To read images in the text, most will need to be clicked which expands the size. Once 1 image is clicked, all will appear in thumbnails near the page bottom and can be reading consecutively by clicking each image.
Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds (Item # 1): $984.34
Outflow Common Stocks (Item # 5): $655.39
Realized Gain Common Stocks: $88.74
Net Inflow Common Stocks/Stock Funds: $328.95
I will not be active in stock trades for the remainder of 2026. The focus will be on buying beaten up dividend paying stocks using a scatter shot small ball purchases.
Corporate Bonds (Item # 2): 17 (cost at $16,813.04)
Treasury Notes Purchased in the Secondary Market (Item # 3): 4 (cost at $3,970.84)
Treasury Bills Purchased at Auction (Item # 4): $6,000 in principal amount
Outflow Equity Preferred Stock (Item # 6): $369.38 (profit = $56.35)
Treasury Note Purchased at Auction (Item #7): $3,000 in principal amount
Inflow Bond ETF: $79.32
Amazon (AMZN) Q3 earnings report 2026 Negative free cash flow of $42.4B.
ServiceNow (NOW) Plunges 27% on Revived AI Fears I eliminated a few weeks ago my small ball position.
Intel (INTC) Plunges 21% in after hours trading (10/29/26)
INTC $65.38 -$26.69 (-28.99%) Intel Corp | Google Finance as of 9:04 A.M. CST, 10/30/26. I no longer own shares.
Microsoft announces plan to raise $25 billion in debt (10/29/26) I still own about 3 shares.
Biggest-ever crypto hack impacts $6.3 billion from Binance (10/29/26) Safe storage of crypto currency is far from assured.
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Economy:
PCE inflation report September 2026 and First Estimate of 3rd Quarter GDP: CNBC Summary
Sourced from Personal Income and Outlays, September 2026
PCE Inflation Annual: 3.6%
Core PCE Inflation Annual: 3.1%
PCE Inflation Month-to-Month: .5%
Core PCE Inflation Month-to-Month: .3%
GDP (Advance Estimate), 3rd Quarter 2026 | U.S. Bureau of Economic Analysis (BEA) Real GDP increased at a 3.4% annual rate. This is the first estimate.
New single family home sales declined .6% in September. The median sales price was reported at $400,400. New Residential Sales Press Release
Trump: "Your country is making an absolute fortune because of the situation in the Middle East". Trump represented that the U.S. was making "hundreds of billions" due to the Iran War. Trump Says "We're Making A Freaking Fortune" From The Iran War's Oil Spike. Here's What The Economic Data Actually Show - 24/7 Wall St.; Trump says US is making 'a freaking fortune,' promises dividend amid 'temporarily high' gas prices - YouTube
Microsoft offers voluntary buyouts to 60,000 employees as AI leads to efficiency push(10/26/26)
AI turmoil: neoclouds struggle, credit risks jump, Solidigm pulls IPO (10/23/26)
Oil Price Charts | Oilprice.com
Iran claims four tankers hit mines in Hormuz as U.S. strike fears grow (10/30/26)
Oil earnings Chevron (CVX) and Exxon (XOM) Q3 2026; BP’s third-quarter profit nearly quadruples as refining margins surge
Honda warns Trump's 50% Canada auto tariffs would be catastrophic (10/27/26)
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Trump and His Party:
Trump's Strong Vocal Support for the Morally Repulsive Amy Action Attack Ad:
Trump snapped at a female reporter who asked him about Amy Acton, the Democrat candidate for Ohio's governor, being sexually abused by her stepfather when she was 12. Trump snaps at female reporter asking him about dismissing sexual abuse allegations -YouTube Trump said he did not care which was at least an honest response. Trump did not like being asked that question so he responded to the reporter with this statement: "Quiet! Isn’t she a fresh person? You’re a horrible little reporter, aren’t you?"
God's "Chosen One", according to many self described christians, strongly supports airing the ad where Acton's estranged mother, Donna Arthur, called her a liar, a clear reference to rape allegations made by Acton when she was 12 that resulted in the man who would later become her stepfather being arrested (see discussion in next paragraph) Trump Truth Social Message 10/22/26 Post As noted in my last post, the man who would later become her stepfather was released on bail, then fled the state rather than stand trial for allegedly raping Amy Acton.
Ms. Acton's biological mother went with him, abandoning her 2 children.
I would expect Trump and Vance to support the mother's version of what happened to Acton when she was 12, notwithstanding the evidence, since they believe it will result in a republican winning the Governor's race in Ohio. Amy Acton’s Mother Disputes Abuse Claims Despite Records | National Review Trump's support is consistent with his obvious character traits. I discuss some of those in a YouTube video published over 2 years ago: Trump's Personality - YouTube
New report reveals DISTURBING backstory to Ramaswamy’s attack ad - YouTube; Secret Warning to MAGA Candidate Before His Vile Ad Revealed- According to a review of the public records, Action's biological mother married Cledith Arthur, the stepfather, one year after he was arrested for molesting Amy Acton when she was just 12 years old. This places in proper context the claims made by Donna Arthur's claims made in the ad.
Ramaswamy was warned by his own staff that Donna Arthur was unable to provide a consistent account, was "far gone", living in a car, and in "bad shape". Notwithstanding those warnings and having the information about the accurate history and chronology of events, Ramaswamy decided to go ahead with the ad because he was behind in the polls and thought this would help. Trump agreed with that approach and was all-in on supporting that decision which is what I would expect from him. Trump Endorses Ramaswamy Attack Ad: 'I Told Him Leave it Up' - YouTube; Trump presses Ramaswamy to keep running controversial ad featuring Acton’s estranged mother - POLITICO; Trump again defends Ramaswamy attack ad against Acton | NBC4 WCMH-TV (10/28/26)
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Alaska's Senate Race:
Trump calls for prosecution of Peltola in Alaska Senate controversy | AP News Trump demanded that his DOJ prosecute Peltola is in response to a NYT article that claimed members of Peltola's campaign were apparently involved in recruiting Dan J. Sullivan to run. The DOJ IMO will try to indict anyone that Trump wants criminally charged. Trump's lawyers at the DOJ have reportedly quickly responded with criminal grand jury subpoenas. NYT: Peltola-aligned operatives spent months recruiting candidates to peel votes from Sen. Sullivan; DOJ issues new subpoenas in Alaska Senate probe, asks judge to intervene over "conspiracy" involving 2 Dan Sullivans - CBS News; Reporting From Alaska- Another New York Times investigation on Peltola's campaign {I agree with the author of this last linked article that recruiting another Sullivan to run was both "juvenile and stupid". I would add unethical but nowhere near as unethical and repulsive as the Action ad endorsed by Trump and discussed above and in my previous post.}
I suspect that Trump's lawyers at the DOJ will indict anyone involved claiming violations of 18 U.S.C. Sections 241 and 242, but I doubt that reliance on those statutes will survive a dismissal motion or ever result in a guilty verdict. Trump's lawyers at the DOJ are simply using the NYT article to influence the upcoming vote and to insure the republican incumbent will win IMO.
Part of the information was apparently sourced from Elisa Rios, who was fired last August as the campaign manager. She reportedly attempted to retract at least some of her statements made to the NYT prior to publication. I suspect that many of the text messages given to the NYT were to and from Rios.
Her actions may be a vendetta for being fired. If she had consulted an attorney before talking with the NYT and providing the paper with documents, the attorney most likely would have told her to keep quiet and say nothing to anyone unless she was forced to talk and to supply documents after receiving a subpoena. The why of it is simple enough. Rios has just subjected herself to a wide variety of serious and negative repercussions, easily predictable in the current political climate, that will have financial and other costs to her which may include being criminally charged by Trump's DOJ lawyers. Maybe they will offer her a plea deal provided she implicates Peltola.
