ADX, AOD, BNS, COWZ, CPB, FSK, FZILX, FZROX, GIS, GOOD, GTY, HR, IGR, KW, MDT, PDM, STAG, TRC, UDR

Dollar Value of Trades Discussed in this Post: 

Outflow U.S. Common Stocks/Stock Funds: $3,132.87

Realized U.S. Gain Stocks/Stock Funds: $629.41

Inflow U.S. Common Stocks: $770.58

Net Outflow U.S. Stocks/Stock Funds: $2,362.29

Inflow Corporate Bonds Bought: $9,000 in principal amount

Outflow Corporate Bonds Sold: $2,011.38 (2 bonds sold at a premium to par value)

Inflow Treasury Bill Purchases: $15,000 in principal amount

Valuation Measures: 

The Buffett Indicator: Market Cap to GDP - Updated Chart | Longtermtrends

S&P 500 PE Ratio - Shiller PE Ratio | Longtermtrends

S&P500 Dividend Yield - Updated Chart | Longtermtrends

M2 Money Supply Growth vs. Inflation - Updated Chart | Longtermtrends

Crestmont P/E and Market Valuation: June 2025 - dshort - Advisor Perspectives

Q-Ratio and Market Valuation: June 2025 - dshort - Advisor Perspectives

Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (7/1/25)

Valuation indicators are not short term trading indicators. Markets can remain overvalued for an extended period before there is a valuation reset. An example is the rise in the Nikkei 250, rising from around 3,600 in September 1982 to 38,900 in December 1989, Nikkei Stock Average, Nikkei 225  St. Louis Fed, click "max" for time period. It took about 36 years for that index to return to the December 1989 high. Another example from my youth is the Nifty Fifty stocks in the late 1960s and early 1970s or more recently the parabolic rise in 1996-2000. Are the Magnificent Seven in a Bubble? Ask the Nifty Fifty - Articles - Advisor Perspectives

My comfort level with stocks is near non-existent now. I am in a slow mo reduction mode. 

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I have noticed that the BLS has recently made it extremely difficult to find historical CPI releases. Whenever I search now for a prior month CPI release, say May 2025, the google search result will claim to be from that prior month, but clicking it will take me to the current month's release. In my 6/12/25 Post, I have a snapshot of the May 2025 CPI data and a link to the May 2025 CPI release. Clicking it takes me to the current June report. This never happened until now.  

CPI for June: In line with estimates

CPI Month-To-Month +.3%

Core CPI Month-to Month: +.2%

12 Month CPI: +2.7%, up from 2.4% through May   

12 Month Core CPI: +2.9%, up from 2.8% through May   

Food at Home month-to-month: +.3% for the second consecutive month

Consumer Price Index Summary - 2025 M06 Results

This is the snapshot from my 6/12/25 that has the May 2025 CPI Data: 

After about 10 minutes of effort, I could not find this report at the BLS website. 

As previously discussed for months I am not expecting tariffs to cause much inflation until at least July. There are two primary reasons. Companies drastically increased their imports prior to the tariff effective dates, creating an excessive inventory supply, and many companies will not include in their product prices the entire republican tariff taxes all at once to avoid price shocks and lower volume sales. Price increases to recoup the republican tariff taxes will be more gradual for many companies. Another reason is that hikes in tariffs threatened by Trump have not yet been levied. 

I discuss how a massive republican tariff tax on an import will take time to show up in price increases paid by U.S. consumers in the following section. 

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The Republican 50% Copper Tariffs: 

Trump says 50% tariff on copper imports is coming and threatens 200% on pharmaceuticals (7/8/25)  

The 50% republican tariff tax on copper will be applied to imports arriving on 8/1/25. 

In anticipation of a republican tariff tax on copper imports, U.S. imports of copper have surged in recent months which makes sense for those buyers who have the capital to hold an excessive amount of copper in inventory. 

Last April, for example, the U.S. imported 200,000 metric tonnes of refined copper, the highest monthly number in over a decade. 

The surge in copper inventories in the U.S. will delay passing on the full tariff amount to U.S. users of copper.   

New Copper Tariff Could Hit US Manufacturers Industries that make extensive use of copper include building construction, machinery, defense, AI data centers, and automobiles. 

Copper is heavily used in AI data centers. 

How Trump’s threat of 50% tariffs on copper could hurt America’s AI ambitions - MarketWatch (subscription publication)

Copper - Price - Chart - Historical Data - News;  U.S. copper price spike could have severe economic consequences (7/9/25)

The U.S. imports about 1/2 of its copper requirements. In 2024, the U.S. imported 850,000 metric tons. Trump's 50% tariff on copper is unlikely to materially increase U.S. copper production. Trump’s 50% tariff unlikely to boost US copper production-ING Think Building a new copper mine can easily require 10 to 15 years before production starts. 

For U.S. companies importing copper, there will be substantial demand destruction directly related to the republican 50% tariff tax once they exhaust their inventory bought prior to this tariffs implementation. Many of the companies relying directly or indirectly on foreign suppliers will go out of business since customers will not be able to afford their products or will buy from a competitor who sources copper from a U.S. supplier. Shortages would soon appear as copper exports to the U.S. decline significantly with U.S. producers unable to meet demand. Jobs will be lost in industries that use copper as a major component in manufactured products. 

U.S. companies with long term contracts from U.S. producers will be able to raise prices as competitors, who rely on foreign copper sources, have no choice but to substantially increase their product prices, or cease production altogether. Trump's 50 percent copper tariff will drive up prices for tech, homes, military equipment, and more 

+ 

JPMorgan Chase (JPM) earnings Q2 2025 E.P.S. at $5.24 vs. consensus at $4.48. Dimon claims the U.S. "economy remained resilient in the quarter."

+++

So far, Trump has negotiated preliminary trade agreements with the U.K. and Vietnam.   

Trump has stated that any country that retaliates against the higher U.S. tariffs will see another increase in the republican tariff taxes. 

The long term sensible course for all foreign countries is to reduce their dependence on U.S. products which is now a hostile economic power engaged in protectionism. The most immediate negative impact will be on U.S. farm product exports. 

China has been reducing its reliance on U.S. farm products since Trump launched a trade war during his first term. China reacted by significantly reducing its reliance on U.S. farm exports, particularly soybeans. (My Video: Negative Impacts on U S Food Exports Resulting from Trump's Tariff Increases During his 1st Term - YouTube, published about 6 months ago)  

Listening to Canada's Foreign Minister, the Canadian government is planning on increasing trade with foreign nations, including the EU member nations and China and to de-emphasize trade with the U.S., which can now be described as extremely hostile to Canada. ‘We need to be closer with our allies’: Joly on turning to Europe for trade amid U.S. tariffs – CTVNews  

Trump has already caused long term damage to U.S. exporters. 

Treasury posts unexpected surplus in June as tariff receipts surge Customs duties in June totaled $27B. Quarterly tax payments are made in June. The deficit in May was $316B. The deficit for the fiscal year ending in September was $1.34 trillion. 

Trump says he will hit E.U. and Mexico with 30% tariff; Trump announces 30% tariffs on EU and Mexico, starting Aug. 1 This will take effect on 8/1/25 unless the EU and Mexico reach a trade deal with the U.S. 

Mexico accounted for "69% of U.S. vegetable imports and 51% of U.S. fresh fruit imports in recent years, according to U.S. Agriculture Department data."

The EU Trade Minister Marcos Sefcovic warned that the 30% tariff would practically eliminate traded between the U.S. and the 27-nation bloc.

South Korea's Minister of Trade, Yeo -Han-koo, said his country was working to avoid "unfair" U.S. tariffs on key industrial sectors that would undermine relations with the U.S. At best, the Trade Minister said that only an agreement in principle was possible by 8/1. 

Trump: "One year ago our country was a dead country. We were going nowhere except down. We were the laughingstock all over the world. And now we're the hottest country anywhere in the world." Trump: Powell doing a terrible job, interest rates should be 3% points lower - YouTube (start at 3:02) Lowering the federal funds ("FF") range from the current 4.25%-4.5%  to 1.25% to 1.5% with core annual PCE at 2.7% for the 12 months ending in May (up .1%), as demanded by Trump, would be idiotic. Personal Consumption Expenditures Price Index, Excluding Food and Energy | U.S. Bureau of Economic Analysis (BEA);Personal Income and Outlays, May 2025 | U.S. Bureau of Economic Analysis (BEA) 

I would add that savers would see a substantial decline in interest income as well after a 300 basis point decline in the FF rate offsetting for many whatever tax cuts they received from the republican BBB

{By repeatedly attacking Powell,  Trump is engaged in a transparent attempt  to assign blame to him, one voting member of the Federal Reserve, for what Trump is doing now to harm the U.S. economy. The buck never stops at Trump's desk - never will, never has.}    

How the toy industry is feeling the effects of Trump’s tariffs | PBS News

Hasbro’s CEO warns that toy prices could start to rise in the fall because of tariffs | CNN Business When asked about Hasbro CEO's comment that toy price will cost more this Christmas due to the republican tariff taxes, Trump had this to say: "I don’t know. I didn’t hear anything about Hasbro. I don’t care about their prices. But if they make their toys here, if they made their toys here, they wouldn’t have a price increase." Trump readies blanket tariffs as he brushes off inflation worries And what would happen to the prices when the toys are manufactured in the U.S. 

