell Discussions: Item # 2.D. Pared BNL in Schwab Account - Sold 5 at $18,85  (9/26/24 Post)(profit snapshot = $15.66); Item # 1.D. Pared BNL in Schwab Account - Sold 10 at $17.85  (8/2/24 Post)(profit snapshot = $16.38) 

Last Buy Discussions: Item # 2.E. Added to BNL - Bought 5 at $14.57 (4/26/24 Post); Item # 1.I. Added to BNL - Bought 2 at $14.86 (3/1/24 Post)

New Average cost per share: $14.64 (106+ shares)

Snapshot Intraday on 1/30/25 after add

Dividend: Quarterly at $.29 per share ($1.16), last raised from $.285 effective for the 2024 third quarter payment. 

(BNL) Dividend History | Nasdaq

I have changed my dividend option from payment in cash to reinvestment. 

Yield at $14.64: 7.92%

Last Ex Dividend: 12/31/24

Last Earnings Report (Q/E 9/30/24): SEC Filed Earnings Press Release 

Revenues: $108.937M

GAAP E.P.S. $.19

FFO and Core FFO per share: $.37

AFFO per share: $.35

GAAP Net Income to AFFO Reconciliation: 

The two largest adjustments to GAAP are to add back $37.932M in non-cash depreciation and amortization expenses and to deduct $5.309M in non-cash revenues created by the straight line accounting convention.

Occupancy: 99% leased based on rentable square footage. 

5. Corporate Bonds: 

I am now 5 weeks behind in discussing corporate bond purchases. 

I have been limiting my discussion to 5 two bond purchases in each post. 

Until I get caught up, I will discuss purchases of $14,000 in principal amount with the last $4,000 being more recent purchases than the other $10,000 in principal amount.  

I had 28 corporate bonds mature in my Fidelity Account on 2/1/25 and 2 that were redeemed early:

Early Redemption: 

The 2 Cytec bonds were bought on 1/6/23 at a total cost of 96.425, Item # 2.C.  

Three of the bonds had realized discounts of over $95: 

I buy corporate bonds at a discount to par value. The total "profit" for the 28 bonds referenced above was $634.15. Buying at a discount is one way that I shift tax recognition of income into future years. 

YTD, the total realized market discount for bonds that were owned in my Fidelity account is currently at $1,310.82. My best guess at the moment is that the 2025 total will be over $6,000 in realized market discounts. The total in 2024 was $4,473.20. 

For reasons that are not clear to me, a few dollars of the $634.15 total was not classified as a realized market discount on one of the bonds. Except for that token amount, the remainder will be taxed as interest income rather than a capital gain.  

I had 18 corporate bonds mature in my Vanguard and Interactive Brokers accounts on 2/1/25:

IB: $9,000 in principal amount: 

The proceeds for a $2,000 par value bond issued by Canadian Natural Resources which matured on 2/1/25 was not credited until 2/5/25 and was consequently unavailable to make a purchase until then.  

Fidelity is the only broker that I use that credits the proceeds received from corporate bonds on the date paid. I owned that bond in my Fidelity account and was credited with the proceeds on 2/1/25.

 

I do not know why IB has a description that the bonds were called early when all of the bonds matured on 2/1/25. 

Vanguard:  $9,000

RI Account

HCP changed its name to Healthpeak. I owned 6 of those bonds in my Fidelity account.

Two cents of my $138.57 "profit" was classified by Vanguard as a capital gain for the 7 bonds that matured in my taxable account. 

One of the two was this Ventas bond: 

Two of the bonds were owned in my Vanguard Roth IRA account where the income tax classification is irrelevant.  

I am discussing this tax classification since many individual investors probably believe the "profit" is being taxed as a capital gain. 

I have 67 treasury bills maturing in February and 16 additional corporate bonds maturing later this month plus some CDs. 

I will be deploying most of the proceeds into treasury bills, a probable purchase of 5 Tennessee Municipal bonds AA or better rated and maturing in the 2028-2030 time frame, and most of the rest into corporate bonds maturing in 2026-2028. 

A. Bought 2 Sonoco Products 4.45% SU Bonds Maturing on 9/1/26 at a Total Cost of 99.347: 

Issuer: Sonoco Products Co.   (SON) 

SON Analyst Estimates | MarketWatch

SON SEC Filings 

SEC Filed Earnings Report for the F/Q 9/29/24 

Sonoco Completes Acquisition of Eviosys; Sonoco to Acquire Eviosys, Creating The World’s Leading Metal Food Can and Aerosol Packaging Platform (6/24/24) ("approximately $3.9 billion (€3.615 billion) on a cash-free, debt-free basis. Sonoco has committed financing for the entirety of the transaction price.") Cash-free, debt-free basically requires the seller to pay off all existing debt and to keep the cash. 

Sonoco Announces Agreement to Sell Thermoformed and Flexibles Packaging (TFP) Business to TOPPAN Holdings Inc. (12/18/24)($1.8B cash- free, debt-free)

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa3/BBB-

YTM at Total Cost: 4.874%

Current Yield at TC = 4.479%

I now own 4 bonds. 

I had two Sonoco Products bonds mature on 2/1/25. 

B. Bought 2 Kinder Morgan 5% SU Maturing 2/1/29 at a Total Cost of 99.735 - IB Account: 

Issuer: Kinder Morgan Inc.  (KMI) - Energy Infrastructure

I own the common stock and have recently pared my position.

