To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image.
Dollar Value of Trades Discussed in this Post:
Inflow Common Stock/Stock Fund: $551.4
Outflow Common Stock/Stock Funds: $2,541.65
I will continue into a net sale mode for as long as the market keeps going up. At my current pace, it would take about 4 years to eliminate all of my stock holdings.
Realized Gains Stocks/Stock Funds: $1,003.72
Net Outflow Stocks/Stock Funds: $1,990.25
Treasury Bills Purchased at Auction: $10,000 in principal amount
Starting with auctions last week, I will only be buying 10 T Bills each week to and including W.E. on 6/3. I participated only in the 182 day bill auction last Monday (5/18), limiting my purchase to 10. I need to space out maturities in my short term bond ladder. I will be using more redemption proceeds to increase my purchases of corporate bonds maturing in 2027-2029. As a reminder, I live in Tennessee that does not have a state income tax.
Corporate Bonds: 16 (total cost at $15,811.71)
Outflow Canadian Dollars: C$10,000. In my IB account, I decided to convert $10,000 CADs into USDs.
This conversion resulted in a $220.02 loss which I can use to offset realized gains.
This leaves me with $77.16+ thousand CADs with an unrealized profit of US$224.54 as of 5/20/26:
The yield on my Canadian Dollars is about 1.6%. I still have far too many CADs in that account. The proceeds will be used to buy primarily U.S. investment grade corporate bonds with YTMs greater than 4% maturing in 2027-2029.
++++
Economy:
U.S. drivers pay the highest gas prices in four years this Memorial Day
AAA Fuel Prices As of 5/22, the average for regular gasoline is at $4.552 per gallon, up from $3.196 one year ago. The average price for premium is at $5.423 and at $5.647 for diesel.
U.S. and Iran at odds over uranium enrichment, Strait of Hormuz tolls "The average gasoline price stood at $4.55 per gallon on Friday, an increase of more than 50% since the U.S. and Israel began the war with Iran on Feb. 28." Stock investors have been pricing a 100% probability that a deal will soon be reached with the Strait opened from safe passage IMO.
Walmart (WMT) Issues Lower than Expected Guidance as Consumers Hit by High Gas Prices (5/21/26)
Trump's Economy Is Worse Than It Looks - Key Economic Indicator Sinks to Pandemic-Era Levels - 24/7 Wall St. citing A Closer Look at Full-time and Part-time Employment: April 2026 - dshort - Advisor Perspectives
Fed officials see rate hike ahead if inflation stays elevated, minutes show; Minutes of Meeting 4/28-29 ("A majority of participants highlighted, however, that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2 percent.")
Iran Formalizes Strait Control and Toll Collection - Newsweek
Inflation rate projected to hit 6% in the second quarter, top economic forecasters say The Philadelphia Federal Reserve surveys economic forecasters. Survey of Professional Forecasters This is a link to the last survey: Second Quarter 2026 Survey of Professional Forecasters (5/15/26) ("The forecasters expect current-quarter headline CPI inflation will average 6.0 percent at an annual rate, up from their prediction of 2.7 percent in the previous survey. Core CPI inflation over the current quarter will also be higher at an annual rate of 3.2 percent, up from the previous estimate of 2.8 percent. . . .Measured on a fourth-quarter over fourth-quarter basis, headline CPI and core CPI inflation in 2026 are expected to average 3.5 percent and 2.9 percent, respectively, up from the previous estimates of 2.6 percent.")
Economist says 'crisis for American families' comes 'directly out of the White House' - Alternet.org
China's April economic data underwhelms, with retail sales growth slowing to lowest since 2022
Meta’s layoffs starting last week underscore Zuckerberg's AI reality
Trump administration halts wind projects, pays $2B to scrap leases
Iran to extend conflict ‘beyond the region’ if U.S. and Israel attack (5/20/26)
AvalonBay, Equity Residential apartment merger: What it means; AvalonBay Communities and Equity Residential Announce Merger of Equals, Creating One of the Country's Leading Real Estate Companies This is a huge merger of apartment REITs with the combined entity owning more than 180,000 apartments. I own a few shares of Equity Residential (EQR)
++++
Trump and his 100% Controlled Invertebrate Minions in the House and Senate:
Corruption Runs Deep in the U.S. Government:
What is unusual is that much of the corruption is not secret. It is in your face with a dare - What are you going to do about it? The republican answer is nothing.
This is just my opinion but I will set out the underlying reasons using the latest outrage.
Trump, Trump's Sons, and the Trust Organization get protection from IRS under settlement; DOJ's settlement with Trump bans IRS from taking action against him over old tax returns - CBS News
I want to emphasize that Trump's lawsuit against the IRS was bogus for a variety of reasons.
One simple reason, easily understood, is that the suit was barred by the two year statute of limitations for the unauthorized release of tax returns. Tax world gawks at Trump audit agreement: 'Never seen anything like this' - POLITICO; The President Who Sued Himself | Lawfare If the U.S. government had independent representation to defend against Trump's lawsuit, which it clearly did not have, Trump would have lost without question. Yet look at what he received to settle a bogus lawsuit against himself.
The document reproduced below, signed by Trump's former attorney, frees Trump, his sons, the Trump Organization and "related entities or affiliated individuals (including without limitation, including family or others filing jointly), or parties including trusts, parent, sister or related companies, affiliates and subsidiaries" from any I.R.S. claim related to tax returns filed prior to 5/19/26, thereby closing all ongoing audits and protecting them from any possible criminal tax fraud indictments.
Note the clause that bans future audits of the numerous individuals and entities arising from "lawfare and/or weaponization". All of the beneficiaries of that expansive immunity grant will argue that audits of returns filed after 5/19/26 are illegal and will simply refuse to produce documents or otherwise cooperate in the audit. This is a license to commit tax fraud.
The Treasury Departments General Counsel, Brian Morrissey, resigned in disgust. Treasury lawyer Brian Morrissey resigns as Donald Trump, IRS settlement announced
Weaponization Settlement Frees Trump From IRS Audits
Trump's DOJ Just Declared He Can't Be Audited, Sued, or Prosecuted EVER. - YouTube
Trump, his family, businesses won't face IRS tax audits under new deal This article refers to an IRS audit of a $72.9M refund paid to Trump.
Trump drops $10B IRS suit as DOJ creates $1.776B lawfare fund
The settlement agreement, signed by Associate Attorney General Stanley E. Woodward Jr, provides that information about the sums paid out will only be provided on a confidential basis to the Attorney General:
Stanley Woodward Jr. - Wikipedia As noted in that article, Woodward represented Walt Nauda who had been indicted along with Trump in the Florida documents case. Other clients include Kash Patel, a January 6th defendant convicted of assaulting a police officer, an Oath Keeper convicted of seditious conspiracy, Dan Scavino and Peter Navarro. Some of his former clients can reasonably be expected to receive significant sums of money from the agreement that he signed on behalf of the U.S. government.
