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Dollar Value of Trades Discussed in this Post:
Inflow U.S. Common Stocks (Item # 4): $613.07
Outflow U.S. Common Stocks/Stock Funds (Item # 1): $2,801.27
Realized Gains Stocks/Stock Funds: $669.58
Net Outflow U.S. Stocks/Stock Funds: $2,188.2
Inflow Corporate Bonds (Item # 2): $21,000 in principal amount (total cost at $20,711.06)
Outflow Corporate Bonds: $2,001.06 (realized "profit" at $56) I do not count outflow in this section resulting from issuer redemptions which occur weekly but only when I sell a bond.
Treasury Bills Purchased at Auction (Item # 3): $10,000 in principal amount.
Inflow U.S. Equity Preferred Stocks (Item # 5): $178.72
Equity preferred stocks are senior only to common stocks in the capital structure.
Inflow Exchange Traded First Mortgage Bonds (Item # 6): $203.65
Tennessee Municipal Bond Called: $5,000 in principal amount.
Discussed at Item # 6.A. Bought 5 Rutherford County, TN. 3% GO Maturing on 4/1/2031 at a Total Cost of 98.55 (10/24/24 Post)
The Rutherford County TN GO bonds are rated AAA by S&P and Aaa by Moody's. That county borders Nashville/Davidson County and is part of the Greater Nashville Metropolitan Area. I still own 10 of the Rutherford County Water Revenue bonds, which are not rated by Moody's but have a AAA rating from S&P.
I own 10 GO bonds issued by Murfreesboro, TN, the County Seat of Rutherford County, that are rated Aa1/AA+. Murfreesboro TN - Google Images
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| Third Party Pricing as of 6/30/26 |
If I lived in a state with an income tax, I would be focusing on municipal bonds issued by entities located in that state.
I live in Tennessee that does not have a state income tax, so it makes no difference whether I buy a tax free bond issued by a Tennessee entity or one in the other 49 states. I buy the Tennessee municipal bonds since I am familiar with the territory and there are a significant number of bonds that have AA or better credit ratings, with many at AAA. I live in Brentwood, TN. located in Williamson County whose county seat is Franklin. All of those entities have AAA credit ratings. Franklin Tennessee Images- Google Search
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Economy:
Private payrolls rose by 98,000 in June, less than expected, ADP reports
Real GDP growth in the U.S. economy is currently dependent on AI spending and consumer spending by the top 20% in household incomes.
Some questions are being raised about the durability of AI related spending and the impact when such spending starts to significantly slow down. This spending is likely to remain robust through 2027 but may start to taper off late in 2027.
Real GDP for the 2026 first quarter was revised to 2.1% from the prior estimate of 1.6%. GDP (Third Estimate), Industries, Corporate Profits, State GDP, and State Personal Income, 1st Quarter 2026 | U.S. Bureau of Economic Analysis (BEA):
Note the decline in personal consumptions expenditures in the 2026 first quarter which was revised down to a .5% annual rate from the anemic 1.4% in the prior estimate :
A major boost for real GDP growth was the 10.6% annualized growth in business fixed investment, up from 2.6% in the prior quarter, which was fueled by AI related spending on data centers and equipment.
One economist excluded spending on the two categories most associated with AI and came up with a .3% real GDP growth. Real GDP Growth Revised Higher in the First Quarter.pdf This economist also noted that the revision actually lowered core Real GDP growth to 1.7%, the lowest since 2022, from 2.2% in the prior estimate.
OpenAI, Anthropic new AI spending reality as users shift to efficiency; China's Zhipu is booming with Anthropic and OpenAI held back; OpenAI IPO timeline delayed
Jeremy Grantham: This is the most expensive market in American history; Interviewed at Billionaire investor Jeremy Grantham: This is the most expensive market in American history - YouTube; Jeremy Grantham: ‘Almost Everything Looks More Attractive Than the US Equity Market’ | Morningstar A sharp decline of more than 30% in the S&P 500, with no quick recovery thereafter, will negatively impact consumer confidence and spending, which will be suppressed further when one of the causes is a non-temporary problematic inflation period that necessitates spending reductions for the bottom three quintiles in household income who are already strained financially. While the traditional valuation criteria support the bubble thesis, stock markets can continue higher until something undeniable causes a valuation reset.
Sure, there can be a 45-55% decline in the S&P 500, which has happened 3 times since I bought my first stock in the late 1960s, but at what level does that decline start. The only one that went beyond 55% was after the 1929 stock market crash when the DJIA bottomed in 1932 after a 89% decline.
Stock Market Crash of 1929 | Federal Reserve History Another point illustrated by the preceding chart is that parabolic price spikes, regardless of the asset class, have a tendency to collapse upon themselves (e.g. gold is a recent example), something that I have been pointing out in charts for years.
A 50% decline from 7,500 in the S&P 500 would take that index down to where it was in November 2022, less than 4 years ago.
The question is not whether 45-55%% declines will happen during your lifetime, assuming one has not yet been experienced with significant sums invested in the market, but how will you react when that happens. Will you be a seller or a buyer? Will you have any meaningful amount of dry powder to buy or will you have to sell something down a lot to buy something else down a lot?
US Consumer Confidence (5/26/26):
A non-temporary crash in stock prices will hit the top 20% in household income/wealth disproportionately, and their spending has been the major support for consumers spending growth. Mark Zandi: Top 20 percent driving spending as K-shaped economy remains 'firmly intact'; Why Has Consumer Spending Remained So Resilient? Evidence from Credit Card Data - Federal Reserve Bank of Boston; Bifurcated -How the U.S. Economy is Splitting-Oxford Economics .pdf; US economy depends on the rich
Trump’s ‘big, beautiful bill’ brings slew of student loan changes Effective last Wednesday, the republican BBB "will end the most borrower-friendly repayment program launched under President Joe Biden, forcing many of the more than 7 million people enrolled to pay more in their monthly federal loan bills. Separately, interest rates will also increase." I mention this issue here since the changes could have a negative impact on consumer spending by those with student loans impacted by the changes made by Trump and his party.
Cleveland Fed President Hammack sees AI fueling inflation, says rate hikes may be necessary
Trump threatens 100% tariffs on countries imposing digital services tax
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Trump and His Party:
Trump Attacks Progressive 'Animals' Backed By Mamdani: 'They Will Kill Your People' This is routine demagoguery from our Dear Leader.
Megyn Kelly expressed the MAGA "christian" response to Trump's decision to deport about 400,000 Haitian and Syrian U.S. residents who had temporary protection status:
"Go home! Get out! We know our country is better than yours. That’s because we filled it with our work ethic and our culture and our values! You being here only dilutes it for us, those who built it and live it. And half of you people — more than half of you — won’t assimilate. We don’t want you! We don’t care if you’re offended/ Get out. Go home. Go back to f—-ing Haiti"
The 6 Republican Justices have no problem with that decision. Supreme Court allows Trump administration to end removal protections for Syrian and Haitian nationals | SCOTUSblog; The Court That Will Believe Absolutely Anything Is ‘Race-Neutral’ - The Atlantic
Justice Alito, writing the opinion on behalf of the six Republican Justices, claimed the Haitians had no evidence that their deportation was racially motivated in a manner that violates the Equal Protection Clause of the U.S. Constitution.
6 Republican Justices: "None of the cited statements by either the President or the Secretary (referring to the then DHS Secretary Noem) was overtly racial and in substance all expressed policy views that could rest on race-neutral justifications". Alito did not actually cite the references since to do so would make the Republican Justices look foolish in concluding that none were "overtly racial". Mullin v. Doe at page 21 (06/25/2026)
In her dissent Justice Kagan quoted the comments that the 6 Republican Justices said were not "overtly racial".
The bottom line is that racial discrimination by state and federal governments may just be impossible to prove, even when it is obvious, to the satisfaction of the 6 Republican Justices. The same reactionary, 19th Century ideology is found in their decisions permitting obvious race based gerrymandering by Republican dominated state legislatures throughout the South.
Maybe the Six Republican Justices accept as true this claim made by Trump: Trump says he is 'the least racist person' in the world | PBS News
President Trump: "I am the chosen one." - YouTube
When these deportations occur, there will be significant disruptions in the U.S. labor market and supply chain, placing additional upward pressure on prices as employers struggle to replace deported employees - unable to do so or only at higher wages requiring price increases to recoup. Those deportees occupy jobs that are necessary but most Americans shun. Care for Seniors, Care for America: Supreme Court Decision on TPS Threatens America's Care Workforce and the Seniors Who Depend On It
People who describe themselves as "christian conservatives", who still have unwavering support for Trump, claim he represents their values and/or protect what they consider to be christian values.
Five Million Americans Lost ACA Health Insurance—Here’s What That Could Mean For Public Health; USAID shutdown has led to hundreds of thousands of deaths | Harvard T.H. Chan School of Public Health Just two of many examples of how Trump actually promotes their values.
American Christians Face a Choice - The Atlantic ("Trump’s contempt and cruelty toward his enemies has been an important part of his appeal to his Christian base. Many of Trump’s supporters relish his dehumanization of those they despise. . . The more merciless, lawless and foulmouthed Trump became, the more his support among conservative evangelicals grew. By 2024, Trump won a higher percentage of the white evangelical vote than any previous president in history") And, that occurred after observing Trump's frequently vicious rhetoric, which includes his Easter and Christmas messages, and a multitude of easy observable non-Christian acts for over a decade to the present.
