To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image.
Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds (Item # 4): $258.18
Outflow Common Stocks/Stock Funds (Item # 1): $1,833.05
Realized Gains U.S. Stocks/Stock Funds: $325.31
Net Outflow Stocks/Stock Funds: $1,574.87
Inflow Corporate Bonds (Item # 2): 19 (cost at $18,799.53)
Treasury Bills Purchased at Auction (Item # 3): $7,000 in principal amount
I will be buying 10 T Bills in tomorrow's auction which I will discuss in my next post
Treasury Notes Purchased in the Secondary Market (Item # 5): 3 (cost at $2,990.08)
I will be buying 5 of the 3 year T Notes in tomorrow's auction, which I will discuss in my next post.
Inflow Exchange Traded First Mortgage Bond (Item # 6): $99.65
Outflow Equity REIT Preferred Stock (NHPAP redeemed by the issuer): $1,500 (realized gain at $802.7 in 2 taxable accounts, with snapshots inserted just prior to Item # 1 below)
+++
Economy:
Trump tells Fed to slash rates or he'll end trade with countries with U.S. surpluses, see Trump "Truth" Socital Message 9/4/26 If Trump carries through with that threat, which would be both insane and idiotic, then the reasonably expected responses from the impacted countries will be to block U.S. imports, to downsize their holdings of U.S. treasuries and to refrain from buying more.
Trump threatens to halt trade with top partners unless Fed cuts rates (9/4/26)
Employment Situation Summary - 2026 M08 Results
The BLS reported that the economy added 162,000 jobs in August, compared to a consensus estimate of 53,00, and "higher than the average monthly gain of 31,00 over the prior 12 months." The job numbers for June and July were revised higher, with June revised to +31,000 from +20,000 and July to +$21,000 from -23,000.
Discussed at Jobs report August 2026
Employment in food services and drinking places surged 59,000 in August, mostly low paying jobs, much higher than the average gain of 12,000 over the past 12 months. Local government eduction added 42,000, largely offsetting a decrease in July (back-to school?).
Average hourly earnings increased 10 cents to $37.75. Over the 12 months ending in August 2026, average hourly earnings increased by 3.1%, down from 3.2% through July.
This number has been trending down. The average annual wage increase in 2024 was at 3.9%. The Employment Situation - December 2024.pdf The average increase in 2023 was at 4.1%. The Employment Situation - December 2023.pdf For 2025, the average increase had fallen to +3.8%. Employment Situation News Release - 2025 M13 Results (see archived releases at Employment Situation Archived News Releases : U.S. Bureau of Labor Statistics, note that the average annual increase was at 3.5% through June 2026)
The U-6 number declined to 7.7% from 7.9% in August. Table A-15. Alternative measures of labor underutilization - 2026 M08 Results
BLS Table 10 Year Jobs Table:
Bureau of Labor Statistics Data The average monthly jobs number for 2025 was at +9,667 per month. Republicans view that number as proof that their policies are making America great again.
Trump says U.S. growth could hit 20%, a rate seen once since WWII (8/31/26)
Trump Keeps Heralding an Economic Boom (9/5/26); Trump touts "best economy ever." What the data shows - Newsweek (6/22/26); Trump touts 'greatest economy we've ever had' despite Americans' economic struggles - YouTube
World's biggest sovereign wealth fund plans to cut Treasury holdings
Chevron Bets $7 Billion on Venezuela Oil Expansion | OilPrice.com
Diesel hits record high as Ukraine, Iran wars knock out refineries (9/4/26)
Americans hit with record-high Labor Day weekend gasoline prices - Reuters, republished at MSN.
Canada's retaliatory tariffs on U.S. exports go into effect at 12:01 EST on Tuesday. Canada's retaliatory tariffs set to hit US products as Trump warns of escalation - ABC News I discussed in my last post and elsewhere Trump's false statements regarding U.S. trade with Canada. Trump says he will retaliate to Canada's retaliation to the Trump imposed tariffs.
+++
Trump and His Orwellian Party of Invertebrate Minions:
Trump: ‘I run the country and the world’; Trump interview: ‘I Run the Country and the World’ - The Atlantic
Our Dear Leader instructed his servile FCC Chairman Brendan Carr to punish any company with a FCC license who publishes a "fake poll". Raging Trump roars 'CROOKED' and 'FAKE' in all-caps Truth-Social threat; Trump "Truth" Social Message 8/30/26; Trump calls for NBC’s Kristen Welker to face ‘rebuke or punishment’ - POLITICO
A fake poll is generally defined in Trump's America as one that has Trump at less than a 60% approval rating (how could it go below 60% and not be fake in TrumpWorld?), though some would say anything less than 95% or 99% proves the poll is fake with no further evidence needed. Trump's claim that a poll is fake is the only proof needed in Trump's America since Trump's words create what is real and true.
Carr told Fox "news" that his agency will investigate those fake polls and take the appropriate punishment action. FCC Weighing 'Actions' After Trump Threatens Kristen Welker; FCC considering action on broadcast networks over biased coverage, fake polls | Fox News Video
Trump Told Us He Would Take Venezuela's Oil - The Atlantic I agree with the author that the primary reason for arresting Maduro was to pave the way for what amounts to a U.S. seizure of Venezuelan oil. Trump repeatedly threatened Delcy RodrÃguez after Maduro's seizure which has made her IMO more amenable to accepting U.S. demands. Trump Threatens Venezuela’s New Leader With a Fate Worse Than Maduro’s - The Atlantic; Trump says U.S. is 'in charge' of Venezuela and warns interim leader to cooperate Trump is Venezuela's Mob Boss and Marco Rubio is acting as its de facto Viceroy.
