Dollar Value of Trades Discussed in this Post:
Inflow Treasury Bill Purchases at Auction: $26,000 in principal amount
Inflow Corporate Bond Purchases: $1,000 in principal amount
Outflow Corporate Bond Sells: $20,383.63 in principal amount (20 bonds)
"Profit" Corporate Bonds: $479.5 (All were bought at a discount and sold at a premium)
Net Outflow Purchases/Sells Corporate Bonds: $19,383.63 in principal amount
{The proceeds from corporate bond sales are being deposited in sweep money market funds that have a 3.9% to 4.25% depending on the brokerage firm. I will suffer some temporary loss in income representing the difference in yields between the bonds sold and those MM funds, but I am in the process of recapturing that loss income by increasing my purchases of dividend stocks that have similar or higher yields than the bonds that have been sold. I have almost completed my reduction in bonds maturing in 2032 or later}
Outflow Treasury Note Sell: $2,020.51 in principal amount with a realized gain of $44.84.
Inflow Common Stock/Stock Fund Purchases: $1,714.08
Outflow Common Stock/Stock CEF Sells: $988.77
Net Inflow Common Stock/Stock Funds: $725.31
Outflow Exchange Traded Bond: $253
Inflow REIT Equity Preferred Stock: $121.66
Treasury Yield Curve August 2025:
Treasury Real Yield Curve August 2025:
The 5 year breakeven inflation rate was at 2.46%.
Those numbers are particularly relevant when choosing whether to buy the TIP or go with the non-inflation protected treasury with a higher current yield.
If I thought that the annual average CPI over the next 5 years would exceed 2.46%, I would lean toward buying the 5 year TIP.
This comparative analysis does not mean that either purchase is a good one, but only that one may be better than the other depending on the future inflation rate. I own TIPs in my Roth IRA accounts, mostly bought at auctions with some purchases in the secondary market.
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July CPI Inflation Report: The CPI is prepared by the BLS whose commissioner was recently fired after Trump did not like the July jobs report.
Month-To-Month CPI: .2%
Month-To-Month Core CPI: .3%
Annual CPI: 2.7%, unchanged
Annual Core CPI: 3.1%, up from a 2.9% increase for the 12 months ending in June. (archived CPI reports can be found here: Consumer Price Index Archived News Releases : U.S. Bureau of Labor Statistics)
Consumer Price Index Summary - 2025 M07 Results
The decline in energy commodities (e.g. gasoline) prices restrained the CPI increase. With OPEC increasing production, creating a crude market that has excess supply, I would not expect gasoline prices to rise in the coming months.
I do not view this report as restraining the FED from cutting the FF range by 25 basis points in September. As of 9:50 A.M. CST today, 8/12/25, the CME FedWatch tool has a 94.2% probability of a .25% cut at the FED's September meeting. FedWatch - CME Group It would be a mistake IMO to cut the FF rate with inflation rising unless there was clear and abundant evidence that the economy had entered a recession. Trump claims the economy is booming so, if that is an accurate representation, there is no reason at all to cut the FF rate.
For me, a Fed rate cut means less interest income.
Trump nominated E.J. Antoni to be commissioner of the Bureau of Labor Statistics after he fired Erika McEntarfer. BLS nominee made claim that no ‘sensible economist would use’ — and that’s one of the kinder comments about him - MarketWatch (subscription publication)
Antoni is currently the chief economist at the right wing Heritage Foundation and a contributor to the Project 2025 plan. Shortly after the release of the weak July jobs report, and just prior to Trump firing McEntarfer, Antoni was a guest on Steve Bannon's podcast and called for Trump to remove McEntarfer. Trump nominates E.J. Antoni as Bureau of Labor Statistics commissioner Bannon lobbied for Antoni's appointment.
Trump said that Antoni would insure that the numbers reflect a booming U.S. economy. Trump: "Our Economy is booming, and E.J. will ensure that the Numbers released are HONEST and ACCURATE." The first signs that the BLS may actually be manipulating the data for political reasons would be the reassignment of professional staffers who compile the jobs and inflation data, insuring that they no longer have any involvement in the reports, or are otherwise being forced out.
'Panic rippling': Coffee exec warns 'things are getting very dark' under Trump - Raw Story
Household Debt Growth Remains Steady; Auto Loan Originations Pick Up - FEDERAL RESERVE BANK of NEW YORK "The report shows total household debt increased by $185 billion (1%) in Q2 2025, to $18.39 trillion. . . . Aggregate delinquency rates remained elevated in the second quarter, with 4.4% of outstanding debt in some stage of delinquency."
Trump says pharma tariffs could eventually reach up to 250% (8/5/25)
As previously discussed, Trump's legal authority to impose reciprocal tariffs under the International Emergency Powers Act of 1977, which does not even mention the word tariff, is currently pending before the U.S. Court of Appeals for the Federal District. The constitutional power to impose tariffs is vested in Congress (Article I), not the President in Article II.
That appellate court stayed an injunction from a 3 judge panel of the U.S. Court of International Trade Trump that held that Trump lacked the authority. US court blocks Trump from imposing the bulk of his tariffs The three judge panel consisted of Judge Jane Restani, appointed by President Ronald Reagan; Judge Gary Katzmann appointed by President Barack Obama; and Judge Timothy Reif appointed by President Trump.
In a 8/8/24 "Truth" Social message, Trump claimed that the stock market liked his "retaliatory" tariffs, as demonstrated by the abrupt 20+% decline in the S&P 500 after his April 2, 2025 "Liberation Day" announcement and then the strong rally after those tariffs were paused a few days later.
Trump further asserted that a "Radical Left Court" ruled against his authority to issue the retaliatory tariffs under a law that does not mention tariffs. Trump was referring to the 3 judge panel decision that included judges appointed by Trump and Reagan. Trump further claimed that any decision affirming the U.S. Court of International Trade decision would cause a Great Depression. Trump warns of another Great Depression if court strikes down tariffs
Maybe the stock market's recent rally is factoring in a likely Supreme Court decision affirming the permanent injunction issued by the 3 judge panel and requiring the U.S. to refund to U.S. importers the entire amounts collected in unlawful U.S. tariffs (possibly with interest).
Canada shed 40,000 jobs in July after Trump’s tariffs hammered key sectors | Fox Business; 'I won't back down': How and why Canadians are boycotting the U.S. | CBC News
JPMorgan and Bank of America stocks drop as Trump warns of payback for ‘bad’ treatment - MarketWatch Trump was denied loans since he had already proven to be a bad risk. It had nothing to do with politics. Those loans were denied before Trump became a "conservative" in 2015.
Biggest part of U.S. economy barely grew in July, ISM finds, due to tariff knock-on effects - MarketWatch (subscription publication); Services PMI® at 50.1% in July 2025 Numbers below 50 indicate an ongoing contraction.
