AXPRI:CA, COLD, EXG, GOOD, GTY, HTBK, IBIT, KMB, MMT, OLP, PRPFX, SLRC, UDR, UMH, WEN, WTBA

Dollar Value of Trades Discussed in this Post: 

Treasury Bills Purchase at Auction: $5,000 in principal amount. 

I am reducing my purchases due to a decline in yields. Some proceeds from maturing T Bills are being redirected into beaten up common stocks that pay dividends greater than 5%. 

I will be buying $10K at Monday's 6 month T Bill auction. I am losing interest fast. The yields are still better than online broker offerings of CDs. 

Corporate Bonds: No transactions. I am in a hold mode, having already lightened up. I am not likely to buy any corporate bond maturing in 2032 or later until there is a material rise in yields from what is available now. 

Inflow Common Stocks: $1,964.12

Outflow Common Stock/Stock Funds: $1,111.62 

Realized Gains Stocks/Stock Funds: $210.13

Net Inflow Common Stocks/Stock Funds: $852.5

I am still in a stall mode in common stock transactions. I will need a far better risk/reward cushion before investing any material amount. 

Outflow Canadian Reset Equity Preferred: C$2,179

Realized Gain Canadian Preferred stock: C$567

Inflow Bitcoin ETFs: $157.31

Young investors embrace financial nihilism with risky crypto bets 

Fed Chief Powell says stock prices appear 'fairly highly valued'

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

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

Stock Market P/E Ratios - Yardeni Research (Figures 6, 7, 13, 15 & 17)

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

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

S&P 500 Price to Sales Ratio (P/S Ratio)

S&P 500 Dividend Yield - Updated Chart | Longtermtrends

Treasury Yield Curve as of 9/30/25: 

Treasury Real Yield Curve: 

10 Year Breakeven Inflation Rate:  2.38%

Probabilities of FF Range after 10/29/25 Fed Meeting: 

The odds are not yet 100% for a rate cut at this meeting since there is still one more inflation report, CPI, that will be released early next month. The PCE inflation report discussed below will not deter a rate cut. 

++++

Economy:

Personal Income and Outlays, August 2025 | U.S. Bureau of Economic Analysis (BEA) "From the same month one year ago, the PCE price index for August increased 2.7 percent. Excluding food and energy, the PCE price index increased 2.9 percent from one year ago."

The annual Core PCE inflation index was unchanged from July at +2.9%. The annual PCE inflation index rose by .1% to 2.7% from the 2.6% increase for the 12 month period ending in July. 

Month-to-Month PCE Inflation: .3%

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

Month-to-Month Real Disposable Income: .1%

Real PCE Month-to-Month: .4%

Gross Domestic Product, 2nd Quarter 2025 (Third Estimate), GDP by Industry, Corporate Profits (Revised), and Annual Update | U.S. Bureau of Economic Analysis (BEA) In this third estimate, real GDP growth was estimated at an annual rate of 3.8%, up from 3.35% in the first estimate. Real GDP growth in the first quarter was revised down by .1% to a -.6%. "Compared to the first quarter, the upturn in real GDP in the second quarter primarily reflected a downturn in imports and an acceleration in consumer spending that were partly offset by a downturn in investment." (emphasis supplied)

"The personal consumption expenditures (PCE) price index increased 2.1 percent, revised up 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 2.6 percent, also revised up 0.1 percentage point." (emphasis supplied)

Personal Consumption Expenditure Data: Table 1

Consumers have been frontloading some purchases prior to the tariff taxes being including in product prices. 

Imports don’t subtract from GDP, but they certainly do play a role

Revisions to the 2025 first quarter in this last release: 

As I have stated in the past, it will take time for the republican tariff taxes paid by U.S. importers to be passed on to U.S. consumers. Many U.S. companies are currently absorbing part of the input cost inflation created by the republican tariff taxes. The full impact, which will include price hikes by domestic manufacturers who are not reliant on imports, may be delayed until the second half of 2026.  In the past domestic manufacturers have increased prices in response to higher prices charged by competing companies who are reliant on imports. See, e.g. ( Why Economists Hate Trump's Tariff Plan | WSJ - YouTube starting at 2 minutes)

New car sales see boost as consumers fear tariffs, higher prices  This will sap demand for future purchases late this year and in 2026-2027. 

CarMax stock plummets after missed Wall Street's expectations 

Powell says slowing labor market prompted rate cut, sees 'challenging situation' ahead

Former Trump economic official Gary Cohn says "we've seen the job market degrade," though it may be "temporary" - CBS News What does temporary mean? A month or 2; 6 months; a year or two? 

The onset of stagflation is a more probable than not future scenario that will not be adequately addressed by the Federal Reserve, the Republican Congress and the Trump Administration. 

The FED can not do that much to solve a deteriorating jobs market caused by Trump's policies.  

Reducing interest rates will likely have de minimis impact on unemployment while adding to upside inflationary pressures resulting from the tariffs and mass deportations of immigrants who fill important roles in the supply chain, primarily in the agriculture and construction sectors. Both the tariffs and deportations will increasingly cause disruptions in the supply chain, similar, but not as bad, as what happened in 2020 - 2022 that was the major cause of problematic inflation during that period. 

Trump's H-1B visa changes could 'kneecap startups,' experts say

NAR Existing-Home Sales Report Shows 0.2% Decrease in August

U.S. to impose 100% tariff on branded, patented drugs unless firms build plants locally, Trump says The tariff will start on 10/1/25. 

Trump slaps 25% tariffs on heavy trucks imports, starting Oct. 1; Trump announces a 25% tariff on trucks and a 30% tariff on furniture I would note again that Trump is imposing all of the republican tariff taxes by executive orders, notwithstanding that Congress has the constitutional power to impose tariffs in Article 1 of the Constitution. The House and Senate republicans have blocked every attempt to vote on approving the republican tariff taxes.

{The U.S. is losing thousands of manufacturing jobs, analysis finds - CBS News; US economy lost another 12,000 manufacturing jobs in August;  The Sluggish Renaissance of U.S. Manufacturing (noting in last paragraph that about 1/2 of new jobs in manufacturing were in food manufacturing over the past 10 years) Only about 8% of U.S. jobs are in manufacturing. The U.S. economy is driven by services and consumer spending. U.S. manufacturing jobs have declined by 33,000 so far this year through August. Trump may be successful in reshoring some manufacturing. The number of new jobs created by that success will be miniscule compared to the total labor force. Automation has permanently reduced the number of manufacturing jobs needed to produce products. Onshoring will result in higher prices for products than U.S. consumers would have paid without reshoring. New plants are far more expensive to build than the older ones and U.S. labor costs will be significantly higher. When inflation increases due to higher manufacturing costs are passed on to U.S.  consumer through higher prices, which will happen, Trump will no longer be President and subsequent administrations will be blamed for the higher inflation numbers caused by Trump policies. Trump will deny any inflationary impact from his policies, and the public will blame whoever is President at the time. That is just the way it works. The last ISM manufacturing survey was for August and showed continued contraction, though there was an increase in the new orders component from 47.1 to 51.4) 

Health provides lose billions if ACA subsidies expire

White House to agencies: Prepare mass firing plans for a potential shutdown - POLITICO

The federal government is heading toward a shutdown. Here's what economists say would be the impact. - CBS News; PolitiFact | Trump has defied norms on executive power. What actions could he take amid a government shutdown? How a government shutdown could give Trump more power One prediction is that Trump will take over more of the congressional constitutional power over spending through impoundments. 

