Dollar Values of Trades Discussed in this Post:
Treasury Bills Purchased at Auction (Item # 3): $40,000 in principal amount
Inflow Common Stocks/Stock Funds (Item # 4): $670.46
Outflow Common Stocks (Item # 2): $1,631.08
Realized Gains Common Stocks: $623.34
Net Outflow Common Stocks/Stock Funds: $951.62
Outflow Canadian Reset Equity Preferred Stock (Item # 1): C$2,581 (realized gain at C$580)
Inflow Term Bond ETFs (Item # 5): $333.05
Inflow Leveraged Bond CEFs (Item # 6): $193.6
Inflox "Preferred" Stock ETFs (Item # 7): $178.18
Inflow U.S. REIT Equity Preferred Stock (Item # 8): $105.15
The stock market is receiving a lift today due to a decline in crude oil prices.
WTI Crude (April 26): $94.49 -$4.22 (-4.28%) as of 1:54 P.M. EST on 3/16/26. While a decline is better than an increase, the current price remains far too high.
Oil Price Charts | Oilprice.com
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Economy:
Fourth-quarter GDP revised down to just 0.7% growth; January core inflation was 3.1% This is stagflation.
GDP (Second Estimate), 4th Quarter and Year 2025 | U.S. Bureau of Economic Analysis (BEA) "Real GDP was revised down 0.7 percentage point from the advance estimate, reflecting downward revisions to exports, consumer spending, government spending, and investment. Imports decreased less than previously estimated.. . . The personal consumption expenditures (PCE) price index increased 2.9 percent, the same as previously estimated. Excluding food and energy prices, the PCE price index increased 2.7 percent, also the same as previously estimated." (emphasis supplied)
Personal Income and Outlays, January 2026 | U.S. Bureau of Economic Analysis (BEA) "From the same month a year ago, the PCE price index for January increased 2.8%. Excluding food and energy, the PCE price index increased 3.1 percent from one year ago." Core PCE inflation increased by .4% month-to-month. Personal savings as a percentage of disposable personal income was reported at 4.5%. (Table 2.6, line 35).
Consumer Price Index Summary - 2026 M02 Results
Annual CPI: 2.4%
Gasoline was down 5.2% for the 12 month period. That decline will be reversed in March. Gasoline has only a 2.812% weighting in CPI. Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2026 M02 Results A significant rise in gasoline can flow through in the prices of other products (e.g. shipping costs). Since petroleum is used in the manufacturing processes of other products, any pass through of the increased crude oil price used in those products will be inflationary. Products Made from Oil and Natural Gas- U.S. Energy Administration.pdf
Annual Core CPI: 2.5%
Month-To-Month CPI: .3%
Food at home had a .4% increase month-to-month, up from .2% in the prior month.
Month-to Month Core CPI: .2%
Discussed at CPI inflation report February 2026
Three more ships struck in the Gulf as Iran warns of oil hitting $200 (3/12/26)
About 1/3rd of the world's fertilizer supply must pass through the Strait. The Iran war's looming economic threat: Higher food prices; The Iran War Is Sending Fertilizer Prices Soaring at the Worst Time for Farmers - AgWeb; Urea - Price - Chart - Historical Data - News; Urea: A Low Cost Nitrogen Fertilizer with Special Management Requirements | USU; The Middle East conflict demonstrates the fragility of global food supply | World Economic Forum
US Navy’s New Strait of Hormuz Nightmare: Iran’s ‘Azhdar’ Stealth Underwater Drone Could Disrupt Global Shipping and Redefine Naval Warfare - Defence Security Asia Ukraine's sea drones successfully sunk several Russian ships. High-tech sea drones used to sink another Russian warship in the Black sea, Ukraine claims | PBS News; Ukrainian sea drones sink $65 million Russian patrol ship off Crimea - YouTube; Ukraine sinks Russian warship near Crimea - YouTube; Ukraine Destroys Kilo-Class Submarine at Novorossiysk Using UNDERWATER Marine Drone - YouTube
Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint - U.S. Energy Information Administration (EIA) The EIA estimates at about 20-21 million barrels of crude oil condensate and petroleum products flow through the Strait of Hormuz each day with about 84% of those products destined for East Asian markets primarily Japan, South Korea, India and China. Only about 9% of those barrels are shipped to the U.S.
The International Energy Agency has recommended to its 32 member countries that they release 400 million barrels of their strategic reserves or about 1/3rd of the total amount available. That is about 20 days of the supply passing through the Strait. Will another release of the strategic reserves occur after 20 days if the Strait is still closed to cargo ships?
Oil soars 10% as 'largest supply disruption' in history worsens (3/12/26).
Pete Hegseth on Strait of Hormuz: 'Don't need to worry about it' I wonder whether anyone feels assured by that claim.
Iran War: Navy-led coalition moving into Strait of Hormuz as soon as militarily possible, Bessent says The Trump Administration will be risking U.S. warships and sailors in order to provide some protection to tankers moving to non-U.S. destinations. Bessent seems to think that air and naval superiority will be sufficient to stop drone and missile attacks, including attacks by underwater drones.
Expert economists tell AlterNet top Trump adviser's claim is 'nuts' - Alternet.org Navarro and Bessent claim that the Iran War will bring gas prices down.
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Trump is going to abuse his limited authority under section 301 of the 1974 Trade Act as part of his effort to restore the tariffs found illegal under IEEPA. Trump Section 301 trade probes to replace IEEPA tariffs against the EU, Mexico, China and other nations; U.S. launches fresh Section 301 probes into 60 economies over forced-labor trade practices
Trump is sending a clear signal to foreign countries that more tariffs may come even after the EU or a foreign country has made significant concessions in a negotiated trade agreement.
The same kind of signal was sent to European countries when Trump threatened to impose new tariffs unless several nations agreed to the U.S. absorption of Greenland, and that was done when the EU Parliament was preparing to vote on a new trade agreement with the U.S.
It is clear that the U.S., through the unilateral actions of Trump, can not be trusted to refrain from imposing new tariffs even after securing concessions in a trade agreement.
Trump raises China stakes with Section 301 trade probe before Beijing Xi meeting
These actions will continue to create the kind of uncertainty that has led to a worsening U.S. job market, higher inflation and lower real GDP growth that may easily morph into a recession.
