Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds (Item # 1): $1,954.86
I am continuing to buy beaten up dividend paying stocks and have resisted selling any stocks for profits over the past several weeks. The current buying pattern involves investing $1,500 to $2,000 per week in dividend paying stocks. I am attempting to replace some of the income that will be lost in 2026 due to less income resulting from lower rates, primarily interest income from T Bill purchases at auction and dividends paid by treasury money market funds.
Dividends Stock/Stock Funds: $166.25
Yield at $1,954.86 cost: 8.5%
Tennessee Municipal Bond (Item # 2): Total cost at $4,882.4
Treasury Bills Purchased at Auction (Item # 3): $10,000 in principal amount
I have temporarily reduced my purchases of T Bills as I consider alternative investments which will include municipal bonds with tax free yields over 4% and increases in my dividend paying stock allocation.
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T Rowe Price Capital Appreciation Fund Overview (Closed to New Investors)
Since I am retired and have no earned income, I have to transfer funds out of my investment accounts to pay expenses. Social Security payments can currently cover my insurance premiums (health, cars, home and umbrella) and the property tax on my home but that is about it. With increases in those payment obligations, it will not be long before the SS payments will not cover all of them. Insurance for my cars, home and umbrella policy almost doubled for the 2 years ending in July 2024, and I have had no claims.
My goal which I have achieved so far is to generate more income each year than I need to pay expenses, so that the total portfolio value is increasing notwithstanding having to drain some funds to pay expenses including extraordinary items like a new roof and new appliances as well a significant discretionary expenditures like cable TV/internet (over $300 per month).
One of the funding sources in 2025 for those expenses was selling shares in the T Rowe Price Capital Appreciation Fund.
This fund is classified by Morningstar as a moderate allocation fund. The rating is 5 stars within that category. T. Rowe Price Capital Appreciation Fund Stock Price | Morningstar
2025 Sell Discussions: Item # 1.Sold 50 at $37.83 (9/2/25 Post)(profit snapshot $911.85); Item # 1.A. Sold 100 PRWCX at $37.28 - T.Rowe Price Account (7/29/25 Post)(profit $1,778.68); Item # 1.A. Sold 100 PRWCX at $36.75 - T. Rowe Price Account (7/3/25 Post)(profit = $1,715.68); Item # 1. Pared PRWCX - Sold 100 at $35.84. (6/5/25 Post)(realized gain was $1,624.69 for this lot); Item # 1.A. Pared PRWCX-Sold 100 at $34.98 (3/18/25 Post)(profit = $1,538.79); Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post)(profit snapshot = $803.25)
2025 PRWCX Realized Gains to Date: $8,372.48 (450 shares)
Proceeds raised and Spent in 2025: $18,169.70
2025 Total Realized Gain = $8,372.94
Proceeds raised and spent in 2024: $1,947.
2024 PRWCX Realized Gain: Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)(profit snapshot = $967.35)(subsequent to that sale, the fund went ex dividend on 12/18/25 for a $3.5922 per share dividend which reduced the price by that amount on the ex dividend day)
Remaining Shares: 503+ at an average cost per share of $22.64:
2025 Annual Dividend Paid on 503+ shares: $1,612.46
Prior Annual Dividend Paid in Cash: Used to fund expenses
2024 = $3.5922 per share = $3,605.11 (ex on 12/18/24)
2023 = $1.4075 = $1,482.93
2022 = $2.8079 = $2,958.39
2021 = $3.41 = $3,592.76
As a result of selling more than 1/2 of my shares, the annual dividend income will decline.
I am not going to sell more shares but will spend the annual dividend payments. The funding sources for expenses will have come from other accounts.
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Economy:
U.S. economy grows by 4.3% in third quarter, much more than expected, delayed report shows This is the first estimate for third quarter real GDP.
As a reminder, the FED in its December 2025 projections predicted 2025 real GDP growth of 1.7%. The Fed - December 10, 2025: FOMC Projections materials, accessible version When discussing that projection in my 12/11/25 post, I thought it was too low and a 2.2% growth rate was more consistent with the data which included a .5% negative number for the first quarter. If the third quarter growth rate of 4.3% is not revised down, real GDP for 2025 will likely be closer to 3%.