Nebraska GDP shrinks 6% as farmers face high costs and low commodity prices - YouTube
Nvidia and AMD will give US 15% of China chip sales, reports say. But Chinese state media warns about the chips; Trump says he asked Nvidia for 20% cut, calls H20 an 'obsolete' chip If a Democrat President had required these payment for an export license, how would republicans react? They would be calling the Democrat a communist or worse and would be flooding the airwaves with criticism. On the other hand, selling an export license by a republican President is good business and smart. I have not seen a single comment from a republican politician criticizing Trump for requiring these payments in exchange for an export license, something that no other President has done.
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Judge rejects DOJ's bid to unseal grand jury materials in Ghislaine Maxwell case - YouTube After the DOJ refused to release the Epstein files, Trump was trying to show transparency with this doomed to fail request. As I stated here and in a YT Video, this request to release the GJ transcript had no chance of success as Pam Bondi had to know. (My video published in early July: Epstein Issues and the Epstein Grand Jury Transcripts - YouTube) The Judge held that representations made by the DOJ in connection with the petition were demonstrably false. Order.pdf at page 16, first paragraph (noting at page 21 that the GJ testimony was only "garden variety" summary testimony of 2 law enforcement agents as Pam Bondi had to know)
Texas Federal Prison Camp Bryan where Ghislaine Maxwell was moved steps up security
Anne Applebaum: Everything the Founders Feared Is Happening- YouTube; The President’s Police State - The Atlantic (subscription publication)
Video from Jan. 6 attack shows Justice Department adviser Jared Wise telling rioters attacking police to "kill 'em" - CBS News He was arrested and his criminal trial was nearing conclusion when Trump pardoned him. Pam Bondi then hired him. The video also shows Wise making this statement to police officers: "You guys are disgusting. I'm former — I'm former law enforcement. You're disgusting. You are the Nazi. You are the Gestapo."
Triple Murderer Among Americans Repatriated by Trump From Venezuela in Prisoner Swap - Newsweek Trump has let loose in America a man who was convicted of a gruesome triple murder. His whereabouts is currently unknown.
The Texas GOP’s Disturbing Request for the FBI - The Atlantic
How Republicans Are Trying to Steal the 2026 Midterms - YouTube Trump justified his pressure on several states to take away congressional districts held by Democrats on the grounds that the Democrats were about to do it. But, prior to Trump successfully applying pressure on the anti-democracy party in Texas to gerrymander the congressional districts even more in 2025, depriving the democrats of 5 more congressional seats, there was no democrat effort to gerrymander, and several of the states controlled by Democrats had independent commissions that set the boundaries rather than the democrat controlled state legislature. Trump was lying again to justify his mid-decade demand for more pro-authoritarian gerrymandering in red states.
{The 6 Republican Supreme Court Justices have legitimized anti-democracy political gerrymandering even when there is an obvious racial motive. The Supreme Court Just Made Gerrymandering Even Easier | Brennan Center for Justice That article discusses the 6 to 3 decision in Alexander v. South Carolina State Conference of the NAACP (2024), written by Justice Alito, that authorized a gerrymander by the South Carolina Republicans that used racial data according to the findings of fact by a 3 judge panel. The result was that the republicans removed black voters out of a competitive House district into the SC 6th congressional district that already had a majority of black voters and a black representative Jim Clyburn which in effect disenfranchised those voters in congressional elections which was just fine according to the Republican Justices. South Carolina redistricting 2022: Congressional maps by district The SC Republican congressman, Ralph Norman, who is running for governor, wants the anti-democracy party in SC to gerrymander Jim Clyburn's district to make it impossible for any democrat to win a congressional seat anywhere in SC. Ralph Norman calls for South Carolina redistricting to oust lone Democrat | Fox News The Tennessee pro-authoritarian party found a way to prevent Nashville from electing a democrat by carving the city up into 3 parts and then joining each part with small towns and rural areas that are about 80% Trumpified. But they have not yet figured out of way to eliminate the Democrat who represents Memphis, see my video The Tennessee GOP has decided that Nashville will not be allowed to elect a Democrat to Congress - YouTube}
According to Cornyn, the FBI Director Kash Patel has agreed to use the FBI to support this latest Republican anti-democracy, pro-authoritarian scheme. FBI granted request to 'locate' fleeing Texas House Democrats, Sen. Cornyn says - ABC News
The FBI has no jurisdiction to arrest those Democrats. The statute creating the FBI states that the agency is authorized to "to detect and prosecute crimes against the United States". The FBI's Domestic Investigations and Operations Guide" requires a statement about a federal crime as a predicate for doing anything with only 1 exception. The FBI can investigate the murder of a state legislator or state police officer when the crime can only be prosecuted under state law.
Any use of FBI agents to arrest Texas democrats pursuant to a state civil arrest warrant would be unlawful under federal law, but nothing could be more irrelevant in Trump's America.
The problem for the republicans is that the Texas state police has no jurisdiction to arrest anyone who is located outside of Texas and has to obtain the cooperation of local law enforcement which will not be forthcoming. So that is why they are enlisting the FBI in furtherance of their anti-democracy scheme.
Trump fires Brian Driscoll, ex-FBI director seen as champion of rank-and-file
The FBI released its crime report for 2024 that showed a 14.9% decline in the murder rate. There was a 4.5% decline in overall violent crime and a 8.1% decline in property crime. FBI crime report says violent crime decreased by 4.5% in 2024
When asked about the decrease in violent crimes, Trump had this to say: "The FBI fudged the numbers and other people fudged numbers. There is no way crime went down over the last year. There’s no way because you have migrant crime. Are they adding migrant crime? Or do they consider that a different form of crime?" There was of course no evidence supporting that claim, but none is needed in Trump's Orwellian world where the Chosen One defines what is true and false. Trump is riding an imaginary crime wave
Donald Trump's Bid To Make Key Data Secret Hit by Major Legal Blow - Newsweek; Appeals court orders Trump administration restore public funding tracker In another authoritarian move, Trump attempted to keep a data basis detailing federal spending, set up by Congress, secret. An appellate court ordered Trump to restore the publicly available data since Trump's effort to make the data secret likely violated the Constitution. Appellate Court Order.pdf The DOJ has gone rogue under Pam Bondi.
Trump’s DC Press Conference Was Straight-Up Surreal - YouTube Crazy and disturbed are a more appropriate descriptions. Trump is sending the National Guard into D.C. and has federalized the D.C. Police claiming that crime has surged in the nation's capital. He did not rule out sending the military into D.C. According to the data, however, "robberies have dropped by 28% and overall violent crime is down 26%, as of Aug. 11. Last year, violent crime in the capital city hit its lowest level in more than 30 years, the Justice Department said." Trump deploys National Guard to D.C., takes control of local police in alleged crime crackdown-CBS News Trump also talked about federal takeovers of Blue Cities.
