Dollar Values of Trades Discussed in this Post:
Outflow U.S. Common Stocks/Stock Funds: $5,623.23
Realized Gains: $879.24
Inflow U.S. Common Stocks: $289.43
Net Outflow U.S. Common Stocks/Stock Funds: $5,333.8
Outflow Canadian REIT: C$1,902 (profit C$51.5)
Treasury Bills Purchase at Auction: $40,000 in principal amount
Corporate Bonds: $5,000 in principal amount (total cost at $4,886.77)
Inflow Bond ETFs: $499.06
Net Outflow Equity Preferred Stocks: $44.38 (profit = $18.58)
Inflow Leveraged Junk Bond/Senior Loan CEF: $47
The stock market is rallying today based on Trump's representation that there have been very productive peace talks with Iran that may end the war "soon". Iran denied that any talks had taken place. U.S. Will Hold Off On Iran Power Plant Strikes For 5 Days, Extending Trump Deadline On Hormuz Strait What will Trump do after this 5 day grace period ends and Iran is still denying there are any peace talks.
Trump represented that Steve Witkoff and Jared Kushner "had very, very strong talks" with someone characterized by Trump as Iran's "most respected leader". Why does Trump refuse to identify that person that he claims to be in charge? Trump represented there is a "real possibility of making a deal" since the two sides had "major points of agreement" that could "soon" end the war. Iran again denied that there were any direct or indirect communications with the U.S. Trump: "Major points of agreement" in talks with Iran | Reuters
I treat any representation made by Trump to be false or at best misleading unless I have reliable confirmatory evidence. I do not have that evidence now. The primary purpose of Trump's continuous flow of false or misleading statements is to manipulate voters and/or investors.
Prior to today, I was on track for having a slight net add to my stock allocation. Those trades will be discussed in my next post.
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Economy:
Fed interest rate decision March 2026: Holds rates steady; Fed meeting: Here's what changed in the March statement; Federal Reserve issues FOMC statement - 3/18/26
The Fed - March 18, 2026: FOMC Projections materials, accessible version
A majority of FED voting members are predicting one more 25 basis point cut in the federal funds rate this year.
Dot plot: Fed still expects to cut rates once this year despite spiking oil prices
Oil tops $108 as Middle East energy infrastructure attacked (3/17/26)
Qatar LNG Hit Turns Into Multi-Year Crisis | OilPrice.com
$166 a barrel? Middle East oil gives clue to where all prices could be headed if Iran war drags on
The Iran War Is Sending Fertilizer Prices Soaring at the Worst Time for Farmers - AgWeb Just in time for the planting season.
Iran war-induced fertilizer shortage threatens farm state Republicans
Iran war has U.S. farmers worried about the cost and availability of fertilizer
Producer Price Inflation (PPI) February 2026: Up .7% month-to-month with the consensus at .3%. Excluding food and energy, core PPI was up .5%. This will be the last month which does not reflect the price increases resulting from the republican war against Iran. Over the past 12 months through 2/26, PPI was up 3.4% with core PPI rising 3.9%. Producer Price Index - 2026 M02 Results
Aluminum prices surge as Iran conflict disrupts supply; Aluminum - Price - Chart London - Historical Data - News
How Trump's tariffs have hurt manufacturers instead of helping them | AP News During the first 12 months of Trump's second term, the U.S. lost 98,000 manufacturing jobs. The republican tariff taxes have contributed to the job layoffs as many businesses were squeezed by increased costs and lower orders caused by the republican tariff taxes, with an example given in that AP article.
Apartment concessions hit highest level in over a decade (3/17/26)
Pentagon seeks extra $200 billion for Iran war-NPR; ACA enrollees go uninsured after enhanced subsidies expire: KFF poll
Trump: U.S. could end Iran military operations 'right now' but staying longer Trump represented that the U.S. and Israel could end the war now and Iran would be unable to rebuild its military capabilities for at least a decade. That is not believable. Trump then said "If we stay longer, they’ll never rebuild." How is that even possible unless there is a regime change with a new government allied with the U.S. and no longer hostile to Israel. Iran could replace its ballistic missiles and launchers within a relatively short period of time, possibly focusing more the shoot and scoot variety. Replacing its Navy would be a bad strategic idea. Shoot-and-scoot - Wikipedia Drones can be mass produced.
Republicans own the IRAN War and are responsible for all good results, if any come about, and all of the bad outcomes. Republican politicians have refused to limit Trump's conduct of the war. Almost no one in Congress was consulted before Trump initiated hostilities at the urging of Israel and Saudi Arabia. Republican voters largely support the War. Trump stretches ‘America First’ on Iran. His voters are going along with it. - POLITICO; Exclusive | Republicans overwhelmingly back Trump over Tucker Carlson, Megyn Kelly on Iran war, poll finds
Jet fuel price spike drives summer airfares higher
Global oil price stuck in triple digits. Goldman Sachs says it may stay there for years
My videos: A rise in Interest rates caused by the Iran War - Negative Impacts - YouTube; Far Reaching Negative Impacts From the Iran War - Fertilizer, Aluminium & Gasoline Prices Spiking - YouTube
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The Mad American King and His Totally Subservient Political Party:
Trump: "If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!" Truth Social. Republicans have given a madman absolute dictatorial power with zero checks and balances. So there is just no telling where this will end up.
While Trump has postponed implementing that threat today based his representation to the American people that there have been "good and productive" peace talks, Iran denied that any talks had taken place. Iran had made it clear that it was not going to comply with Trump's demand and would massively retaliate if Trump carried through with the threat. Trump may just be looking for a way to back out of the threat while making it look like it produced some positive result. Investors are accepting Trump's representations as true, at least for now.
Anyone carrying out that order could be charged with a war crime for intentionally attacking civilian structures resulting in civilian deaths after the power outages. The next Administration may actually turn the officers who carried out that order over to the International Criminal Court who has charged Russian officers for similar attacks in Ukraine.
If carried out, I doubt that any negotiated peace would be possible, more Iranian missile and drone attacks will occur throughout the region, terror attacks on U.S. soil would become more likely over the next several decades, and vast harm will be caused to Iranian civilians. We shall see soon enough whether Iran will back down by allowing the reopening of the Strait and whether the U.S. military will carry through with Trump's order to destroy Iran's civilian power plants.
So far, Iran has only voiced threats in response to this latest Trump threat. Iran threatens to close Strait of Hormuz and hit power plants after Trump's 48-hour deadline; Iranian Official Issues Stark Warning Targeting US Financial Assets - Newsweek
Trump is also considering seizing Kharg Island, the nexus for Iran's crude oil shipments. Just looking the location of that Island, the U.S. forces would be exposed to massive missile and drone attacks from the nearby shore. Trump weighs risky bet on Kharg Island in ‘game of chicken’ with Iran; The Trouble With Seizing Kharg Island - The Atlantic
Trump demanded that NATO countries assist the U.S. in opening the Strait of Hormuz by sending their warships to this area, a clear indication that Trump believed the U.S. needed their help. Article 5 of the NATO Treaty is defensive and does not apply when a NATO country initiates a war. When those countries demurred, Trump lashed out at them saying that the U.S. is winning the war and does not need any help. Trump says US does not need Nato after being rebuffed over strait of Hormuz - The Guardian, citing Trump's message on "Truth" Social:
Trump: "I always considered NATO, where we spend Hundreds of Billions of Dollars per year protecting these same Countries, to be a one way street — We will protect them, but they will do nothing for us, in particular, in a time of need. Fortunately, we have decimated Iran’s Military — Their Navy is gone, their Air Force is gone, their Anti-Aircraft and Radar is gone and perhaps, most importantly, their Leaders, at virtually every level, are gone, never to threaten us, our Middle Eastern Allies, or the World, again! Because of the fact that we have had such Military Success, we no longer “need,” or desire, the NATO Countries’ assistance — WE NEVER DID! Likewise, Japan, Australia, or South Korea. In fact, speaking as President of the United States of America, by far the Most Powerful Country Anywhere in the World, WE DO NOT NEED THE HELP OF ANYONE!"
