ALEX, ELC, HR, HTBK, MRCC, PEO, RMT, SBSI, SWK, TRST, UMH, WHR, WTBA

FYI: The NASDAQ website has ceased providing dividend histories for non-Nasdaq listed stocks. Prior posts linked that website for dividend payment history which is no longer available. I am now linking Seeking Alpha for that kind of information. 

++

Dollar Values of Purchases Discussed in this Post: 

Stocks/Stock Funds: $1,423.83

(No stock/stock fund sales for W/E 4/18/25)  

Purchases First Mortgage Bonds ($1,000 par values): $7,000 in principal amount

Purchases of Exchange Trade First Mortgage Bonds ($25 PV): $100.5

Purchases of Senior Unsecured Bonds ($1,000 par values): $10,000 in principal amount. 

Purchase of Leveraged Preferred Stock CEF: $82.83

Treasury Bills Purchased at Auction: $10,000 in principal amount 

Total Bonds and Treasury Bills: $27,100.5

+++

Treasury Yield Curve April 2025: 

++

Treasury Bill Purchases at 4/14/25 Auctions -Schwab Account: 

91 Day Bill  

Principal Amount $5,000

Interest: $53.4

Investment Rate: 4.35% 

182 Day Bill

Principal Amount: $5,000

Interest: $102.63

Investment Rate: 4.203%

++++

Unemployment fears hit worst levels since Covid, Fed survey shows

Fear of unemployment jumps to highest level since the pandemic 

Trump tariff deals coming, not recession-Hassett Hassett is Trump's National Economic Council Director. Hassett assured Americans that a U.S. recession in 2025 was impossible, guaranteeing no recession at "100%". 

Fact check: Trump falsely claims grocery prices are down; Donald Trump Says Grocery Prices Going Down: What We Know - Newsweek Based on the last BLS report, grocery prices increased by .5% in March compared to February, both seasonally and non-seasonally adjusted, while egg prices surged 5.9%. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2025 M03 Results 

Auto Tariffs Lead to Major Forecast Downgrades | S&P Global  Based on the republican tariff taxes, S&P revised downward its previous March forecasts for U.S. auto sales, downgrading its 2025 forecast by 700,000 fewer U.S. auto sales, 1.2M fewer sales than previously forecasted in 2026 and 930,000 lower for 2027. The lower forecast is based on the 25% tariff on imports from foreign countries through 2026 before receiving relief. For Canada and Mexico, the forecast is based on a 25% tariff on non-U.S. made parts and materials remaining in effect through 2025, with a reduction to 12.5% in 2026.  

Tariffs will slam car sales and production, analysts say - CBS News

If the forecasts about plunging car sales resulting from the republican tariff taxes proves to be anywhere close to the actual numbers, there will be mass layoffs in the U.S. automobile industry. Will Trump and his servile minions in Congress take responsibility?  

Canadians canceling plans to travel to U.S. over Trump actions - YouTube

China orders its airlines to stop accepting deliveries of Boeing jets, report says - CBS News; China orders airlines to suspend Boeing jet deliveries amid trade war, Bloomberg News reports | Reuters China sent back 3 Boeing 737-8 MAX to Seattle.

U.S. is unable to replace rare earths supply from China, warns CSIS; The Consequences of China’s New Rare Earths Export Restrictions; China cuts exports of vital rare earth minerals as trade war with U.S. intensifies - YouTube; Trump tariff gamble faces test as China halts mineral exports | Fox Business

Trade issues are spilling over to reduce confidence elsewhere: Former Fed President Eric Rosengren - YouTube

Fed Chair Powell gives starkest warning yet on potential economic consequences from tariffs | CNN Business; Speech by Chair Powell on the economic outlook - Federal Reserve Board; Fed's Powell says tariffs could lead to inflation, economic slowdown - CBS News

Temu cuts U.S. ad spend, drops in App Store rank after Trump tariffs

Chip stocks drop as Nvidia, AMD warn of China export control costs

Trump Says US Doesn't Have to Make a Deal With China - YouTube

White House tariff figure for China causes confusion On April 15, Trump released a statement that some imports from China were subject to 245% tariffs. Fact Sheet: President Donald J. Trump Ensures National Security and Economic Resilience Through Section 232 Actions on Processed Critical Minerals and Derivative Products – The White House

Consumers increased their spending in March hoping to beat price increases caused by the republican tariff taxes. Pre-tariffs buying fuels US retail sales; weakness lies ahead | Reuters According to Trump, the U.S. tariff taxes are paid by foreign countries. Fact-checking Trump's claims that tariffs are a "tax on a foreign country" - YouTube

Jeffrey Gundlach on Tariffs and Market Volatility - YouTube

U.S. tariffs will increase prices for U.S. consumers. If Trump is successful in causing companies to replace overseas manufacturing with newly built U.S. factories, the end result will be several thousand new manufacturing jobs and substantial percentage increases in prices for products paid by all consumers, particularly in the low end price ranges (e.g. clothes, shoes, tools). It is an idiotic economic policy.  

Trump Admin Halts New York Offshore Wind Project, Orders Review of All Existing Biden-Era Wind Permits Construction had already started on this project designed to provide clean power to about 500,000 homes. 

Trump claims that there has been "Big Progress" in negotiating a trade deal with Japan. 

Japan's Prime Minister Shigeru Ishiba ruled out big concessions,  but he also stated that Japan would not be imposing retaliatory tariffs on U.S. exports. In 2024, the U.S. exported $79.7B in products and imported $148.2B from Japan. Japan Rules Out Big Trump Concessions, Must Understand 'Emotional' Views - Newsweek

Many years ago, I formed an opinion that no statement made by Trump is worthy of belief.  The evidence supporting that opinion was and continues to be overwhelming. Everything that has happened since I came to that undeniable conclusion has confirmed the validity of the opinion. Trump is the primary source of Fake News in the world today. TrumpWorld is 100% pure Orwellian. 

++++

Internal Trump administration document reveals massive budget cut proposal for federal health agencies 

Trump BLAMES Zelenskyy For Starting War After Palm Sunday Massacre - YouTube

Our Dear Leader wants to deport U.S. citizens to El Salvador's gulag. Trump says he would "love to" send American "homegrown criminals" to foreign prisons - CBS News; Trump calls for deporting some citizens to El Salvador, testing US law | Reuters 

El Salvador's President Bukele says he won't return Kilmar Abrego Garcia to U.S. - CBS News This guy is only doing what our Dear Leader tells him do.  Bukele is keeping Garcia in prison, even though he has not been convicted of any crime in the U.S. or in El Salvador. 

