I am in a almost do nothing mode. Consequently my next post may not occur next week.
Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds (Item # 2): $688.39
Outflow Common Stocks (Item # 1): $5,251.62
I am still in a light stock reduction mode.
Realized Gains: $718.64
Realized gains are restrained some by selling my highest cost lots in several stocks, primarily REITs.
Net Outflow Common Stocks/Stock Funds: $4,563.23
I am cutting off discussions with trades made last Friday, 2/13/26.
Treasury Bills Purchased at Auction (Item # 3): $38,000 in principal amount
Corporate Bonds: None
Inflow Exchange Traded First Mortgage Bond (Item # 4): $212.13
Inflow Tennessee Municipal Bonds (Item $ 5): 5 with the principal amount at $4,348.15
++++++
Economy:
The New York Federal Reserve studied who was paying the republican tariff taxes on imports. Who Is Paying for the 2025 U.S. Tariffs? - Liberty Street Economics ("In sum, U.S. firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025."); New York Fed study: 90% of Trump tariffs paid by U.S. businesses and consumer; NY Fed report says Americans pay for almost all of Trump's tariffs | Reuters; Americans paid the tab for Trump's tariffs in 2025- USA Today The study fully contradicts the representations made by Trump and the failed hedge fund manager Scott Bessent who is the Treasury Secretary.How Trump’s Treasury Secretary Crashed His Own Hedge Fund; Scott Bessent's Hedge Fund Lost BILLIONS (w/ Marshall Brandt) - YouTube Wall Street investor rips Cabinet member as nothing but a 'failed' hedge fund manager - Raw Story
Before Bessent becomes Trump's Treasury Secretary, he stated in February 2024 that tariffs are inflationary.
Bessent: "Tariffs are inflationary and would strengthen the dollar—hardly a good starting point for a US industrial renaissance.", quoted Nick Timiraos on X: "One year ago (almost to the day), Scott Bessent wrote to his investors: “Tariffs are inflationary and would strengthen the dollar—hardly a good starting point for a US industrial renaissance.” “The tariff gun will always be loaded and on the table but rarely discharged." / X NickTimiraos is the chief economics reporter for the WSJ.
Bessent claims the republican tariff taxes paid by U.S. importers are not inflationary now. Scott Bessent’s ‘gotcha’ moment on Trump’s tariffs and inflation | Fortune
U.S. importers will accelerate passing through the republican tariff taxes in their prices to U.S. consumers when and if the Supreme Court finds that Trump had the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA), or allows the republican tariff taxes imposed by Trump to remain in effect pending further proceedings in the lower courts, or refuses to allow the importers to recover the republican tariff taxes that the Court finds were illegally levied on their imports. The republican tariff costs would then be like any input cost inflation that are included in product prices paid by consumers.
For me the tariff case is simple. Congress cannot be allowed to delegate its Article 1 powers to the President and that includes its tariff authority. That is fundamental to the balance created by the Founders. That is the conservative position.
And to find that this delegation of tariff authority occurred in a statute, which does not even mention tariffs, would compound the profound deviation from judicial conservatism of the 6 Monarchists, particularly among those who claim to be originalists at least when it accomplishes the desired result.
CPI inflation report January 2026: Slightly better than the consensus forecast.
Consumer Price Index Summary - 2026 M01 Results
Annual CPI: +2.4%
Annual Core CPI: +2.5%
Month-to-Month CPI: .02%
Month-to-Month Core CPI: .3%
Annual Food at Home +2.9%
Annual Food Away from Home: +4%
Energy Services (Electricity and Gas): +7.2%
The non-seasonablly adjusted annual price change for beef and veal was reported at 15% and coffee was up 18.3%, both due to the republican tariff taxes. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2026 M01 Results
The annual CPI number still include several months where there were no increases in the republican tariff taxes.
The primary component that is bringing CPI down are commodity prices (-7.2%) which are extremely volatile. Crude Oil Prices (1946-2026)
Another category that is reducing CPI and Core CPI during Trump's second term is the downtrend in "owners equivalent rent" a fictional expense weighted at 26.04% in CPI. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2026 M01 Results
Homeowners do not pay rent to themselves.
The rise in my home's value is not an expense that I pay but an increase in my unrealized profit. I have owned my home since 1982 and have yet to pay myself rent.
The annual increase in owners equivalent rent was at 3.3% through January 2026. For the 12 months ending in March 2023, owners equivalent rent increased by 8% and at 4.8% for the 12 months ending in December 2024, just prior to Trump starting his second term. The decline in this fictional expense during Trump's second term has nothing to do with any of his policies.
The BLS archived monthly CPI reports can be here: Consumer Price Index Archived News Releases : U.S. Bureau of Labor Statistics
++
Ambassador Bridge owner reportedly met with Commerce Secretary Lutnick hours before Trump's post on Gordie Howe bridge - CBS Detroit The Gordie Howe bridge will take away traffic from the Ambassador Bridge owned by the U.S. billionaire Matthew Moroun. Deadline Detroit | NY Times: Matthew Moroun Met With Howard Lutnick Hours Before Trump Threatened To Block Gordie Howe Bridge Opening
Moroun has been a major contributor to Trump's campaigns. Trump’s threat to block Gordie Howe bridge is pure oligarchy - Detroit Metro Times I did not realize that Michigan is a co-owner of the bridge. Canada paid for the construction costs and will recoup those costs from tolls. After the cost is recouped, Canada and Michigan will split the revenue 50/50.
Can smaller economies really create a new world trade order? Yes, they can. | PIIE This new world trade order will exclude the U.S. due to Trump's policies.
Canada Lays the Groundwork to Pivot Away From the United States | Council on Foreign Relations
++
Electricity prices will keep rising on AI data center demand: Goldman Electricity prices rose 6.9% last year, more than double the CPI rate. Peter Navarro: Trump may 'force' data centers to pay costs State commissions, not President Trump, set retail rates. Trump can coerce large companies to pay more. However, successfully coercing Microsoft and META to absorb costs will not impact the vast number of companies building AI infrastructure including many digital REITs.
David Einhorn says the Fed will cut 'substantially more' than two times. So he's betting big on gold
Pinterest share price falls 22% in premarket (2/13/26) as tariffs hit earnings The company claimed that large retailers impacted by the republican tariff taxes had reduced advertising spending.
Wealth inequality is worse than ever as K-shaped economy widens
++++
Trump and His Authoritarian Party:
The Republican Smokescreen for Voter Suppression - Unproven Material Non-Citizen Voting:
Trump’s Claims About Noncitizens Voting Are False. We Can Prove It. | Cato Institute; Advocates for Strict Voting Requirements Can’t Find Evidence of Noncitizen Voting | Brennan Center for Justice; Update: Review of Claims of Noncitizen Registrants and Voters | The Center for Election Innovation & Research; Noncitizen voting remains exceedingly rare, new review finds
The House republicans passed last week a bill that would effectively disenfranchise millions of U.S. citizens from voting and requires all states to send voter information to Kristi Noem at DHS. Big brother wants to keep tabs. House GOP passes sweeping anti-voting bill that could disenfranchise millions, sends measure to Senate - Democracy Docket; House passes SAVE Act, which could make it harder for women to vote ("The bill also mandates states to remove noncitizens from existing voter rolls — already an extremely rare occurrence — after submitting those logs to the Department of Homeland Security for review.")
50 Republican senators have stated they support this anti-democracy initiative.
The most recent Republican Senator to support the bill is Senator Collins from Maine who is up for reelection in November 2026. Susan Collins Backs SAVE AMERICA ACT - But Won't Break Filibuster - The Maine Wire Collins is only a 95% pure Trumpster, but in practice that is not that much different from the 100% pure Trumpsters that represent my state - Marsha Blackburn and Bill Hagerty, both throwbacks to the 19th Century and that is being generous.
The republicans want to make their voter suppression law effective immediately upon enactment in order to cause maximum chaos in the next election.
If this legislation is passed in the Senate, overcoming the filibuster somehow, Trump will sign it of course. The Courts will enjoin enforcement as a constitutional violation under the Elections Clause.
If the Monarchists on the Supreme Court find some reason to lift the injunction, then there will be massive chaos next November which will be used as a justification for the republicans to seize voting machines in all close elections or any election where an incumbent republicans looks like they are going to lose. When that is done, it will most likely mark the end of America's democracy.
Trump is going to issue another Executive Order telling states what they have to do in elections. A District Court has permanently enjoined Trump from implementing another Executive Order on the same subject. Federal Judge Permanently Blocks Trump Administration from Implementing Voter Registration; Memorandum-opinion.pdf
Why The SAVE America Act Could Create New Obstacles For Millions Of Voters
The SAVE Act and the Election Power Grab
The SAVE Act Status: Congress takes up even worse anti-voter bills
Five Things to Know About the SAVE Act
Kristi Noem’s ‘right people voting’ remark ignites a media firestorm about democracy - Poynter Noem: "When it gets to election day, we’ve been proactive to make sure we have the right people voting, electing the right leaders to lead this country."
