BAX, COLB, COLD, GLTR, JRI, KLC, LGND, PNNT, SBSI, SWK, TGT, UMH, VLY

Dollar Values of Trades Discussed in this Post: 

Treasury Bills Purchased at Auction: $15,000 in principal amount

Outflow Corporate Bonds (no buys, sold 15): $14,985.92 in principal amount (3 bonds bought at discounts to par value were sold at narrower discounts)

Realized Gains Corporate Bonds: $429.61 

Outflow Common Stocks/Stock Funds: $1,289.51

Realized Gain Common Stocks/Stock Funds: $253.89

I am in a stall mode for stocks. My activity is currently irrelevant. 

Inflow Common Stocks: $796.13

Net Outflow Common Stocks/Stock Funds: $493.38

Inflow Bullion ETF: $149.34

++++

In his Meet the Press interview last Sunday, the Secretary of the Treasury was asked whether he would acknowledge that tariffs were a tax on U.S. consumers. Bessent replied "No, I don't". Republicans will never acknowledge that the tariffs are taxes paid by U.S. consumers and will even deny that this is happening now, will continue to occur and will soon accelerate. Secretary Scott Bessent says tariffs are not a tax on the American people

Hormel warned last week in its earning call that it had no choice but to increase prices to recoup input cost inflation, noting for example that pork belly prices had skyrockeded 30% and meat prices were moving much higher after Trump slapped a 76.4%+ tariff on Brazil's meat exports to the U.S. Hormel had experienced a 400 basis point increase in input costs in the Q/E ending 7/27/25. Hormel (HRL) Q3 2025 Earnings Call Transcript | The Motley Fool; Strategic Implications of Brazil's Beef Tariff Crisis for Global Meat Exporters ("Brazil, the world’s largest beef exporter, faced a 76.4% effective tariff on its beef exports to the U.S. after the Trump administration imposed an additional 50% levy on August 6, 2025, on top of an existing 26.4% tax.") Why do republicans lie on this issue? What happened to the Honest Abe party? It is gone and buried where no one will be able to find it. Ken Burns on Trump’s America: 'What’s happened to the party of Abraham Lincoln?' - YouTube

Bessent also represented that the U.S. economy would experience robust growth in the 2025 4th quarter.  Bessent predicts 'substantial acceleration' in economy by end of year - POLITICO (7/25) He is not credible IMO. 

Trump tariffs: Postal traffic to U.S. sank 80% after low-value parcel exemption ended

I discussed the BLS August jobs report in a comment here and in a YT video. A Poor Jobs Report for August Increases the Odds of Stagflation Developing - YouTube

August: 22,000 jobs

June revised to negative 13,000

Average Hourly Wages: Up 3.7% for the 12 months ending in August

Employment Situation Summary - 2025 M08 Results

U-6: 8.1% up from 7.9% 

Table A-15. Alternative measures of labor underutilization - 2025 M08 Results

ADP: Labor market growth slows dramatically in August with U.S. adding just 54,000 jobs

The BLS numbers over the past 4 months, as revised, are consistent IMO with an economy approaching a recession. Concerns about rising prices caused by the republican tariff taxes, particularly on expensive items like cars, has brought a significant amount of spending, normally spread out over a year or so, into the 2025 second and third quarters. 

Federal Reserve's August Beige Book on Prices: 

Job opening data falls to levels rarely seen since pandemic

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Fear of Losing the Midterms Is Driving Trump’s Decisions - The Atlantic (9/8/25) I have previously made the same observation to explain the motive behind several of Trump's recent decisions. He does not want to be investigated by House and Senate committees, and he will be deservedly impeached again, pursuant to multiple separate charges filed after investigations, if the democrats regain control over the House. 

Trump on Truth Social: 'Chicago about to find out why it’s called the Department of WAR’ - YouTube; Trump Threatens Chicago with 'Department of War' | TIME; Trump threatens 'Apocalypse Now'-style action against in Chicago : NPR

Trump's photo is superimposed on the actor, Robert Duvall, who was playing Lt. Colonel Kilgore in the movie Apocalypse Now (1979) - IMDb; Donald Trump Threatens ‘War’ on Chicago with AI 'Apocalypse Now' Image It was Colonel Kilgore who remarked that he loves the smell of napalm in the morning. The Smell of Napalm In the Morning - Apocalypse Now (4/8) Movie CLIP (1979) - YouTube (at 2:)

Donald Trump Asks For $15 Donations to 'Get to Heaven' - Newsweek  That sounds a bit cheap for Trump's normal scams. His bible was more expensive. Donald Trump is selling a 'God Bless the USA' Bible for $60; Sunday services paint Trump as God's chosen one - POLITICO (7/14/25); President Trump: 'I am the chosen one'; Donald Trump Suggests He Was Literally Anointed by God | Vanity Fair  

Trump is viewed by evangelicals as being a modern day King Cyrus, a Persian King Chosen by God according to scripture who had flaws and was an unlikely "vessel" to implement divine will. The biblical story the Christian right uses to defend Trump-Vox This characterization of Trump as an unlikely "vessel" whitewashes Trump's actions and mean spirited words on display for decades.  

