Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks (Item # 1): $1,525.02
Annual Dividends: $114.21
Yield at $1,525.02 Total Cost: 7.49%
Inflow Tennessee Municipal Bonds (Item # 2): Bought 10 with a total cost of $9,577
Treasury Bills Purchased at Auction (Item # 3): $10,000 in principal amount. I have temporarily reduced my T Bill purchases while I assess alternative income investments. This process will continue at least until 1/15/26. The alternatives include Tennessee Municipal Bonds (4%+ federally tax free yields rated AA or better), equity preferred stocks, exchange traded bonds, high yielding CEFs, and common stocks with dividend yields greater than 4% at my purchase prices.
Inflow Exchange Traded First Mortgage Bond (Item # 4): $520.5
Inflow REIT Equity Preferred Stock (Item # 5): $109.5
Economist Mark Zandi sees the Fed surprising with three rate cuts in first half of 2026 Three .25% rate cuts in the first half would take the FF range down to 2.75% - 3.00%. Zandi believes that those cuts will be in response to a weak labor market. If those cuts do occur, the impact on the labor market would be negligible since the problems in the job market are unrelated IMO to the historically low level of interest rates that currently exist. The possibility of adverse impacts from those cuts, particularly if inflation remains stubbornly high or is moving up even slightly, is far more likely than a meaningful improvement in the job market.
As of 12/31/25, the CME FedWatch tool had a 10.8% probability of 3 rate cuts on or before the June 2026 meeting. The probability of one cut was at 81.8%:
10 Year TIP Breakeven Inflation Rate: 2.25%
December 2025 Treasury Yield Curve:
December 2025 Real Treasury Yield Curve: Moving Slightly Higher During December
The real yield was higher at 1.433% with the auction price at 98.578423, adjusted to 99.22214 to account for the inflation accretion since that prior auction:
The TIP will have a better total return than the nominal treasury, maturing on the same date and purchased on the same day, when the average annual CPI is greater than the breakeven inflation rate. I view the TIPs as an alternative to owning non-inflation protected treasuries that address the possibility that inflation will be substantially higher than the breakeven inflation rate. This does not mean that either alternative will meet an investors financial goals given the more likely scenario of subpar total returns for both alternatives.
++++
Economy:
These small-business owners will become uninsured after key ACA subsidies expire
Mortgage Rates Drop to Lowest Level in 2025 | Freddie Mac (12/31/25)
Minutes of the FED Meeting on 12/9-10/25 "Most participants judged that further downward adjustments to the target range for the federal funds rate would likely be appropriate if inflation declined over time as expected."
Freddie Mac House Price Index Up 1.0% Year-over-Year in November
Minimum wage just went up in 19 U.S. states
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Trump and his Party:
Jack Smith's closed-door testimony released by House Republicans after Judiciary Committee deposition Judge Aileen Cannon has barred Smith from discussing the evidence in the documents case.
Trump Attacks Kennedys Hours After Death of JFK's Granddaughter Tatiana Schlossberg;
Trump kicks off New Year’s Eve celebrations by telling fellow Republican to ‘rot in hell’ | The Independent; Trump Posts Unhinged Late-Night ‘Happy New Year’ Rant
The Trump-class battleship faces a large obstacle in its way: Reality A ‘Trump Class’ Folly on the High Seas - The Atlantic Trump has named after himself a new class of really large battleships that will be bomb magnets. Their construction would clash with decades of U.S. naval strategy and current technology where low cost missiles and drones have proven able to take out large and expensive military equipment.
Trump-Kennedy Center threatens to sue Chuck Redd for canceling show The Trumpsters on the Board want Redd to pay $1M. The way for entertainers to avoid these kind of threats is simply to avoid entering into a contract to perform at the newly renamed "Donald J. Trump and John F. Kennedy Center for the Performing Arts". There are many other venues without the Trump issues. Kennedy Center ticket sales fall to lowest in years after Trump’s takeover-The Guardian; New Year's 2026 performers bail on Kennedy Center post-Trump renaming With ticket sales plummeting, there is no good financial reason for anyone with talent to perform there. Maybe Kid Rock can book a 100 shows to fill the gaps. Artists boycott Kennedy Center after Donald Trump takeover: 7 cancellations; Trump-Kennedy Center Backfired as Grenell Gaslights Critics Grenell needs to be fired on day one of the next President's term along with every member of the Board appointed by Trump.
