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 Values of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds (Item # 6): $73.74
Outflow Common Stocks/Stock Funds (Item # 2): $3,783.78
Realized Gains U.S. Stocks/Stock Funds: $952.49
Net Outflow Stocks/Stock Funds: $3,710.04
Inflow Corporate Bonds (Item # 3): 19 (total cost at $18,831.23)
Outflow Corporate Bonds (Item # 3): $2,002.12 after $2 commission (outflow does not include corporate bonds redeemed by the issuer during the week but only those that I sell in the secondary market)
Treasury Bills Purchased at Auction (Item #4): $20,000 in principal amout
Treasury Notes Purchased in Secondary Market (Item # 5): $2,000 in principal amount.
Outflow Canadian Reset Equity Preferred Stock (Item # 1): C$1,266.5 (realized gain at C$470.5) This brings my total realized gain for Canadian reset equity preferred stocks to C$30,879,5. Snapshots are in this post: Advantages and Disadvantages of Equity Preferred Floating Rate Securities That post started out as containing only snapshots of U.S. floating rate equity preferred stocks. I started to add snapshots of the Canadian resets in 2016. I have no realized losses in Canadian resets.
Inflow U.S. Equity Preferred Stock (Item # 6): $96
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (7/8/26). I discussed this article, which is published monthly, in a comment published on 7/8/26. The market is overvalued using traditional valuation criteria but overvaluation using those indicators is not a short term sell signal. An overvalued market can continue to move higher into even more historically extreme valuations.
What does become more likely as valuations move further into extreme territory is what I call a catastrophic valuation reset, which I define as a 45% to 55% decline, usually occurring relatively fast, and triggered by one or more clearly recognizable events which may include a financial crisis (2008), persistent problematic inflation (1974), a recession (2000), internal market dynamics, and/or earnings warnings from several companies that significantly contributed to the parabolic move higher.
Three potential causes, which have not yet happened, are (1) failed treasury treasury auctions where the Fed has to create money to buy what can not be sold (debt monetization); (2) the U.S.D. loses its currency reserve status and/or (3) a U.S. government debt default most likely resulting from an unwillingness to raise the debt ceiling which has almost happened several times due to political dysfunction that is growing worse. All of these causes may be occurring at about the same time or near in time to one another.
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Economy:
CPI moderated more than expected in June.
Month-To-Month CPI: -.4%
Month-To-Month Core CPI: 0%
Annual CPI: 3.5%, down from 4.2% through May.
Annual Core CPI: 2.6%, down from 2.9% through May.
Energy Commodities Month-to-Month: -9.7%
I would note that the price of gasoline is moving higher in July. Crude Oil Prices Today | OilPrice.com
Discussed at Consumer price index inflation report June 2026:
This report is causing a slight rally in the 10 year treasury. US10Y: 4.577% -0.033 (-0.7158%) as of 8:22 CST. The rally is muted IMO due to rise in crude oil prices.
Bond rallies help me more than stock rallies.
Stock investors have been far too optimistic about the Strait of Hormuz remaining open after the signing of the MOU.
Blowback: How the Iran war may change the world | Brookings
Trump has reimposed the U.S. blockade of Iranian ports. Trump floats 20% toll on Hormuz Strait cargo; restarts Iran blockade
Senators celebrate bipartisan housing bill becoming law despite Trump's refusal to sign - ABC News Trump referred to this bill as a big "yawn" even though it would lower housing costs for working families. He refused to sign the bill after making a demand shortly before the signing ceremony was scheduled that the Senate and House attach the Save Republicans from Ever Losing Elections Act - yet another childish temper tantrum from a U.S. President who never matured. Trump did not veto the bill which would make him look ridiculous when the veto was overridden.
IBM issued an earnings warning today. IBM shares skid more than 20% after second-quarter earnings warning; IBM SEC Filed Preliminary Earnings for the Q/E 6/30/26 I do not currently own the stock.
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Trump and His Party:
Trump claimed that he had a 59% approval rating. Donald Trump’s actual approval rating vs what he says it is; Delusional Trump, 80, Dreams Up Approval Figures The Real Clear Politics website has the actual numbers: FiftyPlusOne - Donald Trump Approval Polls and Average for 2026
Trump does not like the book Regime Change: Inside the Imperial Presidency of Donald Trump by Maggie Haberman and Jonathan Swan @ Amazon.com.
This is one of his latest rants:
Trump's standard MO is to claim that a statement, or an entire article or book, is false without identifying any specific statement, nor does he present any evidence supporting his claims that a statement or statements are false. If he did that, the other party could present evidence that the statement was true. Trump merely states conclusions as facts and then engages in a personal and invariably juvenile attacks against anyone presenting information that he does not like. His name for Maggie Haberman is "Maggot", who he says is a loser that will pay a price for her reporting.
There has been numerous media reports that was the jet gifted by Qatar was done at Trump's request and will require up to $1B in upgrades to make it suitable as Air Force One. Trump unveils Qatari-gifted jet serving as new Air Force One - YouTube at 3:32- Trump Asked for Gift; Turning Qatari 747 into Air Force One could cost $1 billion and take years, experts say The Trump administration refuses to provide details on the update cost numbers for the retrofit, and how much has been spent so far. Trump’s First Flight on New Air Force One - Newsweek The Qatar jet does have nice leather seats and wood paneling.
A number of experts have stated that those modifications need to be made as the jet is being built. Trump denies that the Qatar plane lacks safety features and further claims that he will take the jet with him when he leaves office in January 2029.
It is probably not generally known that the government has awarded Boeing a $3.8B contract to build two new Air Force One planes from the ground up. The contract was awarded in 2018 during Trump's first term and the jets are scheduled for delivery in 2028. Donald Trump rolls out the new Air Force One donated by Qatar So 10 years to build and properly equip an Air Force One plane. Why is the U.S. going to spend a great deal of money retrofitting what amounts to a passenger plane when 2 new ones are about to be delivered that have all of the necessary security measures built into the plane?
Trump took the gifted Qatar jet, repainted in Trump's desired colors, to the NATO summit in Ankara, but took the older one back. Numerous news stories based on multiple sources stated the the Secret Service convinced Trump to take the old Air Force One as a security precaution. Trump’s Controversial Qatari Jet Grounded Over Security Fears; Secret Service switched out Qatari-gifted plane after Iranian plot to kill Trump: WSJ - YouTube; Questions arise over Qatari-donated Air Force One after Secret Service advised Trump to take old plane - CBS News
Those claims contradicted Trump's story that he just wanted the Qatar jet to be viewed by military personnel at Andrews Air Force base. Haven't they already seen it multiple times? Trump explains why he switched back to old Air Force One from Qatari-gifted jet after leaving NATO summit; Security concerns prompted Trump to depart Turkey on older plane while sending Qatari-donated jet ahead, officials say | CNN Politics
While Trump normally makes false statements, and it is impossible for me to remember when he last made an accurate one and am currently drawing a blank, he does not like his reality creations to be contradicted and may use the full power of the U.S. government to silence and/or punish anyone who dares to contest his false statements with facts.
Trump's DOJ, which has been fully weaponized to do whatever Trump wants, has subpoenaed reporters to appear before a federal grand jury and testify about their sources for this story. New York Times reporters issued subpoenas over Air Force One reporting If those reporters do not divulge their sources, Trump's DOJ will attempt to put them in jail. As noted in that article, those grand jury subpoenas represent a significant escalation in Trump's "effort to threaten independent news organizations by leveraging the power of the federal government against them" and is "part of a systematic pattern by Trump to attempt to undermine press freedom in order to shield himself from negative coverage."
