Dollar Value of Trades Discussed in this Post:
Treasury Bill Purchases: $30,000 in principal amount
I am going to reduce my weekly purchases to $20K-$30K given the lower yields and the diminished tax savings resulting from deferring the taxation of interest income into next year. I will buy a few 1 year T Bills in January that will shift the recognition of interest income into 2027 when held to maturity.
Outflow Corporate Bonds: Sold 2 based on an assessment of credit risk that is unacceptable to me without a much higher yield. I include in this category only corporate bonds that are bought or sold and do not include the constant stream of proceeds from matured bonds or bonds redeemed early.
Inflow Tennessee Municipal Bond (AA+): $4,902.55 - Bought 5
Inflow Common Stocks: +$1,858.24
Annual Dividends at current payouts: $150.2
Yield at $1,858.24 Total Cost: 8.08%
Inflow Equity REIT Preferred Stock: $436.5
Annual Dividend at $31.875 (7.3%)
Inflow Exchange Traded First Mortgage Bond: $209.5
10 Year TIP Breakeven Inflation Rate: 2.26%
An AI air pocket and a struggling consumer could become a double whammy for stocks in 2026, Bank of America predicts - MarketWatch (subscription publication)
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Economy:
The Bureau of Economic Analysis published its September "Income and Outlays" report yesterday. This report contains the PCE price index data which is preferred by the FED as a measure of inflation over CPI. Personal Income and Outlays, September 2025 "From the same month one year ago, the PCE price index for September increased 2.8 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago." The annual PCE price index increased by .1% through September compared to the 1 year period ending in August. The annual core PCE price index declined by .1% to 2.8%. The month-to-month PCE inflation index was up .3% while the core PCE price index rose .2% month-to-month.
ADP reported that private sector employment declined by 32,000 jobs in November. ADP_November 2025 Private Employment Report.pdf The October report was revised from +42,000 to +47,000. Discussed at ADP jobs report November 2025: Private payrolls unexpectedly fell by 32,000
ISM's November Manufacturing PMI declined .5 to 48.2. The new orders component declined 2 to 47.4. The employment component fell 2 points to point to 44. Any number below 50 indicate an ongoing contraction. The price component rose .5 to 58.5. The test of this release reveals widespread problems created by the republican tariff taxes.
This is an excellent analysis: Trump Is In FAR Deeper Trouble Than I Anticipated | Paul Krugman - YouTube
Layoff announcements top 1.1 million this year, the most since 2020 pandemic, Challenger says
Costco sues Trump admin for tariff refunds before Supreme Court ruling It is legally possible that companies may lose the right to recover the republican tariff taxes, even if the Supreme Courts finds them illegal, unless they file a lawsuit before 12/15/25. Costo Lawsuit.pdf
In Michigan city where Trump held his 100 days rally, voters wait for economic turnaround Trump: "We will end inflation, slash prices — we’ve already ended inflation — raise wages, and give you the greatest economy in the history of the world. That’s already happening." Marjorie Taylor Greene said that Trump was gaslighting his supporters when making false claims about inflation. Marjorie Taylor Greene says Trump administration is 'gaslighting' on economy
Tariff impact starting to hit, could cause reduced headcount in 2026
Apartment rents drop further, with vacancies at record high There is too much new capacity in many areas.
Trump Secretary Rollins threatens SNAP funding cuts to blue states
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Trump and His Orwellian Party:
Trump's Bruised Hand Consistent with an Intravenous Infusion:
There is some speculation that Trump's hand bruising and bandages are caused by infusions of Donanemab, sold under the brand name Kisunla, an Eli Lilly drug approved by the FDA that slows down the progression of Alzheimer's disease by clearing amyloid plaques in the brain. This drug is given via monthly intravenous infusions. One side effect is brain bleeding that needs to be monitored by frequent MRIs. This would explain the hand bruising and MRI brain scans and is consistent with the evidence of early onset dementia including his even more frequent incoherent rants completely untethered from facts, his gait, more frequent mean-spirited attacks on others showing zero self restraint, and increased irritability.
Trump's Pardon of Orlando Hernandez Convicted by a Jury of Drug Trafficking into the U.S.
Trump says he will pardon ex-Honduras president Orlando Hernandex convicted of drug trafficking into the U.S. Trump did in fact pardon Hernandez.
In March 2024, Hernandez was convicted of conspiring to import cocaine into the U.S. and was sentenced to 45 years in prison. Trump claimed he talked to a few people who assured him that Hernandez was treated "very harshly and unfairly." Trump says he will pardon former Honduran President Juan Orlando Hernandez for drug trafficking sentence - CBS News
What was the real reason? Why Did Trump Pardon the Former Honduran President? Follow the Tech Bros. – Mother Jones
Yet, Trump is threatening to invade Venezuela because he claims that its President is engaged in drug trafficking into the U.S., which is also the purported legal justification for the boat strikes.
Where is the pushback among republicans to this obvious inconsistency? It, of course, does not exist. Chipmunks have more bravery, though I have never seen one stand their ground.
Trump falsely claimed that Hernandez was convicted of selling drugs in Honduras. He was in fact convicted of cocaine importation into the U.S. Trump’s pardon comments omit why former Honduran president Juan Orlando Hernández was prosecuted; Examining Trump's Pardon of Former Honduran President Convicted of Trafficking Drugs to U.S. - FactCheck.org (Trump: "If somebody sells drugs in that country, that doesn’t mean you arrest the president and put him in jail for the rest of his life") The FactCheck Article correctly notes that Hernandez had been found guilty after a 3 week trial "for using his position to help drug traffickers import more than 400 tons of cocaine into the United States" and for "protecting violent drug cartel leaders from prosecution in return." This is a link to the US v. Juan Orlando Hernandez Indictment | DocumentCloud.