The Court Sides With Dictatorship — and Chaos - Paul Krugman at YouTube Paul Krugman draws the correct conclusions regarding the decision by the 6 Monarchists on the Supreme Court that overrule a long standing Supreme Court precedent established 91 years ago in Humphrey's Executor v. United States | 295 U.S. 602 (1935) The decision in Humphrey's was unanimous and was written by Justice Sutherland who was an "originalist". An Originalist Court Overturns an Originalist Decision - The Atlantic Justice Sutherland in Humphrey's : "The Federal Trade Commission is an administrative body created by Congress to carry into effect legislative policies embodied in the statute in accordance with the legislative standard therein prescribed, and to perform other specified duties as a legislative or as a judicial aid. Such a body cannot in any proper sense be characterized as an arm or an eye of the executive. Its duties are performed without executive leave, and, in the contemplation of the statute, must be free from executive control. In administering the provisions of the statute in respect of "unfair methods of competition"."
{I put the word "Originalist" in quotes since the Supreme Court majority now will use whatever judicial interpretation standard that achieves the desired result on the hot button issues, though Justice Barrett is a stickler for the plain meaning standard as she demonstrated in her dissent in Fischer v. United States and most recently in joining the majority decision in the birthright citizenship case. (My videos published over a year ago: Brief history of results oriented Supreme Court Decisions - YouTube; Supreme Court Resolution of Fisher v U S Impact on Trump's Criminal Case under 18 USC 1512(c)(2) - YouTube}
The result will be to consolidate even more powers in the already Imperial Presidency at the expense of Congress. Supreme Court expands presidential firing power, overturning 90-year-old ruling - CBS News; Supreme Court allows Trump to fire FTC commissioner and overturns major restraint on presidential power; SCOTUS MASSIVELY Expands Trump's Presidential Power - YouTube
The 6 Monarchists have adopted what is called the "unitary executive" theory, formerly regarded by most scholars as a fringe one when it comes to independent agencies created by Congress. Unitary Executive Theory (UET) | Legal Information Institute
Congress has established many federal agencies whose Board members could only be fired for cause, thereby insulating them in a very modest manner from the exercise of unbridled Presidential power. This has worked well for almost a century now until the Monarchists decided to create more power for the President who happens to a Republican and whose strong authoritarian and anti-democracy tendencies are known by them, any denial of that conclusion should fall on deaf ears.
Trump can now fire members of these formerly independent Boards without cause. This will also cause perpetual chaos in regulatory rules and decisions as each President appoints all new Board members and fires the ones appointed by his or her predecessor. If the successor President to Trump is a Democrat, all formerly independent Board members will be fired on day one and replaced with those who will promulgate new rules and regulations likely to be far different from the existing ones. So continuity in regulations and policies is kaput and will now be subject to wild swings, possibly every 4 years.
The decision by the 6 Monarchists on this matter was expected as I recently discussed in prior posts published on 1/15/26 and 9/2/25 The 6 Republican Monarchists are following a path toward creating a King which undermines the reason why there was an American Revolution in the first place.
Trump bought Axon stock before ICE sought $220 million Taser deal
NY Times Reveals Trump Sons' Links to $1.6B Kazakhstan Deal
Trump Rips NY Times' Maggie Haberman Over Regime Change Book He referred to her as a Maggot, characterizing Maggie Haberman as "a third rate writer and intellect, who has made a first rate income because of your favorite President".
Trump claimed that the reporting in the book Regime Change, which I have bought, "is mostly made up, Fake News, largely fiction, as have been most of the things she has written about me for so many years". His personal attacks on someone who angers him are routine and are not compatible with him being a Christian, but something else entirely. Trump does not support the claims about information in the book with anything resembling evidence, nor does he identify anything in the book that is false. That is his standard MO for rebutting factual information that he does not like in addition to his normal vicious and routine personal attacks. For the intended audience, his words create the reality without the necessity of providing any details, false or true, and no accurate information. In Trump's America, facts are easily dismissed and an argument won by simply calling the purveyor of facts as suffering from Trump Derangement Syndrome or by simply calling the facts Fake News or false and nothing more. It is pure Orwellian.
Supreme Court rejects Trump effort to overturn E. Jean Carroll sexual abuse and defamation verdict There was no reason to delay IMO this denial of certiorari. Trump claimed he would keep fighting even though there are no appeals left. This is a link to a nutty Trump message responding to the Court's refusal to hear an appeal. Trump claims that the Carroll defamation "Case is really against the United States of America, and all it stands for, and should never be allowed to happen to another President." Yes it is all about Trump, even the upcoming 250th Anniversary Celebration is just another Trump rally to celebrate his "Greatness". Donald Trump hijacked America’s 250 and turned it into a ‘theatre of the absurd’ - The Guardian; Historian slams Trump’s America 250 takeover: U.S.’ story is ‘not about one person’; I Went to Trump’s Great American State Fair So You Don’t Have To | The New Republic
Trump Reports Over $1 Billion in Income From Crypto Ventures
Trump's Take ($2.664+B) over the Past 603 days as of 6/30/26 - Center for American Progress What would Republicans say about a Democrat President doing the same? The answer is clear. Right and wrong, honest or dishonest and other character traits do not fluctuate based on a person's party affiliation but they do in Trump's America.
I thought the issue was clear cut and correctly decided by the majority, see my video published over a year ago, Trump Proposes to End Birthright Citizenship by Executive Fiat - YouTube My opinion is not based on whether this is good or bad policy but on the plain meaning of this sentence in the 14th Amendment: "All persons born 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." All immigrants who are not legally in the U.S. are subject to the jurisdiction of the states and federal government. They have to pay all taxes levied by state and federal governments and are subject to both the civil and criminal laws. The 4 Republican Justices who believe that sentence does not create birthright citizenship are not conservatives in the American tradition and are simply far right activist ideologues. Kavanaugh and Gorsuch are not that much different from Alito and Thomas - all four can be grouped together IMO.
Another Trump ally Sean Davis, the co-founder of the The Federalist, wants all non-citizens visiting the U.S. to be forcibly sterilized. 'Deranged' Trump ally sparks frenzy after floating forced 'sterilization' after court loss - Raw Story; Sean Davis on X. I wonder how long it will take before he claims that this was just a "joke".
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Traditional Valuation Metrics:
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives
Buffett Valuation Indicator: May 2026 - dshort - Advisor Perspectives
Stock Market P/E Ratios - Yardeni Research (Figures 6, 7, 13, 15, and 17)
Q-Ratio and Market Valuation: May 2026 - dshort - Advisor PerspectivesS&P 500 Earnings Yield - Multpl
S&P 500 Price to Book Value - Multpl
S&P 500 Dividend Yield - Multpl (lowest since January 1871)
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Small Ball Trading Rules:
Baseball Analogy: Small ball (baseball) - Wikipedia
Primarily a risk reduction trading technique, one of many strategies that I employ to mitigate risks that are assumed when owning risk assets where loss of capital is possible.
(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share;
(2) Purchases are made in small lots using commission-free trades;
(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;
(4) Some positions will be eliminated altogether on price pops when the goal is achieved;
(5) Shares purchased with dividends may be sold when it is profitable to do so and the share price is outside my consider to buy range; and
(6) There is no hesitation to sell a stock after a dividend cut or a disappointing earnings report, when I can realize any capital gain.
The most important objective is to reduce risk through a controlled and disciplined trading strategy that realizes gains, particularly by selling the highest cost lots that reduce my average cost per share and increases my dividend yield.
The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks.
Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option.
My Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets. Some risks are assumed to hit desired income generation and realized capital gain levels.
I generally define small ball as trades that are less than $1,000.
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1. Small Ball Stock Sales:
When paring a position, I am selling my highest cost lots.
A. Eliminated SBSI - Sold 20 at $35.1:
Quote: Southside Bancshares (SBSI) at Zacks
Proceeds: $702.09
Investment Category: Regional Bank Basket Strategy
SBSI: Detailed Earnings Estimates - Zacks.com
5 Year Chart: Minor Bear Market Pattern with multiple bottoms in the $26-$27 range and an uptrend starting near $26 in October 2025. My consider to purchase range, looking at the five year chart, is primarily in the $26 to $28 range but I have bought some shares at higher prices. The most recent top was near $36 back in November 2025. Noting that prior top, I decided to protect my remaining gain by harvesting it (capital preservation and capital appreciation objectives).
Profit Snapshot: $161.82
Dividend: Quarterly at $.36 per share ($1.44 annually), last raised from $.35 effective for the 2024 first quarter payment. In the second quarter of 2016, the dividend rate was at $.24 and at $.18 in the 2011 third quarter (or about 15 years to double).
SBSI Stock Dividend History & Date | Seeking Alpha
Last Ex Dividend: 5/18/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 1.G. Pared SBSI Again - Sold 5 at $34.35 (5/9/26 Post)(profit snapshot = $31.55); SEC Filed Press Release
Other 2026 Sell Discussion: Item # 1.F. Pared SBSI - Sold Highest Cost 5 Shares at $33.22+ (4/18/26 Post)(profit snapshot = $23.78); Item # 1.L. Pared SBSI Again - Sold 2 at $33.34 - Highest Cost Lot (2/11/26 Post)(profit snapshot = $10.38); Item # 1.E. Pared SBSI - Sold 3 at $33.35 (2/4/26 Post)(profit snapshot = $11.38)
Realized Gains Prior to 2026 Greater than $90: Item # 2.F. Eliminated SBSI-Sold 25 at $30.03 (3/8/24 Post)(profit snapshot = $106.15); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)(profit snapshot = $97.05); Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)(profit snapshots = $208.69. There have been numerous small gains with no realized losses yet.
SBSI Realized Gains to Date: $906.13 (includes RI trades that were not discussed in posts)
I do not currently own shares in any taxable account, but sill have a few shares in a RI account.