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BDCs:
I am nibbling on BDC stocks recognizing that net investment income (NII) is likely to decline more due to lower coupons on variable rate loans and possibility more non-performing loans.
I am anticipating more dividend cuts in this sector.
BDC stock prices have adjusted down to reflect, at least in part, the declines in NII per share experienced so far since the Fed started to cut the FF rate in September 2024, making the current dividend attractive for a longer term hold adjusting for reasonably anticipated cuts in the penny rates.
However, if Mark Zandi is right about 3 rate cuts in the 2026 first half, that will pressure NII down further than I currently anticipate and make the dividend cuts larger than I am forecasting.
My current forecast is one .25% rate cut this year, provided Trump is not able to stack the Fed with a majority of his acolytes who will vote to cut rates even when inflation is moving significantly higher in order to help the republicans in the mid-term election.
I define a long term hold for a BDC stock as lasting at least until the Fed is well underway in a rate hiking cycle.
I am avoiding several BDCs that have experienced over the past year or so an unacceptable rise in non-performing loans which I would generally define as more than 5% of the total loan portfolio based on amortized cost. Some of those are closer to 10%.
I will keep my exposure to this high risk stock sector well below immaterial to me.
1. Small Ball Common Stock Buys:
A. Bought 30 AES at $14.145:
Quote: AES Corp. (AES) - Utility Holding Company
Cost: $424.35
Last July, AES announced that it was considering a sale after receiving expressions of takeover interests. I would favor AES selling some of its international operations, which have restrained IMO a higher stock price, but not the entire company anywhere near the current stock price.
AES is a S&P 500 component. AES owns the U.S. regulated utilities AES Ohio and AES Indiana. AES also has operations in 14 foreign countries including Argentina, Brazil, Bulgaria, Chile, Columbia, India and Mexico.
Website: AES
AES Key Metrics Page at Reuters
AES Key Metrics Valuation Page at Reuters
Business Summary:
2010-Q for the Q/E 9/30/25 at page 49
AES Analyst Estimates | MarketWatch As of 12/20/25, the average E.P.S. estimate for 2026 was at $2.21 and at $2.37 in 2027.
Dividend: Quarterly at $.1759 ($.7036 annually), last raised from $.1725 effective for the 2025 first quarter payment. The quarterly dividend was at $.11 in the 2016 first quarter.
Yield at $14.145: 4.97%
Next Ex Dividend: 1/30/26
Last Earnings Report (Q/E 9/30/25):
Revenues: $3.351B ($9.32B for first 9 months of 2025)
GAAP E.P.S. $.94
Adjusted E.P.S. $.75, up from $.71. The adjusted E.P.S. number excludes a nonrecurring tax benefit.
Reconciliation:
When assigning a P/E multiple that incorporates this earnings report, I would use the non-GAAP E.P.S. number.
9 month adjusted E.P.S. = $1.53, down from $1.6.
Analyst Reports (available to Schwab customers):
Morningstar (11/5/25): 2 stars with a fair value estimate of $12
S&P (11/6/25 ): 3 stars with a 12 month PT of $16
Argus (12/4/25): Buy, raised from a hold, with am $18 PT.
Purchase Restriction: 10 share lots with each subsequent purchase required to be at the lowest price in the chain.
B. Added to AHH in Fidelity Account - Bought 25 at $6.6:
Quote: Armada Hoffler Properties Inc. (AHH)
Cost: $164.89
Portfolio:
Mixed Use Properties
2.2M square feet Class A Office Space
.7M square feet retail.
Apartment Units 1,151
SEC Filed Supplemental at page 20
Portfolio Expansion:
AHH also has a general contracting and real estate services segment. Revenues for those businesses will be volatile. The backlog as of 9/30/24 for general contracting was at $83.892M. Revenue in the 2025 third quarter was at $23.192M, down from $75.01M in the 2024 third quarter. The gross profit, however, was little changed $2.064M compared to $2.093M, Supplemental at page 27.
Top 20 Tenants - Commercial Portfolio:
AHH also provides real estate financing for several projects:
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| Supplemental at page 26 |
Two Year Chart: Major Bear Market, possible bottoming pattern in the $6-$7 range:
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| Intraday 12/26/25 |
New Average cost per share this account: $7.79 (100+ Shares)
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| Snapshot Intraday on 12/26/25 after add |
Dividend: Quarterly at $.14 per share ($.56 annually), slashed from $.205 effective for the 2025 first quarter.
