CLX, EQR, GIS, GOOD, KIM, KMB, KW, NEWT, NSA, NWBI, OLP, PFE, SW, UNB

Dollar Value of Trades Discussed in this Post: 

Treasury Bills Purchased at Auction (Item # 2): $40,000 in principal amount. 

Corporate Bonds and CDs: I am in a hold mode. Proceeds from maturing corporate bonds and CDs are being used to buy treasury bills maturing in 2026. The reasons are to shift income tax recognition into 2026 and the current unattractive yields for corporate bonds that carry some credit risk. I had the following mature in my Fidelity account last week:  

The Live Oak CD paid interest monthly. 

The long term $109.06 "profit" on the 4 UNUM SU bonds will not be taxed as a long term capital gain but will be classified as realized accrued market discount income taxed as interest. 

The following snapshot is from the realized market discount page in my Fidelity account: 

I have noticed that part of the short term profits for bonds held for less than a year are currently classified as short term capital gains. It does not make any difference since the tax treatment for interest and short term capital gains is the same.  

Inflow Common Stocks (Item # 1): $1,625.11 Knowing that my income from T Bills and fixed income securities will be declining next year compared to 2025, I have started to nibble on beaten up dividend paying stocks, adding over $1,000 per week in net purchases.  

Outflow Stocks/Stock Funds: Zero. I am trying to restrain selling until next year when I know my interest income and dividends paid by money market funds will be lower than this year. 

Net Inflow Common Stocks: $1,625.11 (all pay dividends)

Inflow Exchange Traded First Mortgage Bonds (Item # 3): $424 (EAI)

Inflow Bitcoin ETFs: $145.96

Study: Generative AI results depend on user prompts as much as models | MIT Sloan; MIT Finds 95% Of GenAI Pilots Fail Because Companies Avoid Friction

There will likely be a point in time, most likely within 3 years is my best guess, when the supply of AI chips will far exceed demand, causing substantial price declines. This will result from a combination of factors including purchasers frontloading a substantial amount of purchases that are not needed anytime soon, the rapid increase in new chip building plants, commoditization of the chips except at the highest end, and many customers reducing demand for the reasons generally outlined in the MIT study linked above.  

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Bond Ladder: Bonds, CDs and Treasuries Maturing this Year: 

I use a bond ladder approach to my fixed income investments designed to provide a weekly cash flow of proceeds. Since the securities are scattered over several accounts, I keep track of what is maturing in a low tech way. I simply take snapshots of the purchases, arrange them by week and the time order of maturities, and place multiple trades of the same security in a separate folder. The snapshots are then placed in a folder for each year. 

This is what the 2025 folder looks like now:

The number owned is in the ().

MI = Monthly Interest  

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Links to Stock Market Traditional Valuation Metrics: 

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

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

Stock Market P/E Ratios - Yardeni Research

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

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

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

S&P 500 Dividend Yield - Updated Chart | Longtermtrends

Current Market Valuation

Berkshire Hathaway BRK earnings Q3 2025- Raises Cash Hoard to $381B During the third quarter, Berkshire's stock sales exceeded stock purchases by $6 billion. Berkshire did not buyback any of its shares. 

The stock market is more overvalued than at almost any time in U.S. history — by virtually every measure - MarketWatch (10/27/25, subscription publication)

There are many risks that could easily result in a stock bear market. A reset of stock index valuations to a reasonable range using the preceding criteria is just one. Valuation resets can occur without a recession.  

The other major risks include a persistent rise in both unemployment and inflation, a more likely than not future scenario IMO, and a decline in consumer spending due to a variety of causes including job losses, fear of losing jobs, and inflation. 

The evidence now is consistent with the onset of stagflation. The duration and severity can not currently be predicted. 

One factor that is not discussed enough is that the President of the United States is crazy, or "bat shit crazy" in Sean Hannity words when referring to a much younger Trump than the current version. “Hannity Has Said to Me More Than Once, ‘He’s Crazy’”: Fox News Staffers Feel Trapped in the Trump Cult | Vanity Fair (8/20/20); Sean Hannity secretly believes Trump is 'crazy' -Alternet.org His craziness will become more severe IMO over the next 3+ years, manifesting that mental condition multiple times each day for anyone willing to make the observations in an unbiased manner.  

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Economy: 

Consumer sentiment nears lowest level ever as worries build over shutdown This article discusses the consumer sentiment numbers released by the University of Michigan. The preliminary November numbers for Consumer Sentiment declined to 50.3 from 53.6 in October. The index was at 71.8 in November 2024. Surveys of Consumers The Index for Consumer Expectations was at 76.9 in November 2024 and had fallen 36.3% to the latest reading of 49. 

Amazon raising prices by more than Target, Walmart to meet tariffs In TrumpWorld, this is not happening. Trump continues to say there is no inflation and claims that foreign countries pay the U.S. tariff taxes rather than the U.S. importers who actually make the payments to U.S. Customs. 

Several news reports claim that several Republican Justices  were skeptical of Trump's authority to issue tariffs under the International Emergency Economic Powers Act. Supreme Court skeptical of Trump tariffs being legal As previously discussed, I view the tariffs issued by Executive Order under that Act as a clear unlawful Presidential usurpation of the Article 1 power of Congress to impose tariffs. The market rallied last Wednesday possibly in response to those reports. The Stock Jocks do not like tariffs and have been sending that clear message to Trump throughout 2025, particularly in early April. 

I discussed the oral argument in a comment published on 11/5/25

Tariff refunds are now a very real possibility … and a giant ‘mess’ | CNN Business

Private payrolls rose 42,000 in October according to ADP. The BLS is not reporting numbers during the shutdown. New entrants into the job market will find it difficult with this level of new private job creation.  

A private company that gathers employment data reported that 9,100 jobs were lost in October. Employment - Revelio Public Labor Statistics (RPLS)

Layoffs soared in October to their highest for the month in 22 years, report says - CBS News; Why this often-overlooked report on the state of the labor market contributed to Thursday’s stock selloff - MarketWatch (subscription publication)

White-collar layoffs: AI meets old-school cost cutting and tariffs

IBM layoffs: Cutting thousands of jobs in the fourth quarter

Consumer debt rises amid worsening 'K-shaped' economic divide 

The October ISM Manufacturing Index declined to 48.7, down from 49.1% in September. This was the 8th consecutive month of declines. The new orders component rose slightly to 49.4 from 48.9 in September. Any reading below 60 indicates a contraction.  

OPEC+ pauses oil output hikes beyond December amid glut fears Prices are depressed which is one reason why my allocation to the E&P sector is currently far below normal, as I noted in this post: Item # 2.C. Eliminated CVE - Sold 50 at $18.2 (10/11/25 Post) 

Trump tariffs add $40 billion to holiday costs, Lending Tree says The Republican politicians have discovered a way to surreptitiously tax the 40+% who do not pay federal income taxes. This is favored by their multi-billionaire patrons who prefer that the bottom 50% in household income pay more taxes rather than them. 

Trump goes after America’s meat producers over rising prices after failed bid to boost Argentine beef | The Independent (11/7/25) Trump claimed that "Meat Companies" were artificially inflating beef price He ordered Pam Bondi to immediately begin an investigation since Trump had determined, without any evidence of course, that those companies "are driving up the price of Beef through Illicit Collusion, Price Fixing, and Price Manipulation. . . . Action must be taken immediately to protect Consumers, combat Illegal Monopolies, and ensure these Corporations are not criminally profiting at the expense of the American People. I am asking the DOJ to act expeditiously." Trump is trying to distract people from his direct and obvious responsibility for higher prices.  

