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Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds (Item # 4): $841.96
Outflow Common Stocks/Stock Funds (Item # 1): $4,123.24
Realized Gains U.S. Stocks/Stock Funds: $442.17
Net Outflow Stocks/Stock Funds: $3,281.28
Inflow Corporate Bonds (Item # 2): 19 (cost at $18,715.49)
Outflow Corporate Bonds: 2 (proceeds at $1,996 in principal amount after commission) This section only includes bonds that are sold in the secondary market. I do not net proceeds here from bonds that are redeemed by the issuer which occur almost every week in 1 or more of my taxable accounts.
Net Inflow Corporate Bonds: 17 (net at $16,719.49)
Treasury Bills Purchased at Auction (Item # 4): $15,000 in principal amount
Treasury Notes Purchased in Secondary Market (Item # 5): $2,000 in principal amount (cost at $1,979.89)
Treasury Note Purchased at Auction (6): $2,000 in principal amount
Inflow Equity Preferred Stock (Item # 7): $86.75
Inflow Baseball Card Auction Proceeds (Item # 9): $1,540 (3 cards)
30-year Treasury yield tops 5.33%, new 19-year high on inflation, spending concerns (8/18/26) Mortgage rates will continue to rise making it more expensive to buy homes. According to Freddie Mac's survey, the average 30 year mortgage rate was at 5.98% for the week ending 2/26/26 and had risen to 6.67% for the week ending 8/13/26. Mortgage Rates - Freddie Mac The thirty year treasury bond closed at 5.31% on 8/17, up 10 basis points from 5.21% on 8/13. Daily Treasury Rates | U.S. Department of the Treasury
Shiller PE Ratio Chart- Multpl
Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives (8/8/26)
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Economy:
Strategic Petroleum Reserve depletion raises questions about integrity of and damages to oil caverns
Oil prices fall after U.S. says crude exports through Strait of Hormuz near 9 million barrels per day (8/12/26) Trump's Energy Secretary Chris Wright claims that 9 million crude oil barrels are passing through the Southern Corridor each day. Wright represented that tankers are traveling at night with their transponders off. Wright further asserted that an additional 5 billion barrels were flowing through pipelines. The International Energy Agency estimates that the pipeline capacity for Gulf producers is 3.5 to 5 million barrels per day. Strait of Hormuz - About - IEA That capacity existed prior to the Iran War. Wright is suggesting that this is new supply that can supplant what is lost due to the blockades and it is not.
Strait of Hormuz shipping slows as U.S.-Iran ceasefire nears end (8/17/26), ("Overall, shipping is down 90% since before the war started on February 28, with the Strait of Hormuz carrying about a fifth of the world’s oil, averaging about 130 vessel transits per day."). This article references data from the Kplr monitoring company that only 5 cargo ships passed through the Strait last Saturday.
Hormuz Tanker Traffic Slumps as U.S.-Iran Standoff Drags On | OilPrice.com
Oil rises as Iran rules out MoU extension, threatens to escalate (8/17/26)
Hormuz ship attack results in casualty as Trump says strait is 'open' (8/18/26); Trump "Truth" Social Message 8/18/26
Hormuz Stalemate Raises Risk of $120 Oil | OilPrice.com Once strategic stockpiles are no longer a viable source of supply, the deficits in supply in the physical market, as distinct from prices in crude oil futures, may reach a tipping point where the only result will be a major spike in prices. Trump and his administration are claiming that will not happen.
The Houthis have disrupted tanker traffic through the narrow Bab-el-Mandeb that connects the Red Sea with the Gulf of Aden after several successful attacks. Red Sea Brief: 13 August 2026; Bab el-Mandeb - Tanker Traffic - Daily Transits & Tonnage | TankerMap
(Crude oil tankers vary in size but the largest can carry up to 4M barrels. FAQ - Vessel Size Classification | TankerTrackers.com, Inc.)
I have not seen any independent verification of Wright's claims about traffic through the Strait. The satellite tracking in the Persian Gulf region is extensive.
The problem that I have is that Trump and all of his Cabinet Secretaries lack any credibility, so nothing claimed by any of them can be taken at face value and must be independently verified by reliable sources.
Trump: "If Oman gets in the way, we’ll bomb the shit out of them." Donald Trump threatens to bomb Oman over Hormuz | The Jerusalem Post
China Oil Imports Jump 22% Even as Economic Data Disappoints | OilPrice.com (8/17/26)
U.S. July retail sales unexpectedly post largest drop in more than a year | PBS News
Monthly Retail Trade - Sales Report
U.S. budget deficit surged in July to highest level since March 2021 For the first 10 months of fiscal year 2026 that ends on 9/30/26, the government's budget deficit rose to almost $1.8 trillion, surpassing the number for the first 10 months of fiscal year 2025.
July CPI: Consumer Price Index Summary - 2026 M07 Results
Month-to-Month CPI: .1%
Month-to-Month Core CPI: .2%
Annual CPI: 3.4%
Annual Core CPI: 2.5%
Energy commodity prices declined 2.9% month-to-month.
Health insurance costs declined 8% year-over-year on a non-seasonally adjusted basis according to the BLS:
In my life, there was only 1 year where I experienced a year-over-year decline in health insurance costs and that was when I transitioned from private insurance to Medicare. I find the BLS calculation of health insurance premiums strange: Measuring Price Change in the CPI: Medical care : U.S. Bureau of Labor Statistics I understand the difficulty, but the end result is ridiculous as is the extremely low weighting in CPI.
Houthi attack kills six in first death in Red Sea since Iran war began (8/12/26)
Hormuz: 2 UAE ships attacked 8/13/26; traffic slows as world burns oil stockpiles - YouTube
Strait of Hormuz ship traffic near three-month low as U.S.-Iran deal in doubt (8/12/26)
LME Aluminum Stockpiles Sink to Lowest Level Since 1990 | OilPrice.com
Crude Oil Prices Today | OilPrice.com WTI at $85.54, up $1.04 as of 10:50 A.M. CST on 8/18/26.
++++
Trump and His Orwellian Administration:
The U.S. now has its first Orwellian administration IMO, led by a malignant narcissist and authoritarian demagogue who has both widespread support within the U.S. and absolute control over almost all Republican House and Senate members and almost all republican politicians at the state level who will do his bidding when asked.
