Starting this month, Google's Blogger is currently blurring images except when the image is supersized which cuts off part of the image in the text. This has impacted most images in my blog going back to its inception.
All images are readable by clicking them, which also creates thumbnails of all images, contained in a post, appearing at the bottom. All thumbnail images become readable by clicking them.
Another recent problem is that only the image icon loads. The image will frequently appear simply by reloading the page but not always but will no longer be readable in the text most of the time.
++
Dollar Value of Trades Discussed in this Post:
Inflow Common Stocks $909.54
Outflow Common Stocks/Stock Funds (Item # 1): $1,616.66
Realized Gains Stocks/Stock Funds: $251.16
Outflow Common Stocks/Stock Funds (Item # 5): $707.12
I am in a net reduction mode for my stock allocation based on valuations and my opinion about the U.S. economy. I am also skeptical of the current consensus opinion that the Iran War has ended.
Outflow Canadian Reset Equity Preferred Stock (Item # 2): C$1,259 (realized gain at C$418.5)
Corporate Bonds (Item # 3): $12,000 in principal amount (total cost at $11,754.21)
T Bill Purchases at Auction (Item # 4): $20,000 in principal amount
Inflow Bond ETF (Item # 6) $112.6
In a comment published on 4/14/26, I discussed the equity REIT preferred stock NHPAP. I mentioned that snapshots of my two taxable account positions would be provided in this post. They can be found in Item #7, Cash Flow into Fidelity Account on 4/15/26.
++
Traditional Valuation Metrics:
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (4/6/26)
Buffett Valuation Indicator: March 2026 - dshort - Advisor Perspectives
Stock Market P/E Ratios - Yardeni Research (Figures 6, 7, 13, 15, and 17)
Q-Ratio and Market Valuation: June 2025 - dshort - Advisor Perspectives
S&P 500 Price to Sales Ratio (P/S Ratio)
+++
Economy:
Iran War Chronology since my last post:
As expected, the negotiation with Iran broke down last weekend. Trump responded with this 'Truth" Social message:
"Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz. . . I have also instructed our Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran." Trump says U.S. will blockade Strait of Hormuz and intercept ships that paid tolls to Iran - CBS News
Trump imposed the embargo to force Iran to accept a deal. Trump then claimed that Iran was begging for a deal which resulted in a stock market rally last week. He represented that the War was "very close to over", and the stock market would boom. Iran war 'very close to over': Trump says Iran wants a deal
Last Thursday (4/16/26), Trump commented that the War "should be ending pretty soon". Trump: Iran war 'should be ending pretty soon' Trump added that the U.S. has "a very good relationship with Iran right now."Trump says 2nd round of Iran talks could be this weekend, war 'should' end soon | The Times of Israel (4/17/26). On 4/5/26, Trump made this comment about Iran's leaders:
Truth Details | Truth Social; Trump unleashes curse-filled social media rant
Yesterday, Iran's Foreign minister made this statement: "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire". Trump is maintaining the blockade on ships leaving or destined for Iran's ports.
As part of the 2 week ceasefire, Iran agreed to allow safe passage through the Strait of Hormuz. This did not happen. On 4/16/26, it was reported that only 2 ships traversed the Strait. Here’s the latest tanker traffic in Strait of Hormuz "Just two vessels were observed transiting the Strait of Hormuz, according to data from LSEG." One of those ships was traveling to an Iranian port. {"The cargo ship Neshat crossed the strait and appeared destined for Iran."} Trump claims the Strait is open for traffic except for ships destined for or leaving Iranian ports.
The problem was that Iran and Pakistan believed the 2 week ceasefire included Lebanon which was denied by the U.S. and Israel. Reopening during the ceasefire was obviously contingent on the ceasefire being applied to the Lebanon conflict. Until that happened, safe passage was in doubt and consequently almost no ships attempted transit.
A few tankers and ships are going through the Strait of Hormuz. Here's the latest traffic
Trump says Iranians have "agreed to everything," including removal of enriched uranium - CBS News Iran's Chief Negotiator Mohammed Ghalibaf, called Trump's representations "alternative facts", referring to Trump's claims as "false".
According to reports, no oil tankers entered the Strait on Friday (4/17/26) and only 5 cargo ships passed through the Strait to the Gulf of Oman. Several ships moved toward the Strait yesterday but turned back. Video shows ships turning away from the Strait of Hormuz despite Iran declaring it open
It was reported earlier today (4/18) that a tanker and cargo ship was attacked:
Iran live updates: Tehran reasserts control over Strait of Hormuz, saying it's returning to 'previous state' - ABC News "Two Iranian boats approached and fired on a tanker off Oman’s coast on Saturday morning, the U.K. Maritime Trade Operations organization said."
Iran says Strait of Hormuz closed again, despite Trump's optimism
Trump’s Iran deal looks a lot like the previous ones he hated
Even if a deal occurs, the stock market still has a major over valuation issue, made worse by the rally last weak IMO, on top of the problems facing the U.S. economy that existed before the War. Many of those problems have been aggravated by the war and will not quickly resolve into pre-war conditions. Those issues include major declines in consumer confidence, inflation moving higher, gasoline prices likely to remain much higher for an extended period compared to the prices prior to 2/28/26, weakening real GDP growth, and a struggling and weak labor market. So the hopium expressed in the stock rally last week goes far beyond a quick resolution of the War.
Iran war damaged as much as $58 billion of energy infrastructure: Rystad
No statement made by Trump can be accepted as true. My default position is to assume his representations are false or at best misleading until I have reliable evidence that a statement is true. I do not have that evidence now about any recent claim about the Iran War ending or Iran accepting all of the U.S. terms as claimed by Trump.
++
New Republican Food Benefit Cuts Are Taking Effect More than 2 million Americans have lost their SNAP benefits under the republican BBB legislation.
New York Fed President Williams worries war will slow growth, aggravate inflation
Europe could run out of jet fuel in 6 weeks, IEA chief tells AP (4/16/26)
Oil Price Charts | Oilprice.com
Trump says gas prices "not very high"; Americans disagree
Harvard policy expert: ‘I am certain’ Iran war will cost U.S. taxpayers $1 trillion | Fortune
+++
America's Mad King and his Fawning Minions in the House and Senate:
Trump issues lengthy rant against former MAGA faithfuls he calls ‘losers’ The Independent It is not possible for a sane individual to write this extraordinarily long "Truth" Social message IMO. I believe psychologists call it a narcissistic breakdown. Signs of Narcissistic Collapse and What to Do Next
Did Trump say Saudi prince 'didn't think he'd be kissing my [expletive]'? | Snopes.com Yes, it is on tape.