As with other authoritarians throughout history, Trump has done and will continue to whatever he can, abusing and misusing the powers of the Presidency, to suppress and punish dissent, to punish legal representation of persons he does not like, and to deter and punish criticisms or factual challenges to his non-stop reality creations. This is being done with considerable support in the Republican party that he controls. How Each Pillar of the 1st Amendment is Under Attack – Krebs on Security; Protecting Constitutional Freedoms of Speech and Assembly During the Second Trump Administration; US free-speech rights shredded-The Guardian; Trump 2.0: Executive Power and the First Amendment - First Amendment Watch;
DC Circuit signals Trump’s law firm sanctions likely unlawful | Courthouse News Service (As noted in that last article, one of the three judges on the appellate panel is Neomi Rao who was appointed by Trump and has repeatedly sided with the Trump Administration on appeals. Rao clerked for Justice Thomas. I expect her to rule in favor of Trump at least on his revocation of security clearances for law firms that he does not like and who did not agree to provide tens of millions of free legal services to those selected by Trump in order to avoid having their security clearances revoked. Even someone like Rao, or Aileen Cannon, would be hard pressed to allow the other parts of Trump's Executive orders targeting disfavored law firms to stand including his attempt to prevent the government from ever hiring lawyers who worked for those firms, preventing those lawyers from entering a courthouse or any other federal building, and punishing any private firm that does business with the federal government that hires those law firms or lawyers. Targeting of law firms and lawyers under the second Trump administration - Wikipedia.)
Both the FBI and the DOJ are at Trump's beck and call. Sources Tell CNN Trump Is 'Angry' Over Air Force One snafu
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The Wall Street Journal reported that representatives from about 30 former allies of the U.S have held meetings to reducing reliance on the U.S. in trade, particularly defense purchases, and other matters relating to alliances. ‘There Is No Going Back’: The Inside Story of Europe’s Rupture With America - WSJ (7/5/26, subscription publication); Wild Details Emerge of European Leaders’ Secret Summit on How to Deal With Trump The U.S. is regarded by many former allies as a hostile power. At the recent NATO summit where Trump threatened to take over Greenland and to cut all trade ties with Spain, Trump represented that the leaders of the Western Democracies had this to say about him: "hey like the job I’m doing, They said, ‘We love, sir, we love you.’ These are grown people saying that. Isn’t that nice?” CNN (6/8/26)
Europeans Are Quiet Quitting the United States | Carnegie Endowment for International Peace
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Republicans called the majority decision in the birthright citizenship case a travesty with many claiming that Justice Thomas "shredded" the majority opinion.
What Thomas did was rewrite the first sentence of the 14th Amendment to add, after the word "born", to "parents domiciled in the U.S. using definitions of domicile to be developed later". His reconstructed sentence would read as follows with his added words underlined and in italics: "All persons born to parents domiciled in the U.S. using definitions of domicile to be developed later or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside." Justice Alito would add to that Judge created sentence that the baby must owe allegiance at birth to the U.S. Supreme Court strikes down Trump’s birthright citizenship executive order in landmark decision | Constitution Center ("And like Thomas, Alito believed the 14th Amendment confers citizenship on only those children who, at birth, owe allegiance solely to this country.")
To create this exception to the ordinary meaning of "born", and we all know what that word means, Thomas argued that the legislative history supported his judge created qualifying exception with language that is not found in the sentence. As Justice Roberts pointed out in the majority opinion, Thomas was just wrong. Trump v. Barbara (06/30/2026) at pages 17-23, and see Amicus Brief.pdf at pages 26-34 Thomas and the other 3 Republican Justices were engaged in justifying IMO a results oriented decision which clearly changed the plain meaning of a sentence with a Judge created exception that is not supported by the legislative history as Thomas claims. A judge created revision to the birthright citizenship sentence is one vote away from becoming law without a constitutional amendment. That will happen if a Republican President can replace just 1 of the 5 Justices in the 5 person majority due to an incapacitating illness or death (Roberts, Barrett, Kagan, Jackson and Sotomayor.)
The Republican Justices do not have a broad consensus supporting their ongoing efforts to create even more power for an already imperial President, thereby undermining the very reason why there was a Revolutionary War as part of the Nation's origin story, as well as their other decisions reversing long standing precedents.
{The Republican Justices have shredded the stare decisis legal doctrine. Constitutional law is no longer moored to past decisions or even the plain meaning of words in the Constitution, but only to what 6 Republican Justices want to do using whatever justification they choose to make. While their reactionary decisions, particularly those that create new Kingly powers for the President and places the President above the law, may stand for a decade or possibly more than a generation, they will not stand the test of time before being overruled. Many of their decision will have the same staying power as the Lochner era decisions and decisions like Dred Scott v. Sandford in 1856 and Plessy v. Ferguson (1896). Another example is what happened after the 8 to 1 decision in the Civil Rights Cases of 1883 - Wikipedia (the Court in 1886 concluded that a "person", as used in the 14th Amendment, includes corporations who are entitled to constitutional rights as persons, but passing civil rights legislation using the 14th Amendment as the source for actual persons was unconstitutional; Santa Clara County v. Southern Pacific Railroad Co. | 118 U.S. 394 (1886); The History of Corporate Personhood | Brennan Center for Justice; ‘Corporations Are People’ Is Built on a 19th-Century Lie - The Atlantic; The Theft of Human Rights, chapter excerpt from Unequal Protection | Thom Hartmann) Corporations as persons as that word is used in the 14th Amendment is just one of the constitutional law provisions created by Supreme Court Justices. While this judge created right may be justified from a policy perspective, or at least good arguments can be made for the policy, it is still a constitutional right created by Supreme Court Justices, starting in the late 19th Century}
It is not generally recognized that U.S. Supreme Court has been a deeply reactionary force in the U.S. for most of its history excluding about 15 to 20 years.
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Hunter Biden gets last laugh after judge orders MAGA millionaire to fork over nearly $2M - Raw Story Hunter Biden had filed a defamation lawsuit against Patrick Byrne, founder of the retailer Overstock, who stated that Hunter had taken a bribe from Iran in 2021. $1.7M of the $2m was for punitive damages. Order.pdf; Patrick M. Byrne - Wikipedia
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Trump administration tried to ‘manipulate the judicial process’ with its IRS settlement, judge says Judge Slams 'Improper' Trump IRS Lawsuit, Refers Attorneys For Discipline The DOJ attorneys who were involved in approving the settlement are far more culpable than Trump's attorneys IMO. Order.pdf (the Judge discusses the role of Blanche and another DOJ attorney Stanley Woodward in that settlement starting at page 31) She forwarded her opinion to the Disciplinary Boards who have jurisdiction over Blanche and Woodward. Judge Smacks Down Trump’s IRS Immunity Settlement
101 bipartisan former judges have filed a 73 page disciplinary complaint against Todd Blanche, Trump's former attorney and Acting Attorney General that relates in significant part to his role in the Trump IRS settlement. Disciplinary Complaint.pdf; Ethics Complaint Filed Against Acting Attorney General Todd Blanche for Alleged Violations of the New York Rules of Professional Conduct – LDAD
Todd Blanche’s War Against Journalism - The Atlantic
The Senate Republicans want to approve Blanche as the AG which is not surprising. The Todd Blanche hearings will test senators’ commitment to the rule of law- The Guardian
What would Republicans say if a Democrat President, while President, filed a lawsuit against the IRS regarding the unauthorized disclosure of tax returns by an independent IRS contractor with the suit filed after the statute of limitations expired and then had his former attorney, purportedly acting as the U.S. Attorney General, sign off on a settlement agreement using almost $1.8B of taxpayer money to pay some people convicted of, or plead guilty to crimes, or charged with crimes, and provide the Democrat President, his family and related or controlled entities freedom from IRS audits forever, with the other DOJ lawyer involved in that "settlement" having represented potential beneficiaries of the $1.8 billion grant. They would not be silent as they are now. Do they view themselves as hypocrites?
Republicans in Congress refused to block this abomination. Senate Republicans narrowly block bid to bar Trump’s $1.8bn fund to pay allies-The Guardian
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Republican Priorities for the Midterm Elections as Established by their unchallengeable Dear Leader:
Trump has stated several times recently that his number #1 priority is the passage of the Save Republicans from Ever Losing Elections Again Act.
His #2 priority is to convince a few more people that the 2020 election was stolen from him.