The AG Todd Blanche, Trump's former attorney, has publicly stated that he works for Trump as the AG. 'I work for President Trump': Weissmann questions AG Blanche's loyalty to Trump over the public - YouTube So he is capable of making an honest statement.
This report may doom Peltola's candidacy and consequently make the DOJ's civil lawsuit described below moot. Alaska is a republican state and the race was at best a toss up prior to this news.
Trump has admitted ordering his DOJ to file a lawsuit requesting a federal judge to enjoin Alaska from certifying the senate race only if the incumbent republican senator Dan S. Sullivan loses. Trump admin. sues to block Alaska Senate certification if Sen. Dan Sullivan loses - CBS News; DOJ sues Alaska to block Senate race certification if Republican loses The Supreme Court of Alaska has affirmed a superior court ruling that the other Dan Sullivan can remain on the ballot. Superior Court Order.pdf; Alaska Supreme Court orders a spot on the ballot for 2nd Dan Sullivan There is no basis under Alaska law to remove a candidate for lack of good faith or name deception.
The attorney answering Trump's call is the Associate Attorney General Stanley Woodward Jr. who was involved in settling Trump's lawsuit against the IRS., which has resulted in an ethics complaint being filed against him with the D.C. Bar. DC Bar Complaint - Stanley Woodward | DocumentCloud; Watchdog Files Bar Complaint Against Associate AG Stanley Woodward It is highly unusual for a top DOJ political appointee to become directly involved in any civil or criminal proceeding.
This is a sample of Alaska's ballot:
It would be impossible for anyone who can read to confuse "Sullivan, Daniel J. Jr." for "Sullivan, Dan S. (Registered Republican) Incumbent". Vance was asked whether Trump and his lawyers at the DOJ were insulting the intelligence of Alaska's voter. Vance fumbled for an answer before saying they were too busy to read the ballot. JD Vance calls independent Dan J. Sullivan's candidacy 'electoral fraud'
Trump claimed that voters need a 190 IQ to understand the Alaska ballot: Trump: "You need about 190 IQ to figure out the ballot They put a ballot down where they're talking about the incumbent Republican, and the other one. Most people don't know in Alaska, in a lot of other states too, what does incumbent mean?They don't know what incumbent means." Trump claims you need '190 IQ' to understand the incredibly simple Alaska ballot - The Mirror US Trump insults the intelligence of his followers multiple times each day. Apparently, Trump believes that Alaska voters do not know the meaning of republican either.
Trump knows that his followers will not actually look at the ballot to see for themselves that no one is going to be confused.
Is it illegal for Peltola campaign to recruit candidates? - YouTube
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Trump praises man for punching protester at Clemson rally- US Today (10/222/26); Anti-Trump protester punched at South Carolina rally speaks; Punches thrown during Upstate Trump rally - YouTube The crowd started to chant "USA, USA" after the protestor was punched. Trump had this to say: “That was great, man Wow. Man, I loved that. I watched that. That was incredible. Wow. That was unbelievable."
The Art of the Deal: Jared Kushner’s Hacked Phone Revealed His Secret Negotiations—Including More Than $700 Million in Transfers | Vanity Fair Kushner intends to sue for defamation. Donald Trump Responds to $2 Billion Jared Kushner Allegation: 'Totally False' - Newsweek; Jared Kushner pushes back on report involving hacked phone, spies, billion-dollar transfer - CBS News The problem with defamation suits is that they can backfire when there is actually evidence supporting the statements made. The client needs to be truthful with their attorney whether or not some or all of the most damaging and embarrassing statements have evidentiary support.
Can Trump supporters define communism? #DailyShow #JordanKlepper #MAGA - YouTube
Trump suffers late-night anger spell over Obama speech: 'A grossly incompetent President!' The late night Trump rage rant is full of his usual demagoguery and reality creations.
Trump Claims His Uncle 'Invented Radar': What The Record Shows - Newsweek
In Trump's pardon economy, crime victims lost out on at least $119 million in restitution
RFK Jr. Got Super-Duper Racist In Michigan
Judge Warns Trump DOJ to Stop Threatening Election Workers (10/27/26)
Grand jury declines to indict Trump critic Cassidy Hutchinson over Jan. 6 testimony - CBS News This is yet another example of Trump's DOJ pursuing frivolous criminal prosecutions against those who have displeased Our Dear Leader.
Maurene Comey, James Comey's daughter, was unlawfully fired, judge rules - CBS News; Order.pdf Trump's lawyers at the DOJ are asserting that Our Dear Leader has the unilateral power to fire anyone protected by civil service, one of those government reforms started by President Chester Arthur in the 1880s. Pendleton Civil Service Reform Act of 1883 - Wikipedia
Having failed to secure indictments multiple times before grand juries, Trump's lawyers at the DOJ have found a seldom used workaround. The DOJ simply issues a criminal information, makes an arrest, and then performs a big publicity stunt broadcasting the arrest throughout the world. Judge throws out new charges against ex-FBI officials in Hunter Biden probe - CBS News This investigation was launched by Kash Patel one day after Trump publicly accusing law enforcement officials meddling in U.S. elections in a nationwide address. The FBI Agent who signed the criminal information was Bryan Witt. Defense lawyers seek to poke holes in DOJ's case against ex-FBI officials over Hunter Biden probe - CBS News; Judge slams DOJ in ex-FBI officials’ false-statement case - POLITICO It is not surprising that Trump would want to bring up the Hunter Biden laptop with these arrests just a few days before the midterms.
Another arrest of James Comey was accomplished through a criminal information, bypassing the GJ, filed on the last day of the relevant statute of limitations. Trump administration attempting to prosecute former FBI Director James Comey again : NPR These criminal charges are designed IMO to intimidate. Defending against frivolous defamation suits and criminal charges is exceedingly expensive and many will respond simply by remaining silent.
Trump's DOJ under the leadership of Todd Blanche and Stanley Woodward Jr. has gone totally rogue IMO and is acting as if they are attorneys pursuing even the most extreme partisan interests of Trump's party as well as implementing his loathsome revenge schemes, no matter how patently frivolous those actions are, and performing acts that benefit their real client personally at the expense of the U.S. (settlements of Trump's frivolous IRS lawsuits)
Ethics Complaint Filed Against Acting Attorney General Todd Blanche for Alleged Violations of the New York Rules of Professional Conduct – LDAD (6/22/36); Watchdog Files Bar Complaint Against Associate AG Stanley Woodward
Former Miss Switzerland Accuses Trump of Raping Her in 1993 - People Magazine (10/26/26); New Details of Trump Rape Allegation Revealed in Democrats’ Epstein Report Trump denies the allegation. In Trump's America, all of the women who claim Trump engaged in sexual misconduct against them are lying about it. Donald Trump sexual misconduct allegations-Wikipedia ("These accusations include rape, sexual assault, sex with minors, physical abuse, kissing and groping without consent, looking under women's skirts, and walking in on naked pageant contestants.")
80%-81% of the self described white evangelicals voted for Trump in the last election. Religion and the 2024 Presidential Election - PRRI Their approval of Trump's job performance has been slipping some and was recently reported at 69% by Pew Research. Most White evangelicals (69%) Approve of Trump's Job Performance- Pew Research Center | Facebook (survey January 2026); As Trump's support slips, white evangelicals remain his Republican bedrock | Reuters (10/22/26)(has their Trump approval rating at 63% this month)
Trump using tariffs as a 'tool for grift,' Raskin says, demands donor records
The Chosen One's exchange with a Reuters reporter on 10/29/26:
Reuters Report Jacob Bogage "You not going to Kansas have something to do with you being sick of traveling?”
Trump "Oh, you’re sick to ask that question You are sick. Who are you with?"