There is a law, the Home Rule Act, that allows the President to use the D.C. Police for "federal purposes" provided the President determines there are "special conditions of an emergency nature". This limited federalization expires after 30 days unless Congress extends the period. Perhaps the republicans will redefine what a day means in the Home Rule Act to mean 1 year, so that in 30 years rather than 30 days they will have to vote on extending the takeover. GOP 'Changed The Definition Of What A Day Is To Protect Themselves From Voting On Tariffs': - YouTube There is no emergency as contemplated in that Act. Trump is exerting authoritarian powers by claiming that just about anything is an emergency or a treat to national security.
Section 740 of the Home Rule Act:
Defense Secretary Pete Hegseth reposts video of pastors saying women shouldn't vote-NPR
Trump holding summit with Putin in US is ‘legitimizing a pariah leader’: Bolton - YouTube
Trump administration seeking $1 billion settlement from UCLA; UCLA loses federal research funding in administration’s ongoing fight with top universities Trump has routinely used the Presidency in extortion schemes, many of which have been found to flagrantly violate constitutional rights by federal district court judges. 6 months of shakedowns from America’s extortionist-in-chief I have searched far and wide and have not found even the mildest criticism by any republican politician currently in office. If republicans were actually conservatives, the reaction would be outrage rather than silence or approval.
Rising costs, Donald Trump's tariffs put pressure on GOP in Tennessee
Putin wants a photo op with Trump, says EU foreign policy chief The person selected by Trump to negotiate with Putin is the NYC real estate developer Steve Witkoff.
Trump Envoy Slammed for 'Damaging Incompetence' Over Putin Talks - Newsweek; Trump envoy relied on Kremlin interpreter in meetings with Putin to end war in Ukraine The interpreter has been identified as a member of Russia's intelligence service.
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Small Ball Stock Trading Rules:
Baseball Analogy: Small ball (baseball) - Wikipedia
Primarily a risk reduction trading technique, one of many strategies that I employ to mitigate risks that are assumed when owning risk assets where loss of capital is possible.
(2) Purchases are made in small lots using commission-free trades;
(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;
(4) Some positions will be eliminated altogether on price pops when the goal is achieved;
The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks.
Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option.
My Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets.
Normally, I will try to generate at least $25K in trading profits during each year. I failed to do that last year.
It will be difficult to achieve that goal in 2025 due to my very low stock allocation, but I may hit that target with realized gains in mutual fund sales and continued success in short term trading. The 2025 realized gains in mutual fund sales is currently at $9,099.49, primarily in PRWCX, VHCOX and PRPFX.
1. Sample of Small Ball Stock Buys:
I am continuing to average down in dividend paying stocks, primarily equity REITs. I am also restarting some regional bank stock positions that had previously been eliminated at higher prices.
A. Added to DOC in Vanguard Taxable Account - Bought 10 at $16.98; 10 at $16.755:
Quote: Healthpeak Properties Inc (DOC)
Cost: $337.35
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
DOC SEC Filed 2024 Annual Report
Website: Home-Healthpeak
Last Elimination: Item # 1.G. Eliminated PEAK-Sold 15 at $31.08 (3/6/2021 Post)(profit snapshot = $38.01)
Average cost per share this account: $17.13 (30 shares)
Dividend: Monthly at $.1017 per share ($1.22 annually)
DOC Stock Dividend History & Date | Seeking Alpha
Yield: 7.12%
Next Ex Dividend: 8/18/25
Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post and have nothing further to add here: Item # 3.F. Added to DOC in Schwab Account - Bought 10 at $17.63 (7/29/25 ); SEC Filed Press Release
B. Added to NSA - Bought 5 at $30.1; 5 at $29.5:
Quote: National Storage Affiliates Trust (NSA) - Storage REIT
Cost: $298
Owned and Managed Properties as of 6/30/25:
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
10-Q for the Q/E 6/30/25 (Debt is listed at page 21)
Website: National Storage Affiliates Trust (NSA)
Last Discussed: Item # 1.D. Added to NSA - Bought 5 at $31.25 (7/22/25 Post); Item # 1.C. Added to NSA - Bought 5 at $31.8 (7/3/25 Post); Item # 3.B. Added to NSA in Fidelity Account - Bought 5 at $32.37 (6/26/25)(discussed 2025 1st Q report, SEC Filed Earnings Press Release)
Average cost per share: $32.69 (50 shares)
Dividend: Quarterly at $.57 per share ($2.28 annually), last raised from $.56 effective for the 2024 4th quarter payment.
NSA Stock Dividend History & Date | Seeking Alpha
I changed my dividend option to reinvestment effective for the next payment. I view the shares as undervalued long term. Reinvesting the dividend is a method to average down randomly.
The quarterly dividend exceeded core FFO per share in the 2025 second quarter. A dividend cut is possible without a improvement in core FFO per share and may occur soon.
Yield at AC = 6.97% (assuming no cut in the dividend)
Last Ex Dividend: 6/13/25
Last Earnings Report (Q/E 6/30/25 SEC Filed Report
The market had a negative reaction to this report, but the decline in FFO and lower guidance was entirely or largely factored into the price decline from the mid-40s to the current price.
The question is whether consumer demand will lead to better occupancy trends and less new customer rent concessions. One problem with storage REITs is that in most localities there is no barrier to entry and overbuilding can become a problem.
Comment from CEO describing the problems:
GAAP E.P.S. = $.19 includes a $9.571M gain on property sales which is deducted from GAAP net income in the FFO computation.
Since the tax cost basis of sold property has been reduced by depreciation, it is possible for a property to be sold at a profit even though the sales price is below the original tax cost basis + the cost of subsequent improvements. I have seen only 1 REIT provide information on whether the "profit" is higher or lower than the original cost. I have forgotten which one.
Core FFO per share: $.55, down 11.3%
Reconciliation of GAAP to Core FFO:
Same Store Occupancy: 85% down 220 basis points.
Revenue Comparison:
 |
| 10-Q at page 4 |
2025 Guidance: Core FFO per share of $2.17 to $2.23, down from prior guidance of $2.3 - $2.38 and down from the $2.44 actual in 2024.
Sell Discussions: Item # 2.C. Pared NSA in Fidelity Account - Sold 5 at $48.54 (9/19/24 Post)(profit snapshot = $52.95); Item # 2.B. Eliminated Duplicate Position in NSA - Sold 7 at $41.91 (Schwab Account) and Pared NSA in Fidelity Account Sold 5 at $53 (8/15/24 Post)(profit snapshots = $67.91)(mentioning in that report that I was not impressed with the 2024 second quarter earnings report, SEC Filing)
Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain. I will restart purchases only when the price falls below $28 which may be lowered or raised based on subsequent reports.
C. Added to SBSI - Bought 5 at $28.65; 5 at $28.2 - Schwab Account:
Quote: Southside Bancshares Inc. (SBSI)
Cost: $284.25
"Southside Bancshares, Inc. is a bank holding company with approximately $8.34 billion in assets as of June 30, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas."