His #3 priority is to convince the public that vandals created "criminally made algae" and tore up the reflecting pool. Trump claims ‘criminally made algae is gone’ from Reflecting Pool
His #4 priority is to build a ballroom using about $1B of taxpayer money while denying that he has made that request.Breakdown of $1 billion request for Trump's White House ballroom project - ABC News
His #5 priority, which is arguably #1, is make as much money as possible for himself and his family before leaving office even if that means his gullible followers lose billions. Trump memecoin investors lost $3.8 billion, analysis finds | TechCrunch; 'Amazing': Nobel-winning economist floored as data shows how many 'suckers' Trump fleeced - Raw Story; Trump Meme Coin Price Chart - CoinMarketCap; Trump took in about $1.2 billion from crypto businesses last year, financial disclosure shows
Kash Patel ordered the FBI to send more than 250 more people to look at Fulton County's 2020 election records. FBI directs hundreds of analysts to examine 2020 election records • Georgia Recorder (7/2/26) This is a top priority for Director Patel, meaning that is what Trump told him to do. Two FBI analysts have been FIRED after refusing to take part in the Trump administration’s investigation into the 2020 election results in Georgia
Trump says that he is going to address the nation in prime time to discuss recently declassified "intelligence" about interference in the 2020 election. Donald Trump to Hijack Primetime TV to Peddle Crackpot Voting Claims Trump installed his totally unqualified henchman Bill Pulte as Director of National Intelligence to find anything that Trump could misuse as supporting his claims about the 2020 election. Bill Pulte assumes role of US acting director of national intelligence
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More ICE Killings:
Man fatally shot by ICE in Maine was not intended target of warrant, lawmakers say - CBS News ICE agents, who were not wearing body cameras, shot 4 bullets through the windshield with at least one bullet hitting the driver in the head, who according to reports had a valid work permit and SS number. Trump's DHS and FBI will investigate in the same way that they have conducted "investigations" of other ICE killings. The conclusion reached by "investigation", irrespective of the contradictory evidence, will probably be that the officers fired in self defense after being attacked by the car.
That claim is the go to conclusion of all ICE shooting "investigations" by Trump's DHS and the FBI. It does not matter that witnesses tell a different story. Witnesses dispute ICE's account of deadly shooting of Mexican man - CBS News
What to know about the fatal shooting of Lorenzo Salgado Araujo by ICE | PBS News
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1. Eliminated JRI - Sold 100+ at $13.07 - Vanguard Account:
Quote: Nuveen Real Asset Income and Growth Fund (JRI) at Google Finance - A Leveraged Balanced CEF
Proceeds: $1,308.5
Sponsor's website: Nuveen Real Asset Income and Growth Fund
Last Discussed: Item # 1.H. Pared JRI in Vanguard Account - Sold 10 at $13.14 (5/22/26 Post)(profit snapshot = $35.5); Item # 2.G. Sold Highest Cost 10 JRI Shares at $13.18 (3/9/26 Post)(profit snapshot $35.44)
Nuveen Real Asset Income and Growth (JRI) Portfolio | Morningstar Lists top 25 holdings. The fund is unrated by Morningstar.
Nuveen Real Asset Income and Growth (JRI) Performance | Morningstar
As of 5/31/26, the fund reported an effective leverage at 31.52%. The fund reported owning 454 securities.
Asset Allocation as of 5/31/26:
SEC Filing Holdings as of 3/31/26 Leverage was then at 39.6%, page 10.
NSEC Filed 2025 Annual ReportAuveen Real Asset Income and Growth Fund - SEC Filed 2025 Annual Report. The JRI holdings list starts at page 57. The report includes several CEFs.
The fund has tax loss carryforwards and uses some of them to offset income that leads to a higher ROC support for the dividends:
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| Page 91 Annual Report |
Leveraged: Yes with the borrowings priced at a .6% spread to Daily SOFR, page 93. The 2025 average interest rate was 4.95%.
The bond part portfolio of the portfolio is primarily a mixture of low investment grade and junk rated bonds.
Profit Snapshot: $448.92 (7/6/26 sale only)
To capture all of the numbers in 1 snapshot, I had to significantly reduce the font size.
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)Item # 1.G. Added to JRI-Bought 10 at $11.8; 10 at $11.66 (8/1/20 Post); Item # 1.C. Added 5 JRI at $8.95; 10 at $8.09; 10 at $10.16; 10 at $10.66 (5/16/20 Post) All of those shares were sold at profit based on their original cost numbers.
Dividend: Monthly at $.1335 per share ($1.602 annually)
Heavy ROC Support.
At a $13.07 price, the dividend yield is 12.26%.
Last Ex Dividend: 6/15/26
Data Date of 7/6/26 Trade:
Closing Net Asset value per share: $13.55
Closing Market Price: $13.11
Discount: -3.85%
Average 3 Year Discount: -6.89%
Sourced: JRI-CEF Connect (Click "Pricing Information" Tab)
The goal is to realize any total return prior to ROC adjustments to the cost basis in excess of the dividend yield.
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.
Two other red flags for this CEF are the significant realized loss carryforwards and the relatively low dollar amount of net unrealized appreciation as of 3/31/26.
JRI Realized Gains to Date: $1,495.67
2. Canadian Reset Equity Preferred Stock:
A. Pared PPLPRC:CA - Sold 50 at C$25.35 (IB C$1 Commission):
Proceeds: C$1,266.5 after IB C$1 commission.
I have been selling my highest cost shares periodically.
Issuer: Pembina Pipeline Corp (PBA) at Google Finance (USD priced shares) - Canadian Energy Infrastructure
Last PBA Discussion: Item # 3.P. Pared PBA - Sold 2 at $36.17 (2/25/25 Post)(contains links to prior sell discussions)
Common Stock PBA realized gains to date: $2,205.42
I still have a small ball position in the USD priced common shares (20 shares with an average cost per share at $29.99)
Profit Snapshot: C$470.5
Last Discussed: Item # 2.A. Pared PPLPRC:CA - Sold 50 at C$25.2 (4/18/26 Post)(profit snapshot = C$418.5)
Par Value: C$25
Coupon Reset: The coupon reset effective 3/1/24 at a 2.6% spread to the 5 year Canadian bond yield of 3.419%. Press Release
Current Coupon: 6.019%
Coupon remains in effect to, but excluding 3/1/2029. As the reset date approaches, the price will be positively or negatively impacted by investor opinions about the likely reset rate.
The security can be called only on reset dates.
Par Value: C$25
Dividends: Paid quarterly and cumulative
Position in the Capital Structure: Senior only to the common stock and junior to all debt.
Last Buy Discussions: Item # 1.A. Added 100 PPLPRC:CA at C$16.8 (6/24/23 Post); Item # 2.B. Bought 100 PPLPRC:CA at C$15.88 (3/7/20 Post); Item # 1. Bought 50 PPLPRC at C$15.8 (7/3/19 Post); Item # 1.B. Bought 50 PPLPRC:CA at C$17.23 (5/25/19 Post); Item # 1.A. Bought 100 PPL.PRC:CA at C$17.7 (3/23/19 Post)
New Average cost per share: C$15.89 (100 shares)
Dividend Yield at C$15.89: 9.47%
Computation: .06019% coupon x C$25 par value = C$1.50475 annual dividend per share ÷ C$15.89 average cost per share = 9.4698%
PPL.PR.C:CA Dividend History & Date | Seeking Alpha
Prior Sell Discussions: Item # 5.A. Pared PPLPRC:CA - Sold 50 at C$23.85 (6/26/25 Post (profit snapshot = C$356); Item # 2.A. Sold 50 PPLPRC:CA at C$22.15 (5/30/25 Post)(profit snapshot C$244); Item # 1. Sold 100 PPLPRC:CA at C$22.1 (1/15/25 Post)(profit snapshot = +C$436); Item # 2.B. Sold 100 PPLPRC:CA at C$21.64 (6/1/17 Post)(profit snapshot = C$496)
PPL.PRC:CA Realized Gains to Date: +C$2,421
Other PPL Reset Equity Preferred Trades Realized Gains: +C$565
See snapshots in Item # 2.A.
3. Small Ball Stock Sales:
Pares involve selling my highest cost shares using whatever cost method accomplishes that result.
A. Pared IBRX - Sold 30 at $9.51+:
Quote: Immunitybio Inc (IBRX) at Google Finance
Proceeds: $285.43
I mentioned this pare in a comment published on 7/2/26.