Judge says Trump administration unlawfully blocked $2 billion from Harvard;  Ruling at page 79 "Defendants used antisemitism as a smokescreen for a targeted, ideologically-motivated assault on this country's premier universities, and did so in a way runs afoul of the APA, the First Amendment and Title VI. Further, their actions have jeopardized decades of research, as well as reflect a disregard for the rights protected by the Constitution and federal law". Flagrant disregard for the U.S. Constitution is Trump's strongest forte and the most important part of his legacy.  

U.S. judge blocks government from deporting unaccompanied Guatemalan children; Trump just tried to break the law on a holiday weekend - Alternet.org The Trump Administration is ignoring a law that unaccompanied immigrant children must be placed in government run shelters until they can be reunited with a family member or placed in a foster home. Stephen Miller, as expected, criticized the judge for enforcing the law. 

The MAGA Influencers Rehabilitating Hitler - The Atlantic

Trump calls Epstein files distraction from his success, victims want them released The House Republicans have so far managed to prevent the release of any documents that reference Trump as demanded by him. Trump certainly does not want the entire files released and has been so far successful in achieving that result.  Trump warned republicans that voting for the release of those files would be viewed as a "very hostile act". 'Very hostile act': White House sends ominous threat to Republicans over Epstein vote - Alternet.org Why does Trump view the release of those files as a hostile act to him. Why does he want to keep the files secret after promising earlier to release them? Trump was told by Bondi his name appeared multiple times in Epstein files: Report - ABC News

D.C. grand jurors reject latest wave of Justice Dept. indictment requests - CBS News  

Bill Pulte accused Fed Governor Lisa Cook of fraud. His relatives filed housing claims similar to hers: Reuters One of the relatives is his father.

Pentagon officials fume over Trump's costly ‘Department of War’ rebrand - POLITICO The change could cost billions just to change  the seals on more than 700,000 facilities in 40 countries and all 50 states and other changes ranging from letterheads to embossed napkins. Why is the change being made? The answer is simple IMO. Trump is in Sean Hannity's words bat shit crazy.  

I am wondering what Trump's deadline may be now for imposing sanctions on Russia. The meeting in Alaska was more ridiculous than Trump's photo op with Kim in his first term. Donald Trump's 50-Day Deadline to Russia Expires - Newsweek; Trump's deadline for Russia to reach Ukraine ceasefire arrives without movement from Putin - YouTube  

America’s Perón - The Atlantic (subscription publication) Trump's "second term has begun to follow the Peronist playbook of import substitution, emergency declarations, personal dealmaking, fiscal and monetary recklessness, and unprecedented government control over private enterprise." The author discusses the economically catastrophic Peronist policy known as "import substitution industrialization" that Trump is implementing in the U.S. "The approach was intended to fuel domestic growth, but it instead created insular and uncompetitive manufacturing industries saddled with high production costs, bloated finances, and rampant cronyism."  The result was high inflation, unavailable products even at inflated prices and a downtrend in living standards, results that are far removed from the Make America Great Again slogan B.S. 

Labels, Not Law, to Justify Lethal Force: Venezuela Boat Strike Rubio first claimed that the boat was not traveling to the U.S. but to Trinidad located over 1,600 miles from Miami or some other country in the south Caribbean. Rubio: "These particular drugs were probably headed to Trinidad or some other country in the Caribbean, at which point they just contribute to the instability these countries are facing." Secretary of State Marco Rubio Remarks to Press - United States Department of State Trump later decided that the small speed boat was headed to the U.S. and all administration officials thereafter parroted that talking point. Experts skeptical of legality of Trump’s strike on alleged drug boat 

In the immigration raid at the Hyundai plant in Georgia, ICE placed more than 300 South Koreans in handcuffs and chains around their waists. Those images are being broadcast throughout southeast Asia. 

++++

1. Small Ball Sells: 

A. Pared LGND Again - Sold 1 at $161.4: 

Quote: Ligand Pharmaceuticals Inc. (LGND)

LGND Analyst Estimates | MarketWatch

LGND SEC Filings

SEC Filed 2024 Annual Report 

Investment Category: Lottery Ticket Basket

LGND is one of my higher quality Lottos. 

Website: Ligand Pharmaceuticals - Biopharma's Technology and Capital Partner

Last Buy Discussion: Item #1.B. Added to LGND - Bought $30 at $77.22; 1 at $76; 1 at $75; 1 at $73; 1 at $71.8 (3/8/24 Post) 

Profit Snapshot: $85.4 (8/29/24 sale only)

Average cost per share after pare: $72.2 (4 shares)

Dividend: None and none expected

Recent Convertible Notes Offering: Ligand Announces Closing of Convertible Senior Notes Offering (8/14/25). I viewed this offering as favorable to Ligand and its common shareholders, assuming that the proceeds are deployed to generate satisfactory returns on the capital. The principal amount sold was $460M with a .75% coupon raising net proceeds of $445.1 after the underwriting commissions. The initial conversion price is $194.79 (5.1338 common shares per $1,000 in principal amount); SEC Filing  $15M was used to buy back common stock 102,034 shares at $147.01. Another $39.9M was used to establish a hedge for the convertible bond.  

Other Recent News: Ligand and Medtronic Commit $70 Million in Strategic Capital to Orchestra BioMed (7/31/25); Ligand Partner Pelthos Therapeutics Launches ZELSUVMI™ (7/10/25); Ligand Announces Completion of Pelthos Therapeutics Merger with Channel Therapeutics LGND will receive a 13% royalty on worldwide sales of Zelsuvmi excluding Japan. 

