ADCPRA, AX.UN:CA, BRX, DCOMP, DOC, DPG, GBDC, IGR, INVH, JAAA, KMI, LTC, NMFC, NSAPRB, NEWTI, OWL, PFLT, SLGPRI

Dollar Values of Trades Discussed in this Post: 

Inflow U.S. Common Stock/Stock Funds Purchases: $1,842.85

I intend to do some selling in early January 2026, primarily in low or non-dividend paying stocks that have significant appreciation. I have postponed for several weeks now selling stocks at profits (some tax loss selling to offset gains). The reason is that my marginal tax rate for 2025 was already too high and will be lower in 2026 as my interest income declines compared to 2025 which may end up being the peak year for awhile.   

I have cut off purchase discussions with those made yesterday (12/17). I may be making some small ball purchases in the stocks discussed here today and tomorrow based on price weakness and will discuss those adds in my next post.  

Current Annual Dividends Stocks/Stock Funds Discussed Here: $146.11

Yield at $1,842.85 Cost: 7.93%

Inflow Corporate Bonds (Item # 2): Bought 4 in IB Account, total cost at $3,902.96

Treasury Bills Purchased at Auction (Item # 3): $20,000 in principal amount  I am anticipating that my T Bill interest income will decline by more than $10,000 next year.   

Inflow Exchange Traded Bonds (Item # 4): $124.4 (yield at 8.03%)

Inflow Equity  Preferred Stocks (Item # 5): $472.68

Annual Preferred Stock Dividends: $33.12

Yield at $472.68 TC = 7%

Outflow Canadian REIT Units (Item # 6): C$1,424 (profit C$20) 

Inflow Specialized Income ETF (Item # 7): $252.73

+++

Economy: 

The CPI report for November was better than expected. CPI inflation report November 2025  Economists had predicted an annual rise of 3.1% with the report, based on incomplete data collection, claiming only a 2.7% increase. Core CPI rose a less than expected 2.6% over the 12 months ending in November. 

Consumer Price Index Summary - 2025 M11 Results

The BLS made this statement on how the government's shutdown impacted the November CPI report: "BLS did not collect survey data for October 2025 due to a lapse in appropriations. BLS was unable to retroactively collect these data. For a few indexes, BLS uses nonsurvey data sources instead of survey data to make the index calculations. BLS was able to retroactively acquire most of the nonsurvey data for October. CPI data collection resumed on November 14, 2025." This statement does call into question the accuracy of the report. The December 2025 CPI report will include collection of all price data, so I will wait to draw any inclusions about the direction of inflation until that report is released.   

I mentioned in a comment published on 12/13/25 that the heavily weighted owners equivalent rent, a fictional expense, has been trending down and that places significant downward pressure on CPI. I also discussed that trend in a YT video published over 1 year ago Owners Equivalent Rent, a fictional expense, is distorting the CPI numbers higher - YouTube I noted in that video that the annual owners equivalent rent expense was reported at 7.8% through June 2023 and at a 5.9% annual increase through June 2024. The annual increase was 3.4% through November 2025. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2025 M11 Results

BLS November Jobs Report: Employment Situation Summary - 2025 M11 Results

Jobs: +64,000

Unemployment Rate: 4.6%, highest since September 2021 

October Jobs:  -110,000. The job losses were caused by the BLS no longer counting federal employees as employed who accepted buyout offers that paid them through September even though they were no longer working as well as other reductions in federal government employment.   

"The change in total nonfarm payroll employment for August was revised down by 22,000 from -4,000 to -26,000, and the change for September was revised down by 11,000 from 119,000 to 100,000." 

Annual wage growth was up 3.5%. 

The U-6 number was reported at 8.7%, up from 8% in September. There is no number for October. Table A-15. Alternative measures of labor underutilization - 2025 M11 Results

Discussed at Jobs report November 2025.

Weekly Housing Trends: U.S. Market Update (Week Ending Dec. 6, 2025) - Realtor.com "Adjusting for home size, the price per square foot fell 1.1% year over year, dropping for the 14th consecutive week."  New listings fell 7.4% year-over-year.  

Clueless and LYING!! China Soybean "Commitments" and the White House - YouTube

PolitiFact | Year of the Lies: Farmer says some Trump tariff statements ‘as far from the truth as you can get’

PolitiFact | Fact-checking Donald Trump’s statements on the economy in insult-laden Pennsylvania speech

S&P Global Flash US PMI for December 2025.pdf The services PMI declined to 52.9, a six month low, from 54.1 in November. The composite PMI, which includes manufacturing, declined to 53, a 6 month low. Average selling prices rose at the steepest rate since mid-2022. 

FactChecking Trump's Economic Speech - FactCheck.org This was the speech he gave at a casino.  

Trump orders blockade of sanctioned oil tankers entering, leaving Venezuela As justification for this action, which will cause oil prices to rise off the currently low levels if implemented, Trump declared that the Venezuelan government was a foreign terrorist organization. The purpose of that declaration has nothing to do with drugs but regime change and gaining control or access to that nation's natural resources. An analyst stated in that article stated that a full embargo would reduce the world crude supply by 800,000 to 900,000 per day and raise prices about $2 to $3 per barrel. 

Fed’s Waller thinks inflation will start to fall in next 3-4 months and rates can come down at moderate pace - MarketWatch (subscription publication) 

Trump announces "warrior dividend" of $1,776 to U.S. soldiers in speech

Trump's speech last night was the usual tsunami of demonstrably false or misleading statements. What was different is that the entire speech was delivered in a feverish angry tone suggesting Trump was panicking about the economy and republican prospects in the midterm elections. Fact check: Trump repeats numerous false claims in prime-time address; FactChecking Trump's Economic Speech - FactCheck.org; This Is What Presidential Panic Looks Like - The Atlantic (Tom Nichols, subscription publication)  I would note again that the decline in gas prices has nothing to do with Trump's policies or actions but on a worldwide supply/demand imbalance. U.S. field production of crude has not materially changed this year compared to 2024. U.S. Field Production of Crude Oil (Thousand Barrels per Day)

4 Centrist Republicans revolt, signing a discharge petition to force a vote on extending Obamacare subsidies Johnson will not hold a vote until next year. With 4 republican votes in the House, and all Democrats voting in favor, the bill will pass in the House. The question then becomes whether Majority Leader Thune will even allow a vote in the Senate or, if allowed, whether there will be 60 votes to end a filibuster. Almost all republican senators are opposed to an extension of the subsidies.   

 +++

Trump and His Party: 

‘Chronically Understaffed’ Veterans Affairs Plans 35,000 Cuts This Month - Forbes In TrumpWorld, this means that Trump and the republicans are doing everything that they can for our veterans. True is false, and false is true. 

