AVK, BNL, CALF, CODIPRA, EXG, LXP, NTST, OCSL, PRWCX, UMH, VNOPRM

Dollar Values of Trades Discussed in this Post:  

Outflow Corporate Bonds (22 sold, no buys): $22,292.61 in principal amount

Realized Gains Corporate Bonds: $523.79 (Item # 2, all recently bought at discounts to par value and sold at premiums)

Treasury Bills Purchased at Auction (Item # 4): $25,000 in principal amount 

Outflow Balanced Mutual Fund (PRWCX): $1,891.5

Realized Gain Balanced Mutual Fund: $911.85 (Item # 1)

Inflow Common Stocks (Item # 5): $233.85. I am hesitant to buy anything given my assessment of the risk/reward balance. 

Outflow Common Stocks/Stock ETF (Item # 3): $1,413.6

Net Realized Gains Common Stocks/Stock ETF: $30.25

I am harvesting some losses in less than optimal investments. 

Net Outflow Common Stock: $1,179.75

Outflow CEFs (AVK, EXG): $262.82

Realized Gains CEFs: $68.18

Outflow U.S. Equity Preferred Stocks (Item # 5): $613.95

Net Realized Loss Equity Preferred Stocks: $130.21

Treasury Yield Curve August 2025: 

Treasury Real Yield Curve August 2025: 

5 Year Breakeven Inflation Rate as of 8/29: 2.47%

10 Year Breakeven Inflation Rate as of 8/29: 2.41%

I participated in both the 3 and 6 month treasury bill auctions today, see Item # 4 below. The investment rates of both bills have factored in a 25 basis point cut in the FF range on 9/17/25: 

CME FedWatch Tool: Odds at 91.7% of a cut to 4% to 4.25% as of 10:26 CST

FedWatch - CME Group

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Personal Income and Outlays, July 2025 | U.S. Bureau of Economic Analysis (BEA)

PCE Inflation Month-to-Month: +.2%

PCE Core Inflation Month-to-Month: +.3%

Annual PCE Inflation = +2.6%, unchanged

Annual Core PCE Inflation = +2.9%, up from +2.8% 

The CPI report for August will be released on 9/11/25 before the FED's September meeting on 9/17. 

In the second estimate for second quarter real GDP growth, the government revised the number to an annual rate of 3.3%, up from 3% in the prior estimate. The PCE price index was revised down to 2% from 2.1% while core PCE prices remained the same at 2.5%. 

"The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investment and exports."

Personal consumption expenditures: +1.6%, up from +.5% in the 2025 1st quarter, but down from +4%, +3.7% and +2.8% in the 2024 4th, 3rd and 2nd quarters respectively. I would describe the 2025 PCE numbers for the first half as weak.  

Gross Domestic Product, 2nd Quarter 2025 (Second Estimate) and Corporate Profits (Preliminary) | U.S. Bureau of Economic Analysis (BEA)

Trump says he'll soon have a Fed 'majority' to push rates lower I would emphasize that Trump will order his Fed members to lower rates even with inflation rising, believing that this approach will somehow lower longer term rates for homebuyers and business borrowers. He is completely oblivious to even recent history when the ten year treasury rose 100 basis points in yield starting in mid-September into January 2025 when the Fed cut the FF rate by 100 basis points, starting with a 50 basis point cut in mid-September 2014. 

Ask yourself, why would the Fed lower rates with inflation rising and likely to rise further if in fact the economy is "BOOMING" according to Trump?

Trump Slaps India With 50% Tariffs - YouTube; Trump makes good on threat to impose 50% tariffs on India - YouTube

How end of de minimis shipping could be Trump's biggest tariff of all 

I discussed this topic in a YouTube video: Trump Repeals Law on De Minimis Tariff Free Shipments by Executive Order - YouTube

Under the de minimis rule, no tariff was collected on a parcel valued at less than $800 that was sent through the international postal network. This is part of a law passed by Congress, in 19 U.S. Code § 1321 (a)(2)(C), originally passed in 1938 with the threshold amount increased by Congress over time. Imports and the Section 321 (De Minimis) Exemption: Origins, Evolution, and Use | Congress.gov | Library of Congress

Our Dear Leader claims that he has the power to nullify that law by Executive Order, justifying his Presidential nullification based on a claim that fentanyl and other illicit drugs are shipped to U.S. in that manner and that creates a national emergency sufficient for the President to void a law by an EO rather than by having Congress do it. No evidence needs to be presented to justify that claim, nor does any rational, fact based claim need to be made on how removing the tariff exemption would stop the flow. Suspending Duty-Free De Minimis Treatment for All Countries – The White House     

About 92% of cargo shipments into the U.S. were exempt from any tariffs under that rule passed by Congress, who has the tariff authority in the U.S. Constitution and signed into law by a prior President. 

By eliminating that exemption by Executive Order, with the Republican member of the House and Senate remaining completely servile and subservient to Trump's will, as usual, the small and medium sized U.S. businesses, who now have to pay tariffs on those shipments will have to pay about $71 billion annually more for products. Given the complexity of the republican tariff taxes, the initial impact will be chaos that will result in products not even being shipped to U.S. customers. De minimis tariff ends, overseas shippers pause some deliveries to US; Retail panic: 'De minimis' exemption ends globally; Japan, Australia and Taiwan suspend some US parcel shipments as tariff exemption ends 

Tariffs are equivalent to a national sales tax which is why the Founders gave only Congress the power to impose them. A revolution was fought to prevent King George from imposing taxes but now we have 6 Republican Justices who are moving quickly toward empowering the President with powers that King George would have envied prior to the American Revolution.  

Initially, large companies like WalMart may pay most of the tariff tax without materially increasing the prices of most products sold to U.S. consumers. When absorbed by the U.S. company, the republican tariff taxes are sales taxes paid by U.S. company that will reduce its reported profit, in the same way as any input cost increase that is absorbed.  

Over time, even large companies will collect all of the tariff taxes paid by them from U.S. consumers through price increases as they would any input cost inflation. 

Many companies will not absorb any of the republican tariff taxes and will not be delaying price increases to consumers necessary to recoup the increase costs associated with the republican tariff taxes.  

The republicans are surreptitiously increasing taxes by substantial amounts for the average family, while denying that this is happening and will accelerate over time, and the republican tariff taxes are regressive in the same manner as sales taxes.   

Trump's deportations put California's immigrant labor force at risk The deportation of farm workers will cause disruptions in the supply chain and lead to higher food prices. The only question is by how much. The other economic sectors at risk are construction and hospitality services.  

Xi unveils vision for new global order alongside Putin and Modi | REUTERS - YouTube; Trump calls India-U.S. trade relationship 'a totally one sided disaster'

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Lisa Cook Firing: 

The Republican Texas Attorney General Ken Paxton and Senate Candidate claimed 3 homes as primary residence | AP News; Report: Texas AG Ken Paxton claimed three homes as primary residence - CBS Texas If that is the case, when will Bill Pulte make a criminal referral for Ken Paxton if, as he claims, he is only trying to root out mortgage fraud? 

Fed Governor Lisa Cook sues Trump to block her firing A copy of her complaint is embedded in that article. 

I would note that there is no attempt to provide evidence that she did not claim two properties as being her primary residence, but only that the allegations are not yet substantiated which suggests to me there are documents supporting the allegation. The Properties at the Heart of the Allegations Against Lisa Cook The claim made in the mortgage documents is that she would live in the properties 1 year as her primary residence. 

