ACCO, GMRE, GMREPRA, GMREPRB, KIM, NBXG, NSAPRA, NWBI, OFS, OLP, RYN, SAFE, UMHPRD, WEN

Dollar Value of Trades Discussed in this Post: 

Treasury Bills Purchased at Auction (Item # 3): $40,000 in principal amount. 

I am going to temporarily reduce my T Bill purchases in December. One reason for buying $40-$50K per week over the past several weeks was to move the tax recognition of income into 2026 which is of less importance now with only 1 month left in 2025.   

Inflow Small Ball Common Stock/Stock Funds (Item # 1): $1,250.78 

Current Annual Dividends from Stock/Stock Fund Buys = $98.29

Yield at $1,250.78 Total Cost: 7.86%

Inflow Equity REIT Preferred Stocks (Item # 2): $887.37

Weighted Average yield REIT Preferred Stock Buys: 7.36% ($65.32 in annual dividends)

Dividend Income Added last week: $163.61 

If I maintained that pace for 25 weeks, I would add $8,507.72 in dividend income annually. 

I did buy 5 municipal bonds yesterday, rated at AA+ by S&P, that I will discuss in my next post. The tax free yield was over 4%. I will generally try to generate $8K to $9K annually from tax free interest payments which requires me to replace tax free income lost through early redemptions and maturities. 

November Treasury Yield Curve: 

The Treasury Department changed the design of this table.

5 Year TIP Breakeven Inflation Rate: 2.48%

Gundlach sees one of the 'least healthy' stock markets of his career

P/E Ratios and Dividend Yields of Major Stock Indexes: 

P/E & Yields

+++

Bond Ladder Maturities in January 2026: The following snapshots highlight a problem using a bond ladder approach, which includes T Bills as the largest weighting, when short term interest rates are trending down. This is my low tech way of keeping track of scheduled maturities across 4 taxable accounts and 2 RI accounts. 

Breakdown in January 2026 Maturities: 

Treasury Bills: $131,000

Treasury Notes: $4,000

TIP: $1,000 (Roth IRA)

Corporate Bonds: $42,000

Folders are used when there are more than 1 snapshot.  All corporate bonds are bought at discounts to par value. All Treasury Bills are purchased at auctions. T Notes are purchased at auctions and in the secondary market. 

The downside of lower short term rates is apparent. 

I am only gradually replacing some of the anticipated lower interest income next year with purchases of dividend paying common stocks and other securities including equity preferred stocks. 

A total replacement will not happen given my capital preservation objective being a higher priority for me than income generation and realized trading profits. 

The weighting in T Bills is designed to meet my capital preservation objective while generating income with no possibility of trading profits. I have never sold a T Bill prior to maturity. I will occasionally trade T Notes and TIPs

Early Redemption Notices Received Last Week - Fidelity Account Only:  

Last week, I received notifications from Fidelity that the following corporate bonds would be called early: 

The constant stream of early redemptions only add to my growing reinvestment problem.  

+++

Economy: 

MIT study finds AI can already replace 11.7% of U.S. workforce

A ‘tale of two retirements’ shows only the rich are saving more — while most Americans are putting away much less - MarketWatch (subscription publication)

Consumer confidence hits lowest point since April as job worries grow (11/25/25); US Consumer Confidence Report

The seasonally adjusted U.S. retail and food sales advance sales estimate for September was reported at +.2%, down from .6% in August. marCensus Bureau Advance Retail Sales for September.pdf The consensus for September was at .3%.   

S&P Case Shiller September Home Price Index.pdf The 20 metropolitan areas tracked in this index experienced month-to-month declines. Over the past 12 months ending in September, the home price index for the 20 metropolitan areas rose 1.3% after seasonal adjustments, down from 1.4% through August. 

Median priced homes are becoming unaffordable for far too many median income households. I am expecting a downward price adjustment in new home prices which is already occurring through non-price concessions offered by homebuilders. NAHB/Wells Fargo Housing Market Index (HMI) | NAHB ("the latest HMI survey also revealed that 41% of builders reported cutting prices in November, a record high in the post-Covid period and the first time this measure has passed 40%. Meanwhile, the average price reduction was 6% in November") 

NAR Pending Home Sales Report Shows 1.9% Increase in October Sales were down .4% year-over-year. 

More home sellers are taking listings off the market, Redfin says The report claims that home sellers are removing listings at the fastest pace in nearly a decade. 

How device hoarding by Americans is costing economy  

HP (HPQ) Q4 earnings report 2025 The company lowered guidance and announced layoffs of 4,000 to 6,000. 

 +++

Trump and His Authoritarian Party: 

Appeals court upholds $1M penalty against Trump and his Attorney Alena Habba over 'frivolous' Hillary Clinton lawsuit; Decision.pdf The 3 judge appeals court panel, which included judges appointed by Trump and Bush, upheld the District Court's finding that ordered Trump and Habba to pay a $1M penalty for their bad faith lawsuit, noting that the lawsuit was filed to harass Hillary Clinton and other defendants and was pursued for political purposes. 

The full amount needs to be collected only from Habba IMO, since one way to stop Trump from engaging in frivolous lawsuits is to monetarily punish the lawyers that file them. Maybe the defendants in that dismissed Trump suit will file a malicious prosecution claim as well and seek a large punitive damage award in addition to compensatory damages. 

Pentagon says it might recall Sen. Mark Kelly to military service for court martial over ‘illegal orders’ video; Pentagon investigates Senator Mark Kelly (D) for telling troops to refuse 'illegal orders' - NPR Hegseth and Trump want to recall Senator Kelly for active duty and then try to court martial him for making an accurate statement about the law. 

Unlike Bone Spurs Trump who avoided military service and once said avoiding venereal disease was his Vietnam, Kelly was a navy fighter pilot during Operation Desert Storm flying 39 combat missions, and later served as an astronaut. Donald Trump Avoided the Military Draft 5 Times - Business Insider; Trump Once Compared Avoiding STDs to His 'Personal Vietnam'? | Snopes.com

The Hegseth controlled "Department of War" claimed that its investigation would be impartial and fair which is ludicrous IMO. This investigation provides another example of the growing authoritarianism of the U.S. Government that includes suppression and punishment of criticism and dissent and republicans are okay with it provided the targets are democrats or Trump critics.

Hegseth’s Self-Incriminating Response to That Ad - The Atlantic (subscription publication)

FBI seeks interviews with six Democrats Trump accused of 'seditious behavior' There is nothing to investigate. The purpose of this inquiry is government intimidation of democrats by a rogue DOJ and FBI who are not operating independently of Trump, nor are they even making a pretense of doing so. The DOJ and FBI will do whatever Trump demand pops into his vindictive and reptilian brain without following any internal guidelines that existed in the past. 