Trump will do whatever he can to prevent free elections in Venezuela since he knows that his deal will be unwound whenever that happens.
As Trump's deal was described by the White House summary, the U.S. will take 20% of the oil from the fields leased to North American Blue Energy Partners at production costs, estimated at about $30 per barrel currently, and all of it in an "emergency" if the U.S. exercises its right of first refusal. Fact Sheet: President Donald J. Trump Announces Historic Oil Agreement to Secure American Energy Dominance and Drive Venezuela’s Economic Recovery – The White House
'Let Data Reign': Trump goes all in on controversial data centers - ABC News
Pete Hegseth Is Mulling a 2028 White House Run Amid Chaotic Pentagon Tenure: Source | Vanity Fair Maybe the 77+M voters who gave Trump a second term will want Hegseth as his successor, the next "Chosen One". President Trump: "I am the chosen one." - YouTube; Sunday services paint Trump as God's chosen one - POLITICO; Evangelical leader Lance Wallnau pitches Trump to followers as divinely chosen for presidency - CBS News Trump received about 80% of the christian evangelical vote in 2016 and 2020. How faith is shaping evangelical Christian voters' views of Trump and Harris
Is New Mexico now 'New America?; White House amplifies Trump's post suggesting New Mexico be renamed | Fox News
How Trump Lost Asia - The Atlantic (subscription publication) David Frum interviews the former Australian PM Malcolm Turnbull.
The End of the American Middle East: Iran and the Last Gasp of a Failed Order (subscription publication)
+++
Issuer Redemption at $25 par value of the National Healthcare Properties 7.375% Equity Preferred Stock (NHPAP)
Profit Snapshots: $802.7 (taxable accounts only - Schwab and Fidelity)
I also owned shares in 2 RI accounts.
++++
1. Small Ball Sales:
I am winding down my trading activity for 2026 having already achieved my annual objective of at least $25K in net realized gains and my reluctance to buy stocks given my opinions about valuations and current economic conditions. My inclination is to quit selling more stocks this year, but will have some sell discussions in my next post.
The largest gain in 1 common stock transaction was 100 shares of POW:CA: Item # 1. Eliminated POW:CA - Sold 100 at C$89-.15 - Interactive Brokers Account (7/21/26 Post)(profit snapshot = C$6,776)
The largest gains in equity preferred stocks continued to be those issued by Canadian companies that reset their coupons:
Profit Snapshots 2026 Realized Gains in Canadian Reset Equity Preferred Stocks (Interactive Brokers Account, all trades on the Toronto exchange in CADs):
A. Pared PRPFX Again - Sold 5 at $80.57:
Quote Permanent Portfolio Permanent Portfolio Class I (PRPFX) at Google Finance
Proceeds: $402.85
PRPFX-Morningstar: PFPFX is classified at a moderate allocation fund.
PRPFX – Portfolio at Morningstar
The allocation target for gold and silver bullion is 25%, 30% for common stocks, 10% for Swiss Franc assets and 35% for Dollar Assets: Sponsor's website: The Permanent Portfolio Family of Fund
Allocations as of 4/30/26: SEC Filing: Holdings as of 4/30/26 at pages 2-9
The "Dollar Assets" consist of investment grade corporate bonds and treasuries weighted at 31.5% Those holdings consist of investment grade corporate bonds and U.S. treasuries (bills notes and bonds at 10.43% of the total assets)
Swiss government bonds were weighted at 7.88%.
Gold and silver bullion had a 25.3% weighting.
Real estate and natural resource stocks were weighted at 17.99%.
"Aggressive Growth" stocks were weighted at 16.86%, bringing the common stock allocation up to 34.85%. I would not characterize most of the stocks included in the "Aggressive Growth" category as fitting that description.
Last Discussed: Item # 2.C. Pared PRPFX Again - Sold 5 at $83.09 (3/9/26 Post)(profit snapshot = $210.64); Item # 1. Pared PRPFX Again - Sold 5 at $82.05; 5 at $80.9 (1/29/26 Post)(profit snapshot = $405.13)
Profit Snapshot: $198.04
Average Cost Remaining Shares: $40.96 (170+ shares)
 |
| Snapshot after pare |
Dividends: Paid Annually. I have been taking the dividend in cash for several years.
PRPFX Stock Dividend History & Date | Seeking Alpha
Dividends Paid 2020-2025: $8.51 per share
I have been taking the dividends in cash.
Last Ex Dividend: 12/4/25 ($2.4457 per share)
Other Sell Discussions: Item # 2.A. Sold 10 PRPFX at $74.05 (10/18/25 Post)(profit snapshot = $330.87); Item # 5.E. Sold 2 PRPFX at $72.67 (9/27/25 Post)(profit snapshot = $63.41); Item # 2.C. Pared PRPFX - Sold 5 at $68.4 (8/5/25 Post)(profit snapshot = $137.19); Item # 1.B. Sold 10 PRPFX at $68.09 (7/3/25 Post)(profit snapshot = $271.28); Item # 3.E. Pared PRPFX - Sold 10 at $67.16 (6/12/25 Post)(profit snapshot = $261.97); Item # 2.A. Sold 125+ PRPFX at $40.22 (8/7/2017 Post)(profit snapshot = $308.84); Item # 1. Sold 10 of 237+ PRPFX at $66.01 (5/16/25 Post)(profit snapshot = $250.48)(In that post, I included snapshots of prior realized gains including $590.26 in 2015 which is also included in the total below)
PRPFX Realized Gains to Date: $2,817.47
Last Discussed: Item # 4.E. Added to BGR in Schwab Account - Bought 5 at $14.65 (9/1/26 Post); Item # 3.A. Added to BGR in Schwab Account - Bought 10 at $16 (5/22/26 Post); Item # 6.A. Added to BGR in Fidelity Account - Bought 5 at $15.4 (4/25/26 Post); Item # 5.B. Bought 10 BGR at $15.64 - Schwab Account (3/9/26 Post)
Profit Snapshot: $49.58
Dividends: Monthly at $.0973 per share ($1.1676 annually)
BGR Dividend History & Date | Seeking Alpha
Substantial ROC support. All of the shares sold were bought this year. When the sponsor reports the ROC adjustments to the original cost numbers, the taxable profit will increase slightly while most of the dividends paid on the share will be classified as returns of capital
The only way to entirely support this dividend with income is through realized capital gains.
