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Dollar Value of Trades Discussed in this Post:
I am cutting off stock trade discussions with those made on Tuesday 4/21 or earlier. The remaining trades last week will be discussed in my next post. I continued selling into the stock rally for the remainder of last week.
Inflow U.S. Common Stocks/Stock Funds: $110.93
Outflow U.S. Common Stocks/Stock Funds: $3,765.45
Realized Gains U.S Stocks/Stock Funds: $1,330.35
Net Outflow Common Stocks/Stock Funds: $3,634.52
Outflow Canadian REIT Stock: C$2,147 (realized gain at C$459.5)
Corporate Bonds: 10 (cost at $9,854.97)
Treasury Bills Purchased at Auction: $30,000 in principal amount
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Economy:
The final results for consumer sentiment in April was reported at 49.8, down from 53.8 in March. Surveys of Consumers Expecations for annual inflation increased to 4.7% from 3.8% in March. All Time Highs (SP500) versus All Time Lows (Consumer Sentiment) - The Big Picture Weak consumer sentiment is one of the many negatives being ignored by stock investors.
Americans cut spending due to higher gas prices and see no relief in sight, CNBC survey finds
IEA: 'We are facing the biggest energy security threat in history'
Iran deploys more mines in the Strait of Hormuz, sources say; Pentagon says it will take MONTHS to clear Iranian mines in Strait of Hormuz - YouTube
Dow CEO says clearing the Strait of Hormuz logjam will take almost a year He is talking about how much time it will take after the Strait reopens. The DOW CEO notes that about 40% of the naphtha used by European and Asian companies flow through the Strait. Naphtha is feedstock used to produce petrochemicals (ethylene and propylene), plastics and gasoline.
A more optimistic assessment was made by the CEO of Baker Hughes. Strait of Hormuz will not fully open until second half of 2026, Baker Hughes says
Iran's Foreign Minister arrived in Pakistan yesterday for a possibile resumption of negotiations. Trump is sending only Kushner and Witcoff.
The signal sent by the rally in U.S. stocks is that the Iran War will soon be in the rear view mirror with no more than temporary adverse side effects, or investors are not concerned about the impact on the U.S. economy of a prolonged closure of the Strait. Both alternatives are being priced at a 100% probability in stock indexes IMO. No possibility is assigned to a resumption of hostilities where energy infrastructure is blown up throughout the Persian Gulf region that takes years to repair. I am not able to accept the probability at 100% since the hardline IRGC generals appear to be in control of the government, and recognize Iran's leverage over the Strait, which makes the assigned probabilities irrational IMO. Iran's Revolutionary Guards tighten grip on power as civilian leadership sidelined | Euronews
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Businesses can claim refunds for Trump tariffs starting last Monday The U.S. will have to pay interest on the refunded amount. Tariff Refund Delays Could Cost Taxpayers $700 Million a Month | Cato at Liberty Blog; Interest Calculation | U.S. Customs and Border Protection
Trump favors companies that don't seek tariff refund The implicit threat is Trump will punish companies that seek refunds of unlawfully collected tariffs.
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Canada Announces Major Shift Away FroTrump says U.S. struck, seized Iranian-flagged cargo shipm US - Newsweek; Canada's PM calls economic ties with US a weakness that must be corrected - ABC News In 2025, exports from the U.S. to Canada totalled $349.908B, down from $354.408B in 2024. Imports from Canada to the U.S. declined from $411.886+B in 2024 to $382.960+B with about $151B of that amount being lower cost Canadian energy products. Starting in March 2025, U.S. importers have had to pay a 10% republican tax on Canadian energy exports (crude oil, natural gas) imports which has lowered the volume of imports.
Due to Trump's trade war with Canada, insults directed at Canada and its leaders, and his ongoing efforts to harm the Canadian economy, I expect inflation adjusted U.S.- Canada trade to decline steadily over the next several years.
China will be the main beneficiary of U.S. firms losing sales to Canadian customers. It is understandable that Canadians are boycotting U.S. products.
‘Canada suck…are they nuts?’: Lutnick blasts Carney over trade deal with China, hints USMCA is over! - YouTube; Canada's finance minister aims to shore up support, investment in China | CBC News
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Job losses due to AI is only in its early stages.
20k job cuts at Meta, Microsoft raise concern of AI labor crisis
Meta will cut 10% of workforce as company pushes deeper into AI
Nike cuts 1,400 roles in second round of layoffs this year
Microsoft plans first voluntary retirement program for US employees -up to 7% of the workforce
Software stocks plunge on ServiceNow, IBM results, AI fears escalate (4/23/26)
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America's Mad King:
Trump on 4/22/26: "As everyone knows, I am an extraordinarily brilliant person" Truth Social Most everyone knows that he is delusional IMO. Trump claims without proof that the redistricting referendum in Virginia passed only with fraudulent votes.
Trump's Truth Social Message on Iran 4/19/26:
Trump: "Iran recently announced that they were closing the Strait, which is strange, because our BLOCKADE has already closed it." (emphasis added)
Trump claims the U.S. has blockaded all traffic through the Strait. Does he even comprehend the meaning of the previous sentence.
Trump continues:
"They’re helping us without knowing, and they are the ones that lose with the closed passage, $500 Million Dollars a day! The United States loses nothing." (emphasis added)
So the "United States" does not include its citizens and U.S. companies who are paying more for products including gasoline, aircraft and diesel fuel.