AHH Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend at least until the likely reinvestment price would raise my average cost per share.
I viewed the dividend slash as prudent given AHH's relatively small size, the cost of ongoing development projects, the cost of projects in a lease up phase and the small spread to AFFO per share for the preceding quarters.
The company explained the reasons for the slash as follows: "This decision reflects the company’s commitment to long-term shareholder interests. The revision is consistent with the Company’s updated business plan that is focused on quality assets and a conservative balance sheet, with reduced development risk and limited exposure to floating interest rates. The payout is now fully covered by property income without any consideration of fee income." Armada Hoffler Announces Quarterly Dividend (3/12/25)
2024 Tax Classifications of the Dividends: 26.58% ROC classified
Yield at $7.79: 7.19%
Last Ex Dividend: 12/31/25 (owned all as of)
Last Earnings Report (Q/E 9/30/25):
SEC Filed Press Release and Supplemental (debt listed at page 13 with hedging summarized at page 14)
Revenues: $96.082M
GAAP E.P.S. ($.04)
FFO per share: $.20
Normalized FFO per share: $.29
AFFO per share: $.19
I view AFFO to be the most important of these numbers.
Reconciliation:
Preferred Stock: I own AHHPRA that has a 6.75% coupon paid on a $25 par value. Last discussed at Item # 3.A. Added to AHHPRA in Schwab Account - Bought 5 at $20.8 (12/11/25 Post); Item # 3.B. Added to AHHPRA in Fidelity Account - Bought 5 at $20.89 (11/22/25 Post) None of the preferred dividends paid in 2024 were classified as return of capital.
C. Added to OTF in Schwab Account - Bought 10 at $14.1:
Quote: Blue Owl Technology Finance Corp. (OTF) - Externally Managed BDC
Cost: $140.96
The share prices for BDC stocks have been trending down in response to lower net investment income. Floating rate loans made by BDCs are at spreads to short term rates (e.g. 3 month SOFR) and the coupons have been resetting lower due to cuts in the federal funds rate. Some BDCs have experienced an unacceptable increase in non-performing loans and losses from selling those loans.
Last Discussed: Item # 3.A. Added to OTF - Bought 5 at $14.7; 5 at $14.5 (8/19/25 Post) I discussed the second quarter report in that post. SEC Filed Press Release; 10-Q
New Average cost per share: $14.96 (45 shares)
Regular Dividend: Quarterly at $.35 per share ($1.4 annually)
OTF Stock Dividend History & Date | Seeking Alpha
Special Dividends: Two $.05 special quarterly dividends were paid in 2025 and 3 more have been declared for 2026 starting in March. One of the 2025 special dividend went ex dividend on 12/23.
Yield at $14.96: 9.36% (regular dividend only)
Last Ex Dividend - Regular: 12/31/25 (owned all as of)
Last Earnings Report (Q/E 9/30/25):
SEC Filed Earnings Press Release
Net Asset value per share: $17.27, up from $17.09 as of 12/31/24
Investments on non-accrual: Less than .1% based on fair value
Adjusted Net Investment Income ("NII") per share: $.32 (less than the regular quarterly dividend)
Portfolio Composition:
Debt investments at floating rates = 97%
The fund has a significant exposure to equity investments.
Weighted average yield at fair value = 10.1%, down from 11.4% in the 2024 third quarter and 10.4% in the 2025 second quarter.
If coupons on floating rate loans continue to reset at lower rates, and even with no material change in non-performing loans, I would anticipate a dividend cut unless the BDC is able to generate sufficient capital gains from its equity investments sufficient to offset the lower interest income from loans.
Company Assessment on How Interest Rate Changes Impact NII:
Company Assessment of Credit Risks:
10-Q at pages 202-103
D. Added to OWL - Bought 5 at $15.26; 5 at $15:
Quote: Blue Owl Capital Inc. (OWL)
New Average cost per share: $15.63 (25 shares)
Dividend: Quarterly at $.225 per share ($.90 annually), last raised from $.18 effective for the 2025 second quarter payment. Dividend increases will be partly dependent on increasing AUM as well as increases in the market prices of managed assets.