Trump will not take any responsibility for rising beef prices even though he slapped up to a 76% republican tariff tax on beef imports from Brazil, a major supplier to the U.S. who has diverted shipments to China and other countries. The U.S. needs that foreign source and others impacted by the Republican tariff taxes since the U.S. beef herd is at the lowest level in 75 years due to drought. Why beef is so expensive now (and shoppers are finally saying no) 

Fact check: Trump falsely claims it’s only beef, but dozens of groceries have gotten more expensive this year 

Our Dear Leader also claimed that there was no inflation, gasoline was at $2 per gallon,  the focus by Democrats on "affordability" in last week's election was "a con job", and the Democrats "are good at a few things, cheating on elections and conning people with facts that aren’t true." The U.S. now has a 100% pure Orwellian President. That is not debatable.  

Retail holiday hiring to hit lowest level in at least 15 years, NRF says

Trump adminstration to pay 1/2 of November SNAP benefits amid shutdown After the administration made that statement, Trump published a post saying that he would not pay any of those benefits until Democrats voted for a continuing resolution without conditions. Trump: SNAP benefits "will be given only when the Radical Left Democrats open up government, which they can easily do, and not before!" After Trump post on SNAP funds sparks confusion, White House says administration is complying with court order - CBS News Consumer spending on both discretionary and essential goods will be negatively impacted by the government delaying and failing to pay full SNAP benefits.

USDA working to comply with court order to pay full SNAP benefits, agency official says - CBS News There were funds available to pay those benefits on time but it required a court order to cause Trump to end the delay.  The Court correctly noted that Trump was withholding SNAP benefits for political reasons. Trump's compliant DOJ appealed the order, but the Appellate Court refused to stay the district court's order since it need more time to consider the issue. Trump administration must pay full SNAP benefits after appeals court rejection Trump's DOJ then sought an emergency order from the Supreme Court which did temporarily stay  the district court order in order to give the Appellate court more time. Supreme Court lets Trump pause full SNAP payments for now At a minimum this will result in a delay in paying full snap benefits this month. Several states controlled by Democrats will make up the shortfall. SNAP beneficiaries in most, if not all Republican controlled states will not be so fortunate. 

Donald Trump: ‘I don’t want to hear about the affordability’ - Newsweek

The Democrats have formed a reasonable opinion based on facts that the republicans in the House and Senate will not pass a bill extending the Obamacare premium subsidies for middle class families. Those premium subsidies expire on 12/31/25. ACA Marketplace Premium Payments Would More than Double on Average Next Year if Enhanced Premium Tax Credits Expire | KFF; Policy Backgrounder: Understanding ACA Subsidies Beyond the Shutdown 

As I discussed in a comment published on 11/6, the Senate Republicans thought they were peeling enough Democrat votes to end the filibuster by simply promising a vote on the issue before year end. Then Mike Johnson stated that he would not even promise a vote in the House. Mike Johnson refuses to promise House vote on extending ObamaCare subsidies Why? The subsidies might actually pass with 4 or 5 republican votes and almost all of the House and Senate republicans do not want that to happen. 

The path to ending the standoff is far from clear after the Senate Republicans rejected yesterday the Democrat's offer to reopen the government in exchange for continuing the premium support for 1 year. That refusal confirms that they wish to end this support for middle class families this year. Maybe that will change. Senate Republicans reject Democrat deal to reopen government 

Discontinuation of the premium support will cause millions to lower discretionary spending and that will have a negative impact on the economy.  

Travelers face mounting delays this weekend as airlines cut hundreds of flights due to the shutdown. Here’s what to know | CNN More than 1700 flights have been canceled. 

Cava (CAVA) Cuts Forecast - Another Warnings Sign for Fast Casual Restaurants A similar warning was made earlier by Chipotle. Chipotle (CMG) Q3 2025 earnings

Job openings in October slumped to the lowest level since February 2021, Indeed measure shows

Outback abruptly closed 21 restaurants | CNN Business

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Trump and His Party: 

Trump escalates demands for 2020 election investigations and prosecutions, republished at MSN from the Washington Post, a subscription publication. The republication  of an article originally behind a paywall will only be available for viewing over a limited time period. It was Trump who tried to steal the 2020 election. 

Trump was unhappy with the lopsided results in the Virginia and New Jersey governor races and the California ballot measure on redistricting. Consequently, our Dear Leader reiterated his remedy to suppress voting that might help Trumpsters in future elections. Trump: "Pass Voter Reform, Voter ID, No Mail-in Ballots. Save our Supreme Court from 'Packing', No Two State addition, etc. TERMINATE THE FILIBUSTER". Trump demands voting changes hours after major Democrat wins - Newsweek

Trump is not capable of thinking long term (goldfishes have far longer attention spans) or engaging in thoughtful analysis using accurate information which is impossible for him IMO. Will the Trumpsters like what will happen after ending the Senate filibuster rule when there is a left of center Democrat President, a majority of 51 t0 59 Democrats in the Senate and a Democrat majority in the House? This will happen. It is only a question of when and the when may be as early as 2028 after 4 years of Trump. Almost all republican politicians have managed to brand themselves as MAGA Trumpsters which is losing its appeal to swing voters.   

PolitiFact | White House evidence doesn’t prove Trump statement that California “rigged” election Trump's claim was rated as Pants on Fire. 

Lisa McClain (R-MI): GOP Lost on Tuesday Because Voters 'Are Happy' 

We Watched Trump’s 60 Minutes Interview. It’s Nuts. - YouTube Trump suffers from a variety of issues which I discussed in a video about a year ago. Trump's Personality-YouTube Trump is becoming increasingly delusionary IMO, possibly due to dementia, which is not a positive trait in a President. As I have argued in the past, there needs to be a constitutional amendment prohibiting anyone from becoming President who would be more than 75 on inauguration day (72 would be better).  

I gather that Trump does not support the recently elected mayor of NYC and has consequently asserted that he will withhold federal funding for the city by Presidential fiat. Trump threatens to cut funds if ‘communist’ Mamdani wins mayoral election - The Guardian; Trump threatens to punish NYC for Mamdani. How mayor-elect fights back- USA Today (11/8/25); On Election Day, Trump says any Jewish person who votes for Zohran Mamdani for New York City mayor is 'stupid'

Judge deals another loss to Trump for 'lawless' order on transportation funds - Raw Story

Trump calls Nancy Pelosi 'evil woman' after she announces retirement - ABC News Just Trump's way of wishing her well in her retirement years. Trump displays his non-Christian character multiple times each day but is somehow a Messiah Chosen by God nonetheless.  

Trump has been pardoning a number of republicans convicted of crimes including the former Republican Speaker of the Tennessee House of Representatives.  Former Tenn. Speaker Casada, ex-aide pardoned by Trump, Tenn. Journal reports The qualification for the pardons is to be a Trump supporter and to lavish praise on Our Dear Leader. 

The smoking gun’ that points to Trump’s cognitive decline | Psychologist analyses Trump - YouTube Tens of millions are just in denial but they have a permanent condition called Trump Derangement Syndrome (TDS). Part of that affliction is that they believe Trump's critics have TDS. Their TDS condition results in them viewing Trump as honest; a role model for their children; kind-hearted with no examples of a mean spirit, spite or vindictiveness; capable of feeling empathy; a God fearing moral Christian who is the Chosen One to rule in the U.S. and the World;  and suffering from no mental abnormalities including malignant narcissism and dementia. They would easily recognize and accept Trump's mental issues if a Democrat President had them, of course, or just someone they personally know but not Trump - the self-proclaimed extremely stable genius who passed an IQ test that only measures whether he had dementia when he took it in 2020. Trump keeps bragging about acing simple test used to detect mental impairment-ABC News He has been falsely claiming that this test measures IQ for five years now. A low IQ person, who is not suffering from dementia, could answer all questions correctly. 

