Dollar Value of Trades Discussed in this Post:
Cost of Small Ball Stock Purchases: $833.55
Small Ball Stock Sell Proceeds: $354.14 (10 shares of STAG)
The 10 shares of STAG were sold at a price higher than the closing price on 2/19/25 when the VIX was trading below 20.
Realized Gain STAG 10 Shares: $149.57
Net Inflow Common Stocks: +$479.41
As a practical matter, my stock trading is in a stall mode.
Corporate Bonds $10,000 in principal amount (Utility First Mortgage Bonds at $8K of that total with the remaining $2K in a utility senior unsecured bond)
Treasury Bills Purchased at Auction: $15,000 in principal amount, increased the total due to an influx of proceeds from maturing treasury bills in my Schwab account.
Treasury Note Purchased at Auction: $1,000 in principal amount
Total Corporate Bonds, T Bills and T Noe: $26,000 in principal amount
May Treasury Yield Curve:
Interest rates on treasury notes and bonds are trending higher. Short term treasury yields are still anchored by the FF range of 4.25% - 4.5%. The annual interest payments on the federal debt will soon surpass $1 trillion per year. What Is the National Debt Costing Us?
5 Year TIP Breakeven Inflation Rates as of 5/29/25: 2.38%
CME FEDWatch Tool - July FED Meeting as of 5/29/25 close:
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Trump's tariff tally: $34 billion and counting, global companies say | Reuters
In the government's second estimate, real GDP growth in the first quarter was revised to a -.2% annual rate from -.3% in the first estimate. The negative number resulted from companies importing goods in the first quarter to avoid paying the republican tariff taxes. Imports are a subtraction from GDP and reduced nominal GDP by 4.9%. Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), 1st Quarter 2025 | U.S. Bureau of Economic Analysis (BEA)
There was a significant reduction in personal consumption expenditures to just a 1.2% annual pace, down from 1.8% in the first estimate and a substantial decline from the +3.7% and +4% final numbers for the 2024 3rd and 4th quarters respectively.
Citing those kind of statistics make the Trumpsters very angry, sufficient to hurl invectives and juvenile insults at anyone who even mentions the data.
Pending Home Sales Declined 6.3% in April
Court of International Trade strikes down Trump's reciprocal tariffs A 3 judge panel issued a summary judgment and enjoined the government from enforcing the tariffs imposed by Trump using the International Emergency Economic Powers Act of 1977. This would include all of the "reciprocal" tariffs and the tariffs on Mexico, China and Canada related to fentanyl. The government is appealing that order. The next major development is whether the U.S. Court of Appeals for the Federal Circuit grants the government's motion to stay the injunction during the appeal process.
In addition to the appeal, there are several options now available to the government to impose tariffs without congressional approval as discussed in this article. Trump expected to find a workaround after trade court blocks tariffs The easiest is to impose a tariff of up to 150 days to address a balance of payments issue pursuant to section 122 of a 1974 trade act. Imposing 15% tariffs using that law will not cause any foreign country to enter into a trade deal viewed as unfavorable given the time period and the limit on the maximum tariff.
My Video: Major Development: 3 Judge Panel Blocks Enforcement of Most Tariffs Imposed by Trump - YouTube
The chaos and drama are not over. Trump's tactics will simply change without an appellate court's stay of the panel's injunction.
Consumer confidence for May was much stronger than expected on optimism for trade deals The consumer confidence index increased to 98 from 86. Consumers reacted positively to Trump rolling back the tariffs on China.
Ships are canceling crossings to U.S., and Trump’s new 50% E.U. tariff threat isn’t likely to help - MarketWatch (subscription publication)
Best Buy (BBY) cuts profit outlook due to tariffs BBY noted that it has already hiked some prices in response.
Here’s how much a 'Made in the USA' iPhone would cost
The ultra-rich are moving gold to Singapore as global risks mount
Tesla Europe sales plunge 49% as Elon Musk brand fallout continues (5/27/25)
Home prices in the biggest 20 markets decline for the first time in over two years. Here’s where they’re expected to fall the most-MarketWatch The index declined .12% in March compared to February, seasonally adjusted. The 12 month increase was at 4.1%, down from 4.5% for the 12 month period ending in February. Release.pdf On a non-seasonally adjusted basis, the annual increase for the 20 city index was 3.4%, down from 4%.
