Dollar Values of Trades Discussed in this Post:
Inflow Common Stock Purchases (Item # 2): $209.49
Outflow Common Stock/Stock Fund Sales (Item # 1): $2,869.79
I am continuing to slightly reduce my stock allocation and to reallocate into more purchases of alternative income producing assets with the primary focus being a steady increase in my overall T Bill allocation which is already substantial. The T Bill purchases are simply an alternative to keeping cash in broker sweep accounts while I wait for better opportunities in risk asset purchases.
Realized Gain Stock/Stock Fund: $628.19 (restrained some by selling highest cost lots in equity REIT stocks)
Net Outflow Common Stocks/Stock Funds: $2,660.3
Treasury Bills Purchased at Auction (Item # 3): $35,000 in principal amount
Inflow REIT Equity Preferred Stocks (Item # 4): $1,164.3
Inflow Bond ETFs (Item # 6): $457.22
Inflow Leveraged Junk Bond/Senior Loan ETF (Item # 5): $48.85
Is the Market Still Overvalued? - dshort - Advisor Perspectives
Shiller PE Ratio - Multpl - Near the all time high hit in early 2000.
Valuations are excessive without taking into account that the U.S. President, is both crazy and completely untethered from reality IMO, made worse by his pre-existing psychopathy, early stage dementia, unwillingness to learn and his inability to make decisions using accurate information, his steadfast belief in demonstrably false information and reliance thereon, and his exceedingly strong authoritarianism, frequently resulting in actions harmful to the U.S., with no checks by the republican dominated House and Senate.
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Economy:
Tariffs:
Supreme Court strikes down Trump tariffs in rebuke of signature policy No guidance was given on refunds for the illegally imposed republican tariff taxes on U.S. importers. Opinion: Learning Resources, Inc. v. Trump (02/20/2026).pdf I would note that the Supreme Court held in 1824 that a tariff is tax which is an Article 1 power reserved to Congress:
Trump has already indicated that he will cause a delay in refunds stating that the refund process "will end up being in court for five years", notwithstanding the tariffs being illegally imposed by him.
While Trump may be able to interfere with how the Customs Bureau processes refunds, I would note that Trump does not control Court of International Trade which is the court with jurisdiction on that issue and whose 3 judge panel initially found the IEEPA tariffs unlawful. There is always a question with Trump whether or not he will obey a court order.
Trump has no respect for the law and will repeatedly violate his Article 2 constitutional duty to insure that the laws are faithfully executed by him. Any law that impedes his power to do whatever he wants is in Trump's America (unrecognizable to me) anti-American.
Trump has clearly expressed his intent to obstruct refunds of illegally imposed tariffs. Supreme Court Overturns Trump’s IEEPA Tariffs & Supreme Court Strikes Down IEEPA Tariffs—What Now? (both articles discuss processes for refunds); Companies fought for tariff refunds even before Supreme Court decision Trump tariff refunds: What to expect as fight for billions begins
When there are refunds, consumers who paid all or part of the tariffs through increased prices will not receive a refund, unless the customer has a contract that specifically identifies the tariff increase as refundable.
As I mentioned in a comment published on 2/20/26, I view this development as a positive for U.S. GDP growth and inflation, but a negative on the long term outlook for U.S. government debt and deficit spending as well as for the U.S.D. as a long term store of value.
I was already extremely pessimistic on the long term forecast for U.S. debt and the USD. The current estimate is that the U.S. government's budget deficit was $1.7 trillion for calendar year 2025, and that was with the revenues from the illegally imposed tariff taxes. 12-Month Rolling Deficit is $1.7 Trillion in Calendar Year 2025
Trump claimed that the Supreme Court was influenced by "foreign interests" and more on that subject will be disclosed at some point or so he claimed.
Trump called the 6 Justices who ruled against him "fools and lap dogs for the RINOs and radical left Democrats".
Continuing his disturbed 8 year old temper tantrum, Trump said the decision was an "extraordinarily anti-American decision" and that the decision was an "embarrassment to their families, if you want to know the truth". {when has Trump told the truth?}
The IEEPA statute does not mention the word tariff, which is a tax. In the Court's opinion, Justice Roberts wrote that this statute does not authorize a President to "impose tariffs on imports from any country, of any product, at any rate, for any amount of time." That is clear.
The republican position is that the President, as long as his name is Trump, has the power to unilaterally usurp the Article 1 power of Congress to impose taxes and tariffs and to levy taxes on U.S. consumers and companies without express authorization from Congress. If any restraint is placed on that Kingly power, it is extraordinarily unAmerican according to the GOP's absolute ruler.
Trump attacks Supreme Court justices after he is handed a major tariff loss - POLITICO; Trump: The Supreme Court has been swayed by foreign interests - YouTube; Trump: "The court has given me the unquestioned right... to destroy foreign countries" - YouTube; 'Fools and lap dogs:' Trump attacks Supreme Court justices after tariff ruling - YouTube; Trump ups worldwide tariffs to 15%, lashing out at Supreme Court - USA Today
Three of the Republican Justices, Alito, Thomas and Kavanaugh, confirmed in their dissents that they are pure 100% Monarchists. How Kavanaugh Became Trump's Most Loyal Justice - YouTube
The other 3 Monarchists have carved out a tiny exception, drawing a very thin line that at least prevents the American King from imposing taxes without specific congressional authorization. Some may even remember from the grade school U.S. history class something about "taxation without representation" as being a reason for the American Revolution.
Other provisions in the Trade Act of 1974 that would permit Trump to impose tariffs subject to limitations and restraints:
Section 122 of the Trade Act of 1974:
Trump announces 10% global tariff after raging over Supreme Court loss That lasted for almost a day. Fact Sheet: President Donald J. Trump Imposes a Temporary Import Duty to Address Fundamental International Payment Problems – The White House According to this WH statement, the new tariff was at 10%, excluding certain products, and was to take effect on 2/24/26 at 12:01 A.M. EST.
Within one day of this EO, Trump increased the 10% to 15% in another Truth Social post rage rant. Trump to hike global tariffs to 15% from 10%, 'effective immediately'; 'Literally a lie': Economist thrashes Trump's 'best story' about the economy - YouTube
The 15% tariff can last for 150 days, but requires congressional approval thereafter. This statute is referred to as section 122 of the Trade Act of 1974. 19 U.S. Code § 2132 - Balance-of-payments authority; How Trump’s Tariffs Could Survive the Supreme Court Ruling | Council on Foreign Relations
The EU and several foreign countries have already commented that this new tariff creates confusion and may amount to U.S. violations of recently negotiated trade deals before the ink has had time to dry. EU Parliament puts US trade deal on ice after latest Trump tariff hit – POLITICO; EU, UK warn Trump trade deals are at risk as new 15% tariff introduced; Trump threatens ‘more powerful and obnoxious’ tariffs, amid confusion in UK and EU
There are two reasons for that concern. Trump claimed that the 15% would be on top of existing tariffs, excluding a few product categories, and the 15% is higher than some recently negotiated maximum limits.
If Trump tacks on 15% to an agreed upon 15% tariff, and has made it clear that he is considering other tariffs, then every foreign country will come to the only conclusion possible. Trump is totally untrustworthy and that means the U.S. cannot be trusted to honor any trade deal.
There is no urgent need to temporarily correct a "large and serious" balance of payments deficits. Levying the 15% tariff against products exported by all countries is subject to legal attack as being overbroad, since many of those countries do not have a large and serious balance of payments deficit with the U.S.