Trump knows the best way to launch jets off U.S. aircraft carriers or so he believes being a self anointed "extremely stable genius" who knows everything without studying or reading anything. Trump orders Pentagon to redesign US aircraft carrier to use steam catapults to launch jets-The Guardian; Rebuilding the United States Navy and America's Shipbuilding Industrial Base – The White House The old system requires more sailors to operate, takes longer to launch the jets, and costs more to maintain but Trump prefers it after extensive study. Trump orders Navy to ditch EMALS for steam catapults on aircraft carriers
Trump on 8/14/26: "After we finish defeating Iran, which is being very badly defeated, pretty soon I'll be declaring the Hormuz Strait a territory of the United States." Trump says he will declare the Strait of Hormuz a US territory - USA Today
August 13, 2026 — Strait of Hormuz traffic remains low as world burns through oil stockpiles | CNN
Trump says record USS Lincoln deployment 'not nearly long enough' - ABC News Trump only pretends to care about other people. What Is a Psychopath? Fox News Anchor Goes Off On 'Weak' Soldiers Complaining About The USS Lincoln Trump has made cruelty a republican policy objective.
Judge finds Kennedy Center owes musician $250,000 in legal fees
Kennedy Center board votes to put Trump name on facade
Kennedy Center Board Votes to Put Trump's Name Back on the Building; Kennedy Center board votes to put Trump's name back on outside of building, House Democrat says - CBS News This is one of the most important Trump policy objectives in his second term, roughly on par with resurfacing statues in D.C. with gold leaf, but less of a Trump imperative than building a gold glittered ballroom in the style of Roman Emperors or blaming anyone but himself for the reflecting pool disaster.
Trump's most important priority is to pass the Save Republicans from Losing Elections Act just prior to the midterms as he has stated in the past. SAVE America Act is ‘No. 1 priority,’ Trump tells Republicans - Live Updates - POLITICO (statement made after the commencement of the Iran War and a spike in gas prices) That priority is based on his fear that a Democrat House will investigate what he has done during his second term. Trump has been doing whatever he can to rig the midterms in favor of his fawning and totally servile minions in the House and Senate.
A majority of the Kennedy Center Board are Trump loyalists who will be replaced by people who are qualified to run this performing arts center. Trump effectively appointed himself as Chairman. If Trump is successful in having his name plastered on the facade, it will be removed after he leaves office. Don the Destroyer has already done a great deal to destroy the Kennedy Center as a respected performing acts center.
Another significant Trump priority is to convince people that vandals destroyed the grass between the reflecting pool and the WWII Monument. Trump "Truth" Social Message on 8/16/26 Anyone who disagrees with his assertion needs to "go back to law school" according to Trump.
Patches of the grass did turn brown. While I expect that Trump will continue obsessing about this issue for months, even years as he has about the 2020 election, frequently posting his normal rage "Truth" Social messages, he will not mention when making these accusations that a bandstand and seating area covered the grass on July 4, nor does he mention his claim that 400,000 people were present in this area for a speech that he gave. Trump blames Reflecting Pool ‘vandals’ for dead grass where his July 4 celebrations were held
Trump asks Supreme Court to bulldoze stop-work order on White House ballroom | Courthouse News Service; DC Circuit deals setback to Trump ballroom as Rao dissents The most likely grounds for reversal of the injunction is the argument that the plaintiffs lack standing to assert their causes of action. Trump had earlier claimed that the District Court Judge Leon, who issued the injunction stopping the ballroom construction, "will be held responsible for the Death and Destruction caused to our Country. Trump "Truth" Social Message
My best guess is that the 6 Republican Monarchists on the Supreme Court will reverse the injunction and allow Trump to do whatever he wants with the White House, accepting without question his national security justifications. His DOJ has claimed that Trump could blow up the Statue of Liberty if he chooses to do so, and that argument will likely resonate with the Monarchists who are rapidly expanding the powers of the already Imperial Presidency to what existed in America prior to 1776. Trump could also tear down the Statue of Liberty, DOJ argues in defense of White House ballroom - POLITICO That unfettered power, once unleashed by the Monarchists, could extend to any building owned by the U.S. government.
One of the national security modifications to the White House is to place drone launching pads on the roof. Trump posts image of 'drone port' atop White House ballroom
Karoline Leavitt Snaps When Asked About Trump Profiting Off Presidency | The New Republic Leavitt claims that Trump has lost money being President. Leavitt: "This is a president who has actually lost money for being president." Trump has amassed staggering wealth in ‘most openly corrupt’ presidency; Karoline Leavitt leaves behind a legacy of lies. What’s next for the Trump aide?
Trump orders Pentagon to scale back joint exercises with South Korea Trump is upset that South Korea decline to participate in military operations against Iran. Trump Will Make South Korea Pay For His Iran Humiliation - The Atlantic (article by Tom Nichols, subscription publication)
How Trump Left America Vulnerable to Cyberattacks - The Atlantic (subscription publication)
Demagogue Don became enraged when a Fox "news" anchor had the guts to ask Trump's attorney Todd Blanche about the 2 to 1 appellate decision upholding the injunction on the ballroom construction and for showing a poll result that had a negative approval of his job performance. Trump Absolutely Loses It With Fox News Anchor
1. Common Stock Sales:
For pares, I am selling only my highest cost lots.
A. Eliminated Duplicate Position in AMCR - Sold 15+ at $46.01:
Quote: Amcor (AMCR) at Zacks - Global Packaging Company
Proceeds: $708.17
AMCR Detailed Earnings Estimates - Zacks.com
Amcor Completes One-for-Five Reverse Stock Split
Last Buy Discussions: Item # 5.A. Added to AMCR - Bought 5 at $39.9; 5 at $39 in Fidelity Account (5/2/26 Post); Item # 5.A. Added to AMCR in Fidelity Account - Bought 5 at $42.08; 5 at $40.46 (4/18/26 Post) I did not discuss restarting a position in my Fidelity account by buying 5 shares at $42.09 (4/9/26).