Reporter "I’m with Reuters, sir,"
Trump " You are a sick guy, Reuters is terrible, by the way."
Reporter "Well, we just want to make sure you’re doing well"
{Note how this question set Trump off after he referred to the reporter as "sick" twice.}
Trump" Can you imagine — look at this dope, look at this guy, he’s way out of shape Look at how badly — he comes to me, ‘Sir, you’re not gonna go to Kansas.’ I’m not going to go to Kansas because he’s doing very well."
(Kansas Senate polls: Toss Up between Hamilton (D) and Marshall (R-incumbent), 2026 Polls: Kansas Senate - 270toWin) Normally Kansas is a heavily republican state. Trump carried Kansas in 2024 with 57.2% of the vote. Kansas President election results 2024 | CNN Politics)
Trump: 'Tomorrow I’m doing Florida. After doing, what, 28?"
Reporter: "What’s the reason for this, sir? That you’re not going to Kansas?"
Trump: "You know what the reason is? I don’t feel I have to go to Kansas. I’m going to Florida tomorrow and I’ll do — if something else comes up"
Reporter: "You’re not going to Kansas, sir, are you feeling well?"
Trump: "You’ve been following me for two weeks, I feel perfect. You are disgusting. Put yourself in shape, you look like hell."
Trump Launches Wild Attack When Asked About Nixed Rally
Does Trump know how he looks? Normally Trump reserves this kind of vicious venom and bile for female reporters, personally attacking them for simply asking a question that he does not want to answer and then failing to immediately kneel at his feet and kiss the ground that he walks on even after he tells them to shut up and calling them fat and/or ugly.
Trump has announced that he will attend a Kansas rally this weekend, reversing his previous cancellation. Maybe Kansas is not a lock for the incumbent republican senator. His opponent, Adam Hamilton, may very well be the strongest Democrat candidate in that state.
DOJ issues grand jury subpoenas to election officials in California - ABC News
Trump Mocks Black and Jewish People Voting for El-Sayed (10/29/26).
Senator Bernie Moreno (R-Ohio) Says Non-Christians are Unqualified to be elected (10/28/26) Moreno is just another MAGA Demagogue who frequently has to display his ignorance. Bernie Moreno - Wikipedia Moreno's religious test, besides being unconstitutional, would exclude the republican running for Ohio's governor who is a Hindu, who and was in the audience when Moreno announced his religious test for elected officials. Moreno's religious test for elected offices "would exclude not only Muslims, but Jews, Hindus, Sikhs, Buddhists, atheists, and everyone else who does not subscribe to his religion." I doubt that Moreno knows much of anything about the U.S. Constitution including Article VI which states that "no religious Test shall ever be required as a Qualification to any Office or public Trust under the United States." U.S. Constitution - Article VI | Resources | Constitution Annotated | Congress.gov | Library of Congress
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1. Small Ball Stock/Stock Fund Purchases:
I am continuing to engage in what I call scatter shot small ball buying in beaten up dividend paying stocks and CEFs.
A. Added to CHCT - Bought 5 at $12.85:
Quote: Community Healthcare Trust Inc (CHCT) - Healthcare REIT
Cost: $64.25
Maximum Position: 100 shares excluding shares bought with dividends.
As previously discussed, CHCT suffered a blow when a tenant, operating 6 properties, became inconsistent in paying rent. A new tenant is attempting to acquire the properties, but the deal has not yet been finalized.
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Last Buy Discussion: Item # 1.H. Added to CHCT in Schwab Account - Bought 5 at $13.69; 5 at $13.4 (10/9/26 Post)
Last Sell Discussion: Item # 1.E. Eliminated Duplicate Position in CHCT - Sold 16+ at $14.29 (9/7/26 Post)(profit snapshot = $20.56)
New Average cost per share: $15.38 (86+ shares)
Reduced from $15.54.
Dividend: Quarterly at $.33 per share ($1.32 annually), slashed from $.48 effective for the CHCT Dividend History & Date | Seeking Alpha Dividend slashes are not helpful.
I am reinvesting the dividend for as long as the likely reinvestment price lowers my average cost per share.
Yield at $15.38: 8.58%
Last Earnings Report (Q/E 6/30/26): I discussed this report here: Item # 1.L. Pared CHCT in Schwab Account - Sold 15 at $19.07 (8/11/26 Post)(profit snapshot = $1.66)(SEC Filed Press Release for the Q/E 6/30/26; SEC Filed Supplemental-properties are listed starting at page 16 & ending at page 22); SEC Filed Investor Presentation) This pare occurred shortly before CHCT slashed its quarterly dividend $.33 from $.48, which I discussed in a comment published on 8/5/26.)
Quote: CBRE Global Real Estate Income Fund (IGR) at Google Finance - A Leveraged CEF
Cost: $205.99
IGR owns domestic and foreign common and preferred stocks of real estate companies.
Investment Category: Monthly Income Generation
Sponsor's website: CBRE Global Real Estate Income Fund NYSE: IGR | CBRE Investment Management
Leveraged: Yes at 31.4% as of 8/31/26 (sourced: sponsor's website)
CBRE Global Real Estate Income Fund - SEC Filed Semiannual Report for the period ending 6/30/26
CBRE Global Real Estate Income (IGR) at Morningstar (unrated)
CBRE Global Real Estate Income (IGR) Portfolio at Morningstar Lists top 10 holdings.
CBRE Global Real Estate Income (IGR) Performance at Morningstar - I would give this fund a 1 star rating based on this data
Last Discussed: I will not be repeating here the substantive parts of the discussion in this recent post: Item # 1.J. Added to IGR - Bought 10 at $11.27 (10/16/26 Post)
New average cost per share: $11.86 (45 shares)
Reduced from $12.6.
Dividend: Monthly at $.18 per share ($2.16 annually), adjusted from the $.06 prior to the reverse split.
IGR Dividend History & Date | Seeking Alpha
Heavy ROC Support.
Yield at $11.86: 18.21%
Last Ex Dividend: 10/20/26 (owned all as of)
Data Date of 10/19/26 Trade:
Closing Net Asset Value per share: $11.86
Closing Market Price: $10.99
Discount: -7.34%
Average 3 Year Discount: -1.52%
Sourced: IGR - CEF Connect (Click "Pricing Information" Tab)
Data Date of 10/21/26 Trade:
Closing Net Asset Value per share: $11.85
Closing Market Price: $10.66
Discount: -10.04%
Goal: Any total return before ROC adjustments to the cost basis plus the dividends. Historically, this has required trading which may not be successful in the future. I am currently in a hole. CBRE Global Real Estate Income (IGR) Performance | Morningstar There have been 2 exceptional total return years as shown in the Morningstar table (41.01% in 2019 and 52.92% in 2021), but the annual average total return (dividends reinvested) over the past 10 year through 10/23/26 was only +4.14%.
The following sell discussions occurred before the 1 for 3 reverse split so multiply the sell prices by 3 for comparison purposes.
Last Elimination: Item # 2.E. Eliminated IGR in Schwab Account - Sold 50 at $5.25+ (7/15/25 Post)(profit snapshot = $44.57)
Other Sell Discussions: 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)
C. Added to SLRC - Bought 5 at $11.17 - Fidelity Account:
Quote: SLR Investment (SLRC) at Zacks - Externally Managed BDC
SLRC Detailed Earnings Estimates at Zacks.com
SEC Filed 2025 Annual Report (Risk factor summary starts at page 28 and ends at page 65) SLRC owns or has equity interests in several companies that are described at pages 77-80, including two companies that are involved in equipment leasing and equipment financing.
5 Year Chart: Major Bear Market Pattern
New Average cost per share this account: $12.55 (45+ shares)
Reduced from $12.72
Net asset value per share reported at $18 as of 6/30/26.