Judge says federal workers' firing was illegal but but it's too late now 

Architecture Billing Index (ABI) August 2025 Softness in billings persist. 

US Goods Trade Deficit Narrows Sharply in August The deficit narrowed by $17.3B to $85.5B. Imports of goods declined 7% month-to-month to $261.6B while exports also decline but by a smaller amount of 1.3% to $176.1B.  I am not surprised that exports are declining due in part to boycotts of U.S. products. 

+++

U.S. Farmers: 

Trump’s trade war pushes some US farmers to the brink; The Surprising Impact of Trump’s Tariffs On American Farmers - Newsweek 

China's Soybean Buyers Turn to Argentina, Continue Shunning US - Farm Policy News

Farmers are being harmed by Trump's tariff wars again, a repeat of what happened during his first term that resulted in the republicans passing a bailout bill for farmers. (see my video: Negative Impacts on U S Food Exports Resulting from Trump's Tariff Increases During his 1st Term - YouTube) 

Notwithstanding Trump being crystal clear that he was going to cause them financial harm again if re-elected, farmers overwhelmingly voted for Trump in November 2024. 

Trump is now talking about using the tariff money to compensate farmers for losses caused by the republican tariff taxes. Trump says he'll use tariff revenue to bail out farmers - POLITICO What is lost on Trump, republicans in general, and apparently farmers is that the republican trade wars have in the past and will continue to result in U.S. farmers permanently losing market share in international markets. China used to be a major export market for U.S. soybeans and other farm products, but no more. China has replaced U.S. crop purchases with those grown in Brazil and to a lesser extent in Argentina. 

The U.S. has made it crystal clear to everyone in the world that they can no longer be dependent on U.S. sourced farm products. The reason is simple. The U.S. government will use any dependence as leverage to force foreign countries into what they view as unfavorable trade arrangements. It is easier to permanently remove the dependence than to deal with Trump and his republican successors.  

+++ 

Bitcoin: 

I discussed buying 1 share of two bitcoin ETFs in Items 1.I and 1.J. below. I classify those purchases as blackjack hands, part of my Lottery Ticket Basket.  

Opinion: What Trump’s bitcoin binge really says to Americans about their money - MarketWatch (subscription). The author is referring to Trump's Executive Order that established a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile and whether that may have any impact on the U.S. Dollar and the value of USD priced assets. Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile The answer IMO is that the U.S. bitcoin reserve created by Trump will not impact the value of U.S.D. priced assets.  

Does the U.S. government's growing stockpile of crypto reflect a lack of confidence in the U.S. Dollar's value or does it have more to do with Trump and others in his Administration having a vested interest in bitcoin and other crypto assets and want the U.S. government to drive the price higher with massive purchases? White House officials own up to $2.35 million in proposed national crypto reserve assets - CREW | Citizens for Responsibility and Ethics in Washington (7/10/25) 

Trump Media & Technology Group Corp.  (DJT)  disclosed in its 10-Q for the Q/E 6/30/25 that it had acquired $2B worth of bitcoin and bitcoin related securities in July 2025.

10-Q  at page 30 

The acquisition of bitcoin by the U.S. government, reported at almost 200,000 as of August, does not represent an unbiased U.S. government assessment of the U.S. Dollar's value.

The purchases will provide some legitimacy to bitcoin to many.  

The amount of purchases are not material to the U.S. given the size of the U.S. budget and deficits, the U.S. debt, and the M2 money supply. They are material to major owners of bitcoin, including Trump, Trump Media and others in his Administration who have a vested financial interest in bitcoin rising in value. 

I do view gold and bitcoin as alternatives to fiat currencies including the U.S. Dollar. Gold has been viewed by humans as a currency and a store of value for over 2000 years, has a tangible form and is less likely to be stolen when property stored IMO. Bitcoin is of more recent origin and consequently lacks the track record of gold as a medium of exchange and a store of value.  Both can serve as alternative currencies since, unlike the fiat currencies, there is a limited supply of gold and bitcoin. 

I do not believe bitcoin will replace the U.S.D. and is consequently no threat to valuing assets in U.S. Dollars. Bitcoin is not a practical medium of exchange for the U.S. economy or other major developed countries due to extremely wide fluctuations in price intraday, tax implications for using crypto to buy services or goods, lack of widespread acceptance and trust among consumers, lack of FDIC insurance that could result in a loss from theft, fraud, and failure of company holding the bitcoin, and its limited supply. How could 21M bitcoin replace fiat currencies? The U.S. M2 supply is currently over $22 trillion. 

M2-St. Louis Fed (look at the percentage increase starting in 2020 to April 2022)

In summary, bitcoin can not function as a medium of exchange, a primary use for fiat currencies, but can serve a purpose similar to gold as a speculative alternative currency due to the limited supply. There are no limits on central banks creating new money. Looking at the previous chart reflecting the Fed's M2 money creation, there are legitimate concerns about the U.S.D. as a long term store of value.  

I own gold and silver bullion, viewing gold as a more comfortable option for me as an alternative to fiat currencies. I also have a significant position in Canadian Dollars which at least arguably is a resource based currency. I am not speculating with that position on currency movements but have built up the position recently by selling primarily Canadian reset equity preferred stocks.   

I last sold gold and silver in September 2011 and January 2012. Item # 8 Snapshots of Coin Sales In January 2012 (1/31/2012 Post); The Road to Political Power: Lying Works/Item # 1. Recent Gold and Silver Sales (9/15/2011 Post) I still own the first U.S. gold coin, minted in the 1880s, that I purchased when I was 13, locked up in one of safety deposit boxes. 

++

The Authoritarian U.S. Government: 

It was obvious prior to the 2024 election that Trump was an authoritarian demagogue who rarely made accurate statements.

One indicia of an authoritarian government, which the U.S. now has, is that the President can cause a "loyal" prosecutor to indict anyone viewed unfavorably by the President. Trump says he is appointing Lindsey Halligan, one of his former attorneys, to lead key prosecutor's office - ABC News (article quotes Trump as saying that Lindsey Halligan was "loyal" to him) 

After Erik Siebert, formerly the U.S. Attorney for the Eastern District of Virginia appointed by Trump, reportedly told senior DOJ officials there was not enough evidence to prosecute Trump's enemies, he was fired by Trump. Trump urges justice department to prosecute political opponents; Trump calls on Attorney General Bondi to use power of the Justice Department more aggressively; ‘We can’t delay any longer’: Trump urges Bondi to prosecute his rivals - POLITICO

Trump just caused James Comey to be indicted, a result that required him first to fire the federal prosecutor who refused to indict given the lack of evidence and then replacing him with a former Trump attorney Lindsey Halligan, and former beauty contestant with no prosecutorial or criminal law experience, who quickly complied with Trump's publicly announced order to indict Comey.  Trump publicly stated that Comey was guilty as hell. Former FBI Director James Comey indicted

Trump publicly pushes Attorney General Pam Bondi to prosecute his political foes; Trump pressures DOJ to prosecute political rivals In response, Republican politicians are now, and will continue to be either silent or supportive of Trump pressuring Pam Bondi to indict people that he does not like.

'There'll Be Others': Trump Hints At More Indictments After Former FBI Director James Comey Indicted - YouTube Pam Bondi's DOJ will seek criminal indictments against anyone chosen by Trump IMO. The DOJ and its lawyers have ceased operating as an independent agency. 

