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Dollar Value of Trades Discussed in this Post:
Inflow U.S. Common Stocks: $803.09
Outflow U.S. Common Stocks/Stock Funds: $4,246.23
Realized Gains Stocks/Stock Funds: $1,218.97
Net Outflow U.S. Stocks/Stock Funds: $3,443.14
Corporate Bonds: $18,000 in principal amount (total cost at $17,802.98)
Treasury Bills Purchased at Auction: $10,000 in principal amount.
Inflow Equity REIT Preferred Stock: $105.73
Inflow Exchange Traded First Mortgage Bonds: $201.7
Ray Dalio warns stock market approaching 1929 and 2000 bubble levels | Fortune; Ray Dalio Warns U.S. Debt Is Becoming Harder to Finance - TheStreet
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (6/2/26)
Trump keeps saying an Iran deal is close. Markets keep believing it (6/10/26)
Oracle (ORCL) Q4 earnings report 2026 Oracle plans to issue another $20B in shares later this year.
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Economy:
May CPI Report: Consumer Price Index Summary - 2026 M05 Results
Month-To-Month CPI: .5%
Month-To-Month Core CPI: .2%
Annual CPI 4.2%, up from 3.8% through April
Annual Core CPI: 2.9%, up from 2.8% through April
Discussed at CPI inflation report May 2026:
Employment Situation Summary - 2026 M05 Results - Better than expected.
Nonfarm Payrolls: +172,000 with the estimate at 80,000.
March was revised up 29,000 to 214,000. April was revised up by 64,000 to 179,000.
Average Hourly Wages: +$.12 or .3% to $37.53, with the 12 month gain at 3.4%
Average work week unchanged at 34.3 hours.
Unemployment Rate: Unchanged at 4.3%
U-6 at 8.1%, down from 8.2% in April. Table A-15. Alternative measures of labor underutilization - 2026 M05 Results
Discussed at Jobs report May 2026 - CNBC
Social Security Administration report shows new trust fund depletion dates The retirement return will run out of funds to pay full benefits in 2032 "at which point 78% of benefits will be payable, according to the latest projections" from the SS Trustees. The republicans in their BBB have moved forward the depletion date by reducing the amount raised by taxing SS benefits.
This is an excerpt from the 273 page report, accessible at The 2026 OASDI Trustees Report:
The depletion is far more likely to move forward in time than to occur later than 2032.
Household financial worries at highest level since 2022, New York Fed says
Existing home sales surge to the fastest pace this year despite rising mortgage rates, prices - ABC News (6/9/26 Post)
Energy Secretary Chris Wright says traffic in Strait of Hormuz is rising 'very meaningfully' (6/9/26)
Fact-checking Trump’s gas price claims - 6/9/26 ("the national average gas price is higher now than it was during 91% of Biden’s term.")
Oil Price Charts | Oilprice.com
Trump says 'I love the inflation' and insists prices will come down once Iran war ends - YouTube; Trump says 'I love the inflation' after data shows fastest price hikes since 2023 - ABC News What would republicans say if a Democrat President made that statement?
On 6/10/26, Trump represented that the Strait of Hormuz is now controlled by the U.S., not Iran. Donald Trump claims secret US oil mission through Strait of Hormuz (6/10/26), Trump says U.S. secretly moved millions of oil barrels through Hormuz, see Truth Details | Truth Social
US offers to loan up to 40 million barrels of oil from Strategic Petroleum Reserve | Reuters ("The latest U.S. offer to loan the oil is part of a previous U.S. agreement to release 172 million barrels from the facility. So far the U.S. has loaned about 133 million barrels of the oil in that agreement."); America’s emergency oil reserve is about to hit its lowest level since Reagan was in office | Fortune It would be irresponsible to take the reserve lower.
Producer price index May 2026: The 12 month producer price index (PPI) increased by 6.5% and rose 1.1% month-to-month with core PPI up .4% month-to-month. Producer Price Index News Release summary - 2026 M05 Results
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Demagogue Don and His Orwellian Party:
Trump's party is not a conservative one in the American tradition.
Trump storms out of interview - YouTube This is a must watch.
Fact-checking Trump’s interview with NBC News’ ‘Meet the Press’; Trump Storms Out Of 'Meet The Press' Interview When Kristen Welker Challenges His Claims Trump had another temper tantrum when the interviewer asked for the factual basis for his false claims. Trump storms out of interview after election fraud, DOJ fund questions; How Kristen Welker broke Trump's rules of engagement for media This incident has been broadcast everywhere in the world.
Would anyone on Trump's staff or anywhere in his Administration dare to correct a demonstrably false statement made by him, even in a private conversation, or to point out that he was relying on false information when making a decision? The answer is no one would dare correct or challenge Trump's reliance on false information since he would react in a far worse manner than he did when challenged to provide evidence by Kristen Welker.
Fact check: Trump told NBC that he never promised not to start a new war. He did, repeatedly; Trump says 100-day-old Iran war doesn't betray his 'no new wars' campaign pledge; Trump says he never promised ‘no new wars’ - POLITICO
Trump doesn’t rule out giving Jan. 6 rioters who attacked police ‘anti-weaponization’ fund payouts Trump claimed that many republicans support those payments. Trump "So me, personally, I think the weaponization fund is a great idea, and so do many other Republicans. Well, look, it was up to me. I'd pay them the kind of money that they deserve." In Trump's America, the rioters who stormed the capital in an effort to prevent the peaceful transfer of power were patriots.
The slush fund is not dead as represented by Trump's attorney Todd Blanche, the acting AG and his nominee for AG. The Trump Administration continues to quietly assure allies that the payout remains on track. Trump Isn’t Giving Up on His Slush Fund - The Atlantic The Senate Republicans blocked an amendment to the ICE funding bill that would have prevented payouts to those who plead guilty or were convicted of assaulting police officers on January 6th. Senate Republicans Defeat Efforts To Rein In Trump Slush Fund Trump, Blanche and republicans in the Senate and House are just waiting for opposition to blow over, with Blanche being confirmed as the new AG, and then the republican slush fund will start the payouts to the January 6th rioters.
Blanche is still Trump's lawyer and giving him the title of the United States Attorney General will not change that fact IMO.
The Republican Speaker of the House Mike Johnson described the rioters who stormed the capital as "people who were just there and happened to be walking through the building" . 'Lie. I was there': White House correspondent fact-checks Mike Johnson's Jan. 6 claim - Raw Story Johnson's claim is just part of the Orwellian mindset that permeates throughout Trump's party where true is false and false is true. "How many fingers am I holding up, Winston?" | 1984 - YouTube
DOJ argues Trump could 'bulldoze' Statue of Liberty during White House ballroom hearing - ABC News
The Supreme Court Has Invented a Right to Discriminate - The Atlantic That is a fair characterization IMO. The 6 Republican Justices have made it lawful to disenfranchise voters who are not white, particularly if they do not vote for republican candidates.
Scott Pelley Claims Bari Weiss Skews Coverage For Trump; Scott Pelley alleges CBS leadership pushed for a more pro-Trump framing I don't think the U.S. needed a clone of Fox "News" and OAN. Just turn the network off is one option and let CBS compete for Fox and OAN viewers.
Report exposes hidden $50 billion price tag on Trump's ballroom - YouTube This video is referring to this report from Public Citizen, noting that over 1/2 of the corporate donors "have received new or increased government contracts over the last 6 months totaling over $50 billion" and 16 of the 27 'are facing federal enforcement actions and/or have had federal enforcement actions suspended by the Trump administration"
The Trump Administration’s Rampant Pay-to-Play Corruption Threatens Our Democracy - American Bar Association (March 2026)
Vance refers Gov. Tim Walz and Minnesota attorney general to DOJ for fraud investigation
Georgian migrant is 50th person to die in ICE detention during immigration crackdown - ABC News (6/8/26)
When asked about the loud booing at the Knicks game last Monday, Trump in his standard Orwellian language made this claim: "I think mostly cheers" Trump Responds To Being Booed By Knicks Fans At NBA Finals
Trump's DOJ prosecutors committed serious misconduct in securing grand jury indictments against the "Broadview Six" Ice protesters. Grand Jury Transcripts Reveal Juror Skepticism Over Broadview Six Case In an extremely rare occurrence, the Grand Jury transcript was released to the public Transcript.pdf; All charges dismissed against "Broadview Six," defense says grand jury transcript revealed "gross misconduct" In the political prosecutions pursued by Trump's DOJ, courts need to review the GJ transcripts for similar misconduct by his prosecutors.