Gross Domestic Product, 3rd Quarter 2025 (Initial Estimate) and Corporate Profits (Preliminary) | U.S. Bureau of Economic Analysis (BEA) "The price index for gross domestic purchases increased 3.4 percent in the third quarter, compared with an increase of 2.0 percent in the second quarter. The personal consumption expenditures (PCE) price index increased 2.8 percent, compared with an increase of 2.1 percent. Excluding food and energy prices, the PCE price index increased 2.9 percent, compared with an increase of 2.6 percent." (emphasis supplied)
PCE increased at a 3.5% annual rate.
Almost 50% of consumer spending is made by the top 10% Why this highly cited consumer spending statistic may be completely wrong - TheStreet
Residential investment decreased by a 5.1% rate. Residential investment in the GDP report includes spending on new housing and major improvements to existing homes.
Core GDP which includes consumer spending, business fixed investment and home building rose at a 3% annual rate. Core GDP excludes inventories, international trade and government purchases.
Trade was a major contributor to 3rd quarter real GDP growth, accounting for 1.6% of the 4.3% growth rate, as exports increased 8.8% while imports declined by 4.7%. Government spending increased by 2.2%. Discussed at US growth - ING (12/23/25)
This report should make the FED hesitant to cut the federal funds rate further until it has several months more of inflation data.
Surveys of Consumers The University of Michigan's consumer sentiment index for December improved to 52.9 from 51 in November, but was down -28.5% from the December 2024 level.
Industrial production increased by .2% in November after declining .1% in October. Federal Reserve Board - Industrial Production and Capacity Utilization - G.17
Trump's trade wars are crushing America's bourbon industry - YouTube; Jim Beam to pause production at main Kentucky distillery in 2026
Inside the leather trade war hitting handbags, boots and couches
Trump halts wind projects, including Coastal Virginia Offshore Wind, Dominion stock drops 4% The Trump Administration claimed that the projects threatened national security. Trump will use spurious national security argument to justify whatever he wants to do.
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Trump and His Party:
John Kelly says Donald Trump fits ‘fascist’ definition and prefers ‘dictator approach’ | CNN Politics Kelly is a retired 4 star Marine General and served as Trump's Chief of Staff during his first term.
Surprise! Trump Spent the Holidays Being Cruel and Hateful - YouTube Trump does not recognize that he is a mean-spirited psychopath.
Trump Fires off Angry Holiday Message to 'Radical Left Scum'
Donald Trump threatens to terminate broadcast licenses of major networks - Newsweek
Trump says Stephen Colbert should be 'put to sleep' in late show rant
Trump threatens NBC license after Warnock interview, urges FCC crackdown - Raw Story This deranged rant is copied here: Trump Threatens NBC’s Broadcast License Over Warnock Interview
The Trumpster who David Ellison put in charge of CBS News, Bari Weiss, nixed at the last moment an unfavorable 60 minutes story on the brutal El Salvador prison that has received migrants deported by the U.S. Weiss claimed that the story was not ready since the Trump Administration had not responded to the segment. When making that excuse, Weiss knew that the Administration had refused all requests for an interview. Bari Weiss Tries to Calm Furious CBS Staff After Spiking ‘60 Minutes’ Segment; Bari Weiss Set a Five-Alarm Fire at “60 Minutes” (w/ Max Tani) - YouTube; Bari Weiss Has Thrown the CBS News Killswitch
The 60 Minutes Story The Trump Administration Doesn't Want You To See - YouTube
White House calls for "60 Minutes" producers to be fired: "Clean house" - Newsweek
David Ellison and his father the multi-billionaire and fervent Trump supporter Larry Ellison are in the process of foxifying CBS News and will do the same with CNN. Larry Ellison discussed axing CNN hosts with White House in takeover bid talks; Trump enters Warner Bros. fight, says it’s ‘imperative that CNN be sold’; CBS and CNN Are Being Sacrificed to Trump - The Atlantic I will no longer watch CBS News.
Trump wants Paramount to buy Warner Discovery, which owns CNN, and will cause IMO the Netflix acquisition to be axed by the FCC which will only approve the Paramount acquisition of Warner Discovery with CNN as part of the Ellison acquisition. The reasons do not need to have any basis in law or fact. It is just raw political power to achieve an authoritarian goal. Trump wants to control as many media outlets as possible so that his reality creations go unchallenged by friendly news personalities who will praise him effusively no matter what he does or says.