B. Eliminated Duplicate Position in KIM (Vanguard Account) - Sold 20+ at $25.02:
Quote: Kimco Realty (KIM) at Zacks
Proceeds: $511.74
KIM "is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. . . .As of March 31, 2026, the company owned interests in 565 U.S. shopping centers and mixed-use assets comprising 100 million square feet of gross leasable space."
KIM 2025 SEC Filed Annual Report
Website: Kimco Realty
Dividend: Quarterly at $.26 per share ($1.04 annually), last raised from $.25 effective for the 2025 4th quarter. The dividend was slashed from $.28 to $.10 effective for the 2020 third quarter payment.
KIM Dividend History & Date | Seeking Alpha
$.983796 of the $1.01 per share total2025 dividend was classified as an ordinary and Section 199A dividend. Kimco Realty Corporation Announces 2025 Dividend Tax Treatment | Kimco Realty
A major negative for an income oriented investor like myself is that the quarterly dividend was slashed from $.28 to $.10 effective for the 2020 third quarter, with no dividend paid in the second quarter. While some temporary cut was understandable under the circumstances, the dividend has not yet been raised back to $.28 after that slash and missed quarterly payment.
Last Ex Dividend: 6/5/26
Last Earnings Report (3/31/26): I discussed this post here: Item # 1.G. Pared KIM in Fidelity Account - Sold 5+ $24.45 (6/4/26 Post)(profit snapshot = $20.31); SEC Filed Press Release
Currently Owned SU Bond: 2 Kimco 3.25% SU Maturing on 8/15/26: Bond Page | FINRA.org, originally issued by Weingarten Realty that was acquired by Kimco. Moody's recently upgraded Kimco debt to A3 with S&P now at A-. Those are high grades for a REIT. Item # 3.D. Bought 2 Kimco 3.25% SU Maturing on 8/15/26 at a Total Cost of 97.571 (12/12/24 Post)
2025 KIM SU Maturities: +$165.32 (6 bonds)
2024 KIM SU Maturities: +$47.98 (4 bonds)
Quote: NewtekOne Inc
Proceeds: $355.37
NEWT Detailed Earnings Estimates - Zacks.com
NEWT SEC Filed 2025 Annual Report
Buy Discussions: Item # 1.C. Added to NEWT - Bought 5 at $10.35 (11/8/25 Post)(discussed my issues with earnings report); Item # 1.E. Started NEWT - Bought 10 at $11.22; 10 at $10.77 (10/11/25 Post) I seem to slightly overcome my issues with how NEWT calculates earnings - provided I can buy shares below $11.
Profit Snapshot: $95.2
Dividend: Quarterly at $.19 per share ($.76 annually)
NEWT Dividend History & Date | Seeking Alpha
Last Ex Dividend: 6/24/26
I discussed the last earnings report here. Item # 1.I. Sold 5 NEWT at $13.42 (5/15/26 Post)(profit snapshot = $11); SEC Filed Press Release In that post and a previous one, I discussed my criticisms of how the company calculated earnings which explained why its P/E was so low IMO. Item # 3.F. Pared NEWT - Sold 5 at $13.25+ (4/25/26 Post)(profit snapshot = $10.18). As summarized in those two posts, the issue is that a major component of non-interest income is described as a "Net gain on loans under the fair value option". The fair value option for loans is an accounting election under ASC 825.10. 4.4 Debt Subject to the Fair Value Option | DART – Deloitte Accounting Research Tool My lay understanding is that changes in the fair value of the loans is recognized in earnings, even the loan has not been sold. The fair value adjustments create accounting gains and losses. I am just suspicious of this kind of accounting. The Dark Art of Bank Fair-Value Accounting Needs More Transparency | CLS Blue Sky Blog
Owned NEWT Exchange Traded Bond: I still own the 8% NEWT SU $25 par value baby bond that matures in 2028: Item # 4.A. Added to NEWTI - Bought 5 at $24.9 (12/18/25 Post); Item # 4.A. Started NEWTI - Bought 5 at $24.95 (11/11/25 Post); NewtekOne 8% Fixed Rate Senior Notes due 2028 (NEWTI) at Google Finance; Prospectus
D. Pared APLE Again in Fidelity Account - Sold 6+ $16.62:
Quote: Apple Hospitality REIT Inc (APLE) at Google Finance - Hotel REIT
Proceeds: $112.72
"As of March 31, 2026, the Company owned 217 hotels with an aggregate of 29,583 guest rooms located in urban, high-end suburban and developing markets throughout 37 states and the District of Columbia, including one hotel with 124 guest rooms classified as held for sale, which was sold in April 2026. Substantially all of the Company’s hotels operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 15 hotel management companies, none of which are affiliated with the Company." 10-Q for the Q/E 3/31/26 at page 19.
APLE Management:Internal
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Website: Apple Hospitality REIT
5 Year Chart:
Investment Categories: Equity REIT Common and Preferred Stock Basket Strategy and Monthly Income Generation
Last Discussed: Item # 2.D. Pared APLE in Fidelity Account - Sold 5 at $15.02 and Item # 2.E. Pared APLE in Schwab Account - Sold 5 at $15.15; 5 ant $15.49 (6/12/26 Post)(profit snapshots = $28.69)
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)
Profit Snapshot: $27.36 (6/18/26 sale only)
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Dividend History & Date | Seeking Alpha
Dividend Tax Information/Form 8937 - Apple Hospitality REIT
I am not reinvesting the dividend. I will reconsider that decision when and if the likely reinvestment price lowers my average cost per share.
New Average cost per share this account: $11.92 (34 shares)
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| Snapshot Intraday on 6/18/26 after pare |
All shares purchased with dividends have been sold profitably.
Reduced from $12.03
Yield at $11.92: 8.05%
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 3/31/26): I discussed this report here: Item # 1.K. Pared APLE in Fidelity Account - Sold 15 at $14.43+ (5/29/26 Post); SEC Filed Earnings Press Release
E. Pared APLE Again in Schwab Account - Sold 10 at $16.74:
See Item # 1.A. Above.
Proceeds: $167.4
Profit Snapshot: $41.64
New Average cost per share this account: $11.54 (30+ shares)
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| Snapshot After Pare/Closing Price as of 6/22/26 |
Yield at New AC: 8.32%
F. Pared NBXG - Sold 5 at $17.13 - Fidelity Account:
Quote: Neuberger Next Generation Connectivity Fund (NBXG) at Google Finance - Common stock CEF with some convertible securities.
Proceeds: $85.65
Sponsor's website: Neuberger Next Generation Connectivity Fund | Neuberger
Investment Category: Monthly Income Generation
This fund will own both private and public company stocks. The private company positions are described as "preferred". Those are normally convertible preferred stocks. I have never heard of any of those private companies other than A24 films. A24 - Wikipedia
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| As of 1/31/26 |
After reviewing that list, I did google a couple of names. A Higher Standard of Security Operations | Arctic Wolf and VideoAmp | Media Measurement Software
SEC Filing: Holdings as of 1/31/26 (Cost then at $1.097+B with the value at $1.296+B)
SEC Filed Annual Report for the period ending 10/31/25Last Discussed: Item # 1.M. Pared NBXG in Fidelity Account - Sold 5 at $15.91 (5/29/26 Post)(profit snapshot = $4.9; the profit using the original cost, prior to ROC adjustments, was $3.8 as noted in that post)
Last Buy Discussion: Item # 2.A. Added to NBXG in Fidelity Account - Bought 10 at $13.34; 10 at $13.2 (2/17/26 Post)
Profit Snapshot: $11.01 (6/18/26 sale only)
New average cost per share this account: $13.69 (35 shares)
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| Snapshot Intraday on 5/18/26 after pare |
Reduced from $13.84
Dividend: Monthly at $.12 per share ($1.44 annually)
NBXG Dividend History & Date | Seeking Alpha
ROC Supported.
Yield at New AC: 10.52%
Last Ex Dividend: 6/15/26 (owned all as of)
NBXG Page at Morningstar Currently rated at 2 stars, raised from 1 star since my last discussion.
Recent performance has been okay after 2022. NBXG Performance Page at Morningstar
The fund stated in 2022 which was a bad year for the kind of stocks owned by this fund. The total return that year was at -41.36.
I would not ignore that number since this kind of result can and will happen periodically to the kind of stocks owned by NBXG.
If a fund goes down 50% in one year, it has to go up 100% the next year to return to a zero return.
The total returns based on price for 2023, 2024 and 2025 were +34.89%, +28.5%, and +24.17% respectively. Through 6/18/26, the YTD total return was at +24.73%.
NBXG Portfolio | Morningstar List top 23 holdings.
Data Date of 6/22/26:
Closing Net Asset Value per share: $19.85
Closing Market Price: $17
Discount: -14.36%
Average 3 Year Discount:
Sourced: NBXG - CEF Connect
G. Pared LGI - Sold 5 at $18.2 - Fidelity Account:
Quote: Lazard Global Total Return & Income Fund (LGI) - Primarily a stock CEF with some foreign government bonds
Proceeds: $91
Investment Category: Monthly Income Generation. I own a number of CEFs that pay monthly dividends.
Sponsor's website: Lazard Global Total Return and Income Fund, Inc. | Lazard Asset Management
LGI Portfolio | Morningstar Unrated, lists top 23 holdings.