Trump referred to the NATO countries as cowards for refusing so far in using military force to reopen the Strait of Hormuz that Iran closed in response to military attacks ordered by Trump. Trump slams NATO as "cowards" for not helping in Iran war - YouTube Trump also claimed that it would be easy to reopen the Strait.
Trashing American Allies Turns Out to Be Bad for National Security - The Atlantic Trump demeans and trashes U.S. allies as part of his daily routine. Most of those comments are idiotic, unnecessary, repugnant, impulsive without restraint or anything resembling a fact based thought, juvenile and examples of his worsening psychopathy IMO.
'Chickens are coming home to roost': Global disgust of the US grows
11th Circuit Unanimously Rejects Trump's Appeal in CNN Suit This was another frivolous defamation lawsuit filed by Trump. The only way to stop them is for the courts to monetarily sanction Trump's attorneys who signed the Complaint. Rule 11. Signing Pleadings, Motions, and Other Papers; Representations to the Court
U.S. counterterrorism director Joe Kent resigns over Iran war Kent is allied with the Tucker Carlson wing of Trump's party. After Kent made his statement that Iran was not an imminent threat and resigned, Trump's FBI started a criminal investigation of him. Joe Kent, ex-Trump counterterrorism chief who resigned over Iran war, under FBI investigation for alleged leaks - CBS News
Trump says he thinks he will have the 'honor' of 'taking Cuba'; Trump muses over ‘taking Cuba’ as island’s power grid collapses after weeks of US oil blockade Trump: "I think I can do anything I want with it", an understandable statement from the World's King, the Chosen One. Trump to The Atlantic: "I run the country and the world".
Trump is sounding like he will have the Navy seized two tankers headed for Cuba carrying Russian crude and gasoline. U.S. says Cuba can't take Russian oil as two tankers head to island
Trump is reckless and impulsive, always has been. In her most recent column published in the Atlantic, Anne Applebaum made this observation about Trump: "He does not consider the wider implications of his decisions. He does not take responsibility when these decisions go wrong. Instead, he acts on whim and impulse, and when he changes his mind—when he feels new whims and new impulses—he simply lies about whatever he said or did before." The Atlantic (subscription publication)
PolitiFact | President Trump wants to slash voting by mail. About 1 in 4 Republicans voted that way in 2024 Trump is simply trying to discourage voting by making it extremely difficult to register and to vote when so many already do not bother to vote. Voter turnout in United States presidential elections - Wikipedia
Nobel winner warns Trump has made US 'despised like nobody has ever been despised' - Raw Story, citing in part this recent poll: The reviews are in. It's not looking good, America-POLITICO That is an overstatement but many foreign leaders and citizens, who previously had mostly positive opinions about the U.S., have formed lasting negative ones due to Trump's actions and rhetoric. They already know about his strong support in the U.S.. 77+M adults voted to give him a second term as President knowing who and what he is. Trump is not an anomaly and can not be dismissed as some kind of aberration.
Trump used his photo wearing of his attendance at the dignified transfer of 6 fallen soldiers to raise money. Trump fundraising email uses photo from soldiers’ dignified transfer and promises ‘private national security briefings’ He was wearing a baseball style cap, prominently featured at his merchandise website, that can be purchased at his online store along with many other items. Trumpstore.com Trump has always been and is now a grifter. (My video published over a year ago: Trump is a Grifter - YouTube)
Trump's failed strong-arming of allies on Iran shows that pressure is losing its effect
Kushner Reportedly Seeks $5B for Firm While Serving as Envoy; Jared Kushner's new private equity fund raises old questions; Jared Kushner’s conflicts of interest become even more controversial According to multiple media reports, Saudi Arabia pushed Trump into attacking Iran while Kushner is deeply connected to raising funds from Saudi investors. Saudi Arabia's MBS speaking regularly with Trump, urging harsh action against Iran — NYT | The Times of Israel; Saudi Crown Prince urges Donald Trump to keep hitting Iran | The Jerusalem Post
James Comey subpoenaed in Trump-appointed prosecutor's 'grand conspiracy' probe The purposes of this "conspiracy" probe IMO is to punish anyone connected with prior Trump investigation and to deter future ones.
Pentagon Blocks Own Newspaper From Covering Press Conference - Newsweek
A Federal District Court held that Hegseth violated the First Amendment, just another violation by him of constitutional rights, by restricting press coverage at the Department of War. U.S. judge rules against Pentagon restrictions on press coverage; Order and Opinion.pdf Hegseth will appeal the order.
Trump blasts Robert Mueller after news of ex-FBI director Trump stated that he was glad that Mueller was dead, a comment that is to be expected given his psychopathy. Trump’s Most Grotesque Comment Yet? After Mueller’s Death - YouTube Trump makes multiple grotesque comments, usually on a daily basis. Maybe this one could be placed somewhere in the top 10,000.
Mark Robinson admits ‘I lied’ about CNN story Robinson was the GOP candidate for North Carolina's governor in 2024. CNN ran a story that Robinson had called himself a black Nazi and wanted to bring back slavery in comments posted at a porn website. Mark Robinson, NC GOP nominee for governor, called himself a ‘black NAZI!,’ supported slavery in past comments made on porn forum Notwithstanding that story, Robinson received over 2.2M votes in the general election.
The republican candidate for North Carolina's school superintendent received over 2.7M votes and almost won. North Carolina Superintendent of Public Instruction Election 2024 Results She had no experience in the school system, home schooled her own children, had advocated for the pay-per-view execution of President Obama, the execution of President Biden and many other Democrats, and had adopted QAnon conspiracy theories. Morrow calls herself a Christian Conservative. GOP candidate for NC schools chief has spread falsehoods, ‘groomer’ rhetoric; North Carolina schools candidate who called for Obama’s death put on the spot; GOP nominee to run North Carolina public schools called for violence against Democrats, including executing Obama and Biden
FCC green-lights Nexstar's $6.2B merger with rival TV station owner Tegna This approval by the Trump FCC and DOJ was to increase the number of Trump friendly MAGA local TV stations nationwide. In order to accomplish that objective, the untethered from the First Amendment and the law Brendan Carr FCC waived a restriction that a local TV station merger can not reach more than 39% of U.S. households. This merger will result in at least 60%. Waivers and approvals are given by the FCC when the new owners are Trump friendly. The 39% cap is not something that the FCC can waive, so this is an illegally granted waiver which is to be expected from Trump's FCC that is on a mission to chill the exercise of First Amendment rights and to propagate more republican propaganda channels. Waiving” the Communications Act’s National Broadcast Ownership Cap is a Legal Non-Starter, by Lawrence J. Spiwak - Yale Journal on Regulation The cap was established by Congress by statute and can only be changed by a congressional modification of that limit. Federal Register-National Broadcast Television Ownership Rules Nexstar intends to substantially increases fees to cable companies for rebroadcast rights that will result in higher consumer bills. FCC Formally Approves Illegal Nexstar Media Group/Tegna Merger in $6.2 Billion Deal Risking Local News, Free Speech - Public Knowledge
A Top FEMA official has history of violent rhetoric threats and said he once teleported to Waffle House; Top US Fema official claims to have teleported to a Waffle House before-The Guardian
The U.S. has its first fascist government and voters were warned this would happen before the 2024 election. John Kelly says Donald Trump fits ‘fascist’ definition and prefers ‘dictator approach’; Trump's top general calls former president "fascist" and "dangerous" threat; Trump's Fascist Rhetoric - YouTube; Retired 4 Star Marine General John Kelly Calls Trump a Fascist on the record - YouTube; Trump’s Rhetoric Echoes Hitler - Harvard Political Review; How Trump's rhetoric compares to historic fascist language - YouTube
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1. Eliminated NSA in 2 Taxable Accounts:
I also eliminated the positions in 2 Roth IRA accounts.
This elimination has nothing to do with my opinion about the U.S. economy and the overall risk/reward balance of stocks.
A. Sold 57+ NSA at $40.29 - Fidelity Account:
Quote: National Storage Affiliates Trust (NSA) at MSN Money - A Storage REIT
Proceeds: $2,999.93
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
NSA SEC Filed 2025 Annual Report
NSA has agreed to be acquired by Public Storage (PSA).