Trump Threatens on Behalf of the U.S. to Commit War Crimes: "We’re offering a very fair and reasonable DEAL, and I hope they take it because, if they don’t, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran. NO MORE MR. NICE GUY! They’ll come down fast, they’ll come down easy and, if they don’t take the DEAL, it will be my Honor to do what has to be done, which should have been done to Iran, by other Presidents, for the last 47 years. IT’S TIME FOR THE IRAN KILLING MACHINE TO END! President DONALD J. TRUMP" (emphasis added)
A deal to end the Iran war seemed close. Then Trump started posting on social media | CNN Politics (4/20/26)
Early last Tuesday, Trump said that he did not want to extend the ceasefire, claiming the U.S. was in a "very, very strong negotiating position" and that he expected "to be bombing", including the civilian power plants and bridges. Trump to CNBC: U.S. will make ‘great deal’ with Iran; Video The stock market declined that day so Trump extended the deadline until the "seriously fractured" Iranian government presents a "unified proposal." That is equivalent to no deadline. Trump added that the U.S. blockade of Iranian ports will continue. Iran is responding by continuing its blockade of other vessels through the Strait.
Strait of Hormuz: Ships attacked by IRAN as Trump extends Iran ceasefire
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Trump: "I'm all about the gospel. I'm about it as much as anybody can be"
Trump's favorite bible verse is 'Eye for an eye' - POLITICO
What Trump read aloud from the Bible holds sharp irony
Trump uses the Bible as a political prop.
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Trump lawyer from effort to overturn 2020 election to oversee probe of ex-CIA director John Brennan, DOJ official says - CBS News; DOJ removes top prosecutor who questioned case against former CIA Director John Brennan The previous career prosecutor, Maria Medetis Long, was taken off the case since she questioned whether the evidence supported a criminal indictment. Appointing a political operative like Joseph DiGenova to replace Long will ensure that the case is brought to a grand jury for a criminal indictment. DiGenova has called Brennan a "real traitor" who needed to be criminally prosecuted for allegedly lying to Congress. Trump loyalist Joe diGenova being dispatched to lead DOJ's controversial probe in Florida - ABC News
Trump Has A Full-Blown Freakout In 1:13 A.M. Social Media Rant
Ukraine Has Finally Given Up on Trump - The Atlantic "Using language that would until recently have been unthinkable, Zelensky has indicated that he no longer views the United States as a reliable ally". Trump has IMO allied the United States with Putin. The why of it is open to debate, but I have my opinion.
Labor Secretary Lori Chavez-DeRemer leaving amid investigation into alleged misconduct - ABC News
The Atlantic writer 'inundated' with responses reaffirming Kash Patel report | Fox News
Trump's DOJ has caused the criminal indictment of the Southern Poverty Law Center, a frequent target of republicans since it is a left leaning civil rights organization whose speech and actions are viewed unfavorably by Trump and the Acting AG Todd Blanche, Trump's former attorney. SPLC charged with defrauding donors with payments to extremist informants-NPR The Grand Jury impaneled was in the Middle District of Alabama, a hostile environment for left leaning civil rights organizations. The gist of the case is the the SPLC did not disclose to donors that it was using money to gather information about hate groups like the KKK using paid informants.
Trump's DOJ wants to vacate the Jan. 6 convictions of Oath Keepers and Proud Boys - YouTube It is not surprising that Trump and his totally servile DOJ would want to vacate the convictions of extremists involved in the Capital attack, includings those who assaulted police, while going after a non-profit civil rights organization who was trying to investigate potentially violent hate groups. This is to be expected from them.
Trump wanted a criminal investigation of meat packing companies and his DOJ has complied with that request. Trump wants to blame the companies for higher prices caused in part by the republican tariff taxes on beef imports, primarily from Brazil, and a drought that culled the U.S. herds. DOJ opens criminal probe into big beef companies
Mark Kelly Responds After Trump Shares Early-Morning Call for His Imprisonment: Exclusive
Fox News poll shows Democrats ahead on economy On the economy, Trump had a 36% approval rating with disapproval at 66%. On inflation the disapproval was at 72%. Fox News poll finds 56% say Trump admin not competent managing government | Fox News His cabinet is easily the most incompetent in modern American history.
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1. Eliminated SILA in Taxable Accounts - Sold 35+ Shares at $30.49+ and 15 Shares at $30.41+:
Quote: Sila Realty Trust Inc
Proceeds: $1,551.09
In a comment published on 4/20/26, I mentioned that SILA had agreed to be acquired for $30.28 per share in cash. Sila Realty Trust to be Acquired by Affiliates of Blue Owl for $2.4 Billion (4/20/26)
Dividend: Quarterly at $.40 per share
Last Ex Dividend: 3/6/26
Profit Snapshots: $389.58
2. Canadian REITs - Eliminated REI.UN:CA at C$21.48 - Interactive Brokers Account:
Quote: RioCan Real Estate Investment Trust (REI-UN.TO) at Yahoo Finance
Proceeds: C$2,147 after C$1 commission
Website: RioCan REIT
Last Buy Discussion: Item # 1. Added to REI.UN:CA - Bought 50 at C$16.7 (6/20/24 Post)
Profit Snapshot: C$459.50
Canada has a 15% dividend tax for U.S. citizens.
Last Ex Dividend: 3/31/26
Last Earnings Report (Q/E 12/31/25): I discussed this report in a recent post and have nothing substantive to add: Item # 2.A. Sold 50 REI.UN:CA at C$19.03 (3/23/26 Post)(profit snapshot = C$51.5); RioCan Announces Strong Fourth Quarter and Full Year 2025 Results - Full Year Highlights: 3.6% Commercial Same Property NOI Growth, 98.5% Retail Occupancy and 37.3% New Leasing Spread Underscore Portfolio Momentum
This is just profit taking. My consider to repurchase price is less than C$18.