Stanley Woodward and Todd Blanche want to prohibit the D.C. Bar from disciplining Trump's DOJ attorneys. Justice Department Files Complaint Against D.C. Bar Disciplinary Authorities Over Their Weaponization of the Bar Disciplinary Process Against Federal Government Attorneys | United States Department of Justice; Justice Department sues DC attorney authorities over efforts to discipline Donald Trump allies Trump's DOJ claims that the D.C. Bar has weaponized disciplinary proceedings. Complaint.pdf Woodward signed the Complaint with Blanche's name added along with Trent McCotter who is the principal Associate Deputy Attorney General. I view this effort as an opening salvo in an effort to prevent discipline of the two attorneys mentioned in the Complaint, Ed Martin and Jeffrey Clark, but also to shield Blanche and Woodward, who initiated this lawsuit on behalf of the U.S. Government, from disciplinary action. I view this complaint as frivolous and the motive for bringing it clear IMO.
This is how the settlement characterizes the FBI seizure of documents at Mar-A-Largo pursuant to a legally authorized search warrant:
No independent counsel representing the interests of the U.S. government and U.S. taxpayers in this matter would have settled Trump's claim for any money IMO, let alone protection from IRS claims and audits.
This settlement easily falls within the most 100 disgusting and outrageous acts committed by Trump. Trump says he had nothing to do with it.
The DOJ lawyers who participated in this travesty see no ethical problems. "Internally, DOJ lawyers believed they could ignore the conflict of interest outright, privately arguing that Trump has both the right to sue as a private citizen and the power to command the executive branch as president, according to sources familiar with their discussions." Quoting from Trump administration to create $1.776B 'Truth and Justice Commission' to compensate allies: Sources - ABC News This argument may be tested IMO in disciplinary proceedings. If that happens, we will find out whether that argument is accepted by disciplinary boards.
Trump's DOJ wanted to settle the case and voluntary dismiss it before having to explain in a court filing why there was a case and controversy, which was not possible since Trump was on both sides of the lawsuit.
The only way to handle a civil lawsuit brought by sitting President against the U.S. government is for the Attorney General to appoint independent legal counsel, who is unbiased and unaffiliated with the government.
Who is the client of Todd Blanche in this matter? The U.S. government and the people of the United States or Donald Trump? The answer is clear to me.
What will be the reward for a Trump supporter assaulting a police officer on 1/6, who was convicted of committing a felony, was subsequently pardoned by Trump as a True Patriot? Maybe $50M from Trump's "Truth and Justice Commission" funded with $1.776B of taxpayer money.
The bottom line is that republican politicians want to reward allies who were convicted, or plead guilty to committing crimes provided they are Trump supporters. Who could benefit from Trump's $1.7+ billion "anti-weaponization" fund? - CBS News
Trump’s $1.8 Billion Slush Fund Is Worse Than Stealing - The Atlantic ("Recasting the January 6 insurrection as the work of heroic patriots remains the president’s highest priority.") What makes this latest corrupt act 1000 times worse is that republicans will do nothing to stop this grift, nor will almost all of them voice even mild criticism of this theft of taxpayer money. Consequently, all Houses and Senate members are as equally responsible as Todd Blanch, Trump and all federal employees who enabled this outrage.
Andrew Weissmann: Trump's Slush Fund Isn't Just Corrupt—It's a Crime | Illegal News - YouTube
++
Trump is the Republican Party, and he represents the moral center of his party as well as the increasingly powerful American Taliban Movement IMO.
Recent events have highlighted once again that almost no Republican House or Senate member will do anything to restrain Trump, question or criticize him even in the mildest way no matter how many outrageous, immoral and illegal acts he commits, and will do whatever Trump tells them to do. If someone steps out of line, Trump will energize his base to cause anyone so bold to lose a primary election. This is what republicans want and that is what we have now.
The Senate Majority Leader John Thune (R-SD) , managed to say that he was not a "big fan" of the $1.776B Trump slush fund and the settlement of any IRS tax claims (including those which may exist for tax fraud) against Trump, his sons and many related entities. John Thune is not a "big fan" of Trump administration's $1.8B compensation fund
Senator Thom Tillis (R-NC) is leveling some criticism but then he is retiring. A tiny bit of vertebrae is grown when a republican is retiring or has retired from the Senate or the House.
Senator Collins (R-Maine) who is up for re-election in November in a blue state will sometimes vote contrary to Trump's demands when she knows it makes no difference in the outcome. A recent example is her voting for the War Powers Resolution. Susan Collins breaks with Republicans in vote to halt military action against Iran That resolution will not pass in the House. If it passed in both chambers, with the odds near zero, Trump will veto the resolution. There will not be of course a 2/3rds vote in the Senate and the House to override that veto. In other words, Collins is only making a symbolic gesture to curry favor with voters this November.
Donald Trump Blasts Senator Bill Cassidy (R-LA) As ‘Disloyal Disaster’: ‘Sleazebag’ - Newsweek; Louisiana Sen. Bill Cassidy defeated, Julia Letlow and John Fleming advance to runoff, AP projects - ABC News Cassidy came in third. Cassidy voted to convict Trump of one impeachment charge and correctly referred to the Florida documents as almost a slam dunk for a criminal felony conviction. Cassidy: Trump classified docs case is ‘almost a slam dunk’ | CNN Politics The 6 Republican Justices, none of whom are conservatives in the American tradition, and the Trump appointed Judge Cannon, in effect, have protected Trump from the criminal consequences of his actions with their rulings, blocking cases before a jury can even hear the evidence and make a decision on guilt or innocence.
{The creation of a near absolute Presidential immunity from criminal prosecution was only 1 of the two decisions that had the effect of protecting Trump. The other involved rewriting the plain language of a statute that made it a crime to obstruct an official proceeding. I discussed that other decision here: Supreme Court Resolution of Fisher v U S Impact on Trump's Criminal Case under 18 USC 1512(c)(2) - YouTube}
Massie’s Defeat Will Tighten Trump’s Grip on GOP | The New Republic Trump already had an iron grip. There is no daylight between Trump and republican politicians at the state and federal levels. By state levels, I am referring to all republican governors and all republican state House and Senate members. Trump's absolute control over his party goes deep and extends down to state House representatives.
Senator Graham (R-SC) stated that Congressman Thomas Massie (R-KY) tried to "destroy" Donald Trump and deserved to be defeated. Lindsey Graham warns Republicans who 'try to destroy' Trump will lose The Secretary of Defense even campaigned for Massie's primary opponent. (1) Hegseth campaigns against Massie in Kentucky - YouTube
What did Massie do to "destroy" Trump? He did vote with Trump 99% of the time.