Tennessee sheriff Nick Weems defends jailing liberal activist Larry Bushart for posting Trump meme The meme used Trump's own words. The judge required the man to post a 2 million dollar bond. A hearing on a motion to reduce the bail was delayed resulting in Bushart remaining in jail for weeks for exercising his First Amendment constitutional rights. Airing the results of the investigation did cause the DA to dismiss the charge one day later. Tennessee prosecutors drop charges against Larry Bushart over Facebook meme Bushart now needs to file a multi-million lawsuit against the County and others IMO for violating his First Amendment rights. 42 U.S. Code § 1983 - Civil action for deprivation of rights Punitive damages need to sought.  Smith v. Wade | 461 U.S. 30 (Sup.Ct. 1983) The lawsuit could be filed in the Federal District Court for the Eastern District of Tennessee. I am not sure whether the $2M dollar bond was set by the General Sessions Judge Katerina Moore or the only Circuit Judge in the County. 

Kash Patel lashes out at reports he used a government jet to watch his girlfriend sing: ‘She is a rock-solid conservative’ | The Independent  

+++ 

1. Small Ball Common Stock Buys: 

A. Started EQR in my Fidelity Account - Bought 5 at $59.75: 

Quote: Equity Residential (EQR) - Apartment REIT 

Cost: $298.75

EQR is a S&P 500 component. 

EQR "owns and manages 318 rental properties consisting of 86,320 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Austin, Dallas/Ft. Worth and Denver."

As previously discussed, apartment REITs are in disfavor among investors that count and analysts. Valuations are reasonable IMO and dividend yields are attractive compared to T Bills. The current mismatch between operating costs and rent increases will likely be temporary IMO, lasting another 1-3 years. There is a risk that a recession will result in higher uncollectible rents, higher vacancies, and restrained, if any rent increases failing to offset increases in operating costs. 

The dividend yields for the REITs that I am buying are higher than the T Bill rates with some taxation benefits provided by the Section 199A deduction.  

Last Discussed: Item # 1.D. Added to EQR in Schwab Account-Bought 1 at $59.82; 1 at $59.55; 1 at $59.2; 1 at $58,75 (2/2/24 Post) 

I am changing my dividend option in my Schwab account to reinvestment. I will take the dividend in cash in my Fidelity account. 

Website: Home | EquityApartments.com

Corporate Profile | Equity Residential

EQR SEC Filings

10-Q for the Q/E 9/30/25

Dividend: Quarterly at $.6975 per share ($2.79 annually), last raised from $.675 effective for the 2025 second quarter payment. 

EQR Stock Dividend History & Date | Seeking Alpha

Yield at $59.75: 4.67%

Last Ex Dividend: 9/25/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filing 

CEO Comment: "Our portfolio, with its unique exposure to the well performing urban centers of San Francisco and New York, produced good results in the quarter and our sophisticated operating platform continues to deliver efficiency and convenience to our customers, as well as financial benefit to our shareholders. . . We continue to see a favorable outlook for our business given the low levels of housing supply expected to be delivered over the next several years, particularly in our Coastal markets, powerful cost and social dynamics favoring rentership and a customer base that remains well employed with rising incomes."

Revenues: $2.312+B

GAAP E.P.S. $.76

FFO per share: $1.05, up from $.99

Normalized FFO per share: $1.02, up from $.99

Reconciliation: 

Occupancy: Same store at 96.3%

2025 Guidance: Normalized FFO per share of $3.98 to $4.02 with growth to midpoint, compared to 2024, at 2.8% 

Same Store Operating Statistics- 2025 3rd Q vs 2024 3rd Q: 

B. Added to KIM in Vanguard Account - Bought 10 at $20.18: 

Quote: Kimco Realty Corp. (KIM)

Cost: $201.18

Kimco owns 564 open-air grocery anchored shopping centers and mixed use properties in the U.S with square footage at 100M.  

KIM is a S&P 500 component. 

Kimco Properties

Management: Internal

Last Discussed: Item # 1.B. Started KIM in Vanguard Account - Bought 10 at $21.25 (10/11/25 Post) 

New Average cost per share this account: $20.72 (20 shares)

Dividend: Quarterly at $.26 per share ($1.04 annually), last raised from $.25 effective for the 2025 4th quarter payment. There was a dividend slash from $.28 per share to $.10 share effective for the 2020 third quarter payment due to the pandemic.

I will not reinvest the dividend in this account. Effective for the next dividend payment, I will reinvest the KIM dividend in my Schwab account.

KIM Stock Dividend History & Date | Seeking Alpha

Yield at $20.72: 5.02% 

Last Ex Dividend: 9/5/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

"grew pro-rata portfolio occupancy to 95.7%, up 30 basis points sequentially."

"acquired the remaining 85% ownership interest in Tanasbourne Village, a dual-grocery-anchored shopping center, for a pro-rata purchase price of $65.9 million."

Revenues: $535.861M

GAAP E.P.S. = $.19

Diluted FFO per share: $.44, up from $.43

Reconciliation: 

2025 Guidance FFO per share guidance: $1.75-$1.76

Owned SU Bonds: I currently own only 2 Kimco Operating SU bonds that were bought last December.  Item # 3.D. Bought 2 Kimco 3.25% SU Maturing on 8/15/26 at a Total Cost of 97.571 (12/12/24 Post); Bond Page | FINRA.org (credit rating BBB+/Baa1 according to FINRA, Bond Page | FINRA.org) 

The S&P credit report available at KIM's Investor Relations website indicates that the rating was raised to A- as of 9/15/25 with the preferred stock rating increased to BBB from BBB-. Fitch has a A- rating. 

I owned 6 Kimco LP SU Bonds that matured earlier this year ($162.32 "profit").

C. Added to NEWT - Bought 5 at $10.35: 

Quote: NewtekOne Inc. (NEWT)

Cost: $51.75

NEWT Profile Page at Reuters

NEWT SEC Filings

NEWT Analyst Estimates | MarketWatch As of 11/7/25, the average E.P.S. estimate for 2025 was at $2.16, at $2.35 in 2026 and at $2.34 in 2027.  

Last Discussed: Item # 1.E. Started NEWT - Bought 10 at $11.22; 10 at $10.77  (10/11/25 Post) I discussed the 2025 second quarter report in that post:  SEC Filed Earnings Press Release and 10-Q for the Q/E 6/30/25

New Average cost per share: $10.87 (25 shares)

NEWT Stock Dividend History & Date | Seeking Alpha

Dividend: Quarterly at $.19 per share ($.76 annually) 

Yield at New AC: 6.99%

Last Ex Dividend: 10/14/25 (owned as of) 

Last Earnings Report (Q/E 9/30/25): The report is extremely complicated and difficult to understand given the number of components in GAAP earnings that vary significantly from quarter to quarter. 

SEC Filed Press Release 

Revenue: $74.9M, up from $62.8M

Diluted E.P.S. $.67, up from $.45

9 Month E.P.S. reported at $1.54

Tangible Book Value per share: $11.22

Bank Metrics: 

Why is the P/E so low based on TTM GAAP earnings and forecasted E.P.S. in 2026? I am not a mind reader capable of discerning the thoughts of investors. My guess is that investors have a low opinion about the quality of earnings given the fluctuation up and down in "Net Gain (loss) on loans on the fair value option" item. The gain in the 2025 third quarter was $28.250M with a $11.761M loss in the 2024 third quarter:    

I am at a disadvantage in evaluating that entry since I have zero training and book learning in accounting. I asked myself whether it sounded like cash revenue or simply a loss or gain created by an accounting convention. I suspected the latter and a couple of articles that I read indicated that the entry was not cash income/revenue but simply changes in the "fair value" of an asset or liability. Fair value option

Another entry that fluctuates wildly is for "Net (loss) gain on residuals in securitizations" which appears to be another accounting entry rather than current realized cash income or an actual realized cash loss. 