3. Small Ball Common Stock/Stock Fund Sales:
I am continuing to sell into the stock market rally.
A. Eliminated UGI - Sold 20 at $36.58:
Quote: UGI Corp (UGI) at Google Finance
Proceeds: $731.58
UGI owns "(1) natural gas and electric distribution utilities; (2) energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, and energy services businesses; and (3) retail propane and other LPG marketing and distribution businesses."
Investment Category: Bond Substitute. This category defines the objective and does not express an opinion about the dividend's safety. The objective is to harvest the dividends and exit the position with at least a 2% annualized profit on the shares, which was accomplished with this stock.
UGI Detailed Earnings Estimates - Zacks.com As of 4/20/26, the average E.P.S. estimate for the F/Y ending on 9/30/26 was at $3.05 and at $3.3 for the next fiscal year.
Recent News: UGI International Signs Definitive Agreement to Divest LPG Businesses in Eastern Europe (1/15/26)
Profit Snapshot: $251
Quote: Vanguard Capital Opportunity Fund Investor Shares (VHCOX) at Google Finance
Proceeds: $503.5
VHCOX – Performance – Morningstar The fund currently has a 3 star rating.
VHCOX – Portfolio- Morningstar
Sponsor's website: VHCOX (closed to new investors)
Profit Snapshot: $301.94 (4/17/26 sale only)
Average cost per share: $40.31 (35+ shares)
 |
| Snapshot after pare/Closing Price as of 4/17/26 |
The AC per share was unchanged since I am using the average cost method and have not bought any shares in a long time.
Dividends: Paid annually.
VHCOX Dividend History & Date | Seeking Alpha
Last Dividend: $9.0398 per share
I received $411.11 in cash
Prior Annual Dividends During Ownership:
Per Share
2024: $6.6936
2023: $1.81
2022: $5.86
2021: $8.76
VHCOX Realized Gains to Date: $3,440.38
First Purchase: Item # 5 Initiated Position in VHCOX (4/9/13 Post)
C. Pared MFC - Sold 5 at $38.45+ (Schwab Account):
Quote: Manulife Financial Corp (MFC) at Zacks
Proceeds: $192.28
CAD Priced Shares: Manulife Financial Corp (Canada: Toronto)
Canadian Dollar to US Dollar Exchange Rate Chart | Xe
Website: Manulife Global
MFC Key Metrics Page at Reuters
MFC Key Metrics Valuation Page at Reuters
SEC Filings - Foreign Issuer Forms
2025 SEC Filed Annual MD&A Report
Manulife Products and Services
Manulife Financial Corp Key Metrics | Morningstar
MFC Detailed Earnings Estimates - Zacks.com As of 4/20/26, the 2026 average E.P.S. estimate was at $3.22 and at $3.55 in 2027.
Profit Snapshot: $135.24
New Average cost per share: $11.41 (55 shares)
 |
| Snapshot after pare |
The average cost number was unchanged. I am selling shares from a 100 share purchase. Item # 2.D. Bought 100 MFC at $11.41 (5/9/2020 Post)
Dividend: Quarterly at C$.485 per share, last raised from C$.44 effective for the 2026 first quarter payment.
The dividend will fluctuate with the CAD/USD exchange rate.
Last 4 Dividends in USDs: $1.3029
MFC Dividend History & Date | Seeking Alpha
Only 1 of the 4 dividends was at the new C$.485 penny rate.
Yield at Annual US$1.3 and $11.41 total cost per share: 11.39%
The yield will be higher using 4 quarterly dividends at the new rate.
Last Ex Dividend: 2/25/26
Last Earnings Report (Q/E 12/31/26)
SEC Filed Earnings Press Release
All amounts are in Canadian Dollars.
4th Q Core E.P.S. = $1.12, up from $1.03
2025 Core E.P.S. = $4.21, up from $3.85
Sell Discussions: Item # 4.E. Pared MFC - Sold 5 at $37.14+ (1/21/26 Post)(profit snapshot = $128.7); Item # 3.A. Pared MFC Again - Sold 5 at $32.14 (6/12/25 Post)($103.69); Item # 3.B. Pared MFC Again - Sold 5 at $32.02 (5/23/25 Post); Item # 1.A. Pared MRC - Sold 5 at $31.59 (4/5/25 Post)(profit snapshot = $100.91); Item # 2.A. Sold 5 MFC at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 2.A. Pared MFC - Sold 5 at $32.79 (11/27/24 Post)(profit snapshot = $106.95); Item # 4.B. Pared MFC Again - Sold 5 at $32.38 (11/14/24 Post)(profit snapshot = $104.39); Item # 3.B. Pared MFC Again - Sold 5 at $30.36 (10/16/24 Post)(profit snapshot = $94.9); Item # 2.B. Pared MFC - Sold 5 at $29.29 (10/10/24 Post)(profit snapshot = $91.44); Item # 1.G. Eliminated Duplicate Position in MFC - Sold 14 at $20.1-Fidelity Account (3/6/23 Post)(profit snapshot = $143.61); Item # 1.A. Sold 32 MFC at $20.63 (2/2/20 Post)(profit snapshot = $104.79); Item # 2.A. Sold 20 MFC at $18.78 (11/2/19 Post)(profit snapshot = $7.69)
Largest Gain Not Discussed here (IB Account): $481.06
That trade was only mentioned in a comment: South Gent's Comment Blog # 7 - Seeking Alpha
Lowest prices paid to date: Item # 2.C. Bought in Fidelity Account 10 MFC at $10.15; 2 at $9.3; 2 at $8.9 (5/9/20 Post) Those lots have been sold.