Trump is simply abusing his authority again with his juvenile reptilian viper brain acting out of spite, ignorance and a mental inability to factually assess the pros and cons of what he is doing. The section 122 tariffs will not have any material impact on the balance of payments deficits and may actually increase them. I am predicting that the 15% tariff for 5 months will increase the total balance of payments deficit.
Tariffs, But Make It Temporary: Why Wolfers Calls This Policy “Economically Bankrupt” - YouTube Wolfers is correct that this temporary tariff serves no purpose other than to tax products imported by U.S. companies. It is an idiotic economic policy.
I doubt that Congress will vote to extend the 150 day period.
Many republicans will not want to actually vote on imposing tariff taxes on U.S. companies, particularly just before the midterm election, even though they were content in Trump doing so.
The vote may require 60 votes in the Senate to break a filibuster, although I have not research that issue yet.
If Congress does not extend the period, Trump may try to allow the section 122 global tariffs may try to impose them again for another 150 days after they lapse. This will be quickly prevented IMO by a court with an injunction since it would raise the same legal issue addressed by the Supreme Court in its IEEPA ruling about President's ability to levy a tax that is not specifically authorized by Congress. Without an extension passed by Congress Trump's authority under this section to levy tariffs would clearly lapse.
Section 232 of the Trade Act of 1974: 19 U.S. Code § 1862 - Safeguarding national security (Sector Tariffs): Those tariffs can be challenged on the grounds that the Presidential determination that the imports threatened national security was not supported by facts (e.g. tariffs on bathroom vanities). Trump is abusing his authority under this section as well, but courts will be reluctant to disagree with a President's decision on national security. These tariffs are not impacted by the Supreme Court's decision that Trump acted illegally under the International Emergency Economic Powers Act (IEEPA), 50 U.S. Code Chapter 35
Section 301 of the Trade Act of 1974: Section 301 of the Trade Act of 1974 | Congress.gov | Library of Congress Trump is operating under an incorrect interpretation of this statute which is not grant broad tariff authority to the President or the U.S. Trade Representative. Section 301 of the Trade Act of 1974, as Amended | U.S. GAO; Section 301 won’t save Trump’s tariffs if the Supreme Court strikes them down There has to be a lengthy investigation process with a finding particular to each foreign country that it has discriminated against U.S. commerce and the amount of the tariff will have to be specifically linked to the amount of discrimination found. Trump will abuse the authority granted under this section. Those opposing tariffs under this section will be able to build a record that can be reviewed by a court that the claimed discrimination does not exist.
Trump is on a course to create an even bigger tariff mess than he has created to date. His actions will continue the uncertainty that has negatively impacted business decisions, will create illegal obstacles and expenses for American businesses seeking refunds of unlawfully imposed tariffs, and will further delay a retrenchment of the pass through of the tariff taxes in consumer prices.
If Congress wants to levy tariff taxes on U.S. companies and consumers, then let them vote on doing it, but that would require the republicans to go on record voting for massive tax increases.
The Supreme Court could have eliminated all of these issues by simply holding that the Constitution does not permit Congress to delegate to the President a clearly articulated Article 1 power reserved to Congress. Could Congress pass legislation, for example, that allowed the President to change the tax laws without congressional approval? The answer should be no.
After Trump leaves office, Congress needs to repeal all of the laws that grant the President any tariff authority. Taxes must be approved by Congress or not at all.
Trump: Based on a lack of support, in particular for the unbelievably successful TARIFFS imposed on Foreign Countries and Companies which has made America Richer, Stronger, Bigger and Better than ever before. I am hereby WITHDRAWING my Endorsement of RINO Congressman Jeff Hurd, of Colorado's 3rd District, and fully Endorsing Highly Respected Patriot, Hope Scheppelman, to take his place in Congress". (emphasis added). The primary is on 6/30. Trump is delusional. Apparently Mr. Hurd was not subservient enough to the GOP's Dear Leader. Rep. Jeff Hurd loses Trump's endorsement over tariffs vote The Colorado third congressional district is competitive.
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4th Quarter GDP - 1st Estimate and December PCE Inflation:
Real GDP grew at an annualized rate of 1.4% in the 2025 4th quarter, with the consensus estimate at 2.5%. The 2025 4th quarter estimate is subject to revision.
If unchanged after revisions, 2025 real GDP rose 2.2% in 2025, down from 2.8% in 2024:
"Real GDP increased 2.2 percent in 2025 (from the 2024 annual level to the 2025 annual level), compared with an increase of 2.8 percent in 2024. The increase in real GDP in 2025 primarily reflected increases in consumer spending and investment." emphasis supplied ) GDP (Advance Estimate), 4th Quarter and Year 2025 | U.S. Bureau of Economic Analysis (BEA); Discussed at Fourth-quarter U.S. GDP up just 1.4%, badly missing estimate; inflation firms at 3%
The government also reported last Friday its estimate for personal consumption expenditure price inflation in December 2025. Personal Income and Outlays, December 2025 | U.S. Bureau of Economic Analysis (BEA):
"From the preceding month, the PCE price index for December increased 0.4 percent. Excluding food and energy, the PCE price index also increased 0.4 percent. From the same month one year ago, the PCE price index for December increased 2.9 percent. Excluding food and energy, the PCE price index increased 3.0 percent from one year ago."
Both PCE Inflation and Core PCE Inflation Month-To-Month: +.4%, up from +.2%.
‘The WORST!!!’ Trump Rages Over Disappointing Economic News
Who Pays the Republican Tariff Taxes:
Top Trump advisor Kevin Hassett furious about true cost of tariffs being revealed, vows to punish New York Fed for 'worst paper ever in history', republication of an article in Fortune. Hassett is simply a Trump shill who believes that calling the New York Fed study the worst paper ever in history is a rebuttal and then threatens to punish the authors. Kevin Hassett Threatens Researchers Over Ugly Trump Numbers Hassett did not offer any cogent or accurate reasons why the study was the worst paper ever written. In Trump's America, it suffices to simply resort to name calling and threats as a substitute for fact based analysis. Hassett is referring to this study: Who Is Paying for the 2025 U.S. Tariffs?
The conclusions reached by the NY Federal Reserve study are consistent with other ones. The problem is that Trump and his acolytes will never admit that U.S. companies and consumers are paying the republican tariff taxes. It is irrelevant how many studies prove that point.
See also, Tracking the Economic Effects of Tariffs | The Budget Lab at Yale
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CBO’s February 2026 Budget and Economic Outlook-Wed, 02/11/2026 - 12:00 | Committee for a Responsible Federal Budget Annual budget deficits will exceed $3 trillion by 2036 with annual interest costs soaring to an estimated $2.1 trillion according to the CBO, which I view as far too low. Annual interest payments in the $2.8T to $3T in 2036 seem more likely than less than $2.1B. The CBO is too sanguine about the interest rates the government will have to pay to refinance the debt and to finance the budget deficits.
Japan exports growth surges nearly 17% in January as shipments to China surge China will be the major beneficiary of Trump's tariff wars.
U.S. trade deficit totaled $901.5 billion in 2025, despite Trump tariffs; U.S. trade deficit totaled US$901 billion in '25 despite tariffs - YouTube This was a slight decline of .2% from 2024 deficit of $904.5B. U.S. International Trade in Goods and Services, December and Annual 2025 | U.S. Bureau of Economic Analysis (BEA); Balance of Payments for United States - 2026 Data 2027 Forecast 2008-2030 Historical
Trump's 10% tariff under section 122 will likely IMO increase the balance of payment deficit as U.S. companies accelerate imports prior to Trump being able to implement Section 301 tariffs.