This is GAAP accounting for Newtek's businesses. The bottom line for me is that it is difficult to net actual cash revenue with actual cash expenses.   

Goal: Harvest the dividend and exit the position at any profit.  

Maximum Position: 100 shares, limited primarily to the uncertainties on valuation. 

D. Added to KW - Bought 5 at $7.45 in Fidelity Account: 

Quote: Kennedy-Wilson Holdings Inc. (KW)

Cost: $37.23

KW Reuters Profile Page

KW SEC Filings

KW SEC Filed 2024 Annual Report

Subsequent to this purchase, and as discussed in a comment published on 11/5/25, KW received a $10.25 per share cash acquisition offer from a consortium  led by the Canadian firm Fairfax Financial. SEC Filing The offer made clear IMO that the consortium would not engage in a hostile takeover. I view the offer to take KW private as low when view from a long term perspective. 

Initially, I leaned to eliminating 1 of my 2 taxable account positions in response, but decided to postpone the decision until January. I am trying to restrain myself from taking more profits this year, having already moved myself into a higher marginal tax bracket when I know my interest income will be lower next year compared to 2025. If I start selling now, it would be like smoking 1 cigarette after quitting. Once that is done, the person returns to smoking 2 packs. I did eliminate KW in my Roth IRA accounts. 

Other Recent News: Kennedy Wilson to Acquire Toll Brothers’ Apartment Living Platform for $347 Million, Adding Over $5 Billion of Assets Under Management (9/18/25)

Last Discussed: I discussed the second quarter earnings report in this post: Item # 3.B. Started Duplicate Position in KW - Bought 20 at $8.09 (8/26/25 Post), SEC Filing; Item # 1.D. Multiple Small Ball Buys of KW in Schwab Account- Bought 2 at $6.27+;  2 at $6.05+; 3 at $6.3; 5 at $6.76+; 5 at $6.85 (7/15/25 Post) 

New Average cost per share this account: $7.9 (35 shares)

Dividend: Quarterly at $.12 per share, slashed from $.24 effective for the 2024 second quarter payment. The dividend was unsustainable at $.24. 

KW Stock Dividend History & Date | Seeking Alpha

I will not be reinvesting the dividend in this account. I am reinvesting the dividend in my Schwab account until the share price crosses above $10.

The motive for owning a duplicate will at times include taking the dividend payments in cash in one account and reinvesting it in the other. I discuss that approach in a recent YT video: 

Yield at $7.9: 6.076%

Last Ex Dividend: 9/30/25

Last Earnings Report (Q/E 9/30/25): Published after my last purchase. 

SEC Filing 

The earnings report will be relevant to the stock price only when the acquisition offer is not accepted by KW. 

Revenue: $116.2

"Investment Management fees increased by 8% and totaled $23 million (vs $22 million in Q3-24) driven by Fee-Bearing Capital reaching a record $9.7 billion and $603 million in loan originations completed in Q3-25. Assets under management grew to a record $31 billion."

Rental Revenues  = $87.2M

Loan Revenues: 5.7M

GAAP Net Income: ($21.2M)

GAAP E.P.S. ($.15)

Adjusted Net Income: $18M

Reconciliation: 

"Subsequent to September 30, 2025, the Company has sold two multifamily investments for a total disposition price of $113 million. The Company had a 63% ownership in these sales, which generated $25 million of cash to KW."

E. Added to UNB - Bought 5 at $22.5:

Quote: Union Bankshares Inc.  (UNB)

Cost: $112.5

Investment Categories: Regional Bank Basket Strategy and Bond Substitute. The bond substitute category has been added as an investment category for this stock based on its yield and a lowered expectation for potential capital gains, see discussion in Item # 1.E. below.  

UNB SEC Filings

Last Discussed: Item # 1.G. Restarted UNB - Bought 5 at $24.7 (10/4/25 Post) I discussed the 2025 second quarter report in that post, taking the information from the 10-Q for the Q/E 6/30/25.  

New Average cost per share: $23.6 (10 shares)

Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.35 effective for the 2023 1st quarter. The dividend was at $.26 per share in 2014. 

UNB Dividend History | Seeking Alpha

Yield at $23.6%: 6.1%

Last Ex Dividend: 10/24/25 (Owned 5 as of) 

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release

This bank provides an inadequate disclosure of relevant financial information in its earnings press release, which is normal for this tiny bank holding company. More details will be provided in its third quarter 10-Q filing which is usually made in mid-November and has not yet been filed. The earnings release does not even provide an E.P.S. number. 

Net income was reported at $3.4M, up from $2.395M for the 2025 second quarter when the weighted average diluted shares outstanding was reported at 4.58+M, see 10-Q for the Q/E 6/30/25 at page 3. The bank does have an ATM program so the weighted average share number may be slightly higher in the third quarter (p. 27) 

Sell Discussions:  Item # 2.L. Eliminated UNB - Sold 10 at $29.31 (10/31/24 Post)(profit snapshot $76.2)(I mentioned that I was not impressed by the 2024 third quarter earnings report, SEC Filed Press Release); Item # 5.B. Eliminated UNB - Sold 20+ at $25 (10/28/23 Post)(profit snapshot = $97.66); Item # 3.G. Eliminated UNB in Schwab and Vanguard Accounts - Sold 5 at $22 and 5 at $22 (7/22/23 Post)(profit snapshots = $35.1); Item #2 C. Sold 50 UNB at $24.56 (1/25/14 Post)(profit snapshot =$238.61); Item # 1 Sold 50 UNB at $19.5 (7/26/11 Post)(profit snapshot = $59.08)

UNB Realized Gains to Date: $429.92 

F. Added to NWBI - Bought 4 at $11.77 - Schwab Account: 

Quote: Northwest Bancshares Inc. (NWBI)

Cost: $47.08

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

I am adding "Bond Substitute" as an investment category for several regional bank stocks that have higher than normal dividend yields which includes NWBI. This category simply defines the goal, which is to harvest the dividends and to exit the position at a 2+% annualized gain. NWBI has proven over a very long period of time that it is not a long term hold. As noted below, I sold this stock in 2011 at higher prices than my 2025 purchases. 

NWBI SEC Filings

NWBI  Analyst Estimates | MarketWatch  The average E.P.S. estimate for 2026 was at $1.32 and at $1.42 in 2027. 

Last Discussed: Item # 3.J. Started Duplicate NWBI Position - Bought 10 at $11.69 in Fidelity Account (8/26/25 Post); Item # 1.K. Added to NWBI in Schwab Account - Bought 5 at $11.79 (8/5/25 Post)(discussed the 2025 second quarter earnings report in that post, SEC Filed Earnings Press Release)

New average cost per share this account this account: $12.04 (40 shares)

Dividend: Quarterly at $.20 per share

NWBI Dividend History | Seeking Alpha

I am not reinvesting the dividend due to this bank's very poor long term stock performance. My purchase is motivated solely to harvest the cash dividends and to sell at a profit.  

Yield at $12.04: 6.64%

Last Ex Dividend: 11/6/25 (owned all as of)

Last Earnings Report (Q/E 9/30/24):  SEC Filed Press Release 

This was a messy quarter due to one time charges related to NWBI's acquisition of another bank holding company. Northwest Bancshares, Inc. Completes Acquisition of Penns Woods Bancorp, Inc. (7/28/25) This acquisition added 21 bank locations across North Central and Northeastern Pennsylvania. This was an all stock acquisition with Penn Woods shareholders receiving 2.385 NWBI shares for each share. 