Investment Category: Regional Bank Basket Strategy
SBSI Analyst Estimates | MarketWatch
Last Buy Discussion: Item # 1.M. Added to SBSI - Bought 6 at $26.62 5 (4/18/25 Post)
Last Elimination: Item # 3.F. Eliminated SBSI - Sold 5 at $37.51 (11/14/24 Post)(profit snapshot = $55.21)
New average cost per share: $29.07 (30 shares)
Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.35 in the 2024 first quarter. The penny rate was at $.23 in the 2015 first quarter.
SBSI Stock Dividend History & Date | Seeking Alpha
Yield at $29.07 AC: 4.95%
Yield at $28.2: 5.106%
Last Ex Dividend: 5/22/25 (owned 20 as of)
Last Earnings Report (Q/E 6/30/25): SEC Filed Press Release
Comparisons are to the 2024 second quarter
E.P.S. = $.72, down from $.81
Consensus at $.68 per Schwab
NIM: 2.95%, up from 2.87%
Efficiency Ratio: 53.7%, up from 52.71%
Charge Off Ratio: .08%
NPL Ratio: .11%
Coverage Ratio: 888.78% (ratio of allowance for credit losses to nonperforming loans)
NPA Ratio: .39%, up from .08%
ROTE: 14.38%
Tangible Book Value per share: $20.1, up from $19.75
"Net interest income was $108.1 million for the six months ended June 30, 2025, compared to $107.0 million for the same period in 2024, an increase of $1.2 million, or 1.1%, due to decreases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by the decrease in the average yield of interest earning assets."
"Loans at June 30, 2025 were $4.60 billion, an increase of $12.6 million, or 0.3%, compared to $4.59 billion at June 30, 2024. Linked quarter, loans increased $34.7 million, or 0.8%, due to increases of $28.8 million in commercial real estate loans, $12.3 million in construction loans and $9.0 million in commercial loans. These increases were partially offset by decreases of $7.5 million in municipal loans, $5.3 million in 1-4 family residential loans and $2.5 million in loans to individuals."
Owned Securities as of 6/30/25:
10-Q for the Q/E 6/30/25 at page 14
SBSI Realized Gains to Date: $646.14
Gains - Over $90: Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.15); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69)
Maximum Position: 50 shares
D. Added to WTBA - Bought 5 at $17.75:
Quote: West Bancorp Inc. (WTBA)
Cost: $88.75
Investment Category: Regional Bank Basket Strategy
WTBA Analyst Estimate | MarketWatch - 1 analyst
SEC Filed 2024 Annual Report As of January 2025, the bank owns 7 of its full service branch locations (p. 32).
Last Elimination: Item # 3.N. Eliminated WTBA - Sold 10 at $23.85 (11/7/24 Post)(profit snapshot = $71.51)
New Average cost per share: $18.24 (30 shares)
Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2022 first quarter payment.
WTBA Stock Dividend History & Date | Seeking Alpha
Yield at New AC: 5.48%
Last Ex Dividend: 8/6/25 (owned 25 as of)
Other Sell Discussions: Item # 3.E. Eliminated WTBA - Sold 20+ at $20.52 (1/26/24 Post)(profit snapshot = $86.46); Item # 7.A. Eliminated Duplicate Position in WTBA - Sold 25+ at $17.72 (11/11/23 Post)(profit snapshot $49.83); Item 1.K. Eliminated WTBA in Vanguard Account-Sold 5 at $21.4 and 20 at $21.2 (2/6/21 Post)(profit snapshots = $116.92); Item # 2.F. Pared WTBA-Sold .313 at $27.42 (5/28/21 Post); Item # 3.A. Sold 100 WTBA at $23.12 (4/29/17 Post)(profit snapshot = $1,146.24)
Some profitable small trades were not discussed.
WTBA Realized Gains to Date: $1,532.54
E. Added to DIN - Bought 2 at $21.96; 3 at $20:
Quote: Dine Brands Global Inc. (DIN)
Cost: $103.92
DIN Analyst Estimates | MarketWatch As of 8/8/25,
Dine through its subsidiaries and franchisees under the Applebee's, IHOP and Fuzzy Taco Shop brands, consisting in total of over 3,500 restaurants in the U.S. and several foreign countries. Most of the restaurants are operated by franchisees or under area licenses.
While it would be understandable that sales and profit suffered in 2020-2022 due to the pandemic, the long term secular bear market did not start to cause serious damage until February 2023 when the price was near $83. I can not blame the pandemic for the slide from $83 to the current price near $20.
Last Discussed: Item # 2.A. Started DIN - Bought 5 at $23.85; 5 at $24.23 (6/12/25 Post)
Chart: Long term bear market. The chart does indicate a flatlining in the stock price in a narrow $20 to$24 channel, so all hope is not yet lost. The five year top was $100.7 back in 5/10/2021 and the stock was selling near $83 in February 2023.
Average cost per share: $22.95 (15 shares)
Dividend: Quarterly at $.51 per share, last raised from $.46 effective for the 2022 second quarter payment. The regular quarterly dividend was at $.76 in the 2020 first quarter and was eliminated thereafter due to the pandemic until resumed at $.4 in the 2021 4th quarter. I do not anticipate a recovery back to $.76 in my lifetime.
I am not expecting a dividend increase at all and would be content with the current quarterly rate for as long as I own the stock.
DIN Stock Dividend History & Date | Seeking Alpha
Yield at AC: 8.89%
Next Ex Dividend: 6/20/24
Last Earnings Report (Q/E 6/30/25): Investors were disappointed with this report which confirm that the company is in a long term downtrend.
E.P.S. = $.89, down from $1.5
Revenues: $230.784M, up from $206.267
The company took control over more restaurants from licensees. Revenues from company operated stores (63) increased to $28.243M from $299,000. Company restaurant expenses totalled $30.908M. I do not know the locations but an operating loss indicates that those restaurants are a problem.
Non-GAAP E.P.S. = $1.17
Reconciliation GAAP to Non-GAAP:
 |
| Revenue in Thousands, Footnotes Omitted |
Maximum Position: 20 shares, until I see a year-over-year positive revenue and earnings growth for at least two consecutive quarters.
F. Added 5 KBWY at $15.28:
Quote: Invesco KBW Premium Yield Equity REIT ETF
Cost: $76.4
This ETF owns the highest yielding equity REITs which amounts to a collection of the riskiest ones IMO. Many of these stocks have been poor performers over the past several years, so I am trying to trade my way to a total return in excess of the dividend yield.
Sponsor's website: Invesco KBW Premium Yield Equity REIT ETF
Expense Ratio: .35%
Last Discussed: Item # 2.A. Added 5 KBSY at $15.9 (7/9/25 Post) I did not discuss subsequent 2 shares purchases at $15.76 and $15.41 that lowered my average cost per share slightly.
Last Sell Discussion: Item # 3.E. Pared KBWY - Sold 10 at $20.54; 17+ at $20.63 (10/16/24 Post)(profit snapshot = $11.39). I sold my highest cost lots.