Dividends: Quarterly at $.31 per share ($1.24 annually), slashed from $.41 effective for the 2026 second quarter payment.
SLRC Dividend History & Date | Seeking Alpha
Dividend slashes by BDCs have been common. The percentage slash will depend primarily on how much net income per share will decline resulting from variable rate loans repricing at lower coupons, the increases in non-performing loans which will vary substantially among BDCs, and how much financing costs for SU debt will increase which is now a pervasive problem for these companies that reduces their net interest margins.
Yield at $12.55: 9.88%
Last Ex Dividend: 9/11/26
I discussed the second quarter earnings report in this post: Item # 4.B. Added to SLRC in Fidelity Account - Bought 5 at $12.45 (9/7/26 Post); SEC Filed Press Release
SLRC Realized Gains to Date: $276.84
Goal: As with all BDC stocks, the goal is simply to earn any total return in excess of the dividend payments using the unadjusted cost basis for the shares sold.
Purchase Restriction: 5 share lots with each subsequent purchase required to be at the lowest price in the chain.
Quote: Saul Centers (BFS) at Zacks - A Retail and Apartment REIT
Cost: $145.7
Saul Centers List of Properties
Website: Saul Centers Inc. - Real Estate Investment Trust - Bethesda, Maryland
Last Discussed: Item # 1.F. Added to BFS - Bought 5 at $30; 5 at $29.6 (9/25/26 Post)
I discussed the second quarter's report in this post: Item # 2.F. Added to BFS - Bought 5 at $30.3 (9/19/26 Post); SEC Filed Press Release I will not have much to add to that discussion here.
New average cost per share: $30.52 (40 Shares)
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| Snapshot Intraday on 10/21/26 after add |
Reduced from $30.71.
Dividend: Quarterly at $.59 per share ($2.36 annually), last raised from $.57 effective for the 2022 third quarter payment.
BFS Stock Dividend History & Date | Seeking Alpha
Yield at $30.52: 7.73%
Last Ex Dividend: 10/15/26
E. Added to GTY in Schwab Account - Bought 5 at $27.77:
Snapshot includes 2026 sell transactions. I am gradually buying back in 5 share lots the 26 shares sold earlier this year at higher prices.
Quote: Getty Realty Corp (GTY) at Google Finance - A Net Lease Retail REIT
Cost: $138.85
As of 9/30/26, the company owned 1,269 properties located in 46 states and Washington, D.C. The "typical property is located in a larger metropolitan area and is used as a convenience store, express tunnel car wash, automotive service center, drive thru quick service restaurant, or certain other freestanding retail uses. Many of our properties are located at highly trafficked urban intersections or conveniently close to highway entrances or exit ramps." Of those 1,269 properties, 1,263 are leased under triple net leases. Those leases require the tenants to pay "all taxes, maintenance, repairs, insurance and other operating expenses relating to our properties, and are also responsible for environmental contamination occurring during the terms of their leases. Substantially all of our tenants are also responsible for pre-existing environmental contamination that is discovered during their lease term, except contamination that was known at lease commencement, as to which we have established reserves." 10-Q for the Q/E 9/30/26 at pages 27-28
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
SEC Filed 2025 Annual Report As previously discussed, GTY has some environmental issues, see pages 26-28.
Last Discussed: Item # 1.C. Added to GTY in Schwab Account - Bought 5 at $30.03+ (9/25/26 Post)
2026 Sell Discussions: Item # 2.C. Pared GTY in Schwab Account - Sold 5 at $35.3+ (7/28/26 Post)(profit snapshot = $38.59); Item # 3.F. Pared GTY Again in Fidelity Account - Sold 5 at $34.44 (7/14/26 Post)(profit snapshot = $36.07 discussed 2026 1st Q report, SEC Filed Earnings Press Release, reduced AC to $26.41 in Fidelity account); Item # 1.C. Pared GTY in Schwab Account - Sold 5 at $33.53 and Item # 1.D. Paread GTY in Fidelity Account - Sold 5 at $33.94 (4/18/26 Post)(profit snapshots = $59.09); Item # 3.B. Pared GTY in Schwab Account - Sold 6 GTY at $32.2 (4/4/26 Post)(profit snapshot = $23.64); Item # 1.C. (2/23/26 Post)(profit snapshot = $32.18); Item # 1.I. Pared GTY in Fidelity Account - Sold 5 at $32.7 and Item # 1.J. Sold 5 GTY in Fidelity Account at $32.7 (2/17/26 Post)(profit snapshots = $27.56; discussed the 2025 4th quarter report, SEC Filed Press Release); Item # 1.H. Pared GTY - Sold 5 at $31.33 - Highest Cost Lot in Schwab Account (2/11/26 Post)(profit snapshot = $8.18).
New average cost per share this account: $27.17 (35+ shares)
 |
| Snapshot Intraday on 10/21/26 after add |
Raised slightly from $27.06.
Dividend: Quarterly at $.50 per share, last raised from $.485 effective for the 2026 4th quarter.
GTY Dividend History & Date | Seeking Alpha This page notes 13 years of consecutive dividend growth but this comes with a huge caveat. There were dividend cuts in 2011 and 2012. The quarterly rate was at $.48 for the 2011 second quarter payment which was reduced to $.25 in the 2011 third quarter and then to $.125 before the raises started. The Near Depression period starting in 2008 resulted in many companies slashing or eliminating their dividend payments.
Yield at $27.17 at $.50 quarterly: 7.36%
Last Ex Dividend: 9/24/26
Last Earnings Report (Q/E 9/30/26):
I purchased this lot prior to this release. I then bought 5 shares in my Fidelity account, Item # 1.F. below, after reading the earnings report.
Revenues: $62.99M up from $55.591M
GAAP E.P.S. $.40, unchanged
FFO per diluted share: $.61, down from $.66
AFFO per diluted share: $.64, up from $.62
Reconciliation:
Portfolio Activity During Quarter:
2026 Guidance: GTY increased its "2026 AFFO guidance to a range of $2.53 to $2.54 per diluted share from the prior range of $2.52 to $2.54 per diluted share. The Company’s outlook includes completed transaction activity as of the date of this release, but does not include prospective acquisitions, dispositions, or capital markets activities (including the settlement of outstanding forward sale agreements)."
Other Recent Buy Discussions: Item # 1.F. Added to GTY in Schwab Account - Bought 2 at $27.85; 3 at $27.85 (1/1/26 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post); Item # 1.B. Added to GTY in Fidelity Account - Bought 5 at $25.97; 5 at $25.55 (10/18/25 Post); Item # 3.A. Added to GTY - Bought 5 at $26.8 - Fidelity Account (7/29/25 Post)
Other Sell Discussion: Item # 3.A. Eliminated GTY - Sold 5 at $35.65 and 20 at $35.69 (1/3/23 Post)(profit snapshot = $211.35)
GTY Realized Gains to Date: $529.5 (includes some minor gains in RI accounts)
F. Added to GTY in Fidelity Account - Bought 5 at $27.45:
Cost: $137.25
See Item #1.G. above.
New average cost per share this account: $26.62 (25+ shares)
Raised from $26.41.
Yield at $26.62: 7.51%
G. Added to TPVG in Schwab Account - Bought 5 at $4.21:
Quote: Triplepoint Venture Growth BDC Corp (TPVG) at Google Finance - Externally Managed BDC.
Investment Category: Lottery Ticket Basket with dividends.
New average cost per share this account: $5.37 (61+ Shares)
 |
| Snapshot Intraday on 10/21/26 after add |
Reduced from $5.47.
Net Asset value per share as of 6/30/26: $8.87
Dividend: Quarterly at $.23 per share ($.92 annually), cut from $.30 effective for the 2025 3rd quarter payment and cut to $.30 from $.40 effective for the 2024 third quarter payment.