Trump Might Be Losing His Race Against Time-The Atlantic This is an article written by David Frum, a former republican, who is both knowledgeable and intelligent. I read all of the articles that he publishes at the Atlantic. 

Frum is referring to Trump racing to consolidate authoritarian power before institutions can muster the will to stop him or at least place a roadblock or two in his path.

Both the 6 Republican Justices and the Republican Congress will only support Trump's effort to consolidate authoritarian power in the Presidency in my opinion. Maybe the 6 Republican Justices will change course down the road, but I doubt it.

That leaves voters with the sole responsibility that can be exercised in future elections. Protests will just be ignored. All House and Senate Republicans, with one or 2 arguable exceptions, are Trump enablers so enough of them need to be defeated in 2026 and 2028 to save our democracy and the American system of governance. That is where we are now. 

Frum correctly notes that Trump believes Pam Bondi is "moving too slowly to prosecute his political adversaries on fake charges."

I would add the most important reason explaining Trump's authoritarian power grab. Trump believes with considerable justification IMO that the 6 Republican Justices, who I view as Monarchists, are supportive of creating Kingly powers for a U.S. President, who just happens to be Trump. And, it just happened that Trump was running for President again when the 6 Republican Justices created out of whole cloth a near absolute Presidential immunity from criminal prosecution - absolute as a practical matter, for acts committed while President, either during the term or after the term.

Trump Calls for Arrests After U.N. Escalatorgate | TIME Trump does not need evidence to call for the criminal prosecution of anyone. The report notes that the escalator stopped because a WH photographer accidentally triggered a safety mechanism by walking backwards on the escalator. UN says Trump's team to blame for nonworking escalator and teleprompter - ABC News IMO, Trump is showing increasing symptoms of dementia. Age and health concerns about Donald Trump - Wikipedia; This is What Proves Trump’s Dementia: Psychologist  - YouTube

Trump’s new ABC threat proves Jimmy Kimmel right — and his MAGA allies wrong; Jimmy Kimmel monologue slams Donald Trump for ABC lawsuit threat We already know that Trump can use the power of the Presidency to coerce companies and law firms into compliance with his directives and policies or to simply punish them for being critical.

Trump published orders demanding investigations of donors to nonprofits who advocate for causes that Trump does not like and ActBlue, an organization that raises campaign contributions for Democrats.  The Comey Indictment Is Not Just Payback - The Atlantic (subscription publication); Trump takes action targeting ActBlue, the main Democratic fundraising platformTrump signs memorandum ordering probes of groups aiding ‘organized political violence’; Trump signs memorandum ordering probes of groups aiding ‘organized political violence’  (a ruse to target people like Soros); George Soros foundation hits back at Trump after report that DoJ plans to target group-The Guardian

Republicans Justices are likely to be in the majority for several decades. I expect that Alito and Thomas will retire during Trump's term, possibly before the midterm elections if the polls indicate that the democrats will regain control of the Senate. They will be replaced by much younger versions and possibly more deeply reactionary, though that is hard for me to even imagine how that is possible even though I recognize it will happen.  

There is not much that can be done to stop the strong authoritarian trend in the U.S. Possibly, U.S. democracy may survive the Trump era. Protests will be ignored and will not have much impact other than making the protestors feel better. The midterm elections will provide the next viable alternative to change course by defeating as many incumbent republicans as possible, resulting in Trump's GOP losing majorities in both the House and Senate. There is no distinction or daylight between Trump and republican politicians. All of them simply need to be treated as 1 person - Donald Trump. The other options involve boycotting purchases of goods and services from those known to be Trump supporters and/or campaign contributors, or from companies whose CEOs supported his reelection.  

The 6 Republican Justices are undermining the very reason why there was an American Revolution. 

I am also pessimistic about the permanent damage to the U.S. standing in the free world that Trump has caused and will continue to do so, as well as the U.S. economy in 2026-2028. There are reasons for concern that republican economic policies implemented by Trump will cause a reemergence of stagflation during that time frame. One option for households that are likely to become financially distressed is to build up a cash reserve starting now by reducing discretionary purchases. (My video:  "No Buy" Movement for Non-Essential Purchases - YouTube, published about 6 months ago)

+++++  

Trump as the World's Most Well Known Creator of Fake News IMO: 

False or misleading statements by Donald Trump - Wikipedia; Washington Post counts 30,573 false or misleading claims in four years by Trump (1/20/21)

Trump offers thoughts on vaccine schedules. What CDC recommends; Trump pushes unproven medical advice around Tylenol and vaccines; Trump again dispenses unproven medical advice, reminiscent of his COVID claims;  Doctors say Trump's advice on hep B shot is wrong; Trump Attacks Tylenol Again In Truth Social Rant, Warning Pregnant Women Not To Take Drug

They may be some unknown person who creates more Fake News than Trump but maybe only 1 or 2 persons have to listen to it. That is conceivable, and I would not rule out the possibility, no matter how remote it may be. 

And, in true Orwellian fashion, Trump labels accurate reporting as Fake News and his Fake News as the truth. More than 80% of republicans view Trump as honest and almost as many as a good role model for their children. 

Trump does not support his fact free claims with accurate information. 

He merely states a conclusion without factual support and/or attacks a critic with some juvenile and deeply disturbed rant. 

Whatever the fact free response may be, that ends the inquiry in Trump's America with the acceptance of whatever Trump claims is true even when his assertions are frequently demonstrably false and idiotic.  

Trump scolds world leaders and says ‘your countries are going to hell’ in blistering UN General Assembly address-The Independent; Fact-checking President Donald Trump's speech to UN General Assembly;Fact check: Trump litters UN speech with false claims about climate, inflation, immigration and world peace    

Trump links autism to acetaminophen use during pregnancy, despite decades of evidence it’s safe; Trump blames Tylenol for autism. Science doesn't back him up; Trump blaming Tylenol for the autism epidemic is not backed up by the science | Vox  

Burying a Probe of Tom Holman: 

Trump’s FBI BURIES Border Czar Bribery Case | Chuck Todd Politics Podcast - YouTube; White House says Tom Homan did ‘nothing wrong’ following reports he accepted a bag of cash | CNN Politics; 'Mr. Homan Never Took The $50,000': Karoline Leavitt Pushes Back On DOJ Bribery Probe Reporting - YouTube Produce the tape for everyone to see, assuming it still exists, and let everyone form their own judgment.  

The Monarshits on the Supreme Court: 

US Supreme Court ruling lets Trump fire top official on FTC; SCOTUS Allows Trump to Fire Top Democratic FTC Official - YouTube In doing so, the 6 Republican Justices are in effect reversing a 90 year old prior precedent, Humphrey's Executor v. United States, 295 U.S. 602 (Sup.Ct. 1935), and authorizing Trump to acquire even more power as President that he will abuse. The Republican Justices will hear arguments on whether to formerly overrule that precedent, but their rulings so far that permit Trump to remove commissioners makes that overruling a foregone conclusion. 

The Republican Justices will allow future Presidents to dismiss commissioners of independent agencies without cause, which ends their independence from the President. All of Trump's appointees to independent agencies will then be dismissed by the next Democrat President and so on. It does not matter to the Republican Justices that their rulings end the independence of those agencies that a prior President and Congress created to be independent and whose commissioners could only be removed for good cause. The result will be an end to any continuity of rules and regulations from one administration to another with chaos prevailing by a continuous series of 180s. 