US trade deficit widened; 2025 goods trade gap highest on record- USA Today Goods imports increased by 4.3% in 2025, with the total reported at $3.44 trillion.
Subprime borrowers fuel surge in personal loans, TransUnion finds
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Trump and His Deeply Authoritarian Party:
Our Dear Leader, who is a psychopathic and demagogic authoritarian IMO, demanded that Netflix fire its Board member Susan Rice or "pay the consequences". Netflix needs the government's approval to acquire Warner Brothers. Rice offended God's Chosen One by recently stating "it is not going to end well" for corporations, media organization and law firms to "bend the knee" to Trump. Trump demands Netflix fire Susan Rice as DOJ probes Warner deal
Trump on Truth Social: "Netflix should fire racist, Trump Deranged Susan Rice, IMMEDIATELY, or pay the consequences" The Republican Messiah, or so I am told, went on to say that Rice has "no talent or skills - Purely a political hack! HER POWER IS GONE, AND WILL NEVER BE BACK. How much is she being paid, and for what??? Thank you for your attention to this matter. President DJT"
So Netflix will have to fire Susan Rice from its Board or risk being blocked by Trump from completing the acquisition of Warner Brothers. Nothing could be clearer from Our Dear Leader's threat.
{What you need to know about Trump’s settlement with Paramount | The Free Speech Center; Paramount’s Trump Lawsuit Settlement: Curtain Call for the First Amendment? | Knight First Amendment Institute Republicans have no problem with any of this - at least when Trump is doing it. They would not be silent if done by a Democrat President. Their hypocrisy has no boundaries.}
Herrera-Complaint-CLC | DocumentCloud'; Corrupt bargain': Federal complaint says foreign billionaire used illegal 'straw donor' scheme to purchase pardon from Trump This complaint alleges that money was funneled by a foreign citizen into a Trump PAC. A Trump pardon was then given.
CBS blocks James Talarico interview by Stephen Colbert Talarico is running as a Democrat for a U.S. Senate seat in Texas.
Report: U.S. Attorney Jeanine Pirro applied pressure to indict Democratic lawmakers over video - YouTube This effort could only occur in a government controlled by a fascist.
Minnesota judge holds lawyer for DOJ in contempt as tensions flare over immigration cases - CBS News
Woman detained by ICE after Hawaii visit shares experience online - YouTube
Another U.S. Appellate Court rebuke of Trump's DOJ: Khanal v. Bondi, No. 14-1572 (1st Cir. 2026)
Trump: "I flew to Iraq. I was extremely brave. So brave I wanted to give myself the Congressional Medal of Honor ... someday I'm gonna try. I'll test the law."
Trump Nods Off In Public Again — And It's Embarrassing
Trump Claims He Yelled at Emmanuel Macron In Wild Phone Call Trump is constantly making up conversations that never took place. Consequently, it is impossible to know whether he yelled at and threatened France's President.
Giant Trump banner hanging outside DOJ building stirs strong reactions online: ‘Full blown North Korea vibes’ | The Independent Trump gives off a number of North Korean vibes. His cabinet meetings are another example as his minions heap praise on their Dear Leader.
The GOP’s Nazi Problem=The Atlantic Throughout his political career, Trump has used rhetoric associated with Nazi propaganda. How Trump's rhetoric compares to historic fascist language - YouTube; Trump’s Rhetoric Echoes Hitler - Harvard Political Review; Union leaders accuse Trump labor department of echoing Nazi rhetoric (1/14/26); my videoa published over 1 year ago, Trump's Fascist Rhetoric - YouTube; Mark Milley Says Trump is a "Fascist to The Core" My Historical Analysis - YouTube; Retired 4 Star Marine General John Kelly Calls Trump a Fascist on the record - YouTube
In a 9/15/2011 Post, The Road to Political Power: Lying Works, long before our Dear Leader came to power, I discussed why lying is a path to political power in the U.S. because tens of million will believe them, even those that are easily proven to be false.
What Trump's ascent to near absolute and unchecked power has confirmed is that making false and misleading claims about almost everything all the time works even better. And why is that?
Dad Dies of Pneumonia After Being Detained and Deported by ICE, Family Says Cruelty is the objective.
NEW HIT SONG - I'm Exonerated - YouTube
Everyone Is 12 Now Except the King, Who Is 8 That is a generous 8.
Labor secretary’s husband banned from HQ after 2 staffers accuse him of sexual assault
Why would I reward anyone who voted for Trump in 2024 by purchasing any product or service offered by them during his second term or at any time for the remainder of my life? I will not do so. Voting for Trump in November 2024, when his authoritarian nature, character and mental condition were so obvious, is unforgivable.
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Preferred Stock Redemption: 30 Shares of TECTP ($10 par value)
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| $300 Redemption Proceeds |
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| Last Quarterly Dividend |
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I discuss paring several equity REIT positions in Item # 1. Equity REIT Common and Preferred Stock Basket Strategy
1. Small Ball Common Stock Sells:
A. Eliminated KW - Sold 30+ at $10.86:
Proceeds: $332.99
Profit Snapshot: $124.53
I discuss the reason for this elimination in a comment published on 2/17/26.
Kennedy-Wilson (KW) is being acquired for $10.9 per share in cash. SEC Filing
B. Pared KIM in Fidelity Account - Sold 10 Shares at $23.03+:
Quote: Kimco Realty (KIM) at MSN Money
Proceeds: $230.35
Kimco is a "real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 65 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of December 31, 2025, the company owned interests in 565 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space."
Website: Kimco Realty
Last Discussed: Item # 1.B. Added to KIM in Fidelity Account - Bought 10 at $20 (11/29/25 Post)
Other Recent Buy Discussions: Item # 1.H. Added to KIM in Fidelity Account - Bought 5 at $20.33 (11/15/25 Post); Item # 1.B. Added to KIM in Vanguard Account - Bought 10 at $20.18 (11/8/25 Post)(discussed 2025 3rd quarter report); Item # 1.B. Started KIM in Vanguard Account - Bought 10 at $21.25 (10/11/25 Post); Item # 1.A. Started KIM in Schwab Account - Bought 10 at $18.05; 5 at $15.58 (4/19/24 Post)
Profit Snapshot: $17.09
New Average cost per share this account: $20.19 (40+ Shares)
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| Snapshot Intraday on 2/17/26 after oare |
Reduced from $20.42
Dividend: Quarterly at $.26 per share ($1.04), last raised from $.25 effective for the 2025 4th quarter payment.
KIM Dividend History & Date | Seeking Alpha
The dividend was slashed from $.28 per share to $.10 effective for the 2020 third quarter payment.
While understandable, I would emphasize that the pandemic ended several years ago, and the current penny rate is still below the 2020 second quarter payment of $.28 per share which is a major negative for me.
Until KIM surpasses $.28, I do not view any increases off $.10 to be a dividend raise.
Yield at New AC of $20.19: 5.15%
I view this yield as attractive only in a low interest rate environment where the 10 yield treasury yield is below 5%.
2025 Dividend Tax Information:
Kimco Realty Corporation Announces 2025 Dividend Tax Treatment | Kimco Realty
$.983796 of the $1.01 per share total was classified as an ordinary and Section 199A dividend
Last Earnings Report (Q/E 12/31/25):
Revenue: $542.456M, up from $525.397M
Occupancy at 96.4%
GAAP E.P.S. = $.21, down from $.23
FFO per share: $.44 up from $.42
Reconciliation:
2025 FFO per share: $1.76, up from $1.65 (+6.67%)
Repurchased 3.1M shares during the quarter at a weighted average cost of $19.96.