Trump Pardon of an Executive Convicted in Fraud Scheme:
Trump grants clemency to executive David Gentile convicted in fraud scheme - The Guardian; Trump Pardons Private Equity Executive Involved In Defrauding Thousands; Donald Trump sparks fury as he frees £1.2billion fraudster after just 12 days behind bars - The Mirror Gentile had only begun to serve a prison sentence for what prosecutors called a $1.6B fraud scheme. Trump set him loose. 'Web of lies': Anger as Trump pardons another criminal with more than 10,000 victims - Alternet.org
Trump Normalizing Corruption:
How Donald Trump’s pardon wave is ‘normalizing corruption’ | The Independent
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Trump can’t be trusted, he’s ‘our enemy’s friend’ | General Sir Richard Shireff - YouTube
Fact check: Trump repeats false claims about economy, Biden, at Cabinet meeting
Trump's N.J. prosecutor pick Alina Habba disqualified: Appeals court; Appellate Court Opinion.pdf
This is a link to Trump's Happy Thanksgiving Message: "Truth" Details It is simply not possible IMO for a sane, mature person to write that post. And that is true for hundreds of his posts just this year.
Trump's deranged rants are becoming worse and far more frequent as evidenced by publishing 150+ posts shortly after midnight last Tuesday. ‘Bananas’: Trump posts more than 150 times, in a late-night, bizarre unhinged social media crash out - YouTube
Trump calls Ilhan Omar 'garbage,' says Somalis should 'go back to where they came from'; Trump Goes On Another Xenophobic Rant Against Somali Immigrants When Trump referred to Somalis immigrants as garbage, J.D. Vance banged the table enthusiastically. Why Doesn’t Trump Pay a Political Price for His Racism? - The Atlantic
Trump's Approval Rating Drops to 36%, New Second-Term Low 84% of republicans approve of what Trump is doing which has declined some from over 90% earlier this year. Trump's support among republicans will likely remain over 80% no matter what he does. The most important change was a decline in the approval rating among independents going from 46% in January to 25% in November. Trump's job approval on the economy is at 36%; at 37% on immigration; and at 30% on healthcare. Trump's response: PolitiFact | Donald Trump doesn’t have the ‘highest poll numbers’ of his career. They’re near his lowest
Trump Holds North Korea–Style Cabinet Meeting, But with Naps - YouTube
Hegseth Said Same Thing About 'Illegal Orders' He Claims Is 'Seditious'
Hegseth endangered troops with Signal messages: Pentagon watchdog report Hegseth claimed that the report was a "Total exoneration" The Hegseth chief spokesperson, Sean Parnell, claimed that the report "is a TOTAL exoneration of Secretary Hegseth", just another example of the U.S. government turning Orwellian and is consequently untrustworthy.
In another Orwellian move, Hegseth has required all Pentagon reporters to sign a pledge that they will basically publish only information provided by the Hegseth Department of War. New York Times sues Defense Secretary Hegseth over media policy; Five major broadcast networks say they won't sign new Pentagon media policy All real journalists refused to sign the pledge which leaves only the likes of Laura Loomer and the Pizzagate conspiracy advocate as Pentagon correspondents.
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The 6 Republican Justices Create the Unitary Executive Doctrine to Enhance Presidential Powers:
Trump can fire labor, employment board members without cause: Appeals court This was a 2 to 1 decision with 2 Trump appointees in the majority. This decision is consistent with the prevailing view of the 6 Republican Justices that the Imperial President needs more power. This is a newly created doctrine called the Unitary Executive that is consistent with the strong authoritarian tendencies of the 6 Republican Justices, as manifested also in their creation of a near absolute Presidential immunity from criminal prosecutions even after the President leaves office. Morrison v. Olson and the triumph of the unitary executive theory - SCOTUSblog
What this means for the future is that any President can fire, without cause, any member of an independent agency appointed by another President, with the FED being the only possible exception but that would be a judge made exception based solely on a policy decision if made later.
If the next President is a Democrat, all of Trump appointments will be fired immediately, a process that will continue back and forth, which will result in major unproductive and inconsistent swings in regulatory decisions and policies when Presidents before Trump viewed those independent agencies as in need of more bipartisan cooperation with appointees from both parties.
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Boat Strikes:
Hegseth Ousted Admiral Who Expressed Concern About Legality of Boat Bombings: Report
Expert Q&A on the U.S. Boat Strikes- Just Security; Why the U.S.’s boat strikes are illegal and should concern us all There are well justified legal reasons to conclude that the boat strikes are illegal under U.S. and international law.
Ex-Defense chief Leon Panetta says he doesn't 'think there's any question' second strike was war crime; What the law says about killing survivors of a boat strike, according to experts | PBS News Hegseth claims now that the second strike on defenseless survivors was justified because they or the destroyed boat presented a continued threat against the U.S. Hegseth claims that he did not give the order for a second strike which was given by Admiral Frank M. Bradley. The claim is that the second strike was necessary to destroy whatever remained of the destroyed boat that possibly had some drugs that were not destroyed in the first strike or remained undisturbed after being submerged in water for 41 minutes. According to reports about Bradley's testimony, the Hegseth Department of War believed it was possible for the destroyed boat to float with the currents somewhere where the 2 survivors could deliver the drugs, assuming any still existed, that could at some point be delivered to the U.S. shore.