Trump family Alt5 Sigma crypto venture left investors with steep losses The article states that Trump's family made about $500M. Never Give a Sucker an Even Break (1941) - IMDb
Rubio compares White House UFC event to historic moon landing - YouTube
Trump's Representations on Ending Iran War:
I will believe his representation when I see a piece of paper signed by the parties. When will the Iran war end? Here's what Trump has said. - CBS News
After deposing the Shah, Iran's government has intentionally pursued policies that were harmful to its economy and the interests of its citizens. The issue now is whether those in charge are willing to change and pursue policies that benefit the Iranian people and redirect resources into economic development rather than hostile activities.
Last Monday (6/8), Trump represented that the Iran War will end in "two or three days" with the Strait of Hormuz opening immediately after the deal. Trump characterized the deal as a "very, very good deal". Trump repeats claims that Iran deal is only 'days' away; He is apparently referring to a Memorandum of Understanding.
In a Truth Social post published last Monday, Trump claimed that Iran had agreed that the U.S. blockade of its ports may continue until a "final deal" is signed, which would not be a reference to a Memorandum of Understanding:
Trump stated that he will declare "total victory" over the next 2 weeks and oil prices will come "tumbling down". Donald Trump: 'Total victory' will be achieved over Iran within two weeks | The Jerusalem Post (6/9/26); Oil falls as Trump tries to convince market an Iran deal is close (6/9/26).
Trump continues to claim that there has been "total regime change" in Iran, with "much more reasonable" people now in charge. Iran’s ‘new’ regime looks much the same, only harsher | CNN This representation is demonstrably false but he will continue making it since an objective for starting the war on 2/28/26 was regime change and he wants to say that objective has been met. It is not met by Trump claiming over and over again that there has been a change. Trump apparently believes that his words have the power to create a reality that does not exist - and for tens of millions that works.
The U.S. claims that Iran shot down an Apache helicopter. Trump responded with more attacks on Iran last Tuesday. U.S. launches new attacks on Iran in response to downing of helicopter, CENTCOM says Speaking earlier on Tuesday, Trump claimed the "strait will open up right away. It’ll open up immediately upon signing, which could be in two or three days", but he represented that the deal could be done "in one hour, if you want to know the truth."
On Wednesday June 10th, Trump said Iran had waited too long to sign a deal and would pay a price. Trump also said that he was considering attacking Iran's power plants and bridges. President Trump readying new strikes on Iranian power plants, bridges: 'Have to pay the price' (6/10/26)
Iran responded by attacking U.S. military bases in the region. Iran targets US bases with retaliatory strikes, testing fragile ceasefire - YouTube An analysis of satellite images indicate that the U.S. hit water facilities. 'War Crimes': Analysis Suggests US Bombed Water Facilities Used by 20,000 Iranians in Precision Strike
In response to a resumption of hostilities, the U.S. stock market experienced a significant decline last Wednesday.
Early Thursday, Trump said the U.S. would seize Iran's Kharg Island at "some point in the not too distant future", which would require boots on the ground, and would take "total control" of Iran's oil and gas industry. What is Kharg Island? The Iranian oil site Trump may be planning to invade
After making those blustery threats, a significant stock rally occurred last Thursday after Trump represented that he had "just made a great settlement of the war with Iran". The War is over according to Trump since a deal will be signed this weekend.
Israel provided this summary of the what Trump told Netanyahu: "Although Israel is not a party to the memorandum of understanding, the Prime Minister expressed his appreciation for President Trump's commitment that the final agreement at the end of the negotiations will include the removal of enriched material, dismantling of enrichment infrastructure, limiting missile production, and ending Iran's support for its terrorist proxies in the region".Prime Minister of Israel on X
Iran claimed that Trump had agreed to its text of a Memorandum of Understanding. Trump: Iran war settled 'subject to finalization,' signing in days The summary of the deal given by Israel does not sound like it was part of Iran's proposal.
Last night, two Iranian drones were shot down around the Strait of Hormuz, with the Iranian military stating that it had stopped as ship from passing through the Strait.
A semi-official Iran Mehr News Agency released what it claimed to be the 14 point MOU, which included provisions "that final negotiations will not begin until the release of half of Iran’s frozen funds, the suspension of Iran’s oil sanctions and the lifting of the naval blockade." According to Iran, the 14 point MOU would require the U.S. to withdraw its forces from the region and the U.S. and its allies would provide Iran with $300B in reconstruction funds. Proposed deal would reopen Hormuz strait and lift oil sanctions: Iran state media If that is the deal, which I doubt since it would be so favorable to Iran, Iran benefited from the War IMO.
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1. Sold 50 PRWCX at $37.91:
Proceeds: $1,895.5
Sponsor's website: Capital Appreciation Fund (PRWCX) | T. Rowe Price
Top Equity Holdings as of 4/30/26:
Top Fixed Income Holdings as of 4/30/26:
This fund is classified by Morningstar as a moderate allocation fund. The rating is 5 stars within that category. T. Rowe Price Capital Appreciation Fund Stock Price | Morningstar
Profit Snapshot: $915.85
Average Cost per share: $22.97 (453+ shares)
 |
| Snapshot After Pare/Closing Price as of 6/1/26 |
Dividends: Paid annually.
I have been taking the dividends in cash. Dividends are primarily sources from long term capital gains and are an important component in a total return calculation.
2025 = $3.1511 per share = $1,586.87
2024 = $3.5922 per share = $3,605.11 (ex on 12/18/24)
2023 = $1.4075 = $1,482.93
2022 = $2.8079 = $2,958.39
2021 = $3.41 = $3,592.76
PRWCX Dividend History & Date | Seeking Alpha
2025 Sell Discussions: Item # 1.Sold 50 at $37.83 (9/2/25 Post)(profit snapshot $911.85); Item # 1.A. Sold 100 PRWCX at $37.28 - T.Rowe Price Account (7/29/25 Post)(profit $1,778.68); Item # 1.A. Sold 100 PRWCX at $36.75 - T. Rowe Price Account (7/3/25 Post)(profit = $1,715.68); Item # 1. Pared PRWCX - Sold 100 at $35.84. (6/5/25 Post)(realized gain was $1,624.69 for this lot); Item # 1.A. Pared PRWCX-Sold 100 at $34.98 (3/18/25 Post)(profit = $1,538.79); Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post)(profit snapshot = $803.25)
2025 PRWCX Realized Gains: $8,372.48 (450 shares)
2024 PRWCX Realized Gain: Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)(profit snapshot = $967.35)(subsequent to that sale, the fund went ex dividend on 12/18/25 for a $3.5922 per share dividend which reduced the price by that amount on the ex dividend day)
2. Small Ball Stock Sales:
I recently discussed in my last post starting a Placeholder position in Adobe: Item # 5.C. Started ADBE as a Placeholder - Bought 1 at $244.5 in Schwab Account (6/4/26 Post) The stock is currently traded below $200 after Adobe reported earnings. Adobe Inc (ADBE) at Google Finance Several analysts downgraded the stock. Adobe Reports Record Q2 Results My approach will be to buy more shares in $50 increments which I can do in my Schwab account. I have done that in the past with some stocks in my Fidelity account.
A. Eliminated AES - Sold 50 at $14.69+:
Quote: AES Corp (AES) at Google Finance
Proceeds: $734. 72
AES SEC Filed 2025 Annual Report
AES is in the process of being acquired for $15 per share. Consortium Led by Global Infrastructure Partners and EQT Agrees to Acquire AES | AES "Dividends payable to AES stockholders are expected to continue in the ordinary course until the closing, subject to approval by AES’ Board of Directors."
