ATLCP, EAI, FBRT, FHN, GSBD, LGND, NSA, NTST, PEO, PLTK, PPLPRC:CA, SAFE, WCP:CA

Dollar Value of Trades Discussed in this Post: 

Inflow U.S. Common Stocks/Stock Funds: $819.18

Outflow U.S. Common Stocks: $1,085.43

Net Outflow U.S. Stocks/Stock Funds: -$266.25

Profit U.S. Stocks/Stock Funds: +$277.09

Inflow Canadian Stock (WCP:CA): + C$1,868 (with C$2 commission)

Corporate Bonds: $10,000 in Principal Amount

Treasury Bills: $10,000 in Principal Amount 

Inflow Exchange Traded FM Bond (EAI): +$101.5

Outflow Canadian Reset Equity Preferred Stock: C$1,1985

Profit Canadian Preferred Stock: C$356

Inflow U.S. Equity Preferred Stock (ATLCP): $110.25

June 2025 Yield Curve: 

5 Year Breakeven Inflation Rate as of 6/25/25: 2.28%

++++

In the third estimate of real GDP growth in 2025 first government, the government revised its prior to -.5% from -.2%.  Growth in personal consumption expenditures ("PCE') was revised to only +.5% from +1.2%. Gross Domestic Product, 1st Quarter 2025 (Third Estimate)- U.S. Bureau of Economic Analysis (BEA)

In the last 3 quarters of 2024, PCE growth was reported at +2.8% (2nd), +3.7% (3rd) and +4% (4th).

History of 1st Quarter Estimates: 

As previously discussed, the 2025 first quarter GDP growth was weighed down by a surge in imports which are a subtraction from GDP. I would simply average the first and second quarters together to remove that issue. 

The weaker economic data over the past few weeks has increased the odds of at least a 25 basis rate point cut on or before the September meeting: 

As of 6/26 9:02 CT

CME FedWatch - CME Group   

I have noticed a material move down in investment grade bond yields, making their continued purchase less attractive to me.  

May new home sales tank, pushing supply up to 3-year high

Business Optimism Collapses Under Trump - Newsweek (6/25/25) The article summarizes the JP Morgan Business Leaders Outlook Survey that reported that optimism about the U.S. economy declined to 32% from 65% in January 2025.

Why electricity prices are surging for U.S. households There are two related reasons. The first is that electricity used by data centers has resulted in new generation being built whose costs are included in the rate base for retail rates. The second is that it costs a lot more to build new generation due to inflation over the past several years and the 50% tariffs on imported steel will add to those increases. 

++++

Shortly after the MOPs were dropped on Iran's enrichment facilities and before intelligence agencies could do a battle damage assessment, Trump claimed that the Iran's nuclear enrichment facilities had been "completely and totally obliterated" and that Iran's nuclear program had been set back "basically decades". Pete Hegseth and republican politicians echoed those claims. 

A preliminary assessment by the Defense Intelligence Agency found that the attacks did not destroy the core of Iran's enrichment facilities or Iran's store of enriched uranium and set back the program by months, not years. Exclusive: Early US intel assessment suggests strikes on Iran did not destroy nuclear sites, sources say-CNN; Trump's strikes on Iran set back nuclear program by months, initial intel assessment finds - CBS News

A detailed report prepared by the Institute for Science and International Security concluded that the attacks "have effectively destroyed Iran’s centrifuge enrichment program." Post-Attack Assessment of the First 12 Days of Israeli and U.S. Strikes on Iranian Nuclear Facilities 

Israel claims that the enrichment facilities suffered significant damage.  President Trump Reads Israel Assessment on U.S. Strikes Against Iran | Video | C-SPAN.org; Israeli officials see "significant" damage to Iran's nuclear facilities

If Iran still has a viable nuclear program, I would expect Iran to cease cooperating with inspectors and the International Atomic Energy Agency, which it has indicated that it will do. Iran threatens to accelerate nuclear work - CBS News (The Iranian Parliamentary Speaker Mohammad Bagher Qalibaf stated that Iran "will suspend cooperation with the IAEA until security of nuclear facilities is ensured, and Iran's peaceful nuclear program will move forward at a faster pace.") What would be Trump's response after claiming the U.S. totally obliterated Iran's nuclear facilities?

If Iran's leaders cared about the welfare of their citizens, the rational course would be abandon its nuclear program, permit IAEA inspections, cease supporting terrorist groups whose actions have never benefited Iranian citizens or Palestinians, establish diplomatic relations with Israel, and put a lid on the hostile rhetoric directed at Israel and the U.S. I am not aware of any factual information that suggest that a rational response will occur.  

Putin Ally Dmitry Medvedev Says Countries Now Ready to Supply Iran With Nuclear Weapons - Newsweek That would be an extremely foolish act. Russia would be blamed for Iran's use of a nuclear weapon supplied by Russia which could lead to a nuclear response. Other Middle East countries would acquire nuclear weapons when Iran has them.  

Donald Trump wants prosecutor to investigate 2020 loss to Joe Biden-USA Today (6/20/25) Trump: "Biden was grossly incompetent, and the 2020 election was a total FRAUD! The evidence is MASSIVE and OVERWHELMING. A Special Prosecutor must be appointed. This cannot be allowed to happen again in the United States of America! Let the work begin!"

Photos of the Trump White House Paves Over the Historic Rose Garden

Vance calls Sen. Alex Padilla "José Padilla" - CBS News

Justice Dept. whistleblower details senior officials' efforts to stonewall judges, ignore decisions - CBS News

ICE Deports Army Sergeant's Wife - Newsweek

ICE detained a Marine veteran's wife. He doesn't know how to tell their children where she went. - CBS Miami

ICE holding a record 59,000 immigrant detainees, nearly half with no criminal record, internal data show - CBS News

Stephen Miller’s Financial Stake in ICE Contractor Palantir

19-year-old Dreamer describes 15 days in ICE detention: 'Scared and alone' after arrest during traffic stop She was not ticketed but given a warning about following too close. 

