tag:blogger.com,1999:blog-29861246510309597362024-03-18T20:17:15.761-05:00Stocks, Bonds & PoliticsTENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.comBlogger2814125tag:blogger.com,1999:blog-2986124651030959736.post-89163892617741195322024-03-15T07:22:00.006-05:002024-03-15T11:37:58.954-05:00AIO, CGBD, CIOPRA, EMR, HPPPRC, IDV, OLP, PLTK, QYLD, SAMG<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual CPI: 3.4%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Core CPI: 3.8%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Month-To-Month CPI and Core CPI: .4%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyfZU3oh8vwxLza-Yq2Lx0q3efxf9be16RpFX1x-36-O2FbDfp4qvKBrEIPikHXtlPdSS1llRN7AYW1LgFRRFPSDOai1Ju6KHp9FbqijHYFWfVO8Zo4w9cM8WBZtgZ3jOaVtd6BTFRiVE5CLV63O5xinVbzwbdYqSHvSdOAXBC64vVlsRo-MtmTn1bDKmT/s3156/Screenshot%202024-03-12%20at%209.27.34%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1792" data-original-width="3156" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyfZU3oh8vwxLza-Yq2Lx0q3efxf9be16RpFX1x-36-O2FbDfp4qvKBrEIPikHXtlPdSS1llRN7AYW1LgFRRFPSDOai1Ju6KHp9FbqijHYFWfVO8Zo4w9cM8WBZtgZ3jOaVtd6BTFRiVE5CLV63O5xinVbzwbdYqSHvSdOAXBC64vVlsRo-MtmTn1bDKmT/s320/Screenshot%202024-03-12%20at%209.27.34%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bls.gov/news.release/cpi.nr0.htm">Consumer Price Index Summary - 2024 M02 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Owners Equivalent Rent: +6% weighted at 26.766% in CPI (homeowners do not pay rent to themselves)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bls.gov/news.release/cpi.t02.htm">Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2024 M02 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">IMO, this report is not consistent with a belief that the FED will cut the FF rate at the June 2024 meeting. <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" style="text-align: left;">CME FedWatch Tool - CME Group</a></span></p><p style="text-align: justify;"><a href="https://www.morningstar.com/markets/sticky-inflation-is-back-heres-how-protect-your-portfolio"><span style="font-family: georgia;">Sticky Inflation Is Back. Here’s How to Protect Your Portfolio. | Morningstar</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bill Purchased At Auction: $15,000 in principal amout</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $8,000 in principal amount </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Common Stocks: <b><span style="color: red;">-</span></b>$442.85</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $508.55 in proceeds minus $65.7 in a purchase)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Stock Funds: </span><span style="font-family: georgia;"><b><span style="color: red;">-</span></b>$1,275.81</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Outflow Stocks/Stock Funds: </span><span style="font-family: georgia;"> </span><span style="color: red; font-family: georgia;"><b>-</b></span><span style="font-family: georgia;">$1,784.36 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Equity Reit Preferred Stocks: <span style="color: red;">-</span>$1,567.09</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Realized Gain Preferred Stocks: <span style="color: #6aa84f;">+</span>$231.19</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Common Stocks/Stock Funds: <b><span style="color: red;">- </span></b>$24,376.49</span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bbc.com/news/world-europe-68533351">Trump will not give a penny to Ukraine - Hungary PM Orban</a> Trump has already implemented his policy that rewards Russia's aggression in Ukraine by preventing congressional approval of additional Ukrainian aid. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My video on YT: <a href="https://www.youtube.com/watch?v=b00Fc7U6DwA" style="text-align: left;">Trump on Orban - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=6ZMS8b3DGN8"><span style="font-family: georgia;">Jimmy Kimmel responds in real time to Donald Trump’s insults at the Oscars - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=P6GpIV3Erqs">Trump is continuing to tell us that he is an autocrat - YouTube</a> Trump's former Chief of Staff John Kelly said that Trump praised Hitler. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.politico.com/news/2024/02/06/donald-trump-bud-light-fundraiser-00140009">Trump, on eve of fundraiser with Anheuser-Busch lobbyist, defends company - POLITICO</a>; <a href="https://ny1.com/nyc/all-boroughs/news/2024/02/07/trump-bud-light-anheuser-busch-fundraiser" style="text-align: left;">Trump defends Bud Light ahead of lobbyist-hosted fundraiser</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">An Anheuser Busch lobbyist held a fundraiser for Trump. Trump then changed his tune on the boycott of Bud Light that he had led in response. Maybe some Democrats will boycott all Anheuser products in response to AB helping Trump win the Presidency. </span></p><p style="text-align: justify;"><a href="https://abcnews.go.com/Politics/trumps-tiktok-ban-reversal-after-meeting-megadonor-stake/story?id=108013785"><span style="font-family: georgia;">Trump's TikTok ban reversal comes after meeting megadonor who has stake in TikTok - ABC News</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=cCfLpuLdF8Q"><span style="font-family: georgia;">State of the Union Cold Open - SNL - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=JxBgWGHsx4o"><span style="font-family: georgia;">'Disproven' book from data expert hired by Trump to find voter fraud - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/11/politics/trump-despots-advisers-sound-alarm/index.html">Trump former advisers sound the alarm that he praises despots in private and on the campaign trail</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/11/politics/trump-employee-5-classified-documents-mar-a-lago/index.html">Exclusive: ‘Trump Employee 5,’ who unknowingly helped move classified documents, speaks out</a>; <a href="https://www.youtube.com/watch?v=PIWNVT-DQlc" style="text-align: left;">'Gold for prosecutors': Honig weighs in on 'Trump Employee 5' - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump claimed last Monday that Facebook as "an enemy of the people along with the media". <a href="https://thehill.com/homenews/campaign/4523627-trump-tiktok-ban-facebook/" style="text-align: left;">Trump says he considers Facebook ‘an enemy of the people’ -The Hill</a> Trump frequently uses phrases that gained prominence in Nazi Germany and that is just one of them. <a href="https://www.businessinsider.com/history-of-president-trumps-phrase-an-enemy-of-the-people-2017-2" style="text-align: left;">History of Trump's Phrase an 'Enemy of the People'</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed Trump's accusation in a YT video: <a href="https://www.youtube.com/watch?v=xP4JJVhWAbc&t=166s" style="text-align: left;">Trump Calls Facebook "An Enemy of the People" - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/11/politics/trump-entitlements-social-security-medicare/index.html">Trump suggests he’s open to cuts to Medicare and Social Security after attacking primary rivals over the issue</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/politics/2024/03/09/alexander-smirnov-fbi-biden-impeachment/" style="text-align: left;">FBI informant Alexander Smirnov accused of smearing Bidens had past credibility issues - The Washington Post</a><span> This article provides details on Smirnov's checkered financial history that includes being a defendant in fraud suits. The House republicans wanted to rely on information supplied by Russian intelligence agents through Smirnov to impeach Biden. Smirnov was born in Ukraine. His first language was Russian. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cbsnews.com/news/alexander-smirnov-fbi-informant-bidens-fraudster-in-prior-case/">Ex-FBI informant accused of lying about Bidens was called a "fraudster" in a prior case - CBS News</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2024/03/09/us/politics/katie-britt-republican-response-sotu-trafficking.html" style="text-align: left;">Questions Arise About Katie Britt’s State of the Union Response - The New York Times</a> It turns out that Britt deliberately misled the public in claiming that the 12 year victim of multiple rapes was due to Biden's immigration policies. After telling that victims story, Britt continued with this statement: </span></p><p style="text-align: justify;"><span style="background-color: white; color: #363636; text-align: start;"><span style="font-family: georgia;">“we wouldn’t be OK with this happening in a third-world country ” and then added that “this is the United States of America, and it is past time, in my opinion, that we start acting like it.”</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">As widely reported, the sex trafficking victim is Karla Jacinto. She was kidnapped in Mexico City and was held in captivity from 2004 to 2008 when George Bush was President. All of the rapes occurred in Mexico. She has never been trafficked in the U.S. Her abduction had nothing to do with U.S. immigration policies. She was not kidnapped by a drug cartel as claimed by Britt but by a pimp whose family<span> "<span style="background-color: white; letter-spacing: 0.4px; text-align: left;">entrapped vulnerable girls to force them into prostitution." </span></span><a href="https://www.cnn.com/2024/03/10/politics/katie-britt-sex-trafficking-victim-interview/index.html" style="text-align: left;">Sex trafficking victim says Sen. Katie Britt telling her story during SOTU rebuttal is ‘not fair’</a> She told CNN that politicians who told her story lacked empathy. <a href="https://www.youtube.com/watch?v=Sw-J7b1HdiI" style="text-align: left;">Woman who appears to be at center of Katie Britt's SOTU anecdote has message for the Alabama senator - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Notwithstanding the facts, Britt's spokesperson claimed that the story that Britt told was 100% accurate. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Appearing later on Fox "news", Britt said she did not mean to imply that the sex trafficking occurred in the U.S. when Biden was President. She clearly made that implication in an effort to inflame voters against Biden using a false narrative. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Britt then repeated in her Fox "news" interview some claims that had already been fact checked as being false, misleading or lacking in context. <a href="https://www.politifact.com/article/2024/mar/08/fact-checking-katie-britts-immigration-claims/" style="text-align: left;">PolitiFact | Fact-checking Katie Britt's immigration claims in Republican 2024 State of the Union response</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=LJUl77rsFEw"><span style="font-family: georgia;">Jon Stewart Calls BS on Trump & the GOP's Performative Patriotism | The Daily Show - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/14/politics/kfile-gop-nominee-north-carolina-public-schools-michele-morrow-executing-democrats/index.html">GOP nominee to run North Carolina public schools, Michele Morrow, called for violence against Democrats, including executing Obama and Biden</a>; <a href="https://www.rawstory.com/barack-obama-2667515751/" style="text-align: left;">'Pay-per-view in front of firing squad': GOP candidate called for Obama's public execution - Raw Story</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I published a YT video discussing Morrow: </span><a href="https://www.youtube.com/watch?v=Qb8ZTrnrMVQ" style="text-align: left;">I am predicting that Biden will win North Carolina due to the republican down ballot candidates - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Mafia State</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ukr.warspotting.net/">Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=TO9u0XT6O40">Police arrest Russian peace protester within seconds of starting interview - YouTube</a> Her crime in Russia was that she wanted peace. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=C-1h85CIgcs">Putin warns West that Russia is ready for nuclear war - YouTube</a> Threatening to kill everyone on the planet is the new normal for Putin. </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=XtD1w3kZFl8"><span style="font-family: georgia;">Massive fires engulf Moscow and St Petersburg industrial sites amid Ukrainian attacks on Russia - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=9Wdn3M0QCuw"><span style="font-family: georgia;">Russian fuel depots burn after Ukrainian drone attacks - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=nlSUJNlcGyQ" style="text-align: left;">Ukrainian drones blow up one of Russia’s biggest oil refineries at Ryazan in brazen drone attack - YouTube</a><a href="https://www.youtube.com/watch?v=6-6MAjmqu0s" style="text-align: left;">Ukrainian drone strike hits Russian oil refinery - YouTube</a>; <a href="https://www.youtube.com/watch?v=Z6Bq0rzvihY" style="text-align: left;">Russian oil refineries attacked in major Ukraine drone strike - YouTube</a> Russia has learned that stationary objects like oil refineries are fat targets that are easily destroyed or damaged by relatively inexpensive drone attacks. The drones are hitting the distillation towers, the critical structure in a refinery that is also difficult to replace. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Ukrainian war has proven the success of asymmetric warfare where relatively low cost weapons can de</span>stroy high cost ones including 15 Russian naval vessels over the past 6 months. <a href="https://www.nytimes.com/2024/03/12/us/politics/russia-navy-commander-fired.html" style="text-align: left;">Russia Fires Top Naval Commander Nikolai Yevmenov After Ukrainian Strikes - The New York Times</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=WNqHVB8rzUo">Huge Ukraine drone & missile blitz batters Russia as IL-76 jet goes down in flames: The Frontline - YouTube</a>; <a href="https://www.youtube.com/watch?v=4tpFuTYavKk" style="text-align: left;">Russian military plane crashes on takeoff - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=nUXsJgd6J-8"><span style="font-family: georgia;">Russian pro-Ukraine fighters launch cross-border attacks into Russia | DW News - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/09/politics/us-prepared-rigorously-potential-russian-nuclear-strike-ukraine/index.html">US prepared ‘rigorously’ for potential Russian nuclear strike in Ukraine in late 2022, officials say</a> U.S. had actionable intelligence that Putin was considering using nuclear weapons. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>China has reportedly stated its opposition to Russia's use of nuclear weapons against Ukraine, and maybe that will be enough to restrain Putin. </span><a href="https://www.politico.eu/article/china-xi-jinping-warns-vladimir-putin-not-to-use-nuclear-arms-in-ukraine-olaf-scholz-germany-peace-talks/" style="text-align: left;">China’s Xi warns Putin not to use nuclear arms in Ukraine-POLITICO</a>; <a href="https://www.newsweek.com/china-issues-warning-nuclear-war-risks-1875130" style="text-align: left;">China Issues Warning on 'Risks' of Nuclear War</a><span> (3/1/24). </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/10/europe/ukraine-pope-negotiations-russia-intl/index.html" style="text-align: left;">Pope sparks anger after saying Ukraine should have the ‘courage of the white flag’ and negotiate</a> That strikes me as eerily similar to the Vatican's approach to Hitler. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=roadCiBI000">Putin Is Full of 'Crazy Ideas,' Says Latvia's Prime Minister - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Small Buy Buys</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><i><span style="color: #800180;"><u>A. Added to PLTK - Bought 10 at $6.57</u></span></i></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMkubgkzrPyvlREiQl-PT6K_HEdia8ep_1LyrkPpYGLq2oWq3vMicTuY83zFexDFGw9Ig90l_TFoi4850qO2tfyqclRHeDFg6KbCg6CD1wesuMoL6aXHAoU2PmPBqspDQ2hQZ9r_OavgnSDTgyy2aTWERUj2QXjqCnVF3A9PCg1m-8gzFsvwnp_u7RY81e/s2684/PLTK%2010%20at%20$6.57%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="148" data-original-width="2684" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMkubgkzrPyvlREiQl-PT6K_HEdia8ep_1LyrkPpYGLq2oWq3vMicTuY83zFexDFGw9Ig90l_TFoi4850qO2tfyqclRHeDFg6KbCg6CD1wesuMoL6aXHAoU2PmPBqspDQ2hQZ9r_OavgnSDTgyy2aTWERUj2QXjqCnVF3A9PCg1m-8gzFsvwnp_u7RY81e/s320/PLTK%2010%20at%20$6.57%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/pltk?mod=search_symbol" style="text-align: left;">Playtika Holding Corp. (PLTK)</a></p><p style="text-align: justify;">PLTK "is a mobile gaming entertainment and technology market leader with a portfolio of multiple game titles. Founded in 2010, Playtika was among the first to offer free-to-play social games on social networks and, shortly after, on mobile platforms. Headquartered in Herzliya, Israel."</p><p style="text-align: justify;">Cost $65.7</p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><a href="https://www.sec.gov/edgar/browse/?CIK=1828016&owner=exclude">PLTK SEC Filings</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1828016/000182801624000006/playtika-20231231.htm">2023 SEC Filed Annual Report</a> </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD-k9VAPmLyoHyPzNLftBfToGzqiT1NfDHA-ii3sEbdJc3LPY0pjllklA6XBN2IrTsDk_WAcOEVcWrEf-TSgHlPaUcCaq_sw11xohEwoNdIsilkO_B7MJbLASjRq0u4p8sxv63kE8JjzTByv-tAjF_cMjjmPrqhM3ZEsayHs5oZ1aVxLIrBLPnDOmQglGw/s3358/Screenshot%202024-03-10%20at%205.14.32%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="670" data-original-width="3358" height="64" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD-k9VAPmLyoHyPzNLftBfToGzqiT1NfDHA-ii3sEbdJc3LPY0pjllklA6XBN2IrTsDk_WAcOEVcWrEf-TSgHlPaUcCaq_sw11xohEwoNdIsilkO_B7MJbLASjRq0u4p8sxv63kE8JjzTByv-tAjF_cMjjmPrqhM3ZEsayHs5oZ1aVxLIrBLPnDOmQglGw/s320/Screenshot%202024-03-10%20at%205.14.32%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2021-2023 Financial Metrics</span></td></tr></tbody></table><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/PLTK.OQ/key-metrics/price-and-volume"><span style="font-family: georgia;">PLTK Key Metrics Page at Reuters</span></a></p><p style="text-align: justify;"><span style="background-color: white; font-family: georgia; text-align: left;">Investment Category: </span><span style="color: red; font-family: georgia; text-align: left;">Blackjack Hand</span><span style="background-color: white; font-family: georgia; text-align: left;">, part of the </span><span style="color: red; font-family: georgia; text-align: left;">Lottery Ticket Basket</span><span style="background-color: white; font-family: georgia; text-align: left;"> Strategy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Last Substantive Discussion</u>: <a href="https://tennesseeindependent.blogspot.com/2023/12/aod-eai-ivz-mor-ofs-onb-pltk-pwfprtca.html" style="text-align: left;">Item # 4.A. Started PLTK - Bought 10 at $8.6 (12/30/23 Post)</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u>Last Buy Discussion</u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/bstz-btmd-dcom-elc-es-fisi-gvlu-htia.html" style="text-align: left;">Item # 3.D. Added to PLTK - Bought 5 at $8 (1/6/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$7.67</b> (25 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.10 per share. This company recently decided to implement a dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at Average Cost per share</i></u>: <b>5.215</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 3/21/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1828016/000182801624000005/a2023q4ex991-earningsrelea.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There was a negative reaction to this report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.10, down from $.24 in the 2022 4th quarter </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash and Cash Equivalents: $1.0297B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $637.9M, up from $631.2M </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Free Cash Flow for 2023 = $4364M, up from $383.7M in 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">4th Quarter Operational Metrics: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXrWmfJ-beYnXCB0wRHylBUFtddHmZ2DJ9_Sgsfo30EtnJDxPbHStR5tweDJHL7Yi5zeUdPHveltOpQwe6v-uB_t3083M6c-GFrhc6x6Ws5vLLHJ2_fo-CMWGorfT226WRPRCFXGKIvrCMDAPO3WpC480xDXExf2IvAz5B-3YG9vX3mFfF8ep6KToagjaw/s1588/Screenshot%202024-03-10%20at%205.25.50%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="420" data-original-width="1588" height="85" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXrWmfJ-beYnXCB0wRHylBUFtddHmZ2DJ9_Sgsfo30EtnJDxPbHStR5tweDJHL7Yi5zeUdPHveltOpQwe6v-uB_t3083M6c-GFrhc6x6Ws5vLLHJ2_fo-CMWGorfT226WRPRCFXGKIvrCMDAPO3WpC480xDXExf2IvAz5B-3YG9vX3mFfF8ep6KToagjaw/s320/Screenshot%202024-03-10%20at%205.25.50%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Sells</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Eliminated IDV - Sold 20 at $28.04 - Vanguard Taxable Account</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXFVYTMgTBC1QywUS5M-M43TMDMRdTqTaTvfR1jAb5f87GLvMvsChyVhguL7PxqOk_guF9YFKDl2qQw-TNiQONKYgN51F0l1wmdbztO2Rp3xU6MZh3f3-idnnjE22rNJ2U535V7ntPZaxD5bcOoKIgGwvZubWNPPDaAFFKFlAU26xVvEXo6KvXmWOLdDAE/s2364/IDV%2020%20at%20$28.04%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="316" data-original-width="2364" height="43" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXFVYTMgTBC1QywUS5M-M43TMDMRdTqTaTvfR1jAb5f87GLvMvsChyVhguL7PxqOk_guF9YFKDl2qQw-TNiQONKYgN51F0l1wmdbztO2Rp3xU6MZh3f3-idnnjE22rNJ2U535V7ntPZaxD5bcOoKIgGwvZubWNPPDaAFFKFlAU26xVvEXo6KvXmWOLdDAE/s320/IDV%2020%20at%20$28.04%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/idv" style="text-align: left;">iShares International Select Dividend ETF Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $560.86</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$63.64</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggL-rG52InyKK67IRGeOamCPsL1xfhDrK_qPlWeRzgp3k9NP4mSb5CzFcIHvqtObKPGrSfPi_rJAfpt-HhFpzJnvdTg2RqUBYWIrtW0k1NOIVVmUJ1Ee3OgRuoAv1SOZjObDn94_9qvuOa1vep9X6ECFciRccj268p_u6SUzvxei9SXDjYofJPblUSWSYX/s2652/2024%20IDV%2020%20shares%20+$63.64.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="904" data-original-width="2652" height="109" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggL-rG52InyKK67IRGeOamCPsL1xfhDrK_qPlWeRzgp3k9NP4mSb5CzFcIHvqtObKPGrSfPi_rJAfpt-HhFpzJnvdTg2RqUBYWIrtW0k1NOIVVmUJ1Ee3OgRuoAv1SOZjObDn94_9qvuOa1vep9X6ECFciRccj268p_u6SUzvxei9SXDjYofJPblUSWSYX/s320/2024%20IDV%2020%20shares%20+$63.64.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/10/cizn-emaprcca-dea-gdv-hiw-hr-hrzn-idv.html" style="text-align: left;">Item # 6.C. Added 5 IDV at $22.52 (10/18/22 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's Website: </span><a href="https://www.ishares.com/us/products/239499/" style="text-align: left;">iShares International Select Dividend ETF | IDV</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .51%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Top 10 Holdings</u></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRJTLsgOqPSslzX7DRb5tgFuoLkYIWqfoAHeADMFrfdeS8DDthvU4o5uK9Gk9u6uFPGaAf4jBRvm1nj0t3nljn0mEUxbdMii2hIseBD4Eohq9babm7NjVAs9WhWyyP_pg4m35_5cgXnRsfuAFo1RZWsdY3lOdyQC2IVbeA3Dpk_1ApnIE_E8sQD9a2p6z_/s1940/Screenshot%202024-03-09%20at%2010.33.52%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1108" data-original-width="1940" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRJTLsgOqPSslzX7DRb5tgFuoLkYIWqfoAHeADMFrfdeS8DDthvU4o5uK9Gk9u6uFPGaAf4jBRvm1nj0t3nljn0mEUxbdMii2hIseBD4Eohq9babm7NjVAs9WhWyyP_pg4m35_5cgXnRsfuAFo1RZWsdY3lOdyQC2IVbeA3Dpk_1ApnIE_E8sQD9a2p6z_/s320/Screenshot%202024-03-09%20at%2010.33.52%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span>I do not have a position in any of those stocks. I do have a small ball position in BNS which is currently weighted at #11. </span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid Quarterly at a variable rate. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-toyC6JvgnhwmxNFngXQaVR5PxXd7Uqmd7EoN-EYFO_ms6JZ68fwIdibIWkbn5kNgFsQJJrWvIGkBuglyZJv7S_UsRkSrLxrLQsKFOerICLEv_xInBbXFOrNVtI3GssXwsm3ebzEP5kdTLjc5LZPZa0T2X2h4T0YCQH2c3yIXHlJz54JH5Q-B6Q15LkVU/s1244/Screenshot%202024-03-09%20at%2010.35.47%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="790" data-original-width="1244" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-toyC6JvgnhwmxNFngXQaVR5PxXd7Uqmd7EoN-EYFO_ms6JZ68fwIdibIWkbn5kNgFsQJJrWvIGkBuglyZJv7S_UsRkSrLxrLQsKFOerICLEv_xInBbXFOrNVtI3GssXwsm3ebzEP5kdTLjc5LZPZa0T2X2h4T0YCQH2c3yIXHlJz54JH5Q-B6Q15LkVU/s320/Screenshot%202024-03-09%20at%2010.35.47%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"><u style="font-style: italic; text-decoration-line: underline;"><i>2023 Dividend Payments</i></u>: $1.78</p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $28.04</u></i> using $1.78: </span><span style="font-family: georgia;">6.35%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/20/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Two Largest Gains</u>:</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHCxmUINpPG1EAAU2y4hbxo_Cf2fGPIjuiDO8Q-QnkWOJnulm_koYtjqRIIKxfjtO6GnqlhVPjf3MJ7JfCHlkbhpC-pWB9sLJNibbxRcqBBVLJGWCGgyZdc5JZ56f45ltZqYZ7EuTujUtOKY4PsgRtuy12IuQfIssj2OEVAA5wCbvHjzprVbj4J3J1skdL/s980/2018%20IDV%20Sold%2051+%20Shares%20+$242.33%20.jpeg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="263" data-original-width="980" height="86" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHCxmUINpPG1EAAU2y4hbxo_Cf2fGPIjuiDO8Q-QnkWOJnulm_koYtjqRIIKxfjtO6GnqlhVPjf3MJ7JfCHlkbhpC-pWB9sLJNibbxRcqBBVLJGWCGgyZdc5JZ56f45ltZqYZ7EuTujUtOKY4PsgRtuy12IuQfIssj2OEVAA5wCbvHjzprVbj4J3J1skdL/s320/2018%20IDV%20Sold%2051+%20Shares%20+$242.33%20.jpeg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2018 IDV 51+ Shares +$242.33</span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-NeTzjK6ZyPXf16BOMz62A6xsbURCKSIzotHAgZhmFlN-1Sq8ZYBKkEvIPRqE2LwyjlSuJIcCVbt3KW44QSXBS2P7Nz7UBj4xc07MNTR1ozUd6oJwyVBqzxu2CiM4fYEWJRMawY-fPr3KqHYkqK6taHywyoTvoCsjJiwgwt6ZOg_Z_gXvZuaQUO0ofHKe/s985/2019%20IDV%2031+%20Shares%20+$83.16.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="497" data-original-width="985" height="161" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-NeTzjK6ZyPXf16BOMz62A6xsbURCKSIzotHAgZhmFlN-1Sq8ZYBKkEvIPRqE2LwyjlSuJIcCVbt3KW44QSXBS2P7Nz7UBj4xc07MNTR1ozUd6oJwyVBqzxu2CiM4fYEWJRMawY-fPr3KqHYkqK6taHywyoTvoCsjJiwgwt6ZOg_Z_gXvZuaQUO0ofHKe/s320/2019%20IDV%2031+%20Shares%20+$83.16.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2019 IDV 31+ Shares +$83.16</span></td></tr></tbody></table><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Some Sell Discussions</i></u>: <a href="https://tennesseeindependent.blogspot.com/2019/12/econ-idv-nobl-pflt-prosy-veu-vtr.html">Item # 2.B. Eliminated IDV-Sold 21+ at $32.44 (12/14/19 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2018/02/observations-and-sample-of-recent.html" style="text-align: left;">Item # 5 Sold 51+ IDV at $33.58 (2/15/18 Post)</a></span></div><div style="text-align: justify;"><i><u><span style="font-family: georgia;"><br /></span></u></i></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: Total annual return of 2%+ over the dividend payments. Classified as a bond substitute which defines the goal only. </span></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Consider to repurchase price range</u></i>: <$25. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Eliminated SAMG - Sold 10 at $16.65</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNoypNgUhOul-SJUK0PGfDq1ZkGeRKOJXVAWXsZ5nTQ5y1NCRO1s1iIObuDBqaXdtfJAQx8x7wNne9V3RFGBZrlqiqUwpv8PGsFdtXQBLwGAsI2XXKmEW72XPOBCAAMavvgNMXuYCyATZIMo5Y44YOzDv07ki2wAJgq7zRotd6sEueeW36gZKGXnSHxVpi/s2520/SAMG%2016.65%2010%20at%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="234" data-original-width="2520" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNoypNgUhOul-SJUK0PGfDq1ZkGeRKOJXVAWXsZ5nTQ5y1NCRO1s1iIObuDBqaXdtfJAQx8x7wNne9V3RFGBZrlqiqUwpv8PGsFdtXQBLwGAsI2XXKmEW72XPOBCAAMavvgNMXuYCyATZIMo5Y44YOzDv07ki2wAJgq7zRotd6sEueeW36gZKGXnSHxVpi/s320/SAMG%2016.65%2010%20at%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">I had a strong negative reaction to the 4th quarter report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/samg?mod=search_symbol" style="text-align: left;">Silvercrest Asset Management Group Inc. Cl A</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $166.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1549966&owner=exclude">SAMG SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1549966/000095017024027981/samg-20231231.htm">SEC Filed Annual Report for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/samg/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">SAMG Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$10</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgShL7LNeQ7cOYuuk87tcOFDvK4DKC8QQgp6KCquwKK0GwTI5POsNS67SBsYgsEUrtz66yqxUwFy7NYkAXMlZNyAg0DXAko0yHmA-bw5rxHmRR7WEAo0Bhm9Z3onkUqZun7DSD1v07-YbrDr98kZuOuDvFg1bZ7RmCTVYeuEIs6qU5Z1fAZv5o80eVzYPgg/s2144/2024%20SAMG%2010%20Shares%20+$10.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="104" data-original-width="2144" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgShL7LNeQ7cOYuuk87tcOFDvK4DKC8QQgp6KCquwKK0GwTI5POsNS67SBsYgsEUrtz66yqxUwFy7NYkAXMlZNyAg0DXAko0yHmA-bw5rxHmRR7WEAo0Bhm9Z3onkUqZun7DSD1v07-YbrDr98kZuOuDvFg1bZ7RmCTVYeuEIs6qU5Z1fAZv5o80eVzYPgg/s320/2024%20SAMG%2010%20Shares%20+$10.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/argd-dbrgprj-hiw-htbk-igr-nmfc-oge-samg.html" style="text-align: left;">Item # 1.G. Started SAMG - Bought 10 at $15.65 (12/2/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.19 per share</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/SAMG/dividends/history" style="text-align: left;"><span style="font-family: georgia;">SAMG Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 3/7/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report </u></i>(Q/E 12/31/23.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP Diluted E.P.S. ($.04), down from $.22 in the 2022 4th quarter</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP Diluted E.P.S. $.07, down from $.15</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus at $.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Pared CGBD - Sold 7+ at $16.41</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifu2wl99HN6jy4Ru99f7fs_ligfH_Bi4bvzxhXWTxKU5mnptc-nlH5fO8XyZ5u7u7bMaBHYsEFdzCoj8hIioApy97NIhnH27O8lER0bGMv7JRQ2JlHZ0V4Scwz7UqrmGgbfkMw6i7Buge2y1j3-0Lrh30S-zMimt4GPBR9lcKbPqCcPjcBhaRpvBEy-BlJ/s2524/Sold%207+CGBD%20at%20$16.41%20%20proceeds%20120.32%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="124" data-original-width="2524" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifu2wl99HN6jy4Ru99f7fs_ligfH_Bi4bvzxhXWTxKU5mnptc-nlH5fO8XyZ5u7u7bMaBHYsEFdzCoj8hIioApy97NIhnH27O8lER0bGMv7JRQ2JlHZ0V4Scwz7UqrmGgbfkMw6i7Buge2y1j3-0Lrh30S-zMimt4GPBR9lcKbPqCcPjcBhaRpvBEy-BlJ/s320/Sold%207+CGBD%20at%20$16.41%20%20proceeds%20120.32%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span><br /></span></div>Quote: </span><a href="https://www.marketwatch.com/investing/stock/cgbd?mod=over_search">TCG BDC Inc.</a> - Externally Managed BDC</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $120.32</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://carlylesecuredlending.com/" style="text-align: left;">Homepage | Carlyle Secured Lending</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1544206&owner=exclude">CGBD SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1544206/000154420624000012/csl-20231231.htm">SEC Filed 2023 Annual Report</a> (<b><span style="color: red;">Risk factor summary starts at page 24 and ends at page 53</span></b>; summary of investments starts at page 88)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Company Evaluation of Credit Risks</u></i>: </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8UYdGUuZwJcadv7CT7BRL2IvXYjjrwsAWWe5CuxTK0_HZ4c3gy-ipl6XCOr_meAGgVhuxUJISl-EP9gI3io3TZ2VzI-M2XeSBNQXAYg9hrD38Q6g-FvfgjGURZICeQBF628rJE2FGiuRUmDcaDwx9KJm9FZZIRdqiIsKZ1-syH2qWKdcmul0IyW7d_8hA/s3638/Screenshot%202024-03-14%20at%207.48.32%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1590" data-original-width="3638" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8UYdGUuZwJcadv7CT7BRL2IvXYjjrwsAWWe5CuxTK0_HZ4c3gy-ipl6XCOr_meAGgVhuxUJISl-EP9gI3io3TZ2VzI-M2XeSBNQXAYg9hrD38Q6g-FvfgjGURZICeQBF628rJE2FGiuRUmDcaDwx9KJm9FZZIRdqiIsKZ1-syH2qWKdcmul0IyW7d_8hA/s320/Screenshot%202024-03-14%20at%207.48.32%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Pages 63-64</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Company Estimates on Net Investment Income from Interest Rate Changes</i></u>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN-QknulfFg-CWwYG-hskIPkyjeDvqoZXIilexuRLyV37hoqf7S_E307Gbj_f22EAo_XI1DZRAIO4ZQYDHeVHuIlrr8t0nGVQxtEAQnPDXX8RV87hOwkGPPC61Q1JbLPGWz4c2CbUT5SfSCiVa4YgGqH-xFU_vKchzR8o_brSU8ceNqrz_tuXzVFD0iLAl/s3654/Screenshot%202024-03-14%20at%207.51.53%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="700" data-original-width="3654" height="61" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN-QknulfFg-CWwYG-hskIPkyjeDvqoZXIilexuRLyV37hoqf7S_E307Gbj_f22EAo_XI1DZRAIO4ZQYDHeVHuIlrr8t0nGVQxtEAQnPDXX8RV87hOwkGPPC61Q1JbLPGWz4c2CbUT5SfSCiVa4YgGqH-xFU_vKchzR8o_brSU8ceNqrz_tuXzVFD0iLAl/s320/Screenshot%202024-03-14%20at%207.51.53%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Assuming no material change in nonperforming loans, a BDC that has a preponderance of floating rate loans will increase net investment income when short term interest rates rise. On the flip side, net investment income will decline when short term interest rates fall. Floating rate loans are priced at spreads to short term rates like the 30 day or 3 month SOFR. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: </span><span style="color: #6aa84f; font-family: georgia;">$37.81</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMXfXVN6JpZ60ttlDHuKpyIsd100C0FWTemtjS5e0OmInbSK2OUhREqy2yJryPAs0fHOydlgViruIq7lakpE41J5hhAqhtWqmPnz0pspbY8F6zM3LnLJZeEMQJJN-1RxTdk-9Lz2rsnoJjVMlUtGQw61fs4Blv-5tTsNFTcN0tf4fzDzEEDY_gBO8KVE2v/s2442/2024%20CGBD%207.332%20Shares%20+$37.81%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="412" data-original-width="2442" height="54" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMXfXVN6JpZ60ttlDHuKpyIsd100C0FWTemtjS5e0OmInbSK2OUhREqy2yJryPAs0fHOydlgViruIq7lakpE41J5hhAqhtWqmPnz0pspbY8F6zM3LnLJZeEMQJJN-1RxTdk-9Lz2rsnoJjVMlUtGQw61fs4Blv-5tTsNFTcN0tf4fzDzEEDY_gBO8KVE2v/s320/2024%20CGBD%207.332%20Shares%20+$37.81%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/02/arow-cgbd-ctra-dcomp-fhb-fnb-hbnc-igr.html" style="text-align: left;">Item # 3.H. Eliminated CGBD in Vanguard Taxable Account - Sold 10 at $15.1 (2/5/23 Post)</a>(profit snapshot = $65.6); <a href="https://tennesseeindependent.blogspot.com/2022/03/brbs-cgbd-cvx-fsk-gpc-hr-mpw-para-pave.html" style="text-align: left;">Item # 2.E. Pared CBGD in Fidelity Taxable Account - Sold 25+ at $14.46 (3/24/22 Post)</a>(profit snapshot = $31.09) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share this account</i></u>: <b>$7.39</b> (33 shares) </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7b9eyX-b6JtLOwMjWWMzEjFi2zAsvmJWMwVnmT-pVxoJPSzmEWScDqc3d08uPGLumrrwq_KYcR4S0VVOee0rh1fjaN4S9Ueg_tATOdE82wO6bH5juTuMOaRL8BiCKm1H-aWTHHZ3y5PK5bHv4kXCB-ivHHSBfaXOgRRmmXUGrFxsbu_bus1zNXX0RmRgk/s2560/CGBD%20after%203:11%20pare%2033+%20shares%20$7.39%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="98" data-original-width="2560" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7b9eyX-b6JtLOwMjWWMzEjFi2zAsvmJWMwVnmT-pVxoJPSzmEWScDqc3d08uPGLumrrwq_KYcR4S0VVOee0rh1fjaN4S9Ueg_tATOdE82wO6bH5juTuMOaRL8BiCKm1H-aWTHHZ3y5PK5bHv4kXCB-ivHHSBfaXOgRRmmXUGrFxsbu_bus1zNXX0RmRgk/s320/CGBD%20after%203:11%20pare%2033+%20shares%20$7.39%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 3/11/24 after pare</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: </span><span style="font-family: georgia;">Quarterly at $.40 per share (regular only referred to by the company as the "base dividend"), last raised from $.37 effective for the 2024 first quarter payment.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Supplemental dividends have frequently been paid in the past. </span>The total supplemental dividends paid in 2023 and 2022 were $.28 and $.30 per share respectively. </span></p><p style="text-align: justify;"><a href="https://ir.carlylesecuredlending.com/dividend"><span style="font-family: georgia;">Dividend History | Carlyle Secured Lending</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">A reason why a BDC will pay supplemental dividends is that net investment income is variable and directly tied to interest rate movements.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b> 21.65</b>% (regular dividend only) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If I assumed hypothetically that the annual average supplemental dividend was $.28 per share, and the amount has varied in the past, the yield at my AC would be 25.44% using the based quarterly dividend of $.40 which also may change. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 3/27/24 ($.40 +$.08 supplemental per share)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Net Asset Value per share history</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/23: $16.99 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $16.91</span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/22 : $17.16</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/21: $16.91</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/20: $15.39</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>12/31/19: $16.56 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>12/31/18: $18.12 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">6/30/17: $18.01</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">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. <a href="https://www.sec.gov/Archives/edgar/data/1544206/000119312517203505/d252051d497.htm" style="text-align: left;">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">CGBD's offering expenses were then estimated at $1.8M or approximately $.20 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">After those net expense items, the net proceeds to the BDC were about $18.27 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1544206/000154420624000013/csli_20231231xxex991earnin.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1544206/000154420624000013/csli_20231231xxex992edga.htm" style="text-align: left;">SEC Filed Quarterly Presentation</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Investment Income per share: $.56</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 NII per share: $2.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Weighted Average Yield at Cost: 12.8%, up from 11.8% in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Floating Rate: 99%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Investments at Fair Value: $1.8418+B (p. 83, 10-K)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Assets: $1.942+B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Debt: $980.1+M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">4 Loans on nonaccrual at fair value: +$38.061M (pages 71, 120 10-K) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a duplicateCBGD position in my Schwab account where I own 70+ shares with an average cost per share at $12.35. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>D. Eliminated 1 of 2 Duplicate Positions in QYLD - Sold 30 at $17.97</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPDSAS6k87I-2cvx89pf95WODhoE_rczap2mVGAo_4D0m5RHye93hoIQKrbc4sSM2AHEM4XbgLqJXu3-Mu8BEYNHvkbke7hmkBC5OpNNVHROqR6WG7pdWlGkMZLGWKbi9N9mWtRhqo4H2uVzOk2WY7lNNv_XFr1LPHqI4CjP-tMO9xA96j_J5JjA182ZI6/s2360/QYLD%2030%20at%20$17.97%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="372" data-original-width="2360" height="50" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPDSAS6k87I-2cvx89pf95WODhoE_rczap2mVGAo_4D0m5RHye93hoIQKrbc4sSM2AHEM4XbgLqJXu3-Mu8BEYNHvkbke7hmkBC5OpNNVHROqR6WG7pdWlGkMZLGWKbi9N9mWtRhqo4H2uVzOk2WY7lNNv_XFr1LPHqI4CjP-tMO9xA96j_J5JjA182ZI6/s320/QYLD%2030%20at%20$17.97%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/qyld?mod=over_search" style="text-align: left;">Global X NASDAQ-100 <b>Covered Call</b> ETF Overview</a> - Buy/Write ETF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Buys the Nasdaq 100 Index and writes corresponding call options. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $539.11</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's Website: </span><a href="https://www.globalxetfs.com/funds/qyld/" style="text-align: left;">Nasdaq 100 Covered Call ETF</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/xnas/qyld/quote">Global X NASDAQ 100 Covered Call ETF (QYLD)-Morningstar</a> (currently rated 3 stars) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$62.03</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwyuVSSjzMDbLkd-CjsClGKoQCQsuwSi4lYE8dSEma5xHuEyWbQtOpZIcsTiDKtgHbTJtAvlmHtORhUrSG0HeEipUyB0F0mIgZoJ_3ShiytUBsbfp-lDjwXq5lMQGs6uKsUrDiR6cJ0TaY0-SkQHo7ig4iNaD-gLc7xSQKo4OYfjMJ3nx_IpUjEUXe_JpC/s2596/2024%20QYLD%2030%20Shares%20+$62.03.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="230" data-original-width="2596" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwyuVSSjzMDbLkd-CjsClGKoQCQsuwSi4lYE8dSEma5xHuEyWbQtOpZIcsTiDKtgHbTJtAvlmHtORhUrSG0HeEipUyB0F0mIgZoJ_3ShiytUBsbfp-lDjwXq5lMQGs6uKsUrDiR6cJ0TaY0-SkQHo7ig4iNaD-gLc7xSQKo4OYfjMJ3nx_IpUjEUXe_JpC/s320/2024%20QYLD%2030%20Shares%20+$62.03.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/bbdc-dirunca-emp-fcvsx-fsphx-glq-jpc.html" style="text-align: left;">Item #2.D. Bought 5 QYLD at $17.01 - Fidelity Account (12/9/2023 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividends</i></u>: Paid Monthly at a variable rate. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex dividend</i></u>: 3/18/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>E. Pared OLP - Sold 5 at $22.33</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRItZuetZRZEjjHzYFW9b7KNas4rF2G4fCd-84E-ljnqBncZ8fKFIJYgA8JnoaGUuzFLf8B4VOrkk73IS4HRhv1fvRX0c3oU-WGJFRmQEB1Auf3ikmCk6dfiGFzHeWA4sHqs5UXh3vyuLOZsCHkSzh-1zPn6DLOIoKis5EsvDJE6FsHKWJJ_4DkJVwPNHO/s2738/OLP%205%20SHARES%20$22.33%20111.65%20PROCEEDS.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="242" data-original-width="2738" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRItZuetZRZEjjHzYFW9b7KNas4rF2G4fCd-84E-ljnqBncZ8fKFIJYgA8JnoaGUuzFLf8B4VOrkk73IS4HRhv1fvRX0c3oU-WGJFRmQEB1Auf3ikmCk6dfiGFzHeWA4sHqs5UXh3vyuLOZsCHkSzh-1zPn6DLOIoKis5EsvDJE6FsHKWJJ_4DkJVwPNHO/s320/OLP%205%20SHARES%20$22.33%20111.65%20PROCEEDS.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/olp?mod=search_symbol" style="text-align: left;">One Liberty Properties Inc. (OLP)</a> <span>- Internally Managed REIT </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $111.65</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/agr-axprica-btz-cag-clpr-codipra-cto.html" style="text-align: left;">Item # 1.A. Added to OLP - Bought 5 at $18.8; 5 at $17.6 (10/7/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/712770/000155837024002579/olp-20231231x10k.htm">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>As of 12/31/23, OLP owned "</span><span style="text-align: left; text-indent: 24px;">108 properties and participate in joint ventures that own two properties. These 110 properties are located in 31 states and have an aggregate of approximately 10.9 million square feet" The occupancy rate was then at 98.8%. The </span><span style="text-align: left;">weighted average remaining term of OLP's </span><span style="text-align: left;">mortgage debt was 5.9 years and the weighted average interest rate thereon was 4.31%.</span></span></p><p style="text-align: justify;"><span style="text-align: left;"><span style="font-family: georgia;"><i><u>Property Classifications</u></i>: "Most" of the leases are net leases. </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7NqfVWzc8Oj_36g1pnc8c19LEFxcO1j_MxEBcnMIiiUHfWXwqByDByP5DIpUS0Pfy-MWULZn5OWSOt6Ls9-YkucX7y0N8C2KkdG692nKxa8T1f3yK22OXyIvbPft-SPh72pZxWEPogrGzHGVx2VaxFa6x9iFcIY1IoWok1as1JPyOYjHmnJXF0LXNq5l2/s2550/Screenshot%202024-03-11%20at%205.30.20%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1326" data-original-width="2550" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7NqfVWzc8Oj_36g1pnc8c19LEFxcO1j_MxEBcnMIiiUHfWXwqByDByP5DIpUS0Pfy-MWULZn5OWSOt6Ls9-YkucX7y0N8C2KkdG692nKxa8T1f3yK22OXyIvbPft-SPh72pZxWEPogrGzHGVx2VaxFa6x9iFcIY1IoWok1as1JPyOYjHmnJXF0LXNq5l2/s320/Screenshot%202024-03-11%20at%205.30.20%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$2.4</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcIuw1yXjqa2TH7Oe5jgPmIS2jjjDMkfvUPW7UojZ2J9KN2CJieECp6v7MRg19nBC152dPTCXZBOXrBqg0n1ms87lDrCR0hWjeYUJ5CHAdFzGf_guoYRrVyiGNQDNH0Cpn6H6yoYx62aKu7luVKYJbq4uX__6t7shmiK_HnN89j4EjtlDARhH0SjgXkd3c/s2066/2024%20OLP%205%20Shares%20+$2.4%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="918" data-original-width="2066" height="142" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcIuw1yXjqa2TH7Oe5jgPmIS2jjjDMkfvUPW7UojZ2J9KN2CJieECp6v7MRg19nBC152dPTCXZBOXrBqg0n1ms87lDrCR0hWjeYUJ5CHAdFzGf_guoYRrVyiGNQDNH0Cpn6H6yoYx62aKu7luVKYJbq4uX__6t7shmiK_HnN89j4EjtlDARhH0SjgXkd3c/s320/2024%20OLP%205%20Shares%20+$2.4%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share before pare</u></i>: $19.89 (45+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share after pare</i></u>: <b>$19.65 </b>(40+ shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZKM49BokA9vZwg0iTozOzgH3Od89wdSuSsh7KtYWHkLt9Uchlt5Q-JiFnNbckqt09U_fFzSZMI51zVxeGvzokGjS6cSvIlQalFglrJYDHY1h1zzn3L8MwBfe3oP4id-xmEHRrY5QYVv6B4VsTsZFCUU2VcMHtluImiEqLdOruDIPrBzRoz-Yir1xBvqfK/s1756/OLP%20AFTER%20PARE%2040+%20AT%20$19.65%20AC.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1352" data-original-width="1756" height="246" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZKM49BokA9vZwg0iTozOzgH3Od89wdSuSsh7KtYWHkLt9Uchlt5Q-JiFnNbckqt09U_fFzSZMI51zVxeGvzokGjS6cSvIlQalFglrJYDHY1h1zzn3L8MwBfe3oP4id-xmEHRrY5QYVv6B4VsTsZFCUU2VcMHtluImiEqLdOruDIPrBzRoz-Yir1xBvqfK/s320/OLP%20AFTER%20PARE%2040+%20AT%20$19.65%20AC.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Remaining Shares after pare/Snapshot Intraday on 3/11/24</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I sold 5 of the 10 share lot bought at $21.85 on 4/24/23. There was no ROC adjustment to the tax cost basis in 2023. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.45 per share ($1.8 annually)</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/OLP/dividends/history"><span style="font-family: georgia;">One Liberty Properties, Inc. (OLP) Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $19.65 Average Cost</i></u>: <b>9.16</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend Date</u></i>: 3/26/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Earnings Report</i></u> (Q/E 12/31/23) </span><a href="https://www.sec.gov/Archives/edgar/data/712770/000121390024020129/ea0201168ex99-1_oneliberty.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.71 includes net profit from real estate sales </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share: $.45</span></p><p style="text-align: justify;"><span style="font-family: georgia;">AFFO per share = $.50 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to AFFO Reconciliation: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUvHnXzwCzdYYY6osXBmFqV2_Ntq3k_LH0n7kp8Bvo5xe0XO_F0OhyoSMK0Bdm3zy1voz5_N-IMzJ97I2U4uJR4TITqOIsDzvCxZeoZmAajCz3l4c_XsKXMinPeriqXdwy_-fi0Q4QtcwyTEeGJET7W6yBA3P6vns5Bx9n__QB6URHPKrYvqS-zpc5MUCe/s3350/Screenshot%202024-03-11%20at%205.34.01%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1264" data-original-width="3350" height="121" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUvHnXzwCzdYYY6osXBmFqV2_Ntq3k_LH0n7kp8Bvo5xe0XO_F0OhyoSMK0Bdm3zy1voz5_N-IMzJ97I2U4uJR4TITqOIsDzvCxZeoZmAajCz3l4c_XsKXMinPeriqXdwy_-fi0Q4QtcwyTEeGJET7W6yBA3P6vns5Bx9n__QB6URHPKrYvqS-zpc5MUCe/s320/Screenshot%202024-03-11%20at%205.34.01%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;">Adjustments on a per share basis: </span><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixd2sFcAV4gad95806ijVCNkWY9KJdU2j5Ve-Vky-7OnxbPd13eZSXLnXN5yiaWHrrL8uYx1vx3u9E0QL5fieYc5bXaTQLzKqaCAfKS2uuzeFogablp7k7y-ug99AKxFXJjTklWonS_wWIv2Bt3gtuqA_mykvDJIjWPjST46Q42dcnzh-DVV5K8xNiskd2/s3346/Screenshot%202024-03-11%20at%205.34.42%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1088" data-original-width="3346" height="104" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixd2sFcAV4gad95806ijVCNkWY9KJdU2j5Ve-Vky-7OnxbPd13eZSXLnXN5yiaWHrrL8uYx1vx3u9E0QL5fieYc5bXaTQLzKqaCAfKS2uuzeFogablp7k7y-ug99AKxFXJjTklWonS_wWIv2Bt3gtuqA_mykvDJIjWPjST46Q42dcnzh-DVV5K8xNiskd2/s320/Screenshot%202024-03-11%20at%205.34.42%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The primary adjustments to GAAP Net income in the FFO calculation is to add back the non-cash depreciation expense and to deduct the total gain from real estate sales. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The primary adjustments in the FFO to AFFO calculation are to deduct non-cash revenue created by the straight line accounting convention and to add back various amortization non-cash expenses. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>F. Pared AIO - Sold 8+ at $19.66</u></i></span></b>:<br /><br /></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhG13BCxJ-ae_cfx7YBfU4smSpFg-RazjOr_9e5Vw9lBPmMCEtsKtQJFei3MYZqrv1J_DrBRcTs6LlRkSDu1hMaRe3q03PEFvcyxU6Z6IjhilGIQmC54TVjQvriwWs1enHjcFQ2B8eYComsD4rXFQofABy2AZBi3HD44eDjp842IZ63q_wmW2sB8HPyl66r/s2510/8+%20AIO%20at%2019.66%20$175.84%20proceeds%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="256" data-original-width="2510" height="33" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhG13BCxJ-ae_cfx7YBfU4smSpFg-RazjOr_9e5Vw9lBPmMCEtsKtQJFei3MYZqrv1J_DrBRcTs6LlRkSDu1hMaRe3q03PEFvcyxU6Z6IjhilGIQmC54TVjQvriwWs1enHjcFQ2B8eYComsD4rXFQofABy2AZBi3HD44eDjp842IZ63q_wmW2sB8HPyl66r/s320/8+%20AIO%20at%2019.66%20$175.84%20proceeds%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/aio?mod=search_symbol" style="text-align: left;">Virtus Artificial Intelligence & Technology Opportunities Fund Overview</a> - a Leveraged Balanced CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I sold the highest cost lots including some shares purchased with dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $175.84</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.virtus.com/products/virtus-artificial-intelligence-technology-opportunities-fund#shareclass.N/period.quarterly" style="text-align: left;">Virtus Artificial Intelligence & Technology Opportunities Fund</a></span></p><p style="text-align: justify;"><a href="https://www.morningstar.com/cefs/xnys/aio/portfolio"><span style="font-family: georgia;">AIO Portfolio | Morningstar</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1778114&owner=exclude"><span style="font-family: georgia;">AIO SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1778114/000119312523251643/d436638dncsrs.htm">Virtus Artificial Intelligence &amp; Technology Opportunities Fund</a> (Annual report for the F/Y ending 1/31/24; schedule of investments starts at page 19; borrowing information at page 91 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$22.87 </span>(3/13/24 sale only)</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8IBKy3pZw_3p09BDlF5Sb8ZYz6dBImqjyfIBAVI0q2dqAf49nvH6OIWbekIyAEv3sRkFoTL2XBhDw5g4ekNlq_lsoJ5b2_4u8bGzVSYN3VuD6yiBKnI9CzzkKCcgTrFdNMF5qYhCNsliIhWmjznHXYm9aeMx1NFDsxXoTc-Rvqj4jhIhnxWG2G5OF-ZsR/s2438/2024%20AIO%2023+%20Shares%20+$56.3%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="708" data-original-width="2438" height="93" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8IBKy3pZw_3p09BDlF5Sb8ZYz6dBImqjyfIBAVI0q2dqAf49nvH6OIWbekIyAEv3sRkFoTL2XBhDw5g4ekNlq_lsoJ5b2_4u8bGzVSYN3VuD6yiBKnI9CzzkKCcgTrFdNMF5qYhCNsliIhWmjznHXYm9aeMx1NFDsxXoTc-Rvqj4jhIhnxWG2G5OF-ZsR/s320/2024%20AIO%2023+%20Shares%20+$56.3%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/aio-argopra-asb-brt-cohr-dpg-fcbc-gladz.html" style="text-align: left;">Item #2.F. Pared AIO - Sold 15 at $19.7 (2/15/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Buy Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html" style="text-align: left;">Item # 2.C. Added to AIO - Bought 5 at $15.85; 5 at $15.63; 5 at $15.15 (10/28/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share before pare</i></u>: $15.62</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share after pare</u></i>: <b>$15.3</b> (54+ shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKDvOHYbInvWCeDP9p6L4ZYT27qNONmn9FTYVf8uLCKFNIDvzH-s31HEdILs2Sw5BySGM02AIl-rpm4UY-R6g-l8kc2fEY6T9nUCAhLlz-oiCr-0D9DA0CUMyviJ4A9YXq-WZU7QDzjwSJJHZ-c0VTPgA6rmyiojnAHgp3QVgrkiE4TD8bM1eqU4RtnqJ-/s2544/AIO%20AC%20after%20pare%20at%20$15.37%2054+%20intraday%203:13.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="90" data-original-width="2544" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKDvOHYbInvWCeDP9p6L4ZYT27qNONmn9FTYVf8uLCKFNIDvzH-s31HEdILs2Sw5BySGM02AIl-rpm4UY-R6g-l8kc2fEY6T9nUCAhLlz-oiCr-0D9DA0CUMyviJ4A9YXq-WZU7QDzjwSJJHZ-c0VTPgA6rmyiojnAHgp3QVgrkiE4TD8bM1eqU4RtnqJ-/s320/AIO%20AC%20after%20pare%20at%20$15.37%2054+%20intraday%203:13.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday 3/13/24 after pare</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.15 per share ($1.8 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Recent Heavy ROC support. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>11.76</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex dividend</i></u>: 3/8/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Data Date of 3/13/24 Trade</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $21.56</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $19.63</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -8.95%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 year discount: -9.9%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/AIO" style="text-align: left;">AIO-CEF Connect</a> <span>(Click "Pricing Information" tab) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>G. Sold 1 EMR at $110.08</u></span></b></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiTxSKA61OwMLiy9XyTZyy0CxEULIwye1YJ7aRvYyPHYR-NltKFQOe4QwctFz6jnquBPdTEdwbOmACk_jJcYBPe_KqRSAGuTx3P3GrxBldyiz221uHnMrt4cyjHupFieH5LqkBVmLcOLaoTxoG-begQhjCSvBoJ8iSVeSSckoKOaFzUTX8hcLAbODnP0fJ/s2706/emr%20sold%201%20at%20$110.08%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="252" data-original-width="2706" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiTxSKA61OwMLiy9XyTZyy0CxEULIwye1YJ7aRvYyPHYR-NltKFQOe4QwctFz6jnquBPdTEdwbOmACk_jJcYBPe_KqRSAGuTx3P3GrxBldyiz221uHnMrt4cyjHupFieH5LqkBVmLcOLaoTxoG-begQhjCSvBoJ8iSVeSSckoKOaFzUTX8hcLAbODnP0fJ/s320/emr%20sold%201%20at%20$110.08%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/emr?mod=search_symbol" style="text-align: left;">Emerson Electric Co. (EMR)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $110.08</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.emerson.com/en-us/investors">Emerson Investor Information</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=32604&owner=exclude"><span style="font-family: georgia;">EMR SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=32604&owner=exclude"><span style="font-family: georgia;">EMR SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/emr/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">EMR Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$25.71</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgePXRIDwK9-PAH-AUbcVQT60h2X7e1oo_CLY9e22w-XSO3E8eL_L9yOEI-BNBAP5kJbcfyiHjtnQBYjGJnB-b1oWAGoCf40sMc3sDlAbbxFIvTG9KBxLdjYaIFkmNjvnzZcJs6BF96KR6P4GapaDPeiHG3mwPvXudvDnVNPPzCQX8pPn2HrOIrEfDJx7h-/s2198/2024%20EMR%201%20Shares%20+$25.71%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="938" data-original-width="2198" height="137" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgePXRIDwK9-PAH-AUbcVQT60h2X7e1oo_CLY9e22w-XSO3E8eL_L9yOEI-BNBAP5kJbcfyiHjtnQBYjGJnB-b1oWAGoCf40sMc3sDlAbbxFIvTG9KBxLdjYaIFkmNjvnzZcJs6BF96KR6P4GapaDPeiHG3mwPvXudvDnVNPPzCQX8pPn2HrOIrEfDJx7h-/s320/2024%20EMR%201%20Shares%20+$25.71%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.525 per share ($2.1 annually), last raised from $.52 effective for the 2023 4th quarter payment. The annual dividend rate was at $1.72 per share in 2014. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.emerson.com/en-us/investors/investor-resources/dividend-history" style="text-align: left;">Dividend History | Emerson US</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $110.08</i></u>: <b>1.91</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">While EMR is a dividend aristocrat, dividend growth has slowed to a crawl and does not provide an acceptable yield to me at the current stock price. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/15/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): The stock reacted positively to the 2024 first fiscal quarter report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/32604/000003260424000004/a2024q1release_ex991.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdYp6GSGVoKqNmjiXHkCwq6ICTQM8zkZmZkGZ7WghJCb50CM_1MNQGPNbHfrObBvexUvUehpVXhvG3-x7p3UGhTL473JEBf41bXfMrcY1xedtTCCFfJfYJLoF9AIetJ8CXPudajlqcNmXqM3k1fiuxojKoVFcbcU7Zg2l-q2CM_VEu2c2XfrzYnMUqkMye/s3228/Screenshot%202024-03-10%20at%202.59.10%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="572" data-original-width="3228" height="57" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdYp6GSGVoKqNmjiXHkCwq6ICTQM8zkZmZkGZ7WghJCb50CM_1MNQGPNbHfrObBvexUvUehpVXhvG3-x7p3UGhTL473JEBf41bXfMrcY1xedtTCCFfJfYJLoF9AIetJ8CXPudajlqcNmXqM3k1fiuxojKoVFcbcU7Zg2l-q2CM_VEu2c2XfrzYnMUqkMye/s320/Screenshot%202024-03-10%20at%202.59.10%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP Reconciliation: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioIJ9Y77N8t47cT3OcCMI1VJgvriqrpa7TkHp7b6_k9zlGp-ireM6_43_06Pqrgl-Yspb3pNzgaTq_O1Jox4RklNRnFXcQDt_h_AWRIxtNXmdCE8JFpnuzriohEH8iYteeZHwJv8-mFBZ8DtfYi1sbDgqN9QofXzkcuY_0TydPyOjEHDyZNmjxu8QKjl9c/s3272/Screenshot%202024-03-10%20at%203.03.12%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="742" data-original-width="3272" height="73" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioIJ9Y77N8t47cT3OcCMI1VJgvriqrpa7TkHp7b6_k9zlGp-ireM6_43_06Pqrgl-Yspb3pNzgaTq_O1Jox4RklNRnFXcQDt_h_AWRIxtNXmdCE8JFpnuzriohEH8iYteeZHwJv8-mFBZ8DtfYi1sbDgqN9QofXzkcuY_0TydPyOjEHDyZNmjxu8QKjl9c/s320/Screenshot%202024-03-10%20at%203.03.12%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I tend to discount add backs for restructuring and acquisition/divestiture costs. Those two items resulted in a 29 cent per share add back. Those are cash expenses; are generally recurring over time and are related to normal business operations. t </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am willing to adjust GAAP E.P.S. by adding back the non-cash amortization "expense". </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Guidance: <b> </b>Adjusted E.P.S. $5.30 to $5.45; GAAP E.P.S. $2.8 to $2.95</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjemJjW08Iwd5hV8VE1jpGbYMI8JJRHsJF1Suq0CusI2HD4nN63w_6V6KEiKqqxW0AXSnZHdjsuGVGWAZRCde7WH67U1N2spKEYcJW1wzf6F957vSfShHASNjI-xiutjxnhbfsaf45es7CnGMUMftS-6wT5ybNs9A7FxU8BQvwwtOYVIphADENF4C296jO8/s3256/Screenshot%202024-03-10%20at%203.00.12%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1006" data-original-width="3256" height="99" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjemJjW08Iwd5hV8VE1jpGbYMI8JJRHsJF1Suq0CusI2HD4nN63w_6V6KEiKqqxW0AXSnZHdjsuGVGWAZRCde7WH67U1N2spKEYcJW1wzf6F957vSfShHASNjI-xiutjxnhbfsaf45es7CnGMUMftS-6wT5ybNs9A7FxU8BQvwwtOYVIphADENF4C296jO8/s320/Screenshot%202024-03-10%20at%203.00.12%E2%80%AFPM.png" width="320" /></a></span></div><span style="font-family: georgia;">The current EMR stock price suggests that investors accept the non-GAAP E.P.S. guidance. Using the midpoint of the GAAP E.P.S. guidance and a $111 stock price, the forward P/E is 38.61. Using the midpoint for non-GAAP E.P.S. the P/E is still high at 20.65.</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">For the F/Y ending 9/30/23, EMR reported GAAP E.P.S. of $3.72 and non-GAAP E.P.S. of $4.44. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfRX4q60PoJ9c4EYSRAGMv-Ch9uCbqRqgpsqGcYKk002gbKdB6w3cyRxDjuF-qPfGenkF8VqhzPT7HKUn6USVMlLPzi5nf0nunWV3CVE6vttqUUm3XpVqZeW6i_m3DckX1ug3u9QNftIQYvJlN3utGMMr8H75wYAqugv-16922YNKgzTAv8eIoSMi3SxIv/s3248/Screenshot%202024-03-10%20at%203.23.28%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="806" data-original-width="3248" height="79" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfRX4q60PoJ9c4EYSRAGMv-Ch9uCbqRqgpsqGcYKk002gbKdB6w3cyRxDjuF-qPfGenkF8VqhzPT7HKUn6USVMlLPzi5nf0nunWV3CVE6vttqUUm3XpVqZeW6i_m3DckX1ug3u9QNftIQYvJlN3utGMMr8H75wYAqugv-16922YNKgzTAv8eIoSMi3SxIv/s320/Screenshot%202024-03-10%20at%203.23.28%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><a href="https://www.sec.gov/Archives/edgar/data/32604/000003260423000039/a2023q4release_ex991.htm">SEC Filed Earnings Press Release for the 4th F/Q Ending 9/30/23</a> </span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The F/Y 2024 guidance does show good growth in non-GAAP E.P.S. compared to the F/Y 2023, but GAAP E.P.S. is expected to decline. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Largest Annual EMR GAIN to Date</i></u>: $600.68</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh87yA7cXlsvrJ9kxUue5hC9KTfssTQzdl-4LL1QMY9lHOGHyzr3TuBgv0UnFGQUb-tyqKh0zYuBwyMDYZWd2_Ii4De7kAFoxzBQrT9cvWNgK5Z76i30yk5ZWHON5ZwHcKHTt_7AB4U8JOAi36mX7bNqgGaFRu2cNV6n1m7c-WfobGSh4st3SpcYW0OgRxd/s981/2010%20EMR%2052+%20SHARES%20+$600.68.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="235" data-original-width="981" height="77" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh87yA7cXlsvrJ9kxUue5hC9KTfssTQzdl-4LL1QMY9lHOGHyzr3TuBgv0UnFGQUb-tyqKh0zYuBwyMDYZWd2_Ii4De7kAFoxzBQrT9cvWNgK5Z76i30yk5ZWHON5ZwHcKHTt_7AB4U8JOAi36mX7bNqgGaFRu2cNV6n1m7c-WfobGSh4st3SpcYW0OgRxd/s320/2010%20EMR%2052+%20SHARES%20+$600.68.jpg" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>3. Corporate Bond Purchases</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">All of the bonds discussed below were issued by BDCs and have investment credit ratings. The credit ratings are 1 notch above junk which is normal for senior unsecured debt issued by BDCs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There are several risks inherent in BDC issued bonds: (1) almost all of the net income is paid out in common share dividends; (2) loans made by BDCs are risky with many loan defaults involving even first lien loans resulting in a total loss or close to it without recessionary conditions; and (3) the BDCs have relatively high debt levels and refinancing maturing debt has become more costly. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I generally keep my BDC debt maturities short term, preferring to go no further out than 15 months. </span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><i><b><u>A. Bought 2 Sixth Street Specialty Lending 3.875% SU Maturing on 11/1/24 at a Total Cost of 98.835 (IB Account)</u></b></i></span><span style="font-family: georgia;">:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG43BFIH4UnX5sTzLs3mLnc0nDwUNNdwxhQ_swebEaD8Bo9tvTALX4QNDjEVc9dTHjqnIWP5FPuUR2AwTPmKU6FOjtpoiquH0B5hZcd0G9uwGGw2pU1rxnPimofOZwJl2fZ2m_FsCJ2XNfTd9PFq-fzgnQf223NPYZqeTnjrv6ruCSq7VMvKW58JsJ5QuX/s1906/Sixth%20Street%203.875%25%2011:1:24%20(2)%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="646" data-original-width="1906" height="108" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG43BFIH4UnX5sTzLs3mLnc0nDwUNNdwxhQ_swebEaD8Bo9tvTALX4QNDjEVc9dTHjqnIWP5FPuUR2AwTPmKU6FOjtpoiquH0B5hZcd0G9uwGGw2pU1rxnPimofOZwJl2fZ2m_FsCJ2XNfTd9PFq-fzgnQf223NPYZqeTnjrv6ruCSq7VMvKW58JsJ5QuX/s320/Sixth%20Street%203.875%25%2011:1:24%20(2)%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/tslx?mod=search_symbol" style="text-align: left;">Sixth Street Specialty Lending Inc. (TSLX)</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1508655&owner=exclude"><span style="font-family: georgia;">TSLX SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1508655/000095017024015845/tslx-20231231.htm">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1508655/000095017024015849/tslx-ex99_1.htm">SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the common stock: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>TSLX Buy Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 1.O. Added to TSLX - Bought 1 at $17.58 (5/20/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/04/bnl-bwg-cvbf-exg-goodn-icmb-mbwm-mdt.html" style="text-align: left;">Item # 1.G. Added to TSLX - Bought 1 at $17.87 (4/29/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2022/12/bbdc-bdn-elc-fsk-gis-gty-kmb-nycb-pdm.html" style="text-align: left;">Item # 2.D. Added to TSLX - Bought 5 at $18.3; 5 at $18.1 (12/13/22 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2022/12/aqn-bhb-cto-cvx-fidu-nrim-nwl-sji-spyd.html" style="text-align: left;">Item # 5.G. Initiated TSLX - Bought 5 at $18.8; 5 at $18.6 (12/6/22 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last TSLX Stock Offering</u></i> (3/24): 4M shares + the standard greenshoe priced to the underwriters at $20.52. <a href="https://www.sec.gov/Archives/edgar/data/1508655/000119312524059275/d779379d8k.htm" style="text-align: left;">8-K</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=87265KAF9&bondType=CA" style="text-align: left;">Bond Page-FINRA.org</a> (formerly known as TPG Specialty Lending)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB- (typical for a BDC that pays out almost all of its net investment income to common shareholders which makes the bonds more risky) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.725</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The YTM was 5.886% before the $1 per bond commission. The impact of the commission on the YTM will negatively impact the YTM more as the time to maturity shortens. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.92</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><u><i>B. Bought 2 Ares Capital 4.25% SU Maturing on 3/1/25 at a Total Cost of 98.544</i></u></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJeykJwIqKOVCVJouPpKBEIydESFNy_0j9Pp8gBoZ2Mcj3LwODIsnvmR5RGntzLv8XIdaLItRnxZd41Dz3g5x_Ll4-NXTm1xKnyc3w00RPj_XkSk_gQoP85iWA9eTVmk70_C6ornxCaVsI-3wKZqBoEmND15MKY6m4f090QhtZXnVauH2ZAncdFeLUOoak/s1694/Ares%20(2)%203:1:2025%204.25%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="540" data-original-width="1694" height="102" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJeykJwIqKOVCVJouPpKBEIydESFNy_0j9Pp8gBoZ2Mcj3LwODIsnvmR5RGntzLv8XIdaLItRnxZd41Dz3g5x_Ll4-NXTm1xKnyc3w00RPj_XkSk_gQoP85iWA9eTVmk70_C6ornxCaVsI-3wKZqBoEmND15MKY6m4f090QhtZXnVauH2ZAncdFeLUOoak/s320/Ares%20(2)%203:1:2025%204.25%25%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/arcc?mod=search_symbol" style="text-align: left;">Ares Capital Corp. (ARCC)</a> <span>- Externally Managed BDC</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own the common shares in two taxable accounts and in RI accounts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/aod-arcc-brkl-cfg-doc-gcow-mbwm-ofs-peo.html" style="text-align: left;">Item # 3.B. Pared ARCC - Sold 2 at $20.36 - Schwab Account (1/20/24 Post)</a>(profit snapshot = $14.04). For shares owned in this account, this pare reduced my average cost per share to $12.52. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Buy Discussion</u></i>: <a href="https://tennesseeindependent.blogspot.com/2020/04/arcc-bif-cio-dirunca-brgpra-fnb-gnl.html" style="text-align: left;">Item # 4.C. Added 5 ARCC <b>at $14.3</b>; 5 at $14; 5 at $13.67; 5 at $12.5; 5 at $12.4; 5 at $12; 5 at $11.74; 5 at $10.44; 5 <b>at $9.4</b> (4/4/20 Post)</a> I highlighted two buy prices to show the rapid price decline in response to the pandemic and the onset of a stock bear market. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>ARCC Realized Gains to Date</i></u>: $883.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1287750&owner=exclude">ARCC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775024000009/arccq4-23exhibit991.htm">ARCC SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775024000011/arcc-20231231.htm">SEC ARCC 2023 Annual Report</a> (risk factor discussion starts at page 24 and ends at page 53; summary of investments starts at page F-7)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=04010LAV5&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: BBB- </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>YTM at Total Cost: </span><b>5.814</b><span>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at Total Cost = <b>4.31</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 6 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>On the day of purchase, the 1 year treasury bill closed at a 4.92% yield. </span><a href="https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2024" style="text-align: left;">2024 Treasury Yield Curve -U.S. Department of the Treasury</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I added to my position in this bond since I have 4 ARCC 4.2% SU bonds that will mature on 6/20/24. <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=04010LAX1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Bought 2 Blue Owl Capital 4% SU Maturing on 3/30/25 at a Total Cost of 98.039</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK-ubE8HEyO5va3cK3fWR_BnZSZ4qfx9rTQfbo24Npk5JlkQvOVkrRKSywoNHjQMBXGRTXsjYkEwQq8L9oaQbtMMeXOG9z-33lrQzeStllwsvJofqi6unWupuoVurUQqnRDoYiE0rk6-U-lRKnItMt3PvTFPmwJmTlnR1ezwmLELGkHTiiZTYlsA7BSOni/s1838/BLUE%20OWL%20(2)%204%25%203:30:2025%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="540" data-original-width="1838" height="94" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK-ubE8HEyO5va3cK3fWR_BnZSZ4qfx9rTQfbo24Npk5JlkQvOVkrRKSywoNHjQMBXGRTXsjYkEwQq8L9oaQbtMMeXOG9z-33lrQzeStllwsvJofqi6unWupuoVurUQqnRDoYiE0rk6-U-lRKnItMt3PvTFPmwJmTlnR1ezwmLELGkHTiiZTYlsA7BSOni/s320/BLUE%20OWL%20(2)%204%25%203:30:2025%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Issuer <a href="https://www.marketwatch.com/investing/stock/obdc?mod=search_symbol" style="text-align: left;"> Blue Owl Capital Corp. (OBDC)</a> - Externally Managed BDC (formerly known as Owl Rock that was traded using the ORCC symbol)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the common stock: 40 shares with an average cost per share of $12.11. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last OBDC Buy Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2022/10/cfg-ciopra-dea-fmagx-hbi-hpp-mdt-nycb.html" style="text-align: left;">Item # 3.F. Added to ORCC in Fidelity Taxable Account - Bought 5 at $11.14 (10/4/22 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last OBDC Sell Discussions</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/09/bmy-cpxpreca-cto-doc-fdus-gdv-hiw-met-o.html" style="text-align: left;">Item # 3.A. Eliminated Duplicate Position in OBDC (Vanguard Taxable Account) - Sold 30 at $13.78 (9/23/23 Post)</a>(profit snapshot = $50); <a href="https://tennesseeindependent.blogspot.com/2023/03/bdn-d-ftsprmca-gis-hpp-met-mfc-orcc-pfe.html" style="text-align: left;">Item # 1.A. Eliminated ORCC in Schwab Taxable Account- Sold 26+ at $13.6 (3/6/23 Post)</a>(profit snapshot = $40.68)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1655888&owner=exclude">OBDC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1655888/000119312524041587/d615873dex991.htm">SEC Filed Earnings Report for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Finra Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=69121KAB0&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB- </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.962</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>4.08</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 6 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>D. Bought 2 Oaktree Specialty Lending 3.5% SU Maturing on 2/25/25 at a Total Cost of 97.742</u></b></span></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTepneMeRHk1iA-vwGoesWmOzxZqglcIwUMZYIyEHP1rgkFZXA12lsIlR9OoMCOcRjdkBq7oF5sjRLQ_PTVpBL4uFpOOB2czOIrqKaxu-if0KD3d4tzLpkLqxGFaq9jtjq-jUwjYEdOUpyoXgTeBwrVGD9j-MbDe8yhD2fMQnJxmHAXGWoXpGsnnCLJpti/s2872/Oaktree%20Specialty%20(2)%203.5%25%202:25:2025%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="706" data-original-width="2872" height="79" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTepneMeRHk1iA-vwGoesWmOzxZqglcIwUMZYIyEHP1rgkFZXA12lsIlR9OoMCOcRjdkBq7oF5sjRLQ_PTVpBL4uFpOOB2czOIrqKaxu-if0KD3d4tzLpkLqxGFaq9jtjq-jUwjYEdOUpyoXgTeBwrVGD9j-MbDe8yhD2fMQnJxmHAXGWoXpGsnnCLJpti/s320/Oaktree%20Specialty%20(2)%203.5%25%202:25:2025%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/ocsl?mod=search_symbol" style="text-align: left;">Oaktree Specialty Lending Corp. (OCSL)</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Last OCSL Discussion: <a href="https://tennesseeindependent.blogspot.com/2023/05/ccnep-cubipre-eai-egbn-fhn-fidu-fultp.html" style="text-align: left;">Item # 3.H. Added to OCSL - Bought 2 at $18.08 (5/13/23 Post)</a> </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1414932&owner=exclude"><span style="font-family: georgia;">OCSL SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1414932/000119312524021339/d762564dex991.htm">SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1414932/000141493224000004/ocsl-20231231.htm">10-Q for the Q/E 12/31/23</a> (Summary of investments starts at page 6; debt discussed starting at page 57; the 2025 SU is not bond to mature)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=67401PAB4&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Rating: Baa3</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.992</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.581</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="color: #2b00fe; font-family: georgia;"><b>4. Treasury Bills Purchased at Auction</b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>A. Bought 5 Treasury Bills at the 3/11/24 Auction</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmfdyrZDAuyyPnc9gkyJLcYkG6o_cQewIBWAD3i_UKI0jloNJKcHk9gIrCmz16qTAudSf1jpBmo9F9NA4UwafHagQ8xHhEhnSdY_PuMOf4Kq0sMZ2NRX5DaZEvcS-s4AzS1_HA6BsIwJLEFoMPjzRMffaOXm5J6uYfcZTg-Sg2RrpgNe4H_qWurha9qtxf/s2744/Treasury%20(5)%209:12:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="310" data-original-width="2744" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmfdyrZDAuyyPnc9gkyJLcYkG6o_cQewIBWAD3i_UKI0jloNJKcHk9gIrCmz16qTAudSf1jpBmo9F9NA4UwafHagQ8xHhEhnSdY_PuMOf4Kq0sMZ2NRX5DaZEvcS-s4AzS1_HA6BsIwJLEFoMPjzRMffaOXm5J6uYfcZTg-Sg2RrpgNe4H_qWurha9qtxf/s320/Treasury%20(5)%209:12:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">182 Day Bill </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Mature on 9/12/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $128.92</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.308</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmK_almczQNdPDvH6mEIq5FN-wtFfjKj4snwl80t3mItlN7oG6RVFswGyXCBSjNzEYJFiIJB9aRFs0rE1NQwuJ7m-RUp-_GXAF5hLMAFtewQ4fYa4QvVmhrXbsi0cEWeAtoc5ujHv6WwJN1z5atqIbUeRkw4ALJ8rE6DT2Zv7dMPUT9N_2tZVLOIYM6tEw/s1338/182%20Days%205.308%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="602" data-original-width="1338" height="144" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmK_almczQNdPDvH6mEIq5FN-wtFfjKj4snwl80t3mItlN7oG6RVFswGyXCBSjNzEYJFiIJB9aRFs0rE1NQwuJ7m-RUp-_GXAF5hLMAFtewQ4fYa4QvVmhrXbsi0cEWeAtoc5ujHv6WwJN1z5atqIbUeRkw4ALJ8rE6DT2Zv7dMPUT9N_2tZVLOIYM6tEw/s320/182%20Days%205.308%25%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Bought 5 Treasury Bills at 3/13/24</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx2_7WP8NQDf5sVItQABJijpn0-yDVArp0eO9SMkTh3a6SsP0DrF7I-IrJBzr2SnZCQOpRuwxX_VhComuVfo0N6bE68M19BhLg-eBnt5_gLPK7WCgGzdmP0IGRojC0vsy7BwNkdxEnBljwmIDaDysiYGCU6OBGfGC6WD-9B3uZObALSJhQTujIfdcRN-OL/s2564/Screenshot%202024-03-13%20at%207.11.42%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="562" data-original-width="2564" height="70" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx2_7WP8NQDf5sVItQABJijpn0-yDVArp0eO9SMkTh3a6SsP0DrF7I-IrJBzr2SnZCQOpRuwxX_VhComuVfo0N6bE68M19BhLg-eBnt5_gLPK7WCgGzdmP0IGRojC0vsy7BwNkdxEnBljwmIDaDysiYGCU6OBGfGC6WD-9B3uZObALSJhQTujIfdcRN-OL/s320/Screenshot%202024-03-13%20at%207.11.42%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">119 Day Bill </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 7/16/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $86.11</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.375</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGlbum8zrGERY6qCP_hP4c_PI4FKCghrIlATfesJ4FpB0cSirwyfn9QxTu_5n3A8RPzuSD0Z64RH4lOwan6M5pX3TYVK5ymzmCFmDjwhoM7uMbKWmGCDUSyeZWkbJvlAIZ-7MGvm9U6IB1JCvFVheo_tYRW2mmjTp4PdNm5JGjbLjjvtP03f2v2oPHnwSP/s1192/119%20day%20ir%20at%205.375%25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="574" data-original-width="1192" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGlbum8zrGERY6qCP_hP4c_PI4FKCghrIlATfesJ4FpB0cSirwyfn9QxTu_5n3A8RPzuSD0Z64RH4lOwan6M5pX3TYVK5ymzmCFmDjwhoM7uMbKWmGCDUSyeZWkbJvlAIZ-7MGvm9U6IB1JCvFVheo_tYRW2mmjTp4PdNm5JGjbLjjvtP03f2v2oPHnwSP/s320/119%20day%20ir%20at%205.375%25.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Bought 5 Treasury Bills at the 3/14/24 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv0CzmDaJds7zuSIrEO9zLeTmWBD86_hIC7kMSwcUivTVPL2ohztUtnL5FqfGnjkmVDv_1eKR6LwxPkFDW2-XFaIWr7hUz3JS-YaP7O23pUa7C3U003H9SqtEs2oH_HFi37eijWE_At5Nqry6Rj3jBmEL4Q1T4Mf8zVo-SrIIQFiXJaPcsTQ9mk5I2DGOP/s2748/Treasury%20(5)%205:14:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="324" data-original-width="2748" height="38" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv0CzmDaJds7zuSIrEO9zLeTmWBD86_hIC7kMSwcUivTVPL2ohztUtnL5FqfGnjkmVDv_1eKR6LwxPkFDW2-XFaIWr7hUz3JS-YaP7O23pUa7C3U003H9SqtEs2oH_HFi37eijWE_At5Nqry6Rj3jBmEL4Q1T4Mf8zVo-SrIIQFiXJaPcsTQ9mk5I2DGOP/s320/Treasury%20(5)%205:14:24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 5/14/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $41.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.393</b>% </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhe-eXTRCopgh-LHCLiPUeKs065OvvZlqyt5pveUgWTkxy4dpjov7PmgaBU0nazscFnO2k5DNxfMkJm2K-EqVzemt4pMi9cxm8pgwWI0r4cGBLlqAt4aFuX-3NnKC7ojYfAh4PvX_UjsQSVsRMtSTk4cbQSC354CVp76jI_MFu0SPIQvnTAqaQLJywWHJ-y/s1296/56%20DAY%205.393%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="590" data-original-width="1296" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhe-eXTRCopgh-LHCLiPUeKs065OvvZlqyt5pveUgWTkxy4dpjov7PmgaBU0nazscFnO2k5DNxfMkJm2K-EqVzemt4pMi9cxm8pgwWI0r4cGBLlqAt4aFuX-3NnKC7ojYfAh4PvX_UjsQSVsRMtSTk4cbQSC354CVp76jI_MFu0SPIQvnTAqaQLJywWHJ-y/s320/56%20DAY%205.393%25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Equity Preferred Stocks</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Equity REIT Cumulative Equity Preferred Stocks</a><span>, part of the </span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Eliminated Duplicate Positions in HPP.PRC - Sold 25 at $14.27 and 40+ at $14.22 (Vanguard and Schwab Accounts)</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXnTzSKzQJtE4miOTuFwELR8o_8YOdzXuEPcNxeyk6b8jXBiIscKuG-pdiMg3zdfKQJc3n65YwLFywkehCdyq6Vs9o-PFT7xN3K0sgumkobqN1bLPQ2lBpzP5okA4NCSGX8blOSWJKoiWuu2odfidrT6DJPVmEBdpMXJsLFJOM1aQVZyt10PYx8wm4COCV/s2388/HPPPRC%2025%20at%20$14.27%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="334" data-original-width="2388" height="45" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXnTzSKzQJtE4miOTuFwELR8o_8YOdzXuEPcNxeyk6b8jXBiIscKuG-pdiMg3zdfKQJc3n65YwLFywkehCdyq6Vs9o-PFT7xN3K0sgumkobqN1bLPQ2lBpzP5okA4NCSGX8blOSWJKoiWuu2odfidrT6DJPVmEBdpMXJsLFJOM1aQVZyt10PYx8wm4COCV/s320/HPPPRC%2025%20at%20$14.27%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAsKbjEavZe_9scKzQSb6tPG6OqlN2HNTEFI1IOlQlQ40mA8mRcwo7mKxMg2OBAvbS_mbl__vMp_vxPhps5K7biqV3Omui-TnpHLR50Snaps4i-NyVJOyZHNngc-JYU3ZKKIuTh_CpzDJ0Hvq13ePU0Nc1MEZuwNpFScNnmLZVF1ljDLa82o0U2fpGZdv7/s2782/HPPPRC%2040+%20at%20$14.22%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="212" data-original-width="2782" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAsKbjEavZe_9scKzQSb6tPG6OqlN2HNTEFI1IOlQlQ40mA8mRcwo7mKxMg2OBAvbS_mbl__vMp_vxPhps5K7biqV3Omui-TnpHLR50Snaps4i-NyVJOyZHNngc-JYU3ZKKIuTh_CpzDJ0Hvq13ePU0Nc1MEZuwNpFScNnmLZVF1ljDLa82o0U2fpGZdv7/s320/HPPPRC%2040+%20at%20$14.22%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/hpp.prc?mod=search_symbol" style="text-align: left;">Hudson Pacific Properties Inc. 4.750% Cumulative Preferred Series C </a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $903.59</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/hpp?mod=search_symbol" style="text-align: left;">Hudson Pacific Properties Inc. (HPP)</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1482512&owner=exclude"><span style="font-family: georgia;">HPP SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshots: <span style="color: #6aa84f;">+$155.87</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj051cOgXVMnv3EufH7fbhVGFHPYciw5mdNYlWRQmTeIlg5LRwYyoqjbKfRcm2UeBX_0J9RcOq_h267JNknUEaOqaVRNMRHjntAdtxpQH51zyyuPWro933Cn_3wQSmSld6W5bwIBQp8V6YogFdCVDWKoKZipPCP-91fUZkDvbhcNjZuX4dP9p658m82mWmf/s2732/2024%20HPPPRC%2025%20Shares%20+$36.06.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1116" data-original-width="2732" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj051cOgXVMnv3EufH7fbhVGFHPYciw5mdNYlWRQmTeIlg5LRwYyoqjbKfRcm2UeBX_0J9RcOq_h267JNknUEaOqaVRNMRHjntAdtxpQH51zyyuPWro933Cn_3wQSmSld6W5bwIBQp8V6YogFdCVDWKoKZipPCP-91fUZkDvbhcNjZuX4dP9p658m82mWmf/s320/2024%20HPPPRC%2025%20Shares%20+$36.06.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6NYxBj2-BrM7KVqAAohdRjxg8iUiRgIs-tE8u7132Cnn_QofNF1a8Ru9FAvrXV_G6LV03_TlgRHq87-wyclzNljK9jCnIHe9Jdv_F-pWUCVXt8CDMEIJWhjKB9TbRpWjzr0DVNtJBtuG4RFV5Yhoc0dXkgFTHfnAw-uWy6bjy4zeAAcCHUjWUDmGj6xlL/s2696/2024%20HPPPRC%2040+%20Shares%20+$119.81%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1880" data-original-width="2696" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6NYxBj2-BrM7KVqAAohdRjxg8iUiRgIs-tE8u7132Cnn_QofNF1a8Ru9FAvrXV_G6LV03_TlgRHq87-wyclzNljK9jCnIHe9Jdv_F-pWUCVXt8CDMEIJWhjKB9TbRpWjzr0DVNtJBtuG4RFV5Yhoc0dXkgFTHfnAw-uWy6bjy4zeAAcCHUjWUDmGj6xlL/s320/2024%20HPPPRC%2040+%20Shares%20+$119.81%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Buy Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 3.A. Added 25 HPPPRC <span>at $12.5 (12/16/23 Post)</span></a><span>; <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 5.A. Added 5 HPPPRC at $11.2; 5 at $11.73 (11/18/23 Post)</a> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Average Cost per share Remaining Position</u></i>: <b>$12.83</b> (140 shares in my Fidelity Account) The current yield at that AC is <b>9.256</b>%. HPP has not yet deferred payment of the preferred dividend. HPP did eliminated the common share dividend for several quarters but recently announced a 5 cent per common share dividend. </span><a href="https://www.businesswire.com/news/home/20240308837456/en/" style="text-align: left;">Hudson Pacific Properties Reinstates Common Stock Quarterly Dividend, Declares Preferred Stock Dividend</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Credit Ratings</u></i>: Deep into junk at <span style="color: red;">Ba3/B</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not comfortable with the credit risk but the yield at my average cost per share provides some justification for owning some shares. I have a hair trigger on the remaining position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>As previously discussed, recent operating performance was negatively impacted by the write and actor strikes since HPP owns studio production facilities.