Her arguments, briefly summarized, are that (1) the alleged cause for her dismissal occurred prior to being appointed to the Federal Reserve; (2) are not legally sufficient to remove her for "cause", (3) she was not provided procedural due process before being fired (see, Reagan v. United States, 182 US 419 at page 425 (Sup. Ct. 1901) and (4) Cook's dismissal is nothing more than pretext for Trump's ongoing effort to end the independence of the Federal Reserve. 

While Trump's motive is without any doubt in my mind to pack the Federal Reserve with appointees who will lower interest rates even when inflation is rising, a potentially disastrous approach for U.S. consumers and 100% certain to be harmful to savers, I doubt that any judge will base a decision  on trying to devine his motive. 

The legal questions are whether Cook's firing has to be based on cause and whether there are some facts that support a firing for cause. 

It remains an open question after the Trump v. Wilcox decision whether the President has to show cause for firing any member of an independent board, see discussion below. 

If cause is required, Trump will lose on his argument that only the President can decide whether cause exists. Trump's DOJ is presenting the same authoritarian argument that the courts have no power to review his decisions as conforming to the law. The same argument is made in the tariff cases where Trump has declared a national emergency that in his view allows him to do whatever he wants. When did the U.S. trade deficit, which has existed since 1976, become a national emergency? Apparently it happened in January 2025. 

Based on documents summarized by the government and others sources, there appears to be cause sufficient to support her firing for cause, unless (1) the courts find that the cause has to occur while the person is in office, and not before, and I doubt that limitation will prevail in the final ruling or (2) she presents evidence to the district court that the representations made in the mortgage applications about the properties being her primary residence were true when made or (3) a court is convinced with evidence that there was no intent to deceive and/or the loan officers knew the facts when making the loans. Legally recognizable fraud is not present when the other party knows that the statement relied upon is false. 

I believe that most people sign those mortgage loan documents without reading them. 

This type of issue is generally not raised after a loan is made unless the borrower defaults. There were only 18 mortgage fraud convictions in fiscal year 2024. Show Me the Person, and I’ll Show You the Crime - The Atlantic, citing  The U.S. Attorney's Annual Statistical Report (see page 14, and 7 cases were dismissed)

The "fraud" is relatively insignificant compared to what Trump has done in the past, and he denies everything even when there are documents and/or testimony proving it. Perhaps a judge might be convinced with evidence that there was no intent to commit fraud or that the loan officers making the loans knew the underlying facts.    

Claiming primary residence on two mortgage applications for different properties will now be raised by the Trump Administration when targeting only democrats on his enemies list. Will the Democrats respond when they have access to the government's mortgage records? If reporters want to do some digging, examples of republican politicians claiming two or more properties as primary residences will be found. 

Her main argument may end up being that she was denied procedural due process, something that the courts may ignore when evidence is submitted during a court hearing that supports the dismissal.   

{Side Note: Stare Decisis means nothing to the 6 Republican Justices, including prior precedent like Humphrey's Executor v. United States (Sup.Ct. 1935), which they refused to follow in Trump v. Wilcox (2025) by allowing Trump to remove board members of independent agencies without any showing of cause. As a result, there is no continuity anymore in judicial decisions, at least on the hot button issues or matters related to Presidential powers, and minimal or no restraints on new judicial interpretations provided by historical ones.  

There is dicta in the Wilcox case where the Republican Justices tried to carve out an exception for the FED:

Besides being non-binding dicta, that distinction has no factual basis as noted by the author of this article: The Supreme Court Left the Fed Vulnerable - The Atlantic "The Fed’s board is not uniquely structured—it’s legally equivalent to the other multimember commissions that Trump is attacking. Nor is it quasi-private; it is an ordinary government agency. Nor does it really seem to follow in the tradition of the Bank of the United States, which was a bank. The Federal Reserve Board is a bank regulator."} 

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According to the August Gallup poll, Trump has a job approval rating of 93% among Republicans. Trump Ratings and U.S. Mood Stay Tepid in August

The Trump Administration’s Campaign to Undermine the Next Election | Brennan Center for Justice

Trump says he plans unconstitutional executive order to mandate ID for voters;  Trump Says He Will Sign Executive Order On Voter ID | TIME

Article 1 of the Constitution provides that the President has no role relating to the manner and timing of electing Senators and House member, but then nothing could be more irrelevant in Trump's America than a provision in the Constitution:

Article I Section 4 | Constitution Annotated | Congress.gov | Library of Congress

FactChecking Trump's Claims About Mail-In Ballots, Voting Machines and States' Role - FactCheck.org

"Maybe We Like a Dictator": Trump Suggests Many Americans Would Prefer Autocracy - YouTube  A large percentage of the voting population IMO wants Trump to be a Dictator, but would be incensed if a Democrat President did 1% of what Trump does on his own initiative through Executive Orders.  

Fake Emergencies—Real-World Power - The Atlantic (subscription publication)

Trump wants George Soros and his son to be criminally charged under RICO because Trump has concluded, without mentioning any evidence of course, that they "support Violent Protests". Trump then made the following comment: "We’re not going to allow these lunatics to rip apart America any more, never giving it so much as a chance to “BREATHE,” and be FREE. Soros, and his group of psychopaths, have caused great damage to our Country! That includes his Crazy, West Coast friends. Be careful, we’re watching you!" Trump says George Soros should face RICO charges 

Strange talk, as usual, for a Messiah who, according to many, was Chosen by God to be President. {My Videos: Trump: Chosen by God, the Devil and/or the Voters? - YouTube and America's Taliban Political Movement - YouTube) This Trump message is more tame than his last Easter message, a more normal rant made by God's "Chosen One". 

Soros contributes to the Open Society Foundations that promotes fundamental freedoms including the rights of free speech and peaceful protest and consequently makes Soros a frequent GOP target including threats of criminal charges like the one Trump just made.  Trump's GOP is not a conservative party but the antithesis of one. 

Trump meets South Korea president, touts Kim Jong-un "great relationship" 

Trump Is Sending a Clear Message - The Atlantic

Trump: DOJ suing California over redistricting, as he applauds gerrymandering in Texas

Senior CDC officials quit after director ousted by RFK Jr.; Trump administration fires CDC Dir. Susan Monarez after she refuses to resign  

The senior CDC officials resigned since they believed RKJ Jr and Trump were endangering public health. ‘It Feels Like the CDC Is Over’ - The Atlantic (subscription publication): CDC walkout: Massive protest erupts after CDC resignations; Mass layoffs, resignations and major vaccine policy changes: Timeline of turmoil at CDC - ABC News

FEMA Staff Being Put on Leave After Criticizing Trump Sparks Fury - Newsweek; FEMA workers put on leave after signing letter warning of Trump’s overhaul of the agency  Any criticism of our Dear Leader, no matter how justified, will result in his retaliation. 

Trump has impounded more money approved by Congress. Trump is usurping by Executive Order the Article 1 spending powers of Congress. Trump moves to cut $5 billion in foreign aid, circumventing Congress Trump believes that the Monarchists on the Supreme Court (meaning all 6 of the Republican Justices) will expand Presidential power to usurp the constitutional powers vested in Congress in Article 1 of the Constitution, and will continue to provide a clear pathway for authoritarian rule in America with the judiciary led by the Chief Justice as a primary enabler. 