However, Massie signed the discharge petition requiring the House to vote on whether to seek the secreted Epstein files. And that is not a forgivable offense in TrumpWorld.
But why would such a vote indicate an effort to destroy Trump as claim by Senator Graham one might ask?
The issue which is not resolved, and may never be answered with reliable evidence, is whether Trump's 100% controlled DOJ minions failed to produce some documents and photos that would be difficult for Trump to explain.
Trump Rips Fox News Reporter Over Her Republican Fiancé voting against him: Trump Warning to Reporter: "that does not work out well". Trump Taunts Fox News Reporter Jacqui Heinrich, Threatens Fiancé Rep. Brian Fitzpatrick Fitzpatrick is one of the most vulnerable republicans in the upcoming midterm elections.
++
Well Timed Trades Made in Trump's Brokerage Accounts:
How Trump’s 'unusual' brokerage account traded around his own market-moving decisions | Fortune;
Former government watchdog says Trump stock trades are ‘completely unprecedented’ - YouTube;
Trump’s Stock Trades Come Under Fire—Eric Trump Insists They’re Fine - Forbes;
Don Beyer Brings Receipts To Eric Trump's Investments Claim
Trump bought Palantir stock before touting PLTR in Truth Social post
Trump brokerage bought Broadcom, Synopsys, Dell, Intel in Q1 - TheStreet
+++++
Retirement Over Redistricting: Map Changes Lead a House Democrat to Call It a Career - NOTUS
Steve Cohen has represented Memphis for a long time. The republicans in Tennessee decided a few weeks ago that Memphis would no longer be allowed to elect a Democrat, an objective implemented by carving up this major city into 3 pieces with each piece joined with rural ares and small town that are heavily populated with die hard Trump supporters.
Nashville had been represented by the Democrat Jim Cooper who was elected unopposed in 2020 but retired before the 2022 election after the Tennessee Republicans carved Nashville into three parts, joining each part with rural areas and small times that are heavily populated by Trump supporters.
The Republicans decided that voters in Nashville and Memphis would not be allowed to elect a Democrat, which they would have done without the Tennessee Republicans, who call themselves conservatives, deciding on their behalf that this would no longer be permitted. The 6 Republican Justices have made these results possible.
The result of gerrymandering Nashville and Memphis is racist, and an effective means Republicans can use, given the green light from the Republican Justices on gerrymandering, to disenfranchise black voters in the South. While Tennessee republicans would deny they are racist, and would claim to be offended by that label, some honestly, the result of ones actions, when the result is known before the act is committed, is at least evidence of intent.
{Trump: "I’m the least racist president you’ve had in a long time." - YouTube; Trump posts AI-generated video of Barack and Michelle Obama as apes; Racial views of Donald Trump - Wikipedia; Trump's DC rhetoric echoes history of racist narratives about urban crime; Trump’s Racist Rants against Immigrants Hide under the Language of Eugenics | Scientific American; Trump’s Racism: An Oral History - The Atlantic; ‘To his bones a racist’ - YouTube}
++++++
Jim Jordan Denies Saying Thing He Said Less Than Minute Ago
A third of the Congressional Black Caucus could lose seats amid redistricting fight - ABC News That is what Trump and his party want.
I am cutting of discussion of common stock/stock fund trades with those made on or before 5/15/26.
I continued to be a net seller of stocks last week.
1. Small Common Stock/Stock Fund Sales:
A. Eliminated IVZ - Sold 15 at $27.84+:
Proceeds: $417.67
IVZ: Detailed Earnings Estimates - Zacks.com As of 5/18/26, the 2026 average E.P.S. estimate was at $2.57 and at $2.94 in 2027. Assets under management and the value of those assets will determine earnings. If the S&P 500 declined 30% next year, with the Nasdaq and Russell 200 declining more, the $2.94 E.P.S. estimate would be far too high even without AUM outflows.
IVZ Key Metrics Valuation Page at Reuters
Last Buy Discussions: Item # 1.G. Added to IVZ - Bought 5 at $12.55 (10/28/23 Post); Item # 1.D. Added to IVZ - Bought 5 at $13.2; 5 at $12.95; 5 at $12.75 (10/21/23 Post); Item # 1.H. Added to IVZ - Bought 5 at $13.58 (10/7/23 Post)
Last Discussed: Item # 3.D. Sold 5 IVZ at $24.66 (4/25/26 Post)(profit snapshot = $57.3)
Profit Snapshot: $226.43
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 At a minimum, this indicates that the dividend is not "safe". The pandemic caused a significant stock market decline and consequently reduced fees for assets under management. While the pandemic may not be repeated during my lifetime, other events can cause a market meltdown and have in the past.
I do not anticipate that the quarterly dividend will return to $.31 per share within the next 10 years. The dividend history is a major negative for me.
Last Ex Dividend: 5/15/26
Last Earnings Report (Q/E 3/31/26):
"Operating revenues increased $52.5 million in the first quarter of 2026 compared to the fourth quarter of 2025. Investment management fees increased $152.8 million, primarily driven by new management fees for QQQ following its conversion to an open-end fund ETF on December 20, 2025 and higher average AUM, partially offset by two fewer days in the quarter." (emphasis added) I view the Y-O-Y quarterly increases in 2026, compared to the 2025 quarters, to be primarily a one off comparison.
There was a $1.7949B intangibles impairment charge taken in the 2025 4th quarter. I do not ignore large impairment charges since they normally indicate that the company has overpaid for one or more acquisitions.
$2.2T in AUM
E.P.S. $.51, up from $.38
Adjusted E.P.S. $.57, up from $.44
Other Sell Discussions: 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.); 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: $843.86
INZ has been a trade rather than a long term investment. The dividend slash and earnings vulnerabilities are not consistent IMO with a long term hold, which is also reflected in average long term annual returns before inflation and taxes on the dividends.
Starting on 5/15/16 through 5/14/26, using closing prices only, the annual average total return of IVZ with dividends reinvested was +4.12%, up from DRIP Returns Calculator | Dividend Channel Over 20 years, the average annual total return with dividends reinvested was 4.86%.
Over the past 3 years, the average annual total return with dividends reinvested was +26.85% through 5/15/26.
B. Pared Duplicate Position in AOD (Fidelity Account) - Sold 30 at $10.53+:
Quote: Abrdn Total Dynamic Dividend Fund (AOD) at Google Finance - Stock CEF
Proceeds: $315,7
I sold my highest cost lots which only slightly reduced my average cost per share.