Realized capital gains are being absorbed by a substantial capital loss carryforward as shown here:
 |
| Page 140, 2025 Annual Report |
The $24.6+M in capital gains were in effect wiped out as dividend support through utilization of the capital loss carryforward. Given the large remaining capital loss carryforward, I anticipate that the ROC classifications for dividends will remain high for a long time.
Data Date of 8/25/26 Trade:
Closing Net Asset Value per share: $18.85
Closing Market Price: $17
Discount: -9.81%
Average 3 Year Discount: -8.76%
Sourced: BGR - CEF Connect (Click "Pricing Information" Tab) A
C. Eliminated Lotto CRSP - Sold 4+ at $60.25+:
Quote: Crispr Therapeutics AG (CRSP) at Google Finance
Proceeds: $287.85
Investment Category: Lottery Ticket Basket
The Lottery Ticket Basket describes a high risk and speculative stocks that will involve small positions in a wide variety of stocks. Currently each position has to have less than a $1,000 + prior realized gains monetary exposure. I no longer discuss many of those purchases and quit summarizing the results in 2015. Lottery Ticket Basket Strategy: New Gateway Post (The net realized gains stood at $14,012.42 as of 10/1/2015, with trades starting in 2009, but a number of stocks resulted in realized losses which is anticipated with this high risk approach)
Profit Snapshot: $18.93
While I managed a profit, the amount was unsatisfactory.
I will spend some time monitoring developments in its pipeline drugs, which are in early trials, and may restart a Lotto position when something looks interesting.
I initiated a Lotto position based the gene editing therapies for sickle cell anemia and beta thalassemia that were in trials when I first bought shares. Those therapies were later approved by the FDA. Vertex Pharmaceuticals | Vertex and CRISPR Therapeutics Announce US FDA Approval of CASGEVY™ (exagamglogene autotemcel) for the Treatment of Sickle Cell Disease (12/8/23); Vertex Pharmaceuticals | Vertex Announces US FDA Approval of CASGEVY™ (exagamglogene autotemcel) for the Treatment of Transfusion-Dependent Beta Thalassemia (1/16/24).
CRSP developed the gene editing therapies for sickle cell anemia and beta thalassemia and entered into an agreement that granted Vertex a 60% share of the profits with CRSP keeping 40%. Vertex Pharmaceuticals and CRISPR Therapeutics Amend Collaboration Agreement for Development, Manufacturing and Commercialization of CTX001 in Sickle Cell Disease and Beta Thalassemia (4/20/21)("Under the terms of the amended agreement, Vertex will lead global development, manufacturing and commercialization of CTX001 with support from CRISPR Therapeutics. Vertex will be responsible for 60% of program costs and will receive 60% of profits from future sales of CTX001 worldwide, representing a 10% increase in program economics compared to the previous agreement. CRISPR will be responsible for 40% of costs and will receive 40% of profits. Additionally, CRISPR will receive a $900 million upfront payment, with potential for a $200 million payment upon the first regulatory approval of CTX001.")
My memory of these 2 gene therapies is that they were cures. The holy grail for drug companies is a drug like Lipitor where the pill has to be taken daily for as long as the condition lasts. One and done is not as appealing.
While CRSP was successful in its gene editing therapy for those 2 conditions, it remains to be seen whether anything else will succeed. The other therapies are still in early trials. Pipeline | CRISPR Therapeutics One or more of these other therapies will need to receive regulatory approval for the stock to gain momentum.
Dividends: None and none expected.
Last Loss Report (Q/E 6/30/26)
This press release contains brief summaries of pipeline therapies: CRISPR Therapeutics Provides Business Update and Reports Second Quarter 2026 Financial Results
Revenues: $10.181M (Hardly positive given 2 approved therapies)
Net Loss: $93.842M
GAAP E.P.S. ($.94)
Cash & Marketable Securities: $2.53B
D. Eliminated SON - Sold 2 at $57.65:
Quote: Sonoco (SON) at Zacks - Packaging
Proceeds: $115.31
Website: Sonoco Packaging Solutions
Subsequent to this sell, Merrill Lynch downgraded the stock to neutral from buy and reduced the price target to $60 from $69. Sonoco downgraded at Bank of America as earnings outlook softens (SON:NYSE) | Seeking Alpha (9/3/26)
Last Discussed: Item # 5.C. Started SON as a Placeholder - Bought 2 at $48.59 (5/2/26 Post). I discussed the 2026 first quarter report in that post. SEC Filed Press Release Adjusted E.P.S. was reported at $1.2, down from $1.38 in the 2025 first quarter.
Sonoco to Increase Paperboard Prices in EMEA Region (an increase of 60 Euros per ton due to inflationary pressures)
SON Detailed Earnings Estimates - Zacks.com
5 Year Chart: Roller Coaster Bear Market Trend
 |
| Intraday on 8/25/26 |
Profit Snapshot: $18.13
Dividend: Quarterly at $.54 ($2.16 annually), last raised from $.53 effective for the 2026 second quarter payment.