Polling shows growing number of Republicans identify with the MAGA movement 71% of republicans identify themselves as MAGA. That is about the same number who view our Dear Leader - a Messiah Chosen by God - as honest and a role model for their children.  

Trump administration announces freeze in $2.2 billion for Harvard after university rejects request for policy changes | CNN; An ALS researcher at Harvard Medical School lost his funding after the Trump administration’s funding freeze | CNN

Trump has instructed the IRS to rescind Harvard's tax-exempt status for its failure to bend a knee to our Dear Leader's demands and to kiss his ring. Trump threatens Harvard's tax-exempt status after freezing $2bn funding;  IRS making plans to rescind Harvard’s tax-exempt status 

Judge finds probable cause to hold Trump administration in criminal contempt over removals of Venezuelan migrants to El Salvador - CBS News

Federal judge calls Trump's order targeting prominent law firm a 'shocking abuse of power' That is the case without question. It remains to be seen, however, whether any of the 6 Republican Justices will take any action to restrain Trump from flagrantly violating constitutional rights, having already incentivized criminal actions by a President, including criminal actions to stay in power after losing an election, through their immunity ruling. I doubt there are two who will. 

If Democrats regain control over the House after the 2026 election, Trump will be impeached again. He has already committed IMO a number of impeachable offenses and will likely commit far more before the midterm elections. 

However, there will never be enough votes to convict in the Senate, no matter what he does to deserve a conviction and even if there is an ongoing serious recession caused by republican policies and multiple decisions by the Supreme Court, joined in by two of the Republican Justices, that Trump flagrantly and repeatedly violated multiple constitutional rights including the First Amendment, the due process clause of the Fifth Amendment and the Sixth Amendment. 

Unfortunately for the nation, there has never been 5 or 6 Supreme Court Justices so willing to vest Kingly powers in a President and to upend the very reasons for the American Revolution. I do view it as important to quit calling the Republican Justices conservatives.    

Trump now has far less restraints on his authoritarianism than King George III, known as the Mad King, did in the 1780s.  

America’s Mad King - The Atlantic  

The Roman Way to Trash a Republic - The Atlantic   

Trump’s pick to be DC’s top prosecutor failed to report nearly 200 appearances on far-right media outlets to Senate 

Beyond Ivy League, RFK Jr.'s NIH slashed science funding across states that backed Trump - CBS News

Trump funding freeze upends agricultural research at US universities | Reuters; Farmers Hurt by Funding Freeze Sue Trump Administration - Newsweek

In Trump's America, a radical leftist is someone like Judge Wilkinson of the U.S. Court of Appeals for the 4th Circuit who was appointed by President Reagan. Wilkinson believes that the Constitution requires that someone be given Due Process before being seized and deported to a gulag in a foreign country. Conservative judge blasts Trump administration’s ‘shocking’ conduct in Abrego Garcia case - POLITICO  

Excerpt from Wilkinson's opinion: 

+++

1. Sample of Common Stock Small Ball Purchases: 

A. Added to FNLC - Bought 5 at $22.6; 5 at $22.9-Schwab Account: 

Quote: First Bancorp Inc. (FNLC)

Cost $224.45

Investment Category: Regional Bank Basket Strategy

FNLC SEC Filings

SEC Filed 2024 Annual Report

New average cost per share: $24.32 (35 shares)

Snapshot Intraday on 4/14/25 after add

Dividend: Quarterly at $.36 per share ($1.44 annually) 

FNLC Seeking Alpha

Yield at New AC = 5.92%

Last Ex Dividend:  4/8/25 (owned 25 shares as of)

Last Elimination: Item # 3.I. Eliminated FNLC - Sold 10 at $29.56 (11/21/24 Post)(profit snapshot = $95.06) 

Last Discussed: Item # 1.A. Added to FNLC - Bought 5 at $23.21 (4/13/25 Post) I discussed the 2024 4th quarter report in that post. SEC Filed Earnings Press Release I have nothing further to add here. 

B. Restarted MRCC - Bought 5 at $6.96 - Schwab Account: 

Quote: Monroe Capital Corp.  (MRCC) - Externally Managed BDC 

The snapshot includes my last elimination at $8.6.

Cost: $34.79

I classify MRCC as a deservedly hated BDC. 

MRCC SEC Filed Annual Report (Risk factor summary starts at page 34 and ends at page 72) Summary of investments starts at page 95. 

Last Discussed: Item # 1.C. Eliminated MRCC -Sold 30 at $8.6 (2/10/25 Post)(profit snapshot= $44.59); Item # 3.D. Sold 20 MRCC at $8.05 (10/16/24 Post)(profit snapshot = $6.05). 

Last Buy Discussion: Item # 2.G. Added to MRCC - Bought 10 at $7.17 - Schwab Account (12/9/23 Post)

Dividend: Quarterly at $.25 per share, last cut from $.35 effective for the 2020 second quarter payment. 

MRCC Dividend History & Date | Seeking Alpha

Yield at $6.96: 14.368%

Last Ex Dividend: 3/14/25

Net Asset Value Per Share History: Unfavorable

12/31/24:  $8.85

9/30/24:   $9.18

12/31/23:  $9.40

12/31/22:  $10.39

12/31/21:  $11.51 

12/31/20   $11

12/31/19:  $12.2 

12/31/18:  $12.66

12/31/17:  $13.77

12/31/16:  $14.52

12/31/15:  $14.19

12/31/14:  $14.05

12/31/13:  $13.92

Public Offering Price: $15 per share, proceeds to MRCC at $14.72, Monroe Capital Corporation 

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

Net investment Income ("NII") per share = $.28 

Adjusted NII: $.29 

Portfolio Information: 

Company Assessment of Loan Credit Risks: 

Pages 85-85 Annual Report

Company Estimate of NII Impact from interest rate changes: 

Page 110, Annual Report

A decline in short term rates will negatively impact NII since the floating rate coupons reset at lower levels. The uptrend in short term rates staring in 2022 was a positive while the decline starting in September 2024 is a negative.  

C. Added to HTBK - Bought 5 at $8.16 - Schwab Account: 

Quote: Heritage Commerce Corp. (HTBK) 

Cost: $40.8 

HTBK "is the parent company of Heritage Bank of Commerce . . with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek."