1 NSA share will be converted into .14 PSA share. Public Storage to Acquire National Storage Affiliates, Creating Significant Value for All Stakeholders
Last Discussed: Item # 3.E Pared Duplicate Position in NSA - Sold 6 at $36 and Item # 3.F. Sold 5 NSA in Fidelity Account at $35.59 (3/3/26 Post)(profit snapshots = $7.43) I sold my highest cost shares in both of those taxable accounts. I discussed the 2025 4th quarter report in that post and expressed my displeasure with it. SEC Filed Earnings Press Release
Last Buy Discussions: Item # 1.J. Added to NSA in Fidelity Account - Bought 2 at $28.16; 2 at $27.68 (12/25/25 Post); Item # 1.L. Added to NSA - Bought 2 at $28.8; 3 at $28.5 (11/22/25 Post)
Profit Snapshot: $526.29 (3/16/26 sale only)
See Item # 1.A. above.
Proceeds: $628.84
Profit Snapshot: $148.78
NSA Realized Gains to Date: $950.28 (includes trades in RI accounts which were not discussed here). That will be my final number unless the acquisition falls through.
2. Canadian REIT Stock:
This pare has nothing to do with my opinion about the U.S. economy but is a reaction to issues directly related to RioCan.
A. Sold Highest Cost 100 of 200 "Units" of REI.UN:CA at C$19.03 - Interactive Brokers Account :
Quote: RioCan Real Estate Investment Trust (REI-UN.TO) at Yahoo Finance
Proceeds: C$1,902 after IB C$1 Commission
"RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based retail properties in densely populated communities. As at December 31, 2025, our portfolio is comprised of 168 properties with an aggregate net leasable area of approximately 31 million square feet (at RioCan's interest)."
Last Discussed: Item # 1. Added to REI.UN:CA - Bought 50 at C$16.7 (6/20/24 Post)
Website: RioCan REIT
Profit Snapshot: C$51.5
New Average Cost per unit: C$16.88 (100 units)
Reduced from C$17.69
Dividend: Monthly at C$.0965 per unit (C$1.154 annually)
Recent Annual Dividend Payments:
 |
| In CADs |
Yield at C$16.88: 6.8365%
Last Ex Dividend: 2/27/26
Last Earnings Report (Q/E 12/31/25):
All amounts are in Canadian Dollars.
During 2025, RioCan sold interests in apartment buildings.
RioCan Advances the Monetization of its $1 billion RioCan Living Residential Rental Portfolio with $197.3M of Strategic Dispositions (5/27/25); Page 13 of the Q4 2025 - Investor Presentation.pdf
FFO per share: $.45, unchanged
Core FFO per share: $.39, down from $.41
Reconciliation:
 |
| Footnotes Omitted/Add to Extreme Complexity |
2025 FFO per share: $1.87, up from $1.78
2025 Core FFO per share: $1.55, down from $1.57
Canadian REITs do not use depreciation in their accounting. Instead, an attempt is made to assess fair value changes up or down which is allowed under the IFRS accounting rules. IFRS 13 Fair Value Measurement There is consequently no depreciation adjustment to net income in the FFO calculation.
"Committed retail and portfolio occupancy of 98.5% and 97.8%, respectively."
2026 Outlook:
3. Small Ball Common Stock Sales:
The sales discussed in Items 3.A. and 3.B. below are based solely on specific issues related to the companies.
A. Eliminated Duplicate Position in DOW - Sold 22+ at $37.06:
Quote: Dow Inc. (DOW) at Yahoo Finance
Proceeds: $818.96
DOW SEC Filed Annual 2025 Annual Report Business segments are discussed starting at page 5.
DOW has been a problematic holding. Chemical stocks have been in a bear market for over two years due to weak demand. The stock has recently risen in value based on analyst comments that DOW will benefit from the crude oil price spike. Conflict Profits: Why These 2 Chemical Stocks Are Suddenly Soaring | Investing.com; Dow, LyondellBasell upgraded at Citi as energy shock reshapes chemicals outlook- Seeking Alpha The rise in crude oil prices and supply constraints are disrupting petrochemical production in Europe and Asia which has forced reduced production and even shutdowns. DOW and LYB, which I also own, have facilities in the U.S. that use natural gas that are not impacted by the crude oil supply reduction and price increases.
DOW Detailed Earnings Estimates - Zacks.com As of 3/12/26, the average E.P.S. estimate for 2026 was at -$.09 and at $.72 in 2027.
Demand for chemical products has been sluggish for several years. While profit margins may improve for as long as crude oil prices are impacted by the Iran War, demand is likely to remain sluggish and could even decline based on the War tilting economies into a recession.
Recent News: Dow receives CAD $1.62 billion payment from NOVA following Alberta Court of Appeal decision (3/3/26); Dow launches Transform to Outperform to raise the competitive industry benchmark for productivity and growth to enable improved returns (1/29/26 ) Part of this transformation is the elimination of 4,500 jobs. DOW has manufacturing plants in 29 countries and did not specify how many jobs would be cut in just the U.S.
Profit Snapshot: Net of $75.37
Dividend: Quarterly at $.35 per share, slashed from $.70 effective with the 2025 third quarter payment.
Dow Inc. Dividend History & Date | Seeking Alpha
Last Ex Dividend: 2/27/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
"Net sales were $9.5 billion, down 9% year-over-year, reflecting declines in all operating segments. Sequentially, net sales were down 5%, led by local price and volume declines from normal seasonality."
GAAP Loss: $1.5B
GAAP E.P.S. -$2.15
Non-GAAP E.P.S. -$.34
Reconciliation:
2025 GAAP E.P.S. = -$3.7
2024 GAAP E.P.S. = $1.57
2023 GAAP E.P.S. = $.82
2022 GAAP E.P.S. = $6.28
2021 GAAP E.P.S. = $8.38
I still own 42+ shares in my Fidelity account.
Owned DOW SU Debt: 2 bonds
1 Dow 3.95% SU Maturing on 5/15/27; Bond Page | FINRA.org
1 Dow 4.55% SU Maturing on 6/15/27, Bond Page | FINRA.org (Currently rated Baa3/BBB-)
Those bonds were bought through Fidelity's corporate notes program. I paid par value for the bonds and did not have to pay any accrued interest.
B. Pared HR - Sold 50 at $18.24:
Quote: Healthcare Realty Trust Incorporated (HR) at Yahoo Finance
Proceeds: $912
HR is one of the largest medical office building REITs.
Properties as of 12/31/25:
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 2.C. Pared HR - Sold 20+ at $18.74 (11/1/25 Post)(profit snapshot = $27.11, sold all shares with a tax cost basis of over $17): Item # 7B. Eliminated Duplicate Position in HR (Schwab Account) - Sold 9+ at $16.09 (7/15/25 Post)(profit snapshot = $10.32)
Merger: Healthcare Realty Trust (HR) and Healthcare Trust of America (HTA) Announce Closing of Merger - Healthcare Realty HR acquired HTA but HTA was the company that survived, a reverse merger. After the merger was consummated, the name of the surviving company was change to Healthcare Realty and the symbol changed from HTA to HR. Prior to the closing, HTA paid its shareholders a special dividend of $4.82 per share. I owned 50 HTA shares and received a $241 cash payment, most of the payment was classified as ROC as I recall which reduced my tax cost basis.
Both HTA and HR during their separate existence failed to increase cash available for distribution (CAD) per share over a long period of time. (e.g., in Item # 1.H discussing legacy HTA; wherein I calculated the CAD per share in the 2021 3rd quarter at $.349; at $.377 in the 2020 third quarter and at $.344 in the 2016 3rd quarter or flat over a 5 year period. In Item # 2.A. discussing Legacy HR, I noted that the CAD per share was $.33 in the 2021 4th quarter and at $.31 in the 2012 4th quarter. Pathetic IMO.
As I have noted in the past, "combining two entities who have proven an inability to increase CAD per share will not create one that can IMO."