Other transactions in 2024-2025 are described at pages 21-23 of the 10-Q. 

Pelthos Therapeutics Inc. (PTHS) is a publicly traded stock. LGND has a 56% ownership interest. 

While LGND has sold most of its shares of Viking Therapeutics Inc. Stock  (VKTX), the company still owns 1 million shares, valued at $26.5M as of 6/30/25 (p. 13, 10-Q) and is entitled to royalties for LGND compounds licensed to Viking that are still in clinical trials. The one furthest alson is VK 2809 for treating NASH. Royalty Portfolio - Ligand Pharmaceuticals I do not know why Viking has not started a Phase 3 trial after reporting favorable Phase 2 results. Viking Therapeutics Announces Positive 52-Week Histologic Data from Phase 2b VOYAGE Study of VK2809 in Patients with Biopsy-Confirmed Non-Alcoholic Steatohepatitis (NASH); Viking liver disease drug reduces fibrosis in final ph. 2 data; Viking Therapeutics VK2809 - Viking Therapeutics

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Press Release and lgnd-10-Q for the Q/E 6/30/25 

Cash and Short Term Investments as of 6/30/25: $245.02M which does not include the proceeds from the convertible note offering discussed above. 

Revenues: $47.627M, up from $41.531M

Revenue Breakdown:  

Revenues from Royalties by Drug: 

Diluted GAAP E.P.S. = $.24

Non-GAAP E.P.S. = $1.6, up from $1.4

Reconciliation:

I do not favor so many adjustments to GAAP, particularly when I am uncomfortable accepting some of them. An example is a $1.44 per share add back in the 2024 second quarter for "Impairment of financial royalty assets". The reason is that part of Ligand's business now is acquiring a royalty stream from another firm's drug. And when the drug fails in a Phase 3 trial, which was the case for soticlestat, the royalty asset becomes worthless and is a loss associated with LGND's operations that include paying for royalty streams. Takeda Provides Update on Soticlestat (TAK-935) | Takeda Pharmaceuticals; Ovid Therapeutics and Ligand Pharmaceuticals Enter into a $30 Million Agreement for a 13% Interest in Soticlestat Royalties (10/18/23) 

Note there were only 19.411M diluted shares outstanding as of 6/30/25, a material number when evaluating the fair value range per share. 

LGND Portfolio Updates can be found at page 31 of the 10-Q. I view it as a positive that Merck announced on 7/9/24 that it would acquire Verona who has an FDA approved drug, Ohtuvayre, for COPD. LGND is entitled to a 3% royalty on sales. 

Prior Sell Discussions: Item # 4.B. Pared LGND - Sold 1.642 Shares at $118.26 (6/26/25 Post)(profit snapshot = $74.39)(I discussed the 2025 first quarter report in that post as well as some issues that I have with the company, SEC Filed Press Release); Item # 3.F. Pared LGND - Sold 1 Share at $118.06 (1/29/25 Post)(profit snapshot = $41.81);  Item # 5.C. Eliminated Duplicate Position In LGND - Sold 2 at $103.69 - Schwab Account (8/21/24 Post)(profit snapshot = $31.19). 

LGND Realized Gains to Date: $232.79 (5+ shares)

B. Eliminated VLY Again - Sold 10 at $10.51: 

Quote: Valley National Bancorp (VLY)

Proceeds: $105.13

"Valley operates many convenient branch office locations and commercial banking offices in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Westchester County, New York, Florida, California, Alabama, and Illinois. Of our current 230 branch network, 55 percent, 18 percent, and 18 percent of the branches are located in New Jersey, New York, and Florida, respectively, with the remaining 9 percent of the branches in Alabama, California, and Illinois combined."

VLY SEC Filings

VLY Analyst Estimates | MarketWatch

Investment Category: Regional Bank Basket Strategy

5 Year Chart Through 8/29/25:

When looking at this chart, I can not find a rational reason to hold this stock long term given the price action and the dividend history discussed below. Starting in 2023, the stock has been whipsawing in a channel, largely between $7.5 and $11. A ten year chart reveals a bottoming process in the $7 to $7.4 range during the early stages of the pandemic 3/2020-10/2020. 

I will consider buying in the $7.5-$8 range and selling near $10.5 until I see something positive or negative in the earnings reports that may cause the channel to shift up or down. 

Profit Snapshot: $18.08

Last Buy Discussions: Item # 2.A. Bought 10 VLY at $8.71 (6/12/25 Post); Item # 1.F. Restarted VLY - Bought 20 at $6.74 (6/7/24 Post) 

Last Elimination: Item # 2.E. Eliminated VLY - Sold 20 at $9.09 (10/31/24 Post)(profit snapshot = $46.91)

Dividend: Quarterly at $.11 per share, slashed from $.1625 effective for the 2013 third quarter and not raised since that slash. 

Valley National Bancorp (VLY) Dividend History | Seeking Alpha

Dividend History: Highly unfavorable IMO 

Next Ex Dividend: 9/15/25 

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

I would not characterize the report as bad but it did not generate much of positive response from me either. 

E.P.S. $.23

NIM: 3.01%

Efficiency Ratio: 55.2% 

Charge off ratio: .31%

NPL Ratio: .72%, up from .6% in the 2024 second quarter. 

Coverage ratio: 163.53% 

Tangible Book Value per share: $9.35 

Owned Available for Sale Securities: I am giving the bank a D- on interest rate risk management which I view as a major negative. 