++++

Trump rage rants on Truth Social Microsoft Must Fire Lisa Monaco  It is not possible IMO to read this latest rage rant, which is a normal everyday occurrence for Trump, and conclude that its author is sane. Trump is full of rage and hate, and will use the power of the Presidency to punish the targets of his rage. The rage is in part based on Trump refusing to recognize his own past misconduct and to accept responsibility for his bad conduct, which consequently creates a  feeling of being a victim when others rightfully hold him to account. 

++++++

1. Small Ball Common Stock Buys:

I am increasing slightly my purchases of beaten up dividend stocks using the small ball trading technique that requires each subsequent small lot purchase to be at the lowest price in the chain. If and when the stock price exceeds the highest price paid, I will consider selling those shares. 

A. Added to GOOD in Schwab Account - Bought 10 at $12.7; 10 at $12.5; 10 at $12.40:

Quote: Gladstone Commercial Corp. (GOOD) - A REIT

Cost: $375.95

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Website: Gladstone Commercial Corporation (GOOD)

Properties- Gladstone Commercial Corporation (GOOD)

GOOD SEC Filings

GOOD SEC Filed 2024 Annual Report

10-Q for the Q/E 6/30/25 Owned as of 143 properties with 17M square feet that was 98.7% occupied with a weighted average remaining lease term of 7 years. GOOD is classified as a net lease REIT, see page 26.   

Last Discussed Item # 3.D. Added to GOOD in Schwab Account -Bought 10 at $12.9 and Item # 3.E Added to GOOD in Vanguard Account - Bought 10 at $12.95 (9/13/25 Post) 

Average cost per share this account: $13.50 (140 shares)

Lowered from $13.76

Dividend: Monthly at $.10 per share. 

GOOD Stock Dividend History & Date | Seeking Alpha

Effective for the next payment, I changed my dividend option to reinvestment in this account only. I will continue doing so until the likely reinvestment price will exceed my average cost per share. 

Yield at $13.5: 8.89%

Last Ex Dividend: 9/22/25 (owned 110 as of this account)

Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post: Item # 3.A. Added to GOOD in Schwab Account - Bought 20 at $13.1 (8/26/25 Post);  SEC Filed Press Release 

GOOD Realized Gains to Date: $442.99

Goal: Any total return in excess of the dividend payments before ROC adjustments to the tax cost basis. 

Owned Equity Preferred Stock: 85 shares. Gladstone Commercial Corp. 6.625% Pfd. Series E Stock  (GOODN); Prospectus {dividends paid monthly) 

B. Added to WEN - Bought 5 at $9.3; 5 at $9.2; 5 at $9.1:

Quote: Wendy's Co. (WEN)

Cost: $138

WEN  Analyst Estimates | MarketWatch

WEN SEC Filings

Investment Category: Lottery Ticket Basket Strategy

52 week range: $9.04-$20.6, as of 9/26/25

Last Discussed: Item # 1.B. Added to WEN - Bought 10 at $9.7; 5 at $9.55 - Schwab Account  (9/21/25 Post) 

This stock remains in a major bear market trend of unknowable duration. 

One future impact on margins will be rising beef prices due to the republican tariff taxes, particularly on Brazil's exports.  

New average cost per share: $9.57 (45 shares) 

Dividend: Quarterly at $.14 per share ($.56 annually), slashed from $.25 effective for the 2025 second quarter payment. The prior dividend rate was not sustainable. 

WEN Stock Dividend History & Date | Seeking Alpha

I am not reinvesting the dividend. 

Yield at New AC: 5.85%

Last Ex Dividend: 9/2/25 (owned 10 shares as of)

Last Earnings Report (Q/E 6/29/25): I discussed this report in a recent post: Item # 3.D. Started WEN - Bought 10 at $10 (8/19/25 Post), SEC Filed Earnings Press Release. I discussed the reasons for my caution in that post.  

Purchase Restriction: With the possible negative impact on profit margins and revenues due to input cost inflation, I will limit my subsequent purchases to 5 shares with each purchase required to be at the lowest price in the chain. 

C. Added to COLD - Bought 5 at $12.65, 5 at $12.23; 5 at $12.11 - Schwab Account:

Quote: Americold Realty Trust Inc. (COLD) - Internally Managed Cold Storage REIT

Cost: $ 184.93

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

COLD SEC Filings

Website: Cold Storage Warehouse, Value Added Services & Supply Chain Management | Americold

After the 9/22 purchase, JPM downgraded the stock on 9/23/25 from neutral to underweight with the price target reduced from $17 to $15. I do not have access to that report, but would emphasize that the stock had already significantly declined prior to this downgrade, a frequent occurrence for broker downgrades. Price goes down, then reduce the price target. Price goes up, then raise the PT. Recommendations follow the price movements after they have already happened.  

New average cost per share: $14.84  (90 shares) 

Reduced from $15.34.

Dividend: Quarterly at $.23 per share ($.92 annually)

COLD Stock Dividend History & Date | Seeking Alpha

I have changed my dividend option to reinvestment as a means to average down randomly. 

Yield at $14.84: 6.2%

Next Ex Dividend: 9/30/25

Last Earnings Report (6/30/25): I discussed this report, which was viewed unfavorably by many investors, in a recent post. Item # 3.C. Added to COLB - Bought 5 at $14.8; 5 at $14.5 (8/26/25 Post); SEC Filed Press Release and SEC Filed Slide Presentation

It was a negative report in that AFFO declined by 5.6% to $.36 and same store economic occupancy declined 410 basis points to 75.5% due to weak market conditions and excess capacity. 

I generally will not forecast that kind of data to worsen into the indefinite future, but will treat it as a hiccup until it looks like a long term secular decline in demand. 

Excess capacity has a tendency to correct through improvements in demand, not based on lower prices, and/or significantly less new capacity being built as the excess is absorbed by the market. 

I will consequently continue buying 5 shares until I reach 100 shares, with each subsequent purchase required to be at the lowest price in the chain.  

Last Discussed: Item # 5.F. Added to COLD - Bought 5 at $12.98 (9/21/25 Post) 

I will buy two more 5 share lots in this account and then no more except through dividend reinvestment.   

D. Added to Duplicate OLP Position - Bought 5 at $22.7; 5 at $22.25; 5 at $21.7 (Fidelity Account):

Quote: One Liberty Properties Inc. (OLP)

Cost: $333.25

5 shares bought shortly prior to the ex dividend day, 5 shares on the ex dividend date and 5 shares 1 day after the ex dividend date.  

OLP SEC Filings

OLP 2024 SEC Filed Annual Report

Website: One Liberty Properties, Inc. 

Properties

Average cost per share this account: $22.66 (30shares)

Dividend: Quarterly at $.45 per share ($1.8 annually)

OLP Stock Dividend History & Date | Seeking Alpha

Yield at $22.66: 7.94%, rounded. 