The republicans in Kansas, led by Kris Kobach, enacted a law similar to the recently House passed voter suppression law.
As noted by the U.S. Court of Appeals for the 10th Circuit, a substantial number of U.S. citizens in Kansas were not allowed to register since they did not have a birth certificate. The court found that the law violated the Constitution's Equal Protection Clause. Fish v. Schwab (10th Cir. 2020), see pages 44-63. The disenfranchisement becomes far greater when the birth certificate name does not match the name on the current driver's license (women changing their after marriage).
The false allegations about illegals voting is just a transparent smokescreen for republican voter suppression.
Trump's party is not a conservative one. Authoritarians who are actively trying to undermine the U.S. democracy are not conservatives.
It requires work to establish the falsity of Trump's representations about voting given their volume. Why is the effort even necessary unless Trump first establishes with real evidence that this is actually problem.
It only takes Trump a few seconds to make a false statement that has no real factual foundation. Trump knows that his supporters with not believe the fact checkers, or anyone who contradicts him with evidence, nor will they spend any time to gather accurate information to rebut his demonstrably false claims including those relating to elections that he repeats over and over again as if they become true somehow by their continuous repetition.
An example of a recent demonstrably false Trump claim that has been repeated multiple times is that the U.S. is the only country that permits mail-in voting. 34 countries allow mail-in voting. Global in-country postal voting data | International IDEA; Trump Says Only the U.S. Votes by Mail. Here Are the Facts | TIME (noting there is no evidence that mail-in voting is corrupt)
Trump falsely claims that the U.S. is ‘the only country that has mail-in ballots’ (2/13/26) Fact-checking Trump's claim the U.S. is the 'only country' that uses mail-in voting (8/18/25)
The Founders Opposed 'Nationalized' Elections - The Atlantic
Trump wants to eliminate almost all mail-in voting by Executive Order.
Trump and Musk Amplify Long-Ago Debunked Mail-In Vote Fraud Claim - FactCheck.org It is abundantly clear that Trump states conclusions without providing anything resembling reliable evidence to support his claims. In Trump's America, his conclusions and opinions are the facts and all evidence rebutting the claims are Fake News. The word for that is Orwellian.
The Trumpster default position is simply to accept Trump's factual statements as true and to either ignore accurate information or to dismiss it as Fact News without a moment's thought or effort to determine the accuracy. This is how an authoritarian demagogue rises to power on a tidal wave of demonstrably false statements, aided and abetted by virtually all republican politicians at the state, local and federal levels.
Once it is recognized that Trump makes false statement all the time about almost everything, then it is just reasonable to categorize all of his statements as false or at best misleading unless you know the statement is true based on reliable evidence. Trump and his apparatchiks are the primary generators of Fake News in the world and probably in world history IMO.
It is also important to view the statements as representations of his mental condition and personality using the standards that you would normally use for people other than Trump.
When I look at videos of Hitler's rants, which are easily characterized as bizarre ravings of a disturbed and demagogic authoritarian, it seems so odd that anyone could have been influenced by those speeches, but tens of millions were.
The Pro-Pollution Party:
Trump revokes EPA endangerment finding on greenhouse gas emissions In TrumpWorld, climate change does not exist. Why? Trump determined after much study and reflection that climate science was Fake News. False claims the Trump Administration made about climate change and energy | AP News
There is no way to convince republican politicians and the vast majority of republicans that climate change is real and man made. They are not going to change, will never accept climate, and that just needs to be accepted as a fact.
For as long as republicans remain in power, the point of no return will be moving rapidly forward.
Maybe the republicans are deliberately bringing forth the end of days for humans on earth so that their Messiah, God's Chosen One, can lead them to the Promised Land at an earlier time. President Trump: "I am the chosen one." - YouTube; Trump calls himself 'the chosen one' during erratic rant - YouTube
More environmental data is deleted in Trump’s second term; Inside Trump’s campaign to censor climate science; Why the federal government is making climate data disappear | Grist
Coal Industry gives Trump an Award - "Undisputed Champion of Beautiful Clean Coal" I did not realize that coal was clean when burned until I viewed the plaque on that award. Trump was beaming with pride for receiving this award from coal industry trade association.
The republican position on climate science is just another one of endless series of Orwellian reality creations that are probably motivated by campaign contributions.
Trump also ordered the Pentagon to buy electricity produced only by coal plants. Trump orders Pentagon to buy power from coal plants Electricity generated by all sources are intermingled in the transmissions grids.
There is simply no way to buy electricity produced only from a coal plant unless the Pentagon builds a duplicate transmission and distribution lines that are connected directly to a coal plant and then a substation to step down the voltage at the Pentagon's facility, which would make the power the most expensive in the world.
Maybe Trump believes the electrons are tagged "coal" after leaving the coal generation plant and can then be separated out from electricity produced from natural gas, hydroelectric, wind, and solar generation. The science of electricity - U.S. Energy Information Administration (EIA)
The electricity that you are using now will originate from multiple generation sources owned by your utility as well as electricity generated by other companies that pass over interconnections between utilities. U.S. Grid Regions | US EPA
David Frum: The GOP Didn’t Drift Into Trumpism—It Chose It | How to Fix It - YouTube
FBI Interviewed Trump Accuser, Epstein Files Show
**
Trump's DOJ, at his Clear Direction, Attempted to Indict Democrats for Exercising their First Amendment Rights:
Trump attempted to cause criminal indictments of Senator Kelly (D), Senator Slotkin and several House democrats for correctly stating the law about unlawful military orders.
That attempt could only happen when the government is controlled by a fascist authoritarian leader.
All republican politicians who remain silent must be deemed to support that effort brought by Trump's rogue DOJ. Michigan Sen. Elissa Slotkin speaks out after grand jury declines to indict Democratic lawmakers over video - CBS Detroit Senator Tillis (R-NC) was critical but then he is retiring and not running for reelection in November. Senator Lisa Murkowski (R-Alaska), who may be the only republican politician in the House and Senate who has not become a Trump enabler, was also critical of trying to arrest Democrats for exercising their First Amendment rights. Murkowski defends Democrats Trump accuses of 'seditious behavior' Three other republican senators just say they would not have brought the criminal judges if they were President.
Sen. Mark Kelly: Trump’s DOJ Couldn’t Get a Single Grand Jury Vote - YouTube Trump had ordered his minion Jeanine Pirro, a former Fox News personality who is currently the U.S. Attorney for D.C., to indict Senator Kelley for exercising his First Amendment constitutional right. Pirro was unable to secure a single vote from the Grand Jury to indict. I have never even heard of that happening.
Judge says Pentagon 'trampled' on Sen. Mark Kelly's rights, blocks effort to demote him over 'illegal orders' video, Memorandum Opinion.pdf This was not a close case. The judge, Richard Leon, was appointed by President George W. Bush.
Judge Leon issued a preliminary injunction preventing the Department of War from demoting Senator Kelly for exercising his First Amendment Constitutional Right. The court held that Hegseth "trampled on Senator Kelly’s First Amendment freedoms and threatened the constitutional liberties of millions of military retirees".
The former Fox "news" personality Pete Hegseth, who is now the Secretary of War, clearly violated the Constitution by demoting Kelly's service rank because he did not like the content of his speech.
Hegseth stated that the Trump Administration would immediately appeal the ruling. The appellate court will quickly see through the sedition rhetoric to Trump's true purpose which is to silence former veterans from disagreeing with Trump's policies and action. Judge Leon saw through what Trump and Hegseth were actually trying to do:
Hegseth is just another unqualified Trump sycophant running important agencies in the federal government.
Trump Just Did Something No President Has Tried Since 1798 - YouTube starting at 11:31.
In 1799, President John Adams and his Federalist party caused the arrest of a Vermont publisher, Matthew Lyon, who was also a member of Congress, for criticizing Adams. A Look Back: Sedition, Free Speech and the President
Congress had passed the plainly unconstitutional Sedition Act of 1798 that made it a crime to publish "false, scandalous or malicious" writing critical of the U.S. government.
A Federalist D.A. filed charges against Lyon for defaming the U.S. government. The criminal charges were brought before a Federalist judge in Vermont, who ignored the First Amendment issue, and instructed the jury and to just focus on whether Lyon had made comments intended to bring the U.S. government "into disrepute".
The jury convicted Lyon with that instruction and he served 4 months in jail. I would note that Lyon's speech did not merely summarize an existing law.