Last Elimination: Item # 1.D. Eliminated Duplicate Position in AMCR (Fidelity Account)-Sold 6 at $47.17 (2/11/26 Post)(profit snapshot = $26.56)
Last Discussed: Item # 2.H. Pared Duplicate Position in AMCR (Fidelity Account) - Sold 10 at $44.78 (7/28/26 Post)(profit snapshot = $34.97) I discussed the 2026 first quarter report in this post. SEC Filed Earnings Press Release
Profit Snapshot: $112.42
Owned AMCR Subsidiary SU Bonds (guaranteed by AMCR): 8 Bonds, summarized with purchase and FINRA links in Item # 2.H. (7/29/28 Post)
B. Eliminated Duplicate Position in CLX - Sold 4.565 Shares at $104.5 - Fidelity Account:
Proceeds: $490.83
CLX Detailed Earnings Estimates - Zacks.com
Recent Major News: Clorox Completes GOJO Acquisition on 4/1/26 (Purell products)
Last Discussed: Item # 5.A. Added to Falling Knife CLX in Schwab Account - Bought 1 at $92.5 (6/12/26 Post); Item # 5.B. Added to Falling Knife CLX - Bought 1 at 97.95; 1 at $96.75 (5/2/26 Post) I still own almost 19+ shares in my Schwab account.
Last Sell Discussion: Item # 1.C. Eliminated Duplicate Position in CLX - Sold 4+ at $117.3 (2/11/26 Post)(profit snapshot = $43.28)
Profit Snapshot: $42.42
Dividend: Quarterly at $1.25 per share ($5 annually), last raised from $1.24 effective for the 2026 third quarter payment.
CLX Stock Dividend History & Date | Seeking Alpha (noting 48 years of consecutive dividend increases)
CLX is a dividend aristocrat having raised its dividend for more than 25 consecutive years.
Last Ex Dividend: 8/12/26
Last Earnings Report (Q/E 6/30/26): This report for the 4th fiscal quarter.
SEC Filed Earnings Press Release
Revenues: $1.948B
GAAP E.P.S. $1.34
Adjusted E.P.S. $1.66, excludes $.32 in acquisition and integration costs.
Fiscal Year 2026 Adjusted E.P.S. = $5.53
"As announced in August 2021, the company invested in transformative technologies and processes over a five-year period beginning in fiscal year 2022 and completed during the third quarter of fiscal year 2026. The investment included replacement of the company's ERP system and transitioning to a cloud-based platform as well as the implementation of a suite of other digital technologies. The total incremental transformational investment was approximately $580 million. It is expected that these implementations will generate efficiencies and transform the company's operations in the areas of supply chain, digital commerce, innovation, brand building and more over the long term."
Discussion on ERP Transition Impact:
The ERP transition resulted in companies front loading purchases in the 2025 4th quarter that added about $.90 E.P.S. which resulted in a roughly equivalent reduction in the 2026 fiscal year.
Fiscal Year 2027 Guidance: Adjusted E.P.S. $5.7-$6
C. Eliminated PRU - Sold 4 at $123:
Quote: Prudential Financial (PRU) at Zacks
Proceeds: $491.98
Last Discussed: Item # 5.D. Added to PRU - Bought 1 at $94.2 (5/2/26 Post); Item # 5.B. Restarted PRU - Bought 1 at $96.15; 2 at $96.9 (4/18/26 Post)
Investor Relations | Prudential Financial
Most Recent Sell Discussions: Item # 2.G. Eliminated Duplicate Position in PRU (Schwab Account) - Sold 3 at $99.05 (5/2/26 Post)(profit snapshot = $8.19); Item # 2.B. Eliminated PRU - Sold 5 on Ex Dividend Date at $107.88 (2/23/24 Post)(profit snapshot = $223.42); Item # 1.D. Eliminated PRU in Two Taxable Accounts - Sold 2 at $98.92; 2 at $98.95 (3/6/23 Post)(profit snapshots = $146.38); Item # 2.B. Pared PRU in Vanguard Taxable Account - Sold 2 at $108.34 (6/25/21 Post)(profit snapshot = $89.04)
Profit Snapshot: $107.83
Dividend: Quarterly at $1.4 per share ($5.6), last raised from $1.35 effective for the 2026 first quarter payment.
PRU Dividend History & Date | Seeking Alpha
Last Earnings Report (Q/E 6/30/26):
GAAP E.P.S. $2.8
Non-GAAP E.P.S. $4.08
Consensus at $3.529 per Fidelity.
The quarter included "a net after-tax charge from our annual assumption update and other refinements of $299 million or $0.85 per Common share versus a charge of $134 million or $0.37 per share in the year-ago quarter."
"After- tax adjusted "operating income of $1.438 billion or $4.08 per Common share versus $1.284 billion or $3.58 per share for the year-ago quarter."
I do not like life insurance company accounting:
I am not going to ignore realized losses on investments.
"Net income of $985 million in the quarter included $655 million of pre-tax net realized investment losses and related charges and adjustments".
Analyst Reports Available to Schwab Customers:
Morningstar (8/7/26): 3 stars with an estimated fair value of $112, medium uncertainty and no moat.
S&P (8/12/26): 3 stars with a 12 month price target of $128 raised by $23 based on the last report.
Argus (6/8/26): Hold
PRU SU Bonds: I currently own 3.
1 of the 4.4% SU Maturing on 11/15/27
2 of the 5.25% (1 in a RI account) SU Maturing on 5/15/35, last discussed at Item # 4.A. Bought 1 Prudential 5.25% SU Maturing on 5/15/25 at a Total Cost of 99.2 (7/3/25 Post); Bond Page | FINRA.org (credit rating then at A3/A)
D. Eliminated Duplicate Position in KMB (Fidelity Account) - Sold 4.994+ Shares at $112.1:
Proceeds: $559.83
Investment Categories: Contrarian value, dividend growth and bond substitute (defines objective only).
Recent Negative News: KMB Cuts 2026 Outlook as China Diaper Disruption Clouds Growth View - August 14, 2026 - Zacks.com
Acquisition of Kenvue: As previously discussed, KMB is in the process of acquiring Kenvue. Kimberly-Clark to Acquire Kenvue, Creating a $32 Billion Global Health and Wellness Leader - Nov 3, 2025 ("Under the terms of the agreement, which has been unanimously approved by each company's Board of Directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly-Clark shares for each Kenvue share held at closing, for a total consideration to Kenvue shareholders of $21.01 per share, based on the closing price of Kimberly-Clark shares as of October 31, 2025") As of 6/30/26, Kenvue had 1.923B diluted shares outstanding. Kenvue SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues of $3.955B, up from $3.859B, with net income reported at $456M, up from $420M) The acquisition is expected to close in the 2026 4th quarter subject to receiving foreign regulatory approvals. Shareholders have voted to approve, and the period for the U.S. to raise an antitrust objection has expired.