When I first purchased the stock last December, I mentioned that the company had received several takeover offers. Item # 1.A. Bought 30 AES at $14.14+ (1/1/26 Post) I also mentioned in that post that the average 2026 E.P.S. estimate was at $2.21 and at $2.37 in 2027 as of 12/20/25. I do not recall what I believed to be a fair acquisition price, but I would not have expected one at less than $20. Of the 3 brokerage reports that I mentioned in that post, the highest price target was from Argus $18, but no offer had been received at that time.
When the AES Board revealed and accepted the $15 per share offer, the stock declined from a $17.28 closing price on 2/27/26 to $14.21 the next day. The AES Corporation (AES) Stock Historical Prices & Data - Yahoo Finance AES claimed that the low price was necessary due to heavy capital expenditures required to fund expansion in 2027 and beyond which "would likely require a reduction or elimination of the dividend and/or significant new equity issuances" without the acquisition.
An alternative approach would have been to sell its international operations and to use the proceeds to expand in the U.S. with its regulated utilities in Indiana and Ohio, and to reduce debt at the holding company level, which may have benefited shareholders more longer term.
There is no guarantee that all regulatory authorities who must approve the merger will do so. I decided that I would prefer harvesting the small profit and receiving the proceeds to invest elsewhere. Waiting for $15 would only have netted another $15 in profit.
Profit Snapshot: $26.67
Dividend: Quarterly at $.1759 ($.7036 annually)
AES Dividend History & Date | Seeking Alpha
B. Eliminated FFBC - Sold 25 at $30.43+:
Proceeds: $760.86
"First Financial Bancorp. is a $22.8 billion financial holding company headquartered in Cincinnati, Ohio. The Company primarily operates through First Financial Bank, an Ohio-chartered commercial bank with 153 full service banking centers as of March 31, 2026."
Investment Category: Regional Bank Basket Strategy
Last Discussed: Item # 3.A. Eliminated Duplicate Position in FFBC - Sold 10 at $28.18 - Schwab Account (4/11/26 Post)(profit snapshot = $41.35)
Last Buy Discussions: Item # 1.D. Added to FFBC - Bought 5 at $25.79 (1/15/26 Post); Item # 1.D. Restarted FFBC - Bought 10 at $24.26; 5 at $23.85; 5 at $23.5 (11/1/25 Post)
Profit: $152.56
Dividend: Quarterly at $.25 per share, last raised from $.24 effective for the 2025 third quarter.
FFBC Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend: 6/1/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release and SEC Filed Earnings Presentation
Comparisons are to the 2025 first quarter.
E.P.S. $.71, up from $.54
Adjusted E.P.S. $.77, up from $.63
NIM (FTE) 3.99%, up from 3.88% but down slightly from 4.02 and 4.05% in the 2025 third and second quarters respectively.
ROTCE 17.8%, 19.2% on an adjusted basis.
NPL Ratio: .75%, up from .51% (trend is starting to be concerning over the past year)
NPA Ratio: .44%, up from .32%
Coverage Ratio: 182.73% (allowance for loan losses to non-performing loans)
Charge off ratio: .35%, down from .36%
Tangible book value per share: $16.15, up from $14.8
I am not aware of any bank that competently managed interest rate risk for their owned security portfolio in 2021. As inflation started to soar in 2021 and into 2022, with annual CPI hitting 8.5% in March 2022, banks held onto their low yielding long term bonds and mortgage backed securities, even though it was obvious that the Fed would soon have to abandon its interest rate suppression regime which is finally started to do in March 2022. The failure to adjust duration led to huge unrealized losses and realized losses. The duration of mortgage backed securities increase as interest rates go up. The net interest margins contracted as higher yields had to be paid on deposits, eventually going much higher than the weighted average yield on owned securities.
FFBC Owned Securities as of 3/31/26:
"During 2025, the Company realized $22.3 million of losses on investment securities, which is included in noninterest income in Consolidated Statements of Income, compared to $22.6 million in 2024. The repositioning of a portion of the investment portfolio accounted for losses of $6.5 million and $13.2 million in 2025 and 2024, respectively, while impairment write-downs accounted for $8.1 million of losses in 2025 and $9.7 million in 2024. These impairment losses were due to credit deterioration where the Company had determined that it no longer intended to hold the securities until the recovery of their amortized cost bases." 2025 SEC Filed Annual Report at page 14 The duration was at 4.4 years as of 12/31/25.
Some Prior Sell Discussions: Item # 2.A. Sold 60+ at $21.52 (3/8/24 Post)(profit snapshot = $358.63); Item # 5.A. Pared FFBC in Fidelity Account- Sold 20+ at $25.5 and Item # 5.B. Eliminated FFBC in Vanguard Account -Sold 10 at $25.89 (11/29/22 Post)(profit snapshots = $184.33); Item # 1.N. Pared FFBC in Fidelity Account - Sold 25 Shares at $26.2 - Highest Cost Lots (4/1/21 Post)(profit snapshot = $30.91); Item # 3.A. Sold 84+ FFBC at $28.1 (3/24/17 Post)(profit snapshot = $1,129.21); Item # 4 Sold 52 FFBC at $21.25-Update For Regional Bank Basket Strategy As Of 8/18/2016 - South Gent | Seeking Alpha (profit snapshot = $280.72); Item # 1 Sold 50 FFBC at $20.11-Update For Regional Bank Basket Strategy As Of 7/12/16 - South Gent | Seeking Alpha (profit snapshot = $215.98); Item # 3 Sold 50 FFBC at $19.25 Update For Regional Bank Basket Strategy As Of 5/4/16 - South Gent | Seeking Alpha (profit snapshot = $52.76); Item # 3 Pared Highest Cost Shares by Selling 55 FFBC at $17.31 (11/1/2014 Post)(profit snapshot = $110.59); Item # 4 Sold 57 FFBC at $17.03-Highest Cost Shares (12/23/13)(profit snapshot = $37.68)
C. Eliminated UPS - Sold 3+ at $109.12:
Quote: United Parcel Service Inc (UPS) at Google Finance
Proceeds: $335.85
UPS is one of the world’s largest companies, with 2025 revenue of $88.7 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories."
UPS to cut additional 30,000 jobs in Amazon unwind, turnaround plan The Amazon business was low margin. At my home, UPS has not delivered an Amazon package in years. The packages are delivered by Amazon employees.
Last Discussed: Item # 2.E. Pared UPS - Sold Highest Cost 2 Shares at $115.89 (2/11/26 Post)(profit snapshot = $7.5)(discussed the 2025 4th quarter report, SEC Filed Earnings Press Release)
Last Buy Discussion: Item # 1.K. Added to UPS - Bought 1 at $95.5 (4/13/25 Post)
Profit Snapshot: $60.42
Dividend: Quarterly at $1.64 per share ($6.56 annually), last raised from $1.63 effective for the 2025 first quarter payment.
UPS Stock Dividend History & Date | Seeking Alpha
The yield at $109.12 is 6.01%. E.P.S. is far below the quarterly dividend.
Last Ex Dividend: 5/18/26
Last Earnings Report (Q/E 3/31/26):
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $21.202B
E.P.S. $1.07, down from $1.49
GAAP results included after tax "transformation" charge of $.05 per share.
Analyst Reports (available to Schwab Customers):
Argus (5/12/26): Buy with a $130 price target
S&P (4/28/26): 2 stars with a 12 month price target of $92
Morningstar (5/4/26): 3 stars with a fair value estimate of $109 and a wide moat and high uncertainty.
Consider to Restart Price: <$85, adjusted down to reflect what I view as an increased risk of a significant dividend cut and likely uninspiring earnings growth.
Factors to consider: High operating costs (labor, infrastructure, vehicles, gasoline, etc), competition including from customers who are moving logistics internally, and the risk of a dividend slash.