This Is the Presidency John Roberts Has Built - The Atlantic The Chief Justice is also the Monarchist in Chief.  

The immunity ruling by the 6 Republican Justices will incentivize the current President in particular, and future Presidents as well, to break laws and commit crimes, including extortion and bribery. The Supreme Court's Presidential Immunity Ruling Undermines Democracy | Brennan Center for Justice; Three Flaws in the Supreme Court’s Presidential Immunity Decision; 

{My videos: Will the 6 Republican Justices Bear Some Responsibility for Presidential Crimes Hereafter - YouTube; Republican Justices Greenlight the President to Commit Crimes - YouTube; Supreme Court Protects Trump from Obstruction of an Official Proceeding Criminal Charge - YouTube; Republican Supreme Court Justices In Effect Legalized Bribery of State Officials - YouTube}   

Those Justices knew about Trump's extremely strong authoritarian tendencies and demagoguery when creating in 2024 an immunity from criminal prosecution, which just so happened to protect Trump from criminal prosecutions after he left office. The Constitution was signed on 9/17/1787 or about 238 years prior to Republican Justices creating this immunity that is nowhere to be found in the Constitution. The Constitution does require in Article II that the President "shall take Care that the laws be faithfully executed". Constitution of the United States—A History | National Archives The immunity from criminal prosecution is absolute as a practical matter given the breath of the decision as noted in the dissenting opinion. 

Trump: "The Smithsonian is OUT OF CONTROL, where everything discussed is how horrible our Country is, how bad Slavery was, and how unaccomplished the downtrodden have been — Nothing about Success, nothing about Brightness, nothing about the Future." Rated as Pants on Fire at PolitiFact | We went to the Smithsonian museums. They are filled with ’brightness’ and ‘success’

PolitiFact | Donald Trump

Trump broke law in California National Guard deployment; Decision.pdf The federal district court judge ruled that Trump violated the Posse Comitatus law. 18 U.S. Code § 1385 - Use of Army, Navy, Marine Corps, Air Force, and Space Force as posse comitatus This is a criminal statute, with violations punishable by fines and/or imprisonment for up to 2 years. The judge, however, was not considering a criminal charge against Trump, with would have required a jury, but whether the violation warranted injunctive relief. 

According to polls, over 80% of republicans believe Trump is honest and almost as many view him as a role model for their children. 

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I am starting to harvest some losses in securities based on negative developments occurring after my purchases. In each case, I view receiving the proceeds from the sales and realizing a tax loss which has some value as  preferable to holding those securities. Examples can be found in Item # 3.G. (the BDC OCSL) and Item # 5.A. (CODIPRA, accounting fraud)

I am also paring a few position in stock ETFs where I have been disappointed in the performance (Item # 3.E. CALF)

I am also placing more emphasis on my capital preservation objective.  

+++

1. Pared PRWCX - Sold 50 at $37.83: 

Quote: T Rowe Price Capital Appreciation Fund Overview 

Proceeds: $1,891.5 

PRWCX is a moderate allocation fund that currently has a 5 star rating from Morningstar. T. Rowe Price Capital Appreciation Fund Stock Price | Morningstar The ranking is based on comparison to other moderate allocation funds. The fund is closed to new investors. 

Profit: $911.85

2025 Sell Discussions: Item # 1.A. Sold 100 PRWCX at $37.28 - T.Rowe Price Account (7/29/25 Post)(profit $1,778.68); Item # 1.A. Sold 100 PRWCX at $36.75 - T. Rowe Price Account (7/3/25 Post)(profit = $1,715.68); Item # 1. Pared PRWCX - Sold 100 at $35.84. (6/5/25 Post)(realized gain  was $1,624.69 for this lot); Item # 1.A. Pared PRWCX-Sold 100 at $34.98 (3/18/25 Post)(profit = $1,538.79); Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post)(profit snapshot = $803.25)   

T. Rowe Price does not provide a profit calculation for each sale transaction. I derive the profit number for the last sale by subtracting the total realized gain after my last transaction ($7,461.09) from the total below. 

2025 PRWCX Realized Gains to Date: $8,372.48 (450 shares)

2024 PRWCX Realized Gain: Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)(profit snapshot = $967.35)(subsequent to that sale, the fund went ex dividend on 12/18/25 for a $3.5922 per share dividend which reduced the price by that amount on the ex dividend day)  This was my first sale. 

Total 2024-2025 PRWCX Realized Gain: $9,339.83

Average cost per share remaining position: $22.64 (503+ shares)

Unrealized Gain at $37.83 (closing price 8/25/25) = $7,651.38

Dividends: 

PRWCX Stock Dividend History & Date

I have taken the distributions in cash for several years. 

Per share Dividend/My Payment: 

2024 = $3.5922 per share = $3,605.11 (ex on 12/18/24)

2023 = $1.4075 = $1,482.93 

2022 = $2.8079 = $2,958.39 

2021 = $3.41 = $3,592.76 

Long term capital gain distributions have been a major source of dividend income for this fund. 

2. Corporate Bonds: 22 sold, no buys. 

I will consider buying back the these bonds after price declines and a shorter time to maturity. 

Unless the FED starts to manipulate intermediate and longer term rates through another massive quantitative easing program, bond investors will react negatively to the FED cutting interest rates as inflation increases when the correct monetary response would be to raise interest rates, recognizing that problematic inflation is something that needs to prevented even if the result in higher unemployment.   

A. Sold 2 Duke Progress 5.05% First Mortgage Bonds Maturing on 3/15/35 at 101.024: 

Issuer: Operating subsidiary of the utility holding company Duke Energy Corp. (DUK)

DUK SEC Filings

Proceeds at 100.924 after $1 per bond commission

Principal Received: $2,018,48 

Accrued Interest Received from Buyer: $47.41

Profit Snapshot: $30.78

Discussed at Item # 2.N. Bought 2 Duke Progress 5.05% First Mortgage Bonds Maturing on 3/15/25 at a Total Cost of 99.385 (4/4/25 Post) 

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: Aa3/A

B. Sold 1 Kinder Morgan 5.3% SU Maturing on 12/1/34 at $100.5: 

Issuer: Kinder Morgan Inc. (KMI)

KMI SEC Filings

Proceeds at 100.4 after $1 commission

Principal Received: $1,004

Accrued Interest Received from Buyer: $12.51

Profit Snapshot: $6.43

Discussed at Item # 3.C. Bought 1 Kinder Morgan 5.3% SU Maturing on 12/1/34 at a Total Cost of 99.757 (7/15/25 Post) 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

C. Sold 2 Kinder Morgan 5.2% SU Maturing on 6/1/33 at 101.348 - Vanguard Account: 

Issuer: See Item # 2.B. above.