Website: Immunotherapy by ImmunityBio - Cancer Vaccine Research
Immunotherapy Clinical Trials Pipeline - ImmunityBio
The company has one approved drug: FDA-approved Immunotherapy Treatment for NMIBC CIS - ANKTIVA®
Investment Category: Lottery Ticket
Last Discussed: Item # 1.M. Sold 5 IBRX at 8 (2/23/26 Post)(profit snapshot = $27.25). I discussed the 2025 4th quarter report in that post. ImmunityBio Reports 700% Year-Over-Year Revenue Growth, Expanded ANKTIVA® Approvals in Lung Cancer and Global Commercial Partnerships in 33 Countries with Label Expansion Plans Globally
I discussed the 2025 third quarter report in this post. Item # 5.C. Pared IBRX - Sold 10 at $5.22; 5 at $6.85 (1/21/26 Post)(profit snapshot = $43.05).
Last Buy Discussion: Item # 1.M. Bought 25 IBRX at $2.56; 10 at $2.25 (8/26/25 Post) I apparently did not discuss the small lot purchases made thereafter at lower prices.
Profit Snapshot: $208.85
New Average cost per share: $2.15 (20 shares)
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| Snapshot after pare |
Dividend: None and none expected.
Last Loss Report ( Q/E 3/31/26):
Revenue: $42M
Loss from operations: $62.971M
Net Loss of $632.797M or ($.62 per share). Of that amount, $530.930M was due to changes in fair values of warrants and derivative liabilities and a related party convertible note.
As of 3/31/26, the company had an accumulated deficit of $4.4B. 10-Q at page 11
Shares Outstanding: 1.0286+ BILLION, up from 853.162M as of 3/31/25
Cash, cash equivalents and marketable securities: $380.879M. Trials are expensive and this will not last long.
My main problems with this stock are the GAAP losses and the number of shares outstanding, reported almost 1.03B as of 3/31/26, which becomes more important when and if the company becomes profitable. If that happens, what will be the E.P.S. given the number of shares. I believe more shares will be offered to fund ongoing clinical trials.
Other issues involve the debt outstanding (page 29 10-Q discusses convertible debt); the use of revenue interest purchase agreements to finance operations (see pages 26-27, 10-Q); and the usual uncertainties about whether pipeline drugs will be successful in trials, receive regulatory approvals and then provide good returns on investment. Investors seem more confident now that Anktiva will probably receive regulatory approval for a new indication. ImmunityBio Announces FDA Acceptance of Supplemental BLA for ANKTIVA® Plus BCG in BCG-Unresponsive Non-Muscle Invasive Bladder Cancer with Papillary Disease; PDUFA Date Set for January 6, 2027 Doubts about the prospects drove the price down to $2.07 per share in May 2025. ImmunityBio Requests an Urgent Meeting With FDA to Address the Change in the Agency’s Unambiguous Guidance on Jan 2025 to Submit a sBLA for NMIBC BCG Unresponsive Papillary Disease, Following an Inconsistent Refusal to File Letter on May 2, 2025 - ImmunityBio
Taking into account that I am ignorant about what the IBRX products, reading their press releases which I have done does not make me an informed investor, my gut has informed me that there is a possibility that the company could become a 5 or 10 bagger. Maybe I will ride 20 shares for an extended period to see whether nor not that actually happens.
B. Pared CTO in Schwab Account Again - Sold 15 at $21.56+:
Quote: CTO Realty Growth (CTO) at Zacks - A Micro Cap REIT
Proceeds: $323.47
Management: External
CTO Realty SEC Filed 2025 Annual Report
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: CTO Realty Growth, Inc.
Property Portfolio — CTO Realty Growth, Inc.
Last Buy Discussions: Item #3.E. Added to CTO in Fidelity Account - Bought 5 at $16.89 (8/26/25 Post); Item # 3.G. Added to CTO in Schwab Account - Bought 5 at $16.59 (8/19/25 Post); Item # 1.B. Added to CTO - Bought 5 in Schwab Account at $17.13 (5/10/24 Post)
Last Discussed: Item # 1.K. Pared CTO in Fidelity Account - Sold 5 at $20.83 and Item # 1.L. Pared CTO in Schwab Account - Sold 5 at $20.89 (6/25/26 Post)(profit snapshots = $38.31); Item # 2.C. Pared CTO in Schwab Account - Sold 10 at $2035 and Item # 2.D. Sold 5 CTO in Fidelity Account at $20.36+ (6/4/26 Post)(profit snapshot = $48.75)
Profit Snapshot: $68.41
This is the largest gain from a single transaction. This REIT has an erratic chart over the past 5 years, a roller coaster moving mostly in at $16-$22 price channel:
New average cost per share this account: $16.45 (50+ shares)
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| Snapshot after pare/Closing Price as of 7/2/26 |
Reduced from $16.58
Dividend: Quarterly at $.38 per share ($1.52 annually)
CTO Dividend History & Date | Seeking Alpha
Tax Information - CTO Realty Growth (immaterial ROC adjustments in 2024 and 2025)
Yield at New AC this account: 9.24%
Last Ex Dividend: 6/11/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post and have nothing further to add here: Item # 1.I. Pared CTO in Fidelity Account - Sold 5 at $20.35 (5/9/26 Post)(profit snapshot = $17.11); SEC Filed Press Release
Some Other Sell Discussions: Item # 1.O. Pared CTO in Schwab Account - Sold 3 at $19.01; 2 at $20 (2/23/26 Post)(profit snapshots = $9.59, discussed the 2025 4th quarter report in that post. SEC Filed Press Release and SEC Filed Supplemental); Item # 1.I. Pared Duplicate CTO Position in Schwab account - Sold 3 at $18.32 (2/11/26 Post)(profit snapshot = $2.5); Item # 3.B. Pared CTO in Schwab Account - Sold 8 at $20.52 (12/26/24 Post)(profit snapshot = $15.68); Item # 2.A. Pared CTO in Schwab Account - Sold 13 at $20.37 (12/12/24 Post)(profit snapshot = $12.89); Item # 3.H. Sold 10 CTO at $19.72 (11/7/24 Post)(loss snapshot = -$13.48)
CTO Equity Preferred Stock: I also own the $25 par value equity preferred stock, CTO-PA, that has a 6.375% coupon. My AC per share is $18.89. {Last Discussed: Item #2.C. Added to CTOPRA - Bought 3 at $17.77 (11/11/23 Post); Item # 1.A. Bought 5 CTOPRA at $18.5; 2 at $17.8 (9/30/23 Post)}
Goal: Any total return before ROC adjustments to the tax cost basis + the dividend which has been achieved so far on a net basis.
CTO Net Realized Gain to Date: $236.75 (includes minor RI gains)
C. Pared BNL Again in Schwab Account - Sold 10 at $21.84:
Quote: Broadstone Net Lease Inc (BNL) at Google Finance
Proceeds: $218.44
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)
New Average cost per share this account: $13.78 (70+ shares)
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| Snapshot after pare/Closing Price as of 7/8/26 |
Reduced from $13.83.
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
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post. Item # 1.I. Pared BNL Again - Sold 10 at $19.97 (5/22/26 Post); SEC Filed Press Release and Supplemental
Other Sell Discussions: 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)
D. Eliminated TY - Sold 16 at $34.9:
Quote: Tri-Continental Corp (TY) - Google Finance - A Balanced CEF
Proceeds: $558.39
Tri-Continental Corporation (TY) Page at Morningstar Currently rated 3 stars, down from 4 stars when I last discussed this fund.
Tri-Continental Corporation (TY) Portfolio | Morningstar List top 23 holdings (accessible to non-subscribers)
Tri-Continental Corporation (TY) Performance | Morningstar Through 7/8/26, the average annual total return over 3 years was 19.25%; 11.09% for 5 years; 14.15% for 10 years; and 12.84% for 15 years. Total returns include dividend reinvestments.
SEC Filings: Holding as of 3/31/26 (Portfolio: 67.6% common stocks; 13% convertible bonds and convertible preferred stocks; 20.1% bonds; the remainder in MM fund, preferred stocks and debt. Cost of investments was then at $1.55+B with the value at $1.9215+B)
Sponsor's website: Tri-Continental Corporation
Top 10 Holdings as of 6/31/26:
TY is one of the few CEFs that were formed prior to the October 2029 stock market crash and the ensuing Great Depression that survived. The leveraged CEFs did not survive. The bankruptcy of leveraged CEFs is discussed in John Kenneth Galbraith's book, The Great Crash 1929, which I recommend reading. Some of the highly leveraged CEFs that only owned other highly leveraged CEFs did not last long after the October 1929 crash.