I do anticipate that this merger will reduce logistics costs since the products of both companies are sold to the same customers. I doubt that this acquisition do much to solve KMB's revenue and earnings growth issues.
Last Discussed: Item # 1.B. Added to Falling Knife KMB - Bought 1 at $94.65; 1 at $93.5 -Schwab Account (6/18/26 Post); Item # 2.C. Added to Falling Knife KMB - Bought 1 at $96.72 -Schwab Account (4/11/26 Post)
Last Elimination: Item # 3.A. Eliminated Remaining KMB in Fidelity Account - Sold 5+ at $137.87 (1/3/23 Post)
KMB Detailed Earnings Estimates - Zacks.com
Kimberly-Clark – Our Brands | Kimberly-Clark
KMB SEC Filed 2025 Annual Report
Kimberly-Clark – Our Brands | Kimberly-Clark
Profit Snapshot: Net of $49.47
Dividend: Quarterly at $1.28 per share ($5.12 annually)
KMB Stock Dividend History & Date | Seeking Alpha
KMB is a dividend aristocrat. The 5 Best Dividend Aristocrats to Buy in 2026 | Morningstar (6/3/26)
Last Ex Dividend: 6/4/26
5 Year Chart (through 8/14/26): Bear Market Pattern with possible bottom formation in the $90-$95 range
The percentage decline is based on price only.
Average annual total return through 8/14/26: -3.64%Sourced: DRIP Returns Calculator | Dividend Reinvestment Calculator
At least I am not chasing a stock that has had a parabolic price spike when buying a few KMB shares.
Part of the negative return for five years was the stock price surge during the pandemic. The company experienced a temporary boost in sales of toilet paper, with shelves at my local Kroger store emptied, as many consumers ending up with a year or more of supply, similar to what happened to Clorox in its cleaning products.
Last Earnings Report (Q/E 6/30/26):
SEC Filed Earnings Press Release
Revenues: $4.189B, up from $4.163B
GAAP E.P.S. $1.04 from continuing operations
Adjusted E.P.S. from continuing operations: $1.80, up from $1.63
Reconciliation for continuing operations: 3 and 6 months
2026 Outlook:
I still have small ball positions in 2 tax accounts with the largest being
Analyst Reports Available to Schwab customers:
Morningstar (8/4/26): 4 stars with an estimated fair value of $133, high uncertainty, and a narrow moat.
S&P (8/15/26): 3 stars with a 12 month price target of $121 raised by $17.
Argus (5/13/26): Buy with a $120 target price. The price was at $97.34 when the report was published.
For consumer staple companies, the primary problem is that input cost inflation starting in 2021 required price increases that resulted in lower volumes. Higher prices resulted in more brand substitution and lower usage.
E. Pared SLG in Schwab Account - Sold 3 at $56.03:
Proceeds: $168.11
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Homepage - SL Green - NYC's Largest Commercial Landlord
Last Discussed: Item # 2.G. Pared SLG in Fidelity Account - Sold 1 at $51.1 and Item # 2.H. Pared SLG in Schwab Account - Sold 2 at $52.01 (6/18/26 Post)(profit snapshots = $6.79) I noted in that post some signs of green shoots in the Manhattan office real estate market.
Last Buy Discussion: Item # 2.G. Added to SLG in Fidelity Account - Bought 1 at $35 (4/4/26 Post)
Long Term Chart: This stock has been difficult for a long time but the company has potential for a turnaround. The price peak in 2007 near $161, collapsed in price during the Near Depression period when I bought the two 50 share lots with a bottom near $12, rallied to about $136 in February 2015 and then entered a long term bear market patten:
I find no clear signal in this chart about the future. The stock still appears to be in a channel after the price collapse in 2020. The top of the channel is near 80.
It is possible that bottoming action near $40 can form a base for another uptrend, but this is a show me stock based on price movement over the past 17 years IMO. Investors have recently shown some enthusiasm based on recent results.
Profit Snapshot: $27.31
New average cost per share this account: $41.42 (5+ shares)
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| Snapshot Intraday on 8/7/26 after pare |
Dividend: Quarterly at $.6175 per share ($2.47 annually), cut from monthly dividend of $.25 per effective for the 2026 first quarter. The monthly dividend was cut from $.3108 to $27.08 effective for the December 2022 payment and was then cut to $.25 effective for the December 2023 payment. The dividend had to be slashed.
SLG Dividend History & Date | Seeking Alpha
Starting with the pandemic that ushered in a work-from-home trend, Office REITs have struggled but that trend seems to be in retreat for many employers.
2025 Tax Classifications: No ROC - Heavy support from capital gains realized from property sales.
Without the capital gains, the dividends would have been classified mostly as ROC.
Yield at $41.42: 5.96%
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $264M, up from $241.916M
GAAP E.P.S. = ($.38), down from ($.16)
FFO per diluted share: $1.43, down from $1.63
Reconciliation:
FAD per share: $.297
Increased 2026 FFO per share guidance to $5.6-$5.9 from $4.4-$4.7.
This data shows some positive trends in occupancy as well as a decline in free rent months and tenant concessions per square feet.
SLG Realized Gains to Date: $1,455.85. Almost all of the gains predate my REIT Gateway post that starts with trades in 2013 and does not include prior realized gains.
Most of the SLG realized gains originate from two 25 share trades in 2009 and 2010:
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| 2009 +$306.47 |
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| 2010 +$793.98 |
SLG Preferred Stock: I also have a larger dollar position in SLGPRI, a 6.5% coupon equity preferred stock with a $25 par value: SL Green Realty 6.5% Cumulative Preferred Series I; Prospectus
The largest position is 60 shares held in my Schwab account:
 |
| Closing Price of $21.54 as of 8/14/26 |
Last Ex Dividend: 6/30/26
Credit Ratings: Deep into junk at B/B2.
The yield at the $21.54 closing price is 7.54%.
The ten year treasury yield closed at a 4.68% yield last Friday.
I view the 2.86% spread to the 10 year yield as low for a REIT equity preferred stock rated B/B2. There is also the yield take away when factoring in the state tax differential which is not something that I need to consider since I live in Tennessee which has no state income tax.