Trump’s ‘big beautiful bill’ adds SALT deduction ‘torpedo,’ pro says

Trump tariff surprise delivery fees (Example customer had to pay a $1,170 republican tariff tax on a table delivery from Mexico.)

Volvo will take a one time non-cash impairment charge of US$1.19B related to U.S. tariffs. 

+++

PolitiFact | Donald Trump said China has ‘very, very few’ wind farms. But it has more than any country  Rated as Pants on Fire.  

Trump: "I think I'm the most honest human being, perhaps, that God ever created". Donald Trump states he is ‘perhaps the most honest human being’ ever created | The Independent  

False or misleading statements by Donald Trump - Wikipedia

MAGA influencer Charlie Kirk claims Texas flood death toll ‘would not have been as high if it wasn’t for DEI’ | The Independent Charlie Kirk attended briefly a community college before pursuing his current career. Success in  the MAGA world requires neither intelligence nor knowledge but can be created by publishing a constant stream of nonsense that appeals to Trump's cult members. 

Tom Homan Claims ICE Can Detain Based on a Person's Physical Appearance 

ICE agents handcuff and detain 71-year-old U.S. citizen - YouTube

New Hampshire man denied re-entry to U.S. after Canada visit: ‘Very uncertain for me right now’ - YouTube This guy is a Trump supporter who was born in Canada and had lived in the U.S. since he was 3, had an American wife and several children born in the U.S. He had a green card. The reason for being denied re-entry was 2 old misdemeanor convictions for driving under a suspended license and possession of marijuana. He had repeatedly in the past crossed the border without incident until 2025.  

Trump says he is considering revoking Rosie O'Donnell's U.S. citizenship - CBS News President of the United States Donald Trump: "Because of the fact that Rosie O’Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship. She is a Threat to Humanity, and should remain in the wonderful Country of Ireland, if they want her. GOD BLESS AMERICA!"  

Epstein Files: What to know about the MAGA faithful’s anger over Trump and the Epstein case | PBS News

Trump has had it with his cult members who want the Epstein files released to prove some kind of conspiracy about the Deep State or something. It is hard, impossible most of the time, to explain the rationale of a deeply disordered mind completely dislodged from good judgment, facts and even common sense.   

Message from the President of the United States Donald Trump: "Why are we giving publicity to Files written by Obama, Crooked Hillary, Comey, Brennan, and the Losers and Criminals of the Biden Administration, who conned the World with the Russia, Russia, Russia Hoax, 51 ‘Intelligence’ Agents, ‘THE LAPTOP FROM HELL,’ and more? They created the Epstein Files, just like they created the FAKE Hillary Clinton/Christopher Steele Dossier that they used on me, and now my so-called ‘friends’ are playing right into their hands. Why didn’t these Radical Left Lunatics release the Epstein Files?"   

As I understand Trump's latest claim, Barack Obama and/or the Deep State concocted the Epstein files to smear Trump but then failed to publicly release them for some reason after creating them.  The republican created conspiracy theories do not have to make any sense, and can be based entirely on imagination rather than anything remotely resembling a fact.   

Trump then promised to release the files to show transparency and the malefactions, maledictions and demonic evil spirit of the Deep State or something like that. 

The Epstein files were on Pam Bondi's desk and were about to be released until Bondi, Trump and Kash Patel decided there was nothing to it, no damaging "client list", and  consequently the files would remain hidden, if they ever existed. 

Trump defines what is true for his cult members. His statements are the truth, no matter how ridiculous or demonstrably false, and will be accepted without question as true, even though the falsity can be easily established with almost no effort. That is the definition of a cult leader. 

Some of his supporters who are naturally prone to believing the most outlandish and far fetched conspiracy theories may find it hard to accept his statements about the Epstein files as true.

“Made Up by Comey, by Obama, by The Biden” – Trump Spins Epstein Question Into Deep State Bingo - YouTube (Diaper Diplomacy website)

Texas Flood: 

NYT: FEMA didn't answer thousands of Texas flood survivor calls - YouTube Trump and his horde of incompetents are making government non-functional. FEMA fired people who answered the phones shortly after this disaster hit.  

Trump appointed someone as the acting FEMA Director who had zero experience with disaster responses. His wikipedia article is worth a read. David Richardson (government official) - Wikipedia Richardson finally show up at the Texas flood disaster site more than a week after the incident - wearing a button down shirt open to his midsection. Acting head of FEMA makes first visit to flood-ravaged Texas - YouTube

Where in the world is the FEMA head? Agency leader hasn’t been seen in over a week sparking concern | The Independent

FEMA leader is a no-show after deadly Texas flooding - POLITICO

In Texas flood response, FEMA slowed by Noem’s cost controls | CNN Politics

Trump Calls Reporter An 'Evil Person' For Asking About Families Impacted By Texas Flood   

Elon Musk's Grok AI: 

Pentagon will start using Musk’s Grok - POLITICO (7/14/25) The contract has up to a $200M value. CDAO Announces Partnerships with Frontier AI Companies to Address National Security Mission Areas 

Why Grok Fell in Love With Hitler - POLITICO; The Grok chatbot spewed racist and antisemitic content-NPR; Elon Musk trained Grok on X users. It became a Hitler fan. | Vox; Elon Musk’s AI Chatbot Responds As ‘MechaHitler’

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1. Small Ball Stock Buys: 

A. Added to GIS - Bought 5 at $51.8: 

Quote: General Mills Inc. (GIS)

Cost: $259

Our brands - General Mills

GIS Analyst Estimates | MarketWatch

GIS SEC Filings

Recent News: General Mills Completes Sale of U.S. Yogurt Business to Lactalis (6/30/25) The primary yogurt brand was Yoplait. The U.S. yogurt business contributed about $1.2B in revenues during the 2025 fiscal year. GIS previously sold its Canadian yogurt business to another company. The total amount received for both businesses was $2.1B according to this press release: General Mills Announces Agreements to Sell Its North American Yogurt Business to Lactalis and Sodiaal (9/12/24)

Last Discussed: Item # 2.B. Bought 5 GIS at $53.8 (5/16/25 Post) 

5 Year Chart: Ongoing Bear Market

Intraday on 7/9/25

On 5/15/23, the price closed at $90.29 and hit $90.73 intraday. The percent decline from $90.73 to $51.8 is 42.9%. Anyone buying this stock now IMO will have to be patient with a long term time horizon.  

At the current price with reinvestment of dividends, I view the long term total return as likely to be satisfactory IMO, given the strength of the GIS brands and the diversification into pet food and treats through a series of acquisitions. I am comfortable owning the stock long term. 

Packaged food stocks are in a major bear market of unknowable duration. 

The current bear case for GIS was confirmed by the last earnings report and forward guidance discussed below. 

New Average cost per share: $55.07 (50 shares)

Snapshot Intraday on 7/9/25

Dividend: Quarterly at $.61 per share ($2.44 annually), last raised from $.60 effective for the 2025 third quarter payment. 

GIS Dividend History & Date | Seeking Alpha

Effective with the next dividend payment, I change my option to reinvestment and will continue reinvesting the dividend until the likely next reinvestment price is over $60. 

The quarterly dividend was at $.44 in the 2015 third quarter. Dividend growth has slowed to a crawl as earnings growth has stagnated.  

Last Ex Dividend: 7/10/25 (owned all as of)

Last Earnings Report (Q/E 5/25/25): This was for the 4th fiscal quarter 

SEC Filed Earnings Press Release

Comparisons are to the fiscal quarter ending 5/26/24

Revenues:  $4.556+B, down 3% 

GAAP E.P.S. $.53, down from $.98

Non-GAAP E.P.S. = $.74, down from $1.01

Reconciliation: 

Net Sales by Segment Compared to 2024 F/Q:

The Canada yogurt business sale reduced revenues by 3%.  

The North America retail segment is the primary drag on profits and revenues and in obvious need of fixing if possible:   

The businesses included in this segment include the General Mills cereal brands, Pillsbury, Progresso soups, Nature Valley snack bars, Larabar snack bars, Betty Crocker, Chex Mix, Fiber One, Gold Medal flour, Bugles snacks, Haagen-Dazs ice cream, Bisquick, Cascadian Farms organic food products, Green Giant, Old El Paso, Totinos pizzas, and Annie's organic foods. 

2026 Fiscal Year Guidance: Adjusted E.P.S. down 10%-15% in constant currency from the fiscal 2025 base of $4.21

The company is going to spend money to restore volume-driven organic growth. That spending will include launching the Blue Buffalo brand into the U.S. fresh pet food category later this year.   