Last Discussed: Item # 1.P. Pared AOD in Fidelity Account - Sold 4 at $10.3 (2/17/26 Post)
Last Buy Discussions: Item # 2.C. Bought 10 AOD at $7.81 (4/19/24 Post); Item # 2.A. Bought 5 AOD at $7.95 (2/2/24 Post); Item # 6.D. Added to AOD - Bought 10 at $7.92 (1/20/24 Post); Item # 3.B. Added to AOD - Bought 30 shares at $8.13 (12/30/23 Post); Item # 3.B. Added to AOD - Bought 5 at $7.4 (11/18/23 Post); Item # 3.A. Added to AOD - Bought 10 at $7.33 (10/14/23 Post)
Sponsor's website: abrdn Total Dynamic Dividend Fund | Aberdeen
abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar Lists top 25 holdings (not rated)
SEC Filed Shareholder Report for the period ending 10/31/25 (AOD information starts at page 15.)
Profit Snapshot: $97.8 (5/13/26 sale only)
New Average Cost per share in this account: $7 (170 shares)
 |
| Snapshot Intraday 5/13/26 after pare |
Reduced from $7.04
Dividend: Monthly at $.10 per share
Substantial ROC Support
Yield at New AC per share: 17.14%
Last Ex Dividend: 5/21/256
Data Date of 5/13/26 Trade:
Closing Net Asset Value per share: $10.65
Closing Market Price: $10.53
Discount: -1.13%
Average 3 Year Discount: -10.28%
Sourced: AOD - CEF Connect (Click "Pricing Information" Tab)
The small discount to net asset value and the discount well below the 3 year ago will cause a consider to sell.
Goal: Any total return before ROC adjustments to the tax cost basis in excess of the dividend payments.
The 30 share lot was purchased at $8.13 (on 12/27/23). Item # 3.B.
The profit before the ROC adjustments was $72.13. The total return would then be $72.13 + the dividends paid on that 30 share lot minus the ROC adjustments for the dividends received in 2026 that will be reported early next year.
When the ROC support is heavy, the length of time owning the stock fund is relevant in achieving this goal given the percentage difference in the two cost numbers.
C. Eliminated Duplicate Position in AOD (Schwab Account) - S0ld 30 at $10.53;
See Item #1.B. above.
Proceeds: $316.03
Profit Snapshot: +$97.28
 |
| Confirmation Excerpt |
Proceeds: $146.45
Sponsor's website: Duff & Phelps Utility and Infrastructure Fund Inc.
Portfolio by Sector as of 1/31/26:
SEC Filing - Holdings as of 3/31/26 (Cost then at $529.492M with value than at $710.11M)
SEC Filed Shareholder Report F/Y ending 10/31/25
Leveraged: The leverage is from floating rate preferred shares priced at a 2% spread to the 3 month SOFR rate. The SOFR rate did decline in response to the FED cutting the federal funds rate.
Generally, utility and energy infrastructure stocks will perform better when interest rates are declining, making their dividend yields more attractive to income investors and lowering their debt heavy borrowing costs.
DPG at Morningstar Currently rated at 3 stars.
DPG Portfolio | Morningstar (accessible by non-subscribers) Has the top 25 holdings. The top 9 are utilities.
Profit Snapshot: $20.45
Dividends: Monthly at $.07 per share ($.84 annually)
DPG Stock Dividend History & Date | Seeking Alpha
Between February 2021 and mid-2023, this CEF was selling at a premium to net asset value per share due in significant part to its dividend yield. The fund had been paying out a quarterly dividend of $.35 per share which had substantial return of capital (ROC) support. I eliminated my position at a premium to net asset value per share. The fund then effectively slashed the quarterly dividend to $.21 per share and later transitioned to a monthly dividend rate of $.07 per share effective for the 2024 second quarter. There was a selloff when the dividend was slashed.
Importantly from my perspective, the current dividend was earned in 2025 through a combination capital gains and dividends:
2025 Tax Classifications: No ROC
There was, however, significant ROC support in 2024 when there were no capital gains supporting the dividend:
It is possible for a CEF to have realized capital gains, but capital loss carryforwards absorb all or some of those incomes, thereby making the gains so absorbed unavailable as dividend support.
For the six months ending on 4/30/24, the Fund still had $9,845,089 in short term capital loss carryforwards and $18,533,149 in long term capital loss carryforwards. SEC Filing at page 19. Those losses have now been absorbed by realized capital gains and consequently realized capital gains can support the dividend which is what happened in 2025.
Long term support of a dividend payout by significant ROC has the same effect as a gradual fund liquidation and results in less assets over time that throw off income to support the dividend.
Leverage costs increased starting in 2022 through September 2024. At the peak cost, interest payments on the borrowings were swallowing the dividend income after the fund's operating expense. The only way to support the dividend in full during that period was to harvest capital gains.
One of the knocks against this fund is its high expense ratio excluded leverage costs which hovers near 1.6%, far too much.
Data Date of 5/11/26 Trade:
Closing Net Asset value per share: $16.41
Closing Market Price: $14,58
Discount: -10.54%
Average 3 Year Discount: -10.45%
Sourced: DPG - CEF Connect
Sell Discussions: Item # 2.A. Eliminated DPG - Sold $26 at $10 (5/31/24 Post)(profit snapshot = $27.75); Item # 1. Eliminated DPG in Schwab Account-Sold 390+ at $14.57 (6/14/21 Post)(profit snapshot = $132.63); Item # 1.F. Eliminated DPG in Fidelity taxable account-Sold 21+ at $13.03 (3/20/21 Post); Item # 1.K. Pared DPG-Sold 5 at $11.82 (1/16/21 Post); Item # 2.D. Sold 15 DPG at $11.62 (12/12/20 Post)(contains snapshots of prior DPG trades = +$887.88)
E. Pared VHCOX Again - Sold 5 Shares at $111.24 (Vanguard Account):
Quote: Vanguard Capital Opportunity Fund Investor Shares (VHCOX) at Google Finance
Proceeds: $556.2
Last Discussed: Item # 3.B. Sold 5 VHCOX at $100.7 (4/25/26 Post(profit snapshot = $301.94)
VHCOX – Performance – Morningstar The fund currently has a 3 star rating.
VHCOX – Portfolio- Morningstar
Sponsor's website: VHCOX (closed to new investors)
Profit Snapshot: $354.64 (5/11/26 sale only)
Average cost per share: $40.31 (30+ Shares)
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: $3,795.02
First Purchase: Item # 5 Initiated Position in VHCOX (4/9/13 Post)
F. Pared RMT - Sold 5 at $13.7 (Schwab Account):
Proceeds: $68.5
Last Discussed: Item # 4.D. Pared RMT - Sold 3 at $11.43 (3/30/26 Post)(profit snapshot = $10.06)
Sponsor's website: Royce Micro-Cap Trust (RMT)
Royce Micro-Cap Trust (RMT) Portfolio | Morningstar (not rated). This page has a list of the top 23 holdings.
New average cost per share: $7.72 (35+ shares)
 |
| Snapshot Intraday on 5/11/26 after pare |
Dividends: Paid quarterly at a variable rate pursuant to a managed distribution policy.