Tariff Refund Delays Could Cost Taxpayers $700 Million a Month | Cato at Liberty Blog The Trump Administration is slow walking the refunds of illegally collected tariffs as noted in that article.
'Lost all hope': Trump policies are crushing food industry in Republican heartland
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Our Dear Leader and his Party of Invertebrate Minions:
The Republican Messiah, the "Chosen One", has attempted to blame Iran for attacking the girl's elementary school in Minab on 2/28/26, the first day of what Trump calls the "little excursion" in Iran. 2026 Iran war - Wikipedia The buildings next to the school were a clinic and and a pharmacy. The attack killed close to 180 people, mostly children.
Trump claimed that several countries have Tomahawk missiles. Besides the U.S., only Japan, the U.K., the Netherlands and Australia have access to Tomahawks. There is no evidence that Iran has them. The U.S. President suggested that Iran must have gotten hold of those missiles and targeted this girls school on 2/28/26, the first day of the war, in an effort to embarrass Trump. Fact-checking Trump's claim that Iran has Tomahawk missiles; Trump says he believes bombing of Iranian girls' school was "done by Iran" - CBS News What kind of man would make those claims? The "Chosen One"?
Trump: "I will say that the Tomahawk, which is one of the most powerful weapons around is sold and used by other countries. You know that. And whether it's Iran, (which) also has some Tomahawks. They wish they had more. But whether it's Iran or somebody else, the fact that a Tomahawk — a Tomahawk is very generic. . . Tomahawks are used by others, as you know. Numerous other nations have Tomahawks — they buy them from us."
The Pentagon surely knows without any reasonable doubt that the U.S. was responsible for targeting the elementary girls school using outdated information about the use of the building. US strike likely hit Shajareh Tayyiba school in Minab, Iran due to outdated intelligence, sources briefed on initial findings say The U.S. hit the intended target with multiple tomahawks. Notwithstanding that certainty, the U.S. Department of War has only acknowledged so far that the preliminary analysis points to the U.S. as responsible. United States was "likely" responsible for bombing of girls' school in Iran, per early U.S. assessment - CBS News
Hegseth gutted offices that would have probed Iran school strike - POLITICO
South Korea opposed to U.S. deploying air defense systems in the country to Middle East (3/10/26) So why does the U.S. need to move Patriot missile systems out of South Korea for redeployment in the Middle East. What will the republicans say if North Korea attacks South Korea after that redeployment? They will simply deny any connection between what Trump is doing and another war starting up.
Trump in "Truth Social" Message 3/14/26: "Many Countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe".
Trump Says Iran Is Finished—Then Asks the World for Backup - YouTube
Trump made this comment in a NBC interview last Saturday: "Iran wants to make a deal, and I don't want to make it because the terms aren't good enough yet." Iran claims that no such discussions have taken place. Iranian foreign minister says "we don't see any reason why we should talk with Americans" - CBS News
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Hegseth Comes For the Lawyers at the Pentagon - The Atlantic Any lawyer who recognizes that there are in fact legal guardrails applicable to the U.S. military will lose their jobs.
Trump admin accused of illegally dismantling DOJ's hate crimes unit - Raw Story
Typical Rant by the White House Communications Director:
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FCC chair threatens news networks' licenses amid Trump's criticism of Iran war coverage - CBS News; FCC chair threatens to revoke broadcasters' licenses amid Trump comments on Iran coverage - NBC News
Trump threatens to add 'sleazebag' NYT reporter 'Maggot Hagerman' to defamation lawsuit Trump: "Maggot Hagerman, just another SLEAZEBAG writer for The Failing New York Times, insists on writing false stories about me, even though she fully knows and understands that the exact opposite of anything she says is usually the truth. In any event, I’m thinking of adding Maggot, and some of her 'associates,' into my Florida based Lawsuit against The Times which, very happily, seems to be proceeding nicely." Her name is Maggie Haberman. Trump rules through a daily stream of threats.
Trump launches new threat to journalists in late night outburst Trump wants journalists spreading what he calls "Fake News" to "be brought up on Charges for TREASON for the dissemination of false information".
Trump is the most powerful enemy of free speech in the nation's history IMO. Part of that power originates from his widespread support among republican politicians and republican voters.
The methods used by Trump to stifle free speech just over the past year include the FCC chair Brendan Carr threatening to revoke broadcast licenses and causing networks to fire those who displease Our Dear Leader including comedians; filing and threatening to file defamation suits that are expensive to defend; threatening any republican who mildly criticizes his action or rhetoric; causing the DOJ to criminally prosecute his political enemies; withholding funds from major U.S. universities until they comply with his demands; and threatening to destroy law firms who displease him by prohibiting access to federal buildings including courthouses and forcing companies that hire the disfavored lawyers/law firms to fire them or lose federal government business. Those are just a few examples of what Our Dear Leader has done so far during his second term.
83%-88% of Republicans approve of what Trump is doing depending on the poll. That is slightly higher than the percentage of republicans who support the war in Iran.
Will Iran break MAGA? The answer is no with about 9 out of 10 republicans who identify themselves as MAGA, a slightly narrower number of people than self-identified republicans, supporting the war. How the Iran war exposed cracks in Trump's Republican coalition; Poll: Majority of voters disapprove of how Trump has handled Iran Given the widespread support among republicans for the Iran War, it is not surprising that House and Senate republicans will do nothing to restrain Trump irrespective of major negative consequences that will flow from the absence of any restraint.
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The number of votes cast for the republican candidates for governor and school superintendent in the "purple" state of North Carolina in 2024 provide some clarity on what has happened in the U.S. A purple state is one where a Democrat can still win a statewide office under certain conditions.