Trump Tells Reporter He's A 'Sycophant For Democrats' After He Asks About ACA Subsidies Expiring - YouTube Merely asking a question will result in Trump attacking the reporter. Trump Dismisses Question on Soaring Healthcare Costs 

Reporter: "At the end of this year, those extended Obamacare subsidies expire,” said a reporter. “What’s your message to those 24 million Americans who will see their insurance premiums go up—"   

Trump interrupts: "Well, don’t make it sound so bad because obviously, you’re a sycophant for Democrats."   

ACA Marketplace Premium Payments Would More than Double on Average Next Year if Enhanced Premium Tax Credits Expire | KFF (24M losing subsidies, the deadline for signing up was midnight on 12/15/25) 

Trump on the Murder of Rob Reiner and His Wife:

Only a psychopath could write that message and then confirm that mental condition by publishing it for everyone in the world to read and obviously believing that there was nothing morally wrong or worthy of criticism about the comments. 

Trump Blasts Rob Reiner as Having 'Trump Derangement Syndrome' Just more evidence of Trump's malignant narcissism, when no additional proof is needed. More than 200 health professionals say Trump has ‘malignant narcissism’ in open letter - The Guardian

Those comments from the twice elected President of the United States, the unchallengeable leader of the Republican Party for the past 10 years, is not a new low for Trump as some critics claim, but part of an ongoing everyday low that Trump must feel compelled to confirm daily. Trump is just being who and what he is. Yet, according to many self-described "Christian" evangelicals, Trump is the Messiah Chosen by God. The Christians who see Trump as their saviour

Reiner's son, who has struggled with mental illness, has been charged with the murder, not someone as claimed by Trump who was angry about Reiner's criticism of him. Nick Reiner, son of Rob Reiner and wife Michele, arrested for murder in their deaths, held without bail - CBS News; Rob Reiner feared son Nick's mental health was 'deteriorating' before murder | New York Post

Trump doubles down on bashing Rob Reiner after film director's death   

Two republican politicians about to retire expressed some mild criticism with Trump blaming Rob Reiner for his own murder and that of his wife. Even Republicans Are Shocked by Trump’s Response to the Murder of Rob and Michele Reiner - YouTube Almost all will remain silent which is to be expected from them. The least brave chipmunk in world history has more courage.  

Trump Mocked Reiner's Death—Where’s the GOP Outrage? - YouTube Where is it? It does not exist.  

Mainstream Muslims' Should Be Destroyed, Republican Congressman Randy Fine Says - Newsweek Fine represents the 6th congressional district in Florida. 

I Asked the Pentagon About Pete Hegseth’s Mentor. Then the Threats Started. – Mother Jones

I Watched 12 Hours of Nick Fuentes - The Atlantic Fuentes, a white supremacist, is increasing his followers. His broadcasts on Rumble routinely have more than 1 million views. His fans call themselves Groypers. 

Fuentes summarized his positions in March 2025 as follows: "Jews are running society, women need to shut the fuck up, Blacks need to be imprisoned for the most part, and we would live in paradise ... White men need to run the household, they need to run the country, they need to run the companies. They just need to run everything, it's that simple. It's literally that simple." Nick Fuentes: “Jews are running society, women need to shut the fuck up, Blacks need to be imprisoned for the most part, and we would live in paradise” | Media Matters for America

Trump administration taps election fraud crusader to help lead FEMA His qualification for this important job is that he claims that Trump was the victim of election fraud in 2016 and 2020.  Trump views Phillips as the best candidate to lead FEMA's disaster responses. Gregg Phillips - Wikipedia

Trump Launches Scathing, Baseless Attack On Jared Polis Just another fact free, delusional, mean-spirited rant by the President of the United States.  

Pulitzer Prize Board seeks Trump tax returns, medications, psych records (12/15/25) Trump filed a defamation suit against the Pulitzer Board for refusing to rescind its awards given to the New York Times and Washington Post in 2018. Document Request.pdf Trump sued 19 individual defendants as well in a Florida state court where he can reasonably be expected to receive a positive judicial reception for this frivolous lawsuit. 

All seven Florida Supreme Court Justices were appointed by Republican governors, mostly by Ron DeSantis. A Florida Appeals Court refused to dismiss the lawsuit for failure to state a claim upon which relief can be granted. Trump defamation lawsuit over can continue vs Pulitzer board | Miami Herald  

Trump sues BBC for $10 billion in documentary defamation claim

The Longest Suicide Note in American History - The Atlantic This column is written by Anne Applebaum. She is referring to Trump's recently announced National Security Strategy that has been endorsed by Putin. Kremlin hails Trump’s national security strategy as aligned with Russia’s vision

Susie Wiles remarks slam Donald Trump, Pete Hegseth, JD Vance in interview | The Jerusalem Post Wiles is Trump's Chief of Staff. Susie Wiles, JD Vance, and the “Junkyard Dogs”: The White House Chief of Staff On Trump’s Second Term (Part 1 of 2) | Vanity Fair (subscription publication, I am a subscriber)

Senator Lindsey Graham (R-SC) blamed Obama and Biden for the massacre at a Hanukkah celebration in Australia while acknowledging that the perps had some responsibility. Lindsey Graham blasts Obama, Biden administrations after Hannukah shooting in Australia

++++

1. Small Ball Common Stock/Stock Fund Purchases: 

A. Started OWL - Bought 5 at $16.265; 5 at $16; 5 at $15.62: 

Quote: Blue Owl Capital Inc. (OWL) | MarketWatch

Cost: $239.43

OWL is an alternative asset management with over $250B in assets under management (AUM). 

This is my first purchase. 

OWL Analyst Estimates As of 12/15/25, the average estimate for 2026 was at $1.10, up from $.91 in 2025, and at $1.24 in 2027. 

OWL SEC Filings 

10-Q for the Q/E 9/30/25 

SEC Filed 2024 Annual Report Risk factor summary starts at page 23 and ends at page 67.

I also own a few shares of the BDC Blue Owl Capital Corp. (OBDC) that is managed by an indirect affiliate of OWL.  Last OBDC Discussion:  Item #1.L. Pared OBDC - Sold 10 at $15.05 (2/10/25 Post)(profit snapshot = $22.26) My OBDC new average cost per share is $11.89.  

Average cost per OWL share: $15.96 (15 shares)

Dividend: Quarterly at $.225 per share ($.90 annually), last raised from $.18 effective for the 2025 second quarter payment. Dividend increases will be dependent on increasing AUM. 