D. Pared APLE Again in Fidelity Account - Sold 5 at $15.02:
Quote: Apple Hospitality REIT Inc (APLE) at Google Finance - Hotel REIT
Proceeds: $75.13
I am selling my highest cost lots.
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Website: Apple Hospitality REIT
Profit Snapshots: $9.08 (6/2/26 sale only)
New average cost per share this account: $12.03 (40+ shares)
Reduced from $12.16.
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Dividend History & Date | Seeking Alpha
I am not currently reinvesting the dividend in any account.
Dividend Tax Information/Form 8937 - Apple Hospitality REIT
Yield at $12.03: 7.98%
Last Ex Dividend: 5/29/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post. Item # 1.K. Pared APLE in Fidelity Account - Sold 15 at $14.43+ (5/29/26 Post); SEC Filed Earnings Press Release
Last Buy Discussions: Item # 1.E. Added to APLE in Fidelity Account -Bought 5 at $11.36 (12/5/25 Post); Item # 1.E. Added to APLE - Bought 15 at $11.5 - Schwab Account (10/25/25 Post); Item # 1.D. Added to APLE - Bought 5 at $11.5 (5/30/25 Post); Item # 1.E. Bought 7 APLE at $11.74 (4/25/25 Post)
E. Pared APLE in Schwab Account - Sold 5 at $15.15+; 5 at $15.49:
Proceeds: $153.26
Profit Snapshots: $19.61
New Average cost per share this account: $11.79 (40+ shares)
 |
| Snapshot Intraday on 6/4/26 after last pare. |
Reduced from $12.1
Yield at $11.79: 8.14%
I have nothing further to add to my recent discussion: Item # 1.I. Pared KBWY in Fidelity Account - Sold 26 at Various Prices Shown in Snapshot (5/29/26 Post)
3. Corporate Bonds: 18
I am cutting off discussions with trades made on 6/3/26 or earlier.
A. Bought 2 Roper Technologies 4.25% SU Maturing on 9/15/28 at a Total Cost of 99.485:
Issuer: Roper Technologies (ROP) at Zacks
Cost: $1,989.7
"Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets."
SEC Filed Earnings Press Release for the Q/E 3/31/26
ROP Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.487%
Current Yield at TC: 4.272%
B. Bought 2 AT&T 4.1% SU Maturing on 2/15/28 at a Total Cost of 99.574:
Issuer: AT&T (T) at Zacks
Cost: $1,991.48
T Detailed Earnings Estimates - Zacks.com
AT&T 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: 4.359%
Current Yield at TC: 4.118%
C. Bought 2 Duke Progress 3.45% First Mortgage Bonds Maturing on 3/15/29 at a Total Cost of 97.719:
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Issuer: Wholly owned operating subsidiary of the utility holding company Duke Energy (DUK)
Cost: $1,954.38
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.326%
Current Yield at TC: 3.53%
D. Bought 2 CSX 4.25% SU Maturing on 3/16/29 at a Total Cost of 99.607:
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Issuer: CSX (CSX) at Zacks - Major Railroad
Cost: $1,992.14
SEC Filed 2026 First Quarter Report
CSX Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.399%
Current Yield at TC: 4.267%
E. Bought 2 Realty Income 3.95% SU Maturing on 2/1/29 at a Total Cost of 98.796:
%202:1:29%203.95%25%20.png)
Issuer: Realty Income (O) at Zacks - Net Lease REIT
Cost: $1,975.92
SEC Filed Earnings Press Release for the Q/E 3/31/25
I have a small ball position in the common stock.
Last Discussed: Item # 2.A. Pared O - Sold 5 at $63 (9/12/24 Post)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 4.432%
Current Yield at TC: 4%
Owned Realty Income SU Bonds:
Stacked as follows
2 of the 4.125% SU Maturing on 10/15/26
2 of 3% SU Maturing on 1/15/27, Bond Page | FINRA.org
2 of the 3.95% SU Maturing on 8/15/27, Bond Page | FINRA.org; Item # 1.F. Bought 2 Realty Income 3.95% SU Maturing on 8/15/27 at a Total cost of 99.611 (4/11/26 Post)
2 of the 3.65% SU Maturing on 1/15/28, Bond Page | FINRA.org; Item # 4.E. Bought 2 Realty Income 3.65% SU Maturing on 1/15/28 at a Total Cost of 98.963 (5/15/26 Post)
2 of the 3.95% SU Maturing on 2/1/29, Bond Page | FINRA.org (discussed here)
F. Bought 2 Toronto Dominion 3.913% SU Maturing on 1/13/28 at a Total Cost of 99.323:
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Issuer: Toronto Dominion Bank (TD) at Zacks - Large Canadian Bank Holding Company
Cost: $1,986.46
TD Detailed Earnings Estimates - Zacks.com
TD SEC Filings (foreign issuer forms)
SEC Filed Earnings Report for the F/Q Ending 4/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A-
YTM at Total Cost: 4.35%
G. Bought 1 Entergy Arkansas 4.95% First Mortgage Bond Maturing on 1/15/36 at a Total Cost of 98.203 - Vanguard Account:
%201:15:36%20V.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp (ETR).
Cost: $982.03
ETR SEC Filed 2025 Annual Report (see page 348)
ETR 10-Q for the Q/E 3/31/26, see page 74 for Entergy Arkansas operating results.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.189%
Current Yield at TC: 5.041%
I now own 2 bonds.
H. Bought 1 Entergy Mississippi 5.05% First Mortgage Bond Maturing on 4/15/36 at a Total Cost of 98.013:
%205.05%25%204:15:36%20F.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp (ETR).
Cost: $980.13
ETR 10-Q for the Q/E 3/31/26 (see page 101 for Entergy Mississippi operating results)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.309%
Current Yield at TC: 5.152%
I now own 3 bonds, including 1 in a RI account.
I. Bought 2 Textron 3.375% SU Maturing on 3/1/28 at a Total Cost of 98.282- Interactive Brokers Account:
%203:1:28%20.png)
Issuer: Textron (TXT) at Zacks
Cost: $1,965.64
"Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, and Textron Systems."
TXT Detailed Earnings Estimates - Zacks.com
TXT SEC Filed Earnings Press Release for the Q/E 4/4/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 4.408%
Current Yield at TC: 3.434%
J. Bought 1 Elevance Health 4.101% SU Maturing on 3/1/28 at a Total Cost of 99.498:
%20%203:1:28%20.png)
Issuer: Elevance Health, Inc. (ELV) at Zacks, formerly known as Anthem prior to June 2022.
Cost: $994.98
"Elevance Health’s companies serve approximately 105 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions."
ELV Detailed Earnings Estimates at Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/A-
YTM at Total Cost: 4.4%
Current Yield at TC: 4.112%
K. Bought 1 Elevance Health 3.65% SU Maturing on 12/1/27 at a Total Cost of 99.012 - Interactive Brokers Account:
%2012:1:27%203.65%25%20.png)
Issuer: See Item # 3.J. above.
Cost: $990.12
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/A-
YTM at Total Cost: 4.341%
4. Treasury Bills Purchased at Auction:
A. Bought 10 at the 6/1/26 Auction:
182 Day Bills
Mature on 12/3/26
Interest: $185.29
Investment Rate: 3.786%
5. Small Ball Stock Purchases:
I am cutting off discussions with trades made on Wednesday 6/3/26.
A. Restarted BBDC in Schwab Account - Bought 10 at $8.75:
Recent History this Account:
Quote: Barings BDC (BBDC) at Zacks - Externally Managed BDC
BBDC Detailed Earnings Estimates - Zacks.com Earnings estimates for BDCs will generally be net investment income per share.
2025 SEC Filed Annual Report (Risk factor summary starts at page 33 and ends at page 67)
I view BDC stocks as high risk investments. Consequently, my dollar exposure to them will be immaterial and trading will be hyper.
