Dollar Value of Trades Discussed in this Post:
Inflow Common Stock: $1,568.27
Outflow Common Stocks/Stock Funds: $2,263.78
Realized Gains Stocks/Stock Funds: $362.64
Net Outflow Common Stocks/Stock Funds: $695.51
Outflow Canadian Reset Equity Preferred Stock: $2,323
Realized Gain Canadian Reset Equity Preferred: C$763
Treasury Bills: $20,000 in principal amount
Outflow Corporate Bonds (10): $10,090.71 in principal amount (all recently bought at discounts to par value and sold at premiums)
Realized Gain Corporate Bonds: $219.23
Outflow Treasury Note: $2,026.42 in principal amount (bought at a discount and sold at a premium to the $1,000 per bond par value)
Profit Treasury Note: $44.51
Net Outflow U.S. Equity Preferred Stocks: $906.74
Realized Gain U.S. Equity Preferred Stock (ARGOPRA): $43.1
Outflow Exchange Traded Bond ($25 par value, ARGD): $3,284.43
Realized Gain ARGD: $350.63
ARGD and ARGOPRA have been called by the issuer.
August Treasury Yield Curve:
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U.S. Consumer Sentiment Index Unexpectedly Decreases In August | Nasdaq This index declined to 58.6% in August from 61.7% in July. The consensus estimate was for a gain to 62%. Consumer inflation expectations over the next year increased to 4.8% from 4.5% in July.
Federal Reserve Board - Industrial Production and Capacity Utilization - G.17 Industrial production declined by .1% in July. Capacity utilization moved down to 77.5% and is 2.1% below its long term average.
Producer Price Index News Release summary - 2025 M07 Results On a month-to-month basis the PPI was .09%, seasonally adjusted, and was up 3.3% for the 12 months ending in July on a non-seasonally adjusted basis.
Trump Says Inflation Is Down to A ‘Perfect’ Number - YouTube Just more B.S. Trump has yet to realize that his statements, including those made on social media, will not age well.
Tariffs Will Hit the Stock Market, Says Patterson - YouTube Patterson is the former Bridgewater Chief Investment Strategist.
Tariff-driven price hikes may be hidden by products stuck in 'the middle mile' Excess inventory is still sitting in warehouses.
Fareed's Take: The damage is done: India will no longer trust America - YouTube Trump and Bessent claimed back in April that a trade deal with India was very close. Trump says U.S.-India trade deal is very close Trade talks in late August were called off by India.
Trump BLS pick E.J. Antoni gets panned by economists on left and right; Trump’s New Economic Guru: Nazi Ship Enthusiast - YouTube; Economist Paul Krugman coins two-word phrase to sum up Trump’s hiring playbook - Raw Story
Trump's DOJ sent a letter to the U.S. Court of Appeals for the Federal Circuit warning that a finding that Trump lacked authority to issue retaliatory tariffs could precipitate another Great Depression, resulting in millions of jobs being eliminated, threatening the solvency of Social Security and Medicare and would result in hard-working Americans to lose their savings. That sounds like the DOJ is anticipating a loss and thought that threatening the judges might result in a favorable ruling. Letter from DOJ Solicitor General John Sauer and Assistant Attorney General Brett Shumate.pdf Sauer and Shumate are merely mimicking a "Truth" Social message sent by their Dear Leader. Trump warns of another Great Depression if court strikes down tariffs | CNN Business; Trump's Truth Social Post
John Sauer personally represented Trump before the Supreme Court in the case where the 6 Republican Justices created out of whole cloth a near absolute Presidential immunity from criminal prosecution that shielded Trump from the consequences of his actions. .
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Anne Applebaum Predicted Trump’s ‘Absolute Power’ in Second Term - YouTube
Trump Has a New Definition of Human Rights - The Atlantic Column written by Applebaum.
Why Trump is a fascist - YouTube Generals Milley and Kelly warned Americans that Trump was a fascist before the 2024 election. Milley calls Trump ‘a fascist to the core’ in new Woodward book; John Kelly says Donald Trump fits ‘fascist’ definition and prefers ‘dictator approach’
Trump vows to try banning mail-in voting before 2026 midterm elections - CBS News Putin told Trump that it is impossible to have fair election with mail-in ballots. Trump floats mail-in voting ban after saying Putin called 2020 election rigged In Trump's America, it is only necessary for our Dear Leader to say "Mail-in ballots are corrupt" and that somehow becomes True without presenting any evidence supporting the claim.
Trump said that he was going to issue an Executive Order that will "end mail-in ballots". Our Dear Leader claimed that he had the authority to tell the states what to do since they "are an 'agent' for the Federal Government in counting and tabulating the votes," and that "[t]hey must do what the Federal Government, as represented by the President of the United States, tells them, FOR THE GOOD OF OUR COUNTRY, to do." Trump claimed to have the backing of the republican party on this matter. Trump also falsely claimed that the U.S. was the only country that used mail-in ballots when he had to know that 30 countries permitted it. Global in-country postal voting data | International IDEA
Trump also stated that he was going to target voting machines in an EO. In 2020, he wanted the military to seize voting machines. While that was resisted then by the Defense Secretary, there would be no resistance now under Hegseth. Trump’s never-issued order for DoD to seize voting machines surfaces again in Jan. 6 committee; How Trump attempted to use federal agencies to seize voting machines after 2020 election; Read the never-issued Trump order that would have seized voting machines - POLITICO
White House reviewing Smithsonian exhibits to make sure they align with Trump's vision If Trump took a 6th grade exam on American history, he would flunk. Yet his "vision" of U.S. history will replace what actually happened in Smithsonian exhibits.
Trump administration takes aim at satellite that measures carbon dioxide and crops : NPR; The perfectly fine, already-paid-for satellites Trump wants to destroy in a fiery atmospheric reentry
Trump threatens to sue Federal Reserve Chair Powell
Trump’s Kennedy Center Speech Was a Tangent-Filled Disaster - YouTube
'That's how this ends': George Conway reveals 'the only way' to stop Trump's 'gangsterism' - Alternet.org I am not saying that U.S. politicians have not committed extortion and bribery in the past. There has never been an example IMO, however, of a President who routinely uses the powers of the Presidency to publicly extort companies and law firms.
{Inside the Trump administration’s extortion-industrial complex | The Foundation for Individual Rights and Expression; “Attack on the Rule of Law,” Public Interest Group Calls for Criminal Investigations into Trump’s Extortion of Law Firms in California, Illinois, and Massachusetts - Free Speech For People; Newsom blasts Trump’s $1 billion settlement proposal to UCLA as ‘extortion’ - POLITICO; More Than 14,000 Urge Harvard To Refuse Oversight and ‘Extortion’ From Trump -The Harvard Crimson; How a Rule 23(b)(2) Class Action Could Save Law Firms from Trump | Stanford Law Review}
Targeting of law firms and lawyers under the second Trump administration - Wikipedia Note that the DOJ has filed notices of appeal from District Court decisions finding that the Trump Executive Orders targeting law firms and lawyers violated their First, Fifth Amendment Due Process Clause and Sixth Amendments constitutional rights. If the orders are affirmed in the appellate process, that will be a count in the next Trump impeachment, assuming the Democrats regain control over the House in 2026. If the 6 Republican Supreme Court Justices allow Trump to get away with it, which is not the conservative position on this issue, then they have only provided more evidence that they are not conservative Justices in the U.S. tradition and are simply providing incentives for authoritarian rule and a legal pathway to achieve it.