2026 Guidance: FFO per share of $1.8-$1.84
Kimco Realty Corporation (NYSE:KIM) Q4 2025 Earnings Call Transcript - Insider Monkey
Other KIM Positions in Taxable Accounts: I also own some KIM shares in my Vanguard and Schwab taxable accounts:
I am reinvesting the dividend in my Schwab Account:
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| AC Per Share at $18.03/Closing Price as of 2/20/26 |
I am not reinvesting the dividend in my Vanguard Account:
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| AC per share at $20.71 |
Currently Owned SU Bond: 2 Kimco 3.25% SU Maturing on 8/15/26: Bond Page | FINRA.org, originally issued by Weingarten Realty that was acquired by Kimco. Moody's recently upgraded Kimco debt to A3 with S&P now at A-. Those are high grades for a REIT. Item # 3.D. Bought 2 Kimco 3.25% SU Maturing on 8/15/26 at a Total Cost of 97.571 (12/12/24 Post)
2025 KIM SU Maturities: +$165.32 (6 bonds)
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2024 KIM SU Maturities: +$47.98 (4 bonds)
%20+$32.5%20.png){kind=small}
%20+$15.48%20.png){kind=small}
C. Pared GTY Again - Sold 5+ at $33.93:
Quote: Getty Realty (GTY) at MSN Money - A Net Lease REIT
Proceeds: $193.2
I sold my highest cost shares including the fractional share bought with the last quarterly dividend payment.
Profit Snapshot: $32.18 (2/17/26 sale only)
New Average cost per share this account: $26.76 (30+ shares)
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| Snapshot Intraday on 2/17/26 after pare |
Dividend: Quarterly at $.485 per share ($1.94 annually)
GTY Dividend History & Date | Seeking Alpha
Yield at $26.76: 7.25%
Increased from 7.185%
I discussed this REIT in my last post. Item # 1.I. Pared GTY in Fidelity Account - Sold 5 at $32.7 (2/17/26 Post)(profit snapshot = $13.83)
The stock declined on 2/18/25 due to a stock offering. Prospectus
D. Pared VOD - Sold 16+ at Prices Indicated in Snapshot:
Quote: Vodafone Group (VOD) at MSN Money
Proceeds: $258.83
I sold my highest cost shares
Recent News: Vodafone sells stake in VodafoneZiggo to Liberty Global
Share Repurchase Authorization: Up to €500M, SEC Filing
VOD Detailed Earnings Estimates - Zacks.com
Profit Snapshot: $103.84
New average cost per share: $8.69 (40+ Shares)
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| Snapshot Intraday on 2/17/26 after pare |
Dividend: Semiannual and recently slashed.
VOD Dividend History & Date | Seeking Alpha
Last 2 Dividends: $.5316
Yield at $8.68 Using 2025 Annual of $.5316: 6.117%
Vodafone reports earnings on a semiannual basis. The last report was called a "Trading Update" for the 2026 third fiscal quarter. SEC Filing I find that approach to be annoying and will not repeat the content of that release.
E. Pared SAFE in Schwab Account - Sold 5 at $16:
Proceeds: $80
"Ground leases generally represent the ownership of land underlying commercial real estate projects that is net leased on a long-term basis (base terms are typically 30 to 99 years, often with tenant renewal options) by the fee owner of the land (landlord) to the owners/operators of the real estate projects built thereon."
Safehold's ground leases "provide for contractual periodic rent escalations and in some cases percentage rent participations in gross revenues generated at the relevant properties." Safehold 2025 SEC Filed Annual Report at page 1.
"As of December 31, 2025, the percentage breakdown of the gross book value of our portfolio was 42% multi-family, 39% office, 11% hotels, 6% life science and 2% mixed use and other." Annual Report at page 30
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| Annual Report at page 32 |
Current Safehold Portfolio | Safehold
Last Buy Discussions Item # 1.F. Added to SAFE in Fidelity Account - Bought 5 at $12.95 (11/29/25 Post); Item # 1.A. Added to SAFE in Schwab Account - Bought 5 at $13.1; 5 at $12.85 and Item # 1.B. Added to SAFE in Fidelity Account - Bought 5 at $13.3 (11/15/25 Post)(discussed the 2025 third quarter report, SEC Filing)
Safehold Receives Credit Ratings Upgrade to A- from S&P Global Ratings (11/24/25)
Profit Snapshot: $2.58
New average cost per share this account: $14.24 (50+ shares)
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| Snapshot Intraday on 2/17/26 after pare |
Reduced from $14.35
I have a smaller position in my Fidelity account with an average cost per share at $13.33.
Dividend: Quarterly at $.177 ($.708 per share)
Tax Treatment of 2025 Dividends:
ROC at $.232 of the total.
Safehold Announces Tax Treatment of 2025 Dividends
Yield at $14.24: 4.97%
This dividend is at best slightly attractive given the yield on the ten year treasury note, which is currently near 4%. A negative is a lack of any dividend growth since this penny rate was started in 2023.
Last Ex Dividend: 12/30/25 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
As a ground lease REIT, SAFE will not have depreciation expenses that will be added back to GAAP earnings in a FFO calculation.
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $97.9M
GAAP E.P.S. = $.39
Non-GAAP E.P.S. = $.42, up from $.36
The adjustment was for a $2.2M loss resulting from early extinguishment of a debt. This can occur when a company redeems a relatively high coupon bond at a premium to par value or pays off early a mortgage with a prepayment penalty.
I am only aware that Safehold paid off $227M of secured debt during the quarter due in 2027 that encumbered 12 ground leases. Safehold Announces $400 Million Unsecured Term Loan
F. Eliminated Duplicate Position in T - Sold 5 at $28.8:
Quote: AT&T INC. (T) at MSN Money
Proceeds: $144
Last Buy Discussions Item # 1.F. Added to T in Schwab Account - Bought 5 at $23.66; 5 at $23.2 (1/15/26 Post); Item # 1.G. Restarted T in Schwab Account - Bought 5 at $25.05 (12/25/25 Post)
I still own 20 shares in my Schwab account with an average cost per share of $23.41:
T Detailed Earnings Estimates - Zacks.com
Profit Snapshot: $30.59
Dividend: Quarterly at $.2775 per share ($1.11 annually)
T Stock Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 12/31/26):
Revenues: 33.5B
GAAP E.P.S. = $.53, down from $.56
Non-GAAP E.P.S. $.52, up from $.43
Reconciliation:
SEC Filed Supplemental at page 5
4th Q. Free cash flow: $4.2B, up from $4B
2025 Free Cash Flow: $16.6B, up from $16B
2025 Adjusted E.P.S. $2.12, up from $1.95
2025 Revenues: $125.6B
Full Year Highlights:
Long Term and 2026 Outlook:
2026 Adjusted E.P.S. Guidance: $2.25-$2.35
Free Cash Flow Yield For AT&T Inc ; AT&T FCF Yield %
Last Elimination: Item # 1.D. Eliminated T in Fidelity Account and Item # 1.E. Eliminated T in Schwab Account - Sold 10 + at $28.71 (4/4/25 Post)(profit snapshot = $269.7)
G. Pared SBRA in Schwab Account - Sold 5 at $20.54:
Proceeds: $102.7
I sold my highest cost shares.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Management: Internal
Website: Sabra Health Care REIT
2025 Compared to 2024:
 |
| Page 43, Annual Report |
Property Portfolio as of 12/31/25:
The property portfolio is weighted in nursing homes and senior living properties with some behavioral health and specialty hospitals. A more detailed description of these facilities can be found at pages 5-6 of the 2025 Annual Report linked above.