GAAP E.P.S. $.02

Non-GAAP E.P.S. $.29

Reconciliation: 

The numbers negatively impacted by the merger related charges include E.P.S., ROA, ROE, and the efficiency ratio. 

NIM: 3,64%, up from 3.33% in the 2024 third quarter

Adjusted Efficiency Ratio: 59.62% (excludes charges)

NPL Ratio: 1%

Coverage Ratio: 121.99%

Charge off Ratio: .29%

Tangible Book Value per share: $9.37

Some Sell Discussions: 

Item # 3.A. Eliminated NWBI - Sold 20 at $15.05 (11/21/24 Post)(profit snapshot = $76.6); 

Item # 1 Sold 156+ NWBI at $12.52 (6/30/11 Post)(no profit snapshot); 

Item # 2 Sold 50 NWBI at $12.5 (2/22/11 Post)(no profit snapshot)

The 2011 total gain was $201.79: 

NWBI Realized Gains to Date: $293.51

So far, I have accomplished my modest objective of harvesting the dividends and exiting the position at a profit.

G. Started SW - Bought 2 at $38, 1 at $36.51; 1 at $36; 1 at $35.4:

Quote: Smurfit Westrock PLC  (SW) 

Cost = $183.9

Website: Smurfit Westrock | A global leader in sustainable packaging

10-Q for the Q/E 9/30/25 

SW SEC Filings  

Investment Category: Bond Substitute

SW was on my monitor list. I consequently noticed a significant price drop that brought the stock within my fair value range. 

The decline was due to the third quarter earnings report discussed below. 

After reviewing that report, I decided to start what I call a small ball buying program, with each purchase limited to no more than 5 shares and required to be at the lowest price in the chain. 

The company is a combination of what use to be two separate companies: Westrock and Smurfit Kappa. 

SW Analyst Estimates | MarketWatch

Average cost per share: $36.78 (5 shares)

Dividend: Quarterly at $.4308 per share ($1.723 annually)

SW Stock Dividend History & Date | Seeking Alpha

Yield at AC: 4.68% 

Next Ex Dividend: 11/14/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release and SEC Filed Earnings Slide Presentation 

Revenues: $8.003B

GAAP E.P.S. $.47

Non-GAAP E.P.S. $.58

Consensus Non-GAAP at $.706 per Fidelity

Adjusted Free Cash Flow: $579M, up from $118M

Reconciliation: 

Lowered 2025 EBITDA guidance to $4.9B -$5.1B from $5B to $5.2B based in part on 4th quarter U.S. demand weakness.  

H. Added to PFE - Bought 2 at $24.28: 

Quote: Pfizer Inc. (PFE)

Cost $48.55: 

PFE | Pfizer Inc. Analyst Estimates | MarketWatch

PFE SEC Filings

10-Q for the Q/E 9/30/25 

Last Discussed: Item # 5.B. Bought 5 PFE at $24.9  (11/21/24 Post) 

Investment Category: Bond Substitute. This category only defines the objective which is to harvest the dividend and exit the position at a 2%+ annual gain on the shares.  Stocks that I label as bond substitutes will generally have a significantly higher dividend yield than a S&P500 ETF and will also be higher than the yield-to-maturity of senior unsecured debt issued by the company maturing in less than 5 years. The goal is simply to harvest the dividend and escape at some point with an annualized profit of 2% or higher on the stock.  

Pfizer's Failed Strategy of Growth Through Expensive Acquisitions: The Board has learned nothing from Pfizer's poor stock performance and the fact that the current market capitalization is less than 1/2 of the total acquisition costs starting with Warner Lambert in 1999.  

Some Acquisitions Starting in 2009: 

Warner Lambert: $90.2B

Wyeth: $68B

Pharmacia: $60B

Hospira: $17B

Medivation: $14.3B

Biohaven: 11.6B

Array: $11.4B

Arena: $6.7B

Global Blood Therapeutics: $5.4B

Anacor: $5.2B 

King Pharmaceuticals: $3.6B

Trillium: $2.26B

Seagen: $43B

Total: $338.66B

Market Capitalization at $24.42: About $141.29B

Has the Board learned anything from this history. No IMO. 

The PFE average annual total return starting on 1/1/1999 through 11/6/2025 was 1.86%. Total return includes dividend reinvestment. DRIP Returns Calculator | Dividend Channel  The PFE average annual total return over the past ten years was 1.57% compared to 14.21% for the S&P 500 ETF SPY and 30.08% for LLY.  

Consequently, I have a very negative view of Pfizer's Board and leadership. 

New Average cost per share: $28.39 (65+ shares)

Dividend: Quarterly at $.43 per share ($1.72 annually), last raised from $.42 effective for the 2025 first quarter payment. In the 2015 4th quarter, the quarterly dividend was $.28 per share. Note that the quarterly dividend was raised $.02 per share each year starting in 2019  through 2020. The increase thereafter has been $.01 per share. There was also a quarterly dividend slash effective for the second quarter of 2009. The stated reason was to help Pfizer pay for its $68B acquisition of Wyeth. This is what I hade to say in 2009 about that acquisition: Pfizer: Wyeth acquisition as more proof of Pfizer's failures (1/25/2009)

PFE Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend. 

Yield at $28.39 AC: 6.06%

Yield at $24.28: 7.08%

Last Ex Dividend: 11/7/25 (owned all as of)

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

Revenues: $16.654B, down from $17.702B

GAAP E.P.S. = $.62, down from $.78

Non-GAAP E.P.S. = $.87, down from $1.06

Consensus Non-GAAP E.P.S. Estimate at $.63 per Schwab

Reconciliation: 

Reaffirmed 2025 Revenue Guidance of $61-$64B

Raised adjusted E.P.S. Guidance to $3-$3.15 from $2.9-$3.1

PFE Realized Gains Starting in 2009: $1,316.21

Some Sell Discussions: Item # 3.E. Eliminated PFE in Schwab Account - Sold 9 at $29.28 (5/24/24 Post)(profit snapshot = $187.81); Item # 1.E. Eliminated PFE in 2 Accounts: Sold 7 at $41.26 and 3+ at $41.29  (3/6/23 Post)(profit snapshot = $48.92; snapshots of prior realized gains over $100, staring in 2006, can be found in that post.); Item # 3.J. Sold PFE Shares Bought with Dividends at $51.714 and at $60.93(12/16/21 Post); Item # 2.M. Sold 6 at $36.69 (11/28/20 Post)(profit snapshot = $43.6); Item # 4.A. Sold Remaining 33 PFE shares  at $33.44 (8/13/2017 Post)(profit snapshot = $90.67); Item # 3.A. Sold 100 PFE at $34.03 (7/13/17 Post)(profit snapshot = $143.42); Item # 3.A. Sold 100 PFE at $34.65 (3/13/17 Post)(profit snapshot = $235.86); Item # 1 Sold: 100 PFE at $31.68 (5/17/14 Post)(profit snapshot = $282.12) Buy discussions are linked in those posts.

Purchase Restriction: Each subsequent purchase must reduce my average cost per share. In my current chain, the lowest cost lot purchases were not discussed here and consisted of 3 one share lots purchases last April (7 &9) at $22.36, $21.74 and $21.18.  

Maximum Position: 100 shares. 