Realized MFC Gain In USDs: $1,568.34
There have been no realized losses yet.
Owned Reset Equity Preferred: MFC-PM.TO, reset on 11/20/24 for five years at a 2.36% spread to the five year Canadian bond yield resulting in a new coupon of 5.542%, Manulife Financial Corporation announces Dividend Rates on Non-cumulative Rate Reset Class 1 Shares Series 17 and Non-cumulative Floating Rate Class 1 Shares Series 18; Item # 2.A. Bought 100 MFCPRM:CA at C$15.14 (7/25/20 Post). At a C$15.15 total cost, the new yield is about 9.15%.
The equity preferred stocks have a BBB+ credit rating, which is high for a preferred stock. Manulife Credit Ratings
Analyst Reports (available to Schwab customers):
Morningstar (3/9/26): 2 stars with a fair value estimate of $30.9 with no moat and medium uncertainty.
S&P (2/23/26): 4 stars with a 12 month price target of $42, revised up from $38 in response to the last earnings report.
D. Pared IVZ - Sold 5 at $24.66 - Schwab Account:
Proceeds: $123.3
IVZ is a global investment management company.
Generally, earnings benefit by a growth in assets under management (AUM) and increases in the value of managed assets.
IVZ Detailed Earnings Estimates - Zacks.com As of 4/20/26, the 2026 average E.P.S. estimate was at $2.52 and at $2.87.
IVZ Key Metrics Valuation Page at Reuters
Last Discussed: Item # 6.B. Pared IVZ - Sold 5 at $17.08 (7/22/25 Post)(profit snapshot = $17.53) I mentioned in that post there was a price pop one day after I sold this lot. This was in response to a news release that IVZ intended to convert the ETF QQQ from the current unit investment trust structure to an open-ended structure subject to shareholder approval. SEC Filing The fund will replace the trustee Bank of New York who received $109.192+M in fees for the year ending on 9/30/24 with a board of individual trustees approved by the shareholders who will be paid a tiny fraction of what BK receives as the trustee. This change has resulted in a material positive impact on earnings.
Profit Snapshot: $57.3
New Average cost per share: $12.75 (15 shares)
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| Snapshot after pare |
Dividend: Quarterly at $.21 per share, last raised from $.205 effective for the 2025 second quarter payment.
IVZ Dividend History & Date | Seeking Alpha
Effective for the 2020 second quarter payment, the dividend was slashed from $.31 to $.155. Invesco Ltd. Cuts Dividend By 50% Amid COVID-19 Crisis - Dividend.com
Starting on 4/20/16 through 4/20/26, using closing prices only, the annual average total return of IVZ with dividends reinvested was 1.94%, up from .54% without dividend reinvestment. DRIP Returns Calculator | Dividend Channel Over the past 3 years, the average annual total return was +18.6% through 4/20/26.
Yield at $12.75 AC: 6.59%
Last Ex Dividend: 2/13/26
Last Earnings Report (Q/E 12/31/25): SEC Filed Earnings Press Release
Diluted E.P.S. ($2.61)
Non-GAAP E.P.S. = $.62, up from $.52
Reconciliation:
 |
| Footnotes omitted |
Analyst Reports (available to Schwab customers)
Morningstar (3/31/26): 3 stars with a fair value estimate of $26, high uncertainty and no moat.
S&P (2/4/26): 4 stars with a 12 month PT of $31.
Argus (1/27/26): Buy with a $31 PT, revised up from $27 in response to the last earnings report.
Other Reports: I noted that the Barclays analyst cut the PT to $24 from $29 on 4/17 while maintaining its equal weight rating. A firm called Autonomous Research reduced its PT to $25 from $28 while maintaining a neutral rating. I do not have access to those reports.
Other Sell Discussions: Item # 1.C. Pared IVZ - Sold 10 at $17.82 - Highest Cost Lot (12/30/23 Post)(profit snapshot = $36.15); Item # 4.C. Eliminated IVZ - Sold 20 at $19.5 (11/22/22 Post)(profit snapshot = $69.66); Item # 1.E. Eliminated IVZ in Vanguard Taxable Account - Sold 10 at $18.91 (2/5/21 Post)(profit snapshot = $105.91); Item # 1.A. Sold 83+ at $17.3-Schwab Account and Item # 1.B. Sold 71+ IVZ in Fidelity Taxable Account at $17.39 (1/1/21 Post)(profit snapshot = $330.88)
IVZ Realized Gains to Date: $617.43
SU Bond: I do not currently own any SU bonds. I had 4 SU bonds mature earlier this year that were issued by Invesco Finance and guaranteed by IVZ:
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Last Discussed: Item # 3.A. Bought 2 Invesco Finance 3.75% SU Maturing on 1/15/26 at a Total Cost of 98.986 (12/5/24 Post) YTM then at 4.675%.
Quote: Columbia Banking System Inc (COLB) at Google Finance
Proceeds: $150
I sold my highest cost lot in this account.
COLB is a bank holding company that owns Columbia Bank, "the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington."
Investment Category: Regional Bank Basket Strategy
COLB Key Metrics Valuation Page at Reuters
Last Discussed: Item # 1.D. Pared COLB in Fidelity Account - Sold 5 at $26.6 (9/8/25 Post)(profit snapshot = $5.7).
Last Buy Discussions: Item # 3.D. Added to COLB in Fidelity Account - Bought 5 at $23.45 (7/29/25 Post); Item # 1.J. Added to COLB - Bought 2 at $19.81 (6/3/23 Post); Item # 2.K. Added 1 COLB at $20.31 (5/27/23 Post)
COLB Detailed Earnings Estimates - Zacks.com As of 4/20/26, the 2026 average E.P.S. estimate was at $3.06 and at $3.42 in 2027.