Last Ex Dividend: 9/24/25 (owned 20 shares this account as of) 

Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post. Item # 3.D. Started Duplicate Position in OLP-Bought 10 at $23.21; 5 at $22.9 (9/13/25 Post); SEC Filed Press Release 

Last Sell Discussions: Item # 2.B. Pared OLP in Schwab Account - Sold 5 at $26.84 (9/12/24 Post)(profit snapshot = $26.93); Item # 2.A. Pared OLP in Schwab Account - Sold 5 at $25.12+ (8/15/24 Post)(profit snapshot = $16.38) 

Lowest Prices Paid: Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 - Schwab Account (10/7/23 Post)

E. Added to UMH - Bought 5 at $14.85; 5 at $14.64:

Quote: UMH Properties Inc. (UMH)

Cost: $147.45 

UMH SEC Filings

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Website: UMH Properties | Manufactured Home Sales & Home Communities

New Average cost per share: $16.01 (65+ shares)

Reduced from $16.25

I am slowing building a 100 share position by averaging down in 5 share lots. 

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

UMH Stock Dividend History & Date | Seeking Alpha

Yield at $16.01: 5.62%

Last Ex Dividend: 8/15/25

Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post.Item # 3.D. Added to UMH -  Bought 5 at $15.7 (8/26/25 Post); SEC Filed Press Release and  SEC Filed Supplemental

Last Discussed: Item # 4.D. Added to UMH- Bought 5 at $15 (9/8/25 Post) 

Recent News: 

UMH Properties Announces Increased Stock Repurchase Authorization to $100 Million (9/22/25) The previous authorization was $25M. I do believe the company needs to be more aggressive in stock purchases near the current price. 

UMH Investor Presentation - September 2025.pdf (normalized FFO per share reported at $.86 in 2023 and at $.93 in 2024, with the 2025 first half up 20% compared to the 2024 first half, see page 18)

F. Added to Duplicate GTY Position - Bought 2 at $27.25; 3 at $26.53 - Schwab Account:

Quote: Getty Realty Corp. (GTY) - Classified as a Net Lease REITs

Cost: $134.09

2 shares were bought shortly before the ex dividend date and 3 were bought on the ex dividend date. 

Getty Realty Corp. is a publicly traded, triple net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate.

The properties include "convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), and certain other freestanding retail properties, including drive-thru quick service restaurants and automotive parts retailers."

As of 6/30/25, the "portfolio included 1,137 freestanding properties located in 44 states across the United States and Washington, D.C."

Management: Internal 

GTY SEC Filings 

10-Q for the Q/E 6/30/25

2024 Annual Report

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

New average cost per share this account: $28.39 (35 shares) 

Dividend: Quarterly at $.47 per share ($1.88 annually)

GTY Stock Dividend History & Date | Seeking Alpha

Yield at $28.39: 6.62%

Last Ex Dividend: 9/25/25 (owned 30 shares as of) 

Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post. Item # 3.A. Added to GTY - Bought 5 at $26.8B - Fidelity Account (7/29/25 Post); SEC Filed Press Release and Earnings Presentation.pdf As discussed in that post, environmental litigation is a material risk. SEC Filed Annual Report at pages 26-29. The last earnings report included an unusually high $5.431M in an accrual expense for environmental litigation. The environmental expense was $585,000 in 2024 and $1.261M in 2023. SEC Filing at page 9  

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

G. Added 5 UDR at $36.65 - Schwab Account: 

Quote: UDR Inc. (UDR) - Apartment REIT

Cost: $183.25

UDR is a S&P 500 component. 

UDR 10-Q for the Q/E 6/30/25 at page 43

UDR SEC Filings

2024 SEC Filed Annual Report

Corporate Profile | UDR, Inc.

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

New Average Cost per share:  $41.27 (37+ shares)

Reduced from $42.81

Dividend: Quarterly at $.43 per share ($1.72 annually)

I am reinvesting the dividend now as a means to average down randomly. 

UDR Stock Dividend History & Date | Seeking Alpha

Yield at $41.27: 4.17%, rounded up

The dividend yield is becoming more attractive to me as T Bill yields decline. I have an overweight position in T Bills and will be reducing that allocation modestly over the next several months. The reduction results from investing less of the proceeds from maturing T Bills into new purchases compared to what I have been doing. I never sell T Bills prior to maturity. 

Last Ex Dividend: 7/10/25

Next Ex Dividend: 10/9/25

Last Earnings Report (Q/E 6/30/25): I discussed this report here: Item # 1.I. Bought 1 UDR at $37.98 (8/12/25 Post); SEC Filed Earnings Press Release and SEC Filed Supplemental

G. Added to KMB Placeholder Position: Bought 1 at $123; 1 at $121.2:

Quote: Kimberly-Clark Corp.

Cost = $244.2

KMB sells its products in 175 countries and territories. The brands include "Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, Goodnites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 70 countries"

SEC Filings

KMB Analyst Estimates | MarketWatch

SEC Filed 2024 Annual Report

Last Discussed: Item # 2.F. Started KMB as a Placeholder - Bought 1 at $126.49 (7/3/25 Post) I discussed the 2025 first quarter report in that post. SEC Filed Earnings Press Release

Last Elimination: Item # 3.A. Eliminated Remaining KMB in Fidelity Account - Sold 5+ at $137.87 (1/3/23 Post)(profit snapshot = $52.8)

Average cost per share: $123.36  (3 shares) 

Dividend: Quarterly at $1.26 per share ($5.04 annually), last raised from $1.22 effective for the 2025 first quarter payment. The quarterly dividend was at $.88 per share in 2015 and $.4313 in 2005

KMB Stock Dividend History & Date | Seeking Alpha

Consecutive Years of dividend growth: 52 but the rate of growth has slowed significantly over the past 10 years compared to the prior ten year period. 

Yield at $123.36: 4.09%, rounded up. 

Last Ex Dividend: 9/5/25

Last Earnings Report (Q/E 6/30/25):  SEC Filed Press Release 

Revenues: $4.163B, down from $4.231B

E.P.S. $1.53, down from $1.61

Adjusted E.P.S. = $1.92, down from $1.96

Reconciliation: 

IFP Transaction Referenced in Snapshot:  International Family Care and Professional business, see  Kimberly-Clark Announces Major Step Forward in its Powering Care Transformation (6/5/25); Kimberly-Clark sells majority stake in international tissue unit to Brazil's Suzano

Sales Growth: 

"Reported gross margin was 35.0 percent; adjusted gross margin was 36.9 percent, down 180 basis points versus the prior year."

2025 Outlook: Free cash flow of about $2B; "Adjusted Earnings per Share Attributable to Kimberly-Clark are expected to grow at a low-to-mid single digit rate on a constant-currency basis including a negative 320 basis point impact from a combination of its PPE divestiture and the exit of the company's private label diaper business in the US, as well as a negative 100 basis point impact from items below operating profit including higher net interest expense, a higher effective adjusted tax rate, partially offset by lower shares outstanding. This outlook also includes a favorable impact of approximately 200 basis points, or $0.16 per diluted share, from the cessation of depreciation and amortization expense for assets held for sale"

PPE: Personal Protective Equipment, see Ansell completes acquisition of Kimberly-Clark’s Personal Protective Equipment Business 

Brief Summary of Problems IMO: I would generally describe the problems as problematic input cost inflation and competition from store brands and lower priced foreign manufactured products.  

For consumer product companies, the problematic input cost inflation in the 2021-2023 period reduced demand, caused brand substitution and decreased profit margins. While input cost increases moderated in 2024, the republican tariff taxes are a significant new source of input cost inflation. 

H. Added to BAX - Bought 5 at $22.8; 5 at $21.8: 

Quote: Baxter International Inc. (BAX)

Cost: $223

BAX Analyst Estimates | MarketWatch (As of 9/26/25, the average E.P.S. estimate for 2025 was at $2.46; at $2.71 in 2026; and at $3.01 in 2027). 