</span><a href="https://commercialobserver.com/2023/11/hudson-pacific-hollywood-strikes-100m/" style="text-align: left;">Hudson Pacific Says Hollywood Strikes Have Cost It $100M-Commercial Observer</a><span> </span><a href="https://www.hudsonpacificproperties.com/studio" style="text-align: left;">Redefining Studios in Los Angeles</a> <span>The company also has exposure to west coast office properties. </span><a href="https://www.hudsonpacificproperties.com/office" style="text-align: left;">Office Properties</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The long term problems are (1) the office properties located in the San Francisco and Los Angeles metropolitan areas where property valuations have generally taken major hits, (2) substantial space leased to technology companies that are reducing their needs for office space through work-from-home and reductions in their workforces; (3) HPP has suspended paying a common dividend; (4) the variable rate debt based on current short term interest rates, and (5) the significant amount of fixed coupon debt that will likely have to be refinanced at higher rates in the coming years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1482512/000148251224000029/hpp-20231231.htm">2023 SEC Filed Annual Report</a> Debt is discussed starting at page F-37. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1482512/000148251224000025/q42023ex991.htm" style="text-align: left;">SEC Filed Financial Report for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>HPPPRC </span><a href="https://www.sec.gov/Archives/edgar/data/1482512/000119312521323053/d172913d424b5.htm" style="text-align: left;">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25 (offered at $25 in November 2021)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the Capital Structure: Equity Preferred Stock, senior only to common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: Potentially perpetual unless called by issuer. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Optional Call Date: Anytime on or after 11/16/26</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stopper Clause: Standard. The Stopper Clause prevents the issuer from deferring payment of a cumulative preferred dividend while paying a cash common stock dividend or using cash to buy back common stock. The Clause enforces the preferred stock's superior claim to cash compared only to the common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: Today 3/15/24 (owned 140 as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Sell Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/bstz-btmd-dcom-elc-es-fisi-gvlu-htia.html" style="text-align: left;">Item # 5.B. Pared HPPPRC Sold 10 at $14.02 (1/6/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Eliminated CIOPRA - Sold 35 at $18.1</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6rAc8EhDFTZtIhC_y0bQ_BaJdKv1FYbb75q6qZBAql2gpLiACOUvR_AiIl3IaB5v9MUnwA6setRMsXMpA6joMhVngwc7vGGuuIseZq5B53wGQvgCrc2ViySKMxQU_8I3nukxEL5MHMaWDKOVVDb55n_aBohCbikTGDCk6_s3ttbEiUJ_qUHeKyFyP7hD_/s2518/ciopra%2035%20shares%20at%20$18.1%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="102" data-original-width="2518" height="13" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6rAc8EhDFTZtIhC_y0bQ_BaJdKv1FYbb75q6qZBAql2gpLiACOUvR_AiIl3IaB5v9MUnwA6setRMsXMpA6joMhVngwc7vGGuuIseZq5B53wGQvgCrc2ViySKMxQU_8I3nukxEL5MHMaWDKOVVDb55n_aBohCbikTGDCk6_s3ttbEiUJ_qUHeKyFyP7hD_/s320/ciopra%2035%20shares%20at%20$18.1%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/CIO-PA?p=CIO-PA" style="text-align: left;">CIO-PA</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is another high credit risk REIT equity preferred stock. My concern is the debt refinancing risk and the reliance on floating rate debt, both within the context of CIO being an Office REIT. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">When I looked at the following snapshot, I decided to sell. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_GpprtQry1OcsKwx0s72gETu9dnewAFXpmJKcRHU0IlUjlzBRduIa1-8Aa2O2jWvKqWAvx5wNQpyGoP72XutEHubrjdCC5fHFvtXkvPS6Md-EUuYncQUM38O7tgANED2_8N1A2JCnu9kWt4WDjDde8W5Ah_ajD4LB2-x3YF2eFxTIqbe0qqE-qRd7s5-h/s2166/Screenshot%202024-03-14%20at%201.28.47%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1808" data-original-width="2166" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_GpprtQry1OcsKwx0s72gETu9dnewAFXpmJKcRHU0IlUjlzBRduIa1-8Aa2O2jWvKqWAvx5wNQpyGoP72XutEHubrjdCC5fHFvtXkvPS6Md-EUuYncQUM38O7tgANED2_8N1A2JCnu9kWt4WDjDde8W5Ah_ajD4LB2-x3YF2eFxTIqbe0qqE-qRd7s5-h/s320/Screenshot%202024-03-14%20at%201.28.47%E2%80%AFPM.png" width="320" /></a></span></span></div><span style="font-family: georgia;"><span><br /> </span><a href="https://www.sec.gov/Archives/edgar/data/1593222/000119312524042048/d646371d10k.htm" style="text-align: left;">10-K</a> at page 58. </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: +$663.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: </span><span style="color: #6aa84f; font-family: georgia;">$75.32</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpYPvw4EkqqMnSuuZZqRMGowBWMnTpTyQi5KdVB0cXyrv55etIF-1KQ5ywMwloAv8IBavm8bwGIVFZ7bR5RmpRxTk9u9rm9J7t3DetVTCW9-29GIlZXy2FCU-slmMH5vmINaVTb3wumdgQFW7N2tPxwPGvgfNMvawPd2HuZvdPxYBXkZHUFp8ywv-HKiGm/s2436/CIOPRA%2035%20Shares%20+$75.32.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="84" data-original-width="2436" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpYPvw4EkqqMnSuuZZqRMGowBWMnTpTyQi5KdVB0cXyrv55etIF-1KQ5ywMwloAv8IBavm8bwGIVFZ7bR5RmpRxTk9u9rm9J7t3DetVTCW9-29GIlZXy2FCU-slmMH5vmINaVTb3wumdgQFW7N2tPxwPGvgfNMvawPd2HuZvdPxYBXkZHUFp8ywv-HKiGm/s320/CIOPRA%2035%20Shares%20+$75.32.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/cio" style="text-align: left;">City Office REIT Inc. (CIO)</a><span> - An Office REIT</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1593222&owner=exclude">CIO SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1593222/000119312524042034/d685873dex991.htm">SEC Filed Financial Report for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/06/aod-ciopra-clpr-eai-emp-fsk-pflt.html">Item # 5.A. Eliminated CIOPRA in Schwab Account - Sold 10 at $17.2 (6/24/23 Post)</a>(profit snapshot = $42.5)<span> </span></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1593222/000119312516721748/d267267d424b5.htm"><span style="font-family: georgia;">Prospectus Supplement</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia; text-align: left;">Par Value: $25<br /></span></span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 6.625% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid Quarterly, cumulative and non-qualified (pass through entity) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: Potentially perpetual. Issuer option to redeem at par value + accrued and unpaid dividends started on 10/4/21. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the capital structure: Equity preferred stock, senior only to common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stopper Clause: Standard</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Prior Sell Discussions</u></i>: <a href="https://tennesseeindependent.blogspot.com/2020/08/argopra-brkl-ciopra-des-esgv-fisi.html" style="text-align: left;">Item # 4.A. Pared CIOPRA in Fidelity Account - Sold 10 at $24.47 (8/22/20 Post)</a>(profit snapshot = $55.99); <a href="https://tennesseeindependent.blogspot.com/2020/06/cio-ciopra-dea-emaprcca-fisi-glw-gmre.html">Item # 6.A. Pared CIOPRA-Sold 10 at $21.17 and 10 at $22.25-Highest Cost Lots (6/6/20 Post)</a><span>(profit snapshot = $22.17); </span><a href="https://tennesseeindependent.blogspot.com/2019/04/observations-and-sample-of-recent_24.html">Item # 1.A. Eliminated CIOPRA-Sold 50 at $24.77-Used Commission Free Trade (4/24/19 Post)</a><span>(profit snapshot = $155.22); </span><a href="https://tennesseeindependent.blogspot.com/2019/03/observations-and-sample-of-recent_17.html">Item # 4.A. Sold 50 CIOPRA<b> </b>at $24.14<b>-</b>Used Commission Free Trade (3/17/19 Post)</a><span>(profit snapshot = $20.86); </span><a href="https://tennesseeindependent.blogspot.com/2017/01/observations-ruminations-and-sample-of.html">Item 3.A. Sold 50 CIOPRA at $25.21 (1/27/17 Post)</a><span>(profit snapshot = $146.97). </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>CIOPRA Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$521.5 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #2b00fe;">6. Cash flow into Fidelity Taxable Account 3/15/24</span></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Redemption Proceeds: $10,000 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD-w7MPwvOlhomaj6PvG-UkSEmS7cIvNdzyVPfguaCXrNllzRAP3DvxiflWcxjqRcQM3NzddLwgk_YVLTjDfRalP1Z6d_KHgFCwSx0AwwvHt3CQk-a-NasAHM5vR7YJdDByrzjuKQhXeacZuHATFJVQJFKDEp7-_9MNsJxl7Gs1bPPR6lUWicoqpDkglAw/s2062/redemption%20.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1188" data-original-width="2062" height="184" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD-w7MPwvOlhomaj6PvG-UkSEmS7cIvNdzyVPfguaCXrNllzRAP3DvxiflWcxjqRcQM3NzddLwgk_YVLTjDfRalP1Z6d_KHgFCwSx0AwwvHt3CQk-a-NasAHM5vR7YJdDByrzjuKQhXeacZuHATFJVQJFKDEp7-_9MNsJxl7Gs1bPPR6lUWicoqpDkglAw/s320/redemption%20.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: $367.17</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I did not total up the dividends. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5JBgn6vOQXWHIqz66b8uL-TBcgoq7R6UVXQ_TDlDq31TzYkDQCMYoH6HpnBCraAPidSVbMuOVn5imPqxqklUXjc7EMflugHWLYRPEo2Hsf55ErdPzmc_Elfg_mSFhyJlYmKZeqx6RQ4IDIdQEOmUTyyGRL3hETWyhXFu119v1RSYg0fGCpfuYDuOZHeTq/s2116/1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1720" data-original-width="2116" height="260" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5JBgn6vOQXWHIqz66b8uL-TBcgoq7R6UVXQ_TDlDq31TzYkDQCMYoH6HpnBCraAPidSVbMuOVn5imPqxqklUXjc7EMflugHWLYRPEo2Hsf55ErdPzmc_Elfg_mSFhyJlYmKZeqx6RQ4IDIdQEOmUTyyGRL3hETWyhXFu119v1RSYg0fGCpfuYDuOZHeTq/s320/1.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /><span><br /></span></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghulSBsHvWRESzr-1S5QWdsDVsjzzpTTP0PtVdS5RfVY1_5Gp6R-msuWc2M80srJek212bOfEmFoH_xXnFJ7bPNZwNVJS35tIds9ZLNyEf3lAPupFOZsC3zLIpAf_a4-rUZ90kr-smg417cmXHAqoc117B3pCARGzm-SpGZh5uYcSKXI7RzBpsdBeDLTX5/s2094/5.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="922" data-original-width="2094" height="141" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghulSBsHvWRESzr-1S5QWdsDVsjzzpTTP0PtVdS5RfVY1_5Gp6R-msuWc2M80srJek212bOfEmFoH_xXnFJ7bPNZwNVJS35tIds9ZLNyEf3lAPupFOZsC3zLIpAf_a4-rUZ90kr-smg417cmXHAqoc117B3pCARGzm-SpGZh5uYcSKXI7RzBpsdBeDLTX5/s320/5.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-wLgKrtOfyby_FWHp3lgJ9ZEbdY2p_gHB4f-YLVh9hY2L7ILmmpEnOXAdUjUFcJNpsRThjWomzwLT1JRlJ7L7IxrRzYa-0BHlA658HbWAycuTVRFYItfUggSv0NXNgjMbvtAuLKoLBqztfT1VTwFSu9IF9Ss4pZuKc8TIDgzyhCRxHX1FDPIUZnmLpAYn/s2186/4.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1602" data-original-width="2186" height="235" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-wLgKrtOfyby_FWHp3lgJ9ZEbdY2p_gHB4f-YLVh9hY2L7ILmmpEnOXAdUjUFcJNpsRThjWomzwLT1JRlJ7L7IxrRzYa-0BHlA658HbWAycuTVRFYItfUggSv0NXNgjMbvtAuLKoLBqztfT1VTwFSu9IF9Ss4pZuKc8TIDgzyhCRxHX1FDPIUZnmLpAYn/s320/4.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqSUd6269Z3DzYUuBt2oE62r8OItEeRNnNNVhLs42LWUDsjfG2rEyVHqU7hA-Fc6jwB5u9C8Ff9LQLdVKcffaKL2Q64DztBoN5tXicUAeDM8UlUzEYAGVWEl6vOMnwMxnGlDM3cZTnZPIFzk9ywAuV8RPSbdDpww_bJm1hhneLLcmdQCOhown5je0RqJAK/s2176/3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1640" data-original-width="2176" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqSUd6269Z3DzYUuBt2oE62r8OItEeRNnNNVhLs42LWUDsjfG2rEyVHqU7hA-Fc6jwB5u9C8Ff9LQLdVKcffaKL2Q64DztBoN5tXicUAeDM8UlUzEYAGVWEl6vOMnwMxnGlDM3cZTnZPIFzk9ywAuV8RPSbdDpww_bJm1hhneLLcmdQCOhown5je0RqJAK/s320/3.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi69VF2Hujh1HGMmHk3XNHfhohzDJgO4jbCBCKD4Q_DQKiD3wDdwvn37M-Yc8JNZLK2GsdMtEdVMZZv86BcTXNMTVCVwdBJXRNfIjFzECxiKz_SBKLkp9ZsNx-W8f-pbdFzu4vAQfGypppnW62igH9EoZR2qxUaRF1P9S_QAfUZ5tIxJA9G_-KageF6JReJ/s2216/2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1608" data-original-width="2216" height="232" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi69VF2Hujh1HGMmHk3XNHfhohzDJgO4jbCBCKD4Q_DQKiD3wDdwvn37M-Yc8JNZLK2GsdMtEdVMZZv86BcTXNMTVCVwdBJXRNfIjFzECxiKz_SBKLkp9ZsNx-W8f-pbdFzu4vAQfGypppnW62igH9EoZR2qxUaRF1P9S_QAfUZ5tIxJA9G_-KageF6JReJ/s320/2.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Goldman Sachs and Natural Rural bonds are 1 bond lots that pay interest monthly. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Of the $10,000 in redemption proceeds received in my Fidelity Account, I have so far bought 3 corporate bonds that I will discuss in my next post. Of those bonds, the highest quality SU was issued by Piedmont Natural Gas, a wholly owned subsidiary of Duke Energy (DUK). </span></span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=720186AJ4&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a> (rated A3/BBB+)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com7tag:blogger.com,1999:blog-2986124651030959736.post-71990216454210641872024-03-08T09:05:00.010-06:002024-03-09T08:38:41.662-06:00AGR, BHB, CFG, EPRPRC, FFBC, LGND, MBWM, NSAPRA, PFC, RF, SBSI, SLRC, WBS<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>ADP reported that the private sector added 140,000 jobs in February. </span><a href="https://www.prnewswire.com/news-releases/adp-national-employment-report-private-sector-employment-increased-by-140-000-jobs-in-february-annual-pay-was-up-5-1-302081418.html" style="text-align: left;">ADP National Employment Report: Private Sector Employment Increased by 140,000 Jobs in February; Annual Pay was Up 5.1%</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The BLS reported that the economy created 275,000 jobs in February. The unemployment rate was reported at 3.9%. Average hourly earnings increased 5 cents to $34.57, following the 18 cent increase in January. Average hourly earnings were up 4.3% over the 12 month period ending in February. The average work week increased by .1. "<span style="background-color: white; text-align: left;">The change in total nonfarm payroll employment for December was revised down by </span><span style="background-color: white; text-align: left;">43,000, from +333,000 to +290,000, and the change for January was revised down by</span><span style="background-color: white; text-align: left;">124,000, from +353,000 to +229,000. With these revisions, employment in December </span><span style="background-color: white; text-align: left;">and January combined is 167,000 lower than previously reported." </span><a href="https://www.bls.gov/news.release/empsit.nr0.htm" style="text-align: left;">Employment Situation Summary - 2024 M02 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/story/biden-gets-the-blame-for-u-s-inflation-staying-higher-for-longer-but-he-shouldnt-9df25f9f">Opinion: Biden gets the blame for inflation staying higher for longer, but he shouldn’t - MarketWatch</a> Notwithstanding good GDP, job and wage growth, and inflation returning to average historical levels, 57% of American voters disapprove of Biden's handling of the economy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/february/">February 2024 ISM Services Index</a> 52.6% down from 53.4% in January. The new orders component rose to 56.1% from 55%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnbc.com/2024/03/06/powell-reinforces-position-that-the-fed-is-not-ready-to-start-cutting-interest-rates.html">Powell reinforces position that the Fed is not ready to start cutting interest rates</a></span><span style="font-size: 18px; text-align: left;"> </span><span style="text-align: left;">Powell: "</span><span style="background-color: white; color: #333333; text-align: left;">We believe that our policy rate is likely at its peak for this tightening cycle. If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. But the economic outlook is uncertain, and ongoing progress toward our 2 percent inflation objective is not assured. . . </span><span style="text-align: left;">The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent." </span><a href="https://www.federalreserve.gov/newsevents/testimony/powell20240306a.htm" style="text-align: left;">Testimony by Chair Powell on the semiannual Monetary Policy Report to the Congress - Federal Reserve Board</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Powell did testify that rate cuts "can and will begin this year". The most likely scenario is that the first 25 basis point cut will occur no earlier than the July meeting </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Asset Allocation Shifts Discussed in the Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $17,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $12,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Common Stocks: <span style="color: red;"><b>-</b></span>$5,695.92</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(Consisting of $6,076.44 in proceeds minus $380.52 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Common Stock Realized Gains: <b><span style="color: #6aa84f;">+</span></b>$1,445.68</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Inflow Equity Preferred Stocks: <b><span style="color: #6aa84f;">+</span></b>$305.9</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Outflow Common Stocks/Stock Funds: <b><span style="color: red;">-</span></b>$22,592.13</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.linkedin.com/pulse/we-stock-market-bubble-ray-dalio-zpdre/">Are We in a Stock Market Bubble?</a> by Ray Dalio. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Asset allocation in my Fidelity Taxable Account as of 3/8/24</u></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUi5Bsk3S2k_feU-kmxSv6ebEwgCDsux4Hcpzl2syvdtMJ1slRhhnd7YYkQX-T4sdVl24u4DIgFErHS1UEniqZH2Kg-eWiQg1KlMEqqiu6_ixQBgrzvwxAfz7S9Q1Situ4RrGVf3xm3leTGT0DYVBnK2k3s-6L2rcb5YWnXUwNPJp0vzm6hQH7SYEGuPAV/s1204/asset%20allocation%20as%20of3:8:24%20Fidelity%20Account%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="904" data-original-width="1204" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUi5Bsk3S2k_feU-kmxSv6ebEwgCDsux4Hcpzl2syvdtMJ1slRhhnd7YYkQX-T4sdVl24u4DIgFErHS1UEniqZH2Kg-eWiQg1KlMEqqiu6_ixQBgrzvwxAfz7S9Q1Situ4RrGVf3xm3leTGT0DYVBnK2k3s-6L2rcb5YWnXUwNPJp0vzm6hQH7SYEGuPAV/s320/asset%20allocation%20as%20of3:8:24%20Fidelity%20Account%20.png" width="320" /></a></div><br /><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;"><span style="font-family: georgia;">RealClearPolitics-Election-2024 Republican Presidential Nomination</span></a></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I will publish a video at YouTube discussing Biden's State of the Union address last night that I did watch. I did not watch the speech to learn more about Biden's positions, since any informed voter already knows about them. I watched primarily to observe his mental condition. Any fair minded person watching that speech would conclude that he was mentally fit. <a href="https://www.youtube.com/watch?v=Q55GVCFZuO8" style="text-align: left;">Joe: Biden showed how GOP is on the wrong side of history, polls, decency - YouTube</a>; <a href="https://www.youtube.com/watch?v=lYbmCyhJhX8" style="text-align: left;">'He nailed it': Republican strategist reacts to Biden's speech - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=oeN9t5xiWPY">GOP response a 'chilling reminder' of the future Republicans see for the U.S. - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump does not want the Romney supporters. <a href="https://www.deseret.com/politics/2024/03/04/trump-says-republican-party-is-getting-rid-of-the-romneys/">Trump says Republican Party is ‘getting rid of the Romneys’ – Deseret News</a>; <a href="https://www.youtube.com/watch?v=-VeGINF9-a4&t=20s" style="text-align: left;">LP Reed Galen's Message to Moderate Republicans - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The Trump clone Mark Robinson decisively won the republican nomination for North Carolina's governor. <a href="https://www.theguardian.com/us-news/2024/mar/05/mark-robinson-north-carolina" style="text-align: left;">Hitler-quoting candidate wins North Carolina Republican gubernatorial primary-The Guardian</a> We now know more about almost 700,000 republicans voters in North Carolina. Robinson's history of anti-semitic and deliberately incendiary comments were well known by the voters who elected him to be the Lieutenant Governor in 2020 and the republican nominee for governor in 2024. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed those incendiary comments in this video: <a href="https://www.youtube.com/watch?v=WJTFSZ77XUA" style="text-align: left;">Mark Robinson Republican Candidate for the N C Governor and Likely Primary Winner - YouTube</a>. A summary can be found with links in this <a href="https://en.wikipedia.org/wiki/Mark_Robinson_(American_politician)" style="text-align: left;">Wikipedia</a> article. The only comment to that YT video, other than my own, is from a self-proclaimed Christian who believes Robinson is "Bringing-Back God/Country Common Sense & Sanity!!" </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Robinson's bona fides in TrumpWorld as a responsible fiscal conservative were established beyond any doubt by his 3 bankruptcies, failure to pay income taxes for 7 years, being sued for non-payment of debts and being evicted by a landlord for non-payment of rent. Trump endorsed him. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=ZT6QGt9M91k">Meet Mark Robinson: The GOP's Next Top Lunatic | The Daily Show - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=n7VGh6BMKr8">Governor Youngkin (R-VA) endorses Trump for President of United Sates - YouTube</a> Trump is the republican party. Youngkin is not now, nor has he ever been, a moderate. He is just a more slick version of Trump. </span></p><p style="text-align: justify;"><a href="https://www.vanityfair.com/news/donald-trump-super-tuesday-gop"><span style="font-family: georgia;">The Dangerous Durability of Donald Trump | Vanity Fair</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=38yxHw5p-Sk">Ex-Trump Org. CFO to plead guilty to perjury charges - YouTube</a>; <a href="https://www.youtube.com/watch?v=ALe0rotHLhs" style="text-align: left;">Ex-Trump Org. CFO admits to lying in two depositions related to Trump’s civil fraud trial - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/02/opinions/tennessee-three-the-whole-story-justin-pearson-justin-jones-van-jones/index.html">Van Jones: There’s hope and despair in what happened to my home state | CNN</a> Jones is referring to Tennessee. He discusses the anti-democracy party that now controls my state. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2024/03/02/us/politics/biden-trump-times-siena-poll.html">Voters Doubt Biden’s Leadership and Favor Trump, Times/Siena Poll Finds - The New York Times</a> Biden's disapproval rating was 47% in this poll. If the election would be held today, 48% would vote for Trump, 43% for Biden and 10% refused to say or don't know. <a href="https://www.nytimes.com/interactive/2024/03/02/us/elections/times-siena-poll-registered-voter-crosstabs.html" style="text-align: left;">February 2024 Times/Siena Poll of Registered Voters Nationwide - The New York Times</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.the-independent.com/news/world/americas/us-politics/trump-incoherent-speech-nashville-christians-b2501342.html">Trump struggles to say ‘evangelical’ and muddles up Israel in wild, incoherent speech at Christian event | The Independent</a> Donald said he made "Israel" the capital of "Israel". He referred to Jan</span>uary 6th convicted rioters as hostages and praised their "tremendous spirit".</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=NYPqZAk5kcM" style="text-align: left;">'Nonsense': Fact-checker slams Trump's claim during border speech- YouTube</a>; </span><a href="https://www.youtube.com/watch?v=kfnQXHLeATE&t=23s">Trump claims Biden in 'conspiracy to overthrow the US' with border policy-YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=3a9eC3rTTkU">‘False claim after false claim’: Daniel Dale fact-checks Trump’s remarks after SCOTUS ruling-YouTube</a> Trump is incapable of being truthful. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump's </span><span style="font-family: georgia;">false statements and narratives are believed by tens of millions which is only possible by their willingness to remain wilfully ignorant or the continuation of a mental condition that does not allow for the processing of accurate information. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Lying all of the time about almost everything is a path to political power in the U.S. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2024/03/03/us/politics/trumps-allies-ramp-up-campaign-targeting-voter-rolls.html">Trump’s Allies Ramp Up Campaign Targeting Voter Rolls-The New York Times</a><span> So far, the Trump "investigators" have managed to cause purges of voters rolls in precincts that favor democrats in violation of state procedures for deletions. </span></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=HgwULbF33Tk"><span style="font-family: georgia;">‘He can’t complete a sentence’: Joe slams Trump's latest insults - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=UkHShhTSMeA">'He looks lost': Trump has gaffe-filled weekend on the campaign trail- YouTube</a>; </span><a href="https://www.youtube.com/watch?v=Ez5al1Czl4c" style="text-align: left;">Donald Trump Explodes as Dementia Don Goes Viral - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/ideas/archive/2024/03/supreme-court-trump-v-anderson-fourteenth-amendment-originalism/677636/">The Supreme Court Once Again Reveals the Fraud of Originalism-The Atlantic</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.msnbc.com/opinion/msnbc-opinion/trump-kenneth-chesebro-emails-fake-electors-rcna141978">New emails show Trump stealing the 2020 election was always Plan A</a>; <a href="https://www.nytimes.com/2022/07/26/us/politics/trump-fake-electors-emails.html" style="text-align: left;">Emails Reveal Details of Trump Fake Electors Plan - The New York Times</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/07/politics/navy-demoted-ronny-jackson/index.html">Ronny Jackson (R-TX): Navy demoted congressman in 2022 after scathing watchdog report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Jackson who is currently a republican congressman representing <a href="https://en.wikipedia.org/wiki/Texas%27s_13th_congressional_district" style="text-align: left;">Texas's 13th congressional district</a> was demoted to a Captain in 2022 but still refers to himself as a retired Rear Admiral. The 2021 Inspector General's report found that "<span style="color: #2a2a2a; text-align: left;">that Jackson berated subordinates in the White House medical unit, “made sexual and denigrating statements” about a female subordinate, consumed alcohol inappropriately with subordinates and consumed the</span><span style="box-sizing: border-box; color: #2a2a2a; font-weight: bolder; text-align: left;"> </span><span style="color: #2a2a2a; text-align: left;">sleep drug Ambien while on duty as the president’s physician." </span><a href="https://media.defense.gov/2021/Mar/03/2002592287/-1/-1/1/DODIG-2021-057.PDF" style="text-align: left;">Report No. DODIG-2021-057: Report of Investigation Rear Admiral (Lower Half) Ronny Lynn Jackson, M.D. U.S. Navy, Retired (Redacted)</a> <a href="https://www.washingtonpost.com/nation/2024/03/07/ronny-jackson-demotion-white-house-medical-unit-navy/" style="text-align: left;">Ronny Jackson was demoted by Navy after investigation into White House actions - The Washington Post</a> Jackson is a 100% pure Trumpster. Trump carried that district with 80% of the vote in 2016 and again in 2020, so Jackson is a perfect fit for this congressional district. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Mafia State</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ukr.warspotting.net/">Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/07/europe/sweden-join-nato-official-intl/index.html">Sweden officially joins NATO, becoming alliance’s 32nd member | CNN</a> NATO is simply a defensive alliance designed to deter Russia from invading a member state. Finland and Sweden reacted rationally by joining NATO in response to Russia's invasion of Ukraine. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/03/06/europe/russia-missile-odesa-greece-russia-zelensky-intl/index.html" style="text-align: left;">Zelensky: Russian missile strike hits near Ukraine and Greek leaders in Odesa | CNN</a>; <a href="https://www.washingtonpost.com/world/2024/03/06/russia-ukraine-zelensky-missile-strike-odessa/">Russian missile hits near Zelensky motorcade in Ukraine city of Odessa - The Washington Post</a> The missile landed near the motorcades carrying Zelensky and the Greek Prime Minister. Putin is an incredibly reckless and murderous psychopath. </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=ax-2LKVrKzg"><span style="font-family: georgia;">Putin warns of 'destruction of civilization'. Hear retired general's response - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.politico.eu/article/blast-damages-russia-railway-bridge-samara-chapaevka-river/">Explosion damages key Russian railway bridge-POLITICO</a>; </span><a href="https://www.youtube.com/watch?v=HERi0sutilU" style="text-align: left;">Ukraine blows up Russian railway bridge-Ukraine-YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.nbcnews.com/news/world/ukraine-sinks-russian-black-sea-patrol-ship-sergey-kotov-crimea-rcna141807">Ukraine sinks Russian Black Sea patrol ship Sergey Kotov near Crimea</a>; </span><a href="https://www.youtube.com/watch?v=8_LF_NjTdu8" style="text-align: left;">Ukrainian sea drones sink $65 million Russian patrol ship off Crimea - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.newsweek.com/russian-oil-depot-terminal-drone-attack-belgorod-video-1875896">Smoke Billows Over Russian Oil Terminal Used for 'Military Purposes': Video</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=G6j-kFIoE-I">Ukrainian drones 'strike Russian fuel and lubricants warehouse' - YouTube</a>; <a href="https://euromaidanpress.com/2024/03/06/russias-governor-two-ukrainian-drones-hit-fuel-and-lubricants-depot-in-kursk-oblast/" style="text-align: left;">Russia’s governor: Two Ukrainian drones hit fuel and lubricants depot in Kursk Oblast - Euromaidan Press</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=YscM8rg3rFY">Children among people killed in Russian drone strike on southern Ukraine | ABC News - YouTube</a> Russia targeted an apartment building in Odessa. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>1. Small Ball Buys</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>A. Added to SLRC - Bought 5 at $14.96</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8c_RBeBBp88GglLihLwiEaUUjGTJlLOIGopg0vbx1jaApgSHLAaXPfzmKwXW4X8FTZc6nm2sAGCsV6-KTcGxBYCKbzXJigEKu-1eC0GFUR0IK_PiBvoAed8IXcN0_sU9wnmkRm9HedY0mQZ-Lcush4aF9w3eOnyy8eHcnsLACl92RfYBWMSvnZXaboTtU/s2322/slrc%205%20at%20$14.96%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="136" data-original-width="2322" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8c_RBeBBp88GglLihLwiEaUUjGTJlLOIGopg0vbx1jaApgSHLAaXPfzmKwXW4X8FTZc6nm2sAGCsV6-KTcGxBYCKbzXJigEKu-1eC0GFUR0IK_PiBvoAed8IXcN0_sU9wnmkRm9HedY0mQZ-Lcush4aF9w3eOnyy8eHcnsLACl92RfYBWMSvnZXaboTtU/s320/slrc%205%20at%20$14.96%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/slrc?mod=search_symbol" style="text-align: left;">SLR Investment Corp. (SLRC)</a>- Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $74.8</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1418076/000119312524047930/d772201d10k.htm">2023 SEC Filed Annual Report</a> (<b><span style="color: red;">Summary of risk factors starts at page 31 and ends at page 71</span></b>; summary of investments starts at page 115) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I do not have access to any brokerage reports. B. Riley Securities and J.P. Morgan have neutral ratings with a $16 and $15 price target respectively. As with all BDC investments, the objective is to exit the position at any total return in excess of the dividend payments before any ROC adjustment to the tax cost basis. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Buy Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 1.D. Added to SLRC - Bought 3 at $14.94 (11/25/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/07/bac-cfgprd-dea-goodn-icmb-jef-matv-pch.html">Item # 1.B. Added to SLRC - Bought 3 at $14.29 (7/8/23 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2023/06/avk-btz-clpr-cto-dcom-dea-fsk-icmb-jqc.html" style="text-align: left;">Item # 2.H. Added to SLRC - Bought 3 at $14.39 (6/17/23 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2022/10/adx-amkby-arow-codipra-cto-dei-dnngy.html" style="text-align: left;">Item #4.H. Added to SLRC in Fidelity Taxable Account - Bought 1 $13.38; 4 at $12.53; 3 at $12.34 (10/11/22 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i><span>: </span><b>$15.22</b><span> (160+ shares)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.41 per share ($1.64 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have turned off dividend reinvestment after the 2023 third quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I took the last dividend payment in cash: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1GL5bGtbxCFKz0F9rSAtfusXtCODxSk7NJ3jJh6iwYjT0_plo4QW4zqQi8Up7V3AC6EHS1SOrjPc8_UBrckOCXz8CipUEyY4pbVkfyU6ghY0jzJOkhUDujCk_Dnjzhc3Zgc1Jn7apETpamG0LgCmg72RPpVfNF6eINH7X_06S5B5dDtZSFK3yqNvq9OmO/s2184/Screenshot%202024-03-02%20at%201.06.10%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="756" data-original-width="2184" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1GL5bGtbxCFKz0F9rSAtfusXtCODxSk7NJ3jJh6iwYjT0_plo4QW4zqQi8Up7V3AC6EHS1SOrjPc8_UBrckOCXz8CipUEyY4pbVkfyU6ghY0jzJOkhUDujCk_Dnjzhc3Zgc1Jn7apETpamG0LgCmg72RPpVfNF6eINH7X_06S5B5dDtZSFK3yqNvq9OmO/s320/Screenshot%202024-03-02%20at%201.06.10%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC per share</u></i>: <b>10.775</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 3/13/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Asset Value Per share history: </span><span style="font-family: georgia;">While there has been some drifting down in net asset value per share, the $18.06 number is still higher than the proceeds to SLRC from its 2010 IPO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/23: $18.09</span></p><div><span style="font-family: georgia;">9/30/23: $18.06</span></div><div><p style="text-align: justify;"><span style="font-family: georgia;">3/31/23: $18.04</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $18.33<span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">6/30/22: $18.53</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/21: </span><span style="font-family: georgia;">$19.93</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/20: $20.16</span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/20: $20.14 <a href="https://www.sec.gov/Archives/edgar/data/1418076/000119312520286862/d887217d10q.htm" style="text-align: left;">10-Q</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/19: $21.44</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/18: $21.75 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/17: $21.81</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/16: $21.74</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/15: $20.79 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/14: $22.05</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/13: $22.50</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/12: $22.70</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/11: $22.02</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Initial Public Offering: </span><a href="http://www.sec.gov/Archives/edgar/data/1418076/000119312510027572/d497.htm" style="text-align: left;">Prospectus</a><span> February 2010, priced to the public at $18.5. Proceeds to SLRC was at $17.205.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></span><a href="https://www.sec.gov/Archives/edgar/data/1418076/000117184324001017/exh_991.htm" style="text-align: left;">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Net Investment Income: $23.9M</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NII per share: $.44</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>First Lien Loans: 97.7%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Floating Rates: 65.3%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Asset Quality: 99.4% of portfolio performing on a cost basis. There was only 1 non-accruing loan. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKm3cZmu92uQtj8d3V9ToyqPyI3-O6B6JnW6hyphenhypheneOUkH95NPyQA2B0hoISxApUm5eJqSlM7wl_ajCXHR-ogzAIqKNC5HVU59AToBmvLAxYTETGqYslpisHl5kvNyYF37vpnECNDsSnlAOu1XRxz3wnmdh9DUQd3Vz8ecv3piaGmQaiXf3TA_wpr-Gzys9Oo/s3368/Screenshot%202024-03-02%20at%201.25.07%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="886" data-original-width="3368" height="84" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKm3cZmu92uQtj8d3V9ToyqPyI3-O6B6JnW6hyphenhypheneOUkH95NPyQA2B0hoISxApUm5eJqSlM7wl_ajCXHR-ogzAIqKNC5HVU59AToBmvLAxYTETGqYslpisHl5kvNyYF37vpnECNDsSnlAOu1XRxz3wnmdh9DUQd3Vz8ecv3piaGmQaiXf3TA_wpr-Gzys9Oo/s320/Screenshot%202024-03-02%20at%201.25.07%E2%80%AFPM.png" width="320" /></a></span></div></div><div><span style="font-family: georgia; text-align: justify;"><i><u><br /></u></i></span></div><div><span style="font-family: georgia;"><span style="text-align: justify;"><i><u><br /></u></i></span></span></div><div><span style="font-family: georgia;"><span style="text-align: justify;"><i><u>Last Sell Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/03/argd-bdn-brkb-ddt-gd-igr-jri-kw-pflt.html">Item # 2.E. Eliminated SLRC in Two Taxable Accounts - Sold 37+ at $15.79 and 30 at $15.79 (3/11/23 Post)</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>SLRC Realized Gains to Date</i></u>: $166.75</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Added to LGND - Bought $30 at $77.32; 1 at $76; 1 at $75; 1 at $73; 1 at $71.8</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2Bb9DR6PdDj2NhviBRpqo0aLw4xETsb7gbq-kIwto95BQpIoKMcsf4NeZnry9Uh1aHNOBj-eZzCUL37sqqQLdfg3c9bd-hBc0K2JBWNPCNdzefAdriLyW0M2QoZHeV4plPs8OZV9MNDK3y6x906v5LOAGpAp-fQLj9VoSUz_dss8-R13oXKnNFa-3wDqv/s2594/LGND%20$30%20at%20$77.32%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="264" data-original-width="2594" height="33" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2Bb9DR6PdDj2NhviBRpqo0aLw4xETsb7gbq-kIwto95BQpIoKMcsf4NeZnry9Uh1aHNOBj-eZzCUL37sqqQLdfg3c9bd-hBc0K2JBWNPCNdzefAdriLyW0M2QoZHeV4plPs8OZV9MNDK3y6x906v5LOAGpAp-fQLj9VoSUz_dss8-R13oXKnNFa-3wDqv/s320/LGND%20$30%20at%20$77.32%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeCHA1F00KBeDEm-oczyKSeXR9fYjoQ6ojS6qkLNR_dHeic76wt8Zi_2lrkMCAEnHO1Hg5PMLKhwuE6bvNbjk0INa3QOJFQiP8xfsmAZyRUyT3j86fPtKsflWiIcg8iWvX4gl2akMNCddaRrIobhyphenhyphenWJe_8j-eM6dpKSkBkZ8oobDXlKNlgXNkVWLf4BpGk/s2560/lgnd%201%20at%2076%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="236" data-original-width="2560" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeCHA1F00KBeDEm-oczyKSeXR9fYjoQ6ojS6qkLNR_dHeic76wt8Zi_2lrkMCAEnHO1Hg5PMLKhwuE6bvNbjk0INa3QOJFQiP8xfsmAZyRUyT3j86fPtKsflWiIcg8iWvX4gl2akMNCddaRrIobhyphenhyphenWJe_8j-eM6dpKSkBkZ8oobDXlKNlgXNkVWLf4BpGk/s320/lgnd%201%20at%2076%20.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3EaySms96PdAmq2sTfA5Kicnwx0nHIh_LXAgEVjJGafg5nAlmKd02hmjgsgNKN2-OC1js0ZNVpr5exyYNNKTRcdSojI9TtK0X2ci6-E5HLQFa_Sk4uPYOJ5QquK7OFzddGt2tVm9Z_oQDV29P_QW2eOhWH9xEtxUzAmnMvFCWBADLYhAdsbsBRnsBCYPX/s2608/$75.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="244" data-original-width="2608" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3EaySms96PdAmq2sTfA5Kicnwx0nHIh_LXAgEVjJGafg5nAlmKd02hmjgsgNKN2-OC1js0ZNVpr5exyYNNKTRcdSojI9TtK0X2ci6-E5HLQFa_Sk4uPYOJ5QquK7OFzddGt2tVm9Z_oQDV29P_QW2eOhWH9xEtxUzAmnMvFCWBADLYhAdsbsBRnsBCYPX/s320/$75.png" width="320" /></a></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiojmyAL-ZiECeOZRHctT2ys7zZjovDiGD_GPfXPRvvsk7MPGVskhWUjy45EF6mAwGi73OKJkVuZvY2hFf7P2ZcPz873H_OEbWEXtyd3Z3FiML0E1kc970NjfJEMluyanJPBwhMJoIXfOaEf55vNzwyR6JDA_KNGV3Sa3JMB4jFQH9ES6RKlUB0FEC0xXiL/s2540/LGND%201%20at%20$73.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="120" data-original-width="2540" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiojmyAL-ZiECeOZRHctT2ys7zZjovDiGD_GPfXPRvvsk7MPGVskhWUjy45EF6mAwGi73OKJkVuZvY2hFf7P2ZcPz873H_OEbWEXtyd3Z3FiML0E1kc970NjfJEMluyanJPBwhMJoIXfOaEf55vNzwyR6JDA_KNGV3Sa3JMB4jFQH9ES6RKlUB0FEC0xXiL/s320/LGND%201%20at%20$73.png" width="320" /></span></a></div><span style="font-family: georgia;"><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNlHY3MkCvv-fXVeBClDwq53lJVvd6tm1bWv24s2hsU39-83E21PIQ5jIszAufBf-SM1PVdOFeHM64IxMaBg7-hwEUiKmK-opRM2lhaB6P15l6t4fXXZacFfJbOX-aNGLb09RYZgH0ajxg3ACnRNaKADMtCtTXylirrU1LycFzRKw36c1_jIn5nwbU13Wi/s2524/1%20at%2071.8%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="226" data-original-width="2524" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNlHY3MkCvv-fXVeBClDwq53lJVvd6tm1bWv24s2hsU39-83E21PIQ5jIszAufBf-SM1PVdOFeHM64IxMaBg7-hwEUiKmK-opRM2lhaB6P15l6t4fXXZacFfJbOX-aNGLb09RYZgH0ajxg3ACnRNaKADMtCtTXylirrU1LycFzRKw36c1_jIn5nwbU13Wi/s320/1%20at%2071.8%20.png" width="320" /></a></div></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/lgnd?mod=search_symbol" style="text-align: left;">Ligand Pharmaceuticals Inc. (LGND)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $305.72</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=886163&owner=exclude">LGND SEC Filings</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/lgnd/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">LGND Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/886163/000088616324000009/lgnd-20231231.htm">SEC Filed 2023 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New average cost per share</u></i>: <b>$76.26</b> (7+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Diluted Shares Outstanding</u></i> as of 12/31/23: 17.466M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">As of 9:oo CST on 3/8/24, the last trade was at $73.13. At that price and using the share count as of 12/31/23, the market cap is only 1.277+B.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Cash and short term investments as of 12/31</u></i>: $170.309M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Given the current price, Ligand needs to be more aggressive in buying back shares IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed LGND and its relationship to </span><a href="https://www.marketwatch.com/investing/stock/vktx?mod=search_symbol" style="text-align: left;">Viking Therapeutics Inc. (VKTX)</a> in a <a href="https://tennesseeindependent.blogspot.com/2024/02/aep-arc-ava-fitb-fitb-fts-fult-megi-nsa.html?showComment=1709391603444#c7527106261478955494" style="text-align: left;">comment</a> published on 3/2/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">LGND owned 6.7M VKTX shares as of 12/31/22, but unfortunately sold 5 million shares during 2023 <b>before</b> the huge price spike in VKTX shares resulting from this announcement. <a href="https://www.prnewswire.com/news-releases/viking-therapeutics-announces-positive-top-line-results-from-phase-2-venture-trial-of-dual-glp-1gip-receptor-agonist-vk2735-in-patients-with-obesity-302072459.html" style="text-align: left;">Viking Therapeutics Announces Positive Top-Line Results from Phase 2 VENTURE Trial of Dual GLP-1/GIP Receptor Agonist VK2735 in Patients with Obesity</a> (2/27/24 Press Release)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">LGND spiked in price, possibly due to a mistaken belief that LGND owned VK2725 and had licensed that compound to VKTX, and/or LGND still owned most of its VKTX shares which was not the case. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I pointed out in a comment that LGND had licensed other compounds to VKTX, but VK2725 was not one of them. (See </span><a href="https://www.sec.gov/Archives/edgar/data/1607678/000095017024012322/vktx-20231231.htm" style="text-align: left;">Viking 2023 Annual Report at pages 10-11</a> for more information on the master license agreement with Ligand)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Among the compounds licensed by LGND to Viking, the one that is the furthest along in clinical trials is VK2809 that has so far shown promising results for treating NASH. <a href="https://www.prnewswire.com/news-releases/viking-therapeutics-presents-new-data-from-phase-2b-voyage-study-of-vk2809-in-patients-with-biopsy-confirmed-non-alcoholic-steatohepatitis-nash-at-the-liver-meeting-2023-301986439.html" style="text-align: left;">Viking Therapeutics Presents New Data from Phase 2b VOYAGE Study of VK2809 in Patients with Biopsy-Confirmed Non-Alcoholic Steatohepatitis (NASH)</a>; </span><a href="https://vikingtherapeutics.com/pipeline/metabolic-disease-program/vk2809/" style="text-align: left;">Viking Therapeutics VK2809 - Viking Therapeutics</a><span> LGND has licensed it to VKTX in exchange for milestone payments and mid-single digit royalties. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Summary of VK2809 Trials: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span></span></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><span><span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7DDat7nbYJ5R-5g2EH2h2fgbbO0uf0Dujo1g_d6bPpnqX_dyLRgq1UZdNUEgHLkCZJYyrAq2R2ICmRhvg_U3q3OIr8Lgb68SAl3vlwIJwI7Sy93Wko-JLYDyou633gYAfeXw_0ZIs8j3jPrL6Wr7e_eTjMRcHfbqToYiMfCMq2gqOn0wnf_kKm7BSvrB1/s3378/Screenshot%202024-03-07%20at%206.31.22%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1074" data-original-width="3378" height="102" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7DDat7nbYJ5R-5g2EH2h2fgbbO0uf0Dujo1g_d6bPpnqX_dyLRgq1UZdNUEgHLkCZJYyrAq2R2ICmRhvg_U3q3OIr8Lgb68SAl3vlwIJwI7Sy93Wko-JLYDyou633gYAfeXw_0ZIs8j3jPrL6Wr7e_eTjMRcHfbqToYiMfCMq2gqOn0wnf_kKm7BSvrB1/s320/Screenshot%202024-03-07%20at%206.31.22%E2%80%AFAM.png" width="320" /></a></span></span></span></div><span style="font-family: georgia;"><span><span><br /></span></span><a href="https://www.sec.gov/Archives/edgar/data/1607678/000095017024012322/vktx-20231231.htm" style="text-align: left;">Viking 2023 Annual Report at pages 4-5</a> </span><div><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;">Other Ligand licenses to Viking: <a href="https://vikingtherapeutics.com/pipeline/other-pipeline-programs/vk0612/">Viking Therapeutics VK0612</a> and <a href="https://vikingtherapeutics.com/pipeline/rare-disease-programs/vk0214/">Viking Therapeutics VK0214</a> (See <a href="https://www.sec.gov/Archives/edgar/data/1607678/000095017024012322/vktx-20231231.htm" style="text-align: left;">Viking 2023 Annual report</a> at pages 5-6 for more information on VK0214 and page 8 for VK0612) There is also a license on something called Oral EPO, which I believe stands for <span style="background-color: white; text-align: left;">Erythropoietin that stimulates red blood cell production. </span><a href="https://vikingtherapeutics.com/pipeline/other-pipeline-programs/epor-agonist-program/" style="text-align: left;">EPOR Agonist Program - Viking Therapeutics</a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">As discussed previously, LGND is a drug discovery firm that does not take on the financial risks associated with clinical trials, the costs associated with securing marketing approvals, manufacturing or marketing after approval. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">LGND does have an approved compound that it markets, Captisol, but does not manufacture it. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Captisol is used by other drug manufacturers to optimize the stability and solubility of their drugs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Captisol was used by Gilead for its Covid drug remdesivir. For those use, LGND generated a total of $228.89M in revenues in 2021-2022 but <b>none</b> in 2023 for that use. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The primary user of Captisol now is Amgen in its cancer drug Kyprolis. </span></p><p style="text-align: justify;"><a href="https://www.captisol.com/technology"><span style="font-family: georgia;">Technology-Captisol</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/886163/000088616324000009/lgnd-20231231.htm">Captisol Patent Information at pages 5 and 18, LGND 2023 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Ligand recently received FDA approval to market Zelsuvmi, a topical treatment used to treat moluscum which is expected to be available during the second half of 2024. </span><a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2024/U.S.-Food-and-Drug-Administration-Approves-ZELSUVMI-as-a-First-in-Class-Medication-for-the-Treatment-of-Molluscum-Contagiosum/default.aspx" style="text-align: left;">Ligand Pharmaceuticals Incorporated - U.S. Food and Drug Administration Approves ZELSUVMI™ as a First-in-Class Medication for the Treatment of Molluscum Contagiosum</a> This product was originally developed by Novan Pharmaceuticals who filed for bankruptcy. Ligand bought Novan's assets <a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2023/Ligand-Acquires-Assets-Of-Novan-Inc.-For-12.2-Million/default.aspx" style="text-align: left;">Ligand Acquires Assets of Novan, Inc. for $12.2 Million</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">My gut has informed me that Ligand's current share price reflects it existing revenue streams from Captisol sales and royalties from approved compounds sold by other drug companies. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">What is not known is how many drugs currently in trials may ultimately be approved and how much in milestone payments and royalties LGND will receive from those compounds. The gut part of the equation is that not much of that potential stream of revenues and profits is baked into the current share price IMO. Predicting the future is inevitability problematic and generally amounts to nothing but guesses however. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Licenses for Existing Approved Compounds: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMavvjznWCtoVwUaCvdSrdDOnY3kaxbknPlxfjjjjFRlXf-HLa0WFPDdHT7Mffv6nvbaLIinn4nBUBYjlJQ0BlSxPidl3niU059dD_B6bvbk3G98EgzrgZfMxAzb8QtxwNWEz3YO0fl7PK3-owTIhGoSiwt8zpekfNXo42XcipQwvyCJC-3HqO1yf9mnkL/s3128/Screenshot%202024-03-02%20at%2010.22.42%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="666" data-original-width="3128" height="68" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMavvjznWCtoVwUaCvdSrdDOnY3kaxbknPlxfjjjjFRlXf-HLa0WFPDdHT7Mffv6nvbaLIinn4nBUBYjlJQ0BlSxPidl3niU059dD_B6bvbk3G98EgzrgZfMxAzb8QtxwNWEz3YO0fl7PK3-owTIhGoSiwt8zpekfNXo42XcipQwvyCJC-3HqO1yf9mnkL/s320/Screenshot%202024-03-02%20at%2010.22.42%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">P. 7 Annual Report</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Licenses for Products in Trials: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibOCvmo0micIrKRUz9HAZJqBKdQLHV5kMAkAy4ebPLX3mc6uqmiyk3QxUzJJo20c72c96uyNP2OUEq_nFOiuAl4loaa2-QWYo8QwOF2doilMvQc37gSh847_wO07eVA35Z8-SN-nf_QvhLRMC3OQo0O-PFqxSmPLqlW4vgchw0xuDugTu4VDxM7BnWPAKs/s3108/Screenshot%202024-03-02%20at%2010.24.03%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="700" data-original-width="3108" height="72" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibOCvmo0micIrKRUz9HAZJqBKdQLHV5kMAkAy4ebPLX3mc6uqmiyk3QxUzJJo20c72c96uyNP2OUEq_nFOiuAl4loaa2-QWYo8QwOF2doilMvQc37gSh847_wO07eVA35Z8-SN-nf_QvhLRMC3OQo0O-PFqxSmPLqlW4vgchw0xuDugTu4VDxM7BnWPAKs/s320/Screenshot%202024-03-02%20at%2010.24.03%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">P.11 Annual Report</span></td></tr></tbody></table><span style="font-family: georgia;"></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The status of the clinical trials is discussed at pages 11-13.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Full product portfolio: pages 13-15</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Primrose Bio</u></i>: LGND also has financial arrangements with a private company called Primrose Bio that includes common (49.9%) and preferred stock. (Pages 6, 19, 74-75) I would not even attempt a guess as to how much that stake may be worth down the road. </span><a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2023/Ligand-Spins-Out-And-Merges-Pelican-Subsidiary-With-Primordial-Genetics-To-Form-Primrose-Bio/default.aspx" style="text-align: left;">Ligand Pharmaceuticals Incorporated - Ligand Spins Out and Merges Pelican Subsidiary with Primordial Genetics to Form Primrose Bio</a>; </span><a href="https://www.marketscreener.com/quote/stock/LIGAND-PHARMACEUTICALS-IN-17306/news/Primordial-Genetics-Inc-acquired-Pelican-Technology-Holdings-Inc-from-Ligand-Pharmaceuticals-Inc-44896118/" style="text-align: left;">Primordial Genetics, Inc. acquired Pelican Technology Holdings, Inc. from Ligand Pharmaceuticals Incorporated for $49.2 million. -September 17, 2023 </a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i><span>: None and none expected</span></span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/886163/000088616324000005/q42023earningsrelease_ex991.htm" style="text-align: left;">SEC Filed Earnings Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Diluted Shares: 17.676M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $1.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. $1.33</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. excluding gain from selling VKTX Shares: $1.05</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Guidance: "The Company expects 2024 royalties ranging from $90 million to $95 million, sales of Captisol ranging from $25 million to $27 million and contract revenue ranging from $15 million to $20 million. These revenue components result in total revenue forecast of $130 million to $142 million. Ligand notes that with total revenue of $130 million to $142 million, adjusted earnings per diluted share are expected to range from approximately $4.25 to $4.75."