Supreme Court eases rapid deportations to countries where immigrants have no ties - POLITICO Trump wants to deport undocumented immigrants to South Sudan, a country that the State Department has issued a Do Not Travel advisory. South Sudan International Travel Information None of the immigrants were from that country.  Justice Sotomayor filed a dissent that was joined by Justices Jackson and Kagan. Order 

MTG (R-GA) suggests a link between JFK’s assassination and his opposition to Israel’s ‘nuclear program’  - POLITICO

RFK Jr.'s new ACIP CDC vaccine panel to review long-approved shots

+++

Putin says 'the whole of Ukraine is ours' 

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

+++

Preferred Stock Called at the $25 par value: 

Item # 2.A. Bought 5 CUBIPRE at $18.5 (5/13/23 Post) This was a fixed-to-floating rate equity preferred stock issued by the bank holding company Customers Bancorp Inc. (CUBI). The coupon was fixed at 6.45%, paid on a $25 par value, to, but excluding 6/15/21. The coupon then reset every quarter at a 5.14% spread to a 3 month rate which took the coupon over 10% for awhile. 

This purchase was made on 5/3/23, a dicey time for bank holding company preferred stocks based on the FDIC seizures of 3 mid-sized operating banks after deposit runs.  Two of the holding companies whose operating banks were seized had outstanding equity preferred stocks that immediately went to a few cents above zero. The downside risk of an equity preferred stock issued by a bank holding company is zero when the FDIC seizes the operating bank. There will be insufficient remaining assets at the bank holding company to pay debt owners. 

+++

1. Restarted Whitecap Resources (WCP:CA)-Bought 100 at C$9.57; 100 at C$9.09 (C$2 IB Commission for 200 shares): 

Quote: Whitecap Resources Inc. (Canada: Toronto) - Canadian E&P 

Last Elimination: Item # 3. Eliminated WCP:CA Sold 100 at C$11.92+ (6/15/22 Post)(profit snapshot = +C$405.5) 

Last Buy Discussion: Item # 3.A. Bought 100 WCP:CA at C$7.85 (10/3/2018 Post)

Website:  Whitecap Resources Inc

5 year chart as of 6/19/25: Channel Trade mostly between C$8 to C$12 starting in 2022

Recent News: Whitecap Resources Inc. Closes the Veren Combination Creating a Leading Canadian Oil and Natural Gas Producer and Increases Production Guidance (5/12/25) "After accounting for the Veren combination and the non-strategic asset dispositions, we are increasing our average 2025 production forecast to 295,000 – 300,000 boe/d (63% liquids) on capital expenditures of approximately $2.0 billion for the year. For the second half of 2025, we expect production to average 363,000 – 368,000 boe/d (62% liquids) on capital expenditures of approximately $1.1 billion." The non-strategic dispositions were for an aggregate price of C$270M prior to any closing adjustments and consisted of "approximately 8,000 boe/d¹ (90% liquids) of medium oil production in southwest Saskatchewan and an 8.333% working interest in a natural gas facility in the Kaybob region." 

Average cost per share: C$9.34

Price as of 6/25/25 Close

Dividend: Monthly at C$.0608 per share (C$.7296 annually)

Dividend Information-Whitecap Resources Inc

Yield at Total Cost of C$9.34 = 7.81%

Next Ex Dividend: 6/30/25

Last Earnings Report (Q/E 3/31/25):   

Whitecap Resources Announces Strong First Quarter Results and Continued Operational Momentum (4/23/25) 

All Amounts are in Canadian Dollars. 

Comparisons are to the 2024 first quarter

Revenues: $942.2M, up from $868.3

Net Income = $162.6M, up from $59.8M

Diluted E.P.S. = $.27, up from $.10

Funds Flow per diluted share: $.75, up from $.64

Free funds flow: C$48.2M

Dividends per share: $.1824, unchanged

1st Quarter production average per day: 179,051 boe/d, "including 115,932 bbl/d of total liquids, comprised of oil, condensate and natural gas liquids ("NGLs") and 378,715 mcf/d of natural gas."  

Rationale: One reason for this purchase is that I have built up an excess amount of Canadian Dollars (>C$59K) in this account through selling securities, mostly Canadian Reset Equity Preferred stocks. 

IB does pay interest on the Canadian dollars but the dividend paid by Whitecap will be significantly in excess of the interest paid on the Canadian dollars used to settle that purchase.  

2. Corporate Bonds: 

A. Bought 2 Sonoco Products 4.6% SU Maturing on 8/1/29 at a Total Cost of 98.965 - IB Account: 

Issuer: Sonoco Products Co. (SON) - Industrial and Consumer Packaging Company

SON Analyst Estimates | MarketWatch

SON SEC Filings 

SEC Filed Earnings Press Release for the Q/E 3/30/25  

10-Q Debt is listed at page 22.

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa3/BBB-

YTM at Total Cost: 4.873%

Current Yield at TC: 4.648%

I own 4 Sonoco Products 4.45% SU bonds that mature on 9/1/26. Bond Page | FINRA.org

B. Bought 1 Entergy Arkansas 5.75% First Mortgage Bond Maturing on 6/1/54 at a Total Cost of 97.553: 

Issuer: Wholly owned operating subsidiary of the utility holding company 

Prospectus The first lien attaches to substantially all property, see pages 5-6. 

Interest rate risk: The make whole provision protects the bond owner from an early call when interest rates have declined, but the owner has all of the interest rate risk associated with a persistent rise in rates.  

I do not face the interest rate risk associated with having to sell bonds at an inopportune time. 