SON Dividend History & Date | Seeking Alpha
Last Ex Dividend: 8/10/26
Last Earnings Report (Q/E 6/28/26):
Revenues: $1.885B
GAAP E.P.S. $1.05, down from $4.36
The quarter ending on 6/30/25 had a $4.25 per share gain from selling a business which was deducted from GAAP in the non-GAAP calculation. Sonoco Completes Sale of Thermoformed and Flexibles Packaging Business to TOPPAN Holdings, Inc. (4/1/25)
Non-GAAP E.P.S. $1.51, up from $1.37.
2026 Guidance: Adjusted E.P.S. $5.85-$6.2 per share "and continuing to expect results toward the low end of the range".
SON SU Bonds: I owned 4 of the 4.45% SU that matured on 9/1/26:
%20+$19.86%20.png){kind=small} |
| "Profit" $19.86 |
The SU debt is rated at BBB-/Baa3, one notch above junk.
Currently Owned SU Bonds:
2 of the 4.6% SU Maturing on 6/1/29, Bond Page | FINRA.org
Discussed at Item # 2.A. Bought 2 Sonoco Products 4.6% SU Maturing on 8/1/29 at a Total Cost of 98.965 (6/26/25 Post)
E. Eliminated Duplicate Position in CHCT - Sold 16+ at $14.89:
Quote: Community Healthcare Trust Inc (CHCT)
Proceeds: $243.54
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.L. Pared CHCT in Schwab Account - Sold 15 at $19.07 (8/11/26 Post)(profit snapshot = $1.66)(discussed last earnings report in that post, SEC Filed Press Release for the Q/E 6/30/26; SEC Filed Supplemental-properties are listed starting at page 16 & ending at page 22); SEC Filed Investor Presentation) This pare occurred shortly before CHCT slashed its quarterly dividend $.33 from $.48, which I discussed in a comment published on 8/5/26.
Dividend: Quarterly at $.33 per share ($1.32 annually). CHCT Dividend History & Date | Seeking Alpha
Last Ex Dividend: 8/19/26
Profit Snapshot: $20.56
I still own 70 shares in my Schwab account with an average cost per share at $15.84. The yield at that average cost is 8.33%.
The current plan is to only buy shares in that account and to average down in 5 share lots with each subsequent purchase required to be at the lowest price in the chain. I will be reinvesting the dividend for as long as the likely reinvestment price lowers my average cost per share.
F. Pared REXR - Sold 3 at $37.1:
Quote: Rexford Industrial Realty Inc (REXR) at Google Finance - An Industrial REIT
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Rexford Industrial
Proceeds: $111.3
Last Discussed: Item # 2.I. Pared REXR - Sold 2 at $37.7 (7/28/26 Post)(profit snapshot = $6.97) I discussed the second quarter earnings report in that post, SEC Filed Press Release and SEC Filed Supplemental. In response to this report, released after this pare, the stock rose $3.05 to close at $39 on 7/24/26. While the CEO made some upbeat comments, I focused more on the $624.754M impairment, viewing that hard fact as more relevant to management's performance and competence than a rosy prediction about the future after the portfolio repositioning.
Recent Material News: Rexford Industrial Enters Into Agreement to Sell a $1.2 Billion Industrial Portfolio (8/18/26)
Buy Discussion: Item # 1.C. Started REXR - Bought 5 at $33.79; 5 at $33.2; 5 at $32.75; and 5 at $32.35 (3/30/26 Post)
Profit Snapshot: $9.93
New average cost per share: $32.8 (15+ shares)
 |
| Snapshot Intraday on 8/31/26 after pare |
Dividend: Quarterly at $.435 per share ($1.74 annually), last raised from $.43 effective for the 2026 first quarter payment.
Yield at $32.8: 5.3%
With this kind of dividend yield, my objective is modest. An annualize 3% realized gain on the shares, prior to ROC adjustments, plus the dividend, is viewed as satisfactory to me. Since all of the shares were purchased this year, that would approximate a $.98 per share realized gain per year.
Next Ex Dividend: 9/30/26
Rexford Industrial Announces 2025 Tax Treatment of Dividend Distributions There were no return of capital adjustments last year.
G. Eliminated MOS - Sold 10 at $24.15:
Quote: Mosaic Co (MOS) at Google Finance
Proceeds: $241.5
Website: Potash Mining & Phosphate Mining
Last Discussed: Item # 4.A. Bought 10 MOS at $23.1 (5/9/26 Post)
I elected for now to exit this small ball stock position based on the last earnings report, discussed below, and the following bond offering:
Prospectus (8/26)
I received an email notice from Fidelity that the 2 Mosaic 4.05% SU that I own will be called early:
Discussed at Item # 3.A. Bought 2 Mosaic 4.05% SU Maturing on 11/15/27 at a Total Cost of 99.666 (5/2/26 Post)
Profit Snapshot: $10.4
Dividend: Quarterly at $.22, last raised from $.21 effective for the 2025 first quarter payment.
MOS Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 6/20/26): SEC Filed Press Release and 10-Q
Revenues: $2.8B, down from $3
GAAP Net Income: ($273M)
GAAP E.P.S. ($.86)
2. Corporate Bonds:
A. Bought 2 Progressive 4% SU Maturing on 3/1/29 at a Total Cost of 98.72:
%203:1:29%204%25%20.png)
Issuer: Progressive Corp (PGR) at Google Finance - Primarily insurance for cars and homes.