Yield at  $15.96: 5.64%

Last Ex Dividend: 11/10/25

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

GAAP Revenues: $727.880M, up from $523.309M

GAAP E.P.S. $.01, down from $.04

Distributable Earnings Per Share: $.22, up from $.20

Reconciliation is Complicated: 

Weighted Average Class A Shares: 673,928,845 

Credit Ratings: BBB+ (Fitch); Baa2 (Moody's); BBB (S&P) - Page 18 

Analyst Reports Available to Schwab Customers: 

Morningstar (11/7/25): 3 stars with a fair value estimate of $18 and a narrow economic moat. 

S&P (11/2/25): 3 stars with a 12 month PT of $20 

Owned OBDC SU Debt: 

6 of the 4.25% SU Maturing on 1/15/26; Bond Page | FINRA.org

2 of the 3.4% SU Maturing on 7/15/26; Bond Page | FINRA.org

2 of the 3.125% SU Maturing on 4/13/27; Bond Page | FINRA.org

Last Discussions of OBDC SU Purchases:  Item # 8.A. Bought 2 Blue Owl Capital 3.125% SU Maturing on 4/3/27 at a Total Cost of 96.621 (7/29/25 Post); Item # 2.D Bought 2 Blue Owl Capital 4.25% SU Maturing on 1/15/26 at a Total Cost of 99.3 (4/13/25 Post); Item # 2.D. Bought 2 Blue Owl 3.4% SU Maturing on 7/15/26 at a Total Cost of 97.779 (4/4/25 Post); Item # 3.E. Bought 2 Blue Owl Capital 4.25% SU Maturing on 1/15/26 at a Total Cost of 99.15 (12/5/24 Post) 

Last OBDC SU Bond Offering (5/25): Prospectus for $500M of 6.2% SU maturing in 2030. Net proceeds were used to pay down revolving credit facility. Coupons of newly issued SU debt has been trending higher compared to the vintage debt. Note that 6.2% is higher than any of the bonds that I currently own.   

Owned Blue Owl Credit Income Fund SU Bond (private BDC): 

2 of the 3.125% SU Maturing on 9/23/26; Bond Page | FINRA.org

Discussed at  Item # 3.D. Bought 2 Blue Owl Credit Income Fund 3.125% SU Maturing on 9/23/26 at a Total Cost of  97.575 (7/15/25 Post) 

2025 Matured OBCD and Blue Owl Credit SU Bonds: 

2025 Realized "Profit" of $328.64, classified as realized market discount and treated as interest. 

I do now own any OWL SU debt. 

B. Started BRX- Bought 10 at $25.65: 

Quote: Brixmor Property Group Inc. (BRX) 

Cost: $256.5

The common stock has a higher yield than the YTM of the bond that I bought which is discussed in Item #2.A. below. 

BRX SEC Filings 

10-Q for the Q/E 9/30/25 "Brixmor Property Group Inc. and subsidiaries (collectively, the "Parent Company") is an internally-managed corporation that has elected to be taxed as a real estate investment trust ("REIT"). Brixmor Operating Partnership LP and subsidiaries (collectively, the "Operating Partnership") is the entity through which the Parent Company conducts substantially all of its operations and owns substantially all of its assets. The Parent Company owns 100% of the limited liability company interests of BPG Subsidiary LLC ("BPG Sub"), which, in turn, is the sole member of Brixmor OP GP LLC (the "General Partner"), the sole general partner of the Operating Partnership. The Parent Company engages in the ownership, management, leasing, acquisition, disposition, and redevelopment of retail shopping centers through the Operating Partnership and has no other substantial assets or liabilities other than through its investment in the Operating Partnership. The Parent Company, the Operating Partnership, and their consolidated subsidiaries (collectively, the "Company" or "Brixmor") owns and operates one of the largest publicly traded open-air retail portfolios by gross leasable area ("GLA") in the United States ("U.S."), comprised primarily of community and neighborhood shopping centers. As of September 30, 2025, the Company’s portfolio was comprised of 354 shopping centers (the "Portfolio") totaling approximately 63 million square feet of GLA. The Company’s high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and its shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers." Page 11

Dividend: Quarterly at $.3075 per share ($1.23 annually), last raised from $.2875 effective for the 2026 first quarter payment. 

 BRX Stock Dividend History & Date | Seeking Alpha

Yield at $25.65: 4.795%

Next Ex Dividend: 1/5/26

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release and SEC Filed Supplemental 

Revenues: $340.843M, up from $320.862M

Leased occupancy: 94.1%

GAAP E.P.S. = $.31

NAREIT Defined FFO per share: $.56, up from $.52

Debt is at fixed rates with a weighted average maturity of 4.8 years. 100% of the properties are unencumbered which is a relevant number to owners of senior unsecured debt, see Supplemental at page 13.

Debt summary: 

Owned BRX Operating SU Bonds Other than the 2029 Maturity discussed below: 

C. Added to GSBC - Bought 6 at $13.79 - Schwab Account: 

Quote: Golub Capital BDC Inc. (GBDC) - BDC

Cost: $82.74

This lot was bought on the ex dividend date. 

Management: External 

GBDC SEC Filings 

New average cost per share this account: $14.25 (25 shares)

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

I am not reinvesting the dividend. 

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 $14.25: 10.95% (regular dividend only)

Last Ex Dividend: 12/12/25 (owned 19 as of)

Last Earnings Report (Q/E 9/30/25): I discussed this report here: Item # 1.I. Added to GBDC in Schwab Account - Bought 5 at $14.1 (12/5/24 Post); SEC Filed Report

Goal: As with all BDC stocks, the goal is simply to harvest the dividends and to exit the position at whatever profit is available, no matter how small.  

D. Restarted DPG - Bought 10 at $12.6: 

Quote: Duff & Phelps Utility & Infrastructure Fund Inc. Overview - Stock CEF

Cost: $126

Last Buy Discussion: Item # 1.D. Restarted DPG in Fidelity Account - Bought 20 at $9.9 (6/24/24 Post) 

I eliminated that position on 2/25/25 and did not discuss the trade: 

 

+$50.25

DPG SEC Filings 

SEC Filing - Holding as of 7/31/25 

Duff & Phelps Utility and Infrastructure Fund Inc. - SEC Filed Semiannual Report for the period ending 4/30/25. 

Leveraged: Yes at close to 24%, see page 2o for the terms. The leverage is from floating rate preferred shares priced at a 2.21% spread to the 3 month SOFR rate. For the 6 months ending on 6/30/25, the weighted average rate was 6.62%. The SOFR rate will decline in response to the FED cutting the federal funds rate. There have been 3 twenty five basis point cuts in the FF rate since 6/30/25. Federal Funds Rate History 1990 to 2025 – Forbes Advisor

Generally, utility and energy infrastructure stocks will perform better when interest rates are declining, making their dividend yields more attractive to income investors and lowering their debt heavy borrowing costs. 