The Most Incompetent People Ever Assembled to Govern the U.S.:
Others include Kash Patel as the Director of the FBI; Kristi Noem as Secretary of DHS; Pam Bondi as the Attorney General; Linda McMahon at whatever is left of the Education Department; Lori Chavez-DeRemer as the Labor Secretary; Tulsi Gabbard as the Director of National Intelligence; Lee Zeldin as the Administrator for the Environmental Protection Agency; Bill Pulte as the Director of the Federal Housing Finance Agency; and Robert F. Kennedy as the Secretary of Health and Human Services. I grew weary and somewhat depressed listing the names so I stopped with the wingnut RFK. I am not aware of any competent people in Trump's cabinet or in other positions of influence in Trump's Administration. It is the most ridiculous assortment of people appointed to high government positions in U.S. history by far IMO, and that is before addressing their weirdness and other mental condition issues.
What Happened to Pam Bondi? - The Atlantic
Pam Bondi Melts Down In Epstein Files Hearing - YouTube
Parody of Bondi: If Pam Bondi Were a Waitress — Satirical Skit Goes Viral - YouTube; Pam Bondi Crashes Out on a Valentine's Date #pambondi #politicalhumor - YouTube The lady nailed Bondi's weirdness.
Justice Department seeks to dismiss Steve Bannon’s Capitol riot contempt case Bannon was found guilty of contempt of Congress after a trial and the guilty verdict was upheld on appeal. Jeanine Pirro is asking a federal district court to wipe away the appellate court's affirmation of the conviction as if it never existed. Bannon has already completed his sentence by serving 4 months in prison, but still has an appeal pending before the Supreme Court. Trump's DOJ has requested the Supreme Court to vacate the Appellate Court ruling. Justice Department seeks to wipe out Bannon conviction for defying Jan. 6 committee - POLITICO
Judge EVISCERATES Kristi Noem While Blocking Her Deportation Plan - YouTube
U.S. citizens detained by immigration agents describe how they were treated - YouTube
Who is actually suffering from Trump Derangement Syndrome in the U.S., a condition that permanently afflicts tens of millions.
It reasonable to assume there is no cure since the afflicted have had over a decade to observe Trump's actions and statements and nonetheless believe him to be sane, honest, a role model for their children, and someone who has empathy for them.
It is not Trump's critics who suffer from TDS since they see him for what and who he really is: a pathological liar, a malignant narcissist, an extreme demagogue, and by far the most powerful authoritarian in U.S. history. Incurable TDS is a common condition in Trump's cult.
++
Trump and Judge Cannon - Keeping the Public from Even Seeing the Report on Why Trump was Charged in the Documents Case:
Judge Aileen Cannon and Trump are doing everything possible to keep the public and Congress from seeing Jack Smith's report discussing the evidence that supported the criminal charges in the documents case. Trump is requesting that Judge Cannon destroy the report. Why? What does he want to hide? American Oversight Appeals Judge Cannon Order That Could Clear Way for Permanent Destruction of Jack Smith Report - American Oversight
'Abuse of judicial power': First Amendment groups argue Mar-a-Lago judge no longer has jurisdiction over Jack Smith report, urge appeals court to shut her out and issue stay | Law & Crime; Cannon faces fresh appellate review of her pro-Trump actions on Jack Smith report
A question to ask yourself is why Trump is fighting so hard to keep the public from reviewing that report and the evidence cited therein.
Cannon faces fresh appellate review of her pro-Trump actions on Jack Smith report Cannon will only consider lifting the gag order preventing the report's release when and if Trump's DOJ or a defendant requests it, which of course results in her injunction remaining in effect for no legitimate reason for as long as Trump is President.
There are good legal arguments that she no longer has any say on whether to continue the gag order since there is no proceeding involving the report pending in her court. Feb. 9, 2026: United States of America v. Trump, Nauta, and De Oliveira — Joint Expedited Motion to Intervene
Eventually I believe that at least one copy of the Jack Smith report will survive Trump's efforts to destroy all copies, but Trump does not want that to happen while he is still President. The evidence would have supported a verdict of guilty IMO for obstruction of justice, and Trump does not want citizens who are willing to consider evidence to review why the charges were justified and make up their own minds.
Cannon and the 6 Monarchists on the Supreme Court bear responsibility for everything Trump has done so far in his second term and will do.
DHS/ICE:
14-year-old girl describes being zip-tied during October raid involving ICE in Idaho - CBS News ICE denied using zip ties on children. That proved to be false, as shown for example by a photograph a 14 year old girl and U.S. citizen wearing zip ties that bruised her wrists.
ICE officer tries to get out of arrest after stopped for driving drunk - YouTube
Marimar Martinez body cam video release: "Trump is losing this" - Newsweek Contrary to statements made by the DHS officer who shot Martinez 5 times, the bodycam video shows the DHS car, driven by Charles Exum, ramming the car driven by Martinez who is a U.S. citizen. Exum then shot Martinez 5 times and later bragged about his aim.
Trump's DOJ had a GJ indict Martinez, the victim of the shooting even though the bodycam footage available to the DOJ did not support the DHS claims. Surveillance footage from nearby cameras proved that no one was boxing in the DHS vehicle contradicting the DHS claims.
The vehicle driven by Exum was then taken to another state and repaired before the defense attorney could examine it. An examination of the vehicle by an accident reconstruction expert would provide evidence of who hit whom first.
Rather than continue its malicious prosecution of Martinez, who was the victim, Trump's DOJ decided to dismiss the charges before a Court had the opportunity to dismiss the criminal charges. Trump's DOJ has gone totally rogue and is a threat to the constitutional rights and civil liberties of U.S. citizens. Marimar Martinez shooting: How the government’s defense of a Border Patrol agent fell apart; WATCH: Marimar Martinez describes being shot 5 times by CBP agent - YouTube
Judge dismisses charges against men accused of assaulting ICE officer in Minnesota DOJ accused them of committing felonies based on the sworn testimony of 2 ICE officers. Those officers are now being investigated to determine whether they committed perjury based on the video evidence.
Courts have ruled 4,400 times that ICE jailed people illegally. It hasn’t stopped. | Reuters
Corey Lewandowski fired pilot for leaving Kristi Noem's blanket on plane as sources say pair 'spending nights regularly' together Both are married. 'Most Vile Scumbags on Earth': Critics Appalled by Explosive Report on Kristi Noem's Corruption
Noem's disastrous week capped with humiliating new report - YouTube
CBP shot down party balloons with anti-drone tech before FAA closed El Paso airspace, sources say; Kristi Noem abruptly ends press conference when asked about CBP shooting down a party balloon with powerful lasers provided by the Department of WAR forcing El Paso airport closure
Senators Demand Probe of Noem-Linked Firm’s Secret Work on DHS Ad Campaign — ProPublica This will not happen for as long as the Trumpsters control the Senate and House.
18 U.S. Code § 241 - Conspiracy against rights Applicable to federal employees? Maybe some lawyer needs to make the claim and find out.
Bondi and Epstein:
Epstein survivor: Bondi refusing to acknowledge survivors is 'slap in the face' - YouTube (several Epstein victims were at the congressional hearing and Bondi would not even acknowledge their presence); Pam Bondi Doesn't Care About Epstein Victims: Ty Cobb - YouTube; A political calamity’: Pam Bondi faces massive backlash for behavior over Jeffrey Epstein questions - YouTube;
Bondi had list of a Democratic lawmaker's Epstein files "search history" during Capitol Hill hearing - CBS News Yes, "Big Brother is watching you".
Judge dismisses charges against men accused of assaulting ICE officer in Minnesota DOJ accused them of committing felonies based on the sworn testimony of 2 ICE officers. Those officers are now being investigated to determine whether they committed perjury based on the video evidence.
+++
Why MAGA Wants You to Think Slavery Wasn’t That Bad - The Atlantic
Judge orders Trump administration to restore slavery exhibit at President’s House Site - ABC News Judge Rufe, appointed by George W. Bush: "As if the Ministry of Truth in George Orwell's 1984 now existed, with its motto 'Ignorance is Strength,' this Court is now asked to determine whether the federal government has the power it claims -- to dissemble and disassemble historical truths when it has some domain over historical facts. It does not"
Trump is a pure Orwellian leader and he has tens of millions of supporters in the U.S.
Trump Private Rage At Allies Who Slammed Racist Video
Ciji Graham Died Unable to Get Heart Care or an Abortion in North Carolina — ProPublica; Life of the Mother Archives — ProPublica
One personality trait of many psychopaths is they actually enjoy inflicting pain, suffering, distress, and non-justified punishment which may include bringing meritless civil lawsuits or criminal charges, both being expenseive to defend. A dark psychological trait predicts a disturbing kind of pleasure
++++++
Corporate Bond Redemptions in Fidelity Account Last Weekend:
++++++
1. Small Ball Common Stock Sells:
A. Eliminated SW in Schwab Account - Sold 5 at $51.28; and Pared SW in Fidelity Account - Sold 2 at $44.85:
Quote: Smurfit Westrock (SW) at MSN Money
Proceeds: $346.13
SW provides fiber-based paper and packaging solution. The operates in 40 countries. 10-Q for the Q/E 9/30/25 A more complete description of SW's products can be found at pages 6-8 of the 2024 SEC Filed Annual Report.
