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 the Post:
Inflow Common Stock/Stock Funds (Item #4): $459.48
Outflow Common Stocks/Stock Funds (Item # 1): $2,367.24
I will continue being a net stock seller into the ongoing rally.
Realized Gains Stocks/Stock Funds: $540.62
Net Outflow Stocks/Stock Funds: $1,907.76
Treasury Bills Purchased at Auction (Item $ 5): $30,000 in principal amount
Corporate Bonds (Item # 2): 16 (cost at $15,810.5)
Outflow Canadian Reset Equity Preferred Stock (Item # 3): $1,199.5 (realized gain at C$389)
Inflow U.S. Equity Preferred Stock (Item # 6): $100
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (5/4/26)
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Notices of Early Redemptions of Municipal Bonds: 35
Fidelity Account: 25
Vanguard Account: 10
25 of the GO bonds were issued by Williamson County, TN. that has a Aaa credit rating from Moody's. Is Williamson County TN the Richest County in the US?
The Sullivan County GO has a Aa2 rating from Moody's. Emma Page
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Developments in the Iran War:
It is worthwhile to view this YT chronology of Trump's unhinged Social Media rants since he launched the War on 2/28: Trump’s Iran posts are a mess - YouTube While Trump claims that Iran is begging for a deal and wants one more than he does, Trump's social media messages reek of desperation. Trump says Iran wants a deal to end the war 'more than I do' - YouTube
Trump is not getting what he initially wanted from the Iran war This assumes Trump is successful in convincing Iran to sign the 1 page memorandum of understanding.
Last Tuesday (5/5/26), Hegseth claimed that Iran was embarrassed that the U.S. now controlled the Strait of Hormuz. 'They don't control the strait': Hegseth says Iran 'embarrassed' as he talks up Hormuz effort - YouTube Hegseth represented that vessels were lining up to pass through the Strait.
Secretary of State Rubio stated last Tuesday that Operation EPIC Fury has ended since all of the objectives have been achieved by the U.S. (other than regime change, no agreement limiting ballistic missiles, no nuclear deal, no agreement for safe passage through the Strait and no agreement to cease supporting terrorist groups). Project Freedom aims to reopen Hormuz Strait. Experts are skeptical; Rubio says Operation Epic Fury is over in Iran - YouTube
Soon after starting Project Freedom, U.S. Central Command leader Admiral Bradley Cooper declared the U.S. has "opened a passage through the Strait of Hormuz to allow for the free flow of commerce to proceed." US Secures Safe Passage for Ship Stuck Months in Hormuz
Also, last Tuesday, the day that Rubio and Hegseth talked up having restored safe passage through the Strait due to Project Freedom, with reports that only two ships had made the voyage, Trump decided to pause that military operation, claiming that "Great Progress" had been made in the negotiations that was not publicly confirmed by Iran. Trump stated that the pause would last for a short period to see in Trump's words "whether or not the Agreement can be finalized and signed".
Why pause Project Freedom if it was actually working? Pausing it did avoid the embarrassment of having to admit it was going to fail.
The proposed "peace deal" was a 1 page "Memorandum of Understanding" or a general framework for future negotiations.
We shall see whether Iran agrees to this 1 page framework of negotiation. Trump stated that he expected a response yesterday, which did not happen. It does not help that Iranian leaders view Trump as totally untrustworthy, which I the only correct opinion to have about him IMO.
The 2015 nuclear agreement with Iran was 159 pages long and took about 20 months of intensive discussions.
Last Wednesday, Trump threatened Iran with "much higher bombing" and "bombing the hell out of them" if Iran did not agree to a "peace deal" that apparently has 14 points spread over 1 page. Trump says Iran will be bombed if it doesn't agree to peace deal Trump stated the pending proposal included the Strait of Hormuz "OPEN TO ALL". Trump told PBS the war "has a very good chance of ending".
Last Thursday, Trump stated that there would be "one big glow coming out of Iran" unless Iran signed the 1 page framework for negotiation soon. 'One big glow coming out of Iran' if ceasefire is over: Trump That threat was made on the 30 day anniversary of Trump saying a "whole civilization will die tonight, never to be brought back again." Trump Truth Social Message 4/7/26
Middle East war back on? UAE responds to fresh attacks, US and Iran trade fire - France 24 (8/5/26); Major escalation in Strait of Hormuz as U.S. and Iran trade attacks - YouTube
A U.S. intelligence assessment last week claimed that Iran can economically withstand the U.S. blockade for another 3 or 4 months. CIA analysis suggests Iran could withstand blockade for 4 more months | CBC News (5/8/26); Iran could withstand U.S. blockade for months, Western officials and experts say (5/8/26). Even when a blockade ends, it will take weeks for tankers to reach their destination. In short, Iran can negatively impact republican chances to maintain control over the House and Senate in November.
It is possible that Iran may be cowed by Trump's threats. The more likely result is an unwillingness to be seen as being cowed by them.
One alternative for Iran is to keep making one or more demands that Trump will not accept and to continue blocking the Strait for several weeks, or at least until after Trump meets with the Chinese President Xi Jinping in Beijing on May 14–15, 2026. Iran's Foreign Minister Seyyed Abbas Araghchi met with his counterpart Wang Yi in Beijing last week. Iran foreign minister meets Chinese counterpart a week before Trump's Beijing trip (5/6/26)
China needs Iran's crude oil that the U.S. is blocking. In 2025, China imported 1.38M barrels a day from Iran. Implications of the Conflict in the Middle East for China's Energy Security - Center on Global Energy Policy at Columbia University
China has "cards". Trump has represented repeatedly that Iran has no "cards". During Trump's first term, the EU President used nicely colored cards to explain trade to Trump. EU Chief Used Bright, Simple Flash Cards to Explain Trade War to Trump: Report - Newsweek (7/26/18).
One China "card" is the control over rare earths. I read an article in Foreign Affairs that contained this eye opening information: "In 2024, China earned approximately $3.4 billion from exporting rare-earth elements and magnets. Meanwhile, researchers at the U.S. Geological Survey estimate that a 30 percent disruption to the United States’ supply of the rare-earth element neodymium alone would reduce the country’s GDP by 2.2 percent—more than $600 billion." How to Fight an Economic War | Foreign Affairs
The UKMTO website has information about attacks on ships in the region. The last reported attack was on 5/5/26. The UAE was attacked again on 5/8. UAE says it's responding to missiles, drone attacks from Iran | The Times of Israel
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Economy:
The Cleveland Fed's inflation forecasting tool now has the annual CPI rising to 3.56% in April and 3.89% in May 2026. Inflation Nowcasting
In a 2 to 1 decision, the U.S. Court of International Trade ruled that Trump's the 10% tariffs imposed under Section 122 of the 1974 Trade Act were illegal. Trump imposed the 10% tariffs back in February. Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems – The White House
Trade court rules Trump’s replacement tariffs illegal - POLITICO; Federal court rules against global tariffs Trump imposed after loss at the Supreme Court; Decision.pdf I had previously argued that those tariffs would likely be found unlawful for the reasons discussed in the panel's decision. This is separate from the tariffs found unlawful by the Supreme Court under the 1977 International Emergency Economic Powers Act (IEEPA).
If the decision is upheld on appeal, the U.S. will have to refund the amounts collected with interest. The decision can be appealed to the U.S. Court of Appeals for the Federal Circuit. The dissenting judge was appointed by George W. Bush. The two judges in majority were appointed by Obama.
The BLS reported yesterday that the economy added 115,000 jobs in April. The BLS revised the February number down by 23,000 to a -156,000 job loss. March was revised up by 7,000 to 175,000. Employment Situation News Release - 2026 M04 Results Average hourly earnings in the private sector rose a tepid $.02 to $37.41, up 3.6% over the past year. The annual rate is slightly above the 3.3% CPI annual rate through March. The monthly increase of $.02 would be below the inflation rate. The CPI report for April is scheduled for release on 5/11.
Bureau of Labor Statistics Data- Monthly Job Gains/Losses 10 Years:
AAA Fuel Prices The current national average for regular gasoline is $4.53; $5.394 for premium and $5.65 for diesel.