Trump erupts over Wall Street's 'TACO trade' nickname for his tariffs "Trump always chickens out". This may make it more likely that he will not back down in the future.
US business spending on equipment softening as tariff uncertainty persists | Reuters
US-China trade talks "stalled," Treasury Secretary Bessent says That did not take long.
Trump "Truth" Social Post: "The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!"
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'Absurd!' Judge Richard Leon blasts Trump executive order targeting top law firm; WilmerHale Wins Quick Ruling Against Trump’s Executive Order This is a link to the judge's opinion published on 5/27/25. Memorandum Opinion.pdf This is an excerpt from page 1 of that decision
In my opinion, which has been confirmed by 3 federal district court judges so far, Trump's executive orders targeting law firms are blatant violations of the 1st, 5th and 6th Amendments.
I also view those EOs as impeachable offenses along with the extortion like pressure applied to other law firms to provide up to $100M in free legal advice to clients selected by Trump in order to avoid the EO targeting their business.
Judge Leon, appointed by George W. Bush, granted the law firm WilmerHale a summary judgment that Trump had violated those constitutional rights.
How many active republican politicians have criticized, even in the mildest possible way, our Dear Leader's executive orders targeting law firms? I am not aware any. Some stay quiet out of fear. Most support what Trump is doing.
Trump's attorneys are reportedly threatening to sue news organizations that criticized his EOs targeting law firms. Paramount Offers Trump Millions To End '60 Minutes' Suit & Clear Skydance Merger (Trump attorney: “During ongoing settlement talks, CBS News and Paramount aired a new, defamatory 60 Minutes segment regarding President Trump’s legitimate and necessary executive orders addressing unlawful activity in the legal profession, including election interference and employment discrimination. CBS and Paramount’s attempts to subvert the legal process with lies and smears may necessitate additional corrective legal action, which President Trump reserves the right to pursue")
I view the current lawsuit against Paramount as frivolous, an ongoing legal form of extortion, and part of Trump's ongoing effort to intimidate the free press. If Paramount settles that suit, I will not watch CBS News again.
The only viable option is for CBS to resist Trump's efforts to control news organizations and their content through use of coercive tactics that include frivolous litigation and funding cutoffs.
And, if the news organizations win on the merits, they need to seek legal redress from the lawyers who brought the lawsuits and the client that they represent. Taking a knee to Trump, kissing his ring and rewarding him for his constitutional violations will only encourage more of the same.
Trump's now routine authoritarian, unlawful and unconstitutional actions and abuses of Presidential power are supported by tens of millions. That is just a fact. This issue is discussed by Larry Sabato - Peering Into the Crystal Ball | Raging Moderates-YouTube The problem is far more serious long term than just focusing on what Trump has done and will do during his second term.
George Conway summed up the long term problem as follows:
America Did This to Itself - The Atlantic This pervasive problem will remain after Trump completes his second term.
Trump slams Biden administration on Memorial Day He called democrats "scum" and federal judges requiring adherence to the rule of law "monsters".
Trump team pauses new student visa interviews as it weighs expanding social media vetting - POLITICO If a foreign student makes a comment similar to what Trump does multiple times each day, that will be grounds for denying them student visas.
The New Dark Age - The Atlantic ("By destroying knowledge, Trumpists seek to make the country more amenable to their political domination, and to prevent meaningful democratic checks on their behavior.") Trump has launched a war against facts and knowledge. The purpose is the same as his constant attacks on the free press, anyone who fact checks him, creating a cult of True Believers, labeling accurate information Fake News, calling the free press the "enemy of the people", and making tens of thousands of demonstrably false and misleading statements, easily proven to be so, that are accepted without question or doubt as true by tens of millions.