I. Added to GOOD in Vanguard Account - Bought 10 at $10.77: 

Quote: Gladstone Commercial Corp. (GOOD)

Cost: $107.7

Management: External (a negative IMO)

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Properties- Gladstone Commercial Corporation (GOOD)

Website: Gladstone Commercial Corporation (GOOD)

Owned Properties: 151 

Square Feet Leased: 99.1%

Properties- Gladstone Commercial Corporation (GOOD)

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

Last Discussed: Item # 1.L. Bought 10 GOOD in Vanguard Account at $11.32A (10/18/25 Post)

Average cost per share this account:  $12.26 (90+ shares)

Reduced by this last purchase from $12.46. 

I will buy only 10 more shares in this account but will be reinvesting the dividend. My first purchase in this account was a 10 share lot bought at $13.56  (7/25/25). The percentage decline from that purchase price to $10.77 is 20.58%. As part of the small ball trading rules, I will consider those shares and 10 bought at $13 when the price goes over $13.56. 

Dividend: Monthly at $.10 per share

GOOD Stock Dividend History & Date | Seeking Alpha

I started to reinvest the dividend in this account with the last monthly payment and will continue doing so for as long as the likely reinvestment price lowers my average cost per share. 

Yield at $12.26 AC: 10.22%

Yield at $10.77: 11.14%

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

The primary problem IMO is FFO per share has been drifting down lately due mostly IMO to higher borrowing costs and more shares outstanding. 

The relevant number is per share, not the total FFO. 

During the 2025 third quarter, GOOD sold "1,891,807 shares of common stock under our at-the-market ("ATM") program for net proceeds of $23.0 million" or about $12.16. The external manager's financial incentive is to increase debt and sell shares since the base compensation is tied to total assets. 

See pages 40-41 of the 2024 Annual Report and this warning about conflicts at page 23. 

The same kind of warning will be found when a company is not managed internally by its own employees but by an external management company. This is not to say that the conflict actually results in negative results for the shareholders, but only that there is an incentive for one. 

The conflict may manifest itself when a company continually overpays for properties using from both new debt offerings, notwithstanding a higher rate, and stock sales, notwithstanding the dilution or whether the price is below tangible book value when an internal manager would be buying the stock rather than selling through an ATM program or a public offering. 

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 

2025 3rd Quarter Results: 

Revenues: $40.841M

GAAP E.P.S. $.02

FFO and Core FFO per share: $.35 

The Core FFO per share was at $.38 in the 2024 third quarter, SEC Filing, and at $.44 in the 2022 third quarter, SEC Filing 

Reconciliation: 

Some Sell Discussions:  Item # 1.C. Sold 5 GOOD at $14.77 - Fidelity Account (4/4/25 Post)(profit snapshot = $26.06); Item # 3.O. Pared GOOD - Sold 3 at $16.87 (11/7/24 Post)(profit snapshot = $14.74); Item # 2.E. Pared GOOD - Sold 5 at $15.31 A (8/8/24 Post)(profit snapshot = $14.2); Item # 2.B. Eliminated GOOD in my Vanguard Taxable Account - Sold 16 at $12.26  (11/25/23 Post)(profit snapshot = $65.77); Item # 3.B. Eliminated GOOD in Schwab Account - Sold 26+ at $13.33 (7/22/23 Post)(profit snapshot = $128.61); Item # 2.B. Pared GOOD in Fidelity Account - Sold 8 at $16.69 (2/5/23 Post)(profit snapshot = $14.77); Item # 3.F. Pared GOOD - Sold 2.197 shares at $20.8  and 2.352 shares at $20.84 (6/4/21 Post)(profit snapshot = $20.77); Item 1.M. Pared GOOD-Sold 12 at $18.72 and 10 at $19.76 (6/20/20 Post)(profit snapshot = $48.17); Item # 1.C. Eliminated GOOD in Schwab Account-Sold 50+ at $20.88 and Item # 1.D. Sold Highest Cost GOOD Share in Fidelity Account at $21.36 (3/3/19 Post)(profit snapshots = $165.33)

GOOD Realized Gains to Date: $442.99

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

Owned Equity Preferred Stock: 85 shares

Gladstone Commercial Corp. 6.625% Pfd. Series E Stock  (GOODN); Prospectus {dividends paid monthly) 

I prefer owning a preferred stock issued by GOOD whose dividend can not be cut, but only deferred after the cash common share dividend is eliminated. 

Last discussed at Item # 2.C. Added to GOODN - Bought 10 at $18 (7/22/23 Post) and Item # 1.E. Added to GOODN - Bought 10 at $18.25 (7/8/23 Post); Item # 1.A. Added to GOODN - Bought 5 at $18.7; 5 at $18.3; 5 at $17.86; 5 at $17.3  (4/29/23 Post) 

GOODN taxable accounts: For the both the common and preferred stocks, there has been some ROC adjustments to the original cost numbers.  

50 shares in my Schwab account with an average cost per share of $16.65 (yield = 9.95%%)

25 shares in my my Fidelity Account at a $16.51 AC per share (yield at 10.03%)

10 shares in my Vanguard Account with a $15.64 AC per share (yield at 10.59%)

J.  Added to GIS - Bought 1 at $46.22: 

Quote: General Mills Inc. (GIS)

I discussed challenges facing GIS in my last post and earlier ones. Item # 1.K. Bought 1 GIS at $46.68 (11/1/25 Post) I am now in a 1 share add mode since I view it as currently impossible to time the transition back into earnings growth. I will, however, go back to 5 share purchases with a decline below $42 given my assessment of the risk/reward balance for a long term hold.   

Our brands - General Mills

GIS SEC Filings

New average cost per share: $53.79 (61+ shares)

Dividend: Quarterly at $.61 per share ($2.44 annually)

GIS Dividend History & Date | Seeking Alpha

I am currently reinvesting the dividend as a means to average down randomly and will continue doing so for as long as the likely reinvestment price reduces my average cost per share. 

Yield at $53.79: 4.536%

Last Ex Dividend:  10/10/25 (owned 55+ as of)

Last Earnings Report (F/Q ending 8/24/25): I discussed this report here: Item # 1.G. Added to GIS - Bought 1 at  $48.32; 1 at $47.64;  1 at $47.29 (10/25/25 Post); SEC Filed Earnings Press Release

GIS Realized Gains to Date Starting in 2007: $3,081.68 (Links are in the previously linked 10/25/25 post. I do not have snapshots of the profits realized prior to 2007. I not yet sold shares for a loss) 

K. Added to OLP in Fidelity Account - Bought 2 at $20:

Quote: One Liberty Properties Inc. (OLP)

Cost: $40

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. 

Last Discussed: Item # 1.A. Added to OLP in Fidelity Account - Bought 5 at $21.2; 5 at $20.55  (10/18/25 Post) 

OLP SEC Filings

OLP 2024 SEC Filed Annual Report

Properties

Website: One Liberty Properties, Inc.

New Average cost per share in this account: $22.1 (42+ shares)

Reduced AC with this 2 share purchase from $22.2. 

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

OLP Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend in this account for as long as the likely reinvestment price is below $25. 

Yield at $22.1: 8.14%

Last Ex Dividend: 9/24/25

Last Earnings Report (Q/E 9/30/25): There as a positive response yesterday to this report released after the market closed last Thursday. The stock closed at $20.62, up $.54 or +2.69%.

SEC Filed Press Release 

Revenues: $23.771M

GAAP E.P.S. $.48

FFO per share: $.42

AFFO per share: $.46

Reconciliation:

The REIT sold 4 properties during the quarter. The $9.071M tax gain is included in GAAP earnings but is deducted in the FFO computation. 