Of the 360 owned facilities, 287 are triple net leased.
Last Discussed: Item # 4.F. Pared SBRA in Schwab Account - Sold 5 at $18.64+ (8/26/25 Post)(profit snapshot = $30.53)
Last Buy Discussions: Item # 1.L. Added to SBRA - Bought 1 at $11.28 (5/13/23 Post); Item # 4.I. Added to SBRA - Bought 1 at $12.1; 2 at $11.67 (5/5/22 Post)
10 Year Chart:
When looking at this chart, I see a double bottom in March-May 2023 that formed a base for an uptrend to November 2024 near the current price, followed by a decline to about $15.7 in February 2025. There was then another uptrend until the stock price neared $20 in August 2025 and February 2026 which resulted in tops near that price. It is possible that the stock may break above $20 in a decisive move, but I would not expect much of a price rise given SBRA's struggle to increase AFFO per share and the valuation at $20.
I have zero training in technical analysis. I have just looked at charts for a long time and will form my own opinions about what they are telling me in the context of my fundamental analysis.
Profit Snapshot: $43.05
New average cost per share om this account : $10.76 (15+ Shares)
 |
| Snapshot after pare/Closing Price as of 2/17/26 |
Dividend: Quarterly at $.30 per share
SBRA Dividend History & Date | Seeking Alpha
Slashed from $.45 effective for the 2020 second quarter payment. While understandable, and at least it did not go lower than $.30 thereafter, it is still a negative that it has not been raised at all since that slash.
Yield at $10.76 AC per share: 11.15%
Last Ex Dividend: 2/13/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
SEC Filed Press Release and SEC Filed Supplemental (Debt and debt maturities listed at pages 14-15.
Revenues: $211.59M
GAAP E.P.S. $.11
FFO and Normalized FFO per share: $.36
AFFO per share: $.37
Normalized AFFO per share: $.38
Reconciliation:
The main issue for me is that the dividend is covered by cash flow. I would use just the AFFO per share number.
2026 Guidance: AFFO per share $1.55-$1.59
 |
| Closing Price as of 2/20/26 |
H. Pared VZ Again - Sold 5 at $48.80+:
Quote: Verizon Communications (VZ) at MSN Money
I sold my highest cost shares.
Proceeds: $244.02
VZ Detailed Earnings Estimates - Zacks.com (As of 2/20/26, the average 2026 E.P.S. estimate was at $4.91 and at $5.25 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.
Some Buy Discussion: Item # 1.K. Added to VZ in Schwab Account - Bought 3 at $40.38 (10/25/25 Post); Item # 2.I. Added to VZ in Schwab Account - Bought 1 at $38.78 (4/26/24 Post); Item # 6.K. Added to VZ in Schwab Account - Bought 1 at $35.09 (11/1/22 Post); Item # 5.M. Added to VZ in Schwab Taxable Account - Bought 1 at $38.65; 1 at $36.76; 1 at $35.73 (10/18/22 Post)
Profit Snapshot: +$44.14
New Average cost per share: $33.34 (10+ shares)
 |
| Snapshot after pare/Closing Price as of 2/20/26 |
Reduced from $35.43
Remaining Position Details:
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.
Last Ex Dividend: 1/12/26
Last Earnings Report (Q/E 12/31/25): I discussed this report in a recent post and have nothing further to add here. Item # 1.O. Sold 1 VZ in Schwab Account at $47.13 (2/17/26 Post); SEC Filed Press Release I am just managing risk through small ball trading.
I. Eliminated Duplicate Position in LKQ - Sold 13+ at $33.41:
Quote: LKQ Inc. (LKQ) at MSN Money
Proceeds: $438.65
"LKQ Corporation is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles."
Last Discussed: Item # 1.G. Added to LKQ in Fidelity Account - Bought 3 at $28.65 (12/11/25 Post); Item # 1.H. Bought 2 LKQ at $28.75 (10/18/25 Post)
Last Sell Discussion: Item # 4.F. Eliminated LKQ - Sold 5 at $42.64 (8/29/24 Post)(profit snapshot = $6.22)
Website: LKQ Corporation - Investor Relations
SEC Filed 2025 Annual Report GAAP E.P.S. at $2.35 in 2025; $2.62 in 2024, and at $3.49 in 2023, page 50. The 2025 adjusted E.P.S. was reported $3.01, down from $3.39 in 2024.
Reuters Key Metrics -Valuation Page
Recent News: LKQ Corporation Initiates Sale Process for Specialty Segment (12/4/25). This initiative was later expanded to explore the sale of the entire company. LKQ Initiates Strategic Review to Maximize Shareholder Value (1/26/26)
LKQ Detailed Earnings Estimates - Zacks.com As of 2/20/26, the average E.P.S. estimate for 2026 was at $3.22 and at $3.38 in 2027. Earnings have been in a downtrend.
Profit Snapshot: Net of $32.82
Dividend: Quarterly at $.30 per share ($1.2 annually)
LKQ Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend:
Last Earnings Report (Q/E 12/31/25):
Revenue: $3.312B, up from $3.226B
GAAP E.P.S. $.26, down from $.60
Non-GAAP E.P.S. $.59, down from $.78
Note that E.P.S. was already trending down in 2024 compared to 2023.
Reconciliation:
The largest adjustments are non-cash expenses: amortization of acquired intangibles and goodwill impairments.
2025 Free cash flow: $.8B
2026 Outlook: Non-GAAP E.P.S $2.9-$3.2
Remaining Taxable Account Position - Fidelity Account: 10+ shares with an average cost per share at $29.14
 |
| Closing Price as of 2/20/26 |
I am keeping this position and will consider adding to it when the purchase price lowers my average cost per share. My gut tells me that a sale of the company is unlikely but possible at a price > than the current one.
J. Pared BNS in Schwab Account - Sold 5 at $75.94:
Proceeds: $379.7
BNS Detailed Earnings Estimates - Zacks.com
Last Buy Discussions: Item # 6.J. Added to BNS in Scwhab Account - Bought 1 at $47.05 (11/1/22 Post); Item # 4.H. Added to BNS in Schwab Account - Bought 1 at $51.87; 1 at $49.48 (9/27/22 Post); Item # 3.E. Added to BNS - Bought 1 at $53.85; 2 at $53.3 (9/13/22 Post) Most of the 1 lot purchases were not discussed including all of those in 2023 that are still owned.
Profit Snapshot: $137.06
New Average cost per share: $44.15 (10 shares)
 |
| Snapshot after pare/Closing Price as of 2/19/26 |
Dividend: Quarterly at C$1.10, last raised from C$1.06 effective for the 2025 third quarter payment.
Dividends in U.S. Dollars: BNS Dividend History & Date | Seeking Alpha
Last 4 Dividends in USDs: $3.1343
Yield Using US$3.134 annual and US$44.15 AC per share: 7.1%
Last Ex Dividend: 1/6/26 (owned all as of)
Last Earnings Report (F/Q ending 10/31/25): This report was for the 4th quarter of the 2025 fiscal year.
Scotiabank reports fourth quarter and 2025 results | News Release
All Amounts are in Canadian Dollars.