Sponsor's website: Duff & Phelps Utility and Infrastructure Fund Inc.

Portfolio by Sector: 

Top 10 Holdings as of 10/31/25: 

All of the stocks in the previous snapshot are utilities, and I have owned several of them in the past. 

In addition to utilities, the fund will own energy infrastructure, railroad and telecommunication stocks.  

Data Date of 12/10/25 Trade: 

Closing Net Asset Value per share: $14

Closing Market Price: $12.63

Discount: -9.79%

Average 3 year discount: -7.45%

Sourced: DPG-CEF Connect (Click "Pricing Information" Tab)

Dividend: Monthly at $.07 per share ($.84 annually)

DPG Stock Dividend History & Date | Seeking Alpha

Between February 2021 and mid-2023, this CEF was selling at a premium to net asset value per share due in significant part to its dividend yield. The fund had been paying out a quarterly dividend of $.35 per share which had substantial return of capital (ROC) support. I eliminated my position at a premium to net asset value per share. The fund then effectively slashed the quarterly dividend to $.21 per share and later transitioned to a monthly dividend rate of $.07 per share effective for the 2024 second quarter. There was a selloff when the dividend was slashed.  

Importantly from my perspective, the current dividend has been earned over the past several months. Long term support of a dividend payout by significant ROC has the same effect as a gradual fund liquidation and results in less assets over time that throw off income to support the dividend. 

Leverage costs increased starting in 2022 through September 2024. At the peak cost, interest payments on the borrowings were swallowing the dividend income after the fund's operating expense. The only way to support the dividend in full during that period was to harvest capital gains.  

One of the knocks against this fund is its high expense ratio excluded leverage costs which hovers near 1.6% as shown in the following table:  

I view the 1.6% expense ratio to be too high and a major negative.

Yield at $12.6: 6.67%

Next Ex Dividend: 12/31/25  

Sell Discussions: Item # 2.A. Eliminated DPG - Sold $26 at $10 (5/31/24 Post)(profit snapshot = $27.75); Item # 1. Eliminated DPG in Schwab Account-Sold 390+ at $14.57 (6/14/21 Post)(profit snapshot = $132.63); Item # 1.F. Eliminated DPG in Fidelity taxable account-Sold 21+ at $13.03 (3/20/21 Post); Item # 1.K. Pared DPG-Sold 5 at $11.82 (1/16/21 Post); Item # 2.D. Sold 15 DPG at $11.62 (12/12/20 Post)(contains snapshots of prior DPG trades = +$887.88) 

 E. Restarted IGR - Bought 50 at $4.25+: 

Quote: CBRE Global Real Estate Income Fund Overview - CEF

Cost: $212.75

This CEF owns real estate related common and preferred stocks. The common stock allocation includes stocks of foreign real estate companies.  

Sponsor's website: CBRE Global Real Estate Income Fund 

Previous snapshot includes last elimination. 

Last Round-Trip: Item # 2.E. Eliminated IGR in Schwab Account - Sold 50 at $5.25+  (7/15/25 Post)(profit snapshot = $44.57) - Item # 1.D. Restarted IGR in Schwab Account - Bought 50 at $4.5 (12/2/23 Post) The profit was juiced slightly higher by ROC adjustments to the original tax cost basis. 

IGR SEC Filings 

CBRE Global Real Estate Income Fund - SEC Filed Semiannual Report for the period ending 6/30/25

This CEF became eligible for a purchase only after it recently ceased being priced at a premium to net asset value. I will not buy CEFs at a a premium. 

Leveraged: Yes at close to 34%. 

Borrowings are at a .75% spread to the federal funds rate, see page 31 of the semiannual report.  

The relatively poor performance of the real estate sector over the past several years has resulted in the leverage working against the fund increasing its net asset value per share which has also been pressured lower by significantly sourcing dividends from return of capital (ROC) rather than income earned by the fund.  

CBRE Global Real Estate Income (IGR) Portfolio | Morningstar Lists top 25 holdings, accessible to non-subscribers. I currently own 7 of the stocks in that list.   

Dividend: Monthly at $.06 per share ($.72 annually) 

ROC Supported. That part of each dividend classified as ROC is not taxed as dividend but instead reduces the cost basis of the shares. When the security is sold, the ROC adjustments to the original cost basis will increase the capital gain or decrease the capital loss, as the case may be. 

A CEF like IGR that pays out more than it earns is reducing the amount of capital that can be invested over time. The fund would need to recoup this capital outflow by a long term trend higher in owned securities. The REIT sector has been treading water most of the time for several years. 

Yield at $4.25: 16.94%

Last Ex Dividend: 12/19/25 (owned as of)

Data Date of 12/11/25 Trade: 

Closing Net Asset Value per share: $4.5

Closing Market Price: $4.25

Discount: -5.56%

Average 3 Year Discount: -4.33%

Sourced: IGR - CEF Connect (Click "Pricing Information" Tab)

Some Other Sell Discussions: Item # 3.B. Eliminated IGR - Sold 180 at $6.54 (3/11/23 Post)(profit snapshot = $253.51, largest gain); Item # 2.G. Pared IGR in Fidelity Account - Sold 10 at $6.69 (2/5/23 Post)(profit snapshot = $8.17): Item # 2.H. Pared IGR - Sold 2 at $9.09 (8/27/21 Post)(profit snapshot = $6.29); Item #3.H. Sold All IGR Shares Purchased with Dividend (6/12/21 Post)(profit snapshot = $49.1); Item # 1.R. Sold 42+ IGR at $8.1  (4/17/21 Post)(profit snapshot = $43.23); Item # 1.A. Pared IGR-Sold 100 at $7.64 (4/9/21 Post)(profit snapshot = $63.6); Item # 1. I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR in Schwab Account-Sold 100 at $5.96 (6/13/20 Post) (profit snapshots = $113.32); Item # 1.C. Sold 9 IGR at $8.33 (2/19/20 Post)(profit snapshot = $4.99); Item # 2.A. Sold 100 IGR at $8.01 (12/28/19 Post)(profit snapshot = $42.98); Item # 1 Sold 283 IGR at $7.89+ (8/24/13 Post)(profit snapshot on all 2013 sales = $77.62) 

F. Started INVH - Bought 5 at $26.69; 5 at $26.2: 

Quote: Invitation Homes Inc.   (INVH) 

Cost: $264.43

INVH, an S&P 500 component,  is a REIT that owns single family homes that it leases. As of 9/30/25, INVH and its consolidated subsidiaries wholly own  "86,139 homes for lease, jointly own 7,897 homes for lease, and provide professional third-party property and asset management services for an additional 16,151 homes, all of which are primarily located in 16 core markets across the country . . . .The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident." 10-Q for the Q/E 9/30/25 at page 41.