Senator Tom Cotton (R-AK) claimed that the destroyed boat represented a threat to the U.S. requiring the killing of two shipwrecked crew members rather than their rescue. Sen. Tom Cotton Defends the Indefensible Cotton routinely reveals who and what he is, as does Trump, for anyone to observe.
There is some inconsistency in the reporting on whether the survivors were capable of contacting anyone, including the alleged "mother ship", to rescue them. Several sources familiar with Admiral Bradley's testimony before a closed congressional meeting claim there was no evidence that the survivors were capable of contacting anyone. Exclusive: Survivors clinging to capsized boat didn’t radio for backup, admiral overseeing double-tap strike tells lawmakers The Hegseth Department of War has not yet provided any information about the alleged "mother ship", and, assuming it existed at all, whether it was in a position to mount a rescue even if contacted without being destroyed by a drone strike.
This could be cleared up by public disclosure of the Admiral's testimony, the release of the entire video, and any other information supporting the claim that the threat to the U.S. still existed which required killing the 2 shipwrecked survivors and destroying what remained of a capsized boat.
I am not surprised that the Hegseth Department of War did not produce the video of the Double Tap, but only of the original strike. It was not until the Washington Post reported information about the second strike that the Department of War had to respond to what it had done.
How the Trump administration's account of Sept. 2 boat strike has evolved - CBS News; What Trump and Hegseth said after the Sept. 2 strike on an alleged drug-smuggling boat - ABC News; Hegseth’s Shifting Story on Deadly Strike in the Caribbean | TIME No comment by Hegseth on this or any other topic is worthy of belief.
{Long before the totally untrustworthy and unqualified Hegseth was appointed defense secretary, I had developed a justified skepticism of claims made by the U.S. Defense Department that originated with a lack of material disclosures about the Vietnam War that were exposed in the Pentagon Papers, which I read in 1971. My skepticism was confirmed by the many false or deliberately misleading claims thereafter, including the misleading or false claims made to justify the Iraq invasion.}
The Trump Administration justifies the boat strikes by claiming that the U.S. is in an armed conflict with the drug cartels, who are allegedly aided by Venezuela, and the strikes are consequently justified within the laws of war. Tracing the backstory behind the U.S. Caribbean drug policy There is no concern among almost all republicans about the inconsistency of that claim with the Trump pardon of the former Honduran President convicted by a jury of drug trafficking into the U.S. It is pure, 100% hypocrisy.
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The 6 Republican Justices Have Undermined Democracy by allowing gerrymandering including gerrymandering designed to disenfranchise non-white voters:
Trump-aligned super PAC drops nearly $1.7M on TN special election GOP candidate-YouTube The incumbent republican congressman for the 7th Congressional District, Mark Green, decided to leave and a special election was held on 12/2/25. There were nonstop Trump aligned PAC ads during the Vanderbilt-Tennessee football game last Saturday attacking the democrat Aftyn Behn, who is unquestionably a liberal and had made some comments in the past that hurt her chances of winning in a deeply red and republican gerrymandered district with a pocket of Democrat voters. Some of those comments made in 2020 were to dissolve the Nashville police department and calling herself a "very radical person". She also said that she hated Nashville.
Notwithstanding the fact that Green carried this district by nearly 22% in the 2024 election, the polls had the race close. I did not expect Behn to win, but to do better than the democrat who ran against Green last year notwithstanding her numerous and obvious vulnerabilities in a deeply red district.
That proved to be the case with Behn losing 53.9% to 45% in this gerrymandered district.
The anti-democracy party in Tennessee has made it impossible through gerrymandering for a democrat to win any congressional district other than Memphis.
The concentration of Democrats in Memphis is so large that splitting the city into pieces and joining each piece with rural areas and small towns that are 70-80% Trumpified would probably result in one or more of those Districts becoming competitive. The result of the gerrymandering would consequently be counterproductive. So Tennessee voters, for now, will be allowed by the anti-democracy party to have one congressional district that a Democrat can win.
The Tennessee republicans were successful with this strategy in Nashville, a Democrat stronghold, after making a decision that Nashville would no longer be allowed by republicans to elect a Democrat. Part of Nashville was included in the newly drawn 7th Congressional District which will vote heavily for the Democrat candidate. Most of the black voters in Nashville were put in this district, a clear racial gerrymandering. Nashville voters who are not Trumpsters have in effect been disenfranchised in congressional elections by the Tennessee republicans.
The 6 Republican Justices have made this anti-democracy result possible.
In furtherance of undermining democracy, the 6 Republican Justices in effect reversed a finding by a three judge panel that the Texas gerrymander was racially motivated without providing any justification for their ruling, a commonplace and transparently arrogant approach for them. Supreme Court allows Texas to use redistricting map challenged as racially discriminatory - SCOTUSblog; Supreme Court lets Texas use gerrymandered U.S. House map; Abbott v LULAC - 2025-12-04 Order on Application for Stay (25A608) | DocumentCloud The 6 Republican Justices just ignored the extensive findings made by the panel in a 160 page decision that there was racial gerrymandering. Panel 2 to 1 Decision.pdf
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ICE News:
ICE Detains 2nd Grade Student Visiting Family for Thanksgiving - Newsweek
Feds forcibly yank woman in medical scrubs from car as she screams she's a US citizen - Raw Story
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1. Common Stock Purchases:
A. Started CION - Bought 50 at $10.06:
Cost: $503
52 week range as of 11/28/25: $8.51-$12.71 (The low was hit in early April 2025 when the stock market was in a precipitous decline due to Trump's trade war announcement).