Reported E.P.S at $1.65, up from $1.22
Non-GAAP Income: $2.558B, up from $2.119B
Adjusted E.P.S. = $1.93, up from $1.57
The largest adjustment was $357M pre-tax for restructuring and severance.
Fiscal Year 2025 Adjusted E.P.S. - $7.09, up from $6.47 in F/Y 2024
K. Pared NETL - Sold 2 at $26.36+:
Quote: Colterpoint Net Lease Real Estate ETF (NETL) at MSN Money
Proceeds: $52.73
Profit Snapshot: $5.68
New average cost per share: $22.42 (10+ Shares)
 |
| Snapshot Intraday on 2/17/26 after pare |
Reduced from $22.59
Dividends: Paid monthly at a variable rate.
L. Pared ETW in Fidelity Account - Sold 10 at $9.44+:
Quote: Eaton Vance Tax-Managed Glbl Buy-Write Opportunity Fund (ETW) at MSN Money - A CEF
Proceeds: $94.46
ETW "invests in a diversified portfolio of common stocks and writes call options on one or more U.S. and foreign indices on a substantial portion of the value of its common stock portfolio to seek to generate current earnings from the option premium."
Sponsor's website: Eaton Vance
Number of stocks as of 1/31/26: 263
ETW Portfolio | Morningstar Lists top 25 holdings, rated at 3 stars.
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund - SEC Filed shareholder semiannual report for the period ending 6/30/25.
Last Discussed: Item # 2.C. Pared ETW in Schwab Account - Sold 10 at $8.98 (10/4/25 Post)
Last Buy Discussions: Item # 1.C. Added to ETW in Schwab Account - Bought 10 at $7.57 (4/25/25 Post); Item # 1.F. Added to ETW in Fidelity Account - Bought 10 at $7.77 (4/13/25 Post)
This 10 share lot was part of a 100 share lot bought at $8.28+:
There were ROC adjustments to the tax cost basis. For securities with meaningful ROC adjustments and a high dividend yield, the objective is to sell the shares at any profit using the original tax cost basis, which was $8.28 for this 10 share lot. To arrive at a total return calculation, I will then add to that profit calculation all of the dividends paid.
Profit Snapshot: $12.7
Unadjusted Tax Cost Basis Profit = +$11.61.
Dividends Received on 10 Shares (19 x. $.0665 per share): $12.64
Total Return: $24.25
% Total Return on Original Cost: 29.27%
New Average cost per share this account: $8.10 (80 shares)
 |
| Snapshot Intraday after pare |
Dividend: Monthly at $.0665 per share ($.798 annually)
ETW Dividend History & Date | Seeking Alpha
ROC supported.
Yield at $8.1: 9.85%
Yield at Original Tax Cost Basis of 8.285: 9.63%
Other Taxable Account Position - Fidelity Account: 80 shares with an average cost per share at $8.1:
 |
| Closing Price as of 2/20/26 |
M. Pared IBRX - Sold 5 at $8 - Schwab Account:
Proceeds: $40
Investment Category: Lottery Ticket
Website: Immunotherapy by ImmunityBio - Cancer Vaccine Research
Immunotherapy Clinical Trials Pipeline - ImmunityBio
Last Buy Discussion: Item # 1.M. Bought 25 IBRX at $2.56; 10 at $2.25 (8/26/25 Post)
Profit Snapshot: $27.25
New Average cost per share: $2.39 (50 shares)
 |
| Snapshot Intraday on 2/18/25 after pare |
Dividend: None and none expected.
Report for the Q/E 9/30/25: I discussed this report in a recent post where I also discussed what I view as one primary negative which are the number of shares outstanding that may soon surpass 1 billion. Item # 5.C. Pared IBRX - Sold 10 at $5.22; 5 at $6.85 (1/21/26 Post)(profit snapshots = $43.05)
Loss Report for the Q/E 12/31/25: Earlier today, IBRX reported a narrower E.P.S. loss ($.06) than the consensus estimate ($.09) and a robust increase in sales for its one FDA approved product Anktiva which seems likely to secure approval for other indications. ImmunityBio Reports 700% Year-Over-Year Revenue Growth, Expanded ANKTIVA® Approvals in Lung Cancer and Global Commercial Partnerships in 33 Countries with Label Expansion Plans Globally
Other Recent News Since Last Discussion: I do not have the knowledge to assess the impacts of these developments. My criteria for buying stock in this kind of company is a feeling that the approved drug or drugs and/or the pipeline is interesting to me without knowing anything about the science.
ImmunityBio Receives Authorization from the European Commission for ANKTIVA® with BCG for Non-Muscle Invasive Bladder Cancer Carcinoma in Situ, Expanding Global Access to 33 Countries (2/18/26) Stock investors reacted positively to this news.
N. Eliminated Duplicate Position in BMRN - Sold 3 at $60.17+ (Schwab Account):
Quote: Biomarin Pharmaceuticals (BMRN) at MSN Money
Proceeds: $180.53
BMRN - Detailed Earnings Estimates - Zacks.com
Website: BioMarin Pharmaceutical | Global Biotechnology Company
Products | BioMarin (8 FDA approved)
SEC Filed Investor Presentation January 2026
Last Discussed: Item # 1.I. Restarted BMRN in Schwab Account -Bought 2 at $59.22; 1 at $57.22 (8/9/2025 Post) I sold those shares and will be keeping a position in another account that has a lower average cost per share.
Prior Eliminations: Item # 3.K. Eliminated BMRN - Sold 2+ at $94.94 - Fidelity Account (8/16/22 Post)(profit snapshot = $44.18); Item # 2.C. Eliminated BMRN in Vanguard and Schwab Account - Sold 2 at $89.25 and 2 at $89.2 (7/20/22 Post)(profit snapshot = $47.7)
Profit Snapshot: $5.09
Dividend: None and none expected
Recent Acquisition: BioMarin Announces Completion of Acquisition of Inozyme (all at approximately $270M)
Pending Acquisition: BioMarin to Acquire Amicus Therapeutics (FOLD) for $4.8 Billion, Expanding Position as a Leader in Rare Diseases, Accelerating Revenue Growth and Strengthening Financial Outlook (12/19/25) I owned Amicus Therapeutics (FOLD) and sold my position after this announcement.
BMRN sold $850M in 5.5% senior unsecured notes maturing in 2034 to partially fund this acquisition. SEC Filed Press Release (2/12/26)
Item # 5.A. Eliminated FOLD - Sold 10 at $14.25 (1/8/26 Post)(profit snapshot = $62.81, bringing my realized gains up to $488.79)
Earnings Report (Q/E 9/30/25):
The company intends to pursue options to divest Roctavian, a one time intravenous gene therapy for adults with severe hemophilia A (factor VIII <1 IU/dL). which has been a sales bust.
ROCTAVIAN® | Gene Therapy Treatment for Hemophilia My initial interest in BMRN was due to this gene therapy which suffered significant delays in FDA approval as previously discussed.
Last Earnings Report (Q/E 12/31/26): Released yesterday.