Trump Takes The Spotlight At UFC 327 In Miami, Greeting Rogan And Rubio So Trump and Rubio attended a UFC fight as Vance, Kushner and Witcoff were negotiating with the Iranians
In the House of Commons, a British political leader called Trump a "dangerous and corrupt gangster" who is "reckless, immoral, and completely outside the bounds of international law" British MP blasts 'corrupt gangster' Trump - Alternet.org No one disagreed with those comments. Several members of Parliament were shown nodding their heads in approval.
Donald Trump Received Foreign Steel for White House Ballroom - People Report The company was reported to be the Luxembourg based ArcelorMittal. Last October, Trump stated that a steel company had offered to donate $37M in steel for use in building Trump's ballroom. "According to The New York Times, Trump's comments in October came days before tariff adjustments were made that could benefit firms such as ArcelorMittal." A White House spokesperson, David Ingles, claimed there was no link and only "people with a severe case of Trump Derangement Syndrome would find a problem with that."
Senate overturns Boundary Waters protections, a boon for Chilean mining company The vote was 51-49.
Pete Hegseth quotes the Bible… but uses Pulp Fiction version; Pete Hegseth References Bible—But Quotes Violent ‘Pulp Fiction’ Speech
++
Trump Portrays himself as Jesus:
Trump Blasts Pope Leo as 'WEAK on Crime,' Needs to 'Get Act Together' Trump's "Truth" Social message attacking the Pope is just another juvenile rant that confirms his unstable mental condition IMO. This is the link: Truth Details | Truth Social This is a quote from that rant:
"And I don’t want a Pope who criticizes the President of the United States because I’m doing exactly what I was elected, IN A LANDSLIDE . . . Leo should be thankful because, as everyone knows, he was a shocking surprise. He wasn’t on any list to be Pope, and was only put there by the Church because he was an American, and they thought that would be the best way to deal with President Donald J. Trump. If I wasn’t in the White House, Leo wouldn’t be in the Vatican. Unfortunately, Leo’s Weak on Crime, Weak on Nuclear Weapons, does not sit well with me, nor does the fact that he meets with Obama Sympathizers like David Axelrod, a LOSER from the Left, who is one of those who wanted churchgoers and clerics to be arrested. Leo should get his act together as Pope, use Common Sense, stop catering to the Radical Left, and focus on being a Great Pope, not a Politician. It’s hurting him very badly and, more importantly, it’s hurting the Catholic Church! President DONALD J. TRUMP"
Donald Trump: I don't owe Pope Leo an apology - The Hill (4/13/26)
46 minutes after posting his rant directed at the Pope, the President of the United States posted an image of himself as Jesus. Trump Portrays Himself as Jesus Christ After Slamming Pope Leo-People; Trump's image of depicting himself as Jesus sparks religious backlash- USA Today; Trump Posts (Then Deletes) Image of Himself as Jesus, Picks Fight with The Pope - YouTube; Trump takes down image from his social media platform that depicted him as a Jesus-like figure - ABC News Trump attempted to assert that the image portrayed him as a "doctor".
The only possible interpretation was that Trump was portraying himself as Jesus but Trump disagreed. Trump: "I did post it, and I thought it was me as a doctor, and had to do with Red Cross, as a Red Cross worker there, which we support. Only the ‘fake news’ could come up with that one. It’s supposed to be me as a doctor, making people better, And I do make people better. I make people a lot better."
Fact-checking Trump's claim that Pope Leo supports nuclear weapons in Iran | PBS News
Many republicans believe Trump is a Messiah Chosen by God to rule the world. Trump says "I run the country and the world" in interview with The Atlantic - YouTube; President Trump: "I am the chosen one." - YouTube; Sunday services paint Trump as God's chosen one - POLITICO; The Christians who see Trump as their saviour
The U.S. Department of War reportedly summoned the Pope's representative for a meeting. The Pentagon representative reportedly referred to Avignon Papacy, when the King Philip IV France, unhappy with the Pope, kidnapped him and installed him at Avignon. 'Unusual' Pentagon-Vatican meeting sparks intrigue, denials and whispers of a diplomatic clash | National Catholic Reporter; Avignon Papacy - Wikipedia
J.D. Vance Lectures Pope Leo on the Bible and Catholic Doctrine:
Vance: "In the same way that it’s important for the vice president of the United States to be careful when I talk about matters of public policy, I think it’s very, very important for the pope to be careful when he talks about matters of theology. And I think that one of these issues here is that there has been—if you’re going to opine on matters of theology, you’ve got to be careful; you’ve got to make sure it’s anchored in the truth"
Pope James David Vance the First - The Atlantic
Trump will attack anyone that disagrees with him. It is understandable that the Pope has been critical of Trump's Iran War. So Trump attacked the Pope and then doubled down soon thereafter. Trump's minions will then come out and defend Trump, attempting to justify his ill advised, undeserved and frequently ridiculous attacks.
It is not unusual for Vance to defend Trump no matter what he does or says. It will come back to haunt his political career in the future when he arrogantly claims to know more about the Bible and Catholic Doctrine than the Pope. The U.S. population is about 1/5th Catholic.
"Blessed are the peacemakers, for they will be called children of God" (Matthew 5:9)
Pope Leo-Trump feud escalates as pontiff decries "tyrants" and a "world ravaged by a handful of tyrants" - USA Today (4/16/26)(Pope Leo: "Woe to those who manipulate religion and the very name of God for their own military, economic and political gain, dragging that which is sacred into darkness and filth. It is a world turned upside down, an exploitation of God’s creation that must be denounced and rejected by every honest conscience.")
++
Judge dismisses Trump $10B defamation lawsuit against Murdoch, WSJ Trump claimed that he did not sign the Epstein birthday card. The district court judge dismissed the lawsuit with leave to file an amended complaint that provides sufficient allegations that the defendants acted with "actual malice". A spokesman for Trump's lawyers stated that "President Trump will follow Judge Gayles’s ruling and guidance to refile this powerhouse lawsuit against the Wall Street Journal and all of the other Defendants." A lay comparison of the "alleged Trump" signature on the birthday card and his prior authenticated signatures indicates that he did sign the card IMO. I copied those signatures in a prior post. 9/13/25 Post Trump and his attorneys have access to those other signatures and can make the same comparison.