The republican candidate for Governor in North Carolina in 2024 was Mark Robinson who received over 2.2 million votes. Mark Robinson (American politician) - Wikipedia;
Mark Robinson, NC GOP nominee for governor, called himself a ‘black NAZI!,’ supported slavery in past comments made on porn forum | CNN Politics; Newly unearthed data shows closer links to Robinson and porn, dating sites - POLITICO; Mark Robinson ends defamation lawsuit against CNN over 'black NAZI' article | Courthouse News Service
(My Videos: GOP Candidate for North Carolina's Governor Mark Robinson - More Disturbing Comments - YouTube; I estimate that Mark Robinson will receive over 2.2 million republican votes in November - YouTube; Mark Robinson Republican Candidate for the N C Governor and Likely Primary Winner - YouTube; Republican down ballot candidates in North Carolina: Michelle Morrow and Mark Robinson - YouTube)
The republican candidate for school superintendent had no experience in administering any school system, had once called for the public execution of Obama on pay-per-view TV, had supported QAnon slogans and was homeschooling her own children. She received 2.7+M votes and came close to winning. GOP nominee to run North Carolina public schools called for violence against Democrats, including executing Obama and Biden; GOP candidate for NC schools chief has spread falsehoods, ‘groomer’ rhetoricMichele Morrow, the GOP nominee to head North Carolina’s schools, is a QAnon conspiracy theorist | Media Matters for America Morrow is now running for the soon to be vacant senate seat in N.C. (My Video: Michele Morrow The GOP's Candidate for North Carolina's School Superintendent - YouTube)
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1. Canadian Reset Equity Preferred Stocks:
A. Eliminated AQNPRA:CA - Sold 100 at C$25.82:
Quote: Algonquin Power & Utilities Equity Preferred Stock (AQN-PA.TO) at Yahoo Finance
Proceeds: C$2,581 after C$1 Interactive Brokers commission
About Us | Algonquin Power & Utilities Corp. | AQN
SEC Filed Earnings Press Release for the Q/E 12/31/25Issuer: Algonquin Power & Utilities Corp. (AQN) at Yahoo Finance I have a small ball position in this stock.
Profit Snapshot: C$580
Buy Discussion: Item # 2.A. Bought 100 AQNPRA:CA at C$20 (12/16/23 Post)
Par Value: C$25
Coupon: 2.94% spread to the 5 year Canadian Government bond yield, resetting every five years.
Last Reset: The coupon recently reset for 5 years at 6.469% and will remain in effect to but excluding 12/31/2028. Algonquin Power & Utilities Corp. Announces Dividend Rates on Cumulative Rate Reset Preferred Shares, Series A (12/4/23)
Dividends: Paid quarterly and cumulative
Yield at C$20.01 Total Cost per share: 8.08%
(Coupon of .06469% x. C$25 par value = C$1.61725 per share annual dividend ÷ C$20.01 Total Cost per share = 8.0822%) The quarterly penny rate was increased to $.40431 from $.32263 due to this reset.
Yield at C$25.82 Sale Price: 6.26%
There is a possibility that the coupon will reset at a lower rate in 12/28. When and if that looks probable, the price of this preferred stock will likely decline in price from its current premium to par value.
Based on my objectives, I would prefer harvesting the profit than continuing to receive the dividend, which at the current coupon is about C$161.73 annually.
Canada 5-Year Bond Yield - Investing.com At a 3% yield on the 5 year bond, the coupon would reset at 5.94%.
Redemption: Only on reset dates. Once that period expires and the coupon resets, the issuer can not call until the next reset date.
While the senior unsecured notes are rated BBB, the only rating for the preferred stocks is from DBRS which has a PFD-3L. Canadian Preferred Shares; Morningstar DBRS Confirms Issuer Rating on Algonquin Power & Utilities Corp. at BBB With a Positive Trend | Morningstar DBRS (SU debt at BBB)
Realized Gains to Date in Canadian Reset Equity Preferred Stocks: C$27,499.50. Snapshots are in this post: Advantages and Disadvantages of Equity Preferred Floating Rate Securities
2. Small Ball Stock Sales:
A. Eliminated NWN - Sold 10 at $52.05:
Quote: Northwest Natural Holding Company (NWN) at MSN Money
Proceeds: $520.5
NWN is a utility holding company whose subsidiaries provide retail natural gas distribution, water and wastewater services. The NWN Gas utility provides natural gas to customers in Oregon and southwestern Washington. Another gas utility, SIEnergy Gas Utility, provides service to customers in the greater metropolitan areas of Houston, Dallas and Austin, Texas. The NWN Water Utility provides water and wastewater services to customers in Oregon, Washington, Idaho, Texas and Arizona.
NWN - Detailed Earnings Estimates - Zacks.com As of 3/9/26, the average E.P.S. estimate for 2026 was at $3.01 and at $3.21 for 2027, a 6.64% estimated increase.
NWN SEC Filed 2025 Annual Report
Last Discussed: Item # 2.B. Added to NWN - Bought 5 at $35.2 (6/28/24 Post); Item # 1.D. Started NWN-Bought 5 at $35.75 (3/1/24 Post)
Profit Snapshot: $165.77
Dividend: Quarterly at $.4925 ($1.97), last raised from $.49 effective for the 2025 4th quarter. The quarterly rate was at $.4675 in the 2016 first quarter. I view that dividend growth history as unsatisfactory and likely to remain so.
I prefer to just harvest a profit rather to receive the dividends. At the current rate, the annual dividend paid on 10 shares is only $19.7.
Last Ex Dividend: 1/30/26 (owned as of)
Last Earnings Report (Q/E 12/31/25):
Annual Results by Operating Segment:
2025 GAAP E.P.S. $2.77
2025 Adjusted E.P.S. $2.93
2025 4th Quarter E.P.S. $1.39, up from $1.12
2025 4th Quarter Adjusted E.P.S. $1.39, down from $1.41
Reconciliation 2025 4th quarter:
Revenues: $394.157M, up from $370.876
2026 Guidance:
B. Eliminated OUT - Sold 10 at $28.4+:
Quote: Outfront Media Inc. (OUT) at Yahoo Finance
Proceeds: $284.05
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
"OUTFRONT Media is a real estate investment trust (“REIT”) that provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”), enabling advertisers to engage with audiences in high-impact in-real-life (“IRL”) moments and environments. We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S. Our top market, location-focused portfolio includes sites in and around New York City, Los Angeles and San Francisco, where public spaces can turn into platforms for creativity, connection and cultural relevance." OUT SEC Filed 2025 Annual Report at page 6
OUT - Detailed Earnings Estimates - Zacks.com As of 3/9/26, the average 2026 E.P.S. estimate was at $2.18 and at $2.25 in 2027.