Investment Category: Regional Bank Basket Strategy

HTBK Analyst Estimates | MarketWatch

HTBK SEC Filings

HTBK SEC Filed 2024 Annual Report 

Last Buy Discussions: Item # 5.C. Added to HTBK - Bought 10 at $9.68 (2/10/25 Post); Item # 1.H. Added to HTBK in Vanguard Account - Bought 5 at $8.57 - Vanguard Account (12/2/23 Post); Item # 3.B. Added 5 HTBK at $6.9 - Vanguard Account (5/13/23 Post); Item # 2.A. Added 5 HTBK at $7.92 - Vanguard Account (4/22/23 Post)

Last Sell Discussions: Item # 3.C. Eliminated 1 of 2 Duplicate Position in HTBK  - Sold 70 Shares at $10.7 and Item 3.D. Eliminated Remaining Duplicate Position in HTBK - Sold 78+ at $10.55 (11/14/24 Post)(profit snapshots = $220.68); Item # 4.J. Pared Duplicate HTBK Position - Sold 5+ at $10.11 (8/29/24 Post)(profit snapshot = $7.58) 

Average cost per share: $9.04 (52+ shares)

Dividend: Quarterly at $.13 per share ($.52 annually), last raised from $.12 effective for the 2020 first quarter payment. The penny rate was at $.08 in 2015. 

HTBK Stock Dividend History & Date | Seeking Alpha

Yield at New AC per share: 5.75%

Last Ex Dividend: 2/6/25 

Last Earnings Report (Q/E 12/31/24): 

SEC Filed Earnings Press Release 

Comparisons are to the 2023 4th quarter. 

Overall, I had a slight negative reaction to this report based on the E.P.S. Y-O-Y decline, the poor ROE, and the increase in the efficiency ratio. The charge off, nonperforming loans to total loans (NPL), nonperforming assets to total assets (NPA), and coverage ratios are favorable. 

E.P.S. $.17, down from $.22 (major negative)

NIM: 3.34%, down from 3.41% but up from 3.17% in the 2024 third quarter. 

Efficiency Ratio: 65.35%,  up from 57.62% (wrong direction) 

NPL Ratio: .22%, down from .23%

NPA Ratio: .14%, down from .15%

Both the NPL and NPA ratios are good. 

Charge Offs: $262,000 with loans at $3.491+B.  (excellent)

Coverage Ratio: 638.49% (allowance for loan losses to nonperforming loans)

ROE: 6.16%, down from 7.96% (both numbers are far below average and the trend is concerning)

Total Capital Ratio: 15.1%

Tangible Book Value per share: $8.41, up from $8.12

HTBK Realized Gains to Date: $256.05 

D. Added to UMH - Bought 5 $16.82 - Schwab Account: 

Quote: UMH Properties Inc.  (UMH) 

Cost: $84.1

UMH "operates 139 manufactured home communities containing approximately 26,300 developed homesites, including two communities owned through its joint venture in which the Company has a 40% interest. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia."  

"As of December 31, 2024, UMH owned approximately 10,300 rental homes, representing approximately 40% of its developed homesites. The Company engages in the rental of manufactured homes primarily in areas where the communities have existing vacancies. The rental homes produce income from both the home and the site which might otherwise be non-income producing."  

"The community manager sells or leases homes to fill vacant sites, collects rent and finance payments, ensures compliance with community regulations, maintains common areas and community facilities and is responsible for the overall appearance of the community. The homeowner is responsible for the maintenance of the home and leased site. As a result, our capital expenditures tend to be less significant relative to multifamily rental apartments. Manufactured home communities produce predictable income streams and provide protection from inflation due to the ability to annually increase rents." 

SEC Filed 2024 Annual Report at page 4. 

Properties: Occupancy at 87.2%

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

UMH SEC Filings

Last Discussed: Item # 6.C. Started UMH - Bought 10 at $17.57 (8/2/24 Post) 

New Average cost per share: $17.09 (15 shares)

Dividend: Quarterly at $.225 per share ($.9 annually), last raised from $.215 effective for the 2025 second quarter payment. 

UMH Stock Dividend History & Date | Seeking Alpha

Yield at New AC per share: 5.266%

Next Ex Dividend: 5/15/25

Last Earnings Report (Q/E 12/31/24): SEC Filing 

Revenue: $53.259M from rental and related income, $8.614M from sales of manufactured homes.

FFO per share: $.24 

Net Income to FFO Reconciliation: 

2025 Guidance: FFO per share of $.96-$1.04

During 2024, UMH reduced its net debt to market capitalization to 20.8% from 31.3% in 2023. 

During 2024, UMH issued 12.5M common shares under its ATM program. The weighted average price was $17.92 with net proceeds of $220.6M after offering expenses. 

In my last post, I mentioned restarting a position in UMH.PRD: Item # 3.D. Restarted UMHPRD-Bought 10 at $21.26 (4/13/25 Post) During 2024, UMH sold 49,000 of this preferred stock using its ATM program. The weighted average price was $23.03 generating $4.9M of net proceeds.  

E. Restarted WTBA - Bought 5 at $18.4 - Schwab Account: 

Snapshot includes last elimination in this account at $23.85 (11/6/24). 

Quote: West Bancorp Inc.  (WTBA) 

Cost:  $92

WTBA is a bank holding company that owns West Bank that "has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud." 

As of 12/31/24, there were 16,832,632 shares outstanding. At an $18.4 price, the market capitalization using that share count is about $309.72+M. 

Last Elimination: Item # 3.N. Eliminated WTBA - Sold 10 at $23.85 (11/7/24 Post)(profit snapshot = $71.51) I discussed the 2024 third quarter report in that post. 

Last Buy Discussion: Item # 1.D. Restarted WTBA - Bought 10 at $16.7 (7/12/24 Post)

Investment Category: Regional Bank Basket Strategy

WTBA Analyst Estimate  | MarketWatch - 1 analyst 

WTBA SEC Filings

SEC Filed 2024 Annual Report As of January 2025, the bank owns 7 of its full service branch locations (p. 32).  

Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2022 first quarter payment. 

WTBA Stock Dividend History & Date | Seeking Alpha

Yield at $18.4: 5.435%

Last Ex Dividend: 2/5/25

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

Comparisons are to the 2023 4th quarter. 

E.P.S. = $.42, up from $.27  

The improvement in E.P.S. was related to a $2.1M reduction in income tax expense "primarily due to recording an income tax benefit of $1.8 million in the fourth quarter of 2024 for an energy related investment tax credit associated with the construction of the Company’s new headquarters building."  

NIM 1.98%, up from 1.87% (highly unsatisfactory IMO)

Efficiency Ratio: 60.79%, down from 64.66% (positive trend)

NPA Ratio: 0%, down from .01% (Excellent)

Charge offs: Net recovery of $12,000. 

ROE: 12.24%

"In December 2024, the Company sold approximately $11.8 million of securities from the available for sale securities portfolio and realized a net loss of $1.2 million. The proceeds from this sale will be reinvested in the loan portfolio and have an estimated earn back period of approximately 2 years."