General Mills Accelerates Growth with Blue Buffalo Expansion into Fresh and Edgard & Cooper U.S. Launch (6/23/25)

Some Sell Discussions: Item # 2.B Sold Highest Cost GIS Shares - 10 at $65.26 and 5 at $63.9 (3/18/25 Post)(profit snapshot = $37.75); Item # 2.C. Pared GIS - Sold 5 at $68.83 (8/8/24 Post)(profit snapshot = $59.15); Item # 2.A. Pared GIS - Sold Highest Cost 5 Share Lot at $68.17 (3/22/24 Post)(profit snapshot = $28.61, discussed the earnings report for the F/Q ending 2/25/24, SEC Filed Earnings Press Release); Item # 1.C. Eliminated GIS in Vanguard Taxable Account - Sold 2+ at $80.41 (3/6/23 Post)(profit snapshot = $66.83);  Item # 3.C. Pared GIS in Fidelity Taxable Account - Sold 5 at $86.64 (12/13/22 Post)(profit snapshot = $145.71); Item # 6.A. Pared GIS - Sold 5 at $81.64 (11/8/22 Post)(profit snapshot = $118.72); Item # 4.B. Pared GIS in Fidelity Taxable Account - Sold 5 at $80.65 (9/27/22 Post)(profit snapshot = $112.89); Item # 2.B. Sold 2+ GIS at $67.1 and 3 at $69.22 (1/7/22 Post)(profit snapshots = $46.67); Item # 3.B. Sold 1.582 GIS at $64.42 - Eliminated Shares Bought with Dividends (6/4/21 Post)(profit snapshot = $8.09); Item # 1.A. Pared GIS in Fidelity Taxable-Sold 4 at $61.37 (4/17/21 Post)(profit snapshot = $9.95); Item # 1.A. Eliminated GIS-Sold 27+ at $54.86 (3/21/20 Post)(profit snapshot = $426.37); Item # 1.A. Sold 13 GIS at $55.02-Used Commission Free Trade (8/17/19 Post)(profit = $134.13); Item 1.B. Sold Highest Cost GIS lots at $51.69 (4/7/2019 Post); Item #2.A. Sold 10 GIS at $56.18-Used Commission Free Trade  (12/21/17 Post) Snapshots of 2007 through 2017 round-trip trades can be found in Item 1.B (+$1,809.99). I did not track gains prior to 2007. 

Analyst Reports (available to Schwab customers): 

Morningstar (7/8/25): 4 stars with a FV estimate of $62, cut from $71. The analyst notes that the Nature Valley brand snack bars have a 23% U.S. market share.   

Argus (4/11/25): Hold due to short term challenges with a long term buy rating

S&P (7/5/25): 3 stars with a 12 month PT of $55, reduced from $65.  The analyst questions the wisdom of moving into fresh pet food.

GIS Realized Gains 2007 to Date: $3,081.68 (no realized losses yet)

Maximum Position: 100 Shares

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

Last Bond Offering (4/25): Prospectus for €750M 3.6% SU Maturing in 2032.

Owned GIS SU Bonds: 6

Maturity Stack: Third Party Prices as of 7/9/25

2 Maturing on 2/10/27, Bond Page | FINRA.org

2 Maturing on 4/17/28, Bond Page | FINRA.org

2 Maturing on 3/29/33, Bond Page | FINRA.org

The 2033 SU is the most recent purchase. Item # 4.B. Bought 2 General Mills 4.95% SU Maturing on 3/29/33 at a Total Cost of 98.526 (5/23/25 Post) 

B. Added to CPB - Bought 2 at $29.6: 

Quote: Campbell's Co.  (CPB) 

Cost: $59.2

Looking at a long term chart, the $29.6 price has reverted back to August 2010 levels. For five years, the stock price channel was mostly in the $40 to $55 price range. That channel was broken decisively to the downside starting in March 2025. 

Brands- The Campbell's Company In addition to soup brands, other major brands include Lance, Goldfish, Pepperidge Farms, Kettle, Milano, V8, Roa's, Prego and Swanson.  

Last Discussed: Item # 2.G. Added to Falling Knife CPB - Bought 2 at $30.67 (7/3/25 Post) 

CPB Analyst Estimates | MarketWatch

CPB Analyst Estimates | MarketWatch

10-Q for the Q/E 4/27/25

Recent Major Acquisition: Campbell Completes Acquisition of Sovos Brands, Inc.

New average cost per share: $35.66 (38+ shares)

Dividend: Quarterly at $.39 per share ($1.56 annually), last raised from $.37 effective for the 2025 first quarter payment. 

CPB Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend until the share price moves over $35. 

Last Ex Dividend: 7/3/25

Yield at $35.66: 4.375%

Last Earnings Report (4/27/25): I discussed that report in a recent post and have nothing further to add here. Item # 2.C. Added to CPB - Bought 2 at $32.64; 3 at $32 (6/18/25 Post); SEC Filed Press Release

Sell Discussions: 

Item # 1.I. Eliminated CPB - Sold 5 at $49.86 (5/19/22 Post)(profit snapshot = $43.29) Item 3.B. Sold 5 CPB at $41.07 (8/26/18 Post)(profit snapshot $38.97); Item # 3 Sold 50 CPB at $41 (8/5/18 Post)(profit snapshot = $117.18); Item # 3 Sold 50+ CPB at $49.73+(11/20/17 Post)(profit snapshot $43.21); Item # 3 Sold 70 CPB at $35.79 (9/8/2010 Post)(profit snapshot = $718.94). There have been no stock splits during this period starting in September 2010.  

CPB Realized Gains 2008 to Date: $919.04

Purchase Restriction: 1 to 5 share lots with each subsequent purchase required to be at the lowest price in the chain.   

Consider to Sell: >$45 

Owned CPB SU bond: 2 of the 4.15% SU maturing on 3/15/28. Bond Page | FINRA.org; Item # 2.A. (3/18/25 Post) 

C. Added to GTY - Bought 5 at $27.25 - Fidelity Account: 

Quote: Getty Realty Corp. (GTY) - Equity REIT

Cost: $136.25

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

"Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of March 31, 2025, the Company’s portfolio included 1,119 freestanding properties located in 42 states across the United States and Washington, D.C."

Website: Getty Realty

GTY SEC Filings

Last Discussed: Item # 2. Added to GTY - Bought 2 at $28.79; 3 at $28.50;  2 at $28.35; 3 at $27.66 (7/3/35 Post) 

Last Elimination:  Item # 3.A. Eliminated GTY - Sold 5 at $35.65 and 20 at $35.69  (1/3/23 Post)(profit snapshots = $211.35) 

New Average cost per share: $28.4 (25 Shares)

Snapshot after add/Price as of 7/11/25 Close

Dividend: Quarterly at $.47 per share ($1.88 annually), last raised from $.45 effective for the 2024 4th quarter payment. 

GTY Stock Dividend History & Date | Seeking Alpha

Yield at New AC: 6.62%

Last Ex Dividend: 6/26/25 (owned 17 shares as of)  

Last Earnings Report (3/31/25): I discussed this report in a recent post and have nothing further to add here. Item # 1.F. Added to GTY in Schwab Account - Bought 4 at $28.55; 5 at $28.3; 5 at $27.5 (4/25/25 Post); SEC Filed Press Release and SEC Filed Earnings Slide Presentation

D. Multiple Buys of KW:  2 at $6.27+; 2 at $6.05+; 3 at $6.3; 5 at 6.85+; 5 at $6.76+:  

Quote: Kennedy-Wilson Holdings Inc. (KW) 

Cost: $111.67

KW is not organized as a REIT. I would categorize it as a hybrid real estate company in that it owns real estate, has ownership interests in real estate related loans, and manages real estate related securities on behalf of its co-investors.  

KW has two business segments: (1) an owned portfolio of real estate and real estate related assets, primarily apartments; and (2) a co-investment portfolio where KW invests capital "on behalf of our partners in real estate and real estate-related assets, primarily construction loans". The loan segment of the co-investment portfolio is relatively small as reflected in the table below. KW will receive fees for managing it Co-Investment portfolio

Real Estate Portfolio: 

Co-Investment Portfolio: 

As of 3/31/25, KW had $28.6 billion of AUM (as noted above) of which $27.7 billion is operating properties and real estate loans (excluding development properties) which produced total revenue of $477.5 million ($185.2 million at KW's share) compared to $23.0 billion of operating properties as of March 31, 2024 with total revenue of $473.0 billion ($187.3 million at KW's share). In addition, as of March 31, 2025, we held interests in 120 real estate loans in our global debt platform, 86% of which have floating interest rates, with an average interest rate of 8.3% per annum, an unpaid principal balance of $4.6 billion ($228.3 million at KW's share) compared to 109 real estate loans, 78% of which had floating interest rates, with an average interest rates of 8.4% per annum, and an unpaid principal balance of $5.1 billion ($271.0 million at KW's share) during the same period in 2024. During the three months ended March 31, 2025, the Company also completed a total of $189.2 million of gross acquisitions and $724.1 million of loan investments (KW's ownership interest of 34.4% and 2.5%, respectively) and $67.5 million of gross dispositions and $526.8 million of loan repayments (KW's ownership interest of 44.6% and 5%, respectively)."

10-Q for the Q/E 3/31/25 at pages 34-37 

KW SEC Filings 

KW SEC Filed 2024 Annual Report 

Average cost per share: $8.18 (40+ shares)

Dividend: Quarterly at $.12 per share, slashed from $.24 effective for the 2024 second quarter payment. The dividend was unsustainable at $.24. 

KW Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend until the share price crosses above $10. 

Yield at $8.18: 5.868%

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

Last Earnings Report (3/31/25): SEC Filing 

GAAP E.P.S. ($.3), down from $.19

Adjusted E.P.S. = ($.005), down from $.509

The 2024 first quarter included a $106.4M gain from selling real estate. SEC Filed Press Release

Reconciliation: Adds back non-cash depreciation and share compensation expenses. 

KW's "share of debt had a weighted average effective interest rate of 4.7% per annum and a weighted average maturity of 4.8 years as of March 31, 2025. Approximately 96% of the Company's debt is either fixed (74%) or hedged with interest rate derivatives (22%)."