OWL Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend: 11/10/25
Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post: Item # 1.A. Started OWL - Bought 5 at $16.26+; 5 at $16; 5 at $15.62 (12/18/25 Post); SEC Filed Earnings Report
Analyst Reports Available to Schwab Customers:
Morningstar (11/7/25): 3 stars with a fair value estimate of $18 and a narrow economic moat.
S&P (11/2/25): 3 stars with a 12 month PT of $20
E. Started OBDC in Schwab Account - Bought 10 at $12.71+:
Quote: Blue Owl Capital Corp. (OBDC) -Externally Managed BDCs
Cost: $127.15
I currently own 30 shares in my Fidelity account with an $11.89 average cost per share.
OBDC changed its name and symbol from Owl Rock (ORCC).
Last Discussed: Item # 1.L. Pared OBDC - Sold 10 at $15.05 (2/10/25 Post)(profit snapshot = $22.96)
Last Buy Discussions: Item # 3.F. Added to ORCC in Fidelity Taxable Account - Bought 5 at $11.14 (10/4/22 Post); Item L.-Bought 5 ORCC at $12.2 in Fidelity Taxable Account (6/22/22 Post); Item # 2.F. Added to ORCC-Bought 5 at $11.65 (11/13/20 Post);Item # 1.J. Added 4 ORCC at $12.02 (9/12/20 Post); Item # 4.E. Started ORCC-Bought 10 at $12.67; 1 at $12.59; 5 at $12.27 and 5 at $11.95 (6/27/2020 Post)
Net Asset Value per share history:
9/30/25: $14.89
12/31/24: $15.26
9/30/24: $15.28
12/31/23: $15.45
6/30/23: $15.26
12/31/22: $14.99
12/31/21: $15.08
12/31/20: $14.74
12/31/19: $15.24
IPO: July 2019 at a public offering price of $15.5. Prospectus
OBDC Stock Dividend History & Date | Seeking Alpha
Special Dividends: Since OBDC typically has 97+% in floating rate loans, priced at spreads to short term rates, net investment move higher in the 2022-2024 time frame as the FED increased the federal funds rate. Rather than increasing the regular dividend to fully reflect NII, OBDC elected to pay out $.78 per share in special dividends in the past 3 years as noted below.
Per Share Total for Year
2025: $.08 (regular at $.37 per quarter)
2024: $.24 (regular at $.37 per quarter)
2023: $.15 (regular at $.33 per quarter, raised to $.35 in the 4th Q)
2022: $.03
2021: $.24 (regular at $.31 per quarter)
I do not expect any additional special dividends until the FED returns to a rate hiking cycle.
Yield at $12.71 = 11.64% (regular dividend only)
Last Ex Dividend: 12/31/25 (owned as of)
Last Earnings Report (Q/E 9/30/25):
SEC Filed Earnings Press Release
Net Investment Income (NII) per share: $.37
Adjusted NII per share: $.36, down from $.40
Portfolio Composition:
"Investments on non-accrual represented 1.3% of the portfolio at fair value, as compared with 0.7% as of June 30, 2025."
Other Sell Discussions: Item # 3.A. Eliminated Duplicate OBDC Position in Vanguard Account - Sold 30 at $13.78 (9/23/23 Post)(profit snapshot = $52); Item # 1.A. Eliminated ORCC in Schwab Taxable Account- Sold 26+ at $13.6 (3/6/23 Post)(profit snapshot = $40.68)
F. Added to GTY in Schwab Account - Bought 2 at $27.85; 3 at $27.45:
Quote: Getty Realty Corp. (GTY) - Classified as a Net Lease REIT
Cost: $138.05
3 shares were bought on the ex dividend date
Management: Internal
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
As of 9/30/25, GTY "owned
Last Discussed: Item # 1.B. Added to GTY in Fidelity Account - Bought 5 at $25.97; 5 at $25.55 (10/18/25 Post)
Last Elimination: Item # 3.A. Eliminated GTY - Sold 5 at $35.65 and 20 at $35.69 (1/3/23 Post)(profit snapshots. = $211.35)
New average cost per share this account: $27.26 (50+ shares)
I will be reinvesting the dividend in this account.