</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Viking</u></i>: I also sold </span><a href="https://www.marketwatch.com/investing/stock/vktx?mod=search_symbol" style="text-align: left;">Viking Therapeutics Inc. (VKTX)</a><span> </span>too early based on subsequent developments. <a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 1.A. Sold 30 VKTX at $22.84 (5/20/23 Post)</a>(profit snapshot = <span style="color: #6aa84f;">$511.7</span>). The average cost per share was <b>$4.45</b> for those 30 shares. </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIs1Gb2lDVKyjJ69j4jYEx4wwvKyqTgjXv1Hc_s_Z2ksp9Wxf9AtnNOCqcZKR-YpTnQy47ClcTpkod_Bgh3zEUe2Wo1vWRVNwgnJwsoVRGzJMzdCj4crE31o8SaiNnl_ub3_2MDO-Wdpp88AAghVg3UpBIEQPQapySvZ0eWq9uM0velikFyptJW7jIait8/s2948/2023%20VKTX%2030%20Shares%20+$578.87%20.jpg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="722" data-original-width="2948" height="78" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIs1Gb2lDVKyjJ69j4jYEx4wwvKyqTgjXv1Hc_s_Z2ksp9Wxf9AtnNOCqcZKR-YpTnQy47ClcTpkod_Bgh3zEUe2Wo1vWRVNwgnJwsoVRGzJMzdCj4crE31o8SaiNnl_ub3_2MDO-Wdpp88AAghVg3UpBIEQPQapySvZ0eWq9uM0velikFyptJW7jIait8/s320/2023%20VKTX%2030%20Shares%20+$578.87%20.jpg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Includes 5 shares sold earlier in 2023 </span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><span>If I had waited until March to sell at say $90, the profit would have been about $2,557. My reasoning was that two large drug companies, Eli Lilly and Novo Nordisk already had FDA approvals for weight loss drugs and there was another drug company, Madrigal, that was further along in receiving approval for a NASH drug. I can understand why LGND sold too early as well. </span><a href="https://www.cnbc.com/2024/03/07/novo-nordisk-shares-jump-5percent-on-promising-weight-loss-trial-results-eli-lilly-dips.html" style="text-align: left;">Novo Nordisk shares jump 5% on promising weight loss trial results; Eli Lilly dips</a> (3/7/24)(the response is to another Novo weight loss drug called amycretin) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">On a more positive note, Viking now has a lot more money that can be deployed in advancing clinical trials of the compounds that are subject to Ligand's license agreements. Earlier this month, Viking sold 6,471,000 common shares in a public offering at $85. The proceeds before Viking's expenses and after the underwriters discount of $4.69+ per share was at $80.3+, raising $519.658+M. Up to another 970,500 shares may be bought by the underwriters under the greenshoe. <a href="https://www.sec.gov/Archives/edgar/data/1607678/000095017024023848/vktx-2024-03-01-424b5.htm" style="text-align: left;">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I collected a number of LGND press releases which highlights its business approach: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2024/Ligand-Partner-Eisai-Receives-Approval-in-Japan-for-Injection-Formulation-of-Antiepileptic-Drug-Fycompa/default.aspx">Ligand Partner Eisai Receives Approval in Japan for Injection Formulation of Antiepileptic Drug Fycompa®</a> (2/22/24). Fycompa is formulated with Captisol. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2023/Ligand-Acquires-Royalty-On-Sanofis-Tzield-For-20-Millio/default.aspx">Ligand Acquires Royalty on Sanofi’s TZIELD® for $20 Million</a> (11/1/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2023/Ovid-Therapeutics-And-Ligand-Pharmaceuticals-Enter-Into-A-30-Million-Agreement-For-A-13-Interest-In-Soticlestat-Royalties-And-Milestones-Extending-Ovids-Cash-Runway-Into-2026/default.aspx">Ovid Therapeutics and Ligand Pharmaceuticals Enter into a $30 Million Agreement for a 13% Interest in Soticlestat Royalties and Milestones Extending Ovid’s Cash Runway into 2026</a> (10/18/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2023/Ligands-Partner-Jazz-Pharmaceuticals-Receives-European-Commission-Approval-For-Enrylaze-A-Recombinant-Erwinia-Asparaginase-Or-Crisantaspase-For-The-Treatment-Of-Acute-Lymphoblastic-Leukemia-And-Lymphoblastic-Lymphoma/default.aspx">Ligand’s Partner Jazz Pharmaceuticals Receives European Commission Approval for Enrylaze® (a recombinant Erwinia asparaginase or crisantaspase) for the Treatment of Acute Lymphoblastic Leukemia and Lymphoblastic Lymphoma</a> 9/22/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investor.ligand.com/news-and-events/press-releases/news-details/2023/Ligands-Collaborator-Merck-Announces-V116-An-Investigational-21-Valent-Pneumococcal-Conjugate-Vaccine-Specifically-Designed-For-Adults-Met-Key-Immunogenicity-And-Safety-Endpoints-In-Two-Phase-3-Trials/default.aspx">Ligand’s Collaborator Merck Announces V116, an Investigational, 21-valent Pneumococcal Conjugate Vaccine Specifically Designed for Adults, Met Key Immunogenicity and Safety Endpoints in Two Phase 3 Trials</a> (7/27/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Sells</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am continuing to reduce my allocation to regional bank stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">There are several reasons for this reduction: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(1) year-over-year declines in E.P.S. and net interest margins; </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(2) increasing problems with commercial real estate loans particularly for offices; </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(3) overall poor dividend growth over the past five years for several regional bank stocks; </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(4) stock charts consistent with an ongoing bear market with no clear signs that stock rallies can be sustained; </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(5) the FDIC special assessment. <a href="https://www.fdic.gov/news/financial-institution-letters/2023/fil23058.html" style="text-align: left;">FDIC: Final Rule on Special Assessment Pursuant to Systemic Risk Determination</a> While I understand why it was necessary for the FDIC to levy a special assessment after covering uninsured deposits at three banks that failed last year, Silicon Valley being the first, I do not like the concept of one company paying for the failures of another, which is necessary in the banking industry; and </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>(6) </span><span>Another issue is the sudden discovery of substantial loan losses which recently resulted in a substantial price decline for </span><a href="https://www.marketwatch.com/investing/stock/nycb?mod=search_symbol" style="text-align: left;">New York Community Bancorp Inc. (NYCB)</a><span> With banks, the existence of cockroach hotel may be hidden under a thin veneer of positive financial metrics that do not reflect the true financial condition of the bank. </span><a href="https://www.cnbc.com/2024/03/01/wall-street-worries-about-nycbs-loan-losses-and-deposit-levels.html" style="text-align: left;">Wall Street worries about NYCB's loan losses and deposit levels</a> NYCB was saying everything was just fine, non-performing loans were low, and then it slashed the dividend, added $552M to its loan loss reserves, disclosed that two major loans were significantly impaired that contributed to <a href="https://ir.mynycb.com/news-and-events/news-releases/press-release-details/2024/NEW-YORK-COMMUNITY-BANCORP-INC.-REPORTS-RECORD-RESULTS-FOR-2023/default.aspx#:~:text=%E2%80%93%20During%20the%20fourth%20quarter%2C%20the,driven%20by%20just%20two%20loans." style="text-align: left;">$185M</a> in net charge offs taken in the 4th quarter, fired its risk control officers, sacked its CEO, declared a <a href="https://www.nasdaq.com/articles/new-york-community-nycb-q4-loss-widens-on-goodwill-impairment" style="text-align: left;">$2.4B</a> impairment charge and said that it found material weakness in its risk management, all occurring over about a 2 week period in February and early March. <a href="https://www.sec.gov/Archives/edgar/data/910073/000119312524053473/d785925dnt10k.htm" style="text-align: left;">SEC Filing on Material Weakness in internal controls, risk assessments and monitoring activities</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The same concept as the FDIC special assessment was in play when the FED started its Jihad Against Savers in 2008 in order to repair the economy tanked by reckless and imprudent loans made by the Masters of Disaster of who earned millions for their failures and financial "innovations" like the CDO machine described in <a href="https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf" style="text-align: left;">The Financial Crisis Inquiry Report.pdf</a> at pages 127-153; 223-230. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>A. Eliminated FFBC - Sold 60+ at $21.52</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqVGxK5YqZ3A_jC9A_Q8RenfTS_lmiyhbh9johiSK7LYF66kWudHuktxMXoFn42bn5nezkCCjS4KHao11gUZvwxwRWdaDrvyM8frxYWSYSfUYPWGmXmXFgXfcuH9h7HQcAyF4uzy3y5ux-LFbOtNFg2UbA2LWRWJmNbpUNta3D85sCv9gPO2ShG-1FoRzK/s2546/sold%2060+%20at%2021.52%20FFBC%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="248" data-original-width="2546" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqVGxK5YqZ3A_jC9A_Q8RenfTS_lmiyhbh9johiSK7LYF66kWudHuktxMXoFn42bn5nezkCCjS4KHao11gUZvwxwRWdaDrvyM8frxYWSYSfUYPWGmXmXFgXfcuH9h7HQcAyF4uzy3y5ux-LFbOtNFg2UbA2LWRWJmNbpUNta3D85sCv9gPO2ShG-1FoRzK/s320/sold%2060+%20at%2021.52%20FFBC%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/ffbc?mod=search_symbol" style="text-align: left;">First Financial Bancorp (Ohio) (FFBC)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,295.31</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>As of 12/31/23, FFBC's operating bank, First Financial Bank, operated 130 full service banking centers located in </span><span style="text-align: left;">Ohio, Indiana, Kentucky and Illinois.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/ffbc/analystestimates?mod=mw_quote_tab">FFBC Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=708955&owner=exclude"><span style="font-family: georgia;">FFBC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$358.63</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjziG1LJDRk8a5ak0vEqQAi0b1qUl1Vy9G7sSZivNzPModcF5-enWohQlXKwjkO9lDyawpygG0F-_050Pq1sNXme1NUbWqeqTazu8twgwBLT_JO0I8VEJbfxlHgBdddw8lN4NWIjujbpxNCJgD36jP1-O8lc4Eq9b7SwJ34zr0JexayngwGJny-q2m73jMo/s1966/2024%20FFBC%2060+%20Shares%20+$358.63%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1106" data-original-width="1966" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjziG1LJDRk8a5ak0vEqQAi0b1qUl1Vy9G7sSZivNzPModcF5-enWohQlXKwjkO9lDyawpygG0F-_050Pq1sNXme1NUbWqeqTazu8twgwBLT_JO0I8VEJbfxlHgBdddw8lN4NWIjujbpxNCJgD36jP1-O8lc4Eq9b7SwJ34zr0JexayngwGJny-q2m73jMo/s320/2024%20FFBC%2060+%20Shares%20+$358.63%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/11/ahh-ahhpra-bbdc-cl-fdn-ffbc-googl-nwl.html" style="text-align: left;">Item # 5.A. Pared FFBC in Fidelity Account- Sold 20+ at $25.5 and Item # 5.B. Eliminated FFBC in Vanguard Account -Sold 10 at $25.89 (11/29/22 Post)</a>(profit snapshots = $184.33) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.23 per share, <b>last raised from $.22</b> effective for the <b>2019 third quarter payment</b>. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/ffbc/dividend-history">FFBC Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/29/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): <a href="https://www.sec.gov/Archives/edgar/data/708955/000070895524000008/a8k4q23earningsreleaseex991.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Diluted GAAP E.P.S. = $.60, down from $.73</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.62 (among other items, this number excluded the FDIC special assessment)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 4.26%, down from 4.47%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">While NIM declined, the 4.26% number is still better than most banks reported in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .6%, up from .39% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">While .6% is not in the problematic range IMO, the upward trend over the past year is concerning. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .38%, up from .23%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .46% up from a net recovery of .01%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As with the NPL Ratio, the .46% charge off ratio is not yet problematic but the uptrend is concerning. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROTE: 21.36%, down from 29.93%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $12.38, up from $9.87 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Other Sell Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2021/04/d-gdo-ffbc-fiw-gdo-hope-irm-kio-mbt-oge.html" style="text-align: left;">Item # 1.N. Pared FFBC in Fidelity Account - Sold 25 Shares at $26.2 - Highest Cost Lots (4/1/21 Post)</a>(profit snapshot = $30.91); <a href="https://tennesseeindependent.blogspot.com/2017/03/observations-and-sample-of-recent_25.html" style="text-align: left;">Item # 3.A. Sold 84+ FFBC <b>at $28.1 </b>(<b>3/24/17</b> Post)</a>(profit snapshot = <span style="color: #6aa84f;">$1,129.21</span>); <a href="https://seekingalpha.com/instablog/434935-south-gent/4904182-update-for-regional-bank-basket-strategy-of-8-18-2016" style="text-align: left;">Item # 4 Sold 52 FFBC at $21.25-Update For Regional Bank Basket Strategy As Of 8/18/2016 - South Gent | Seeking Alpha</a> (profit snapshot = $280.72); <a href="https://seekingalpha.com/instablog/434935-south-gent/4898751-update-for-regional-bank-basket-strategy-of-7-12-16" style="text-align: left;">Item # 1 Sold 50 FFBC at $20.11-Update For Regional Bank Basket Strategy As Of 7/12/16 - South Gent | Seeking Alpha</a> (profit snapshot = $215.98); <a href="https://seekingalpha.com/instablog/434935-south-gent/4874925-update-for-regional-bank-basket-strategy-of-5-4-16" style="text-align: left;">Item # 3 Sold 50 FFBC at $19.25 Update For Regional Bank Basket Strategy As Of 5/4/16 - South Gent | Seeking Alpha</a> (profit snapshot = $52.76); <a href="http://tennesseeindependent.blogspot.com/2013/12/kfnp-jzjfired-robert-arnott-sold-entire.html" style="text-align: left;">Item # 4 Sold 57 FFBC at $17.03-Highest Cost Shares (12/23/13)</a></span></p><div><span style="font-family: georgia;"><span style="text-align: justify;">FFBC Realized Gains to Date: </span><span style="color: #6aa84f; text-align: justify;">$2,515.54</span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><u><b>B. Eliminated RF - Sold 20+ at $18.36</b></u></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQifiIp4xU8iJpgWYmX_98EmZf7B4Eo7phCteHwvtHTmRP9XiHQJM7BF4BB_kqoySrJhEEuak_BCwXgQHy111n6tJFBH40eMEOLUoDs1ylPIr5u64XD_xvHDvtMO0yFJ63bhoa9Vrbab-2sHzsDu8NXk8S-aXM-TSr9921eeXXJH1m1LPnnA2wqx5jLDRP/s2548/RF%20sold%2020+%20at%20$18.36.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="248" data-original-width="2548" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQifiIp4xU8iJpgWYmX_98EmZf7B4Eo7phCteHwvtHTmRP9XiHQJM7BF4BB_kqoySrJhEEuak_BCwXgQHy111n6tJFBH40eMEOLUoDs1ylPIr5u64XD_xvHDvtMO0yFJ63bhoa9Vrbab-2sHzsDu8NXk8S-aXM-TSr9921eeXXJH1m1LPnnA2wqx5jLDRP/s320/RF%20sold%2020+%20at%20$18.36.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote </span><a href="https://www.marketwatch.com/investing/stock/rf?mod=search_symbol" style="text-align: left;">Regions Financial Corp. (RF)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $374.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/rf/analystestimates?mod=mw_quote_tab">RF Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$191.53</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbjYlSf_BtR-sjj8wXvJlVrhNPtJSSt-D_odgESQ0Qon23L8OMqKW1g4v-i-XutC1oDdLa9mRmHxFMm8LKb4q0mnCw0MnafXk_7UMGIeh7ai-Lw_lPd6WobntQfExB8uq1aOM53Z9TsVvL362QpwY9iM2ng-qazO4x0sKXjOP1gIiMNOLKTVHfQT7gWoxe/s1974/2024%20RF%2020+%20Shares%20+$191.53%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="474" data-original-width="1974" height="77" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbjYlSf_BtR-sjj8wXvJlVrhNPtJSSt-D_odgESQ0Qon23L8OMqKW1g4v-i-XutC1oDdLa9mRmHxFMm8LKb4q0mnCw0MnafXk_7UMGIeh7ai-Lw_lPd6WobntQfExB8uq1aOM53Z9TsVvL362QpwY9iM2ng-qazO4x0sKXjOP1gIiMNOLKTVHfQT7gWoxe/s320/2024%20RF%2020+%20Shares%20+$191.53%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/02/amcr-arow-buse-cznc-eprt-feny-fsmex-gdo.html" style="text-align: left;">Item #1.B. Sold 2 RF at $22.13 (2/10/22 Post)</a>(profit snapshot = $24.84) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Substantive Buy Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2020/04/bdnchn-fhn-gdo-good-maptx-mcdfx-mspra.html" style="text-align: left;">Item # 3.C. Added 5 RF at $10.37; 5 at $9.3; 5 at $8; 5 at $7.5 (4/11/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend History</i></u>: Quarterly at $.24 per share, last raised from $.20 effective for the 2023 4th quarter payment. The quarterly rate was $.38 per share in 2008 before being slashed to $.10 and then to $.01. My working assumption is that the dividend will be slashed again before it gets back to the $.38 quarterly rate again. </span></p><div><a href="https://www.nasdaq.com/market-activity/stocks/rf/dividend-history" style="text-align: justify;"><span style="font-family: georgia;">RF Dividend History | Nasdaq</span></a></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/29/24</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): <a href="https://www.sec.gov/Archives/edgar/data/1281761/000128176124000003/rf-20231231xexhibit991.htm">SEC Filed Press Release</a> </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">GAAP E.P.S. $.39, down from $.7</span></div><div><span style="font-family: georgia;">Non-GAAP E.P.S. =$.52</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">NIM: 3.6%, down from 3.99%</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Charge off ratio: .54%, up from .35%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I am not going to pay much attention to the NPL ratio as defined by RF which excludes loans held for sale. Even with that exclusion, the NPL ratio is .82%, up from .52%.</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><u><i>Lowest Price Paid to Date</i></u>: <a href="https://tennesseeindependent.blogspot.com/2009/03/buys-of-dkf-aa-and-lottery-ticket-in-50.html">Bought 50 RF at $3.47 (3/12/2009 Post)</a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>RF Realized Gains to Date</u></i>: </span><span style="color: #6aa84f; font-family: georgia;">$517.16</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>C. Eliminated BHB - Sold 20 at $24.93</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPUadlBLXZsiis0FKAZQsHAty2EDh3jYyEBTODk2QfSvt8HoA6_Mxj-TmwlppE1FYGfoIJ3dHPDu6QsXnc2a8oBDsPk9m7ew1Kq8lzGfOOm8ANzPzxsCimQp0Rp5YarFlXUTKbLbpWci96o-5cPxIV3U-G2n6g9EmPeg2KPsPZvS_jqH3-0Y4OlQzXdb2v/s2584/BHB%20sold%2020%20at%20$24.93%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="286" data-original-width="2584" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPUadlBLXZsiis0FKAZQsHAty2EDh3jYyEBTODk2QfSvt8HoA6_Mxj-TmwlppE1FYGfoIJ3dHPDu6QsXnc2a8oBDsPk9m7ew1Kq8lzGfOOm8ANzPzxsCimQp0Rp5YarFlXUTKbLbpWci96o-5cPxIV3U-G2n6g9EmPeg2KPsPZvS_jqH3-0Y4OlQzXdb2v/s320/BHB%20sold%2020%20at%20$24.93%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span><br /></span></div>Quote: </span><a href="https://www.marketwatch.com/investing/stock/bhb?mod=search_symbol">Bar Harbor Bankshares (BHB)</a> </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $498.60</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=743367">BHB SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/bhb/analystestimates?mod=mw_quote_tab">BHB Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$169.35</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZrSqBz3eUTs8VchlDe26RHBRDuczTZla73EXkB5yT0MvO2INRk4_MPHcZCxRmoQRo1DjtpSvLa4SYfZ4bDAa4CzUl7KJ983WRGvVtWVlnDv39QpX-xfSCdkkaNPEqy3TdaHyAuw8GFQN2WBU0FHpE0-282WfNCfmd2tnMJxMhbdn0alTbyP6EgEcqYEJm/s2442/2024%20BHB%2020%20Shares%20+$169.35%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="432" data-original-width="2442" height="57" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZrSqBz3eUTs8VchlDe26RHBRDuczTZla73EXkB5yT0MvO2INRk4_MPHcZCxRmoQRo1DjtpSvLa4SYfZ4bDAa4CzUl7KJ983WRGvVtWVlnDv39QpX-xfSCdkkaNPEqy3TdaHyAuw8GFQN2WBU0FHpE0-282WfNCfmd2tnMJxMhbdn0alTbyP6EgEcqYEJm/s320/2024%20BHB%2020%20Shares%20+$169.35%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/01/bdn-bhb-cizn-dea-elc-emp-eprprc-gty.html" style="text-align: left;">Item # 3. Pared BHB - Sold 10 at $31.4 (1/2/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.28 per share, last raised from $.26 effective for the 2023 second quarter payment) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/bhb/dividend-history" style="text-align: left;">BHB Dividend History | Nasdaq</a> (This data is unadjusted for 2 stocks splits that occurred in 2014 and 2017. I owned shares prior to each split)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/14/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/743367/000155837024000436/bhb-20240123xex99d1.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. $.65, down from $.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.68, down from $.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM = <span style="color: red;">3.17%, down from 3.76%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency ratio: 61.38%, up from 58.19%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The remaining numbers are good:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .07% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .18%, down from .23%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .14%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $20.28; up from $17.78 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Some Other Sell Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2022/12/aqn-argopra-bhb-dea-ftklx-hppprc-jqc.html" style="text-align: left;">Item # 3.E. Eliminated BHB in in Vanguard and Schwab Accounts - Sold 10 at $30.69 and 5 at $30.74 (12/20/22 Post)</a>(profit snapshots = $66.33); <a href="https://tennesseeindependent.blogspot.com/2022/12/aqn-bhb-cto-cvx-fidu-nrim-nwl-sji-spyd.html" style="text-align: left;">Item # 4.D. Pared BHB in Fidelity Account - Sold 10 at $30 (12/6/22)</a>(profit snapshot = $79.15);<span> </span><a href="https://tennesseeindependent.blogspot.com/2021/12/bhb-cduaf-cxp-fbio-ifra-mmm-nomd-qqq.html" style="text-align: left;">Item # 3.E. Pared BHB in Fidelity Account - Sold 2 at $31.5 (12/16/21 Post)</a><span>(profit snapshot = $18.43);</span><span> </span><a href="https://tennesseeindependent.blogspot.com/2021/03/bhb-cc-cxp-cznc-dpg-fdus-fhb-flo-fnb.html" style="text-align: left;">Item # 1.I. Pared BHB-Sold 10 at $28.5 and 5 at $30.5-highest cost lots in Fidelity Taxable Account (3/20/21 Post)</a><span>(profit snapshot = $95.46)</span><span>: </span><a href="https://tennesseeindependent.blogspot.com/2020/12/bhb-caty-cnp-fisi-flo-fnf-hbnc-irm-kr.html" style="text-align: left;">Item # 3.A. Pared BHB-Sold 40 at $24.48-highest cost lots in Fidelity taxable account (12/5/20 Post)</a><span>(profit snapshot = $38.17)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/05/observations-and-sample-of-recent_18.html" style="text-align: left;">Item # 3.B. Eliminated BHB-Sold 54+ Shares at $26.34 (5/18/19 Post)</a><span>(profit snapshot = $131.1)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2018/07/observations-and-sample-of-recent_15.html" style="text-align: left;">Item # 1.A. Sold 100 BHB at $30.69-Used Commission Free Trade (7/15/18 Post)</a><span>(profit snapshot = </span><span style="color: #6aa84f;">$1,718.56</span><span>) </span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2018/05/observations-and-sample-of-recent_21.html" style="text-align: left;">Item # 1.A. Sold 50 BHB at $30.02 (5/21/18 Post)</a><span>(profit snapshot = </span><span style="color: #6aa84f;">$666.96</span><span>)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2018/04/observations-and-sample-of-recent_26.html" style="text-align: left;">Item #3.A. Sold 100 BHB at $29.55 (4/26/18 Post)</a><span>(profit snapshot = </span><span style="color: #6aa84f;">$682.94</span><span>) </span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2018/03/observations-and-sample-of-recent_25.html" style="text-align: left;">Item # 1. A. Sold 30 BHB at $29.42 (3/25/18 Post)</a><span>(profit snapshot = $41.02)</span><span>; </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4880022-update-for-regional-bank-basket-strategy-of-5-6-2016" style="text-align: left;">Sold 100 BHB Update For Regional Bank Basket Strategy As Of 5/6/2016 - South Gent | Seeking Alpha</a><span> (profit snapshot = </span><span style="color: #6aa84f;">$936.96</span><span>)</span></span></p><div><span style="font-family: georgia; text-align: justify;">BHB Realized Gains to Date: </span><span style="color: #6aa84f; font-family: georgia; text-align: justify;">$4,903.92</span></div><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><i><u>D. Eliminated WBS - Sold 10 at $47.23</u></i></b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7uOFLUZaJ0mT0x37l1I5Cn8TbWm3g4vGungCYmWhXHEEtQfCQOJ_OqlHIK5_kxj_C1lSATTv3zD1ltDE_CR2b2vHxjtwTqBV4W64TYiyfnbhT29yp-cBwnnb2UUg76mef35gdg6wVvSknHN6HC4_Xu8jd-vBRB3U5xywMQKSIxwNseMLnCAiGoGX2pofM/s2530/Sold%2010%20wBS%20at%20$47.23%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="238" data-original-width="2530" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7uOFLUZaJ0mT0x37l1I5Cn8TbWm3g4vGungCYmWhXHEEtQfCQOJ_OqlHIK5_kxj_C1lSATTv3zD1ltDE_CR2b2vHxjtwTqBV4W64TYiyfnbhT29yp-cBwnnb2UUg76mef35gdg6wVvSknHN6HC4_Xu8jd-vBRB3U5xywMQKSIxwNseMLnCAiGoGX2pofM/s320/Sold%2010%20wBS%20at%20$47.23%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/wbs?mod=search_symbol" style="text-align: left;">Webster Financial Corp. (WBS)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $472.32</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/wbs/analystestimates?mod=mw_quote_tab">WBS Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=801337"><span style="font-family: georgia;">SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/801337/000080133724000007/wbs-20231231.htm">SEC Filed 2023 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$216.91</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKqm8aGAbb1PULBpsVRLScoi1PJspSn3uJMAcvYbrfKxbFCFa8b-D6DrEODBoWn2ifgyk7hLcTNV54D5-TCN8o0huNwdLReWjlV8vWAUrEgXhKMPrUqWRX2AaamuWxr7CJ9oDAVwpamdl3KsySRyXG4VmxSKYeLKW0-LTmO1JxHKV1eLZnYxiLr-AqR3gj/s1960/2024%20WBS%2010%20Shares%20+$216.91%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="342" data-original-width="1960" height="56" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKqm8aGAbb1PULBpsVRLScoi1PJspSn3uJMAcvYbrfKxbFCFa8b-D6DrEODBoWn2ifgyk7hLcTNV54D5-TCN8o0huNwdLReWjlV8vWAUrEgXhKMPrUqWRX2AaamuWxr7CJ9oDAVwpamdl3KsySRyXG4VmxSKYeLKW0-LTmO1JxHKV1eLZnYxiLr-AqR3gj/s320/2024%20WBS%2010%20Shares%20+$216.91%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2020/10/bdge-brkl-csco-dbx-ebtc-evrg-fivg-fncl.html" style="text-align: left;">Item # 1.H. Added to WBS - Bought 1 at $25.5; 1 at $25.08; 1 at $24.82; 1 at $24.6; 1 at $24.4 (10/17/20 Post);</a> <a href="https://tennesseeindependent.blogspot.com/2020/08/bam-brgpra-fcf-fivg-jcap-jcaprb-kgfhy.html" style="text-align: left;">Item # 4.A. Restarted WBS-Bought 5 at $26.2 (8/29/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.4 per share, last raised from $.33 effective for the 2019 first quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/2/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/801337/000080133724000003/exhibit991earningsrelease4.