Shell CEO says oil market is short 1 billion barrels due to Iran war Shell CEO Sawan: "The hard facts are we have dug ourselves a hole of close to a billion barrels of crude shortage at the moment, either because of locked in barrels or unproduced barrels. And of course, that hole is deepening every single day, so the journey back will be a long one."
U.S. crude oil exports surge to record as tankers flock to Gulf Coast The U.S. exported 5.2 million barrels per day in April. Crude oil that is exported is not available for customers in the U.S, and whatever is being paid by Asian and other foreign buyers will influence the U.S. price.
Whirlpool says Iran war causing 'recession-level industry decline.' The shares are down 12% (5/7/26) Whirlpool SEC Filing: "War in Iran resulted in recession-level industry decline in the U.S. as consumer confidence collapsed in late February and March."
Cloudflare stock sinks after earnings, cutting over 20% of employees (5/7/26)
Freshworks to cut 11% jobs as AI reshapes software industry | Reuters Freshworks is a business software company that manages customer service and tech support.
It is clear that the massive job losses due to AI that I am anticipating are only starting. Spending on AI infrastructure will be a major boost to GDP in 2026 and into 2027, but the temporary spending boost will not result in net job gains. And it is questionable whether the AI spending will be worth the ultimate returns. The U.S. economy is still dependent on consumer spending, not spending by Google, Meta and Microsoft on AI.
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Trump and His Orwellian, Anti-Democracy Party:
Trump is an authoritarian demagogue and his party leans strongly toward authoritarianism and Orwellian Doublespeak, which is Trump's normal means of communication. Trump's party can not IMO be saved as a conservative one. It is just too far gone into the antithesis of true conservatism in the American tradition.
The Republicans have absolute control over the state government in Alabama.
The Speaker of the House in Alabama called for the Supreme Court to repeal the 14th Amendment. 'Say what now?' Red state lawmaker triggers alarms with call to 'overturn Amendment 14' (5/8/26)
The Alabama republicans have voted to cancel the votes in the 2026 primary elections for congress and voted down an amendment to notify voters that their votes were being canceled by the republicans. Red state GOP moves to throw out votes already cast without telling voters: report - Raw Story
In response to the 6 Republican Justices recently gutting the Voting Rights Act as part of their ongoing effort to undermine the U.S. democracy (and to increase the President's Kingly power, a related issue), Alabama intends to redraw the congressional districts to disenfranchise black voters. Trump issues ‘demand’ that states cancel elections and rig maps for GOP after Callais - Democracy Docket The 6 Republican Justices knew that their decision in Louisiana v. Callais (SupCt. 2026) would in fact disenfranchise minority voters in states controlled by their party.
{The Republican Chief Justice John Roberts lamented that people just do not understand that the Republican Justices are not partisan and are allegedly not making stuff up to accomplish objectives consistent with their religious and political ideologies. Trump-appointed justice just blew up John Roberts’ claim they’re not 'political actors' - Alternet.org; {My Videos: Brief history of results oriented Supreme Court Decisions - YouTube; Republican Justices on Guns and Privacy (Abortion) - YouTube} I wonder whether Roberts actually believes that the Republican Justices decisions are not based on the most deeply reactionary Republican ideologies with pervasive 19th Century vibes that are the dominant ones today.}
Tennessee's state government is 100% controlled by Trump cult members, far different from prior Tennessee republicans like Senators Fred Thompson, Howard Baker, Bob Corker and Lamar Alexander. The Republican Governor Bill Lee, who own the Lee Company in Tennessee, called the republican super majority legislature back in session to eliminate the last remaining congressional district held by a Democrat. Tennessee is holding a special legislative session to redraw congressional maps. Here’s what to expect. In another pure Orwellian statement, Lee stated that he wants a new map that is "fair" and "reasonable" which describes the opposite of what he and Tennessee republicans actually want IMO. Just more Doublespeak.
The new Tennessee maps follow the earlier precedent where the republican state legislators decided that citizens in Nashville would no longer be allowed to elect a Democrat. This was done as I more fully described in my prior posts by dividing this major U.S. city into 3 parts and then joining each part with rural areas and small towns populated with 70%-80% hard core Trump supporters who will not change. This gerrymander was completed shortly after the 2020 Census.
The republicans intend to do the same for Memphis/Shelby Country, where the voting population is about 54% black. This proposed map, which has now been adopted, indicates that the Tennessee republicans had already prepared to make it impossible for a Democrat to win a congressional election, at least in my lifetime, notwithstanding the Democrats being significant majorities in the two largest cities: Memphis and Nashville.
Tennessee lawmakers release proposed new congressional map - AOL
Sure, black voters can vote for the candidate of their choice in Tennessee. Tennessee Republicans, who claim to be "conservatives", a profoundly ridiculous self-description IMO, are not denying them the right to vote. Instead, Tennessee republicans are accomplishing the same result in congressional elections through gerrymandering, making their votes so meaningless that they might as well have no right to vote. And that result is clearly intended.
TN Gov Bill Lee Signs New All-GOP Gerrymander Into Law (5/7/28) One republican State Senator attended the voting draped in a Trump flag. In the 2024 election, Trump won Tennessee with 64.2% of the votes. The two counties voting for Harris were Nashville/Davidson and Shelby/Memphis, who will no longer be allowed by the republicans to elect a democrat to Congress.
It needs to be emphasized is the Founders created congressional districts to enable smaller groupings of voters to have representation. A natural grouping of voters in Tennessee used to be Nashville and Memphis before the Tennessee republicans decided that those major U.S. cities would not be allowed to have representatives of their choosing in Congress. The 6 Republican Justices are responsible for this result through their decisions.
In a 4 to 3 vote, the Virginia Supreme Court canceled the votes to redraw Virginia's congressional districts to favor Democrats. Virginia Supreme Court overturns Democrats' redistricting measure-ABC News That gerrymandering was in response to the republican efforts to rig results in the midterms that started with Trump's demands that were obeyed by the Republicans in Texas and elsewhere.
South Carolina moves to cancel June primary to allow for GOP gerrymander - Democracy Docket The South Carolina republicans want to redraw the districts in advance of the midterms. The purpose is to defeat the only Democrat Congressman that they have allowed so far to be elected in the state. South Carolina clears first hurdle on path to gerrymander, eliminate Black district - Democracy Docket The Republicans do not want black voters to have representation in the South.
{Southern Manifesto - Wikipedia; One of the signers of the Southern Manifesto was Senator Strom Thurmond of South Carolina, viewed as a "conservative", who co-wrote that document. This paragon of the Jim Crow South kept a little secret | The Pulitzer Prizes Thurmond denied that he was a racist; and this kind of statement made by him was not inconsistent in his mind with that claim: "There's not enough troops in the army, to force the southern people to break down segregation and admit the ni**** race into our theaters, into our swimming pools, into our homes, and into our churches." The Racist Filibuster We Can't Afford to Forget | The Takeaway | WNYC Studios}
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Fact check: Trump denied he made this remark about Iran. He made it on camera one day earlier | CNN Politics Trump routinely denies making statements that were recorded by multiple news organizations. He is shameless and will constantly repeat false statements, irrespective of how much evidence proves their falsity and will never retract false statements or apologizes for making them. Do you think that any of his advisors would ever tell him that he has made or is constantly repeating false statements? They would be fired for doing so. No one in his Administration is even capable of speaking truth to power.
The issue for me is whether Trump is simply incapable of distinguishing facts from his own demonstrably false reality creations or whether he knows that his statement are false, which would make them lies, or some combination of the two.
When evaluating statements by a U.S. President on matters of importance, is it better for the President to be lying or incapable of distinguishing between what is true and false, real or fiction when making decisions? Of course, neither alternative is desirable and Trump may fluctuate, depending on the statement, from knowing the statement is false and being unable to distinguish facts from his false reality creations - delusional.