Yield at AC with $1.522 annual: 9.25%
KBWY Morningstar Page Currently rated 1 star.
Goal: Any total return in excess of the dividends paid.
I will own many of the stocks owned by this fund.
G. Restarted LKQ - Bought 5 at $29.58 - Fidelity Account:
Quote: LKQ Corp. (LKQ)
Cost: $147.9
LKQ is a provider of "alternative and specialty parts to repair and accessorize automobiles and other vehicles". The company "offers its customers a broad range of OEM recycled after aftermarket parts, replacement systems, components, equipment and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles." The company has operations in North America, Europe and Taiwan. Operations are more fully described in the 2024 SEC Filed Annual Report at pages 3-10.
Revenue will be highly dependent on collision repair demand.
The company will carry a lot of inventory. As of 6/20/25, the value assigned to inventory was at $3.394B
I have barely started a small ball position before seeing a report that I did not like that resulted in 2 quick eliminations. I have now restarted a position at the lowest price ever paid for this stock.
Reuters Key Metrics -Valuation Page
Investment Category: Contrarian Value
Last Elimination Discussion: Item # 4.F. Eliminated LKQ - Sold 5 at $42.64 (8/29/24 Post)(profit snapshot +$6.22)
Last Buy Discussion: Item # 2.C. Added to LKQ - Bought 2 at $36.96 - Schwab Account (11/7/2024 Post) I later eliminated the LKQ position in that account by selling 7 shares at $39.02.
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| Profit $11.73 |
I did not discuss that sale since I did not publish any posts in February after 2/10/25.
Dividend: Quarterly at $.30 per share, last raised from $.275 effective for the 2023 4th quarter payment.
LKQ Stock Dividend History & Date | Seeking Alpha
Excess free cash would be better used now to buy back common stock than to increase the dividend IMO. I would like for the Board to be more aggressive on buying stock at below $30. During the second quarter, the company repurchased 1M shares at an approximate cost of $39M or about $39 per share.
Yield at $29.58: 4.057%
Next Ex Dividend: 8/14/25
Last Earnings Report (Q/E 6/30/25): SEC Filed Earnings Press Release
Stock investors had a negative reaction to this report released before the market opened on 7/24/25. The stock closing prices were at $38.91 on 7/23 and at $31.73 on 7/24. Volume accelerated to 18.293M on the 7/24, up from 2.406+M the previous day. LKQ Corporation (LKQ) Stock Historical Prices & Data - Yahoo Finance Average daily volume is around 2.6M. The stock is in a dump at any price phase.
Revenue $3.6B, down 1.9%
GAAP E.P.S. $.75, up from $.7 in the 2024 second quarter.
Non-GAAP E.P.S. $.87, down from $.98
Reconciliation GAAP to Non-GAAP: The bulk of the add back is adding back to GAAP net income the noncash amortization of acquired intangibles. I do not have a problem with adding back that noncash expense.
Free Cash Flow: $243M
Adjusted E.P.S. 2025 guidance: $3.0-$3.3 reduced from the prior guidance of $3.4-$3.7.
LKQ also lowered its free cash flow estimate.
The reasons given for the downward revisions were no recovery "in the repairable claims and tariff uncertainty" plus the results in the first half.
H. Added to PLYM in Fidelity Account - Bought 5 at $14.35; 5 at $14.45:
Quote: Plymouth Industrial REIT Inc. (PLYM)
Cost: $143.97
Management: Internal
Portfolio Information as of 6/30/25:
Top 10 Tenants by Annualized Rent:
Last Discussed: Item # 1.J. Added to PLYM in Schwab Account - Bought 1 at $14.75; 2 at $14.4; 5 at $14; 5 at $13.1 (4/13/25 Post)
Last Elimination: Item # 2.C. Eliminated PLYM - Sold 20 at $22.68 (9/9/23 Post)(profit snapshot. = $212.59)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
PLYM SEC Filed 2024 Annual Report
Average cost per share this account: $15.56 (30+ shares)
Dividend: Quarterly at $.24 per share ($.96), last raised from $.225 effective for the 2024 first quarter payment.
PLYM Stock Dividend History & Date | Seeking Alpha
Yield at $15.56: 6.17%
Last Ex Dividend: 6/30/25
Last Earnings Report (Q/E 6/30/25):
SEC Filed Press Release and SEC Filed Supplemental (page 19 has information on the Chicago JV formed with Sixth Street)
GAAP E.P.S. ($.14)
Core FFO per share: $.46, down from $.48
AFFO per share: $.44, down from $.49
"The year-over-year decline was primarily due to the deconsolidation of the 34 properties located in and around the Chicago MSA (the “Chicago Portfolio”) to form the joint venture with Sixth Street Partners, LLC (the “Sixth Street Joint Venture”) during Q4 2024, increase in net income attributable to redeemable non-controlling interest – Series C Preferred Units and loss on investment of unconsolidated joint ventures, offset by decreased interest expenses driven by lower outstanding principal balances and incremental contribution from new acquisitions completed during the 12 months ended June 30, 2025."
Of those causes, transferring ownership of 34 properties to a JV was probably the main cause. Plymouth Industrial REIT Announces Strategic Partnership with Sixth Street PLYM has a 35% ownership in the JV. That transaction is more fully described in that press release.
Reconciliation GAAP To AFFO:
Footnote 1: "non-recurring capital expenditures": Expenditures that are not classified as maintenance and add to the properties value.
Adjusted Funds from Operations (AFFO) as defined generally by Nareit; Adjusted Funds From Operations (AFFO): Definition and Calculation
"Acquired an industrial portfolio encompassing 21 buildings located across the Columbus, Cincinnati, and Cleveland markets totaling 1,951,053 square feet for a total purchase price of $193.0 million and an expected initial net operating income ("NOI") yield of 6.7%."
PLYM "has acquired and settled 1,031,223 shares of common stock during the second and third quarter to date of 2025 at an average price per share of approximately $16.23."
2025 Guidance: Core FFO of $1.85-$1.89
Maximum Position this Account: 100 shares
Purchase Restriction: 1 to 5 share lots with each subsequent purchase required to reduced my average cost per share.
I. Added to UDR - Bought 1 at $38.58; 1 at $37.98:
Quote: UDR Inc. (UDR) - Apartment REIT
Cost: $76.56
UDR is an S&P 500 component.
Properties as of 6/30/25: 55,808 apartment units
UDR 10-Q for the Q/E 6/30/25 at page 43
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.F. Bought 1 at $40.95 (7/15/25 Post); 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)
Average cost per share: $42.81 (27+ 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 $42.81: 4.018%
Last Ex Dividend: 7/10/25 (owned all as of)
Last Earnings Report (Q/E 6/30/25):
SEC Filed Earnings Press Release and SEC Filed Supplemental (debt information is at page 6; weighted average interest rate was at 3.35%)
Revenues: $425.399M
GAAP E.P.S. $.11
FFO per share: $.61
FFO as adjusted per share: $.56
Reconciliation:
2025 Guidance: FFO per share as adjusted $2.49-$2.55
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
J. Restarted FHB - Bought 5 at $23.75:
Quote: First Hawaiian Inc. (FHB) - Bank Holding Company
Cost: $118.75
FHB is "a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan."