SEC Filed 2024 Annual Report Risk factor summary starts at page 29 and ends at page 57.
10-Q for the Q/E 9/30/25 A summary of investments starts at page 5.
Net Asset Value per share history:
9/30/25: $14.86
12/31/24: $15.43
12/31/23: $16.23
12/31/22: $15.98
12/31/21: $16.34
The stock commenced trading under the ticker CION in October 2021 after a 1 for 2 reverse split in 9/2021. SEC Filing The per share data prior to that reverse split needs to be doubled.
Dividend: Quarterly at $.36 per share ($1.44 annually)
CION Stock Dividend History & Date | Seeking Alpha
Special dividends were paid in 2021 through 2024 totalling $.62 per share.
When short term interest rates were rising starting in 2022 until the FED started to cut the federal funds rate in September 2024, the floating rate loans repriced their coupons at higher rates generating more net investment income. Rather than changing the regular dividend amount, or only increasing it slightly, many BDCs opted to pay special dividends to flush out what proved to be temporary increases in interest income.
Yield at $10.06: 14.31%
Last Ex Dividend: 12/1/25 (owned all as of)
The company recently announced that it was going to start paying monthly dividends.
Last Earnings Report (Q/E 9/30/25):
SEC Filed Press Release and Supplemental
NII per share: $.74, up from $.40 in the 2024 third quarter.
Interest income from non-affiliated businesses decline to $30.251M from $40.613M, but there was a surge in interest and other income from controlled investments as reflected in this table:
Company assessment of credit risks:
As of 9/30/25, non-accrual loans were at 1.75% of total loans based on fair value and at 4.08% based on amortized cost.
Loan Information:
Company Assessment of Interest Rate Changes on NII:
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| 10-Q at page 85 |
Net investment income will trend down when short term interest rates decline. This is due to the floating rate loans, priced at spreads to short term rates, resetting their coupons at lower yields.
Maximum Position: 100 shares
Purchase Restriction: 5 or 10 share lots with each subsequent purchase required to be at the lowest price in the chain.
B. Added to CUBE in Schwab Account - Bought 5 at $37.36; 5 at $36.7:
Quote: CubeSmart - Storage REIT
Cost: $370.29
"As of September 30, 2025 and December 31, 2024, we owned (or partially owned and consolidated) 660 self-storage properties containing an aggregate of approximately 48.2 million rentable square feet and 631 self-storage properties containing an aggregate of approximately 45.8 million rentable square feet, respectively. As of September 30, 2025, we owned stores in the District of Columbia and the following 25 states . . . In addition, as of September 30, 2025, we managed 863 stores for third parties (including 49 stores containing an aggregate of approximately 3.3 million rentable square feet as part of five separate unconsolidated real estate ventures) bringing the total number of stores we owned and/or managed to 1,523."
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.N. Added to CUBE in Schwab Account - Bought 1 at $35.11; 1 at $36.6 (4/13/25 Post)
Average cost per share this account: $37.64 (15 shares)
Dividend: Quarterly at $.52 per share ($2.08 annually)
CUBE Stock Dividend History & Date | Seeking Alpha
The quarterly dividend was $.21 per share in the 2015 4th quarter.
Effective for the next dividend, I changed my dividend option to reinvestment.
Yield at $37.64: 5.526%
Last Ex Dividend: 10/1/25 (owned 5 this account as of)
Last Earnings Report (Q/E 9/30/25):
Revenues: $285.08M
GAAP E.P.S. $.36
FFO per share: $.65, down from $.67
{FFO per share was reported at $.56 in 2021 4th Q}
Same Store Occupancy: 89%
2025 Guidance: FFO per share $2.56-$2.6
Sell Discussions: Item # 1.K. Sold 1 CUBE at $50.25 - Fidelity Account (12/5/24 Post)(profit snapshot = $28.24); Item # 1.L. Sold 1 CUBE at $53.15 - Fidelity Account (9/24/21 Post)(profit snapshot = $31.38); Item # 3.E. Pared CUBE - Sold 3 at $47.49 - Fidelity Account (7/23/21)(profit snapshot = $77.16). In my Fidelity account, I sold some of the shares bought in April 2020: Item # 2.E. Bought 19 CUBE at $22, 2 at $21.55, 1 at $19.74 (4/25/20 Post)
Owned SU Bonds:
2 of the 3.125% SU Maturing on 9/1/26, Bond Page | FINRA.org
4 of the 4.375% SU Maturing on 2/15/29, Bond Page | FINRA.org
Given the decline in the CUBE bond yields, and the current dividend yield of the common stock, I find the stock slightly more attractive than new bond purchases.
I had 10 CUBE 4% SU bonds mature on 11/15/25:
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| 4 in IB Account |
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| 6 in Fidelity Account |
Realized Market Discount 10 Bonds: $155.36
C. Restarted SAMG in Schwab Account - Bought 10 at $13.7:
History this Account:
The snapshot includes my last sale at $16.25 on 8/5/25. The price decline to $13.7 was justified IMO by the second and third quarter earnings reports. The last elimination was based on my negative opinion about the second quarter report. Item # 3.D. Eliminated SAMG Again - Sold 10 at $16.25 (8/12/25 Post)(profit snapshot = $17.82); SEC Filed Press Release
Quote: Silvercrest Asset Management Group Inc. Cl A
Cost: $137
"Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors."