My opinion formed by observations made over a decade is that Trump's modus operandi is to claim that the "mainstream media", meaning all media organizations that do not parrot his false claims and all fact checkers who challenge his reality creations with facts, are the "enemies of the people" and creators of Fake News when Trump is the creator. Manipulating voters with false and misleading information is a path to power. False or misleading statements by Donald Trump - Wikipedia As I noted in a 2011 post, lying is a path to political power in the U.S. since so many are willfully uniformed and/or easily susceptible to manipulation for a variety of reasons including intelligence.
Trump's purpose IMO is to cause people to dismiss accurate information and this has been a wildly successful strategy. He has successfully caused tens of millions to make no effort to acquire accurate information that contradicts his false and misleading statements and to just accept his demonstrably false statements as true, or at best to dismiss accurate information, which somehow manages to penetrate the Orwellian Bubble created for them by Trump, his apparatchiks in the state controlled media, and others, as false.
Trump knows that he can easily manipulate tens of millions with demonstrably false information and that has been the case for over a decade. Even after he has made tens of thousands of demonstrably false statements, he is still viewed as honest by most Republicans. Majorities of Americans think Donald Trump is arrogant, opportunistic, and reckless (3/18/26)
Trump Loses Ground on Several Personal Traits as Approval Rating Slips | Pew Research Center (5/1/26)
The latest ABC poll has 85% of republicans approving of Trump's job performance in his second term. Two-thirds of Americans say country is headed in the wrong direction: ABC News/Washington Post/Ipsos poll - ABC News (5/2/26)("Fully 85% of Republicans approve of Trump, a figure that has not budged much in his second term." They are not going to change.)
Trump Yet Again Promotes His Personal Business On Taxpayers’ Dime
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Judge mulls contempt over DHS’ ‘patently false’ allegation in deportation case - POLITICO Trump and his Administration need to be held in contempt. They are certainly worthy of contempt.
Congressman Randy Fine (R-FL) Says He Doesn't Want Armenians in Congress Fine will easily win reelection.
Judge denies request to force FBI to return seized 2020 Fulton County ballots - ABC News The judge was appointed by Trump.
Todd Blanche Got Caught Lying About His Case Against Southern Poverty Law Center on TV - YouTube; Southern Poverty Law Center wants Todd Blanche to correct 'false' statements - ABC News; SPLC Files Motions Arguing Trump Administration Officials Made False Statements Related to Informant Program
Trump DOJ agrees to 'return or destroy' evidence from MAGA Rep. Andy Ogles; Trump’s Justice Department Saves MAGA Representative’s Butt | The New Republic Those articles refer to my Congressman Andy Ogles who is the kind of person that voters in my district want as their representative. I view Ogles as a George Santos want-to-be. Andy Ogles - Wikipedia; GOP congressman apologizes for claiming he was a trained economist – after one class in which he got a C | The Independent; Economist, cop, sex crimes expert? The stories of Congressman Andy Ogles A criminal investigation of Ogles was dropped by Trump's DOJ with the evidence gathered destroyed by the U.S. government or returned to Ogles. Trump DOJ agrees to 'return or destroy' evidence from MAGA Rep. Andy Ogles Trump's DOJ had earlier announced it would end the criminal investigation of Ogles. who has introduced in Congress an amendment to the Constitution that would allow Trump to run for a third term and a resolution approving Trump's bid to take over Greenland. Prosecutors withdraw from investigation of GOP Congressman Andy Ogles
USDA Crop Data Reliability Remains Under Scrutiny - Farm Policy News The republicans implemented massive cuts in the Agriculture's Statistical Services that probably resulted in massively wrong estimates of how many acres of corn had been planted by farmers. In their ongoing effort to make the U.S. government non-functional, the republicans cut "more than 20,300 employees left the U.S. Department of Agriculture in the first five months of the administration of President Donald Trump, about a fifth of staff, according to a report from the agency’s inspector general." The Statistics department lost 34% of its employees while "the Economic Research Service lost 29%" Crop Undercount Raises Questions About Reliability of U.S.D.A. Data - The New York Times (4/30/26)(subscription publication)
FBI probing leaks to journalist who wrote explosive article on Kash Patel, sources say FBI agents deeply concerned after being asked to investigate Atlantic journalist who wrote blistering story about Kash Patel: report | The Independent There is no basis for any such investigation since no laws were broken by FBI sources who disclosed information about Patel's behavior.
Panicked Keystone Kash Patel Orders Lie Detector Tests While He Hides Out
Kash Patel’s Personalized Bourbon Stash - The Atlantic; FBI defends Kash Patel after report alleging he gifts custom whiskey bottles | FBI | The Guardian
Karl Rove Torches Trump Over His Indiana Revenge 'Stunt' The nature of Trump's party and Trump's near total control was on display again when republican voters at Trump's insistence defeated incumbent republican state senators in primaries who refused to gerrymander congressional districts to make it very difficult for a Democrat to winning any Congressional District. Democrats currently represent 2 districts including one in Indianapolis.
Trump-backed challengers defeat most Indiana Republicans who blocked gerrymander - Democracy Docket
Trump's political party has figured out how to prevent major cities from electing Democrats, their candidates of choice, by carving the city into pieces and then joining each piece with heavily republican rural areas and small town. That is the lesson learned from members of the strongly anti-democracy party in Tennessee.
Everyone who opposes this trend toward authoritarian and extremely reactionary state and federal governments have remedies other than their votes, protests and campaign contributions. Many of the republican state representatives have businesses that a person who disfavors their anti-democracy policies can boycott without fanfare.
Trump Explodes At Female Reporter After She Asks An Uncomfortable Question
Texas mother of 4 says "no one is safe" after spending more than 6 weeks in ICE custody - CBS News
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Trump's Nero Inspired White House Ballroom:
East Wing debris dumped at DC golf course has toxic metals: report | AP News; White House East Wing demolition debris dumped at public golf course contains toxic metals: report | Fortune (subscription publication)
While Trump claimed that he and other wealthy donors including corporations subject to governmental regulatory authorities were fronting the cost of his ballroom, the republicans inserted in their reconciliation bill for DHS funding a $1B line item for "security" expenditures related to the new structure. Republicans propose $1 billion in taxpayer dollars to secure Trump ballroom So that sum was not apparently included in Trump's representations that taxpayers would not be paying anything. Or, maybe, it is like what Senator Dirksen may have said in the 1960s: "A billion here, a billion there, and pretty soon you're talking about real money".
The Trump administration has a worrying trend of awarding sketchy government contracts; Report exposes sketchy no-bid deals as costs spiral on Trump's vanity ballroom project - YouTube The Trump Administration explained 1 no bid contract for the company organizing the January 6th rally at the Capital as necessary since it was the only company in the U.S. capable of completing the task on Trump's timetable.
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1. Small Ball Stock Sales:
I am not thinking long term about any of my investments.
I am cutting off my discussions with trades made last Monday, 5/4, or earlier.
For positions that I am paring, I am selling the highest cost lots which reduces my average cost per share and increases my dividend yield while reducing the tax liability associated with the sales.
I am continuing to de-risk my stock allocation with minor net selling into the ongoing stock rally.
A. Pared VOD Again - Sold 5 at $16.18:
Proceeds: $80.9
ADR Ratio: 1 USD VOD Share = 10 Ordinary Shares priced in British Pounds.
I sold my highest cost shares using the specific identification method.
U.K. Traded Shares: Vodafone Group Plc (VOD.L) The price is in British Pence (100 Pence = 1 £)
Closing Price in London on 5/1: 117.85P or 1.1785£
1.1786£ x. 10 = 11.785£ per USD ADR Share converted into Pence
11.785£ x 1.36 (approximate exchange rate into USDs) = US$16.03
British Pound to US Dollar Exchange Rate Chart | Xe
VOD Detailed Earnings Estimates - Zacks.com
VOD SEC Filings - Foreign Issuer Forms
Chart: 5 year chart reveals a Major Bear Market pattern that may have reversed in January 2025 when the stock was near $8. The price was close to $20 at the start of the 5 year period.