48 branches
FHB Analyst Estimates | MarketWatch
Last Elimination: Item # 3.F. Eliminated FHB - Sold 20 at $27.85 (11/21/24 Post)(profit snapshot = $268.74)
Dividend: Quarterly at $.26 ($1.04 annually), last raised from $.24 effective for the 2019 first quarter payment.
Dividend History: Unfavorable IMO, based on a lack of meaningful dividend growth.
Both the 2023 and 2024 E.P.S. numbers were lower than the 2018 E.P.S.
2018 E.P.S. = $2.09, 10-K at page 38
2023 E.P.S. = $1.84, 10-K at page 51
2024 E.P.S. = $1.79 , 10-K at page 51
With that earnings history, I would expect the dividend to remain at best unchanged.
I would add that 2020-2024 period was a rough one for banks, starting with a recession caused by the pandemic, the higher inflation period thereafter, the suppression of interest rates through ZIRP and Q/E and the rapid rise in interest rates starting in 2022.
Banks hurt themselves by failing to engage in a rational interest rate risk policy when inflation was running hot in 2021 and the FED continued to suppress interest rates far below the inflation rate. Long duration securities, particularly mortgage backed securities whose duration increases as rates rise, needed to be substantially reduced in 2021 when it was obvious that the Fed would have to rapidly increase the FF rate soon.
Yield at $23.75: 4.38%
Last Earnings Report (Q/E 6/30/25): I viewed this report as justifying a restart of a position.
SEC Filed Earnings Press Release
Comparisons are to the 2024 second quarter.
E.P.S. = $.58, up from $.48
There was a net tax benefit of $5.1M due to a change in a California law. This appears to be a one time change. I am adding the amount back to the tax liability provision of $14.855 that reduces the net income from $73.247M to $68.147M or $.54 per diluted share which is still at 6 cent improvement in E.P.S. Y-O-Y and up from $.47 in the 2025 first quarter.
NIM: 3.11%, up from 2.92%
Efficiency Ratio: 57.3%, down from 59.22% (own is better)
Efficiency Ratio: Definition, Formula, and Example
Charge off Ratio: .09%, down from .1%
NPL Ratio: .2%, up from .13%
Coverage Ratio: 587% (allowance for credit losses to nonperforming loans)
The Charge Off and NPL Ratios are excellent and indicate a conservatively managed bank.
ROTE (return on tangible equity): 17.61%
Tangible Book Value per share: $13.63, up from $12.16
"Net interest income for the second quarter of 2025 was $163.6 million, an increase of $3.1 million, or 1.9%, compared to $160.5 million for the prior quarter."
"Gross loans and leases were $14.4 billion as of June 30, 2025, an increase of $58.8 million, or 0.4%, from $14.3 billion as of March 31, 2025."
"Total deposits were $20.2 billion as of June 30, 2025, an increase of $15.6 million from March 31, 2025."
"The Company repurchased 1.04 million shares of common stock at a total cost of $25.0 million under the stock repurchase program in the second quarter. The average cost was $23.99 per share repurchased." IMO, this is a far better use of capital given the current stock price than increasing the dividend.
Owned Securities: My grade is a "D" for interest rate risk management (A to F scale).
10-Q at page 10
The unrealized losses are concentrated in mortgage backed securities, one of the worst investments to own when bought at low coupons prior to 2022 and interest rates started to rise in 2022. All or most of the low yielding securities needed to be sold in second half of 2021 before the FED had to end its rate suppression monetary policies which it obviously had to do soon when inflation was soaring in 2021. The CPI rate hit 8.5% for the 12 months ending in March 2022. Consumer prices up 8.5 percent for year ended March 2022 : -U.S. Bureau of Labor Statistics. On 12/31/2021, the 1 year T Bill and the 10 year Treasury note had yields of .39% and 1.52% respectively. Treasury Yield Curve 2021 -U.S. Department of the Treasury As shown in that table, the 1 year T Bill started to factor only one 25 basis point increase during December 2021.
Other Sell Discussions: Item # 3.F. Sold 5 FHB at $24.89 and remaining fractional shares purchased with dividends (11/7/2024 Post)(profit snapshot = $46.23); Item # 4.C. Pared FHB in Fidelity Taxable Account - Sold 5+ at $26.355 (1/10/23 Post)(profit snapshot = $18.33); Item # 3.B. Sold 11 FHB at $29.21-Highest Cost Lots in my Fidelity Account (3/17/22 Post)(profit snapshot = $78.07); Item # 3.G. Pared FHB in Fidelity Taxable Account-Sold 12+ at $29.07 (7/9/21 Post)(profit snapshot = $51.02); Item # 1.B. Pared FHB in Fidelity Taxable Account-Sold 5 at $28.61 and Item #1.C. Pared FHB in Schwab Taxable Account-S0ld 55 at $28.62 and 6 at $29.9 (3/13/21 Post)(profit snapshots = $79.88); Item 1.A. Pared FHB in Schwab Account: Sold 40 at $29.65; 5 at $30.81 and Item #1.B. Pared 10 FHB in Fidelity Account at $29.65 and 10 at $30.02 (2/12/20 Post)(profit snapshots= $39.45 and $21.59 respectively); Item # 1.A. Sold 10 FHB at $30.76 (6/21/18 Post)(profit snapshot = $17.55; includes a snapshot of 100 shares, held for 6 trading days, booking a $40.11 profit); Item # 1.P. Continued Paring FHB in Fidelity Taxable Account-Sold 5.891 Shares bought with dividends at $30.47 (3/20/21 Post)(profit snapshot = $26.28); Item # 3.D. Pared FHB - Sold 7+ at $22.34 (2/2/24 Post)(profit snapshot = $33.31)
FHB Realized Gains to Date: $816.21
J. Added 2 GMRE at $6.3 - Schwab Account:
Quote: Global Medical REIT Inc. (GMRE) - Internally Managed Healthcare REIT
Cost: $12.6
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
"As of June 30, 2025, the Company’s portfolio was 94.5% occupied and comprised of 5.2 million leasable square feet with an annualized base rent of $117.5 million. As of June 30, 2025, the weighted average lease term for the Company’s portfolio was 5.6 years with weighted average annual rent escalations of 2.1%." The total number of buildings was at 193.
GMRE is classified as a net lease REIT using primarily triple net and absolute net leases.