2024 E.P.S. = $1.42, down from $1.44 in 2023. 

Other Sell Discussions: Item # 3.E. Eliminated WTBA - Sold 20+ at $20.52  (1/26/24 Post)(profit snapshot = $86.46); Item # 7.A. Eliminated Duplicate Position in WTBA - Sold 25+ at $17.72 (11/11/23 Post)(profit snapshot $49.83); Item 1.K. Eliminated WTBA in Vanguard Account-Sold 5 at $21.4 and 20 at $21.2  (2/6/21 Post)(profit snapshots = $116.92); Item # 2.F. Pared WTBA-Sold .313 at $27.42 (5/28/21 Post); Item # 3.A. Sold 100 WTBA at $23.12 (4/29/17 Post)(profit snapshot = $1,146.24)

Some profitable small trades were not discussed. 

WTBA Realized Gains to Date: $1,532.54

F. Added 5 FPF at $16.57 - Schwab Account: 

Quote: First Trust Intermediate Duration Preferred & Income Fund Overview - A Leveraged CEF

Cost: $82.83

Investment Category: Monthly Income Generation 

This fund owns primarily equity preferred stocks that pay dividends and some exchange traded bonds. These securities will perform poorly when investors have increased concerns about credit risks and when interest rates are rising. The significant price decline starting in April was caused by both.  

I discussed this leveraged CEF in a YouTube video: Closed End Preferred Stock Funds - YouTube 

Sponsor's website: First Trust Intermediate Duration Preferred & Income Fund (FPF)

Last Discussed: Item # 7. Eliminated Duplicate Position in FPF - Sold 83+ at $18.15 (1/22/25 Post)(profit snapshot = $235.99). I mentioned that I would consider eliminating the position held in my Schwab account when and if the price rose to over $19.  

Leveraged: Yes at 34.9% as of 2/28/25 - Fact Sheet.pdf

New Average cost per share: $18.07 (155+ shares)

Dividend: Monthly at $.1375 per share ($1.65 annually)

FPF Stock Dividend History & Date | Seeking Alpha

I am not reinvesting the dividend. 

ROC Supported  2024 Dividends: $.501147

Yield at New AC = 9.13%

Last Ex Dividend: 4/1/25

Data Date of 4/11/25 Trade:

Closing Net Asset Value per share: $18.02

Closing Market Price: $16.68

Discount: -7.44%

Average 3 Year Discount: -8.06%

Sourced:  FPF - CEF Connect (Click "Pricing Information" Tab)

G. Started SWK - Bought 5 at $57.39: 

Quote: Stanley Black & Decker Inc.  (SWK) 

Cost: $286.95

52 Week High: $110.88

% Decline from $110.88 to $57.37 purchase price = 48.26%

This is my first purchase of the common stock. I researched the company in connection with the purchase of a SU bond discussed in Item # 2.H. below. 

The stock met my criteria for current stock purchases that include a reasonable P/E, a dividend yield of over 4%, and a decline of more than 20% from its 52 week.  

SWK Analyst Estimates | MarketWatch

SWK SEC Filings 

SWK SEC Filed 2024 Annual Report 

Business Segments: 

Page 4 Annual Report

I own a number of SWK tools primarily the Black & Decker brands.  

1 Year Chart: Major Bear Market - Ugly Chart

There is a major down gap in the chart occurring in October 2024. When I see something like that, I want to find out what caused it. I suspected before looking that the cause was the third quarter earnings report which was the case.  SEC Filed Earnings Press Release for the 2024 Third Quarter Adjusted E.P.S. was reported at $1.22 versus the consensus at $1.05 according to Schwab, but there was a slight lowering of the top end adjusted E.P.S. guidance for 2024. The S&P analyst referred to the revenue number as "underwhelming" but viewed positively the 290 basis point in adjusted gross margins due to lower supply chain related costs.  

Other useful pieces of information contained in the chart include a signal that whatever ails the company has not been resolved according to the consensus opinion reflected in the stock price continuing to trend down; the prior support near 80 back in July 2024 was breached with heavy volume this month; a double top formation was created in October 2024; and a possible bottom formation may be happening now near $57, though I doubt it will hold based on the negative impacts flowing from the republican tariff taxes discussed below.  

My use of technical analysis is not based on book learning, though I do own 1 book on the subject. The information that I draw from charts is simply based on my experience looking at them for a very long time.   

2024 Divestiture: Stanley Black & Decker Completes Sale of Attachment Tools Business to Epiroc AB ($760M in cash)

Dividend: Quarterly at $.82 per share ($3.28 annually), last raised from $.81 effective for the 2024 third quarter payment.  The rate was at $.52 per share in the second quarter of 2015. 

SWK  Stock Dividend History & Date | Seeking Alpha

Yield at $57.39: 5.715%

Last Ex Dividend: 3/4/25

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

SWK Earnings Call Slides.pdf

Revenues: $3.7B

GAAP E.P.S. = $1.28

Non-GAAP E.P.S. = $1.49

Consensus at $1.27 per Schwab

2025 Guidance: "Excluding new tariffs, the Company's planning assumption is for 2025 E.P.S. to be $4.05 (+/- $.65) on a GAAP basis and $5.25 (+/- $.50) on and adjusted basis and free cash flow of $750 million (+/- $100 million)" (Emphasis added) 

I do not have information sufficient to evaluate the full potential negative impact of tariffs other than to note that the impact will certainly be a negative. The negative impacts will be subject to some mitigation efforts. I am assuming those efforts would include ramping up U.S. production as much as possible, redirecting some products manufactured in China to non-U.S. markets that have no or low tariff regimes, and/or sourcing more imports into the U.S. from factories located in other foreign countries.     

Analyst Reports (available to Schwab customers): 

S&P (2/27/25): 4 stars with a 12 month PT of $105

Argus (3/7/25): Hold when the price was at $86.89, the date of the report. The analyst reduced the 2025 E.P.S. to $4.95 from $5.45 "amid uncertainty about tariffs and the macro environment". The estimate for 2026 was initiated at $6.1.

The analyst noted that $1B of the $6.8B adjusted cost of sales in 2024  were from products manufactured in China with another $1.25B from Mexico. Before the tariff war started, the company claimed that a 10% tariff on imports from China would initially have a $90 to $100 million gross impact that it could mitigate over about 2-3 months to $10-$20M. Revenue was reported at $15.4B in 2024.   

Other analyst actions (reports are unavailable to me): 

On 4/11, Barclays reduced its PT to $70 from $86 and kept its equal weight rating. 

On 4/2/25, Goldman Sachs reduced its PT to $84 from $93 and maintained its neutral rating. 

On 3/27/25, Deutsche Bank reduced its PT to $92 from $94 and maintained its hold rating. 