This stock CEF's total return will normally be based on harvesting the regular dividends and the year end capital gain distribution. The 5 shares bought on 10/3/25 generated $3.43 per share in dividends. TY Dividend History & Date | Seeking Alpha The other 11 shares were bought after the year end 2025 ex dividend dates (regular and special) and generated $1.11 per share in dividends. While I want to realize a profit on selling the shares, the primary objective is to harvest the dividends and then wait for another entry point. This is another example of small ball trading that I do.
Profit Snapshot: $28.28
Last Discussed: Item # 1.A. Added 10 TY at $32.65 (1/8/26 Post); Item # 1.G. Bought 5 TY at $34.2 (10/11/25 Post)
Prior 2 Eliminations: Item # 1.E. Eliminated TY Sold 15 at $33.8 (11/14/24 Post)(profit snapshot = $97.64); Item # 3.H. Eliminated TY - Sold 10 at $33.5 (5/14/21 Post)(profit snapshot = $106.15)
Leveraged: Slightly at less than 2% with a low coupon preferred stock which is publicly traded: Tri-Continental Corp. $2.50 Cumulative Preferred Stock (TY.PR)(par value is $50 and a 5% coupon)
E. Eliminated BMRN - Sold 3 at $58.06+:
Proceeds: $174.2
BMRN - Detailed Earnings Estimates - Zacks.com
Products | BioMarin (8 FDA approved)
Last Discussed: Item #1.N. Eliminated Duplicate Position in BMRN - Sold 3 at $60.17 in Schwab Account (2/23/26 Post)(profit snapshot = $5.09)-Item # 3.I. Restarted BMRN in Schwab Account - Bought 2 at $59.22; 1 at $57.2 (8/19/25 Post)
I have not been able to hold onto this stock for long. The primary reason is the stock chart which shows no signs yet that a bear market will end IMO.
There is also some concerns about actual or potential competition for BMRN's best selling drug Voxzogo, a major BMRN product that addresses a genetic disorder responsible for dwarfism. One of the competing drugs, is offered by Ascendis Pharma which recently received FDA approval.FDA Approves Once-Weekly YUVIWEL® (navepegritide) for Children with Achondroplasia Aged 2 Years and Older (2/27/26). BridgeBio also has a competing drug. BridgeBio Reports Positive Phase 3 Topline Results for Oral Infigratinib with the First Statistically Significant Improvements in Body Proportionality in Achondroplasia (2/12/26)
One of reasons for initially buying shares was the gene therapy Roctavian "designed to restore factor VIII plasma concentrations in patients with severe hemophilia A". 2024 BMRN Annual Report at page 7 I previously noted that the revenues for this therapy were extremely disappointing. BMRN has not abandoned the product. BioMarin Voluntarily Withdraws ROCTAVIAN® from the Market (2/23/26). That withdrawal required the company to take a $240M charge. BioMarin pulls gene therapy Roctavian off the market - Taking $240M - Fierce Pharma
There was a positive stock price reaction to this news but the subsequent trend higher is off a 1 year low near $49: BioMarin Announces Positive Phase 3 Pivotal Study Results for VOXZOGO® (vosoritide) in Children with Hypochondroplasia (5/20/26) A Waterfall decline started near $67 in late February, bottoming last May after this announcement.
BioMarin Completes Acquisition of Amicus Therapeutics (4/27/26); BioMarin to Acquire Amicus Therapeutics (FOLD) for $4.8 Billion, Expanding Position as a Leader in Rare Diseases, Accelerating Revenue Growth and Strengthening Financial Outlook (12/19/25) I did own Amicus when this acquisition was announced and sold my Lotto position in response. Item # 5.A. Eliminated FOLD - Sold 10 at $14.25 (1/8/26 Post)(profit snapshot = $62.81, bringing my realized gains up to $488.79)
Profit Snapshot: $9.04
Dividend: None and none expected.
Last Earnings Report (Q/E 3/31/26):
Snapshot Includes Revenue by Product:
Total Revenues: $766M, up from $745 (just 3%). Of the total $220M came from Voxzogo.
GAAP E.P.S. $.54, down from $.95
Non-GAAP E.P.S. $.76, down from $1.13 (Consensus at $.91)
A manufacturing charge for Naglazyme reduced earnings by 12 cents with integration charges related to the Amicus acquisition impacting E.P.S. by $.07.
Reconciliation:
Full Year 2026 Guidance: Non-GAAP E.P.S. of $4.85-$5.05, revised down from $4.95-$5.15
Prior Eliminations: Item # 3.K. Eliminated BMRN - Sold 2+ at $94.94 - Fidelity Account (8/16/22 Post)(profit snapshot = $44.18); Item # 2.C. Eliminated BMRN in Vanguard and Schwab Account - Sold 2 at $89.25 and 2 at $89.2 (7/20/22 Post)(profit snapshot = $47.7)
Analyst Reports (available to Schwab customers):
Morningstar (5/22/25): 4 stars with a fair value estimate of $90, high uncertainty and a narrow moat.
S&P (5/5/26): 4 stars with a 12 month PT of $75
F. Pared GTY Again in Fidelity Account - Sold 5 at $34.44:
Quote: Getty Realty Corp (GTY) at Google Finance - Net Lease REIT
Proceeds: $172.2
As of 3/31/26, GTY's property portfolio included "convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), drive-thru quick service restaurants, and certain other freestanding retail properties." The company owned
Substantially all properties are leased on a triple-net basis to tenants who are "responsible for the payment of all taxes, maintenance, repairs, insurance and other operating expenses relating to (GTY's) properties, and are also responsible for environmental contamination occurring during the terms of their leases and in certain cases also for environmental contamination that existed before their leases commenced."
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
SEC Filed 2025 Annual Report As previously discussed, GTY has some environmental issues, see pages 26-28. One issue is whether GTY, as an owner of gas stations, is responsible for alleged MTBE contamination of the groundwater and private wells. MTBE (Methyl tert-butyl ether) was an additive to gasoline that was phased out in the U.S. in 2005. MTBE increased octane levels and reduced tailpipe emissions. The litigation was brought by Pennsylvania and Maryland against 50 or so companies. I am not able to assess whether the potential environmental liabilities will exceed the reserves already taken by GTY.
Last Buy Discussions: Item # 1.F. Added to GTY in Schwab Account - Bought 2 at $27.85; 3 at $27.85 (1/1/26 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post); Item # 1.B. Added to GTY in Fidelity Account - Bought 5 at $25.97; 5 at $25.55 (10/18/25 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post)
Last Discussed: Item # 1.C. Pared GTY in Schwab Account - Sold 5 at $33.53 and Item # 1.D. Paread GTY in Fidelity Account - Sold 5 at $33.94 (4/18/26 Post)(profit snapshots = $59.09)
Last Elimination: Item # 3.A. Eliminated GTY - Sold 5 at $35.65 and 20 at $35.69 (1/3/23 Post)(profit snapshot = $211.35)
Profit Snapshot: $36.07 (7/7/26 sale only)
New average cost per share this account: $26.41 (20+ shares)
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| Snapshot Intraday 7/7/26 after pare |
Reduced from $26.66.
Dividend: Quarterly at $.485 per share ($1.94 annually)
GTY Dividend History & Date | Seeking Alpha
I am no longer reinvesting the dividend.
Yield at $26.41:
Last Ex Dividend:
Last Earnings Report (Q/E 3/31/26):
Comparisons are to the the 2025 first quarter.