Website: OUTFRONT- Advertising Services & Marketing Solutions
Outfront Media Inc. - Investor Relations
Last Discussed: Item # 1.I. Started OUT - Bought 10 at $12.44; 5 at $12.55 (11/18/23 Post)
Profit Snapshot: $159.18
Dividend: Quarterly at $.30 per share
OUT Dividend History & Date | Seeking Alpha
A special dividend of $.75 per share was paid in December 2024. Of that amount, about $.30 per share was paid in cash and $.45 per share in stock. To offset the dilution of the new shares, the company declared a reverse split of 1 share for every 1.02459 shares held.
OUTFRONT Media Announces Special Dividend (12/12/24)
Last Ex Dividend: 3/6/26 (sold on ex date)
Last Earnings Report (Q/E 12/31/25):
Revenues: $513.3M, up from $493.2
Diluted GAAP E.P.S. $.53, up from $.43
GAAP Income to AFFO Income Reconciliation:
For some reason, the company does not provide FFO and AFFO per share numbers. Using the diluted share outstanding number of 177M, the AFFO per share was at $.73.
Previous Sell Transactions: $29.78 (4+ shares)
I believe the .64058 fractional share originated from the share dividend that was liquidated into cash. The 4 share sale on 2/18/25 was not discussed.
C. Pared APA - Sold Highest Cost 5 Share Lot at $32.86:
Proceeds: $164.3
I mentioned this pare in a comment published on 3/8/26.
APA "maintains a diversified asset portfolio, including conventional and unconventional, onshore and offshore, oil and natural gas exploration and production interests, while offering global exploration opportunities. In the U.S., operations are primarily focused in the Permian Basin of West Texas. Internationally, the Company has conventional onshore assets in Egypt’s Western Desert, offshore assets on the U.K.’s Continental Shelf, and is currently progressing with an oil field development offshore Suriname targeting first production in 2028."
Website: Home | APA Corporation
APA Detailed Earnings Estimates - Zacks.com As of 3/9/26, the average E.P.S. estimate for 2026 was at $1.84 and at $2.06 in 2027.
52 Week Range: $13.58 - $33.42
Last Discussed: Item # 2.A. Eliminated Duplicate Position in APA - Sold 22 at $25.35 (10/4/25 Post)(profit snapshot = $114.89)
Profit Snapshot: $10.8
New Average cost per share: $26.35 (48+ Shares)
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| Snapshot Intraday on 3/6/26 after pare |
Dividend: Quarterly at $.25 per share, last raised from $.125 per share effective for the 2022 4th quarter.
APA Dividend History & Date | Seeking Alpha
I do not view the dividend yield as attractive measured against the risk, particularly in the context of no dividend growth since 2022. The risk is lower now due to the spike in energy prices.
I would measure risk in part by the historical price movements and the frequent price collapses.
Yield at $26.35: 3.795%
Next Ex Dividend: 4/22/26
Last Earnings Report (Q/E 12/31/25): SEC Filed Press Release
Revenue: $1.978B
Diluted GAAP E.P.S. = $.79, down from $.96
Adjusted GAAP E.P.S. = $.91, up from $.79
Reconciliation:
Diluted 2025 GAAP E.P.S. = $3.99, up from $2.27
Diluted 2025 Adjusted GAAP E.P.S. = $3.77, unchanged
Adjusted Production Numbers by Product:
Average Prices Received:
The crude oil prices are much higher now.
D. Pared KRG in Fidelity Account - Sold Highest Cost 5 Share Lot at $25.75:
Quote: Kite Realty Group Trust (KRG) at Yahoo Finance
Proceeds: $128.75
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
KRG SEC Filed 2025 Annual Report As of 12/31/25, KRG "owned interests in a portfolio of 167 operating retail/mixed-use properties, including 159 wholly owned properties and eight properties owned through four unconsolidated joint ventures, totaling approximately 26.9 million square feet, excluding (i) two operating retail properties classified as held for sale as of December 31, 2025, (ii) Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal, and (iii) two standalone office properties with 0.4 million square feet. Of the 167 operating retail/mixed-use properties, 10 contain an office component." Page 4
Website: Home - Kite Realty
Last Discussed: Item # 1.C. Added to KRG in Fidelity Account - Bought 4 at $21.46 (10/18/25 Post)
Last Elimination: Item # 3.A. Eliminated KRG - Sold 25 at $25.51 (10/16/24 Post) (profit snapshot = $112.8)
Profit Snapshot: $15.72
New Average cost per share this account: $22.12 (20+ shares)
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| Snapshot Intraday on 3/6/26 after pare |
Reduced from $22.21.
Dividend: Quarterly at $.29 per share ($1.16 annually), last raise from $.27 effective for the 2026 first quarter payment. There was a special dividend of $.145 with an ex dividend date of 1/9/25. That was the only special dividend paid.
KRG Dividend History & Date | Seeking Alpha
When looking at the dividend data, there are adjusted amounts which reflect a 1 for 4 reverse stock split in 2014. Kite Realty Group Trust Announces 1-for-4 Reverse Share Split
I have turned off dividend reinvestment.
2025 Dividends Tax Classifications: No ROC Support
Yield at $22.22: 5.22%
Last Ex Dividend: 1/9/26 (owned all as of)
Last Earnings Report (Q/E 12/31/25):
SEC Filed Press Release and Supplemental
Revenue: $204.937M
GAAP E.P.S. $.84
Core FFO per share: $.51, down from $.52
Reconciliation:
GAAP E.P.S. included a $183.107M realized gain from property sales which is excluded in the FFO computation.
"Operating retail portfolio ABR per square foot of $22.63 at December 31, 2025, a 7.0% increase year-over-year."
"Retail portfolio leased percentage of 95.1% at December 31, 2025, a 120-basis point increase sequentially."