The Justice Department Hits a New Low with the Epstein Files | The New Yorker; Bondi orders prosecutor to probe Epstein ties to prominent Democrats - YouTube Bondi is only following Trump's orders in her usual totally servile manner, as is the lead DA for the Southern District of New York, the republican Jay Clayton. Trump, amid Epstein furor, directs Bondi to investigate Democrats - POLITICO Earlier this year, Bondi represented that there was nothing to investigate. 

Bomb threat reported at Rep. Maggie Goodlander's Concord office She was one of the Democrats who summarized the law about the duty to disobey illegal orders. 

Trump Says 'Are You a Stupid Person?' to Female Reporter During Thanksgiving Q&A Trump knows that he will not suffer any pushback from republicans when making a constant stream of misogynistic comments and consequently feels free to make them.  Trump Makes Sexist Insults About Pelosi, Harris in Final Campaign Stretch; How Trump’s Reelection Legitimizes Misogyny and Sexual Violence; Against the Normalization of Trump’s Misogyny - Ms. Magazine 

Trump has also made juvenile name calling a legitimate form of political discourse in the U.S.. Any fact based criticism of Trump can be dismissed, not with anything resembling a fact based response, but by simply saying the critic has Trump Derangement Syndrome.  

Sen. Jim Justice (R- WV) sued for $5.1 million in unpaid federal taxes

This Is NOT Normal - Donald Trump’s Empire of Corruption - YouTube

Kristi Noem made final call on deportation flights after judge ordered planes to turn back, DOJ says Will she be held in criminal contempt of a court order? Judge to revive criminal contempt proceedings in Alien Enemies Act case

The few Indiana republican state legislators, who have so far resisted Trump's demand to gerrymander the only 2 democrat held congressional districts out of existence, are receiving death threats and will be primaried by those more willing to follow Trump's orders with the support of the Indiana republican governor Mike Braun, unless they follow orders soon. The Fear Taking Hold Among Indiana Republicans - The Atlantic; 'They'll change their mind' | Gov. Braun says redistricting battle isn't over, threatens political consequences for opponents  | wthr.com; GOP-led Indiana legislature to reconvene on redistricting, pushing for 9-0 map - CBS News 

Indiana Republican A 'No' On Redistricting After Trump Uses Disability Slur  That republican has a daughter with Down syndrome. 

I suspect that Braun and Trump will eventually be successful in their anti-democracy plan. 

The republicans in Tennessee successfully prevented Nashville from electing a Democrat again by dividing up the city into three pieces and then joining each piece with heavily republican rural areas and small towns. 

That is the republican anti-democracy blueprint for Indiana. 

Indianapolis is currently the 7th Congressional District in Indiana and is represented by a Democrat who won reelection in 2025 with 68.3% of the vote. Indiana House District 7 Election 2024 Results By cutting up the city into pieces and joining each piece with heavily Trumpified rural areas, the Democrat incumbent would have no chance to win re-election and no chance of losing without the gerrymander except to another Democrat.

The other Democrat held District is in the Northeast section centered in Gary, East Chicago and other urbanized areas located in the Indiana side of the Chicago metropolitan areas.  

Swiss lawmakers file bribery complaint after gifts to Trump reduced tariffs - Alternet.org

Karoline Leavitt’s relative in ICE detention is part of Trump’s ‘random and cruel mass deportation campaign,’ lawyer says | The Independent 

Teen flying to see family at Thanksgiving deported to Honduras in ‘Draconian nightmare’ | The Independent She was a 19 year college student who had been in the U.S. since she was 14. Cruelty is an objective. Trump enjoys being mean and cruel or what the psychologist John Gartner calls joyful cruelty and sadism. 'Trump will not make it to the end of this term compos mentis' | Psychologist analyses Trump - YouTube (see at 1:28 on)

Hegseth Ordered Second Strike to Kill Caribbean Boat Survivors: Report | Military.com Part of Hegseths resposne on X: "As usual, the fake news is delivering more fabricated, inflammatory, and derogatory reporting to discredit our incredible warriors fighting to protect the homeland."

The Putin-Trump Peace Plan for Ukraine's Intermediate Term Absorption into the Russian Federation:  

Report: Witkoff told Russian aide how Putin should pitch peace plan to Trump - YouTube

Why Does Steve Witkoff Keep Taking Russia’s Side? - The Atlantic (column written by Anne Applebaum)

28-point plan Ukraine: A stunning leak sheds light on the Trump admin’s cozy ties with Russia.

Trump Reacts to Report Witkoff Advised Russia on Ukraine Deal - Newsweek

U.S. Army secretary Dan Driscoll warned Ukraine of imminent defeat while pushing initial peace plan Driscoll was trying to convince Ukraine to accept the 28 point Putin-Trump capitulation plan for Ukraine. Part of his effort was to announce that the U.S. defense industry "could not keep supplying Ukraine with the weapons and air defenses at the rate needed to protect the country’s infrastructure and population, the sources said."  

Why is the Army Secretary involved in diplomatic negotiations? 

As Driscoll was meeting with the Ukrainians, Russia attacked an apartment building in Ternopil murdering at least 34 persons, including children, and injuring at least 94. Ukraine raises death toll from Ternopil missile strike to 34 | Reuters

Why would anyone trust Russia who has waged war targeting civilians including children and civilian structures, for almost 4 years while denying that it has done so? Russia can not be trusted to honor any agreement, but will simply take what it is given and renege on all of its material obligations while justifying its treaty violations with some B.S. excuse. 

Russia Has Violated 190 Agreements, Says Military Analyst Michael Clarke — UNITED24 Media

Rubio says Trump’s Ukraine peace plan is Russia’s 'wish list,' senators say When Ukraine did not quickly accept the Putin peace plan at Trump's insistence, Trump said Ukraine was expressing ingratitude. Trump accuses Ukraine of ingratitude as officials meet in Geneva to discuss U.S. peace plan  

A slightly less lopsided plan in favor of Russia with 19 bullet points was reportedly rejected by Russia with some comments indicating that the revisions needed "serious discussion".   

Putin made it clear that Russia's hard line was unchanged and the bullet points were just items up for discussion. Russia ready to 'fight to the last Ukrainian,' Putin says amid US peace drive - ABC News

There were several reports that Russia wanted more concessions than what was already provided in the 28 bullet points. Russian Offensive Campaign Assessment, Nov. 24, 2025 | Institute for the Study of War 

The so called security guarantee in the Putin-Trump "peace" plan is mushy at best and not likely to result in NATO countries coming to Ukraine's defense in a battle against another invading Russian army.  The 28 point plan says that NATO forces can not enter Ukraine, nor will Ukraine be allowed to join NATO. So where is the robust security guarantee? Trump would never allow U.S. troops to engage Russian troops that subsequently invaded what remains of Ukraine. There are no security guarantees.  