Last Discussed: Item # 3.D. Pared VOD Again - Sold 5 at $15.74 (4/11/26 Post)(profit snapshot = $32.26); Item # 1.D. Sold 16+ VOD at Various Prices Shown in Snapshot (2/23/26 Post)(profit snapshot = $103.84)
Profit Snapshot: $36.38 (5/1/26 sale only)
New Average Cost per share: $8.55 (30+ shares)
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| Snapshot Intraday 5/1/26 after pare |
Dividend: Paid semiannually and recently slashed multiple times.
VOD Dividend History & Date | Seeking Alpha
Last 2 Dividends in USDs: $.5316
Yield at $8.55 using $.5316 annual: 6.2175%
Last Ex Dividend: 11/24/25
The last financial report is not worth discussing since it is a trading update for the third quarter ending on 12/31/24. SEC Filing Earnings are reported semiannually. The fiscal year ends on 3/31. SEC Fiiled Annual Report for the Fiscal Year Ending 3/31/25 The last report with earnings information was for the 2026 fiscal half year ending on 9/30/25:
B. Eliminated PDM - Sold 56+ $8.42:
Quote: Piedmont Realty Trust, Inc. (PDM) at Zacks
Proceeds: $474.26
Website: Piedmont Realty Trust™
Property Information:
PDM is an office REIT. Due to mostly to the pandemic and the work-from-home trend, office REITs have been less than optimal investments.
To preserve capital and to align dividend payments with the reduced cash flow, almost all office REITs, including medical office REITs, have significantly cut or eliminated their dividends. There was recently one high profile bankruptcy. Office Properties Income Trust - Office Properties Income Trust Enters into Restructuring Support Agreement with Noteholders to Reduce Debt and Strengthen Balance Sheet (10/30/25)
PDM cut its quarterly dividend from $.21 to $.13 effective for the 2023 third quarter payment and eliminated it after the 2025 first quarter payment. Dividend History | Piedmont Realty Trust, Inc.
I anticipate that dividend payments will resume within 2 years, which is just my best guess, but my guess does not include whether the dividend will be at $.13, the last payment, or a lower amount. I suspect a lower number when and if the dividend is resumed.
I would rather have the cash than to continue waiting for the resumption of a dividend.
Proof Snapshot: Net of +$92.14
There were multiple small lot average downs.
Last Earnings Report (Q/E 3/31/26):
Revenues: $143.294M
GAAP E.P.S. ($.10)
NAREIT Defined FFO: $46.018M
NAREIT Defined FFO per share: $.36
Cash Available for Distribution: $23.842M
CAD per share = $.189
Reconciliation:
C. Pared FZROX - Sold 5 at $25.05:
Quote: Fidelity ZERO Total Market Index Fund (FZROX) at Google Finance
Proceeds: $125.25
Sponsor's website: FZROX - Fidelity ZERO ® Total Market Index Fund | Fidelity Investments
I believe that this fund is currently open but only to Fidelity retail investors except in certain retirement accounts (e.g. 401K).
Last Buy Discussion: Item # 4.K. Added 50 FZROX at $8.57 (4/4/20 Post) My last purchase was a dividend reinvestment in December 2020.
Last Discussed: Item # 2.C. Pared FZROX - Sold 10 at $21.85 (7/15/25 Post)(profit snapshot = $125.6); Item #1.C. Sold 5 FZROX at $20.77; 5 at $21.01 (11/14/24 Post)(profit snapshot = $115.7).
Expense Ratio: Zero
2,512 Holdings as of 3/31/26 with 32.62% of total portfolio weighted in the top 10 stocks.
Top 10 Holdings as of 3/31/26:
This index fund had $36.259+B in assets as of 3/31/26.
The top 10 stocks have large weightings in index funds like the S&P 500. Buying by index funds has so far been a major source of their higher price trajectories. Prolonged panic selling in those index funds coupled with automatic program selling will cause a steep decline in price.
Profit Snapshot: $78.59
I am using the average cost method.
Average Cost per share - Unchanged: $9.33 (55+ shares)
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| Snapshot after pare - 4/30/26 Closing Price |
Dividends: Paid annually. The last capital gain distribution was in 2021 for $.028 per share
At current price levels, broad stock index funds have dividends that I view as close to immaterial. Google Finance has the yield of this fund at 1.07%.
Since I am an income focused investor, the only way to generate a meaningful percentage amount is to harvest profits.
A similar ETF with a .03% expense ratio is Vanguard Total Stock Market ETF (VTI) which I own in my Vanguard Roth IRA account.
I also own another Fidelity zero expense fund: FNILX - Fidelity ZERO ® Large Cap Index Fund | Fidelity Investments
D. Eliminated MDV - Sold 20 at $17.8 in in Schwab Account and 15 at $17.82 in Fidelity Account:
Quote: Modiv Industrial Inc Class C (MDV) - Google Finance
Proceeds: $632.31
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
MDV has agreed to be acquired by Global Net Lease Inc (GNL).
Global Net Lease to Acquire Modiv Industrial in $535 Million Transaction "Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, holders of Modiv common stock and operating partnership units (“OP units”) will receive 1.975 newly-issued shares of GNL common stock or OP units for each share of Modiv common stock or OP unit they hold at the closing of the transaction."
I mentioned in a comment published on 5/4 that I would be eliminating my MDV position and moving on.
Buy Discussions: Item # 1.B. Added 5 MDV in Fidelity Account at $14.1 (1/15/26 Post); Item # 1.J. Added 5 MDV at $14.2-Schwab Account (10/18/25 Post); Item # 1.D. Started MDV - Bought 10 at $14.65; 5 at $14.45 (8/5/25 Post)
Last Earnings Report (Q/E 3/31/26): MDV SEC Filed Earnings Press Release for the Q/E 3/31/26
Profit Snapshots: $132.1
Dividend: Monthly at $.0975 per share ($1.17 annually)
MDV Stock Dividend History & Date | Seeking Alpha
Dividends will be paid until closing.
Last Ex Dividend: 4/30/26
GNL claims that the acquisition will be 4% accretive to AFFO "while remaining leverage neutral".
Subsequent to eliminating my MDV shares, GNL reported its first quarter results. GNL Filed Press Release for the Q/E 3/31/26 and SEC Filed Supplemental AFFO was reported at $43.896M. If that had increased by 4% in the first quarter, the total would increase to about $45.642 ÷$214.04M diluted shares outstanding = $.2133 per share compared to the $.21 actual.
GNL has been an active seller of its multi-tenant properties which was largely responsible for a 8 cent AFFO per share decline compared to the 2025 first quarter. Global Net Lease, Inc. - Global Net Lease Successfully Closes Sale of McLaren Campus for £250 Million; Global Net Lease, Inc. - Global Net Lease Successfully Closes Third and Final Phase of Multi-Tenant Portfolio Sale (6/23/25) {"completed the final phase of its multi-tenant portfolio sale to RCG Ventures, LLC on June 18, 2025, including 12 encumbered properties. This third phase generated approximately $313 million in gross proceeds1, bringing total gross proceeds from the portfolio sale to $1.8 billion2. GNL plans on using the incremental net proceeds from the third phase of the multi-tenant portfolio sale to further reduce leverage by paying down the outstanding balance on GNL’s Revolving Credit Facility."); Global Net Lease, Inc. - Global Net Lease Successfully Closes Second Phase of Multi-Tenant Portfolio Sale (6/11/25)("announced the successful closing of the second phase of the sale of its multi-tenant portfolio to RCG Ventures, LLC on June 10, 2025, including 28 encumbered properties. The second phase generated approximately $400 million in gross proceeds upon closing1."); Global Net Lease, Inc. - Global Net Lease Successfully Closes First Phase of Multi-Tenant Portfolio Sale (3/6/25)("announced the successful closing of the first phase of the sale of its multi-tenant portfolio to RCG Ventures, LLC on March 25, 2025. This initial phase includes 59 unencumbered properties, totaling approximately $1.1 billion in gross proceeds upon closing.") GNL is transforming into a net lease REIT. Multi-tenant properties are generally unsuitable for triple net leases. In its GNL "Industrial & Distribution, Retail and Office segments", GNL owns, manages and leases "single-tenant properties where in addition to base rent, our tenants are required to pay for their property operating expenses or reimburse us for property operating expenses that we incur (primarily property insurance and real estate taxes). However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by us. The main exceptions are properties leased to the Government Services Administration, which do not require the tenant to reimburse the costs." 10-Q for the Q/E 3/31/26 at page 41.