I will consider selling long maturity bonds for a profit when and if interest rates decline significantly making this bond more valuable due to the make whole provision that would penalize an early redemption in this interest rate scenario. 

Make Whole Provision: 

If no such opportunity arises, and I own this bond on my date of death, it is someone else's problem. 

This purchase is an alternative to buying the $25 par value exchange traded Entergy Arkansas LLC First Mortgage Bonds 4.875% due 2066 (EAI) NYSE), which I also own and discuss in Item # 5.A. below.

EAI can be called now at par value + any accrued and unpaid interest. Without the make whole protection for the owner, EAI would be called when it is in the interest of Entergy Arkansas to do so. 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A2/A

YTM at Total Cost: 5.928%

Current Yield at TC: 5.894%

Last First Mortgage Bond Offering (5/2025): Prospectus for $300M 5.43% maturing in 2034. 

C. Bought 2 Laboratory Corporation of America 4.35% SU Maturing on 4/1/30 at a Total Cost of 98.419: 

Issuer: Labcorp Holdings Inc. (LH)

The name was changed from Laboratory Corporation of America.  

LH Analyst Estimates | MarketWatch

LH SEC Filings 

LH SEC Filed Earnings Press Release for the Q/E 3/31/25  

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.721%

Current Yield at TC:  4.42%

I had 3 LH bonds mature on 2/1/25 (3 different accounts): 

D. Bought 2 Lowe's 3.35% SU Maturing on 4/1/27 at a Total Cost of 98.276 - Fidelity Account: 

Issuer: Lowe's Cos. (LOW) 

LOW Analyst Estimates | MarketWatch

LOW SEC Filings 

SEC Filed Earnings Press Release for the Q/E 3/31/25 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

YTM at Total Cost: 4.369%

Current Yield at TC: 3.409%

When purchased, the 2 year treasury note was trading at a 3.93% yield. 

I am replacing 2 of the 4 bonds that mature in September: 

Third Party Prices as of 6/18

Brokers use a third party service to price bonds in their customer accounts. The prices shown are not the last trade price and will generally be lower than the last trade price. Frequently, a bond can be sold in a small lot at a higher price than the third party price just by hitting the best bid price for the quantity being sold.  

E. Bought 2 Dollar General 5% SU Maturing on 11/1/32 at a Total Cost of 99.595: 

Issuer: Dollar General Corp. (DG) 

DG Analyst Estimates | MarketWatch

I have eliminated my common stock position.  Item # 1.H. Eliminated DG - Sold 5 at $85.63  (4/4/25 Post)(profit snapshot = $49.07) 

DG SEC Filings 

For now, I am sticking to owning no more than 2 SU bonds based on my assessment of the credit risk which was somewhat alleviated by the last earnings report that at least made me comfortable in buying 2 bonds maturing in 2032. SEC Filed Earnings Press Release for the Q/E 5/2/25 (revenues increased 5.3% to $10.4B with net income reported at $391.928M, up from $363.317M)

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa3/BBB

YTM at TC = 5.066%

Current yield at TC: 5.02% 

I had 2 Dollar General 4.15% SU bonds that were called early on 4/29/25 that would have matured on 11/1/25. 

Item # 1.F. Bought 2 Dollar General 4.15% SU Bonds Maturing on 11/15/25 at a Total Cost of 99.45 (10/31/24 Post) When I bought that bond, Moodys had a Baa2 rating but downgraded its rating one notch thereafter to Baa3,Dollar General’s senior unsecured notes rating downgraded by Moody’s - Investing.com (3/28/25)

F. Bought 1 Entergy Texas 5.15% First Mortgage Bond Maturing on 6/1/2045 at a Total Cost of 90.54: 

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

Prospectus: 

Entergy Texas 2025 First Quarter Results: 

In Thousands

10-Q at page 128 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A

YTM at Total Cost: 5.967%

Current Yield at TC: 5.688%

Last Bond Offering (2/25): Prospectus 

I own 6 of the 2035 FM bonds. 

3. Small Ball Common Stock Buys: 

A. Bought 10 FBRT at $10.8: 

Quote: Franklin BSP Realty Trust Inc. (FBRT) 

Cost: $108

FBRT is an externally managed mortgage REIT who originates mortgage loans.  

Loan Collateral Type and Loan Region: 71.3% Apartments

10-Q at page 11

Company Assessments of Credit Risks: 

10-Q at pages 13-14 

10-Q for the Q/E 3/31/25 

The company has certain commercial loans and mortgage securities that are available for sale and owns some real estate, see pages 14-17. 

FBRT SEC Filings

Franklin BSP Realty Trust Inc. (FBRT)

FBRT Analyst Estimates | MarketWatch

Risk: High IMO as reflected in the dividend yield. 

Dividend: Quarterly at $.355 per share ($1.42 annually), last raised from $.285 per share effective for the 2022 first quarter payment. 

FBRT Stock Dividend History & Date | Seeking Alpha

Yield at $10.8: 13.15%

Next Ex Dividend: 6/30/25

Last Earnings Report (Q/E 3/31/25): 

SEC Filed Press Release and  SEC Filed Supplemental (foreclosed property list at page 15) 

"Fully converted" assumes "applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards". 

Per Share Data fully converted: 

GAAP E.P.S.: $.22, down from $.35 

Net Distributable Earnings : ($.12)

Net Distributable Earnings before realized loss:  $.31, down from $.41

Distributable Dividend Coverage before realized loss: 86%

Reconciliation: 

Net total income after interest expense declined by $3.84M while other expenses rose $9.714M with $7.573M of that number classified as "other expenses".  