"KW "expects to generate over $400 million in cash from asset sales and recapitalizations during the remainder of 2025, including approximately $200 million in Q2-25. The proceeds from these asset sales and recapitalizations will be used to reduce the Company's unsecured debt (including the repayment of its KWE Unsecured Notes due November 2025). There can be no assurances that these asset sales and recapitalizations will be completed when expected, or at all."

Subsequent to the 1st quarter, KW "completed a $510 million refinancing of existing mortgages secured by five multifamily assets primarily located in Dublin, Ireland. These assets are owned through an unconsolidated joint venture which the Company manages and holds a 50% ownership interest in. The new 5-year secured financing carries a floating all-in rate of 3-month Euribor + 1.95% (current rate is approximately 4.1% per annum)."

Assets by type with occupancy numbers: 

E. Added to HR - Bought 2 at $15.94: 

                                  

Quote:  Healthcare Realty Trust Inc. (HR)

Cost: $31.88

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

HR 2024 SEC Filed Annual Report

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. 

Both the managements of HTA and HR have failed over the long term to materially increase funds available for distribution (FAD) per share as previously discussed many times here. And the current dividend is not entirely supported by FAD, indicating a potential for a dividend cut.  

I consequently have a negative opinion of management based on this failure. The properties owned by the REIT are more recession resistant than other property sectors which is one reason to own a few shares.

Last Discussed: Item # 1.O. Added to HR - Bought 1 at $15.65; 1 at $14.65 (4/18/25 Post)(discussed 2024 4th quarter report, SEC Filed Press Release);  Item # 1.I. Bought 3 HR at $16.24 - Fidelity Account (1/22/25)

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: $17.3 (110+ shares)

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

HR Stock Dividend History & Date | Seeking Alpha

The quarterly dividend needs to be cut IMO since FAD per share is running consistently below the quarterly dividend.   

In the two columns far right, this table has the FAD and dividend data for 2024 and 2023: 

SEC Filing 

Combining those two years, the total dividend exceeded FAD by $80.339M.  

Yield at $17.3: 7.168%

Last Earnings Report (Q/E 3/31/25): SEC Filed Press Release SECFiled Supplemental 

89.3% Occupancy

GAAP E.P.S. ($.13)

FFO per share: $.48

Normalized FFO per share: $.39

CAD per share: $.289 (Dividend at $.31)

HR only provides the share count (353.522M) and the total FAD amount ($102.22M). The total dividend payment during the quarter was $109.84M 

Reconciliation GAAP to FAD: 

Maintenance expenditures are deducted from the normalized FFO number to arrive at FAD. The amount was $32.966M, down from $40.782M in the 2024 first quarter and $40.307M in the 2024 4th quarter. 

Of those cash flow numbers, I view FAD per share as being the most important. 

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 12 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.  

All bought in 2025  

4 matured on 8/1/26; Bond Page | FINRA.org

4 mature on 7/1/27; Bond Page | FINRA.org

4 mature on 1/15/28; Bond Page | FINRA.org 

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) 

2025 Mature Bonds from this issuer: 

Realized Market Discount: $92.22 (2 notes)

F. Added to UDR - Bought 1 at $40.95: 

Quote: UDR Inc. (UDR) - Apartment REIT 

UDR is an S&P 500 component. 

As of 3/31/25, UDR "owned or had an ownership position in 60,047 apartment homes, including 300 apartment homes under development."

UDR SEC Filings

2024 SEC Filed Annual Report

Corporate Profile | UDR, Inc.

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Last Discussed: Item # 1.O. Added to UDR - Bought 1 at $37.47; 1 at $38.89 (4/13/25 Post); Item # 2.F. Added 1 UDR at $41.14; 1 at $40.73 (1/15/25 Post)

I prefer owning the UDR SU bonds. I currently own 18. 

New Average Cost per share: $43.2 (25 shares)

Dividend: Quarterly at $.43 per share ($1.72 annually), last raised from $.425 effective for the 2025 second quarter payment. In the third quarter of 2015, the quarterly dividend was at $.2275. 

Effective for the next payment, I changed my option to reinvestment. 

UDR Stock Dividend History & Date | Seeking Alpha

Yield at $43.2: 3.98%

Last Ex Dividend: 7/10/25 (owned all as of) 

Last Earnings Report (Q/E 3/31/25): 

SEC Filed Press Release  and Supplemental 

GAAP E.P.S. = $.23

FFO per share: $.58

FFO as adjusted per share: $.61

AFFO per share: $.56 (deducts $18.405M maintenance costs:

Reconciliation GAAP to AFFO: 

Revenues: $419.394M
Occupancy: 97.2%

Analyst Report (available to Schwab customers): 

S&P (5/2/25): 4 stars with a 12 month PT of $48

Owned SU Bonds - Stacked: 

4 Maturing on 9/1/26, 2026 UDR 2.9% SU

5 Maturing on 9/1/27, 2027 UDR 3.5% SU

3 Maturing on 1/15/28, 2028 UDR 3.5% SU

4 Maturing on 1/26/29, 2029 UDR 4.4% SU

2 Maturing on 9/1/34, 2033 UDR 5.125% SU 

G. Added to GOOD - Bought 10 at $14.12 - Schwab Account: 

Quote: Gladstone Commercial Corp. (GOOD)

Cost: $141.17

Management: External 

"Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States."

GOOD SEC Filings

2024 SEC Filed Annual Report As of 12/31/24, GOOD "wholly-owned 135 properties, comprised of 16.9 million square feet of rentable space in 27 states". The lease rate was at 98.7% with a weighted average lease term of 7 years. Page 31  

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Last Discussed: Item # 1.B. Added to GOOD in Schwab Account - Bought 5 at $14.09; 5 at $13; 5 at $13 (4/13/25 Post) 

New average cost per share this account: $14.43 (40 shares)

Dividend: Monthly at $.10 per share 

GOOD Stock Dividend History & Date | Seeking Alpha

As previously discussed, the dividend was cut from $.1254 to $.10 effective for the 2023 January payment. I recall vaguely that this REIT had a lot of variable rate debt.  

Yield at $14.43 = 8.316%

Next Ex Dividend: 7/21/25

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

SEC Filed Press Release 

GAAP E.P.S. = $.03

FFO Per Share: $.34

FFO Calculation: 

Collected 100% of cash rents

Square feet leased: 98.4%

Square feet owned: 17,255,655 as of 3/31/25

As of 5/7/24, the square feet had been reduced to 16.5M square feet with the occupancy at 98.7% and an average remaining lease term of 6.9 years. 10-Q at page 24 (Debt discussed starting at page 16)

Real estate sales after 3/31/25: 

Page 23, 10-Q

Current Fidelity Account GOOD position: 30 shares with an average cost per share of $6.76: Item # 1.C. Sold 5 GOOD at $14.77 - Fidelity Account (4/4/25 Post)(profit snapshot = $26.06); Item # 3.O. Pared GOOD - Sold 3 at $16.87 (11/7/24 Post)(profit snapshot = $14.74);   

Other Buy Discussions: Item # 2.J.  Added 2 GOOD at $13.35 (5/30/20); Item # 3.G. Bought 10 GOOD at $16.7; 10 at $16.4; 10 at $16; 10 at $15.7; 5 at $14.2, 5 at $13.6, 5 at $12.8; 5 at $12.1, 2 at $11.4, 2 at $10.85 and 2 at $9.5 (4/11/20 Post)

Other Sell Discussions: Item # 2.E. Pared GOOD - Sold 5 at $15.31 A (8/8/24 Post)(profit snapshot = $14.2); Item # 2.B. Eliminated GOOD in my Vanguard Taxable Account - Sold 16 at $12.26  (11/25/23 Post)(profit snapshot = $65.77); Item # 3.B. Eliminated GOOD in Schwab Account - Sold 26+ at $13.33 (7/22/23 Post)(profit snapshot = $128.61); Item # 2.B. Pared GOOD in Fidelity Account - Sold 8 at $16.69 (2/5/23 Post)(profit snapshot = $14.77); Item # 3.F. Pared GOOD - Sold 2.197 shares at $20.8  and 2.352 shares at $20.84 (6/4/21 Post)(profit snapshot = $20.77); Item 1.M. Pared GOOD-Sold 12 at $18.72 and 10 at $19.76 (6/20/20 Post)(profit snapshot = $48.17); Item # 1.C. Eliminated GOOD in Schwab Account-Sold 50+ at $20.88 and Item # 1.D. Sold Highest Cost GOOD Share in Fidelity Account at $21.36 (3/3/19 Post)(profit snapshots = $165.33)

GOOD Realized Gains to Date: $442.99

Owned Equity Preferred Stock: 85 shares

Gladstone Commercial Corp. 6.625% Pfd. Series E Stock  (GOODN); Prospectus {dividends paid monthly) 

I prefer owning a preferred stock issued by GOOD whose dividend can not be cut, but only deferred after the cash common share dividend is eliminated. 

Last discussed at Item # 2.C. Added to GOODN - Bought 10 at $18 (7/22/23 Post) and Item # 1.E. Added to GOODN - Bought 10 at $18.25 (7/8/23 Post); Item # 1.A. Added to GOODN - Bought 5 at $18.7; 5 at $18.3; 5 at $17.86; 5 at $17.3  (4/29/23 Post) 

GOODN taxable accounts: For the both the common and preferred stocks, there has been some ROC adjustments to the original cost numbers.  