A few days before Weiss killed the 60 minutes segment, Trump publicly complained that he was being treated unfairly by CBS by airing the interview of Marjorie Taylor Greene on 12/7/25, saying in a 12/8 "Truth" Social post that "60 Minutes has actually gotten WORSE!" since Skydance acquired Paramount that owned CBS. Trump believe that any story that he does not like needs to be spiked. He sees nothing wrong about using the powers of the Presidency to achieve that objective, and there will not be any pushback whatsoever from republican politicians.
FCC chief Brendan Carr tells Senate agency not independent The FCC did not approve Skydance's acquisition of Paramount until Paramount settled a frivolous lawsuit brought by Trump for millions. In TrumpWorld, that was just a coincidence The FCC under Carr is transparently engaging IMO in using the government to intimidate Trump critics, even comedians like Jimmy Kimmel, which he denies, claiming that he is only trying to protect the "public interest" as he defines it.
Trump has used and will continue to use the powers of the Presidency to extort and demand protection money from universities, law firms and media companies.
The republicans did not want Jack Smith to publicly testify. The entire transcript of his testimony needs to be released, but that may have to wait for the next Democrat President.
The strongest criminal case against Trump was for obstruction of justice in the documents case. The republican Senator Bill Cassidy referred to that case as "almost a slam dunk". GOP senator says Trump should drop out of the 2024 presidential race Federal judge found ‘strong evidence’ of crimes before Trump was charged in classified documents case; Superseding indictment, United States v. Trump, Nauta, and De Oliveira, July 27, 2023
Trump was saved from a trial by the Trump appointed federal district court judge Aileen Cannon. The other criminal case related to Trump's attempt to overturn the election results. Trump and his controlled DOJ are forum shopping by selected Ft. Pierce, Florida for their cases where the only judge presiding is the Trump acolyte Aileen Cannon. Aileen Cannon, Trump's Favorite Judge, Is Back - The Atlantic
Jack Smith tells Congress he could prove Trump engaged in a 'criminal scheme' to overturn 2020 election; Jack Smith tells lawmakers his team developed ‘proof beyond a reasonable doubt’ against Trump | PBS News The Republican Justices protected Trump with their creation of a near absolute immunity in 2024 and in their Fischer v. United States decision where they changed the plain meaning of a criminal statute relating to an obstruction of an official proceeding, referring to what happened on 1/6. (Barrett joined the dissenters on that one, noting correctly that the majority rewrote the statute that had the effect of protecting Trump)
Trump's name added to Kennedy Center signage day after White House announced change - ABC News After replacing the Kennedy Center Board with his sycophants, and naming himself Chairman, our Deal Leader was "surprised" that the Board renamed the Kennedy Center the "The Donald J. Trump and John F. Kennedy Center". Is there anyone who believes that representation?
One ex officio member of the Board of Trustees, Joyce Beatty, was not allowed to express her opposition to the renaming. She was muted on the call where the Trump minions voted to rename the Kennedy Center. There is a law passed by Congress that designates this building "as the "John F. Kennedy Center for the Performing Arts". 20 USC 76i: John F. Kennedy Center for the Performing Arts To lawfully change the name to include "Donald J. Trump and John F. Kennedy", this law would need to be amended but requiring Trump to obey the law is a bridge too far for him and will not happen.
Trump announces new class of U.S. battleships named after himself The new class of battleships will need to be renamed after he leaves office.
As Susie Wiles said in her Vanity Fair interview, captured on tape, Trump believes "there’s nothing he can’t do, nothing, zero" as US president. Trump’s chief of staff says he believes ‘there’s nothing he can’t do’ as president - The Guardian; 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) The 6 Republican Justices, who are Monarchists but call themselves conservatives, are largely to blame for that belief.
Trump doubles down on claim that US must take over Greenland for national security | The Independent
Trump calls the New York Times ‘a threat to national security’ in late night social media rant | The Independent Trump: "The Failing New York Times, and their lies and purposeful misrepresentations, is a serious threat to the National Security of our Nation". Trump then made his intention clear: "Their Radical Left, Unhinged Behavior, writing FAKE Articles and Opinions in a never ending way, must be dealt with and stopped. THEY ARE A TRUE ENEMY OF THE PEOPLE! Thank you for you attention to this matter. PRESIDENT DJT"
Trump claims that the imports of kitchen cabinets and vanities are a threat to national security sufficient for him to impose tariffs under section 232 of the Trade Expansion Act of 1962. The republican tariff tax, imposed to protect national security caused by cabinets and vanity imports, is currently at 25% for those imports but will increase to 50% on 11/1/25. What to know about new U.S. tariffs on cabinets, vanities and some wooden furniture | PBS News
Where is the pushback from republican politicians? It does not exist. Consequently, all must be deemed to enable and/or approve.