10-Q for the Q/E 3/31/26 A summary of loans starts at page 8. BBDC summarizes the non-accrual loans starting at page 110. "As of March 31, 2026, we had 10 portfolio companies with investments on non-accrual, the aggregate fair value of which was $23.9 million, which comprised 1.0% of the total fair value of our portfolio, and the aggregate cost of which was $48.2 million, which comprised 2.0% of the total cost of our portfolio. Excluding the non-accrual assets that are covered by the Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) with Barings, the non-accruals as of March 31, 2026 comprised 0.6% of the total fair value of our portfolio and 1.3% of the aggregate cost of our portfolio."
Company Assessments of Credit Risks:
 |
| Page 110, 10-Q |
Website: Company Overview
Last Discussed: Item # 1.E. Eliminated BBDC in Vanguard Account - Sold 100 at $9.1 (2/17/26 Post)(profit snapshot = $87.19); Item # 1.D. Eliminated Duplicate Position in BBDC - Sold 20 at $9.49+ (9/13/25 Post)(profit snapshot = $29.18)
Last Buy Discussions: Item # 2.G. Added to BBDC in Schwab Account - Bought 2 at $8.61 (5/16/25 Post); Item # 1.E. Added to BBDC in Schwab Account - Bought 5 at $8.79 (5/2/25 Post); Item # 2.F. Added to BBDC in Vanguard Taxable Account - Bought 10 at $8.67 (12/9/23 Post); Item # 1.A. Added to BBDC - Bought 10 at $8.94 - Vanguard Account (11/25/23 Post); Item # 3.A. Added 40 BBDC at $7.75 - Vanguard Account (7/15/23 Post); Item # 2.F. Added 5 BBDC at $7.21 - Vanguard Account (5/20/23 Post); Item # 2.K. Added 5 BBDC at $7.65 - Vanguard Account (3/19/23 Post)
Regular Dividend: Quarterly at $.26 per share ($1.04 annually), last raised from $.25 effective for the 2023 third quarter payment.
BBDC Dividend History & Date | Seeking Alpha
Special Dividends: $.15 in 2025
When short term rates were rising, BDCs experienced increases in NII per share above the regular dividend payouts. This resulted in some special dividends. BBBC also increased its quarterly rate by 1 cent per share as noted above.
Yield at $8.75 (assuming no cut): 11.89%
Last Ex Dividend: 6/3/26 (owned as of)
Last Earnings Report (Q/E 3/31/26):
Net Asset value per share: $11.02
NII per share: $.25, below the dividend payout.
Holdings by Category:
 |
| Page 69, 10-Q |
Company Assessment of How Interest Rate Changes Impact Net Investment Income:
 |
| Pages 127-128, 10-Q |
Last Bond Offerings (9/25): Prospectus $300M 5.2% maturing in 2028; Prospectus (2/24) for $300M in 7% SU maturing in 2029
Systemic BDC Problems Now: (1) Floating rate loans are priced at spreads to short term interest rates. Starting after the Fed cut the federal funds rate by 50 basis points in September 2024 and continuing through the last cut, the loan coupons have been resetting lower; (2) While the nonaccrual BBDC loans were still low as of 3/31/26, many other BDCs started to suffer non-accruals in the 5% to 10% of the total amortized cost with the economy in an expansion phase; (3) BDC loans are almost entirely made to private companies at high interest rates and are inherently risky; (4) bad loans will accelerate when there is a recession and the economy is overdue for one IMO; (5) loans to private software companies whose businesses may be harmed by AI developments; and (6) BDCs are having to refinance SU debt at much higher coupons than the maturing ones and that includes BBDC. The much higher coupons on new debt than vintage SU bonds is IMO mostly due to perceived increases in credit risks related to the above referenced factors.
One reason for restarting a position is that the odds of a rate increase have gone up since I last eliminated my position. With each increase in the federal funds rate, the floating rate loans will start to reset at higher coupons.
Other Sell Discussions: Item #1.K. Pared BBDC - Sold 10 at $10.76 (3/18/25 Post)(profit snapshot = $18.97); Item # 1.G. Pared Duplicate Position BBDC in Fidelity Account - Sold 6+ at $9.97 and Item 1.H. Sold 5 BBDC at $10.05 - Schwab Account (2/5/25 Post)(profit snapshots = $16.99); Item #2.F. Pared Duplicated BBCE Position - Sold 13+ at $10- Fidelity Account(1/27/24 Post)(profit snapshot = $4.19)
Goal: As with any BDC stock, success is defined as harvesting the dividends and then existing the position at any profit no matter how small.
Owned BBDC SU Bonds: 4 of the 3.3% SU maturing on 11/23/26; Bond Page | FINRA.org; Item # 2.E. Bought 2 Barings BDC 3.3% SU Maturing on 11/23/25 at a Total Cost of 99.075 (1/21/26 Post); Item # 4.B. Bought 2 Barings BDC 3.3% SU Maturing on 11/23/26 at a Total Cost of $90.1 (12/9/23 Post)
B. Added to Falling Knife CLX - Bought 1 at $92.5:
Quote: Clorox (CLX) at Zacks
CLX Detailed Earnings Estimates - Zacks.com
Recent Major News: Clorox Completes GOJO Acquisition on 4/1/26.
Last Discussed: Item # 5.B. Added to Falling Knife CLX - Bought 1 at 97.95; 1 at $96.75 (5/2/26 Post)
Last Sell Discussions: Item # 1.C. Eliminated Duplicate Position in CLX - Sold 4+ at $117.3 (2/11/26 Post)(profit snapshot = $43.28); Item # 3.I. Pared CLX in Schwab Account - Sold Highest Cost 2 Shares at $127 (3/3/26 Post)(profit snapshot = $3.09)
New Average Cost per share: $105.94 (19+ shares)
Dividend: Quarterly at $1.24 per share ($4.96 annually), last raised from $1.22 per share effective for the 2025 third quarter payment.
CLX Stock Dividend History & Date | Seeking Alpha (noting 48 years of consecutive dividend growth)
I am reinvesting the dividend for as long as the likely purchase prices lower my average cost per share.
Yield at New AC per share: 4.68%
Last Earnings Report (Q/E 3/31/26): This is the third fiscal quarter.
SEC Filed Press Release and SEC Filed Supplemental
Net Sales: $1.67B, flat and down 1% on an organic basis.
Diluted E.P.S. $1.54, up from $1.5
Adjusted E.P.S. $1.64, up from $1.43 "primarily driven by cost savings, lower advertising investments and lower selling and administrative expenses, partially offset by higher manufacturing and logistics costs and unfavorable mix."
Reconciliation:
2026 Fiscal Year ending 6/30/26 Guidance: Non-GAAP E.P.S. of 5.45-$5.65
As of 6/8/26, the average E.P.S. for the fiscal year ending on 6/30/27 was at $6.30.
Purchase Restriction: 1 share lots with each subsequent purchase required to be at the lowest price in the chain.
Maximum Position: 25 shares excluding shares purchased with dividends.
C. Stared BCX - Bought 10 at $12.1; 10 at $12:
Quote: BlackRock Resources & Commodities Strategy Trust (BCX) at MSN Money
Cost: $241
SEC Filing - Holdings as of 3/31/26 I can capture the stock holdings with 1 snapshot:
Oil Price Charts | Oilprice.com
Dividend: Monthly at $.0697 per share ($.8364 annually)
BCX Dividend History & Date | Seeking Alpha
ROC Supported.
Yield at $12.05: 6.94%
Next Ex Dividend: 6/15/26
BlackRock Resources & Commdty (BCX) Portfolio | Morningstar Lists top 25 holdings. The fund is not rated by Morningstar.
Data Date of 6/1/26 Trade:
Closing Net Asset value per share: $13.14
Closing Market Price: 12
Discount: -8.68%
Average 3 Year Discount: -10.31%
Sourced: BCX - CEF Connect
D. Started Falling Knife BSX as a Placeholder - Bought 2 at $47.35:
Quote: Boston Scientific (BSX) at Zacks
Cost: $94.7
This is my first purchase.
BSX is a medical device company whose products "diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions." A detailed description of those devices and therapies can be found in the last filed Annual Report at pages 3-6.