Purchase Restriction: Each subsequent purchase is limited to 1 to 5 share lots with the purchase price required to be at the lowest price in the chain. Caution is warranted IMO due to the negative impacts that will flow from the republican tariff taxes which will include lower consumer  demand caused by the increases in prices. 

H. Added to ALEX - Bought 3 at $15.9: 

Quote: Alexander & Baldwin Inc.  (U.S.: NYSE) - An Equity REIT

Cost: $47.7

The REIT's property portfolio is focused in Hawaii.. The company owns 21 retail centers, 14 industrial assets, four office properties and over 142 acres of ground leases. The commercial properties have approximately 4 million rentable square feet and had a leased occupancy of 94.6% as of 12/31/24. ALEX 2024 SEC Filed Annual Report at p.1. 

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy  

New Average cost per share: $18.33 (35+ shares)

Dividend: Quarterly at $.225 per share ($.9 annually), last raised from $.2225 effective for the 2024 4th quarter payment.  

ALEX Stock Dividend History & Date | Seeking Alpha

Yield at New AC = 4.91%

Last Ex Dividend: 3/14/25 

Last Earnings Report (Q/E 12/31/24): 

SEC Filed Press Release 

Revenue: $62.454M

GAAP E.P.S. = $.17

FFO per share: $.30

AFFO per share: $.19  

Reconciliation: 

The primary adjustment to FFO was to deduct $7.358M in maintenance expenses. Another downward adjustment is to remove the non-cash revenues created by the straight line accounting convention. AFFO in this calculation is equivalent to funds available for distribution.  (Remember that I have zero training in accounting). 

I. Added to CODI - Bought 3 at $16.72; 5 at $16.57: 

Quote: Compass Diversified Holdings (CODI)

Cost: $133.02

This company resembles a hedge fund that buys small companies, hopefully improves and expands operations and then will consider selling the company for a profit. 

Examples of company purchases and sales: 

Announces Sale of Ergobaby (12/30/24)

Compass Diversified-Backed Altor Solutions Completes Acquisition of Lifoam Industries (10/2/24)

Sale of Crosman Air Gun Business (4/30/24)

Completes Sale of Marucci Sports (11/15/23)("CODI expects to record a pre-tax gain of approximately $225 million to $245 million from the sale")

I recently discussed buying an equity preferred stock issued by this company.  Item # 3.B. Added 5 CODIPRA at $20.3 (4/13/25 Post) 

CODI SEC Filings

CODI SEC Filed 2024 Annual Report The businesses are described at pages 7-9 and 18-57.

Organizational Structure: 

Page 10, Annual Report

Dispositions 2007 to date: 

Page 79, Annual Report

Acquisitions 2006 to Date: 

CODI Analyst Estimates | MarketWatch

Compass Diversified Holdings | Investor Relations

"On September 1, 2021, Compass Diversified (the “Trust”) elected to be treated as an association taxable as a corporation for U.S. federal income tax purposes. Stockholders will no longer be allocated pass-through income from the Trust and the Trust will no longer issue Schedule K-1s."

Last Discussed: Item # 2.L. Added to CODI - Bought 5 at $18.64  (11/11/23 Post)

New average cost per share: $17.83 (30 shares)

Dividend: Quarterly at $.25 per share

CODI Stock Dividend History & Date | Seeking Alpha

Yield at $17.83: 5.61%

Last Ex Dividend: 4/17/25

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

Net Sales: $620.3M, up 13.8%

Adjusted Earnings: $46.6M 

Adjusted earnings adds back a non-cash amortization  expense of $26.341M: 

Gains from selling a business are a deduction in this calculation. 

Revenues by Company: 

The two most important companies in terms of revenues are 5.11 and Lugano. I would view the republican tariff taxes to be a negative but do not have sufficient information to form an opinion on the dollar value. I did note in the 10-K that 5.11 has no manufacturing facilities and sources production from third party vendors, page 25.  

J. Added 4 PEO at $19.9: 

Quote: Adams Natural Resources Fund Inc. Overview - Stock CEF

Cost: $79.6

I thought that the selloff in energy stocks was somewhat overdone. 

This CEF was formed just prior to the 1929 stock market crash. It shares office space and personnel with the CEF Adams Diversified Equity Fund Inc. (ADX), which I also own.  

SEC Filings 

SEC Filed 2024 Annual Report 

10 Largest Holdings as of 12/31/24

Sponsor's website: Adams Funds

Last Discussed: Item # 1.C. Added 5 PEO at $22.1 (9/19/24 Post) 

Last Eliminations: Item # 2.B. Eliminated PEO-Sold 15 at $23.94 (4/12/24 Post)(profit snapshot = $50.72); Item # 1. Eliminated PEO - Sold 182+ at $22 (1/16/23 Post)(profit snapshot = $853.25)

Average cost per share: $21.97 (20 shares)

2024 Dividends: "The Board . . . adopted a Managed Distribution Policy (“MDP”) to enhance long-term shareholder value by paying level quarterly distributions at a committed rate of 8% of average net asset value (“NAV”) per year. Distributions in accordance with the MDP began in the third quarter of 2024."

Last Ex Dividend: 1/27/25 at $.53 per share.  

PEO Stock Dividend History & Date | Seeking Alpha

Data Date of 4/14/25 Trade:  

Closing Net Asset Value per share: $22.38

Closing Market Price: $19.86

Discount: -11.26%

Average 3 year discount: -14.31 

Sourced:  PEO-CEF Connect  (Click "Pricing Information" Tab)

Leveraged: Barely at .7%

Other Sell Discussions: Item # 1 Sold 104+ PEO at $27.06 (8/10/13 Post)(profit snapshot = $205.94); Item # 3. Sold 100 PEO at $26.19 (11/15/2010 Post)(profit snapshot = $144.29). 

PEO Realized Gains to Date: $1,254.4

K. Added to TRST - Bought 2 at $27.25: 

Quote: Trustco Bank Corp.  (TRST)

Cost: $54.5

"At year-end 2024, the Bank operated 154 automatic teller machines and 136 banking offices in Albany, Columbia, Dutchess, Greene, Montgomery, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, and Westchester counties of New York, Brevard, Charlotte, Flagler, Hillsborough, Indian River, Lake, Manatee, Martin, Orange, Osceola, Palm Beach, Polk, Sarasota, Seminole, and Volusia counties in Florida, Bennington County in Vermont, Berkshire County in Massachusetts and Bergen County in New Jersey.  The largest part of such business consists of accepting deposits and making loans and investments.  Trustco Bank also lends in Essex and Fulton counties of New York, Essex, Hudson, Morris, and Passaic counties of New Jersey, Collier, Lee, Marion, Pasco, Pinellas, St. Johns, St. Lucie, and Sumter counties of Florida, where it has no branch locations."