Trump has been trying to coerce Ukraine to accept Putin's "peace" plan since he started his second term. The question is why. 

I discussed this topic in a YT videos published about 1 year ago and 8 months ago. Ongoing U S Efforts to Coerce Ukraine to Surrender and to Accept Putin's Plan for Ukraine - YouTube; Putin-Trump "Peace" Plan for Ukraine - YouTube Other links to my YT videos include (1) Mark Esper on Trump's Comment about NATO and Russia - YouTube; (2) Putin and Trump - YouTube; (3) Putin and Trump Part 2 - YouTube

Ukraine's chief negotiator is under investigation for corruption and resigned last week. Ukraine's top peace negotiator quits after raid by anti-graft police | REUTERS - YouTube

Trump's Revenge Criminal Indictments of Comey and James: 

Trump ordered the DOJ to bring these indictments, and his DOJ complied with that order. ‘We can’t delay any longer’: Trump urges Bondi to prosecute his rivals - POLITICO

Trump DOJ stumbles with failed Comey, Letitia James prosecutions; DOJ vows to appeal after judge tosses Comey & James cases - YouTube; Orders.pdf The District Court judge found that Bondi had illegally appointed Lindsey Halligan in violation of the Constitutions Appointments Clause and 28 U.S.C. §546. Judge dismisses cases against James Comey and Letitia James after finding prosecutor was unlawfully appointed  The District Court has not made a decision whether or not to toss the cases as vindictive prosecutions ordered by Trump, which they are, having tossed them on a narrower ground. Trump's DOJ is appealing the dismissal.  

I would not predict how the results oriented republican Justices will rule, though it is clear to me at least that the District Court was correct in finding Halligan was illegally appointed.  

If another attorney had been willing to sign the indictment and present the case to the GJ, then this would not have been an issue. 

But Halligan was the only government attorney then in the Eastern District of Virginia willing to bring the charges after Trump fired the interim republican DA that he appointed who was unwilling to bring criminal charges. 

Halligan was also the only government attorney willing to appear before the Grand Jury and to sign the indictment. 

There are other reasons to dismiss the indictment in case the republican Justices reinstate the criminal case on appeal after finding that the President and AG can appoint and fire federal D.A.s whose appointments have not been confirmed by the Senate until they find one willing to bring criminal charges against someone on Trump's enemies list. No one should be surprised if that result in fact happens with a reversal on appeal.  

There are several reasons why the DOJ has rarely brought criminal charges against someone who signed paperwork claiming a second home as a primary residence. Exclusive: Charging Trump foes over mortgage misstatements would be rare step, data shows | Reuters

It is almost impossible to prove beyond a reasonable doubt that there was an intent to commit mortgage fraud. People sign those papers without reading them and frequently the loan officer knew, confirmed by paperwork in the file, that the loan was not for the primary residence which was the case in Lisa Cook matter as Our Dear Leader and his subservient and docile DOJ know. Lisa Cook bank docs appear to contradict mortgage fraud allegations And frequently no benefit is obtained in the mortgage rate that would have been the same based on the credit profile of the borrower. 

I would add that Trump's DOJ is continuing to pursue its case against Lisa Cook notwithstanding knowing that the mortgage document states that the loan is for a second home. Trump's Signature on Birthday Card - Lisa Cook Documents Disprove Fraud & BDC & REIT Stocks - YouTube 

{The WSJ needs to seek damages against Trump and his lawyers for  claiming the WSJ story about Trump's signature on the Epstein birthday card was defamatory. It is not enough just to have that frivolous suit tossed. Those responsible for bringing it need to be financially punished. I have snapshots of authenticated Trump signatures with the one on the Epstein birthday card in my 9/13/25 Post)} 

And when will Bill Pulte refer to Pam Bondi for criminal prosecutions republican politicians who signed a mortgage document claiming that a second home was a primary residence. This will never happen of course. Only democrats are being targeted by Trump, Pulte, and Bondi. Three Trump Cabinet Members Have Multiple Primary-Residence Mortgages — ProPublica  That is only the tip of the iceberg of republicans who will not be criminally charged with mortgage fraud for claiming multiple primary residences in mortgage documents.  

Trump has successfully weaponized the DOJ and FBI to criminally prosecute his critics. This last happened during Nixon's Presidency when John Mitchell, later convicted of felonies including perjury, conspiracy against the U.S. (18 U.S. Code § 371) and obstruction of justice, was the AG.  

Rep. Eric Swalwell sues housing official who's made multiple criminal referrals for Trump critics - CBS News; Eric Swalwell sues Trump official over mortgage fraud accusations;  Swalwell Complaint .pdf

++

Trump's Routine Juvenile Comments:

Trump Calls J.B. Pritzker a ‘Big, Fat Slob’ at Turkey Pardon Ceremony He also called a female NYT reporter ugly. Trump's outburst at NYT reporter latest attack on female journalist: 'Ugly both inside and out' | New York Post He also called the NYT the "enemy of the people". He called another female reporter "stupid" last week. Trump lashes out at female reporters, calling them "ugly," "stupid" and "piggy" - CBS News Where is the republican criticism? 

It is not possible IMO to read his social media messages and conclude that he is sane or has a maturity level greater than a disturbed child. But that inescapable conclusion was known, or must be presume to have been known in November 2024. 

Trump has yet to realize that his social media messages will survive for future generations to read long after all of his current cult members are no longer alive.  He will be judged by them and not favorably, even though his juvenile comments animate tens of millions now who view them as acceptable political discourse.  

++++

1. Small Ball Stock/Stock Fund Purchases: 

A. Added to GOOD in Vanguard Account - Bought 10 at $10.66+: 

Quote: Gladstone Commercial Corp. (GOOD) -  Externally Managed REIT

Cost: $106.65

Properties- Gladstone Commercial Corporation (GOOD)

Website: Gladstone Commercial Corporation (GOOD)

Owned Properties: 151 

Square Feet Leased: 99.1%

Average cost per share: $12.19 (100 shares)

I will not be buying more in this account.  

Dividend: Monthly at $.10 per share

GOOD Stock Dividend History & Date | Seeking Alpha

Yield at $12.19: 9.844%

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post along with the decline in core FFO per share starting in 2023 and a lack of core FFO per share growth in the 2018-2022 period.  Item # 1.I. Added to GOOD in Vanguard Account - Bought 10 at 10.77  (11/8/25 Post);  SEC Filing 

Part of the problem evidenced by the following data originated from borrowing at short term rates which started to move much higher starting in 2022.  