Fully converted Book Value per share: $14.95

Owned Equity Preferred Stock: I own 20 shares of FBRTPRE in my Schwab account with an average cost per share of $19.3. Par value is $25. Franklin BSP Realty Trust, Inc. 7.5% Cumulative Preferred Stock (FBRT-PE); Item # 3.C. Added to FBRTPRE - Bought 2 at $18.32; 3 at $18.19 (10/28/23 Post) 

B. Added to NSA - Bought 5 at $32.37 -Fidelity Account: 

Quote: National Storage Affiliates Trust (NSA) - Internally managed storage REIT

Cost: $161.85 

NSA SEC Filings

Website: National Storage Affiliates Trust (NSA)

Last Buy Discussions: Item # 2.J. Added to NSA - Bought 5 at $36.07 (1/15/25 Post);  Item # 2.C. Added to NSA - Bought 5 at $34.95 (5/3/2024 Post); Item # 2.B. Added to NSA - Bought 5 at $35.25 (4/26/24 Post)

Last Sell Discussions:  Item # 2.C. Pared NSA in Fidelity Account - Sold 5 at $48.54 (9/19/24 Post)(profit snapshot = $52.95); Item # 2.B. Eliminated Duplicate Position in NSA - Sold 7 at $41.91 (Schwab Account) and Pared NSA in Fidelity Account  Sold 5 at $53 (8/15/24 Post)(profit snapshots = $67.91)(mentioning in that report that I was not impressed with the 2024 second quarter earnings report, SEC Filing). I subsequently restarted a position in my Schwab account where I currently own 10 shares with a $35.04 AC per share. 

New Average cost per share this account: $34.04 (30 shares)

Dividend: Quarterly at $.57 per share ($2.28 annually), last raised from $.56 effective for the 2024 4th quarter payment. The rate was at $.20 per share in the 2015 4th quarter payment. 

NSA Stock Dividend History & Date | Seeking Alpha

I have changed my dividend option to reinvestment in my Schwab account. For shares owned in my Fidelity account, I am taking the dividend in cash. 

2024 Tax Classification of Dividends: 

National Storage Affiliates Trust Announces Tax Treatment of 2024 Distributions 

Yield at $34.04 AC per share: 6.7%

Yield at $32.37: 7.04%

Last Ex Dividend: 6/13/25 (owned 25 this account as of)

Last Earnings Report (Q/E 3/31/25): SEC Filing (Debt is listed at page 14)

Comparisons are to the 2024 first quarter. 

Revenues: $168.657M, down from $173.787M

GAAP E.P.S. = $.10, down from $.65

The decline was largely due to realized gains from property sales of $61.173M in the 2024 first quarter compared to $1.425M in the 2025 first quarter. Gains from property sales are excluded in the FFO computations.  

FFO per share: $.52, down from $.6

Core FFO per share: $.54, down from $.6

Reconciliation: 

Per share reconciliation: 

Occupancy: 83.1% for for 816 owned properties

10-Q for the Q/E 3/31/25 The wholly owned properties contain about 52.2M rentable square feet and 410,000 storage units. 10-Q at page 10. 

Maximum Position in Taxable Accounts: 100 shares

KBRA Downgrades NSA OP, LP Issuer and Senior Note Ratings to BBB (3/15/25)

Last SU Note Offering: National Storage Affiliates Trust Operating Partnership Announces Issuance of $350 Million of Senior Unsecured Notes 

C. Added to PEO - Bought 5 at $21.65; 5 at $21.35: 

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

Cost: $215

I am willing to add to this CEF since my exposure to natural resource stocks is close to nil and the fund pays a good dividend.  

Last Discussed: Item # 1.J. Added to PEO - Bought 4 at $19.19 (4/18/25 Post) 

This CEF was formed in 1929 just prior to the stock market crash. The fund shares office space and personnel with the Adams Diversified Equity Fund Inc. (ADX) that was founded at about the same time. 

SEC Filings

SEC Filed 2024 Annual Report

SEC Filing - Holdings as of 3/31/25 

Sponsor's website: Adams Funds

Last Discussed: Item # 1.J. Added 4 PEO at $19.9 (4/18/25 P0st); Item # 1.C. Added 5 PEO at $22.1 (9/19/24 Post)

Top 10 Holdings as of 3/31/25:

Of the stocks listed in the previous snapshot, I have individual positions in Williams Companies (WMB), Kinder Morgan (KMI) and Oneok (OKE). I have been paring those positions. 

Principal Changes in the 2025 First Quarter: 

Data Date of 6/23/25 Trade: 

Closing Net Asset value per share: $23.85

Closing Market Price: $21.73

Discount: -8.89%

Average 3 Year Discount:  -14.13%

Sourced: PEO - CEF Connect 

Average cost per share: $21.81 (30 shares)

Dividends: Variable 

"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."

PEO Stock Dividend History & Date | Seeking Alpha

Last 5 years of dividends: 

For 2025, PEO paid quarterly dividends so far of $.53 and $.52 per share

Last Ex Dividend: 4/28/25

Some Sell Discussions: 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); Stocks,Item # 1. Sold 104+ PEO at $27.06 (8/10/2013 Post)(profit snapshot = $205.95); Item # 3. Sold 100 PEO at $26.19 (11/15/2010 Post)(profit snapshot = $144.29) 

Purchase Restriction: 2 to 10 share lots with each subsequent purchase required to reduce my average cost per share.  

PEO Realized Gains to Date: $1,278.98 Some minor sales were not discussed.  

It has been my experience that energy stocks need to be traded in order to realize acceptable total returns. PEO is competently managed IMO but I was selling shares in 2010 and 2013 at prices higher than my most recent purchases.  

My opinion that energy stocks are not good long term holds is based on my experience investing in them for several decades and the fact that energy prices will crater, refining margins will evaporate and chemical operations will turn sour. 

WTI Crude Oil Prices - 10 Year Daily Chart | MacroTrends

Natural Gas Prices - Historical Chart | MacroTrends

If I had to hold 1 for the long term, I would narrow the choice based on what I know now to either Exxon or Chevron and then wait for disaster to strike again before starting a position. 