Profit Snapshot: +$32.73
New Average Cost per share this account: $20.25 (25 shares)
 |
| Snapshot after pare |
Reduced from $20.79.
Dividend: Quarterly at $.37 per share ($1.48 annually), last raised from $.36 effective for the 2025 4th quarter payment. In the first quarter of 2016, the penny rate was at $.18. Several special dividends were paid that year.
COLB Dividend History & Date | Seeking Alpha
I am not reinvesting the dividend.
Yield at $20.25: 7.31%
Last Ex Dividend: 2/27/26
Earnings Report (Q/E 12/31/25): SEC Filed Press Release
Comparisons are to the 2024 4th Q.
GAAP E.P.S. $.72, up from $.68
Non-GAAP E.P.S. $.82, up from $.71
NIM: 4.06%, up from 3.64%
"Operating" Efficiency Ratio: 51.39% (unadjusted at 57.3%)
NPL Ratio: .41%, down from .44% (page 14)
NPA Ratio: .3%
Charge off ratio: .25%, down from .27% (page 15)
Tangible Book value per share: $19.11, up from $17.2
Bought back $100M in stock during the quarter.
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release and SEC Filed Slide Presentation
This report was released after my last pare.
Comparisons are to the 2025 first quarter.
E.P.S. $.66, up from $.41 but down from $.72 reported for the 2025 4th quarter.
Non-GAAP E.P.S. $.72, up from $.67
Non-GAAP Consensus estimate at $.69 per Schwab
Fidelity has the consensus at $.685.
NIM: 3.96%, up from 3.6%
NPL Ratio: .55%, up from .47%
Charge off ratio: .3%, down from .32%
I also own 25+ shares in my Schwab account with a $21.38 average cost per share.
I do not have access to any COLB analyst reports.
F. Pared NEWT - Sold 5 at $13.25+ (Schwab Account):
Proceeds: $66.28
I sold my highest cost lot.
NEWT SEC Filed 2025 Annual Report
NEWT Detailed Earnings Estimates - Zacks.com As of 4/23/26, the average 2026 E.P.S. estimate was at $2.33 and at $2.5 in 2027. Stock investors are not accepting those estimates in their stock pricing decisions. The P/E, using the $2.33 average for 2026 and the closing price last Friday at $12.74, is only 5.47, with a dividend yield at 5.97% at that price. Those numbers indicate to me that investors are not valuing the company based on reported earnings. I attempt to identify why below.
Last Discussed: Item # 1.C. Added to NEWT - Bought 5 at $10.35 (11/8/25 Post)(discussed issues that I had with earnings reports); Item # 1.E. Started NEWT - Bought 10 at $11.22; 10 at $10.77 (10/11/25 Post)
Profit Snapshot: $10.18
New Average cost per share: $10.54 (30 shares)
 |
| Snapshot after pare/Closing price as of 4/17/26 |
Reduced from $10.64
Dividend: Quarterly at $.19 per share ($.76 annually)
NEWT Dividend History & Date | Seeking Alpha
Yield at $10.54: 7.21%
Last Ex Dividend: 3/24/26
Last Earnings Report (Q/E 12/31/25):
Diluted GAAP E.P.S. at $.65, down from $.69
2025 Diluted E.P.S. at $2.18, up from $1.96
Components of income:
I would note that the provision for credit losses in the 4th quarter was reported at $8.395M with the total net interest income at $17.430M before that provision.
A major component of noninterest income is described as a "Net gain on loans under the fair value option". The total for that unrealized estimated gain was $25.591M out of the $55.853M in noninterest income. Noninterest expense was reported at $40.448M. The profit on noninterest income before taxes was $15.405M. Take out the $25.591M, there would be a net loss of $10.196M. The company did realize a gain on selling loans of $9.505M during the quarter.
The fair value option for loans is an accounting election under ASC 825.10. 4.4 Debt Subject to the Fair Value Option | DART – Deloitte Accounting Research Tool My lay understanding is that changes in the fair value of the loans is recognized in earnings, even the loan has not been sold. The fair value adjustments create accounting gains and losses. I am suspicious of this kind of accounting. The Dark Art of Bank Fair-Value Accounting Needs More Transparency | CLS Blue Sky Blog
G. Pared PINE - Sold 5 at $19.55 - Fidelity Account:
Quote: Alpine Income Property Trust Inc (PINE) at Google Finance- Externally Managed by a wholly owned subsidiary of CTO Realty Growth Inc (CTO) which I own as well.
Proceeds: $97.75
PINE is an owner of single tenant net leased commercial properties.
ALPINE INCOME PROPERTY TRUST, INC._December 31, 2025 - SEC Filed Annual Report
Profit Snapshot: $22.62 (4/16/26 sale only)
New Average cost per share this account: $14.1 (79+ shares)
 |
| Snapshot after pare |
Dividend: Quarterly at $.30 per share, last raised from $.285 effective for the 2026 first quarter payment.
PINE Dividend History & Date | Seeking Alpha
Yield at $14.1: 8.51%
Last Ex Dividend: 3/12/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Press Release and SEC Filed Investor Presentation
Revenues: $18.406M, up from $14.206M
GAAP E.P.S. = $.06
FFO and AFFO per share: $.53, up from $.44
Reconciliation: The largest adjustment is to add back the non-cash depreciation expense.
Investments: Properties and Commercial Loans
Number of properties: $125
Square feet: 4.3M
Weighted Average lease term: 9.1 years
Occupancy: 99.5%
The commercial loans have a weighted average coupon of 13.5% with a weighted term of 1.8 years. I have discussed those loans in prior posts. More information can be found in the 10-Q for the Q/E 3/31/26 at pages 16-18.