I mentioned these sales in a comment published on 2/11/26. As noted there, investors embraced the last earnings report with an enthusiasm that I could not muster.
Last Discussed: Stocks,(11/22/25 Post)
Profit Snapshots: $91.59
Remaining Position AC Fidelity Account: $34.18 (10+ shares)
 |
| Snapshot Intraday on 2/10/26 after pare |
Dividend: Quarterly at $.4523 per share ($1.81 annually), last raised from $.4308 effective for the 2026 first quarter payment.
SW Dividend History & Date | Seeking Alpha
Yield at $34.18: 5.296%
Last Ex Dividend: 2/17/26
Last Earnings Report (Q/E 12/31/25):
SEC Filed Press Release and SEC Filed Slide Presentation
Revenue: $7.58B up from $7.539B
GAAP E.P.S. $.19, down from $.28
Non-GAAP E.P.S. $.34, down from $.47
Reconciliation:
This company was created in July 2024 through the merger of Smurfit Kappa and Westrock. GAAP earnings have been negatively impacted by expenses and charges related to this merger.
I did not see anything in this report that would justify IMO the stock price increase in response.
I suspect some investors were encouraged by the medium term forecast (2026-2030), SEC Filing:
B. Pared PINE in Fidelity Account - Sold 1+ at $18.33; 5 at $19.55; 5 at $19.93+; 6 at $20.25:
Quote: Alpine Income Property Trust (PINE) at MSN Money - A Net Lease REIT
Proceeds: $350.02
I am selling my highest cost lots.
Investment Category: Alpine Income Property Trust, Inc.
SEC Filed 2025 Annual Report PINE "owns and operates a high-quality portfolio of commercial net lease properties all located in the United States. Our properties are primarily leased to industry leading, creditworthy tenants, many of which operate in industries we believe are resistant to the impact of e-commerce. Our portfolio consists of 127 net leased properties located in 32 states. The properties in our portfolio are primarily subject to long-term leases, which generally require the tenant to pay directly or reimburse us for property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. We also acquire and originate commercial loans and investments. Our investments in commercial loans are generally secured by real estate or the borrower’s pledge of its ownership interest in an entity that owns real estate." Page 3.
As previously discussed, PINE is externally managed by a wholly owned subsidiary of CTO Realty Growth Inc (CTO) , which I also own.
A positive response was justified IMO to the 2025 4th quarter report. I am skeptical that a $20+ price is justified.
In addition to owning properties, PINE will make commercial loans:
 |
| Supplemental at page 23 |
More information can be found at pages F-17 - F-19 of the 10-Q linked above.
Last Discussed: Item # 4 Pared PINE in Schwab Account - Sold 10 at $18.04 (1/29/26 Post)(profit snapshot = $6.95)
Last Buy Discussion: Item # 1.A. Added 25 PINE at $13.7 -Fidelitly Account and Item # 1.B. Added to PINE in Schwab Account - Bought 5 at $13.73+(11/1/25 Post)
Profit Snapshot: $78.16
New Average Cost per share this account: $14.15 (84+ shares)
 |
| Snapshot Intraday 2/13/26 after last pare |
Reduced from $14.36
Dividend: Quarterly at $.30 per share ($1.2 annually), last raised from $.285 per share effective for the 2026 first quarter payment.
Some Other Sell Discussions: Item # 4.G. Pared PINE - Sold Highest Cost 15 Shares at $18.47 (8/29/24 Post)(profit snapshot = $6.95); Item # 2.E. Eliminated Duplicate Position in PINE - Sold 11 at $17.11 - Schwab Account (7/26/24 Post)(profit snapshot = $21.07)
Some Other Buy Discussions: Item # 1.B. Added to PINE in Fidelity Account - Bought 10 at $15.25 (6/14/24 Post); Item # 2.A. Added to PINE - Bought 10 at $15.18 (4/5/2024 Post); Item # 1.A. Added to PINE - Bought 5 at $14.9; 5 at $14.4 (10/28/23 Post)
C. Pared PINE in Schwab Account: Sold 7 PINE at $20; 5 at $20.75 in Schwab Account:
See Item #1.B. above.
Proceeds: $243.76
I am selling my highest cost lots.
Profit Snapshots: +$47.41
New Average cost per share this account: $14.54 (55+ shares)
 |
| Snapshot Intraday on 2/13/26 after last pare |
Reduced from $14.86
Yield at New AC this account: 8.25%
D. Eliminated Duplicate Positions in UDR - Sold 24+ at $40.8 in Fidelity Account and 16 at $39.93 in my Vanguard Account:
Quote: UDR (UDR) at MSN Money
Proceeds: $1,619.87
UDR, an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of December 31, 2025, UDR owned or had an ownership position in 60,941 apartment homes, including 300 apartment homes under development."
I mentioned these eliminations in a comment published on 2/11/25. I mentioned there that I did not believe the last earnings report justified all of the stock price increase occurring after its release.
I still own 62+ shares in my Schwab account with an average cost per share of $38.895. I will consider adding to that position when the purchase reduces my average cost per share. I started the two duplicate positions at lower prices.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshots: $160.39
Last Discussed: Item # 1.H. Added to UDR in Schwab Account - Bought 5 at $35; 5 at $34 (11/1/25 Post)(discussed third quarter report, SEC Filed Press Release); Item # 1.A Added to UDR in Schwab Account - Bought 5 at $36.3; 5 at $35.9; 3 at $34.54 (10/11/25 Post)
Dividend: Quarterly at $.43 per share
UDR, Inc Dividend History & Date | Seeking Alpha
Last Ex Dividend: 1/12/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
SEC Filed Press Release and Supplemental
Revenues: $433.106M, up from $422.728
GAAP E.P.S. $.62, up from $.48
GAAP earnings increased as a result of a net gain of $194.974M from selling depreciated real estate compared to no realized gains in the 2024 4th quarter. In computing the cash flow FFO and AFFO numbers, realized gains are deducted from GAAP earnings. Depreciation reduces the tax cost basis. There is no disclosure whether there was a "profit" realized using the undepreciated tax cost basis.
FFO as adjusted per share: $.64, up from $.63
AFFO per share: $.54, unchanged.
Reconciliation:
Recurring capital expenditures (routine maintenance) of $33.912M were deducted from FFO to arrive at AFFO.
On a positive note, the AFFO per share number of $.54 exceeds the quarterly dividend, and the weighted average occupancy was at 96.8% (p.8 Supplemental)
Dispositions during quarter:
FFOA: Adjusted FFO
2025 FFOA per share: $2.54
2026 FFOA Midpoint per share guidance: $2.52
No guidance is provided on AFFO which I view to be a better cash flow number for an Apartment REIT.
For triple net lease REIT like the ones discussed in this post, FFO and AFFO will be close to one another since the tenants are responsible for maintenance expenses.
Currently Owned UDR SU Bonds: Rated BBB+/Baa1
4 Maturing on 9/1/26, 2026 UDR 2.9% SU
5 Maturing on 9/1/27, 2027 UDR 3.5% SU
3 Maturing on 1/15/28, 2028 UDR 3.5% SU
4 Maturing on 1/26/29, 2029 UDR 4.4% SU
2025 UDR SU Traded: Bond Page | FINRA.org
%20+$96.22.png){kind=small} |
| 5.125% Maturing 9/1/34 +$96.22 |
E. Eliminated BBDC in Vanguard Account - Sold 100 at $9.1+:
Quote: Barings BDC (BBDC) at MSN Money
Proceeds: $910.25
Management: External
Website: Company Overview
Regular Dividend: Quarterly at $.26 per share
BBDC Dividend History & Date | Seeking Alpha
Last Ex Dividend: 12/3/25 (owned all as of)
Profit Snapshot: $87.19
Last Discussed: Item # 1.D. Eliminated Duplicate Position in BBDC - Sold 20 at $9.49+ (9/13/25 Post)(profit snapshot = $29.18)
Last Buy Discussions: Item # 2.G. Added to BBDC in Schwab Account - Bought 2 at $8.61 (5/16/25 Post); Item # 1.E. Added to BBDC in Schwab Account - Bought 5 at $8.79 (5/2/25 Post); Item # 2.F. Added to BBDC in Vanguard Taxable Account - Bought 10 at $8.67 (12/9/23 Post); Item # 1.A. Added to BBDC - Bought 10 at $8.94 - Vanguard Account (11/25/23 Post); Item # 3.A. Added 40 BBDC at $7.75 - Vanguard Account (7/15/23 Post); Item # 2.F. Added 5 BBDC at $7.21 - Vanguard Account (5/20/23 Post); Item # 2.K. Added 5 BBDC at $7.65 - Vanguard Account (3/19/23 Post)
Last Earnings Report (Q/E 9/30/25): The 2025 4th quarter report is scheduled for release after the market closes on 2/19/25. I may restart a position at less than $8.5 if I have a favorable reaction to that report.