Triple Net vs. Absolute Net Leases - SterlingCRE Advisors
Website: Global Medical REIT
GMRE_2024 SEC Filed Annual Report
Last Discussed: Item # 2.C. Bought 2 GMRE 2 at $6.73; 5 at $6.5; 5 at $6.3; 5 at $6.08 (5/23/25 Post). I discussed the 2025 first quarter report in that post: SEC Filed Press Release and Supplemental
New Average cost per share this account: $7.35 (145+ shares)
Dividend: Quarterly at $.15 ($.6 annually), slashed from $.21 effective for the 2025 second quarter dividend payment. The former dividend was not supported by funds available for distribution. Assuming a continuation of recent quarterly FAD per share numbers, the $.15 quarterly dividend is adequately supported by FAD per share IMO.
GMRE Stock Dividend History & Date | Seeking Alpha
Yield at $7.35: 8.16%
Yield at $6.3: 9.52%
Last Ex Dividend: 6/20/25
Tax Treatment of Dividends in 2024: ROC Support at 52.32%. Dividend Tax Information
Last Earnings Report (Q/E 6/30/25):
SEC Filed Press Release and SEC Filed Supplemental
Revenue: $37.969M, up from $34.241M
GAAP E.P.S. ($.01), down from ($.05)
FFO per share: $.20
AFFO per share: $.23
Funds Available for Distribution (FAD) per share: $.1937
Reconciliation GAAP to FAD:
Recent results have been negatively impacted by the bankruptcy of Prospect Medical Group that occupied 3 buildings. I could not find any information on what happened after this disclosure contained in the 2025 first quarter 10-Q:
10-Q for the Q/E 3/1/25 at page 29 As noted in that snapshot, GMRE had taken possession of the largest of those 3 buildings, the one located in East Orange, N.J. (MOB with 60,433 square feet) and was in the process of negotiating for direct leases from subtenants and releasing the remaining space. I did download the list of properties from the GMRE website and the East Orange property is still owned as of 6/30/25 and had 12 outstanding leases.
2025 Guidance: AFFO $.89 -$.93 per share with caveats
Sell Discussions: Item # 3.E. Eliminated Duplicate Position in GMRE in Fidelity Account-Sold 15 at $9.32 (8/19/23 Post)(profit snapshot = $31.42); Item # 2.G. Eliminated GMRE in Vanguard Taxable Account - Sold 20 Shares at $11.07 (1/20/23 Post)(profit snapshot = $33.97); Item # 2.E. Pared GMRE in Schwab Account - Sold 15 GMRE at $10.46+ (1/30/23 Post)(profit snapshot = $3.39); Item # 1.B. Eliminated GMRE - Sold 40 at $11.25 (6/6/20 Post)(profit snapshot = $87.86); Item # 4.A. Eliminated GMRE-Sold 98+ at $9.41 (11/28/18 Post)(profit snapshot = $159.1); Item # 1.B. Sold 10 GMRE at $11.22 (4/18/20 Post)(profit snapshot = $12.07); Item # 3.C. Sold 50 GMRE at $10.01 (5/23/2017 Post)(profit snapshot = $82.54); South Gent's Comment Blog # 7: Eliminated GMRE (12/17/2016)(discussing realized gains from several trades)
Goal: Any profit in excess of the dividend payments.
Equity Preferred Stock: I also own 30 GMRE-PA shares. The tax cost basis is at $22.19.
Coupon: 7.5% paid on a $25 par value
None of the 2024 dividends paid by this preferred stock were supported by ROC, meaning there was enough GAAP net income to cover the preferred dividend but not all of the common stock dividend payments.
GMREPRA Buy Discussions: Item # 5.I. Added to GMREPRA - Bought 5 at $23.06 (10/25/22 Post); Item # 4.C. Bought 10 at $24.66 (10/11/22 Post); Item # 2.A. Bought 10 GMREPRA at $21; 5 at $16.88 (4/18/20 Post); Item # 2.A. Bought 10 GMREPRA at $21; 5 at $16.88 (4/18/20 Post)
GMREPRA Sell Discussions: Item # 1.B. Sold 70 GMREPRA at $25.87 (4/24/19 Post)(profit snapshot = $208.36); Item # 1.A. Sold 30 GMREPRA at $24.84 (2/20/19 Post)(profit snapshot = 9.79)
Quote: SunOpta Inc. (STKL)
Cost: $25.68
Website: SunOpta - Natural Food Products | Organic Food | Natural Food
SunOpta Inc. Form 10-Q for the Q/E 6/30/25
STKL SEC Filed 2024 Annual Report
Last Discussed: Item # 2.C. Restarted STKL - Bought 10 at $6 (7/9/2025 Post) I discussed in that post the numerous prior mistakes made by this company. Hopefully, that is all in the past.
Investment Category: Lottery Ticket
New Average cost per share: $5.73 (15 shares)
Dividend: None and none expected
Last Earnings Report (Q/E 6/30/25): Investors reacted favorably to this report.
SunOpta Inc.SEC Filed Earnings Press Release
"Revenues of $191.5 million increased 12.9% compared to $169.5 million in the prior year period, driven by 14.4% volume growth partially offset by a 1.4% price reduction for pass-through pricing for certain raw material cost savings"
"Earnings from continuing operations of $4.4 million compared to a loss of $4.4 million in the prior year period."
Adjusted E.P.S. = $.04
CEO comment in the press release: "Our new business pipeline has never been stronger and we are exceptionally well positioned to capitalize on these opportunities to drive sustainable growth and profitability. Across beverages and fruit snacks we can meet our growth requirements through 2026 with existing assets. Especially in the better-for-you fruit snack category, powerful tailwinds have significantly increased customer demand. Accordingly, we are announcing a new fruit snack manufacturing line at our Omak, Washington facility, that is already over-subscribed and is anticipated to come online in late 2026 to meet this demand for 2027 and beyond."
2025 Outlook:
Maximum Exposure: $400
Last Sell Discussions: Item # 1.B Sold: 50 STKL at $9 (2/24/14 Post)(profit snapshot = $141.6); Item # 2. Sold 50 STKL at $6.64-LT Category (9/25/12 Post)(profit snapshot = $56.1); Item # 4. Sold 100 STKL at $4.06 (9/30/2009 Post)(profit snapshot = $224.04, lot bought $1.65
The largest annual gain was $807.93 on two 100 share lots sold in 2007 before I started this blog in October 2008.
I was willing to invest more in this stock back then ($1,744 cost for $200 shares)
STKL Realized Gains to date: $1,229.67
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2 Maturing on 6/15/28 (bought in 2/25), Bond Page | FINRA.org
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Other explanations may include the ownership of foreign equities, security selection, and sourcing dividend payments from ROC.
Whatever the causes may be, the long term history suggests that trading is necessary to earn a total return in excess of the dividend payments.
IDE Realized Gains to Date: $727.15
Goal: Any total return before ROC adjustments to the tax cost basis + the dividends.
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| Snapshot Intraday on 8/4/25 after pare |
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.