I do view the SLG preferred stock to be more creditworthy than a similarly rated bank holding company stock, which pays non-cumulative dividends, or even one with a high end junk rating.
To defer payment of SLGPRI's dividend, the company would have to eliminate its cash common share dividend.
Even in a bankruptcy, SLGPRI may still have some value which I would never expect for a bank holding company preferred in a bankruptcy.
2024 and 2025 Tax Classification of SLGPRI Preferred Stock Dividends:
Last SLGPRI Discussions: Item # 6.A. Added to SLGPRI - Bought 5 at $21.14 (6/12/26 Post); Item # 4.D. Added to SLGPRI in Fidelity Account - Bought 4 at $21.1; 6 at $20.44 (4/4/26 Post); Item # 6.C. Added to SLGPRI in Fidelity Account - Bought 5 at $21.5 (3/23/26 Post); Item # 4.A. Started SLGPRI in Fidelity Account - Bought 10 at $21.9 (3/9/26 Post); Item # 5.D. Added to SLGPRI in Schwab Account - Bought 5 at $20.95 (12/18/25 Post); Item # 5.A. Added to SLGPRI - Bought 5 at $20.94 (6/28/24 Post); Item # 6.A. Added to SLGPRI in Schwab Account - Bought 3 at $17.5; 2 at $17.27 (11/25/23 Post); Item # 5.C. Added 2 SLGPRI at $17.99 (11/18/23 Post)
Last SLGPRI Sell Discussions: Item # 5.A. Eliminated Duplicate Position in SLGPRI - Sold 15 at $21.28 - Fidelity Account (1/20/24 Post)(profit snapshot = $62.49); Item # 3.A. Eliminated SLGPRI-Sold 20 at $25.96 (9/12/20 Post)(profit snapshot = $122); Item # 5 Sold 50 SLGPRI at $23.6 (4/3/2014 Post)(profit at $29.58).
I own 25 shares in my Fidelity account which I will consider selling when and if the price goes over $22:
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| Closing Price as of 8/14/26 |
SLGPRI Realized Gains to Date: $213.77
SLGPRC Called: The largest dollar gains originated from trading SLGPRC which has been called:
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| 2010 SLGPRC 30 Shares +$377.13 |
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| 2010 Roth IRA 50 Shares +$697.02 |
Realized gains in REIT preferred stocks prior to 2013 are not included in the Gateway Post Gateway Post: Equity REIT Common and Preferred Stock Basket Strategy
Proceeds: $172.64
UMH is a REIT "that currently owns and operates 145 manufactured home communities containing approximately 27,100 developed homesites, of which contain 11,200 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate" as of 6/30/26.
UMH also sales manufactured homes.
UMH SEC Filed 2025 Annual Report
The stock rose some last week in response to reports and a SEC filing that an investor was pressuring the board to consider a merger. TradingView News and SEC Filed Schedule 13D. I am skeptical that an investor group will be willing to pay a price acceptable to UMH Board or a price significantly higher than the current market price.
I eliminated my fractional shares purchased with dividends and turned off dividend reinvestment. After paring this position, I decided to eliminate a larger UMH in my Schwab account which is discussed in Item # 1.G. below.
Last Discussed: Item # 1.H. Added to UMH in Schwab Account - Bought 5 at $14 (3/30/26 Post)
Profit Snapshot: $14.21
New average cost per share this account: $14.04 (15 shares)
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| Snapshot Intraday on 8/7/26 after pare |
Dividend: Quarterly at $.225 per share ($.90 annually), last raised from $.215 effective for the 2025 second quarter payment. The the 2016 third quarter the rate was at $.18. The increase over a ten year period was 19.4%.
UMH Dividend History & Date | Seeking Alpha
Yield at $14.04: 6.41%
Last Ex Dividend: 8/17/26
Last Earnings Report (Q/E 6/30/26):
SEC Filed Press Release and 10-Q
Revenues: $71.64M (of which $10.544M was from selling manufactured home), up from $66.643M.
GAAP E.P.S. $.05
FFO per diluted share: $.23
"Normalized" FFO per diluted share: $.25, up from $.23
Reconciliation:
2026 Midpoint FFO per share range at $.96
At a $17 stock price and using the $.96 annual FFO number, the P/FFO would be 17.71 which is a tad high IMO for a REIT that grows FFO per share at the pace indicated below.
2025 FFO per diluted share: $.90, up from $.88 in 2024, SEC Filing
2023 FFO per diluted share: $.8, up from $.76 in 2022, SEC Filing
2021 FFO per diluted share: $.7.
2026 Midpoint "Normalized" guidance range at $1.01
A recently passed law may provide a tailwind for manufactured homes and home site rentals. ROAD to Housing Act: What It Means for Manufactured Homes This is the law that Trump refused to sign in one of his childish hissy fits, mad at Congress for failing to pass the Save Republicans from Losing Elections Act, inappropriately christened by Trump as the Save America Act. The Road to Housing Act became law anyways without his signature since he did not veto the legislation in the required time period.
UMH Owned Preferred Stock: UMH Properties Preferred Series D Stock at Google Finance. Last discussed here: Item # 5.A. Added to UMHPRD in Schwab Account - Bought 5 at $21.9 (1/1/26 Post); Item # 4.A. Added to UMHPRD in Fidelity Account - Bought 5 at $21.95 (12/5/25 Post) This preferred stock has a 6.375% coupon paid on a $25 par value. This is a marginal hold. If UMH agrees to be acquired, I will need to quickly ascertain the status of the preferred stock. A public company will frequently convert the acquired firm's preferred stock into one of its own while keeping the same terms and conditions.
A leveraged private buyout for the preferred stock owner may end up being the worst case scenario since the preferred stock may cease public trading other than in the Grey Market, the possibility of a dividend deferral may increase, SEC filings will likely cease making the financial condition opaque, and the financial condition of the issuer may deteriorate as the private owner takes on more debt without the preferred stock owner being able to assess the increased credit risk. Most likely, after evaluating a private company acquisition, I will just dump the preferred stock.