The last disaster period for energy stocks as doing the pandemic, where energy prices cratered and I did some buying in several energy stocks. 

I eliminated my last remaining XOM shares bought during that period in April 2023, selling 9 shares at $116.9 and realizing a $731.11 profit. Item #1.A. Eliminated XOM - Sold 9 at $116.9 (4/22/23 Post)(profit snapshot = $731.11) My average cost per share was at $35.67. 

An argument could be made to keep the shares for the dividend income. The current quarterly dividend is $.99 per share ($3.96 annually), Dividends-Exxon Mobil Corporation (XOM) The yield at $35.67 and a $3.96 annual rate is 11.1% but the annual income is only $35.64 on 9 shares. At that annual rate, it would take about 20.51 years to equal the $731.11 realized gain in 2023. 

Another consideration for selling is my age and financial condition that allows me to take less stock risk or none at all.  

D. Added to GSBD - Bought 5 at $11.46: 

Quote: Goldman Sachs BDC Inc. (GSBD) - Externally Managed BDC

Cost: $57.28

GSBD SEC Filings

Last Discussed: Item # 2.G. Added to GSBD - Bought 5 at $12.74; 5 at $11.99 (1/1/25 Post) 

New average cost per share: $13 (35 shares)

Dividend: $.32 regular ($1.28 annually), with potential supplemental dividends as described below: 

On 2/26/25, "the Board of Directors approved a reduction of the base quarterly dividend to $0.32 per share (the “Base Dividend”) with upside potential through quarterly supplemental variable distributions (the “Supplemental Dividend”) in the amount of at least 50% of the Company’s net investment income in excess of the amount of the Base Dividend to the extent there is sufficient net investment income."

The regular dividend was reduced from $.46 per share. One reason for reducing the regular dividend is that NII has trended down starting last year when the FED started to cut the FF rate. This BDC also has an elevated amount of non-accruing loans based on amortized cost.    

2025 Supplemental Dividends: $.16 for the 2025 second quarter and $.05 for the first quarter. 

Dividend Yield:  9.846% (regular dividend only)

Next Ex Dividend: 6/30/25 ($.48 of which $.32 was the regular and $.16 supplemental), owned all as of. 

Net Asset value per share history: Poor IMO, Using a Cautious Approach

3/31/25:   $13.2

12/31/24: $13.41 

9/30/24:  $13.54

12/31/23: $14.62

9/30/23: $14.61

6/30/23   $14.59

3/31/23    $14.44  

12/31/22  $14.61

12/31/21  $15.92

12/31/20  $16.75

12/31/19  $16.75

12/31/18  $17.65

12/31/17  $18.09

12/31/16  $18.31

12/31/15  $18.97

IPO at $20 (March 2015): Prospectus (proceeds at $19.64 before internal expenses)

Last Earnings Report (Q/E 3/31/25): 

SEC Filed Press Release 

NII per share: $.42

Adjusted NII per share: $.41

Non-accruing Loans: 1.4% based on fair value and 4.6% using amortized cost. 

Portfolio Summary: 

Company assessment of credit risks: 

10-Q at page 72

Company assessment of interest rate changes on NII: 

10-Q at page 82

10-Q With variable rate loans priced at spreads to short term rates, net investment income will decline when the FED cuts the federal funds rate and rise when the FF rate is raised. 

A summary of investments starts at page 9. An loan with a (13) in the "note" column indicates non-accrual status. 

Most of the non-accrual is in the loan to Lithium Technologies that has an amortized cost of $97.010M with a "fair value" mark of $26.967M, see page 16.  The company is now known as Khoros. KBRA Releases Research – Private Credit: Khoros' Potential Default Sprinkled Across Private Credit; Khoros, LLC - Wikipedia

The non-accrual loan that has the lowest markdown is a PIK loan to VisionSafe Holdings, see page 10. Emergency Vision Assurance System | VisionSafe | EVAS

E. Added to PLTK - Bought 10 at $4.48: 

Quote: Playtika Holding Corp. (PLTK)

Cost: $44.8 

Investment Category: Lottery Ticket Basket

PLTK SEC Filings

PLTK SEC Filed 2024 Annual Report

New Average cost per share: $6.5 (40 shares) 

Dividend: Quarterly at $.1 per share 

PLTK Stock Dividend History & Date | Seeking Alpha

Yield at AC = 6.154%

Last Ex Dividend: 6/23/25

Last Earnings Report (Q/E 3/31/25): I discussed this report in a recent post and have nothing further to add here: Item # 3.C. Bought 5 PLTK at $4.76 (6/5/25 Post); SEC Filed Press Release; 10-Q for the Q/E 3/31/25 

F. Started SAFE - Bought 10 at $15.6; 5 at $15.25: 

Quote: Safehold Inc. (SAFE)

Cost: $232.25

SAFE is a REIT that owns ground leases. I view this sector to be safer than other REIT sectors but there are still risks as discussed in the Annual Report linked below.   

Safehold Inc. SEC Filed 2024 Annual Report (Risk factor summary starts at page 9). 

Portfolio: 

Website: Current Safehold Portfolio | Safehold

I recently bought 4 SAFE 5.65% SU bonds maturing on 1/15/35. 