TPVG Dividend History & Date | Seeking Alpha
Special Dividends: A $.06 per share special dividend went ex dividend on 9/16/26 and another $.06 is scheduled to ex dividend on 12/16/26. I view the special dividends to be too sporadic and unpredictable to include in my dividend yield calculation. The main consideration is whether the BDC is earning its regular dividend. A failure to cover the regular dividend with net investment income is what led to the dividend cuts.
TPVG has spillover income of $1.03 per share as of 6/30/26 which can be used to pay special dividends or support the regular dividend.
Yield at $5.37 (regular dividend only): 17.13%
Last Ex Dividend: 9/15/26 for the regular and special dividends, owned 30 shares as of.
Last Earnings Report (Q/E 6/30/26): I discussed this report here: Item # 2.B. Added to TPVG - Bought 10 at $5.21; 10 at $4.75 (9/19/26 Post); SEC Filed Press Release I bought 10 shares before and after the quarterly ex dividend date.
Prior sell discussions are linked in that post.
TPVG Realized Gains to Date: $1,323.99
Quote: Alpine Income Property Trust Inc (PINE) at Google Finance - Externally managed by a wholly owned subsidiary of CTO Realty Growth Inc (CTO), which I also own.
Cost: $164.15
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
2026 PINE Transactions this Account - Standard Small Ball Trading:
 |
| Schwab Account |
I have started to buy back the 37 shares sold earlier this year at higher prices. This is another example of small ball trading.
For this stock, I am willing to slightly increase my average cost per share based on recent earnings reports including the one for the third quarter discussed below, as well as recent dividend hikes. Each subsequent purchase must be at consecutively lower prices.
Property Portfolio as of 9/30/26: 130 properties with an average remaining lease term of 8.7 Years and an occupancy of 99.6%
Commercial Loan Portfolio: 11 with a weighted average coupon of 13.4% and a weighted average remaining term of 1.4 years.
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)
New average cost per share this account: $14.64 (50+ shares)
Raised from $14.2
SEC Filed Press Release and SEC Filed Supplemental
Revenues: $20.46M, up from $14.563M
GAAP E.P.S. $.18, up from ($.09)
FFO per share: $.55, up from $.46
AFFO per share: $.55, up from $.46
Reconciliation:
 |
| Page 24, Supplemental |
Commercial loan information can be found at page 27 of the supplemental and at pages 18-20 of the 10-Q for the Q/E 9/30/26. Interest income from commercial totaled $7.6M in the quarter, up from $2.3M in the 2025 third quarter. "The $5.3 million increase in income is attributable to the expanded portfolio of commercial loans and investments which, as of September 30, 2026, was comprised of eight construction/redevelopment loans, three mortgage notes, four properties acquired pursuant to sale-leaseback transactions whereby the tenants have future repurchase rights, and one sales-type lease."
2026 Guidance: AFFO per share of $2.2 to $2.22, raised from $2.12 to $2.15
Some PINE Sell Discussions: Item # 2.B. Pared PINE Again in Fidelity Account -Sold 4+ at $21.1 (7/28/26 Post)(profit snapshot = $24.82, reduced AC per share in that account to $13.99, discussed the 2026 earnings report, SEC Filed Press Release ); Item # 3.G. Pared PINE in Fidelity Account - Sold 5 at $19.55 (4/24/26 Post)(profit snapshot = $22.62, discussed the 2026 first quarter report SEC Filed Press Release and SEC Filed Press Release); Item # 2.G. Pared PINE - Sold 10 at $20.94+ (7/8/26 Post)(profit snapshot = $56.37); Item # 1.L. Pared PINE Again in Schwab Account - Sold 5 at $20.05 (7/1/26 Post)(profit snapshot = $21.24); 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: $314.87
H. Added to CGBD in Schwab Account - Bought 5 at $10.25:
Quote: Carlyle Secured Lending Inc (CGBD) at Google Finance - Externally Managed BDC.
Cost: $51.24
CGBD SEC Filed 2025 Annual Report (Risk summary starts at page 25 and ends at page 56)
Last Sell Discussion: Item # 2.D. Pared CGBD in Fidelity Account - Sold 2 at $14.13 (8/5/25 Post) This pare reduced my position 20+ shares with an average cost per share at $6.41. I had been selling my highest cost shares but have not sold any shares in that account since hitting that AC per share.
Last Buy Discussion: Item #1.G. Added to CGBD in Schwab Account - Bought 5 at $12.67 (1/1/26 Post)
Net asset value per share history:
6/30/26: $15.61
12/31/25: $16.26
12/31/22: $16.99
9/30/22: $17.16
12/31/21: $16.91
12/31/20: $15.39
12/31/19: $16.56
12/31/18: $18.12
6/30/17: $18.01
The Initial Public Offering was in June 2017. The public offering price was $18.75. The external advisor paid 50% of the $.56 per share underwriters' discount. Prospectus CGBD's offering expenses were then estimated at $1.8M or approximately $.20 per share. After those net expense items, the net proceeds to the BDC were about $18.27 per share.
New average cost per share: $10.89 (55+ shares)
 |
| Snapshot Intraday on 10/26/26 after add |
Reduced from $10.95
Net asset value per share as of 6/30/26: $15.61
Dividend: Quarterly at $.35 per share ($1.4 annually), cut from $.40 effective for the 2026 second quarter payment.
I have changed my dividend option to reinvestment.
Special Dividends:
BDCs that rely heavily on floating rate loans based on spreads to short term rates had their loans repriced at higher coupons when during the FED was in a rate hiking cycle. For CGBD, the increases in NII resulted in several special dividends starting in 2023 and ending in the 2025 first quarter.
2025: $.05 per share paid in the first quarter. I do not anticipate more special dividends until the Fed is well into a rate hiking cycle.
2024 special dividends = $.27 per share (included $.05 that will go ex dividend on 12/31/24 with a 1/17/25 pay date)
2023 special dividends = $.28 per share (includes $.07 per share that went ex dividend on 12/28/23 with a 1/18/25 payment date)
10-Q for the Q/E 6/30/26 at pages 122-123
Company Assessment of Credit Quality:
 |
| Page 110, 10-Q |
Other Sell Discussions: Item # 1.C. Pared CGBD in Schwab Account - Sold 10 at $17.06 (12/5/24 Post)(profit snapshot = $32); Item # 2.F. Pared CGBD in Schwab Account - Sold 6 at $17.37 (9/26/24 Post)(profit snapshot = $20.63); Item #2.D. Pared Duplicate Position in Fidelity Account - Sold 2 at $16.78 (9/12/24)(profit snapshot = $14.69);; Item # 2.D. Pared Duplicate Position in CGBD - Sold 9 at $17.57 (Schwab Account) (5/10/24 Post)(profit snapshot = $4.8); Item # 2.C. Pared CGBD in Fidelity Account - Sold 7+ at $17.41 (3/15/24 Post)(profit snapshot = $37.81); Item # 3.H. Eliminated CGBD in Vanguard Taxable Account-Sold 10 at $15.1 (2/5/23 Post)(profit snapshot = $65.6); Item # 2.E. Pared CBGD in Fidelity Taxable Account - Sold 25+ at $14.46 (3/24/22 Post)(profit snapshot = $31.09)
CGBD Realized Gains to Date: $262.08 (Some trades were not discussed including all small ball trades made in RI accounts)
Goal: Any total return in excess of the dividend payments. Since I sold shares in September 2024, the price has declined from $18.11. I would attribute part of that decline to investors no longer willing to pay a premium price to net asset value per share. Other causes include lower NII due in large part to variable rate loans resetting at lower coupons and higher financing costs for SU debt.