BAX SEC Filings

BAX 2024 SEC Filed Annual Report

10-Q for the Q/E 6/30/25

BAX Profile Page at Reuters

BAX  Key Metrics Page at Reuters

Investment category: Lottery Ticket Basket

This stock is currently in a major bear market trend that currently shows no indication of a sustainable bottom IMO. While I view the stock as undervalued based on projected E.P.S., institutional investors appear to have thrown in the towel. All hope is not yet lost. The stock  fits into my contrarian value category but only with a cautious approach to buying.

Last Discussed: Item # 4.C. Added to BAX - Bought 5 at $23.5 (9/8/25 Post) 

New average cost per share: $23.04 (20 shares)

Dividend: Quarterly at $.17 per share ($.68 annually)

BAX Stock Dividend History & Date | Seeking Alpha

Yield at $23.04: 2.95%

Last Ex Dividend: 8/29/25 (owned 5 shares as of)

Last Earnings Report (Q/E 6/30/25): I discussed this report and my reasons for the Lotto classification here: Item # 3.K. Started BAX - Bought 5 at $24.07 (8/26/25 Post); SEC Filed Press Release This was my last substantive discussion. 

Largest Gain: Item # 4. Sold 50 BAX at $56.39 (1/31/2012 Post)(profit snapshot = $314.04)-Item # 1. Bought 50 BAX at $49.79 (1/12/2012 Post); The last stock split was in 2001. Baxter (BAX) Stock Split History - Investing.com The price decline since I sold 50 shares at $56.39 in 2012 is consequently not due to any intervening stock split. This kind of long term price decline indicates major problems with the CEOs and the Board over the past 13 years. The issue is whether the stock is washed out and pricing bad future results that may not occur. 

Recent News since last substantive discussion: Baxter Launches Welch Allyn Connex 360 Vital Signs Monitor to Advance Connected Patient Monitoring (9/16/25)

Purchase Restriction: 5 or 10 share lots with each purchase required to be at the lowest price in the chain. I will not require a much lower price to add, maybe somewhere in the 10 to 15 cent range. 

Maximum Position: 30 shares possibly expanding to 100 shares with improved results matching or exceeding the current analyst estimates for 2025-2027, which would require taking the stock out of the Lotto category. 

I. Added 1 IBIT at $62.41 - Schwab Account: 

Quote: iShares Bitcoin Trust ETF Overview

Investment Category: Blackjack Hand, part of the Lottery Ticket Basket

Expense Ratio: .25%

Sponsor's website: iShares Bitcoin Trust ETF | IBIT

Average cost per share:  $62.8 (2 shares)

Dividend: IBIT has not yet paid a dividend. It is possible that a distribution sourced from short and/or long term capital gains may be paid in the future, but that is not predictable as to the timing or the amount. 

Last Discussed: Item # 3.B. Started IBIT as a Placeholder in Schwab Account - Bought 1 at $63.18 (9/13/25 Post) 

J. Added 1 FBTC at $94.9: 

Quote: Fidelity Wise Origin Bitcoin Fund Overview

Sponsor's website: Fidelity Wise Origin Bitcoin Fund

New average cost per share: $96.79 (4 shares)

Last Discussed:  Item # 3.A. Started FBTC as a Placeholder - Bought 2 at $97.4; 1 at $96.77 (9/13/25 Post) 

Investment Category: Blackjack Hand, part of the Lottery Ticket Basket

A Placeholder is simply a reminder that I may want to buy a share or two when the price declines below my average cost. The total dollar purchases will be irrelevant to me. 

2. Canadian Reset Equity Preferred Stocks: 

A. Eliminated AXPRI:CA - Sold 100 at C$21.8: 

Quote: AX-PI.TO

Proceeds: C$2,179 after C$ commission. 

Issuer: Artis Real Estate, AX-UN.TO, a Canadian REIT

Website: Artis REIT

Last Discussed: Item # 1.A. Pared AXPRI:CA - Sold 50 at C$22.6 (8/26/25 Post)(profit snapshot = C$255.5) I mention in that discussion that I then had a "very negative opinion about the external managers of this REIT".  I have discussed why many times here, including in Item #2.A. of that post. 

For the reasons discussed below, I have changed that opinion. I now have an extremely negative opinion and have reached the point of being thoroughly disgusted with the CEO, the external management company and the Board.  

Artis Acquisition: Artis REIT and RFA Capital Agree to Combine to Form RFA Financial Through a Share Exchange Artis REIT will become a subsidiary of RFA Financial. RFA Capital is a privately owned company whose CEO and Manager Partner Ben Rodney is also the Chair of Artis. On a positive note, hopefully, it looks like the Artis CEO is being pushed aside as CEO and will become an "Executive Chair" with Rodney becoming CEO of RFA Financial. RFA Capital "is a Canadian-owned real estate investment firm. RFA specializes in residential mortgage lending and asset management through its subsidiaries: RFA Bank of Canada, a federally regulated Schedule I Bank, RFA Mortgage Corporation, TM Investments and Five Continents Financial. Combined, RFA offers mortgage brokers a one-stop shop with a full suite of competitive Prime, Alternative, Private, Commercial mortgages, and Wealth Management.". I generally view mortgage REITs unfavorably.  

Artis unit owners will receive 1 share of the combined entity, RFA Financial, for each Artis unit. "RFA Financial intends to pay a quarterly cash dividend to shareholders, initially set at $0.11 per share, representing $0.44 per share on an annualized basis." The amounts are in CADs. This will represent a  slash in the current monthly Artis dividend of C$.05 or C$.6 annually. Distribution History – Artis REIT  The preferred Artis units will be exchanged on a 1 to 1 basis for a new RFA Financial preferred stock. 

This makes no sense to me. The common units have declined materially since this announcement, which I understand, indicating that institutional investors are throwing in the towel.

I am keeping my 200 Artis common units until I know more about the operating results of the combined entity. I will vote against this transaction. I would like to vote on firing the Artis Board. 

Profit Snapshot: C$567

I sold these lots: Item # 1.A. Added 50 AXPRI at C$16.4; 50 at C$15.8 (11/18/23 Post)

Par Value: C$25

Current Coupon: 6.993%

Resets: Coupon resets every 5 years at the greater of 6% or a 3.93% spread to the 5 year Canadian government bond. It is unusual to have a fixed-to-floating rate preferred stock providing for a minimum rate during the floating rate period. The existence of the minimum at 6% and the high spread point to investor concerns about credit risk. 

Dividends: Paid quarterly and cumulative. 

Stopper Clause: Yes, standard

Other Sell Discussion: Item # 2.A. Sold 50 AXIPRI at C$25.13 (3/7/20 Post)(profit snapshot = C$104.5)

Realized Gains to Date in AXPRI:CA: +C$927

3. Treasury Bills Bought at Auction: 

A. Bought 5 Treasury Bills at the 9/22/25 Auction: 

182 Day Bill

Matures on 3/26/26

Interest: $93.65

Investment Rate: 3.828%

The yield IMO reflects already another 25 basis point cut in the FF rate on 10/29. 