Link to my Second Bond Purchase: Item # 4.E. Bought 2 Safehold Operating 5.65% SU Bonds Maturing on 1/15/35 at a Total Cost of 98.167 (6/12/25 Post); Bond Page | FINRA.org, Bond Prospectus The other purchase was discussed in Item #5.F. (6/5/25 Post) 

Safehold Inc. 10-Q for the Q/E 3/31/25

The SAFE stock chart prior to 3/31/23 can not be relied upon. IStar  acquired SAFE in a reverse merger and then changed its name to Safehold Inc. with the SAFE stock symbol. Other other complicated transaction occurring in connection with this merger including a spin-off to IStars shareholders the non-ground lease assets and businesses and a reverse split of shares, see  Safehold Inc. 2024 Annual Report at page_December 31, 2024;

See also, Safehold and iStar Close Merger and Complete Spin-Off of iStar's Legacy Assets to iStar Stockholders; Safehold and iStar Announce Business Combination(8/11/22)("Prior to the closing of the transaction, iStar will undergo a reverse stock split to reduce the number of iStar shares outstanding to be equal to the number of SAFE shares owned by iStar immediately prior to the merger.")

The only relevant chart starts in April 2023. 

Average cost per share: $15.48 (15 shares)

Dividend: Quarterly at $.177 per share ($.708 annually)

SAFE Dividend History & Date | Seeking Alpha

Yield at $15.48 = 4.574%

Next Ex Dividend: 6/30/25 (owned as of)

Last Earnings Report (Q/E 3/31/25): SEC Filing and  10-Q 

Revenues: $97.677M, up from $93.213M

Funds from operations is not a relevant number for a ground lease REIT. Land is not depreciated and there are no maintenance expenditures.   

GAAP Net Income: $29.4M

GAAP E.P.S. $.41

Adjusted E.P.S. = $.44 (excludes a $1.9M non-recurring loss related in a preferred equity investment in a leasehold joint venture)

Maximum Position: 100 shares

Purchase Restriction: 5 share lots with each purchase required to be at the lowest price in the chain. 

4. Small Ball Common Stock Sells: 

A. Eliminated SPTN - Sold 20 at $26.375: 

Quote: SpartanNash Co. (SPTN)

Proceeds: $527.5

SPTN SEC Filings

Last Buy Discussions: Item # 2.I. Bought 5 SPTN at $17.4 (1/15/25 Post); Item # 1.D. Added to SPTN - Bought 4 at $18.23; 5 at $17.9  (1/9/2025 Post)

Profit Snapshot: $169.55

SPTN has agreed to be acquired for a $26.9 per share cash payment, as I discussed in a comment; SEC Filed Press Release. I  will receive a $.22 per share dividend payment on 6/30. 

Other Sell Discussions: Item # 1.K. Sold 10 SPTN at $21.05, 5 at $20.08 (4/4/25 Post)(profit snapshot = $26.79); Item # 2.F. Eliminated SPTN - Sold 15 at $29.01 in Fidelity Account; 20 at $31.05 in Vanguard Account; 10 at $30.64 in Schwab Account (3/23/22 Post)(profit snapshot = $421.49) 

SPTN Realized Gains: $617.83 (no realized losses)

I also eliminated my position in a RI account and do not currently own any shares. I would only consider restarting a position now if the merger fell through. 

B. Pared LGND - Sold 1.642 Shares at $118.26: 

Quote: Ligand Pharmaceuticals Inc. (LGND) 

Proceeds: $194.18

This stock normally has a large bid/ask spread. 

The price is volatile with a 52 week range of $77.53 to $129.9. 

The market capitalization at $118.26 is about $2.3695+B using the adjusted diluted share count as of 3/31/25.

LGND Analyst Estimates | MarketWatch

LGND SEC Filings 

SEC Filed 2024 Annual Report 

Investment Category: Lottery Ticket Basket

Website: Ligand Pharmaceuticals - Biopharma's Technology and Capital Partner

Profit Snapshot: $74.39 (6/25/25 sale only)

Average Cost Remaining Shares: $72.96 (5 shares)

Snapshot Intraday on 6/24/25 after pare

Dividend: None and none expected.  

Last Purchase Discussion: Item #1.B. Added to LGND - Bought $30 at $77.22; 1 at $76; 1 at $75; 1 at $73; 1 at $71.8 (3/8/24 Post)

Last Sell Discussions: Item # 3.F. Pared LGND - Sold 1 Share at $118.06 (1/29/25 Post)(profit snapshot = $41.81);  Item # 5.C. Eliminated Duplicate Position In LGND - Sold 2 at $103.69 - Schwab Account (8/21/24 Post)(profit snapshot = $31.19). 

Last Earnings Report (Q/E 3/31/25): SEC Filed Press Release and 10-Q 

Revenue: $45.333M

Disaggregation of revenues: 

10-Q at page 12

I do not like the number of adjustments that are made to the GAAP loss number which turns that loss into a non-GAAP profit. 

GAAP E.P.S. ($2.21)

Adjusted E.P.S. +$1.33

For a long time, this company had one product called Captisol, which is designed to optimize the solubility and stability of drugs. Captisol revenues jumped when Gilead used it in its Covid drug Remdesivir and that use is no longer active. Other companies incorporate this product in FDA approved drugs.  

During the period when Captisol was the only patent protected product, Ligand was successful in discovery compounds and licensing them in exchanged for milestone and royalty payments. Royalty Portfolio - Ligand Pharmaceuticals This link also lists LGND's royalty interests in several pipeline products. One of those products is Viking's NASH drug that is currently in a Phase 3 trial. 

More recently, the company has branched out into purchasing royalty streams from other companies which is higher risk than licensing compounds to other companies who pay for the clinical trials. The most recent example is the royalty  financing of a Castle Creek Biosciences drug to support a Phase 3 trial. If the trial fails, the investment will most likely be entirely incinerated. 

Another example of this risky strategy is discussed in this press release. Ligand and Agenus Enter Into $100 Million Royalty Financing Agreement (5/7/24). 