Website: Advancing Science for Life - US - Boston Scientific
BSX: Detailed Earnings Estimates at Zacks.com As of 6/8/26, the 2026 consensus E.P.S. estimate was at $3.37 and at $3.72 in 2027. Using $3.72, the P/E at $47.35 is 12.73 with the average estimated E.P.S. growth rate at 10.39%.
Recent News: Boston Scientific enters into $2 billion accelerated share repurchase agreement - May 18, 2026; Boston Scientific receives FDA clearance for the Asurys™ Fluid Management System - Mar 30, 2026; HI-PEITHO trial demonstrates Boston Scientific EKOS™ Endovascular System is superior to standard of care for treatment of acute pulmonary embolism - Mar 28, 2026
Last Earnings Report (Q/E 3/31/26):
SEC Filed Earnings Press Release
Revenues of $5.203B, up 11.6% and 9.4% on an organic basis.
Net Sales by Product Category:
GAAP E.P.S. = $.90
Non-GAAP E.P.S. = $.80
Reconciliation:
Purchase Restriction: 1 or 2 shares with each subsequent purchase required to be a the lowest price in the chain.
Maximum Position: 10 Shares due in part to no dividends.
E. Added to Lottery Ticket GMAB - Bought 5 at $24:
Quote: Genmab A/S - ADR at Google Finance
Cost: $120
Quote in DKKs: Genmab A/S (Denmark: OMX)
Danish Krone to US Dollar Exchange Rate Chart | Xe
ADR Ratio: 10 ADRs = 1 Ordinary Share
Recent News: Genmab upgraded to Buy from Neutral at Goldman Sachs - TipRanks.com (4/22/26); Genmab Announces Completion of Tender Offer for Outstanding Common Shares of Merus N.V. (12/12/25)
GMAB Detailed Earnings Estimates - Zacks.com As of 6/5, the average E.P.S. estimate for 2026 was at $1.19 and at $1.67 in 2027. This would be for the USD priced shares. E.P.S. is being significantly restrained by pipeline costs.
Investment Category: Lottery Ticket. The classification is based on the uncertainties about pipeline drugs and the lack of any dividend taking into account my investment objectives which place an emphasis on current income generation.
New Average cost per share: $25 (10 shares)
Dividend: None and none expected.
Last Discussed: Item # 3.D. Restarted GMAB - Bought 5 at $26 (5/15/26 Post) I discussed the last earnings report in that post. Genmab Announces Financial Results for the First Quarter of 2026 or SEC Filed Earnings Press Release This post has my most comprehensive recent discussion. I will not be repeating the details here.
Sell Discussion: Item # 2.B. Eliminated GMAB - Sold 23 at $30.37 - Two Accounts (10/4/25 Post)(profit snapshot = $212.54)
Other Buy Discussions (shares sold): Item # 3.J. Added to GMAB - Bought 2 at $21.56 (8/19/25 Post); Item # 1.G. Bought 10 GMAB at $21.74 (12/12/24 Post); Item # 1.H. Added to GMAB - Bought 5 at $20.84 (12/19/24 Post)
G. Started JEPI - Bought 2 at $56.04+, 1 at $55.3:
Quote: JPMorgan Equity Premium Income ETF (JEPI) - Google Finance
Cost: $167.39
Sponsor's website: JPMorgan Equity Premium Income ETF
The sponsor describes the stock selection process as defensive using a "time-tested, bottoms - up fundamental research" and a disciplined "options overlay that use out-of-the-money S&P 500 call options.
Number of Holdings: 123 as of 5/4/26
Expense ratio: .35%
Top Holdings as of 5/4/26:
I read two articles discussing this ETF and decided to start a Placeholder position. I don't remember which one I read first: JEPI's 8.4% Yield Masks The Volatility Trap Most Investors Ignore - 24/7 Wall St and Buy, Sell, or Hold JPMorgan's Equity Premium Income ETF Today |JEPI - 24/7 Wall St.
Dividends: Monthly at a variable rate.
JEPI Dividend History & Date | Seeking Alpha
Average cost per share: $55.8 (3 shares)
Last Ex Dividend: 6/1/26
I have had mixed success with buy/call index ETFs. This ETF is different in that it attempts to pick stocks while using S&P call options to generate additional income. The problem with buy/write funds is in the implementation which can result in a net asset value per share decline that devours part of the dividend payments in a total return calculation. So I am just taking this fund out for a spin.
6. Equity REIT Preferred Stock:
A. Added to SLGPRI - Bought 5 at $21.14+:
Cost: $105.73
Issuer: SL Green Realty (SLG) at MSN Money
"SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet, which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties."
SLG SEC Filed Report for the Q/E 3/31/26
I have a small ball position in the common stock.
Last SLG Discussion: Item # 2.G. Added to SLG - Bought 1 at $35 (4/4/26 Post). Realized SLG Gains: $1,421.75 with most of the gains realized in 2009 and 2010.
Last SLGPRI Discussions: Item # 4.D. Added to SLGPRI in Fidelity Account - Bought 4 at $21.1; 6 at $20.44 (4/4/26 Post); Item # 6.C. Added to SLGPRI in Fidelity Account - Bought 5 at $21.5 (3/23/26 Post); Item # 4.A. Started SLGPRI in Fidelity Account - Bought 10 at $21.9 (3/9/26 Post); Item # 5.D. Added to SLGPRI in Schwab Account - Bought 5 at $20.95 (12/18/25 Post); Item # 5.A. Added to SLGPRI - Bought 5 at $20.94 (6/28/24 Post); Item # 6.A. Added to SLGPRI in Schwab Account - Bought 3 at $17.5; 2 at $17.27 (11/25/23 Post); Item # 5.C. Added 2 SLGPRI at $17.99 (11/18/23 Post)
Coupon: 6.5%
Par Value: $25
Dividends: Paid quarterly, non-qualified (pass through entity) and cumulative
Optional Call: Call protection expired in 2017. The stock may be called at par value + the accrued and unpaid dividend. I do not view it as likely that the issue will be called unless there is a substantial decline in interest rates and SLG returns to an investment grade credit rating.
Stopper Clause: Standard
Maturity: None, potentially perpetual
Placement in the Capital Structure: Senior only to common stock and junior to all debt.
Preferred Stock Credit Ratings: Well into junk territory at BB- from Fitch. The credit risk is significant but I am currently more concerned about the interest rate risk. The price decline over the past 2 years has been IMO caused by a rise in intermediate term interest rates rather than credit risk concerns.
Fitch Affirms SL Green Realty Corp. at 'BB+'; Outlook Positive The junk rating of BB+ is for the senior unsecured debt.
New Average cost per share in this account: $21.08 (60 shares)
 |
| Snapshot Intraday on 5/29/26 after add |
Yield at $21.08: 7.71%
Computation: .065% x. $25 par value = $1.625 annual dividend per share ÷ $21.08 average cost per share = 7.7087%
Last Ex Dividend: 3/31/26
Sell Discussions: Item # 5.A. Eliminated Duplicate Position in SLGPRI - Sold 15 at $21.28 - Fidelity Account (1/20/24 Post)(profit snapshot = $62.49); Item # 3.A. Eliminated SLGPRI-Sold 20 at $25.96 (9/12/20 Post)(profit snapshot = $122); Item # 5 Sold 50 SLGPRI at $23.6 (4/3/2014 Post)(profit at $29.58).
SLGPRI Realized Gains to Date: $213.77
7. Exchange Traded First Mortgage Bonds:
An exchange traded bond trades on the stock exchange.
A. Added to EAI in Fidelity Account - Bought 5 at $20.22:
Quote: Entergy Arkansas First Mortgage Bonds 4.875% Due in 2066 (EAI) at Google Finance
Cost: $101.1
Last Discussed: Item # 5.A. Added to EAI in Schwab Account - Bought 10 at $20 and Item #5.B. Added to EAI in Fidelity Account - Bought 5 at $19.75 (4/4/26 Post); Item # 8.C. Added to EAI in Vanguard Account - Bought 5 at $20.5+ (5/23/26 Post); Item # 3.A. Added to EAI in Fidelity Account - Bought 20 at $21.2 (11/8/25 Post)
Investment Category: Exchange Traded Baby Bonds
Par Value: $25
Coupon: 4.875%
Maturity: 9/1/66
Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021.