Annual Core FFO per diluted share: 

2024 = $1.42  SEC Filing 

2023 = $1.47         "

2022 = $1.57  SEC Filing 

2021 =  $1.57     "

2020 = $1.57 SEC Filing 

2018  = $1.59 SEC Filing 

B. Added to KIM - Bought 10 at $20 (Fidelity Account): 

Quote: Kimco Realty Corp. (KIM) - Internally Managed REIT

Cost: $200 

KIM is a S&P 500 component. 

10-Q for the Q/E 9/30/25 "As of September 30, 2025, the Company had interests in 564 U.S. shopping center properties, aggregating 100.4 million square feet of gross leasable area (“GLA”), located in 30 states. In addition, the Company had 67 other property interests, primarily including net leased properties, preferred equity investments, and other investments, totaling 5.5 million square feet of GLA. . . . The Company’s primary business objective is to be the premier owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets, in the U.S." Pages 42-43

New Average cost per share this account: $20.63 (30 shares)

Snapshot Intraday 11/20/25 after add 

Dividend: Quarterly at $.26 per share share ($1.04 annually), last raised from $.25 effective for the 2025 4th quarter payment. 

KIM Stock Dividend History & Date | Seeking Alpha

Yield at $20.63: 5.04%

Next Ex Dividend: 12/5/25

Last Discussed: Item # 1.H. Added to KIM in Fidelity Account - Bought 5 at $20.33  (11/15/25 Post) 

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.B. Added to KIM in Vanguard Account - Bought 10 at $20.18(11/8/25 Post);  SEC Filed Press Release

C. Started RYN - Bought 10 at $21.45 - Schwab Account: 

Quote: Rayonier Inc. (RYN) 

Cost: $214.5

RYN is a timber REIT that has expanded into land development. 

Website: Rayonier | Forest Products, Timber & Land Management Company

RYN SEC Filings 

RYN 10-Q for the Q/E 9/30/25 

RYN Analyst Estimates | MarketWatch

On 6/25/25, the company completed the sale of its New Zealand operations for $710M, recognizing a gain of $404.5M. The company intends to use the proceeds to pay a special cash dividend, to buy back stock and to reduce debt. SEC Filing The special cash dividend of $.35 per share has already gone ex dividend. Rayonier Declares Special Dividend of $1.40 Per Share Payable 25% in Cash and 75% in Common Shares (10/14/25)

Combination with PCH: I noted that RYN has agreed to acquire another timber REIT, PotlatchDeltic (PCH), that will create a diversified timberland portfolio consisting of  4.2 million acres. Rayonier and PotlatchDeltic to Combine in an All-Stock Merger of Equals to Create a Leading Land Resources REIT The combined entity will own 6 lumber mills with a total capacity of 1.2B board feet and 1 industrial plywood mill. Rayonier and PCH are transforming some of their  some of their timberland properties into real estate developments including Wildlight and Chenal Valley. RYN will be the surviving entity. 

The stock price will be based IMO are both earnings and the value of owned assets. 

Dividend: Quarterly at $.2725 per share ($1.09 annually)

RYN Stock Dividend History & Date | Seeking Alpha

Yield at $21.45: 5.08%

Next Ex Dividend: 12/10/25 

Dividend Post Merger: 

Last Earnings Report (Q/E 9/30/25):

SEC Filed Press Release 

Revenues: $177.5M

GAAP E.P.S. = $.28

Non-GAAP E.P.S. = $.32, excludes a $7M asset impairment charge 

Cash: $919.6M 

Real estate operations reported $90.8M million in revenues: 

The timberland businesses are divided into 2 segments: Southern Timber and Pacific Northwest. Of those 2 segments, Southern Timber is more important reported 3rd quarter revenues of $66.8M

D. Started RYN in Vanguard Account - Bought 5 at $21.5: 

See Item #1.C. Above. 

Cost: $107.5

Yield at $21.5: 5.07%

E. Added 5 NBXG at $13.77: 

Quote: Neuberger Berman Next Generation Connectivity Fund - A CEF

Cost: $68.75

I discussed this CEF in my last post and simply forgot to add this trade: Item # 1.D. Added to NBXG - Bought 5 at $14.21 (11/22/25 Post) 

NBXG SEC Filings

NBXG Portfolio | Morningstar Currently Rated 4 stars. 

SEC Filing - Holdings as of 7/31/25

New Average cost per share: $14.61 (25 shares)

Reduced from $14.82.

Dividend: Monthly at $.12 per share ($1.44 annually)

ROC supported. 

I have changed my dividend option to reinvestment in this account. 

NBXG Dividend History & Date | Seeking Alpha

Yield at New AC: 9.856%

Last Ex Dividend: 11/17/25

Data Date of 11/21/25 Trade:

Closing Net Asset Value per share: $15.8

Closing Market Price: $13.73

Discount: -13.1%

Average 3 Year Discount: 15.06%

Sourced: NBXG - CEF Connect 

F. Added to SAFE - Bought 5 at $12.95 (Fidelity Account): 

Quote:  Safehold Inc. (SAFE)  - A Ground Lease REIT 

Cost: $64.75

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

SAFE Analyst Estimates | MarketWatch

Website: Safehold - The Modern Ground Lease Company

Current Safehold Portfolio | Safehold

SAFE SEC Filings

Safehold Inc. SEC Filed 2024 Annual Report

10-Q for the Q/E 9/30/25

New Average cost per share this account: $13.33 (15 shares)

Dividend: Quarterly at $.177 per share ($.708 annually)

SAFE Stock Dividend History & Date | Seeking Alpha

Yield at New AC this account: 5.31%

Last Ex Dividend: 9/30/25

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post: Item # 1.A. Added to SAFE in Schwab Account - Bought 5 at $13.1; 5 at $12.85 and Item # 1.B. Added to SAFE in Fidelity Account - Bought 5 at $13.3 (11/15/25 Post); SEC Filing

G. Added to NWBI - Bought 5 at $11.4 (Fidelity Account): 

Quote: Northwest Bancshares Inc. (NWBI)

Cost: $57

Northwest Bancshares is a holding company that owns Northwest Bank which has 151 full service branches in Pennsylvania, New York, Ohio and Indiana.

Investment Categories: Regional Bank Basket Strategy and Bond Substitute

The primary category is Bond Substitute since my intention is to harvest the dividends and to exit the position with annual profit of 2% or higher based on my average cost per share.  

NWBI SEC Filings

NWBI  Analyst Estimates | MarketWatch As of 11/24/25, the average E.P.S. estimate for 2026 was at $1.32 and at $1.42 in 2027. 