Net asset value per share: $11.1
NII per share: $.32
"non-accruals as of September 30, 2025 comprised 0.4% of the total fair value of our portfolio and 1.1% of the aggregate cost of our portfolio", 10-Q at page 112 Non-accrual loans as of 9/30/25 are discussed at page 113.
Company assessment of credit risks (10-Q at page 112):
 |
| 10-Q at page 136 |
As of 9/30/25, "approximately $1,977.0 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of September 30, 2025, approximately $954.0 million (principal amount) of our borrowings bore interest at variable rates (approximately 58.6% of our total borrowings as of September 30, 2025) under the February 2019 Credit Facility, the February 2029 Notes and the September 2028 Notes."
Last Bond Offerings (9/25): Prospectus $300M 5.2% maturing in 2028; Prospectus (2/24 ) $300M in 7% SU maturing in 2029
Systemic BDC Problems Now: (1) Floating rate loans are priced at spreads to short term interest rates. Starting after the Fed cut the federal funds rate by 50 basis points in September 2024 and continuing through the last cut, the loan coupons have been resetting lower; (2) While the nonaccrual BBDC loans were low as of 9/30/25, many other BDCs started to suffer non-accruals in the 5% to 10% of the total amortized cost with the economy in an expansion phase; (3) BDC loans are almost entirely made to private companies at high interest rates and are inherently risky; (4) bad loans will accelerate when there is a recession and the economy is overdue for one IMO; (5) BDCs are having to refinance SU debt at much higher coupons than the maturing ones and (6) investors are anticipating more FF rate cuts that will result in variable rate loans resetting at lower coupons than now. The much higher coupons on new debt than vintage SU bonds is IMO mostly due to perceived increases in credit risks related to the above referenced factors.
Other Sell Discussions: Item #1.K. Pared BBDC - Sold 10 at $10.76 (3/18/25 Post)(profit snapshot = $18.97); Item # 1.G. Pared Duplicate Position BBDC in Fidelity Account - Sold 6+ at $9.97 and Item 1.H. Sold 5 BBDC at $10.05 - Schwab Account (2/5/25 Post)(profit snapshots = $16.99); Item #2.F. Pared Duplicated BBCE Position - Sold 13+ at $10- Fidelity Account(1/27/24 Post)(profit snapshot = $4.19)
Goal: As with any BDC stock, success is defined as harvesting the dividends and then existing the position at any profit no matter how small.
Owned BBDC SU Bonds: 4 of the 3.3% SU maturing on 11/23/26; Bond Page | FINRA.org
Discussed at Item # 2.E. Bought 2 Barings BDC 3.3% SU Maturing on 11/23/25 at a Total Cost of 99.075 (1/21/26 Post); Item # 4.B. Bought 2 Barings BDC 3.3% SU Maturing on 11/23/26 at a Total Cost of $90.1 (12/9/23 Post)(YTM at TC then at 7.066%)
Fitch Affirms Barings BDC at 'BBB-'; Outlook Stable (7/17/25)
F. Eliminated CENTA: Sold 9 CENTA at $33.8 (partial fill of 10 share limit order); 1 at $34.1:
 |
| Partial Fill 10 share limit order |
 |
| Remaining 1 share |
Proceeds: $338.3
CENTA Detailed Earnings Estimates - Zacks.com
Our Family of Brands | Central Garden & Pet
Last Discussed: Item # 1.G. Started CENTA as a Lottery Ticket - Bought 5 at $28.68; 2 at $28; 3 at $27.5 (9/22/25 Post) I discussed the earnings report for the fiscal quarter ending 9/28/25 in that post. SEC Filed Press Release
Profit Snapshot: $56.4
Dividend: None and none expected.
Last Earnings Report (F/Q ending 12/27/25): This is the first fiscal quarter. Earnings are seasonal.
Revenues: $617M, down from $656M
GAAP E.P.S: $.11, down from $.21
Non-GAAP E.P.S = $.21
Non-GAAP adjustments "totaled $8 million, primarily related to facility closures in the Garden segment, with costs largely associated with lease exit and severance expenses."
Reconciliation:
Cash and cash equivalents: $721M, up from $618
Total Debt: $1.2B
Repurchased 660,000 shares for $18.5M.
CENTA "continues to expect fiscal 2026 non-GAAP diluted EPS of $2.70 or better, reflecting continued margin discipline, cost efficiency initiatives, and portfolio optimization."
Most likely, I am in a small ball trading mode for this stock and will consider restarting a position at less than $29.
G. Pared PEO - Sold 5 at $25.77 - Schwab Account:
Quote: Adams Natural Resources Fund, Inc. (PEO) at MSN Money - Stock CEF
Proceeds: $128.85
I sold my highest cost lot.
Last Discussed: Item # 5 Pared PEO - Sold 10 at $24.27 (1/29/26 Post)(profit snapshot = $15.11) I will not have much to add here.
Last Buy Discussion: Item # 1.E. Added to PEO - Bought 5 at $21.15 (10/18/25 Post)
SEC Filing: Holdings as of 9/30/25
SEC Filed Semiannual Report for the Q/E 6/30/25
Sponsor's website: Adams Funds
Profit Snapshot: $18.35
New Average Cost per share: $21.29 (25+ shares)
 |
| Snapshot after pare/Closing Price as of 2/13/26 |
Dividend: Variable and calculated under a managed distribution policy starting with the 2024 third quarter.
PEO Stock Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend.
Dividends Paid in 2025: $2.05 per share.
Yield Using $2.05 and New AC per share: 9.63%
Last Ex Dividend: 1/26/25 at $.495 per share
Data Date of 2/11/26 Trade:
Closing Net Asset Value per share: $28.66
Closing Market Price: $25.77
Discount: -10.71%
Average 3 Year Discount: -13.19%
Sourced: PEO - CEF Connect (Click "Pricing Information" Tab)
WTI Crude Oil Prices - 10 Year Daily Chart | MacroTrends
Natural Gas Prices - Historical Chart | MacroTrends
Largest Gain: Item # 1. Eliminated PEO - Sold 182+ at $22 (1/16/23 Post)(profit snapshot =$853.23)
Realized PEO Gain: $1,312.43
H. Pared EXG - Sold 10 at $9.74:
I sold my highest cost shares.
Proceeds: $97.41
Profit Snapshot: $35.74
New Average cost per share this account: $6.04 (108+ shares)
 |
| Snapshot Intraday on 2/11/26 after pare |
Dividend: Monthly at $.0657 per share ($.7884 annually)
EXG Dividend History & Date | Seeking Alpha
Minor ROC Support, mostly supported over the past year by capital gains.
Yield at $6.04: 13.05%
Last Ex Dividend: 2/17/26
Data Date of 2/10/26 Trade:
Closing Net Asset value per share: $10.26
Closing Market Price: $9.69
Discount: -5.56%
Average 3 Year Discount: -9.03%
Sourced: EXG - CEF Connect (Click "Pricing Information" Tab)
I. Pared GTY in Fidelity Account - Sold 5 at $32.7:
Quote: Getty Realty (GTY) at MSN Money - Net Lease REIT
Proceeds: $163.5
SEC Filed 2025 Annual Report As previously discussed, GTY has some environmental issues, see pages 26-28. One issue is whether GTY, as an owner of gas stations, is responsible for alleged MTBE contamination of the groundwater and private wells. MTBE (Methyl tert-butyl ether) was an additive to gasoline that was phased out in the U.S. in 2005. MTBE increased octane levels and reduced tailpipe emissions. The litigation was brought by Pennsylvania and Maryland against 50 or so companies. I am not able to assess whether the potential environmental liabilities will exceed the reserves already taken by GTY.
As of 12/31/25, GTY "owned
I mentioned in a comment published on 2/12/26 that investors were responding favorably to GTY's 2025 4th quarter report. While I had a positive response as well, I am somewhat uneasy that the report justifies the entire price spike higher.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.H. Pared GTY - Sold 5 at $18.33 - Highest Cost Lot in Schwab Account (2/11/26 Post)(profit snapshot - $8.18); Item # 1.B. Added to GTY in Fidelity Account - Bought 5 at $25.97; 5 at $25.55 (10/18/25 Post)
Last Buy Discussions: Item # 1.F. Added to GTY in Schwab Account - (1/1/26 Post)(discussed 2025 third quarter report, SEC Filed Press Release); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post)
Profit Snapshot: $13.83
New average cost per share this account: $27 (36+ shares)
 |
| Snapshot Intraday 2/12/26 after pare |
Dividend: Quarterly at $.485 ($1.94 annually), last raised from $.47 effective for the 2025 4th quarter payment.