Newsom, Trump tensions escalate after border agents crash conference
"She said she was an Indian. We call her Pocahontas." …and Somehow Bernie Catches a Straw Bullet -YouTube This is my favorite Baby Trump YT channel. It is just incredible to listen to an adult talk like this and frightening when routinely done by the President of the U.S.
I am trying to recall when Trump last made an accurate statement and am drawing a blank. Seriously. Just way too far into the distant past. The only way to deal with Trump's statements is to just assume that they are false or at best misleading and that Trump is only trying to manipulate you with false information and narratives. Trump is the primary creator of Fake News in the world today and will remain so for as long as he is able to make statements, verbally or in writing.
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1. Canadian Reset Equity Preferred Stocks:
I classify these securities as floating rate equity preferred stocks. They are similar to U.S. fixed-to-floating rate equity preferred stocks. They will pay a fixed rate for a few years and will then transition to a floating rate. All of the ones that I own have already transitioned to floating rates.
Some currently pay a spread to the 3 month Canadian treasury bill yield and reset every 3 months. I have sold all of those. The others set their coupons every 5 years at spreads to the five year Canadian government bond. All have C$25 par values.
Snapshots of my realized gains are grouped in my Gateway Post for floating rate preferred stocks. Advantages and Disadvantages of Equity Preferred Floating Rate Securities
Realized Gains in the Canadian Resets as of 8/12/25: C$25,637
I discussed them generally in this YouTube video which was published about a year ago: Canadian Reset Equity Preferred Stocks - YouTube
A. Sold 100 TRPPRD:CA at C$23.24 (C$1 IB Commission):
Quote: TRP-PD.TO
Proceeds: C$2,323 after C$1 Commission
I sold my highest cost 100 shares.
Issuer: TC Energy Corp. (TRP), formerly known as TransCanada.
Prospectuses for TRP preferred stocks: TC Energy — Stock InformationPar Value: C$25
Coupon: 2.38% spread to the 5 year Canadian government bond, resets every 5 years. Canada 5 Year Government Bond Overview | MarketWatch
Last Reset Period: Starts on 4/30/24 and ends on 4/29/29. The calculation date for the reset coupon will be the 30th day prior to the first day of the reset period.
Last Reset Coupon: 5.985%
Callable at par: Only on reset dates
Dividends: Paid quarterly and cumulative
Last Discussed: Item #6.A. Sold 50 of 250 TRP.PRD:CA at C$21.38 (2/10/25 Post)(Profit Snapshot = C$262.5)
Profit Snapshot: +C$763
Average cost per share remaining position: C$13.97 (100 Shares)
Yield at C$13.97 = 10.71%
Calculation: .05985% coupon x. C$25 par value = C$1.49625 annual dividend per share ÷ C$13.97 average cost per share = 10.7105%
The AC per share was reduced from C$14.79.
Other TRPPRD:CA Sell Discussion Item # 1.A. Sold 100 TRPPRD:CA at C$21.75 (8/20/17 Post)(profit snapshot = C$359)
TRPPRD:CA Realized Gains to Date: +C$1,384.5
Next Ex Dividend: 10/2/25
TRP-PE.TO: I also own 150 shares of TRP.PRE:CA with an average cost of C$13.72 per share. Item #5.A. Bought 100 TRPPRE at C$15 and 50 at C$11.12 (3/20/20 Post); Last Discussed at Item # 1.A. Sold 100 of 250 TRPPRE at C$19.75 in IB Account (1/29/25 Post)(profit snapshot = C$413); Last Elimination discussed at Item # 2.A. Sold 100 TRPPRE at C$22.26 (5/23/17 Post)(profit snapshot = +C$467.5); resets every 5 years at a 2.35% spread to the five year Canadian government bond yield, last reset coupon at 5.08% in October 2024
2. Eliminated PPBI - Sold 50 at $23.255 - Schwab Account:
Quote: Pacific Premier Bancorp Inc (PPBI)
Proceeds: $1,162.75
Columbia Banking System (COLB) to Acquire Pacific Premier Bancorp Each PPBI share will be exchanged for .915 COLB. The acquisition is expected to close later this month. I own shares of COLB in several accounts, including my Schwab account, and do not want to own more at this time.
Profit Snapshot: $121.25
Discussed at Item # 1.A. Bought 50 PPBI at $20.83 (5/2/25 Post)
3. Common Stock Small Ball Purchases:
Small ball transactions are less than $1,000.
A. Added to OTF - Bought 5 at $14.7; 5 at $14.5:
Quote: Blue Owl Technology Finance Corp. (OTF) - Externally Managed BDC
Cost: $146
This BDC started to trade on 6/12/25: Blue Owl Technology Finance Corp. to Begin Trading on the New York Stock Exchange
2024 SEC Filed Annual Report (Risk factor summary starts at page 33 and ends at page 81)
Last Discussed: Item # 1.E. Added to OTF - Bought 10 at $15.2 (8/5/25 Post)
New Average cost per share: $15.2 (35 shares)
Regular Dividend: Quarterly at $.35 per share ($1.4 annually)
OTF Stock Dividend History & Date | Seeking Alpha
Special Dividends: The company has declared 5 special dividends of $.05 per share each, paid quarterly, starting in September 2025. Dividends-Blue Owl Technology Finance Corp. (OTF)
Yield at $15.2: 9.21% (regular dividend only)
Next Ex Dividend: 9/30/25
Last Earnings Report (Q/E 6/30/25):
Adjusted NII per share: $.36
Net Asset Value per share: $17.17
Portfolio Composition:
Given the weighting in floating rate loans at 97.3%, NII per will likely trend down with additional Fed rate cuts. This is a material negative for the stock.
Company Estimate of How Interest Rate Changes Impact NII:
 |
| 10-Q at page 126 |
Company assessment of credit risks:
 |
| Pages 98-99 10-Q |
As of 6/30/25, only .2% of total loans were on nonaccrual based on amortized cast (see previous snapshot at the bottom).
A lot depends on the success of the equity positions in private companies, see pages 13-17. I do not have information that would allow me to even form a tentative guess on whether those investments will be a net positive for earnings and net asset value per share going forward.
The largest unrealized equity gains is in Class A and C common stock of Space Exploration Technologies (amortized cost at $27.0234M with the company estimating fair value at $94.821M, see page 13). This is SpaceX, Elon Musk's company. SpaceX redesigns Starship to get Mars-bound rocket to stop exploding | The Independent
B. Added to SAFE - Bought 5 at $13.69:
Quote: Safehold Inc. (SAFE) - A REIT that owns grown leases.
Cost: $68.45
Safehold Inc. SEC Filed 2024 Annual Report
10-Q for the Q/E 6/30/25 Debt is listed and discussed starting at page 22.