New Average cost per share this account: $11.59 (15+ shares)

Price as of close on 11/21

Dividend: Quarterly at $.20 per share

NWBI Dividend History | Seeking Alpha

I am reinvesting the dividend in this account but not in my Schwab account. 

Yield at $11.59: 6.9%

Last Ex Dividend: 11/6/25

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post: Item # 1.F. Added to NWBI in Schwab Account - Bought 4 at $11.77 (11/15/25 Post); SEC Filed Press Release 

NWBI Realized Gains to Date: $293.51.

H. Added to GMRE in Fidelity Account - Bought 5 at $31.7; 2 at $31.48: 

Quote: Global Medical REIT Inc. (GMRE) - Internally Managed Healthcare REIT

Cost: $221.46

Website: Global Medical REIT

GMRE SEC Filings 

10-Q for the Q/E 9/30/25 Debt is discussed at pages 17-19. Almost all of the debt is from unsecured credit facility syndicated through JPM. 

GMRE "had nine interest rate swaps that are used to manage its interest rate risk by fixing the SOFR component of the Term Loans through their maturities. Five of the Company’s interest rate swaps related to Term Loan A with a combined notional value of $350 million that fix the SOFR component on Term Loan A through April 2026 at 1.36%. Four of the Company’s interest rate swaps related to Term Loan B with a combined notional value of $150 million that fix the SOFR component on Term Loan B through January 2028 at 2.54%. . . . The  weighted average interest rate and term of the Company’s debt was 4.06% and 1.3 years at September 30, 2025, compared to 3.75% and 2.0 years as of December 31, 2024."

Global Medical REIT Inc._2024 SEC Filed Annual Report Lists of properties starts at page 86

Portfolio Statistics as of 9/30/25: 

Sourced: SEC Filed Supplemental at page 9 

GMRE is classified as a net lease REIT. 

Lease Types as of 9/30/25: 

What the What? Triple Net vs. Absolute Net Leases 

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Last Discussed: Item # 2.C. Added to GMRE - Bought 2 at $6.76; 5 at $6.5; 5 at $6.3; 5 at $6.08 (5/23/25 Post) I noted that a dividend cut was likely in that post. The quarterly rate was thereafter cut from $.21  to $.15 prior to the 1 for 5 reverse split.  

Since that last purchase, the stock underwent a 1 for 5 reverse split. Global Medical REIT Inc. Completes One-for-Five Reverse Stock Split (9/19/25)

Average cost per share after 1 for 5 split (this account): $33.95 (15 shares)

Dividend: Quarterly at $.75 per share ($3.00 annually)

GMRE Stock Dividend History & Date | Seeking Alpha

Prior to the 1 for 5 reverse split, the quarterly dividend was $.15 per share adjusted to $.75 to reflect that reverse split (5 x. $.15 = $.75). The quarterly dividend was cut from $.21 to that $.15 per share number effective for the 2025 second quarter payment. In my 5/23/25 post linked above, I mentioned that the dividend yield prior to this slash signaled a possible dividend cut.  

A 1 for 5 reverse split and a dividend slash are not helpful to the stock price. 

Tax Treatment of Dividends in 2024:  ROC Support at 52.32%

Dividend Tax Information

The ROC part of the dividend is not taxed in the year paid as a dividend but reduces the tax cost basis of the shares by the amount per share so classified. 

Yield at $33.95: 8.84%

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

Revenue: $37.229M 

GAAP E.P.S. = ($.45), down from $.14 in the 2024 third quarter. 

The decline was caused by a $6.281M non-cash impairment charge. "The current quarter net loss primarily resulted from a $6.3 million impairment charge recognized during the quarter related to our facility in Aurora, IL, an unoccupied health system administrative use facility, which was subsequently sold during the quarter." 

FFO per share: $1

AFFO per share: $1.12, up from $1.08

Reconciliation: 

"Funds Available for Distribution attributable to common stockholders and noncontrolling interest (“FAD”), which consists of AFFO adjusted for cash payments related to tenant improvements, leasing commissions, and capital expenditures totaled $11.8 million." Using the 13.393M weighted average diluted share outstandings in the third quarter, FAD per share was at $.881, higher than current quarterly dividend of $.75.  

"The Company narrowed its previous full year 2025 AFFO per share and unit guidance range to $4.50 to $4.60 from $4.45 to $4.65." 

Sell Discussions (prices unadjusted for subsequent 1 for 5 split): Item # 3.E. Eliminated Duplicate Position in GMRE in Fidelity Account-Sold 15 at $9.32 (8/19/23 Post)(profit snapshot = $31.42); Item # 2.G. Eliminated GMRE in Vanguard Taxable Account - Sold 20 Shares at $11.07 (1/20/23 Post)(profit snapshot = $33.97); Item # 2.E. Pared GMRE in Schwab Account - Sold 15 GMRE at $10.46+ (1/30/23 Post)(profit snapshot = $3.39); Item # 1.B. Eliminated GMRE - Sold 40 at $11.25 (6/6/20 Post)(profit snapshot = $87.86); Item # 4.A. Eliminated GMRE-Sold 98+ at $9.41 (11/28/18 Post)(profit snapshot = $159.1); Item # 1.B. Sold 10 GMRE at $11.22 (4/18/20 Post)(profit snapshot = $12.07); Item # 3.C. Sold 50 GMRE at $10.01 (5/23/2017 Post)(profit snapshot = $82.54); South Gent's Comment Blog # 7: Eliminated GMRE (12/17/2016)(discussing realized gains from several trades)

GMRE Realized Gains to Date: $507.2 

Goal: Any profit in excess of the dividend payments. 

I discuss adding to my preferred stock position in GMREPRA in Item # 2.B. below.

The company recently sold a new preferred stock that has an 8% coupon, Global Medical REIT Inc. Announces Pricing of Public Offering of 8.00% Series B Preferred Stock I discussed starting a position in that preferred stock in Item # 2.C. below. 

I. Added to OLP in Vanguard Account - Bought 5 at $20.48: 

Quote: One Liberty Properties Inc. (OLP)

Cost: $102.4

As of 9/30/25, OLP owned 98 properties which includes 61 industrial properties. Occupancy was at 98.2%. 10-Q for the Q/E 9/30/25 at page 27 

Management: Internal

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy This stock also fits into my Bond Substitute category. 

OLP SEC Filings

OLP 2024 SEC Filed Annual Report

Properties

Website: One Liberty Properties, Inc.