2. Corporate Bonds:
A. Bought 1 Entergy Arkansas 4% First Mortgage Bond Maturing on 6/1/28 at a Total Cost of 98.613 - Vanguard Account:
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Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp (ETR).
Cost $985.13
Filled on 10/9/26
Entergy Arkansas Second Quarter Results:
ETR 10-Q for the Q/E 6/30/26 at page 102
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 4.891%
Current Yield at TC: 4.056%
I now own 8 including 2 in RI accounts.
Last Discussed: Item # 3.E. Bought 2 Entergy Arkansas 4% First Mortgage Bonds Maturing on 6/1/28 at a Total Cost of 99.267 (7/28/26 Post)(YTM then at 4.408%)
B. Bought 1 Laboratory Corp. 3.6% SU Maturing on 9/1/2027 at a Total Cost of 99.094 - Vanguard Account:
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Issuer: Labcorp Holdings Inc. (LH) at Zacks There was a name change after this bond was originally issued.
Cost: $989.94
Filled on 10/9/26
LH SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues at $3.7311B with net income at $298.7 adjusted to $409.2M)
LH Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.654%
I now own 7.
Last Discussed: Item # 3.I. Bought 1 Laboratory Holdings 3.6% SU Maturing on 9/1/27 at a Total Cost of 99.155 - Interactive Brokers Account (6/4/26 Post)(YTM then at 4.292%)
C. Bought 2 Evergy Kansas Central 5.6% First Mortgage Bond Maturing on 1/15/34 at a Total Cost of 98.8 - Fidelity Account:
Issuer: Wholly owned operating subsidiary of the utility holding company Evergy (EVRG).
Cost: $1,976
Filled on 10/13/26
This bond was issued in September 2026. The public offering price was at 99.961. Prospectus
EVRG Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26
Evergy Kansas Second Quarter Results:
EVRG 10-Q for the Q/E 6/30/26 at page 16
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.806%
Current Yield at TC: 5.688%
D. Bought 2 Kinder Morgan 4.3% SU Maturing on 3/1/28 at a Total Cost of 99.037 - Interactive Brokers Account:
Cost: $1,980.74
Filled on 10/13/26
KMI: Kinder Morgan - Detailed Earnings Estimates - Zacks.com
KMI SEC Filed 2026 Second Quarter Report (Revenues at $4.477B with net income at $867M) The depreciation "expense" was reported at $620M.
I have been paring my stock position. Item # 2.G. Eliminated Duplicate Position in KMI - Sold 5 at $33.97 (3/9/26 Post)(profit snapshot = $36.78); Item # 3.D. Pared KMI Again in Vanguard Account - Sold 10 at $32.56 (3/3/26 Post)(profit snapshot = $185.7, 40 remaining shares with an average cost per share of $14.1 which I still own); Item # 4.B. Pared KMI - Sold 10 at $28.3 (6/5/25 Post)(profit snapshot = $142.89) Item # 3.A. Pared KMI - Sold 10 at $28.01 - Vanguard Account (5/23/25 Post)(profit snapshot = $140); Item # 2.A. Sold 10 KMI at $29.77 (1/22/25 Post)(profit snapshot = $157.63); Item # 6.D. Sold 10 KMI at $28.38 (1/9/25 Post)(profit snapshot = $143.73); Item # 3.A. Sold 10 of 100 KMI at $26.44 (12/26/24 Post)(profit snapshot = $124.08)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.027%
Current Yield at TC: 4.342%
I now own 4.
Last Discussed: Item # 2.C. Bought 2 Kinder Morgan 4.3% SU Maturing on 3/1/28 at a Total Cost of 98.98 (3/18/25 Post)
Other owned KMI Bonds:
2 KMI 5% SU Maturing on 2/1/29, Bond Page | FINRA.org
I traded last year several KMI SU bonds maturing in 2033 and 2034. I do not currently own any maturing after the 5% SU referenced above.
KMI SU Bonds Matured or Sold in 2025:
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%20$51.84%20.png)
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%20+$37.48%20.png)
%20$24.61%20.png){kind=small}
E. Bought 2 Duke Energy 4.85% SU Maturing on 1/5/29 at a Total Cost of 99.09 - Interactive Brokers Account:
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Issuer: Duke Energy Corp (DUK) at Google Finance
Cost: $1,981.8
Filled on
DUK SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.286%
Current Yield at TC: 4.895%
I now own 4.
The prior purchase was not discussed here:
%204.85%25%201:5:29%20.png)
Other Owned Duke Energy SU Bonds:
4 Duke Energy 3.15% SU Maturing on 8/15/27,
4 Duke Energy 4.3% SU Maturing on 3/15/28
I also own several first mortgage bonds issued by Duke operating subsidiaries. In the symbol column to the right, discussions of those first mortgage bonds are linked under the headings Duke Energy Carolinas, Duke Energy Florida, Duke Energy Indiana, Duke Energy Progress, and Duke Energy Ohio. I will generally own close to 25 with short maturities but will trade longer term ones.
F. Bought 2 UDR 4.4% SU Maturing on 1/26/29 at a Total Cost of 98.197 - Fidelity Account:
Issuer: UDR Inc (UDR) - Large Apartment REIT and S&P 500 Component
Cost: $1,963.94
Filled on 10/15/26
I own the common shares.
Last UDR Discussion: Item # 7.A. Added to UDR - Bought 5 at $36.48; 5 at $36; 5 at $34.9 (9/12/26 Post)
UDR, Inc._10-Q for the Q/E 6/30/26
SEC Filed Earnings Press Release for the Q/E 6/30/26 and SEC Filed Financial Highlights
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.247%
Current Yield at TC: 4.481%
I now own 6 which includes 2 in a RI account.
The other 2 bond purchase in a taxable account was not discussed:
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I have 8 UDR SU bonds maturing on 7/1/27 and 5 on 1/15/28. I will replace the 8 bonds maturing on 7/1/27, prior to their maturity, with 8 of the 2029 bond which means that I will buy only 2 more.
G. Bought 2 CSX 4.25% SU Maturing on 3/15/29 at a Total Cost of 98.119 - Fidelity Account:
Issuer: CSX Corp (CSX) - Major U.S. Railroad
Cost: $1,962.38
Filled on 10/15/26
CSX SEC Filed 2025 Annual Report A map of the rail network can be found at page 18.
Website: CSX Corporation - Overview
CSX SEC Filed Earnings Report for the Q/E 6/30/26 (Revenues at $3.935B with net income at $1.002B)
CSX Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
YTM at Total Cost: 5.086%
Current Yield at TC: 4.331%
I now own 4.
Last Discussed: Item # 3.D. Bought 2 CSX 4.25% SU Maturing on 3/16/29 at a Total Cost of 99.607 (6/12/26 Post )(YTM at 4.399%)
I generally refrain from buying the common stock given its low dividend yield and its anemic and frequently erratic earnings growth but have traded the stock a few times. The largest gain was in 2014 before the 3 for 1 stock split in 2021: Item # 1 Sold 100 CSX at $30.4 (6/21/14 Post)(profit snapshot = $390.78); CSX Corporation (CSX) Stock Split History | Seeking Alpha
E.P.S. Historical: I am not impressed.
2025: $1.54
2024: $1.79
2023: $1.85 10-K at page 28
2022: $1.95 "
The quarterly dividend is only $.14 per share. CSX Corporation - Stock Information - Dividend History
H. Bought 1 McDonalds 5% SU Maturing on 5/17/29 at a Total Cost of 99.825 - Interactive Brokers Account:
Cost: 998.25
Filled on 10/16/26
MCD Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.072%
Current Yield at TC: 5.001%
I. Bought 2 Connecticut Light & Power 4.65% First Mortgage Bonds Maturing on 1/1/29 at a Total Cost of 99.141 - Fidelity Account:
Issuer: A wholly owned operating subsidiary of the utility holding company Eversource Energy (ES)
Cost: $1,982.82
Filled on 10/19/26
Connecticut Light & Power 2nd Quarter:
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A2/A
YTM at Total Cost: 5.065%
Current Yield at Total Cost: 4.69%
Both the YTM and current yield are higher than the common stock dividend yield which is higher than most utilities at 4.71% as of the 10/16/26 closing price. I have eliminated my small ball common stock position.