E. Eliminated OPRA - Sold 20 at $19:
Quote: Opera Ltd (OPRA) at Google Finance
Proceeds: $379.99
OPRA SEC Filings (foreign company forms)
Investor Relations | Opera Limited
OPRA Key Metrics Valuation Page at Reuters
Buy Discussions: Item # 1.B. Added to OPRA - Bought 5 at $12.8; 5 at $12.45 (2/4/26 Post); Item # 1.G. Started OPRA - Bought 10 at $13.4 (12/5/25 Post)
Profit Snapshot: $126.24
Dividend: Semiannually at $.40 per share
OPRA Dividend History & Date | Seeking Alpha
Last Ex Dividend: 1/7/26
Last Earnings Report (Q/E 3/31/26): Stock investors reacted favorably to this report.
2nd Q. Revenue Guidance: Uup 23-25%
2026 Revenue Guidance: Up 18-20%
Reconciliation of Net Income to Adjusted NI:
F. Pared OLP in Fidelity Account - Sold 5 at $23.2:
Quote: One Liberty Properties (OLP) at Zacks
Proceeds: $116
I sold my highest cost shares. I own OLP in 3 of my taxable accounts, with the position in my Fidelity account being the largest.
Website: One Liberty Properties, Inc. - Primarily an industrial REIT with some retail property exposure.
Management: Internal
Last Buy Discussions: Item # 1.H. Added to OLP in Fidelity Account - Bought 5 at $20.15; 5 at $19.85 (12/25/25 Post); Item # 1.K. Added to OLP - Bought 2 at $20 - Fidelity Account (11/8/25 Post)
Lowest Price Paid to Date: Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 - Schwab Account (10/7/23 Post)
Profit Snapshot: $4.75 (4/28/26 sale only)
New Average cost per share this account: $20.61 (48+ shares)
 |
| Snapshot Intraday on 4/28/26 after pare |
Reduced from $20.76
Dividend: Quarterly at $.45 per share ($1.8 annually)
OLP Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend.
Yield at $20.61: 8.734%
Last Ex Dividend: 3/27/26
Earnings Report (Q/E 12/31/25): SEC Filed Press Release
I had written this part before OLP released its first quarter report.
Revenues: $24.741
E.P.S. = $.10
FFO per share: $.50
AFFO per share: $.48
Reconciliation:
Goal: Given the high dividend yield, the goal is simply any profit before ROC adjustments to the tax cost basis + the dividends.
G. Pared SBSI Again - Sold Highest Cost 5 Shares at $34.35:
Quote: Southside Bancshares (SBSI) at Zacks
Proceeds: $171.75
"Southside Bancshares, Inc. is a bank holding company with approximately $8.80 billion in assets as of March 31, 2026, that owns 100% of Southside Bank. Southside Bank currently has 55 branches in Texas and operates a network of 71 ATMs/ITMs."
Investment Category: Regional Bank Basket Strategy
SBSI: Detailed Earnings Estimates - Zacks.com
Last Discussed: Item # 1.F. Pared SBSI - Sold Highest Cost 5 Shares at $33.22+ (4/18/26 Post)(profit snapshot = $23.78)
5 Year Chart: Minor Bear Market Pattern with multiple bottoms in the $26-$27 range and an uptrend starting near $26 in October 2025. My consider to purchase range, looking at the five year chart, is primarily in the $26 to $28 range but I have bought some shares at higher prices. Lower than $26 is preferred by me. The most recent top was near $36 back in November 2025.
Profit Snapshot: $23.78
New Average Cost per share: $27.01 (20 shares)
 |
| Snapshot After Pare- Closing Price 5/1/26 |
Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.35 effective for the 2024 first quarter payment. In the second quarter of 2016, the dividend rate was at $.24 and at $.18 in the 2011 third quarter (or about 15 years to double).
SBSI Stock Dividend History & Date | Seeking Alpha
Yield at $27.01: 5.33%
Last Ex Dividend: 2/19/26
Last Earnings Report (Q/E 3/31/26)
Comparisons are to the 2025 first quarter.
E.P.S. $.78, up from $.71
NIM: 3.01%, up from 2.86%
I view the following 3 ratios positively.
Efficiency Ratio: 54.98%, down from 55.04% (down is better)
NPL Ratio: .19%, up from .09%
Charge Off Ratio: .01%
ROTCE: 14.39%, up from 14.14%
Tangible Book value per share: $21.94, up from $20.19
"Loans at March 31, 2026 were $4.95 billion, an increase of $378.9 million, or 8.3%, compared to $4.57 billion at March 31, 2025. Linked quarter, loans increased $128.2 million, or 2.7%, due to increases of $93.2 million in construction loans, $40.6 million in commercial real estate loans and $12.2 million in commercial loans. These increases were partially offset by decreases of $9.6 million in municipal loans, $7.1 million in 1-4 family residential loans and $1.2 million in loans to individuals."
"Deposits at March 31, 2026 were $6.87 billion, an increase of $283.6 million, or 4.3%, compared to $6.59 billion at March 31, 2025, primarily due to the increase of $236.8 million in brokered deposits and a $186.1 million increase in retail deposits, partially offset by a decrease of $139.2 million in public fund deposits. Linked quarter, deposits increased $9.3 million, or 0.1%, compared to $6.87 billion at December 31, 2025, primarily due to an increase in brokered deposits of $110.7 million, or 16.5%, partially offset by decreases in retail deposits of $82.0 million, or 1.6%, and public fund deposits of $19.4 million, or 1.7%."
"Cost of interest bearing deposits decreased 18 basis points, from 2.83% for the three months ended March 31, 2025, to 2.65% for the three months ended March 31, 2026. Our cost of total deposits decreased 13 basis points, from 2.26% for the three months ended March 31, 2025, to 2.13% for the three months ended March 31, 2026."
Other 2026 Sell Discussions: Item # 1.L. Pared SBSI Again - Sold 2 at $33.34 - Highest Cost Lot (2/11/26 Post)(profit snapshot = $10.38); Item # 1.E. Pared SBSI - Sold 3 at $33.35 (2/4/26 Post)(profit snapshot = $11.38)
Prior to 2026 Sell discussions with profits >$90: Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.15); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69)
Maximum Position: 50 shares
Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain.
H. Pared ETW in Schwab Account - Sold 10 at $9.4+:
Quote: Eaton Vance Tax-Managed Global Buy-Write Opportunity Fund (ETW) at Google Finance - Buy-Write CEF
Proceeds: $94.05
ETW "invests in a diversified portfolio of common stocks and writes call options on one or more U.S. and foreign indices on a substantial portion of the value of its common stock portfolio to seek to generate current earnings from the option premium."
Last Discussed: Item # 1.L. Pared ETW in Fidelity Account - Sold 10 at $9.44+ (2/23/26 Post)(profit snapshot = $12.7)(includes information that shares were sold at a $11.61 profit before ROC adjustments to the tax cost basis); Item # 2.D. Pared ETW in Schwab Account - Sold 10 at $8.98 and Item # 2.E. Pared ETW in Fidelity Account - Sold 10 at $9.09 (10/4/25 Post)(profit snapshots $11.65)
Sponsor's website: Eaton Vance
Number of stocks as of 3/31/26: 260
ETW Portfolio | Morningstar Lists top 25 holdings, rated at 3 stars.
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund - SEC Filed shareholder semiannual report for the period ending 6/30/25.
Last Buy Discussions: Item # 1.C. Added to ETW in Schwab Account - Bought 10 at $7.57 (4/25/25 Post); Item # 1.F. Added to ETW in Fidelity Account - Bought 10 at $7.77 (4/13/25 Post)
Profit Snapshot: $9.07
New Average cost per share this account: $7.92 (60 shares)
 |
| Snapshot Intraday on 5/1/26 after pare |
Reduced from $7.99.