Last 4 Dividends: $.79 per share (no ROC support according to CEF Connect)
Yield Using $7.72 AC and $.79 annual per share: 10.23%
Data Date of 5/11/26 Trade:
Closing Net Asset Value per share: $15.31
Closing Market Price: $13.85
Discount: -9.54%
Average 3 Year Discount: -11.93%
Sourced: RMT - CEF Connect
Some Sell Discussions: Item # 4.D. Pared RMT - Sold Highest Cost 10 Shares at $11.49 (1/21/26 Post)(profit snapshot =$30.1); Item # 2.A. Eliminated RMT in Vanguard Taxable Account - Sold 10 at $10.36 (2/10/22 Post)(profit snapshot = $44.26); Item # 1.A. Eliminated RMT-Sold 113+ at $8.7 (2/22/20 Post)(profit snapshot +$79.95); Item # 1.B. Sold 100 RMT at $8.73 (1/25/20 Post)(profit snapshot =$23.25); Item # 3.A. Sold 274+ RMT at $8.9 - Schwab Taxable (8/3/17 Post)(profit snapshot = $45.41); Item 3.A. Sold 276+ RMT at $8.4 (5/17/17 Post)(profit snapshot = $61.77); Item # 2 Sold 433+ RMT at $12.76-Average Cost Per Share $7.91 (12/8/14 Post)(profit snapshot = $2,092.98); Item # 6 Sold Taxable Account: 126 RMT at $12.6 (7/12/14 Post)(profit snapshot = $149.91); Item # 4. Sold 200 RMT in RI at $9.3 (10/22/12)(profit snapshot = $84.37)
G. Pared ADX - Sold 5 at $24.73+:
Quote: Adams Diversified Equity Fund Inc (ADX) at Google Finance - Stock CEF
Proceeds: $123.68
I sold my highest cost shares.
This CEF was formed just prior to the 1929 stock market crash.
I started to trade this CEF in 1984.
Adams Diversified Equity Fund (ADX) Portfolio | Morningstar (currently rated 4 stars). Lists top 23 holdings.
Top 10 Holdings as of 3/31/26:
Last Buy Discussions: Item # 3.B. Added to ADX - Bought 5 at $16 (11/4/23 Post); Item # 4.A. Added 15 ADX in Schwab Account at $14.76- (1/16/23 Post); Item #4.F. Added 5 ADX in Schwab Account at $14.65 (10/11/22 Post)(contains snapshots of realized gains starting in 2014)
Last Discussed: Item # 2.G. Sold 5 ADX at $23.15 (2/4/26 Post)(profit snapshot = $32.19)
Sponsor's website: Adams Funds
SEC Filing - Holdings as of 3/31/26. Cost then at $1.4979+B with the value at $2.8544+B.
Profit Snapshot: $39.21
New average cost per share: $15.26 (30+ shares)
 |
| Snapshot Intraday on 5/11/26 after pare |
Reduced from $15.49.
Dividends: Quarterly at a variable rate pursuant to a manage distribution policy.
ADX Stock Dividend History & Date | Seeking Alpha
I am not reinvesting the dividends.
A main component of the total return will be the dividends.
ADX currently has a managed distribution plan: "Beginning in 2024, the annual distribution rate is the total dividends and distributions per share divided by the average of the Fund's net asset values for the four quarter-end periods ending prior to the calendar year-end in accordance with the Managed Distribution Policy adopted in 2024. Prior to that, the calculation was based on the Fund's average month-end stock price for the twelve months ended October 31, in accordance with the annual 6% minimum distribution rate commitment adopted in September 2011."
Last 4 Dividends: $1.87 per share
Yield Using $15.26 AC and $1.87 Annual: 12.25%
Data Date of 5/11/26 Trade:
Closing Net Asset Value per share: $25.79
Closing Market Price: $24.6
Discount: -4.61%
Average 3 Year Discount: -10.56%
Average 3 Year Discount:
Sourced: ADX - CEF Connect (Click "Pricing Information" Tab)
Largest Gain: Eliminated ADX - Sold 467+ Shares Update On Closed End Fund Basket Strategy As Of 7/28/15 - South Gent | Seeking Alpha (profit snapshot = $1,923.24, scroll to "Deletions/Reductions Since Last Update)
Goal: With the current dividend payments, I am content to earn any total return in excess of those payments.
H. Pared JRI Again in Vanguard Account - Sold 10 at $13.14:
Quote: Nuveen Real Asset Income and Growth Fund (JRI) at Google Finance - Balanced CEF
Proceeds: $131.43
I have been selling only my highest cost shares.
Investment Category: Monthly Income Generation through highly diversified portfolio.
Last Discussed: Item # 2.G. Sold Highest Cost 10 JRI Shares at $13.18 (3/9/26 Post)(Profit snapshot = $35.44)
Last Buy Discussions: Item # 2.A. Added to JRI - Bought 10 at $10.85 - Vanguard Account (4/19/24 Post); Item # 1.A. Added to JRI - Bought 50 at $11.5 (3/22/24 Post); Item # 2.F. Added to JRI - Bought 10 at $9.98; 10 at $9.74 in Vanguard Taxable Account (10/28/23 Post); Item # 1.H. Added to JRI - Bought 10 at $11.09 (9/9/23 Post); Item # 1.F. Bought 20 JRI at $11.3 (9/2/2023 Post); Item # 6.A. Bought 10 JRI at $10.98 in Vanguard Taxable Account (11/1/22 Post)
Sponsor's website: JRI
Leveraged at 31.08% as of 4/30/26
Number of Holdings as of 4/30: 451
Asset Allocations as of 4/30:
Credit Quality Fixed Income:
Top 10 Positions as of 4/30:
SEC Filed 2025 Annual Report JRI information starts at page 57.
Nuveen Real Asset Income and Growth (JRI) Portfolio | Morningstar (accessible to non-subscribers). Lists top 24 holdings. The fund in not rated by Morningstar.
Profit Snapshot: $35.5 (5/11/26 sale only)
New Average cost per share: $8.59
Dividends: Monthly at $.1355 per share ($1.626 annually)
ROC support is heavy.
Yield at New average cost per share: 18.93%
I do not track the yield based on original cost per share numbers since that would be time consuming and is not relevant to the goal of any total return in excess of the dividends before ROC adjustments to the original cost numbers.
Last Ex Dividend: 5/15/26
Data Date of 5/11/26 Trade:
Closing NetAsset Value Per Share: $13.71
Closing Market Price: $13.13
Discount: 4.23%
Average 3 Year Discount: -7.43%
Sourced: JRI - CEF Connect (Click "Pricing Information" Tab)
Goal: Any total return before ROC adjustments to the original cost in excess of the dividend payments. This 10 share lot was bought at $11.3 as part of a 20 share lot. (on 8/30/23). Item # 1.F. The profit before the ROC adjustments is $18.43, lower than the $35.5 taxable gain before ROC adjustments.