When I last looked last Sunday, Trump's "Truth" Social message blaming Rob Reiner for his own murder had received over 43,000 likes.
The Pitiful Childishness of Donald Trump - The Atlantic (subscription publication)
It’s Not a Joke—Trump Talked to His Lawyer About a Third Term | The New Republic
Holy Cow, Young Conservatives Are NOT Okay - YouTube This subject of this video is a Manhattan Institute focus group composed of young republicans expressing fondness for strong leaders like Hitler. Everyone Wants to Know What Gen Z Republicans Think. We Asked Them. This should not be surprising to anyone.
Todd Blanche Shut Down Crypto Enforcement While Holding Crypto Assets — ProPublica
How Trump Has Exploited Pardons to Reward Allies and Supporters — ProPublica
Kristi Noem-Tied Firm Secretly Got Piece of $220 Million DHS Campaign — ProPublica
Trump's GOP is not a conservative party in the American tradition but the antithesis of one. The GOP can no longer be reformed IMO into a conservative party. It is just too far gone.
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1. Small Ball Common Stock/Stock Fund Buys:
For the most part, I am continuing to average down in beaten up dividend paying stocks, primarily equity REITs.
A. Restarted MEGI in Schwab Account - Bought 20 at $13.55:
Quote: NYLI CBRE Global Infrastructure Megatrends Term Fund Overview - A Leveraged CEF
Cost: $271
Sponsor's website: NYLI CBRE Global Infrastructure Megatrends Term Fund | New York Life Investments "MEGI is structured with a 12-year limited term and intends to liquidate on or about December 15, 2033."
Leveraged at 23.78% as of 9/30/25
Sector Weightings as of 9/30/25:
SEC Filing Holdings as of 8/31/25
Leverage Terms: Spread to Overnight Bank Funding rate
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| P. 20 Annual Report |
Overnight Bank Funding Rate (OBFR)- St. Louis Fed
NYLI CBRE Global Infrastructure Megatrends Term Fund - SEC Filed Annual Report for the period ending 5/31/25
The snapshot includes my last elimination at $13.29 price. I am more willing to accept stock risk now due to the decline in interest rates.
I also own 50 shares in my Fidelity account with an average cost per share of $11.96.
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| Snapshot Intraday on 12/18/25 |
Last Discussed: Item # 3.E. Sold 15 MEGI at $14.17 - Fidelity Account (5/23/25 Post)(profit snapshot $30.1); Item # 1.I. Pared MEGI - Sold 45 at Various Prices (4/4/25 Post)(profit snapshot = $25.91). I sold my highest cost lots.
Last Buy Discussions: Item # 1.C. Bought 15 at $12.5; 10 at $12.18 - Fidelity Account (12/26/24 Post); Item # 2.B. Added to MEGI - Bought 5 at $11.45 (4/19/24 Post); Item # 1.A. Added to MEGI - Bought 50 at $12.32 - Fidelity Account (4/12/24 Post)
Dividend: Monthly at $.125 per share ($1.5 annually)
MEGI Stock Dividend History & Date | Seeking Alpha
Return of Capital (ROC) support is heavy. For the F/Y ending on 5/31/25 and on 5/31/24, the ROC portion of the $1.5 per share annual dividend was at $1 and $1.09 respectively (see page 14 of the Annual Report)
As discussed in the past, the borrowing costs and management fees/expenses would eat up a significant part of the dividend income leaving capital gains as the primary support for the dividend payments.
That part of the dividends classified as ROC is not taxed as dividend income in the year received but will reduce the tax cost basis by the total amount so classified. That will cause a higher profit or lower loss when the shares are sold. Under existing tax law, the cost basis can be stepped up to the market value on the date of death which in effect nullifies the tax basis adjustments caused by the ROC classifications. What is step-in basis and how can it affect me?| Fidelity There have been in the past efforts to repeal that provision of the tax code.