INVH SEC Filings 

Invitation Homes Inc. - Investor Relations

Average cost per share: $26.44 (10 shares)

Dividend: Quarterly at $.30 per share ($1.20 annually), last raised from $.29 effective for the 2026 first quarter payment. Invitation Homes Announces Cash Dividend (12/12/25)

Invitation Homes Inc. - Stock - Dividend history

Yield at $26.44: 4.54%

Last Ex Dividend: 9/25/25

Next Ex Dividend: 12/23/25 

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

SEC Filing 

Revenues: $688M

Same Store Rent Growth: 4.5%

GAAP E.P.S. = $.22

Core FFO per share: $.47

AFFO per share: $.38

Reconciliation: 

In the FFO calculation, the two major adjustments to GAAP net income are to add back $183.653M in the non-cash depreciation expense and to subtract $45.515M in realized gains from selling depreciated property. 

The recurring capital expenditures of $52.350M is a deduction from Core FFO to arrive at AFFO per share which I view as equivalent to cash available for distribution. 

G. Added to PFLT - Bought 10 at $9.51: 

Quote: PennantPark Floating Rate Capital Ltd. (PFLT) - Externally Managed BDC

Cost: $95.1

Website: Home - PennantPark

PFLT SEC Filings 

SEC Filed Annual Report for the F/Y ending 9/30/25 Summary of risk factors starts at page 18 and ends at page 37.

Last Discussed: Item # 1.B. Added 5 PFLT at $10.16 - Schwab Account (6/12/25 Post) 

New Average cost per share: $8.97 (100+ shares)

Snapshot Intraday on 12/11/25 after add

I will sell my highest cost shares when and if I can profitably do so. 

The goal is keep the following shares - all bought in 2020 - after selling the highest cost ones profitably: 

Dividend:  Monthly at $.1025 per share ($1.23 annually), last raised from $.1 effective for the June 2023 payment. 

I quit reinvesting the dividend effective for the August 2023 payment. 

PFLT Stock Dividend History & Date | Seeking Alpha

Yield at $8.97: 13.71%

Last Ex Dividend: 12/15/25 (owned all as of) 

Net Asset value per share history: 

9/30/25:   $10.83

3/31/25:    $11.07

12/31/24:  $11.34

9/30/24:   $11.31

9/30/23:  $11.13

6/30/23: $10.96

12/31/22:  $11.30

9/30/22:   $11.62

12/31/21:  $12.70

3/31/21:    $12.71    Press Release 2021 1st Q Earnings 
3/31/20:   $12.20   10-Q at page 5 
12/31/19:  $12.95
9/30/19:   $12.97
6/30/19:   $13.07 
3/21/19:    $13.24
12/31/18    $13.66
9/30/18    $13.82
6/30/18:   $13.82
9/30/17:   $14.10
9/30/16:   $14.06
9/30/15:   $13.95
9/30/14:   $14.40
9/30/13:   $14.10
9/30/12:   $13.98

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

NII per share at $.28, below the $.3075 dividends (a cut is possible)

"As of September 30, 2025, our portfolio totaled $2,773.3 million, and consisted of $2,513.6 million of first lien secured debt (including $237.7 million in PSSL), $19.0 million of second lien and subordinated debt and $240.7 million of preferred and common equity (including $44.3 million in PSSL). Our debt portfolio consisted of approximately 99% variable-rate investments. As of September 30, 2025, we had three portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2025, the portfolio had net unrealized depreciation of $46.1 million. Our overall portfolio consisted of 164 companies with an average investment size of $16.9 million and had a weighted average yield on debt investments of 10.2%."

Net Realized Loss of $14.3M

Sell Discussions: Item # 1.J. Pared PFLT Again - Sold Highest Cost 5 Shares at $11.02 (12/5/24 Post)(profit snapshot = $.98); Item # 2.H. Pared PFLT in Schwab Account - Sold 20 at $12.29 (1/12/24 Post)(profit snapshot = $12.13); Item # 2.D. Eliminated PFLT in Fidelity Account (Duplicate Position)-Sold 15 at $10.93 (3/11/23 Post)(profit snapshot = $74.78); Item # 7.E. Sold Highest Cost 20 PFLT Shares Purchased with Dividends at $14.07 - Schwab Taxable Account (4/28/22 Post)(profit snapshot = $46.13); Item # 3. Sold 102 PFLT in Schwab Taxable Account at $13.26 -Highest Cost Lots (7/30/21 Post)(profit snapshot = $30.92); Item # 2.A. Eliminated PFLT in Fidelity Account-Sold 81+ at $12.01 (12/14/19 Post)($29.66) 

Goal: As with all BDCs, the goal is to realize any total return in excess of the dividend payments.  The goal takes into account the risky loans made by BDCs, their leverage, the stock price meltdowns that occur periodically in response to a recession or too many bad loan decisions, a recognition that all of th BDC stocks are disfavored by me notwithstanding their high dividend yields.  

Many have long term and persistent declines in net asset value per share and one or more dividend cuts. 

They will crater in price when the economy enters into a recession as more risky loans go on nonaccrual status and some portfolio companies file for bankruptcy. 

Even when the economy is still in an expansion mode over the past year or so, many BDCs have reported nonaccrual loans at 5% to 12% of the total amortized cost of all loans.   

Net investment income will decline on floating rate loans when the FED is in a rate cutting cycle, which has been the case starting with the 50 basis cut in the FF rate last September. 

The rise in the FF rate starting in March 2022 benefited BDCs since the floating rate loans reset at higher coupons, generating more net investment income for them.

H. Started Duplicate Position in KMI - Bought 5 at $26.62 in Schwab Account: 

Quote: Kinder Morgan Inc. (KMI) - Energy Infrastructure 

Cost: $133.1  

In my Vanguard account, I have been paring my KMI position but have not sold any shares since last June.  Item # 4.B. Pared KMI - Sold 10 at $28.3 (6/5/25 Post)(profit snapshot = $142.89) I currently own 50 shares in that account with an average cost per share at $14.01. The dividend yield at $14.01 is 8.35%.

Last Buy Discussion: Item # 1. Bought 100 KMI in Vanguard Taxable Account at $15.89 (1/7/22 Post)

Asset Map | Kinder Morgan

KMI SEC Filings

10-Q for the Q/E 9/30/25  

Dividend: Quarterly at $.2925 per share ($1.17 annually), last raised from $.2875 effective for the 2025 second quarter payment. 