++
Hegseth: "For as long as it takes, we will maintain this blockade, successful blockade. But if Iran chooses poorly, then they will have a blockade and bombs dropping on infrastructure, power and energy." Both Trump and Hegseth have insisted that the U.S. will commit war crimes unless Iran agrees to a deal. War Crimes Rhetoric to Battlefield Reality: Slippery Slope to Total War; What international law says about Trump's threats to bomb Iran's bridges and power plants Threats to attack civilian targets are raising concerns with legal experts; Over 100 International Law Experts Warn: U.S. Strikes on Iran Violate UN Charter and May Be War Crimes
Trump Absolutely Loses It Over Fox News Host’s Polling Comment, Attacks Her Looks
Trump claims to have the best poll numbers ever. Anyone who says different on national TV will receive personal attacks from Trump.
Trump Approval Rating Polls: Trump Approval Ratings (average approval rating at 39.8% with the average disapproval at 56.3%)
Kash Patel’s Erratic Behavior Could Cost Him His Job - The Atlantic
++
1. Small Ball Common Stock/Stock Fund Sales:
Small Ball Trading Rules:
Baseball Analogy: Small ball (baseball) - Wikipedia
Primarily a risk reduction trading technique, one of many strategies that I employ to mitigate risks that are assumed when owning risk assets where loss of capital is possible.
(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share;
(2) Purchases are made in small lots using commission-free trades;
(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;
(4) Some positions will be eliminated altogether on price pops when the goal is achieved;
(5) Shares purchased with dividends may be sold when it is profitable to do so and the share price is outside my consider to buy range; and
(6) There is no hesitation to sell a stock after a dividend cut or a disappointing earnings report, when I can realize any capital gain.
The most important objective is to reduce risk through a controlled and disciplined trading strategy that realizes gains, particularly by selling the highest cost lots that reduce my average cost per share and increases my dividend yield.
The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks.
Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option.
My Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets.
I generally define small ball as trades that are less than $1,000.
+++
I am cutting off discussions with U.S. common stock and stock funds sales made last Tuesday or earlier.
A. Eliminated CALF - Sold 20 at $45.95:
 |
| Snapshot at regular medium size |
 |
| Supersized same snapshot |
Increasing the size from medium to large does not improve the clarity.
Quote: Pacer US Small Cap Cash Cows ETF (CALF) at Google Finance
Proceeds: $918.98
Sponsor's website: CALF | Pacer ETFs
I view free cash flow yield to be a valid investment criteria for stock selection, but using it in isolation from others may result in some stocks being selected that will perform poorly.
Using this metric as the sole criteria will lead to some stocks being included that are only temporarily generating good free cash flow and that is recognized by market participants who value the stock with a low P/E recognizing that the past 12 months is not likely to be repeated in subsequent reporting periods. That is frequently the case for highly cyclical companies that are subject to periodic boom and bust cycles (e.g. chemical, E&P*).
For this fund, free cash flow is calculated by subtracting capital expenditures from cash flow. The resulting number is then divided by enterprise value (market capitalization plus debt minus cash and cash equivalents).
Expense Ratio: .59%
CALF Page at Morningstar (Currently rated 1 star) When I first started to buy shares, the rating was at 5 stars. See Item # 2.O. Bought 1 CALF at $37.52; 2 at $36.48 (5/26/22 Post). I decided to exit the position due to recent poor performance.
Profit Snapshot: $124.17
Last Discussed: Item # 1.F. Pared CALF - Sold 5 at $48.45 (11/14/24 Post)
Dividends: Quarterly at a variable rate.
CALF Dividend History & Date | Seeking Alpha
 |
| Supersized |
Quote: NYLI CBRE Global Infrastructure Megatrends Fund (MEGI) at Google Finance
Proceeds: $76.45
I sold my highest cost lot.
Last Discussed: Item # 1.A. Restarted MEGI in Schwab Account - Bought 20 at $13.55 (12/25/25 Post)
Sponsor's website: NYLI CBRE Global Infrastructure Megatrends Term Fund | New York Life Investments "MEGI is structured with a 12-year limited term and intends to liquidate on or about December 15, 2033."
NYLI CBRE Global Infrastructure Megatrends Term Fund - SEC Filed Annual Report for the period ending 5/31/25
MEGI Portfolio | Morningstar (accessible to non-subscribers). Lists top 25 holdings which include companies in the following sectors: electric utilities (e.g. stock symbols XEL, PPL, D, PEG, OGE, ETR), pipelines (e.g OKE and ENB), cell tower REITs (AMT & CCI) NGL (Cheniere), construction (VINCI), water utility (Pennon), and a railway (Canadian Pacific Kansas City)
Leverage: 25.17% as of 12/31/25, priced at a spread to the Overnight Bank Funding rate. Overnight Bank Funding Rate (OBFR)- St. Louis Fed
Profit Snapshot: $18.26
New Average cost per share this account: $11.44 (45 shares)
 |
| Snapshot Intraday on 4/9/26 after pare |
Dividend: Monthly at $.125 per share ($1.5 annually)
MEGI Stock Dividend History & Date | Seeking Alpha
ROC support was significant for the prior two fiscal years ending on 5/31/24 and 5/31/25.
The borrowing costs and management fees/expenses would eat up a significant part of the dividend income leaving capital gains as the primary support for the dividend payments.
For the six months ending on 11/30/25, the fund had harvested a net realized gain of $23.986M and net investment income after expenses of $12.718+M (p. 11, Semiannual Report linked above)
Data Date of 4/9/26 Trade:
Closing Net Asset Value per share: $17.23
Closing Market Price: $15.25
Discount: -11.49%
Average 3 Year Discount: -11.39%
Sourced: MEGI - CEF Connect
Sell Discussions: Item # 3.E. Sold 15 MEGI at $14.17 - Fidelity Account (5/23/25 Post)(profit snapshot $30.1); Item # 1.I. Pared MEGI - Sold 45 at Various Prices (4/4/25 Post)(profit snapshot = $25.91). I sold my highest cost lots.