Proceeds: $1,342.48
Profit Snapshot: $72.91
H. Eliminated Duplicate Position in HRZN - Sold 40 at $4.73:
Quote: Horizon Technology Finance Corp (HRZN) at Google Finance - Externally Managed BDC
Proceeds: $189.2
Recent News: Horizon Technology Finance Corporation Closes Merger with Monroe Capital Corporation (4/14/26)
Investment Categories: Blackjack Hand, part of the Lottery Ticket Basket and the Monthly Income Generation category. I classify this BDC as deservedly hated and EXTREMELY HIGH RISK.
HRZN Detailed Earnings Estimates - Zacks.com
HRZN SEC Filed 2025 Annual Report (A summary of risk factors starts at page 26 and ends at page 66)
Last Discussed: Item # 5.F. Added to Falling Knife HRZN - Bought 5 at $4; 5 at $3.82 (5/2/26 Post)
Profit Snapshot: $15.59
Dividend: Monthly at $.06 per share ($.72 annually), recently slashed from $.11 effective for the March 2026 payment.
HRZN Dividend History & Date | Seeking Alpha
HRZN was not even close to covering its $.11 per share monthly dividend with net investment income (NII). The company did have undistributed spillover income that was used to support the dividend
A supplemental dividend of $.03 per share will be paid each month in the third quarter.
Last Earnings Report (Q/E 6/30/26): I had a negative reaction to this report and decided to exit the position.
I did not like having to calculate the cost of non-accrual loans as a percentage of total. As of 6/30/26, based on information that I dug out of the 10-Q, HRZN had $57M in non-accrual loans 10-Q at p. 30), based on cost, with the cost of all loans at $682.425M (10-Q at pages 12, 15). The percentage of non-accrual loans to total loans, using cost rather than "fair value", was at 8.35% as of 6/30/26.
Another issue was a realized loss in quarter of $6.122M.
Another issue was a decline in net investment income per share.
NII per share was reported at $.11, which included $.07 for merger related expenses, down from $.26 in the 2025 second quarter.
Net asset value per share was reported at $6.23, down form $6.98 in the 2025 second quarter.
As discussed previously, the company has a variety of equity investments in private companies. I do not have the information necessary to form an opinion whether those equity investments will produce a net gain or loss. I have only heard of 2 of those companies, Mustang Bio Inc (MBIO), trading at less than a $1, and Pelthos Therapeutics Inc. (PTHS), I am aware of Pelthos through my small ball position in Ligand Pharmaceuticals Inc (LGND), where I have sold all but 2 shares:
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| Closing Price as of 8/14/26 |
I do know that HRZN reported a $6.122M net realized loss in the second quarter. The realized loss in the first quarter was at $1.593M and was $55.114M in 2025, up from a realized loss of $34.631M in 2024. SEC Filing Last page I am skeptical that any net gains on equity investments will offset those kind of loan losses.
Some Sell Discussions: Item # 2.I. Eliminated Duplicate Position in HRZN - Sold 10 at 10.01 (10/31/24 Post)(profit snapshot = $8.14); Item # 2.A. Eliminated HRZN in my Vanguard Account - Sold 20 at $12.05 (11/25/23 Post)(profit snapshot = $5); Item # 6.C. Pared HRZN - Sold 5 at $13.32 (11/15/22 Post)(profit snapshot =$7.4); Item # 1.B. Eliminated HRZN - Sold 30 at $11.8 (11/18/18 Post)(profit snapshot = $53.09)
GOAL: Any total return prior to any ROC adjustments to the tax cost basis in excess of the dividend payments.
2. Corporate Bonds: Bought 19, Sold 2
A. Bought 2 American Electric Power 4.3% SU Maturing on 12/1/28 at a Total Cost of 99.206:
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Issuer: American Electric Power Company Inc (AEP) - Utility Holding Company
Cost $1,984.12
AEP SEC Filed Earnings Press Release for the Q/E 6/30/26 (GAAP net income of $742M with revenues at $5.445B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.66%
Current Yield at TC: 4.334%
I now own 4.
B. Bought 2 CIGNA 4.375% SU Maturing on 10/15/28 at a Total Cost of 99.28:
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Issuer: Cigna Group (CI)
Cost: $1,985.6
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues of $71.7B with net income at $1.7B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/A-
YTM at Total Cost: 4.719%
Current Yield at TC: 4.047%
C. Bought 2 Novartis Capital 3.9% SU Maturing on 11/5/28 at a Total Cost of 98.764 - IB Account:
%2011:5:26%203.9%25.png)
Issuer: Wholly owned subsidiary of Novartis AG (NVS) who guarantees the notes.
Cost: $1,975.28
NVS SEC Filings (Foreign Issuer Forms)
SEC Filed NVS Financial Report for the Q/E 6/30/26 (Revenues $14.4B with net income at $3.357B and core net income at $4.578B or $2.41 per share)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/AA-
YTM at Total Cost: 4.478%
Current Yield at TC: 3.949%
D. Bought 1 Boston Properties LP 3.4% SU Maturing on 6/21/29 at a Total Cost of 96.08 - IB Account:
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Issuer: Operating entity of BXP Inc (BXP) who does not guarantee the notes.
Cost: $960.8
BXP SEC Financial Report for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.865%
Current Yield at TC: 3.539%
In this account, I am replacing in advance 1 Boston Properties bond that matures on 10/1/26.
E. Bought 2 Duke Carolinas 3.95% First Mortgage Bonds Maturing on 11/15/28 at a Total Cost of 98.674:
Issuer: One of the operating companies for the utility holding company Duke Energy Corp (DUK)
Cost: $1,973.48
DUK 10-Q for the Q/E 3/31/26 (First quarter results for Duke Carolina can be found starting at page 14 with revenues reported at $2.766B and net income at $427M)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.566%
Current Yield at TC: 4%
I now own 6. The price paid for this last purchase was lower than the previous one. I will buy up to 10 of this FM bond, with subsequent purchases required to be at the lowest price in the chain.