2026 Guidance: NAREIT FFO and Core FFO per share: $2.02-$2.06
Owned Kite Realty LP SU Bonds:
Stacked
4 Kite Realty LP 4% Coupon Maturing on 10/1/26
2 Kite Realty LP 4.95% Coupon Maturing on 12/15/31, recently purchased and discussed at Item # 5.E. Bought 2 Kite Realty LP 4.95% SU Maturing on 12/15/31 at a Total Cost of 98.6 (6/5/25 Post)(YTM then at 5.205%); Bond Prospectus
Credit Ratings - Kite Realty Group Trust BBB/Baa2
Fitch Rates Kite Realty's Senior Unsecured Notes 'BBB'
E. Pared NTST Again - Sold Highest Cost 5 Share Lot at $20.86:
Quote: NetSTREIT Corp (NTST) at Google Finance - Single Tenant Net Lease Retail REIT
Proceeds: $104.31
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: NETSTREIT
NTST SEC Filed 2025 Annual Report
NETSTREIT Provides Fourth Quarter and Full Year 2025 Business Update (1/12/26)
Last Stock Offering: Priced at a $19 public offering price per share. NETSTREIT Corp. Announces Pricing of Upsized Forward Common Stock Offering (2/11/26)
Last Discussed: Item # 1.N. Pared NTST - Sold 5 at $19.67 (2/17/26 Post)(profit snapshot = $21.71). I discussed the last earnings report in that post and will not be added much to that discussion. SEC Filed Press Release
Last Buy Discussions: Item # 2.N. Added to NTST - Bought 10 at $13.9 (1/1/25 Post); Item # 1.D. Added 10 NTST at $14.25 (12/26/24 Post)
Profit Snapshot: $29.06
New Average Cost per share: $14.13 (25 shares)
Reduced from $14.28
Dividend: Quarterly at $.22 per share
NTST Dividend History & Date | Seeking Alpha
The dividend rate was at $.21 in 2021.
Dividend growth is not acceptable to me, but is a normal problem for many net lease REITs and becomes more problematic when borrowing costs are rising at a faster percentage than rents.
2025 Tax Treatment of Dividends:
Of the $.85 total, $.1158 classified as ROC. The ordinary income portion qualified as Section 199A dividends.
2024 Tax Treatment of Dividends:
Of the $.83 total per share, $.065 classified as ROC.
Yield at New AC per share: 6.23%
Last Ex Dividend: 3/16/26
Other Sell Discussions: Item # 2.B. Pared NTST Again - Sold Highest Cost 5 Share Lot at $19.16 (10/25/25 Post)(profit snapshot = $17.34); Item # 3.B. Eliminated Duplicate Position in NTST - Sold 10 at $18.94 in Fidelity Account (9/2/25 Post)(profit snapshot = $41.19); Item # 4.I. Pared NTST in Schwab Account - Sold Highest Cost 10 Shares at $17.03 (7/9/25 Post)(profit snapshot = $10.3); Item # 4.D. Sold Highest Cost 10 NTST Shares at $16.8 (6/26/25 Post)(profit snapshot = $3.95)
Goal: Dividend plus at least 2% annual realized gain on the shares.
F. Pared SBRA in Fidelity Account - Sold Highest Cost 5 Shares at 20.98:
Quote: Sabra Healthcare REIT (SBRA) at MSN Money
Proceeds: $104.92
Website: Sabra Health Care REIT
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Profit Snapshot: $49.99
New Average cost per share this account: $9.23 (15 shares)
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| Snapshot Intraday on 3/12/26 after pare |
Last Ex Dividend: 2/13/26
Last Earnings Report (Q/E 12/31/26): I discussed this report in a recent post and have nothing further to add here. Item # 1.G. Pared SBRA in Schwab Account - Sold 5 at $20.54 (2/23/26 Post)(profit snapshot = $43.05); SEC Filed Press Release and SEC Filed Supplemental
G. Pared SBRA in Schwab Account - Sold Highest Cost 5 Shares at $20.77:
Proceeds: $103.85
See Item # 2.F. above
Profit Snapshot: $45.42
New average cost per share in this account: $10.32 (10+ shares)
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| Snapshot after pare/Closing Price as of 3/13/26 |
Yield at New AC: 11.63%
SBRA Net Realized Gain to Date: $570.69
H. Pared LGND - Sold 1 at $220.4:
Quote: Ligand Pharmaceuticals Inc (LGND) at Google Finance
Investment Category: Lottery Ticket Basket. LGND is one of my higher quality Lottos, but I see view the stock as high risk and extremely volatile with no dividend support which is an important consideration for me.
Last Discussed: Item # 5.C. Pared LGND Again - Sold 1 at $204.43 (1/15/26 Post)(profit snapshot = $129.43)
Last Buy Discussion: Item #1.B. Added to LGND - Bought $30 at $77.22; 1 at $76; 1 at $75; 1 at $73; 1 at $71.8 (3/8/24 Post)
SEC Filed 2025 Annual Report The two primary sources of recurring revenues are from sales of Capisol and royalty revenues.
2025 Royalty Revenues:
Revenues 2025 vs. 2024:
Website: Ligand Pharmaceuticals - Biopharma's Technology and Capital Partner
Royalty Portfolio - Ligand Pharmaceuticals Until fairly recently, LGND was primarily engaged in drug discovery and would license products to other companies in exchange for milestone payments and royalties. This business model in effect transferred the financial risks of trials and regulatory approval to other companies.
Recent Convertible Offering: Ligand Announces Closing of Convertible Senior Notes Offering As noted previously, I viewed this convertible offering to be priced favorably for the then existing common shareholders, provided the proceeds are successfully used to generate satisfactory returns on capital.
New Average Cost per share: $70.4 (2 shares)
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| Snapshot Intraday 3/11/26 after pare |
Reduced from $71.27
Dividend: None and none expected
Last Earnings Report (Q/E 12/31/25):
SEC Filed Earnings Press Release
As previously discussed, Ligand's earnings reports are complex and have sometimes contained what I consider questionable adjustments to GAAP earnings. One prior adjustment that I do not accept is removing a loss associated with a royalty purchase agreement when the drug fails in a trial. Ligand has included as part of its business the royalty purchase model and consequently any loss resulting therefrom should not be deducted from GAAP in a non-GAAP calculation IMO.
One material number is the relatively low number of diluted shares outstanding: 21.138 million as of of 12/31/25
Diluted GAAP E.P.S. = $2.12
Non-GAAP E.P.S. = $2.02
Reconciliation:
I do not like this many entries. One reason is that it requires too much time to form a lay opinion on which ones to accept or reject. It is a lay opinion for me since I have no training in accounting.
Cash, cash equivalent and short term investments: $733.251M
2026 Guidance: Adjusted E.P.S. $8.00 to $9.00 with revenue of $245M to $285M, with royalties accounting for $200M to $225M of the total.