Top 10 Ground Leases as of 6/30/25:
 |
| Page 40, 10-Q |
Website: Current Safehold Portfolio | Safehold
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.A. Added to SAFE at $14.45; 5 at $14.2; 5 at $13.9 (8/5/25 Post)
New average cost per share: $14.73 (45 shares)
Dividend: Quarterly at $.177 per share ($.708 annually)
SAFE Dividend History & Date | Seeking Alpha
Yield at $14.73: 4.81%
Last Ex Dividend: 6/30/25 (owned 15 as of)
Last Earnings Report (Q/E 6/30/25):
SEC Filed Press Release and SEC Filed Slide Presentation
Revenues: $93.842M, up from $89.895M
GAAP E.P.S. = $.39 (excludes non-recurring gains and losses), down from $.41
The decline was apparently mostly due to a $1.724 million increase in credit loss reserves. I say apparently in recognition that I have no training in accounting.
The decline also appears to be related to lower earnings from equity method investments:
 |
| Page 20, 10-Q |
"The decrease in 2025 was due primarily to a loan repayment at the Leasehold Loan Fund in March 2025." (p. 43, 10-Q).
Company claims a $9.056B unrealized appreciation in its residual portfolio, 10-Q at page 38.
C. Added to DOC - Bought 10 at $16.9 in Schwab Account:
Quote: Healthpeak Properties Inc (DOC)
Cost: $169
DOC is a component of the S&P 500 and formerly traded under the PEAK stock symbol.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
DOC SEC Filed 2024 Annual Report
Website: Home-Healthpeak
Last Discussed: Item # 1.B. Added to DOC in Vanguard Account - Bought 10 at $16.98; 10 at $16.755 (8/12/25 Post)
Last Elimination: Item # 1.G. Eliminated PEAK-Sold 15 at $31.08 (3/6/2021 Post)
New average cost per share this account: $17.34 (110+ shares)
Dividend: Monthly at $.1015 ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
In this account, I have changed my dividend option to reinvestment. I am taking the dividend in cash in my Vanguard and Fidelity taxable accounts. I also own DOC in 2 Roth IRA accounts.
Yield at $17.34: 7.036%
Last Ex Dividend: 8/18/25 (owned all as of)
Next Ex Dividend: 9/19/25
Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post: Item # 3.F. Added to DOC in Schwab Account - Bought 10 at $17.63 (7/29/25 ); SEC Filed Press Release
Last Bond Offering (8/25): Prospectus
D. Started WEN - Bought 10 at 10:
Quote: Wendy's Co. (WEN)
Cost: $99.97
"As of June 29, 2025, the Wendy’s restaurant system was comprised of 7,334 restaurants, with 5,967 Wendy’s restaurants in operation in the U.S. Of the U.S. restaurants, 387 were operated by the Company and 5,580 were operated by a total of 204 franchisees. In addition, at June 29, 2025, there were 1,367 Wendy’s restaurants in operation in 35 foreign countries and U.S. territories. Of the international restaurants, 1,354 were operated by a total of 112 franchisees and 13 were operated by the Company in the United Kingdom (the “U.K.”)." 10-Q at page 29
Chart: Ongoing Bear Market after topping action mostly in the $21-$23.5 range during the 2023 first half.
This is my first purchase of this stock, motivated primarily by the dividend yield and secondarily by the valuation returning to a reasonable range after the persistent stock price decline starting in 2023.
WEN Analyst Estimates | MarketWatch As of 8/11/25, the average 2025 E.P.S. was at $.91; at $1 in 2026; and at $1.07 in 2027.
Dividend: Quarterly at $.14 per share ($.56 annually), slashed from $.25 effective for the 2025 second quarter payment. The prior dividend rate was not sustainable.
WEN Stock Dividend History & Date | Seeking Alpha
Yield at $10: 5.6% at a $.14 per share quarterly rate
Next Ex Dividend: 9/2/25
Last Earnings Report (Q/E 6/29/25):
SEC Filed Earnings Press Release
Comparisons are to the 2024 second fiscal quarter.
GAAP and Adjusted E.P.S = $.29, up 7.4%
Reconciliation:
Revenues: $3.660.2B, down 1.8%
U.S. sales: Down 3.3%
International Sales: Up 8.7%
Same Store Sales (restaurants open at least 15 months): Down 2.9% with U.S. sales down 3.6% and and up 1.8% overseas.
2025 Outlook:
Adjusted E.P.S. range was reduced from $.92-$.98 to $.82-$.89
6 months free cash flow: $109.505MWendy’s says U.S. sales were weak, because people were confused by too many promotions - MarketWatch (8/8/25)(subscription publication)
Purchase Restriction: Each purchase must be at the lowest price in the chain, either 5 or 10 share lots.
Maximum Position: 50 shares
E. Added to KRG - Bought 5 at $21.14:
Quote: Kite Realty Group Trust (KRG)
Cost: $105.68
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
New Average cost per share: $21.95 (20 shares)
Dividend: Quarterly at $.27 per share ($1.08 annually)
KRG Stock Dividend History & Date | Seeking Alpha
Yield at $21.95: 4.92%
Last Ex Dividend: 7/9/25 (owned 10 as of)
Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post. Item # 1.L. Added to KRG - Bought 5 at $21.95 (8/5/25 Post); SEC Filed Press Release and SEC Filed Supplemental
F. Restarted MFIC - Bought 10 at $13.07; 5 at $12.92:
Quote: MidCap Financial Investment Corp.
Snapshot includes my last elimination in this account, selling 72+ shares at $13.97.
Cost: $195.26
Management: External
Website: MFIC SEC Filings
Last Discussed: Item # 1. Eliminated MFIC - Sold 72+ at $13.97 (1/12/24 Post)(net profit snapshot = $84.44)
Average cost per share: $13.02 (15 shares)
Dividend: Quarterly at $.38 per share ($1.52 annually)
MFIC Stock Dividend History & Date | Seeking Alpha
Yield at $13.02 = 11.67%
Next Ex Dividend: 9/9/25
Net Asset Value per share (previously traded under the AINV symbol, best to change the name and possibly some investors may forget about the history):
I classify this BDC as deservedly hated. The beneficiaries of this BDC have been the external management company who has received generous compensation for asset incineration, though net asset value had stabilized in recent years.
Adjusted for a 1 for 3 reverse split, the IPO price was $45. It is impossible IMO to justify hedge fund type fees for this kind of performance. The fees are discussed at pages 116-119 of the last filed 10-Q.
6/30/25: $14.75
12/30/24: $14.98
12/30/23: $15.41
9/30/23: $15.28 10-Q at page 1
12/31/22: $15.10
9/30/22: $15.45 10-Q for the Q/E 9/30/22
6/30/22: $15.52 10-Q at page 1
12/31/21: $16.08 10-Q at page 1
12/31/20: $15.59 10-Q at page 1
12/31/19: $18.27 10-Q at page 1
12/31/18: $19.03 10-Q at page 1
1 for 3 stock split 12/3/2018
12/31/2017 $6.6
3/31/16 $ 7.28
3/31/15 $ 8.18
3/31/14 $ 8.67
3/31/13 $ 8.27
3/31/12 $8.67
3/31/11 $10.03
3/31/10 $10.06
3/31/09 $ 9.82
3/31/08 $15.93 (Near Depression)
3/31/07 $17.87
3/31/06 $15.15
3/31/05 $14.27
IPO in 2005 at $15 per share: Final Prospectus
Last Earnings Report (Q/E 6/30/25):
NII per share: $.39, down from $.45.