KMI Stock Dividend History & Date | Seeking Alpha

Yield at $26.62: 4.395%

Last Ex Dividend: 11/3/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Earnings Press Release 

Revenues: $4.146B

GAAP E.P.S. = $.28

Adjusted E.P.S. = $.29 

2025 Outlook: Adjusted E.P.S. of $1.27, up 10% compared to 2024. 

Other Sell Discussions: Item # 3.A. Pared KMI - Sold 10 at $28.01 - Vanguard Account (5/23/25 Post)(profit snapshot = $140); Item # 2.A. Sold 10 KMI at $29.77 (1/22/25 Post)(profit snapshot = $157.63); Item # 6.D. Sold 10 KMI at $28.38 (1/9/25 Post)(profit snapshot = $143.73); Item # 3.A. Sold 10 of 100 KMI at $26.44 (12/26/24 Post)(profit snapshot = $124.08)

Analyst Reports Available to Schwab Customers: 

Morningstar (10/23/25): 3 stars with a fair value estimate of $25 and a narrow moat.  

S&P (10/27/25): 4 stars with a 12 month PT of $30, reduced by $1 after the last earnings report.  

Argus (10/28/25): Buy with at $36 PT, noting that KMI transports almost 40% of natural gas production throughout the U.S.  

KMI SU Bonds Currently owned: 4, stacked as follows

2 KMI 4.3% SU Maturing on 3/1/28, Bond Page | FINRA.org

2 KMI 5% SU Maturing on 2/1/29, Bond Page | FINRA.org

In 2025, I have sold KMI bonds maturing in 2033 and 2034, and I have had 3 mature on 6/1/25: 

Fidelity Account

Vanguard Account 

Interactive Brokers Account

"Profit": $125.88

I. Added to NMFC in Fidelity Account - Bought 10 at $9.59: 

Quote: New Mountain Finance Corp. (NMFC) - Externally Managed

Cost: $95.9

NMFC SEC Filings

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

SEC Filed 2024 Annual Report Risk factor summary starts at page 22 and ends at page 53.

New average cost per share: $9.95 (32+ shares) 

Net asset value per share, which has been trending down, was reported at $12.06 as of 9/30/25. At that NAV per share, the $9.95 AC per share represents a 17.5% discount to net asset value per share. 

Dividend: Quarterly at $.32 per share ($1.28 annually), reduced from $.33 effective for the 2025 first quarter. The high was $.36 per share hit in 2024 first quarter. 

NMFC Stock Dividend History & Date | Seeking Alpha

As floating rate loans reprice at lower coupons, I anticipate another cut even without a material increase in non-performing loans. 

On the flip side of the coin, NMFC increased its regular dividend and paid $.30 per share in special dividends when net investment income had increased due to the FED's rate hiking cycle that ended in September 2024. 

Yield at $9.95: 12.68%

Last Ex Dividend: 12/17/25  (owned all as of)

Last Earnings Report (Q/E 9/30/25): I discuss this company and its last earnings report here: Item # 1.B. Added to NMFC in Schwab Account - Bought 10 at $9.77 (12/11/25 Post); SEC Filed Press Release

J. Added to DOC Again in Schwab Account - Bought 10 at $16.49: 

Quote: Healthpeak Properties Inc (DOC)

Cost: $164.9

DOC SEC Filings

Website: Home - Healthpeak | NYSE: DOC

Last Discussed: Item # 1.E. Added to DOC in Schwab Account - Bought 10 at $16.8; 10 at $16.65 (12/11/25 Post 

New average cost per share this account: $17.2 (151+ shares)

Reduced from $17.25.

Dividend: Monthly at $.10167 per share ($1.22 annually)

DOC Stock Dividend History & Date | Seeking Alpha

I am reinvesting the dividend in this account. 

Yield at $17.2: 7.09%

Next Ex Dividend: 12/19/25 (own all as of)

Last Earnings Report (Q/E 9/30/25): I discuss this report in a recent post: Item # 1.D. Added to DOC in Schwab Account - Bought 10 at $17.3 (12/5/25 Post); SEC Filed Press Release and SEC Filed Supplemental

Price weakness last Tuesday was probably due to Jefferies downgrading DOC from buy to neutral and reducing its PT from $21 to $17. I do not have access to that report but it is summarized here: DOC Downgraded by Jefferies Amid Lab Market Concerns This is a quote from the earnings call transcript for the third quarter: "The past 60 days or so signal a turning point in our business. Leading indicators in life science are turning positive and private market values for outpatient medical are strengthening". The CEO noted that the company was in various stages of selling $1B or more of outpatient facilities and using the proceeds to "higher-return lab opportunities where the leading indicators are starting to turn positive" where "the building blocks for a recovery in demand are encouraging". While the company is expecting a decline in occupancy in the lab sector over the next few months, the CEO has "more confidence" that the bottom in occupancy will soon occur. The Jefferies analyst apparently disagrees with the CEO and claims that there is execution risk. Healthpeak Properties, Inc. (NYSE:DOC) Q3 2025 Earnings Call Transcript - Insider Monkey I am more inclined to accept the CEO's assessment of the problem as a short term one but no one can predict the future with certainty.  

I will continue to average down in 10 share lots and have not yet established a maximum position. 

K. Added to LTC - Bought 5 at $34.4: 

Quote: LTC Properties Inc. (LTC) 

Cost: $172

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

LTC SEC Filings

LTC 10-Q for the Q/E 9/30/25 (update on certain operators discussed at pages 43-44)

Real Estate Portfolio by Type as of 9/30/25:

107 of the 128 owned properties are triple net leased. 

The company also invests in first mortgage loans:

10-Q at page 18

Last Discussed: Item # 1.C. Restarted LTC - Bought 10 at $35 (11/1/25 Post) I discussed the 2025 second quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental

New Average cost per share: $34.8 (15 shares)

Dividend: Monthly at $.19 per share ($2.28 annually)

LTC Stock Dividend History & Date | Seeking Alpha

Yield at $34.8: 6.55%

Next Ex Dividend: 12/23/25

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

Revenues: $69.29M

GAAP E.P.S. ($.49)

FFO per share: $.69

Funds Available for Distribution (FAD) per share: $.77 

Core FAD per share:  $.72

Reconciliation: 

Most of the adjustments are standard for a U.S. REIT except for the $41.455M add back for a write-off of interest receivable described briefly in the release as  "a non-cash write off of straight-line effective interest related to a previously disclosed loan amendment that provides a penalty-free prepayment option, a decrease in gain on sale, and an increase in general and administrative expenses."