New Average cost per share this account: $21.63 (35 Shares) 

Dividend: Quarterly at $.48 per share ($1.8 annually), last raised from $.43 effective for the 

OLP Stock Dividend History & Date | Seeking Alpha

Yield at New AC: 8.32%

Last Ex Dividend: 9/24/25

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post); SEC Filed Press Release 

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

J. Added to WEN - Bought 5 at $7.97: 

Quote:  Wendy's Co. (WEN)

Cost: $39.97 

Investment Category: Lottery Ticket Basket Strategy

Chart: Major Bear Market Pattern

WEN  Analyst Estimates | MarketWatch As of 11/18/25, the average E.P.S. estimate for 2025 was at $.87; at $.89 in 2026 and at $.95 in 2027. 

WEN SEC Filings

New Average cost per share: $9.06 (80 shares)

Reduced from $9.14. 

Dividend: Quarterly at $.14 per share ($.56 annually)

I will be reinvesting the dividend starting with the next payment. 

Yield at New AC: 6.18%

Next Ex Dividend: 12/1/25

Last Earnings Report (Q/E 9/28/25): I discussed this report in a recent post: Item # 1.E. Added to WEN  - Bought 10 at $8.65 (11/15/25 Post); SEC Filed Press Release  

Maximum Position: 100 shares + shares purchased with reinvested dividends. 

K. Added to ACCO - Bought 10 at $3.46; 10 at $3.32: 

Quote: ACCO Brands Corp. (ACCO) 

The snapshot includes my last sale at $4.11.  

Products include  "gaming and computer accessories; storage and organization; notebooks; shredding; laminating and binding machines; stapling; punching; planners; dry erase boards; and do-it-yourself tools, among others. " 10-Q for the Q/E 9/30/25 at page 31. Major brands include Swingline, Mead, PowerA, LucidSound, Rapid tools, GBC, Hilroy and Kensington. ACCO Brands

Cost: $67.8

Investment Categories: Lottery Ticket and Bond Substitute until ACCO cuts or eliminates the dividend. 

ACCO Analyst Estimates | MarketWatch As of 11/24/25, the average E.P.S. estimate for 2025 was at $1.04 and at $1.2 in 2026, with two analysts providing estimates. Those are non-GAAP numbers. The current stock price expresses considerable skepticism that the earnings will actually hit those targets.  

Last Buy Discussion: Item # 1.C. Added 10 ACCO in Schwab Account at $3.67; 20 at $3.5 (5/9/25 Post) I discussed the first quarter report in that post and view it negatively. SEC Filed Earnings Press Release

ACCO SEC Filings 

New Average Cost per share: $3.67 (70 shares)

Dividend: Quarterly at $.077 per share ($.30 annually)

Continuation of the dividend is iffy IMO.  

I am taking the dividend in cash. 

Yield at New AC: 8.17%

Last Ex Dividend: 11/21/25 (owned 60 as of)

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

Net Sales = $383.7M, down 8.8%

GAAP E.P.S. = $.04, down from $.09

Non-GAAP E.P.S. = $.21, down from $.23

Reconciliation: 

9 month GAAP E.P.S. = $.46, adjusted to $.63

YTD free cash flow: $42.3M, down from $86.9M in the prior period. 

Adjusted 2024 E.P.S. = $1.02,  SEC Filing

Adjusted 2024 E.P.S. = $1.09,       "

Last Sell Discussion: Item # 2.F. Sold 10 ACCO at $6.46 (1/12/24 Post)(profit snapshot = $14.07) 

L. Restarted OFS as a Lotto - Bought 10 at $4.7 - Schwab Account: 

Recent History this account: 

Quote: OFS Capital Corp. (OFS) - Externally Managed BDC

Investment Category: Lottery Ticket Basket - Deservedly Hated IMO BDC

This BDC needs to liquidate its holdings and distribute the proceeds to its owners. I have zero confidence in the external managers. 

In May 2024, I eliminated my position in this account by selling 59+ shares at $9.56. Other sales captured in the preceding snapshot were at $10.04 $12.02; $11.51 and $10.86.  

Fortunately, I noticed a material acceleration in bad loans that, along with other factors, would require a dividend slash and result in a net asset value per share decline.  

In 2025, I have been selling BDC stocks for a variety of reasons including several eliminations and pares. Most of them have significant weightings in variable rate loans whose coupons are priced at a spread to short term rates like the 3 month SOFR. 

Starting in September 2024, when the FED cut the FF rate by 50 basis points and has continued to cut since then, the short term rates have declined in tandem causing the BDC variable rate coupons to reset at lower yields. It is commonplace for BDCs to remote year-over-year declines in net investment income (NII) per share as a result. 

Many of the BDCs including OFS have experienced a significant increase in non-performing loans which exacerbates the decline in NII caused by lower short term rates.   

Last Discussion: Item # 3.B. Eliminated OFS - Sold 36 at $8.5 (6/12/25 Post)(profit snapshot = $176.01) I discussed non-performing loans in that June 2025 post. 

Most of the net asset value is concentrated in 400 shares of a non-dividend paying common stock of Pfanstiehl, a private company.  Looking at the 2019 OFS Annual Report, I noted that the 400 common shares was valued at $4.755M as of 12/31/2019. OFS then had outstanding a 10.5% subordinated loan of $3.768M outstanding. That loan matured in 2021 leaving OFS with just the equity position. (p. 96, 10-K) Frequently equity positions will be acquired by a BDC as part of a loan transaction.

In the 2024 first quarter, OFS marked down its equity investment in this private company to $63.077M. 10-Q at page 15 The percentage of net assets was then at 42.5%.

OFS marked this investment up to $70.831M as of 6/30/24, representing 45.9% of net assets. This markup was $7.754M or $.579 per share and exceeded the $.43 increase in net asset value per share claimed compared to the second quarter. 

OFS valued this equity investment at $73.66M, or 48.7% of net assets, as of 9/30/24. 10-Q for the Q/E 9/30/24 The $2.829M increase in valuation compared to the prior quarter added $.21 to the net asset value per share. 

The Pfanstiehl common stock position was valued at $78.451M or 57.6% of the net asset value as of 9/30/25. 10-Q for the Q/E 9/30/25 at page 14 

The net asset value is highly dependent on the valuation marks given to this equity investment. What is the value of that common stock? I have no idea. The company has been claiming that it is seeking to monetize this investment. 