50 shares in my Schwab account with an average cost per share of $16.65 (yield = 9.95%%)

25 shares in my my Fidelity Account at a $16.51 AC per share (yield at 10.03%)

10 shares in my Vanguard Account with a $15.64 AC per share (yield at 10.59%)

2. Small Ball Sells: 

A. Pared STAG - Sold 5 at $36.42: 

Quote: STAG Industrial Inc. (STAG) - Industrial/Warehouse REIT

Proceeds: $182.1 

I sold my highest cost 5 shares. I have been selling shares that were part of the lot purchased on 3/26/20. Item # 2. Bought 50 STAG at $20.9 (3/28/2020 Post)

Investment category: Equity REIT Common and Preferred Stock Basket Strategy

As of 3/31/25, the company owned 597 buildings with 117.6M rentable square feet. 10-Q at page 7 (Debt is listed at page 11)

SEC Filings

2024 SEC Filed Annual Report

Profit Snapshot: +$79.82

New Average cost per share: $14.51 (45+ shares)

Snapshot after pare/Price as of 7/10/25 Close

Dividend: Monthly at $.1242 per share ($1.4904 annually), last raised from $.1233 effective for the January 2025 payment. In 2015, the monthly rate was at $.115. I view the dividend increases as effectively meaningless.

STAG Stock Dividend History & Date | Seeking Alpha

Yield at $14.51: 10.27%

Last Earnings Report (3/31/25): I discussed this report in a recent post. Item # 2.A. Pared STAG - Sold 5 at $35.41 (5/30/25 Post)(profit snapshot = $149.47); SEC Filed Earnings Press Release (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)

Sell Discussions: Item # 1.D. Sold 10 STAG at $36.67 (3/18/25 Post)(profit snapshot = $165.13) Item # 1.A Sold 10 STAG at $40.53 (9/5/24 Post)(profit snapshot = $199.74); Item # 2.A. Pared STAG - Sold 10 at $38.99 (1/23/24 Post)(profit snapshot = $249.22); Item # 4.A. Eliminated Duplicate Position in STAG - Sold 50 at $37.22 (9/16/23 Post)(profit snapshot  = $1,075.13); Item # 1.G. - Sold 4 STAG at $33  (4/1/21 Post)(profit snapshot = $32.49); Item # 7-Pared STAG Sold 42 at $25.2: Update For Equity REIT Basket Strategy As Of 7/28/16 | Seeking Alpha (profit snapshot = $271.32); Item # 2. Pared STAG-Sold 54 Shares at $23.81: Update For Equity REIT Basket Strategy As Of 7/1/16- South Gent | Seeking Alpha (profit snapshot = $318.54); Item # 2. Pared STAG -Sold 50 of 240 at $22.74: Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha(profit snapshot = $48.31); Update For Equity REIT Basket Strategy As Of 3/21/16 - Item # 2. Sold 133 STAG at $19.61 | Seeking Alpha (profit snapshot = $125.27) 

STAG Realized Gains to Date: $2,949.25

B. Eliminated Duplicate Position in BNS - Sold 10 at $55.2 - Fidelity Account: 

NYSE Quote: Bank of Nova Scotia (BNS)

Toronto Quote: Bank of Nova Scotia

Proceeds: $552.05

Investment Categories: Bond Substitute/Dividend Growth

The bond substitute category simply defines the goal of the stock investment. I want at least a 2% annualized gain on selling the stock in addition to the dividend payments. The dividend yield will generally exceed the yield on short and intermediate senior unsecured bonds issued by the company. The 2%+ annual return in excess of the dividend yield is my equity risk premium. 

BNS Analyst Estimates | MarketWatch

Profit Snapshot: $102.1 (7/10/25 sale only)

Last Discussed: Item # 3.C. Pared Duplicate Position in BNS - Sold 5 at $54.07 - Fidelity Account (6/12/25)(profit snapshot = $9.61) 

Dividend: Quarterly at C$1.1 per share (C$4.4 annually), last raised from $1.06 effective for the 2025 third quarter payment.  

Recent Dividend History: 

Common Share Information

Last 4 Quarterly Dividends in USDs: $3.0728 per share

BNS Stock Dividend History & Date | Seeking Alpha

The dividend will increase or decrease based on each dividends conversion from CADs into USDs for the owners of the USD priced shares. Canada will withhold 15% when the dividend is paid into a U.S. citizens taxable account. 

Last Ex Dividend: 7/2/25 (Owned as of)

Last Earnings Report (Q/E 4/30/25): 

Scotiabank reports second quarter results 

Amounts are in Canadian Dollars. 

The earnings trend is negative. 

Net Income: $2.032B

E.P.S. $1.48, down from $1.57

Adjusted E.P.S. $1.52, down from $1.58

Schwab Account Current BNS Position: 23 shares with the average cost per share at $50.03 

I have owne BNS senior unsecured bonds but do not currently own any. I had 5 to mature in 2024. 

C. Pared FZROX - Sold 10 at $21.85: 

Quote: Fidelity ZERO Total Market Index Fund Overview

Proceeds: $218.5

Last Discussed: Item #1.C. Sold 5 FZROX at $20.77; 5 at $21.01 (11/14/24 Post)(profit snapshot = $115.7) 

Sponsor's website: FZROX - Fidelity ZERO ® Total Market Index Fund | Fidelity Investments

Expense Ratio: Zero

Top 10 Holdings as of 5/31/25: 

Profit Snapshot: $125.16

Average cost per share: $9.33 (60+ Shares: 

Snapshot after pare/Price as of 7/10/25 Close

Last Buy Discussion: Item # 4.K. Added 50 FZROX at $8.57 (4/4/20 Post)

My last purchase was a dividend reinvestment in December 2020. 

A similar ETF with a .03% expense ratio is the Vanguard Total Stock Market ETF (VTI)

D. Pared FZILX - Sold 10 at $13.56: 

Quote: Fidelity ZERO International Index Fund Overview

Proceeds: $135.6

Sponsor's website: Fidelity ZERO International Index Fund  

The expense ratio is zero. 

Stocks: 2,119 as of 5/31/25

Top 10 Holdings as of 5/31/25: 

Profit Snapshot: $47.86

Average cost per share: $8.77 (102+ shares)

Snapshot after pare/Price as of 7/10/25 close

My last purchase was in October 2022. Item # 1.O. Added to FZILX - Bought $50 at $8.93 (10/11/22 Post) 

I am not reinvesting the dividend. 

I use the average cost method for mutual funds so selling shares will not change my AC per share. The AC per share will only change when I reinvest a dividend, which I am not doing for stock mutual funds, or buy additional shares. I will not be buying shares in any owned stock mutual fund. I am in a slow liquidation mode.    

E. Eliminated Duplicate Position in IGR - Sold 50 at $5.25+ (Schwab Account): 

Quote: CBRE Clarion Global Real Estate Income Fund Overview - CEF

Proceeds: $262.74 

This fund will own both common and preferred stocks. 

This CEF was selling at a premium to net asset value per share. 

IGR SEC Filings

IGR 2024 SEC Filed Annual Report 

Sponsor's website: CBRE Global Real Estate Income Fund 

Leveraged: Yes at 31.53% as of 5/31/25 (see page 30, note 8, 2024 Annual Report)

Dividends: Monthly at $.06 per share ($.72)

IGR Stock Dividend History & Date | Seeking Alpha

ROC Supported. 

Last Ex Dividend: 6/20/25

Top 10 Holdings as of 5/31/25

Of those 10 stocks, I own only a small ball position in Realty Income (O)(15+ shares with an average cost per share at $48.92).

CBRE Global Real Estate Income (IGR) Portfolio | Morningstar This website page is accessible to non-subscribers and has a list of the top 25 holdings. Of the next 15 holdings, I currently own shares in CubeSmart (CUBE), Healthpeak (DOC), Americold Realty (COLD), and Healthcare Realty Trust (HR). I also own 1 share of Alexandria Real Estate (ARE) that was purchased as what I call a placeholder position. The largest position is in DOC.  

Profit Snapshot: $44.57

Last Discussed: Item # 1.D. Restarted IGR in Schwab Account - Bought 50 at $4.5 (12/2/23 Post) The original cost basis was reduced by ROC sourced dividends. 

Data as of 7/10/25 Trade: 

Closing Net Asset Value per share: $4.99

Closing Market Price: $5.25

Premium: +5.21%

Average 3 Year Discount: -5.12%

Returning to the 3 year average discount would require more than a 10% decline in the share price. 