SEC Filing - Holdings as of 3/31/26 (cost then at $182.59M with the value at $240.87M)
Last Buy Discussion: Item # 2.D. Added to LGI - Bought 10 at $13.01 (10/28/23)
Profit Snapshot: $24.3
New average cost per share: $13.01 (25 shares)
 |
| Snapshot Intraday on 6/18/26 after pare |
Dividend: Monthly at $.1534 per share ($1.841 annually)
LGI Dividend History & Date | Seeking Alpha
Yield at $13.01: 14.15%
Last Ex Dividend: 6/10/26 (owned all as of)
Data Date of 6/22/26 Trade:
Closing Net Asset Value per share: $17.98
Closing market price: $18.1
Premium: +.67%
Average 3 Year Discount: -8.11%
Sourced: LGI - CEF Connect
Average 3 year discount:
Sourced: (Click "Pricing Information" Tab)
I will consider paring or eliminating any CEF position when the discount is to net asset value per share is close to zero or particularly when the market price is at a premium to net asset value per share.
H. Pared SW in Fidelity Account - Sold 2+ at $44.58:
Quote: Smurfit Westrock PLC (SW) - Zacks
Proceeds: $91.66
SW was created in July 2024 through the merger of Smurfit Kappa and Westrock.
SW - Detailed Earnings Estimates - Zacks.com
Website: Smurfit Westrock | A global leader in sustainable packaging
10-Q for the Q/E 3/31/26 Debt listed at page 17.
SW SEC Filed 2025 Annual Report
Last Buy Discussions: Item # 1. Added to Falling Knife SW - Bought 2 at $33.95; 3 at $33.33; 2 at $32.95 (11/22/25 Post); Item # 1.G. Started SW - Bought 2 at $38; 1 at $36.5; 1 at $36; 1 at $35.4 (11/8/25 Post)(discussed why the stock had declined so much in response to the 2025 third quarter report, SEC Filed Earnings Press Release)
Last Sell Discussion: Item # 1.A. Eliminated SW in Schwab Account - Sold 5 at $51.28; Pared SW in Fidelity Account - Sold 2 at $44.85 (2/17/26 Post)(profit snapshots = $91.59) I discussed the 2025 4th quarter report in that post: SEC Filed Press Release and SEC Filed Slide Presentation
Profit Snapshot: $17.01 (6/18/26 sale only)
New average cost per share this account: $33.64 (8 Shares)
 |
| Snapshot Intraday on 6/18/26 after pare |
Reduced from $34.18
Dividend: Quarterly at $.4523 per share ($1.809 annually), last raised from $.4308 effective for the 2026 first quarter payment.
SW Stock Dividend History & Date | Seeking Alpha
Yield at $33.64: 5.38%
Last Ex Dividend: 5/15/26
Last Earnings Report (Q/E 3/31/26): I had a negative reaction to this report.
GAAP E.P.S. = $.12, down from $.73
Non-GAAP E.P.S. = $.33, down from $.68
Reconciliation:
Owned Westrock SU bonds:
4 of the 4% SU Maturing on 3/15/28, Bond Page | FINRA.org
I. Pared COLB in Fidelity Account - Sold 5 at $30.81:
Quote: Columbia Banking System (COLB) - Zacks
Proceeds: $154.03
COLB is a bank holding company that owns Columbia Bank, "the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington."
COLB Detailed Earnings Estimates - Zacks.com
Investment Category: Regional Bank Basket Strategy
COLB Key Metrics Valuation Page at Reuters
I do not have access to any analyst reports.
5 Year Chart: Unappealing as a long term investment based on the past five year price history.
For this stock, it has not been easy to achieve an acceptable total return for me. The past may or may not be prologue to the next five years.
Through 6/26/26, the regional bank ETF State Street SPDR S&P Regional Banking ETF (KRE) had an average annual total return of +4.86% but has improved significantly over the past 1 and 3 year periods with annual average total returns of 29.43% and 26.81% respectively. KRE – Performance at| Morningstar Recent performance has allowed me to lower my allocation to this sector through profit taking and to lower my average cost per share for my remaining positions while eliminating others.
The last six years or so have been rough ones for regional banks. There was the pandemic induced recession in 2020 and several bank failures in 2023 due to deposit runs. The FED suppression of interests followed by rapid increases lowered bank net interest margins as deposit costs exceeded yields on owned mortgage bonds and other owned securities bought from the low interest rate period. My largest gains originated from purchases made in 2009-2012 when prices were depressed and bank stocks rallied significantly as the economy continued to improve.
Last Discussed: Item # 1.H. Eliminated 1 of 2 Duplicate Position in COLB - Sold 10+ in Vanguard Account at $30.18+ (5/15/25 Post)(profit snapshot = $58.09)
Last Buy Discussions: Item # 3.D. Added to COLB in Fidelity Account - Bought 5 at $23.45 (7/29/25 Post); Item # 1.J. Added to COLB - Bought 2 at $19.81 (6/3/23 Post); Item # 2.K. Added 1 COLB at $20.31 (5/27/23 Post)
New average cost per share this account: $19.92 (20 shares)
 |
| Snapshot Intraday on 6/22/236 after pare |
Reduced from $20.25.
Dividend: Quarterly at $.37 per share ($1.48 annually), last raised from $.36 effective for the 2025 4th quarter payment. In the first quarter of 2016, the penny rate was at $.18. Several special dividends were paid that year.
Last Earnings Report (Q/E 3/31/26): I discussed this report here: Item # 3.E. Pared COLB in Fidelity Account - Sold 5 at $30 (4/25/26 Post)(profit snapshot = $32.73); SEC Filed Earnings Press Release and SEC Filed Slide Presentation I also discussed in that post the 2025 4th quarter report. SEC Filed Press Release
Proceeds: $154.78
See Item # 1.E. Above.
Profit Snapshot: Net of $25.92
New average cost per share this account: $20.32 (20+ shares)
 |
| Snapshot after pare/Closing price as of 6/26/26 |
Reduced from $21.38.
Yield at New AC: 7.28%
K. Sold 5 FNLC in Schwab Account at $33.09+:
Proceeds: $165.48
No analyst estimates.
Investment Category: Regional Bank Basket Strategy
Last Buy Discussions: Item #1.I. Added to FNLC in Fidelitiy Account - Bought 5 at $25.2; 5 at $24.5 (11/1/25 Post); Item # 1.I. Added 5 FNLC in Schwab Account at $25.35 and Item # 1.J. Started Duplicate Position in FNLC in Fidelity Account - Bought 5 at $25.4 (10/25/25 Post); Item # 1.A. Added to FNLC in Schwab Account - Bought 5 at $22.6; 5 at $22.9 (4/18/25 Post); Item # 1.A. Added to FNLC - Bought 5 at $23.21 (4/13/25 Post)
Last Discussed: Item # 4.B. Sold 10 FNLC at $28.2 (3/30/26)(profit snapshot = $21.25)
Profit Snapshot: $38.73
New average cost per share this account: $23.62 (25 shares)
 |
| Snapshot Intraday on 6/22/26 after pare |
Reduced from $23.91
Dividend: Quarterly at $.38 per share ($1.52 annually), last raised from $.37 effective for the 2026 third quarter payment.
FNLC Dividend History & Date | Seeking Alpha
Yield at $23.62: 6.435%
Next Ex Dividend: 7/7/26
Last Earnings Report (Q/E 3/31/26):
Comparisons are to the 2025 first quarter.
Net Income: $9M
Diluted E.P.S. = $.80, up from $.63
NIM: 2.86%, up from 2.48%
Efficiency Ratio: 52.64%, improved from $56.93
NPL Ratio: .67%, up from .25%. One reason for paring this position is the uptrend in this non-performing loan to total loans ratio. Starting with the 2025 second quarter, the NPL ratio was reported at .25%, .4% and .54% in the 2025 4th quarter.
Coverage Ratio: 155.73% (allowance for loan losses to non-performing loans) When I initiate that position, I prefer to have the coverage ratio at over 100%.
Charge off Ratio: $806,000 or .034% of total loans.
ROTCE: 14.15%, up from 12.64%
Tangible Book value per share: $22.71, up from $20.44
Unrealized Losses in Owned Securities Portfolio: Unsatisfactory Interest rate risk management IMO.
 |
| Page 9, 10-Q |
Some Other Sell Discussions: Item # 3.I. Eliminated FNLC - Sold 10 at $29.56 (11/21/24 Post)(profit snapshot = $95.06); Item # 3.E. Eliminated Duplicate FNLC Position - Sold 10 at $24.75 (2/2/24 Post); Comment 9/27/16 Sold 100 FNLC for a Combined Profit of $670.94 (two accounts); Item # 2 Sold 52 FNLC at $15.55 (6/15/12 Post)(profit snapshot =$123.88)
Largest Realized Gains: The largest realized gains in taxable go back to three trades made in 2015-2016 that netted $886.5 of the total realized to date:
FNLC Realized Gains to Date: $1,432.74
Includes realized gains in a RI account that were not discussed here including these:
L. Pared PINE Again in Schwab Account - Sold 5 at $20.05:
Last Buy Discussion: Item # 1.A. Added 25 PINE at $13.7 -Fidelity Account and Item # 1.B. Added to PINE in Schwab Account - Bought 5 at $13.73+(11/1/25 Post)
Profit Snapshot: $21.24
New Average cost per share: $14.42 (50+ shares)
 |
| Snapshot after pare/Closing price as of 5/24/26 |
Reduced from $14.54
Dividend: Quarterly at $.30 per share, last raised from $.28 effective for the 2026 first quarter payment.