4. Leveraged Bond CEFs: 

A. Eliminated MMT - Sold 50 at $4.78: 

Quote: MFS Multimarket Income Trust Overview - Leverage Bond CEF

Proceeds: $239

MMT SEC Filings

MFS Multimarket Income Trust (MMT) - SEC filed semiannual report for the period ending 4/30/25. The fund will have a significant weighting in junk rated bonds. As of 4/30, the weighting was at 70.9%, see page 2. 

Sponsor's website: Multimarket Income Trust | MFS

As of 8/31/25, the average effective duration was at 5.05 years. The number of holdings was reported at 832. Leverage was at 25%. The leverage is discussed at pages 61-62. The borrowings are through a secured bank credit facility priced at a spread to the 1 month SOFR +.1%. The borrowing cost will be coming down with FED rate cuts. 

Profit Snapshot: $17.49

Last Discussed: Item # 1.F. Restarted MMT - Bought 50 at $4.59 (1/26/24 Post) 

Data Date of 9/19/25 Trade: 

Closing Net Asset value per share: $5.1

Closing Market Price: $4.78

Discount: -6.27%

Average 3 Year Discount: -8.19%

Sourced: MMT-CEF Connect 

Dividends: Monthly at slightly variable rate

MMT Dividend History & Date | Seeking Alpha

ROC supported. 

Last Ex Dividend: 9/16/25 (owned as of)

Prior Elimination: Item # 3. Sold 300 MMT at $7.57 (4/30/2013 Post)(profit snapshot = $217.15)

I do not view this fund as a good long term holding. Note that I sold shares in 2013 at $7.57 and bought shares again at $4.59 in 2024. 

What I will try to do is own the fund for up to 2 years, collect the dividends, and eliminate the position at whatever profit is available. 

One problem is that the dividends have been sourced in part from return of capital which reduces the amount of capital each year that can be invested in bonds. 

The leverage adds risk to an already risky bond portfolio. 

In its last SEC Filed Annual Report at page 22, the fund provides a calculation of how leverage can impact returns. 

The following table, found at page 66 of the Annual Report, has the per share ROC support for the dividend for the 5 fiscal years ending on 10/31/24: 

5. Small Ball Sells: 

A. Eliminated WTBA - Sold 30 at $21.56:

Quote: West Bancorp Inc.  (WTBA)

Proceeds: $646.94

WTBA is a mini-cap bank holding company, through its wholly owned operating subsidiary West Bank, "has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud."

The headquarters is in Des Moines, Iowa. 

Investment Category: Regional Bank Basket Strategy

WTBA SEC Filings

10-Q for the Q/E 6/30/25

Last Elimination: Item # 3.N. Eliminated WTBA - Sold 10 at $23.85 (11/7/24 Post)(profit snapshot = $71.51)

Profit Snapshot: $99.69

Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2022 first quarter.  

WTBA Stock Dividend History & Date | Seeking Alpha

Last Ex Dividend: 8/6/24

Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post. Item # 1.F. Added to WTBA - Bought 10 at $18.55; 5 at $18.2; 5 at $18 (8/5/25 Post); SEC Filed Earnings Press Release and SEC Filed Earnings Slide Presentation 

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: $1,632.23

Consider to Repurchase Price:  $19.5 or lower

B. Pared EXG Again - Sold 10 at $9.01 - Schwab Account:

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

Proceeds: $90.11

EXG "invests in a diversified portfolio of domestic and foreign common stocks with an emphasis on dividend paying stocks and writes call options on one or more U.S. and foreign indices with respect to a portion of the value of its common stock portfolio to generate current cash flow from the options premium received. The Fund evaluates returns on an after tax basis and seeks to minimize and defer federal income taxes incurred by shareholders in connection with their investment in the Fund."

Investment Category: Monthly Income Generation

EXG Page at Morningstar 

EXG SEC Filings

Eaton Vance Tax-Managed Global Diversified Equity Income Fund - SEC filed semiannual report for the period ending 4/30/25

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

Last Sell Discussion: Item # 4.B. - Sold Highest Cost  5 Shares at $8.78 (7/9/25 Post)(profit snapshot = +$2.87) 

Profit Snapshot: +$25.85

Data Date of 9/19/25 Trade:

Closing Net Asset Value per share: $9.52

Closing Market Price: $9.08

Discount: -4.62%

Average 3 Year Discount: -8.81% (Click "Pricing Information" Tab)

Sourced: EXG-CEF Connect

New Average cost per share: $6.06 (118+ shares)

Snapshot after Pare/Closing Price as of 9/19/25

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

EXG Dividend History & Date | Seeking Alpha

I am not reinvesting the dividend. 

Yield at $6.06: 13%

Last Ex Dividend: 9/15/25 

Other Sell Discussions: Item # 1.K. Pared EXG in Schwab Account - Sold 15 at $8.5 (2/10/25 Post)(profit snapshot = $21.99); 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). 

The largest realized gain was $414.31 in a Roth IRA account realized in 2013. 

C. Pared HTBK Again - Sold Highest Cost 10 Shares at $10.16+: 

Quote:  Heritage Commerce Corp. (HTBK)

Proceeds: $101.65

HTBK, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek.

Investment Category: Regional Bank Basket Strategy 

HTBK SEC Filings

HTBK SEC Filed 2024 Annual Report

5 Year Financial Data: 

Page 77, Annual Report

10-Q for the Q/E 6/30/25 

Last Buy Discussions: Item # 1.C. Bought 5 HTBK at $8.16 (4/18/25 Post); Item # 5.C. Added to HTBK - Bought 10 at $9.68 (2/10/25 Post); Item # 1.H. Added to HTBK in Vanguard Account - Bought 5 at $8.57 - Vanguard Account (12/2/23 Post);  Item # 3.B. Added 5 HTBK at $6.9 - Vanguard Account (5/13/23 Post); Item # 2.A. Added 5 HTBK at $7.92 - Vanguard Account (4/22/23 Post)

Profit Snapshot: $4.85

New average cost per share: $7.93 (30+ shares)

Snapshot after pare/Closing Price as of 9/22/25

Dividend: Quarterly at $.13 per share ($.52 annually), last raised from $.12 effective for the 2020 first quarter payment. The quarterly dividend was at $.08 per share in 2015.  

HTBK Stock Dividend History & Date | Seeking Alpha

Yield at $7.93 AC per share: 6.56%, rounded 

The dividend yield is also consistent with my bond substitute category, a phrase that defines the objective rather than the safety of the dividend. The objective is to harvest the dividend and realize a 2%+ annual gain on the shares.  

Last Ex Dividend: 8/7/25

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Earnings Press Release 

E.P.S. = $.10

Adjusted E.P.S. $.21

The adjusted E.P.S. was primarily related to the after tax impact of a legal settlement and charges related to a branch closure, 10-Q at page 83. I believe the lawsuit was a class action alleging violations of California's wage-and-hours law. I am not familiar with the details. 

NIM: 3.54%

NPL Ratio: .17%

NPA Ratio: .11%

Coverage Ratio: 787.2% (allowance for credit losses to nonperforming loans)

Loan-to-Deposit Ratio: 76.38%

Tangible Book Value per share: $8.49

Owned Securities as of 6/30/25: 

Page 14, 10-Q

Last Sell Discussion: Item # 3.C. Eliminated 1 of 2 Duplicate Position in HTBK  - Sold 70 Shares at $10.7 and Item 3.D. Eliminated Remaining Duplicate Position in HTBK - Sold 78+ at $10.55 (11/14/24 Post)(profit snapshot = $220.64)

HTBK Realized Gain to Date: Net of $295.32

D. Pared SLRC  - Sold 5 at $16.15+ (Fidelity Account):

Quote: SLR Investment Corp. (SLRC) - Externally Managed BDC

Proceeds: $80.78

I sold my highest cost shares. 