GTY Dividend History & Date | Seeking Alpha
Yield at $27: 7.185%
Next Ex Dividend Date: 3/26/26
Last Earnings Report (Q/E 12/31/25): SEC Filed Press Release
Revenues: $60.549M, up from $53.016M
GAAP E.P.S. $.45, up from $.39
FFO per share: $.64, up from $.57
AFFO per share: $.63, up from $.60
Reconciliation:
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)
J. Pared GTY in Schwab Account - Sold 5 at $32.15:
See Item # 1.I. above
Proceeds: $160.75
Profit Snapshot: $14.53
New average cost per share this account: $27.05 (41+ shares)
 |
| Snapshot Intraday on 2/12/26 after pare |
Yield at $27.05: 7.172%
K. Eliminated IGR - Sold 50 at $4.9+:
Quote: CBRE Global Real Estate Income Fund (IGR) at MSN Money
Proceeds: $248.24
Last Discussed:
Dividend: Monthly at $.06 per share
Heavy ROC support.
Next Ex Dividend: 2/20/26
Profit Snapshot: $35.49
Data as of 2/12/26:
Closing Net Asset value per share: $4.85
Closing Market Price: $4.92
Premium: +1.44%
Average 3 Year Discount: -3.93%
Sourced: IGR - CEF Connect (Click "Pricing Information" Tab)
L. Pared BMY - Sold 1 at $59.61; 5 at $60.6 - Schwab Account:
Quote: Bristol Myers Squibb (BMY) at MSN Money
Proceeds: $359.91
I sold my highest cost lots.
Website: Global Biopharmaceutical Company
Pharmaceutical research and development pipeline
BMY SEC Filed 2025 Annual Report
Patent Expirations:
 |
| P. 7, Annual Report |
Full Year 2025 vs. 2024 Product Revenues:
Investment Category: Bond Substitute with some dividend growth. This category defines the goal which is to harvest the dividend and to exit the position at a 2% or higher annual return on the shares.
Last Discussed: Item # 1.C. Added 2 BMY at $46.45; 1 at $43.98 - Schwab Account (8/5/25 Post) In that post, I discussed in detail the significant problems that BMY is facing and will not be repeating that discussion here. Given my assessments of those risks, I will significantly limit my monetary exposure
Profit Snapshots: $21.53
New average cost per share: $46.29 (20+ shares)
 |
| Snapshot after last pare/Closing Price 2/12/26 |
Dividend: Quarterly at $.63 ($2.52 annually), last raised from $.62 effective for the 2026 first quarter payment.
BMY Dividend History & Date | Seeking Alpha
BMY has raised its dividend for 17 consecutive years and has paid a dividend for 94 consecutive years. fq
Yield at $46.29: 5.444%
Last Ex Dividend: 1/2/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25)
Revenues: $12.5B
4th Quarter Product Revenues:
GAAP E.P.S. = $.53
Non-GAAP E.P.S. = $1.26
Both GAAP and non-GAAP include "net impact of $(0.60) due to the Acquired IPRD charges and licensing income"
IPRD: In Process Research and Development, a charge related to acquisitions.
2026 Guidance:
Some Sell Discussions: Item # 1.J. Pared BMY - Sold 7 at $62.04 (3/18/25 Post)(profit snapshot = $7.57); Item # 1.A. Eliminated BMY in Fidelty Account - Sold 14 at $74.64 (2/13/23 Post)(profit snapshot = $206.75); Item # 2. Eliminated BMY in Vanguard Taxable Account - Sold 15+ at $77.56 (5/5/22 Post)(profit snapshot = $279.11); Item # 5 Sold 50 BMY at $26.5 (8/9/2010)(profit snapshot = $140.1);
Analyst Reports (available to Schwab customer):
Morningstar (2/5/26): 4 stars with an estimate fair value of $70 and a wide moat.
S&P (2/7/26): 4 stars with a 12 month PT of $69
Argus (1/7/26): Hold. The concern is the patent cliff for 3 drugs this year.
M. Pared BNL - Sold 5 at $19.58 - Schwab Account:
Quote: Broadstone Net Lease (BNL) at MSN Money - Net Lease REIT
Proceeds: $97.9
Management: Internal
Website: Home Page - Broadstone (745 properties with leased occupancy at 99.5% and average weighted lease term of 9.45 years)
10-Q for the Q/E 9/30/25 Debt and interest rate swaps are discussed at page 17 to 21. I do not currently own any BNL SU debt. I will consider purchasing the 2032 5% SU when I can buy closer to the maturity date at a less than a par value price.
FINRA Page for 5% SU Maturing on 11/1/2032; Prospectus (9/25)
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Net Lease Definition and Types—Single, Double, Triple
Last Discussed: Item # 3.A. Eliminated Duplicate Position in BNL - Sold 15 at $18.23 (9/2/25 Post)(profit snapshot = $54.62)
Last Buy Discussions: Item # 4.B. Added to BNL - Bought 15 at $15.75 (2/5/25 Post); Item # 2.E. Added to BNL - Bought 5 at $14.57 (4/26/24 Post); Item # 1.I. Added to BNL - Bought 2 at $14.86 (3/1/24 Post)
Profit Snapshot: $21.29
New Average cost per share: $13.97 (90+ Shares)
 |
| Snapshot after pare/Closing Price as of 2/12/25 |
Dividend: Quarterly at $.29 per share ($1.16 annually), last raised from $.285 effective for the 2024 second quarter.
BNL Dividend History & Date | Seeking Alpha
2025 Dividend Tax Treatment:
Broadstone Net Lease Announces Tax Treatment of 2025 Dividends
Broadstone Net Lease Announces Tax Treatment of 2024 Dividends
Yield at $13.97: 8.3%
Last Ex Dividend: 12/31/25 (owned all as of)
Last Earnings Report: The 4th quarter earnings report is scheduled for release after the market closes tomorrow. I will discuss the report in a comment.
SEC Filed Earnings Press Release for the Q/E 9/30/25
Other Sell Discussion: Item # 1.Q. Pared BNL in Schwab Account - Sold 5 at $17.03 (4/4/25 Post)(profit snapshot = $5.7)
N. Pared NTST - Sold 5 at $19.67 - Schwab Account:
Quote: NetstREIT (NTST) at MSN Money - Net Lease REIT
Proceeds: $98.38
I sold my highest cost lot.
NTST SEC Filed 2025 Annual Report
NTST is an "internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. We also invest in property developments and mortgage loans secured by real estate. As of December 31, 2025, we owned or had investments in 761 properties diversified by tenant, industry, and geography, comprising 129 different tenants across 28 retail sectors in 45 states. This includes three property developments where rent has not yet commenced. We focus on tenants in industries where we believe a physical location is critical to the generation of sales and profits, with a focus on necessity goods and essential services in the retail sector, including grocers, convenience stores, discount stores, home improvement, quick-service restaurants, general retail, and auto parts."
Last Discussed: Item # 2.B. Pared NTST Again - Sold Highest Cost 5 Share Lot at $19.16 (10/25/25 Post)(profit snapshot = $17.34)
Last Buy Discussions: Item # 2.N. Added to NTST - Bought 10 at $13.9 (1/1/25 Post);Item # 1.D. Added 10 NTST at $14.25 (12/26/24 Post)
Profit Snapshot: $21.71
New average cost per share this account: $14.28 (30 shares)
Dividend: Quarterly at $.22 per share ($.88), last raised from $.215 effective for the 2026 first quarter payment. The dividend rate was $.20 throughout 2021.
NTST Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
Yield at $14.28: 6.16%
Next Ex Dividend: 3/16/26
Last Earnings Report (Q/E 12/31/25):
Revenues: $195.006M
GAAP E.P.S. = $.02
Core FFO per share: $.31
AFFO per share: $.33, up from $.32
Reconciliation:
 |
| Page 6, Supplemental |
Occupancy: 99.9%
Weighted average lease term: 10.1 years
Top Tenants: SEC Filed Supplemental at page 14
Other Sell Discussions: Item # 3.B. Eliminated Duplicate Position in NTST - Sold 10 at $18.94 in Fidelity Account (9/2/25 Post)(profit snapshot = $41.19); Item # 4.I. Pared NTST in Schwab Account - Sold Highest Cost 10 Shares at $17.03 (7/9/25 Post)(profit snapshot = $10.3); Item # 4.D. Sold Highest Cost 10 NTST Shares at $16.8 (6/26/25 Post)(profit snapshot = $3.95)
O. Sold 1 VZ at $47.13 - Schwab Account:
Quote: Verizon Communications (VZ) at MSN Money
Proceeds: $47.13
I sold my highest cost lot.