Sourced: IGR  - CEF Connect (Click "Pricing Information" tab) 

Some Sell Discussions: Item # 3.B. Eliminated IGR - Sold 180 at $6.54 (3/11/23 Post)(profit snapshot = $253.51, largest gain); Item # 2.G. Pared IGR in Fidelity Account - Sold 10 at $6.69 (2/5/23 Post)(profit snapshot = $8.17): Item # 2.H. Pared IGR - Sold 2 at $9.09 (8/27/21 Post)(profit snapshot = $6.29); Item #3.H. Sold All IGR Shares Purchased with Dividend (6/12/21 Post)(profit snapshot = $49.1); Item # 1.R. Sold 42+ IGR at $8.1  (4/17/21 Post)(profit snapshot = $43.23); Item # 1.A. Pared IGR-Sold 100 at $7.64 (4/9/21 Post)(profit snapshot = $63.6); Item # 1. I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR in Schwab Account-Sold 100 at $5.96 (6/13/20 Post) (profit snapshots = $113.32); Item # 1.C. Sold 9 IGR at $8.33 (2/19/20 Post)(profit snapshot = $4.99); Item # 2.A. Sold 100 IGR at $8.01 (12/28/19 Post)(profit snapshot = $42.98); Item # 1 Sold 283 IGR at $7.89+ (8/24/13 Post)(profit snapshot on all 2013 sales = $77.62) 

Total at $699.22

The reportable realized gains would have been slightly higher since my profit snapshots did not include the ROC adjustments to the tax cost basis for dividends paid in the year the shares were sold. Those adjustments are made by the sponsor in the 1099 reports released in the following years first quarter.  

I still own 100 shares in another taxable account. 

F. Eliminated COWZ - Sold 5 at $57.14: 

Quote: Pacer U.S. Cash Cows 100 ETF Overview

Proceeds: $285.75

Sponsor's website: COWZ | Pacer ETFs

Expense ratio: .49% 

This fund selects the highest free cash flow yielding stocks in the Russell 1000: 

Prospectus Excerpt: 

COWZ-Portfolio| Morningstar

COWZ-Pacer US Cash Cows 100 ETF | Morningstar (Currently rated 4 stars, down from 5 when I last bought shares)

Profit Snapshot: $62.89 (7/10/25 sale only) 

Last Buy Discussions: Item # 1.B. Added to COWZ - Bought 2 at $50.27 (9/2/23 Post);  Item 2.A. Bought 2 COWZ at $43.03 (7/13/22 Post)

I have been somewhat disappointed in the performance since my purchase. I am selling stock fund shares to relieve my discomfort about current valuations and the total non-factoring of reasonably anticipated risks into current stock market index levels. 

G. Eliminated TRC - Sold 10 at $17.79: 

Quote: Tejon Ranch Co. (TRC)

Proceeds: $177.9

TRC SEC Filings

10-Q

Profit Snapshot: $16

Last Discussed: Item # 3.E. Added 5 TRC at $15.88 (6/5/25 Post); Item # 2.I. Restarted TRC - Bought 5 at $16.5 (5/16/25 Post) 

The reason for this elimination was that a California appellate court affirmed the trial court order rescinding the Los Angeles County zoning approval for development the Centennial development. Court Issues Opinion on Centennial at Tejon Ranch | Tejon Ranch Co.; California Court Strikes Down Dangerous Development in Wildfire Zone-California Native Plant Society This project was planned to include 19,333 homes including over 3,000 affordable units. I have not read the opinion but this development is likely to set back development for several years at a minimum. Environmental groups were successful on 3 of 24 claims. Overview | Centennial The successful claims deal with the need for more thorough environmental review relating to wildfire risks and loss of "expanses of wildflower fields and native grasslands."

It took 20 years for Tejon to secure approval from Los Angeles County which was in 2018. Nearly 20 years later, the Tejon Ranch development has been approved. What next? | LAist After years of litigation, the planned mixed use development is still more of a dream than a reality. 

California is just a tough place to secure approval for new housing developments. That has been the case since my first round-trip in this stock back in 2010: Item # 4. Sold 40 TRC at $25.02 (11/12/2010 Post)(profit snapshot = $166.68)

The share price increased slightly in response to the appellate court's decision. Possibly investors were expecting a loss which was already factored into the share price and/or fearing a loss on some of the claims that Tejon prevailed on at the trial court level. 

H. Pared FSK - Sold 5 at $21.46 - Schwab Account: 

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

Proceeds: $107.3

I sold my highest cost shares. 

Website: FS/KKR Advisor, LLC 

FSK SEC Filings

FSK SEC Filed 2024 Annual Report (Risk factor summary starts at page 17 and ends at page 46)

There was a 1 for 4 reverse split in 2020. FS KKR Capital Corp. Announces Effectiveness of Four-to-One Reverse Stock Split

Last Discussed: Item # 3.J. Pared FSK in Schwab Account - Sold 9 at $23.12 (2/5/25 Post)(profit snapshot = $48.06) 

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

Profit Snapshot: $24.05

New average cost per share this account: $15.31 (20+ shares)

Snapshot after pare/Price as of 7/10/25 Close

The average cost per share was reduced from $15.83 

Regular Dividend: $.64 per share ($2.56 annually), last raised from $.61 per share effective for the 2023 first quarter payment. 

FSK Stock Dividend History & Date | Seeking Alpha

Special Dividends: 

2025: $.12 per share

2024: $.34 per share

2023: $.39 per share

2022: $.13

2021:  None

2020: None

NII for BDCs rose starting in 2022 when the FED started to increase the FF rate since their variable rate loans reset at higher coupons. Many BDCs paid out that NII increase through special dividends. NII associated with variable loans would trend down as the FED started to cut interest rates starting in September 2024.  

Yield at $15.31: 16.72% (regular dividend only)

Last Ex Dividend: 6/18/25 ($.70 per share with the $.06 special)

Net Asset value per share history: Illustrates danger

3/31/25:   $23.37

12/31/24  $23.64 

9/30/24:  $23.82

12/31/23: $24.46

6/30/24:  $23.95

12/31/22: $24.89

12/31/21: $27.17

12/31/20: $25.02

12/31/19: $30.54

12/31/18: $31.35

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

NII per share = $.67, adjusted to $.65, barely exceeding the current regular dividend rate. 

Nonaccrual Loans: 2.1% of total investments at fair value and at 3.5% at amortized cost.  

Portfolio Data: 

10-Q 

Company Assessment of Credit Risks: 

10-Q at pages 82-83 

Company Assessment of How Interest Rate Changes Impact NII: 

10-Q at page 90

I also own 21+ shares in my Fidelity account with an average cost per share at $14.27. I have been paring that position as well by selling my highest cost lots.

Other Recent Sell Discussions: Item # 1.L. Sold 3 FSK in Fidelity Account at $23.77; Sold 5 FSK in Schwab Account at $23.77-23,78 (3/18/25 Post)(profit snapshots = $50.36); Item # 2.C. Pared FSK in Fidelity Account - Sold 6 + at $22.37 (1/22/25 Post)(profit snapshot = $32.11); Item # 6.A. Pared FSK in Fidelity Account - Sold 4 at $21.97 and Item #6.B. Pared FSK in Schwab Account - Sold 8 at $22 (1/9/25 Post)(profit snapshots = $84.84) Item # 1.M. Pared FSK - Sold 25 at $21.57 - Fidelity Account (11/27/24 Post)(profit snapshot = $49.24); Item # 6.A. Pared FSK in Fidelity Account - Sold 4 at $21.97 and Item #6.B. Pared FSK in Schwab Account - Sold 8 at $22 (1/9/25 Post)(profit snapshots = $84.84); Item # 5.A. Pared FSK in Schwab Account -Sold 10 at $21.45 and Item #5.B. Pared FSK in Fidelity Account - Sold 6 at $21.44 (12/19/24 Post)(profit snapshots = $34.72); Item # 4.B. Eliminated 1 of 3 Duplicate Positions in FSK - Sold 12 at $20.35 (9/16/23 Post)(profit snapshot = $14.71); Item # 2.M. Pared FSK - Sold 9+ at $23.04 (3/24/22 Post)(profit snapshot = $.34)(noting that FSK had been a problematic stock for me)

FSK Realized Gains to Date: $486.82 (includes RI realized gains that were not discussed here)

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

I. Pared MDT Again - Sold Highest Cost 5 Shares at $90.05:

Quote: Medtronic PLC (MDT)

Proceeds: $450.25

MDT Estimates | MarketWatch

MDT SEC Filings

Investor Relations | Medtronic - Overview

Profit Snapshot: $45.05

New Average cost per share: $76.59 (20 shares)

Snapshot after pare/Price as of 7/11/25 Close

The AC per share was reduced from $77.48.

Dividend: Quarterly at $.71 per share ($2.84 annually)

MDT Stock Dividend History & Date | Seeking Alpha

Yield at $76.59: 3.708%

Last Ex Dividend: 6/27/25

$21.3 - Paid 7/11

Last Earnings Report (Q/E 4/25/25): I discussed this report in a recent post and nothing further to add here. Item # 3.A. Pared MDT - Sold 5 $86.06 (7/3/25 Post)(profit snapshot = $37.81); SEC Filed Earnings Press Release 

J. Eliminated PDM in Schwab Account- Sold 82+ Shares at $7.59: 

Quote: Piedmont Realty Trust Inc.  (PDM) - Office REIT

Proceeds: $627.68 

PDM SEC Filings 

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Profit Snapshot: $56.65

There were so many small ball transaction that I had to download the data into an excel format and then take a snapshot.

As an Office REIT, PDM was hit hard by the pandemic and work-from-home trend that developed in response. 

Earlier in the year, I harvested $208.63 in losses in my Schwab account that were not discussed here. A snapshot is included in this post: Gateway Post: Equity REIT Common and Preferred Stock Basket Strategy

I elected to eliminate the shares owned in my Schwab account since the REIT suspended its dividend payments. I am keeping a small position in my Fidelity account in case the REIT recovers and restarts paying dividends. There is at least a potential for a recovery.  