Cost: $1,974.4
PGR Detailed Earnings Estimates - Zacks.com
PGR SEC Filed Press Release for the Q/E 6/30/26
Filled on 8/26/28
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.545%
Current Yield at TC: 4.0519%
B. Bought 2 Public Service of Oklahoma 5.2% SU Maturing on 1/15/35 at a Total Cost of 98.14:
%201:15:35%20F.png)
Issuer: One of the wholly owned operating subsidiaries of the utility holding company American Electric Power Company Inc (AEP).
Cost: $1,962.80
Filled on 8/27/26
About Public Service of Oklahoma
AEP SEC Filed 2025 Annual Report Public Service of Oklahoma results can be found at page 164 (revenues at $2.002B with net income reported at $252M) The third quarter is the seasonally strongest quarter. The company reported $685.5M in revenues for the 2025 third quarter with net income at $129.8M, 10-Q at page 95.
Public Service of Oklahoma Results:
 |
| 10-Q at page 90 |
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.479%
Current Yield at TC: 5.3%
I now own 4.
Prior Round-Trip Trade: Item # 2.D. Sold 2 Public Service of Oklahoma 5.25% SU Maturing on 1/15/25 at 100.399 (9/8/25 Post)("profit" snapshot = $62.76)-Item # 4.A. Bought 2 Public Service of Oklahoma 5.25% SU Maturing on 1/15/25 at a Total Cost of 97.161 (5/23/25 Post)
C. Bought 1 ERP LP 4.15% SU Maturing on 12/1/28 at a Total Cost of 99.139:
%204.15%25%2012:1:28%20F%20.png)
Issuer: Operating entity for Equity Residential.
Cost: $991.39
Filled on 8/27/26
Equity Residential And AvalonBay | S&P Global Ratings The recent merger of Equity Residential and AvalonBay Communities to form Vivmark Residential (VMRK) resulted in S&P upgrading the credit rating to A from A-. ERP Operating LP is now a subsidiary of Vivmark. I have a small ball position in VRMK through my prior ownership in Equity Residential that had the symbol EQR. I changed the link to VRMK-EQR in the symbol list. Last Discussions: Item # 1.A. Started EQR in my Fidelity Account - Bought 5 at $59.75 (11/8/25 Post); Item # 1.D. Added to EQR in Schwab Account-Bought 1 at $59.82; 1 at $59.55; 1 at $59.2; 1 at $58,75 (2/2/24 Post)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 4.553%
Current Yield at TC: 4.186%
D. Bought 1 Entergy Louisiana 5.5% First Mortgage Bond Maturing on 9/15/36 at a Total Cost of 99.493 - Vanguard Account:
%20%20.png)
Issuer: A wholly owned operating subsidiaries of the utility holding company Entergy (ETR)
Cost: $994.49
Prospectus (8/2026) The price to the public was 99.641.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.565%
Current Yield at TC: 5.528%
E. Bought 2 Virginia Electric & Power 3.8% SU Maturing on 4/1/28 at a Total Cost of 98.85:
%204:1:28%203.8%25%20F.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Dominion Energy Inc (D), who is in the regulatory process of being acquired by NextEra Energy Inc (NEE)
Cost: $1,977
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.559%
Current Yield at TC: 3.844%
F. Bought 2 Kroger 4.5% SU Maturing on 1/16/29 at a Total Cost of 99.63 - Interactive Brokers Account:
%201:15:29%204.5%25%20IB%20.png)
Issuer: Kroger Co (KR) at Google Finance
Cost: $1,992.6
KR Detailed Earnings Estimates - Zacks.com
KR Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 5/23/26 (Revenues of $46.141B with net income reported at $903M).
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.66%
Current Yield at TC: 4.517%
G. Bought 2 Evergy 4.25% SU Maturing on 3/15/29 at a Total Cost of 98.759 - Interactive Brokers Account:
%203:15:28%20IB%20.png)
Issuer: Evergy (EVRG) - Utility Holding Company
Cost: $1,975.18
EVRG Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.77%
Current Yield at TC: 4.303%
I now own 4.
H. Bought 2 Duke Energy Progress 3.7% First Mortgage Bonds Maturing on 9/1/28 at a Total Cost of 98.408:
%20F%20(8:31:26).png)
Issuer: One of the wholly owned operating subsidiaries of the utility holding company Duke Energy (DUK)
Cost: $1,968.18
Filled 8/31/26
DUK Detailed Earnings Estimates - Zacks.com
Duke Energy Progress Results:
 |
| Page 19, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.542%
Current Yield at TC: 3.76%
I now own 6.
Last Discussed: Item # 3.E. Bought 2 Duke Energy Progress 3.7% First Mortgage Bonds Maturing on 9/1/28 at a Total Cost of 98.709 (7/14/26 Post)
I. Bought 2 National Rural Utilities Coop Finance 3.9% SU Maturing on 11/1/28 at a Total Cost of 98.384:
%203.9%25%2011:1:28%20(8:31:26).png)
Issuer: A nonprofit owned by the nation's rural electric cooperatives.
Cost: $1,965.68
Filled on 8/31/26
SEC Filed Annual Report for the F/Y ending 5/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A-
Credit Ratings
Fitch Affirms National Rural's IDRs at 'A' and 'F1'; Outlook Stable "There was one nonaccrual loan amounting to $7.5 million, or 0.02% of loans outstanding, at fiscal year-end May 31, 2026 (FYE 2026), down $18.6 million (71.3%) from the prior year."