Credit Risk: Low IMO
Credit Ratings: A2/A
Interest Rate Risk: High IMO
Interest Rate Risk is asymmetrical in favor of the issuer which is the case for EMP and ELC as well.
Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment)
Interest Payments: Quarterly
Entergy Arkansas, LLC 1M BD 4.875% (EAI) Ex Interest Dates - Seeking Alpha
 |
| Snapshot Intraday on 5/29/26 after add |
Yield at New AC: 5.66%
Computation: .04875% coupon x. $25 par value = $1.21875 annual interest pare share = 5.658%
Last Ex Interest Date: 5/29/26 (owned 105 shares in this account as of)
Currently Owned Entergy Arkansas $1,000 Par Value FM Bonds: (1 in RI account)
4 of the 4% FM Maturing on 6/1/28, Bond Page | FINRA.org
2 of the 5.15% FM Maturing on 1/15/33, Bond Page | FINRA.org
2 of the 4.95% FM Maturing on 1/15/36, Bond Page | FINRA.org (a 1 bond purchase is discussed in Item # 3.G. above)
2 of the 4.95% FM Maturing on 12/15/44, Bond Page | FINRA.org
Entergy Arkansas FM Bonds Maturing or Sold in 2024-2026:
2026
%20+$72.47%20.png) |
| Fidelity Account |
%20+$6.68%20RI%20.png){kind=small} |
| Vanguard RI Account |
%202054%20+$34.92%20.png){kind=small}
%20+$51.92%20RI%20.png) |
| Vanguard RI Account |
%20+$15.46%20.png){kind=small} |
| IB Account |
%20$19.65%20.png){kind=small}
%20+$16.1%20RI.png) |
| Vanguard RI Account |
B. Added to ELC in Fidelity Account - Bought 5 at $20.12:
Cost: $100.6
Last Discussed: Item # 8.A. Added to ELC in Schwab Account - Bought 10 at $20.3 (3/23/26 Post); Item # 7.A. Added to ELC in Vanguard Account - Bought 10 at $20.82 (2/11/26 Post); Item # 4.B. Bought 10 ELC at $20.66 - Vanguard Account (1/15/26 Post); Item # 4.A. Added to ELC in Schwab Account - Bought 10 at $20.45+ (1/8/26 Post)
Coupon: 4.875% paid on a $25 par value
Interest Payments: Quarterly
Trades Flat: (no accrued interest is payable to the seller, whoever owns on the ex interest date receives the entire interest payment)
First Mortgage Bond, with lien attaching to substantially all assets.
Credit Ratings: A2/A
The interest rate risk resulting from an early call due to a significant decline in interest rates is mitigated by the realized gain at a $25 par value call.
New Average cost per share this account: $21.35 (115 shares)
 |
| Snapshot Intraday on 5/29/26 after add |
Yield at New AC: 5.71%
Computation: .04875% coupon x. $25 par value = $1.21875 annual interest per share ÷ $21.35 average cost per share = 5.7084%
Last Ex Interest Date: 5/29/26 (owned 110 in this account as of)
Currently Owned Energy Louisiana $1,000 par value First Mortgage Bonds:
2025: Entergy Louisiana FM Bonds Maturing (1) or Sold (5) in 2025:
%20+$17.12%20.png)
%20+$52.2%20%20.png){kind=small}
%20$12.06%20.png){kind=small}
%20+$17.91%20.png){kind=small}
%20+$26.05%20.png)
%20$13.37%20.png){kind=small}
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.
Pakistan's Prime Minister PM Shehbaz Sharif, who has been acting as a mediator in the U.S-Iran negotiations, published a message stating that both sides have agreed to the text of a MOU. He also referred to efforts to sabotage finalization of the MOU through an "incessant misinformation campaign".
ReplyDeleteHe may be referring to the IRGC acting through a "news" agency.
Iran's FM Abbas Araghchi said that the MOU "has never been closer. Pending its finalization, the media should refrain from entering speculation about its content."
https://www.cnbc.com/2026/06/12/iran-deal-trump-pakistan-sharif.html
+++
The senior unsecured bond HNNAZ is being called by the issuer at par value on 6/30/26.
https://www.sec.gov/Archives/edgar/data/1145255/000143774926018751/hnna20260527_8k.htm
I own a few shares.
Trump claimed today that the Memorandum of Understanding with Iran will be signed on Sunday. I believe that representation is based on what he is being told by Pakistan's Prime Minister who is acting as a mediator.
ReplyDeleteIf all powers inside Iran are on board, why are Iranian drones continuing to attack ships in the Strait. Multiple drones were shot down last night according to the U.S. Central Command (CENTCOM).
https://x.com/CENTCOM/status/2065608055790637301
Two Iranian news agencies, with 1 reportedly having close ties with the IRGC, keep summarizing the MOU as containing clearly unacceptable terms to the U.S.
Institute for the Study of War (6/12/26)
https://x.com/TheStudyofWar/status/2065475468220936480
The U.S. military is claiming that "traffic flow through the strait continues unimpeded" and this "international trade corridor remains open for transit."
I interpret the continued drone attacks as indicative of opposition inside Iran to the MOU as written. The IRGC, not the FM and other civilians, controls the missiles and the drones.
If the IRGC is not on board with the MOU as currently drafted, then attacks will likely continue against ships attempting to pass through the Strait even after the MOU is signed.
The U.S. military is in effect saying that does not matter, in effect guaranteeing that, if the IRGC launches attacks against ships, it will shoot down all of them, so the Strait is open now based on claims being made by CENTCOM.
I published a companion video to this blog post:
ReplyDeletehttps://www.youtube.com/watch?v=gWUPU91ub5Q
The largest percentage gainer in the S&P 500 was the fertilizer company Mosaic, which I recently discussed. I have started small ball positions in two of my accounts.
ReplyDelete$22.69 +1.60 +$7.59%
Closed on Jun 12
https://www.google.com/finance/quote/MOS:NYSE
The reason as I understand it has to with the input cost inflation caused by the Strait of Hormuz closure that has adversely impacted profits.
https://www.dtnpf.com/agriculture/web/ag/columns/washington-insider/article/2026/06/12/mosaic-executive-warns-fertilizer
BlackRock Science and Technology Term Trust (BSTZ)
ReplyDelete$30.74 +0.44 +1.45%
Jun 12 Close
https://www.google.com/finance/quote/BSTZ:NYSE
BSTZ is a stock CEF and is unique in that it owns both publicly traded stocks and significant equity type positions in private companies. Owning this fund is a way for small investors to participate in possible IPOs before they happen.
Sponsor's website:
https://www.blackrock.com/us/individual/products/308764/science-and-technology-term-trust
I checked to see whether the fund owned SPCX and did not see a position in its last report.
There is a position in Anthropic which will probably have an IPO later this year (cost of $21.99+M with a value assigned at $44.441M). This is classified as a preferred stock but is probably a convertible preferred given the valuation mark.
SEC Filing at page 3
https://www.sec.gov/Archives/edgar/data/1768666/000141036826054509/NPORT_89BL_93007666_0326.htm
Some of the largest gains based on assigned values are in ByteDance, PsiQuantum, and Databricks (a software company, owns both common and preferred and a significant weighting in portfolio)
Databricks is planning for a 2027 IPO.
https://finance.yahoo.com/markets/stocks/articles/databricks-ceo-plans-avoid-ipo-155905048.html
The impact of AI developments on that IPO is something that I can not evaluate.
There are 3 wipeouts in the portfolio as of 3/31/26 and several private company equity investments that are valued at less than cost. So I would just say that investing in private companies has potentially large capital gains or losses.