I previously discussed one of the major negatives involving Voxzogo, a major BMRN product that addresses a genetic disorder responsible for dwarfism. One of the competing drugs, TransCon CNP is offered by Ascendis Pharma. The NDA for this drug has been filed with an FDA action date on or before 2/28/26. BridgeBio also has a competing drug. BridgeBio Reports Positive Phase 3 Topline Results for Oral Infigratinib with the First Statistically Significant Improvements in Body Proportionality in Achondroplasia
BioMarin Bet on Amicus To Ease Voxzogo’s Decline. Will It Work? (2/12/26) I viewed the acquisition offer for Amicus (FOLD) to be a proactive step to address the emerging Voxzogo competition. Taking into my lack of knowledge on science and medical issues, I viewed the FOLD acquisition as a sensible one, as far as products go, but have no opinion on whether the price paid is favorable or unfavorable long term to BMRN shareholders.
O. Pared CTO Again in Schwab Account - Sold 3 at $19.01; 2 at $20:
Quote: CTO Realty Growth (CTO) at MSN Money
I sold my highest cost shares. The price rose on 2/20/26 in response to the 2025 4th quarter report discussed below.
Proceeds: $97.63
Last Discussed: Item # 1.I. Pared Duplicate CTO Position in Schwab account - Sold 3 at $18.32 (2/11/26 Post)
Last Buy Discussions: Item #3.E. Added to CTO in Fidelity Account - Bought 5 at $16.89 (8/26/25 Post); Item # 3.G. Added to CTO in Schwab Account - Bought 5 at $16.59 (8/19/25 Post)
CTO Realty SEC Filed 2025 Annual Report
Owned Properties: 21
 |
| Annual Report at page 5 |
CTO also makes commercial loans, see pages F-20-21 Annual Report:
During 2025, CTO received $4,591M in fees from the REIT Alpine Income (PINE) for management services. CTO also receives dividend income from PINE amounting to $2.8M last year. Annual Report at page F-22.
Profit Snapshots: $9.59
New Average cost per share this account: $16.73 (85+ shares)
 |
| Snapshot after last pare/Closing price as of 2/20/26 |
Reduced from $16.77
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
Yield at New AC this account: 9.0855%
Last Ex Dividend: 12/11/25
Last Earnings Report (Q/E 12/31/25): This report was released after this pare.
SEC Filed Press Release; SEC Filed Slide Presentation and SEC Filed Supplemental
Revenue: $38.339M, up from $35.472M
GAAP E.P.S. $.82
GAAP included a $20.079M gain on asset sales which is subtracted from GAAP in the FFO calculation.
"During the three months ended December 31, 2025, the Company sold the Shops at Legacy North in Dallas, Texas for $78.0 million, at an exit cash cap rate of low-5%."
Another deduction from GAAP in the FFO calculation was a $5.919M value increase in CTO's equity stake in Alpine Income Property Trust (PINE . As of 12/31/25, CTO had a 15.4% equity stake in PINE. A wholly owned CTO provides management services to PINE for a fee.
Core FFO per share: $.49, up from $.46
AFFO per share: $.51, up from $.49
Reconciliation:
2026 Outlook: AFFO per share $2.11 - $2.16
Stock Split: 3 for 1 in 2022.
CTO Position in Fidelity Account: 35 shares with an average cost per share at $16.51:
 |
| Price as of 2/20/26 Close |
CTO Equity Preferred Stock: I also own the $25 par value equity preferred stock, CTO-PA, that has a 6.375% coupon. My AC per share is $18.89. {Last Discussed: Item #2.C. Added to CTOPRA - Bought 3 at $17.77 (11/11/23 Post); Item # 1.A. Bought 5 CTOPRA at $18.5; 2 at $17.8 (9/30/23 Post)}
++
2. Small Ball Common Stock Buys:
A. Restarted EBAY as a Placeholder - Bought 1 at $79.87:
Quote: Ebay (EBAY) at MSN Money
Recent News: Etsy stock pops 14% on sale of Depop to eBay for $1.2 billion (2/18/26)
The previous snapshot includes my last elimination at $93.37 on 1/23/26. I had prepared a discussion of that trade, but managed to accidentally delete an almost finished post discussing that trade and refused to rewrite a discussion for a 1 share sell.
Profit Snapshot: $11.9
EBAY Detailed Earnings Estimates - Zacks.com As of 2/18/26, the average E.P.S. estimate for 2026 was at $5.46 and at $5.91 for 2027.
Prior Buy Discussion: Item # 1.M. Bought 1 Ebay as a Placeholder at $81.48 (11/15/25 Post)
Dividend: Quarterly at $.31 per share, last raised from $.29 effective with the 2025 first quarter payment.
EBAY Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 12/31/25): Released after my purchase.
Revenue: $3B, up 15%
GAAP E.P.S. $1.14
Non-GAAP E.P.S. $1.41, with the consensus at $1.35, and up from $1.25 in the 2024 4th quarter.
Reconciliation:
The adjustment is to add back $174M for a change in value of an equity investment in Adevinta. This is a non-cash item.
Free cash flow: $478M
In February 2026, the Board of Directors increased the quarterly dividend by 7% to $.31 per share and authorized an incremental $2B stock repurchase program
During the 2025 4th quarter, Ebay bought $625M in share repurchases.
B. Restarted DOCU - Bought 1 at $45; 1 at $43.8; 1 at $40.82:
Quote: DocuSign, Inc. (DOCU) - Yahoo Finance
Cost: $129.62
DOCU - Detailed Earnings Estimates - Zacks.com
The stock price decline today (2/23) appears to be related to a Jeffries downgrade and ongoing weakness in the software sector due to concerns about AI disruptions.
10-Q for Q/E 10/31/25 The company discusses it business at pages 23-25. More detail is provided in the SEC Filed Annual Report for the F/Y ending 1/31/25 at pages 4-9.
Investment Category: Lottery Ticket. This classification is based on the 5 year chart showing a long term bear market with no clear bottom discernible to me yet, the lack of a dividend, the extremely large stock compensation expense, and the renewed uncertainty about how AI will impact software stocks long term. I have no expertise in software and am consequently unable to assess how AI will impact DocuSign. My gut informes me that service software companies like DOCU are more vulnerable than cybersecurity software stocks.
Last Elimination: Net loss of -$10.77 after multiple small ball average downs
The last exit price was at $69.09 on 10/11/24.
I decided to restart a small ball position based on valuation with the purchases likely to remain severely restrained due to the problems mentioned above.
Average cost per share: $43.21 (3 shares)
Dividend: None and none expected.
Last Earnings Report (Fiscal Quarter Ending 10/31/25): This is the third fiscal quarter for the 2026 fiscal year.
Comparisons are to the third fiscal quarter in the 2025 F/Y
Revenue: $818.4M, up 6%
Diluted GAAP E.P.S. $.40, up from $.30
Diluted Non-GAAP E.P.S. $1.01, up from $.9
Reconciliation:
Non-Cash Stock Compensation added back to GAAP: $160.642M
The serious problem with the reconciliation is that company is spending a lot of shareholder cash just to offset the stock awards given to salaried employees that also have other substantial benefits. That makes me uncomfortable in adjusting GAAP for that kind of stock compensation when it becomes this large. In other words, I do not accept this reconciliation in its entirety. This issue is common in software and other technology companies.
Free cash flow: $262.9M, up from $210.7M
Repurchased $215.1M in stock
Diluted Shares Outstanding 208M, down only from 209M
Cash, Cash Equivalents and Investments: $839.851
The company had no borrowings as of 10/31/25, 10-Q at page 14
Guidance for the 4th Fiscal Q. and the 2026 F/Y:
Analyst Reports Available to Schwab Customers:
Argus (12/11/25): Hold
S&P (12/5/25): 3 stars with a 12 month PT of $75. I do not view the PT to be consistent with the 3 star rating.