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $1.05, down from $1.38 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. $1.46 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjustments: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlZYlARZtl69sXdlL7PXoSmTeymZF0ss31ySdDL6KMYu-mkpb0qt3rcDB5tfs2AIzaTeSHqAvcX3fE3aUtm0Jhizse0n7_c-OJvLi715ZRHZYpGymDkoSeeHKkA7U8Crg1IS3UYxUcoNzA-5qzLaXnl-s0oAQXd_1zDKng46vA74g-s_Dg2pFt0Cr4jIC2/s3338/Screenshot%202024-03-04%20at%206.28.41%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="320" data-original-width="3338" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlZYlARZtl69sXdlL7PXoSmTeymZF0ss31ySdDL6KMYu-mkpb0qt3rcDB5tfs2AIzaTeSHqAvcX3fE3aUtm0Jhizse0n7_c-OJvLi715ZRHZYpGymDkoSeeHKkA7U8Crg1IS3UYxUcoNzA-5qzLaXnl-s0oAQXd_1zDKng46vA74g-s_Dg2pFt0Cr4jIC2/s320/Screenshot%202024-03-04%20at%206.28.41%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 3.42%, down from 3.74%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 43.04%, up from 40.27% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .41%, unchanged </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off Ratio: .27%, up from .17%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coverage Ratio: 303.39% (allowance for credit losses to nonperforming loans)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Equity Preferred Stock</u></i>: I see have a small ball position in a WBS equity preferred stock. </span><a href="https://finance.yahoo.com/quote/WBS-PG?.tsrc=fin-srch" style="text-align: left;">WBS-PG</a>; <a href="https://tennesseeindependent.blogspot.com/2023/05/ccnep-cubipre-eai-egbn-fhn-fidu-fultp.html" style="text-align: left;">Item # 2.D. Added to WBSPRG - Bought 3 at $17.94 (5/13/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/04/ccap-fult-hppprc-htbk-nbb-nwbi-ocsl-opi.html" style="text-align: left;">Item # 1.J. Added to WBSPRG - Bought 2 at $19.05 (4/1/2023 Post)</a>;<a href="https://tennesseeindependent.blogspot.com/2022/11/abbv-argo-argd-cag-cfg-dgx-fnb-ftklx.html" style="text-align: left;">Item # 5.E. Bought 5 WBSPRG at $22.8 (11/8/22 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>WBS SU Bonds</i></u>: In my Vanguard account, I owned 2 Webster 4.375% SU bonds that matured on 2/15/24. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCA_fHE6h3WRwkq8HNAj9i6yjEaaHzUyybeTbYAmSYQXFwNC_DmbzFa-IgacQOCXl7RvoyKMrHAlhl_CFX9wMyQnGp_cRwYRKB9HMDxPz1NaHfEecbjCFl9CnwkATQAyeK2wH4o2KgLHC7WiLD0UHObhQTyR7G0o_kKR_M5gh7Y3c3ooDDpsOg6dkKafAz/s2104/2024%20Webster%20Financial%20(2)%20+$45.66%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="662" data-original-width="2104" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCA_fHE6h3WRwkq8HNAj9i6yjEaaHzUyybeTbYAmSYQXFwNC_DmbzFa-IgacQOCXl7RvoyKMrHAlhl_CFX9wMyQnGp_cRwYRKB9HMDxPz1NaHfEecbjCFl9CnwkATQAyeK2wH4o2KgLHC7WiLD0UHObhQTyR7G0o_kKR_M5gh7Y3c3ooDDpsOg6dkKafAz/s320/2024%20Webster%20Financial%20(2)%20+$45.66%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Note that the "profit" of $45.66 was classified as a "market discount" which will be treated as interest income rather than a short term capital gain. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I also owned 2 of these bonds in my Fidelity Account.</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZw2y0ZI_JahxfBsecOHf0N09ab-dfaEGbNJ1qfRgz82c5oQSIROCn9pQsV0KJ4wxw-kH4lTVQs4XB8n0rLDfoCOutEfnqHllZvMmKOA3IwZCBWI_jCHXGtlj6T2okwJWOyIcdTQJumjd-8hyphenhyphenZZA65gHYT-0iRDv8TMG7hTAd8BOMzoh6wPOxxa8OpXP83/s2146/2024%20Webster%20(2)%20+$17.72%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="152" data-original-width="2146" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZw2y0ZI_JahxfBsecOHf0N09ab-dfaEGbNJ1qfRgz82c5oQSIROCn9pQsV0KJ4wxw-kH4lTVQs4XB8n0rLDfoCOutEfnqHllZvMmKOA3IwZCBWI_jCHXGtlj6T2okwJWOyIcdTQJumjd-8hyphenhyphenZZA65gHYT-0iRDv8TMG7hTAd8BOMzoh6wPOxxa8OpXP83/s320/2024%20Webster%20(2)%20+$17.72%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://tennesseeindependent.blogspot.com/2023/07/brkl-ccne-ccnep-cuca-dcom-ffic-nnn-ntb.html" style="text-align: left;">Item # 2.D. Bought 2 Webster 4.375% SU at a Total Cost of 99.114 (7/29/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 3.C. Bought 2 Webster 4.375% SU at a TC of 97.717 (5/20/23 Post)</a>(YTM at total cost then at 6.031%)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Prior Sell Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2011/03/bought-50-fe-at-3675sold-50-wbs-at.html">Item # 1 Sold 50 WBS at $22.49 (5/4/2011 Post)</a><span>(profit snapshot= $879.52)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>WBS Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$1,096.43</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>E. Eliminated MBWM - Sold 22+ at $36.48</i></u></span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0N03LOqjJs_XDQUiGvrVEDZ92rcxp3aqdgUs0M2tAeawRVP3YDIozlKFzyzQaigwGnqLzCBcc5HE0T_P9hFGIMa4fJtNyddsW0D4V21YdL04t3YvKiM8vcudjA3f49f5BkQiFlNMsf1-28puB4GiCuNG8mvDmUPX2CBQHUiYPZmehyphenhyphen0shMKnZvlCmBW8p/s2536/Sold%2022%20MBWM%20at%20$36.48%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="206" data-original-width="2536" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0N03LOqjJs_XDQUiGvrVEDZ92rcxp3aqdgUs0M2tAeawRVP3YDIozlKFzyzQaigwGnqLzCBcc5HE0T_P9hFGIMa4fJtNyddsW0D4V21YdL04t3YvKiM8vcudjA3f49f5BkQiFlNMsf1-28puB4GiCuNG8mvDmUPX2CBQHUiYPZmehyphenhyphen0shMKnZvlCmBW8p/s320/Sold%2022%20MBWM%20at%20$36.48%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/mbwm?mod=over_search" style="text-align: left;">Mercantile Bank Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $802.57 (3/1/24 Sale only)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/mbwm/analystestimates?mod=mw_quote_tab">MBWM Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1042729&owner=exclude"><span style="font-family: georgia;">MBWM SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: </span><span style="font-family: georgia;"><span style="color: #6aa84f;">$195.62</span> (3/1/24 Sale Only) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXJRgLXB_xut1vNgyZX2dra3mQ9h7orXh5lpCGiFPQbB2qPBEHgqRtvgic7xRWtOMQX_V3rfJNu-KRZviKORU-C5iXIxmI5tH3_siYGqC83cscTh_fvt6dR0YsVYRBaJXF8PGM66xQ1wdfTMMYxYAGzUb0ojl5jbfrgcKY3RSNtElDeWUFwwUSIOoKA7F5/s1966/2024%20MBWM%2027+%20Shares%20$240.31.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="618" data-original-width="1966" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXJRgLXB_xut1vNgyZX2dra3mQ9h7orXh5lpCGiFPQbB2qPBEHgqRtvgic7xRWtOMQX_V3rfJNu-KRZviKORU-C5iXIxmI5tH3_siYGqC83cscTh_fvt6dR0YsVYRBaJXF8PGM66xQ1wdfTMMYxYAGzUb0ojl5jbfrgcKY3RSNtElDeWUFwwUSIOoKA7F5/s320/2024%20MBWM%2027+%20Shares%20$240.31.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/04/atlo-bcbp-ccne-cvbf-htbk-mbwm-mtb-stba.html" style="text-align: left;">Item # 2.H. Added to MBWM - Bought 2 at $28.75; 5 at $28.6 (4/22/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.35 per share, last raised from $.34 effective for the 2024 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/mbwm/dividend-history">MBWM Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/29/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1042729/000143774924001324/ex_614710.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $1.25, down from $1.37</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 3.92%, down from 4.32%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 52.57%, up from 48.82%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .08%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge Off Ratio: Net recovery of .01</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $29.31, up from $24.47</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is one of the better reports. I am likely to buy back shares when and if the price sinks below the last reported tangible book value per share, assuming no intervening material adverse events. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>F. Eliminated SBSI - Sold 25 at $30.3</b></i></u></span>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMhVEtrc-l5aR_YDn4m2FWuey2w1MkGld5IFHgIQOoqkFuSqDcMSIzdhsUV1htIla5Bs7MzB5lGbQFra3T6ryLwqyaqe8qjI7CwjBNy5ZIgCIeEfMuxJhoc26fwjJLsVC7SR2YjZpZXqi0VkTirNB5mI1DXiic3IWbpaaiakTRcZeSqvIltAO9-Xzcuqf9/s2342/SBSI%2025%20at%20$30.3%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="126" data-original-width="2342" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMhVEtrc-l5aR_YDn4m2FWuey2w1MkGld5IFHgIQOoqkFuSqDcMSIzdhsUV1htIla5Bs7MzB5lGbQFra3T6ryLwqyaqe8qjI7CwjBNy5ZIgCIeEfMuxJhoc26fwjJLsVC7SR2YjZpZXqi0VkTirNB5mI1DXiic3IWbpaaiakTRcZeSqvIltAO9-Xzcuqf9/s320/SBSI%2025%20at%20$30.3%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/sbsi?mod=search_symbol" style="text-align: left;">Southside Bancshares Inc. (SBSI)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $757.49 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">"Southside Bancshares, Inc. is a bank holding company with approximately $8.28 billion in assets as of December 31, 2023, that owns 100% of Southside Bank. Southside Bank currently has 55 branches in Texas."</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/sbsi/analystestimates?mod=mw_quote_tab">SBSI Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=705432"><span style="font-family: georgia;">SBSI SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$106.15</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdAbqyw1VXLnuNGEC1Xnme5NDG2ZCr5-VqhXx1sAL7VLWpm-NlryPpxrZrgw9RcuCccQfcWVANg695JpHX25VurggpCOenFArp77E7VLFkshpzOKB9cLaQq8CQUEDd_dzglh_JKrrPUxWl144PGxp4q1g_v96kxY9kjdQnIervZ8j55sCHaQKsJN5_VyyL/s2446/2024%20SBSI%2025%20Shares%20+$106.15%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="762" data-original-width="2446" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdAbqyw1VXLnuNGEC1Xnme5NDG2ZCr5-VqhXx1sAL7VLWpm-NlryPpxrZrgw9RcuCccQfcWVANg695JpHX25VurggpCOenFArp77E7VLFkshpzOKB9cLaQq8CQUEDd_dzglh_JKrrPUxWl144PGxp4q1g_v96kxY9kjdQnIervZ8j55sCHaQKsJN5_VyyL/s320/2024%20SBSI%2025%20Shares%20+$106.15%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/07/aod-asbprf-bbdc-cag-colb-ctopra-rnwca.html" style="text-align: left;">Item # 2.F. Added to SBSI - Bought 5 at $25.7 (7/15/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/07/bac-cfgprd-dea-goodn-icmb-jef-matv-pch.html" style="text-align: left;">Item # 1.D. Added to SBSI - Bought 6 at $26.22 (7/8/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.36 per share, last raised from $.35 effective for the 2024 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/SBSI/dividends/history" style="text-align: left;">Southside Bancshares, Inc. (SBSI) Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/15/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP Diluted E.P.S. = $.57, down from $.87</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP Net income included a $10.386M loss from selling $388M in securities. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 2.99%, down from 3.4%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 50.86%, up from 46.38%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .09%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .11%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book value per share: $18.82, up from $17.13</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Other Sell Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2021/04/d-gdo-ffbc-fiw-gdo-hope-irm-kio-mbt-oge.html" style="text-align: left;">Item # 1.D. Sold 1 SBSI at $39.8 (4/1/2021 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2012/06/bought-50-jbk-at-2175-roth-irakwksold.html" style="text-align: left;">Item # 2 Sold 100 SBSI at $21.53 (6/28/12 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2013/04/update-of-lottery-ticket-and-regional.html" style="text-align: left;">Item # 2.B. Sold 50 SBSI at $21.27 (4/29/13 Post)</a>; <a href="http://tennesseeindependent.blogspot.com/2011/07/bought-1-senior-texas-industries-925.html" style="text-align: left;">Item # 3 Sold 107+ SBSI at $20.5 (7/18/11 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>SBSI Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$534.99</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>G. Eliminated PFC - Sold 10 at $20.21</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimPicWhvHVayXgXEoSjlgcd_B0xpicrcDkjbZxPi_QXPQleCroaW6TlZIS12xsn5WzFpO8GiN_27bpIXsTrq3yyIU5LsOikvLlLpcc9fw0POuFc_rb9wfQparnv4kR4yEBqnEjCDfgrvRZEWYbrsXJ0-yzIoGOFacTW6v-7Y5qIa0pQhM_9THssnfPie7g/s2524/PFC%2010%20at%20$20.21%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="244" data-original-width="2524" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimPicWhvHVayXgXEoSjlgcd_B0xpicrcDkjbZxPi_QXPQleCroaW6TlZIS12xsn5WzFpO8GiN_27bpIXsTrq3yyIU5LsOikvLlLpcc9fw0POuFc_rb9wfQparnv4kR4yEBqnEjCDfgrvRZEWYbrsXJ0-yzIoGOFacTW6v-7Y5qIa0pQhM_9THssnfPie7g/s320/PFC%2010%20at%20$20.21%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/pfc" style="text-align: left;">Premier Financial Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $202.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;">"Premier Financial Corp. (Nasdaq: PFC), headquartered in Defiance, Ohio, is the holding company for Premier Bank. Premier Bank, headquartered in Youngstown, Ohio, operates 75 branches and 9 loan offices in Ohio, Michigan, Indiana and Pennsylvania."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=946647&owner=exclude">SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$57.85</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLw1ChnejHmiHgufexN6rAhVU6-DdmiuzGP3qsSNDAeporME2CC8h3lLOuLH2pfstPYWp739LG7Z2U_LbjcDf8SUdoNRky3CH13YEy1WpzicunRNFHiT1YnDjhyKZd-sII_zkKofAR17UaJPU_VuHz3lv46Ah33_pboLw_EZesosPnez4Wr8vYdCbas3Gd/s2152/2024%20PFC%2010%20Shares%20+$57.85%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="196" data-original-width="2152" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLw1ChnejHmiHgufexN6rAhVU6-DdmiuzGP3qsSNDAeporME2CC8h3lLOuLH2pfstPYWp739LG7Z2U_LbjcDf8SUdoNRky3CH13YEy1WpzicunRNFHiT1YnDjhyKZd-sII_zkKofAR17UaJPU_VuHz3lv46Ah33_pboLw_EZesosPnez4Wr8vYdCbas3Gd/s320/2024%20PFC%2010%20Shares%20+$57.85%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bhk-bnl-clpr-colb-ctra-dgro-gam-gdv-hiw.html" style="text-align: left;">Item # 2.D. Added to PFC - Bought 5 at $13.9 (5/27/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/05/ccnep-cubipre-eai-egbn-fhn-fidu-fultp.html" style="text-align: left;">Item # 3.C. Restarted PFC - Bought 5 at $14.95 (5/13/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.31 per share, last raised from $.30 effective for the 2022 4th quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/pfc/dividend-history">PFC Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/8/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/946647/000095017024006530/pfc-ex99_1.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = <span style="color: red;">$.56, down from $.71</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM = <span style="color: #cc0000;">2.65%, down from 3.28%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 59.48%, up from 56.76%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .41%, unchanged </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .13%; up from .05%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coverage ratio: 215.58%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $18.69, up from $15.47</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Sell Discussion</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2021/01/arcc-bmy-eaf-fax-ivz-msgn-nmfc-oke.html" style="text-align: left;">Item # 3.K. Eliminated PFC - Sold 10 at $22.22 (1/1/21 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><u><i>H. Eliminated CFG - Sold 33+ at $33.37</i></u></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi83-H_KcNMGaYtYMoWs4az9kL152AKaYnxl0PUOIoMrmxW5ZZA3aTTrqsVjwP9szfVfVELNVEBUS_HoJ6UdWqlqOeDPNRySzI8wBbRQBLHAUhzfuDHphv3yQSmHhlTn0ydy1OMgw9d1MvAWQYstRtDSIQ3m_0PgtoIZ7C8ZWQVhdKIaOivgMXcmHksHfSi/s2692/CFG%20sold%2033+%20at%20$33.37%20%20Proceeds%201,120.85%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="232" data-original-width="2692" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi83-H_KcNMGaYtYMoWs4az9kL152AKaYnxl0PUOIoMrmxW5ZZA3aTTrqsVjwP9szfVfVELNVEBUS_HoJ6UdWqlqOeDPNRySzI8wBbRQBLHAUhzfuDHphv3yQSmHhlTn0ydy1OMgw9d1MvAWQYstRtDSIQ3m_0PgtoIZ7C8ZWQVhdKIaOivgMXcmHksHfSi/s320/CFG%20sold%2033+%20at%20$33.37%20%20Proceeds%201,120.85%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/cfg?mod=search_symbol" style="text-align: left;">Citizens Financial Group Inc. (CFG)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,120.85</span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/cfg/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">CFG Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=759944&owner=exclude"><span style="font-family: georgia;">CFG SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$72.42</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHUfKEhHy_wnmhJ2uLwY_hoAePrNUO5CzfyWF37QmWIq4lY2LcfNwSTEjRSm4oJbrpg1WlegHryfvGYgAYhlMp9A77gSPqHDpZS_xZmJvChyphenhyphensQu-qaDa2BJMPT1dlQh_bFWjLrgiKywEdMSYTC185paQVb0xYnKdTTjMqbP7OVyspJTW3dP3OKgsO2fiiI/s2722/CFG%20net%20of%20$72.42%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="154" data-original-width="2722" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHUfKEhHy_wnmhJ2uLwY_hoAePrNUO5CzfyWF37QmWIq4lY2LcfNwSTEjRSm4oJbrpg1WlegHryfvGYgAYhlMp9A77gSPqHDpZS_xZmJvChyphenhyphensQu-qaDa2BJMPT1dlQh_bFWjLrgiKywEdMSYTC185paQVb0xYnKdTTjMqbP7OVyspJTW3dP3OKgsO2fiiI/s320/CFG%20net%20of%20$72.42%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2024/01/aod-arcc-brkl-cfg-doc-gcow-mbwm-ofs-peo.html" style="text-align: left;">Item # 1.E. Eliminated Duplicate CFG Position - Sold 10+ at $31.58 (1/20/24 Post)</a>(profit snapshot = $86.79) I discussed the last earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/759944/000075994424000005/a4q23earningsrelease.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/759944/000075994424000005/q423financialsupplement.htm" style="text-align: left;">SEC Filed Supplemental for the 2023 4th Quarter</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Buy Discussions</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 1.P. Added 1 CFG at $24.65 (5/20/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/04/amkby-arow-bhk-cfg-clpr-cvbf-onb-opbk.html" style="text-align: left;">Item # 1.G. Added to CFG - Bought 1 at $30.23; 2 at $29.7; 5 at $28.9;2 at $28.54 (4/8/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>CFG SU Bonds</u></i>: I currently own 2 Citizens Financial 4.3% SU bonds that mature on 12/3/25. <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=174610AK1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>CFG Preferred Stock</i></u>: I currently own 10 shares of this fixed-to-floating rate equity preferred Stock. <a href="https://www.sec.gov/Archives/edgar/data/759944/000119312519014970/d693755d424b2.htm" style="text-align: left;"><span>Final Prospectus Supplement</span></a> (fixed at 6.35% to but excluding 4/6/24; then at a 3.642% + the tenor spread of .21161% spread to the 3 month SOFR, with optional redemption at the $25 par value + accrued and unpaid dividend. <a href="https://www.marketwatch.com/investing/stock/cfg.prd?mod=search_symbol" style="text-align: left;">Citizens Financial Group Inc. Preferred Series D Stock</a>; <a href="https://tennesseeindependent.blogspot.com/2023/07/bac-cfgprd-dea-goodn-icmb-jef-matv-pch.html" style="text-align: left;">Item # 1.A. Added to CFGPRD - Bought 3 at $22.61 (7/8/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/06/cet-cfgprd-clpr-cnq-d-dcom-dcomp-ffnw.html" style="text-align: left;">Item # 2.A. Added to CFGPRD at $21.65 (6/10/23 Post)</a><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 3.D. Eliminated Duplicate Position in CFGPRD - Sold 10 at $24.56 (12/16/2023 Post)</a>; <a href="https://www.businesswire.com/news/home/20230623910427/en/Citizens-Financial-Group-Inc.-Announces-Transition-of-U.S.-LIBOR-linked-Preferred-Stock-to-Term-SOFR-Replacement-Rate" style="text-align: left;">Citizens Financial Group, Inc. Announces Transition of U.S. LIBOR-linked Preferred Stock to Term SOFR Replacement Rate</a>; <a href="https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-839601370-244176036&term_occur=999&term_src=title:12:chapter:55:section:5802#:~:text=(20)%20Tenor%20spread%20adjustment%20The,percent%20for%2012%2Dmonth%20LIBOR." style="text-align: left;">Definition: tenor spread adjustment from 12 USC § 5802(20)</a> I am expecting that this preferred stock will be called on 4/6/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>I. Eliminated AGR - Sold 15+ at $36.22</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzCfcoaob2Kd4aLaHNV4dbNdGo0JgBKAxSSuM-Z8CExZZxvPs0X7eDVdmc1W1XzgSgzqaiOyc8y-VKd-sGsKCfz5eyLhgehOoM6WB2wbYY4tREERsEfz3_6_U7h_O8TYEAeY1LiUbjbcYe8InXgGdar4GuKXHc4cCYLvueLi3AWGXcWt7uoCErIkq_4NDp/s2728/agr%2036.22%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="222" data-original-width="2728" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzCfcoaob2Kd4aLaHNV4dbNdGo0JgBKAxSSuM-Z8CExZZxvPs0X7eDVdmc1W1XzgSgzqaiOyc8y-VKd-sGsKCfz5eyLhgehOoM6WB2wbYY4tREERsEfz3_6_U7h_O8TYEAeY1LiUbjbcYe8InXgGdar4GuKXHc4cCYLvueLi3AWGXcWt7uoCErIkq_4NDp/s320/agr%2036.22%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/agr" style="text-align: left;">Avangrid Inc.</a> - Utility Holding Company</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1634997&owner=exclude"><span style="font-family: georgia;">AGR SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/agr/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">AGR Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$77.22</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgP9qePLVEdS_lasX4klA92IzAydR0s9FLqoy_9Oiynqpko9qhfHlSaj3G4H8lCQBG_T8ksvtvWWv4xpy0ojxqDxC_EUURTh5UydAkzTIQ0IjQNB818f7p1uqslq9sQrIYMijDwnSfszzgtUVAROfA-z7wqh3Ex7iXMP2ruWmvNt_U21GKlZit4LKR7hx7K/s2718/2024%20AGR%2015+%20Shares%20+$77.22%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="148" data-original-width="2718" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgP9qePLVEdS_lasX4klA92IzAydR0s9FLqoy_9Oiynqpko9qhfHlSaj3G4H8lCQBG_T8ksvtvWWv4xpy0ojxqDxC_EUURTh5UydAkzTIQ0IjQNB818f7p1uqslq9sQrIYMijDwnSfszzgtUVAROfA-z7wqh3Ex7iXMP2ruWmvNt_U21GKlZit4LKR7hx7K/s320/2024%20AGR%2015+%20Shares%20+$77.22%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span>The Spanish company Iberdrola, who owns about 81.6% of AGR's stock, offered to acquire the remaining shares at $34.25. </span><a href="https://www.sec.gov/Archives/edgar/data/1634997/000119312524061291/d764735dex991.htm">SEC Filed Press Release</a> I did not see any reason to stick around when I could eliminate my small ball position at $36.22. That price reflects a consensus opinion that the deal will happen and at a sweetened price. Both future events may or may happen. </div></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I discuss buying 2 more AGR bonds in Item # 3.C. below. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.44 per share ($1.76 annually), last increased from $.432 effective for the 2018 third quarter payment. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/AGR/dividends/history"><span style="font-family: georgia;">AGR Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/29/24 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/10/agr-axprica-btz-cag-clpr-codipra-cto.html" style="text-align: left;">Item # 1.E. Added to AGR - Bought 1 at $30.77; 1 at $30.22; 1 at $29.5; 2 at $29.1; 1 at $28.62; 1 at $28.27; 1 at $27.7 (10/7/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Corporate Bonds</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Bought 2 MPLX LP 4% SU Maturing on 2/15/25 at a Total Cost of 98.586</u></i></span></b>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6mcfpxaWqkCtLQIa2psu6bDiBRExSoW9Hdje8UgFafCOxj5Tv0LdhcxyThImDcBDvSHWQk010SQht6e9Xcs7BD6GG4pGpvZwAtk5S4TXopMfGMWRrszeDT5Se605qlbvn5PDWkDwn48EB3pCxZMuhgK7OqxiB1Brm-uGD75C8IwvKitowum379H8JWWed/s2326/MPLX%20(2)%202:15:25%204%25%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="758" data-original-width="2326" height="104" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6mcfpxaWqkCtLQIa2psu6bDiBRExSoW9Hdje8UgFafCOxj5Tv0LdhcxyThImDcBDvSHWQk010SQht6e9Xcs7BD6GG4pGpvZwAtk5S4TXopMfGMWRrszeDT5Se605qlbvn5PDWkDwn48EB3pCxZMuhgK7OqxiB1Brm-uGD75C8IwvKitowum379H8JWWed/s320/MPLX%20(2)%202:15:25%204%25%20.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /><div style="text-align: justify;"><span style="font-family: georgia;">Issuer: </span><a href="https://www.marketwatch.com/investing/stock/mplx?mod=search_symbol">MPLX L.P. (MPLX)</a> </div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/mplx/analystestimates?mod=mw_quote_tab">MPLX Analyst Estimates | MarketWatch</a></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Website: <a href="https://www.mplx.com/">MPLX - Midstream Fuel Logistics & Distribution Services</a></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1552000/000155200024000003/mplxq42023earningsrelease.htm">MPLX SEC Filed Earnings Press Release cument</a></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The general partner is <a href="https://www.marketwatch.com/investing/stock/mpc?mod=search_symbol" style="text-align: left;">Marathon Petroleum Corp. (MPC)</a> who owns about 65% of the MPLX common units. <a href="https://www.sec.gov/Archives/edgar/data/1552000/000155200024000007/mplx-20231231.htm" style="text-align: left;">MPLX 2023 Annual Report at page 3</a> I own 4 Marathon Petroleum 3.625% SU bonds maturing on 9/15/24. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">FINRA Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=55336VAA8&bondType=CA">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.554</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>4.0574</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 2 Becton, Dickenson 3.734% SU Maturing on 12/15/24 at a Total Cost of 98.69</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQVaovn1TPYNqQUuppLbaa25uc2g-JJmMum2n7oHZXdvf-2jhowpZg4z6yjn_P13VMToI74NT18e4XvHynSyfUlCEWD7sYVWw-B-MjsS-7G2TCB6T4dxaFqHoS4cQD283UN8QaVjVK8Edk7UwVelEXZtj846gXvUAKmj3qB8pFslAQ_7CPwJ99UZC0IUnU/s2598/Becton,%20Dickinson%203.734%25%2012:15:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="682" data-original-width="2598" height="84" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQVaovn1TPYNqQUuppLbaa25uc2g-JJmMum2n7oHZXdvf-2jhowpZg4z6yjn_P13VMToI74NT18e4XvHynSyfUlCEWD7sYVWw-B-MjsS-7G2TCB6T4dxaFqHoS4cQD283UN8QaVjVK8Edk7UwVelEXZtj846gXvUAKmj3qB8pFslAQ_7CPwJ99UZC0IUnU/s320/Becton,%20Dickinson%203.734%25%2012:15:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/bdx?mod=search_symbol" style="text-align: left;">Becton Dickinson & Co. (BDX)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/bdx/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">BDX Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=075887BF5&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.445</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.78</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><u><i>C. Bought 2 Avangrid 3.15% SU Maturing on 12/1/24 at a Total Cost of $98.3</i></u></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtad1aU_mTXmTgFnSGHHCaNY3TU7Jfi-owWvJPXfPZN1lPRQxCWPL0UV4B7zG2tGtS08abwJVuwws3vxUrIqDwcE4ubBC4vPJpiQ1lexrKRNuwp3c2mOzD52GK3q4hjvtdTKzStxmw0l1fDnbjjWjxAJOrkfJeU2V5x0r-eENEbXhtGgPtukqlXStTvaUV/s2296/Avangrid%203.15%25%2012:1:24%20(2)%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="678" data-original-width="2296" height="94" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtad1aU_mTXmTgFnSGHHCaNY3TU7Jfi-owWvJPXfPZN1lPRQxCWPL0UV4B7zG2tGtS08abwJVuwws3vxUrIqDwcE4ubBC4vPJpiQ1lexrKRNuwp3c2mOzD52GK3q4hjvtdTKzStxmw0l1fDnbjjWjxAJOrkfJeU2V5x0r-eENEbXhtGgPtukqlXStTvaUV/s320/Avangrid%203.15%25%2012:1:24%20(2)%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/agr?mod=search_symbol" style="text-align: left;">Avangrid Inc. (AGR)</a> <span>- Utility Holding Company</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/agr/analystestimates?mod=mw_quote_tab">AGR Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1634997&owner=exclude">AGR SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1634997/000119312524041518/d776062dex991.htm">AGR SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=05351WAA1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>YTM at Total Cost: </span><b>5.53</b><span>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.2</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><u><b>D. Bought 2 Omnicom Group 3.65% SU Maturing on 1/1/24 at a Total Cost of 98.825 - Fidelity Account</b></u></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWaaHA-kfV5vwiSnIoahK4wiS5pMLAm7tTZ0JFA2SEv6V2hE9ZGpl1APlwl2x029R-ZDpezgwkAQrVap0QLnNnF71FUqoztGLaWdZAxJI-cmGazcoVs9KzZpgYfpdczaNg7XaCUbxIMybyz-PZ2GFHIZj0OZC0YLl4vyeXfMp5m5Pcqda9XaAJV7ibfqiG/s2380/Omnicom%20Group%20(2)%203.65%25%2011:1:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="942" data-original-width="2380" height="127" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWaaHA-kfV5vwiSnIoahK4wiS5pMLAm7tTZ0JFA2SEv6V2hE9ZGpl1APlwl2x029R-ZDpezgwkAQrVap0QLnNnF71FUqoztGLaWdZAxJI-cmGazcoVs9KzZpgYfpdczaNg7XaCUbxIMybyz-PZ2GFHIZj0OZC0YLl4vyeXfMp5m5Pcqda9XaAJV7ibfqiG/s320/Omnicom%20Group%20(2)%203.65%25%2011:1:24.