Investment Category: Regional Bank Basket Strategy

TRST SEC Filings

TRST 2024 SEC Filed Annual Report 

Last Discussed Item # 3.G. Eliminated TRST - Sold 5 at $37.21 (11/14/24 Post)(profit snapshot = $56.05)-Item # 2.F. Restarted TRST - Bought 5 at $26.6 5 (6/20/24 Post)

Average cost per share: $31.09 (15 shares)

Dividend: Quarterly at $.36 per share ($1.44 annually)

TRST Stock Dividend History & Date

Yield at AC: 4.63%

Last Ex Dividend: 3/7/25

Last Earnings Report (12/31/24 Post): 

SEC Filed Press Release 

Comparisons are to the 2023 4th quarter unless otherwise noted. 

E.P.S.  = $.59, up from $.52 in the 2023 4th quarter but down from $.68 in the 2024 third quarter. 

NIM: 2.6%, unchanged

Efficiency Ratio: 65.03%, down from 66.92%

NPL Ratio: .37%, up from .35%

Coverage Ratio: 270%

ROE: 6.7% (poor IMO)

TRST Realized Gains to Date: $1,559.59

L. Restarted WHR in Schwab Account- Bought 1 at $77.4: 

History this Account: All 1 share purchases, with each subsequent purchase at the lowest price in the chain. I will follow that process again with a lower starting price. 

Quote: Whirlpool Corp.  (WHR)

Cost: $77.4 

Home, Kitchen & Laundry Appliances & Products | Whirlpool Whirlpool is a large appliance company whose brands include Whirlpool, Maytag, JennAir, Amana and KitchenAid. 

WHR Analyst Estimates | MarketWatch

WHR SEC Filings 

Last Elimination in this Account: Item # 4.B. Eliminated WHR in Schwab Account - Sold 3 at $120.1 (1/15/25 Post)(Profit snapshot = $85.12)  

Investment Categories: Bond substitute/Contrarian Value

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

WHR Stock Dividend History & Date | Seeking Alpha

Yield at $77.4 = 9.04%

Next Ex Dividend:  5/16/25

Last Discussed: Item # 3.E. Pared WHR in Fidelity Account - Sold 3 at $132.5 (2/5/25 Post)(profit snapshot = $124.67) I discussed the last earnings report in that post.  SEC Filed Press Release

M. Added 6 SBSI at $26.62: 

Quote: Southside Bancshares Inc. (SBSI)

Cost: $159.72

Investment Category: Regional Bank Basket Strategy

SBSI Analyst Estimates | MarketWatch

Last Discussed:  Item # 5.A. Restarted SBSI - Bought 5 at $31.45; 5 at $30.98 (2/10/25 Post) I discussed the 2024 4th quarter report in that post. SEC Filed Press Release

Last Elimination: Item # 3.F. Eliminated SBSI - Sold 5 at $37.51 (11/14/24 Post)(profit snapshot = $55.21)

New Average cost per share: $29.4 (20 shares)

Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.35 in the 2024 first quarter. The penny rate was at $.23 in the 2015 first quarter. 

SBSI Stock Dividend History & Date | Seeking Alpha

Yield at $29.4: 4.898%

Yield at $26.62: 5.41%

Last Ex Dividend: 2/20/2025

SBSI Realized Gains to Date: $646.14

Largest Gains - Over $90: Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.15); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot =   $97.05); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69) 

N. Added to RMT - Bought 10 at $7.85: 

Quote:  Royce Micro-Cap Trust Inc. Overview - Stock CEF

Cost: $78.5 

RMT SEC Filings 

SEC Filed 2024 Annual Report The RMT discussion starts at page 24. As of 12/31/24, the unrealized net gain was at $123.581+M.  

Last Discussed:  Item # 3.C. Added 5 RMT at $7.69 (11/4/23 Post)

Last Elimination: Item # 2.A. Eliminated RMT in Vanguard Taxable Account - Sold 10 at $10.36 (2/10/22 Post)(profit snapshot = $44.26)

Average cost per share: $7.91 (53+ shares)

Dividend: Variable and paid quarterly. 

RMT Stock Dividend History & Date | Seeking Alpha

Last 4 Dividends: $.76 per share

Yield Using $.76 and $7.91 TC = 9.608%

Last Ex Dividend: 3/13/25

Data Date of 4/17/25 Trade: 

Closing Net Asset Value per share: $8.92

Closing Market Price: $7.9

Discount: -11.43%

Average 3 year discount: -11.59%

Sourced: RMT - CEF Connect 

Largest Annual Gain: $2,269.01 in 2014

759+ shares 

Some other sell discussions: Item # 1.A. Eliminated RMT-Sold 113+ at $8.7 (2/22/20 Post)(profit snapshot +$79.95); Item # 1.B. Sold 100 RMT at $8.73 (1/25/20 Post)(profit snapshot =$23.25); Item # 3.A. Sold 274+ RMT at $8.9 - Schwab Taxable (8/3/17 Post)(profit snapshot = $45.41); Item 3.A. Sold 276+ RMT at $8.4 (5/17/17 Post)(profit snapshot = $61.77); Item # 4. Sold 200 RMT in RI at $9.3 (10/22/12)(profit snapshot = $84.37)

RMT Realized Gains to Date: $2,661.01

Leveraged: Slightly at .43%

O. Added to HR - Bought 1 at $15.65; 1 at $14.65: 

Quote: Healthcare Realty Trust Inc. (HR) - A REIT that primarily owns medical office buildings. 

Cost: $30.3

HR SEC Filings

HR 2024 SEC Filed Annual Report 

Properties as of 12/31/24: 

P. 1, Annual Report (footnotes omitted)

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

For this purchase, I am violating the first law of holes. 

I have a negative opinion of management based on a long duration failure to meaningfully increase cash available for distribution, as previously discussed many times here, but the properties owned by the REIT are more recession resistant than other property sectors. 

Recent Material Merger: Healthcare Realty Trust (HR) and Healthcare Trust of America (HTA) Announce Closing of Merger - Healthcare Realty (7/20/22); Healthcare Realty and Healthcare Trust of America Enter Into $18 Billion Strategic Combination (2/28/22)

HR acquired HTA but HTA was the company that survived, a reverse merger. After the merger was consummated, the name of the surviving company was change to Healthcare Realty and the symbol changed from HTA to HR. 

Prior to the closing, HTA paid its shareholders a special dividend of $4.82 per share. I owned 50 HTA shares and received a $241 cash payment, most of the payment was classified as ROC as I recall that reduced my tax cost basis 

Most of my current HR position in the Fidelity account originated from owning HTA shares. 