VZ Detailed Earnings Estimates - Zacks.com (As of 2/13/26, the average 2026 E.P.S. estimate was at $4.88 and at $5.21 in 2027)
Investment Category: Bond Substitute with some dividend growth. The general goal is harvest the dividends and exit the position with an annualized 2% or higher gain on the shares. I try to keep VZ on a short leash since I have primarily a negative opinion about the stock based on the following considerations: (1) very high debt levels in a competitive industry that frequently erupts into price wars and lower costs to consumers; (2) high ongoing capital expenditures and labor costs; and (3) the slowing of VZ dividend growth.
Profit Snapshot = $5.01
Last Discussed: Item # 1.K. Added to VZ in Schwab Account - Bought 3 at $40.38 (10/25/25 Post)
New average cost per share: $35.43 (15+ shares)
 |
| Snapshot after pare |
Dividend: Quarterly at $.7075 per share ($2.83 annually), last raised from $.69 effective for the 2026 second quarter payment.
VZ Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
Yield at $35.43: 7.988%
Last Ex Dividend: 1/12/26 (owned all as of)
Investors have responded favorably to this report.
Revenues: $36.381B, up from $35.681.
GAAP E.P.S. $.55, down from $1.19
Adjusted E.P.S. $1.09, down from $1.1
Reconciliation:
2025 GAAP E.P.S. = $4.06, down from $4.14
2025 Non-GAAP E.P.S. $4.71, up from $4.59
2025 Free Cash Flow: $20.1B, up from $18.8B
In January 2026, VZ completed its acquisition of Frontier Communications. Verizon completes acquisition of Frontier Communications - Investing.com
Some Recent Sell Discussions: Item # 1.F. Eliminated Duplicate VZ Position in Fidelity Account - Sold 10 at $45.2 (4/4/25 Post)(profit snapshot = $118.31); Item # 1.C. Sold 17 VZ in Schwab and Fidelity Accounts (3/18/25 Post)(profit snapshots = $94.14); Item # 1.N. Sold 2 VZ at $44.24; 5+ at $44.01 - Fidelity Account (12/5/2024 Post)(profit snapshot = $37.68) The trades in my Schwab account involved selling my highest cost shares that reduced my AC per share to $33.18.
Analyst Reports (available to Schwab customers):
Morningstar (1/30/26): 3 stars with an estimate fair value of $53 and a narrow moat.
S&P (2/2/26): 2 stars with a 12 month price target of $40. This is a sell rating from S&P.
Argus (2/3/26): Buy with a target price of $49.
P. Pared AOD in Fidelity Account - Sold 4 at $10.3+:
Quote: abrdn Total Dynamic Dividend Fund (AOD) at MSN Money - Stock CEF
Proceeds: $41.22
I sold my highest cost lots.
I owned shares in other accounts.
Sponsor's website: abrdn Total Dynamic Dividend Fund | Aberdeen
SEC Filed Shareholder Report for the period ending 10/31/25 AOD information starts at page 15.
Last Discussed: Item # 2.K. Sold Remaining Shares Purchased with Dividends at $8.97 (7/15/25 Post)(profit snapshot = $11.8). Selling shares purchased with dividends at a profit is part of my risk mitigation strategies. I am not thinking long term about the compounding effect given my age.
Last Buy Discussions: Item # 2.C. Bought 10 AOD at $7.81 (4/19/24 Post); Item # 2.A. Bought 5 AOD at $7.95 (2/2/24 Post); Item # 6.D. Added to AOD - Bought 10 at $7.92 (1/20/24 Post); Item # 3.B. Added to AOD - Bought 30 shares at $8.13 (12/30/23 Post); Item # 3.B. Added to AOD - Bought 5 at $7.4 (11/18/23 Post); Item # 3.A. Added to AOD - Bought 10 at $7.33 (10/14/23 Post)
Profit Snapshot: $10.21
New average cost per share this account: $7.66 (200 shares)
 |
| Snapshot Intraday on 2/13/26 after pare |
Dividend: Monthly at $.10
AOD Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
There is some ROC support. Realized capital gains are required to cover the dividend payments with earnings.
Yield at New AC: 15.6658%
Next Ex Dividend: 2/20/26
Data Date of 2/13/26 Trade:
Closing Net Asset Value per share: $10.6
Closing Market Price: $10.36
Discount: -2.26%
Average 3 Year Discount: -11.12% (Click "Pricing Information" Tab)
Other Sell Discussions: Item # 1. Pared AOD - Sold 13+ at $8.84 (8/21/24 Post)(profit snapshot = $9.2, selling only shares purchased with dividends at prices greater than $8).
I have been paring positions in small lots without discussing the trades.
2. Small Ball Common Stock/Stock Fund Buys:
A. Added to NBXG - Bought 10 at $13.34; 10 at $13.2:
Quote: Neuberger Next Gen Connectivity Fund Inc. (NBXG) at MSN Money - Common and Preferred Stock CEF
Cost: $265.38
The sponsor's website is worthless.
NBXG Portfolio | Morningstar Currently rated 2 stars. This page lists the top 22 holdings and is accessible to non-subscribers.
SEC Filed Annual Report for the period ending 10/31/25 Common stocks weighted at 90.9% with preferred stocks at 7.4%. The cost of investments was then at $1.098+B with a market value of $1.366+B. Some of the positions are in private companies.
2025 vs. 2024 Fiscal Years:
The dividends are partially ROC supported.
Last Discussed: Item # 1.E. Added to NBXG - Bought 5 at $13.77 (11/29/25 Post)
New average cost per share this account: $13.96 (45 shares)
 |
| Snapshot Intraday on 2/13/26 after last add |
Reduced from $14.39 this account. I have a lower cost basis in my Schwab account.
Dividend: Monthly at $.12 per share ($1.44 annually), last raised from $.10 effective for the October 2025 payment.
NBXG Dividend History & Date | Seeking Alpha
All dividend were entirely ROC supported over the past year according to CEF Connect.
I did note that the fund did realize substantial gains in last fiscal year but there was an even greater capital loss carryforward. (pages 20 and 25)
During fiscal 2025, the "Fund had utilized capital loss carryforwards of $154,148,714." And that utilization wiped out as support for the dividend almost all of the $157,956,724 in realized gains from investments. No ordinary income was available to support the dividend, the small amount would have been eaten by the fund's expenses.
When addressing this kind of problem from a total return perspective, the goal is to achieve a realized gain based on the unadjusted tax cost basis + the dividends.
Yield at New AC: 10.315%
Last Ex Dividend: 2/17/26 (owned all as of)
Data Date of 2/13/26 Trade:
Closing Net Asset value per share: $15.46
Closing Market Price: $13.4
Discount: -13.66%
Average 3 Year Discount: -14.49%
Sourced: NBXG - CEF Connect
B. Added to HIW in Schwab Account - Bought 5 at $24.53; 5 at $22.3:
Recent History:
I am buying back some of the shares sold at higher prices as reflected in the previous snapshot.
Quote: Highwoods Properties (HIW) atS MSN Money- An Office REIT
Cost: $234.15
Website: Highwoods
Office properties are concentrated in the SE U.S.: Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.
Recent News: Highwoods Announces Investment Activity 2026.pdf (1/12/26 PR)
Last Buy Discussions: Item # 1.D. Added 5 HIW at $25.25 (12/25/25 Post)(discussed 2025 third quarter report; 10-Q for the Q/E 9/30/25 and HIW Announces Third Quarter 2025 Results.pdf); Item # 1.E. Added to HIW - Bought 1 at $18.13, 1 at $17.93; 3 at $17.74 (12/2/23 Post); Item # 1.J. Added to HIW - Bought 1 at $20.2; 1 at $19.85; 1 at $19.31; 1 at $18.87 (10/7/23 Post)
Office REITs have been in a long term bear market starting with the pandemic and the work from home trend.
The decline in February 2026 is traceable to fears about AI eliminating white collar jobs that will over the long term reduce demand for office space. While this is a long term issue, I do not see it as having a material adverse impact for the next 3 years which is currently my best guess. Office real estate stocks tumble as AI disruption casualties in the stock market grow by the day (2/12/26) My concern, however, is sufficient to cause me to have a very low dollar exposure to HIW and to trade the shares frequently to harvest profits.
New Average Cost per share: $21.32 (40+ shares)
 |
| Snapshot after last add |
Dividend: Quarterly at $.50 per share, last raised from $.48 effective for the 2021 3rd quarter payment.