Yield at $45.61 Using US$3.07 Annual: 6.73%
Last Ex Dividend: 7/2/25 (Owned 18 as of)
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| Snapshot after pare - Closing Price as of 8/6/25 |
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| Snapshot 8/6/25 after pare |
SLRC Dividend History & Date | Seeking Alpha
Yield at $13.47: 12.175%
Next Ex Dividend: 9/12/25
Net Asset value per share history:
6/30/25: $18.19
12/31/24: $18.20, 10-K at page 98
12/31/23: $18.09 "
12/31/22: $18.33
6/30/22: $18.53
12/31/21: $19.93
12/31/20: $20.16
9/30/20: $20.14 10-Q
12/31/19: $21.44
12/31/18: $21.75
12/31/17: $21.81
12/31/16: $21.74
12/31/15: $20.79
12/31/14: $22.05
12/31/13: $22.50
12/31/12: $22.70
12/31/11: $22.02
Initial Public Offering: Prospectus February 2010, priced to the public at $18.5 and at $17.205 to the underwriters The fact that the NAV per share is currently near the 2010 offering price is a good sign for a BDC, IMO, particularly compared to most other externally managed BDCs.
NII per share: $.40, down from $.45 in the 2024 second quarter, see SEC Filed Press Release for the Q/E 6/30/24 While I did not do a deep dive to discover the reasons for the decline, there would have been a NII decline due to floating rate coupons, priced at spreads to short term rate, resetting at lower levels. There was also a decrease in the size of the portfolio. Cash equivalents were at $348.904M as of 6/30/25, compared to $274.126M as of 6/30/24. This amount will change depending in part on the lag between loan payoffs and the making of new loans.
Net asset value per share: $18.19
Nonaccrual loans: "0.3% at fair value, 0.5% at cost of Investment Portfolio"
Floating rate loans: 64.9%
First Lien Senior Secured Loans: 95.9%
SLRC Realized Gains to Date: $249.39
Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments.
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| Snapshot Intraday on 8/6/25 |
Credit Risk: High IMO, as reflected in the yield of this SU bond.
I published a companion YouTube video to this blog post:
ReplyDeletehttps://www.youtube.com/watch?v=GMpsIzfbuFs
++
Ligand Pharmaceuticals Inc. (LGND)
$151.96 +$ 4.95 +3.37%
Last Updated: Aug 12, 2025 at 2:40 p.m. EDT
https://www.marketwatch.com/investing/stock/lgnd
This is a wild stock. LGND had a trading range yesterday of $137.14 to $148.17, closing down $3.05 at $147.01.
The gyrations were in response to a $400M convertible offering that is sizeable for a company with a market cap of close to $3B at the current price.
What is important is whether LGND can successfully invest that cash. The convertible was priced favorably for LGND common share owners. I own 5 shares with an average cost per share at $72.96.
https://investor.ligand.com/news-and-events/press-releases/news-details/2025/Ligand-Announces-Pricing-of-400-Million-Convertible-Senior-Notes-Offering/default.aspx
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I have been lightening up on FSK, a BDC, but still owned a few shares. For a brief period, this BDC seemed to moving out of my deservedly hated category but has now returned with the last earnings report. I have no interest in adding shares even at the much lower current price than my recents sales.
SEC Filed Earnings Press Release
https://www.sec.gov/Archives/edgar/data/1422183/000110465925074744/tm2522661d1_ex99-1.htm
National Healthcare Properties Inc. 7.375% Cumulative Preferred Series A (NHPAP)
ReplyDelete$17.39 -$0.16 -0.91%
Last Updated: Aug 14, 2025 11:48 a.m. EDT
https://www.marketwatch.com/investing/stock/nhpap
I view this equity preferred stock, issued by a private REIT, as high risk but that classification has only limited my dollar. The primary risk is a deferral of preferred stock dividends.
Par value is $25.
Last Discussed: Thursday, June 5, 2025
Item # 6.A. Added 5 NHPAP at $13.45 - Schwab Account:
https://tennesseeindependent.blogspot.com/2025/06/enb-eprprc-ide-kmi-nhpap-pltk-prwcx.html
New average cost per share Schwab account = $14.17 (35 shares)
Average cost per share Fidelity account: $11.99 (25 shares)
All of the dividends paid last year were classified as return of capital. I consequently did not owe any taxes on those dividends last year, but the full amount reduced by tax cost basis in both accounts.
So far it does not look like the dividends paid in 2025 will be taxable since the first 6 months had a GAAP comprehensive loss of $36+M. ($29+M excluding unrealized loss on derivatives)
The second quarter earnings report did IMO reduce the risk of a dividend deferral.
https://www.sec.gov/Archives/edgar/data/1561032/000156103225000022/nhp-q22025earningspressrel.htm
NAREIT Defined FFO per share: $.19
AFFO per share: $.32
Noncash impairment charges totaled $27.111M for the 6 months ending on 6/30/25. This REIT underwent an internalization last year and the previous external management company was IMO horrific. Paid to go away.
Discussed at pages 53-54 SEC Filed 2024 annual report, starting near the bottom of page 53:
https://www.sec.gov/Archives/edgar/data/1561032/000156103225000006/hct-20241231.htm
The company repaid $83.1M in debt during the first half using proceeds from property sales.
Argo Group International Holdings Ltd. 6.5% Senior Notes Due 2042 (ARGD)
ReplyDelete$25.26 +$3.58 +16.51%
Last Updated: Aug 15, 2025 10:30 a.m. EDT
https://www.marketwatch.com/investing/stock/argd
I was in my Schwab account where I noticed this pop. I checked the SEC filings and found that the issuer had called this exchange traded bond at its $25 par value plus accrued and unpaid interest.
https://www.sec.gov/Archives/edgar/data/1091748/000114036125031418/ef20054027_ex99-1.htm
I sold my entire position held in my Schwab account, 130 shares, at $25.26+. The realized gain was $350.63.
As noted in that SEC filing, the issuer also called ARGOPRA. In my Schwab account, I sold my entire position of 40 shares at $25.32. The realized gain was $43.1. The preferred stock, a fixed-to-floating rate, was viewed more favorably by investors than the senior unsecured bond ARGD. I expected the preferred stock to be called. It has a 7% coupon to, but excluding 9/15/32 whereupon it would reset 5 years at a 6.712% spread to the 5 year treasury note.
I probably own these securities in other accounts and will liquidate the positions later today - one less thing to think about.
I will mention those sales in my next blog post, other than the ones in RI accounts, which will have the profit snapshots.
+++
I discussed GMRE in this post. I noticed yesterday that the company declared a 1 for 5 reverse split. I see no reason for doing that, but I also don't care.
https://investors.globalmedicalreit.com/news-events/press-releases/detail/160/global-medical-reit-inc-announces-the-approval-of-a-50
I have published a new post:
ReplyDeletehttps://tennesseeindependent.blogspot.com/2025/08/ahhpra-argd-argopra-bmrn-cto-doc-fsk.html