This combination, which made no sense IMO, was the brainchild of hedge fund manager Paul Singer. Elliott Investment Management urges REIT Healthcare Trust of America to explore sale | Reuters (10/11/21)

Last Discussed: Item # 1.I. Bought 3 HR at $16.24 - Fidelity Account (1/22/25) I discussed some reasons for my negative opinion about this company in that post.  

Last Elimination: Item # 2.C. Eliminated Duplicate Position in HR - Sold 14+ at  $18.10 - Schwab Account (12/12/24 Post)(profit snapshot $56.05).

New average cost per share: $17.41 (105+ shares) 

Dividend: Quarterly at $.31 per share ($1.24 annually)

HR Dividend History & Date | Seeking Alpha

Effective for the 2025 first quarter dividend payment, I change my dividend option from payment in cash to reinvestment. This is based in part of the valuation at or near the current price and as a method to randomly average down. 

The dividend was not covered by funds available for distribution during the 4th quarter. 

2024 3rd Quarter FAD per share: $.294 

2024 Dividend Tax Treatment: 

60.95% sourced from ROC that is not taxed as a dividend but does reduce the tax cost basis. ROC adjustments to the tax cost basis are common among equity REIT stocks since the dividends will generally exceed GAAP net income but most are below, with HR being exception, cash available for distribution.  

The point is that my unrealized loss is actually higher using my original cost numbers. 

If ROC adjustments to the original tax cost basis continue, which I expect, it may be possible to avoid all or some of an unrealized gain when the cost basis is stepped up after my date of death to the applicable market value, assuming that is still allowed and the stepped up cost basis is higher than the existing adjusted tax cost basis. 

Yield at $17.41: 7.12%

Last Ex Dividend: 3/3/25

Last Earnings Report (Q/E 12/31/24): 

SEC Filed Press Release and SEC Filed Supplemental

Revenues: $309.766M

GAAP E.P.S. ($.31)

FFO per share: $.60

Normalized FFO per share: $.40

FAD per share: $.2875 (dividend at $.31)

The company does not specifically provide a FAD per share number. I derived the FAD per share number by dividing $100.081M by the weighted average diluted shares of 351.56M. 

GAAP to FAD Reconciliation: 

Some Legacy HTA Sell Discussions: Item # 6 Pared HTA - Sold 20 at $31.8 (4/28/22 Post)(profit snapshot = $198.37); Item # 1.H. Sold 5 HTA at $31.61; 5 at $32.89 (11/11/21 Post)(profit snapshot = $96.97); (Item # 3.B. Pared HTA - Sold 10 at $28.17; 10 at $29.17 (7/18/20 Post)(profit snapshot = $118.58); Item # 1  Sold 2 HTA at $26.7 (5/2/20 Post)(Profit Snapshot = $7.81); Item # 2.D. Eliminated HTA-Sold 30 at $32.51 (2/8/2020 Post)(profit snapshot = $178.02); Item # 1.A. Sold 10 HTA at $31.31 (1/29/20)(profit snapshot = $44.34); Item # 2.B. Sold 10 HTA at $30.81 (11/28/19 Post)(profit snapshot = $39.2);Item # 1.A. Sold 15 HTA at $28.57-Used Commission Free Trade(9/12/18 Post)(profit snapshot = $46.12); Item # 2 Sold 50 HTA at $26.25 Update For REIT Basket Strategy As Of 10/28/15 - South Gent | Seeking Alpha(profit snapshot = $124.1)

Largest Legacy HR Realized Gain: Item # 2 Sold 50 HR at $26.33 Update For REIT Basket Strategy As Of 10/19/15 - South Gent | Seeking Alpha (profit snapshot = $103.27)

Combined HR and HTA Realized Gains: $956.03 

SU Bonds: I own 15 senior unsecured bonds issued by Healthcare Realty or Healthcare Trust of America, now combined into HR as discussed above. The bonds are rated BBB/Baa2.  

I have 3 bonds maturing on 5/1/25; 4 maturing on 8/1/26; 4 maturing on 7/1/27; and 4 maturing on 1/15/28 (all bought in 2025). 

Last SU Purchase Discussions: Item #2.B. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.467 (4/15/25 Post); Item # 2.E. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.048 (3/18/25 Post); Item # 3.A. Bought 2 Healthcare Realty 3.75% SU Maturing on 7/1/27 at a Total Cost of 97.287 (2/10/25 Post) 

2.  Corporate Bonds: 

First Mortgage Bonds:

A. Bought 1 Entergy Arkansas 5.15% First Mortgage Bond Maturing on 1/15/23 at a Total Cost of 99.918 - Interactive Brokers Account: 

Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp.  (ETR) 

ETR Analyst Estimates 

ETR SEC Filings 

2024 ETR SEC Filed 2024 Annual Report Energy Arkansas financial information starts at page 318: 2024 revenues at $2.4602B, net income at $324.766M (page 340) 

FM Prospectus (1/23) The make whole provision can be found at pages S-5 and S-6. 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A2/A

YTM at Total Cost: 5.162%

Current Yield at TC: 5.154%

Last FM Bond Offering (5/24): Prospectus 

B. Added to ELC - Bought 5 at $20.1 - Schwab Account:

Quote: Entergy Louisiana LLC Mortgage Bonds 4.875% due 2066  (ELC)

Interest Rate Risk: HIGH and asymmetric in favor of the issuer

Wholly owned operating subsidiary of the utility holding company Entergy (ETR)

ETR 2024 SEC Filed Annual Report 2024 operating revenues at $5.144+B with net income at $887.645M, page 367 

Last Discussed: Item # 2.O. Added 5 ELC at $21.6 - Schwab Account  (4/4/25 Post); Item # 2.G. Bought 5 ELC at $20.75 in Schwab Account (3/18/25 Post) 

Investment Category: Exchange Traded Baby Bonds {I do not include in this post several categories of exchange traded bonds including trust preferred, synthetic floaters, SU notes tied to the performance of an index, and trust certificates, see Trust Certificates; Synthetic Floaters, Trust Preferred Securities, Item # 1 Principal Protected Notes, Item # 2  Principal Protected Notes. While those securities are exchange traded bonds, they have qualities that separate them from the baby bond category that are simply bonds traded like stocks with no quirkiness)

Par Value: $25

Coupon: 4.875% paid on a $25 par value

Interest Payments: Quarterly

Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)

First Mortgage Bond, with lien attaching to substantially all assets. 

Credit Ratings: A2/A 

Optional Redemption: Anytime now at par value + accrued and unpaid interest.  