Floating rate loan percentage: 99% (NII will trend down with FED rate cuts)
Problem loan becoming less of a problem:
10-Q Summary of investments starts at page 5.
"As of June 30, 2025,
Prior Sell Discussions: Item # 7.A. Eliminated Duplicate Position in MFIC - Sold 36+ at $13.46 in Fidelity Account (12/16/23 Post)(profit snapshot = $48.08); Item # 3.F. Eliminated 1 or 2 Duplicate Positions in MFIC (Vanguard Account) - Sold 50 at $13.64 (8/5/23 Post)(profit snapshot = $30.12)
Purchase Restriction: 5 shares lots with each lot required to be at the lowest price in the chain.
Goal: As with all BDCs, the goal is simply to earn a total return in excess of the dividend payments, meaning any profit realized is acceptable.
G. Added to CTO in Schwab Account - Bought 5 at $16.59:
Quote: CTO Realty Growth Inc (CTO)
Cost: $82.95
Internally managed REIT
Businesses:
CTO 10-Q for the Q/E 6/30/25 at page 10
As noted in the previous snapshot, one of the businesses is providing management services for Alpine Income Property Trust Inc. (PINE). CTO has about a 15.4% ownership interest in PINE and receives dividends. As of 6/30/25, the equity interest was valued at about $34.8M.
Dividends and Fees Received from PINE Q/E 6/30/25: $1.4M
 |
| 10-Q at page 19 |
In addition to owning real estate, CTO will make commercial loans and investments in other real estate projects:
 |
| 10-Q at page 18 |
Owned Real Estate:
 |
| Square feet in thousands |
Last Discussed: Item # 3.B. Pared CTO in Schwab Account - Sold 8 at $20.52(12/26/24 Post)(profit snapshot = $15.68); Item # 2.A. Pared CTO in Schwab Account - Sold 13 at $20.37 (12/12/24 Post)(profit snapshot = $12.89)
Last Buy Discussion: Item # 1.B. Added to CTO - Bought 5 in Schwab Account at $17.13 (5/10/24 Post)
New Average cost per share this account: $16.85 (90+ shares)
 |
| Snapshot Intraday on 8/13/25 after add |
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend in this account.
Yield at $16.85: 9.02%
Last Ex Dividend: 6/12/25
Last Earnings Report (Q/E 6/30/25):
SEC Filed Press Release
Quote: General Mills Inc. (GIS)
Cost: $246.06
Chart: Ongoing Bear Market of unknowable duration which will end but not anytime soon IMO. In light of this opinion, I have changed my purchases from 5 share lots to 2 shares then 3, with each subsequent purchase required to be at the lowest price in the chain. I also changed my dividend option to reinvestment as a random method to average down.
GIS Analyst Estimates | MarketWatch
Recent News: General Mills Completes Sale of U.S. Yogurt Business to Lactalis (6/30/25)
New Average cost per share: $54.48 (55+ shares)
I have started to reinvest the dividend, effective for the last payment.
Dividend: Quarterly at $.61 per share ($2.44 annually)
GIS Dividend History & Date | Seeking Alpha
Yield at $54.58: 4.48%
Last Ex Dividend: 7/10/25 (owned 50 as of)
Last Earnings Report (Q/E 5/25/25): I discussed this unfavorable report and future guidance in a recent post: Item # 1.A. Added to GIS - Bought 5 at $51.8 (7/15/25 Post); SEC Filed Earnings Press Release
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.
I. Restarted BMRN - Bought 2 at $59.22; 1 at $57.2 - Schwab Account:
Snapshot includes last sell in this account at $89.2.
Quote: BioMarin Pharmaceutical Inc. (BMRN)
Cost: $175.44
BMRN is a successful so far biotechnology company that is focused on treatments for rare diseases. Products | BioMarin (8 commercial therapies)
Product Revenues 2025 Second Quarter v. 2024 2nd Q:
Website: BioMarin Pharmaceutical | Global Biotechnology Company
Eliminations: Item # 3.K. Eliminated BMRN - Sold 2+ at $94.94 - Fidelity Account (8/16/22 Post)(profit snapshot = $44.18); Item # 2.C. Eliminated BMRN in Vanguard and Schwab Account - Sold 2 at $89.25 and 2 at $89.2 (7/20/22 Post)(profit snapshots = $47.7)
Dividend: None and none expected
Recent Acquisition: BioMarin Announces Completion of Acquisition of Inozyme (7/1/25). This was an all cash acquisition costing approximately $270M.
Average cost per share: $58.48 (3 shares)
Last Earnings Report (Q/E 6/30/25): SEC Filed Earnings Press Release
Comparison are to the 2024 second quarter.
Revenue: $825M, up from $712M
GAAP E.P.S. $1.23, up from $.55
Adjusted E.P.S. of $1.44, up from $.96
Consensus at $1.05
Reconciliation: Stock compensation, a noncash "expense", is the major add back to GAAP.
2025 Guidance: Adjusted E.P.S. for 2025 raised to $4.4 - $4.45, up from the prior guidance of $4.2 to $4.4.
Analyst Reports (available to Schwab customers)
Morningstar (8/8/25): 4 stars with a fair value estimate of $83, noting that the achondroplasia treatment Voxzogo has "strong uptake in 51 countries and $221 million in second quarter revenue, up 20%". 2024 revenues were reported at $735M. The analyst notes that this treatment could face competition from Ascendis Pharma's TransCon CNP and BridgeBio's infigratinib.
Infigratinib shows promising efficacy and tolerability in pediatric achondroplasia | 2 Minute Medicine This was a Phase 2 trial.
FDA Accepts TransCon® CNP NDA for Priority Review | Ascendis Pharma
BMRN is suing Ascendis in Germany for patent infringement. BioMarin Announces Legal Action Against Ascendis Pharma A/S in European Unified Patent Court (1/13/25)
Since I last sold shares, I would attribute the stock price decline to the slow start for Roctavian and the pending competition for Voxzogo.
S&P (8/5/2025): 4 stars with a 12 month PT of $77.
Realized Gains to Date: $91.88 (6+ shares)
J. Added to GMAB - Bought 2 at $21.56:
Quotes: Genmab A/S ADR (GMAB)
Danish Krone to US Dollar Exchange Rate Chart | Xe
10 ADRs = 1 Ordinary Share price in Danish Krone.
Investment Category: Lottery Ticket Basket
Genmab A/S_SEC Filed 2024 Annual Report
Last Discussed: Item # 7.A. Sold 2 GMAB at $23.61 (7/29/25 Post)(profit snapshot = $3.77)
Last Substantive Buy Discussion: Item # 1.G. Bought 10 GMAB at $21.74 (12/12/24 Post)
Other Buy Discussion: Item # 1.H. Added to GMAB - Bought 5 at $20.84 (12/19/24 Post)
While Genmab is a profitable company, the Lotto classification is based on my lack of any medical knowledge and the lack of a dividend when I am focused on income generation. I am consequently unable to assess the likelihood that pipeline drugs will be receive regulatory approvals and the potential revenues when and if approved. I also tend to classify stocks that do not pay a dividend as Lottos given my income objective being far more important than possible capital appreciation given my age and financial condition.