Last KMI Discussion:  Item # 2.A. Pared KMI Again -Sold 10 at $29.77 (1/22/25 Post)(profit snapshot = $157.63) 

KMI SEC Filings

KMI SEC Filed Earnings Press Release for the Q/E 12/31/24 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 5.073%

Current Yield at TC = 5.013%

C. Bought 2 Synchrony Financial 3.7% SU Maturing on 8/4/26 at a Total Cost of 97.966 - Vanguard Account: 

Issuer: Synchrony Financial (SYF) 

SYF Analyst Estimates | MarketWatch

SEC Filings 

SEC Filed Earnings Press Release for the Q/E 12/31/24 (Net earnings of $774M)

Finra Page: Bond Page | FINRA.org

Credit Rating: BBB-

YTM at Total Cost: 5.095%

Current Yield at TC = 3.777%

I own 2 Synchrony SU bonds that mature on 6/13/25 and 2 maturing on 7/23/25. I am extending my exposure to this issuer's senior unsecured debt in advance of the first maturity. 

Last Bond Offering (8/24): Prospectus for 5.935% Fixed-to-Floating Rate SU Maturing in 2030 

D. Bought 2 Southern Gas 3.25% SU Maturing on 6/15/26 at a Total Cost of 98.089 - Vanguard Account: 

Issuer: Wholly owned subsidiary of the utility holding company Southern Co. (SO). The bond was initially issued by AGL that was acquired by Southern.  

SEC Filings 

The earnings results are included in the Southern Company reports and are broken out of consolidated earnings only in the 10-Q filings. 10-Q for the Q/E 9/30/24 at pages 124-134  Earnings will be seasonal. 

Website 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/A- 

YTM at Total Cost = 4.677%  

Current Yield at TC = 3.31%

E. Bought 2 Digital Realty Operating LP 3.7% SU Maturing on 8/15/27 at a Total Cost of 97.354 - Vanguard Account: 

Issuer: Wholly owned operating subsidiary of Digital Realty Trust  (DLR) -  A Data Center REIT 

DLR guarantees the notes: 

Prospectus 

DLR SEC Filings 

DLR 10-Q for the Q/E 9/30/24  SU debt is listed at page 31. 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.81%

Current Yield at TC: 3.8%

Last Bond Offering (12/22): Prospectus for 5.55% SU Maturing in 2028 

F. Bought 2 Camden Property Trust 4.1% SU Maturing on 10/15/28 at a Total Cost of 97.733 - Vanguard Account: 

Issuer: Camden Property Trust (CPT) - An Equity REIT

CPT SEC Filings 

SEC Filed Earnings Press Release for the Q/E 9/30/24 

10-Q for the Q/E 9/30/24  

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A-

Prospectus 

YTM at Total Cost: 4.774% 

Current Yield at TC = 4.193%

On the day of purchase, the common stock closed at $113.71, producing a dividend yield of 3.62%. 

G. Bought 2 Public Service of Colorado 3.7% First Mortgage Bonds Maturing on 6/15/28 at a Total Cost of 96.854: 

Issuer: Wholly owned operating subsidiary of the utility holding company Xcel Energy Inc. (XEL) 

Prospectus 

First Mortgage Lien 

XEL SEC Filings 

XEL 10-Q for the Q/E 9/30/24 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A1/A

YTM at Total Cost: 4.722%

Current Yield at TC = 3.82%

I am replacing 2 of the FM bonds from this issuer that mature on 5/15/25: 

6. Treasury Bills Purchased at Auction: 

The bills were bought in my Fidelity and Schwab accounts. 

A. Bought 15 Treasury Bills at the 2/3/25 Auction - My Schwab and Fidelity Accounts: 

6 month Bill

Matures on 8/7/25

Interest: $315.09

Investment Rate: 4.303%

B. Bought 5 Treasury Bills at the 2/23/25 Auction - My Schwab and Fidelity Accounts: 

3 month bill 

Matures on 5/8/25

Interest: $53.33

Investment Rate: 4.325%

7. U.S. Equity Preferred Stocks: 

A. Eliminated ADCPRA - Sold 10 at $18.06: 

Quote: ADC-PA

Proceeds: $180.64

Issuer: Agree Realty Corp. (ADC)

ADC SEC Filings

Profit Snapshot: $9.68

Last Discussed: Item # 5.A. Bought 10 ADCPRA at $17.1 (5/24/24 Post) 

Prospectus

Par Value: $25 

Coupon: 4.25%

Yield at $17.1 Purchase Price: 6.21%%

Yield at $18.06 Sales Price: 5.88%

I am reducing my exposure to low yielding equity preferred stocks whose dividend yield is less than 3% over the 5 year treasury yield. 

5 Year Treasury Note Yield on 1/30/25: 4.31%

Sourced from Resource Center | U.S. Department of the Treasury

Dividends: Paid quarterly and cumulative

Last Ex Dividend: 5/23/24 (owned as of)

Maturity: None, potentially perpetual 

Issue Optional Redemption: At par value + accrued and unpaid dividend on or after 9/17/26

Stopper Clause: See page S-12 of the Prospectus (prevents ADC from paying a cash common stock dividend and deferring the preferred stock dividend) 

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.