YTM at Total Cost: 4.691%
Current Yield at TC: 3.964%
J. Bought 2 Healthpeak Operating 5.25% SU Maturing on 12/15/32 at a Total Cost of 99.232:
%205.25%25%209:15:32%20(8:31:26).png)
Issuer: Operating entity for the healthcare REIT Healthpeak Properties, Inc (DOC) who guarantees the notes.
Cost: $1,984.64
SEC Filed Earnings Press Release for the Q/E 6/30/26
Website: Home - Healthpeak | NYSE: DOC
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.394%
Current Yield at TC: 5.291%
Owned Healthpeak SU Bonds: 14
I own 8 Physicians Realty bonds which was acquired by Healthpeak:
%20+$95.2.png)
%20$15.76.png){kind=small}
%20+$34.26.png){kind=small}
%20+$37.5%20.png)
%20+$65.56%20.png)
%204:1%25%208:15:28%20(8:31:26).png)
Issuer: Wholly owned finance subsidiary of Caterpillar Inc (CAT)
Cost: $993.17
Filled 8/31/26
Caterpillar Financial Services SEC Filed 2025 Annual Report (borrowing information starts at page 18)
CAT SEC Filed Earnings Press Release for the Q/E 6/30/26
Caterpillar Financial Services 10-Q for the Q/E 6/30/26:
 |
| Page 3, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.468%
Current Yield at TC: 4.128%
3. Treasury Bills Bought at Auction:
I will be buying 10 of the 6 month T Bills tomorrow, Tuesday 9/7/26.
A. Bought 2 T Bills at the 9/1/27 Auction:
1 Year T Bill
Matures on 9/2/27
Interest: $80.48
Investment Rate: 4.161%
B. Bought 5 Treasury Bills at the 9/2/27 Auction:
%201:5:27%20.png){kind=small}
119 Day Bills
Matures on 1/6/27
Interest: $63.71
Investment Rate: 3.959%
4. Small Ball Common Stock Buys:
A. Added to PNNT - Bought 20 at $3.72+:
Quote: PennantPark Investment (PNNT) at Zacks - Externally Managed BDC
Cost: $74.5
PNNT Detailed Earnings Estimates - Zacks.com Estimates for BDC companies will generally be NII per share. Zacks has the the second quarter actual at $.14 which is the NII per share number reported by PNNT.
SEC Filed Annual Report for the Fiscal Year Ending 9/30/25 (Risk factor summary starts at page 20 and ends at page 38)
Investment Category: Lottery Ticket Basket with dividends.
New average cost per share: $3.79 (50 shares)
 |
| Snapshot Intraday 8/28/26 after add |
Regular Dividend: Monthly dividend at $.04 per share ($.48 annually)
Yield at $3.79: 12.66%
Last Ex Dividend: 8/14/26
Chart: Major Bear Market Pattern
Last Earnings Report (Q/E 6/30/26): I discussed this report in a recent post: Item # 4.D. Restarted PNNT - Bought 30 at $3.84 (8/18/26 Post); SEC Filed Earnings Press Release
Last Eliminations: Item # 1.F. Eliminated PNNT - Sold 10+ at $7.23 - Fidelity Account (9/8/25 Post)(profit snapshot = $43.52); Item # 3.D. Eliminated Duplicate Position in PNNT - Sold 26+ at $6.96 - Schwab Account (1/29/25 Post)(profit snapshot = $42.88)
As with all BDC stocks, the goal is simply to earn any return in excess of the dividend yield.
B. Added to SLRC in Fidelity Account- Bought 5 at $12.45:
Cost: $62.28
Last Discussed: Item # 1.D. Added to SLRC - Bought 5 at $12.74 - Fidelity Account(6/18/26 Post) I discussed the 2026 first quarter report in that post, SEC Filed Press Release.
SEC Filed 2025 Annual Report (Risk factor summary starts at page 28 and ends at page 65) SLRC owns or has equity interests in several companies that are described at pages 77-80, including two companies that are involved in equipment leasing and equipment financing.
Net Asset value per share history: Okay for a BDC IMO
6/20/26: $18
3/31/26: $18.16
12/31/25: $18.26
6/30/25: $18.19
12/31/24: $18.20, 10-K at page 98
12/31/23: $18.09 "
12/31/22: $18.33
6/30/22: $18.53
12/31/21: $19.93
12/31/20: $20.16
9/30/20: $20.14 10-Q
12/31/19: $21.44
12/31/18: $21.75
12/31/17: $21.81
12/31/16: $21.74
12/31/15: $20.79
12/31/14: $22.05
12/31/13: $22.50
12/31/12: $22.70
12/31/11: $22.02
Initial Public Offering: Prospectus February 2010, priced to the public at $18.5 and at $17.205 to the underwriters The fact that the NAV per share is currently near the 2010 offering price is a good sign for a BDC, IMO, particularly compared to most other externally managed BDCs.
Reduced from $13.17.
Dividend: Quarterly at $.31 per share ($1.24 annually), slashed from $.41 effective for the 2026 second quarter payment.
SLRC Dividend History & Date | Seeking Alpha
Dividend slashes by BDCs have been common. The percentage slash will depend primarily on how much net income per share will decline resulting from variable rate loans repricing at lower coupons, the increases in non-performing loans which will vary substantially among BDCs, and how much financing costs for SU debt will increase which is now a pervasive problem for these companies which eats into their net interest margins.