Subsequent to 9/30/25, the REIT acquired an industrial property for $23M and agreed to acquire 6 industrial properties for $53.5M,  

Subsequent to the quarter, the REIT completed the disposition of an unproductive grand lease for an apartment complex for $17.7M. I discussed this problem in a prior post. To summarize, OLP has not received any rental income from this ground lease for several years. The property had not generated sufficient operating cash flow that would trigger the tenant's obligation to pay rent for the ground leases, see pages 32-33 of the 2024 SEC Filed Annual Report. In connection with this property, the REIT expects to receive $1.3M in a lawsuit settlement this month. P.41, 10-Q. 

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

L. Added 1 NSA at $29.19 - Fidelity Account: 

Quote: National Storage Affiliates Trust (NSA) - Storage REITs

Storage REITs are in disfavor among investors who count and analysts. The primary reason IMO are no or minimal barriers that lead to oversupply that restrains rent increases and occupancy levels. My dollar exposure in this sector is immaterial to me. I will do some small ball buying for the dividend yields when they are significantly higher compared to T Bill yields and will seek to reduce risk through trading.

10-Q for the Q/E 9/30/25  

NSA "owned 807 consolidated self storage properties in 33 states and Puerto Rico with approximately 51.6 million rentable square feet in approximately 406,000 storage units as of September 30, 2025." P.12.

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Website: National Storage Affiliates Trust (NSA)

NSA SEC Filings

Recent News:  National Storage Affiliates Trust Announces Preferred Equity Investment in Newly Formed Joint Venture (11/3/25). NSA will contribute  up to $105M in exchange for preferred equity with a 10% annual return and a possibility for more. The JV will be purchasing storage facilities over the next 24 months using both debt and equity capital. 

Last Discussed: Item # 1.B. Added to NSA in Fidelity Account - Bought 5 at $30.1; 5 at $29.5 (8/12/25 Post) 

New Average Cost per share in this account: $32.58 (51+ shares)

Dividend: Quarterly at $.57 per share ($2.28), last raised from $.56 effective for the 2024 4th quarter payment. In the 4th quarter of 2015, the quarterly dividend was at $.20. 

NSA Stock Dividend History & Date | Seeking Alpha

There is a possibility of a dividend cut for the reasons discussed below. 

Yield at New AC: 7%

Last Ex Dividend: 9/15/25 (owned 50 as of)

Last Earnings Report (Q/E 9/30/25): The recent reports have been unfavorable IMO which explains the current depressed stock price. 

CEO comments: "During the third quarter, the majority of our markets showed sequential improvement in same store revenue growth, which supports our view that fundamentals have found a bottom and are beginning to trend upward. . . While the current operating environment remains competitive, the backdrop for self storage going forward is the best that we have seen in a number of years. Given the potential positive impacts on the housing market from expected interest rates cuts and a more favorable supply environment, we expect to see an improvement in self storage fundamentals supported by an improving supply/demand balance in 2026 and beyond."  

SEC Filing 

Revenue: $170.25M, down from $174.848M

GAAP E.P.S. $.17

FFO per share: $.56, down from $.61

Core FFO per share: $.57, down from $.62

Reconciliation: 

The core FFO number is not equivalent to funds available for distribution (FAD) which deducts maintenance expenses from FFO. While maintenance expenditures will be low for storage REITs, NSA 10-Q at page 47, the FAD per share number would still be slightly below the Core FFO per share of $.57. With the current quarterly dividend at $.57, a dividend hike would be not be prudent until there was significant improvement in FAD in my opinion and a dividend cut would be advisable without a steady uptrend in FAD per share occurring soon. 

Occupancy: 85%, down from 86.5%

Net Operating Margin (NOI): 69%, down from 71.2%

"The decrease in FFO and Core FFO per share and unit for the third quarter of 2025 and year-to-date was primarily driven by a decrease in same store NOI and an increase in interest expense. These impacts were partially offset by decreased management fees paid to former PROs, reflected within general and administrative expenses, following the internalization of the PRO structure."

Debt is listed at page 14. As of 9/30, the weighted average interest rate was at 4.5%. 

2025 Guidance: Core FFO per share range of $2.17-$2.23, down from $2.44 actual in 2024. 

Sell Discussions: Item # 2.C. Pared NSA in Fidelity Account - Sold 5 at $48.54 (9/19/24 Post)(profit snapshot = $52.95); Item # 2.B. Eliminated Duplicate Position in NSA - Sold 7 at $41.91 (Schwab Account) and Pared NSA in Fidelity Account  Sold 5 at $53 (8/15/24 Post)(profit snapshots = $67.91)(mentioning in that report that I was not impressed with the 2024 second quarter earnings report, SEC Filing) 

Purchase Restriction: No more than 5 share lots. 

NSA Preferred Stocks: I have small ball positions in 2 NSA equity preferred stocks. 

The largest position is in my Fidelity Account: 

M. Added to Falling Knife CLX - Bought 1 at $109.87; 1 at $106.8 - Schwab Account:

Quote: Clorox Co.  (CLX)

Cost: $216.67

Brands | The Clorox Company

CLX Analyst Estimates | MarketWatch

Last Discussed: Item # 1.J. Added to Falling Knife CLX - Bought 1 at $115; 1 at $113.75; 1 at $112.1 (11/1/25 Post) I discussed the earnings report for the 2025 4th fiscal quarter in this post: Item # 1.N. Added to CLX - Bought 1 at $116.49 (10/25/25); SEC Filed Earnings Press Release

New Average cost per share: $116.38  (10+ Shares)

Dividend: Quarterly at $1.24 per share ($4.96 annually)

CLX Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend with the reinvestment reflected in the previous snapshot. See My Video: Criteria that I use in deciding whether to take a dividend in cash or to reinvest - YouTube

Yield at New AC: 4.26%

Last Ex Dividend: 10/22/25 (owned 4 as of)

Last Earnings Report (F/Q ending 9/30/25): This was for the first quarter of the 2026 fiscal year. 

SEC Filed Press Release 

As discussed in my last post, an enterprise resource planning (ERP) transition caused retailers to buy products in the prior quarter that would have been bought in the Q/E 9/30/25. This was planned. 

Revenues: $1.43B, down 19% with organic sales down 17%, "primarily driven by lower shipments related to the ERP transition". 

GAAP E.P.S. = $.65

Adjusted E.P.S. $.85, down from $1.86 in the year ago quarter.  

Consensus non-GAAP at $.787 per Fidelity. 

The Q/E 6/30/25 was boosted by $.85-$.95 per share by retailers frontloading purchases in advance of the ERP transition. As previously discussed, I am subtracting $.9  from the $2.87 adjusted E.P.S. in the 2025 4th fiscal quarter and adding $.9 to the adjusted E.P.S. number for the 2026 first quarter bringing that number up to $1.75. 

The problem is that E.P.S. is flatlining due in significant part to input cost inflation and the impact of price increases to recoup some of those costs on consumer demand.  

2026 Fiscal Guidance:  Adjusted E.P.S. $5.95 -$6.3 

I am adding $.9 to the adjusted E.P.S. range as discussed above. My adjusted E.P.S. range to account for the ERP transition distortion is consequently $6.85 - $7.2. To calculate the forward P/E, I would use the midpoint of $7.025. 

N. Added to Falling Knife KMB - Bought 1 at $104.4; 1 at $100: 

Quote: Kimberly-Clark Corp.

Cost: $204.4

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

SEC Filings

KMB Analyst Estimates | MarketWatch

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

As discussed in a comment published on 11/3, the KMB Board decided to cause about a 20% stock price decline by agreeing to acquire Kenvue Inc. (KVUE) 

Kimberly-Clark to Acquire Kenvue, Creating a $32 Billion Global Health and Wellness Leader "Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly-Clark shares for each Kenvue share held at closing".   

Analysts downgraded the stock, reduced price targets and stock owners headed for the exits. 