This combination, which made no sense IMO, was the brainchild of hedge fund manager Paul Singer. Elliott Investment Management urges REIT Healthcare Trust of America to explore sale | Reuters (10/11/21)
I attribute the long term poor performance for both HR and HTA, measured on a CAD per share basis, to buying Medical Office Buildings at low capitalization rates, paying out all or almost all CAD to common shareholders, and raising capital to expand through expensive acquisitions by selling shares and acquiring more debt which has become more expensive to refinance over the past two years.
Last Purchase Discussions: Item # 1.E. Added to HR in Fidelity Account - Bought 2 at $15.94 (7/15/25 Post); Item # 1.O. Added to HR - Bought 1 at $15.65; 1 at $14.65 (4/18/25 Post); Item # 1.I. Bought 3 HR at $16.24 - Fidelity Account (1/22/25)
Profit Snapshot: $110.42
New average cost per share: $14.35 (26+ shares)
 |
| Snapshot Intraday 3/16/26 after pare |
Reduced from $15.45
Dividend: Quarterly at $.24 per share ($.96 annually), slashed from $.31 per share effective for the 2025 third quarter payment.
The dividend slash was necessary IMO since HR was not covering the dividend with funds available for distribution (FAD). For dividend coverage for non-triple net lease REITs, FAD is the most important cash flow number IMO.
I am not reinvesting the dividend and will reconsider that option when and if the likely reinvestment prices reduce my average cost per share.
Yield at $14.35: 6.69%
Last Ex Dividend: 2/24/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $286.303M
GAAP E.P.S. = $.04
NAREIT Defined FFO per share: $.36
Normalized FFO per share: $.38
FAD per share (Funds available for distribution): $.325
Reconciliation:
2026 Guidance:
Some Legacy HTA Sell Discussions: Item # 6 Pared HTA - Sold 20 at $31.8 (4/28/22 Post)(profit snapshot = $198.37); Item # 1.H. Sold 5 HTA at $31.61; 5 at $32.89 (11/11/21 Post)(profit snapshot = $96.97); (Item # 3.B. Pared HTA - Sold 10 at $28.17; 10 at $29.17 (7/18/20 Post)(profit snapshot = $118.58); Item # 1 Sold 2 HTA at $26.7 (5/2/20 Post)(Profit Snapshot = $7.81); Item # 2.D. Eliminated HTA-Sold 30 at $32.51 (2/8/2020 Post)(profit snapshot = $178.02); Item # 1.A. Sold 10 HTA at $31.31 (1/29/20)(profit snapshot = $44.34); Item # 2.B. Sold 10 HTA at $30.81 (11/28/19 Post)(profit snapshot = $39.2);Item # 1.A. Sold 15 HTA at $28.57-Used Commission Free Trade(9/12/18 Post)(profit snapshot = $46.12); Item # 2 Sold 50 HTA at $26.25 Update For REIT Basket Strategy As Of 10/28/15 - South Gent | Seeking Alpha(profit snapshot = $124.1)
Largest Legacy HR Realized Gain: Item # 2 Sold 50 HR at $26.33 Update For REIT Basket Strategy As Of 10/19/15 - South Gent | Seeking Alpha (profit snapshot = $103.27)
Combined HR and HTA Realized Gains: $1,066.45
SU Bonds: I own 14 senior unsecured bonds issued by Healthcare Realty or Healthcare Trust of America, now combined into HR as discussed above. The bonds are rated BBB/Baa2.
4 mature on 8/1/26; Bond Page | FINRA.org
6 mature on 7/1/27; Bond Page | FINRA.org
4 mature on 1/15/28; Bond Page | FINRA.org
Last SU Purchase Discussions: Item #2.B. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.467 (4/15/25 Post); Item # 2.E. Bought 2 Healthcare Trust of America 3.625% SU Maturing on 1/15/28 at a Total Cost of 96.048 (3/18/25 Post); Item # 3.A. Bought 2 Healthcare Realty 3.75% SU Maturing on 7/1/27 at a Total Cost of 97.287 (2/10/25 Post)
I did not discuss my last purchase:
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Quote: Fidelity MSCI Consumer Staples Index ETF (FSTA) at Google Finance
Proceeds: $263.5
Sponsor's website: FSTA - Fidelity MSCI Consumer Staples Index ETF
Expense Ratio: .084%
Fidelity MSCI Consumer Staples ETF – ETF Stock Quote | Morningstar Page
Most consumer staple stocks are in major bear market trends. The duration is unknowable IMO. I decided to exist this position and focus instead on adding to some existing positions that have been crushed in price and provide higher dividend yields than this ETF. The FSTA dividend is restrained by having significant positions in low yielding stocks including WalMart, Kroger and Costco who are included in the index. The Costo dividend at its current price is near .5% Costco Wholesale Corp at Google Finance.
Profit Snapshot: $18.38
Last Discussed: Item # 1.C. Restarted FSTA - Bought 5 at $49.03 (11/22/25 Post)
Dividends: Paid quarterly at variable rates.
FSTA History & Date | Seeking Alpha
3. Corporate Bond Purchases:
Yields on short term corporate bonds have started to move back up. If that trend continues, I will be using the proceeds from some maturing corporate bonds to fund new purchases.
I purchased 6 corporate bonds last Friday, and 6 today, which I will discuss in my next post.
A. Bought 2 Healthpeak LP 3.5% SU Maturing on 7/15/29 at a Total Cost of 97.024 - Interactive Brokers Account:
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Issuer: Healthpeak Properties, Inc. (DOC), a S&P 500 component.
Prospectus (Originally issued by HCP that was later renamed Healthpeak in November 2019)
I own the common stock.
2025 SEC Filed Annual Report Debt is discussed starting at page 105.
Properties as of 12/31/25:
 |
| Page 41, Square feet and dollars in thousands |
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
Current Yield at Total Cost: 3.607%
YTM at Total Cost: 4.468%
I now own 4 bonds. The prior purchase was at a slightly higher price. Item # 4.A. Bought 2 Healthpeak 3.5% SU Maturing on 7/15/29 at a Total Cost of 97.402 (12/11/2025 Post)
B. Bought 2 EBAY 4.25% SU Maturing on 3/6/29 at a Total Cost of 99.698 - Interactive Brokers account:
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Issuer: Ebay (EBAY) at MSN Money
EBAY Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 123/1/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.359%
Current yield at TC: 4.263%
When going out to a 2029 maturity, I prefer to have the YTM and current yield close together and over 4%. That was not the case with the Healthpeak SU bond discussed above, but then beggars can not be too choosy.
I own 1 share of the common stock as a Placeholder Item # 2.A. Restarted EBAY as a Placeholder - Bought 1 at $79.87 (1/23/26 Post)
C. Bought 1 Labcorp Holdings 2.95% SU Maturing on 12/1/29 at a Total Cost of 95.233:
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Issuer: Labcorp Holdings Inc (LH) at Google Finance
SEC Filed Earnings Report for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.357%
Current Yield at TC: 3.098%
I now own 2 bonds.
Other Owned LH Bonds: 3
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| Third Party Service Prices as of 3/17/26 |
FINRA Page for 4.35% SU Maturing on 4/1/30
FINRA Page for 3.6% Maturing on 9/1/27
4. Treasury Bill Purchases at Auction:
I am lowering my T Bill purchase to $10,000 for the next two weeks, starting on 3/25, as I focus more on using proceeds from maturing securities to buying investment grade corporate bonds with higher yields, particularly those maturing next year.