Investment Category: Bond Substitute. This category defines the objective only, which is to harvest the dividend and to sell the shares for at least a 2% annualized profit.
Website: Homepage | Silvercrest Asset Management Group
SAMG Analyst Estimates | MarketWatch
Dividend: Quarterly at $.21 per share
SAMG Stock Dividend History & Date | Seeking Alpha
Without an improvement in earnings, I expect a cut.
Yield at $13.7: 6.13%
Next Ex Dividend: 12/12/25
Last Earnings Report (Q/E 9/30/25):
GAAP E.P.S. = $.07
Non-GAAP E.P.S. = $.19
Prior Sell Discussions: Item # 4.C. Eliminated SAMG - Sold 10 at $18.1 (11/11/24 Post)(profit snapshot = $29.5); Item # 2.B. Eliminated SAMG - Sold 10 at $16.65 (3/15/24 Post)(profit snapshot = $10)
D. Added to DOC in Schwab Account - Bought 10 at $17.3:
Quote: Healthpeak Properties Inc (DOC)
Cost: $173
DOC is a S&P 500 component and formerly traded under the PEAK stock symbol. The symbol was changed to DOC after Healthpeak acquired Physicians Realty that had the DOC symbol.
Properties as of 9/30/25:
Last Discussed: Item # 2.C. Added to DOC in Schwab Account - Bought 10 at $16.9 (8/19/25 Post)
Last Elimination: Item # 1.G. Eliminated PEAK-Sold 15 at $31.08 (3/6/2021 Post)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
DOC SEC Filed 2024 Annual Report
Website: Home - Healthpeak | NYSE: DOC
New average cost per share this account: $17.34 (121+ shares)
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| Snapshot Intraday on 12/3/25 after add |
DOC Stock Dividend History & Date | Seeking Alpha
I am currently reinvesting the dividend in this taxable account only.
Yield at $17.34: 7.04%
Next Ex Dividend: 12/19/25
Last Earnings Report (Q/E 9/30/25)
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $705.873M
GAAP E.P.S. ($.17)
Nareit Defined FFO per share: $.45
Adjusted FFO per share: $.46
AFFO per share: $.42 (deducts recurring capital expenditures and non-cash revenue created by the straight line accounting convention, adds back non-cash stock compensation expense)
GAAP to Adjusted FFO per share:
Adjusted FFO to AFFO Calculations:
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| +$65.66 |
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%20+$34.26.png){kind=small}
%20+$37.5%20.png)
Quote: Apple Hospitality REIT Inc. (APLE) - Hotel REIT
Cost: $56.8
APLE "is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 220 hotels with approximately 29,700 guest rooms located in 85 markets throughout 37 states and the District of Columbia. Concentrated with industry-leading brands, the Company’s hotel portfolio consists of 96 Marriott-branded hotels, 118 Hilton-branded hotels, five Hyatt-branded hotels and one independent hotel."
Top 30 Markets:
The government shutdown will negatively impact 4th quarter earnings.
The U.S. hotel industry is being negatively impacted less foreign travel to the U.S., particularly from Canada, in response to the republican tariff war. (projected to fall to 85% of the 2019 level prior to the pandemic, Travel Forecast (2025-10-01)| U.S. Travel Association) It is understandable why Canadians are boycotting U.S. products and travel to the U.S. Trump is deliberately trying to significantly harm the Canadian economy and to send it into a recession.
Website: Apple Hospitality REIT
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Last Discussed: Item # 1.E. Added to APLE - Bought 15 at $11.5 - Schwab Account (10/25/25 Post) I discussed the 2025 second quarter report in that post. SEC Filed Earnings Press Release
New Average cost per share this account: $12.76 (55+ shares)
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend in this account until the likely reinvest price exceeds my average cost per share.
Yield at $12.76: 7.52%
Last Ex Dividend: 11/28/25 (owned all as of)
Last Earnings Report (Q/E 9/30/25):
Revenue: $373.878M, down from $378.843
GAAP E.P.S. $.21
Modified FFO per share: $.42, down from $.45
Reconciliation GAAP Net Income to MFFO:
The largest add back to net income is the noncash depreciation expense. Other add backs are a non-cash impairment charge and non-cash amortization expenses. The largest deduction is the realized gain on the sale of real estate.
F. Started FVR - Bought 10 at $15:
Quote: FrontView REIT Inc. (FVR) - Internally Managed Net Lease REIT
Cost: $150
Market Cap at $15: Close to $421M
This is my first purchase. I expanded my search for new dividend stocks and came up with this stock and OPRA discussed below.
FVR completed an internalization in October 2024 in connection with its IPO. The offering price was $19 per share with proceeds to FVR at $17.7175. Prospectus
As of 9/30/25, FVR through its operating entity owned 307 properties with a weighted average lease term of 7.2 years.
Top Tenants:
10-Q for the Q/E 9/30/25 at page 27
"FrontView's tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, convenience stores and gas stations, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants."
Approximately 97.5% of leases, based on average base rents, have rent escalations, "generally ranging from 1.0% to 3.0% annually." 10-Q at page 31.