Yield at $13.55: 11.07%
Last Ex Dividend: 12/22/25 (owned as of)
Data Date of 12/18/25 Trade:
Closing Net Asset Value Per Share: $15.24
Closing Market Price: $13.62
Discount: -10.63%
Average 3 year discount: -11.91%
Sourced: MEGI - CEF Connect
B. Added 10 NMFC at $9.09 - Fidelity Account:
Quote: New Mountain Finance Corp. (NMFC) - Externally Managed BDC
Cost: $90.9
SEC Filed 2024 Annual Report (Risk factor summary starts at page 22 and ends at page 53)
Last Discussed: Item # 1.I. Added 10 NMFC at $9.59 (12/18/25 Post)
New Average cost per share: $9.75 (42+ shares)
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 $9.75: 13.13%
Last Ex Dividend: 12/17/25
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
Net asset value per share, which has been trending down, was reported at $12.06 as of 9/30/25.
C. Added to DOC in Schwab Account - Bought 10 at $16.40; 10 at $16.14+; 10 at $15.85 :
Quote: Healthpeak Properties Inc (DOC)
Cost: $483.95
Website: Home - Healthpeak | NYSE: DOC
I bought 10 shares the day before the ex dividend and 10 on the ex dividend date. The stock hit a new 52 week low on the ex dividend day.
Last Discussed: Item # 1.J. Added to DOC in Schwab Account - Bought 10 at $16.49 (12/18/25 Post); 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: $17.03 (181+ shares)
Reduced from $17.2.
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 $17.03: 7.164%
Last Ex Dividend: 12/19/25 (owned 161+ 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
I will continue to average down in 10 shares lots.
D. Added to HIW - Bought 5 at $25.25:
Recent Activity: I have been paring the position prior to this purchase, selling my highest cost lots
Quote: Highwoods Properties Inc. = Office REIT
Cost: $126.24
HIW "is a fully integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The Company conducts its activities through Highwoods Realty Limited Partnership (the “Operating Partnership”). As of September 30, 2025, we owned or had an interest in
Website: Highwoods
Last Discussed: Item # 1.G. Pared HIW Again - Sold 3 at $32.34 (9/13/25 Post)(profit snapshot = $32.52): Item # 3.D. Sold 5 HIW at $30.2 - Highest Cost Shares (5/23/25 Post)(profit snapshot = $29.77); Item # 2.B Pared HIW Again - Sold 2 at $36.26 (10/31/24 Post)( profit snapshot = $22.8); Item # 3.F. Pared HIW - Sold 10 at $34.31; 5 at $35.77 (10/16/24)(profit snapshot = $50.6).
Last Buy Discussions: Item # 1.E. Added to HIW - Bought 1 at $18.13, 1 at $17.93; 3 at $17.74 (12/2/23 Post); Item # 1.J. Added to HIW - Bought 1 at $20.2; 1 at $19.85; 1 at $19.31; 1 at $18.87 (10/7/23 Post)
New average cost per share: $20.64
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| Snapshot Intraday on 12/19/25 after add |
The average cost per share was raised from $20.04 by this 5 share purchase.
Dividend: Quarterly at $.50 per share
HIW Stock Dividend History & Date | Seeking Alpha
Yield at $20.64: 9.69%
Last Ex Dividend: 11/17/25
Last Earnings Report (Q/E 9/30/25):
10-Q for the Q/E 9/30/25 and HIW Announces Third Quarter 2025 Results.pdf
Revenues: $201.773M
GAAP E.P.S. $.12
FFO per share: $.86
Reconciliation:
Occupancy: Decreased from 87.1% as of 12/31/24 to 85.3% as of 9/30/25. HIW expects average occupancy to remain between 85% to 86% for the remainder of 2025, 10-Q at page 32.
2025 FFO per share guidance: $3.41-$3.45
E. Started PFLT in Fidelity Account - Bought 10 at $9.09+:
Quote: PennantPark Floating Rate Capital Ltd. (PFLT) - Externally Managed BDC
Cost: $90.95
Website: Home - PennantPark
Dividend: Monthly at $.1025 per share ($1.23 annually), last raised from $.1 effective for the June 2023 payment.
I will not be reinvesting the dividend. The purpose of this investment is simply to harvest the dividend and sell the shares at whatever profit may be available down the road.
I will average down in this account only.
As previously discussed, a dividend cut is possible. For the 2025 third quarter, NII per share was reported at $.28, below the $.3075 in dividend payments.
Yield at $9.09 (assumes no cut): 13.53%
Last Ex Dividend: 12/15/25
Last Earnings Report (Q/E 9/30/25): I discussed this report in my last post. Item # 1.G. Added to PFLT in Schwab Account - Bought 10 at $9.5 (12/18/25 Post); SEC Filed Press Release The average cost per shares is $8.97 (100+ shares) in my Schwab account. I do not intend to buy more in that account.