Longtime reporters 'almost speechless' over Trump's 'transparent bribery' plot
The Trump Presidency’s World-Historical Heist - The Atlantic (subscription publication)
NPR sues Trump over executive order slashing federal funding - CBS News
Harvard sues Trump administration over international student enrollment ban - CBS News; Judge blocks Trump administration from revoking Harvard's enrollment of international students-NPR
Donald Trump Demands Harvard Students' Names - Newsweek
Trump administration seeks to cut remaining Harvard federal contracts; Harvard: Trump administration moves to cancel federal contracts with Harvard worth some $100 million
Fed Chair Powell praises integrity and public service amid unrelenting Trump attacks
More than 100 National Security Council staffers put on administrative leave
Republican-Appointed Judge Warns Trump Over 'Doubly' Violating Constitution - Newsweek
Mahmoud Khalil Was Finally Allowed To Hold His Newborn Son—Despite The Trump Administration Trying To Stop Him | Vanity Fair (subscription publication)
Health expert calls Trump's medical research cuts "reckless destruction" - CBS News
What Are People Still Doing on X? - The Atlantic
Donald Trump Makes Canada a New Offer to Become 51st State - Newsweek (5/27/25)
Trump pardons Virginia sheriff convicted of federal bribery charges - ABC News Trump officially pardons reality TV stars Todd and Julie Chrisley - ABC News "In their sentencing memo, prosecutors said the Chrisleys had engaged in a "fifteen-year fraud spree." Trump can relate. New York business fraud lawsuit against the Trump Organization - Wikipedia
Trump says he's considering pardoning defendants in Gretchen Whitmer kidnapping plot - CBS News
RFK Jr. and the Worm That Ate His Brain Threaten to Ban Government Scientists From Publishing in Top Medical Journals | Vanity Fair (subscription publication)
The fight against the growing power and influence of fascists in America, easily the most powerful single political movement in the U.S. IMO, will be a long and arduous one with an uncertain final outcome.
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1. Small Ball Stock Buys:
All stock trades, except for NOMD, were made in my Schwab account.
I am for the most part averaging down by buying small lots until I hit a 100 share position. I will then decide whether or not to go higher.
A. Added 10 DOC at $16.75:
Quote: Healthpeak Properties Inc. (DOC) - Healthcare REIT
Cost $167.5
Website: Home - Healthpeak
Last Discussed: Item # 2.C. Added to DOC - Bought 10 at $17.18; 10 at $17 (5/16/25 Post)
New Average cost per share: $17.36 (90 shares)
Dividend: Monthly at $.1017 per share ($1.22 annually)
Yield at New AC per share: 7.028%
Last Ex Dividend: 5/19/25
Last Earnings Report (Q/E 3/31/25): I discuss this report in a recent post. Item # 1.B. Started DOC in Schwab Account - Bought 50 at $17.61 (5/2/25 Post); SEC Filed Press Release and Supplemental
Last Elimination: Item # 1.G. Eliminated PEAK-Sold 15 at $31.08 (3/6/2021 Post)(profit snapshot = $38.01)
Purchase Restriction: 10 share lots with each purchase required to be at the lowest price in the chain.
Maximum Position: Undetermined but likely no more than 200 shares.
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| Pages 32-33 Annual Report |
Quote: UMH Properties Inc. (UMH) - A REIT that owns manufactured home communities
Cost: $81.1
Website: UMH Properties | Manufactured Home Sales & Home Communities
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
New average cost per share: $16.87 (30 shares)
Dividend: Quarterly at $.225 per share ($.9 annually), last raised from $.215 effective for the 2025 second quarter payment.
Last Ex Dividend: 5/15/25
Last Discussed: Item # 2.A. Added to UMH - Bought 5 at $17.05; 5 at $16.7 (5/16/25 Post) I discussed the 2025 first quarter earnings report in that post. SEC Filed Earnings Report
Maximum Position: 100 shares
Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain. This is a risk mitigation strategy that I use.