Yield at $13.05: 9.05%
Next Ex Dividend: 9/11/25
Last Earnings Report (Q/E 6/30/26):
Net Asset valuer per share: $18
Net investment income (NII) per share: $.33
Non-accruals: "Two investments - 1.8% at fair value, 2.8% at cost of Investment Portfolio"
Components of Portfolio:
Company estimate of credit risks:
Some Sell Discussions: Item # 5.D. Pared SLRC - Sold 5 at $16.5+ in Fidelity Account (9/27/25 Post)(profit snapshot = $10.03)(noting that BDC stock prices had started to trend down as more investors realized that their net investment incomes per share would trend down as variable rate loans reset at lower rates.); Item # 3.F. Sold Highest Cost 5 SLRC Shares at $16.43 (8/12/25 Post)(profit snapshot = $10.65); Item # 3.I. Pared SLRC - Sold 8 at $16.75 (2/5/25 Post)(profit snapshot = $14.16); Item # 1. Pared SLRC - Sold 85 Shares at $16.35 (11/27/24 Post)(profit snapshot $21.24); Item # 2.E. Eliminated SLRC in Two Taxable Accounts - Sold 37+ at $15.79 and 30 at $15.79 (3/11/23 Post)(profit snapshot = $66.68)
SLRC Realized Gains to Date: $276.84
Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments using the unadjusted cost basis for the shares sold.
Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain.
C. Restarted JRI - Bought 10 at $12.14:
Quote: Nuveen Real Asset Income and Growth Fund (JRI) at Google Finance - A Leveraged Balance CEF
Cost $121.4
Sponsor's website: Nuveen Real Asset Income and Growth Fund
SEC Filing Holdings as of 3/31/26 Leverage was then at 39.6%, page 10.
Nuveen Real Asset Income & Growth Fund - Semiannual report for the period ending 6/30/26. The following snapshot has the sector allocations.
 |
| Effective Leverage at 31.58% |
JRI list of holdings starts at page 45. JRI's capital loss carryforward with no expiration date was reported at $186.526+M, page 81, viewed by me as a major negative that anywhere near this loss has been realized by the fund managers, particularly given its size.
Last Discussed: Item # 1. Eliminated JRI - Sold 100+ at $13.07 (7/14/26 Post)(profit snapshot = $448.92 (7/6/26 sale only)
I will trade this fund hoping to realize a total return in excess of the dividend payments before ROC adjustments to the cost basis which will be significant.
Nuveen Real Asset Income and Growth (JRI) Performance | Morningstar
NSEC Filed 2025 Annual ReportAuveen Real Asset Income and Growth Fund - SEC Filed 2025 Annual Report. The report includes several CEFs.
The fund has tax loss carryforwards and uses some of them to offset income that leads to a higher ROC support for the dividends, see page 91 Annual Report.
The bond part portfolio of the portfolio is primarily a mixture of low investment grade and junk rated bonds.
Last Buy Discussions: Item # 2.A. Added to JRI - Bought 10 at $10.85 - Vanguard Account (4/19/24 Post); Item # 1.A. Added to JRI - Bought 50 at $11.5 (3/22/24 Post); Item # 2.F. Added to JRI - Bought 10 at $9.98; 10 at $9.74 in Vanguard Taxable Account (10/28/23 Post); Item # 1.H. Added to JRI - Bought 10 at $11.09 (9/9/23 Post); Item # 1.F. Bought 20 JRI at $11.3 (9/2/2023 Post); Item # 6.A. Bought 10 JRI at $10.98 in Vanguard Taxable Account (11/1/22 Post)Item # 1.G. Added to JRI-Bought 10 at $11.8; 10 at $11.66 (8/1/20 Post); Item # 1.C. Added 5 JRI at $8.95; 10 at $8.09; 10 at $10.16; 10 at $10.66 (5/16/20 Post) All of those shares were sold at profits based on their original cost numbers.
Dividend: Monthly at $.1335 per share ($1.602 annually
Heavy ROC Support.
JRI Dividend History & Date | Seeking Alpha
Yield at $12.14: 13.2%
Next Ex Dividend: 9/15/26
Data Date of 9/2/26 Trade:
Closing Net Asset Value per share: $12.96
Closing Market Price: $12.17
Discount: -6.93%
Average 3 Year Discount: -6.41%
Sourced: JRI-CEF Connect (Click "Pricing Information" Tab)
Goal: The goal is to realize any total return prior to ROC adjustments to the cost basis in excess of the dividend yield.
Other Sell Discussions: Item # 1.H. Pared JRI in Vanguard Account - Sold 10 at $13.14 (5/22/26 Post)(profit snapshot = $35.5); Item # 2.G. Sold Highest Cost 10 JRI Shares at $13.18 (3/9/26 Post)(profit snapshot $35.44); Item # 2.B. Sold Highest Shares: 10 at $14.08; 10 at $14.32 (10/4/25 Post)(profit snapshot = $66.51; As noted in that post, the price was then at a premium to net asset value per share. Most of the price decline since those sales is due to that premium evaporating (+4.14% on 10/1/25); Item # 1.F. Pared JRI - Sold 10 at $13.75; 10 at $13.98 - Vanguard Account (9/13/25 Post)(profit snapshots = $59.62); Item # 1.C. Pared JRI Again - Sold 10 at $13.48 (9/8/25 Post)(profit snapshot = $21.04, contains snapshots of prior roundtrips); Item # 4.A. Sold Highest Cost 10 JRI Shares at $13.36 and Item # 4.B. Eliminated Duplicate Position in JRI - Sold 20 at $13.35 (8/26/25 Post)(profit snapshots = $72.95); Item # 3.A. Eliminated JRI in my Fidelity Taxable Account - Sold 130 at $12.13 (3/11/23 Post)(profit snapshot = $184.6); Item # 1.I. Pared JRI Again-Sold 12.661 shares at $16.31-Remaining Shares Bought With Dividends in Fidelity Taxable Account (10/1/21 Post)(profit snapshot = $53.03); Item # 2.C. Pared JRI-Sold 22.235 at $16.11(8/6/21 Post)(profit snapshot = $42.31); Item # 2.A. Pared JRI-Sold 30 at $15.9-highest cost shares (6/19/21 Post)(profit snapshot = $14.73); Item # 1.K Eliminated JRI in Schwab Taxable Account-Sold 100 at $11.48 (6/6/20 Post)(profit snapshot = $69.35); Item # 2.A. Sold 102+ JRI at $17.98 (12/22/19 Post)(profit snapshot = $140.67); Item # 1.A. Sold 100 JRI at $17.51(10/30/19 Post)(profit snapshot = $100.41); Item # 4 Sold 100 JRI at $17.23 (10/2/19 Post)(profit snapshot = $40.45). Some profitable sales, including all made in Roth IRA Accounts, were not discussed here.