Dividends: Suspended  

PDM Stock Dividend History & Date | Seeking Alpha

The quarterly dividend was at $.21 per share until it was lowered to $.125 per share effective for the 2023 third quarter payment. PDM made 7 quarterly payments at $.125 through the 2025 first quarter before eliminating the dividend altogether. 

Last Ex Dividend: 2/21/25

Credit Ratings: 

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

GAAP Net Income to AFFO Reconciliation: 

2025 Guidance: 

Sell Discussions: Item # 4.C. Pared PDM in Fidelity Account - Sold 10 at $10.9 (10/24/24 Post)(Loss Snapshot =  -$18.36); Item # 4.A. Pared PDM in Schwab Account - Sold 5 at $10.13 (10/3/24 Post)(loss snapshot of -$22.53); Item # 2.B. Eliminated Duplicate Position in PDM - Sold 31 at $8.67 (8/8/24 Post)(profit snapshot = $45.52); Item # 1.A. Eliminated PDM in Schwab Account - Sold 5 at $18.71 and 34+ at $18 (12/31/21 Post)(profit snapshot = $235.88); Item # 2.H. Eliminated PDM- Sold 10 at $17.95 in Fidelity Account and 10 at $18.02 in Vanguard Taxable Account (1/7/22 Post)(profit snapshots = $128.95)

Realized Losses Not Discussed: -$241.55

PDM Net Realized Gain: +$127.91

Remaining Shares - Fidelity Account: 89+ shares with an average cost per share of $7.94. 

J. Pared ADX - Sold 3 at $21.69:

Quote: Adams Diversified Equity Fund Inc. (ADX) - CEF formed just prior to the 1929 stock market crash. 

Proceeds: $65.08

I sold my highest cost lots. I started to trade this CEF in 1983. I do not have profit snapshots prior to 2008. There were realized gains that would have been entered on my tax returns prior to 2008. 

Sponsor's website: Adams Funds

Adams Diversified Equity Fund (ADX) Portfolio | Morningstar Lists top 25 holdings. 

Last Discussed: Item # 3.B. Pared ADX - Sold 5 at $20.64 (2/10/25 Post)(profit snapshot = $19.63)

Last Buy Discussions: Item # 3.B. Added to ADX - Bought 5 at $16 (11/4/23 Post); Item # 4.A. Added 15 ADX in Schwab Account at $14.76- (1/16/23 Post); Item #4.F. Added 5 ADX in Schwab Account at $14.65 (10/11/22 Post)(contains snapshots of realized gains starting in 2014)

Largest Gain: Eliminated ADX  - Sold 467+ Shares Update On Closed End Fund Basket Strategy As Of 7/28/15 - South Gent | Seeking Alpha (profit snapshot = $1,923.24, scroll to "Deletions/Reductions Since Last Update)

Profit Snapshot: $13.46

New Average Cost per share: $16.64 (40+ shares)

Snapshot after pare/Price as of 7/11/25 close

Dividends: Paid Quarterly

The Board adopted a managed distribution plan effective for the 2024 third quarter to pay quarterly dividends at a rate of 8% of net asset value per year:

Data Date of 7/11/25 Trade: 

Closing Net Asset value per share: $23.48

 Closing Market Price: $21.67

Discount: 7.7%

Average 3 Year Discount: -13.05%

As optimism about stocks increase, and given the currently higher quarterly income generated by the new managed distribution policy, the discount to net asset value per share has declined from the 3 year average. 

During periods of stock market turmoil, the discount will typically expand as the net asset value per share declines. 

Some Other Sell Discussions: Item # 2.A. Eliminated Duplicate Position in ADX - Sold 20 at $17.65 - Fidelity Account (9/9/23 Post)(profit snapshot = $67.35); Item # 3.B. Sold 100 at $15.24 (5/22/19 Post)(profit snapshot = $112.32): Item # 2.C.  Eliminated ADX - Sold 107+ Shares at $13.63 (3/4/17 Post)($183.26); Item # 4 Pared ADX Again-Sold 143 Shares at $13.97 (8/8/14 Post)(profit snapshot = $427.9); Item # 4. Sold 116 ADX at $13.61 (6/14/14 Post)(profit snapshot = $319.38, reduced the position to 610+ shares)

Realized Gains ADX 2008 to Date: $3,272.8 

Goal: With the current dividend payments, I am content to earn any total return in excess of those payments. 

K. Sold Remaining AOD Shares Purchased with Dividends at $8.97: 

Quote: abrdn Total Dynamic Dividend Fund Overview

Proceeds: $67.92

Sponsor's website: abrdn Total Dynamic Dividend Fund, Inc.

Leveraged: Lightly at 3.94% according to CEF Connect. 

abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar Lists top 25 holdings (not rated)

AOD SEC Filings

SEC Filed Semiannual Report for the period ending 4/30/25 (cost then at $230.108+M with the value at $279.476+M; net asset value per share at $10.55 as of 4/20/25)

Last Discussed: Item # 1. Pared AOD - Sold 13+ at $8.84  (8/21/24 Post)(profit snapshot = $9.2, selling only shares purchased with dividends at prices greater than $8)

Last Buy Discussions: Item # 2.C. Bought 10 AOD at $7.81 (4/19/24 Post); Item # 2.A. Bought 5 AOD at $7.95 (2/2/24 Post); Item # 6.D. Added to AOD - Bought 10 at $7.92 (1/20/24 Post); Item # 3.B. Added to AOD - Bought 30 shares at $8.13 (12/30/23 Post); Item # 3.B. Added to AOD - Bought 5 at $7.4 (11/18/23 Post); Item # 3.A. Added to AOD - Bought 10 at $7.33 (10/14/23 Post)

Profit Snapshot: $11.8

New Average cost per share: $7.67 (211 shares)

Snapshot Intraday on 7/11/25 after pare

The AC was raised by 1 cent. 

Dividend: Monthly at $.10 per share

AOD Stock Dividend History & Date | Seeking Alpha

The monthly dividend was at $.0575 per share until the August 2024 payment when it was raised to $.10. Since that increase, a 10 cent per share has been paid 9 times and $.09 three times. 

The dividend will fluctuate since it is based on the following managed distribution policy. abrdn Total Dynamic Dividend Fund (AOD) Announces 70% Increase in Distribution Rate and Adoption of a 12% Managed Distribution Policy | Nasdaq ("12% of the average daily NAV for the previous month as of the month-end prior to declaration") 

Yield at $7.67 using $.10 monthly or $1.2 annual: 15.65% 

Yield at $7.67 Using Blend of $1.17 annual: 15.25%

Last Ex Dividend: 7/24/25 at $.10

Data Date of 7/11/25 Trade: 

Closing Net Asset Value per share: $9.74

Closing Market Price: $8.99

Discount: -7.8%

Average 3 Year Discount: -12.6%

Sourced: AOD  - CEF Connect (Click "Pricing Information" tab)

3. Corporate Bonds: 

All corporate bond purchases are made at discounts to the $1,000 par value.

Pricing of corporate bonds is at 1/10th of par value. 

I am redirecting some proceeds from maturing corporate bonds into treasury bill purchases at auction. 

A. Bought 2 Dominion Energy 5.45% SU Maturing on 3/15/35 at a Total Cost of 99.833 - Interactive Brokers Account: 

Issuer: Dominion Energy Inc. (D) - Utility Holding Company

I have eliminated my common stock position with a consider to repurchase price at <$50. 

My larger bond position will be in Dominion's operating subsidiary Virginia Electric. I currently own 16 Virginia Electric SU bonds, currently rated A3/BBB+. Two of those bonds mature on 1/15/26, 2 on 3/15/27 and the remainder mature in 2033-2035. 

D  Analyst Estimates | MarketWatch

D 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: 5.471%

Current Yield at TC: 5.459%

Last Bond Offering (5/25):  Prospectus for $1B 4.6% maturing in 2028. 

Intends to use proceeds "from this offering for general corporate purposes and to repay short-term debt, which as of April 30, 2025 included $1.3 billion in outstanding commercial paper with a weighted average yield of 4.71% per year and a weighted average days to maturity of approximately 12 days" at page S-10.