D. Added to APLE - Bought 5 at $11.5:
Proceeds: $57.5
Website: Apple Hospitality REIT
Last Discussed: Item # 1.E. Bought 7 APLE at $11.74 (4/25/25 Post) I discussed the 2024 4th quarter report in that post. SEC Filed Press Release
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
New Average cost per share: $13.07 (45 shares)
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Stock Dividend History & Date | Seeking Alpha
Yield at $13.07: 7.345%
Last Ex Dividend: Today, 5/30/25
Last Earnings Report (Q/E 3/31/25): SEC Filed Press Release
Revenues: $327.702M
GAAP E.P.S. = $.13
Modified FFO: $.32, down from $.34
Revenue Per Available Room: $111.04
Comparable Hotel Occupancy: 71.1%, down from 72.2%
Reconciliation GAAP to MFFO:
2025 Outlook:
Purchase Restriction: 5 or 10 share lots with each subsequent purchase required to be at the lowest price in the chain.
Maximum Position: 100 shares
E. Added 5 COLD at $16.8; 5 at $16.65; 5 at $16.5:
Quote: Americold Realty Trust Inc. (COLD) - Cold Storage REIT
Cost: $249.75
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
New Average Cost per share: $17.18(30 shares)
Dividend: Quarterly at $.23 per share ($.92 annually)
COLD Stock Dividend History & Date | Seeking Alpha
Yield at New AC = 5.336%
Next Ex Dividend: 6/30/25
Last Discussed: Item # 2.B. Initiated COLD - Bought 10 at $17.8; 5 at $17.55 (5/23/25 Post) I discussed the last earnings report in that recent post. SEC Filed Press Release and Supplemental
F. Added to CPB - Bought 1 at $34.39, 1 at $33.83, 1 at $33.19:
Quote: Campbell's Co. (CPB)
CPB Analyst Estimates | MarketWatch
Products - The Campbell's Company
Chart: Major Bear Market Pattern
New Average cost per share: $37.2 (28+ shares)
Dividend: Quarterly at $.39 per share ($1.56 annually)
CPB Stock Dividend History & Date | Seeking Alpha
Yield at $37.2: 4.19%
Next Ex Dividend: 7/3/25
Last Earnings Report (Q/E 1/26/25): I discussed this report in this post: Item # 1.P. Added 1 CPB at $37.13 (4/13/25 Post); SEC Filed Press Release
CPB Realized Gains to Date: $919.04
Most of the gain was realized in 2010: Item # 3 Sold 70 CPB at $35.79 (9/8/2010 Post)(profit snapshot = $718.94) There have been no stock splits subsequent to that 2010 sell transaction.
2. Canadian Reset Equity Preferred Stocks:
A. Sold 50 of 300 PPLPRC:CA at C$22.15 (C$1 IB Commission):
Issuer: Pembina Pipeline Corp. (PBA) - Energy Infrastructure
PBA Analyst Estimates | MarketWatch
Investor Presentation January 2025.pdf (page 68 has a map of PBA's facilities)
Last PBA Discussion: Item # 3.P. Pared PBA - Sold 2 at $36.17 (2/25/25 Post)(contains links to prior sell discussions)
PBA realized gains to date: $2,205.42
I have a small ball position in the USD priced common shares.
PPL.PRC:CA Profit Snapshot: +C$244
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| Unrealized Gain at C$22.15: +C$1,470 |
The AC was reduced from C$16.43.
Coupon Reset: The coupon reset effective 3/1/24 at a 2.6% spread to the 5 year Canadian bond yield of 3.419%. Press Release
Coupon remains in effect to, but excluding 3/1/2029.
The security can be called only on reset dates.
Par Value: C$25
Dividends: Paid quarterly and cumulative
Yield at AC to 3/1/29: 9.25%
Calculation: .06019% coupon x C$25 par value = C$1.50475 annual dividend per share ÷ C$16.26 average cost per share = 9.2543%
DBRS Morningstar Confirms Ratings on Pembina Pipeline Corporation | Morningstar DBRS The preferred stock is rated Pfd-3 (High). That rating corresponds to BB+ at S&P.
PPL.PRC:CA Realized Gains to Date: +C$1,176
Other PPL Reset Equity Preferred Trades: +C$565
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| 2017 PPL.PRG 100 Shares +C507 |
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| 2016 PPL.PRE 50 Shares +C$58 |
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| P. 27, 10-Q |
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| Position after pare/Price as of Close on 5/28/25 |
While STAG is regarded as one of the best industrial REITs, the field is littered with well capitalized companies (e.g. WPC) that can effectively compete for customers or acquisitions.