Dividend: Monthly at $.0665 per share ($.798 annually)
ETW Dividend History & Date | Seeking Alpha
ROC supported.
Yield at $7.92: 10.08%
Next Ex Dividend: 5/15/26
Data Date of 4/30/26 Trade:
Closing Net Asset value per share: $10.44
Closing Market Price: $9.42
Discount: -9.77%
Average 3 Year Discount: -10.47%
Sourced: ETW - CEF Connect
Goal: Any total return prior to ROC adjustments to the tax cost basis + the dividends.
I. Pared CTO in Fidelity Account - Sold Highest Cost 5 Shares at $20.35:
Quote: CTO Realty Growth (CTO) at Zacks
Proceeds: $101.75
Stock Split: 3 for 1 in 2022.
Website: CTO Realty Growth, Inc.
Property Portfolio — CTO Realty Growth, Inc.
Management: External
As of 3/31/26, CTO owned 22 properties with approximately 5.8M leasable square feet.
CTO also has the following outstanding commercial loans as of 3/31/26:
 |
| Page 16 10-Q |
CTO Realty SEC Filed 2025 Annual Report During 2025, CTO received $4,591M in fees from the REIT Alpine Income Property Trust Inc (PINE) for management services. CTO also receives dividend income from PINE amounting to $2.8M last year. Annual Report at page F-22. I also own PINE shares.
Last Discussed: Item # 1.O. Pared CTO in Schwab Account - Sold 3 at $19.01; 2 at $20 (2/23/26 Post)(profit snapshots = $9.59) I discussed the 2025 4th quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental
Last Buy Discussions: Item #3.E. Added to CTO in Fidelity Account - Bought 5 at $16.89 (8/26/25 Post); Item # 3.G. Added to CTO in Schwab Account - Bought 5 at $16.59 (8/19/25 Post); Item # 1.B. Added to CTO - Bought 5 in Schwab Account at $17.13 (5/10/24 Post)
5 Year Chart: Roller Coaster. I define a roller coaster pattern has up and down spikes that basically end up where the ride started five years ago or slightly higher or lower waiting for the next spike down or up. Bottoming has occurred near $16 which is where the current trend higher started in October 2025. Since 2023, topping action has occurred in the $20-$21 price range, lower than the topping range near $22 in 2022. When looking at this chart, available at Zacks, my consider to sale range for my highest cost lots is currently $20 or higher with the consider to buy range mostly in the $16-$18 range.
Profit Snapshot: $17.11 (4/29/26 sale only)
As with most other REITs, part of CTO's dividend is ROC supported. The goal with stocks that pay high dividends with some ROC support is to realize a profit before ROC adjustments plus the dividend. I will check to see whether the goal will be achieved by a sale unless I am certain that the sale using the unadjusted tax cost basis would be profitable.
The previous snapshot includes 1 share purchased on 12/12/23 that was sold at $20.03 on 2/20/26 and 3 shares purchased as part of the same lot that were sold on 4/29/26 at $20.35.
The 4 shares referenced above were bought at $17.03, with a total cost at $68.12:
The realized gain on the 4 shares prior to ROC adjustments was +$12.96. The ROC adjustments have been small.
 |
| Snapshot Intraday on 4/29/26 after pare |
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Dividend History & Date | Seeking Alpha
Yield at $16.43: 9.25%
Last Ex Dividend: 3/12/26
Last Earnings Report (Q/E 3/31/26):
"total property portfolio leased occupancy was 95.4%, up 160 basis points compared to March 31, 2025, and a decrease of 50 basis points compared to December 31, 2025."
"acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas, for a purchase price of $81.6 million. Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The Property is located on 47 acres, and features two pad sites for potential future development opportunities."
Operating Revenues:
 |
| 10-Q at page 38 |
Core FFO per share: $.52
AFFO per share: $.56, up from $.49 in the 2025 first quarter.
Reconciliation:
2026 AFFO per share guidance: $2.19-$2.24, raised from $2.11-$2.16
Other Sell Discussions: Item # 1.I. Pared Duplicate CTO Position in Schwab account - Sold 3 at $18.32 (2/11/26 Post)(profit snapshot = $2.5); Item # 3.B. Pared CTO in Schwab Account - Sold 8 at $20.52 (12/26/24 Post)(profit snapshot = $15.68); Item # 2.A. Pared CTO in Schwab Account - Sold 13 at $20.37 (12/12/24 Post)(profit snapshot = $12.89); Item # 3.H. Sold 10 CTO at $19.72 (11/7/24 Post)(loss snapshot = -$13.48)
CTO Equity Preferred Stock: I also own the $25 par value equity preferred stock, CTO-PA, that has a 6.375% coupon. My AC per share is $18.89. {Last Discussed: Item #2.C. Added to CTOPRA - Bought 3 at $17.77 (11/11/23 Post); Item # 1.A. Bought 5 CTOPRA at $18.5; 2 at $17.8 (9/30/23 Post)}
Goal: Any total return before ROC adjustments to the tax cost basis + the dividend.
J. Pared CTO in Schwab Account - Sold Highest Cost 5 Shares at $20.24:
See Item #1.G. above
Proceeds: $101.2
Profit Snapshot: $14.5
New average cost per share this account: $16.69 (80+ Shares)
 |
| Snapshot Intraday on 4/30/26 after pare |
I am no longer reinvesting the dividend.
Yield at $16.69: 9.11%
K. Pared QYLD Again - Sold Highest Cost 5 Shares at $17.97+:
Proceeds: $89.88
Last Discussed: Item # 1.G. Added to QYLD - Bought 5 at $16.39 (5/9/26 Post); Item # 1.F. Eliminated Duplicate QYLD Position - Sold 40 at $18.59 (2/10/25 Post)(profit snapshot = $73.69); Item # 2. Eliminated Duplicate QYLD Position - Sold 30 at $17.97 .(3/15/24 Post)(profit snapshot = $62.03)
Profit Snapshot: $5.96
New average cost per share: $15.79 (50 + Shares)
 |
| Snapshot after pare/Closing Price as of 5/1/26 |
Dividend: Paid monthly at a variable rate.
QYLD Dividend History & Date | Seeking Alpha
Last 12 Dividends Through 4/26: $2.064 per shares
Yield at $15.79 AC and $2.604 Annual: 13.07%
Last Ex Dividend: 4/20/25
Global X NASDAQ 100 Covered Call ETF | Morningstar Currently rate at 4 stars.
2. Corporate Bonds: 16
I am cutting off discussions of corporate bonds made on 5/1/26 or earlier.
Total cost numbers are the principal amount plus the $1 per bond commission and do not include the accrued interest paid to the seller which I will receive back when the issuer makes the next interest payment.
A. Bought 2 Bunge 4.2% SU Maturing on 8/17/29 at a Total Cost of 99.45:
%204.2%25%209:17:29%20.png)
Issuer: Bunge Global SA (BG) at Google Finance
Total Cost: $1,989
BG SEC Filed Earnings Press Release for the Q/E 3/31/26
BG Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 4.375%
Current Yield at TC: 4.22%
B. Bought 2 HCA 4.125% SU Maturing on 5/15/29 at a Total Cost of 98.913 - Interactive Brokers Account:
%204.125%25%206:15:29.png)
Total Cost: $1,978.26
HCA Detailed Earnings Estimates at Zacks.com
HCA SEC Filed Earnings Press Release for the Q/E 3/31/26 (net income of $1.62B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB-
YTM at Total Cost: 4.5%
Current Yield at TC: 4.17%
C. Bought 2 Duke Energy 3.4% SU Maturing on 6/15/29 at a Total Cost of 97.118:
%206:15:29%20.png)
Issuer: Duke Energy Corp (DUK) at Google Finance
Total Cost: $1,942.36
DUK Detailed Earnings Estimates at Zacks.com
DUK SEC Filed Earnings Press Release for the Q/E 3/31/26 (net income = $1.536B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.397%
Current Yield at TC: 3.5%
Other owned Duke Energy SU bonds:
2 of the 2.65% SU maturing on 9/1/26
4 of the 3.15% SU maturing on 8/15/27; Bond Page | FINRA.org
2 of the 4.3% SU maturing on 3/15/28; Bond Page | FINRA.org
2 of the 4.85% SU maturing on 1/5/29; Bond Page | FINRA.org
Several of the Duke operating subsidiaries issue first mortgage bonds. I currently own 4 of those.