Proceeds at 101.248 after $1 per bond commission

Principal Received: $2,024.96 after $2 commission 

Accrued Interest Received from Buyer: $25.42

Discussed at Item # 2.G. Bought 2 Kinder Morgan 5.2% SU Maturing on 6/1/33 at a Total Cost of 98.656 - Vanguard Account (5/2/25 Post) 

Profit Snapshot: $51.84

Finra Page: Bond Page | FINRA.org

D. Sold 2 Ares Capital 5.8% SU Maturing on 3/8/32 at 101.216: 

Issuer: Ares Capital Corp. (ARCC) - Externally Managed BDC 

ARCC SEC Filings

Proceeds at 101.116 after $1 per bond commission

Principal Received: $2,022.32

Accrued Interest Received from Buyer: $73.79 

Discussed at Item # 1.A. Bought 2 Ares Capital 5.8% SU Maturing on 3/6/32 at a Total Cost of  98.423 (6/18/25 Post) 

Profit Snapshot: $53.86

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

This leaves me with 4 Ares SU bonds maturing on 1/15/26. 

E. Sold 2 Virginia Electric & Power 5% SU Maturing on 4/1/33 at 101.226: 

Issuer: Operating company wholly owned by the utility holding company Dominion Energy Inc. (D)

D SEC Filings

Proceeds at 101.126 after $1 per bond commission. 

Principal Received: $2,022.52  

Accrued Interest Paid by Buyer: $40.56

Discussed at Item # 2.B. Bought 2 Virginia Electric Power 5% SU Maturing on 4/1/33 at a Total Cost of 97.988 - Vanguard Account (4/25/25 Post)

Profit Snapshot: $61.24

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/BBB+

F. Sold 2 Mid-America Apartments LP 5% SU Maturing on 3/15/34 at 100.583: 

Issuer: Operating entity for Mid-America Apartment Communities Inc.  (MAA) who does not guarantee the notes

Proceeds at 100.483 after $1 per bond commission

Principal Received: $2,009.66

Accrued Interest Received from buyer: $45.28

Discussed at Item # 2.E. Bought 2 Mid-America Apartments LP 5% SU Maturing on 3/15/34 at a Total Cost of 98.677 (5/9/25 Post) 

Profit Snapshot: $36.32

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: A3/A

I have eliminated my common stock position but will consider restarting when and if there is a significant price decline. Item # 1.E. Eliminated MAA - Sold 5 at $169.88 (3/18/25 Post)(profit snapshot = $220.66) 

Current MAA LP Owned Bonds:   

4 Maturing on 11/15/25 (bought in 10/24 and 11/24), Bond Page | FINRA.org 

2 Maturing on 6/1/27 (bought in 2/25), Bond Page | FINRA.org 

2 Maturing on 3/15/29 (bought in 3/25), Bond Page | FINRA.org

I will not be selling bonds maturing in 2029 or earlier unless I become concerned about credit risk. 

G. Sold 2 Extra Space Storage LP 5.4% SU Maturing on 2/1/34 at 101.937 - Vanguard Taxable Account: 

Issuer: Operating entity for Extra Space Storage Inc. (EXR) who guarantees the notes

EXR SEC Filings 

Proceeds at 101.837

Principal Received: $2,038.74

Accrued Interest Received from buyer: $8.1

Discussed at Item # 2.F. Bought 2 Extra Space LP 5.4% SU Maturing on 2/1/34 at a Total Cost of 98.665 (5/9/25) 

Profit Snapshot: $63.64

Finra Page: Bond Page | FINRA.org

Prospectus 

Credit Ratings: Baa2/BBB+

I have never owned the common stock. 

I currently own the following Extra Space Storage LP SU bonds: 

2 Maturing on 7/1/26 (bought in 11/24), Bond Page | FINRA.org

2 Maturing on 6/15/29 (bought in 4/25), Bond Page | FINRA.org

H. Sold 2 Nextera Capital 5.05% SU Maturing on 2/28/33 at 101.693: 

Issuer: Wholly owned subsidiary of the utility holding company NextEra Energy Inc. (NEE) who guarantees the note. 

NEE SEC Filings

Proceeds at 101.593

Principal Received: $2,031.86

Accrued Interest Received from Buyer: $.28

Discussed at Item # 2.A. Bought 2 Nextera Capital 5.05% SU Bonds Maturing on 2/28/33 at a Total Cost of 99.294 (5/9/25 Post) 

Profit Snapshot: $46.18

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: Baa1/BBB+

I. Sold 2 MPLX LP 5.5% SU Maturing on 6/1/34 at 100.844: 

Issuer: MPLX L.P  (MPLX) - Energy Infrastructure

MPLX SEC Filings

Proceeds at 100.744 after $1 per bond commission.

Principal Received: $2,014.88

Accrued Interest Received from Buyer: $29.69

Discussed at Item # 4.G. Bought 2 MPLX 5.5% SU Maturing on 6/1/34 at a Total Cost of 99.352 (6/12/25 Post) 

Profit Snapshot: $28.28

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

J. Sold 2 Ohio Power 5% SU Maturing on 6/1/33 at 100.717: 

Issuer: Wholly owned operating subsidiary of the utility holding company American Electric Power Co. Inc. (AEP).

AEP SEC Filings

Proceeds at 100.617 after $1 per bond commission

Principal Received: $2,012.34

Accrued Interest Received from Buyer: $24.44

Profit Snapshot: $38.38

Discussed at Item # 4.A. Bought 2 Ohio Power 5% SU Maturing on 6/1/33 at a Total Cost of 98.698 (6/12/25 Post) 

Finra Page: Bond Page | FINRA.org

Bond Prospectus

Credit Ratings: Baa1/BBB+

K. Sold 2 Wisconsin Power 5.375% SU Maturing on 3/30/34 at 103.492 - Interactive Brokers Account: 

Issuer: Wholly owned operating subsidiary of the utility holding company Alliant Energy Corp. (LNT).

LNT SEC Filings

Proceeds at 103.391

Principal Received: $2,067.82 (after $2 commission)

Accrued Interest Received from Buyer: $44.49

Discussed at Item # 3.D. Bought 2 Wisconsin Power & Light 5.375% SU Maturing on 3/30/34 at a Total Cost of 99.413 (5/30/25) 

Profit Snapshot: +$79.58

Finra Page: Bond Page | FINRA.org

Bond Prospectus

Credit Ratings: Baa+/A-

L. Sold 1 San Diego Gas & Electric 5.4% First Mortgage Bonds Maturing on 4/15/35 at  102.603: 

Issuer: Wholly owned operating subsidiary of the utility holding company Sempra (SRE) 

SRE SEC Filings

Proceeds at 102.503 after $1 Commission

Principal Received: $1,025.03

Accrued Interest Received from Buyer: $23.1

Last Discussed at Item #3.C. Bought 1 San Diego Electric & Gas First Mortgage Bond Maturing on 4/15/35 ata Total Cost of 99.757 (5/16/25 Post) 

Profit Snapshot: $27.26

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: A1/A  

M. Early Redemption Notices Received Last Week: $16,000 in principal amount - Fidelity Taxable Account:  

The T Mobile SU note was sold without a make whole provision as I noted when discussing my purchase. Item # 2.A. Bought 2 T-Mobile USA 5.375% SU Maturing on 4/15/27 at a Total Cost of 99.922 (4/13/25 Post) With such a provision, T Mobile would have had to pay a premium to par value to exercise its early redemption. 

The Harpeth Valley Utility redemption generated the largest profit at $472.65: 

3. Small Ball Sells:

A. Eliminated Duplicate Position in BNL - Sold 15 at $18.23: 

Quote: Broadstone Net Lease Inc. (BNL)

Proceeds: $273.45  

Management: Internal 

BNL SEC Filings

"BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of June 30, 2025, BNL’s diversified portfolio consisted of 766 individual net leased commercial properties with 759 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types."