Dividend: Quarterly at $.485 per share ($1.94 annually)
Yield at $27.26: 7.117%
Last Ex Dividend: 12/26/25 (owned 47+ as of)
Last Earnings Report (Q/E 9/30/25):
Revenues: $55.91M, up from $51.467M
GAAP E.P.S = $.40
FFO per share: $.66
AFFO per share: $.62, up from $.59
Reconciliation:
G. Added to CGBD in Schwab Account - Bought 5 at $12.67:
12/31/22: $16.99
9/30/22: $17.16
12/31/21: $16.91
12/31/20: $15.39
12/31/19: $16.56
12/31/18: $18.12
6/30/17: $18.01
The Initial Public Offering was in June 2017. The public offering price was $18.75. The external advisor paid 50% of the $.56 per share underwriters' discount. Prospectus CGBD's offering expenses were then estimated at $1.8M or approximately $.20 per share. After those net expense items, the net proceeds to the BDC were about $18.27 per share.
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| Snapshot Intraday on 12/30/25 after add |
CGBD Stock Dividend History & Date | Seeking Alpha
The regular dividend was last raised from $.37 effective for the 2024 first quarter payment.
Special Dividends:
BDCs that rely heavily on floating rate loans based on spreads to short term rates had their loans repriced at higher coupons when during the FED was in a rate hiking cycle. For CGBD, the increases in NII resulted in several special dividends starting in 2023.
2025: $.05 per share paid in the first quarter. I do not anticipate more special dividends until the Fed is well into a rate hiking cycle.
2024 special dividends = $.27 per share (included $.05 that will go ex dividend on 12/31/24 with a 1/17/25 pay date)
2023 special dividends = $.28 per share (includes $.07 per share that went ex dividend on 12/28/23 with a 1/18/25 payment date)
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| 10-Q at pages 110-111 |
Other Sell Discussions: Item # 1.C. Pared CGBD in Schwab Account - Sold 10 at $17.06 (12/5/24 Post)(profit snapshot = $32); Item # 2.F. Pared CGBD in Schwab Account - Sold 6 at $17.37 (9/26/24 Post)(profit snapshot = $20.63); Item #2.D. Pared Duplicate Position in Fidelity Account - Sold 2 at $16.78 (9/12/24)(profit snapshot = $14.69);; Item # 2.D. Pared Duplicate Position in CGBD - Sold 9 at $17.57 (Schwab Account) (5/10/24 Post)(profit snapshot = $4.8); Item # 2.C. Pared CGBD in Fidelity Account - Sold 7+ at $17.41 (3/15/24 Post)(profit snapshot = $37.81); Item # 3.H. Eliminated CGBD in Vanguard Taxable Account-Sold 10 at $15.1 (2/5/23 Post)(profit snapshot = $65.6); Item # 2.E. Pared CBGD in Fidelity Taxable Account - Sold 25+ at $14.46 (3/24/22 Post)(profit snapshot = $31.09)
CGBD Realized Gains to Date: $262.08 (Some trades were not discussed including all small ball trades made in RI accounts)
Goal: Any total return in excess of the dividend payments. Since I sold shares in September 2024, the price has declined from $18.11 I would attribute part of that decline to investors no longer willing to pay a premium price to net asset value per share. While other causes are debatable, the most likely drivers would be recession fears and lower NII due in large part to the decline in short term rates.
H. Started BFS - Bought 10 at $31.5:
Quote: Saul Centers Inc (BFS) - A REIT
Cost: $315
Management: Internal
Saul Centers List of Properties
This is my first purchase. I have been throwing a wide net in search of high dividend yield stocks.
BFS primarily owns shopping centers and apartment complexes in the the Washington D.C/Baltimore metropolitan area (about 85% of operating income). One property is owned in D.C. 601 Pennsylvania Avenue - Washington, DC Other properties are located in Delaware, Florida, Georgia, New Jersey, North Carolina and Oklahoma.
10-Q for the Q/E 9/30/25 As of 9/30/25, the property portfolio consisted of 50 shopping centers, with 34 anchored by grocery stores, 8 mixed use properties properties that include apartments, offices and retail stores, and 4 land properties. 10-Q at page 12.