Revenues: $57.844M, up from $52.33M
GAAP E.P.S. = $.43, up from $.25
FFO per share: $.69, up from $.56
AFFO per share: $.63, up from $.59
Reconciliation:
Other Sell Discussions: Item # 3.B. Pared GTY in Schwab Account - Sold 6 GTY at $32.2 (4/4/26 Post)(profit snapshot = $23.64); Item # 1.I. Pared GTY in Fidelity Account - Sold 5 at $32.7 (2/17/26 Post)(discussed the 2025 4th quarter report, SEC Filed Press Release); Item # 1.H. Pared GTY - Sold 5 at $31.33 - Highest Cost Lot in Schwab Account (2/11/26 Post)(profit snapshot = $8.18)
G. Eliminated FMS - Sold 5+ at $24.28+:
Proceeds: $121.43
FMS is based in Germany.
Quote for Ordinary Shares: Fresenius SE & Co. KGaA (FRE.DE)
ADR Ratio: 2 ADRs = 1 Ordinary Share Priced in Euros. ADR program | Fresenius Medical Care
FMS SEC Filings (foreign issuer forms)
Last Discussed: Item #1.I. Pared FMS - Sold 5 at $23.02 (6/25/26 Post)(profit snapshot $3.3)
FMS Dividend History & Date | Seeking Alpha
Tax Treaty Maximum Rate for a U.S. citizens: 15%
26+% was withheld which indicates that Schwab did not assert my treaty right to no more than a 15% tax "at the source". It is possible that Schwab may make a claim for a refund but this is not likely. This reduces the appeal of the stock to me. I will be able to claim a foreign tax record for most of the dividend tax, but not all due to my tax bracket. It is complicated.
Last Ex Dividend: 5/22/26 (owned 10 shares as of)
Profit Snapshot: $21.03
Last Earnings Report: (Q/E 3/31/26): I discussed this report in a recent post: Item # 3.B. Added to FMS - Bought 5 at $20.08 (5/15/26 Post); SEC Filed Financial Report
My consider to buy price is <$20 now, preferably within a few weeks of the next annual dividend date. I will use a dividend harvest type strategy for companies that pay annual dividends.
The appeal of this stock is low based on recent earnings reports and an unfavorable looking chart.
H. Eliminated SCM - Sold 10 at $8.1:
Quote: Stellus Capital Investment Corp (SCM) at Google Finance - Externally Managed BDC
Proceeds: $81
Website: Stellus Capital Management
SCM SEC Filed 2025 Annual Report (Risk factor summary starts at page 34 and ends at page 68)
When I last looked at this externally managed BDC, I reacted negatively to the percentage of non-performing loans to total loans . It took too long to find the last reported NPL ratio which was not disclosed in the earnings press release. The number was buried deep in the 10-Q: "As of March 31, 2026, the Company had loans to
Another negative factor was a decline in net investment income per share to $.26, down from $.35 in the Q/E 3/31/25. NII per share is below the quarterly dividend of $.34 which is paid in monthly installments.
In short, I spent too much time researching the current status of this BDC which, along with the other factors discussed above, resulted in eliminating this 10 share position.
Profit Snapshot:$18.64
Dividend: Monthly at $.1333 per share ($1.6 annually)
SCM Dividend History & Date | Seeking Alpha
Last Ex Dividend: 6/30/26
Net Asset value per share history:
3/31/25: $12.54 (10-Q at page 1)
12/31/25: #12.82
6/30/25: $13.21
12/31/24: $13.46
9/30/24: $13.55
12/31/23: $13.26
12/31/22: $14.02
9/30/22: $14.18 10-Q for the Q/E 9/30/22 at page 1
6/30/22: $14.32 10-Q for the Q/E 6/30/22
12/31/21: $14.61
9/30/21: $14.15
6/30/21: $14.07
3/31/21: $14.03 10-Q for the Q/E 3/31/21 at page 3
12/31/20: $14.03 10-K at page 74
12/31/19: $14.14
12/31/18: $14.09
12/31/17: $13.81
12/31/16 $13.69
12/31/15: $13.19
12/31/14: $13.94
12/31/13: $14.54
November 2012: IPO at $15 ($14.46 after underwriters discount)
Other Sell Discussions: Item # 1.A. Pared SCM Again - Sold 10 at $14.78 (9/13/25 Post)(profit snapshot = $73.95, noted a decline in NII per share to $.34, from $.48 and a NPL ratio based on cost at 8.3%); Item # 1.N. Pared SCM - Sold 5 at $14 (4/4/25 Post)(profit snapshot = $32.15); Item # 3.B. Pared SCM - Sold 5 at $14.76 (1/29/25 Post)(profit snapshot = $36.15); Item # 3.B. Pared SCM - Sold 5 at $14.76 WU (profit snapshot = $36.15); Item # 2.B. Eliminated SCM in Vanguard Taxable Account Sold 30 at $15.36 and Item # 2.C. Eliminated SCM in Schwab Account-Sold 10 at $15.55 (2/20/23 Post)(profit snapshots = $310.04); Item # 3.C. Pared SCM in Fidelity Account - Sold 5 at $13.89 (8/23/22 Post)(profit snapshot = $28.69); Item 2.L. Pared SCM in Fidelity Taxable Account-Sold 5 at $14 (12/3/21 Post)(profit snapshot = $30.75); Item # 2.B. Sold 8.558 SCM shares at $13.19 (8/27/21 Post)(profit snapshot = $45.73); Item # 2.G. Pared SCM in Vanguard Taxable-Sold 10 at $13.2 (6/19/21 Post)(profit snapshot = $11.33); Item # 1.C. Pared SCM in Fidelity Taxable -Sold 13 at $12.46 and 13+ at $13.25 (4/17/21 Post)(profit snapshot = $69.04); Item # 1.F. Pared SCM in Fidelity Taxable-Sold 20 at $11.08 and Item #1.G. Pared SCM in Vanguard Taxable-Sold 20 at $11.17 (12/19/20 Post)(profit snapshots = $14.23); Item # 3 Sold 50 SCM at $13.72 (9/21/19 Post)(eliminating position as of that date; profit snapshot = $3.75); Item # 1.I. Sold 20 SCM at $7.61 (8/22/20 Post)(contains snapshots of prior trades; profit snapshot = $10.84); Item # 1.B. Sold 32+ SCM at $14.22-Used Commission Free Trade (2/2/19 Post)(profit snapshot = $78.09); Item # 1.A. Sold Highest Cost Lot-50 Shares at $12.63 (5/3/18 Post)(profit snapshot = $34.24); Item 2.B. Sold 100 SCM at $14.23 (2/27/17 Post)(profit snapshot=$285.96); Item # 2 Sold 100 SCM at $13.02 (1/12/17 Post)(profit snapshot= $141.96)
SCM Realized Gains to Date: $1,292.26
I. Pared MAA in Schwab Account Again - Sold 1 at $143.93:
Quote: Mid-America Apartment Communities Inc (MAA) at Google Finance - Large Apartment REIT and a S&P 500 component.
Proceeds: $143.93
"As of March 31, 2026, MAA had ownership interest in 104,629 apartment units, including communities in development, across 16 states and the District of Columbia."
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: MAA - Apartment Communities in the Southeast & Southwest
Last Buy Discussion: Item # 2.E. Added to MAA - Bought 1 at $121.3 (4/4/26 Post)
Last Elimination: Item # 1.E. Eliminated MAA - Sold 5 at $169.88 (3/18/25 Post)(profit snapshot = $222.26)(discussed the 2025 4th quarter report, SEC Filed Report) I discuss in that post some trends that may improve the AFFO of Apartment REITs but it is too soon to make a call.
Profit Snapshot: $8.93
New average cost per share this account: $128.88 (9+ shares)
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| Snapshot Intraday on 7/7/26 after pare |
Reduced from $129.28
Dividend: Quarterly at $1.53 per share ($6.12 annually), last raised from $1.515 effective for the 2026 first quarter payment. The quarterly rate in the 2016 third quarter was at $.82
MAA Dividend History & Date | Seeking Alpha
Yield at $128.88: 4.75%
Last Ex Dividend: 7/15/26
Last Earnings Report (Q/E 3/31/26): I did not have a positive reaction to this report which I discussed in a recent post: Item # 1.D. Pared MAA in Schwab Account - Sold 2 at $139.33 (6/25/26 Post)(profit snapshot = $2.65) I consequently was looking for an opportunity to pare my position.
SU Bonds: I own 6.