2 Duke Energy Progress 3.7% Maturing on 9/1/28; Bond Page | FINRA.org
2 Duke Energy Ohio 3.65% Maturing on 2/1/29; Bond Page | FINRA.org
I sold last year several Duke Energy operating subsidiary FM bonds maturing after 2032:
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%20+$78.18%20.png)
%20+$88.6%20.png){kind=small}
%20+$40.26%20.png)
D. Bought 2 NXP 4.3% SU Maturing on 6/18/29 at a Total Cost of 99.341:
%204.3%25%206:18:29%20.png)
Issuer: NXP Semiconductors NV (NXPI) at Google Finance
Total Cost: $1,986.82
NXPI SEC Filed Earnings Press Release for the Q/E 3/31/26
NXPI - Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.526%
Current yield at TC: 4.329%
I had 2 NXP 3.85% SU bonds maturing on 6/18/26 redeemed early on 4/20/26:
%20+$22.98%20.png){kind=small}
I recently bought 2 NXP 3.15% SU maturing on 5/1/27: Item # 4.A. Bought 2 NXP 3.15% SU Maturing on 5/1/27 at a Total Cost of 98.953 (4/25/26 Post); Bond Page | FINRA.org
E. Bought 2 American Honda Finance 4.15% SU Maturing on 1/8/29 at a Total Cost of 98.914 - Interactive Brokers Account:
%204.15%25%201:8:29%20%20.png)
Issuer: Wholly owned subsidiary of American Honda Motor Company.
Total Cost: $1,978.28
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.582%
Current Yield at TC: 4.196%
F. Bought 2 Evergy 4.25% SU Maturing on 3/15/29 at a Total Cost of 99.398:
%204.25%25%203:15:29%20.png)
Issuer: Evergy Inc (EVRG) at Google Finance - Utility Holding Company
Total Cost: $1,987.96
EVRG SEC Filed Earnings Press Release for the Q/E 3/31/26
EVRG Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.474%
Current Yield at TC: 4.276%
G. Bought 1 Centerpoint Energy Resources 4% SU Maturing on 4/1/28 at a Total Cost of $99.513:
%204%25%204:1:28%20.png)
Issuer: Wholly owned subsidiary of the utility holding company CenterPoint Energy Inc (CNP). Centerpoint Energy Resources owns several gas distribution companies.
Total Cost: $995.13
3 Year Operating Results of Centerpoint Energy Resources:
Page 65 of CNP 2025 Annual Report
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.267%
Current Yield at TC: 4.0196%
The bond can generally be bought in 1 bond lots. I will likely buy more when and if the price declines.
H. Bought 2 Public Service of Colorado 4.15% First Mortgage Bonds Maturing on 3/13/29 at a Total Cost of 99.822:
%204.15%25%203:13:29%20.png)
Issuer: Wholly owned subsidiary of the utility holding company Xcel Energy Inc (XEL)
Total Cost: $1,966.44
XEL SEC Filed Earnings Press Release for the Q/E 3/31/26 Public Service of Colorado contributed $.42 per share of the reported $.91 E.P.S.
XEL SEC Filed 2025 Annual Report
 |
| Page 8 Annual Report- Basic Data and Service Territory Map |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.215%
Current Yield at TC: 4.157%
I. Bought 1 Entergy Mississippi 5.05% First Mortgage Bond Maturing on 4/15/36 at a Total Cost of 98.59:
%205.05%25%204:15:36%20.png)
Issuer: Wholly owned operating subsidiary of Entergy Corp (ETR) at Google Finance
Total Cost: $985.9
Entergy Mississippi Operating Results for the Q/E 3/31/26:
 |
| Page 101, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.232%
Current Yield at TC: 5.122%
3. Canadian Reset Equity Preferred Stock:
A. Pared ENBPRP:CA Again - Sold 50 at C$24.01:
Quote: Enbridge Cumulative Preferred Series P at Google Finance
Proceeds: C$1,199.5 after C$1 commission
I sold my highest cost 50 shares.
Issuer: Enbridge Inc (ENB) at Google Finance
I own the common stock and several ENB SU bonds. I discussed buying 2 ENB SU bonds in Item #1.E. above.
Last ENB Discussion: Item # 1.S. Pared ENB - Sold 5 at $45.45 (4/4/25 Post)(profit snapshot = $66.91)
Last Discussed: Item # 4.A. Pared ENBPRB:CA - Sold 50 at C$23.4 (4/11/26 Post)(profit snapshot = C$344.5)
Preferred Shares and Hybrid Securities - Enbridge Inc. Contains links to the prospectuses.
Canada 5 Year Government Bond Overview | MarketWatch
Current Coupon: 5.918% to but excluding 3/1/2029
Optional Redemption: Every 5 years on the reset date, so this preferred stock is call protected until the next reset date in 2029. This limited call option distinguishes 5 year Canadian reset equity preferred stocks from the U.S. fixed-to-floating rate stocks that can generally be called at par anytime after the transition from the fixed to the floating rate, with minor exceptions.
Dividend: Paid quarterly and cumulative
Canada Withholding Tax = 15% for a U.S. citizen
Foreign Tax: Credit or Deduction? | Charles Schwab I claim a tax credit and fill out the IRS Form 1116.
Profit Snapshot: C$389
Remaining Lot Details:
 |
| Snapshot after pare/Closing Price as of 5/5/26 |
I sold 50 of the 100 shares purchased on 11/2/22.
New Average cost per share: C$13.92 (200 shares)
Reduced from C$14.28.
Yield at C$13.92 Using Current Coupon: 10.63%
Computation: .05918% coupon x. C$25 par value = C$1.4795 annual dividend per share ÷ C$13.92 average cost per share = 10.6286%
Other ENBPRP:CA Sell Discussions: Item # 2.A. Pared ENBPRA:CA Again - Sold 100 at C$21.48 (7/22/25 Post)(profit snapshot = C$432); Item # 5.A. Sold 100 ENBPRP:CA at C$20.62 (7/3/25 Post)(profit snapshot C$191); Item # 1 Sold 100 of 600 ENBPRP:CA at C$20.06 (5/23/24 Post){profit snapshot = C$19, selling my highest lot purchased at C$19.85, Item # 6.A. Bought 100 ENBPRP:CA at C$19.85 (10/3/24 Post)}; Item # 1.A. Sold 100 out of 400 ENBPRP:CA at C$20.20 (12/31/21 Post)(profit snapshot = C$368); Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)(profit snapshot = C$963, contains a snapshot of a US$1,458.25 profit converted from C$1,814 in my Fidelity brokerage account, probably my last Toronto exchange trade in that account)
ENBPRP:CA Realized Gains to Date: C$4,520.5
The tax reportable USD gain would be lower. For trades made in a foreign currency, both the purchase cost and sale proceeds are converted into USDs when made. The USD amounts will be significantly lower given the CAD/USD exchange rates.
I have realized gains in another Enbridge (ENBPRF:CA) reset equity preferred stocks where I no longer have a position:
I also realized a US$351.53 gain on an ENB reset equity preferred that trades on the U.S. pink sheet marketplace and is priced in USDs as I recall without checking):
4. Small Ball Common Stock/Stock Fund Purchases:
A. Started MOS - Bought 10 at $23.1 - Schwab Account:
Quote: The Mosaic Company (MOS)- Zacks
Cost: $231.1
Mosaic is a major fertilizer company. Higher fertilizer prices resulting in significant part from the Iran War may lead to less demand during the growing seasons this year and into 2027. Iran war fertiliser squeeze could spell trouble for next year's grain harvests | Reuters; Farmers warn of food price spike as war drives up fuel and fertilizer costs
Website: Potash & Phosphate Mining
Recent News: Mosaic Announces Idling Of Araxá And PatrocÃnio Facilities And Pursuit Of Sale Of Araxá Assets (4/8/26): "Mosaic expects idling of the facilities to reduce annual phosphate production at Mosaic Fertilizantes by approximately 1 million tonnes. The impact on adjusted EBITDA is expected to be limited amid elevated sulfur prices, excluding one-time closure costs. Following completion of a potential transaction, annual capital expenditure and operating expenses are expected to decline by approximately $20 to $30 million and $70 to $80 million, respectively. The company anticipates recording a pre-tax book impact of $350 to $400 million in the first quarter of 2026, with $275 to $300 million for the impairment on assets held for sale and other asset write-offs, and the balance related to severance, contract termination costs, and other idling costs, subject to final accounting determinations."