If PFLT continues to slide in price, I will buy more shares in my Fidelity account, which would give me a lower average cost per share than the current $8.97 in my Schwab account.
The general idea is to wait until there is a rally in the price and then sell my highest cost lots in my Schwab account and eliminate the position in the Fidelity account after harvesting several monthly dividends which would require that all shares be sold at a profit. Otherwise, I will just keep the shares and will continue buying more in my Fidelity account until I hit 100 shares.
F. Added to LTC in Fidelity Account - Bought 5 at $34.2; 5 at $34:
Quote: LTC Properties Inc. (LTC)
Cost: $341
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
LTC 10-Q for the Q/E 9/30/25 (update on certain operators discussed at pages 43-44)
New Average cost per share: $34.52 (25 shares)
Reduced from $34.8 by this 5 share lot purchase.
Dividend: Monthly at $.19 per share ($2.28 annually)
LTC Stock Dividend History & Date | Seeking Alpha
Yield at $34.52: 6.6%
Next Ex Dividend: 12/23/25 (owned all as of)
(Last Earnings Report (Q/E 9/30/25): I discussed this report in my last post Item # 1.K. Bought 5 LTC at $34.4 (12/18/25 Post); SEC Filed Press Release
Since I published that post, LTC made this announcement on 12/19: LTC Acquires Two Properties for $63 Million, Completing $360 Million in SHOP Acquisitions in 2025
SHOP stands for Senior Housing Operating Portfolio.
G. Restarted T in Schwab Account - Bought 5 at $25.05:
2025 History this Account - Multiple pares and then an elimination:
Quote: AT&T Inc. (T)
Cost: $125.25
Capital expenditures, labor costs and long term debt are high while price competition for customers is intense. It is just an unfavorable mix IMO.
10-Q for the Q/E 9/30/25 Long term debt was at $128.09B, page 5.
T Analyst Estimates | MarketWatch
Dividend: Quarterly at $.2775 per share ($1.11 annually), last reduced from $.3927 in connection with the Warner spinoff.
T Stock Dividend History & Date | Seeking Alpha
Yield at $25.05: 4.43%
Next Ex Dividend: 1/12/25
Last Earnings Report (Q/E 9/30/25):
SEC Filed Earnings Press Release
Revenues: $30.7B
Diluted E.P.S. of $1.29, which reflects a gain recognized on the sale of the DIRECTV investment, compared to $(0.03) a year ago, which included a non-cash charge
Adjusted E.P.S. = $.54
Free cash flow: $4.9B, up from $4.6B in the 2024 third quarter
Third quarter highlights:
Reiterates 2025 Guidance: Adjusted E.P.S. of in the higher end of $1.97 - $2.07 range and free cash flow in the low-to-mid $16B range.
Analyst Reports Available to Schwab Customers:
Morningstar (10/22/25): 3 stars with a fair value estimate of $26 and a narrow moat.
S&P (10/23/25): 3 stars with a $30 PT
Argus (10/23/25): Buy with a $33 price target
Some recent sell discussions: Item # 1.D. Eliminated T in Fidelity Account and Item # 1.E. Eliminated T in Schwab Account - Sold 10 + at $28.71 (4/4/25 Post)(profit snapshots = $269.7); Item # 1.C. (3/18/25)(profit snapshots = $201.37); Item # 3.A. Sold 7 T at $24.17 (1/29/25 Post)(profit snapshot = $32.15); Item # 2.H. Sold 5 T at $22.98; 5 at $23.01 in Schwab Account - Sold 10 at $28.25 (11/27/24 Post)(profit snapshots = $41.1); Item # 2.C. Pared AT&T in 2 Taxable Accounts - Sold 5 at $22.37; 5 at $22.22 (10/31/24 Post)(profit snapshot = $38.89); Item # 2.E. Sold 23 T Various Prices in Schwab Account and Item # 2.F. Sold 30+T at $21.35 -Fidelity Account (9/12/24 Post)(Net Profit snapshots = $46.75)
Subsequent Purchases: Average down only in 5 share lots, with each subsequent purchase required to be at the lowest price in the chain.
H. Added to OLP - Bought 5 at $20.15; 5 at $19.85 (Fidelity Account):
Quote: One Liberty Properties Inc. (OLP)
12/22 was the ex dividend date.