Substantially all of the leases are net leases, "meaning our tenant generally is obligated to pay customary expenses associated with the leased property (such as real estate taxes, insurance, maintenance and repairs, and in many cases, capital costs, subject to caps and exclusions in some leases)". 10-Q at page 31
Dividend: Quarterly at $.215 per share ($.86 annually)
FVR Stock Dividend History & Date | Seeking Alpha
Yield at $15: 5.73%
Next Ex Dividend: 12.31/25
Last Earnings Report (Q/E 9/30/25):
Revenues: $16.803M
GAAP E.P.S. = $.19
FFO per share: $.25
AFFO per share: $.32
Updated 2025 AFFO per share guidance: $1.23 - $1.25 revised from $1.22-$1.24.
Reconciliation:
2026 AFFO per share Guidance: $1.26-$1.3
G. Started OPRA - Bought 10 at $13.4:
Quote: Opera Ltd. ADR (OPRA)
Cost: $134
ADR Ratio: 1 for 1
OPRA SEC Filings (foreign company SEC Forms)
Opera is best known for its internet browser.
OPRA Analyst Estimates | MarketWatch As of 12/2/25, the date of purchase, the average E.P.S. estimate for 2025 was at $.84; at $1.12 for 2026 and at $1.36 in 2027.
Investor Relations | Opera Limited
Dividends: Semiannual at $.40 per share
OPRA Stock Dividend History & Date | Seeking Alpha
Yield at $13.4 = 5.97%
Since the company is based in Norway, I anticipate that foreign withholding tax will be withheld.
Last Ex Dividend: 7/8/25
The next dividend has historically gone ex dividend in January.
Last Earnings Report (Q/E 9/30/25)
Revenue: $151.937M, up from $123.21M
Advertising revenue grew 27% year-over-year to $95.9 million, representing 63% of total revenue"
Query revenue increased 17% to $55.6M
Opera had 284M average monthly active users
"mini-pay wallets increased by 175% year-over-year during the quarter, surpassing 10 million activations since its launch two years ago. Over that period, MiniPay users have initiated approximately 290 million peer-to-peer transactions worth over $300 million across more than 60 countries."
"cash flow from operating activities was $28.5 million, representing 78% of adjusted EBITDA. At quarter-end, cash and cash equivalents totaled $119.0 million."
E.P.S. $.21
Adjusted E.P.S. $.30, up from $.26
Reconciliation:
The adjustments are an amortization expense item and share based compensation.
The Opera Gaming browser has 33 million average monthly active users.
H. Added to MFIC in Schwab Account - Bought 5 at $12.13:
Cost: $60.65
Website: MFIC SEC Filings
There was a 1 for 3 reverse split in 2018. Adjusted for that split, the initial IPO price of $15 was at $45. Final Prospectus (4/8/2004, trading then under the AINV symbol)
Last Discussed: Item # 3.F. Restarted MFIC - Bought 10 at $13.07; 5 at $12.92 (8/19/25 Post)
Last Eliminations: Item # 1. Eliminated MFIC - Sold 72+ at $13.97 (1/12/24 Post)(profit snapshot = $84.44); Item # 7.A. Eliminated Duplicate Position in MFIC - Sold 36+ at $13.46 in Fidelity Account (12/16/23 Post)(profit snapshot = $48.08); Item # 3.F. Eliminated 1 or 2 Duplicate Positions in MFIC (Vanguard Account) - Sold 50 at $13.64 (8/5/23 Post)(profit snapshot = $30.12)
New Average cost per share: $12.8 (20 shares)
Regular Dividend: Quarterly at $.38 per share ($1.52 annually)
MFIC Stock Dividend History & Date | Seeking Alpha
Special Dividends: A $.20 special dividend was paid in 2024. I did not own shares when any of the 2024 dividends went ex dividend.
Yield at $12.8: 11.875%
Net Asset value per share history:
9/30/25: $14.66 10-Q for the Q/E 9/30/25
12/31/24: $14.98
9/3/23: $15.28 10-Q at page 1
12/31/22: $15.10
9/30/22: $15.45 10-Q for the Q/E 9/30/22
6/30/2022 $15.52 10-Q at page 1
12/31/2021 $16.08 10-Q at page 1
12/31/2020 $15.59 10-Q at page 1
12/31/2019 $18.27 10-Q at page 1
12/31/2018 $19.03 10-Q at page 1
1 for 3 stock split 12/3/2018
12/31/17 $6.6
3/31/16 $ 7.28
3/31/15 $ 8.18
3/31/14 $ 8.67
3/31/13 $ 8.27
3/31/12 $8.67
3/31/11 $10.03
3/31/10 $10.06
3/31/09 $ 9.82
3/31/08 $15.93 (Near Depression period)
3/31/07 $17.87
3/31/06 $15.15
3/31/05 $14.27
The external managers may want to consider ritual Seppuku.
Last Earnings Report (Q/E 9/30/25):
10-Q and SEC Filed Earnings Press Release
Net Investment Income per share: $.38, barely covering the $.38 quarterly dividend.
First lien senior secured loans at 95%
"As of September 30, 2025,
Company estimates of how interest rate changes impact net investment income:
 |
| 10-Q at page 165 |
I. Added to GBDC in Schwab Account - Bought 5 at $14.1:
Quote: Golub Capital BDC Inc. (GBDC)
Cost: $70.5
Management: External
Last Discussed: Item # 1.B. Added to GBDC in Schwab Account - Bought 5 at $14.39; 5 at $14.13 (9/9/23 Post)
Based on history, the external managers of GBDC have performed far better than the Masters of Disaster of several other deservedly hated BDC. Just compare the net asset value per share histories.