Last Discussed Item # 3.K. Bought 2 Duke Energy Carolinas 3.95% First Mortgage Bonds Maturing on 11/15/28 at a Total Cost of 99.057 (7/14/26 Post)(YTM then at 4.369%)
F. Bought 1 Entergy Texas 5.2% First Mortgage Bond Maturing on 6/15/36 at a Total Cost of 97.733:
%205.2%25%206:15:36%20.png)
Issuer: One of the operating subsidiaries of the utility holding company Entergy Corp (ETR)
Cost: $977.33
Prospectus (5/26)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 5.499%
Current Yield at TC: 5.32%
Other owned Entergy Texas First Mortgage Bonds:
G. Bought 2 Georgia Power 4% SU Maturing on 10/1/28 at a Total Cost of 99.179:
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Issuer: Wholly owned subsidiary of the utility holding company Southern Co (SO)
Cost: $1,983.58
SO SEC Filed Press Release for the Q/E 6/30/26
Georgia Power 2nd Q. Results:
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost = 4.401%
Current Yield at TC: 4.033%
H. Bought 2 Omnicom 4.2% SU Maturing on 3/2/29 at a Total Cost of 98.633 - Interactive Brokers Account:
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Issuer: Omnicom Group (OMC) at Zacks - Advertising
Cost: $1,972.66
OMC SEC Filed Earnings Press Release for the Q/E 6/30/26 (revenue of $6.5625B with GAAP net income at $584.8M adjusted to $745.2M)
OMC SEC Filed Earnings Report for the Q/E 3/31/26
OMC Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.769% Current Yield at TC: 4.258%
I now own 4 bonds.
Last Discussed: Item # 3.G. Bought 2 Omnicom Group 4.2% SU Maturing on on 3/2/29 at a Total Cost of 98.899 (7/14/26 Post)(YTM then at 4.642%).
I. Bought 2 Duke Energy Progress 3.45% First Mortgage Bonds Maturing on 3/15/29 at a Total Cost of 97.496 - Vanguard Account:
%20V%203:15:29.png)
Issuer: One of the wholly owned operating subsidiaries of the utility holding company Duke Energy (DUK)
Cost: $1,949.92
DUK Detailed Earnings Estimates - Zacks.com
Duke Energy Progress 2nd Quarter Results:
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| Page 19, 10-Q |
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/A
YTM at Total Cost: 4.476%
Current Yield at TC: 3.539%
I now own 4.
Last Discussed at Item # 3.C. Bought 2 Duke Energy Progress 3.45% First Mortgage Bonds Maturing on 3/15/29 at a Total Cost of 97.719 ( )(YTM then at 4.326%)
J. Bought 3 Verizon 3.875% SU Maturing on 2/8/29 at a Total Cost of 98.424:
%202:8:29%203.875%25%20.png)
Issuer: Verizon Communications Inc (VZ)
Cost: $2,952.72
SEC Filed Earnings Press Release for the Q/E 6/30/26 Revenues reported at $34.253B with net income at $3.949B.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 4.548%
Current Yield at TC: 3.937%
Last VZ Discussion: Item # 1.H. Pared VZ Again - Sold 5 at $48.8 (2/23/26 Post)(profit snapshot = $44.14). This transaction reduced my position to just 10+ shares with an average cost per share at $33.34. The yield using the current quarterly dividend of $.7025 per share at $33.34 is 8.49%. VZ Dividend History & Date | Seeking Alpha
K. Sold 2 of 4 Morgan Stanley Direct Lending 4.5% SU Maturing on 2/11/27 at 99.9 - Fidelity Account:
Issuer: Morgan Stanley Direct Lending Fund (MSDL)
Proceeds at $1,996 after $2 commission.
I thought that I own 2 bonds but discovered that I actually owned 4. The other 2 are still owned in my Interactive Brokers account. I will keep those until redeemed by the issuer.
I did not receive an accrued interest payment from the seller since I sold on a day when I received the entire 6 month interest payment:
 |
| $45 Semiannual Interest Payment |
If I had sold 1 day later, I would have received from the buyer accrued interest for 1 day.
MDSL SEC Filed Earnings Press Release for the Q/E 6/30/26
Profit Snapshot: $23.68
%20+$23.68%20%20.png){kind=small}
FINRA Page: Bond Page | FINRA.org
Credit Rating: Baa3
3. Treasury Bills Purchased at Auction:
A. Bought 5 T Bills at the 8/12/26 Auction:
119 Day Bill
Matures on 12/15/26
Interest: $62.06
Investment Rate: 3.855%
B. Bought 10 T Bills at the 8/17/26 Auction:
Matures on 2/18/27
Interest: $191.1
Investment Rate: 3.907%
4. Small Ball Stock Buys:
Almost qualify as nibbles.
A. Added to UPBD - Bought 5 at $20.87; 5 at $19.55; 5 at $19.1:
Quote: Upbound Group Inc (UPBD) at Google Finance
 |
| Snapshot after last add/Closing Price as of 8/14/26 |
Dividend: Quarterly at $.39 per share ($1.56 annually), last raised from $.37 effective for the 2024 4th quarter payment.
 |
| Snapshot Intraday on 8/3/26 after add |
| XRN also agreed to a acquire a "newly constructed luxury senior housing community located in North Bethesda, Maryland for a purchase price of approximately $176 million. This luxury asset, located adjacent to Pike & Rose, a premier mixed-use development, offers residents a full continuum of care across a mix of independent living, assisted living, and memory care housing. It is anticipated that this acquisition will close in the fourth quarter. This community will be managed as a SHOP and is expected to deliver a double-digit unlevered IRR." SEC Filing Outpatient Medical Facilities: 181, SEC Filing at page 7 |
 |
| Snapshot Intraday on 8/6/26 after add |
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $39.747M
GAAP E.P.S. $4.78
FFO per share: $.88
Core FFO per share: $1.04
FAD (Funds Available for Distribution) per share: $.92
Calculation: $11.703M FAD ÷ $14.485M shares = FAD of $.8079 per share
Reconciliation GAAP E.P.S. to FAD:
FAD per share in the 2025 second quarter was $.968. The Y-O-Y was due to a higher maintenance expense deduction in the 2026 second quarter and lower FFO per share which may be due to the dispositions and additions (1 SHOP property in early lease up phase) and partly to higher interest costs.
The realized gains from property sales will likely avoid any ROC classifications for dividend paid by the common share and the 2 equity preferred stocks this year.
I do not have access to any analyst reports.