2024 AFFO per share: $1.74, see SEC Filing
2025 AFFO per share: $1.89, see "
2026 AFFO per share guidance: $2.11 to $2.15 (p. 7)
H. Pared IRM - Sold 1 at $120.15:
Quote: Iron Mountain Inc (IRM) at Google Finance - Digital and Paper Storage REIT
Iron Mountain - Investor Relations
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
SEC Filed 2025 Annual Report A description of the businesses can be found at pages 1-5. The debt load is heavy and is listed and discussed starting at page 49. The SU debt is rated in junk territory at BB-/Ba3. IRM started out as a paper storage company. Other companies moved into data centers first and IRM had to borrow and spend a lot of money to catch up.
Last Buy Discussion: Item # 2.E. Started IRM in Schwab Taxable Account-Bought 10 at $26.8; 5 at $25.8; 5 at $25.25; 5 at $24.9 (12/5/20 Post) The tax cost basis has been reduced some due to ROC adjustments to the original cost numbers.
Profit Snapshot: $99.21 (4/20/26 sale only)
New Average cost per share: $20.24 (6 shares)
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| Snapshot Intraday on 4/20/26 after pare |
Reduced form $20.34.
Dividend: Quarterly at $.864 per share ($3.456 annually), last raised from $.785 effective for the 2025 third quarter payment.
IRM Dividend History & Date | Seeking Alpha
Yield at $20.24: 17.075%
Last Ex Dividend: 3/16/26
Last Earnings Report (Q/E 12/31/25): I discussed this report and the issues that I have with it in a recent post: Item # 3.C. Sold 1 IRM at $112.34 (3/3/26 Post)(profit snapshot = $91.4); SEC Filed Press Release
Other Sell Discussions: Item # 2.A. Pared IRM - Sold 1 at $106.1 (11/1/25 Post)(profit snapshot = $83.66)(discussed again issues that I have with adjustments to GAAP); Item # 4.C. Pared IRM -Sold 1 at 100.8 (7/9/25 Post)(profit snapshot = $77.22)(discussed issues that I have with adjustments made to normalized FFO calculation); Item # 2.A. Pared IRM -Sold 3 at $109.83 (8/8/24 Post)(profit snapshot = $257.65); Item # 2.F. Pared IRM - Sold 2 at $100 (7/26/24 Post)(profit snapshot = $150.29); Item # 1.J. Eliminated IRM in Vanguard Account - Sold 3 at $54.25 (2/13/23 Post)(profit snapshot = $98.68); Item # 4.G. Sold 1 IRM in Fidelity Taxable Account at $55.04 (9/20/22 Post)(profit = $29.61); Item # 3 Eliminated IRM in Schwab Taxable Account - Sold 19+ at $57.73 (5/5/22 Post)(profit snapshot = $631.54) Item # 2.H. Pared IRM in Fidelity Taxable Account - Sold 1 at $47.58 (10/10/21 Post)(profit snapshot = $21.6); Item #1.A. Sold 3 IRM in Fidelity Taxable-Sold 3 at $49.12 (10/1/21 Post)(profit snapshot = $86.06); Item # 2.K. Pared IRM in Fidelity Taxable Account-Sold 5 at $44.18 Item #2.L. Pared IRM in Vanguard Taxable-Sold 1 at $46.19; and Item # 2.M. Pared IRM in Schwab Taxable-Sold 1 at $46.93 (6/19/21 Post)(profit snapshots = $122.41); Item # 1.K. Sold 5 IRM at $37.69 (4/30/21 Post)(profit snapshot = $76.42); Item # 1.L. Sold 5 IRM in Schwab Account at $36.42 and Item #1.M. Sold 2.731 in Fidelity Account at $36.86 (4/1/21 Post)(profit snapshots = $73.38); Item #1.B. Sold 2 IRM at $35.63; 5 at $36.8 in Fidelity Taxable (2/27/21 Post)(profit snapshot = $54.15) ; Item # 1.B. Pared IRM-Sold 15 at $33.04 (2/22/20 Post)(profit snapshot = $36.73); Item # 1.C. Sold 10 IRM at $33.91-Used Commission Free Trade (12/26/18 Post)(profit snapshot = $12.24 ); Item # 4 Sold 50 IRM at $33.82 Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $398.06)
I. Sold 3.206 NNN at $44.68:
Quote: NNN REIT, Inc. (NNN) at Yahoo Finance
Proceeds: $143.27
2025 SEC Filed Annual Report "NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment . . . NNN owned 3,692 Properties in all 50 states, the District of Columbia and Puerto Rico, with an aggregate gross leasable area of approximately 39,578,000 square feet and a weighted average remaining lease term of 10.2 years as of December 31, 2025. As of December 31, 2025, 98.3 percent of the Properties were leased." Page 2
Website: Increasing Dividends | NNN REIT
Retail Properties | Our Portfolio | NNN REIT
Last Buy Discussions: Item # 1.C. Added to NNN in Fidelity Account - Bought 5 at $40.39 (12/11/25 Post)(discussed the 2025 third quarter report, SEC Filed Press Release); Item # 1.H. Added to NNN - Bought 5 at $39.64 (1/22/25 Post); Item # 2.F. Added to NNN - Bought 1 at $37.63; 1 at $36.67; 1 at $35.32; 2 at $34.95 (9/30/23 Post)
Profit Snapshot: $7.05 (4/16/26 sale only)
New Average cost per share: $39.05 (33 shares)
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| Snapshot after pare |
Reduced from $39.36.