Net Lease Definition and Types—Single, Double, Triple

10-Q for the Q/E 6/30/25 Debt listed and discussed starting at page 16. 

Top 20 Tenants as of 6/30/25: 

10-Q at page 33

Last Buy Discussions: Item # 4.B. Added to BNL - Bought 15 at $15.75  (2/5/25 Post); Item # 2.E. Added to BNL - Bought 5 at $14.57 (4/26/24 Post); Item # 1.I. Added to BNL - Bought 2 at $14.86 (3/1/24 Post)

Last Discussed: Item # 1.Q. Pared BNL in Schwab Account - Sold 5 at $17.03 (4/4/25 Post)(profit snapshot = $5.7)  

Profit Snapshot: $54.62

Dividend: Quarterly at $.29 per share ($1.16 annually)

BNL Stock Dividend History & Date | Seeking Alpha

Remaining Taxable Account Position: 101+ shares in Schwab Accout 

Price as of 8/29/25 Close/AC per share at $14.58 

Yield at $14.58 = 7.96%

Next Ex Dividend: 9/30/25

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Earnings Press Release and SEC Filed Supplemental 

Revenues: $112.986M

GAAP E.P.S. = $.10

FFO per share: $.37

Core FFO per share: $.39

AFFO per share: $.38

I would go with the AFFO number when assessing the safety of the dividend and for valuation purposes. 

Reconciliation GAAP to AFFO: 

The straight line rent deduction from core FFO removes $5.586M in non-cash revenues created by an accounting convention. 

"Properties subject to a lease represent 99.1% of our portfolio’s rentable square footage. The ABR weighted average lease term and ABR weighted average annual rent increase, pursuant to leases on properties in the portfolio as of June 30, 2025, was 9.7 years and 2.0%, respectively."

2025 Guidance: AFFO per share of $1.48-$1.50, revised up from $1.45-$1.49

Other Sell Discussions: Item # 2.D. Pared BNL in Schwab Account - Sold 5 at $18,85  (9/26/24 Post)(profit snapshot = $15.66); Item # 1.D. Pared BNL in Schwab Account - Sold 10 at $17.85  (8/2/24 Post)(profit snapshot = $16.38) 

B. Eliminated Duplicate Position in NTST - Sold 10 at $18.4: 

Quote: NetSTREIT Corp. (NTST)

Proceeds: $184

NTST is an internally managed REIT that owns single tenant commercial properties that are net leased. As of 6/30/25, the company owned or had investments in 705 properties. Occupancy was then at 99.9%. SEC Filed Earnings Slide Presentation for the 2025 Second Quarter at page 6 

NTST SEC Filings

10-Q for the Q/E at page 8

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

Last Sell Discussions: Item # 4.I. Pared NTST in Schwab Account - Sold Highest Cost 10 Shares at $17.03 (7/9/25 Post)(profit snapshot = $10.3, this pare reduced my average cost per share to $14.69, 40 shares, and I still own those shares); Item # 4.D. Sold Highest Cost 10 NTST Shares at $16.8 (6/26/25 Post)(profit snapshot = $3.95, discussed 2025 first quarter report in this post, SEC Filed Press Release; SEC Filed Supplemental; SEC Filed Investor Presentation). 

Profit Snapshot: $41.19 (8/26/25 sale only)

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

NTST Stock Dividend History & Date | Seeking Alpha

Last Ex Dividend: 9/2/25 (today)

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Press Release and SEC Filed Supplemental 

Revenues: $48.286M

GAAP E.P.S. = $.04

FFO and Core FFO per share: $.31

AFFO per share: $.33, up from $.32

GAAP to AFFO Reconciliation: 

2025 Guidance: "The Company is increasing 2025 AFFO per share guidance range to $1.29 to $1.31 from $1.28 to $1.30 and increasing net investment activity guidance to $125.0 million to $175.0 million from $75.0 million to $125.0 million. The Company now expects cash G&A to be in the range of $15.0 million to $15.5 million (exclusive of transaction costs and severance payments)."

C. Eliminated AVK - Sold 14 at $12.44: 

Quote: Advent Convertible & Income Fund Overview - A Leveraged CEF that will primarily own convertible securities. 

Proceeds: $174.17

Advent Convertible & Income Fund (AVK) Quote | Morningstar (currently rated 4 stars)

AVK SEC Filings

SEC Filed Semiannual Report for the period ending 4/30/25 (total cost of investments at $858+M with the value then at $862.2+M) Leverage is discussed at page 52, note 7. 

Sponsor's website: Advent Convertible and Income Fund Leveraged at 38.17 as of 8/22/25

Last Discussed: Item # 2.E. Added to AVK - Bought 5 at $9.44 (10/28/23 Post) 

Last Elimination: Item # 3.O. Eliminated AVK - Sold 10 at $19.52 (6/4/21 Post)(profit snapshot  = $64.34)

Profit Snapshot: $42.33 (8/26/25 sale only)

Data Date of 8/26/25 Trade: 

Closing Net Asset Value per share: $12.84

Closing Market Price: $12.35

Discount: -3.82%

Average 3 year discount: -5.16%

Sourced: AVK - CEF Connect (Click "Pricing Information" Tab) 

Dividend: Monthly at $.1172 per share (annually $1.4064)

ROC supported. 

Last Ex Dividend: 8/15/25

D. Pared LXP in Fidelity Account - Sold Highest Cost 20 Shares at $9.1: 

Quote: LXP Industrial Trust  (LXP)

Proceeds: $182

The share price improved some after Sixth Street made a cash offer for Plymouth Industrial REIT. 

Portfolio Statistics as of 6/30/25: 

Management: Internal 

LXP SEC Filings

Website: LXP Industrial Trust - Preeminent single-tenant U.S. industrial REIT

Properties | LXP Industrial Trust

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Last Buy Discussions: Item # 3.C. Added to LXP in Fidelity Account - Bought 10 at $8.25; 10 at $7.95 (7/29/25 Post); Item # 1.B. Bought 15 LXP at $8.36 - Fidelity Account  (7/3/25 Post)(discussed 2025 first quarter report in this post: SEC Filed Press Release and SEC Filed Supplemental)

Profit Snapshot: $4.73 

New Average cost per share this account: $8.16

Snapshot Intraday on 8/27/25 after pare

The AC per share was reduced from $8.34. 

Dividend: Quarterly at $.135 per share ($.54 annually)

LXP Stock Dividend History & Date | Seeking Alpha

Yield at $8.16: 6.62%

Last Ex Dividend:  6/30/25 (owned 60 as of this account)

Last Earnings Report (Q/E 6/20/25): 

SEC Filed Press Release and  SEC Filed Supplemental 

Revenues: $87.7M, up from $85.8M

GAAP E.P.S. = $.09

Diluted FFO and Adjusted FFO per share: $.16, unchanged. 

Reconciliation: 

The noncash depreciation expense of $47.725M is added back to GAAP net income while a $31.2M gain from selling real estate is subtracted. 

The properties are "primarily net leased to tenants". 10-Q at page 10 

2025 Guidance: Adjusted FFO per share $.62-.$64

Historical LXP Performance: Slightly above Average Using VNQ as a proxy: VNQ- Performance – Vanguard Real Estate ETF | Morningstar

10 Year Annual Average Total Return through 8/28/25: 7.01% 

Total return includes the reinvestment of dividends but is not adjusted for inflation and taxes. 