Cost: $200
As of 9/30/25, OLP owned 98 properties which includes 61 industrial properties. Occupancy was at 98.2%. 10-Q for the Q/E 9/30/25 at page 27
Management: Internal
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy This stock also fits into my Bond Substitute category.
Website: One Liberty Properties, Inc.
Last Discussed: Item # 1.A. Added 10 OLP at $20.65; 10 at $20.48 (12/11/25 Post) Those lots were bought before the ex dividend date.
New average cost per share this account: $21.38 (72+ shares)
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| Snapshot Intraday on 12/23/25 after second add |
Reduced from $21.61.
Dividend: Quarterly at $.48 per share ($1.8 annually), last raised from $.43 effective for the 2017 4th quarter payment. I am reinvesting the dividend.
OLP Stock Dividend History & Date | Seeking Alpha
Dividends / Year End Tax Reporting The 2023 and 2024 dividends were classified as ordinary income or capital gains with no ROC support. I did not look at the years prior to 2023. The capital gains originate from selling depreciated real estate.
Yield at New AC of $21.38: 8.42%
Last Ex Dividend: 12/22/25 (owned 62+ as of)
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post); SEC Filed Press Release
I. Added to OKE in Schwab Account - Bought 1 at $72.25:
Quote: ONEOK Inc (OKE) -Energy Infrastructure
The snapshot includes my last sale at $111.71 (11/18/24)
Oneok is "a leading midstream operator that provides gathering, processing, fractionation, transportation and storage". Through approximately 60,000 mile pipeline network, Oneok transports natural gas, natural gas liquids refined products and crude oil.
Maps of facilities and description of businesses can be found at pages 6-19 of the SEC Filed 2024 Annual Report.
Last Discussed: Item # 2.J. Sold 1 OKE at $111.71 (11/27/24 Post)(profit snapshot = $83.79)
Last Buy Discussions: Item # 1.L. Added to OKE in Fidelity Account -Bought 1 at $24.9 (10/24/20 Post)(classified then as "deep contrarian value"); Item # 1.G. Started OKE in Fidelity Taxable Account-Bought 5 at $27.77 (6/13/20 Post)
I did not attempt to verify the free cash flow numbers provided by these websites: OKE Key Metrics page at Reuters; ONEOK Free Cash Flow 2011-2025 | OKE | MacroTrends
New average cost per share: $26.69 (9+ shares)
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| Snapshot Intraday on 12/18/25 after add |
The AC per share was raised from $21.44.
Dividend: Quarterly at $1.03 per share ($4.12 annually), last raised from $.99 per share effective for the 2025 first quarter payment.
Other Sell Discussion: Item # 2.A. Eliminated Duplicate Position in OKE (Fidelity Account) - Sold 5+ at $64.78; 1 at $64.93 (9/2/23 Post)(profit snapshot = $274.81)
Analyst Reports Available to Schwab Customers:
Argus (11/5/25): Buy raised from hold and a $79 price target.
Morningstar (10/29/25): 4 stars with a fair value estimate of $91 and a narrow moat.
S&P (11/1/25) 3 stars with a $75 PT.
Last Bond Offering (8/25): Prospectus
Currently Owed OKE SU Bonds: 10 (6 in Fidelity account, 2 in Vanguard account and 2 in Interactive Brokers account:
Fidelity Account at 6 bonds stacked as follows:
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| Third Party Pricing as of 12/19/25 |
Closing buy prices will routinely be higher than the hypothetical price provided by third party pricing services.
I currently own the following Oneok SU Bonds:
2 of the 4% SU Maturing on 7/13/27; Bond Page | FINRA.org
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2 of the 4.35% SU Maturing on 3/15/29; Bond Page | FINRA.org
I did not discuss this purchase, made in my Fidelity Account, at a total cost of 97.938:
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I was purchasing so many corporate bonds in the first 6 months of 2025 that some just got lost in the shuffle.
2 of the 5.05% SU Maturing on 11/1/34; Bond Page | FINRA.org
Item # 4.D. Bought 2 Oneok 5.05% SU Maturing on 11/1/34 at a Total Cost of 97.498 (7/3/25 Post)
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As part of an income tax recognition shift out of 2024 into 2025, I bought 2 OKE 2.2% SU bonds that matured on 9/15/25 at a Total Cost of 97.868:
%20+$42.64%20.png){kind=small} |
| +$42.64 |
When income shifting in this manner by buying a lower current yield bond, I will generally not go further out than a 1 year maturity which was the case with this bond.