Unrealized net loss of -$133.892M as of 6/30/25

Held to Maturity Securities: 

Unrealized net loss of -$443.16M as of 6/30/25

10-Q pages 19 and 22 

As previously discussed, banks knew that inflation was soaring in 2021 with the FED continuing to suppress intermediate and long term rates through Q/E. The annual CPI rate hit 8.5% in March 2022. Nonetheless, they continued to own low yielding mortgage backed securities (2% or even less)  that could have been sold in 2021 or early 2022 at a profit or small loss. 

Other Sell Discussions: Item # 3.B. Eliminated VLY - Sold 31+ at $10.83 (1/26/24 Post)(profit snapshot = $111.71); Item # 2.M. Eliminated VLY in Fidelity Account - Sold 15+ at $11.76 and Item # 2.N. Eliminated VLY in Vanguard Account - Sold 15 at $11.75 (2/5/23 Post)(profit snapshots = $134.03); Item # 1.A. Eliminated VLY-Sold 102+ at $10.51 (9/11/2019 Post)(profit snapshot = $33.12); Item # 2.A. Eliminated VLY Sold 51+ VLY at $12.76 (7/25/18 Post)(profit snapshot = $61.76); Item # 2.B. Sold 60 VLY at $12.52 (1/28/18 Post)(profit snapshot = $36.86). Some sales were not discussed but snapshots are included in the main Regional Bank Basket Strategy post linked above.  

Largest Gain: $197.84 in 2016 (not discussed)

2013+ Shares

VLY Realized Gains to Date: $803.24

I am not going to hold onto this stock for very long and will limit my exposure to small ball buys. 

10 Year Annual Average Total Return (dividends reinvested) Through 8/29/25 = 5.5%

Sourced: DRIP Returns Calculator | Dividend Channel

VLY Junior Bond: I owned 2 VLY 4.55% junior bonds that mature on 6/30/25 that were bought at 92.752 on 6/5/23. Item # 3.G. (6/10/23 Post)(YTM at TC was then at 8.447%). 

Profit = $144.96

Junior and senior banks issued by small and mid-sized bank holding companies tumbled in price due to the FDIC seizure of three operating banks in 2023, starting with Silicon Valley, after deposit runs. Preferred stocks and junior bonds issued by a bank holding company will become worthless when the FDIC seizes the operating bank. Senior bonds may retain some value depending on the dollar value of other assets compared to liabilities. 

Equity Preferred Stock: Item # 1.C. Bought 10 VLYPP at $16.31 (6/3/23 Post); Valley National Bancorp 6.25% Preferred Series A (U.S.: Nasdaq) | MarketWatch This is a fixed-to-floating rate preferred stock that paid a fixed coupon to but excluding 6/30/25. The coupon then entered its floating rate period with the coupon resetting every three months at a 3.85% spread to the three month Libor rate which is no longer in existence. The alternate rate is a 3.85% spread to the 3 month SOFR + the tenor spread of .26161% (or a total spread of 4.1116% to the 3 month SOFR).The next ex dividend date is 9/15/25 at a quarterly rate of $.537138 per share (8.59% annualized), indicating that the 3 month SOFR was close to 4.4% on the calculation date. The last fixed rate coupon dividend was at $.3906. Valley National Bancorp 6.25% PFD SER A (VLYPP) Stock Dividend History & Date | Seeking Alpha

C. Pared JRI Again - Sold 10 at $13.48 - Vanguard Taxable Account: 

Quote: Nuveen Real Asset Income & Growth Fund Overview

Proceeds: $134.8

I sold my highest cost 10 shares. 

Sponsor's website: Nuveen Real Asset Income and Growth Fund

JRI SEC Filings

Nuveen Real Asset Income and Growth (JRI) Portfolio | Morningstar Lists top 23 holdings. 

Last Discussed: Item # 4.A. Sold Highest Cost 10 JRI Shares at $13.36 (8/26/25 Post) I will not be adding much here to that recent discussion. 

Last Buy Discussions: Item # 2.A. Added to JRI - Bought 10 at $10.85 - Vanguard Account (4/19/24 Post); Item # 1.A. Added to JRI - Bought 50 at $11.5  (3/22/24 Post); Item # 2.F. Added to JRI - Bought 10 at  $9.98; 10 at $9.74 in Vanguard Taxable Account (10/28/23 Post)

Profit Snapshot: $21.04 (8/29/25 sale only)

New Average cost per share: $9.93 (170+ shares)

Snapshot after pare/Price as of 8/29/25 Close

Reduced from $10.1. 

Dividends: Monthly at $.1335 per share ($1.602 annually)

JRI Stock Dividend History & Date | Seeking Alpha

The dividend has ROC support.  

Yield at $9.83 = 16.3%

Data Date of 8/29/25 Trade: 

Closing Net Asset Value per share: $13.66

Closing Market Price: $13.6

Discount: -.44%

Average 3 Year Discount: -10.26%

Sourced: JRI  - CEF Connect

Snapshots of Other Realized JRI Gains:  I want to keep track of how I am doing trading stocks and stock funds. 