I do not view leveraged CEFs whose dividends have a significant ROC source as long term holds. The reason is reflected in the preceding trading history. The goal is simply to earn a return in excess of the dividend payments prior to any ROC adjustments to the tax cost basis. That requires some luck and a fair amount of trading.
Two other red flags for this CEF are the significant realized loss carryforwards and the relatively low dollar amount of net unrealized appreciation as of 3/31/26.
JRI Realized Gains to Date: $1,495.67
5. Treasury Notes Purchased in the Secondary Market:
No brokerage commission is charged on these purchases, all made in my Schwab account.
Total Cost at $2,990.08
A. Bought 1 T Note 4.25% Coupon Maturing on 2/28/29 at 99.7344:
%204.25%25%202:28:29%20.png){kind=small}
B. Bought 1 T Note 4.375% Coupon Maturing on 11/30/30 at 99.6055:
%2011:30:30%204.375%25%20.png){kind=small}
C. Bought 1 T Note 4.125% Coupon Maturing on 7/31/28 at 99.6289:
%207:31:28%20S%204.125%25%20.png){kind=small}
YTM: 4.327%
6. Exchange Traded First Mortgage Bonds:
A. Added to EMP in Schwab Account - Bought 5 at $19.93:
Quote: Entergy Mississippi 4.90% First Mortgage Bond Due 10/1/2066 (EMP) - Google Finance
Cost: $99.65
First Mortgage Bond
Par Value: $25
Coupon 4.9%
Interest Payments: Quarterly
Trades Flat (whoever owns EMP on the ex interest data receives the entire quarterly interest payment)
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.
Credit Risk: Rated at A2/A. Low IMO since the issuer is a regulated utility and the bond is a first lien on substantially all assets.
New average cost per share this account: $21 (120 shares)
 |
| Snapshot Intraday on 9/2/26 after add |
Reduced from $21.05
Yield at $21: 5.83%
Computation: .049% coupon x. $25 par value = $1.225 annual interest per share ÷ $21 average cost per share = 5.833%
Last Ex Interest Date: 6/30/26
Next Ex Interest Date: 9/30/26
Sell Discussions: Item # 5.B. Pared EMP in Schwab Account - Sold 5 at $21.62; 5 at $22.39+ (9/21/25 Post)(loss snapshot = -$27.2); Item # 4.A. Eliminated EMP-Sold 70 at $24.87 (5/1/19 Post)(profit snapshot = $207.92); Item # 2.B. Sold 30 EMP at $24.44 (2/13/19 Post)(profit snapshot = $7.04); Items 2.A and B. Sold 50 EMP at $24.97 and 30 at $24.96 (9/21/17 Post)(profit snapshots $167.52); Item # 2.A. Sold 50 EMP at $24.47 (7/22/17 Post) (profit snapshot = $66.98)-Item # 2.B. Bought 50 EMP at $22.85 (5/17/17 Post)
Goal: The goal is simply to realize a total return in excess of the interest payments. A total return in excess of the interest payments will require long term interest rates to decline from current levels.
EMP Net Trading Profits to Date: $437.7
Owned Entergy Mississippi $1,000 Par Value First Mortgage Bonds: 19
Stacked as follows:
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
8 Entergy Mississippi 5% FM Maturing on 9/1/33, Bond Page | FINRA.org, last discussed at Item # 2.C. Bought 1 Entergy Mississippi 5% First Mortgage Bond Maturing on 6/1/33 at a Total Cost of 98.094 in IB Account (4/18/25 Post); Item # 2.F. Bought 1 Entergy Mississippi 5% FM Bond at a Total Cost of 99.095 - Fdelity Account (3/18/25 Post) I will discuss a 1 bond purchase in my next post.
6 Entergy Mississippi 5.05% FM Maturing on 4/15/36 (1 in RI account), Bond Page | FINRA.org; last discussed at Stocks, Bonds & Politics:Item # 3.E. Bought 1 Entergy Mississippi 5.05% FM Maturing on 4/15/36 at a Total Cost of 96.38 - Interactive Brokers Account (8/25/26 Post) I will discuss a 1 bond purchase in my next post.
I prefer owning the $1K par value bonds that mature in less than 10 years since they have a much lower interest rate risk.
I sold 1 Entergy Mississippi 5.8% FM maturing on 4/15/55. Item # 3.D. Sold 1 Entergy Mississippi 5.8% FM at 100.049 (8/5/25)(profit snapshot = $37.17) - Item # 3.E. Bought 1 Entergy Mississippi 5.8% First Mortgage Bond Maturing on 4/15/55 at a Total Cost of 96.232 (5/30/25 Post) In 2025, I also sold 2 Entergy Mississippi 5% FM bonds maturing on 9/1/33 in Roth IRA accounts.
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.