I now own 4.
Last discussed at Item # 2.A. Bought 2 Connecticut Light & Power 4.65% First Mortgage Bonds Maturing on 1/1/29 at a Total Cost of 99.827 (9/12/26 Post)
J. Bought 2 Southern Company 4.85% SU Maturing on 6/15/28 at a Total Cost of 99.642 - Interactive Brokers Account:
%206:15:28%204.85%25%20%20.png)
Issuer: The Southern Company (SO) at Zacks
Cost: $1,992.04
Filled 10/19/26
SO Detailed Earnings Estimates - Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenues $6.977B with net income reported at $1.174B adjusted to $1.289B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.074%
Current Yield at TC: 4.867%
3. Treasury Notes Purchased in the Secondary Market:
A. Bought 1 Treasury Note 4.875% Coupon Maturing on 10/31/30 at 99.6445:
%204.875%25%2010:31:30%20.png){kind=small}
YTM: 4.972%
Cost: $996.46
B. Bought 1 Treasury Note 4.125% Coupon Maturing on 7/31/28 at 98.8945:
%207:31:28%20S%20.png){kind=small}
YTM 4.771%
Cost: $988.95
I now own 4.
I sold 2 at 101.32 on 8/13/25.
%204.125%25%20+$44.51%20.png) |
| +$44.51 |
C. Bought 1 T Note 4% Coupon Maturing on 12/15/27 at 99.1836:
%204%25%2012:15:27%20.png){kind=small}
YTM: 4.723%
Cost: $991.84
I now own 2.
D. Bought 1 T Note 3.75% Coupon Maturing on 8/15/27 at 99.3594:
%203.75%25%208:15:27%20.png){kind=small}
YTM 4.535%
Cost: $993.59
4. Treasury Bills Purchased at Auction:
A. Bought 5 T Bills at the 10/26/26 Auction:
%204:29:27.png){kind=small}
182 Day Bills
Matures on 4/29/27
Interest: $106.42
Investment Rate: 4.361%
B. Bought 1 T Bill at the 10/27/26 Auction:
%2010:28:27.png){kind=small}
1 Year Bill
Matures on 10/28/27
Interest: $43.38
Investment Rate: 4.496%
5. Small Ball Common Stock Sales:
A. Eliminated RELX - Sold 15 at $40.545 - Schwab Account:
Quote: RELX ADR (RELX)
Proceeds: $608.17
Buy Discussion: Item # 7.B. Started RELX - Bought 5 at $35.58; 5 at $34.7; 5 at $33.65 (9/12/26 Post) I discussed the last earnings report in that post. SEC Filed Earnings Press Release for the Semiannual Period Ending 6/30/26
RELX SEC Filings (Foreign Issuer Forms)
RELX Detailed Earnings Estimates - Zacks.com As of 10/23/26, the average E.P.S. estimate for 2026 was at $1.88 and at $2.14 for 2027.
Website: RELX - Information-based analytics and decision tools
Profit Snapshot: +$88.52
Dividend: Paid semiannually.
RELX Dividend History & Date | Seeking Alpha
I noted in my buy discussion post, linked above, that the dividend yield was too low for me. The yield at my total cost number of $34.64 was 2.635% using the last two semiannual payments of $.9132 and at 2.25% at my sales price. I also noted that the stock was in a bear market pattern.
Last Ex Dividend: 8/7/26
The next semiannual dividend may be in April or May 2027 based on prior history.
5 year chart:
I do not have any book knowledge about technical analysis. I have looked at stock charts for a long time and have formed opinions about the messages signaled by them.
The preceding chart reflects a bear market pattern starting in May 2025. I would characterize the breakdown as a major one.
The recent uptrend may fail near $43 where the stock briefly last bottomed in January 2026 or the uptrend may break through that line near $43 and move back to challenge the previous temporary bottom in the $46-$48 range (August-October 2025). Given what I view as an inadequate dividend yield, and an inconclusive stock pattern after the May 2025 breakdown, I decided to harvest a quick short term capital gain
I will consider buying back the shares sold at less than $35.
B. Pared ACCO -Sold Highest Cost 10 Shares at $4.72:
Quote: ACCO Brands Corp (ACCO) at Google Finance
Proceeds $47.22
Last Buy Discussions: Item # 2.F. Added to ACCO - Bought 30 at $2.92 (4/4/26 Post); Item # 5.B. Added to ACCO - Bought 30 at $3.3; 20 at $3.15 (5/23/26 Post)
Last Sell Discussion: Item # 2.F. Sold 10 ACCO at $6.46 (1/12/24 Post)(profit snapshot = $14.07)
ACCO SEC Filed 2025 Annual Report
Website: ACCO Brands
ACCO Brands Announces the Closing of the EPOS Acquisition (1/30/26).
The company recently announced another acquisition. ACCO Brands to Acquire Trust This acquisition closed on 10/1/26. Trust "designs and markets computer and gaming peripherals across Europe and Latin America, extending ACCO Brands’ Kensington, PowerA and EPOS technology peripherals portfolio." The company needed to expand its product portfolio beyond those that were in a secular decline.
ACCO Detailed Earnings Estimates - Zacks.com
Investment Categories: Currently a borderline inclusion in the Lottery Ticket Basket (upgrade possible with positive future results), with a strong flavor of Bond Substitute for as long as the current dividend is paid. Based on my average cost, the dividend yield is 9.174%, so a satisfactory to me total return is possible with any realized gain on the shares.
Profit: $.22
New average cost per share: $3.27 (143+ shares)
Reduced from $3.37.
Dividend: Quarterly at $.075 per share ($.30 annually), last raised from $.065 effective for the 2021 third quarter payment.
ACCO Dividend History & Date | Seeking Alpha
Yield at $3.27: 9.174%
Last Ex Dividend: 8/21/26
Next Ex Dividend: 11/20/26
Second Quarter Earnings Report (Q/E 6/30/26):
This report was the last one available when I paired this position. The third quarter report was released this morning.
Revenues: $415M
Diluted GAAP E.P.S. $.15, down from $.31
"Prior year net income was positively impacted as the Company settled the outstanding tax assessments in Brazil, resulting in a net discrete tax benefit of $13.4 million. Adjusted net income increased to $27.4 million, from $25.8 million in 2025, and adjusted earnings per share rose to $0.29 from $0.28 in 2025."
Non-GAAP E.P.S. $.29, up from $.28
Reconciliation:
Last Earnings Report (Q/E 9/30/26):
SEC Filed Earnings Press Release
Revenues: $380M
"Third quarter net sales decreased 0.9 percent to $380.3 million from $383.7 million in 2025. This decrease reflects 4.9 percent growth from the EPOS acquisition and 0.4 percent from favorable foreign exchange, which were more than offset by a 6.2 percent decline in comparable sales. Technology peripherals experienced softness due to global industry-wide challenges. Our overall back-to-school season was positive, with more sales being recognized in the second quarter."
GAAP E.P.S. $.12
Non-GAAP E.P.S. $.28
Both GAAP and Non-GAAP E.P.S. include $.11 in tariff refunds.
Schwab has the consensus estimate at $.19, but it is unclear whether that estimate excludes or includes the $.11 in tariff refunds. The non-GAAP E.P.S. of $.28 is a beat only if the $.19 estimate includes the $.11 in tariff refunds.