Other Sell Discussions: Item # 1.A. Sold 1 LGND at $161.4 (9/8/25 Post)(profit snapshot = $85.4)(discussed second quarter report in that post, SEC Filed Press Release, along with some issues that I have with this company); Item # 4.B. Pared LGND - Sold 1.642 Shares at $118.26 (6/26/25 Post)(profit snapshot = $74.39)(I discussed the 2025 first quarter report in that post as well as some issues that I have with the company, SEC Filed Press Release); Item # 3.F. Pared LGND - Sold 1 Share at $118.06 (1/29/25 Post)(profit snapshot = $41.81); Item # 5.C. Eliminated Duplicate Position In LGND - Sold 2 at $103.69 - Schwab Account (8/21/24 Post)(profit snapshot = $31.19).
LGND Realized Gains to Date: $509.62 (7+ shares)
3. Treasury Bills Purchased at Auction:
The 3 and 6 month T Bill investment rates remain close together and near the midpoint of the current federal funds range of 3.5% to 3.75%.
Those investment rates are consistent with no change in the federal funds rate before the September 16, 2026 Fed meeting.
A. Bought 20 T Bills at the 3/11/26 Auction:
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119 Day Bill
Matures on 7/14/26
Interest: $238
Investment Rate: 3.694%
B. Bought 20 T Bills at the 3/16/26 Auction:
182 Day Bill
Matures on 9/17/26
Interest: $360.97
Investment Rate: 3.686%
4. Small Ball Stock Buys:
A. Started RITM in Vanguard Account - Bought 10 at $9.61+:
Quote: RITHM Capital at Zacks
Cost: $96.15
Internally Managed hybrid REIT
Rithm Capital is a global asset manager focused on real estate, credit and financial services . . . Our investments in residential real estate-related assets include equity interests in operating companies and investments across the residential mortgage and real estate lifecycle. These include origination and servicing platforms operated through our wholly owned subsidiaries Newrez and Genesis, as well as investments in SFR properties. We also own businesses providing, title, appraisal, property preservation and maintenance services. . . . The Asset Management segment includes our fee-based investment management activities conducted primarily through RAM. RAM operates its asset management activities through its wholly owned subsidiaries, including Sculptor, Crestline and the Rithm Advisers, which serve as investment advisers to a range of investment vehicles and managed accounts, including Rithm Property Trust and R-HOME, and generate primarily fee-based revenues. In addition, following our Paramount Acquisition, we own and operate a portfolio of Class A office properties in New York City and San Francisco, which are managed as part of our broader real estate platform. As of December 31, 2025, we had approximately $63 billion in assets under management".
RITM SEC Filed 2025 Annual Report (Risk factors are summarized starting at page 20 and ending at page 72)
Website: Rithm | Home
Recent News:
Rithm Capital Completes Acquisition of Paramount Group, Inc. (12/19/25)(Paramount " owns, operates, and manages Class A office properties in New York City and San Francisco. The Paramount portfolio includes 13 owned and 4 managed high-quality office assets, totaling more than 13.1 million square feet.")-Rithm Capital Agrees to Acquire Paramount For $1.6 Billion (9/17/25)
Rithm Capital Completes Acquisition of Crestline (12/3/25)- Rithm Capital to Acquire Crestline Crestline is a global alternative asset manager with about $17B in assets under management.
Last Discussed: Item # 2.D. Pared RITM in Fidelity Account - Sold 16+ Shares at $11.42 (1/22/25 Post)(profit snapshot = $29.75); Item #2.B. Pared RITM - Sold 26+ at $11.19 (12/12/24 Post)(profit snapshot = $45.22); Item # 4.A. Pared RITM - Sold 13 at $11.19 (3/28/24 Post)(profit snapshot = $14.95)
Last Buy Discussions: Item # 1.L. Added to RITM - Bought 5 at $9.18 (11/4/23 Post); Item # 2.B. Added to RITM - Bought 5 at $10.04; 5 at $9.63 (9/30/23 Post)
Dividend: Quarterly at $.25 per share, last raised from $.20 effective for the 2021 third quarter payment.
RITM Stock Dividend History & Date | Seeking Alpha
Yield at $9.62: 10.395%
The yield highlights the risks.
Last Ex Dividend: 12/31/25
Last Earnings Report (Q/E 12/31/25):
GAAP E.P.S. $.09
Earnings Available for Distribution per share: $.74
The reconciliation leaves more questions than answers. I lack the expertise to evaluate the adjustments.
Reconciliation:
Book Value per share: $12.66
Analyst Report (available to Schwab customers):
Argus (2/23/26): Buy with a target price of $13.
Goal: Any total return in excess of the dividend payments before any ROC adjustments to the tax cost basis.
B. Added to RYN - Bought 5 at $20.82; 5 at $20.18 - Schwab Account:
Quote: Rayonier Inc. (RYN) at MSN Money - Timber and Land Development REIT
Cost: $204.99
Website: Rayonier | Forest Products, Timber & Land Management Company
New average cost per share this account: $21.08 (30 shares)
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| Snapshot Intraday on 3/12/26 after second add |
Dividend: Quarterly at $.26 per share ($1.04 annually)
Yield at $21.08: 4.93%
Next Ex Dividend: 3/17/25
Last Discussed: Item # 5.B. Added to RYN in Vanguard Account - Bought 5 at $20.94 (3/3/26 Post) I discussed the last earnings report in that post. SEC Filed Press Release
C. Added to Falling Knife GIS - Bought 1 at $42.71; 1 at $41; 1 at $39.77; 1 at $38.7 :
Quote: General Mills Inc (GIS) at Google Finance
Cost: $162.17
Last Discussed: Item # 1.E. Added to Falling Knife GIS - Bought 1 at $44.77; 1 at 44.06; 1 at $43.15 (1/8/26 Post) I discussed the last earnings report in that post, which was for the fiscal quarter ending 11/23/25, describing it as another report that is providing fuel for the bears. SEC Filed Press Release
GIS Detailed Earnings Estimates - Zacks.com
General Mills: Brands overview
General Mills Investor Relations
I discussed the challenges facing this company here: Item # 1.K. Bought 1 GIS at $46.68 (11/1/25 Post):
5 Year Chart: Major Bear Market Trend Starting in May 2023
New Average Cost per share: $52.37 (70+ shares)
Dividend: Quarterly at $.61 per share ($2.44 annually)
GIS Dividend History & Date | Seeking Alpha
I am reinvesting the dividend and will continue to do so for as long as the likely reinvestment price is below my average cost per share.