Sourced: DRIP Returns Calculator | Dividend Channel

The 10 year average annual return would have been worse if LXP had not sold most of its office properties in 2018. Lexington Realty Trust Announces Disposition of 21 Office Assets for $726 Million to Joint Venture

Some Other Sell Discussions: Over time, this REIT has proven to be an average REIT at best, sometimes poor depending on the time period,  but I have so far at least successfully traded shares to improve total return numbers.  Item # 1.I. Pared LXP in Schwab Account - Sold 20 at $10.53 (8/2/24 Post)(profit snapshot = $23.61); Item # 2.D. Eliminated Duplicate Position in LXP - Sold 20 at $10.29 - Fidelity Account (7/26/24 Post)(profit snapshot = $32.25); Item # 1.D. Eliminated LXP - Sold 20+ at $11.57 (2/13/23 Post)(profit snapshot = $33.37); Item # 1.C. Sold 137+ LXP at $9.08 and 53 at $9.06 In 2 Separate Roth IRA Accounts (9/12/18 Post)(profit snapshot = $914.11); Sold 100 LXP in Fidelity Roth IRA at $11.15 (1/6/17 comment- profit of $271.9 referenced with no snapshot)(snapshot in Gateway Post for Equity REITs); Item # 2 Sold 250 LXP on Ex-Dividend Date in Two Taxable Accounts-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $224.65); Item # 1.B. Eliminated LXP - Sold 155+ at $9.46 (6/26/19 Post)(profit snapshot = $6.37); Item # 1.B. Sold 108+ LXP at $9.45-Used Commission Free Trade (2/6/19 Post)(profit snapshot = $79.9);; Item # 1 Sold 150 LXP in Vanguard Roth IRA-Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha (profit snapshot = $80.19); Item # 1. Sold 54 LXP at $11.44 Vanguard Roth IRA (1/27/15 Post)(profit snapshot = $64.4); Item # 1 Sold 101+ LXP at $10.65 (10/28/14)(profit snapshot = $51.76)     

LXP Realized Gains to Date: $2,047.67

E. Sold 11 CALF at $43.22; 3 at $43.44: 

Quote: Pacer US Small Cap Cash Cows 100 ETF Overview

Proceeds: $607.2

I sold my highest cost 14 shares. 

I have been disappointed with the performance of this fund. 

The fund selects the highest, 12 month trailing free cash flow yield stocks in the S&P Small Cap 600 index.   

I view free cash flow yield to be a valid investment criteria for stock selection, but using it in isolation from others will result in some stocks being selected that will perform poorly. The highly cyclical companies probably need to be jettisoned more quickly when earnings first turn down. 

Using this metric as the sole criteria will lead to some stocks being included that are only temporarily generating good free cash flow and that is recognized by market participants who value those stocks with a low P/E, in effect recognizing that the past 12 months is not likely to be repeated in subsequent reporting periods.

For this fund, free cash flow is calculated by subtracting capital expenditures from cash flow. The resulting number is then divided by enterprise value (market capitalization plus debt minus cash and cash equivalents). 

Sponsor's website: CALF | Pacer ETFs

CALF Page at Morningstar The ETF currently has a 2 rating.  

3/5 Year Annual Average Total Returns through 8/27/25: 

CALF: 5.42%/11.9%  

IWM: 9.18%/8.92% IWM – Performance – iShares Russell 2000 ETF | Morningstar

SPY:  18.52%/14.81% SPY – Performance – SPDR® S&P 500® ETF | Morningstar

Last Buy Discussions: Item # 1.F. Added to CALF - Bought 1 at $42,96; 1 at $43.49  (9/19/24 Post); Item # 2.H. Added to CALF - Bought 3 at $42.33 (7/12/24 Post); Item # 1.D. Added to CALF - Bought 2 at $42.96 (7/5/24 Post); Item # 2.H. Bought 1 CALF at $33.5 (6/22/22 Post); Item # 2.O.  Bought 1 CALF at $37.52; 2 at $36.48 (5/26/22 Post)

Last Sell Discussions: Item # 2.F. Pared CALF - Sold 5 at $48.45 (11/14/25 Post); Item # 2.B. Eliminated Duplicate Position in CALF - Sold 8+ at $42.18 - Schwab Account (9/2/23 Post) 

Profit Snapshot: Net of $1.37

New average cost per share: $39.74 (20 shares)

Snapshot Intraday on 8/27/25 after last pare

Dividends: Quarterly at a variable rate

CALF Stock Dividend History & Date | Seeking Alpha

I did own some shares when the ETF paid a $.9826 per share dividend in the 2021 4th quarter. Since that time, the dividend payments have been insignificant in relation to the share price. 

Last 4 Dividends: $.4328 per share (through 2025 second quarter)

Yield at $39.74 using $.4328 annual: 1.09%

Last Ex Dividend: 6/5/25

F. Pared EXG Again - Sold 10 at $8.85:  

Quote: Eaton Vance Tax-Managed Global Diversified Equity Income Fund Overview (EXG) - A Buy/Write CEF 

Proceeds: $88.65

I sold my highest cost 10 shares. 

Proceeds: $88.65

EXG SEC Filings

EXG Page at Morningstar

Eaton Vance Tax-Managed Global Diversified Equity Income Fund - SEC Filed Semiannual Report for the period ending 4/30/25

Last Discussed: Item # 4.B. Sold Highest Cost 5 EXG Shares at $8.78 (7/9/25 Post)(profit snapshot $2.87); Item # 1.K. Pared EXG in Schwab Account - Sold 15 at $8.5 (2/10/25 Post)(profit snapshot = $21.99)

Last Buy Discussion: Item # 1.J. Added to EXG - Bought 10 at $7.42; 5 at $7.13 (10/21/23 Post)

Profit Snapshot: $25.85

I sold part of a 20 share lot that was originally bought at a $7.395 total cost:   

Item # 1.P. Added to EXG - Bought 20 at $7.39+ (10/24/20 Post) 

The tax cost basis shown in the preceding profit snapshot of $6.28 will be adjusted down to reflect the ROC sources for dividends paid in 2025 prior to this sale. This is relevant information for a total return calculation which requires using the profit based on the original cost number + the dividends which avoids double counting that part of the dividends classified as ROC. 

New Average cost per share: $6.08 (128+ shares)

Snapshot as of close on 8/27/25 after pare

Dividend: Monthly at $.0657 ($.7884)

EXG Stock Dividend History & Date | Seeking Alpha

ROC supported. 

Yield at 6.08: 12.97%

Last Ex Dividend: 8/15/25

Data Date of 8/27/25 Trade: 

Closing Net Asset value per share: $9.39

Closing Market Price: $8.9

Discount: -5.22%

Average 3 Year Discount: -8.64% (Click "Pricing Information" Tab) 

Sourced: EXG - CEF Connect

Last Total Elimination: Item # 3 Sold 331+ EXG at $9.77_(6/2/13 Post)(profit snapshot = $294.46) The total gain in 2013 was at $414.31.