Dividend: Quarterly at $.60 per share, last raised from $.58 per share effective for the 2025 third quarter payment.
NNN Dividend History & Date | Seeking Alpha
Yield at $39.05: 6.146%
Next Ex Dividend: 4/30/26
Last Earnings Report (Q/E 12/31/25): I discussed this report in a recent post: Item # 2.A. Pared NNN - Sold 10 at $45.75 (3/9/26)
SEC Filed Press Release and SEC Filed Supplemental (page 11: 36 consecutive years of dividend increases)
Last Sell Discussion: Item #2.L. Sold 1+ NNN at $46.18 (8/8/24 Post)
J. Eliminated Starter Duplicate Position in OPRA - Sold 5 at $17.25 - Vanguard Account:
Quote: Opera Limited (OPRA) at Zacks
Proceeds: $86.25:
OPRA SEC Filings (foreign company forms)
Investor Relations | Opera Limited
OPRA Detailed Earnings Estimates - Zacks.com
OPRA Key Metrics Valuation Page at Reuters
Buy Discussions: Item # 1.B. Added to OPRA - Bought 5 at $12.8; 5 at $12.45 (2/4/26 Post); Item # 1.G. Started OPRA - Bought 10 at $13.4(12/5/25 Post)
Dividend: Semiannually at $.40 per share.
OPRA Dividend History & Date | Seeking Alpha
Last Ex Dividend: 1/7/26
Profit Snapshot: $23.5
Last Earnings Report (Q/E 12/31/25): I discussed this report in a recent post: Item # 3.H. Pared OPRA in Schwab Account - Sold 5 at $15.31 (3/3/26 Post)(profit snapshot = $9.55); SEC Filed Press Release I currently own 20 shares in that account with an average cost per share of $12.69, with the yield at 6.3%.
The next earnings report is scheduled for release next Tuesday.
4. Corporate Bonds: 10
I bought 12 more corporate bonds last week that will be discussed in my next post.
The Fidelity money market fund used as my sweep account has a current 7 day SEC yield of 3.29%.
A. Bought 2 NXP 3.15% SU Maturing on 5/1/27 at a Total Cost of 98.953:
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Issuer: NXP Semiconductors (NXPI) at Zacks
Cost: $1,979.06
NXPI - Detailed Earnings Estimates - Zacks.com As of 4/20/26, the 2026 average E.P.S. estimate was at $13.93 and at $16.38 in 2027.
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| Page 39; 2024 vs. 2023 |
I am replacing 2 NXP bonds that were called early on 4/20/26:
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.19%
Given the short maturity, I view the YTM as the only relevant yield number.
B. Bought 2 General Motors 4.2% SU Maturing on 10/1/27 at a Total Cost of 99.938:
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Issuer: General Motors (GM) at Zacks
Cost: $1,998.76
I believe this is my first purchase of a GM bond. I have owned and currently own SU bonds issued by General Motors Finance.
GM Detailed Earnings Estimates - Zacks.com As of 4/20/26, the 2026 average E.P.S. estimate was at $12.44 and at $13.91 in 2027
GM SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
Fitch Rates General Motors' Proposed Senior Unsecured Notes 'BBB'
YTM at Total Cost: 4.243%
C. Bought 2 Krogers 5.4% SU Maturing on 7/15/40 at a Total Cost of 99.319 (Interactive Brokers Account):
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Issuer: The Kroger Co (KR) at Zacks
Cost: $1,986.38
KR Detailed Earnings Estimates - Zacks.com As of 4/20/26, the 2026 average E.P.S. estimate was at $5.25 and at $5.63 in 2027.
Currently, this is the only bond that I own that matures in 2040.
SEC Filed Earnings Press Release for the Fiscal Quarter Ending on 1/31/26
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 5.469%
Current Yield at TC: 5.437%
When going out this far in a maturity, I want the current yield to be close to the YTM with both over 5%.
I own 4 Kroger 5% SU bonds maturing on 9/15/34 and 2 of those are in a RI account. Item # 3.B. Bought 2 Kroger 5% SU Maturing on 9/15/24 at a Total Cost of 97.594 (8Post); Bond Page | FINRA.org As noted in that post, Kroger sold a lot of debt to finance its Albertsons acquisition that fell through.
D. Bought 2 CMS Energy 3.45% SU Maturing on 8/15/27 at a Total Cost of 99.105:
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Issuer: CMS Energy Corp (CMS) at_Google Finance - Utility Holding Company
Cost: $1,982.1
SEC Filed Earnings Press Release for the Q/E 12/31/25
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.152%
E. Bought 1 Entergy Arkansas 4.95% First Mortgage Bond Maturing on 1/15/36 at a Total Cost of 99.588:
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Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp (ETR) at Google Finance
Cost: $995.88
ETR SEC Filed 2025 Annual Report Operating results for Entergy Arkansas can be found starting at page 348.
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| Basic Financial Data 2025, 2024 & 2023 |
Prospectus (1/26) The lien and exceptions thereto are described at pages 5-6, which are standard for first mortgage bonds issued by operating utilities.
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.003%
Current Yield at TC: 4.97%
I also own EAI, a FM exchange trade bond issued by Entergy Arkansas in multiple accounts.
F. Bought 1 Entergy Texas 5.15% First Mortgage Bond Maturing on 6/1/45 at a Total Cost of 92.279:
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Issuer: Wholly owned operating subsidiary of the utility holding company Entergy, see Item #4.E. above.