A. Bought 20 Treasury Bills at the 3/18/26 Auction:
119 Day Bill
Matures on 7/21/26
Interest: $238.66
Investment Rate: 3.704%
B. Bought 20 Treasury Bills at the 3/23/26 Auction - 2 Accounts:
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182 Day Bill
Matures on 9/24/26
Interest: $367.04
Investment Rate: 3.749%
5. Small Ball Common Stock Purchases:
A. Added to BRT in Schwab Account - Bought 5 at $14.15; 5 at $13.70:
Quote: BRT Apartments Corp (BRT) at Google Finance - Internally Managed Small Apartment REIT
Cost: $139.25
BRT SEC Filed 2025 Annual Report
Diluted Shares Outstanding as of 12/31/25: 18.033+M
Properties as of 12/31/25: 100% Owned and JV Properties
93.4% occupancy rate and a weighted average monthly rent of $1,419.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.E. Added to BRT in Schwab Account - Bought 5 at $14.3; 5 at $14.14 (11/22/25 Post)
New average cost per share: $14.53 (65+ shares)
Reduced from $14.88
Dividend: Quarterly at $.25 per share
BRT Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at New AC = 6.88%
Next Ex Dividend: 3/27/26
Last Earnings Report (Q/E 12/31/25):
Revenues: $13.212M, up from $11.653M
GAAP E.P.S. = ($.23), up from ($.11)
FFO per share: $.26, down from $.28
Adjusted FFO per share: $.34, down from $.37
Reconciliation:
The declines are mostly attributable to increased expenses in the unconsolidated joint venture properties that resulted in a swing from $658K in earnings to a $811K loss.
Unconsolidated Joint Venture Properties:
There is no explanation provided by the company for that decline that I could find.
The AFFO number does not include an adjustment for recurring capital expenditures. For the 12 month period ending 12/31/25, BRT estimates that its share of those expenses was $5.278M or an average of $1.3195M per quarter.
If I adjusted the AFFO number of $6.474M for the 2025 4th quarter by $1.3195M, then the NAREIT defined AFFO, which subtracts maintenance expenses, would be $5.1545M or about $.286 per diluted share rather than the reported AFFO of $.34. Both per share numbers exceed the $.25 per share quarterly dividend.
2025 AFFO per share: $1.45, up from $1.43
B. Added to ACCO - Bought 30 at $3.3; 20 at $3.15:
Quote: ACCO Brands Corp (ACCO) at Google Finance
Cost: $98.99
"ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands, include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others."
I would characterize the main problem to be reliance on paper products in w world moving away from paper into digital forms of communication.
ACCO has been acquiring more products in the gaming and computer accessory categories (e.g. Trackballs, locks, docking stations & ergonomic keyboards | Kensington and PowerA®: Enhancing the Gaming Experience | ACCO Brands) This transition needs to be moving faster IMO.
Investment Category: Lottery Ticket Basket with a flavor of bond substitute given the yield and assuming it is not eliminated.
ACCO SEC Filed 2025 Annual Report
Website: ACCO Brands
ACCO Detailed Earnings Estimates - Zacks.com As of 3/16/26, the average E.P.S. estimate for 2026 was at $.95 and at $.92 for 2027.
Last Discussed: Item # 1.K. Added to ACCO - Bought 10 at $3.46; 10 at $3.22 (11/29/25 Post)
Last Sell Discussion: Item # 2.F. Sold 10 ACCO at $6.46 (1/12/24 Post)(profit snapshot = $14.07)
New average cost per share: $3.49 (120 shares)
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| Snapshot Intraday on 3/18/26 after last add |
Reduced from $3.57.
Dividend: Quarterly at $.075 per share ($.30 annually)
ACCO Dividend History & Date | Seeking Alpha
I have changed my dividend option to reinvestment.
Yield at $3.49: 8.6%
Last Ex Dividend: 3/20/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
SEC Filed Earnings Press Release
Net Sales: $428.8M down 4.3%
Comparable Sales down 7.8%
Net Income: $21.3M or $.21 per share
Adjusted E.P.S. = $.38, down from $.39
Reconciliation:
ACCO claims that its multi-year cost reduction program has yielded more than $60M in savings and is on track to deliver $100M by year end 2026.
The largest adjustment is for restructuring.
2025 E.P.S. $.44
Adjusted 2025 E.P.S. $.84, down from $1.02
"For the full year, operating cash flow was $68.7 million versus $148.2 million in the prior year. Adjusted free cash flow of $69.5 million, which includes $18.7 million from asset sales, compared to $132.3 million in the prior year. The Company's consolidated leverage ratio as of December 31, 2025 was 4.1x."
Paid $27M in dividends last year and repurchased 3.2M shares for $15.1M.
2026 Outlook: Adjusted E.P.S of $.84 to $.89 with free cash in the range of $75M to 85M
In January 2026, ACCO closed the EPOS acquisition. ACCO Brands to Acquire EPOS ("Based in Copenhagen, Denmark, EPOS provides a comprehensive range of premium enterprise wired and wireless headsets, and other audio solutions, that build on over a century of research in psychoacoustics. The EPOS product line is designed to reduce listening fatigue, improve voice clarity and support cognitive performance. The combination of technological innovation and audio excellence has allowed EPOS to earn certification by all major unified communication platforms, making it one of a select group of industry participants with this distinction.")
C. Added to OFS - Bought 10 at $3.1; 5 at $4.04:
Quote: OFS Capital Corp (OFC) at Google Finance - Externally Managed BDC
Cost: $51.19
Last Discussed: Item # 1.L. Restarted OFS - Bought 10 at at $4.7 - Schwab Account (11/29/25 Post) I noted in that post that I had "zero confidence in the external managers".
SEC Filed 2025 Annual Report (Risk factor summary starts at page 28 and ends at page 67)
I classify OFS as a deservedly hated BDC. I have a negative opinion about the external management company based on a history of what I view as highly unsatisfactory loan losses.
The primary questions are (1) whether the net asset value per share of $9.19, reported as of 12/31/25, is close to being accurate; (2) whether the company can stop the decline in NAV per share and incineration of assets through loan losses; (3) whether the company will be able to sell its equity position in Pfanstiehl somewhere near the current valuation; and (4) whether the company can avoid another dividend cut. I do not have answers to those questions, but the current price seems to discount negative answers to most, if not all of those questions.
A summary of investments starts at page 120. By far, the most important holding is 400 shares of the private company Pfanstiehl Holdings (top of page 128) valued by OFS at $89.428M (or about $6.67 per diluted share as of 12/31/25 before expenses related to any disposition that may include an incentive fee owed to the external management company), with a cost basis of $217,000. The valuation puts this equity holding at about 51.8% of assets.
Website: Pfanstiehl Injectable Grade Excipients GMP - Highest Purity
OFS only has an observer seat on the Board. My best guess is that Pfanstiehl is the obvious buyer of the OFS shares and is uninterested in buying the shares or has not offered a price acceptable to OFS. Selling a minority stake in a company to a third party would generally be at a marked down price. The most likely sale, if one occurs in my lifetime, would be to a third party acquiring the entire company.
Looking at the 2019 OFS Annual Report, I noted that the 400 common shares was valued at $4.755M as of 12/31/2019. OFS then had outstanding a 10.5% subordinated loan of $3.768M outstanding. That loan matured in 2021 leaving OFS with just the equity position. (p. 96, 10-K) Frequently equity positions will be acquired by a BDC as part of a loan transaction.
In the 2024 first quarter, OFS marked down its equity investment in this private company to $63.077M. 10-Q at page 15 The percentage of net assets was then at 42.5%.
OFS marked this investment up to $70.831M as of 6/30/24, representing 45.9% of net assets. This markup was $7.754M or $.579 per share and exceeded the $.43 increase in net asset value per share claimed compared to the second quarter.
OFS valued this equity investment at $73.66M, or 48.7% of net assets, as of 9/30/24. 10-Q for the Q/E 9/30/24 The $2.829M increase in valuation compared to the prior quarter added $.21 to the net asset value per share.
The Pfanstiehl common stock position was valued at $78.451M or 57.6% of the net asset value as of 9/30/25. 10-Q for the Q/E 9/30/25 at page 14
The net asset value is highly dependent on the valuation marks given to this equity investment. What is the value of that common stock? I have no idea. The company has been claiming that it is seeking to monetize this investment.
Investment Category: Blackjack Hand, part of the Lottery Ticket Basket
I look at it as playing a blackjack hand for $50. The category emphasizes the gambling nature of the "investment".
My realized gains in OFS to date is at $1,343.28, so I am playing with the house's money.
New Average cost per share: $3.88 (25 shares)
Reduced from $4.585 (10 shares)
Dividend: Quarterly at $.17 per share ($.68 annually), slashed from $.34 effective for the 2025 4th quarter payment.