New average cost per share this account: $14.4 (19 shares)
 |
| Snapshot Intraday on 12/3/25 after add |
Regular Dividend: Quarterly at $.39 per share ($1.56 annually), last raised from $.37 effective for the 2024 first quarter payment. The regular dividend was at $.32 for the 2015 4th quarter.
GBDC Dividend History | Seeking Alpha
Special Dividends: A number of special dividends were paid in 2023 and 2024 sourced from increases in net investment income generated by floating rate loans resetting coupons at higher interest rates. The total of special dividends for those 2 years was $.43 per share.
Yield at $14.4: 10.83% (regular dividend only)
Next Ex Dividend: 12/12/25
Net Asset value per share history:
9/30/25: $15.00
12/31/24: $15.13
6/30/23 $14.83
12/31/22 $14.71
12/31/21 $15.26
12/31/20 $14.6
12/31/19 $16.66
12/31/18 $15.97
12/31/17 $16.04
12/31/16 $15.74
12/31/15 $15.89
12/31/14 $15.55
12/31/13 $15.23
12/31/12 $14.66
IPO (April 2010): Priced at $14.5 per share, with proceeds after underwriters' commission at $13.485 per share. Prospectus
Last Earnings Report (Q/E 9/30/25): This is the first fiscal quarter in the 2026 fiscal year.
NII per share at $.38, adjusted to $.39 to add back an amortization expense.
NII per share was at $.45, adjusted to $.47, for the Q/E 9/30/24.
Non-accrual loans at .6% and .3% of total investments at amortized cost and fair value respectively.
Floating Rate Loans: 99%
A BDC that has loans set at spread to short term rates will be generating more net investment income when short term rates started to rise in 2022 assuming no material increase in non-accruing loans. The uptrend in short term interest rates that ended in September 2024 with a 50 basis point cut in the federal funds rate allowed GBDC to increase its dividend and to pay some special dividends. The Fed rate cuts starting in September 2024 has caused a meaningful decline in GBDC's NII per share and consequently raises the possibility of a dividend cut.
Company assessment of credit risks:
Previous Round-Trip: Item # 1.B. Eliminated GBDC (9/12/2020 Post)(profit snapshots = $24.01); Item # 1.K. Started GBDC-Bought 10 at $12.32; 10 at $11.75 and 5 at $11.2 (7/11/20 Post
2. Tennessee Municipal Bond:
A. Bought 5 of the Harpeth Valley Utility District 4% Revenue Bond Maturing on 9/1/44 at a Total Cost of 98.051:
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The principal amount shown in the previous snapshot includes $50 in accrued interest that I had to pay the seller. I will receive that interest from the issuer when the next semiannual interest payment is made.
Interest payments are secured only by water and sewer revenues.
Credit Rating: AA+ by S&P
Bought at 97.951
Bond cost at 98.051 after $1 per bond commission: $4,902.55
Tax Free Yield at 98.051: 4.0795%
YTM: 4.15% (the YTM includes the "profit" realized when the bond matures which will be taxed, not as a long term capital gain, but at ordinary income rates)
Matures on 9/1/44 unless called early.
Optional Call on or after 9/1/34 at par value + accrued on unpaid interest. Municipal bonds that I buy generally have call protection for ten years after issuance. The bond was originally issued in 2024. There is generally no make whole provisions in municipal bond prospectuses.
Service Area:
 |
| Page A-1 Offering Statement |
The Offering Statement and other documents are linked at the EMMA website linked above.
Map of Service Area:
5 year financial data:
Issuer Early Calls:
This issuer recently called 5 revenue bonds with a 3.25% coupon that would have matured in 2038:
%20+$472.65.png){kind=small} |
| "Profit" of $472.65 |
The issuer called 10 bonds that I owned last year that would have matured in 2030:
%20$110.53.png){kind=small} |
| "Profit" of $110.53 |
3. Treasury Bills Purchased at Auctions:
A. Bought 10 Treasury Bills at the 12/1/25 Auction:
91 Day Bill
Matures on 3/5/26
Interest: $94.16
Investment Rate: 3.813%
B. Bought 10 Treasury Bills at the 12/1/25 Auction:
%206:4:26%20.png)
182 Day Bill
Matures on 6/4/26
Interest: $183.77
Investment Rate: 3.754%
C. Bought 10 Treasury Bills at the 12/3/25 Auction:
119 Day Bill:
Matures on 4/7/26
Interest: $119.66
Investment Rate: 3.715%
4. REIT Equity Preferred Stock:
A. Added to UMHPRD in Fidelity Account - Bought 10 at $21.95:
Quote: UMH-PD
Cost: $219.5
Issuer: UMH Properties Inc. (UMH) - A REIT that owns manufactured home communities.
Last Discussed: Item # 2.D. Added to UMHPRD in Schwab Account - Bought 10 at $22.28 (11/29/25 Post)
Coupon: 6.375% paid on a $25 par value.