Other Buy Discussions: Item # 1.C. Bought 15 at $12.5; 10 at $12.18 - Fidelity Account (12/26/24 Post); Item # 2.B. Added to MEGI - Bought 5 at $11.45 (4/19/24 Post); Item # 1.A. Added to MEGI - Bought 50 at $12.32 - Fidelity Account (4/12/24 Post)
Return of Capital (ROC) Adjustments to the Original Cost Basis: That part of the dividends classified as ROC is not taxed as dividend income in the year received but will reduce the tax cost basis by the total amount so classified. That will cause a higher profit or lower loss when the shares are sold. Under existing tax law, the cost basis can be stepped up to the market value on the date of death which in effect nullifies the tax basis adjustments caused by the ROC classifications. What is step-in basis and how can it affect me?| Fidelity There have been in the past efforts to repeal that provision of the tax code.
Proceeds: $167.65
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 3.B. Pared GTY in Schwab Account - Sold 6 GTY at $32.2 (4/4/26 Post)(profit snapshot = $23.64)
Last Buy Discussions: Item # 1.F. Added to GTY in Schwab Account - Bought 2 at $27.85; 3 at $27.85 (1/1/26 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post); Item # 1.B. Added to GTY in Fidelity Account - Bought 5 at $25.97; 5 at $25.55 (10/18/25 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post)
Last Elimination: Item # 3.A. Eliminated GTY - Sold 5 at $35.65 and 20 at $35.69 (1/3/23 Post)(profit snapshot = $211.35)
Progression of Small Ball 2026 Sales in this account:
Profit Snapshot: $28.04
New average cost per share this account: $26.66 (30+ shares)
 |
| Snapshot Intraday on 4/10/26 after pare |
Reduced from $26.84
Dividend: Quarterly at $.485 per share ($1.94 annually)
GTY Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend.
Yield at $26.66: 7.28%
Last Ex Dividend: 3/26/26
Last Earnings Report (Q/E 12/31/25): I discussed this report in a recent post: Item # 1.I. Pared GTY in Fidelity Account - Sold 5 at $32.7 (2/17/26 Post); SEC Filed Press Release
D. Pared GTY in Fidelity Account - Sold 5 at $33.94:
Proceeds $169.7
See Item # 1.C. Above.
I sold my highest cost shares.
Profit Snapshot: $31.05 (4/15/26 sale only)
New Average cost per share this account: $26.57 (25+ shares)
Yield at $26.57: 7.3%
E. Pared BNL in Schwab Account Again - Sold Highest Cost 6 Shares at $19.62:
Quote: Broadstone Net Lease Inc (BNL) at Google Finance - Net Lease REIT
Proceeds: $117.75
Net Lease Definition and Types—Single, Double, Triple
Management: Internal
Portfolio - Broadstone: 771 with a 9.6 year weighted average lease term.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Discussed: Item # 1.M. Pared BNL - Sold 5 at $19.68 (2/17/26 Post)(profit snapshot = $21.29)
Last Buy Discussions: Item # 4.B. Added to BNL - Bought 15 at $15.75 (2/5/25 Post); Item # 2.E. Added to BNL - Bought 5 at $14.57 (4/26/24 Post); Item # 1.I. Added to BNL - Bought 2 at $14.86 (3/1/24 Post)
Website: Home Page - Broadstone (745 properties with leased occupancy at 99.5% and average weighted lease term of 9.45 years)
Property Type:
 |
| Page 8 Annual Report |
Profit Snapshot: $25.86
New Average cost per share: $13.88 (90+ shares)
 |
| Snapshot Intraday on 4/10/26 after pare |
Reduced from $13.97
Dividend: Quarterly at $.2925 per share ($1.17 annually), last raised from $.29 effective for the 2026 first quarter payment.
BNL Dividend History & Date | Seeking Alpha
Broadstone Net Lease Announces Tax Treatment of 2025 Dividends
Broadstone Net Lease Announces Tax Treatment of 2024 Dividends
Yield at $13.88: 8.43%
Last Earnings Report (Q/E 12/31/25):
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $118.295M
GAAP E.P.S. $.17
FFO per share: $.37
Core FFO per share: $.39
AFFO per share: $.38, up from $.36 in the 2024 4th quarter.
Triple net leases will generally have the cash flow per share numbers close to one another. Tenants are responsible for paying maintenance expenses, insurance and property taxes.
Reconciliation:
Portfolio was 99.8% leased as of 12/31/25 with only 1 property vacant.
"For 2026, BNL expects to report AFFO of $1.53 to $1.57 per diluted share, which remains unchanged from previously announced guidance."
Achieved 2% rental growth in 2025. Rent growth from existing leases will be subdued given the net lease structure.
During 2024, BNL sold "28 properties for gross proceeds of $96.1 million at a weighted average capitalization rate of 7.3% on tenanted properties. Subsequent to year end, we sold one property for $12.1 million." Realized gains from property sales are included in GAAP earnings but are subtracted from GAAP in the FFO calculation. The non-cash depreciation expenses and non-cash impairment charges are added back to GAAP in that first FFO calculation.
Other Sell Discussions: Item # 3.A. Eliminated Duplicate Position in BNL - Sold 15 at $18.23 (9/2/25 Post)(profit snapshot = $54.62); Item # 1.Q. Pared BNL in Schwab Account - Sold 5 at $17.03 (4/4/25 Post)(profit snapshot = $5.7)
BNL last sold $350M in SU Bonds with a 5% coupon maturing in 2032. FINRA Page; Prospectus (9/25)
F. Pared SBSI in Schwab Account Again - Sold Highest Cost 5 Shares at $33.22+:
Quote: Southside Bancshares (SBSI) at Zacks
Proceeds: $166.13
"Southside Bancshares, Inc. is a bank holding company with approximately $8.51 billion in assets as of December 31, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 70 ATMs/ITMs."
Investment Category: Regional Bank Basket Strategy
Last Discussed: Item # 1.L. Pared SBSI Again - Sold 2 at $33.34 - Highest Cost Lot (2/11/26 Post)(profit snapshot = $10.38)
SBSI: Detailed Earnings Estimates - Zacks.com
Profit Snapshot: $23.78
New Average cost per share: $27.22 (25 shares)
Reduced from $27.43
Dividend: Quarterly at $.36 per share ($1.44 annually)
SBSI Stock Dividend History & Date | Seeking Alpha
Yield at $27.22: 5.29%
Last Ex Dividend: 2/19/26
(Q/E 12/31/25): I discussed this report in a recent post and have nothing substantive to add here. Item # 1.E. Pared SBSI - Sold 3 at $33.35 (2/4/26 Post)(profit snapshot = $11.38); SEC Filed Press Release
Other Sell Discussions (Profit over $90): Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.15); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69)
Maximum Position: 50 shares
Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain.