Kenvue's stock price has struggled since JNJ spun it out as a separate company. Organic revenue growth in several of its products will be difficult to achieve including those subject to store brand competition like Tylenol, Zyrtec, Motrin,  Benadryl, Sudafed, Pepcid, and Band Aids. The skin care products may have promise with innovation and marketing. Those include Neutrogena, Aveeno, OGX, and Lubriderm. Listerine has a solid market share in the mouthwash category. Other products include Johnson's baby care, nicorette, neosporin, visine, Stayfree, Rogaine, and O.B.  Our brands | Kenvue - A new view of care

KVUE SEC Filings 

KVUE SEC Filed Earnings Press Release for the Q/E 9/28/25 Organic revenues declined 4.4% with net sales at $3.764B. GAAP E.P.S. was reported at $.21, adjusted for items to $.28 which was unchanged from the Q/E 9/29/24. GAAP net income was reported at $383M. The weighted average diluted shares outstanding for the quarter was 1.923 billion. Using that share count, KVUE shareholders would receive 281,238,750 KMB shares + the $3.5 per share in cash (~$6.7305+B). The KMB price decline to around $100 may have priced in a reasonable near term dilution to KMB shareholder's current ownership interest without the merger. It is hard to see how this can work long term for KMB shareholders unless the skin care products can be supercharged. 

I know that Kenvue is involved in several lawsuits. I do not have enough information to evaluate possible success. A number of lawsuits involve Tylenol and failures to warn about alleged adverse effects (e.g. pregnant women and autistic children). See generally, pages 124-127 2024 Annual Report.

Kimberly-Clark Corp. Outlook Revised Outlook to Negative | S&P Global Ratings

New Average Cost per share:  $116.3 (7 shares)

This 1 share purchase reduced my average cost per share from $121.74

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

KMB Stock Dividend History & Date | Seeking Alpha

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

Yield at $116.3: 4.33%

Last Ex Dividend: 9/5/25

Last KMB Earnings Report (Q/E 9/30/25): I discussed this report in my last post.  Item # 1.L. Bought 1 KMB at $118 (11/1/25 Post); SEC Filed Press Release

2. Treasury Bills Purchased at Auction: 

A. Bought 30 T Bills at the 11/3/25 Auction - Vanguard and Fidelity Accounts: 

91 Day Bill

Matures on 2/5/26

Interest: $289.3

Investment Rate: 3.906%

B. Bought 10 T Bills at the 11/3/25 Auction - Schwab Account: 

182 Day Bill 

Matures on 5/7/25

Interest: $187.06 

Investment Rate: 3.823%

3. Exchange Traded First Mortgage Bonds: 

A. Added to EAI in Fidelity Account - Bought 20 at $21.2: 

Quote: Entergy Arkansas 4.875% 1st Mortgage Bond due 2066 (EAI)

Cost: $424

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

Investment Category: Exchange Traded Baby Bonds Trade like a stock on the stock exchange. 

I own this exchange traded first mortgage bond in 3 taxable accounts and 2 Roth IRA accounts.

Last Buy Discussion:  Item # 6.A. Bought 5 EAI at $20.3- Vanguard Account  (6/26/25 Post)

Last Sell Discussions: 

Item # 5.A. Pared EAI in Fidelity Account - Sold 20 at $22.14 (9/21/25 Post) (loss snapshot = -$55.69, reduced AC per share to $21.82 from $22.45);  

Item # 4.B. Sold 30 EAI at $24.73 - Used Commission Free Trade (3/17/19 Post)

New Average cost per share this account: $21.7 (100 shares)

Snapshot Intraday on 11/4/25 after add

Reduced from $21.82

Yield at $21.7: 5.616%

Calculation: .04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $21.7 average cost per share =5.6164%.  

Next Ex Interest: 11/28/25

Par Value: $25

Prospectus

Coupon: 4.875%

Maturity: 9/1/66

Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021. 

Credit Risk: Low IMO

Credit Ratings: A2/A

Interest Rate Risk: High IMO

Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment)

Interest Payments: Quarterly

EAI Realized Gain Taxable Accounts Only: Net of +$12.01

Owned $1,000 Par Value Entergy Arkansas First Mortgage Bonds: 8

5 Entergy Arkansas 3.5% first mortgage bonds maturing on 4/1/2026. Bond Page | FINRA.org 4 of those are owned in my Fidelity account as is the one maturing on 6/1/28:

1 in my Vanguard Roth IRA

1 Entergy Arkansas 4% first mortgage bond maturing on 6/1/28, Bond Page | FINRA.org

1 Entergy Arkansas 5.15% first mortgage bonds maturing on 1/2/33, Bond Page | FINRA.org

1 in IB Account

Recent Sales of Entergy Arkansas First Mortgage Bonds: 

I sold 1 of the 5.15% FM maturing on 1/15/33 in a Vanguard IRA on 9/10/25 that was bought on 4/11/25:

+$51.92

Recent Sale of Entergy Arkansas FM Bond: I sold 1 Entergy Arkansas 5.75% first mortgage bond maturing on 6/1/54. Item # 2.E. Sold 1 Entergy Arkansas 5.75% First Mortgage Bond Maturing on 6/1/2054 at 101.145 (8/12/25 Post)(realized gain snapshot = $34.62); Bond Page | FINRA.org; Prospectus That FM bond was bought on 6/16/25: Item # 2.B. Bought Entergy Arkansas 5.75% First Mortgage Bond Maturing on 6/1/54 at a Total Cost of 97.533 (6/26/25 Post)

I owned 3 Entergy Arkansas 3.7% first mortgage bonds ($1,000 par value) that matured on 6/1/24 (profit of $36.21 which includes 1 in a RI account) 

I will frequently buy and sell utility first mortgage bonds. 

4. Bitcoin ETFs: 

After major deleveraging, bitcoin now has ‘significant upside’ and looks more attractive than gold, claims JPMorgan - MarketWatch (11/6/25)(subscription publication)

I view bitcoin and gold as alternative currencies. I prefer gold bullion as an alternative store of value to the USD. 

There are several reasons for that preference. Gold has been a store of value for over 2000 years while cryptocurrencies are new. When properly stored (e.g. safety deposit boxes in a bank vault), gold bullion is highly unlikely to be stolen while bitcoin is far more vulnerable to theft. There is an allure to physical gold for humans which is lacking in digital currencies. The U.S. gold coin minted in the 1880s that I bought when I was 13 still looks the same as it did on the date of purchase. 

I will not own bitcoins. I have decided to buy up to $2000 in bitcoin ETFs but that is my current limit. The purchase restriction is no more than 2 shares with each subsequent purchase required to be at the lowest price in the chain.  

Total current investment in IBIT and FBTC to date: $812.68

I am buying IBIT in my Schwab account and FBTC in my Fidelity account. 

Last Discussed: Item # 1.I. Added 1 IBIT at $62.41 and Item #1.J. Added 1 FBTC at $94.29 (9/27/25 Post) 

There is no way IMO to establish a fair value for either gold or bitcoin since neither have any objective criteria to establish a fair value range (e.g. earnings/income/sales, interest or dividend payments, or owning other assets like real estate that can be objectively valued. 

Investment Category: Lottery Ticket, raised from BlackJack Hand due to amount of investment going over $500. 

A. Added to IBIT - Bought 1 at $58.15: 

Quote: iShares Bitcoin Trust ETF Overview

Sponsor's website: iShares Bitcoin Trust ETF | IBIT

B. Added to FBTC in Fidelity Account - Bought 1 at $87.81: 

Quote: Fidelity Wise Origin Bitcoin Fund Overview

Sponsor's website: Fidelity Wise Origin Bitcoin Fund

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.