Other Owned Dominion Energy SU Bonds: 

6 of the 3.9% SU Maturing on 10/1/25 (I am replacing those bonds in advance of their maturity)

2 of the 4.25% SU Maturing on 6/1/28, Bond Page | FINRA.org

3 of the 5.25% SU Maturing on 8/1/33, Bond Page | FINRA.org

First Mortgage Bond: I also own 1 Dominion South Carolina 5.25% First Mortgage bonds maturing on 3/1/35, Bond Page | FINRA.org

Operating Subsidiary of Dominion Energy

2025 Redemption: 2 Matured on 3/15/25:

IB Account

B. Bought 2 Williams 5.3% SU Maturing on 9/30/35 at a Total Cost of 99.389: 

Issuer: Williams Cos.  (WMB) - Energy Infrastructure 

WMB SEC Filings

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

I have been paring my common stock positions and increasing the dollar amount of my SU bond positions.  Item # 1.B. Pared WMB  - Sold 5 at $61.1 (4/4/25 Post)(profit snapshot = $188.44); Item # 1.F. Pared WMB - Sold 5 at  $58.27 (3/18/25 Post)(profit snapshot = $175.26); Item # 3.E. Pared WMB - Sold 5 Shares at $55.55 (2/5/25 Post)(profit snapshot = $160.73); Item # 4.D. Sold 5 WMB at $58.08 (1/15/25 Post)(profit snapshot = $170.3); Item # 6.C. Pared WMB - Sold 5 at $56.69 (1/9/25 Post)(profit snapshot = $163.25); Item # 4.A. Pared WMB Again- Sold 5 at $55.58 (11/14/24 Post)(profit snapshot = $158.39); Item # 6.C. Pared WMB - Sold 5 at $56.69 (1/9/25 Post)(profit snapshot = $163.25); Item # 4.D. Sold 5 WMB at $52.28  (10/24/24 Post)(profit snapshot = $141.2); Item # 3.C. Pared WMB Again - Sold 5 at $50.3; 5 at $51.31 (10/16/24 Post)(profit snapshots = $267.84); Item # 2.A. Pared WMB - Sold 5 at $47.32; 5 at $49.33 (10/10/24 Post)(profit snapshots = $251.11); Item # 1.B. Sold 5 WMB at $45.29 (9/5/24 Post)(profit snapshot = $106.34); Item # 3.C. Pared WMB - Sold 4 at $40.27 (5/17/24 Post)(profit snapshot = $65.02); Item # 1.A. Pared WMB - Sold 10 at $36.12 (1/12/2024 Post)(profit snapshot = $127.61); Item # 6.A. Eliminated WMB Duplicate Positions - Sold 10+ at $35.23; 5 at $35.33 (8/12/23 Post)(profit snapshot = $190.8) My current ownership is 45+ shares with an average cost per share of $23.22).  

Finra Page: Bond Page | FINRA.org

Prospectus Offered at 99.634 (6/35)

Credit Ratings: Baa2/BBB+

YTM at Total Cost: 5.379%

Current Yield at TC: 5.333%

Current WMB SU Bond Maturity Stack in Fidelity Account:

Third Party Prices as of 7/11/25

Williams Partners, LP was acquired by Williams. In this account, I am replacing in advance the 2 SU bonds that mature on 9/15/25. I also own 2 of those notes in my IB account.   

Currently own: $12,000 in principal amount with 4 maturing on 9/15/25. 

2025 WMB Matured Bonds: $6,000 in principal amount

Realized Market Discount: $86.4

Last Bond Offering (6/35): Prospectus

C. Bought 1 Kinder Morgan 5.3% SU Maturing on 12/1/34 at a Total Cost of 99.757: 

Issuer: Kinder Morgan Inc. (KMI)

Asset Map | Kinder Morgan

KMI SEC Filings

10-Q for the Q/E 3/31/25

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

I have been paring my common stock position and moving into a larger SU bond position. Item # 4.B. Pared KMI - Sold 10 at $28.3 (6/5/25 Post)(profit snapshot = $142.29); Item # 3.A. Pared KMI - Sold 10 at $28.01 - Vanguard Account (5/23/25 Post)(profit snapshot = $140); Item # 2.A. Sold 10 KMI at $29.77 (1/22/25 Post)(profit snapshot = $157.63); Item # 6.D. Sold 10 KMI at $28.38 (1/9/25 Post)(profit snapshot = $143.73); Item # 3.A. Sold 10 of 100 KMI at $26.44 (12/26/24 Post)(profit snapshot = $124.04)

I currently own 50 KMI common shares with an average cost per share of $14.01, reduced from my original cost basis of $15.89 due to ROC adjustments.  Item # 1. Bought 100 KMI in Vanguard Taxable Account at $15.89 (1/7/22 Post)

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 5.332%

Current Yield at TC: 5.313%

Current KMI Bond Maturity Stack in Fidelity Account: 

Third Party Prices as of 7/8/24

Other KMI SU Bonds:

5% SU (2) Maturing on 2/1/29 (IB), Bond Page | FINRA.org

5.2% SU (2) Maturing on 6/1/33 (Vanguard), Bond Page | FINRA.org

Total: $9,000 in principal amount

2025 Redemption: 3 SU 4.3% SU matured on 6/1/35

2024 Redemptions: $3,000 in principal amount 

Many of the KMI SU bonds can be purchased in 1 bond lots. 

D. Bought 2 Blue Owl Credit Income Fund 3.125% SU Maturing on 9/23/26 at a Total Cost of 97.575: 

Issuer: Private BDC that has the same bond credit ratings as the publicly traded Blue Owl Capital Corp.  (OBDC) 

I have a small ball position in OBDC. 

Last OBDC Sell Discussions (formerly traded under the ORCC symbol): Item # 1.L. Pared OBDC - Sold 10 at $15.05 (2/10/25 Post)(profit snapshot = $22.96; reduced AC per share to $11.89); Item # 3.A. Eliminated Duplicate OBDC Position in Vanguard Account-Sold 30 at $13.78 (9/23/23 Post)(profit snapshot = $52); Item # 1.A. Eliminated  ORCC in Schwab Taxable Account- Sold 26+ at $13.6 (3/6/23 Post)(profit snapshot = $40.68)

Last OBDC Buy Discussions: Item # 3.F. Added to ORCC in Fidelity Taxable Account - Bought 5 at $11.14 (10/4/22 Post); Item  L.-Bought 5 ORCC at $12.2 in Fidelity Taxable Account (6/22/22 Post); Item # 2.F. Added to ORCC-Bought 5 at $11.65 (11/13/20 Post); Item # 1.J. Added 4 ORCC at $12.02 (9/12/20 Post); Item # 4.E. Started ORCC-Bought 10 at $12.67; 1 at $12.59; 5 at $12.27 and 5 at $11.95 (6/27/2020 Post)

Since Blue Owl Credit Income Fund sells publicly traded bonds, it has to file its financial reports with the SEC. 

Blue Owl Credit Income Fund SEC Filings 

Blue Owl Credit 10-Q for the Q/E 3/31/25 Debt is listed at page 84. Total Assets = $30.383+B at page 4.

Page 5, 10-Q

Finra Page: Bond Page | FINRA.org

Credit Rating: Baa3

YTM at Total Cost: 5.232%

Current Yield at TC: 3.203%

With the short maturity, I do not mind the large percentage difference between the YTM and the current yield.  

I have 6 Blue Owl Capital 4.25% SU bonds maturing on 1/15/26.  

2025 Blue Owl Capital or Blue Owl Credit Income Matured Bonds: $10,000 in principal amount. 

2025 Realized Market Discount: $274.8

E. Bought 2 FS KKR Capital 3.125% SU Maturing on 10/12/28 at a Total Cost of 91.709: 

Issuer: FS KKR Capital Corp. (FSK)

Finra Page: Bond Page | FINRA.org

I discussed paring a small ball position in the common stock in Item # 2.H. above. 

FSK SEC Filings 

10-Q for the Q/E 3/31/25 

Credit Rating: Baa3

YTM at Total Cost: 5.972%

Current Yield at TC:  3.4075%

I have 6 FSK SU bonds maturing on 1/15/26. Four of those are owned in my Fidelity account. 

I view the 2028 maturity as a marginal purchase given the time to maturity, the inherent credit risk of BDCs, and the percentage differential in the YTM and current yield. Since I have 6 about to mature next January, this bond was the most attractive FSK SU replacement for 2 of those bonds taking into account the time to maturity and the YTM. 

Fidelity FSK SU Maturity Stack: 

Third Party Prices as of 7/10/25

Matured 2025 FSK SU Bonds: $4,000 in principal amount

Realized Market Discount: $104.1

F. Sold 2 Duke Energy Carolinas 4.95% First Mortgage Bond Maturing on 1/15/33 at 100.669: 

Proceeds at 100.569 after $1 per bond commission

Proceeds include accrued interest payment of $49.23

Principal Amount of $2,011.38

Profit Snapshot:  $30.92

Finra Page: Bond Page | FINRA.org

Credit Ratings: Aa3/A 

YTM Using 100.569:  4.857%

4. Treasury Bills Purchased at Auction: 

A. Bought 10 Treasury Bills at 7/13/25 Auction - Schwab & Fidelity Accounts: 

91 Day Bill 

Matures on 10/16/25

Interest: $107.3

Investment Rate: 4.351%

B. Bought 5 Treasury Bills at the 7/12/25 Auction: 

182 Day Bill

Matures on 1/15/26

Interest will be taxable in 2026 when held to maturity. 

Interest: $104.27

Investment Rate: 4.271%

5. Cash Flow into Fidelity Account on 7/15/25: 

My primary focus is risk adjusted total return with interest payments from investment grade corporate bonds, high quality Tennessee municipal bonds (mostly AA+ or better), treasury bills and notes providing more income after tax than I need to pay expenses including major extraordinary items. That goal is made easier by having no debt. 

I will include snapshots from my Fidelity taxable account, one of four brokerage accounts that I have, to illustrate how this objective is achieved from a highly diversified portfolio. 

$1,000 Par Value Corporate Bonds: $1,360.46

$25 Par Value Exchange Traded Bond: $15.61 (ATLCZ)

Common stock dividends: $102.28 (largest at $45.73 was the REIT WPC)

Preferred Stock Dividends: $34.26 (AHHPRA, GNLPRD, NHPAP   

CEF Dividend: $2 (IDE, pays monthly)

Total Interest & Dividends: $1,514.61

Corporate Bond Redemptions: $4,000

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.