PINE Dividend History & Date | Seeking Alpha
Yield at $14.42: 8.322%
Last Ex Dividend: 6/11/26 (owned all as of)
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 3.G. Pared PINE in Fidelity Account - Sold 5 at $19.55 (4/24/26 Post)(profit snapshot = $22.62); SEC Filed Press Release and SEC Filed Press Release
Some Sell Discussions: Item # 1.B. Pared PINE in Fidelity Account - Sold 1+ at $18.33; 5 at $19.55; 5 at $19.33; 6 at $20.25 and Item # 1.C. Pared PINE in Schwab Account - Sold 7 PINE at $20; 5 at $20.75 (2/17/26 Post)(profit snapshots = $125.57); Item # 4 Pared PINE in Schwab Account - Sold 10 at $18.04 (1/29/26 Post)(profit snapshot = $6.95); Item # 4.G. Pared PINE - Sold Highest Cost 15 Shares at $18.47 (8/29/24 Post)(profit snapshot = $3.35); Item # 2.E. Eliminated Duplicate Position in PINE - Sold 11 at $17.11 - Schwab Account (7/26/24 Post)(profit snapshot = $21.07)
PINE Realized Gains to Date: $226.67 excludes gains in RI accounts that were not discussed
M. Pared FSPTX - Sold 2 at $54.55:
Quote: Fidelity Select Technology Portfolio (FSPTX)
Proceeds: $109.1
Sponsor's website: FSPTX
Expense Rati0: .61%
Top 10 Holding as of 5/31/26:
FSPTX – Fidelity Select Technology Fund Page at Morningstar Rated at 4 stars as of 6/24/26
FSPTX – Portfolio at Morningstar Lists top 25 holdings
FSPTX – Performance at Morningstar (Through 6/24/25, YTD total return was at 36.15%, with the 3, 5, 10 and 15 annual average total returns at 36.375%, 20.52%, 27.01% and 21.21% respectively. The total return was -36.87% in 2022 which negatively impacted the 5 year annual average total return.
Profit Snapshot: $72.32 (uses average cost per share cost method)
Dividends: Paid semiannually for the most part.
FSPTX Dividend History & Date | Seeking Alpha
I have been taking the dividends in cash and have not bought any shares since 1/3/2023. My average cost per share remains at $18.39.
Total Dividends by Year:
2025: $3.755
2024: $1.737
2023: $.03
2022: $.705
2021: $3.383
2020: $5.068
2019: $.37
2018: $19.638
2017: $14.8698
Last Ex Dividend: 4/10/26 at $1.407 per share.
2. Corporate Bonds: Bought 21 and Sold 2
I only net bond sales in this section and do not deduct bond redemptions by the issuers which occur weekly.
I am cutting off discussions with bonds purchased on 6/22/26 or earlier.
A. Sold 2 LYB International Financial 5.5% SU Maturing in 3/1/34 at 100.153 - Vanguard Account:
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Issuer: Wholly owned subsidiary of LyondellBasell Industries N.V. Cl A (LYB) who guarantees the notes.
Proceeds after commission at $2,001.06 (excluding accrued interest paid by buyer)
LYB Detailed Earnings Estimates - Zacks.com
LYB SEC Filed Earnings Report for the Q/E 3/31/26
Financial Data 2022-2025:
 |
| Page 36 Annual Report |
I discuss restarting a Placeholder position in Item # 4.C. below.
Proceeds at 100.053 or $2,003.06 excluding accrued interest paid by buyer of $32.08.
"Profit": $56
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa3/BBB-
When I bought this bond, the credit ratings were Baa2/BBB.
Quarterly results have recently been poor, which has been commonplace for chemical companies for several years now. The stock would be intriguing to me when and if that improves and the stock price is near current levels.
Discussed at Item # 4.F. Bought 2 LYB International Finance 5.5% SU Maturing on 3/1/34 at a Total Cost of 97.253 (5/23/25 Post)
The profit will be taxed as ordinary income, probably as interest income ("accrued market discount").
I decided to sell this bond based on a combination of both interest rate and credit concerns. I substituted a first mortgage bond issued by Duke Energy Carolinas maturing in 2028 which I discuss below.
Last Bond Offering (11/12/25): Prospectus
B. Bought 2 Duke Energy Carolinas 3.95% First Mortgage Bond Maturing on 11/15/28 at a Total Cost of 99.202:
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Issuer: One of Several wholly owned operating subsidiaries of the utility holding company Duke Energy Corp (DUK).
Cost: $1,984.04
DUK SEC Filed Earnings Report for the Q/E 3/31/26 (Revenues of $9.178B with net income of $1.536B)
DUK 10-Q for the Q/E 3/31/26 (see pages 14-17 for financial information on Duke Energy Carolinas quarterly results; revenues at $2.766B with net income at $426M)
DUK Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.3%
Current Yield at TC: 3.982%
C. Bought 2 Southwestern Electric Power 4.1% SU Maturing on 9/15/28 at a Total Cost of 99.112:
%204.1%25%209:15:2028%20F.png)
Issuer: An operating utility wholly owned by the utility holding company American Electric Power Company Inc (AEP)
Cost: $1,982.24
10-Q for the Q/E 3/31/26 (see pages 90-98 for information on Southwestern)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.513%
Current Yield at TC: 4.136%
I now own 4.
Last Discussed: Item # 2.E. Bought 2 Southwestern Electric Power 4.1% SU Maturing on 9/15/28 at a Total Cost of 99.165 - Vanguard Account (5/29/26 Post)
I own 2 Southwestern Electric Power bonds that will mature on 10/1/26.
D. Bought 2 Duke Energy 4.3% SU Maturing on 3/15/28 at a Total Cost of 99.954:
%203:15:28%20V%20.png)
Issuer: Duke Energy (DUK)
Cost: $1,999.08
DUK SEC Filed Press Release for the Q/E 3/31/26
DUK Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.324%
Current Yield at TC: 4.302%
Current Duke Energy (DUK) Holding Company SU Bond Stacked as follows:
2 of the 2.65% SU Maturing on 9/1/26
4 of the 3.15% SU Maturing on 8/15/27 (2 in RI Account), Bond Page | FINRA.org, with the taxable account purchase discussed at Item # 3.D. Bought 2 Duke Energy 3.15% SU Maturing on 8/15/27 at a Total Cost of 96.109 (2/10/25 Post)
4 of the 4.3% SU Maturing on 3/15/28, 2 discussed here and the prior purchase apparently was not discussed, having falling through a crack in my memory bank:
%203:15:28%204.3%25%20F.png)
2 of the 4.85% SU Maturing on 1/5/29, Bond Page | FINRA.org which was not discussed here apparently (short term memory malfunction):
%204.85%25%201:5:29%20.png)
2 of the 3.4% SU Maturing on 6/15/29, Bond Page | FINRA.org, discussed at Item # 2.C. Bought 2 of the 3.4% Duke Energy SU Maturing on 6/15/29 at a Total Cost of 97.118 (5/9/26 Post)
I also own multiple first mortgage bonds issued by Duke's operating subsidiaries. I am focused more on buying those bonds maturing within 5 years and have recently bought 10:
4 Duke Energy Progress 3.7% FM Maturing on 9/1/28, Bond Page | FINRA.org, a 2 bond purchase will be discussed later in July. The first purchase was not discussed in a post (short term memory malfunction):
%209:1:28%203.7%25%20.png) |
| YTM Then at 4.657% |
2 Duke Energy Carolinas 3.95%, FM Maturing on 11/15/28, discussed in Item # 2.B. above.
4 Duke Energy Ohio 3.65% FM Maturing on 2/1/29, Bond Page | FINRA.org, discussed here in Item # 2.J. below and at Item # 2.B. Bought 2 Duke Energy Ohio 3.65% First Mortgage Bonds Maturing on 2/1/29 at a Total Cost of 98.131 (3/30/26 Post)
2 Duke Energy Progress 3.45% FM Maturing on 3/15/29, discussed at Item # 3.C. Bought 2 at a Total Cost of 97.719 (6/25/26 Post), Bond Page | FINRA.org
See generally, my video published over a year ago: First Mortgage Bonds Issued by its Operating Subsidiaries of Duke Energy (DUK) - YouTube and First Mortgage Bonds $1,000 Par Values - YouTube Duke Energy subsidiaries that issue first mortgage bonds include Duke Carolinas, Duke Florida, Duke Indiana, Duke Ohio, and Duke Progress.
Last year, I traded several Duke operating subsidiary first mortgage bonds maturing after 2032:
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%20+$78.18%20.png)
%20+$88.6%20.png){kind=small}
%20+$40.26%20.png)
E. Bought 2 Zoetis 4.15% SU Maturing on 8/17/28 at a Total Cost of 99.648:
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Issuer: Zoetis (ZTS)
Cost: $1,992.96
"Zoetis is the world’s leading animal health company, driven by a singular purpose: to nurture our world and humankind by advancing care for animals. With a legacy of nearly 75 years, Zoetis continues to pioneer ways to predict, prevent, detect, and treat animal illness, supporting veterinarians, livestock producers, and pet owners in over 100 countries."
ZTS Detailed Earnings Estimates at Zacks.com
ZTS SEC Filed Earnings Report for the Q/E 3/31/26 (revenue at $2.262B with GAAP earnings at $601M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 4.319%
Current Yield at TC: 4.165%
F. Bought 2 Amcor Flexibles North America 4.25% SU Maturing on 3/8/29 at a Total Cost of 99.282 - Vanguard Account:
%204.25%25%203:8:29%20V%20.png)
Issuer: Amcor (AMCR) - Global Packaging
Cost: $1,985.64
I own the common stock.
Last AMCR Discussion: Item # 5.A. Added to AMCR in Fidelity Account - Bought 5 AMCR at $39.9; 5 at $39 (5/2/26 Post)
AMCR SEC Filed Earnings Report for the Q/E 3/1/26
AMCR Detailed Earnings Estimates at Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.531%
Current Yield at TC: 4.28%
I now own 4.