This is a non-cash write-off involving Prestige Healthcare that was given the option, provided certain conditions were met, to pay off a mortgage loan at par value with no penalty for a 1 year period starting in July 2026. The write-off is the write-off of an accrued interest receivable. 

10-Q at pages 43-44

This issue is also discussed at page 3 of the second quarter earnings call transcript. 8/05/25 Earnings Call Transcript.pdf

2025 Guidance: Core FAD $2.82-$2.84

2. Corporate Bonds: 

I am buying some corporate bonds in my Interactive Brokers account due to a buildup of cash earning less. 

A. Bought 2 Brixmor Operating 4.125% SU Maturing on 5/15/29 at a Total Cost of 99.38:  

Issuer: Operating Entity for Brixmor Property Group Inc. (BRX) who does not guarantee the notes. 

Prospectus 

Bought at 99.28

In Item # 1.B. above, I discuss starting a small ball position in the common stock and will likely average down only in small lots. 

BRX SEC Filings 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 4.32%

Current Yield at TC: 4.15%

Last Bond Offering (9/25): Prospectus for $400M 4.85% SU maturing in 2033. 

B. Bought 2 Enbridge 3.125% SU Maturing on 11/15/29 at a Total Cost of 95.768: 

Issuer: Enbridge Inc. (ENB) 

I own the common stock. 

Prospectus: 

ENB SEC Filings 

SEC Filed Earnings Press Release for the Q/E 9/30/25

Purchased at 95.668

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB+

YTM at Total Cost: 4.34%

Current Yield at TC:  3.26%

Last Bond Offerings (11/25): Prospectus 

I currently own 2 Spectra Energy Partners SU bonds that mature on 10/15/26: 

Third Party Price as of 12/15/25

Spectra was acquired by Enbridge and its vintage bonds have the same credit ratings as those issued by Enbridge. Bond Page | FINRA.org

I own 4 Enbridge 4.25% SU bonds that mature on 12/1/26, Bond Page | FINRA.org. Last Discussed at Item # 3.B. Bought 2 Enbridge 4.25% SU Bond Maturing on 12/1/26 at a Total of 99.171 (1/22/25 Post). 

I had two Enbridge SU bonds mature earlier this year. 

3. Treasury Bills Purchased at Auction: 

A. Bought 10 Treasury Bills at the 12/15/25 Auction: 

182 Day Bills

Matures on 6/18/26

Interest: $176.69

Investment Rate: 3.607%

B. Bought 10 Treasury Bills at the 12/17/25 Auction: 

119 Day Bill

Matures on 4/21/26

Interest: $117.02

Investment Rate: 3.632%  

4. Exchange Traded Bonds: 

A. Added to NEWTI  - Bought 5 at $24.9: 

Quote: NewtekOne Inc. 8% Fixed Rate Senior Notes due 2028  (NEWTI)

Cost: $124.4

Issuer: NewtekOne Inc. (NEWT) 

Website: NewtekOne

NEWT SEC Filings 

NEWT Analyst Estimates | MarketWatch 

Last Discussed: Item # 4.A. Started NEWTI - Bought 5 at $24.95 (11/11/25 Post) I discussed buying the common stock in Item # 1.E. of that post. 

Credit Risk: High IMO

Par Value: $25

Coupon: 8%

Interest: Paid quarterly at $.50 per share

NEWTI -  Seeking Alpha

Matures on 9/1/28 unless called earlier at issuer's option

Optional Redemption: On or after 9/1/25 at par value + accrued and unpaid interest.  

Last Ex Interest Date: 11/14/25  

5. Equity Preferred Stocks: 

A. Restarted ADCPRA - Bought 1 at $17.2 and 9 at $17.22: 

Quote: ADC-PA

Cost: $172.18  

Last Round-Trip: Item # 7.A. Eliminated ADCPRA - Sold 10 at $18.06  (2/5/25 Post)(profit snapshot = $9.68) - Item # 5.A. Bought 10 ADCPRA at $17.1 (5/24/24 Post) 

I decided to repurchase this equity preferred stock in response to the decline in short term rates since I last eliminated my position. In other words, I find the yield more attractive now. 

Issuer: Agree Realty Corp. (ADC)

ADC SEC Filings 

Prospectus

Par Value: $25 

Coupon: 4.25%

Dividends: Paid monthly at $.0885 per share ($1.062 annually)

Agree Realty Corporation 4.250% DEP PFD A (ADC.PR.A) Stock Dividend History & Date | Seeking Alpha

Dividends are cumulative and non-qualified as a pass through entity

Maturity: None, potentially perpetual 

Issue Optional Redemption: At par value + accrued and unpaid dividend on or after 9/17/26. Given the low coupon, I do not anticipate an optional redemption. 

Stopper Clause: See page S-12 of the Prospectus (prevents ADC from paying a cash common stock dividend and deferring the preferred stock dividend) 

Yield at $17.22: 6.167%

Next Ex Dividend: 12/23/25

Fitch credit rating for preferred stock: BBB, Fitch Assigns Agree Realty 'A-' and Agree LP 'A-'/'F1' First-Time Ratings; Outlook Stable (8/12/25)

B. Added 5 NSAPRB at $21.25: 

Quote: NSA-PB 

Cost: $106.25

Last Discussed: Item # 7.A. Eliminated NSAPRA in Schwab Account - Sold 10 at $23.385 and Bought 10 NSAPRB at $22.13(5/23/25 Post) Both of those equity preferred stocks are issued by National Storage Affiliates Trust (NSA) and have 6% coupons paid on $25 par values. Their credit risk and placement in the capital structure are also identical.   

I currently own 50 shares of NSAPRA in my Fidelity account. 

I pick up slightly more yield with NSAPRB which is more thinly traded and has a different optional call date. The only material difference as to terms IMO is that NSAPRB has call protection until 9/15/2043, while NSA.PRA can be called at par value now. As with other preferred stocks, a call may occur earlier in the event it is necessary to maintain the REIT tax status. I am not aware of any REIT stock being called using that limited exception.

NSA SEC Filings

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

Prospectus 

Par Value: $25

Coupon: 6%

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

Maturity: None, potentially perpetual 

Stopper Clause: Standard  (company must eliminate the cash common share dividend before deferring payment of the preferred dividend). The Stopper Clause enforces the preferred shareholders preferential claim to cash compared only to the owner of common shares.  