Recent News: Genmab Announces Phase 3 EPCORE® FL-1 Clinical Trial Met Dual Primary Endpoints in Patients with Relapsed/Refractory (R/R) Follicular Lymphoma (FL)(8/7/25 Post). There was a positive investor response to this news.
Dividend: None and none expected.
Average cost per share: $21.04 (17 shares)
Last Earnings Report (Q/E 6/30/25): SEC Filing
The major profit center is currently royalty income for "DARZALEX (daratumumab), including sales of the subcutaneous (SC) product (daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO in the U.S." JNJ, the licensee, reported net sales of $6.776B for the first six months of 2025, up 22%.
10 ADRs = 1 Ordinary Share
Diluted E.P.S. in USDs: $5.42, up from $3.13
USD ADR E.P.S. at $.542 vs the consensus at $.437:
2025 Guidance:
As previously discussed, I believe the current stock price reflects anticipated royalty revenue which is just an opinion. Share price appreciation, if I am right in that assessment, will consequently depend on approvals and revenues from the pipeline drugs including approval for additional indications of Epcoritamab (approved as EPKINLY and TEPKINLY) that is co-developed with Abbvie.
Royalty Products:
Most of the royalties are paid by JNJ for Darzalex:
K. Started GMAB in Fidelity Account - Bought 5 at $21.41; 1 at $21.13:
 |
| Price Intraday on 8/14/25 |
Cost: $128.18
See Item # 3.I above.
Average Cost per share: $21.36
There is no good reason which explains why I have small ball positions in two taxable accounts.Arguably, the reason has something to do with keeping at least some shares after eliminating a duplicate position. It just happens is the best explanation.
L. Restarted TTI as a Lotto - Bought 20 at $3.95:
Quote: Tetra Technologies Inc. (TTI)
Cost: $79
TTI Analyst Estimates | MarketWatch
Website: TETRA Technologies, Inc.
About Tetra:
TTI SEC Filed 2024 Annual Report at page 1 A more thorough discussion of those businesses can be found at pages 2-5.
Investment Category: Blackjack Hand, part of the Lottery Ticket Basket
Prior Sell Discussion: Item # 1.C. Sold 50 TTI at $9.97 (2/25/13 Post)(profit snapshot = $179)
I had one other round trip that was not discussed:
 |
| 2015 TTI 50 Shares +$80.76 |
This company has not done well over the past decade or so since I last owned the stock.
One of the problematic businesses has been jettisoned, TTI's stake in CSI Compressco LP, but earnings from existing businesses do not yet justify a much higher price IMO that what I paid for this Lotto.
There is a potential for better results down the road sufficient to justify a blackjack bet for $79. Maybe more later depending on earnings.
Dividends: None and none expected.
Last Earnings Report (Q/E 6/30/25):
SEC Filed Earnings Press Release
Revenues: $174M
GAAP E.P.S. = $.08
Adjusted E.P.S. = $.09
"Base Business Cash Flow": $37.533M
The 2024 4th quarter GAAP E.P.S. was positively impacted by "a non-cash $97.5 million favorable valuation allowance adjustment to deferred tax assets in the United States." I would ignore the $.77 GAAP E.P.S. from continuing operations for that quarter which makes the P/E ratio using TTM GAAP earnings look far more favorable than the reality. Excluding that non-cash gain, adjusted E.P.S. was $.03. SEC Filed Press Release for the Q/E 12/31/24
If the company can maintain adjusted E.P.S. of $.08 per quarter, the P/E is reasonable and becomes more so with an improvement in E.P.S. I have no opinion on whether that is possible. As of 8/18/25, the average E.P.S. estimate for 2025 was at $.35; at $.48 in 2026; and at $.83 in 2027. If that trajectory actually happens, then the stock is undervalued now at about a 4.82 P/E. at a $3.95 stock price, using the 2027 E.P.S. estimate and a fast E.P.S. projected percentage growth rate.
Realized Gains TTI to Date: $259.76 (100 shares)
M. Added to CHCT - Bought 2 at $14.58 - Schwab Account:
Quote: Community Healthcare Trust Inc. (CHCT) - Healthcare REIT
Cost: $29.16
CHCT SEC Filed 2024 Annual Report
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
New Average cost per share: $17.22 (65 shares)
Dividend: Quarterly at $.4675 ($1.87 annually)
CHCT Stock Dividend History & Date | Seeking Alpha
Yield at $17.31: 10.86%
Last Ex Dividend: 8/8/25
Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post and my unfavorable reaction to it: Item 1.B. Added to CHCT - Bought 5 at $16.5 (8/5/25 Post); SEC Filed Press Release and Supplemental
Purchase Restriction: I eliminated a starter position in my Fidelity account as noted in Item # 2.G. of the previously linked post. I am now in a 2 then 3 share purchase mode in my Schwab account. Each subsequent purchase has to be at the lowest price in the chain with a maximum position set at 100 shares.
There is a tendency in organizations to blame one person for something that goes wrong, who is fired, when the blame is shared in many cases with other management employees and even the Board of Directors. Their collective capacity for bad judgment still remains in the organization.
4. Small Ball Sells:
A. Sold 3 RIGL at $39.15; 2 at $41:
Proceeds: $199.45
RIGL Analyst Estimates | MarketWatch
Investment Category: Lottery Ticket Basket
I first sold my highest cost 3 shares that reduced my average cost per share to $9.07 from $11.58. After refreshing my research and writing this section, I then decided to sell 2 more shares.
For the reasons discussed below, I view the stock to be overpriced based on what is known now, but that opinion is devalued by me given my lack of medical knowledge aggravated by an inability to predict the future.
The next important development will be Lilly's announcement of the Phase 2 trial results of ocadusertib for moderately to severely active rheumatoid arthritis. Rigel licensed that compound to Lilly and is entitled to receive milestone payments and royalties. When delving back into my Rigel research, I noted a statement made in the 2024 annual report that preliminary results were expected to be announced late in 2025 first half. 2024 RIGL Anual Report at page 16 No announcement has been made yet. Rigel did announce that it would not opt in for commercialization rights which would have required the company to pay a portion of the trial and development expenses as discussed below.
RIGL SEC Filed 2024 Annual Report A discussion of commercial and pipeline products can be found at pages 5-17.
I last mentioned this stock in a comment published on 8/6/25.
Profit Snapshots: $102.76
This stock underwent a 1 for 10 reverse stock split on 6/27/2024. All of these shares were purchased prior to this reverse stock split. Rigel Announces Reverse Stock Split
Last Discussed: Item # 1.C. Bought 100 RIGL at $.9597 (5/17/24 Post)(this lot has a split adjusted price of $9.6) I did not discuss purchases made on 5/24/24 and on 6/25/24. The larger of those two purchases was 70 shares at $.8376 or $8.38 adjusted for the reverse split:
Average cost per share remaining position: $9 (15 shares)
 |
| Snapshot Intraday on 8/18/25 after second pare |
Dividend: None and none expected.
Last Earnings Report (Q/E 6/30/25): This report sparked more favorable interest in the stock.
Diluted Shares: 18.162M
Diluted E.P.S. = $3.28, up from ($.06)
Profit included $40M in noncash revenues as discussed below. I would reduce the net income number by this amount.