9/30/25:   $10.17

3/31/25:    $11.97

12/31/24:  $12.85  

9/30/24:   $11.29

6/30/24:   $11.51

3/31/24:    $11.08

12/31/23:  $12.09

9/30/23:   $12.74

6/30/23:   $12.94

12/31/22:  $13.47

6/30/22:   $14.57 10/Q for the Q/E 6/30/22 at page 3 

03/31/21:  $11.96 10-Q at page 3 

12/21/20:  $11.85 10-K at page 69 

6/30/20:   $10.10
3/31/20:    $  9.71
12/31/19:   $12.46
9/30/19:    $12.74  
6/30/19:    $12.95   Page 2 10-Q
3/31/19      $13.04   10-Q
12/31/18    $13.10
6/30/18     $13.70
03/31/18   $13.67
12/31/17    $14.12
12/31/16    $14.82
12/31/15    $14.76
12/31/14    $14.24
12/31/13    $14.54

IPO Offering Price at $15 (November 2012) with proceeds after the underwriters' discount at $13.05 Final Prospectus Supplement

Dividend: Quarterly at $.17 per share ($.68 annually), slashed from $.34 effective for the 2025 4th quarter payment. 

Recent quarterly dividend payments exceeded net investment income (NII) per share. 

NII per share was at $.26 in the 2025 first quarter and at $.25 in the second quarter.  A dividend slash was inevitable. 

OFS) Stock Dividend History & Date | Seeking Alpha

Yield at $4.7: 14.47% 

Next Ex Dividend: 12/19/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

NII per share: $.22, down from $.27 in the 2024 third quarter (see SEC Filed Earnings Press Release for the Q/E 9/30/24) 

OFS realized a loss, net of taxes, of  $4.646M, primary related to a ($3.4M) loss realized from selling 1 debt investment. The realized loss was $4.191M in the 2025 second quarter. 

"During the quarter ended September 30, 2025, loans to a portfolio company with an aggregate amortized cost and fair value of $8.9 million and $6.8 million, respectively, were placed on non-accrual status. Additionally, a loan to a portfolio company with an amortized cost and fair value of $4.5 million and $1.5 million, respectively, was restructured in exchange for a combination of a new loan and equity in the portfolio company. Following the restructuring, the loan we received with an amortized cost and fair value of $1.5 million and $1.5 million, respectively, was placed on accrual status. As of September 30, 2025, our loan portfolio had non-accrual loans with an aggregate fair value of $23.1 million, or 6.2% of our total investments at fair value/"

The external manager is incinerating shareholder capital, and I am unable to conclude when that process will end. 

As of 9/30/25, "the investment portfolio’s weighted-average performing income yield decreased to 13.3% from 13.6% during the prior quarter, primarily due to a decrease in earned yields on our debt investments.

Some Other Sell Discussions: Item # 4.E. Pared OFS - Sold 4 at $8.05 (11/21/24 Post)(profit snapshot = $15.93); Item # 2.A. Sold 9 OFS at $8.14 (10/31/24 Post)(profit snapshot = $35.16)(I discussed my negative reaction to the second quarter earnings report in that post. SEC Filed Press Release);  Item # 2.A. Eliminated Duplicate Position in OFS - Sold 59+ at $9.56 and Item #2.B. Pared OFS in Fidelity Account - Sold 9+ at $9.55 (5/10/24 Post)(profit snapshots = $335.97)(As noted there, I decided to eliminate this duplicate position based on an acceleration of non-performing loans and the erratic valuation marks for an equity position in Pfanstiehl); Item # 1.D. Pared Duplicate Position in OFS - Sold 22 at $10.04(4/5/24 Post)(profit snapshot = $13.7); Item # 3.G. Pared OFS in Schwab Account - Sold 10 at $12.02 (1/26/24 Post)(profit snapshot = $21.59); Item # 3.D. Pared OFS in my Fidelity Account - Sold 8+ at $11.81  (1/20/24 Post)(profit snapshot - $60.72); Item # 1.B. Pared OFS in Schwab Account - Sold  20 at $11.51 (12/30/23 Post)(profit snapshot = $17.65); Item # 6.C. Pared OFS in Schwab Account - Sold 20 at $10.86 (9/30/23 Post)(profit snapshot = $28.94); Item # 3.A. Eliminated OFS in Vanguard Account - Sold 20 at $10.2 and Item # 3.B.  Pared OFS in my Fidelity Account-Sold 10 at $10.15 (8/19/23 Post)(profit snapshots = $182.5)(Item #3.B. also contains snapshots of prior realized gains); Item # 3.D. Pared OFS in Fidelity Account - Sold 13.82 Shares at $11.32 (8/16/22 Post); Item # 4.B. Pared OFS in Fidelity Account - Sold 15.427 at $12.49 (6/15/22 Post)(profit snapshot = $60.07; contains snapshots of realized gains prior to 2022); Item # 4.D. Pared OFS in Fidelity Account - Sold 29+ at $13.06 (4/21/22 Post)(profit snapshot = $69.88); Item # 1.H. Pared OFS in Fidelity Account Sold 35 at $10.07- Highest Cost Lots That Could be Sold Profitably (7/22/21 Post)(profit snapshot = $12.44);; Item # 2.M. Pared OFS in Vanguard Taxable-Sold 20 at $7.2 (12/25/20 Post)(profit snapshot = $56.8); Item # 3.B. Sold 10 OFS at $12.04 (11/30/19 Post)(profit snapshot = $7.04); Item # 4.B. Sold 60 shares at $12 (11/13/19 Post)(profit snapshot = $13.11); Item # 3.A. Sold Highest Cost OFS Lots in Schwab Account - 50 shares at $12.27 and 50 at $12.47 (5/5/19 Post)(profit snapshots = $69.55)   

OFS Realized Gains to Date: $1,343.28

2. Small Ball REIT Equity Preferred Stock Purchases: 

I view preferred stocks as a disfavored asset class. They combine the less desirable features of both bonds and stocks. 

These securities are equity capital but do not represent an equity ownership interest. 

While the bond like quality is the dominant one, the preferred stock lacks the protections of senior unsecured debt. 

The result is that the price will decline when interest rates rise and/or credit risk fears intensify far more than senior unsecured debt. 

The equity REIT preferred stocks pay cumulative dividends. 

By equity REITs, I am referring to REITs that own real estate as distinguished from the more leveraged Mortgage REITs that own paper assets. 

Concerns about credit risks will cause significant downside price pressure. That is in part due to common stock corrections and bear markets resulting from a recession or worse and the lowly status of preferred stocks in the capital structure. Deferral of cumulative preferred dividends or elimination on non-cumulative dividends may occur during a recession, with the number depending on the severity and duration of the downturn and the number of bank holding companies with outstanding non-cumulative preferred stocks having their primary asset seized by the FDIC.  

Major volatility in common stocks with downside momentum will frequently cause preferred stocks to decline.   

A rise in intermediate term treasury yields, particularly the 10 year treasury, will pressure preferred stock prices down since they are priced at spreads to those yields with the spread in part determined by the perceived credit risk.  

Investment Categories: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy and Bond Substitute. 