OFS Capital Dividend History & Date | Seeking Alpha
As previously discussed, I anticipated a dividend slash since this BDC was not coming close to earnings the $.34 per share quarterly dividend.
Besides a history of loan losses, the other issue is that more than one-half of the reported net asset value per share is in a common stock position that does not pay a dividend.
Yield at $3.88: 17.53%
Last Ex Dividend: 3/20/26
Net Asset Value per share history:
12/30/25: $9.19
NAV per share declined by 24.48% in 2025
9/30/25: $10.17
3/31/25: $11.97
12/31/24: $12.85
9/30/24: $11.29
6/30/24: $11.51
3/31/24: $11.08
12/31/23: $12.09
9/30/23: $12.74
6/30/23: $12.94
12/31/22: $13.47
6/30/22: $14.57 10/Q for the Q/E 6/30/22 at page 3
03/31/21: $11.96 10-Q at page 3
12/21/20: $11.85 10-K at page 69
6/30/20: $10.10
3/31/20: $ 9.71
12/31/19: $12.46
9/30/19: $12.74
6/30/19: $12.95 Page 2 10-Q
3/31/19 $13.04 10-Q
12/31/18 $13.10
6/30/18 $13.70
03/31/18 $13.67
12/31/17 $14.12
12/31/16 $14.82
12/31/15 $14.76
12/31/14 $14.24
12/31/13 $14.54
IPO Offering Price at $15 (November 2012) with proceeds after the underwriters' discount at $13.05 Final Prospectus Supplement
OFS Capital (OFS) Q4 2025 Earnings Call Transcript | The Motley Fool The computer that did the transcription referred to Pfanstiehl as Fansteel.
NII per share: $.20
Net Asset Value per share: $9.19, down from $10.17 as of 9/30/25 and as of 12/31/24.
Net Realized loss per share on investments: ($.05) compared to ($.30) for the Q/E 9/30/25. One way to reduce the percentage of nonaccrual loans to total loans at cost or fair value is simply to sell some at a loss which can not be ignored.
"During the quarter ended December 31, 2025, a loan to a portfolio company with an amortized cost and fair value of $6.8 million and $4.1 million, respectively, was placed on non-accrual status. Additionally, we restructured a loan to a portfolio company with an amortized cost and fair value of $13.5 million and $5.3 million, respectively, which had been on non-accrual status, in exchange for a combination of a new loan and equity in the portfolio company. Our existing zero-basis equity investment in the portfolio company was also extinguished upon the exchange. Following the restructuring, the loan we received with an amortized cost and fair value of $3.8 million and $3.8 million, respectively, was placed on accrual status. As of December 31, 2025, our loan portfolio had non-accrual loans with an aggregate fair value of $14.4 million, or 4.2% of our total investments at fair value."
As of 12/31/25, the "investment portfolio’s weighted-average performing income yield increased to 13.5% from 13.3% during the quarter ended September 30, 2025, primarily due to an increase in earned yields on our structured finance securities.
Company assessment of credit risks:
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| Page 87, 2025 Annual Report |
Interest Rate Risk Assessment:
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| Page 102 Annual Report |
Some OFS Sell Discussions: Item # 3.B. Eliminated OFS - Sold 36 at $8.5 (6/12/25 Post)(profit snapshot = $176.01; discussed non-performing loans in that June 2025 post); Item # 4.E. Pared OFS - Sold 4 at $8.05 (11/21/24 Post)(profit snapshot = $15.93); Item # 2.A. Sold 9 OFS at $8.14 (10/31/24 Post)(profit snapshot = $35.16)(I discussed my negative reaction to the second quarter earnings report in that post. SEC Filed Press Release); Item # 2.A. Eliminated Duplicate Position in OFS - Sold 59+ at $9.56 and Item #2.B. Pared OFS in Fidelity Account - Sold 9+ at $9.55 (5/10/24 Post)(profit snapshots = $335.97)(As noted there, I decided to eliminate this duplicate position based on an acceleration of non-performing loans and the erratic valuation marks for an equity position in Pfanstiehl); Item # 1.D. Pared Duplicate Position in OFS - Sold 22 at $10.04(4/5/24 Post)(profit snapshot = $13.7); Item # 3.G. Pared OFS in Schwab Account - Sold 10 at $12.02 (1/26/24 Post)(profit snapshot = $21.59); Item # 3.D. Pared OFS in my Fidelity Account - Sold 8+ at $11.81 (1/20/24 Post)(profit snapshot - $60.72); Item # 1.B. Pared OFS in Schwab Account - Sold 20 at $11.51 (12/30/23 Post)(profit snapshot = $17.65); Item # 6.C. Pared OFS in Schwab Account - Sold 20 at $10.86 (9/30/23 Post)(profit snapshot = $28.94); Item # 3.A. Eliminated OFS in Vanguard Account - Sold 20 at $10.2 and Item # 3.B. Pared OFS in my Fidelity Account-Sold 10 at $10.15 (8/19/23 Post)(profit snapshots = $182.5)(Item #3.B. also contains snapshots of prior realized gains); Item # 3.D. Pared OFS in Fidelity Account - Sold 13.82 Shares at $11.32 (8/16/22 Post); Item # 4.B. Pared OFS in Fidelity Account - Sold 15.427 at $12.49 (6/15/22 Post)(profit snapshot = $60.07; contains snapshots of realized gains prior to 2022); Item # 4.D. Pared OFS in Fidelity Account - Sold 29+ at $13.06 (4/21/22 Post)(profit snapshot = $69.88); Item # 1.H. Pared OFS in Fidelity Account Sold 35 at $10.07- Highest Cost Lots That Could be Sold Profitably (7/22/21 Post)(profit snapshot = $12.44);; Item # 2.M. Pared OFS in Vanguard Taxable-Sold 20 at $7.2 (12/25/20 Post)(profit snapshot = $56.8); Item # 3.B. Sold 10 OFS at $12.04 (11/30/19 Post)(profit snapshot = $7.04); Item # 4.B. Sold 60 shares at $12 (11/13/19 Post)(profit snapshot = $13.11); Item # 3.A. Sold Highest Cost OFS Lots in Schwab Account - 50 shares at $12.27 and 50 at $12.47 (5/5/19 Post)(profit snapshots = $69.55)
Maximum Position: 50 shares
Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain. I view this BDC as High Risk with a possible reward in addition to the dividend when and if the company can sell its stock Pfanstiehl stock near its current valuation mark.
OFS Realized Gains to Date: $1,343.28
6. Equity Preferred Stocks:
Fixed coupon equity preferred stocks will generally be priced at spreads to the ten year treasury yield with the spread amount dependent on the credit risk. The spread will generally be in the 2%-3% range with greater than 3% indicating an opinion on enhanced credit risk. The ten year treasury yield closed at 4.39% last Friday creating a "normal" range for preferred stocks in the 6.39% to 7.39%. As the yield moves up to the top of that range, then investors are adding more yield to compensate for the perceived increase in credit risk. Given a preferred stock's low placement in the capital structure, junior to all debt and senior only to common stock, the downside risk in a bankruptcy is considerable, with zero prices for bank holding company preferred stocks being common after the FDIC seizes the operating bank and the holding company has insufficient assets to pay off senior debt owners except at some fraction of par value.
During a period when the ten year treasury note is rising in yield, I would expect the prices of preferred stocks to decline. The recent rise in the ten year treasury yield has resulted in lower prices and higher yields on new preferred stock purchases.
There has also been historical examples when preferred stocks have significant price declines even when treasury yields are falling. Those periods generally coincide with major turbulence in common stocks with a strong downside movement usually associated with fears about the economy making preferred stocks more risky given their placement just above the common shares in the capital structure. I have noted those events in my blog
Cost: $91.75
Issuer: Athene Holding Ltd. - private company owned by Apollo Global Management (APO)
While Athene is a privately owned company, financial results are filed with the SEC since the company has sold bonds and preferred stocks to the public.
SEC Filed 2025 4th Quarter Report
SEC Filed 2025 Annual Report Debt is listed at page 99.