LGND acquired another company which had a royalty right to the approved drug QARZIBA, as discussed in this press release: Ligand to Acquire APEIRON Biologics AG for $100 Million

In an earlier post, I noted that Ligand  lost its $30M investment in a royalty stream for a drug called soticlestat that failed in a phase 3 trials.  Ovid Therapeutics and Ligand Pharmaceuticals Enter into a $30 Million Agreement for a 13% Interest in Soticlestat Royalties (10/18/23); Takeda Announces Phase 3 Topline Results for Soticlestat (6/17/24); Takeda Provides Update on Soticlestat (TAK-935)  I did previously note that I would not allow an adjustment to GAAP earnings to remove that loss. If Ligand wants to be in the royalty purchase business, then losing an investment is an integral part of the business and not something that can be dismissed and ignored.  

A lot of this activity was financed by the profits realized in selling shares of Viking Therapeutics Inc. (VKTX) that were acquired at a low price as part of LGND licensing compounds to Viking, as more fully discussed in prior posts.  

2024 Royalty Income:    

Annual Report at page 6

Pipeline Products/Potential Royalties: 

Annual Report at page 10

Short term investments as of 3/31/25: 

10-Q at page 13, $160.912M

Cash and cash equivalents: $47.989M 

Long Term Debt: None, page 4 10-Q. 

C. Eliminated FHN - Sold 10 at $19.57: 

Quote: First Horizon Corp. (FHN) - Bank Holding Company

Proceeds: $195.7

FHN is a bank holding company whose banking subsidiary First Horizon Bank operates in 12 southern states. The operating bank will have the largest market share in Tennessee. The operating bank was previously known as First Tennessee. 

"At March 31, 2025, FHN had over 450 business locations in 24 states, including over 400 banking centers in 12 states, and employed approximately 7,200 associates. 10-Q at page 67 

FHN  Analyst Estimates | MarketWatch

FHN SEC Filings

Investment Category: Regional Bank Basket Strategy

Profit Snapshot: $29.2

Last Buy Discussion: Item # 1.D. Restarted FHN - Bought 10 at $16.65 (4/25/25 Post) I discussed the last earnings report in this post: SEC Filed Earnings Press Release

Dividend: Quarterly at $.15 per share ($.6 annually), last raised from $.14 effective for the 2020 second quarter payment. The dividend was slashed from $.45 to $.20 effective for the 2008 second quarter payment and then slashed again to $.01 effective for the 2011 second quarter. 

FHN Dividend History & Date | Seeking Alpha

Dividend History: I rate the history as very poor. 

This rating will keep me mostly on the sidelines, with a hair trigger sell option. I did become briefly aggressive as part of an arbitrage strategy, discussed below, which I fortunately exited before the acquisition of FHN was terminated by parties due to regulatory opposition.  

Last Ex Dividend: 6/13/25

Last Elimination: Item # 3.A. Eliminated FHN - Sold 25 at $19.89 (11/14/24 Post)(profit snapshot = $155.65) 

Largest Gains: Item # 1. Eliminated FHN - Sold 5 at $24.38; 20+ at $24.47; and 47+ at $24.38 (11/15/22 Post)(profit snapshot = $1,071.04); Item # 1. Pared FHN in Fidelity Account - Sold 450 at $24.33 (11/1/22 Post)(profit snapshot = $1,261.77) Those gains were connected with an arbitrage strategy involving the acquisition of FHN. 

I played an arbitrage between the acquisition price offered by Toronto Dominion and the market price. When I became concerned about regulatory opposition, I sold all of my shares near the acquisition price. The merger was thereafter called off and the FHN price collapsed that resulted in restarting a position: Item # 1.H. Added to FHN - Bought 5 at $11.5 (9/16/23 Post); Item # 3.F. Added to FHN - Bought 5 at $9.51 (5/13/23 Post) Those lots have been sold. 

FHN Realized Gains to Date: $3,090.74 

D. Pared NTST in Schwab Account - Sold 10 at $16.8: 

Quote: NetSTREIT Corp. (NTST)

Proceeds: $168.05

I sold my highest cost lot. 

NTST is an "internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant retail commercials properties, subject to long-term net leases." 10-Q at page 27 The company also invests in property developments and mortgage loans secured by real estate. The mortgage loans are listed and described generally at page 13. Many of the loans provide NTST with the option to acquire all or a portion of the property secured by the loans. 

Portfolio Information: 

SEC Filing (Top tenants listed at page 14)

NTST SEC Filings

10-Q for the Q/E 3/31/25 Debt is discussed starting at page 15. Almost all of the debt is through bank credit facilities with the effective interest rates fixed through interest rate swaps. 

Last Discussed: Item # 2.N. Added to NTST - Bought 10 at $13.9 (1/1/25 Post); Item # 1.D. Added 10 NTST at $14.25 (12/26/24 Post)

Profit Snapshot: $3.95

New Average Cost per share this account: $14.96 (50 shares)

Snapshot Intraday on 6/20/25 after pare

The AC per share was reduced from $15.19.

Dividend: Quarterly at $.21 per share, last raised from $.205 effective for the 2024 third quarter payment. 

NTST Stock Dividend History & Date | Seeking Alpha

Yield at $14.96: 5.615%

Last Ex Dividend: 6/2/25 (owned 60 in this account as of)

Last Earnings Report (Q/E 3/31/25):  

SEC Filed Press Release, SEC Filed Supplemental and SEC Filed Investor Presentation 

Revenues: $45.91M

GAAP E.P.S. = $.02

FFO per share: $.29

Core FFO per share: $.3

AFFO per share: $.32

Reconciliation: 

5. Canadian Reset Equity Preferred Stocks: 

A. Pared PPLPRC:CA - Sold 50 at C$23.95:

Quote: PPL-PC.TO

Proceeds:  C$1,196.5 

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 still have a small ball position in the USD priced common shares (20 shares with an average cost per share at $29.99)

Last PPL.PRC:CA Discussion: Item # 2.A. Sold 50 PPLPRC:CA  at C$22.15 (5/30/25 Post)(profit snapshot C$244).  