HIW Dividend History & Date | Seeking Alpha
HIW is the only pure Office REIT that did not cut its dividend in response to the demand problems caused by the pandemic. One reason is that its properties are located in the southeast where the work-from-home trend has less of an impact and did not last at peak levels for long.
Office REITs are high risk IMO.
I have turned on dividend reinvestment effective for the next quarterly payment.
Yield at New AC: 9.38%
Last Ex Dividend: 2/17/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
HIW does not file its quarterly earnings press releases with the SEC.
HIW Announces Fourth Quarter 2025 Results.pdf
Managements Prepared Remarks 4Q 2025 Conference-Call.pdf
Revenues: $203.356M
GAAP E.P.S. = $.26
FFO per share: $.9
Reconciliation:
2025 FFO per share: $3.48, down from $3.61 in 2024.
Highwoods does not provide a cash available for distribution number.
2026 Outlook: FFO per share of $3.4 - $3.68 with a year end occupancy of 86.5% - 88.5%
The company projected that FFO per share would be reduced by 7 to 9 cents per share due to these factors:
Last Sell Discussions: Item # 1.G. Pared HIW Again - Sold 3 at $32.34 (9/13/25 Post)(profit snapshot = $32.52): Item # 3.D. Sold 5 HIW at $30.2 - Highest Cost Shares (5/23/25 Post)(profit snapshot = $29.77); Item # 2.B Pared HIW Again - Sold 2 at $36.26 (10/31/24 Post)( profit snapshot = $22.8); Item # 3.F. Pared HIW - Sold 10 at $34.31; 5 at $35.77 (10/16/24)(profit snapshot = $50.6);
Last Elimination: Item # 1.I. Eliminated HIW - Sold 7 at $47.22 (2/3/22 Post)(profit snapshot = $15.31) HIW was holding up far better than other Office REITs one year into the pandemic, but I suspected that would not last.
C. Started VEA as a Placeholder - Bought 2 at $68.82 - Fidelity Account:
Quote: Vanguard Developed Markets Index ETF (VEA)
Cost: $137.27
Last Discussed: Item # 1.G. Eliminated VEA - Sold 3 at $53.37 (10/15/21 Post)(profit snapshot = $45.77)
Vanguard FTSE Developed Markets ETF (VEA)-Morningstar - Currently rated 4 stars.
Sponsor's website: Vanguard FTSE Developed Markets ETF
Expense ratio: .03%
Holdings: 3,893 stocks
Dividends: Paid Quarterly at variable rates.
VEA Dividend History & Date | Seeking Alpha
Last 4 Dividends: $2.01 (the 2025 4th quarter dividend was $1.04, larger than the prior 4th quarter dividends of $.7126, $.6097, $.4875 and $.7693)
Last Ex Dividend: 12/19/25
Top 20 Holdings as of 1/31/26:
D. Bought 1 REYN at $22.59 - Schwab Account:
Quote: Reynolds Consumer Products (REYN) at MSN Money
This company has two primary businesses that have significant market share: Hefty waste bags and Reynolds aluminum wrap. Brands | Reynolds Consumer Products Other brands include Presto, a manufacturer of private label food storage bags, waste bags, reusable containers, and food wrap, many of which are also sold under the Presto name; the Diamond brand products, the Alcan brand products, and the Fresh-Lock brand of products.
REYN Detailed Earnings Estimates - Zacks.com (average E.P.S. estimate at $1.68)
Last Discussed: Item # 2.C. Added 5 REYN at $21.45 (6/12/25 Post); Item # 3.B. Added to REYN - Bought 5 at $22 (6/5/25 Post)
Chart: Bear market starting in September 2024 with no clear signal of an end in sight, though a low near $21 hit in June 2025 appears to a bottom so far IMO
New AC per share: $24.36 (32+ shares)
 |
| Snapshot after add/Closing price as of 2/13/26 |
Dividend: Quarterly at $.23 per share ($.92 annually), last raised from $.22 effective for the 2021 first quarter payment.
REYN Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
I do not anticipate a dividend raise in 2026 or 2027. The company is still struggling with input cost inflation and consumer resistance to price hikes.
I would prefer that the company use more free cash flow to pay down debt and to buy back stock near the current price, as well as reducing its debt load.
Yield at $24.36: 3.777%
Last Ex Dividend: 2/13/26 (owned all as of)
Last Earnings Report (Q/E 12/30/25):
Maximum Position: 50 shares with the purchase restriction modified to each subsequent buy must reduce my average cost per share from each new buy must be at the lowest price in the chain. That chain is partly due to my reading of the chart that indicates a bottom may be forming near $20.
Sell Discussions: Item # 2.A. Eliminated REYN - Sold 40+ at $29.64 (3/1/2024 Post)(profit snapshot = $60.56); Item # 4.F. Eliminated Duplicate REYN in Schwab Taxable Account - Sold 20+ at $32.55 (12/6/22 Post)(profit snapshot = $95.96)
REYN Realized Gains to Date: $156.52
I do not have access to any analyst reports.
3. Treasury Bills Purchased at Auction: 38
The investment rates on the 3, 4 and 6 month T Bills are not consistent with a .25% cut in the FF range prior to September.
A. Bought 10 Treasury Bills at that 2/11/26 Auction:
%206:16:26%20.png)
119 Day Bills
Mature on 6/16/26
Interest $118.83
Investment Rate: 3.689%
B. Bought 20 T Bills at the 2/17/26 Auction:
%208:20:26%20.png){kind=small}
182 Day Bills
Mature on 8/20/2026
Interest: $353.89
Investment Rate: 3.613%
C. Bought 8 T Bills at the 2/17/26 Auction:
%205:21:26%20.png)
91 Day Bills
Mature on 5/21/26
Interest: $72.8
Investment Rate: 3.684%
4. Exchange Traded First Mortgage Bond:
A. Bought 10 EAI in Schwab Account at $21.23:
Quote: Entergy Arkansas LLC (EAI) - First Mortgage Bond
Cost: $212.3
Last Discussed: Item # 4.A. Added to EAI in Schwab Account - Bought 10 at $21 (1/15/26 Post)
I intend to sell my highest cost 10 shares later this year or in 2027 when and if the price goes over $24.
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
Investment Category: Exchange Traded Baby Bonds Trade like a stock on the stock exchange.
Par Value: $25
Coupon: 4.875%
Maturity: 9/1/66
Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021. Interest rate risk is asymmetric in favor of the issuer.
Credit Risk: Low IMO
Credit Ratings: A2/A
Interest Rate Risk: High IMO
Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment)
Interest Payments: Quarterly
Average cost per share this account: $21.42 (110 shares)
 |
| Snapshot after add/Closing Price as of 2/13/26 |
Yield at AC: 5.69%
Calculation: .04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $21.42 average cost per share = 5.6898%.
This exchange traded FM bond last traded over $25 in March 2022. As interest rates started to rise, the price fell. Starting in September 2022, th price has moved mostly in a $20 to $22 price range with a brief dip sligthly below $20 in October 2023.
I own several Entergy Arkansas $1,000 par value first mortgage bonds. Those trade in the bond exchanges.
I owned 5 Entergy Arkansas FM bonds that would have matured on 4/1/26, but were called early on 2/6/26. Snapshots are in my last post, located just above Item # 1.
A. Bought 5 Knoxville, TN. 3% Electric Revenue Bonds Maturing on 7/1/42 at a Total Cost of 86.963:
%203%25%207:1:42.png)
Principal Amount: $4,348.15
Accrued Interest Paid to Seller: $19.17 (recouped in next semiannual payment)
Emma Page
This is a revenue bond, and is not an obligation of the City of Knoxville. Interest is payable solely out of the net revenues from Knoxville's electric system.
Tennessee is a public power state. Distribution systems are owned either by entities created by cities or by rural electric cooperatives that are owned by their customers. Power is purchased from TVA owned by the U.S. government.
Audited Financial Information Fiscal Year Ending 6/30/25
 |
| In Thousands |
EMMA stands for Electronic Municipal Market Access and is similar to FINA except the EMMA website has far more information about municipal bonds than FINRA now has for corporate bonds.
Credit Ratings: Aa2 by Moody's; AA- by S&P
Optional Redemption: On or after 7/1/25 at par value + accrued and unpaid interest
Current Federally Tax Free Yield at Total Cost: 3.45%
YTM at Total Cost: 4.101%
When the principal amount is paid off at maturity or at an early redemption, it is my understanding that the profit of $651.85 will not be taxed as a long term capital gain but as ordinary income.
I have run out of options for buying a AA or better rated Tennessee Municipal Bond at less than par value and a current tax free yield greater than 4%. This purchase at least gives me a 4.101% YTM and defers tax recognition of the profit until redeemed by the issuer at its option.
I now own 15 bonds.
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.
No comments:
Post a Comment