Last Discussed: Item # 5.B. Started ATHPRB in Fidelity Account - Bought 10 at $19.85; 5 at $19.65 (2/11/26 Post)
Placement in Capital Structure: Equity Preferred Stock, senior only to common stock and junior to all bonds and credit facility borrowings.
Coupon: 5.625% paid on a $25 par value.
Dividends: Qualified, non-cumulative and paid quarterly.
Optional Call Date: On or after 9/30/24. I do not anticipate that this preferred stock will be called at par value. Currently, the company is having to pay higher coupons for senior unsecured bond and junior bonds.
Ratings- Athene Holding Ltd. For the preferred stock issued by the holding company, the ratings are Baa3 by Moody's and BBB by S&P.
Fitch has a BBB-. Fitch Affirms Athene's Ratings; Outlook Stable (8/20/25)
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| Snapshot Closing Price as of 3/20/26 Close |
Calculation: .0565% x. $25 par value = $1.4125 annual dividend per share ÷ $19.04 = 7.4186%
Since I have a lower cost per share in my Schwab account, I will be averaging down in that account.
Last Ex Dividend: 3/13/26 (Owned 10 as of)
Owned SU Bond: I own 2 of the Athene Holding 4.125% SU Maturing on 1/12/28, Bond Page | FINRA.org.
B. Sold 15 NSAPRB at $23.075:
Quote: National Storage Affiliates Trust Cumulative 6% Preferred Series B Stock (NSA-PRB) at Google Finance
Proceeds: $346.13
Issuer: National Storage Affiliates Trust (NSA) at Google Finance
As discussed above, NSA agreed to be acquired by Public Storage (PSA). When that merger is consummated, the NSA preferred stocks will be converted into PSA obligations with identical terms. Public Storage to Acquire National Storage Affiliates, Creating Significant Value for All Stakeholders
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks, part of the Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 5.B. Added to NSAPRB - Bought 5 at $21.25 (12/18/25 Post)
Profit Snapshot: $18.58
Prospectus
Par Value: $25
Coupon: 6%
If the merger is consummated, this preferred would be the highest coupon PSA preferred stock. Public Storage - Preferred Securities
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). The Stopper Clause enforces the preferred shareholders preferential claim to cash compared only to the owner of common shares.
Dividends: Paid quarterly, cumulative and non-qualified as a pass through entity.
Last Ex Dividend: 3/13/26 (owned all as of)
PSA preferred stocks have a higher credit rating than those issued by NSA. So the credit risk profile of NSA preferred stocks will improve when and if they become PSA obligations.
I am keeping 100 NSAPRA shares that have a 6% coupon paid on a $25 par value.
Last NSAPRA Discussion: Item # 4.A. Added to NSAPRA - Bought 45 at $21.1 (2/23/26 Post) My average cost per share is currently at $21.37 which results in a 7.02% yield. (Calculation: .06% coupon x. $25 par value = $1.5 annual dividend per share ÷ $21.37 total average cost per share = 7.0192%)
C. Added to SLGPRI in Fidelity Account - Bought 5 at $21.5:
Quote: SL Green Realty 6.50% Cumulative Preferred Series I at Google Finance
Cost: $107.5
Issuer: SL Green Realty (SLG) at MSN Money
I have a small ball position in the common stock.
SLG SEC Filed Report for the Q/E 12/31/25
SLG SEC Filed 2025 Annual Report
Homepage - SL Green - NYC's Largest Commercial Landlord
Last Discussed: Item # 4.A. Started SLGPRI in Fidelity Account - Bought 10 at $21.9 (3/9/26 Post)
Coupon: 6.5%
Par Value: $25
Dividends: Paid quarterly, non-qualified (pass through entity) and cumulative
Optional Call: Call protection expired in 2017. The stock may be called at par value + the accrued and unpaid dividend.
Stopper Clause: Standard. The Stopper Clause prevents the deferral of the cumulative preferred dividend as long as the company pays a cash common share dividend or uses cash to buy back common stock. The Clause enforces the preferred shareholders preferential claim to cash compared only to the common shareholder.
SLG last paid a monthly common stock dividend in December 2025. There was an announcement that the monthly payments would cease with that payment and future dividends would be on a quarterly basis. The Board announced today that a quarterly common share dividend will be paid in cash at $.6175 per share ($2.72 annually). SL Green Realty Corp. Announces Annual Ordinary Dividend of $2.47 per Share (also declared the dividend on the SLGPRI preferred stock)
The monthly dividends had been at $.2575 per share, so this new rate is a dividend cut. SLG Dividend History & Date | Seeking Alpha For the preferred shareholder, cuts in the common share dividend is a positive since more cash is available to support the preferred dividend. A preferred shareholder is fine with a $.01 cash dividend paid on the common shares, since that is sufficient to activate the Stopper Clause requiring payment of the preferred stock dividend.
Prior preferred stock dividend for the first quarter have been declared between 3/15 to as late as 3/25. Dividend History | SL Green Realty Corp.
Maturity: None, potentially perpetual
Preferred Stock Credit Ratings: Well into junk territory at BB- from Fitch. Fitch Affirms SL Green Realty Corp. at 'BB+'; Outlook Positive (9/5/25) The senior unsecured debt rating of BB+ is high end junk.
New Average cost per share this account: $21.77 (15 shares)
Yield at New AC: 7.46%
Computation: .065% coupon x $25 par value = $1.625 annual dividend per share ÷ $21.77 cost per share = 7.4644%
Last Ex Dividend: 12/31/25
SLG.PR.I Dividend History & Date | Seeking Alpha
Sell Discussions: Item # 5.A. Eliminated Duplicate Position in SLGPRI - Sold 15 at $21.28-Fidelity Account (1/20/24 Post)(profit snapshot = $62.49); Item # 3.A. Eliminated SLGPRI-Sold 20 at $25.96 (9/12/20 Post)(profit snapshot = $122); Item # 5 Sold 50 SLGPRI at $23.6 (4/3/2014 Post)(profit at $29.58).
SLGPRI Realized Gains to Date: $213.77
D. Added to REXRPRC in Fidelity Account - Bought 5 at $20.5:
Quote: REXR-PC - Yahoo Finance
Cost: $102.5
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Preferred Stocks
Last Discussed: Item # 8.A. Added to REXRPRC in Fidelity Account - Bought 5 at $21.03 (3/16/26 Post)
Coupon: 5.625%
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.
New average cost per share this account: $21.12
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| Snapshot Intraday on 3/18/26 after add |
Yield at $21.12: 6.69%.
Calculation: .0565% coupon x. $25 par value = $1.4125 annual dividend per share ÷ $21.12 total cost per share = 6.688%
7. Bond ETFs:
The prices of bond ETFs have been moving down due to interest rates rising in response to the Iran War.
A. Added to FALN - Bought 5 at $26.69+ - Schwab Account:
Quote: iShares Fallen Angels USD Bond ETF (FALN) at Google Finance
Cost: $133.48
FALN – Portfolio – iShares Fallen Angels USD Bond ETF | Morningstar The fund is currently rated at 4 stars. As of 3/17/26, the weighted average price is shown at 94.29 with a YTM at 6.5%.
New average cost per share: $27.28 (15 shares)
Dividends: Monthly at a variable rate.
B. Added to IBHH - Bought 5 at $23.40+ - Schwab Account:
Quote: iShares iBonds 2028 Term High Yield and Income ETF (IBHH) at MSN Money
Cost: $116.98
IBHH Portfolio: Morningstar (not rated) Weighted average price shown at 98.52 with a YTM at 6.28% as of 3/17/26.
Sponsor's website: iShares® iBonds® 2028 Term High Yield and Income ETF | IBHH
Expense Ratio: .35%
Number of Owned Bonds: 247
Effective Duration: 1.23 years
New average cost per share: $23.6 (15 shares)
C. Added to VCIT - Bought 1 at $82.47; 1 at $82.92; 1 at $83.21 - Schwab Account:
Quote: Vanguard Intermediate-Term Corporate Bond Index Fund ETF (VCIT) at Google Finance
Cost: $248.6
Sponsor's website: Vanguard Intermediate-Term Corporate Bond ETF | Vanguard
Expense ratio: .03%
Average duration as of 3/13/26: 6 years
As of 2/28/26, the fund owned 2,289 bonds with an average duration of 6 years and an average coupon of 4.88%.