JRI Realized Gains to Date: $849.7

Some other sell discussions: Item # 3.A. Eliminated JRI in my Fidelity Taxable Account - Sold 130 at $12.13 (3/11/23 Post)(profit snapshot = $184.6); Item # 1.I. Pared JRI Again-Sold 12.661 shares at $16.31-Remaining Shares Bought With Dividends in Fidelity Taxable Account (10/1/21 Post)(profit snapshot = $53.03); Item # 2.C. Pared JRI-Sold 22.235 at $16.11(8/6/21 Post)(profit snapshot = $42.31); Item # 2.A. Pared JRI-Sold 30 at $15.9-highest cost shares (6/19/21 Post)(profit snapshot = $14.73); Item # 1.K Eliminated JRI in Schwab Taxable Account-Sold 100 at $11.48  (6/6/20 Post)(profit snapshot = $69.35); Item # 2.A. Sold 102+ JRI at $17.98 (12/22/19 Post)(profit snapshot = $140.67); Item # 1.A. Sold 100 JRI at $17.51(10/30/19 Post )(profit snapshot = $100.41); Item # 4 Sold 100 JRI at $17.23 (10/2/19 Post)(profit snapshot = $40.45). Some profitable sales, including all made in Roth IRA Accounts, were not discussed here.    

D. Pared COLB in Fidelity Account - Sold 5 at $26.6:

Quote: Columbia Banking System Inc. (COLB) - Bank Holding Company

Proceeds: $133

I sold my highest cost 5 shares. 

Investment Category: Regional Bank Basket Strategy

COLB SEC Filings

COLB  Analyst Estimates | MarketWatch

Profit Snapshot: $5.7 (9/2/25 sale only)

The other sales were eliminations of shares bought with dividends. I turned off dividend reinvestment in this account. 

New average cost per share this account: $20.79 (30 shares)

Snapshot Intraday on 9/2/25 after pare

The AC per share was reduced from $21.45. 

Dividend: Quarterly at $.36 per share ($1.44 annually)

COLB Stock Dividend History & Date | Seeking Alpha

Yield at $20.79: 6.926%

Recent News: Columbia Banking System Completes Acquisition of Pacific Premier Bancorp (PPBI)(9/2/25). I eliminated my PPBI position shortly before its acquisition was consummated by COLB. Item # 2. Eliminated PPBI - Sold 50 at $23.255 (8/19/25 Post)(profit snapshot = $121.25); Item # 1.A. Bought 50 PPBI at $20.83 - Schwab Account (5/2/25 Post) 

Last Earnings Report (Q/E 6/30/25): I discussed this report here: Item # 3.D. Added to COLB in Fidelity Account - Bought 5 at $23.45 (7/29/25 Post); SEC Filed Earnings Press Release 

Other Recent Sell Discussions: Item # 4.D. Eliminated 1 of 2 Duplicate Position in COLB - Sold 15 at $25.55 in Vanguard Account (7/9/25 Post)(profit snapshot = $30.91)(discussing this bank's poor interest rate management IMO of owned securities); Item # 1.F. Pared COLB - Sold Highest Cost 10+ Shares in Fidelity Account at (12/5/24 Post)(profit snapshot = $43.05) 

Other Recent Buy Discussions: Item # 1.J. Added to COLB - Bought 2 at $19.81  (6/3/23 Post); Item # 1.J. Added to COLB - Bought 2 at $19.81  (6/3/23 Post); Item # 2.K. Added 1 COLB at $20.31 (5/27/23 Post)  Regional bank stocks had a rough 2023 after 3 mid-sized banks were seized by the FDIC after deposit runs, starting with Silicon Valley. 

E. Eliminated SWK - Sold 5 at $72.35: 

Quote: Stanley Black & Decker Inc.  (SWK)

Proceeds: $361.75 

SWK Analyst Estimates | MarketWatch

SWK SEC Filings

SWK SEC Filed 2024 Annual Report

Profit Snapshot: $74.8

Last Discussed: Item # 1.G. Started SWK - Bought 5 at $57.59 (4/18/25 Post) I was going to average down with more purchases, but the price rose after my buy. As noted in that post, the stock was in a major bear market that IMO has not yet been resolved by the rally since my purchase. 

5 Year Chart as of 9/3/25

A major concern is the negative impact of the republican tariff taxes on profit margins. 

Dividend: Quarterly at $.83 per share

SWK  Stock Dividend History & Date | Seeking Alpha

Last Ex Dividend: 9/2/25. I sold on the ex dividend day. 

Last Earnings Report (Q/E 6/30/25): 

SEC Filed Earnings Press Release and SEC Filed Supplemental 

Revenues: $3.9B, down 2%

GAAP E.P.S. $.67 up from ($.02)

The 2024 second quarter was hit with a $153.8 environmental charge.  

Non-GAAP E.P.S. $1.08, down from $1.09

Reconciliation: 

Free Cash Flow: $134.7M, down from $485.8M

F. Eliminated PNNT - Sold 10+ at $7.23+: 

Quote: PennantPark Investment Corp. (PNNT)

Proceeds: $75.93

Management: External 

SEC Filings

Annual Report for the F/Y Ending 9/30/24 (Risk summary starts at page 21 and ends at page 38)

Website: Investors | PennantPark

Problems: As with other BDCs, net investment income (NII) is trending down due to variable rate loans repricing at lower coupons, a problem that will be aggravated by further cuts in the federal funds rates. BDC variable rate loans are generally priced at spreads to short term SOFR rates which will move in tandem with changes in the FF rate.   

As NII per share has trended down, the cost of refinancing matured senior unsecured debt has risen, further squeezing net interest margins.   