Other Sell Discussions:  Item # 5.C. Eliminated Duplicate EXG Positions in 2 Taxable Accounts - Sold 15 at $7.65; 10 at $7.72 (4/29/23 Post)(profit snapshot = $21.65); Item # 1.F Pared EXG in Schwab Account - Sold 10 at $10.31 and Item # 1.G. Sold All Fractional Shares Purchased with Dividends in the Fidelity Account at $10.28 (7/2/2021 Post )(profit snapshot = $27.43).

G. Pared OCSL - Sold 12 at $13.91: 

Quote: Oaktree Specialty Lending Corp. (OCSL)

Proceeds: $166.95

Management: External

OCSL SEC Filings

Last Discussed: Item # 5.D. Added to OCSL - Bought 5 at $16.11 (9/26/2024 Post) The regular quarterly dividend was then at $.55 per share, now at $.40. I also noted in that post that nonaccrual investments had increased to 5.3% in the 2024 second quarter, up from 3.6% as of 6/30/23. I also noted that this BDC had harvested a $69.163 loss in the quarter, excluding a small loss on foreign currency exchange, which is one way to get bad loans off the books. 

Loss Snapshot: -$71.66

Average cost per share remaining shares: $17.67 (20 shares)

I have almost zero hope that those shares will return to profit territory in my lifetime based on the dollar value of assets incinerated over the past year. 

It is conceivable that some loans have been marked down too much, but my general opinion is that BDCs do not fully markdown bad loans to fair value until the loan is sold at a loss and has to completely written off. 

I may eliminate the position altogether when I view harvesting a tax loss to be a better option than continuing to hold the stock.  

Dividends: Quarterly at $.40 per share (regular), slashed from $.55 effective for the 2025 first quarter payment. 

Special Dividends: Special dividends of $.02 and $.07 per share have been paid so far this year. 

Oaktree Specialty Lending Corporation (OCSL) Stock Dividend History & Date | Seeking Alpha

Yield at $17.67: 9.05% (regular dividend only)

Net Asset value per share history:  

6/30/24:   $16.76 (down 11.7% from 3/31/24 with no recession)

The external manager is paid hedge fund like fees to accomplish these result. 

12/31/24:  $17.63

9/30/24:   $18.09 

6/30/24:   $18.19

3/31/24:    $18.94

12/31/23:  $19.14

9/30/23:   $19.63

9/30/22:   $20.38

9/30/21:    $21.84

9/30/20:   $19.47

9/30/19:    $19.81

9/30/18:    $18.26

The external advisor replaced another firm as of 10/17/2017 that had failed miserably.  Form 8-K

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Press Release 

Adjusted Net Investment Income per share: $.37 (below the regular dividend and down from $.55 in the 2024 second quarter)

The downward spiral in NII per share has 3 primary causes: (1) increases in nonaccrual loans; (2) asset incineration through selling bad loans at losses with the capital destroyed no longer earning income and (3) the resetting of variable rate loans at lower coupons.

"As of June 30, 2025, 94.0% of the Company’s portfolio at fair value consisted of debt investments, including 81.1% of first lien loans, 2.3% of second lien loans and 10.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV. This compared to 80.9% of first lien loans, 3.4% of second lien loans and 10.6% of unsecured debt investments, including the debt investments in SLF JV I and Glick JV, as of March 31, 2025.

"As of June 30, 2025, there were ten investments on non-accrual status, which represented 6.6% and 3.2% of the debt portfolio at cost and fair value, respectively. As of March 31, 2025, there were ten investments on non-accrual status, which represented 7.6% and 4.6% of the debt portfolio at cost and fair value, respectively." (emphasis added)

4. Treasury Bills Bought at Auctions: 

A FED rate cut in September, with more possibly to come, will have a significant negative impact on me and other savers as well. 

The loss in interest income will far exceed the tiny benefit that I will receive in the republican BBB bill. The $6,000 deduction for Social Security benefits will be significantly reduced by my income level. Trump No Tax on Social Security vs. Senior Bonus Deduction 

The value of the $6,000 "deduction", or whatever amount I can take, is based on my marginal tax rate which I try to keep near 15% through a variety of measures, including income shifting and owning municipal bonds, and is made easier since I retired many years ago and have no earned income. 

At a 15% tax rate and a full $6,000 deduction, the tax savings would be about $900 and that would be wiped out in about a week with a .25% decrease in interest rates. Trump is demanding a 3% decrease in interest rates to boost an economy that he represents to be "BOOMING".  

I have included 85% of my SS benefits in taxable income since I started to receive them.  

A. Bought 10 Treasury Bills at the 8/27/24 Auction - 2 Accounts: 

119 Day Bill

Matures on 12/30/25 

Interest: $132.88

Investment Rate: 4.131% 

B. Bought 10 Treasury Bills at the 9/2/25 Auction: 

182 Day Bills

Matures on 3/5/26

Interest: $196.16

Investment Rate: 4.013%

C. Bought 5 Treasury Bills at the 9/2/25 Auction: 

91 Day Bills

The yield is fully factoring in a 25 basis point cut in the FF rate cut at the FED's September meeting. 

Matures on 12/4/25

Interest: $51.12

Investment Rate: 4.144%

5. Small Ball Buys: 

A. Added 15 UMH at $15.59:

Quote: UMH Properties Inc. (UMH)

Cost: $233.85

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Website: UMH Properties | Manufactured Home Sales & Home Communities

UMH SEC Filings

10-Q for the Q/E 6/30/25 

Last Discussed:  Item # 3.D. Added to UMH -  Bought 5 at $15.7 (8/26/25 Post) I discussed the last earnings report in that post. SEC Filed Press Release and SEC Filed Supplemental

New Average cost per share: $16.37

Reduced from $16.71

Dividend: Quarterly at $.225 per share ($.9 annually)

UMH Stock Dividend History & Date | Seeking Alpha

Yield at $16.37: 5.5%

Last Ex Dividend: 8/15/25

5. U.S. Equity Preferred Stock: 

A. Eliminated CODIPRA in Fidelity Account - Sold 30 at $17.5: 

Quote: Compass Diversified Holdings 7.25% Preferred Series A Stock 

Proceeds: $525

Issuer: Compass Diversified Holdings (CODI) 

CODI SEC Filings

Last Discussed: Item # 3.B. Added 5 CODIPRA at $20.3 (4/13/25 Post); Item # 2.L. Added to CODI - Bought 5 at $18.64  (11/11/23 Post) 

Loss Snapshot: -$142.26

Prospectus

Coupon: 7.25% paid on a $25 par value

Prefered Dividends: Quarterly at $.4531 per share and non-cumulative. The common share dividend has been eliminated for reasons discussed below. The last payment was made in the 2025 first quarter at $.25 per share. CODI Stock Dividend History & Date | Seeking Alpha

Stopper Clause: Yes, standard provisions. CODI can not eliminate the preferred share dividend and pay a cash dividend to common shareholders or use cash to buy common stock. The stopper clause enforces the preferred shareholders superior claim to cash compared only to the common shareholders.  

Once there is no cash dividend paid to the common share owners, as now with CODI, a non-cumulative dividend can be eliminated, and the company has no legal obligation to pay eliminated preferred share dividends. 

With the dividend payments, I was still in the hold but close to breakeven. 

CODI is an externally managed investment company that owns or has interests in private companies. Prior to 2025, the company had experienced some success in acquiring companies and selling them later for profits as I have previously discussed here. Then came a $265.1M purchase of a 59.9% controlling stake in Lugano in 2021. 