SBSI Realized Gains to Date: $681.68
2. Canadian Reset Equity Preferred Stocks:
A. Pared PPLPRC:CA Again - Sold 50 at C$25.2 - IB Account:
I sold my highest cost lot.
Proceeds: C$1,259 after C$1 commission
Issuer: Pembina Pipeline Corp (PBA) at Google Finance (USD priced shares) - Canadian Energy Infrastructure
Last PBA Discussion: Item # 3.P. Pared PBA - Sold 2 at $36.17 (2/25/25 Post)(contains links to prior sell discussions)
Common Stock PBA realized gains to date: $2,205.42
I still have a small ball position in the USD priced common shares (20 shares with an average cost per share at $29.99)
Par Value: C$25
Coupon Reset: The coupon reset effective 3/1/24 at a 2.6% spread to the 5 year Canadian bond yield of 3.419%. Press Release
Current Coupon: 6.019%
Coupon remains in effect to, but excluding 3/1/2029. As the reset date approaches, the price will be positively or negatively impacted by investor opinions about the likely reset rate.
The security can be called only on reset dates.
Par Value: C$25
Dividends: Paid quarterly and cumulative
Position in the Capital Structure: Senior only to the common stock and junior to all debt.
Last Buy Discussions: Item # 1.A. Added 100 PPLPRC:CA at C$16.8 (6/24/23 Post); Item # 2.B. Bought 100 PPLPRC:CA at C$15.88 (3/7/20 Post); Item # 1. Bought 50 PPLPRC at C$15.8 (7/3/19 Post); Item # 1.B. Bought 50 PPLPRC:CA at C$17.23 (5/25/19 Post); Item # 1.A. Bought 100 PPL.PRC:CA at C$17.7 (3/23/19 Post)
New average cost per share: C$15.9 (150 shares)
 |
| Closing Price as of 4/13/26 |
Reduced from C$16.13
Yield at Total Cost of C$15.9: 9.46%
Computation: .06019% coupon x C$25 par value = C$1.50475 annual dividend per share ÷ C$15.9 average cost per share = 9.4638%
PPL.PR.C:CA Dividend History & Date | Seeking Alpha
Prior Sell Discussions: Item # 5.A. Pared PPLPRC:CA - Sold 50 at C$23.85 (6/26/25 Post (profit snapshot = C$356); Item # 2.A. Sold 50 PPLPRC:CA at C$22.15 (5/30/25 Post)(profit snapshot C$244); Item # 1. Sold 100 PPLPRC:CA at C$22.1 (1/15/25 Post)(profit snapshot = +C$436); Item # 2.B. Sold 100 PPLPRC:CA at C$21.64 (6/1/17 Post)(profit snapshot = C$496)
PPL.PRC:CA Realized Gains to Date: +C$1,950.5
Other PPL Reset Equity Preferred Trades Realized Gains: +C$565
See snapshots in Item # 2.A.
3. Corporate Bonds:
For bonds purchased this year that mature in 2027, I view the YTM to be the relevant yield number. As the maturity date lengthens beyond 2 year, the current yield becomes more important. For long dated debt, like the Entergy Arkansas FM bond discussed below, the current yield is only relevant number to me
A. Bought 1 Entergy Arkansas 4.95% First Mortgage Bond Maturing on 12/15/44 at a Total Cost of 91.845; 1 at a Total Cost of $91.18:
%204.95%25%2012:15:44.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp (ETR)
Total Cost: $1,830.25
Prospectus First Mortgage lien on "substantially" all property.
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at 91.845 Total Cost: 5.662%
Current Yield at 91.845 TC: 5.39%
YTM at 91.18 Total Cost: 5.725%
Current Yield at 91.18 TC: 5.429%
Normally, I try to trade corporate bonds profitably that mature in 6 or more years. That trading is frequent. (e.g. last year, I sold 122 recently purchased corporate bonds maturing in 2032 or later during about a 3 month time period, see list with links at 11/1/25 Post. If I get stuck, I will hold to maturity, if I am still alive. Otherwise, it will be someone else's problem, meaning my heirs.
B. Bought 2 Marathon Petroleum 3.8% SU Maturing on 4/1/28 at a Total Cost of 99.138 - IB Account:
%204:1:28%203.8%25.png)
Issuer: Marathon Petroleum Corp (MPC) at Google Finance
Cost: $1,982.76
I do not have a position in the common stock.
MPC Detailed Earnings Estimates - Zacks.com
"Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure."
I also own SU bonds issued my MPLX, LP.
MPC SEC Filed Earnings Press Release for the Q/E 12/31/25 "net income attributable to MPC of $1.5 billion, or $5.12 per diluted share, adjusted net income of $1.2 billion, or $4.07 per diluted share."
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.261%
Current Yield at TC: 3.833%
I own 1 MPC SU bond that matures on 12/15/27.
C. Bought 2 Martin Marietta Materials 3.45% SU Maturing on 6/1/27 at a Total Cost of 99.209:
%206:1:27%203.45%25%20.png)
Issuer: Martin Marietta Materials (MLM) at Zacks
Cost: $1,984.18
MLM Detailed Earnings Estimates - Zacks.com
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.17%
Current Yield at TC: 3.4775%
D. Bought 2 Workday 3.5% SU Maturing on 4/1/27 at a Total Cost of 99.356:
%20.png)
Issuer: Workday Inc (WDAY) at Google Finance
Total Cost $1,987.12
I discuss a 1 share purchase at Item # 5.E. below.
WDAY Detailed Earnings Estimates - Zacks.com As of 4/16/26, the average non-GAAP E.P.S. estimate for the fiscal year ending 1/27 was at $10.54 and at $12.32 for the next fiscal year.
Last Earnings Report: SEC Filed Earnings Press Release for the fiscal quarter ending 1/31/26
As of 12/31/25, WDAY had cash, cash equivalents and marketable securities of $5.443B, page 56 SEC Filed Annual Report.
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.189%
Current Yield: 3.523%
E. Bought 2 Clorox 3.1% SU Maturing on 10/1/27 at a Total Cost of 98.495 - IB Account:
%203.1%25%2010:1:27%20.png)
Issuer: Clorox Co (CLX) at Google Finance
Total Cost: $1,969.9
Clorox - Detailed Earnings Estimates - Zacks.com
I have a small ball position in the common stock.