The taxable gain will increase some when ROC adjustments are made for the dividends paid in 2026, but the profit based on the original cost number will remain the same after those adjustments.
Some Other Sell Discussions: Item # 2.B. Sold Highest Shares: 10 at $14.08; 10 at $14.32 (10/4/25 Post)(profit snapshot = $66.51; As noted in that post, the price was then at a premium to net asset value per share. Most of the price decline since those sales is due to that premium evaporating (+4.14% on 10/1/25) and the price moving to a 6.95% discount as of 3/2/26. I will seriously consider selling shares in a CEF when the price moves into a premium to net asset value per share); Item # 1.F. Pared JRI - Sold 10 at $13.75; 10 at $13.98 - Vanguard Account (9/13/25 Post)(profit snapshots = $59.62); Item # 1.C. Pared JRI Again - Sold 10 at $13.48 (9/8/25 Post)(profit snapshot = $21.04, contains snapshots of prior roundtrips); Item # 4.A. Sold Highest Cost 10 JRI Shares at $13.36 and Item # 4.B. Eliminated Duplicate Position in JRI - Sold 20 at $13.35 (8/26/25 Post)(profit snapshots = $72.95); Item # 3.A. Eliminated JRI in my Fidelity Taxable Account - Sold 130 at $12.13 (3/11/23 Post)(profit snapshot = $184.6); Item # 1.I. Pared JRI Again-Sold 12.661 shares at $16.31-Remaining Shares Bought With Dividends in Fidelity Taxable Account (10/1/21 Post)(profit snapshot = $53.03); Item # 2.C. Pared JRI-Sold 22.235 at $16.11(8/6/21 Post)(profit snapshot = $42.31); Item # 2.A. Pared JRI-Sold 30 at $15.9-highest cost shares (6/19/21 Post)(profit snapshot = $14.73); Item # 1.K Eliminated JRI in Schwab Taxable Account-Sold 100 at $11.48 (6/6/20 Post)(profit snapshot = $69.35); Item # 2.A. Sold 102+ JRI at $17.98 (12/22/19 Post)(profit snapshot = $140.67); Item # 1.A. Sold 100 JRI at $17.51(10/30/19 Post)(profit snapshot = $100.41); Item # 4 Sold 100 JRI at $17.23 (10/2/19 Post)(profit snapshot = $40.45). Some profitable sales, including all made in Roth IRA Accounts, were not discussed here.
I do not view leveraged CEFs whose dividends have a significant ROC source as long term holds. The reason is reflected in the preceding trading history. The goal is simply to earn a return in excess of the dividend payments prior to any ROC adjustments to the tax cost basis. That requires some luck and a fair amount of trading.
JRI Realized Gains to Date: $1,046.77
I. Pared BNL Again - Sold 10 at $19.97:
Quote: Broadstone Net Lease Inc (BNL) at Google Finance
Proceeds: $199.75
Management: Internal
"BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of March 31, 2026, BNL’s diversified portfolio consisted of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types."
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Net Lease Definition and Types—Single, Double, Triple
Website: Home Page - Broadstone
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)
Profit Snapshot: $57.21
Last Discussed: Item # 1.E. Pared BNL - Sold Highest Cost 6 Sahres at $19.62(4/18/26 Post)(profit snapshot = $25.86); Item # 3.A. Eliminated Duplicate Position in BNL - Sold 15 at $18.23 (9/2/25 Post)(profit snapshot = $54.62)
New Average Cost per share: $13.83 (80+ shares)
 |
| Snapshot Intraday on 5/12/2026 after pare |
Reduced from $13.88.
Dividend: Quarterly at $.295 per share ($1.18 annually), last raised from $.29 effective for the 2026 first quarter quarter.
BNL Dividend History & Date | Seeking Alpha
Broadstone Net Lease Announces Tax Treatment of 2025 Dividends
Broadstone Net Lease Announces Tax Treatment of 2024 Dividends
SEC Filed Press Release and Supplemental
Revenues: $121.401M
GAAP E.P.S. = $.24
FFO and Core FFO per share: $.4
AFFO per share: $.38
Reconciliation:
The 2 largest adjustments to Core FFO are to add back $2.566M in share compensation expense and to deduct non-cash revenues of $5.63M created by the straight line accounting convention.
The 2 largest adjustments to GAAP E.P.S. in the FFO calculation is to add back $41.443M in the non-cash depreciation expense and to deduct $7.122M in realized gains from property sales.
2026 Guidance: AFFO per share $1.53-$1.57.
J. Eliminated Duplicate Position in KRG (Vanguard Account) - Sold 10 at $26.62+:
Proceeds: $266.24
KRG "is a publicly held real estate investment trust (“REIT”) that, through its majority-owned subsidiary, Kite Realty Group, L.P. (the “Operating Partnership”), owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States" The operating partnership owns the properties. KRG owns about 97.5% "of the common partnership interests in the Operating Partnership". 10-Q at page 12
Properties as of 3/31/26:
 |
| P.13, 10-Q |
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
KRG SEC Filed 2025 Annual Report
Website: Home - Kite Realty
Last Discussed: Item # 2.D. Pared KRG in Fidelity Account - Sold Highest Cost 5 Share Lot at $25.75 (3/16/26 Post)(profit snapshot = $15.72) I discussed the 2025 4th quarter report in that post.
Last Buy Discussion: Item # 1.C. Added to KRG in Fidelity Account - Bought 4 at $21.46 (10/18/25 Post)
Last Elimination: Item # 3.A. Eliminated KRG - Sold 25 at $25.51 (10/16/24 Post)(profit snapshot = $112.8)
Profit Snapshot: $47.08
KRG Dividend History & Date | Seeking Alpha
There was no ROC support for the dividends paid in 2025. Kite Realty Group Announces Tax Reporting Information for 2025 Dividend Distributions - Kite Realty Group Trust
Generally, full coverage of a dividend with GAAP earnings occurs when the REIT has realized capital gains from real estate sales.
The "profit" is created by accounting rules representing the difference the sales price and the cost basis reduced by the non-cash depreciation "expenses" which will be substantial.
In many cases, there is a GAAP profit from a real estate sale even though the property is sold at a loss using the undepreciated cost basis.
Last Earnings Report (Q/E 3/31/26):
SEC Filed Press Release and Supplemental
Retail portfolio leased at 94.7%.
Revenues: $200.697M
GAAP E.P.S. $.06
NAREIT Defined FFO and Core FFO per share: $.52
AFFO per share (consistent with cash available for distribution): $.394. The quarterly dividend of $.29 was covered by cash available for distribution.
AFFO is calculated by deducting maintenance and tenant related expenses from FFO.
I calculated AFFO per share by dividend the $83.126M AFFO number by the weighted average diluted shares.