Serious accounting irregularities at Lugano was first publicly disclosed in  2025 that resulted in the immediate "resignation" of Lugano's CEO and co-Founder. SEC Filed Press Release dated 5/7/25 The company did not initially disclose specific details. The company suspended payment of its common share dividend but has continued- so far - in paying the preferred stock dividends. I would not be surprised to learn later that the company has eliminated its non-cumulative preferred dividends to "preserve capital".  

Based on CODI's 2024 results, which can no longer be relied upon, Lugano was the major contributor to CODI's earnings, allegedly accounting for 57.6% of operating income, 10-K at page 18   

The alleged fraud is discussed in this article. Lugano Vows to Remain ‘Long-term Success’ - Orange County Business Journal (6/27/25)  

After reading that article I decided to harvest my lost in my Fidelity account  while keeping a 20 CODIPRA shares in my Schwab account. CODI has filed a fraud complaint against Moti Ferder who has reportedly fled to Israel with his assets. CODI is trying to sell Lugano according to that article. I view it as a tarnished brand. 

While CODI initially stated that the 2024 financial resulting could no longer be relied upon, the non-reliance was later expanded to include 2022 and 2023. SEC Filed Press Release Dated 6/25/25. I would not be surprised to learn later that the problems go back further in time, prior to CODI acquiring its ownership stake.  

Law firms have filed shareholder suits against CODI which will likely have to be settled for cash. And, based on the article cited above, customers who were victims of the alleged fraud will have to compensated as well. It is one big mess. I do not see a clear pathway out of it without taking massive losses for this relatively small company. 

I do not have any confidence in CODI's external managers who, notwithstanding being paid a great deal of money, apparently had no idea of what was really going on at Lugano until an "outside party" brought it to their attention. 

External Management by Compass Group Management:

Annual Report at page 11

As of 3/3/25, CODI reported its long term debt at $1.75929B. SEC Filing 

For this 30 share lot, I prefer to have the proceeds now, take a loss which has a tax advantage, and avoid what may happen when and if the preferred dividends are eliminated by CODI "to preserve capital". 

B. Pared VNOPRM - Sold Highest Cost 5 shares at $17.79 - Schwab Account: 

Quote: Vornado Realty Trust 5.25% Cumulative Preferred Series M

Proceeds: $88.95

Issuer: Vornado Realty Trust

VNO SEC Filings

VNO SEC Filed 2025 Second Quarter Report 

Last Buy Discussions: Item # 1.C. Added to VNOPRM - Bought 10 at $14.15 (8/12/23 Post); Item # 2.E. Added 5 VNOPRM at $11.25 (5/27/23 Post)

Last Discussed: Item # 4.B. Pared Duplicate VNOPRM Position in Schwab Account - Sold Highest Cost 5 Shares at $18.33 (10/24/24 Post)(loss snapshot =  -$24.3)

Par Value: $25

Coupon: 5.25% 

Dividends: Paid quarterly, non-qualified, and cumulative 

Stopper Clause: Standard

VNO suspended the payment of its common share cash dividend after the 2023 4th quarter payment. Only two quarterly payments were made in 2023 totalling $.674 per share, down from the 2022 total of $2.12 per share.  VNO Dividend History | Nasdaq In 2024, the REIT paid an annual dividend in December of $.74 per share. If the preferred cumulative dividend is legally deferred, the deferred dividends have to be paid in full once a cash common dividend is paid. 

VNO has not yet deferred any preferred stock dividends. 

Profit Snapshot: $12.05

New Average cost per share this account: $13.14 (20 shares)

Snapshot Intraday on 8/28/25 after pare

Yield at $13.14: 9.99%

Calculation: .0525% coupon x. $25 par value = $1.3125 annual dividend per share ÷$13.14 average cost per share = 9.9886%

Next Ex Dividend: 9/15/25

I also own 20 shares in my Fidelity taxable account that have an average cost per share of $13.94. 

Sell Discussions: Item # 6.B. Sold Highest Cost 5 VNOPRM Shares at $17.99 - Fidelity Account (9/19/24)(profit snapshot = $7.45); Item # 3.A. Sold 10 VNO.PRM at $25.34 (10/31/2020 Post)($72.21); Item # 3.C. Sold 5 VNO.PRM at $24.99-Highest Cost lot bought at $19 (7/18/20 Post)(profit snapshot = $29.94); Item # 2.A. Eliminated VNO.PRM-Sold 50 at $22.95 (5/23/19 Post)(profit snapshot = $56.69)

2025 Trades  - Not Discussed: 

2025 VNOPRM 10 Shares +$19.51

2025 VNOPRM 5 Shares  -$10.57

Realized VNOPRM Gain: Net of  +$162.28

Goal: Any total return in excess of the dividends. 

Taxable profits will be slightly higher due to ROC adjustments to the tax cost made after the profit snapshot was taken.  

6. Cash Flow into Fidelity Account on 9/2/25: 

My focus now is to generate a constant stream of cash flow into my 4 taxable accounts. The following snapshots are from my Fidelity account.  

Redemptions: $17,000

Dividends and Interest Payments: 

Tax Exempt Interest: $621.88

Corporate Bond/CD Taxable Interest: $863.03

Dividends: $55.45

Total Interest and Dividends: $1,540.36

Most of the corporate bond interest payments originate from $1,000 par value SU bonds traded in the bond market, except for the Entergy Mississippi 5% which is a first mortgage bond. I have been selling most of my recently bought first mortgage bonds that have maturities in 2033 or later. 

Several payments were received from exchange traded bonds, which trade like stocks on the stock exchange, that have $25 par values and make quarterly interest payments: EAI and ELC  (first mortgage bonds); SAZ and GLADZ (senior unsecured bonds). 

A build up in funds in my Fidelity sweep account (SPAXX), primarily from corporate bond sales and redemptions, resulted in a $173.13 dividend payment on 8/29/25, up from $32.77 in June: 

The allocation to stocks/stock funds in this account is currently at 7,7% of the total. 

Treasury bills and CDs are included in the bond category. The bond allocation has fallen some due to selling corporate bonds and to allowing proceeds from redemptions to remain in my sweep account. The average duration of the bond allocation is currently at 2.4 years, down from 3.14 years as of 7/23/25, with the weighted YTM at 4.366%, down from 4.738. A list of the current positions consisted of 37 pages when I downloaded the information from the Fidelity Fixed Income Dashboard. 

The "short term" allocation consists of funds in my sweep money market fund. 

Income generated through repurchase agreements involving U.S. treasuries are not exempt from state income taxes. (My Videos: Treasury Bills vs Treasury Money Market Funds - YouTube; CD Bank Gimmicks, Repurchase Agreements used in Treasury MM Funds, Treasury Bill and Note Auctions - YouTube) The Supreme Court allowed states to tax income generated by repurchase agreements involving treasuries in Nebraska Dept. of Revenue v. Loewenstein | 513 U.S. 123 (1994). 

SPAXX uses repurchase agreements. As of 7/31/25, 55.2% of the fund was invested in those agreements. Since Tennessee does not have a state income tax, this issue is irrelevant for me but would be relevant for investors living in states with income taxes. I would also note that a few states will tax all of the income generated by a treasury money market fund when the income generated by repurchase agreements go over 50% during a year including the income generated directly by treasuries. 

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.