Consensus at $2.58 according to Fidelity
Revenues: $101.685M, up from $36.841M
Cash and Short Term Investments: $108.4M
Revenues consisted of net product sales of $58.9M and "contract revenues from collaborations of $42.7M
The impetus for the revenue growth from product sales has come from the internally developed Tavalisse that had sales of $40.1M in the second quarter, up 52%, and from the acquired compounds Gavreto ($11.8M) and Rezlidhia ($7M, up 36%). Commercialization of Gavreto commenced in June 2024. The acquisition/license terms are summarized at pages 16-18 of the 10-Q.
"TAVALISSE (fostamatinib disodium hexahydrate) is our first product approved by the FDA. TAVALISSE is the only approved oral spleen tyrosine kinase (SYK) inhibitor for the treatment of adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment. The product is also commercially available in Europe and the United Kingdom (UK) (as TAVLESSE), and in Canada, Israel and Japan (as TAVALISSE) for the treatment of chronic ITP in adult patients." Tavalisse sales in 2024 were reported at $104.8M. 2024 Annual Report at pages 4-5
Rigel Pharmaceuticals Acquires U.S. Rights to Gavreto (2/22/24)"Contract revenues from collaborations primarily consisted of $40.0 million in non-cash revenue resulting from the release of the remaining cost share liability related to the agreement with Lilly for the development and commercialization of ocadusertib, $2.0 million of revenue from Grifols S.A. (Grifols) related to delivery of drug supplies and earned royalties, $0.4 million of revenue from Kissei related to the delivery of drug supplies, and $0.2 million of revenue from Medison Pharma (Medison) related to delivery of drug supplies and earned royalties."
The $40M in non-cash revenue is a non-recurring accounting entry. I would not include that amount in net income when valuing the company. I do not know whether investors who are sending this stock higher are aware that E.P.S. was juiced by this non-cash revenue item. As explained in the following quote, the non-cash revenue was created by removing a remaining cost share liability for the development of a compound licensed to Eli Lilly:
| "In April, Rigel notified Eli Lilly and Company (Lilly) that it would not exercise its opt-in right related to the development and commercialization of ocadusertib (previously R552) for the treatment of non-central nervous system (CNS) diseases. As a result of the notification, Rigel recognized $40.0 million in non-cash revenue resulting from the release of the remaining cost share liability in the second quarter. Per the agreement with Lilly, Rigel will continue to be entitled to receive milestone and tiered royalty payments on future net sales of ocadusertib and the companies’ CNS penetrant program." The 2021 agreement with Lilly is discussed in this press release: Rigel Announces Closing of Strategic Collaboration with Lilly (4/7/21) Rigel received $125M upfront. Rigel licensed "a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications including autoimmune and inflammatory diseases." In Lilly's 2024 annual report at page 43, this drug is identified as being in an ongoing stage 2 trial for rheumatoid arthritis. 2024 Annual Report; Study Details | An Adaptive Phase 2a/2b Study of LY3871801 in Adult Participants With Rheumatoid Arthritis | ClinicalTrials.gov The Phase 2 trial is still listed as ongoing in Lilly's second quarter earnings presentation. I have no opinion on whether the trial will be successful. |
2025 Guidance:
Patents:
 |
| P.18, 2024 Annual Report |
Other News: Rigel Highlights Initial Data from Ongoing Phase 1b Study Evaluating R289 in LR-MDS at the 66th ASH Annual Meeting and Exposition This compound is still in a Phase 1A trial with enrollment in the dose escalation part of the trial completed in June 2025.
Prior Sell Discussions (before reverse split): Item # 3.A. Sold 100 RIGL at $3.05 (3/31/22 Post)(profit snapshot = $134.99); Item # 2.E. Sold 50 RIGL at $3.06 (12/25/20 Post)(profit snapshot = $9.05); South Gent's Comment Blog # 4 (sold 150 RIGL at $2.93 that was bought at $2.15; profit = $109.24 - no profit snapshot)
 |
| 2016 RIGL 150 Shares +$109.24 |
RIGL Realized Gains to Date: $356.04
B. Eliminated MRCC - Sold 15 at $6.75:
Proceeds: $101.25
Last Discussed: Item # 2.D. Added to MRCC - Bought 5 at $6.45; 5 at $6.2 (5/16/25 Post)
Last Sell Discussions: Item # 1.C. Eliminated MRCC -Sold 30 at $8.6 (2/10/25 Post)(profit snapshot = $44.59); Item # 3.D. Sold 20 MRCC at $8.05 (10/16/24 Post)(profit snapshot = $4.05)
Dividend: Quarterly at $.25 per share
MRCC Stock Dividend History & Date | Seeking Alpha
The dividend was in need of a slash IMO. In the 2025 second company, MRCC reported net investment income per share of $.15 For the 2024 first quarter, NII per share was reported at $.19.
Last Ex Dividend: 6/16/25 (owned as of)
Profit Snapshot: $3.21
C. Pared AOD - Sold 7 at $9.12 - Fidelity Account:
Proceeds: $63.93
I sold my highest cost shares using specific identification.
Sponsor's website: abrdn Total Dynamic Dividend Fund, Inc.
SEC Filed Semiannual Report for the period ending 4/30/25
Leveraged: Yes, slightly, see note 7 at pages 28-29. The fund will also sell foreign currency contracts as a hedge, see pages 24-26.
AOD Portfolio-Morningstar (not rated) Lists top 25 holdings.
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)
Last Sell Discussion: Item # 2.K. Sold Remaining Shares Purchased with Dividends at $8.97 (7/15/25)(profit snapshot = $11.8)
Profit Snapshot: $8.47 (8/12/25 sale only)
There will be a slight increase in the profit when the tax cost basis for the shares sold is adjusted down by the dividends paid in 2025 on those shares.
New average cost per share this account = $7.66 (204 shares)
 |
| Snapshot Intraday on 8/12/24 after pare |
Dividend: Monthly at $.10 per share
AOD Stock Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend and have profitably sold all shares previously purchased with dividends, as shown in the previous snapshot.
The dividend has ROC support. The only way to fully support the dividend with income is through realized capital gains.
I am no longer reinvesting the dividend and have profitably sold all shares previously purchased with dividends.
AOD currently has a managed distribution plan. abrdn Total Dynamic Dividend Fund (AOD) Announces 70% Increase in Distribution Rate and Adoption of a 12% Managed Distribution Policy
Yield at $7.66: 15.67%
Next Ex Dividend: 8/22/25
Date Date of 8/12/24 Trade:
Closing Net Asset Value per share: $9.75
Closing Market Price: $9.14
Discount: -6.15%
Average 3 Year Discount: 12.15%
Sourced: AOD - CEF Connect (Click "Pricing Information" Tab)
D. Eliminated FSK in Fidelity Account - Sold 21+ at $17.88:
Quote: FS KKR Capital Corp. (FSK) - Externally Managed BDC
Proceeds: $375.69
After the last earnings report, I reclassified this BDC as deservedly hated as noted in a comment published on 8/15/25.