Dividend: Paid monthly at a variable rate
Last Ex Dividend: 3/4/26
Maximum Position: 10 shares
Purchase Restriction: Each subsequent purchase required to be at the lowest price in the chain.
Goal: Any total return in excess of the dividend payments.
VCIT Page at Morningstar (currently rated 4 stars)
VCIT – Performance – Morningstar
8. Exchange Traded First Mortgage Bonds:
Investment Category: Exchange Traded Baby Bonds
Exchange Traded: Trade on the stock exchange just like a stock.
A. Added to ELC in Schwab Account - Bought 10 at $20.3:
Quote: Entergy Louisiana Collateral Mortgage Bonds 4.875 Due 9/1/2066 (ELC) at Google Finance
Cost: $203
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
Last Discussed: Item # 7.A. Added to ELC in Vanguard Account - Bought 10 at $20.82 (2/11/26 Post); Item # 4.B. Bought 10 ELC at $20.66 - Vanguard Account (1/15/26 Post): Item # 4.A. Added to ELC in Schwab Account - Bought 10 at $20.45+ (1/8/26 Post)
Coupon: 4.875% paid on a $25 par value
Interest Payments: Quarterly
Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)
First Mortgage Bond, with lien attaching to substantially all assets.
Credit Ratings: A2/A
The interest rate risk resulting from an early call due to a significant decline in interest rates is mitigated by the realized gain at a $25 par value call.
New average cost per share this account: $20.84 (100 shares)
Yield at $20.84: 5.848%
Calculation: .04875% coupon x. $25 par value = $1.21875 in annual interest per share ÷ $20.84 average cost per share this account= 5.8481%
Last Ex Interest Date: 2/27/26
Currently Owned Energy Louisiana $1,000 par value First Mortgage Bonds:
Quote: Entergy Mississippi 4.90% First Mortgage Bond Due 10/1/2066 (EMP) - Google Finance
Cost: $206.3
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
First Mortgage Bond
Par Value: $25
Coupon 4.9%
Interest Payments: Quarterly
Maturity: 10/1/2066
No call protection. Issuer has the optional right to call at par value plus accrued and unpaid interest.
Interest Rate Risk: High given the potentially long maturity. Interest rate risk is asymmetric in favor of the issuer who has the optional call right. If interest rates fall too far, the issuer will call the bond, but will allow the owner to keep the security when interest rates are rising and the price is falling.
Credit Risk: Rated at A2/A. Low IMO since the issuer is a regulated utility and the bond is a first lien on substantially all assets.
New average cost per share this account: $21.43 (110 shares)
 |
| Snapshot Intraday on 3/16/26 after add |
Yield at $21.43: 5.716%
Calculation .049% coupon x. $25 par value = $1.225 annual interest per share ÷ $21.43 total average cost per share = 5.7163%
Last Ex Interest: 12/31/25
Next Ex Interest: 3/31/26
Sell Discussions: Item # 5.B. Pared EMP in Schwab Account - Sold 5 at $21.62; 5 at $22.39+ (9/21/25 Post)(loss snapshot = -$27.2); Item # 4.A. Eliminated EMP-Sold 70 at $24.87 (5/1/19 Post)(profit snapshot = $207.92); Item # 2.B. Sold 30 EMP at $24.44 (2/13/19 Post)(profit snapshot = $7.04); Items 2.A and B. Sold 50 EMP at $24.97 and 30 at $24.96 (9/21/17 Post)(profit snapshots $167.52); Item # 2.A. Sold 50 EMP at $24.47 (7/22/17 Post) (profit snapshot = $66.98)-Item # 2.B. Bought 50 EMP at $22.85 (5/17/17 Post)
Goal: The goal is simply to realize a total return in excess of the interest payments. A total return in excess of the dividend payments will require long term interest rates to decline from current levels.
Owned Entergy Mississippi $1,000 Par Value First Mortgage Bonds: 12
4 Entergy Mississippi 3.25% FM Maturing on 12/1/27, Bond Page | FINRA.org
1 Entergy Mississippi 2.85% FM Maturing on 8/1/28, Bond Page | FINRA.org
7 Entergy Mississippi 5% FM Maturing on 9/1/33, Bond Page | FINRA.org (sold 2 earlier this year)
I prefer owning the $1K par value bonds that mature in less than 10 years since they have a much lower interest rate risk.
I have sold 1 Entergy Mississippi 5.8% FM maturing on 4/15/55. Item # 3.D. Sold 1 Entergy Mississippi 5.8% FM at 100.049 (8/5/25)(profit snapshot = $37.17) - Item # 3.E. Bought 1 Entergy Mississippi 5.8% First Mortgage Bond Maturing on 4/15/55 at a Total Cost of 96.232 (5/30/25 Post) I also sold 2 Entergy Mississippi 5% FM Maturing on 9/1/33 in Roth IRA accounts.
Quote: Entergy Arkansas First Mortgage Bonds 4.875% Due in 2066 (EAI) at Google Finance
$102.52
Last Discussed: Item # 3.A. Added to EAI in Fidelity Account - Bought 20 at $21.2 (11/8/25 Post)
Investment Category: Exchange Traded Baby Bonds
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.
Credit Risk: Low IMO
Credit Ratings: A2/A
Interest Rate Risk: High IMO
Interest Rate Risk is asymmetrical in favor of the issuer which is the case for EMP and ELC as well.
Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment)
Interest Payments: Quarterly
New average cost per share this account: $21.92 (80 shares)
Yield at New AC: 5.56%
Calculation: 04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $21.92 average cost per share =5.56%.
Entergy Arkansas, LLC 1M BD 4.875% (EAI) Ex Interest Dates - Seeking Alpha
9. Leveraged Bond/Senior Loan CEFs:
A. Added to JQC - Bought 10 at $4.7:
Quote: Nuveen Credit Strategies Income Fund (JQC) at Google Finance
Cost: $47
Nuveen Credit Strategies Income Fund - SEC Filed Report for the period ending 7/31/25. Information on JQC's holdings can be found starting at page 37. Leverage is through variable rate preferred securities (pages 95-96) and variable rate repurchase agreements (page 99). Borrowing costs would have been coming down during the current FED rate cutting cycle that started in September 2024.
SEC Filing: Holdings 10/31/25Buying securities with borrowed money that go down in price is not a path to financial success. That results is aggravated when borrowing costs are moving higher as the securities decline in price (e.g. 2022-2024).
When the securities go up in price with the weighted average borrowing costs significantly below the yield of securities bought with the borrowed funds, that scenario will lead to higher returns and more support for the dividend payments.
Leverage at 38% when the securities bought with the borrowings are junk rated is a high risk strategy.
Last Elimination: Item # 5.A. Eliminated JQC - Sold 100 at $5.48 (7/29/25 Post)(profit snapshot = $48.25)
Last Discussed: Item # 6.A. Added to JQC - Bought 10 at $4.85 (3/9/26 Post); Item # 5.A. Added to JQC - Bought 10 at $4.98 (2/23/26 Post); Item # 6.A. Restarted JQC - Bought 50 at $5.1 (2/4/26 Post) I will not have much to add here to those recent discussion.
New average cost per share:
Reduced from $5.05
Dividend: $.0495 per share ($.594 annually), reduced from $.054 per share effective for the 4/1/26 payment.
Yield at New AC:
Last Ex Dividend: 3/13/26
Date Date of 3/16/26 Trade:
Closing Net Asset Value per share: $5.37
Closing Market Price: $4.72
Discount: -12.1%
3 Year Average Discount: -7.78%
Sourced: JQC - CEF Connect (Click "Pricing Information" Tab)
Goal: Any profit before ROC adjustments to the cost basis + the dividends.
Similar Unleveraged ETFs: SPDR Blackstone Senior Loan ETF (SRLN) and Invesco Senior Loan ETF (BKLN)
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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