Current Amcor Guaranteed SU Stack: 8 bonds
2 Amcor Flexibles 3.1% SU Maturing on 9/1/26, discussed at Item # 4.E Bought 2 Amcor Flexibles 3.1% SU Maturing on 9/1/26 at a Total Cost of 97.096 (10/16/24 Post)
2 Amcor Finance 4.5% SU Maturing on 5/15/28, Bond Page | FINRA.org
%204.5%25%205:15:28%20.png) |
| TC at 99.362 |
4 Amcor Flexibles 4.25% Maturing on 3/8/29, discussed here with the prior discussion at Item # 3.D. 4.25% SU Maturing on 3.8/29 at a Total Cost of 99.455 (5/2/26 Post)(YTM then at 4.453%)
2025 Maturities:
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%20+$33.06.png){kind=small}
G. Bought 2 Public Service Electric & Gas 3.2% First Mortgage Bonds Maturing on 5/15/29 at a Total Cost of 97.035%:
%203.2%25%205:15:29%20.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Public Service Enterprise Group (PEG)
Cost: $1,940.7
PEG Detailed Earnings Estimates at Zacks.com
PEG SEC Filed Earnings Press Release for the Q/E 3/31/26 (Net income of $741M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.294%
Current Yield at TC: 3.3%
Last Bond Offering (1/26): Prospectus for 5.625% FM Maturing in 2056
H. Bought 2 Public Service Electric & Gas 3.7% First Mortgage Bonds Maturing on 5/1/28 at a Total Cost of 99.094:
%203.7%25%205:1:28%20.png)
Issuer: See Item # 2.G. above.
Cost: $1,981.88
The prospectuses for the FM bonds issued by Public Service E&G are bare bone term sheets that reference a another document that more fully describes the bond. For this bond, that document can be found here: Prospectus for Public Service Electric & Gas Secured Notes
This is the relevant information on the FM lien:
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.21%
Current Yield at TC: 3.734%
I. Bought 2 Martin Marietta Materials 3.5% Maturing on 12/15/27 at a Total Cost of 98.692:
%203.5%25%2012:15%20.png)
Issuer: Martin Marietta Materials (MLM) at Zacks
Cost: $1,973.84
"Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of aggregates and other building materials."
The aggregates business in the U.S. will have a limited number of dominant companies in each locality. The reasons are hauling costs over a long distance, existing suppliers with quarries in place and local opposition to new quarries in or near populated areas.
MLM Detailed Earnings Estimates - Zacks.com
MLM SEC Filed Earnings Press Release for the Q/E 3/31/26FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
Fitch recently upgraded its rating to BBB+. Fitch Upgrades Martin Marietta's IDR to 'BBB+'; Outlook Stable (6/18/26)
YTM at Total Cost: 4.442%
I do not view current yield to be relevant when the bond matures within 18 months.
Current MLM SU Stack:
4 MLM 3.45% SU Maturing on 6/1/27, all purchased this year and discussed at Item # 2.C. Bought 2 MLM 3.45% SU Maturing on 6/1/2027 at a Total Cost of 99.025 - IB Account (5/29/26 Post); Item # 3.C. Bought 2 at a Total Cost of 99.209 (4/18/26 Post)
3 MLM 3.5% SU Maturing on 12/15/27, 2 discussed here with the prior 1 bond purchase at a 92.79 TC in 2018.
J. Bought 2 Duke Energy Ohio 3.65% First Mortgage Bonds Maturing on 2/1/29 at a Total Cost of 98.287:
%203.65%25%202:1:29%20F.png)
Issuer: Wholly owned operating subsidiary of the utility holding company Duke Energy Corp (DUK)
Cost: $1,965.74
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.347%
Current yield at TC: 3.714%
K. Bought 1 Entergy Arkansas 4% First Mortgage Bond Maturing on 6/1/28 at a Total Cost of 99.118:
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Issuer: Wholly owned operating subsidiary of the utility holding company Entergy (ETR)
Cost: $911.18
ETR 10-Q for the Q/E 3/31/26 (see page 74 for Entergy Arkansas results)
FINRA Page: Bond Page | FINRA.org
Credit Quality: A2/A
YTM at Total Cost: 4.479%
Current Yield at TC: 4.0356%
L. Bought 2 Analog Devices 4.25% SU Maturing on 6/15/28 at a Total Cost of 99.693:
Issuer: Analog Devices (ADI) at Zacks
Cost: $1,993.86
ADI SEC Filed Press Report for the Q/E 5/2/26
ADI: Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.413%
Current Yield at Total Cost: 4.263%
Other bonds purchased on 6/22/26 will be discussed in my next post.
3. Treasury Bills Purchased at Auction:
A. Bought 10 at the 6/22/26 Auction:
%2012:24:26%20.png){kind=small}
182 Day Bill
Matures on 12/24/25
Interest: $194.13
Investment Rate: 3.97%
4. Small Ball Stock Purchases:
A. Restarted IGR - Bought 50 at $4.47+:
Quote: CBRE Global Real Estate Income Fund (IGR) at Google Finance
Cost: $223.
The preceding includes my last elimination, selling 50 at $4.96+ (2/12/26).
This CEF owns real estate related common and preferred stocks. The common stock allocation includes stocks of foreign real estate companies.
Sponsor's website: CBRE Global Real Estate Income Fund
IGR Holdings as of 3/31/26:
Top 10 Holdings as of 5/31/26:
Of those stocks I currently have only a small ball position in CubeSmart (CUBE)
Last Discussed: Item # 1.K. Eliminated IGR - Sold 50 at $4.9+ (2/17/26 Post)(profit snapshot = $35.49)(goal realized)
Last Buy Discussion (shares sold, previous link): Item # 1.E. Restarted IGR - Restarted IGR - Bought 50 at $4.25 (12/18/25 Post)
Leveraged: Yes at 31.44% as of 5/31/26 (sourced: sponsor's website)
Borrowings are at a .75% spread to the federal funds rate, with that information sourced from the SEC Filed 2025 Annual Report at page 30. "At December 31, 2025, the Trust had capital loss carryforwards of $36,726,165, comprised of $1,370,427 of Short-Term and $35,355,738 of Long-Term carryforwards." Page 29. Even if the fund realizes net capital gains in 2026, those gains would be offset up to the loss carryforward and would consequently not be available to support the dividend.
CBRE Global Real Estate Income (IGR) Portfolio | Morningstar Lists top 25 holdings, accessible to non-subscribers. I currently own 5 of the stocks in that list (CubeSmart, Rexford Industrial, Stag Industrial, Healthpeak (DOC), and Iron Mountain. My largest dollar position is still in DOC, even after my recent pares.
Dividend: Monthly at $.06 per share ($.72 annually)
IGR Dividend History & Date | Seeking Alpha
ROC Supported. That part of each dividend classified as ROC is not taxed as dividend but instead reduces the cost basis of the shares. When the security is sold, the ROC adjustments to the original cost basis will increase the capital gain or decrease the capital loss, as the case may be.
A CEF like IGR that pays out more than it earns is reducing the amount of capital that can be invested over time. The fund would need to recoup this capital outflow by a long term trend higher in owned securities which has not been happening in the real estate sector for awhile now. This year has been better than others over the past 5 years. The Office REIT sector has been a major drag on performance.
In 2025, 84.66% of the dividends paid that year were classified as return of capital.
Yield at $4.47: 16.11%
Last Ex Dividend: 6/18/26
Data Date of 6/23/26 Trade:
Closing Net Asset Value per share: $4.53
Closing Market Price: $4.5
Discount: -.66%
Average 3 Year Discount: -2.54%
Sourced: IGR - CEF Connect (Click "Pricing Information" Tab)
Some Other Sell Discussions: Item # 2.E. Eliminated IGR in Schwab Account - Sold 50 at $5.25+ (7/15/25 Post)(profit snapshot = $44.57); Item # 3.B. Eliminated IGR - Sold 180 at $6.54 (3/11/23 Post)(profit snapshot = $253.51, largest gain); Item # 2.G. Pared IGR in Fidelity Account - Sold 10 at $6.69 (2/5/23 Post)(profit snapshot = $8.17): Item # 2.H. Pared IGR - Sold 2 at $9.09 (8/27/21 Post)(profit snapshot = $6.29); Item #3.H. Sold All IGR Shares Purchased with Dividend (6/12/21 Post)(profit snapshot = $49.1); Item # 1.R. Sold 42+ IGR at $8.1 (4/17/21 Post)(profit snapshot = $43.23); Item # 1.A. Pared IGR-Sold 100 at $7.64 (4/9/21 Post)(profit snapshot = $63.6); Item # 1. I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR in Schwab Account-Sold 100 at $5.96 (6/13/20 Post) (profit snapshots = $113.32); Item # 1.C. Sold 9 IGR at $8.33 (2/19/20 Post)(profit snapshot = $4.99); Item # 2.A. Sold 100 IGR at $8.01 (12/28/19 Post)(profit snapshot = $42.98); Item # 1 Sold 283 IGR at $7.89+ (8/24/13 Post)(profit snapshot on all 2013 sales = $77.62)
Goal: Any total return before ROC adjustments to the cost basis plus the dividends.
CBRE Global Real Estate Income (IGR) Performance | Morningstar This page highlights that the shares have to be traded based on historical results. The five year annual average total return (dividends reinvested) through 6/23/26, using price, was at -.34% but at +11.2% for three years. The YTD was at 11.07%.
B. Restarted FSK - Bought 10 at $10.9:
Quote: FS KKR Capital Corp (FSK) at Google Finance - Externally Managed BDC
BDCs are in a world of hurt.