Stacked as Follows:
2 of the 3.6% SU Maturing on 6/1/27, Bond Page | FINRA.org
2 of the 4.2% SU Maturing on 6/15/28, Bond Page | FINRA.org
2 of the 3.95% SU Maturing on 3/15/29, Bond Page | FINRA.org
J. Pared Duplicate WEN Position (Fidelity Account) at the Prices Indicated Below:
Profit Snapshot: $10.12
 |
| 20+ Shares |
Quote: Wendy's Co (WEN) at Google Finance
Proceeds: $179.62
I pare my position by selling into a meme rally that was apparently started in the Reddit "Wallstreebets" forum according to news reports. I had never heard of that forum prior to reading the news article linking a recommendation there to a temporary pop in WEN.
I view this stock to be a potential turnaround play but it is far from certain whether that will happen. I will consequently engage in small ball trading where I sell the rips and buy the dips, but my overall exposure will probably not exceed $1,000 given my assessments of the risks which includes the possibility that efforts to rejuvenate earnings and revenues will not be successful. The time frame for evaluating whether a successful turnaround is happening is not in months from now but in 1 to 2 years.
WEN Detailed Earnings Estimates - Zacks.com As of 7/10/26, the average 2026 E.P.S. estimate was at $.58 and at $.63 in 2027.
Investment Categories: Lottery Ticket and Bond Substitute
The Bond Substitute category merely defines the objective and nothing more, which is a realized annual average total return of at least 2% higher than the dividend yield. This category does not say anything about the dividend's safety. The dividend was recently cut as noted below and may be cut again without an improvement in earnings.
Last Discussed: Item # 1.A. Added to Falling Knife WEN in Schwab Account - Bought 10 at $7.78; 10 at $7.65 (2/4/26 Post)
New average cost per share this account: $7.26 (19+ shares)
 |
| Snapshot after pares/Closing Price as of 7/8/26 |
Reduced from $7.89.
Dividend: Quarterly at $.14 per share ($.56 annually), slashed from $.25 effective for the 2025 second quarter payment. The dividend was too high given the E.P.S. numbers and remains so IMO even at $.14.
WEN Stock Dividend History & Date | Seeking Alpha
Yield at $7.26: 7.71%
Last Ex Dividend: 6/1/26
Last Earnings Report (Q/E 3/29/26): SEC Filed Earnings Press Release
I had a negative reaction to this report, so I was waiting for an opportunity to sell my highest cost lots.
Comparisons are to the F/Q ending on 3/30/25.
Revenues: $540.637M, up from $523.472M
Adjusted Revenues: $432.296M, up from $423.112M
The adjustment is to deduct advertising revenues
Diluted E.P.S.: $.12, down from $.19
Adjusted E.P.S. at $.12, down from $.2
Free cash flow: $36.529M, down from $68.015M
K. Eliminated Duplicate Placeholder Position in Adobe (Fidelity Account) - Sold .956 at $227.17:
Adobe Inc (ADBE) at Google Finance
Profit Snapshot: $17.84
Proceeds: $217.17
ADBE Detailed Earnings Estimates - Zacks.com
SEC Filed Annual Report for the F/Y ending 11/28/25
I am not sure why I start Placeholder positions in two accounts. It just happens.
I have nothing to add to my recent discussions: Item # 4.C. Multiple $50 Purchases of ADBE in Schwab Account (7/8/26 Post); Item # 5. Started ADBE as a Placeholder - Bought 1 at $244.5 (6/4/26 Post)(discussed last earnings report, SEC Filed Press Release)
My approach will be to continue $50 purchases only in my Schwab account, provided each subsequent purchase is at the lowest price in the chain which is currently at $193.80.
3. Corporate Bonds:
Cost numbers are total cost after commissions.
A. Sold 2 MPLX LP 5.4% SU Maturing on 4/1/2035 at 100.206:
Issuer: MPLX LP (MPLX) at Google Finance
"MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins." The company operates as a subsidiary of Marathon Petroleum Corp (MPC) As of 3/31/26, MPC owned about 647 million MPLX common units. MPC 10-Q at page 30
I am switching out of the 2035 maturity into the MPLX SU that matures in 2028, discussed below, which reduces my interest rate risk slightly.
Price after $1 per bond commission: 100.106
Principal Proceeds (excludes accrued interest): $2,004.12
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
"Profit" Snapshot: $17.18
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B. Bought 2 MPLX LP 4% SU Maturing on 3/15/28 at a Total Cost of 99.294:
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Issuer MPLX LP | Google Finance
Cost: $1,985.88
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: 4.43%
Current Yield at TC: 4.028%
I now own 4.
Other MPLX Owned Bonds:
2 MPLX LP 4.25% SU Maturing on 12/1/27, Bond Page | FINRA.org, discussed at Item # 3.C. Bought 2 MPLX LP 4.25% SU Maturing on 12/1/27 at a Total Cost of 98.467 (2/10/25 Post)(YTM then at 4.83%)
C. Bought L3Harris 4.4% SU Maturing on 6/15/28 at a Total Cost of 99.872:
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Issuer: L3Harris Technologies (LHX)
Cost: $1,997.44
LHX SEC Filed Earnings Press Release for the Q/E 4/3/26 (revenue at $5.744B with net income reported at $512M)
10-Q Business segment information can be found at pages 8, 17-19.
LHX Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.468%
Current Yield at TC: 4.406%
D. Bought 2 Zoetis 3.9% SU Maturing on 8/20/28 at a Total Cost of 99.035:
Issuer: Zoetis (ZTS) at Zacks - An Animal Health Company
Cost: $1,980.7
ZTS Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 3/31/26 (revenues of $2.262B with net income reported at $601M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.375%
Current Yield at TC: 3.938%
E. Bought 2 Duke Energy Progress 3.7% First Mortgage Bonds Maturing on 9/1/28 at a Total Cost of 98.709:
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Issuer: A wholly owned operating subsidiary of the utility holding company Duke Energy (DUK)
Cost: $1,974.18
DUK Detailed Earnings Estimates - Zacks.com
DUK SEC Filed Earnings Report for the Q/E 3/31/26 Duke Energy Progress financial information starts at page 22 (revenue at $2.301B with net income at $354M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.327%
Current Yield at TC: 3.748%
I now own 4 bonds. I purchased 2 in February 2025 at 96.924 total cost and did not discuss that trade here:
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| Vanguard Account |
F. Bought 2 Hewlett Packard Enterprises 4.15% SU Maturing on 9/15/28 at a Total Cost of 99.19:
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Issuer: Hewlett Packard Enterprise Co (HPE) Google Finance
Cost: $1,983.8
HPE Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 4/30/26 (revenue at $10.678B with net income reported at $595M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.537%
Current Yield at TC: 4.184%
Other owned HPE SU Bonds:
2 of the 4.45% SU Maturing on 9/25/26, discussed at Item # 3.E. Bought 2 Hewlett Packard Enterprise 4.45% SU Maturing on 9/25/26 at a Total Cost of 99.514 (1/15/25 Post)(YTM then at 4.745%). I am replacing this bond prior to maturity with the 4.15% SU maturing in 2028)
2 of the 4.4% SU Maturing on 9/25/27, Bond Page | FINRA.org, recently purchased and discussed at Item # 2.A. (6/25/28 Post)
The Prospectus for the later two bonds was part of a $9B staggered SU bonds that were sold to finance the acquisition of Juniper Networks. That acquisition closed in July 2025. Hewlett Packard Enterprise closes acquisition of Juniper Networks to offer industry-leading comprehensive, cloud-native, AI-driven portfolio | HPE
Last HPE Bond Offering (3/26): Prospectus
G. Bought 2 Omnicom Group 4.2% SU Maturing on 3/2/29 at a Total Cost of 98.899:
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Issuer: Omnicom Group (OMC) at Zacks - Advertising
Cost: $1,977.98
OMC SEC Filed Earnings Report for the Q/E 3/31/26 (revenue of $6.2429B with net income reported at $405.2M)
OMC Detailed Earnings Estimates - Zacks.com
Omnicom Completes Acquisition of Interpublic, Forming the World’s Leading Marketing and Sales Company, Built for Intelligent Growth in the Next Era - Omnicom I own 2 SU bonds issued by Interpublic Group (4.65% coupon maturing on 10/1/28, which is now listed as an Omnicom obligation at page 11, 10-Q for the Q/E 3/31/26 and Prospectus
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.642%
Current Yield at TC: 4.247%
I am replacing 2 Omnicom SU bonds that matured earlier this year:
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H. Bought 1 BP Capital 3.937% SU Maturing on 9/21/28 at a Total Cost of $98.98:
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Issuer: Wholly owned by BP who guarantees the notes.