Owned XRN Preferred Stocks: I have small ball positions in XREPRA and XREPRB that formerly traded under the symbols GMRE.PRA and GMRE.PRB respectively.
 |
| Schwab Account/Closing Price as of 8/14/26 |
 |
| Fidelity Account 25 Shares of both |
Chiron Real Estate 8% Cumulative Preferred Series B (XRN-B); Chiron Real Estate Inc | 8.00% Series B Cumulative Redeemable Preferred Stock (XRN.PRB) Information Page | Preferred Stock Channel
Chiron Real Estate 7.5% Cumulative Preferred Series A (XRN-A); Chiron Real Estate Inc | 7.50% Series A Cumulative Redeemable Preferred Stock (XRN.PRA) Information Page | Preferred Stock Channel
D. Restarted PNNT - Bought 30 at $3.84:
Snapshot includes my last elimination in this account at $6.96.
Quote: PennantPark Investment Corp. (PNNT) at Google Finance- Externally Managed BDC
Cost: $115.16
SEC Filed Annual Report for the Fiscal Year Ending 9/30/25 (Risk factor summary starts at page 20 and ends at page 38)
Last Discussed: Item # 1.F. Eliminated PNNT - Sold 10+ at $7.23 - Fidelity Account (/9/8/25 Post)(profit snapshot = $43.52); Item # 3.D. Eliminated Duplicate Position in PNNT - Sold 26+ at $6.96 - Schwab Account (1/29/25 Post)(profit snapshot = $42.88)
Investment Category: Lottery Ticket with dividends
Net Asset Value per share history: Highly Unfavorable IMO and 1 reason for the Lottery Ticket Classification
6/30/26: $6.56
6/30/25: $7.36
12/31/24: $7.57
9/30/24: $7.56
9/30/23: $7.7
12/31/22: $7.11 10-Q at page 4
12/31/21: $10.11 10-Q at page 4
12/31/20: $8.79 10-Q at page 4
12/31/15 $ 9.02
9/30/15 $ 9.82
12/31/14 $10.43
9/20/14 $11.03
12/31/13 $10.8
12/31/12 $10.38
12/31/10 $11.14
9/30/10 $10.69
12/31/09 $11.86
12/31/08 $10.24
Weighted average yield on debt investments: 11%
"As of June 30, 2026, our portfolio totaled $1,193.2 million and consisted of $424.5 million or 35% of first lien secured debt, $269.3 million or 23% of U.S. Government Securities, $14.8 million or 1% of second lien secured debt, $209.2 million or 18% of subordinated debt (including $140.3 million or 12% in PSLF) and $275.4 million or 23% of preferred and common equity (including $51.6 million or 4% in PSLF). Our interest bearing debt portfolio consisted of 87% variable-rate investments and 13% fixed-rate investments. As of June 30, 2026, we had four portfolio companies on non-accrual, representing 2.5% and 0.8% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation (depreciation) of $(35.0) million as of June 30, 2026. Our overall portfolio consisted of 159 companies with an average investment size of $5.8 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 11.0%. (emphasis added)
Estimated Impacts on NII by Percentage Changes in Interest Rates:
Goal: Any total return in excess of the dividend yield which will be difficult to achieve with this stock IMO given its history, but possibly the past may not be prologue for the future.
Too many investors in BDC stocks place too much emphasis on the dividend yield. The name of the game is not dividend yield, but total return after inflation and any taxes paid on the dividends.
I do not have access to any analyst reports.
5. Treasury Notes Purchased in the Second Market:
A. Bought 1 Treasury Note 3.625% Coupon Maturing on 8/15/28 at 98.6992:
%208:15:28%203.625%25%20.png){kind=small}
B. Bought 1 Treasury Note 4% Coupon Maturing on 1/31/29 at 99.2891:
%204%25%201:31:29%20.png){kind=small}
6. Treasury Note Purchased at Auction:
A. Bought 2 Treasury Notes at the 8/11/26 Auction:
%204.25%25%208:15:29%20.png){kind=small}
3 Year Treasury Note:
Matures on 8/15/29
Priced at 99.8854
Coupon: 4.25%
OID: $1.82 (difference between par value and price paid)
YTM: 4.291% with OID
The prior auction was on 7/7/26 with the YTM at 4.179%.
7. Equity Preferred Stock:
A. Added to DCOMP - Bought 5 at $17.35:
Quote: Dime Community Bancshares 5.5% Preferred Stock Series A at Google Finance
Cost: $86.75
This lot was bought on the ex-dividend date.
Issuer: Dime Commercial Bancshares Inc (DCOM)-A Bank Holding Company
DCOM SEC Filed Earnings Press Release for the Q/E 6/30/26
Last Discussed: Item # 5.A. Added to DCOMP - Bought 5 at $17.61+ (7/1/26 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.
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: $18.12 (30 shares)
 |
| Snapshot Intraday on 8/7 after add |
Reduced from $18.27
Dividends: Paid quarterly, non-cumulative and qualified.
Yield at New AC per share: 7.59%
Calculation: .055% coupon x. $25 par value = $1.375 annual dividend per share ÷ $18.12 average cost per share = 7.5883%.
Last Ex Dividend: 8/7/26
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)
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.
I owned Equity Residential (EQC) that completed its merger with Avalonbay Communities (AVB). The combined companies are now trading under the name and symbol of Vivmark Residendial (VMRK).
ReplyDeletehttps://www.multifamilydive.com/news/reit-merger-vivmark-equity-residential-avalonbay/827775/
I noticed that the post did not include a snapshot of my 10 treasury bill purchase (6 month), which I have now included in the post.
ReplyDeleteI am continuing to reduce my stock allocation until I hit a comfort level. I am not there yet.
Isn't your stock location only about 10% now? Interesting that less would be more comfortable nowadays.
ReplyDeleteLand: Less than 10%, probably closer to 8%, but still significant in dollar terms.
DeleteI am actually more uncomfortable now than I was in 1999-Early 2000 when valuations were as extreme as now. I went to a zero stock allocation back then. I am not going to do that now.
The primary reason for my added discomfort now, compared to then, is that valuations are extreme notwithstanding a lot of negative economic data including dismal BLS job reports, falling wage gains, inflation and an insane President whose policies are likely to aggravate those problems IMO.
I made another change in the post. In the original post, I neglected to include a 5 share purchase of UPBD, a much hated stock, at $19.10. I have now included that purchase. I am in a 5 share average down mode for that stock.
ReplyDeleteAs I see it, Trump is not making America great but is destroying what made America great. He is going to continue along that path, probably accelerating the destruction over the remaining 2+ years of his term. He has incredibly bad judgment and makes decisions impulsively based on nothing resembling accurate information or much thought.