I have not previously owned the common stock. I discuss buying 2 SU bonds in Item # 2.A. above. When buying a bond, I will do some research that will include reading the most earnings earnings, looking at analyst earnings estimates and recent news items. I am just trying to develop a feel on the credit risk that goes beyond the credit ratings. That research led me to start a small ball common stock position as a contrarian, long term value selection.
MOS Detailed Earnings Estimates - Zacks.com As of 4/27/26, the 2026 average E.P.S. estimate was at $1.56 and at $2.55 in 2027. Earnings are cyclical and erratic. I have low confidence in any future E.P.S. prediction.
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 12/31/25):
SEC Filed Press Release and Supplemental
Revenues: $2.9737B, up from $2.8159B
2025 GAAP E.P.S. $1.70, up from $.55
2025 Non-GAAP E.P.S. $2.27, up from $1.98
"The fourth quarter net loss of $519 million reflected $422 million in pre-tax notable items which includes a $189 million impairment related to the Carlsbad asset held for sale, $110 million of goodwill and fixed asset impairments in Mosaic Fertilizantes and $223 million of various other items including foreign currency losses, mark-to-market adjustments, and asset retirement obligations. These impacts were partially offset by a gain of $100 million related to asset sales in Mosaic Fertilizantes, including a $94 million gain from the Patos de Minas transaction. Fourth quarter earnings were also impacted by a $261 million after-tax reserve on deferred tax assets in Mosaic Fertilizantes. "
Phosphates generated $4.6B in revenues last year. Potash revenues were $2.7B in 2025.
The Mosaic Fertilzantes reported revenues of $4.8B. This is a subsidiary of Mosaic that produces phosphates and potash for the Brazilian market. The Mosaic Company | Mosaic South America | Potash Mining | Diammonium Phosphate
4th Q Non-GAAP E.P.S. $.22, down from $.45
Notable Items: ($1.86 per share)
B. Added to BMEZ - Bought 10 at $14.15 - Schwab Account:
Sponsor's website: Health Sciences Term Trust | BMEZ
Investment Category: Monthly Income Generation
This is a new position for me.
New Average Cost per share:
Dividend: Monthly at $.11 per share
BMEZ Dividend History & Date | Seeking Alpha
Yield at AC:
Next Ex Dividend: 5/15/26
Last Discussed: Item # 1.B. Added to BMEZ in Schwab Account - Bought 10 at $13.9; 10 at $13.8 (3/30/26 Post); Item # 4.D. Started BMEZ - Bought 10 at $14.48; 5 at $14.27 (3/16/26 Post)
Data Date of 5/1/26 Trade:
Closing Net Asset Value per share: $15.75
Closing Market Price: $14.08
Discount: 10.6%
Average 3 Year Discount: -11.34%
Sourced: BMEZ - CEF Connect (Click "Pricing Information" Tab)
BlackRock Health Sciences Term Trust (BMEZ) at Morningstar BMEZ is currently rated at 2 stars.
Portfolio | Morningstar (Lists top 23 holdings, accessible to non-subscribers)
C. Started NOW as a Placeholder - Bought 1 at $86.88:
Quote: ServiceNow (NOW) at Zacks
10-Q for the Q/E 3/31/26 "ServiceNow delivers solutions that help public and private organizations govern, secure and manage artificial intelligence (“AI”) and digitalize and streamline workflows to drive collaboration, productivity and better experiences across the enterprise. At the core of these solutions is the ServiceNow AI Platform (“Platform”), a robust, cloud-based Platform that facilitates comprehensive delivery of seamless workflows and drives digital transformation across all departments and personas within an organization. Our Platform’s single data fabric and integrated data layer supports organizations’ operationalization of their AI strategy with speed, scale and security. Our workflow applications built on the Platform are grouped into four areas: Technology, CRM and Industry, Core Business, and Creator and Other. We offer an innovative suite of products, including AI-powered applications, and services designed to automate workflows, integrate systems and empower employees, regardless of existing systems, cloud environments or collaboration tools. Our one platform architecture provides the foundation for organizations to seamlessly integrate AI, data, and workflows and create intelligent processes across their enterprise."
NOW Detailed Earnings Estimates - Zacks.com As of 5/7/26, the average 2026 E.P.S. was at $4.14 and at $5.01 for 2027. Those are non-GAAP estimates that exclude the substantial stock compensation expense included in GAAP.
This is one of the software stocks that has been negatively impacted by investors concerns about AI. I have no knowledge about NOW's products, and no ability to predict how AI developments may impact NOW's revenues and profits.
Investment Categories: Placeholder and Lottery Ticket
5 Year Chart: Major Bear Market Pattern starting with a double top formation in December 2024 and January 2025.
I would characterize the bear market pattern as a massive valuation reset from extreme levels.
Dividend: None and None Expected
Last Earnings Report (Q/E 3/31/26): Investors had a negative reaction to this report. SEC Filed Press Release
"Subscription revenues of $3,671 million in Q1 2026, representing 22% year-over-year growth, 19% in constant currency"
"Total revenues of $3,770 million in Q1 2026, representing 22% year-over-year growth, 19% in constant currency"
Repurchased 20.1M shares with the primary objective being to offset dilution through share compensations.
Free Cash Flow: $1.67B
GAAP E.P.S. = $.45, up from $.44
Non-GAAP E.P.S: $.97, up from $.81
The largest add back to GAAP was $558M in share compensation or about $.55 per share before a tax adjustment, more than the GAAP E.P.S. before adjustments.
I am not able to ignore such a large adjustment to GAAP, particularly when the company is spending shareholder cash to buy back stock just to avoid the dilution from the share compensation.
5. Treasury Bill Purchases at Auction: 30
Both purchases were made in my Schwab account using proceeds from maturing bills.
A. Bought 20 at 5/4/26 Auction:
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182 Day Bill
Matures on 11/5/26
Interest: $365.01
Investment Rate: 3.728%
B. Bought 5 T Bills at the 5/4/26 Auction:
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Matures on 8/6/26
Interest: $45.63
Investment Rate: 3.694%
C. Bought 5 T Bills at the 5/6/26 Auction:
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119 Day Bill
Matures on 9/8/26
Interest: $59.58
Investment Rate: 3.699%
6. Equity Preferred Stock:
A. Restarted FBRTPRE - Bought 5 at $20:
Quote: Franklin BSP Realty Trust Inc 7.5% Preferred Stock Series E at Google Finance
Cost: $100
I view this preferred stock as HIGH RISK which is reflected partially in the high yield IMO.
Issuer: Franklin BSP Realty Trust Inc. (FBRT) - Externally Managed "Paper" REIT.
SEC Filed Report for the Q/E 3/31/26
SEC Filed 2025 Annual Report (Risk factor summary starts at page 6 and ends at page 23)
Last Buy Discussion: Item # 3.C. Added to FBRTPRE - Bought 2 at $18.32; 3 at $18.19 (10/28/23 Post)
Coupon: 7.5% paid on a $25 par value
Dividends: Paid quarterly, non-qualified and cumulative
Stopper Clause: Standard, enforces preferred stockholders superior claim to cash compared only to common share stockholders.
Yield at $20: 9.38%
Computation: .075% coupon x. $25 par value = $1.875 annual per share dividend ÷ $20 total cost per share = 9.375%.
Goal: Any profit before ROC adjustments + the dividends
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.