Next Ex Dividend: 4/10/26
The next earnings report is scheduled for release on 3/18. There is already a lot of pessimism baked into the share price.
Some Sell Discussions: Item # 2.B Sold Highest Cost GIS Shares - 10 at $65.26 and 5 at $63.9 (3/18/25 Post)(profit snapshot = $37.75); Item # 2.C. Pared GIS - Sold 5 at $68.83 (8/8/24 Post)(profit snapshot = $59.15); Item # 2.A. Pared GIS - Sold Highest Cost 5 Share Lot at $68.17 (3/22/24 Post)(profit snapshot = $28.61, discussed the earnings report for the F/Q ending 2/25/24, SEC Filed Earnings Press Release); Item # 1.C. Eliminated GIS in Vanguard Taxable Account - Sold 2+ at $80.41 (3/6/23 Post)(profit snapshot = $66.83); Item # 3.C. Pared GIS in Fidelity Taxable Account - Sold 5 at $86.64 (12/13/22 Post)(profit snapshot = $145.71); Item # 6.A. Pared GIS - Sold 5 at $81.64 (11/8/22 Post)(profit snapshot = $118.72); Item # 4.B. Pared GIS in Fidelity Taxable Account - Sold 5 at $80.65 (9/27/22 Post)(profit snapshot = $112.89); Item # 2.B. Sold 2+ GIS at $67.1 and 3 at $69.22 (1/7/22 Post)(profit snapshots = $46.67); Item # 3.B. Sold 1.582 GIS at $64.42 - Eliminated Shares Bought with Dividends (6/4/21 Post)(profit snapshot = $8.09); Item # 1.A. Pared GIS in Fidelity Taxable-Sold 4 at $61.37 (4/17/21 Post)(profit snapshot = $9.95); Item # 1.A. Eliminated GIS-Sold 27+ at $54.86 (3/21/20 Post)(profit snapshot = $426.37); Item # 1.A. Sold 13 GIS at $55.02-Used Commission Free Trade (8/17/19 Post)(profit = $134.13); Item 1.B. Sold Highest Cost GIS lots at $51.69 (4/7/2019 Post); Item #2.A. Sold 10 GIS at $56.18-Used Commission Free Trade (12/21/17 Post) Snapshots of 2007 through 2017 round-trip trades can be found in Item 1.B (+$1,809.99). I did not track gains prior to 2007.
GIS Realized Gains 2007 to Date: $3,081.68 I do not have snapshots prior to 2007 for this stock. I have not realized a loss yet but I currently have an unrealized loss in my position that has been growing as of late.
GIS will require far more patience that I can usually muster.
Owned GIS SU Bonds: 4
D. Started BMEZ - Bought 10 at $14.48; 5 at $14.27:
Cost: $216.15
BlackRock Health Sciences Term Trust (BMEZ) at Morningstar (currently rated 2 stars)
Portfolio | Morningstar Lists top 23 holdings
The primary problem that justifies the 2 star rating appears to be a high concentration in clinical stage biotech companies whose stocks have not fared well. I did not do a deep dive into the issue.
I am willing to buy a few shares as part of my monthly income strategy and what I view as a diminishing lack of alternatives.
Average cost per share: $14.41 (15 shares)
Dividends: Monthly at Currently at $.11 per share ($1.32 annually)
Some ROC support which has been reduced or eliminated in some months after being slashed from over $.16:
BMEZ Dividend History & Date | Seeking Alpha
The only way to support the dividend is through capital gains.
Yield at $14.41: 9.16%
Last Ex Dividend: 3/13/26 (owned all as of)
Data Date of 3/11/26 Trade:
Closing Net Asset Value Per share: $16.55
Closing Market Price: $14.48
Discount: -12.51%
Data Date of 3/12/26 Trade:
Closing Net Asset Value per share: $16.19
Closing Market Price: $14.17
Discount: -12.48%
Average 3 year discount: -11.41%
Sourced from BMEZ - CEF Connect
5. Term Bond ETFs:
With the decline in T Bill and other short term rates, I am willing to buy some term bond ETFs that have higher yields but only in small amounts due to the interest rate risks that could result in a negative total return. I am averaging down in small lots with each subsequent purchase required to be at the lowest price in the chain.
I prefer owning individual bonds where I have a promise to pay a sum certain on a day certain. Bond ETFs do not have that promise. (My video: Investment grade corporate or treasury bond funds vs owning individual bonds and treasuries - YouTube)
If interest rates persistently rise, the bond ETF will experience a decline in net asset value per share and the investor may lose part of their original investment. The ETF price decline may be so significant that the dollar value of the dividends is wiped out, a result that can easily happen given the already low yields.
Concerns about the inflationary impacts resulting from the spike in energy prices is causing intermediate term bonds to move down some in price.
Interest rate risks of Bond Funds: Duration: Understanding the Relationship Between Bond Prices and Interest Rates - Fidelity; Understanding Duration | PIMCO; Brush Up on Bonds: Interest Rate Changes and Duration | FINRA.org
A. Added to IBDU - Bought 5 at $22.38 - Fidelity Account:
Quote: iShares iBonds Dec 2029 Term Corporate ETF (IBDU) at MSN Money
Cost: $116.88
Last Discussed: Item # 6.A. Restarted IBDU - Bought 10 at $23.52 - Fidelity Account (2/23/26 Post)
Sponsor's website: iShares® iBonds® Dec 2029 Term Corporate ETF | IBDU
Expense ratio: .1%
Number of Holdings as of 3/12/26: 646
Effective Duration: 2.9 years
Dividends: Paid monthly at a variable rate
Last Ex Dividend: 3/2/26
IBDU Portfolio – Morningstar Lists top 25 holdings and is accessible to non-subscribers.
B. Added to IBDW - Bought 5 at $21.15:
Quote: iShares iBonds Dec 2031 Term Corporate ETF (IBDW) at MSN Money
Cost: $105.73
Sponsor's website: iShares® iBonds® Dec 2031 Term Corporate ETF
Expense Ratio: .1%
Number of Holdings as of 3/12/26: 536
Effective Duration: 4.6 years
Dividends: Paid Monthly at a variable rate
Last Ex Dividend: 3/2/26
C. Added 5 IBDV at $22.09:
Quote: iShares iBonds Dec 2030 Term Corporate ETF (IBDV) at MSN Money
Cost: $110.44
Sponsor's website: iShares® iBonds® Dec 2030 Term Corporate ETF | IBDV
Expense ratio: .1%
Number of Holdings: 734 as of 3/12/26
Effective Duration: 3.76 years
Dividends: Monthly at a variable rate.