Website: FS/KKR Advisor, LLC
There was a 1 for 4 reverse split in 2020. FS KKR Capital Corp. Announces Effectiveness of Four-to-One Reverse Stock Split
FSK SEC Filed 2024 Annual Report (Risk factor summary starts at page 17 and ends at page 46)
Last Buy Discussion: Item # 4.E. Added to FSK - Bought 5 at $18.66 (6/24/23 Post)
Profit Snapshot: $75.97 (8/13/25 Sale only)
Next Ex Dividend: 9/17/25
Net Asset value per share history: Illustrates significant danger
6/30/25: $21.93
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 6/30/25):
NII per share $.62, down from $.67 in the 2025 first quarter
"Earnings (Loss) per Share of $(0.75), compared to Earnings (Loss) per Share of $0.43 for the quarter ended March 31, 2025"
Realized losses on investments: $135M (excludes $9M on foreign currency and foreign currency forward contracts)
After the realized losses, 5.3% of the portfolio based on amortized cost was on nonaccrual as of 6/30/25.
I would emphasize that the realized losses and nonaccrual loans has occured without a recession starting yet.
E. Eliminated FSK - Sold 20+ in my Schwab Account at $17.83:
Proceeds: $360.71
Profit Snapshot = $50.98
A. Sold 2 Eversource 5.125% SU Maturing on 5/15/33 at 100.473:
Issuer: Eversource Energy (ES) - Utility Holding Company
ES Analyst Estimates | MarketWatch
SEC Filed Earnings Press Release for the Q/E 6/30/25
Discussed at Item # 1.C. Bought 2 Eversource Energy 5.125% SU Maturing on 5/15/33 at a Total Cost of 98.324 (6/18/25 Post)
The operating subsidiaries issue first mortgage bonds, (see page 112 of the SEC Filed 2024 Annual Report)
Proceeds at 100.373 after $1 per bond commission
Principal Received: $2,007.46
Interest Received from Buyer: $24.77
Profit Snapshot: $40.98
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
B. Sold 2 Safehold Operating LP 5.65% SU Maturing on 1/15/35 at 100.676 - Interactive Brokers Account:
Issuer: Operating entity for Safehold Inc. (SAFE) who guarantees the note.
SAFE SEC FilingsProceeds at 100.576 after $1 per bond commission
Principal Received: $2,013.52
Accrued Interest Received from Buyer: $8.47
Profit Snapshot: $36.08
%20+$36.08%20.png){kind=small}
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
I now own 2 bonds in my Fidelity Account.
C. Sold 2 Kinder Morgan 5.4% SU Maturing on 2/1/34 at 101.357:
Issuer: Kinder Morgan Inc. (KMI)
Proceeds at 101.247 after $1 per bond commission
Principal Received: $2,025.15
Accrued Interest Received from Buyer: $3.6
Profit Snapshot: $37.48
Discussed at Item # 5.D. Bought 2 Kinder Morgan 5.4% SU Maturing on 2/1/34 at a Total Cost of 99.383 (6/5/25 Post)
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
Fitch recently upgraded Kinder Morgan SU debt to BBB+.Fitch Upgrades Kinder Morgan and Subsidiaries to 'BBB+'; Outlook Stable (8/11/25)
D. Sold 2 Evergy Metro 4.95% First Mortgage Bond Maturing on 4/15/33 at 100.575 -Interactive Brokers Account:
Issuer: Operating subsidiary of the utility holding company Evergy Inc. (EVRG). The issuer was formerly known as Kansas City Power & Light.
EVRG Analyst Estimates | MarketWatch
Proceeds at 100.475
Principal Received: 2,011.5
Accrued Interest Received from Buyer: $32.45
Profit Snapshot: $45.06
%20$45.06%20.png){kind=small}
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/A
E. Sold 2 Public Service Electric & Gas 5.375% First Mortgage Bonds Maturing on 11/1/39 at 101.735:
Issuer: Wholly owned operating subsidiary of the utility holding company Public Service Enterprise Group Inc. (PEG)
Proceeds at $101.654 after $1 per bond commission
Principal Received: $2,033.08
Accrued Interest Received from Buyer: $30.76
Purchase discussion at Item # 4.C. Bought 1 Public Service Electric & Gas First Mortgage Bond Maturing on 11/1/2039 at a Total Cost of 99.12 and 1 at a TC of 98.255 (5/23/25 Post)
Profit Snapshot: $59.63
Finra Page: Bond Page | FINRA.org
Credit Ratings: A1/A
Last FM Offering (8/2025): Prospectus for 4.9% Maturing on 8/15/35
5. Treasury Bills Purchased at Auction:
A. Bought 5 Treasury Bills at the 8/13/25 Auction:
%2012:16:25%20.png)
119 Day Bill
Matures on 12/16/25
Interest: $66.94
Investment Rate: 4.162%
B. Bought 5 Treasury Bills at the 8/18/25 Auction:
%2011:20:25%20.png)
91 Day Bill
Matures on 11/20/25
Interest: $52.2
Investment Rate: 4.232%
C. Bought 10 Treasury Bills at the 8/18/25 Auction (two accounts):
%202:19:26%20.png)
%20Sch%20.png){kind=small}
182 Day Bill
Matures on 2/19/26
Interest: $199.5
Interest will be taxable in 2026 when held to maturity.
Investment Rate: 4.081%
6. Treasury Note:
A. Sold 2 T Notes 4.125% Coupon Maturing on 7/31/28 at 101.321:
No commission.
Principal Amount = $2,026.42
Accrued Interest Received from Buyer: $3.14
The YTM for the buyer was at 3.65%
Profit Snapshot: $44.51
%20+$44.51.png)
7. U.S. Equity Preferred Stock:
A. Added to AHHPRA - Bought 5 at $21.35 - Schwab Account:
Quote: AHH-PA
Cost: $106.25
Issuer: Armada Hoffler Properties Inc. (AHH)
Website: Armada Hoffler
AHH "is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. The Company also provides general construction and development services to third-party clients, in addition to developing and building properties to be placed in their stabilized portfolio."
SEC Filed Earnings Press Release for the Q/E 6/30/25 Guidance for 2025 remained for normalized FFO per share at $1 to $1.1.
Last Discussed: Item # 3.A. Added 5 AHHPRA at $20.75-Fidelity Account (4/13/25 Post)
Prospectus (public offering price at $25 in June 2019)
Par Value: $25
Coupon: 6.75%
Dividends: Paid quarterly and cumulative
New average cost per share this account: $20.39 (20 shares)
 |
| Snapshot Intraday on 8/13/25 after add |
B. Sold 40 ARGOPRA at $25.32+ (Schwab Account):
Quote: Argo Group International Holdings Inc. Preferred A
Proceeds: $1,012.99
The original issuer was acquired by Brookfield Reinsurance Ltd. (BNRE).
This security is being called at its $25 par value + accrued and unpaid interest. SEC Filing
Par Value: $25
Coupon: 7% to but excluding 9/15/25 then, if not called, resets for 5 years at a 6.712% spread to the 5 year treasury note.
Placement in the Capital Structure: Equity Preferred Stock
After Argo was acquired, a new prospectus was issued that had the same terms. A new prospectus was issued due to a name change and reincorporation from a Bermuda company to a U.S. registered one. SEC Form 8-K The new prospectus for ARGOPRA is attached as Exhibit A to the the SEC Certificate of Incorporation. SEC Filing
Last Discussed: Item # 6.B. Added to ARGOPRA - Bought 10 at $23.93 (4/5/24 Post) I noted in that post that I expected this note to be called.