The company "is developing Twinbrook Quarter Phase I located in Rockville, Maryland. The residential portion of Phase I was completed on October 1, 2024 and includes 452 apartment units. The remaining portions of Phase I include an 80,000 square foot Wegmans supermarket, approximately 25,000 square feet of small shop space, and a 230,000 square foot office building. The office tower portion of Phase I is not being constructed at this time. . . A portion of the cost of the project is being financed by a $145.0 million construction-to-permanent loan. As of September 30, 2025, the outstanding balance of the loan was $136.6 million, net of unamortized deferred debt costs. Construction of the residential building is complete and The Milton at Twinbrook Quarter opened and residential tenants began moving in on October 1, 2024. As of November 3, 2025, 431 of the 452 (95.4%) residential units were leased and occupied. Of the approximately 106,000 square feet of ground floor retail, the base building is complete and 101,400 square feet (95.7%) has been leased. The Wegmans supermarket at Twinbrook Quarter opened for business on June 25, 2025, and the remaining leased retail space is expected to open at various times over 2025 and 2026 as tenants complete their buildouts. The development potential of all phases of the entire 18.4 acre Twinbrook Quarter site totals 1,865 residential units, 473,000 square feet of retail space, and 431,000 square feet of office space." 10-Q at page 29.
Saul Centers Inc. - Twinbrook Quarter - Rockville, Maryland
The company "is also developing Hampden House, a project located in downtown Bethesda, Maryland that will include up to 366 apartment units and 10,100 square feet of retail space. Excluding imputed capitalized interest, the remaining investment to complete the project is not expected to exceed $9.2 million. A portion of the cost of the project is being financed by a $133.0 million construction-to-permanent loan. As of September 30, 2025, the outstanding balance of the loan was $105.1 million, net of unamortized deferred debt costs. Hampden House opened and residential tenants began moving in on October 1, 2025. As of November 3, 2025, 70 of the 366 (19.1%) residential units are leased and occupied. Of the approximately 10,100 square feet of ground floor retail, 8,600 square feet (85.1%) has been leased and tenant build-outs are in progress."
Saul Centers Inc. - Hampden House - Bethesda, Maryland
I would characterize the Hampton House and Twinbrook developments as major ones for this relatively small REIT.
Dividend: Quarterly at $.59 per share ($2.36 annually), last increased from $.57 effective for the 2022 third quarter payment. The quarterly dividend was at $.43 in the 2016 first quarter.
BFS Stock Dividend History & Date | Seeking Alpha
Yield at $31.5: 7.49%
Next Ex Dividend: 1/15/26
Last Earnings Report (Q/E 9/30/25):
As of 9/30/25, "94.5% of the commercial portfolio was leased compared to 95.7% as of September 30, 2024. As of September 30, 2025, excluding The Milton at Twinbrook Quarter, the residential portfolio was 98.5% leased compared to 98.8% as of September 30, 2024."
Revenues: $72.004M up from $67.288M
E.P.S. $.32
FFO per share: $.72
Reconciliation:
Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain, a risk mitigation strategy.
2. Tennessee Municipal Bonds: 10 Bonds
In my municipal bond ladder, I have 5 bonds that will mature on 4/1/26 and 5 on 6/1/26.
Early this year, I am replacing bonds about to mature with new purchases and will be increasing my overall municipal bond exposure, until I raise the annual federally tax free objective from the current $8,000-$9,000 to $10,000-$11,000. This is due primarily to lower T Bill interest rates.
A. Bought 5 Harpeth Valley 4% Water/Sewer Revenue Bonds Maturing on 9/1/45 at 96.021:
Total Cost at $4,801.05 (96.021 x. 10 = $960.21 per bond x. 5 bonds).
The amount paid of $4,866.61 includes $65.56 in accrued interest that I had to pay the seller. I will receive that amount back when the issuer makes its next semiannual payment.
Emma Page
Credit Rating: AA+ by S&P
YTM at Total Cost: 4.301%
Current Federally Tax Free Yield at TC: 4.166%
I recently discussed buying 5 Harpeth Valley Utilities District 4% Revenue Bond Maturing on 9/1/44: Item # 2.A. Bought 5 at 98.051 (12/5/25 Post) With this last purchase, I now own 10 bonds issued by Harpeth Valley.