The equity positions in private companies are assigned values which may or may not be close to their actual value. The net asset value per share may be way off, up or down, with no way for an individual investor to know whether those positions are being fairly valued by the fund.
The fund's website has the net asset value per share at $33.2 as of 6/12 with a -7.41% discount at the closing market price of $30.74
The fund pays a monthly dividend of $.1625 per share. There was a $.5171 special distribution last December.
I discussed this CEF in a video published over 2 years ago:
https://www.youtube.com/watch?v=prLa5c7Zg7M
I have traded this CEF and still own a few shares.
CEF Page:
https://www.cefconnect.com/fund/BSTZ
Morningstar Page (currently rated 2 stars)
https://www.morningstar.com/cefs/xnys/bstz/quote
The low rating is based on how Morningstar compares performance with funds in the category assigned to BSTZ. The BSTZ performance in 2022 was dreadful at -55.34% based on price and - 44.81%
based on NAV.
https://www.morningstar.com/cefs/xnys/bstz/performance
The fund is substantially outperforming its category this year - SO FAR.
I found it interesting that Vance and Trump signed the MOU with IRAN but are still keeping the MOU secret at least until there is a formal signing ceremony on Friday. Why? One explanation is Iran hawks in the U.S. will be opposed to the concessions granted to Iran.
ReplyDeleteThe MOU is just a framework for future negotiation and this article suggests that there is already some disagreement being expressed about Iran collecting tolls.
https://nypost.com/2026/06/15/us-news/us-iran-already-signed-the-deal-digitally-sunday-vance-says/
“You’ll see in the MOU, we discuss the possibility of releasing frozen funds, sanctions relief, a big $300 billion fund to rebuild their country, and all of these things are going to be tied to performance,” a Trump administration official told reporters."
Will Iran end up being better off with Trump's "deal" by turning over its highly enriched uranium and allowing inspections for a few years?
Another question is whether the final document on the nuclear deal, if any, be any better according to the experts, not Trump or others in his Administration say, that the U.S. had in the JCPOA prior to unilaterally withdrawing the U.S. from that agreement Iranian nuclear agreement in 2018. Claims made by Trump, Vance, Hegseth, and Trump allies on the issue are not worth reading or hearing.
https://armscontrolcenter.org/the-iran-deal-then-and-now/
My impression so far is that Israel does not like the U.S. exit plan.
I will withhold judgment until I am allowed to read what Trump and Vance signed on behalf of the U.S.
++
The stock sectors that produced barely positive results in my stock allocation during the last two bad down days restrained my stock performance today by going down. Those stock sectors are equity REITs, pipelines, regional bank stocks, consumer staples, pharmaceutical and E&P companies.
I sold into the rally in those sectors during those two down days, last 6/5/26 and 6/10/26.
Well this morning, the market doesn't seem very excited about the MOU. That's sensible to me, so I'm surprised that the market isn't more excited.
ReplyDeleteLand: For investors, the main issue is the opening of the Strait which appears to be happening for now. It will take some time to clear for mines and more time to resume normal traffic levels.
DeleteI doubt that Trump will be able to secure a better nuclear deal than what Iran offered shortly before 2/28/26 which reportedly improved on JCPOA on at least 2 items.
The MOU is just a framework for negotiation and is not a "deal".
Axios reported that the CIA believes that Iran will not grant the nuclear concessions that the U.S. wants.
https://www.axios.com/2026/06/15/us-iran-deal-cia-director-ratcliffe
I thought that Israel may have tried to scuttle the MOU signing with an attack on southern Beirut.
https://www.youtube.com/watch?v=sBiiDUXApeA
Iran claims that it will insist on Israel withdrawing from southern Lebanon as part of the final agreement which Israel is not going to do even under U.S. pressure IMO. The only question is whether Israel will stand down for 60 days from attacking what it believes are Hezbollah targets in Beirut.
And there is no way that a final agreement on the nuclear issues can be negotiated in 60 days.
.... Also the question is will Hezbollah not target Israeli civilians for 60 days?
ReplyDeleteMedia tends to talk about Israel hitting things, without mentioning that it's in response to a missile from Hezbollah.
Hezbollah is suppose to have disbanded as of the 1999 agreement, and again the 2005.
Israel would love to get out of Southern Lebanon. But with Hezbollah this weakened, and the rest of Lebanon wanting them gone too,.... And an agreement that Iran won't fund them which is laughable...
I'm back too, I have no idea how this will play out.
In the past Israel has put up with missiles coming into Israeli territory, in order to honor a US request. But there's only so many times you can ignore missiles displacing and totally disrupting your northern population.
You can't make a deal with ideologues that violates their goals. Such as the Iranian dictatorship's idea that you have to rape a woman before you murder her so she's impure, so that she won't get into heaven.
In a Roth IRA account, I placed an order to buy the 5 year TIP at next Thursday's auction. I did not have a TIP maturing in my TIP ladder that year.
ReplyDeleteWhile the auction will determine the real yield, the Treasury Department's website states the 5 year TIP real yield closed today at 1.8% (the TIP's real yield is the yield above the CPI rate)
https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_real_yield_curve&field_tdr_date_value=202606
With the 5 year nominal treasury closing today at a 4.16% yield creating a breakeven inflation rate for the TIP buyer of 2.36%. That is the annual average CPI rate needed for the buyer of the TIP to breakeven with the buyer of the non-inflation protected treasury having started out with the lower coupon. The principal amount of the TIP is adjusted for subsequent inflation.
It is no more than a guess whether I would be better off buying the 5 year TIP or the 5 year nominal treasury. The advantage of the 5 year TIP bought at auction, when held to maturity in a retirement account, is that it addresses problematic inflation through the accretion in the principal amount.
The 5 year TIP price will go down when new offerings are priced at higher real yields reflecting in part increases in the nominal rate. So if a newly auctioned 5 year TIP real yield was at 3% in 1 year, for example, the price of the vintage TIP bought this week would go down to equalize real yields to what the 4 year TIP is trading in the secondary market.
I have traded long term TIPs many times but will hold to maturity TIPs bought maturities 5 year or less.
I have a snapshot of TIP trades with maturities in 2040+ maturities in this post:
6. Bought 1 TIP in Roth IRA Account Maturing on 4/15/29: (real yield at 1.917%)
https://tennesseeindependent.blogspot.com/2024/07/botz-cvi-emaca-mdlz-nsapra-ocsl.html
I also provide in that post an example of how a TIP can become absurdly priced in the secondary market.
The stock decline today coincided with the release of the Fed's statement on monetary policy. The statement was slightly hawkish:
ReplyDeletehttps://www.cnbc.com/2026/06/17/fed-interest-rate-decision-june-2026.html
I still view a .25% hike in the FF rate on or before the December meeting to be probable.
The CME FEDWatch toll has the probability of at least a .25 cut on or before the December meeting at 93.1%. There was a significant increase compared to yesterday in the odds for a 50 basis point increase, rising to 32.7% from 14.8% yesterday.
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
If these expectations hold up to next Monday's 6 month T Bill auction, and I will be buying 10, I expect a slightly higher investment rate than last Monday's 3.802% which is above the top end of the current FF range of 3.5% to 3.75%.
The 6 month yield is currently at 3.907%:
3.907% +0.105%
5:05 PM EDT
https://www.cnbc.com/quotes/US6M
Someone in the Administration read the MOU agreement to reporters.
For investors, the most important part is the reopening of the Strait and the U.S. removing its blockade:
"Three Iranian tankers exit U.S. blockade for first time in months as shipowners eye Hormuz in ‘wary disbelief"
https://www.cnbc.com/2026/06/17/iranian-tankers-oil-shipment-us-iran-deal-strait-of-hormuz-.html
When and if the other provisions are implemented that provide major financial windfalls for Iran, Iran will be far better off financially IMO than it was prior to the War.
I have published a new post:
ReplyDeletehttps://tennesseeindependent.blogspot.com/2026/06/doc-fhb-fis-hiw-hr-kmb-nwbi-olp-pfs.html