Reconciliation GAAP to Non-GAAP:
The largest adjustment is $.085 per share for amortization of intangibles, a non-cash expense, which I accept as an adjustment.
Long Term Debt: $836.8M
"Year to date, free cash flow was $89.0 million including $21.3 million of tariff refunds, compared with $25.8 million in the prior year. The cash balance of $174.7 million at quarter end included cash held for the acquisition of Trust, which closed on October 1."
Full Year Guidance: "For the full year, the Company expects reported sales to increase 4.0 percent to 6.0 percent, updated to include one quarter of expected sales from the acquired Trust business. Full-year adjusted EPS is expected to be $0.98 to $1.02 inclusive of $0.12 from the tariff refund. The Company expects 2026 free cash flow of approximately $100 million and the consolidated leverage ratio of approximately 3.5x at year-end."
I would adjust the non-GAAP E.P.S. to $.86 to $.9 to remove the tariff refund benefit.
6. Equity Preferred Stock:
A. Eliminated CCNEP in Fidelity Account - Sold 15 at $24.62:
Quote: CCNEP at Google Finance
Proceeds: $369.38
Issuer: CNB Financial Corp (CCNE) Google Finance - A Bank Holding Company
Profit Snapshot: $56.35
Last Discussed: Item # 6.B. Eliminated CCNEP in Schwab Account - Sold 35 Shares at $24.6 (10/9/26 Post)(profit snapshot = $148.6).
Buy Discussions: Item # 3.A. Added to CCNEP - Bought 5 at $20 (11/11/23 Post); Item # 3.A. Added 5 CCNEP at $21.84; 5 at $21.61 (7/29/23 Post); Item # 2.B. Restarted CCNEP - Bought 5 at $22.2; 5 at $20.75; 5 at $18.75; 5 at $18.4 (5/13/23 Post)
Par Value: $25
Coupon: 7.125%
Maturity: None, Potentially Perpetual
Issuer Optional Call: On or after 9/1/25 at par value + accrued and unpaid dividends.
Stopper Clause: Standard
Dividends: Paid quarterly, qualified and non-cumulative.
Prior Sell Discussion: Item # 5.A. Eliminated CCNEP - Sold 10 at $26 (1/16/23 Post)(profit snapshot = $7.08)
7. Treasury Notes Purchased at Auctions:
A. Bought 2 T Notes at the 10/26/26 Auction:
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2 Year Note
Matures on 10/31/28
Coupon: 4.625%
YTM: 4.708%
I have participated in some of the 2, 3 and 5 year T Note auctions. I may add to a position when and if the price declines and the yield rises, which I have already done with some auction purchases.
B. Bought 1 T Note at the 10/27/26 Auction:
5 Year Note
Matures on 10/31/2031
Coupon: 4.75%
YTM: 4.85%
8. Bond ETF:
As previously discussed many times here, I do not like bond ETFs but will attempt to trade small lots for realized gains, primarily in my Schwab account where the sweep account pays almost nothing ($100 in annual dividends on $1M).
My primary problem with bond funds, without any exception, is that, unlike owning individual bonds, the bond fund does not make a promise to pay a sum certain on a date certain.
Bond funds can produce negative total returns during a period when interest rates are rising and most have negative real total returns over the past 5 years.
So, I almost avoid them.
I do own somewhere over 400 individual corporate bonds, T Notes, and Tennessee Municipal bonds, all with maturity dates, and the portfolio has a weighted average duration of less than 3 years.
A. Added 1 VCIT at $79.32 - Schwab Account:
Quote Vanguard Intermediate-Term Corporate Bond ETF (VCIT) at Google Finance
Cost: $79.32
Sponsor's website: VCIT-Vanguard Intermediate-Term Corporate Bond ETF | Vanguard
Expense Ratio: .03%
Number of Bonds as of 6/30/26: 2,342 with a weighted average duration of 5.9 years.
What is Bond Duration and Why is it Important? | J.P. Morgan Wealth Management - YouTube; Duration: Understanding the Relationship Between Bond Prices and Interest Rates - Fidelity
New average cost per share: $81.52 (9+ shares)
Dividends: Monthly at a variable rate.
VCIT – Vanguard Interm-Term Corp Bd ETF at Morningstar (currently rated 4 stars)
VCIT – Performance at Morningstar The total annual average total returns are unsatisfactory compared to owning individual bonds. Through 10/28/26, the average annual total return over 5 years was .77% and at 2.56% over ten years. Those would not be real total returns adjusted for inflation. When owned in a taxable account, the average annual total returns over 1, 5 and 10 years, adjusted for inflation and taxes on the dividend, would be negative numbers. Part of the problem is historic. During the extended period of interest rate suppression by the Federal Reserve, these funds owned very low coupon bonds. The rapid rise in interest rates starting in 2022 caused those bonds to significantly decline.
Another issue is that the bond fund may have had significant net outflows during any rising interest rate period that results in the managers having to sell the low coupon bonds at losses, rather than waiting for them to mature. The result is to lock in a net asset value per share loss for existing shareholders.
9. Baseball Card Auction Results:
I mentioned in a comment published yesterday that I had 5 baseball cards up for auction which concluded last night. I use 4SharpCorners to conduct the auction through EBAY. The results were slightly disappointing with gross proceeds at $1,256. I was expecting about $1,500 for all 5.
I had only one valuable card that was auctioned:
This card was purchased for $28 in 1982:
Of the other cards included in that purchase, I have received grades for the 1961 Aaron ($15), the 1961 Berra ($6) and the 1961 Koufax ($7.5).
1961 Aaron Graded at a 7:
1961 Topps Hank Aaron - PSA Graded Auctions
This is the most valuable card left from this purchase, valued somewhere in the $700-$800 range.
1961 Berra Graded at an 8:
1961 Topps Yogi Berra - PSA Graded Auctions
1961 Koufax Graded at a 6:
1961 Topps Sandy Koufax - PSA Graded Auctions
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 stock part of my portfolios (4 accounts) managed to tip into positive territory, but just barely. The main reasons were the absence of the stocks that took major hits and a sufficient number of stocks that rose in price that offset the factional decliners.
ReplyDeleteIn my stock account, this is a list of some of the stocks that worked today by at least rising in price: ACCO (sold 10 more shares today, discussed in this post), AMCR, AZN, BCE, BMY (better than expected earnings), BP, CNQ (15 shares), CRGY, CTO (45+ shares), CVX, DOC, FIS, FNF, GIS and other packaged food stocks (major bear market trends), HIW (earnings, 30+ shares), KIM, LYB (strait of hormuz attacks), OKE (7+ shares with an AC at $21.33), PBA (own 20 with an AC at $29.99, which I did not mention in the list published in an earlier comment today), RYN, SAMG (earnings, recently added 5 shares below $10 which were not discussed here), SBSI (recent restart), SHEL, UDR, UPBD (recent restart), VMRK, VZ (just 10+ shares with an AC per share at $33.24), XOM, plus the energy CEFs BGR and PEO and a bunch of small ball positions in bond CEFs and ETFs. VCIT, discussed in this post, rose $.18 for example.
The predominant characteristics of the common stocks referenced above were their interest rate sensitivity and good dividend yields, with the energy and energy infrastructure stocks rising due to another move higher in energy prices.
There is no way that I will discuss all of my trades since it would at least expand the size of each blog post which is already very long by another 50% or so. My Fidelity tax information which includes the 1099 will generally run over 200 pages and somewhat less for my Vanguard, Schwab and Interactive Brokers accounts.
The kind of decline in major stock indexes today will generally take just about everything down with it.
I understand the bully revenge at the others. But Comey's mishandling of the emails was a huge contributor to Trump's win. Whatever else he did, Trump should be recognizing that.
ReplyDelete