Last CLX Discussion: Item # 2.B. Added to CLX - Bought 1 at $101.46 (4/11/25 Post)
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.172%
Current Yield at TC: 3.1474%
F. Bought 2 Omega Healthcare 4.5% SU Maturing on 4/1/27 at a Total Cost of 100:
%20.png)
Issuer: Omega Healthcare Investors Inc (OHI) at Google Finance
I no longer own the common stock.
Cost: $2,000
OHI is a REIT that owns primarily nursing homes and senior living communities.
Last OHI Discussion: Item # 3.A. Sold 17+ OHI at $31.06 (6/17/23 Post)(links and snapshots for prior realized gains; total gain at +$1,517.81).
OHI SEC Filed Earnings Press Release for the Q/E 12/31/25
FINRA Page:Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
YTM and Current Yield at Total Cost: 4.5%
4. Treasury Bills Purchased at Auction:
I use the "Investment Rate" (IR) as the relevant yield number for T Bills. T Bills are sold without coupons. The "coupon equivalent" is the IR.
This is explained more fully in this YT video: T-Bill Rates, Pricing & Interest | High Rate vs Investment Rate - YouTube
A. Bought 10 Treasury Bills at the 4/13/26 Auction:
%2010:15:26%20.png)
182 Day Bill
Matures on 10/15/26
Interest: $182.51
Investment Rate: 3.728%
B. Bought 5 T Bills at the 4/14/26 Auction:
1 Year T Bill (364 days)
Matures on 4/15/27
Interest: $179.98
Investment Rate: 3.71%
C. Bought 5 Treasury Bills at the 4/15/26 Auction:
%208:18:26%20.png)
119 Day Bill
Matures on 8/18/26
Interest: $59.91
Investment Rate: 3.72%
5. Small Ball Common Stock Purchases:
A. Added to AMCR in Fidelity Account - Bought 5 at $42.08+; 5 at $40.46:
Quote: Amcor (AMCR) at Zacks - Global Packaging Company
Cost: $412.73
Fiscal Year ends on 6/30
SEC Filed 10-Q for the Q/E 12/31/25
AMCR Detailed Earnings Estimates - Zacks.com
Amcor Completes One-for-Five Reverse Stock Split
Amcor completes combination with Berry Global
Average cost per share: $41.27 (10 shares)
Dividend: Quarterly at $.65 per share ($2.6 annually)
Unchanged from the $.13 per share prior to the reverse split)
Yield at $41.27: 6.3%
The dividend yield is more attractive than the yield on Amcor's SU debt.
Last Ex Dividend: 2/25/26
Last Earnings Report (Q/E 12/31/25): This is the second fiscal quarter. I discussed this report here: Item # 1.D. Eliminated Duplicate Position in AMCR (Fidelity Account) - Sold 6 at $47.17 (2/11/26 Post) SEC Filed Earnings Press Release I have bought back those shares + 4 more with the purchases discussed here.
Owned AMCR SU Bonds:
2 Amcor 3.625% Finance USA Maturing on 4/25/26
2 Amcor Flexibles 3.1% Maturing on 9/15/26
2 Amcor Finance 3.625% Maturing on 5/15/28
Last Bond Offering (3/26): Prospectus
2025 Amcor Matured SU Bonds: 4
%20+$18.9%20.png){kind=small}
%20+$33.06.png){kind=small}
B. Restarted PRU - Bought 1 at $96.15; 2 at $96.9:
Quote: Prudential Financial (PRU) at Zacks
Cost: $289.95
PRU Detailed Earnings Estimates - Zacks.com
Investor Relations | Prudential Financial
Last Buy Discussions: Item # 1.G. Bought 1 PRU at $61.3 (11/21/20 Post); Item # 4.H. Started PRU-Bought 5 at $63.8; 1 at $63.2 (8/29/20 Post)
Last Discussed: Item # 2.B. Eliminated PRU - Sold 5 on Ex Dividend Date at $107.88 (2/23/24 Post)(profit snapshot = $223.42)
Average cost per share: $96.65
Dividend: Quarterly at $1.4 per share ($5.6), last raised from $1.35 effective for the 2026 first quarter payment.
PRU Dividend History & Date | Seeking Alpha
Yield at 96.65: 5.794%
Last Ex Dividend: 2/17/26
Last Earnings Report (Q/E 12/31/25):
2025 Net Income of "$3.576 billion or $9.99 per Common share increased compared to net income of $2.727 billion or $7.50 per share for 2024.
2025 4th quarter Net Income of "of $905 million or $2.55 per Common share versus net loss of $57 million or $0.17 per share for the year-ago quarter. The current quarter included a net after-tax organizational charge of $107 million or $0.30 per Common share."
After Tax 4th quarter operating income of $1.168B or $3.30 per share which includes the $.30 per share charge mentioned above.
Reconciliation:
Other Sell Discussions: Item # 1.D. Eliminated PRU in Two Taxable Accounts - Sold 2 at $98.92; 2 at $98.95 (3/6/23 Post)(profit snapshots = $146.38); Item # 2.B. Pared PRU in Vanguard Taxable Account - Sold 2 at $108.34 (6/25/21 Post)(profit snapshot = $89.04)
PRU SU Bonds: I currently own 3.
1 of the 4.4% SU Maturing on 11/15/27
2 of the 5.25% (1 in a RI account) SU Maturing on 5/15/35, discussed at Item # 4.A. Bought 1 Prudential 5.25% SU Maturing on 5/15/25 at a Total Cost of 99.2 (7/3/25 Post); Bond Page | FINRA.org (credit rating then at A3/A) This bond last traded in February.
Of the Prudential securities that I have owned in the past, the largest total gain was in a SU bond whose par value was $25 that matured in 2018. The coupon floated at a 2.4% spread to CPI. The symbol was PFK: Item # 7 Bought 100 PFK at $18.46+; 90 in Roth IRA at $18.94 (6/26/2009 Post); Item # 1 Added 50 PFK at $17.83 (8/14/2009 Post); Item # 3 Added 50 PFK in Roth at 20.88-Averaged Up (1/10/2010 Post)
Realized Gains PFK in Retirement Accounts: $748.96 (190 shares)
 |
| 100 at $705.51 |
Realized Gains in PFK in Taxable Accounts: $1,043.42 (200 shares)
 |
| 100 at +$$962.38 |
The key was not so much the coupon but purchasing the bonds at significant discounts to par value with a 2018 maturity.