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

New average cost per share: $21.84 (15 shares)

Yield at $21.84: 6.87%

Calculation: .06% x. $25 par value = $1.5 annual dividend per share ÷ $21.84 average cost per share = 6.8681

Last Ex Dividend: 12/15/25 (owned all as of)

C. Added 5 DCOMP at $17.9 - Schwab Account: 

Quote: Dime Community Bancshares 5.5% Non-Cumulative Preferred Series A

Cost: $89.5

Issuer: Dime Community Bancshares Inc. (DCOM) - A Bank Holding Company. 

I have eliminated my position in the common stock. 

Last Discussed: I discussed this preferred stock in my last post. Item # 5.B. Added to DCOMP - Bought 5 at $18.23 (12/11/25 Post) 

Prospectus

Coupon: 5.5% paid on a $25 par value

No maturity. 

Stopper Clause: Standard 

New Average cost per share: $18.43

Yield at $18.43: 7.46%

Computation: .055% coupon x. $25 par value = $1.375 annual dividend per share ÷ $18.43 average cost per share = 7.4607%

Last Ex Dividend: 11/8/24

D. Added 5 SLGPRI at $20.95 - Schwab Account: 

Quote: SLG-PI

Cost: $104.75

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

Issuer: SL Green Realty Corp (SLG) - Primarily a NYC Office REIT 

I discussed this issuer in a recent post: Item # 1.F. Added to SLG - Bought 1 at $43.75; 1 at $42.64 (12/11/2025 Post) 

Homepage - SL Green - NYC's Largest Commercial Landlord

Properties

SLG SEC Filings

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

Prospectus

Coupon: 6.5%

Par Value: $25

Dividends: Paid quarterly, non-qualified (pass through entity) and cumulative

Optional Call: Call protection expired in 2017. The stock may be called at par value + the accrued and unpaid dividend. 

Stopper Clause: Standard  

Maturity: None, potentially perpetual

Preferred Stock Credit Ratings: Well into  junk territory at BB- from Fitch

Fitch Affirms SL Green Realty Corp. at 'BB+'; Outlook Positive (9/5/25)

Last Buy Discussions: Item # 5.A. Added to SLGPRI - Bought 5 at $20.94(6/28/24 Post);Item # 6.A. Added to SLGPRI in Schwab Account - Bought 3 at $17.5; 2 at $17.27 (11/25/23 Post); Item # 5.C. Added 2 SLGPRI at $17.99 (11/18/23 Post)

New average cost per share:  $21.07

Snapshot after add/Closing Price as of 12/15/25 

Yield at New AC: 7.71%

Computation: .065% coupon x $25 par value = $1.625 annual dividend per share ÷ $21.07 average cost per share = 7.7124%

Last Ex Dividend: 

Sell Discussions: Item # 5.A. Eliminated Duplicate Position in SLGPRI - Sold 15 at $21.28 - Fidelity Account (1/20/24 Post)(profit snapshot = $62.49); Item # 3.A. Eliminated SLGPRI-Sold 20 at $25.96 (9/12/20 Post)(profit snapshot = $122); Item # 5 Sold 50 SLGPRI at $23.6 (4/3/2014 Post)(profit at $29.58). 

SLGPRI Realized Gains to Date: $213.77 

6. Canadian REITs: 

A. Eliminated AX.UN:CA - Sold 200 at C$7.12 - Interactive Brokers Account (Commission C$2):

Quote: AX-UN.TO - A Canadian REIT

Proceeds: C$1,422

Portfolio Map – Artis REIT

Profit Snapshot: +C$20

Dividend: Monthly at C$.05

I decided to exit the position of this poorly managed REIT at a slight profit and just be content with the dividends received. 

I have criticized the current management of this REIT for years. I thought that my last entry price was low enough to compensate for the destruction of shareholder value, allowing me to harvest the dividend without losing money on the shares. 

Last Discussed: Item # 2. Restarted AX.UN:CA - Bought 100 at C$6.78 (8/21/24 Post) 

Artis is in the process of being acquired in a stock merger by RFA Financial. Artis REIT to merge with Toronto's RFA Capital 

The announcement of this acquisition initially resulted in a slide in the AX.UN:CA price, hitting a closing low of C$6 on 10/16/25. The stock closed at C$7.56 on Friday 9/12/25. The announcement was made on 9/15/25. RFA Capital will have a lower dividend yield than Artis. The merger is expected to close in the first quarter. 

Prior Sell Discussions for ARESF and AX.UN:CA: ARESF is the ordinary Artis shares traded on the U.S. pink sheet exchange and priced in USDs. 

Item #1 Eliminated AX.UN:CA - Sold 200 Units at C$13.02 (2/24/22 Post)(profit snapshot = C$156.5)(I was critical of the new managers who sold industrial properties and bought shares of Canadian REITs that owned office properties); Item # 3.A. Pared Artis REIT: Sold 200 AX-UN.CA at C$12.94 (3/8/17 Post)(profit snapshot = C$96.5); Item # 1 Sold 300 AX-UN:CA at C$15.71 (9/26/2014 Post)(profit snapshot  = C$367); Item # 2. Sold 200 Artis Real Estate at C$14.09 (12/9/2011 Post); Item # 3 Sold 200 AX.UN:CA at C$13.88 (5/11/2011 Post) 

Item # 1 Eliminated ARESF - Sold 280 at US$8.51 (12/25/2020 Post)(profit snapshot = US$77.08); Item # 3.C. Sold 100 ARESF at $10.4-Highest Cost Lot (7/19/17 Post)(profit snapshot = US$22.37); Item # 6.A. Sold 100 ARESF at $10.78(10/11/17 Post)(profit snapshot = US$109.48) 

I sold 400 AX.UN:CA units in 2011 for a US$281.27 profit. Fidelity converted the CAD profit into USDs, so I am including those 2011 gains with the other ARESF sales below rather than in the AX.UN:CA column below

Realized Gains AX.UN:CA: +C$483.5 

Realized Gains ARESF: +US$490.2

It is my understanding that RFA Financial intends to sell the real estate acquired in the Artis acquisition. 

7. Alternative Income ETFs: 

A. Bought 5 JAAA at $55.55 - Schwab Account: 

Quote: Janus Henderson AAA CLO ETF Overview 

Cost: $252.72

Sponsor's website:  AAA CLO ETF - Janus Henderson Investors 

Expense Ratio: .2%

Dividends: Monthly and trending down with short term rates. 

JAAA – Janus Henderson AAA CLO ETF  Page at Morningstar Currently rated 4 stars. 

8. Cash Flow into Fidelity Account on 12/15/25: 

Redemption Proceeds: $5,000

Interest and Dividends:

Interest: $645.63 (several 1 bond lots in this grouping; the National Rural pays monthly)

Dividends: $44.25

The stock allocation in this account is about 9% of the total portfolio, up from 7.7% as of 10/11/25.. 

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.