Reconciliation:
During the first quarter, KRG repurchased about 6M shares at a weighted average price of $25.19. In 2025 and so far in 2026, the company has repurchased about 16.9M shares at an average price of $23.67.
2026 Earnings Guidance: Core FFO $2.06 - $2.12
KITE was a net seller of properties in the 2025 4th quarter that would explain the slight decline in 2026 first quarter FFO per share compared to the 2025 first quarter. Kite Realty Group Completes $474 Million in Dispositions and $86.1 Million of Additional Share Repurchases - Kite Realty Group Trust (12/8/25) and further discussed here: Kite Realty Group Reports Fourth Quarter and Full Year 2025 Operating Results and Provides 2026 Guidance - Kite Realty Group Trust
Owned Kite Realty LP SU Bonds:
Stacked
4 Kite Realty LP 4% Coupon Maturing on 10/1/26
2 Kite Realty LP 4.95% Coupon Maturing on 12/15/31, recently purchased and discussed at Item # 5.E. Bought 2 Kite Realty LP 4.95% SU Maturing on 12/15/31 at a Total Cost of 98.6 (6/5/25 Post)(YTM then at 5.205%); Bond Prospectus
Credit Ratings - Kite Realty Group Trust BBB/Baa2
Fitch Rates Kite Realty's Senior Unsecured Notes 'BBB'
2. Corporate Bonds: 16
I am cutting off bond purchase discussions with trades made on 5/15/26 or earlier.
A. Bought 1 UDR 3.5% SU Maturing on 7/1/27 at a Total Cost of 99.056:
%203.5%25%207:1:27%20.png)
I now own 8 including 1 each in 2 Roth IRA accounts.
Issuer: UDR Inc (UDR) at Google Finance
Cost: $990.56
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.3615%
I now own 8 bonds which includes 2 in Roth IRA accounts.
B. Bought 2 American Electric Power 3.2% SU Maturing on 11/13/27 at a Total Cost of 98.286:
%203.2%25%2011:13:27%20.png)
Issuer: American Electric Power (AEP) at Zacks
Cost: $1,965.72
AEP Detailed Earnings Estimates - Zacks.com
AEP SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.395%
C. Bought 2 Northrup Grumman 3.25% SU Maturing on 1/15/28 at a Total Cost of 98.291:
%203.25%25%201:15:28%20.png)
Issuer: Northrop Grumman (NOC) at Zacks
Cost: $1,965.82
NOC Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.327%
Current Yield at TC: 3.307%
D. Bought 2 Medtronic Global Holdings 4.25% SU Maturing on 3/30/28 at a Total Cost of 99.928:
%203:30:28%204.25%25%20.png)
Issuer: Medtronic (MDT) at Zacks
Cost: $1,998.56
MDT Detailed Earnings Estimates - Zacks.com
SEC Filed Press Release for the fiscal quarter ending on 1/23/26
I last discussed a common stock purchase here: Item # 3.E. Added to MDT -Bought 5 at $77 (5/15/26 Post)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 4.288%
Current Yield at TC: 4.2531%
E. Bought 2 Clorox 4.4% SU Maturing on 5/1/29 at a Total Cost of 99.684 (Vanguard Account):
%205:1:29%204.4%25%20.png)
Issuer: Clorox (CLX) at Zacks
Cost: $1,933.68
CLX Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26
Recent earnings reports have been disappointing.
FINRA Page: Bond Page | FINRA.org
YTM at Total Cost: 4.515%
Current Yield at TC: 4.414%
F. Bought 2 Cenovus Energy 4.4% SU Maturing on 4/15/29 at a Total Cost of 99.344:
%204.4%25%204:15:29%20.png)
Issuer: Originally issued by Husky Energy that was acquired by Cenovus Energy (CVE) at Zacks, a Canadian E&P
Cost: $1,986.88
CVE SEC Filings (foreign issuer forms)
SEC Filed Earnings Press Release for the Q/E 3/31/26
CVE Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.641%
Current Yield at TC: 4.429%
G. Bought 2 Fidelity National Information Services 4.45% SU Maturing on 3/10/28 at a Total Cost of 99.8:
%204.45%25%203:10:28%20.png)
Issuer: Fidelity National Information Services (FIS) at Zacks
Cost: $1,996
I discussed FIS in Item # 3.B. below.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.562%
Current Yield at TC: 4.459%
H. Bought 1 Energy Texas 4% First Mortgage Bond Maturing on 3/30/29 at a Total Cost of 98.709:
%20Fid.%20.png)
Issuer: Wholly owned by the utility holding company Entergy (ETR)
Cost: $987.09
I now own 3.
ETR SEC Filed Earnings Press Release for the Q/E 3/31/26
 |
| 10-Q at page 125 |
For utilities operating in the south, the summer quarter will generally produce the highest revenue and earnings numbers.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 4.483%
Current Yield at TC: 4.052%
I. Bought 1 Entergy Arkansas 4% First Mortgage Bond Maturing on 6/1/28 at a Total Cost of 99.282 - Fidelity Account:
%204%25%2061:28.png)
Cost: $992.82
ETR Detailed Earnings Estimates - Zacks.com
ETR SEC Filed 2025 Annual Report Entergy Arkansas results can be found starting at page 348.
 |
| Page 74, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.37%
Current Yield at TC: 4.029%
J. Bought 1 Entergy Arkansas 4% First Mortgage Bond Maturing on 6/1/28 at a Total Cost of 99.458 - Vanguard Account:
%204%25%206:1:28%20.png)
See Item #2.I above.
Cost: $994.58
YTM at Total Cost: 4.278%
Current Yield at TC: 4.022%
3. Small Ball Common Stock/Stock Fund Buys:
A. Added 10 BGR in Schwab Account at $16:
Quote: Blackrock Energy and Resources Trust (BGR) at Google Finance - Stock CEF
BGR Portfolio | Morningstar (accessible to non-subscribers). Lists top 24 holdings.
BlackRock Energy and Resources Trust - SEC Filed 2025 Annual Report
Last Discussed: Item # 6.A. Added to BGR in Fidelity Account - Bought 5 at $15.4 (4/25/26 Post) Item # 5.B. Bought 10 BGR at $15.64 - Schwab Account (3/9/26 Post)
I will not be adding much to that recent discussion.
New Average cost per share this account: $15.82 (20 shares)
Dividend: Monthly at $.0973 per share ($1.1675 annually)
BGR Dividend History & Date | Seeking Alpha
Some historical ROC Support.