Last Sell Discussion: Item # 3.C. Eliminated Duplicate Position in ARGOPRA - Sold 15 at $22.56 (9/9/23 Post)(profit snapshot = $47.58)
Profit Snapshot: $43.1
8. Exchange Traded Bond:
Investment Category: Exchange Traded Baby Bonds
A. Sold 130 ARGD at $25.26+ (Schwab Account):
Quote: Argo Group International Holdings Ltd. 6.5% Senior Notes Due 2042 (ARGD)
This security is being called by the issuer at par value + accrued an unpaid interest. SEC Filing
Proceeds: $3,284.43
Last Discussed: Item # 7.B. Bought 5 ARGD at $22.2 (9/26/24 Post)
The Argo Group is now a subsidiary of Brookfield Reinsurance Ltd (BNRE).
Brookfield Reinsurance Completes $1.1 Billion Acquisition of Argo Group
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.
Plymouth Industrial REIT Inc. (PLYM)
ReplyDelete$22.27 +$7.63 +52.09%
Last Updated: Aug 19, 2025 at 10:13 a.m. EDT
https://www.marketwatch.com/investing/stock/plym
"Plymouth Industrial REIT Receives Unsolicited, Non-Binding Acquisition Proposal" at $24.1
https://www.globenewswire.com/news-release/2025/08/19/3135592/0/en/Plymouth-Industrial-REIT-Receives-Unsolicited-Non-Binding-Acquisition-Proposal.html
I own PLYM in several accounts. So far, I have sold a 5 share lot at $22.14 bought in a RI account at $14.43 on 8/6/25 and a 10 share lot bought last January in my Fidelity taxable account at $22.11.
While the offer is non-binding and the end result is of course uncertain, I do not see how PLYM can turn down at $24.1 per share cash offer.
Last Discussed: Tuesday, August 12, 2025
Item # 1.H. Added to PLYM in Fidelity Account - Bought 5 at $14.35; 5 at $14.45:
https://tennesseeindependent.blogspot.com/2025/08/atlcz-bns-din-doc-fbrt-fhb-glq-gmre.html
The market appears to be reassessing the value of equity REITs today after a private firm offered to buy PLYM at $24.1 per share in cash. The stock closed yesterday at $14.64. That is a substantial disconnect between the market's valuation and what the company is believed to be worth by a cash buyer.
ReplyDeleteVanguard Real Estate ETF (VNQ)
$90.36 $1.45 $1.63%
Last Updated: Aug 19, 2025 at 10:49 a.m. EDT
https://www.marketwatch.com/investing/fund/vnq
S&P 500 down .24% at 10:50 a.m. EDT
As far as my sector weightings in common stocks, equity REITs would be my largest given the dividend yields, my focus on income generation, and what I viewed as their valuations in relation to other sectors.
Other industrial/warehouse REITs that I own that are benefiting some from the Plymouth Industrial news include:
ReplyDeleteW. P. Carey Inc. (WPC)
$65.77 +$1.11 +1.71%
Last Updated: Aug 19, 2025 at 2:19 p.m. EDT
https://www.marketwatch.com/investing/stock/wpc
I recently eliminated duplicate WPC positions but still own 50+ shares in my Fidelity account and in 2 RI accounts.
LXP Industrial Trust (LXP)
$8.56 +$0.41 +5.10%
https://www.marketwatch.com/investing/stock/lxp
STAG Industrial Inc. (STAG)
$35.68 +$1.33 +3.87%
Last Updated: Aug 19, 2025 at 2:22 p.m. EDT
https://www.marketwatch.com/investing/stock/stag?mod=search_symbol
I have pared my STAG position this year.
I also own shares in Dream Industrial Real Estate Investment Trust, which is externally managed and trades on the Toronto exchange. As of 6/30/25, that Canadian REIT owns 338 buildings in Canada, U.S. and Europe.
C$12.28 +C$0.15 +1.24%
https://www.marketwatch.com/investing/stock/dir.ut?countrycode=ca
When a REIT sector is positively impacted by an acquisition or possible one at a premium price, at least temporarily, the enthusiasm is not going to spread much to externally managed REITs in that sector since it would require a significant payment to get rid of the external manager and no one wants to pay several billion dollars for a company that is managed by another firm.
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I had one of my Lotto's sort of blow up today, Viking Therapeutics. I own 6 shares. The weight loss pill that is in clinical trials posted what is generally regarded as poor results compared to other pills in trials.
Viking Therapeutics Inc.
$24.40 -$17.71 -42.07%
https://www.marketwatch.com/investing/stock/vktx
So this is an illustration of why they are called Lottos. RIGL, another LOTTO, gained almost 100% over the past month, and I discussed selling some shares in this post. RIGL closed at $19.73 on 7/30/25 and I sold shares yesterday at $41 (Item # 4.A. this post)
I'm watching the lottos from the sideline. There's some big wins in there. It doesn't seem like many of them have lost.
ReplyDeleteThe organization where you can bet on political outcomes has been advertising a lot. I get the impression it would be possible to win there by betting on the volatility of views (IE is the Fed going to lower rates)
Land: The Stock Lottos are a form of entertainment for me, an alternative to playing blackjack at a casino.
DeleteI quit tracking the results in my blog when I updated a 2011 post on 10/2/2015. The net realized gain was then at $14,012.42.
https://tennesseeindependent.blogspot.com/2011/10/lottery-ticket-strategy-new-gateway-post.html
As noted in that post, I periodically throw out the less than optimal selections with the last house cleaning in 2015 that resulted in multiple losses totaling $1,912.53 that were netted with the gains.
The problem with them is that some of them will blow up. Some will become 5 baggers or more. All are in a high risk category. The biotech/drug lottos that are in the clinical stage trials are high risk and VKTX falls into that category. My prior round trip in that one was a success, buying in the mid-single digits and selling at over $20 somewhere, but the re-entry with 6 shares is probably not going to work out.
Some of the preferred stocks and REITs bought in the Near Depression period were classified as Lottos because survival was in doubt. An example was a $708.79 profit in a 30 share lot of GRTPRF bought at $2.9 (11/24/2008 Post) that had a 8.875% coupon paid on a $25 par value. That one was later called at the par value and the REIT was later acquired. I quit classifying those kind of stocks as Lottos as the economy move out of the Near Deprerssion period and its immediate aftermath.
Results since I quit updating the Lotto trades have had similar type percentage gains to losses. I only discuss a few trades here. It would just be too cumbersome.
I guess an inverted middle of the old curve doesn't mean anything as a traditional market indicator. Two year to 2 month and two year inverted to 10-year.
ReplyDeleteSeems like a wholesome form of entertainment 😃
ReplyDeleteUnlike blackjack, one might learn a little bit about science and medications... The one time I played blackjack, I lost too quickly to be real entertainment.
I published a video discussing my reaction to the stock rally today, 8/22/25.
ReplyDeletehttps://www.youtube.com/watch?v=TLbZ_-kgn7g
I have published a new post:
ReplyDeletehttps://tennesseeindependent.blogspot.com/2025/08/bax-botz-cold-cto-ffic-good-ibrx-jri-kw.html