C. Added to HRZN - Bought 5 at $4.15:
Quote: Horizon Technology Finance Corp (HRZN) at Google Finance - A BDC
Cost: $20.75
Website: Venture Debt Financing | Horizon Technology Finance
Recent News: Horizon Technology Finance Corporation Closes Merger with Monroe Capital Corporation (4/14/26)
HRZN Detailed Earnings Estimates - Zacks.com
HRZN SEC Filed 2025 Annual Report (A summary of risk factors starts at page 26 and ends at page 66)
Interest Rate Risk: Impact of interest rate changes on net investment income (NII)
 |
| Page 92 Annual Report |
Generally, NII will rise when interest rates rise due to the floating rates resetting at higher coupons.
HRZN Assessment of Loan Credit Risks:
 |
| Page 10, Annual Report |
 |
| Page 77, Annual Report |
As of 12/31/25, "there were four debt investments with an internal credit rating of 1, with an aggregate cost of $33.8 million and an aggregate fair value of $24.5 million and there were four debt investments with an internal credit rating of 2, with an aggregate cost of $56.8 million and an aggregate fair value of $53.5 million. As of December 31, 2024, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $44.8 million and an aggregate fair value of $10.5 million and there were seven debt investments with an internal credit rating of 2, with an aggregate cost of $53.3 million and an aggregate fair value of $48.8 million. The increase in investments with internal credit ratings of 1 or 2 was primarily a result of the increase in the risk of loss of principal caused by the portfolio companies low cash positions and the difficult equity fundraising market and/or the underperformance of such portfolio companies." Page 77.
The extremely generous compensation paid to the external management company is discussed at pages 11-19.
Investment Categories: Blackjack Hand, part of the Lottery Ticket Basket and the Monthly Income Generation category. I classify this BDC as deservedly hated and EXTREMELY HIGH RISK. However, there is always a possibility that its equity positions in private companies owned by HRZN may turn out to be beneficial to shareholders.
Average cost per share this account: $4.47 (30 shares)
Dividend: Monthly at $.06 per share ($.72 annually), recently slashed from $.11 effective for the March 2026 payment.
HRZN Dividend History & Date | Seeking Alpha
HRZN was not even close to covering its $.11 per share monthly dividend with net investment income (NII). The company did have undistributed spillover income that was used to support the dividend.
Supplemental Dividends: "To create near-term value for the post-Merger combined company stockholders, the HRZN Board intends to use HRZN’s current undistributed taxable earnings (i.e., spillover income) of
Tax Treatments of 2025 Dividends:
Yield at $4.47: 16.11%
Last Ex Dividend: 4/16/26 (owned all as of)
Net Asset Value per share history: Bad
I view this history as a negative and would classify this BDC as deservedly hated. I have limited my dollar exposure in response and have attempted to produce some trading gains which I have done so far but just barely.
The 39.15% decline in net asset value per share from 12/31/22 to 12/31/24 is particularly troubling as was the decline in 2016. The economy has been in an expansion mode in 2023 to date. The question, which can not be answered with certainty, is whether the destruction of shareholder capital will continue.
12/31/25: $6.98
12/31/24: $8.43
9/30/24: $9.06
6/30/24: $9.12 10-Q at page 3
12/31/23: $9.71 "As of December 31, 2023, there were four debt investments with an internal credit rating of 1, with an aggregate cost of $72.5 million and an aggregate fair value of $27.6 million. As of September 30, 2023, there were two debt investments with an internal credit rating of 1, with an aggregate cost of $41.5 million and an aggregate fair value of $15.5 million. As of December 31, 2022, there were three debt investments with an internal credit rating of 1, with a cost of $20.9 million and a fair value of $8.3 million." SEC Filed Earnings Press Release for the Q/E 12/31/23
12/31/22: $11.47
6/30/22: $11.69
3/31/22: $11.68
12/31/21: $11.56
12/31/20: $11.02
3/31/20: $11.48
12/31/19: $11.83
12/31/18: $11.64
12/31/17: $11.72
12/31/16: $12.09
12/31/15: $13.85
12/31/14: $14.36 10-K at page 54
12/31/13: $14.14
12/31/12: $15.15
12/31/11: $17.01
October 2010: IPO at $16, net of $14.88 to HRZN after underwriting discount: Prospectus
Last Earnings Report (Q/E 12/31/25):
"For the full year ended December 31, 2025, net realized loss on investments was $55.1 million, or $1.30 per basic share, compared to net realized loss on investments of $34.6 million, or $0.96 per basic share, for the full year ended December 31, 2024. For the full year ended December 31, 2025, net realized loss on extinguishment of debt was $2.8 million, or $0.07 per basic share." (emphasis added)
Some Sell Discussions: Item # 2.I. Eliminated Duplicate Position in HRZN - Sold 10 at 10.01 (10/31/24 Post)(profit snapshot = $8.14); Item # 2.A. Eliminated HRZN in my Vanguard Account - Sold 20 at $12.05 (11/25/23 Post)(profit snapshot = $5); Item # 6.C. Pared HRZN - Sold 5 at $13.32 (11/15/22 Post)(profit snapshot =$7.4); Item # 1.B. Eliminated HRZN - Sold 30 at $11.8 (11/18/18 Post)(profit snapshot = $53.09)
D. Added to Falling Knife GIS - Bought 2 at $34.38+:
Quote: General Mills (GIS) at Zacks
Cost: $68.77
GIS: Detailed Earnings Estimates - Zacks.com
General Mills: Brands overview
New average cost per share: $51.74 (74+ shares)
Less than optimal. I will now average down in 2 share lots until I hit 100 shares.
Dividend: Quarterly at $.61 per share ($2.44 annually)
GIS Dividend History & Date | Seeking Alpha
I am reinvesting the dividend as a means to average down randomly.
Yield at $51.74:
Last Ex Dividend: 4/10/26
I do not recall any period when packaged food stocks have declined so much in price. The General Mills stock price is currently near where it was in November 2009. The current price reflects a consensus opinion that GIS does not have much of a future. I am pessimistic over the short term based on recent quarterly results, but do not share the intermediate and long term pessimism reflected in the current price.
I am not going to speculate on whether the lawsuit brought by San Francisco against the packaged food companies, including GIS, will ultimately be successful. Complaint filed 12/2/26.pdf There are several legal issues that SF will have to overcome that are generally discussed in this article: The new case against ultraprocessed food - Harvard Law School
The more immediate problem is declining revenues and profits.