Last Discussed: Item # 6.B. Restarted IBDV - Bought 10 at $22.2 (2/23/26 Post)
New average cost per share: $22.17 (15 shares)
6. Leveraged Bond CEFs:
A. Added to BHK - Bought 10 at $9.29+ - Schwab Account:
Cost: $92.96
Sponsor's website: Core Bond Trust | BHK
Weighted average effective duration: 9.79 years as of 2/27/26
Number of Holdings as of 2/27/25: 1,614
Credit Quality:
Last Discussed: Item # 6.A. Added to BHK in Schwab Account - Bought 10 at $9.51+ (2/11/26 Post)
BlackRock Core Bond Trust - SEC Filed 2025 Annual Report (A list of BHK holdings starts at page 15)
Leveraged: Yes at 33.9% as of 2/27/26. The fund uses reverse repurchase agreements whose cost will be linked to short term rates. For 2025, the weighted average interest rate was 4.19%, see page 144 of the Annual Report.
New average cost per share this account: $9.44
Dividend: Monthly at $.0746 per share ($.8952 annually)
Some ROC support.
Yield at New AC = 9.48%
7. Preferred Stock ETFs:
Preferred stock ETFs will own some exchange traded bonds that pay interest. Most of the positions are in equity preferred stocks that are junior in the capital structure to all bonds.
My Videos: Preferred Stock ETFs - YouTube; Fixed Coupon Equity Preferred Stocks - YouTube
A. Added to PFXF - Bought 5 at $17.91+ - Schwab Account:
Quote: VanEck Preferred Securities ex Financials ETF (PFXF) at Yahoo Finance
Cost: $89.58
Last Discussed: Item #7.B. Eliminated PFXF - Sold 40 at $17.07 (1/22/25 Post)(profit snapshot = $19.9)
Last Buy Discussions: Item # 7.A. Added to PFXF - Bought 10 at $17.065 (8/8/24 Post); Item # 1.D. Added to PFXF - Bought 5 at $15.75 (10/28/23 Post); Item # 6.E. Added to PFXF - Bought 5 at $16.04; 5 at $15.95 (10/7/23 Post)
Sponsor's website: VanEck Vectors Preferred Securities ex Financials ETF
Expense ratio: .4%
Average cost per share: $18.17 (15 shares)
Dividends: Monthly at a variable rate
B. Added to PFFR - Bought 5 at $17.72 - Schwab Account:
Quote: InfraCap REIT Preferred ETF (PFFR) at Yahoo Finance
Cost: $88.6
Last Discussed: Item # 8.B. Started PFFR - Bought 10 at $18.19 (2/11/26 Post)
Sponsor's website: InfraCap REIT Preferred ETF | Virtus Investment Partners
Expense Ratio: .45%
New Average cost per share: $18.03
Dividend: Monthly at $.123 per share ($1.476 annually)
PFFR Dividend History & Date | Seeking Alpha
Yield at $18.03: 8.186%
PFFR – InfraCap REIT Preferred ETF Page at Morningstar - Currently rated at 2 stars.
8. U.S. Equity Preferred Stocks:
A. Bought 5 REXRPRC at $21.03 - Fidelity Account:
Quote: (REXR-PC) - Yahoo Finance
Cost: 105.15
Issuer: Rexford Industrial Realty Inc (REXR) at Google Finance
Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Preferred Stocks
Last Discussed: Item # 4.B. Started Duplicate Position in REXRPRC in Fidelity Account - Bought 10 at $21.48 (2/23/26 Post); Item # 3.C. Added to REXRPRC in Schwab Account - Bought 10 at $21.25 (11/22/25 Post)
Par Value: $25
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.
Average cost per share this account: $21.33 (15 shares)
Yield at $21.33: 6.62%
Calculation: .0565% coupon x. $25 par value = $1.4125 annual dividend per share ÷ $21.33 total cost per share = 6.6221%
Last Ex Dividend: 3/16/26 (owned all as of)
Last Elimination: Item # 7.A. Eliminated REXRPRC - Sold 30 at $22.45 (1/9/25 Post)(profit snapshot = $37.23)
9. Cash Flow into Fidelity Account 3/16/26:
Interest: $723.75 (Corporate)
Dividends: $50.76 (common and preferred stocks)
Redemption Proceeds: $2,000 (called early)
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.
The market rally today and the decline in the WTI crude oil price is related to this ISW (Institute for the Study of War) analysis:
ReplyDeleteThe War in Iran: Operational Progress, but Challenges Remain
https://understandingwar.org/research/middle-east/the-war-in-iran-operational-progress-but-challenges-remain/
Part of the analysis depends on the assessment that the substantial decline in drone and missile attacks reflect the current state of Iran's offensive capabilities. That remains to be seen but is certainly a plausible analysis.
++
I noted in a comment to my last post that NSA had received a takeover offer from PSA. I liquidated all of my NSA shares as well as my shares in NSA.PRB. I am keeping my 100 shares of NSA.PRA. If the acquisition is completed, there is a likelihood that PSA will redeem NSA.PRA, with its 6% coupon, at the $25 par value. That coupon is higher than other PSA preferred stocks.
See list at
https://investors.publicstorage.com/stock-info/preferred-securities/default.aspx
I own NSA in 2 taxable and 2 Roth IRA accounts. The largest position was 57+ shares in my Fidelity account that were sold at $40.29, with the realized gain at $526.29. Another taxable account had only 15+ shares and the gain was at $148.78.
When the acquisition is a share exchange (.14 PSA for 1 NSA), I am likely to liquidate the position and just move on unless there is a significant discrepancy in the target's price based on the offer without any clear justification. That was not the case here.
While I do not see the DOJ objecting to the acquisition on antitrust grounds, given the highly fragmented local market in storage facilities, a few areas may draw some scrutiny due to what regulators would perceive as too much concentration, but that can generally be settled by selling some of the properties.
The major risk issue is in the fluctuation of the PSA price. And I would rather have the realized gain than a few shares of PSA down the road.