Cost: $989.8
First quarter 2026 results or SEC Filing
BP Detailed Earnings Estimates at Zacks.com
I recently eliminated my small ball common stock position. Item # 1.B. Eliminated BP - Sold 8 at $42.46 (6/4/26 Post)(profit snapshot = $100.39)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A-
YTM at Total Cost: 4.421%
Current Yield at TC: 3.978%
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Issuer: One of the wholly owned operating subsidiaries of Entergy (ETR)
Cost: $1,970
ETR Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 4.555%
Current Yield at TC: 3.502%
I now own 4 bonds.
J. Bought 2 NXP 4.3% SU Maturing on 8/19/28 at a Total Cost of 99.501:
%204.3%25%208:19:28%20.png)
Issuer: Wholly owned or indirect subsidiaries of NXP Semiconductors (NXPI)
Cost: $1,990.02
NXPI Detailed Earnings Estimates - Zacks.com
"The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by our parent company, NXP Semiconductors N.V. (the “Parent”). If we cannot make payments on the Notes when they are due, the Parent must make them instead."
NXPI Detailed Earnings Estimates - Zacks.com
NXPI SEC Filed Earnings Report for the Q/E 3/29/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.546%
Current Yield at TC: 4.322%
K. Bought 2 Duke Energy Carolinas 3.95% First Mortgage Bonds Maturing on 11/15/28 at a Total Cost of 99.067:
Issuer: One of the operating companies of the utility holding company Duke Energy Corp (DUK)
Cost: $1,981.34
DUK SEC Filed Earnings Report for the Q/E 3/31/26
DUK 10-Q for the Q/E 3/31/26 (see pages 14-17 for financial information on Duke Energy Carolinas; revenues at $2.776B with net income at $426M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.369%
Current Yield at TC: 3.987%
I now own 4.
4. Treasury Bills Purchased at Auction:
A. Bought 20 Treasury Bills at the 7/13/26 Auction:
182 Day Bills:
Matures on 1/14/27
Interest: $380.29
When held to maturity, the interest will be taxable to me in 2027. I am shifting more income in 2027 based on my current assessment of my 2026 marginal tax bracket.
Investment Rate: 3.992%
5. Treasury Notes Purchased in the Secondary Market:
No brokerage commissions are charged for these purchases.
A. Bought 1 T Note 4% Coupon Maturing on 2/29/28 at 99.734:
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I have only started to fill February 2028 with purchases.
YTM: 4.167%
B. Bought 1 T Note 3.75% Coupon Maturing on 4/15/28 at 99.2969:
YTM = 4.164%
6. Small Ball Common Stock Purchases:
A. Added to PFLT in Fidelity Account - Bought 5 at $7.5; 5 at $7.29:
Cost: $73.94
As I have discussed many times here, BDC stocks are in a world of hurt, and there is no indication IMO that this will end soon.
The primary systemic problems are variable rate loans repricing at lower coupons, significantly higher SU bond refinancing costs, significant increases in non-performing loans for many (occurring without a recession), widespread recent dividend cuts, forced liquidation of assets in private BDC companies to meet investor redemptions, bank lenders becoming more concerned about credit risks of BDC loans (cutting back on credit facilities), and concerns about loans made to software companies whose businesses may be harmed by AI developments.
I view these stocks as having high risks that are summarized in their Annual Reports. They are a disfavored niche stock category for me, but I will nonetheless attempt to profitably trade them with the goal being any return in excess of the dividend payments which are generally far higher than non-pass through companies.
Investment Categories: Lottery Ticket and Monthly Income Generation
Website: Home - PennantPark
SEC Filed Annual Report for the F/Y ending 9/30/25 (Summary of risk factors starts at page 18 and ends at page 37)
 |
| Snapshot Intraday on 6/30/26 after add |
Reduced from $8.72.
Dividend: Monthly at $.08 per share ($.96 annually), recently slashed from $.1025 effective for June 2026 monthly payment.
PFLT Dividend History & Date | Seeking Alpha
Yield at $8.41: 11.415%
Last Ex Dividend: 7/15/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post. Item # 6.B. Bought 5 PFLT at $7.96 (6/25/26 ), SEC Filed Press Release That post has a more detailed discussion, including the net asset value per share history and links to my prior trades. The net asset value per share was reported at $10.47 as of 3/31/26.
Last Bond Offering (5/26): Prospectus for $100M 7.375% SU Maturing in 2031. This is a $25 par value exchange traded bond. PFLA
6. Equity Preferred Stock:
A. Bought 5 FBRTPRE at $19.2:
Quote: Franklin BSP Realty Trust Inc 7.5% Preferred Stock Series E at Google Finance
Cost: $96
Last Discussed: Item # 6.A. Restarted FBRTPRE - Bought 5 at $20 (5/9/26 Post)
Issuer: Franklin BSP Realty Trust (FBRT) at - Zacks - Externally Managed Paper REIT
SEC Filed Earnings Press Release for the Q/E 3/31/26
SEC Filed 2025 Annual Report (Risk factor summary starts at page 6 and ends at page 23)
I discussed the last earnings report in my last post and my negative reaction to it. Item # 4.G. Added to Falling Knife FBRT - Bought 5 at $8.05 (7/8/26 Post)
Coupon: 7.5% paid on a $25 par value
Dividends: Paid quarterly, non-qualified and cumulative
Stopper Clause: Standard, enforces preferred stockholders superior claim to cash compared only to common share stockholders.
New Average cost per share: $19.6 (10 shares)
Reduced from $20.
Yield at $19.6: 9.566%
Computation: .075% coupon x. $25 par value = $1.875 annual per share dividend ÷ $19.6 total cost per share = 9.5663%.
Goal: Any profit before ROC adjustments + the dividends
Last Elimination: Item # 5.A. Eliminated FRBTPRE - Sold 20 at $21.45 (8/5/25 Post)(profit snapshot = $43.08)
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.
IBM $218.57 -71.79 - 24.72%
ReplyDeleteAs of 9:30 CST 7/14/26
https://www.google.com/finance/quote/IBM:NYSE
This kind of decline will happen when a company misses earnings estimates and issues guidance for the next quarter that calls into question the earnings growth trajectory built into the stock price.
IBM blamed the earnings miss and guidance on weakness in the IBM Z Mainframe business and its software, claiming customers shifted spending in June to servers, storage, and memory purchases in anticipation of price increases.
The warning about software is negatively impacting today the enterprise software stock sector.
I noted after publishing this post that I had not totaled the stock/stock realized gains. The number which I have added is $952.49.
ReplyDeleteMy next post will have a snapshot of an unusually large for me realized gain since I sold 100 shares of POW:CA, realized a gain of C$6,776. That is more than the small ball game that I am playing now.
PayPal Holdings Inc (PYPL)
ReplyDeletePre-Market $56.34 + $8.97 +18.93%
8:12 CST 6/15
https://www.google.com/finance/quote/PYPL:NASDAQ
PYPL has reportedly received a cash takeover offer of $60.5.
https://www.cnbc.com/2026/07/15/stripe-advent-offer-to-buy-paypal-for-more-than-53-billion-reuters.html
I recently started PYPL as a Placeholder and will probably sell today.
Placeholder positions just remind me, as I scroll through positions in an account, that I may buy more shares at lower prices or when earnings and revenues improve in a matter that is not built into the stock price. There was a lot of pessimism built into the price when I started a position at $40.86 - just a 2 share lot.
Item # 1.E.
June 18, 2026
https://tennesseeindependent.blogspot.com/2026/06/doc-fhb-fis-hiw-hr-kmb-nwbi-olp-pfs.html
PYPL is trading at $53.65 as of 8:50 CST, well below the cash offer price of $60.5, indicating skepticism that PYPL will accept the offer or whatever enhanced offer the buyers are willing to make.
Delete