Yield at New AC: 7.38%
Last Ex Dividend: 5/15/26
Data date of 5/11/26 Trade:
Closing Net Asset Value per share: $17.82
Closing Market Price: $16.17
Discount: -9.26%
Average 3 Year Discount: -8.94%
Sourced: BGR - CEF Connect (Click "Pricing Information" Tab)
B. Started FIS as a Placeholder in Fidelity Account - Bought 1 at $43.38; 1 at $42.22; 1 at $41.65:
Quote: Fidelity National Information Servcs Inc (FIS) at Google Finance
Cost: $127.25
FIS is a financial technology company providing solutions to financial institutions, businesses and developers" that unlocks "financial technology to the world across the money lifecycle underpinning the world's financial systems." Revenues "from continuing operations is primarily derived from a combination of technology and processing solutions, transaction processing fees, professional services and software license fees. While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the United Kingdom, Germany, Australia, Canada, India, and Switzerland. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These solutions, in general, are considered critical to our clients' operations. Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable." 10-Q for the Q/E 3/31/26 at pages 29-30.
FIS Key Metrics Page at Reuters
FIS Detailed Earnings Estimates at Zacks.com
This is my first purchase of the common stock.
5 Year Chart: Major Bear Market Pattern
The stock may be in a bottoming pattern in the $40-$45 range using a 1 year chart and viewing the movement starting last February. It is still too early to make any conclusion IMO.
Average Cost per share: $42.42 (3 shares)
Dividend: Quarterly at $.44 per share ($1.76), last raised from $.40 effective for the 2026 first quarter payment.
FIS Dividend History & Date | Seeking Alpha
Yield at $42.42: 4.15%
Next Ex Dividend: 6/11/26
Last Earnings Report (Q/E 3/31/26): Stock investors had a negative reaction to this report. I noticed the price decline since the stock was on a monitor list and then started a Placeholder position after reviewing the report.
This report was released before the market opened on 5/8/26. The stock closed at $47.25 on 5/7 and at $43.49 on 5/8, a decline of 7.96%. The stock was already in a Major Bear Market before that decline, having closed above $150 in May 2021.
Revenues: $3.295B
GAAP E.P.S. $4.58
Includes an estimated gain of $2.2B from selling Worldpay. FIS Completes Strategic Acquisition of Global Payments’ Issuer Solutions Business and Sale of Worldpay Stake (1/12/26) Based on the original cost prior to write-downs, FIS lost money after buying Worldpay for $43B in 2019, see Worldpay, Inc. - Wikipedia.
Non-GAAP E.P.S. $1.36, up 12%.
Reconciliation:
Free Cash Flow: $474M, up from $224M
C. Added to LKQ - Bought 3 at $27.47; 5 at $26.45+; 2 at $24.7+:
Cost: $264.15
LKQ "is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles."
10-Q for the Q/E 3/31/26 Debt is listed at page 14.
Reuters Key Metrics -Valuation Page
LKQ Detailed Earnings Estimates at Zacks.com
5 Year Chart: Major Bear Market Pattern starting in June 2023, with multiple tops near $59 in 1/2022, 1/2023, 2/2023, 5/2023, and 7/2023. Since then, the chart reveals a series of lower highs and lower lows.
Recent News:
LKQ Corporation Initiates Sale Process for Specialty Segment (12/4/25). This initiative was later expanded to explore the sale of the entire company. LKQ Initiates Strategic Review to Maximize Shareholder Value (1/26/26) The current stock price indicates a consensus opinion that nothing will happen that will improve the share price from its current level.
LKQ Initiates Strategic Review to Maximize Shareholder Value
Last Buy Discussions: Item # 1.H. Added to LKQ - Bought 2 at $27.93 (3/30/26); Item # 1.G. Added to LKQ in Fidelity Account - Bought 3 at $28.65 (12/11/25 Post); Item # 1.H. Bought 2 LKQ at $28.75 (10/18/25 Post)
Dividend: Quarterly at $.30 per share, last raised from $.275 effective for the 2023 4th quarter payment. Given the recent lackluster earnings reports, I do not anticipate a dividend hike until the company is able to return to earnings growth. A dividend cut is currently more likely than a hike IMO.
LKQ Dividend History & Date | Seeking Alpha
Yield at $27.8: 4.3165%
Last Ex Dividend: Yesterday, 5/21/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release
Revenues: $3.469B
GAAP E.P.S. = $.30, down from $.61
GAAP E.P.S. included a $.17 per share impairment charge of LKQ's equity investment in the European company Mekonomen AB (MEKO.ST). LKQ has a 26.6% equity interest as of 3/31/26, see page 10, 10-Q.
Non-GAAP E.P.S. $.67, down from $.74
Reconciliation:
Free Cash Flow: ($96M)
2026 Outlook: Adjusted E.P.S. $2.9-$3.2
Last Sell Discussions: Item # 1.I. Eliminated Duplicate Position in LKQ (Schwab Account)- Sold 13+ at $33.41 (2/23/26 Post)(profit snapshot = $32.82); Item # 4.F. Eliminated LKQ - Sold 5 at $42.64 (8/29/24 Post)(profit snapshot = $6.22, reaction to what I viewed as an unfavorable unfavorable earnings report for the 2024 second quarter, SEC Filed Press Release)
D. Added to PFE - Bought 2 at $25.3:
Quote: Pfizer (PFE) at Zacks
Cost: $50.6
PFE Detailed Earnings Estimates - Zacks.com
Investment Categories: Bond Substitute and Contrarian Value.
I discussed the earnings for the Q/E 3/31/26 in my last post: Item # 3.A. Added to PFE - Bought 5 at $26.11 - Fidelity Account (5/15/26 Post); SEC Filed Earnings Press Release
New average cost per share this account: $27.74 (84+ shares):
Reduced from $27.8.
Dividend: Quarterly at $.43 per share ($1.72 annually)
PFE Stock Dividend History & Date | Seeking Alpha
I am reinvesting the dividend.
Yield at $27.74: 6.2%
Last Ex Dividend: 5/8/26
3. Treasury Bills Purchased at Auction:
A. Bought 10 at the 5/18/26 Auction:
%2011:19:26%20.png)
Matures on 11/19/26
Interest: $182.76
Investment Rate: 3.733%
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.
HP Inc (HPQ)
ReplyDelete$25.38 +$3.48 +15.89%
May 22, 10:39 CST
https://www.google.com/finance/quote/HPQ:NYSE
I own a few shares. I could not find any publicly available news to explain this one day price spike which is highly unusual for this stock.
HP is scheduled to report earnings on 5/27.
The explanation for this kind of unusual price spike is sometimes a rumor that the company is a takeover target.
Morgan Stanley raised its PT to $17 from $16 yesterday while keeping its underperform rating. I do not have access to that report.
"Consumer sentiment hits fresh record low in May as Iran war fuels inflation worries"
ReplyDeletehttps://www.cnbc.com/2026/05/22/consumer-sentiment-hits-fresh-record-low-in-may-as-iran-war-fuels-inflation-worries.html
The preliminary reading for May consumer sentiment was at 48.2. The final number was revised to 44.8.
Stock investors are ignoring this news.