Pennant's NII per share for the Q/E 6/30/25 was $.18, falling well short of the $.24 per share in dividends paid during that quarter. 

Another potential issue is that nonperforming loans will significantly increase with a recession. 

Many BDCs have already experienced an acceleration of nonperforming loans over the past year 

Last Discussed: Item # 3.D. Eliminated Duplicate Position in PNNT - Sold 26+ at $6.96 (1/29/25 Post) 

Profit Snapshot: $43.52

Last Buy Discussions: Item # 3.L. Added to PNNT - Bought 5 at $4.95; 5 at $4.75  (5/6/23 Post); Item # 1.F. Bought 5 PNNT at $5.11 (4/15/23 Post)

Dividend: Monthly at $.08 per share

PNNT Dividend History | Seeking Alpha

Next Ex Dividend: 9/15/25

Net Asset Value per share history: Unfavorable IMO

6/30/25:     $7.36

12/31/24:    $7.57

9/30/24:    $7.56

9/30/23:     $7.7

12/31/22:    $7.11    10-Q at page 4 

12/31/21:    $10.11  10-Q at page 4

12/31/20:   $8.79   10-Q at page 4

12/31/19     $8.79

06/30/19   $8.74

12/31/18     $9.05

12/31/17     $ 9.1

12/31/16     $ 9.11
12/31/15     $ 9.02
9/30/15      $ 9.82
12/31/14     $10.43
9/20/14      $11.03
12/31/13     $10.8
12/31/12     $10.38
12/31/10     $11.14
9/30/10      $10.69
12/31/09    $11.86
12/31/08    $10.24
12//31/07   $12.07

9/30/07      $12.83

IPO at $15 Prospectus April 2007 

Last Earnings Report (Q/E 6/30/25): This is for the third fiscal quarter. 

SEC Filed Press Release 

NII per share: $.18

Net asset value per share: $7.36 

10-Q at page 51

90% variable rate loans/10% fixed

4 loans on nonaccrual representing 2.8% and .7% of the portfolio on a cost and fair value basis. 

Company Estimate of How Interest Rate Changes Impact NII:  

10-Q at page 65 

PNNT Realized Gains to Date: $261.63 includes $136.81 in Roth IRA accounts

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

Current Position: None

G. Pared SBSI - Sold Highest Cost 10 Shares at $31.75: 

Quote: Southside Bancshares Inc. (SBSI)

Proceeds: $317.5 

Investment Category: Regional Bank Basket Strategy

SBSI Analyst Estimates | MarketWatch

SBSI SEC Filings 

Profit Snapshot: $5.35

New Average cost per share: $28 (20 shares)

Snapshot Intraday on 9/5/25 after pare

The AC per share was reduced from $29.07.

Dividend: Quarterly at $.36 per share ($1.44 annually)

SBSI Stock Dividend History & Date | Seeking Alpha

Yield at $28: 5.14%

Last Ex Dividend: 8/21/25 (owned all as of)

Last Earnings Report (Q/E 6/30/25): I discussed that report here: Item # 1.C. Added to SBSI - Bought 5 at $28.65; 5 at $28.2 - Schwab Acount (8/12/25 Post);  SEC Filed Press Release

Some Sell Discussions: Item # 3.F. Eliminated SBSI - Sold 5 at $37.51 (11/14/24 Post)(profit snapshot = $55.21); Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.13); Item # 1.D. Sold 1 SBSI at $39.8 (4/1/21 Post)(profit snapshot = $12.82); Item # 2.B. Sold 50 SBSI at  $21.27 (4/29/13 Post)(profit snapshot +$39.37); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshot = $208.69) Realized gains in Roth IRA accounts were not discussed but are included in the total below. 

SBSI Realized Gains to Date: $661.48 

2. Corporate Bonds: 

A. Sold 1 Entergy Louisiana 4% First Mortgage Bond Maturing on 3/15/33 at 95.082 - Vanguard Account:

Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR) 

Proceeds at 94.982 after $1 Commission

Principal Received: $949.82 

Accrued Interest Received from buyer: $18.22

Profit Snapshot: $17.12

Finra Page: Bond Page | FINRA.org

Prospectus

Credit ratings: A2/A

B. Sold 1 Entergy Louisiana 5% First Mortgage Bond Maturing on 7/15/2044 at 92.003: 

Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR) 

Proceeds at 91.903 after $1 commission

Principal Amount Received: $919.03 

Accrued Interest Received from Buyer: $6.53

Discussed at Item # 2.I. Bought 1 Entergy Louisiana 5% First Mortgage Bonds Maturing on 7/15/44 at a Total Cost of 86.683  (5/29/25 Post) 

Profit Snapshot: $52.2

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: A2/A

C. Sold 2 Virginia Electric & Power 5% SU Maturing on 1/15/34 at 100.489: 

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

D SEC Filings

Proceeds at 100.389 after $1 per bond commission

Principal Received: $2,007.78 after commission

Accrued Interest Received from Buyer: $13.61 

Discussed at Item # 2.A. Bought 2 Virginia Electric Power 5% SU Maturing on 1/15/34 at a Total Cost of 98.123 (4/25/25) 

Profit Snapshot: $45.32

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/BBB+

D. Sold 2 Public Service of Oklahoma 5.25% SU Maturing on 1/15/35 at 100.399: 

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

AEP SEC Filings

Proceeds at 100.299 after $1 per bond commission

Proceeds Received: $2,005,98

Accrued Interest Received from Buyer: $14.16

Discussed at Item # 4.A. Bought 2 Public Service of Oklahoma 5.25% SU Maturing on 1/15/25 at a Total Cost of  97.161 (5/23/25 Post) 

Profit Snapshot: $62.76

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa1/BBB+

E. Sold 1 Entergy Texas 5.15% First Mortgage Bond Maturing on 6/1/45 at 92.915:

The fill was at a higher price than my limit order. 

Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)

Entergy Corp. (ETR)

Proceeds at 92.815 after $1 commission

Principal Received: $928.15

Accrued Interest Received form buyer: $13.45

Discussed at Item # 2.F. Bought 1 Entergy Texas 5.15% First Mortgage Bond Maturing on 6/1/45 at a Total Cost of 90.54 (6/26/25 Post) 

Profit Snapshot: +$22.75

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: A3/A

F. Sold 2 Essex Property Trust 5.5% SU Maturing on 4/1/34 at 103.623: 

Issuer: Operating entity for the apartment REIT Essex Property Trust Inc.  (ESS) who guarantees the note. 

ESS SEC Filings

Proceeds at 103.523

Principal Received $2,070.46 after $2 commission

Accrued Interest Received from Buyer: $47.06

Discussed at Item # 2.D. Bought 2 Essex Property 5.5% SU Maturing on 4/1/34 at a Total Cost of 99.066 - Interactive Brokers Account (4/25/25 Post) 

Profit Snapshot: $89.14

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: Baa1/BBB+ 

G. Sold 2 American Honda Finance 5.2% SU Maturing on 3/5/35 at 100.957- Interactive Brokers Account:

Issuer:  American Honda Finance Corporation (AHFC)  is a wholly-owned subsidiary of American Honda Motor Co., Inc. (AHM). Honda Canada Finance Inc. is a majority-owned subsidiary of AHFC. AHM is a wholly-owned subsidiary  of Honda Motor Co., Lt. which has an A3 rating from Moody's. 

American Honda Finance SEC Filings 

Proceeds at 100.857 after $1 per bond commission. 

Principal Received $2,017.14

Discussed at Item # 4.C. Bought 2 American Honda Finance 5.25% SU Maturing on  3/5/25 at a Total Cost of 99.245  (7/3/25 Post)  

Profit Snapshot: $32.24

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A-

H. Sold 2 Evergy Kansas 5.25% First Mortgage Bonds Maturing on 5/15/35 at 102.31: 

Issuer: Wholly owned operating subsidiary of the utility holding company Evergy Inc.  (EVRG).

EVRG SEC Filings

Proceeds at 102.21 after $1 per bond commission

Principal Received: $2,044.2 after commission

Accrued Interest Received from Buyer: $51.04

Discussed at Item # 4.H. Bought 2 Evergy Kansas 5.25% First Mortgage Bonds Maturing on 3/15/35 at a Total Cost of 99.149- Interactive Brokers Account (5/23/25 Post) 

Profit Snapshot: $61.22

Finra Page: Bond Page | FINRA.org

Prospectus

Credit Ratings: A2/A

I. Sold 2 Florida Power & Light 5% First Mortgage Bonds Maturing on 8/1/34 at 102.268: 

Issuer: Operating utility wholly owned by the utility holding company NextEra Energy Inc. Stock (NEE).

NEE SEC Filings 

Proceeds at 102.168 after $1 per bond commission

Principal Received: $2,043.36 after commission

Accrued interest received from buyer: $10.28

Discussed at Item # 5.G. Bought 2 Florida Power & Light First Mortgage Bonds Maturing on 8/1/34 at a Total Cost of 99.285 - Interactive Brokers Account (6/5/25 Post) 

Profit Snapshot: +$46.86

Finra Page: Bond Page | FINRA.org

Bond Prospectus

Credit Ratings: Aa2/A+

3. Treasury Bills Purchased at Auction: 

A. Bought 10 Treasury Bills at the 9/3/25 Auction -Fidelity Account: 

119 Day Bill

Matures on 1/6/26

This is the first 4 month bill auctioned this year that matures in 2026. By holding this bill until maturity, the interest income will be taxed in 2026. 

Interest: $131.07

Investment Rate: 4.073%

I am postponing purchases of more T Bills at auction until I review the CPI report for August which will be released on 9/11/25.

B. Bought 5 Treasury Bills at the 9/8/25 Auction- Schwab Account: 

182 Day Bill

Matures on 3/12/26

Interest: $94.29

Investment Rate: 3.854%

This IR is consistent with a near future 50 basis cut in the FF range to 3.75% to 4%. I made a last minute decision to buy this T Bill in my Schwab account knowing that the investment rate would be below 4% as an alternative to keeping money in the Schwab sweep account that pays almost nothing and to shift tax recognition of the interest income into 2026. 

I do keep some funds in a purchased money market account at Schwab that currently has a 7 day SEC yield of 4%. That yield will fall fast after a Fed rate cut. I am not planning on adding to that MM fund. 

I have lost interest in treasury bills. I may continue buying them in limited amounts in my Schwab account for the reasons discussed in the prior paragraph. 