New Average cost per share this account: $21.07 (60 shares)

Yield at New AC: 5.784%

Calculation: .04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $21.07 average cost per share = .057843%

Next Ex Interest Date: 5/30/25

C. Bought 1 Entergy Mississippi 5% FM Maturing on 6/1/2033 at a Total Cost of 98.094  - Interactive Brokers Account: 

Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp.  (ETR).  

ETR SEC Filings

ETR SEC Filed 2024 Annual Report Entergy Mississippi financial information starts at page 372. 

Prospectus 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A2/A

YTM at Total Cost: 5.284%

Current Yield at TC = 5.097%

I now own 8 bonds including 3 in Roth IRA accounts. 

Interest rate risk: I would describe the interest rate risk as meaningful but acceptable to me. If there was any possibility that I would be forced to sell this bond at a loss, I would not buy it.  

When the bond can be held to maturity, which is the case for all that I own, the interest rate risk IMO is simply the risk of lost opportunity, a form of interest risk where I lose the opportunity to buy bonds with higher yields using funds tied up in lower yielding ones.  

D. Bought 1 Entergy Texas 5.25% FM Maturing on 4/15/25 at a Total Cost of 98.579: 

Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR) 

ETR Analyst Estimates | MarketWatch

ETR 2024 SEC Filed Annual Report Entergy Texas 2025 revenue was reported at $2.05+B with net income at $291.55M, page 435.

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A 

YTM at TC: 5.434%

Current Yield at TC = 5.326%

E. Bought 2 PPL Electric 5% First Mortgage Bonds Maturing on 5/15/33 at a Total Cost of 99.22 - Vanguard Account:

Issuer: Operating utility of the holding company 

Prospectus

Finra Page: Bond Page | FINRA.org

Credit Ratings: A1/A+

YTM at Total Cost: 5.118%

Current Yield at TC = 5.039%

F. Bought 2 Evergy Metro 4.95% Mortgage Bonds Maturing on 4/15/33 at a Total Cost of 98.22 - Interactive Brokers Account: 

Issuer: Formerly known as Kansas City Power & Light, an Operating utility wholly owned by the utility holding company Evergy Inc. (EVRG) 

EVRG Analyst Estimates | MarketWatch

EVRG SEC Filings 

EVRG 2024 SEC Filed Annual Report Evergy Metro financial information starts at page 84. 2024 revenues reported at $1.893.7B with net income of $324.5M. 

Prospectus 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A2/A

YTM at Total Cost: 5.225%

Current Yield at TC: 5.04%

Senior Unsecured Corporate Bonds

G. Bought 2 Steel Dynamics 5% SU Maturing on 12/15/26 at a Total Cost of 99.873: 

Issuer: Steel Dynamics Inc.  (STLD) 

"Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections, and steel joists and deck."

STLD Profile Page at Reuters

I believe that this company benefits from the 25% tariffs on all steel and aluminum imports into the U.S.  

STLD Analyst Estimates | MarketWatch

STLD SEC Filings 

STLD 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: 5.076%

Current Yield at TC = 5.006%

H. Bought 2 Stanley, Black & Decker 4.25% SU Maturing on 11/15/28 at a Total Cost of 97.216: 

Issuer: Stanley Black & Decker Inc.  (SWK) 

SWK  Analyst Estimates | MarketWatch

SWK SEC Filings 

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

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa3/A- 

The YTM is more consistent with a Baa3 rating IMO. 

YTM at Total Cost: 5.11%

Current Yield at TC = 4.372%

I own 2 SWK SU bonds that mature on 3/1/26. Bond Page | FINRA.org

I. Bought 2 Oneok 4% SU Maturing on 7/13/27 at a Total Cost of 98.381 - Vanguard Account: 

Issuer: ONEOK Inc. (OKE) - Energy Infrastructure

I have a small ball position in the common stock. 

Last OKE Discussion: Item # 2.J. Sold 1 OKE at $111.71 - Schwab Account (11/17/24 Post)(profit snapshot = $83.79)  

Last OKE Buy Discussions: Item # 1.L. Added to OKE-Bought 1 at $24.9 (10/24/20 Post); Item # 1.G. Started OKE in Fidelity Taxable Account-Bought 5 at  $27.77 (6/13/20 Post) 

OKE SEC Filings 

OKE 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: 4.767%

Current Yield at TC = 4.066%

J. Bought 2 Nextera 5.25% SU Maturing on 3/15/34 at a Total Cost of 99.162:

Issuer: Wholly owned subsidiary of the utility holding company NextEra Energy Inc. (NEE) who guarantees the notes: 

Prospectus (1/30/24)

NEE is a component of the S&P 500. Financial Strength – NextEra Energy, Inc.

NEE Analyst Estimates | MarketWatch

NEE SEC Filings 

NEE SEC Filed Earnings Press Release for the Q/E 12/31/24 (Net income of $1.203B)

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+ 

YTM at Total Cost: 5.369%

Current Yield at TC = 5.294%

K. Bought 2 Westrock 4% SU Maturing on 2/15/28 at a Total Cost of 98.073 - Interactive Brokers Account: 

Issuer: WestRock was acquired by Smurfit Kappa Group PLC. The combined company is now known as Smurfit Westrock PLC  (SW) 

Website: Smurfit Westrock | A global leader in sustainable packaging

SW Analyst Estimates | MarketWatch

SW SEC Filings 

SW SEC Filed 2024 Annual Report 

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

Fitch Rates Smurfit Westrock's Proposed Senior Unsecured Debt at 'BBB'

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.715%

Current Yield at TC: 4.079% 

I now own 4 bonds. 

3. Cash Flow into Fidelity Account on 4/15/25: 

Cash flow into this account occurs almost every day, but will be concentrated on the 1st, 15th and last day of each month. Interest and dividends received into this account on the 16th and 17th totalled $328.25. My investment portfolio is designed to generate a constant stream of income and redemption proceeds. 

Corporate Bond Redemptions: $8,000

Corporate Bond Interest: $591.75

(my owned municipal bonds pay interest semiannually on the first day of a month)

Common Stock Dividends: $117.4

Preferred Stock Dividends: +$35.74

CEF Dividends: $3

The National Rural Utilities bonds pay interest monthly. 

EPR.PRC is a currently busted REIT convertible equity preferred stock. In my Fidelity account, I reduced my position to 10 shares from 20:  

Last Discussed: Item # 5.A. Restarted EPRPRC - Bought 10 at $19.31 (3/8/24 Post) 

I also pared my Schwab account position:  

I am still having some corporate bonds called early. This is the most recent example in my Fidelity account: 

Unlike my other brokers, Fidelity will show a credit that will occur on the next business day (4/21 in this example) on a Saturday, Sunday or holiday. 

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.