Morningstar (12/5/25): 4 stars with a fair value estimate of $90 and no moat.
3. Treasury Bills Purchased at Auction: 35
A. Bought 10 T Bills at the 2/18/26 Auction:
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119 Day Bill
Matures on 6/23/26
Interest: $118.83
Investment Rate: 3.689%
B. Bought 20 T Bills at the 2/23/26 Auction - 2 Accounts:
%208:27:26%20Fid%20.png)
%208:27:26%20Sch.png){kind=small}
182 Day Bill
Matures on 8/27/26
Interest: $356.42
Investment Rate: 3.639%
C. Bought 5 Treasury Bills at the 2/23/26 Auction:
%205:28:26%20Sch.png){kind=small}
91 Day Bill
Matures on 5/28/26
Interest: $45.37
Investment Rate: 3.673%
4. Equity Preferred Stock:
I am willing to slightly increase my equity preferred stock allocation given the the lower yields from treasury bills and investment grade corporate bonds.
A. Added to NSAPRA - Bought 45 at $21.1:
Quote: NSA-PA - Yahoo Finance
Cost: $949.5
Issuer: National Storage Affiliates Trust (NSA) at MSN Money - A Storage REIT
Last NSA Discussion: Item # 1.J. Added to NSA in Fidelity Account - Bought 2 at $28.16; 2 at $27.68 (12/25/25 Post) I did pare NSA last Friday by selling 5 shares and will discuss that trade in my next post. NSA 4th quarter earnings report is scheduled for release after the market closes on 2/25.
Last Discussed: Item # 5.A. Added to NSAPRA - Bought 5 at $20.6 (2/11/26 Post)
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Placement in the Capital Structure: Equity with a preferential claim to cash compared only to the common stock owners and junior in priority to all bonds.
Par Value: $25
Coupon: 6%
Optional Call: At par value + accrued and unpaid dividend on or after 10/11/22.
Maturity: None, potentially perpetual
Stopper Clause: Standard (company must eliminate the cash common share dividend before deferring payment of the preferred dividend)
 |
| Snapshot Intraday on 2/20/25 after add |
Reduced from $21.66
Yield at $21.37: 7.02%
Calculation: .06% coupon x. $25 par value = $1.5 annual dividend per share ÷ $21.37 total average cost per share = 7.0192%
Next Ex Dividend: 3/13/26
National Storage Affiliates Trust Announces Quarterly Dividends
Last Sell Discussion: Item # 7.A. Eliminated Duplicate NSAPRA (Schwab Account) - Sold 10 at $23.385 and Item # 7.B. Pared NSAPRA in Fidelity Account -Sold 10 of 40 at $23.6 (5/23/25 Post)(profit snapshots = $13.83)
Cost: $214.8
Last Discussed: Item # 3.C. Added to REXRPRC in Schwab Account - Bought 10 at $21.25 (11/22/25 Post)
Par Value: $25
Coupon: 5.625%
Yield at $21.48: 6.576%
Calculation: .0565% coupon x. $25 par value = $1.4125 annual dividend per share ÷ $21.48 total cost per share = 6.5759%
Maturity: None, Potentially Perpetual
Issuer Optional Call: On or after 9/1/25 at par value + accrued and unpaid dividends.
Stopper Clause: Standard
Dividends: Paid Quarterly and Cumulative
Maturity: None, potentially perpetual.
Last Elimination: Item # 7.A. Eliminated REXRPRC - Sold 30 at $22.45 (1/9/25 Post)(profit snapshot = $37.23)
A. Added 10 JQC at $4.98+:
Cost: $48.85
Leveraged: Yes at close to 38%
SEC Annual Report for the period ending 4/30/25 JQC information starts at page 37.
Last Discussed: Item # 6.A. Restarted JQC - Bought 50 at $5.1 (2/4/26 Post) I will not have much to add to that recent discussion here.
Last Sell Discussion: Item # 5.A. Eliminated JQC - Sold 100 at $5.48 (7/29/25 Post)(profit snapshot = $48.25)
New Average cost per share: $5.06 (60 shares)
Dividend: Monthly at $.054 per share ($.648 annually)
Some ROC Support.
Yield at $5.06: 12.8%
Data as of 2/17/26:
Closing Net Asset Value per share: $5.45
Closing Market Price: $4.98
Discount: -8.62%
Average 3 Year Discount: -7.8%
Sourced: JQC - CEF Connect (Click "Pricing Information" Tab)
Goal: Any realized gain before ROC adjustments to the tax cost basis + the dividends.
Other Recent Buy Discussions (all sold in last elimination at $5.48):Item # 6.B. Added to JQC - Bought 10 at $5.08; 10 at $5 (11/11/23 Post); Item # 1.F. Added to JQC - Bought 20 at $5.07 (8/12/23 Post); Item # 2.A. Added to JQC - Bought 10 at $4.94 (6/17/2023 Post); Item # 2.D. Added 5 JQC at $4.99 (5/20/23 Post); Item # 3.H. Added to JQC - Bought 5 at $5.09 (12/20/22 Post) There was a profit in that elimination at $5.48 based on the original cost basis for the shares.
6. Bond ETFs:
Both of the bond ETFs discussed below are term ETFs that own investment grade corporate bonds. The funds liquidate after all of the bonds mature.
"Designed to mature like a bond, trade like a stock. Combine the defined maturity and regular income distribution characteristics of a bond with the transparency and tradability of a stock."
I prefer to own individual corporate bonds and currently own a large number of them. My video: Investment grade corporate or treasury bond funds vs owning individual bonds and treasuries - YouTube
A. Restarted IBDU - Bought 10 at $23.52:
Quote: iShares iBonds Dec 2029 Term Corporate ETF (IBDU) at MSN Money
Cost: $235.15
This fund owns corporate bonds maturing in 2029.
Last Elimination: Item # 7.C. Eliminated IBDU - Sold 12 at $23.24 (7/22/25 Post)(profit snapshot = $4.5)
Last Buy Discussion: Item # 1.B. Bought 10 IBDU at $22.88 (7/26/24 Post)
Sponsor's website: iShares® iBonds® Dec 2029 Term Corporate ETF | IBDU
Expense Ratio: .10%
Number of Owned Bonds: 624
Credit Ratings:
Dividends: Paid monthly at a variable rate
IBDU Dividend History & Date | Seeking Alpha
Last Ex Dividend: 2/2/26
IBDU Portfolio – Morningstar Lists top 25 holdings. The fund is not rated.I will not own term bond ETFs to the liquidation date. I will buy them just to secure over a relatively short period of time a higher yield than what is being paid in MM fund. The goal is any profit in excess of the dividend payments.
The goal may be achieved by the Federal Reserve cutting the FF rate several more times that would make the bonds owned by this fund more attractive.
B. Restarted IBDV - Bought 10 at $22.2+:
Quote: iShares iBonds Dec 2030 Term Corporate ETF (IBDV) at MSN Money
Cost: $222.07
Last Discussed: Item # 7.B. Eliminated IBDV - Sold 12 at $21.86 (7/22/25 Post)(profit snapshot = $5.04)
Buy Discussion: Item # 1.C. Bought 10 IBDV at $21.48 (7/26/24 Post)
Sponsor's website: iShares® iBonds® Dec 2030 Term Corporate ETF | IBDV
Expense Ratio: .1%
Number of Holdings as of 2/19/26: 732
Credit Quality as of 2/19/26:
Dividends: Monthly at a variable rate
Last Ex Dividend: 2/2/26
Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.
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