4. Small Ball Buys: 

A. Bought 30 KLC at $6.94: 

Quote: KinderCare Learning Cos. (KLC) 

Cost: $208.18

KLC  "offers early childhood education and care programs to children ranging from six weeks through 12 years of age". As of 6/28/25, the company provided "early childhood education and care services through 1,589 centers with a licensed capacity of 212,901 children in 40 states and the District of Columbia." 10-Q at page 7

Investment Category: Lottery Ticket Basket

KLC SEC Filings 

SEC Filed 2024 Annual Report The fiscal year ended on 12/28/24.  

KLC Analyst Estimates | MarketWatch As of 9/4/25, the average E.P.S. estimate for 2025 was at $.77; at $.9 in 2026 and at $1.05 in 2027. If those estimates prove spot on, then the stock is undervalued IMO based on the forward P.E.G and P/E ratios. 

A private equity firm, Partners Group Holding AG, took KLC public in an October 2024 IPO. The public offering price was $24 per share. Prospectus The company sold 24M shares plus an additional 3.6M in the greenshoe allotment. The net proceeds was reported at $616.1M after $36.4M in underwriting discounts/commissions and offering expenses of about $9.4M. Of the net amount, $608M was used to pay off a first lien credit facility. (Annual Report at page 41) 

Dividend: None and none expected

Last Earnings Report (Q/E 6/28/25): 

SEC Filed Press Release 

Weighted average diluted shares: 118.371M

Revenue: $700.11M, up from $689.933M

GAAP E.P.S. = $.33, up from $.32

Adjusted E.P.S. = $.22, up from $.15

6 Month GAAP Diluted E.P.S. = $.5, up from $.3

6 Month Adjusted GAAP Diluted E.P.S. $.45, up from $.26

The largest deduction from GAAP earnings was $26.050M in the 2025 second fiscal quarter for Covid-19 Related Stimulus (see footnote 6 in the snapshot below)

Reconciliation: 

B. Added 5 COLD at $14.25; 5 at $13.95; 5 at $13.75:

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

Cost: $209.7

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

Investment category: Equity REIT Common and Preferred Stock Basket Strategy

COLD SEC Filings

New average cost per share: $15.87 (60 shares)

I am gradually working my way up to 100 shares. Each subsequent purchase has to be at the lowest price in the chain.  

The AC per share was reduced from $16.5 (45 shares).

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

COLD Stock Dividend History & Date | Seeking Alpha

Yield at $15.87: 5.8%

Next Ex Dividend: 9/30/25

Last Earnings Report (Q/E 6/30/35): I discuss this report here: 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 As discussed in that post, investors were disappointed by this report. 

C. Added to BAX - Bought 5 at $23.5: 

Quote:  Baxter International Inc. (BAX)

Cost: $117.48

BAX Analyst Estimates | MarketWatch 

BAX SEC Filings

BAX 2024 SEC Filed Annual Report

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

Investment Category: Lottery Ticket 

All hope is not yet lost. The stock  fits into my contrarian value category but only with a cautious approach to buying. 

New Average cost per share: $23.78 (10 shares)

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

BAX Stock Dividend History & Date | Seeking Alpha

Yield at $23.78: 2.86% 

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

D. Added to UMH - Bought 5 at $15: 

Quote: UMH Properties Inc. (UMH)

Cost: $75 

UMH SEC Filings

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

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Website: UMH Properties | Manufactured Home Sales & Home Communities

Last Discussed:  Item # 5.A. Added 15 UMH at $15.59 (9/2/25 Post)

New Average cost per share: $16.25 (55 shares)   

I am gradually working my way up to 100 shares. 

Dividend: Quarterly at $.225 per share ($.90 annually)

UMH Stock Dividend History & Date | Seeking Alpha

Yield at New AC = 5.54%

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

E. Added to TGT - Bought 1 at $93.81; 1 at $91.8: 

Quote: Target Corp. (TGT)

Cost: $185.77

TGT SEC Filings

SEC Filed Annual Report for the F/Y Ending 1/1/25

TGT Analyst Estimates | MarketWatch

I believe that institutional investors are currently skeptical that Target will solve its two main problems: WalMart and Amazon. The stock has been in a major bear market starting in 2022 and does not yet show any signs of bottoming IMO.   

New Average cost per share: $94.07 (3 shares)

Dividend: Quarterly at $1.14 per share ($4.56 annually)

TGT Stock Dividend History & Date | Seeking Alpha

Yield at $94.07: 4.8475%

Last Ex Dividend: 8/13/25

Last Earnings Report (Q/E 8/2/25): I discussed this report and the reasons for my caution here: Item # 3.L. Started TGT as a Placeholder - Bought 1 at $96.43 (8/26/25 Post); SEC Filed Press Release

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

Maximum Position (assuming no significant improvement in earnings): 10 shares

F. Restarted GLTR as a Placeholder - Bought 1 at $149.34: 

Quote: abrdn Physical Precious Metals Basket Shares ETF Overview 

Bullion Allocations as of 7/31/25: 

Last Discussed: Item # 5. Sold 5 GLTR at $73.67 (8/28/2019 Post)(profit snapshot = $29.09) -  Item # 2.A. Bought 5 GLTR at $67.85 (7/10/19 Post)

I own gold and silver bullion which causes me to lack interest in bullion ETFs. And, it does not help from a psychological standpoint in buying this ETF at $149+ after selling shares at $73.67. 

A placeholder position is just a reminder that I may want to buy more shares at lower prices.  

GLTR Page at  Morningstar

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.