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 

Current Coupon:  6.019% 

Prospectus.pdf

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 

Profit Snapshot: +C$356

New Average cost per share: C$16.13 (200 Shares)

Price as of 6/25 Close/Unrealized Gain = C$1,590

Yield at New AC: 9.33%

Computation .06019% coupon x C$25 par value = C$1.50475 annual dividend per share ÷ C$16.13 average cost per share = 9.3289% 

Last Ex Dividend: 5/1/25

Other PPL.PRC:CA Realized Gains: Item # 1. Sold 100 PPLPRC:CA at C$22.1 (1/15/25 Post)(profit snapshot = +C$436); Item # 2.B. Sold 100 PPLPRC:CA at C$21.64 (6/1/17 Post)(profit snapshot = C$496)

Last Buy Discussions: Item # 1.A. Added 100 PPLPRC at C$16.8 (6/24/23 Post); Item # 2.B. Bought 100 PPLPRC at C$15.88 (3/7/20 Post); Item # 1. Bought 50 PPLPRC at C$15.8  (7/3/19 Post); Item # 1.B. Bought 50 PPLPRC at C$17.23 (5/25/19 Post); Item # 1.A. Bought 100 PPL.PR.C. at C$17.7 (3/23/19 Post)

Prospectuses for Pembina preferred stocks are linked here: Stocks & Dividends 

PPL.PRC:CA Realized Gains to Date: +C$1,532

Other PPL Reset Equity Preferred Trades: +C$565

See snapshots in Item # 2.A. 

Realized Gains To Date Canadian Reset Equity Preferred Stocks: +C$23,286.8. Snapshots are in this post: Advantages and Disadvantages of Equity Preferred Floating Rate Securities I group these securities with my trades in U.S. floating rate preferred stocks which includes fixed-to-floating rate stocks that resemble the Canadian resets.   

6. Exchange Traded Bonds: 

Exchange Trade Bonds: Trade on the stock exchange. Orders are entered in the same manner as for a common stock.

A. Bought 5 EAI at $20.3 - Vanguard Account: 

Quote: Entergy Arkansas 1st Mortgage Bonds 4.875% due 2066 (EAI)

Issuer: Operating subsidiary of the utility holding company Entergy Corp. (ETR).

Cost: $101.5 

Last Discussed: Item # 5.C. Added to EAI in Vanguard Account - Bought 10 at $22.07 (8/2/24 Post); Item # 7.A. Added to EAI in Vanguard Account - Bought 5 at $21.7; 10 at $21.5; 10 at $21.27 (5/24/24 Post)

Par Value: $25

Coupon: 4.875%

Maturity: 9/1/66

Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021. 

Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment)

Interest Payments: Quarterly

New Average cost per share this account: $22.01 (75 shares)

Yield at $22.01: 5.537%

Calculation: .04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $22.01 average cost per share = 5.5373%

Yield at $20.3:  6%

Last Ex Interest Date: 5/30/25 (owned 70 in this account as of)

Total EAI Shares - All Taxable Accounts: 275 shares with a maximum at 300. 

Annual Interest on 275 shares: $335.16

I owned 3 Entergy Arkansas 3.7% first mortgage bonds ($1,000 par value) that matured on 6/1/24. 

Owned $1,000 Entergy Arkansas FM Bonds: $9,000 in principal amount

5 Entergy Arkansas 3.5% first mortgage bonds maturing on 4/1/2026. Bond Page | FINRA.org

1 Entergy Arkansas 4% first mortgage bond maturing on 6/1/28, Bond Page | FINRA.org

2 Entergy Arkansas 5.15% first mortgage bond maturing on 1/2/33, Bond Page | FINRA.org

1 Entergy Arkansas 5.75% first mortgage bond maturing on 6/1/54, Bond Page | FINRA.org, see Item # 2.B. above. 

7. Treasury Bills Purchased at Auction: 

A. Bought 5 at the 6/23/25 Auction: 

91 Day Bills

Mature on 9/25/25

Interest: $53.02

Investment Rate: 4.299%

B. Bought 5 at the 6/23/25 Auction: 

183 Day Bills

Mature on 12/26/25

Interest: $104.72

Investment Rate: 4.267%

8. U.S. Equity Preferred Stock: 

A. Added to ATLCP - Bought 5 at $22.05 - Fidelity Account: 

Quote: Atlanticus Holdings Corp. 7.625% Cumulative Preferred Series B  (ATLCP)

Cost: $110.25

I view the credit risk as high which is inherent in its business.   

Issuer: Atlanticus Holdings Corp. (ATLC)

ATLC SEC Filings

SEC Filed 2024 Annual Report 

P. 24, Annual Report

10-Q for the Q/E 3/31/25 

ATLC Analyst Estimates | MarketWatch

Average cost per share: $22.43 (10 shares)

Yield at $22.43: 8.5%

Computation:  7.625% coupon x. $25 par value = $1.90625 annual per share dividend ÷ $22.43 average cost per share = 8.4987%. 

Last Ex Dividend:  5/30/25

Prospectus 

Par Value: $25

Coupon: 7.625% 

Dividends: Paid quarterly and cumulative

Maturity: None

Optional Call: On or after 6/11/26 at par value + accrued and unpaid dividends

Stopper Clause: Yes, see page S-18 of the Prospectus 

No cash dividend is currently being paid, so the stopper clause would not prevent a deferral of the preferred share dividend unless cash was used to buy back common stock. 

The absence of a cash common share dividend and no expectation from common shareholders that one will be declared soon create an enhanced risk for a preferred stock owner. 

If there was a cash common share dividend and an expectation that one would be paid, a company would be more hesitant to eliminate the cash dividend altogether, which would then legally allow the deferral of a cumulative preferred dividend. 

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.