J. Added to NSA in Fidelity Account - Bought 2 at $28.16; 2 at $27.68:
Quote: National Storage Affiliates Trust (NSA)
Cost: $56.31
NSA "owned
I am averaging down in 2 share lots since the NSA chart is currently extremely bearish IMO and showing no signs IMO of a bottom forming yet.
Website: National Storage Affiliates Trust (NSA)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.L. Added to NSA - Bought 2 at $28.8; 3 at $28.5 (11/22/25 Post)
New average cost per share: $31.95 (60+ shares)
Reduced from $32.33.
Dividend: Quarterly at $.57 per share ($2.28 annually)
NSA Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend at least until the likely reinvestment price exceeds my average cost per share.
I am reinvesting the dividend for as long as the likely reinvestment price reduces my average cost per share.
Yield at $31.95: 7.136%
Last Ex Dividend: 12/15/25
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.L. Added to NSA - Bought 1 at $29.19 (11/8/25 Post); SEC Filing As discussed in previous report, recent earnings reports have not been favorable and call into question the sustainability of the current dividend.
Sell Discussions: Item # 2.C. Pared NSA in Fidelity Account - Sold 5 at $48.54 (9/19/24 Post)(profit snapshot = $52.95); Item # 2.B. Eliminated Duplicate Position in NSA - Sold 7 at $41.91 (Schwab Account) and Pared NSA in Fidelity Account Sold 5 at $53 (8/15/24 Post)(profit snapshots = $67.91)(mentioning in that report that I was not impressed with the 2024 second quarter earnings report, SEC Filing)
NSA Equity Preferred Stocks: I own 2 NSA equity preferred stocks: NSAPRA and NSAPRB. Both have 6% coupons paid on a $25 par value.
K. Added to Falling Knife CLX - Bought 1 at $97 - Schwab Account:
Quote: Clorox Co. (CLX)
Cost: $97
CLX Analyst Estimates | MarketWatch
Investment Categories: Long term contrarian value/Bond Substitute with a flavor of Dividend Growth
Last Discussed: Item # 1.H. Added to Falling Knife CLX - Bought 1 at $102.9; 1 at $101.9; 1 at $100.2; 1 at $98.9 (11/22/25 Post )
New Average cost per share: $110.27 (17+ shares)
I will keep average down until I hit 20 shares and will then stop except for reinvesting the dividend.
Dividend: Quarterly at $1.24 per share ($4.96 annually)
CLX Stock Dividend History & Date | Seeking Alpha
I will reinvest the dividend for as long as the likely reinvestment price reduces my average cost per share.
Yield at New AC per share: 4.5%
Next Ex Dividend: 1/28/26
Last Earnings Report (Q/E 9/30/25): I discussed this report in my last post Item # 1.M. Added to Falling Knife CLX - Bought 1 at $109.87; 1 at $106.8- Schwab Account (11/8/25 Post); SEC Filed Press Release
2. Tennessee Municipal Bonds:
A. Bought 5 Metropolitan Government of Nashville 4% GO Maturing on 1/1/45 at a Total Cost of 96.448:
Principal Amount includes $95 in accrued interest paid to seller that I will receive back on 1/1/26 plus a few additional days of interest.
Principal Amount: $4,822.4
Calculation: 96.448 x. 10 = $964.48 total cost per bond x. 5 bonds = $4,822.4.
Profit of $177.6 when redeemed at par value, classified under current law as realized market discount taxable as interest rather than as a long term capital gain.
Emma (Electronic Municipal Market Access) Page This is similar to FINRA except more information is provided about the bond. FINRA for example no longer links the prospectuses but the municipal bond equivalent, called the Offering Statement, can be found the EMMA website.
Issuer Optional Redemption: On or after 1/1/34 at par value + accrued and unpaid interest.
Credit Ratings: KBRA at AA+, Moody's at Aa2, S&P at AA+
YTM at Total Cost: 4.275%
Current Federally Tax Free Yield: 4.147%
The Metropolitan Government of Nashville includes all of Davidson County, TN.
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| Page B-1 of the Offering Statement |
The offering statement is linked at the EMMA website reference above, click the "Disclosure Documents" tab.
3. Treasury Bills Purchased at Auction:
A. Bought 10 T Bills at the 12/22/25 Auction:
181 Day Bills
Mature on 6/26/26
Interest: $175.22
Investment Rate: 3.596%
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.
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