Website: FS/KKR Advisor, LLC
FSK SEC Filings BDC 10-Q and Annual Reports are very large files.
10-Q for the Q/E 3/31/26 Summary of investments starts at page 5.
FSK SEC Filed 2025 Annual Report (Summary of risk factors starts at page 24 and ends at page 58)
Reverse Split: 1 for 4 in 2020. FS KKR Capital Corp. Announces Effectiveness of Four-to-One Reverse Stock Split
Last Discussed: Item # 4.D. Eliminated FSK in Fidelity Account - Sold 21+ at $17.88; and Item # 4.E. Eliminated FSK in Schwab Account - Sold 20+ at $17.83 (8/19/25 Post)(profit snapshots = $126.95) I noted in that post that FSK reported a a loss per share of ($.75) which included $135M of realized losses on investments. Even after the realized losses, 5.3% of the portfolio based on amortized cost was on non-accrual as of 6/30/25. I emphasized that the losses were occurring without a recession indicating poor underwriting and judgment calls.
Investment Category: Lottery Ticket. I reclassified this BDC as deservedly hated as noted in a comment published on 8/15/25. Notwithstanding that classification, the share price is so beaten up after I last eliminated my position that a small ball buy may work (acceptable total return for me) with averaging down in 5 to 10 share lots possible.
3/31/26: $18.83
12/31/25: $20.89
6/30/25: $21.93
3/31/25: $23.37
12/31/24 $23.64
9/30/24: $23.82
12/31/23: $24.46
6/30/24: $23.95
12/31/22: $24.89
12/31/21: $27.17
12/31/20: $30.54
12/31/19: $31.35
12/31/18: $37.20
12/31/17: $37.65
12/31/16: $36.39
FSK retroactively adjusted the numbers to account for the 1 for 4 reverse stock split at page 155 of the SEC Filed 2020 Annual Report
I view this net asset value per share history to signal that a trading strategy, difficult to implement, is necessary to achieve a satisfactory total return.
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| Pages 89-90, 10-Q |
Goal: As with all BDC stocks, the goal is to realize a total return prior to any ROC adjustments to the cost basis + the dividends.
C. Restarted LYB as a Placeholder - Bought 1 at $59.7; 1 at $55.42+; 1 at $53.63:
Quote: Lyondellbasell Industries at Google Finance
Cost: $168.76
Investment Categories: Placeholder, Bond Substitute and Contrarian Value.
The previous snapshot also reflects selling 10+ shares at $80.87 (3/27/26) and the reinvestment of a dividend at $66.91 on 3/10/26. The price pop after 3/10/26 was due to the Strait of Hormuz closure as investors realized that LYB benefitted from that event.
Prior Eliminations: Item # 3.A. Eliminated LYB - Sold 10 at $80.97 (4/4/26 Post)(profit snapshot = Net of +$50.31); Item # 1.G. Eliminated Duplicate Position in LYB - Sold 2+ $56.56 (2/11/26 Post)(profit snapshot = $24.56); Item # 1.C. Eliminated LYB - Sold 6 at $98.42 (2/13/23 Post)(profit snapshot = $53.85)
As with DOW, there was a preliminary price spike in LYB after Iran closed the Strait of Hormuz that reportedly created a competitive disadvantage to Asian and European competitors and less competition from Middle East petrochemical suppliers. LYB 2026 JPMorgan CFO Fireside Chat.pdf; Dow, LyondellBasell upgraded on higher margins amid to Middle East disruption By Investing.com The reopening and the signing of the MOU with Iran caused that price spike to collapse on itself through Friday June 30, 2026.
5 Year Chart (see chart at Google Finance): Major Bear Market starting in May 2022. A long term chart going back to 2010 shows a strong bull move starting near $15 in 2010 and ending near $115 in 2014. Since that top, the chart reveals what I would call a a roller coaster ride up and downs
Erratic GAAP E.P.S. History:
GAAP E.P.S. (large annual swings are customary)
I did own a few LYB shares in this account when the company paid a $5.02 per share special dividend.
Yield at $57.56: 4.907%
Last Ex Dividend: 6/1/26
Last Earnings Report (Q/E 3/31/26): SEC Filed Earnings Press Release and 10-Q
Revenues: $7.197B, down from $7.677B
The demand problems experienced by chemical companies over the past 3 years or so do provide some evidence that the world economy has problems beneath the surface.
GAAP E.P.S. $.38, down from $.54
Non-GAAP E.P.S. $.49
Reconciliation:
Outlook:
Currently Owned SU Bonds: I own 4 LYB International Finance 3.5% SU maturing on 3/2/27: Item # 2.H. Bought2 LYB International 3.5% SU Maturing on 3/2/27 at a Total Cost of 99.028 (3/30/26 Post)(then rated at BBB-/Baa3; YTM then at 4.567%); Bond Page | FINRA.org. Item # 2.B. Bought 2 LYB International Finance 3.5% SU Maturing on 3/2/27 at a Total Cost of 97.463 (2/10/25 Post)(YTM at 4.784%, then rated at BBB/Baa2);
D. Added to Falling Knife FIS - Bought 1 at $37.85 (Fidelity Account):
Quote: Fidelity National Information Services Inc (FIS)
Last Discussed: Item # 1.C. Added to Falling Knife FIS - Bought 1 at $40.65; 2 at $39.9; 1 at $38.88 (6/18/26 Post)
Investment Categories: Bond Substitute, Dividend Growth, Contrarian Value. The bond substitute category describes the objective and says nothing about the dividend's safety. The objective is a realized average annual return of at least 2% in excess of the dividend yield.
FIS Key Metrics Page at Reuters
FIS Detailed Earnings Estimates at Zacks.com As of 6/29/26, the average E.P.S. estimate for 2026 was at $6.28 and at $6.89 in 2027. At a $37.85 price, and using the $6.89 estimate for 2027 (assuming it is realized), the forward P.E. is 5.49.
5 Year Chart: Major Bear Market Pattern
New Average cost per share: $40.53 (8+ Shares)
Dividend: Quarterly at $.44 per share ($1.76 annually), last raised from $.40 effective for the 2026 first quarter payment.
FIS Dividend History & Date | Seeking Alpha
Yield at New AC: 4.34%
Last Ex Dividend: 6/11/26
Last Earnings Report (Q/E 3/31/26): I discussed this report in a recent post: Item # 3.B. Started FIS as a Placeholder in Fidelity Account - Bought 1 at $43.38; 1 at $42.22; 1 at $41.65 (5/22/26 Post); SEC Filed Earnings Press Release for the Q/E 3/31/26
Maximum Shares: 50
Purchase Restriction: I have changed the restriction to no more than 5 shares, up from a 2 share limit, provided each subsequent purchase is at the lowest price in the chain. Purchase restrictions and maximum number of shares are both risk mitigation techniques that I use and are formulated based on my opinions about risk/reward taken in context of my personal investment objectives and risk tolerances.
E. Added to BGR in Schwab Account - Bought 5 at $14.65:
Quote: Blackrock Energy and Resources Trust (BGR) at Google Finance - Stock CEF
Cost: $73.24
Sponsor's website: Energy and Resources Trust | BGR
Last Discussed: Item # 3.A. Added to BGR in Schwab Account - Bought 10 at $16.(5/22/26 Post) The price decline since that purchase is due to the Strait reopening. Crude Oil Prices Today | OilPrice.com;
Note the collapse in the parabolic price spike in 2008.
Cushing, OK WTI Spot Price FOB (Dollars per Barrel)
BGR Portfolio | Morningstar Lists top 24 holdings.
BlackRock Energy and Resources Trust SEC Filed 2025 Annual Report
Top 10 Holdings as of 5/31/26:
New average cost per share in this account: $15.59 (25 Shares)
Reduced from $15.82.
Dividends: Monthly at $.0973 per share ($1.1675 annually)
BGR Dividend History & Date | Seeking Alpha
Heavy ROC Support.
I have turned on dividend reinvestment as a means to average down randomly.
Yield at New AC of $15.59: 7.49%
Next Ex Dividend: 7/25/26
Data Date of 6/26/26 Trade:
Closing Net Asset Valuer per share: $16.52.
Closing Market Price: $14.66
Discount: -11.26%
Average 3 Year Discount: -8/91%
Sourced: BGR - CEF Connect (Click "Pricing Information" Tab)
F. Added to BCX in Schwab Account - Bought 5 at $10.93:
Quote: BlackRock Resources & Commdities Strategy Trustt (BCX) at Google Finance
Cost: $54.65
Sponsor's website: Resources & Commodities Strategy Trust | BCX
Top 10 Holdings as of 5/31/26:
SEC Filing - Holdings as of 3/31/26
BlackRock Resources & Commdty (BCX) Portfolio | Morningstar Website is accessible to non-subscribers. This page has a list of the top 25 holdings.
Last Discussed: Item # 5. C. Started BCX - Bought 10 at $12.1; 10 at 12 (6/12/26 Post) The price decline since those purchases resulted from the opening of the Strait. Oil Price Charts | Oilprice.com
New Average cost per share this account: $11.83 (25 shares)
Reduced from $12.05.
Dividend: Monthly at $.0697 per share ($.8364 annually)
BCX Dividend History & Date | Seeking Alpha
Heavy ROC Support.
Yield at $11.83: 7.07%
Next Ex Dividend: 7/15/26
Data Date of 6/25/26 Trade:
Closing Net Asset value per share: $12.1
Closing Market Price: $10.93
Discount: -9.67%
Average 3 Year Discount: -10.2%
Sourced: BCX - CEF Connect
5. Equity Preferred Stocks:
Quote: Dime Community Bancshares 5.5% Preferred Stock Series A at Google Finance
Cost: $88.08
In the symbol list, I am going to only use the old symbol DCOMP. The symbol at Schwab is now DCOM/PR.