Cost: $922.79
3 Years Basic Financial Data, page 449 of the 2025 Annual Report.
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 5.782%
Current yield at TC: 5.581%
In my Fidelity account, I currently own the following $1,000 par value first mortgage bonds issued by Entergy operating subsidiaries:
The values are based on third party pricing rather than closing trades as of 4/24/26. The third party pricing services used by brokerage firms almost invariably price the bonds at below the last trades.
I will trade the longer maturities. This is an excerpt from a 11/1/25 Post:
"Starting in my 7/15/25 Post through m 9/21/25 post, I discussed selling 122 corporate bonds ($1,000 par values), maturing in 2032 or later, as part of an interest rate risk mitigation strategy, realizing a $3,092.11 "profit". Many of the bonds were bought at discounts to their $1,000 par value and sold at premiums. I believe all of those bonds were bought earlier this year.
I discussed those sales in earlier posts here:
Item # 3 (7/15/25 Post)(9 bought and 2 sold)(profit snapshot = $30.92)
Item # 3 (7/22/25 Post): Sold 9, profit snapshots = $103.55
Item # 3 (8/5/25 Post)(bought 2; sold 7), profit snapshots = $155.07
Item # 2 (8/12/25 Post) (Sold 20, bought 1); profit snapshots = $479.50
Item # 4 ( 8/19/25 Post) Sold 10, profit snapshots = $219.23
Item # 4 (8/26/25 Post): Sold 11, profit snapshots = $243.77
Item # 2 (9/2/2025 Post): Sold 22; profit snapshots = $523.79
Item # 2 (9/8/25 Post): Sold 15, profit snapshots = $429.61
5. Treasury Bills Purchased at Auction:
A. Bought 15 T Bills at the 4/20/26 Auction - 2 Accounts:
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Matures on 10/22/26
Interest: $272.24
Investment Rate: 3.707%
B. Bought 5 T Bills at the 4/20/26 Auction:
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91 Day Bill
Matures on 7/23/26
Interest: $45.63
Investment Rate: 3.694%
C. Bought 10 T Bills at the 4/22/26 Auction:
119 Day Bill
Matures on 8/24/26
Interest: $119.33
Investment Rate: 3.704%
6. Small Ball Common Stock/Stock Fund Buys:
A. Added to BGR - Bought 5 at $15.4 - Fidelity Account:
Cost: $77
Last Discussed: Item # 5.B. Bought 10 BGR at $15.64 - Schwab Account (3/9/26 Post)
BGR Portfolio | Morningstar Lists top 24 holdings, accessible to non-subscribers.
Of the stocks owned by this fund I currently have small ball positions in Canadian Natural Resources (CNQ), Chevron (CVX), Kinder Morgan (KMI), Pembina Pipeline (PBA), Suncor (SU), TC Energy (TRP) and Williams Companies (WMB). The largest dollar amount is in WMB which I have been paring.
BlackRock Energy and Resources Trust - SEC Filed 2025 Annual Report. Blackrock includes several CEFs in this report. The information on BGR can be found at pages 6-8, 42-43. The fund could support its dividend by realized capital gains but does not do so. As of 12/31/25, the cost of investments was at $247.359+M with a market value of $361.619+M.
New Average cost per share: $15.59 (15 shares)
Dividend: Monthly at $.0973 per share ($1.1676 annually)
BGR Dividend History & Date | Seeking Alpha
Some historical ROC support.
Yield at $15.59: 7.49%
Last Ex Dividend: 4/15/26
Next Ex Dividend: 5/15/26
Data as of 4/17/26:
Closing Net Asset Value per share: $17.3
Closing Market Price: $15.75
Discount: -8.96%
Average 3 Year Discount: -9.03%
Sourced: BGR - CEF Connect (Click "Pricing Information" Tab)
B. Added to WEN - Bought 5 at $6.78:
Quote: Wendy's Co (WEN) at Google Finance
Cost: $33.93
Last Discussed: Item # 1.A. Added to Fallilng Knife WEN - Bought 10 at $7.78; 10 at $7.65 (2/4/26 Post)
Investment Categories: Primarily classified as a Lottery Ticket, with secondary categories being Bond Substitute and Contrarian Value. The Bond Substitute category describes the goal only and says nothing about the safety of the dividend. The goal is simply to harvest the dividends and exit the position with a 2% or higher annual gain, a total return significantly higher than intermediate term investment grade corporate bonds which is necessary for me to justify taking the equity risk.
SEC Filed 2025 Annual Report for the fiscal year ending 12/28/25.
As of 12/28/25, there were "5,969 Wendy’s restaurants in operation in the U.S. Of these restaurants, 423 were operated by the Company and 5,546 were operated by a total of 203 franchisees. In addition, at December 28, 2025, there were 1,428 Wendy’s restaurants in operation in 38 foreign countries and U.S. territories. Of the international restaurants, 1,417 were operated by a total of 117 franchisees and 11 were operated by the Company in the United Kingdom"
New Average cost per share: $8.63 (111+ shares)
Dividend: Quarterly at $.14 per share ($.56), slashed from $.25 effective for the 2025 second quarter payment which was too high given recent earnings.
WEN Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend as a means to randomly average down.
Yield at $8.63: 6.49%
Last Ex Dividend: 3/2/26
Last Earnings Report (Q/E 12/28/25): This is the 4th fiscal quarter.
"diluted earnings per share for the fourth quarter and full year were $0.14 and $0.85, respectively. Adjusted earnings per share for the fourth quarter and full year were $0.16 and $0.88, respectively."
"free cash flow for the full year was $205.4 million."
The decline in U.S. revenues and E.P.S. in 2025 compared to 2024 explains the downward trajectory in the stock price. It is an open question whether the operational changes described in the press release will work.
Analyst Report (available to Schwab customers)
Argus (3/18/26 ): Hold
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.