I had 15 bonds from this issuer called early (5 on 9/2/25 and 10 on 12/2/24)
B. Bought 5 Memphis, TN. 4% GO Maturing on 6/1/44 at a Total cost of 95.519:
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Purchased at 95.419
Total Cost at $4,775.95
Accrued Interest paid to seller: $16.11
Emma Page
Credit Ratings: Aa2/AA
Current Federally Tax Free Yield: 4.188%
YTM at TC: 4.356%
Optional Call: On or after 6/1/26 at par value + accrued and unpaid interest.
I own 5 Memphis GO bonds that mature on 5/1/28.
3. Treasury Bills Purchased at Auction:
A. Bought 10 Treasury Bills at the 12/29/25 Auction:
181 Day Bills
Mature on 7/2/26
Interest: $175.97
Investment Rate: 3.612%
I have reduced my T Bill purchases as I consider alternative income investments that will include more long term municipal bond purchases and increases in my dividend paying stock allocation.
4. Exchange Traded First Mortgage Bonds:
Investment Category: Exchange Traded Baby Bonds
For taxable accounts, my maximum position is 300 shares, spread out evenly over 3 accounts. With the following purchases, I am now at that maximum.
Annual Interest 300 EMP shares: $367.5
EMP pays its quarterly interest payments quickly after the ex interest date. The ex interest date was on 12/31/25 and I will be credited with the interest payments on 1/2/26.
A. Added to EMP in Fidelity Account - Bought 10 at $21:
Quote: Entergy Mississippi LLC 4.9% First Mortgage Bond due 2066 (EMP)
Cost: $210
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
First Mortgage Bond
Par Value: $25
Interest Payments: Quarterly
Maturity: 10/1/2066
No call protection. Issuer has the optional right to call at par value plus accrued and unpaid interest.
Interest Rate Risk: High given the potentially long maturity. Interest rate risk is asymmetric in favor of the issuer who has the optional call right. If interest rates fall too far, the issuer will call the bond, but will allow the owner to keep the security when interest rates are rising and the price is falling.
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: $21.51 (100 shares)
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| Snapshot on 12/29 after add |
Yield at $21.51: 5.695%
Calculation .049% coupon x. $25 par value = $1.225 annual interest per share ÷ $21.51 total average cost per share = 5.695%
I will own no more than 300 EMP shares in taxable accounts. I am now at that level with 100 shares owned in my Fidelity, Vanguard, and Schwab accounts.
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 # 1.B. Bought 70 EMP at $21.76 (1/2/19 Post); Item # 2.B. Sold 30 EMP at $24.44 (2/13/19 Post)(profit snapshot = $7.04)-Item # 4.A. Bought 30 EMP at $24.04-Used Commission Free Trade (5/28/18 Post); 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.
EMP Net Trading Profits to Date: $437.7
Owned Entergy Mississippi $1,000 Par Value First Mortgage Bonds: 12
4 Entergy Mississippi 3.25% FM Maturing on 12/1/27, Bond Page | FINRA.org
1 Entergy Mississippi 2.85% FM Maturing on 8/1/28, Bond Page | FINRA.org
7 Entergy Mississippi 5% FM Maturing on 9/1/33, Bond Page | FINRA.org (sold 2 earlier this year)
I prefer owning the $1K par value bonds that mature in less than 10 years since they have a much lower interest rate risk.
I have 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)
B. Added to EMP in Schwab Account - Bought 15 at $20.7:
Cost $310.5
See Item # 4.A. Above.
Average cost per share this account: $21.08 (100 shares)
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| Snapshot Intraday on 12/30/25 after add |
Yield at AC = 5.81%
Last Ex Interest: 12/31/25 (owned all as of)
5. Equity Preferred Stocks:
A. Added 5 UMHPRD at $21.9 - Schwab Account:
Quote: UMH-PD
Cost: $109.5
Issuer: UMH Properties Inc. (UMH) - A REIT that owns manufactured home communities.
Coupon: 6.375% paid on a $25 par value.
Dividends: Paid quarterly, cumulative and non-qualified as a pass through entity
Stopper Clause: Yes, enforces the preferred shareholders superior claim to cash against only the common share owners. (Prospectus at S-21).
Optional Call: On or after 1/22/23 at par value + accrue an unpaid dividend
New average cost per share Schwab Account: $21.79 (25 shares)
Yield at new AC: 7.3124%
Calculation: .06375% coupon x. $25 par value = $1.59375 annual dividend per share ÷ $21.79 total average cost per share = 7.195%
Last Ex Dividend: 11/17/25
Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.