Issuer: Dime Commercial Bancshares Inc (DCOM) - A Bank Holding Company
SEC Filed Earnings Press Release for the Q/E 3/31/26
Last Discussed: Item # 5.C. Added to DCOMP - Bought 5 at $17.9 (12/18/25 Post)
Par Value: $25
Coupon: 5.5% paid on the $25 par value
Placement in the Capital Structure: Equity preferred stock, senior only to common stock and junior to all debt.
Dividend: Paid quarterly, qualified and non-cumulative.
Stopper Clause: Standard. (see pp. S-16 and S-17 of the prospectus). This clause enforces the preferred shareholders' preferential claim to cash against only the common stockholders. The common stock cash dividend has to be eliminated before eliminating the preferred stock dividend.
Issuer Optional Call: On or after 2/15/25. Given the low coupon, I would not anticipate that this security will be called, which would be a favorable development given the discount to par value. To be called, the ten year treasury yield would probably need to fall to less than 2%, probably closer to 1.5%, and DCOM would need to have a credit risk profile that would enable it to call DCOMP and refinance at a materially lower coupon
New average cost per share: $18.27 (25 shares)
Reduced from $18.43.
Yield at $18.27 = 7.53%
Computation: .055% coupon x. $25 par value = $1.375 annual dividend per share ÷ $18.27 average cost per share = 7.526%
Last Ex Dividend: 5/8/26
Last Sell Discussions: Item # 4.A. Eliminated DCOMP - Sold 50 at $19.92 (10/31/24 Post)(profit snapshot = $104.78); Item # 2.I. Eliminated DCOMP in Schwab Account - Sold 10 at $22.3 and Item # 2.J. Eliminated DCOMP in Vanguard Taxable Account - Sold 15 at $21.77 (2/5/23 Post)(profit snapshots = $47.55); Item # 2.A. Pared DCOMP in Fidelity Account - Sold 30 out of 80 at $25.8 (1/9/21 Post)(profit snapshot = $170.85); Item # 2.B. Sold 10 DCOMP at $21.14 and 10 at $22.06-Highest Cost Lots Fidelity Taxable Account (9/5/20 Post)(profit snapshot = $26.23)
DCOMP Realized Gains: $349.41
Some Buy Discussions (where position has been eliminated): Item # 4.C. Added to DCOMP - Bought 10 at $15 - Fidelity Account (10/21/23 Post); Item # 2.D. Added to DCOMP - Bought 10 at $13.85 (6/10/23 Post)
B. Added to ATHPRB in Schwab Account - Bought 5 at $18.13:
Quote: ATH-B at Google Finance
Cost: $90.64
Issuer: Athene Holding Ltd., a private company owned by Apollo Global Management (APO) While privately owned, Athene has issued bonds and equity preferred stocks to the public and consequently has to file financial reports with the SEC.
Website: Leading Annuity & Retirement Services Provider | Athene
SEC Filed Financial Report for the Q/E 3/31/26
Last Discussed: Item # 6.A. Added to ATHPRB in Schwab Account - Bought 5 at $18.35 (3/23/26 Post)
Placement in Capital Structure: Equity Preferred Stock, senior only to common stock and junior to all bonds and credit facility borrowings.
Coupon: 5.625% paid on a $25 par value.
Dividends: Qualified, non-cumulative and paid quarterly.
Optional Call Date: On or after 9/30/24. I do not anticipate that this preferred stock will be called at par value. Currently, the company is having to pay higher coupons for senior unsecured bond and junior bonds.
Ratings- Athene Holding Ltd. For the preferred stock issued by the holding company, the ratings are Baa3 by Moody's and BBB by S&P.
Fitch has a BBB- on the preferred stock. Fitch Affirms Athene's Ratings; Outlook Stable (8/20/25)
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| Snapshot Intraday on 6/25/26 after add |
Reduced from $19.04.
Yield at $18.81: 7.51%
Computation: .0565% coupon x. $25 par value = $1.4125 annual dividend per share ÷ $18.81 = 7.5093%
Owned SU Bond: I own 2 of the Athene Holding 4.125% SU Maturing on 1/12/28, Bond Page | FINRA.org. That purchase was not discussed here, another one that I overlooked:
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First Mortgage Bond
Par Value: $25
Coupon 4.9%
Interest Payments: Quarterly
Trades Flat (whoever owns EMP on the ex interest data receives the entire quarterly interest payment)
Maturity: 10/1/2066
No call protection. Issuer has the optional right to call at par value plus accrued and unpaid interest.
Interest Rate Risk: High given the potentially long maturity. Interest rate risk is asymmetric in favor of the issuer who has the optional call right. If interest rates fall too far, the issuer will call the bond, but will allow the owner to keep the security when interest rates are rising and the price is falling.
Credit Risk: Rated at A2/A. Low IMO since the issuer is a regulated utility and the bond is a first lien on substantially all assets.
Last Discussed: Item # 8.B. Added to EMP in Fidelity Account - Bought 10 at $20.63 (3/23/26 Post)
New Average cost per share this account: $21.05 (115 shares)
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| Snapshot Intraday on 6/24/26 after add |
Yield at $21.05: 5.82%
Computation: .049% coupon x. $25 par value = $1.225 annual interest per share ÷ $21.05 average cost per share = 5.8195%
Last Ex Interest Date: 6/30/26 (owned all as of)
Sell Discussions: Item # 5.B. Pared EMP in Schwab Account - Sold 5 at $21.62; 5 at $22.39+ (9/21/25 Post)(loss snapshot = -$27.2); Item # 4.A. Eliminated EMP-Sold 70 at $24.87 (5/1/19 Post)(profit snapshot = $207.92); Item # 2.B. Sold 30 EMP at $24.44 (2/13/19 Post)(profit snapshot = $7.04); Items 2.A and B. Sold 50 EMP at $24.97 and 30 at $24.96 (9/21/17 Post)(profit snapshots $167.52); Item # 2.A. Sold 50 EMP at $24.47 (7/22/17 Post) (profit snapshot = $66.98)-Item # 2.B. Bought 50 EMP at $22.85 (5/17/17 Post)
Goal: The goal is simply to realize a total return in excess of the interest payments. A total return in excess of the interest payments will require long term interest rates to decline from current levels.
EMP Net Trading Profits to Date: $437.7
Owned Entergy Mississippi $1,000 Par Value First Mortgage Bonds: 15
4 Entergy Mississippi 3.25% FM Maturing on 12/1/27, Bond Page | FINRA.org
1 Entergy Mississippi 2.85% FM Maturing on 8/1/28, Bond Page | FINRA.org
7 Entergy Mississippi 5% FM Maturing on 9/1/33, Bond Page | FINRA.org, last discussed at Item # 2.C. Bought 1 Entergy Mississippi 5% First Mortgage Bond Maturing on 6/1/33 at a Total Cost of 98.094 in IB Account (4/18/25 Post); Item # 2.F. Bought 1 Entergy Mississippi 5% FM Bond at a Total Cost of 99.095 - Fdelity Account (3/18/25 Post)
3 Entergy Mississippi 5.05% FM Maturing on 4/15/36 (1 in RI account), Bond Page | FINRA.org
I prefer owning the $1K par value bonds that mature in less than 10 years since they have a much lower interest rate risk.
I sold 1 Entergy Mississippi 5.8% FM maturing on 4/15/55. Item # 3.D. Sold 1 Entergy Mississippi 5.8% FM at 100.049 (8/5/25)(profit snapshot = $37.17) - Item # 3.E. Bought 1 Entergy Mississippi 5.8% First Mortgage Bond Maturing on 4/15/55 at a Total Cost of 96.232 (5/30/25 Post) In 2025, I also sold 2 Entergy Mississippi 5% FM bonds maturing on 9/1/33 in Roth IRA accounts.
B. Added to EMP in Fidelity Account - Bought 5 at $20.37:
See Item # 6.A. above
Cost: $101.85
New Average cost per share this account: $21.39 (115 shares)
Yield at AC: 5.727%
Total EMP Shares 3 Taxable Accounts: 330 shares
Annual Interest payments on 330: $404.25
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.
The General Mills (GIS) earnings release this morning is causing a rally in the packaged food stocks that have been in the worst bear market in my lifetime, a conclusion that I have expressed more than once here. The report was for the 4th fiscal quarter ending on 5/31/26:
ReplyDeletehttps://www.sec.gov/Archives/edgar/data/40704/000162828026046337/a20260701ex99.htm
General Mills Inc (GIS)
$37.83 +$3.03 +8.71%
10:05 CST 7/1
https://www.google.com/finance/quote/GIS:NYSE
Adjusted E.P.S. at $.95 with the consensus at $.8
Fiscal non-GAAP Fiscal 2007 E.P.S. Guidance at $3 to $3.25.
Some of the pop is probably attributable to short covering.
Quote from release: "In an effort to help address input cost inflation, fund growth investments, and deliver accelerated profit and cash flow growth, General Mills announced that it expects to generate $3 billion in cumulative cost savings in the four years through fiscal 2030. Roughly $2 billion of this target is expected to be generated through the company’s ongoing HMM productivity program, equating to annual savings of approximately 4 percent of cost of goods sold. The remaining $1 billion is expected to be generated by the company’s global transformation initiative and other cost efficiency efforts, including redesigning the supply chain network, further streamlining business processes, and driving improvement across other elements of its cost base. These efforts will create a more agile and efficient structure that is better fit for future growth. General Mills expects to generate at least $750 million in total savings in fiscal 2027 toward this $3 billion target."