Last Earnings Report (Q/E 2/22/26): I discussed this report, which was unsatisfactory, in this post: Item # 1.G. Added to Falling Knife GIS - Bought 1 at $37.22; 1 at $36.09 ( )
Highest Sale Prices: Item # 3.C. Pared GIS in Fidelity Taxable Account - Sold 5 at $86.64 (12/13/22 Post); Item # 6.A. Pared GIS - Sold 5 at $81.64 (11/8/22 Post); Item # 1.C. Eliminated GIS in Vanguard Taxable Account - Sold 2+ at $80.41 (3/6/23 Post)
Last Sell: Item # 2.B Sold Highest Cost GIS Shares - 10 at $65.26 and 5 at $63.9 (3/18/25 Post)
Largest Gain Single Transaction: 52+ Shares in 2016
 |
| $1,285.31 |
GIS Realized Gains to Date: $3,081.68
E. Bought 1 WDAY at $117.34 as a Placeholder:
Quote: Workday Inc (WDAY) at Google Finance
Workday says it is the enterprise AI platform for managing people, money and agents. "Workday unifies HR and Finance on one intelligent platform with AI at the core to empower people at every level with the clarity, confidence, and insights they need to adapt quickly, make better decisions, and deliver outcomes that matter. Workday is used by more than 11,500 organizations around the world and across industries – from medium-sized businesses to more than 65% of the Fortune 500."
WDAY Detailed Earnings Estimates - Zacks.com As of 4/16/26, the average non-GAAP E.P.S. estimate for the fiscal year ending 1/27 was at $10.54 and at $12.32 for the next fiscal year.
A detailed description of WDAY's businesses can be found at pages 1-5 of the last SEC Filed Annual Report
I was only vaguely familiar with this company before I reviewed the last earnings report prior to buying the two bonds discussed in Item # 3.D. above. I know nothing about its products.
Like many other software companies, the stock price has been hammered by fears that AI will eat into its revenues and profits.
I do not have any knowledge to assess whether the price decline is warranted or an over reaction based on fear that bad things will happen in the future.
My instinct, more of a gut feeling, is that these companies are not helpless and are rapidly incorporating AI into their product offerings. Many of these software products, which appear to be the case with those offered by WDAY, have become embedded in large companies who would face difficulties and expenses transitioning to a product offered by another company. And, it is far from clear whether the newly developed products will be any better and/or less costly.
My main problems with Workday are the heavy stock compensation expense which I do not ignore, the ugly five year chart, the high P/E ratio to GAAP E.P.S., the lack of a dividend and the inability to predict whether AI is a longer term threat. And, it is at least possible that AI may be able to lower employee costs.
5 Year Chart: Major Bear Market Pattern, with a double top formation in the $307-$315 range in November 2021 and February 2024. There was severe waterfall type decline starting in September 2025 when the price was near $250 with a possible bottom forming now in the $100-$125 range. I have no training in technical analysis. This is just how I read that 5 year chart based on my experience as a stock investor who has looked at charts for a long time.
Dividends: None and none expected.
Last Earnings Report (Q/E 1/31/26): This is the 4th fiscal quarter.
Revenues: $2.532B, up 14.5%
Diluted GAAP E.P.S. = $.55, up from $.35
Non-GAAP Diluted E.P.S. = $2.47, up from $1.92
2025 Diluted GAAP E.P.S. = $2.59, up from $1.95
2025 Non-GAAP Diluted E.P.S. = $9.23, up from $7.3.
"Free cash flows were $2.777 billion an increase of 26.7% from the prior year."
Reconciliation: For the fiscal year, share based compensation expense was reported at $5.85 per share. That is added to GAAP E.P.S. in the non-GAAP computation.
Cash, cash equivalents and marketable securities as of 12/31/25: $5.443B
Long Term Debt: $2.987B
Sourced: Page 56, SEC Filed Annual Report
Analyst Reports (available to Schwab Customers)
Morningstar (3/4/26): 4 stars with a fair value estimate of $150 and a narrow moat, downgraded from a wide moat due to potential AI threats and a fair value estimate of $170.
S&P (2/25/26): 3 stars with a 12 month PT of $136, lowered from $166.
6. Bond ETFs:
A. Added to TLTW - Bought 5 at $22.52:
Quote: iShares 20+ Year Treasury Bond BuyWrite ETF (TLTW) Google Finance
Cost: $112.6
Sponsor's website: iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
I discussed this ETF in a recent post: Item # 5.D. Bought 5 TLTW at $22.6+(2/4/26) For the reasons discussed in that post, I will not be buying many shares.
Average cost per share this account: $22.56 (10 shares)
Dividends: Monthly at a variable rate.
TLTW Stock Dividend History & Date | Seeking Alpha
The dividends will be juiced by the buy/write strategy.
Last Ex Dividend: 4/2/26
Goal: Exit the position at any total return in excess of the dividend payments.
7. Cash Flow into Fidelity Account on 4/15/26:
A significant objective of my portfolio management is to generate a constant stream of cash flow into my 4 brokerage accounts.
Redemption Proceeds: $6,000
Dividends and Interest Payments: $499.88
Several of the small ball common and preferred stock positions are owned in 1 or more other accounts.
AHRTPRA, GNLPRD, MDVPRA, NHPAP, and SLGPRI are REIT equity preferred stocks.
National Healthcare 7.375% Preferred Series A (NHPAP) is issued by a private healthcare REIT that does not currently pay a common share dividend. The company has filed a Preliminary Prospectus (4/13/26) to go public which has given the preferred shares a price lift. The REIT expressed an intent to pay a cash common stock dividend, see pages 72-73. Using cash to pay a common share dividend or to buy back common stock activates the Stopper Clause in the preferred stock prospectus for as long as such payments continue.
Since I started positions in two taxable account, the company has not missed a dividend payment. All of the dividends paid so far have been classified as return of capital that have reduced my taxable cost basis but are not taxable as dividends when paid. The result is my tax cost basis is low:
 |
| Schwab Account AC at $12.66 |
 |
| Snapshot Intraday 4/15/Tax Cost per share at $14.38 (35 shares) |
APLE, COLD, CUBE, LXP, MDV, SAFE and WPC are equity REITs that own real property. APLE is the only one that pays monthly dividends. The others pay quarterly.
Spectra Energy was acquired by Enbridge.
I discussed adding to the HRZN position in Item #5.C. above.
The National Rural is a $1,000 par value SU bond that pays monthly. The other $1,000 par value bonds pay semiannually.
The Entergy Texas is a first mortgage bond. Only 1 of the 5.25% maturing in 2035 is owned in this account.
Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.
No comments:
Post a Comment