BDC stock prices have been trending down as more investors realize that their NII per share will continue to decline as variable rate loans reset at lower coupons. 

SLRC SEC Filings

SEC Filed 2024 Annual Report (Risk factor summary starts at page 28 and ends at page 63) 

Last Buy Discussion: Item # 1.A. Added 5 SLRC at $14.96 (3/8/24 Post)

Profit Snapshot: $10.03 (9/19/25 sale only)

New Average cost per share: $13.31 (20 shares) 

Snapshot Intraday after pare on 9/19/25

Dividend: Quarterly at $.41 per share ($1.64 annually)

SLRC Dividend History & Date | Seeking Alpha

Yield at $13.31: 12.32%

Last 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. 

Last Earnings Report (Q/E 6/30/25): I discussed this report in a recent post. Item # 3.F. Sold Highest Cost 5 SLRC Shares at $16.43 (8/12/25 Post)(profit snapshot = $10.65); SEC Filed Press Release

10-Q for the Q/E 6/30/25 

Other Sell Discussions: Item # 3.I. Pared SLRC - Sold 8 at $16.75 (2/5/25 Post)(profit snapshot = $14.16); Item # 1. Pared SLRC - Sold 85 Shares at $16.35 (11/27/24 Post)(profit snapshot $21.24); Item # 2.E. Eliminated SLRC in Two Taxable Accounts - Sold  37+ at $15.79 and 30 at $15.79 (3/11/23 Post)(profit snapshot = $66.68)

SLRC Realized Gains to Date: $276.84

Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments.  

E. Sold 2 PRPFX at $72.67:

Quote: Permanent Portfolio Investor Class Overview

Proceeds: $145.34

Sponsor's website: The Permanent Portfolio Family of Funds

SEC Filings

SEC Filed Annual Report for the F/Y Ending 1/31/25 This report includes other mutual funds from the sponsor. 

This mutual fund is unusual in that it will hold close to 25% of assets in gold and silver bullion. 

SEC Filing: Holdings as of 4/30/25 at page 2  

PRPFX-Morningstar (5 stars, classified as a moderate allocation fund). The rating is based on performance within that classification. 

PRPFX Portfoli0 -Morningstar Lists top 10 equity holdings. Click the "Others" tab to see the gold and silver bullion data. Click the "Bond" tab to see the top 13 bond holdings. 

Last Discussed: Item # 2.C. Pared PRPFX - Sold 5 at $68.4 (8/5/25 Post)(profit snapshot = $137.19). 

I discussed this fund in a video that I published over a year ago: Permanent Portfolio - YouTube

Profit Snapshot: $63.41 (9/23/25 sale only)

2025 Realized Gain to Date: $984.33

Average cost per share: $40.96 (200+ shares)

Snapshot after pare/price as of 9/23/25 close

Since I am using average cost, there was no change in my average cost per share. 

Dividends: Paid Annually at a variable rate

PRPFX Stock Dividend History & Date | Seeking Alpha

I have taken the dividends in cash for a long time. 

Dividends Paid 2020-2024: $6.06 per share

Last Ex Dividend: 12/4/24

Other Sell Discussions: I have been paring this position this year. Item # 1.B. Sold 10 PRPFX at $68.09 (7/3/25 Post)(profit snapshot = $271.28); Item # 3.E. Pared PRPFX - Sold 10 at $67.16 (6/12/25 Post)(profit snapshot = $261.97); Item # 2.A. Sold 125+ PRPFX at $40.22 (8/7/2017 Post)(profit snapshot = $308.84); Item # 1. Sold 10 of 237+ PRPFX at $66.01 (5/16/25 Post)(profit snapshot = $250.48)(In that post, I included  snapshots of prior realized gains including $590.26 in 2015 which is also included in the total below)

PRPFX Realized Gains to Date: $1,883.43

Other Comments: The allocation target for gold and silver bullion is 25%, 30% for common stocks, 10% for Swiss Franc assets and 35% for Dollar Assets: Sponsor's website: The Permanent Portfolio Family of Funds

The "Dollar Assets" consist of investment grade corporate bonds and treasuries weighted at 31.52% as of 4/30/25, see Holdings at page 5. Swiss government bonds were weighted at 7.66%. Gold and silver bullion at 28.15. Real estate and natural resource stocks were weighted at 15.4%. "Aggressive Growth" stocks were weighted at 18.25%, bringing the common stock allocation up to 33.65%. I would not characterize almost all of the stocks included in the "Aggressive Growth" category as fitting that description.  

The allocations are loosely based on the Talmud: 1/3rd in business, 1/3rd in reserves, 1/3rd in land. Talmudic Investing: an Asset Allocation Strategy of Biblical Proportions - Business Insider Another biblical asset allocation recommendation is in Ecclesiastes 11:2: "Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth."

A more standard Talmud allocation using ETFs would be VTI, VNQ and SHY or SGOV. Vanguard Total Stock Market ETF (VTI); Vanguard Real Estate ETF (VNQ); iShares 1-3 Year Treasury Bond ETF (SHY) or iShares 0-3 Month Treasury Bond ETF (SGOV). I would not own either SHY or SGOV preferring instead to buy treasury bills or short term T Notes at auction with some T Note purchases in the secondary market.

Possibly PRPFX uses Swiss Government bonds priced in Swiss Francs, U.S. investment grade corporate bonds and treasuries as the "reserve" component, with gold and silver bullion being the hard asset substitute for land, and stocks being the allocation to business.

F. Pared LXP in Schwab Account - Sold Highest Cost 5 Shares at $9.36: 

Quote: LXP Industrial Trust  (LXP)

Proceeds: $46.8  

I sold my highest cost 5 shares

Last Discussed: Item # 3.B. Pared LXP in Fidelity Account - Sold 10 at $9.31 (9/21/25 Post) 

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

Profit Snapshot: $6.3

New average cost per share this account: $7.77 (30 shares)

Lots after pare/Price as of 9/23/25 close

I have been selling my highest cost shares which (1) reduces my taxable gain; (2) lowers my average cost per share and (3) increases my dividend yield. 

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

LXP Stock Dividend History & Date | Seeking Alpha

Yield at $7.77: 6.95%

Last Ex Dividend: 6/30/25 (owned 35 as of this account)

Last Earnings Report (Q/E /6/30/25): I discussed this report in a recent post: Item # 3.D. Pared LXP in Fidelity Account - Sold Highest Cost Shares at $9.1 (9/2/25 Post)(profit snapshot = $4.73)  

SEC Filed Press Release and  SEC Filed Supplemental  

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) The share price has improved slightly since Sixth Street made a cash offer for Plymouth Industrial REIT. I would not attribute the share price rise to the last earnings report. 

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: $2,062.67

Dividend Cut: The dividend was cut from $.1775 per share to $.1025 effective for the 2019 first quarter payment. The reduction occurred after LXP disposed of office properties which turned out to be fortuitous. Lexington Realty Trust Announces Disposition of 21 Office Assets for $726 Million to Joint Venture

Annual average total returns through 9/24/25 

10 Year Annual Average total return: 6.98%

Sourced: DRIP Returns Calculator | Dividend Channel

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.