Recent FAD per share growth, which I view as more important than the total FFO, has been sluggish. I view FAD and FFO per share as being more important than the dollar amounts of FAD and FFO. REITs will increase their share count through ATM programs and stock offerings. As of 12/31/24, STAG had 183.199M diluted shares outstanding, up from 62.778M as of 12/31/2014.
For REITS, the issue is my share of the FAD and FFO as a shareholder. With new share sales and more debt added, the dollar amounts may be growing nicely on a percentage basis but the per share amounts may be hardly moving up at all.
Last Earnings Report (Q/E 3/31/25):
SEC Filed Earnings Press Release
GAAP E.P.S. = $.48
Core FFO per share: $.61
Cash Available for Distribution (CAD) = $106.5M or $.57
Weighted average diluted shares outstanding: $186.758M, up from $181.991 for the 2024 first quarter.
To keep track of my maturities each week, I take a snapshot of the trades and then arrange them in chronological order.
These are the bonds and treasuries that I own that will mature next week:
A. Bought 2 Potomac Electric Power 5.2% First Mortgage Bond Maturing on 3/15/34 at a Total Cost of 98.85:
Issuer: Wholly owned subsidiary of the utility holding company Exelon Corp. (EXC)
EXC Analyst Estimates | MarketWatch
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| Page 30, 10-Q |
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.364%
Current Yield at TC: 5.26%
B. Bought 2 Union Electric 5.2% First Mortgage Bond Maturing on 4/1/34 at a Total Cost of 99.21:
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Issuer: Wholly owned subsidiary of the utility holding company Ameren Corp. (AEE)
AEE Analyst Estimates | MarketWatch
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| In Millions, page 8 |
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| P. 90, Annual Report |
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Issuer: Wholly owned operating subsidiary of the utility company Entergy Corp. (ETR)
ETR 2024 SEC Filed Annual Report
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.432%
Current Yield at TC: 5.258%
I now own 5 bonds.
D. Bought 2 Wisconsin Power & Light 5.375% SU Maturing on 3/30/34 at a Total Cost of 99.413:
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Issuer: Wholly owned operating subsidiary of the utility holding company Alliant Energy Corp. (LNT)
LNT SEC Filed Earnings Press Release for the Q/E 3/31/25
LNT SEC Filed 2024 Annual Report
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| In Millions, P. 61 Annual Report |
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 5.458%
Current Yield at TC: 5.407%
E. Bought 1 Entergy Mississippi 5.8% First Mortgage Bond Maturing on 4/15/55 at a Total Cost of 96.232:
%205.8%25%204:15:55.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
ETR 10-Q for the Q/E 3/31/25 Entergy Mississippi data starts at page 97.
This bond was offered at 99.963 in March 2025.
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 6.073%
Current Yield at TC: 6.027%
F. Bought 2 Duke Energy Indiana 5.25% First Mortgage Bonds Maturing on 3/1/34 at a Total Cost of 99.825:
Issuer: Wholly owned operating subsidiary of the utility holding company Duke Energy Corp. (DUK)
DUK 10-Q for the Q/E 3/31/25 Duke Energy Indiana quarterly results can be found at p. 34.
Duke Energy Indiana 2024 Results:
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| Page 111 |
Finra Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 5.274%
Current Yield at TC: 5.259%
4. Treasury Bills Purchased at Auction: $15,000 in principal amount
I will be buying 10K in the 6 month T Bill at next Monday's auction.
All of the purchases were made in my Schwab account using funds in my sweep account that pays .05%.
A. Bought 5 at the 5/27/25 Auction:
91 Day Treasury Bill
Matures on 8/28/25
Interest: $53.78
Investment Rate: 4.361%
B. Bought 10 Treasury Bills at the 5/29/25 Auction:
56 Day Bill
Matures on 7/29/25
Interest: $65.72
Investment Rate: 4.312%
5. Treasury Notes at Auction:
A. Bought 1 at the 5/27/25 Auction:
2 Year Treasury Note
Matures on 5/31/27
Coupon: 3.875%
Original Issue Discount (OID): $1.3, treated as interest income
Yield with OID: 3.955%
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.