A. Added to NSAPRA -Bought 5 at $21.35; 15 at $21.21 (Fidelity Account): 

Quote: NSA-PA

Cost: $424.92

Issuer:  National Storage Affiliates Trust (NSA)

I own the common stock. 

NSA SEC Filings

Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy

Last Discussed: Item # 7.A. Eliminated Duplicate NSAPRA (Schwab Account) - Sold 10 at $23.385  and Item # 7.B. Pared NSAPRA in Fidelity Account  -Sold 10 of 40 at  $23.6 (5/23/25 Post)(profit snapshots = $13.83) 

Prospectus 

Placement in the Capital Structure: Equity with a preferential claim to cash compared only to the common stock owners and junior in priority to all bonds. 

Par Value: $25

Coupon: 6%

Optional Call: At par value + accrued and unpaid dividend on or after 10/11/22. 

Maturity: None, potentially perpetual 

Stopper Clause: Standard  (company must eliminate the cash common share dividend before deferring payment of the preferred dividend)

New Average cost per share: $21.70 (50 shares)

Snapshot Intraday on 11/25/25 after second add

Dividend: Paid quarterly and cumulative. 

Yield at New AC per share: 6.91%

Calculation: .06% coupon x. $25 par value = $1.5 annual dividend per share ÷ $21.70 total average cost per share = 6.9124%

Next Ex Dividend: 12/15/25

B. Added to GMREPRA - Bought 5 at $23.7 - Fidelity Account: 

Quote: GMRE-PA 

Cost: $118.5

Issuer: Global Medical REIT Inc  (GMRE) 

I discussed GMRE in Item # 1.G. above. 

Prospectus

Coupon: 7.5% paid on a $25 par value

None of the dividends paid by this preferred stock last year were supported by ROC last year. 

Dividends: Paid quarterly and cumulative

Average cost per share this account: $24.02 (20 shares)

Dividend Yield this account at $24.02: 7.81%

Calculation: .075% coupon x. $25 par value = $1.875 annual dividend per share ÷ $24.02 total average cost per share = 7.806%

Last Ex Dividend: 10/15/25

Optional Call: On or after 9/15/22 at par value + accrued an unpaid dividends. 

GMREPRA Buy Discussions: Item # 5.I. Added to GMREPRA - Bought 5 at $23.06 (10/25/22 Post); Item # 4.C. Bought 10 at $24.66 (10/11/22 Post); Item # 2.A. Bought 10 GMREPRA at $21; 5 at $16.88 (4/18/20 Post); Item # 2.A. Bought 10 GMREPRA at $21; 5 at $16.88 (4/18/20 Post)

GMREPRA Sell Discussions: Item # 1.B. Sold 70 GMREPRA at $25.87 (4/24/19 Post)(profit snapshot = $208.36); Item # 1.A. Sold 30 GMREPRA at $24.84 (2/20/19 Post)(profit snapshot = 9.79)

I also currently own 10 shares of GMREPRA in my Schwab account with an average cost per share at $19.63: 

Price as of close on 11/24/25

The yield at $19.63 is 9.55%.

C. Started GMREPRB - Bought 5 at $24.23 - Schwab Account: 

Quote: GMRE-PB 

Cost: $121.15

Issuer: Global Medical REIT Inc.  (GMRE) 

This is a newly issued equity preferred stock. 

Prospectus 

Coupon: 8%

Par Value: $25

Yield at $24.23: 8.254%

Dividends: Paid quarterly and cumulative

The first dividend will be a pro-rate one equal to $.388 paid on 1/31/26 to holders of record as of 1/15/26. Quarterly dividends thereafter will be at $.50 per share. 

Optional Call: On or after 11/20/2030 at par value + accrued and unpaid dividends.  

Stopper Clause: Standard (page S-17)

D. Added to  UMHPRD in Schwab Account - Bought 10 at $22.28:

Quote: UMH-PD

Cost: $222.8

Issuer: UMH Properties Inc. (UMH) -  A REIT that owns manufactured home communities. 

I own the common stock in two taxable accounts and in RI accounts. 

UMH SEC Filings

Last UMH Discussions: Item # 1.J. Added to UMH in Vanguard Account -  Bought 10 at $14 (10/18/25 Post); Item # 1.C. Added to UMH in Vanguard Account - Bought 10 at $14.52; 10 at $14.26+ (10/11/25 Post) 

Last Discussed: Item # 3.C. Restarted UMHPRD - Bought 10 at $21.26 (4/13/25 Post) 

Last Sell Discussion: Item # 8.C. Eliminated UMHPRD - Sold 10 at $22.62(1/15/25 Post)(profit snapshot = $18.66)

Prospectus

Coupon: 6.375% paid on a $25 par value. 

Dividends: Paid quarterly, cumulative and non-qualified as a pass through entity

New average cost per share: $21.77 (20 shares)

Snapshot Intraday on 11/26/25 after add

This purchase raised my average cost per share from $21.26. 

Yield at $21.77: 7.32%

Calculation: .06375% coupon x. $25 par value = $1.59375 annual dividend per share ÷ $21.77 total average cost per share  = 7.3209%

Last Ex Dividend: 11/17/25 (owned 10 shares as of)

Stopper Clause: Yes, enforces the preferred shareholders superior claim to cash against only the common share owners.  (Prospectus at S-21).  

Optional Call: On or after 1/22/23 at par value + accrue an unpaid dividend

3. Treasury Bills Purchased at Auction: 

A. Bought 20 T Bills at the 11/24/25 Auction - 2 Accounts: 

90 Day Bills 

Mature on 2/26/26

Interest: $187.3

Investment Rate: 3.833%

B. Bought 10 T Bills at the 11/24/25 Auction: 

181 Day Bill

Matures on 5/28/26

Interest: $184.52

Investment Rate: 3.791%

C. Bought 10 T Bills at the 11/26/25 Auction: 

119 Day Bill

Matures on 3/31/26

Interest: $123.63

Investment Rate: 3.839%

4. Cash Flow into Fidelity Account on 12/1/25:

Corporate Bond Redemptions: $6,000

Tax Free Municipal Bond Interest: $1,234.38 

Corporate Bond Interest: $411.25

Exchange Traded Bond Interest (ETBs): $63.6

Miscellaneous Dividend/Interest Income: $75.5 (common and preferred stocks + monthly CEF dividends and a CD)

Some of the corporate bonds are just 1 bond lots. All of the $1,000 par value bonds make semiannual interest payments. Due to the early redemptions of the Hubbell and CNA bonds, their interest payments were only part of the regular semiannual payments. The ETBs pay quarterly. 

The Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, Evergy Kansas bonds are first mortgages. 

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.