Dividends: Paid quarterly, cumulative and non-qualified as a pass through entity
Yield at $22.18: 7.195%
Calculation: .06375% coupon x. $25 par value = $1.59375 annual dividend per share ÷ $22.18 total average cost per share = 7.195%
Last Ex Dividend: 11/17/25
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
5. Corporate Bonds:
A. Sold 2 FS KKR Capital 3.125% SU Maturing on 10/12/28 at 92.427:
Issuer: FS KKR Capital Corp. (FSK)
FSK SEC Filed Earnings Press Release for the Q/E 9/30/25
Discussed at Item # 3.E. Bought 2 FS KKR Capital 3.125% SU Maturing on 10/12/28 at a Total Cost of 91.709 (7/15/25 Post) I made this comment in that post: "I view the 2028 maturity as a marginal purchase given the time to maturity, the inherent credit risk of BDCs, and the percentage differential in the YTM and current yield. Since I have 6 about to mature next January, this bond was the most attractive FSK SU replacement for 2 of those bonds taking into account the time to maturity and the YTM."
I bought this bond on 7/11/25. FSK had not yet released its highly unfavorable IMO second quarter report.
"Profit" Snapshot: $12.36
%20+$12.36%20.png)
Proceeds at 92.327 after $1 per bond commission
Current Yield at 3.385%
YTM at 92.327: 6.06%
FINRA Page: Bond Page | FINRA.org
Credit Rating: Baa3
Based on a significant increase in non-accrual loans and losses from selling loans, I eliminated my common stock position. Item # 4.D. Eliminated FSK in my Fidelity Account - Sold 21+ at $17.88 and Item # 1.E. Eliminated FSK in my Schwab Account - Sold 20+ at $17.83 (8/19/25 Post)(profit snapshots = $126.95) I noted in that post that FSK realized $135M in losses during the quarter, which excludes $9M on foreign currency and foreign currency forward contracts. After the realized losses, 5.3% of the portfolio based on amortized cost was on nonaccrual as of 6/30/25.
The current yield and YTM are not high enough for me to assume the credit risk out to October 2028.
I will hold 6 FS KKR SU bonds that mature on 1/15/26.
Other Recent FSK Sell Discussions: Item # 3.J. Pared FSK in Schwab Account - Sold 9 at $23.12 (2/5/25 Post)(profit snapshot = $48.06); Item # 1.L. Sold 3 FSK in Fidelity Account at $23.77; Sold 5 FSK in Schwab Account at $23.77-23.78 (3/18/25 Post)(profit snapshots = $50.36); Item # 2.C. Pared FSK in Fidelity Account - Sold 6 + at $22.37 (1/22/25 Post)(profit snapshot = $32.11); Item # 6.A. Pared FSK in Fidelity Account - Sold 4 at $21.97 and Item #6.B. Pared FSK in Schwab Account - Sold 8 at $22 (1/9/25 Post)(profit snapshots = $84.84) Item # 1.M. Pared FSK - Sold 25 at $21.57 - Fidelity Account (11/27/24 Post)(profit snapshot = $49.24); Item # 5.A. Pared FSK in Schwab Account -Sold 10 at $21.45 and Item #5.B. Pared FSK in Fidelity Account - Sold 6 at $21.44 (12/19/24 Post)(profit snapshots = $34.72); Item # 4.B. Eliminated 1 of 3 Duplicate Positions in FSK - Sold 12 at $20.35 (9/16/23 Post)(profit snapshot = $14.71); Item # 2.M. Pared FSK - Sold 9+ at $23.04 (3/24/22 Post)(profit snapshot = $.34)(noting that FSK had been a problematic stock for me) The largest gain in a RI account, which was not discussed here, was a 7+ share lot that netted a realized gain of $73.27 (sold 2/27/24 at $18.76)
I classify this externally managed BDC as deservedly hated.
Current FSK Taxable Account Position: None.
NII will be pressured down by higher borrowing costs, lower yields from floating rate loans priced at spreads to short term rates, and nonaccrual loans that have not yet been sold.
Prospectus (9/25) for $400M 6.125% SU Maturing in 2031
6. Exchange Traded First Mortgage Bond:
Investment Category: Exchange Traded Baby Bonds
A. Added to EMP in Schwab Account - Bought 10 at $20.95:
Quote: Entergy Mississippi LLC 4.9% First Mortgage Bond due 2066 (EMP)
Cost: $209.5
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
Last Discussed: Item # 4.A. Added to EMP in Fidelity Account - Bought 10 at $21 (11/22/25 Post)
Credit Rating: A/A2
New average cost per share shits account: $21.15 (85 shares)
 |
| Snapshot Intraday on 12/2/25 after add |
Yield at $21.15: 5.79%
Calculation: .049% coupon x. $25 par value = $1.225 annual interest per share ÷ $21.15 total cost per share = 5.792%
Next Ex Interest: 12/31/25
First Mortgage Bond
Par Value: $25
Interest Payments: Quarterly
Maturity: 10/1/2066
No call protection. Issuer has the optional right to call at par value plus accrued and unpaid interest.
Interest Rate Risk: High given the potentially long maturity. Interest rate risk is asymmetric in favor of the issuer who has the optional call right. If interest rates fall too far, the issuer will call the bond, but will allow the owner to keep the security when interest rates are rising and the price is falling.
Goal: The goal is simply to realize a total return in excess of the interest payments.
EMP Trading Net Profit to Date: $437.7
Owned Entergy Mississippi $1,000 Par Value First Mortgage Bonds: 12
4 Entergy Mississippi 3.25% FM Maturing on 12/1/27, Bond Page | FINRA.org
1 Entergy Mississippi 2.85% FM Maturing on 8/1/28, Bond Page | FINRA.org
7 Entergy Mississippi 5% FM Maturing on 9/1/33, Bond Page | FINRA.org (sold 2 earlier this year)
I prefer owning the $1K par value bonds that mature in less than 10 years since they have a much lower interest rate risk.
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.