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/omc?mod=search_symbol" style="text-align: left;">Omnicom Group Inc. (OMS)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/omc/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">OMC Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/29989/000002998924000005/a2023q4earningsrelease.htm">SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=29989&owner=exclude">SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=681919BA3&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB+ </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost:<b> 5.507</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at Total Cost: <b>3.693</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Bond Offering</u></i> (2/2024): </span><a href="https://www.sec.gov/Archives/edgar/data/29989/000121390024018571/ea0200014-02.htm" style="text-align: left;">Prospectus</a> for <span>€600M 3.7% SU Maturing in 2032. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>E. Bought 2 Omnicom 3.65% SU Maturing on 11/1/24 at a Total Cost of 98.777</b></i></u></span> (Interactive Brokers account): </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_TQlEArwt1nfE98itT-FsrdBqA78gXOBO3Cc72o4UOrf7MwtP5lixE5YWR4C7agl3HVPyWHVyzqS1HE5B2qiYil8g-n5Ke4N1mtiQrZL6hAqOwkOj9mKLnUh4FdF4Xfmf3XDgHtE2Ts7mJ5oZazKZVr3Iz9CMloEGTEnbMXyP2gMnHIwgtQQqlonY0-9Z/s1802/Omnicom%20(2)%2011:1:24%20IB%203.65%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="664" data-original-width="1802" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_TQlEArwt1nfE98itT-FsrdBqA78gXOBO3Cc72o4UOrf7MwtP5lixE5YWR4C7agl3HVPyWHVyzqS1HE5B2qiYil8g-n5Ke4N1mtiQrZL6hAqOwkOj9mKLnUh4FdF4Xfmf3XDgHtE2Ts7mJ5oZazKZVr3Iz9CMloEGTEnbMXyP2gMnHIwgtQQqlonY0-9Z/s320/Omnicom%20(2)%2011:1:24%20IB%203.65%25%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.5754</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">See Item # 3.D. Above. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>F. Bought 2 Oracle 2.95% SU Bonds Maturing on 11/15/24 at a Total Cost of 98.28</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEha5JecbAbMPlr-QFxv8eRSy9vsg_D3eEVEeZ7zulv3ojZFdH_ghPOTvEG5RfwyN2P7zIw6Z7m6BhhQjXcu11vy54oflR7MLCxqBP-TuiGMTnXMCUwWwHZ13xkL4LkIbW6UrkFbsPSfsL5hpYrM5oNQr4o_bdfGXXdsphIgCS_v1qWTIT5Y65VK8igs1sTr/s2292/Oracle%20(2)%2011:15:2024%202.95%25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="880" data-original-width="2292" height="123" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEha5JecbAbMPlr-QFxv8eRSy9vsg_D3eEVEeZ7zulv3ojZFdH_ghPOTvEG5RfwyN2P7zIw6Z7m6BhhQjXcu11vy54oflR7MLCxqBP-TuiGMTnXMCUwWwHZ13xkL4LkIbW6UrkFbsPSfsL5hpYrM5oNQr4o_bdfGXXdsphIgCS_v1qWTIT5Y65VK8igs1sTr/s320/Oracle%20(2)%2011:15:2024%202.95%25.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/orcl?mod=search_symbol" style="text-align: left;">Oracle Corp. (ORCL)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/orcl/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">ORCL Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1341439&owner=exclude">ORCL SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1341439/000095017023069410/orcl-ex99_1.htm">SEC Filed Earnings Press Release for the Q/E 11/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=68389XBS3&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.51</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at Total Cost: <b>3</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own 4 Oracle 3.4% SU bonds that mature on 7/8/24.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Bond Offering</u></i> (2/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1341439/000119312523024315/d769683d424b2.htm" style="text-align: left;">Prospectus</a> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijv0p8uPcqUxQCpFrETS925l_97J8B60zYtFoxK6RZIiXUnZu2RkWhivmgcIBq1Jj5QdCEQ6wXrcQX0Sn0NMTHz2RKWenZGbvvjeWYO11ojX4y_ifY7l69aFwn4ngj-IePwZnwbQvoi4bbg4zArV27N6OatXxtv-YJqqCL-AZRED-NNn6tJNC3ox4ZmCa7/s996/Screenshot%202024-03-04%20at%2010.53.55%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="508" data-original-width="996" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijv0p8uPcqUxQCpFrETS925l_97J8B60zYtFoxK6RZIiXUnZu2RkWhivmgcIBq1Jj5QdCEQ6wXrcQX0Sn0NMTHz2RKWenZGbvvjeWYO11ojX4y_ifY7l69aFwn4ngj-IePwZnwbQvoi4bbg4zArV27N6OatXxtv-YJqqCL-AZRED-NNn6tJNC3ox4ZmCa7/s320/Screenshot%202024-03-04%20at%2010.53.55%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="color: #2b00fe; font-family: georgia;"><b>4. Treasuries Purchased at Auction</b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Bought 5 Treasury Bills at the 3/4/24 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA3ZEoN7gli2WFOMNBCafPC84kN5sDezO_wdbxT813e-hP1v34vC_v3NrsBaTpQ4RyE_Eha5teZaKWtdYX_4psb7w4IE-c5AJOoIx1k0pcZ1i6IMDd7CdWxci2x8rhG-XWx00BQiLkft-STiJTuzonrMfiZRYXfn2ad9xyGmusAOgRJlpnF3KJA6iJxo88/s2688/Treasury%20(5)%209:5:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="212" data-original-width="2688" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA3ZEoN7gli2WFOMNBCafPC84kN5sDezO_wdbxT813e-hP1v34vC_v3NrsBaTpQ4RyE_Eha5teZaKWtdYX_4psb7w4IE-c5AJOoIx1k0pcZ1i6IMDd7CdWxci2x8rhG-XWx00BQiLkft-STiJTuzonrMfiZRYXfn2ad9xyGmusAOgRJlpnF3KJA6iJxo88/s320/Treasury%20(5)%209:5:24%20.png" width="320" /></span></a></div><span style="font-family: georgia;">182 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 9/5/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $129.04</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.313</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDWsupny1ed4X6CieE33fSGZIh-V0pPx2LnWSzyz_vTcyMZDxC7awstmfvTTUWRMmwnmjeOgPjiI1uFPXzgDxit2GUxM_p_Kt4M5M3EtjXlFCb0TIydlkDxr3K9ftXkra-xymXknBeUDu4Fd7qRYq25IT5wpOa2TYx7cwH3GprkzJgeQXiQj307M_NQ3n4/s1314/Screenshot%202024-03-04%20at%2011.41.55%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="598" data-original-width="1314" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDWsupny1ed4X6CieE33fSGZIh-V0pPx2LnWSzyz_vTcyMZDxC7awstmfvTTUWRMmwnmjeOgPjiI1uFPXzgDxit2GUxM_p_Kt4M5M3EtjXlFCb0TIydlkDxr3K9ftXkra-xymXknBeUDu4Fd7qRYq25IT5wpOa2TYx7cwH3GprkzJgeQXiQj307M_NQ3n4/s320/Screenshot%202024-03-04%20at%2011.41.55%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 5 Treasury Bills at the 3/4/24 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5daCXzsVQHQsbKzTdfXBPicHeekWaGSPJf3eQa4ck4CLarxCJKcbkfDnTiDRmSfoqy9HyQ1t7EnP9SPX4OW41KSAowdQsyoXu27FA6c5e38uT2lnAcZ6pvAJLsz1X031JqpEDyer4vfp-qwIzVUJOM34uRK8mKxWo4McuZaoz70KJhuYPn0_eWwGyJsWB/s2600/Screenshot%202024-03-04%20at%2012.29.35%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="804" data-original-width="2600" height="99" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5daCXzsVQHQsbKzTdfXBPicHeekWaGSPJf3eQa4ck4CLarxCJKcbkfDnTiDRmSfoqy9HyQ1t7EnP9SPX4OW41KSAowdQsyoXu27FA6c5e38uT2lnAcZ6pvAJLsz1X031JqpEDyer4vfp-qwIzVUJOM34uRK8mKxWo4McuZaoz70KJhuYPn0_eWwGyJsWB/s320/Screenshot%202024-03-04%20at%2012.29.35%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">91 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 6/6/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $66.23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.384</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvdyzQvXHlzH42wjVuPDO4LRPtQNjfvP3eAyd6pTQq6WTedUih2h0w-cQXiDKoOa9nFqPAM8PNzIZMB5H-dQf4p9dZnCzPzpeWi5iV0NlSSLoxC3rbKEMwjM8qrXbaQKqutnMVgxK84l-6UZNVedMEJ9rJhISlzLZlaKOjTa-efWkY8_cjqSFn8lmyF3Os/s1334/Screenshot%202024-03-04%20at%2011.40.55%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="596" data-original-width="1334" height="143" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvdyzQvXHlzH42wjVuPDO4LRPtQNjfvP3eAyd6pTQq6WTedUih2h0w-cQXiDKoOa9nFqPAM8PNzIZMB5H-dQf4p9dZnCzPzpeWi5iV0NlSSLoxC3rbKEMwjM8qrXbaQKqutnMVgxK84l-6UZNVedMEJ9rJhISlzLZlaKOjTa-efWkY8_cjqSFn8lmyF3Os/s320/Screenshot%202024-03-04%20at%2011.40.55%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><i><b><span style="color: #800180;"><u>C. Bought 5 Treasury Bills at the 3/7/24 Auction</u></span></b></i>: </span></span><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitBo0kytQrD-wXGsXld8FR3dDoNCxWB79liXvbC6bLc_IymUYqlV-Gvna8-VKIJS4vEApLZhqQ_0h32y8zLGsbXlF3Cks8bv7a2itB2-zYq2T3N_Ja4gFQ2Csk7tmyrsPhqboiFA5R1MNobTPuKlvmmUIy9AYE2cRKp0FbZWcq4boXd2gZnpCzAuFq7P_c/s2686/Treasury%20(5)%205:7:2024%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="294" data-original-width="2686" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitBo0kytQrD-wXGsXld8FR3dDoNCxWB79liXvbC6bLc_IymUYqlV-Gvna8-VKIJS4vEApLZhqQ_0h32y8zLGsbXlF3Cks8bv7a2itB2-zYq2T3N_Ja4gFQ2Csk7tmyrsPhqboiFA5R1MNobTPuKlvmmUIy9AYE2cRKp0FbZWcq4boXd2gZnpCzAuFq7P_c/s320/Treasury%20(5)%205:7:2024%20.png" width="320" /></span></a></div></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">56 Day Bill </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Matures on 5/7/24</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Interest: $41.07</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Investment Rate:<b> 5.398</b>%</span></div><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG6NBb_g3TNWd6I5977e6cAT-tHrlWLpzTKzDGbfexYkoKcdR6TVlYRB17K1fKmAQUc-1SQOJeIb70UmWHYKgIi-M_BVkBWtF6reBYizUmvYBehbk7C7WpFqsS_81kb9j485U9ymiFNnvbD-7bH1tnBBcLSGRUFIiUZvzHjgVRw4CaGK11O87nd5Sd4Q1C/s1200/56%20day%205.398%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="594" data-original-width="1200" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG6NBb_g3TNWd6I5977e6cAT-tHrlWLpzTKzDGbfexYkoKcdR6TVlYRB17K1fKmAQUc-1SQOJeIb70UmWHYKgIi-M_BVkBWtF6reBYizUmvYBehbk7C7WpFqsS_81kb9j485U9ymiFNnvbD-7bH1tnBBcLSGRUFIiUZvzHjgVRw4CaGK11O87nd5Sd4Q1C/s320/56%20day%205.398%25%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><br /></span></span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>D. Bought 2 Treasury Bills at the 3/6/24 Auction</u></i></b></span>: </span></div><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRF3sk86NE0pUJgiS5lmPppKmzszQuWtelACKEeyDo7Csm-1JzSvYg6kOEaSPUpcwwH4GrHwCZG2a2Ho_MALiuK_-FWzyEKePXCWnfeNgoJ7l0Tuoz-_xNcPlday2NEieylDuO_v8Gu6epNBBp_BKOad3SCVVqdixmpVECfvFwdiflPbE_9Kt9f_Ph6vN3/s2716/Treasury%20(2)%207:9:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="304" data-original-width="2716" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRF3sk86NE0pUJgiS5lmPppKmzszQuWtelACKEeyDo7Csm-1JzSvYg6kOEaSPUpcwwH4GrHwCZG2a2Ho_MALiuK_-FWzyEKePXCWnfeNgoJ7l0Tuoz-_xNcPlday2NEieylDuO_v8Gu6epNBBp_BKOad3SCVVqdixmpVECfvFwdiflPbE_9Kt9f_Ph6vN3/s320/Treasury%20(2)%207:9:24%20.png" width="320" /></span></a></div></div><div><span style="font-family: georgia;">119 Day Bill </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Matures on 7/9/24</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Interest: $34.41</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Investment Rate: <b>5.37</b>% <br /></span><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrK0lceQkwfuMbkWDTdEYxuDwpfXQ9vW-MSguAmBFIuzWjg-ItJ5BsYO5tqDOAhSE-8wouTdSrj178qA7Zr5gmMjxsZ3lUzyOZ4cP53atIKbP1_jbxrShyCdo2IDuvhpgT6TT7-trbL2iPvPr1eZp5q7n-CVHgJTVbW-fvN668T97fr3Qfl3f-KXKPm5tt/s1246/5.37%25%20119%20DAY%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="588" data-original-width="1246" height="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrK0lceQkwfuMbkWDTdEYxuDwpfXQ9vW-MSguAmBFIuzWjg-ItJ5BsYO5tqDOAhSE-8wouTdSrj178qA7Zr5gmMjxsZ3lUzyOZ4cP53atIKbP1_jbxrShyCdo2IDuvhpgT6TT7-trbL2iPvPr1eZp5q7n-CVHgJTVbW-fvN668T97fr3Qfl3f-KXKPm5tt/s320/5.37%25%20119%20DAY%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Equity Preferred Stocks</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Restarted EPRPRC - Bought 10 at $19.31</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJt0Mq9EXiHxBLX3kmhhdyw4KZ8XLc492ln4Zjx4DYWrwyLBwoditmuJufFqO0c8Sr19cWJqX3tyCA4Ha-8X36iK73RY-OVBIpIngWFX9USUDwmomyslAXv11cW4MzBCCE6erWtiO5nT6XtdujVOYflehiaKPVwltlOgJkCWqy1x8yGMTjfcLpir7SOWNT/s2542/Bought%2010%20eprprc%20at%20$19.31%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="224" data-original-width="2542" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJt0Mq9EXiHxBLX3kmhhdyw4KZ8XLc492ln4Zjx4DYWrwyLBwoditmuJufFqO0c8Sr19cWJqX3tyCA4Ha-8X36iK73RY-OVBIpIngWFX9USUDwmomyslAXv11cW4MzBCCE6erWtiO5nT6XtdujVOYflehiaKPVwltlOgJkCWqy1x8yGMTjfcLpir7SOWNT/s320/Bought%2010%20eprprc%20at%20$19.31%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/epr.prc?mod=search_symbol" style="text-align: left;">EPR Properties 5.75% Cumulative Convertible Preferred Series C Stock</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost $193.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/epr?mod=search_symbol" style="text-align: left;">EPR Properties (EPR)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks</a>, part of the <a href="https://www.sec.gov/Archives/edgar/data/1045450/000095013406023449/c10771be424b5.htm" style="text-align: left;">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>My main concern about this preferred stock has been the credit risk. The credit risk involves owning theatre properties leased to companies that went bankrupt during the pandemic. One of those tenants, Regal Cinemas, has emerged from bankruptcy with new lease agreements signed covering 41 of the 57 properties. A few others are vacant and will have to sold or released. </span><a href="https://www.sec.gov/Archives/edgar/data/1045450/000104545024000027/epr-20231231.htm" style="text-align: left;">2023 Annual Report at pages 41-42</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">After reviewing the last earnings report, I become comfortable enough to restart a position with a 10 share purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1045450/000104545024000019/ex991-eprx12312023earnings.htm" style="text-align: left;">SEC Filed Press Release for the Q/E 12/31/23</a> and <a href="https://www.sec.gov/Archives/edgar/data/1045450/000104545024000019/ex993-eprx12312023suppleme.htm" style="text-align: left;">Supplemental</a>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4Zt8K-yHLjZrcHLAymoIbX7x_DTY2mnVigL3CfEegf3vWTIgwvhhtbsA81H2iWnxSNImQXeE4bXE47cswaFCPYuStbYTFEkHwdXPYb2tRWOnycBA_rrLfvj0FUHydBTw7l6Fhxa1HKa3A2nbvl1wVqHGdwvRdEcNm2UEbRLRXPPJpiF3r4_vaFdJqeovd/s3382/Screenshot%202024-03-02%20at%209.33.47%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="616" data-original-width="3382" height="58" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4Zt8K-yHLjZrcHLAymoIbX7x_DTY2mnVigL3CfEegf3vWTIgwvhhtbsA81H2iWnxSNImQXeE4bXE47cswaFCPYuStbYTFEkHwdXPYb2tRWOnycBA_rrLfvj0FUHydBTw7l6Fhxa1HKa3A2nbvl1wVqHGdwvRdEcNm2UEbRLRXPPJpiF3r4_vaFdJqeovd/s320/Screenshot%202024-03-02%20at%209.33.47%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"><u><i>Last EPR.PRC Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2024/01/aod-arcc-brkl-cfg-doc-gcow-mbwm-ofs-peo.html">Item # 5.B. Eliminated EPR.PRC - Sold 21 at $20.78 (1/20/24 Post)</a>(profit snapshot: net of $26.54)</p><p style="text-align: justify;">Preferred Stock <a href="https://www.sec.gov/Archives/edgar/data/1045450/000095013406023449/c10771be424b5.htm">Prospectus</a></p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the Capital Structure: Equity Preferred Stock, senior only to common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 5.75%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid Quarterly, Non-Qualified and Cumulative </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $19.31</u></i> = <b>7.44</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Next Ex Dividend: 3/27/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Conversion into Common Stock</i></u><span>: The conversion feature is currently assigned no value, or close to it, based on the preferred stock price. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>That has not always been the case as shown by some price levels before the pandemic, including those of some of my prior sales. The current conversion price is at $58.8 as of 12/31/23: </span><a href="https://s26.q4cdn.com/183406895/files/doc_downloads/2024/Summary-of-Series-C-Preferred-Shares.pdf" style="text-align: left;">Summary of Series C Preferred-Shares.pdf</a> At some point, the conversion feature may start to positively impact the share price, as it has in the past, but it is difficult to foresee that happening anytime soon given the troubles of major tenants in the movie theater business. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The conversion price started at $71.34 and has drifted down as determined by a complex formula. One component of that formula is the amount that common share quarterly dividend exceeds $.685 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investors.eprkc.com/dividends/default.aspx" style="text-align: left;">Dividends | EPR Properties</a> The last monthly dividend was $.275 per share or $.825 per quarter. The next monthly dividend payment will be $.285 per share, with the increased announced in EPR's earnings press release for the Q/E 12/31/23.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Other Sell Discussions</u></i>: </span></p><div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2020/07/angl-arcc-doc-duk-ebgef-eprprc-finx-jdd.html">Item # 4.B. Sold 10 ERPPRC at $20.32 (7/3/2020 Post)</a>(profit snapshot = $76.66);</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2020/05/bhb-btz-dgro-ebayl-eprprc-good-hta-ibm.html">Item # 3.B. Sold 10 EPRPRC at $17.5 and 5 at $16.22 (5/2/20 Post)</a>(profit snapshot = $16.6) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://tennesseeindependent.blogspot.com/2018/10/observations-and-sample-of-recent_21.html">Item # 3 <b>Sold</b> 50 EPRPRC <b>at $27.49</b> (10/21/18 Post)</a>(profit snapshot = $178.58)-<a href="https://tennesseeindependent.blogspot.com/2018/04/observations-and-sample-of-recent_23.html">Item # 1 Bought 50 EPRPRC at $23.78-Used Commission Free Trade (4/23/18 Post)</a></span><br /><span><span><br /></span><span><a href="https://tennesseeindependent.blogspot.com/2018/09/observations-and-sample-of-recent_12.html">Item # 1.B.<b> Sold</b> 50 EPR</a><a href="https://tennesseeindependent.blogspot.com/2018/09/observations-and-sample-of-recent_12.html">PRC <b>at $28.48</b> (9/12/18 Post)</a>(profit snapshot = $224.22)-<a href="https://tennesseeindependent.blogspot.com/2018/04/observations-and-sample-of-recent_23.html">Item # 1 Bought 50 EPRPRC at $24 (4/23/18)</a></span></span><br /><span><span><br /></span><span><a href="https://seekingalpha.com/instablog/434935-south-gent/4868041-update-equity-reit-basket-strategy-4-6-16"><span>Item # 3 Sold 50 EPRPRC-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gen</span><span>t | Seeking Alpha</span></a><span> (profit snapshot = $160.48)</span></span></span></span></p><div><span style="font-family: georgia;"><span><span><span><i><u>Current Position</u></i>: 10 shares</span></span></span></span></div></span></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>ERPPRC Trading Profits to Date</u></i>: <span style="color: #6aa84f;">$683.08</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><u><b>B. Added 5 NSAPRA at $22.56</b></u></span></i>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxZt5aukjyx3ZOEUn48C4V0iWR2ADiNQ5KKuhbam-gaf40AChEt18oFbHPpfevBA8mZZI6rN6frdqMcxkcs1tDK6CIlSylbAxwKQcBRHnzuaWhccw-_Ebin0G30GNUFqkVVaY-83U4DoCR6sNE2BVG4njanq98VmgpxlRdTAOFeGDGQeaYhlfw8mlJlgMu/s2558/NSAPrA%205%20at%20$22.56%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="244" data-original-width="2558" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxZt5aukjyx3ZOEUn48C4V0iWR2ADiNQ5KKuhbam-gaf40AChEt18oFbHPpfevBA8mZZI6rN6frdqMcxkcs1tDK6CIlSylbAxwKQcBRHnzuaWhccw-_Ebin0G30GNUFqkVVaY-83U4DoCR6sNE2BVG4njanq98VmgpxlRdTAOFeGDGQeaYhlfw8mlJlgMu/s320/NSAPrA%205%20at%20$22.56%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/NSA-PA?p=NSA-PA&.tsrc=fin-srch" style="text-align: left;">NSA-PA</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $112.8</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/nsa?mod=search_symbol" style="text-align: left;">National Storage Affiliates Trust (NSA)</a> - Internally Managed Storage REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the common stock. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1618563&owner=exclude"><span style="font-family: georgia;">NSA SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1618563/000162828024007575/ex991-q42023erss.htm">SEC Filed 2023 4th Q. Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last Discussed: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/ay-bmy-hban-maa-metpra-mor-nomd-nsa.html" style="text-align: left;">Item # 2.C. Bought 10 NSAPRA at $23.15 (2/9/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">New Average cost per share: <b>$22.93</b> (15 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1618563/000104746917006230/a2233464z424b5.htm">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">REIT Equity Preferred Stock </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 6%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid quarterly and cumulative. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Yield at $22.93:<b> 6.54</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Next Ex Dividend: 3/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Optional Call: At par value + accrued and unpaid dividend on or after 10/11/22. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: None, potentially perpetual </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stopper Clause: Standard </span><span style="font-family: georgia;"> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>:</span><span> </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span><span> </span></span></p></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com20tag:blogger.com,1999:blog-2986124651030959736.post-89180853234449628942024-03-01T08:45:00.003-06:002024-03-06T06:59:53.053-06:00AY, BNL, BRT, BTMD, CTO, FCVSX, FSCO, GLAD, KRG, NTB, NWN, PFG, REYN, TGNA<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bea.gov/news/2024/personal-income-and-outlays-january-2024">Personal Income and Outlays, January 2024</a>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual PCE Price Index: 2.4%, down from 2.6% for the 12 month period ending in December 2023.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Core PCE Price Index: 2.8%, down from 2.9% "</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Month-to-Month Core PCE Prices: .4% </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP03ECOtizERXLYdN8ts4VCDnCvC7wpZrN1wGuVucZajNES5QGgB3f0b2veT8y3fp8wMSF-DkDxmI2Xnxp7uEvrFiwysUhsnTfZxahoZMHm_L3M5EDBuDQGnRWxCfhp6Z0zHzGc1Cx0cqCkIIF8Bpor6fp-q-_Rc_JdgQluzGdA7aDcjEBFiprsazKfVcn/s1736/Screenshot%202024-02-29%20at%2011.48.31%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1120" data-original-width="1736" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP03ECOtizERXLYdN8ts4VCDnCvC7wpZrN1wGuVucZajNES5QGgB3f0b2veT8y3fp8wMSF-DkDxmI2Xnxp7uEvrFiwysUhsnTfZxahoZMHm_L3M5EDBuDQGnRWxCfhp6Z0zHzGc1Cx0cqCkIIF8Bpor6fp-q-_Rc_JdgQluzGdA7aDcjEBFiprsazKfVcn/s320/Screenshot%202024-02-29%20at%2011.48.31%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><a href="https://www.cnbc.com/2024/02/29/pce-inflation-january-2023-.html" style="text-align: left;"><span style="font-family: georgia;">PCE report January 2023: Key inflation measure rose 0.4%</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Shelter "expense" was up 6.1% Y-O-Y in January, down from 6.3% through December. Excluding that category, the core annual PCE price increase was 1.8%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nar.realtor/newsroom/pending-home-sales-receded-4-9-in-january">Pending Home Sales Receded 4.9% in January</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $15,000</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Notes Purchased at Auction (2 YR): $1,000</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $10,000 in Principal Amount </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Individual Common Stocks: <span style="color: red;">-</span>$797.49</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $2,017 in proceeds minus $1,219.51 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Realized Gains Common Stocks: <b><span style="color: #6aa84f;">+</span></b>$274.88</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock Mutual Fund: +$50</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Stocks/Stock Funds: <b><span style="color: red;">-</span></b>$747.49</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged Senior Loan CEF = $28.35</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Outflow Common Stocks: <b><span style="color: red;">-</span></b>$16,896.21</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The reduction in my common stock allocation is primarily due to the risk free returns available from treasury bills, taking into account my investment objectives and no financial reason to take risks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and Orwellian Terrorist State</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ukr.warspotting.net/">Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war</a></span></p><p style="text-align: justify;"><a href="https://www.newsweek.com/putin-ally-threatens-destroy-poland-1872956"><span style="font-family: georgia;">Putin Ally Threatens to 'Destroy' Poland: 'We Won't Even Think Twice'</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=chNt5d6F_eU"><span style="font-family: georgia;">Russia will protect itself with nuclear weapons, warns Putin - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/24/europe/ukraine-war-russia-two-years-analysis-intl/index.html">Two years of war has been a disaster for Russia with no end in sight</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://euromaidanpress.com/2024/02/24/nighttime-blaze-engulfs-novolipetsk-metallurgical-plant-in-russia/">Nighttime blaze engulfs Novolipetsk metallurgical plant in Russia - Euromaidan Press</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnn.com/2024/02/28/europe/transnistria-russia-protection-moldova-intl/index.html">A breakaway region in Europe is asking Russia for protection. Here’s what to know</a> This region is part of Moldova's internationally recognized territory that Putin wants to absorb into the Russian Federation. The Russian financed separatists will do what Russia wants. </span><a href="https://www.youtube.com/watch?v=p2OpzzANuwQ&t=20s" style="text-align: left;">What do the Transnistrians think of the pro-Russian separatists' appeal to Moscow? | DW News - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The eastern Ukrainian separatists requested Russia's protection in 2014. This is generally viewed as the first step in Russia's absorption of another country or a portion thereof. If western nations do not like it, then we can all die in a Russian initiated nuclear war. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In the coming years, Russian financed and controlled persons in other countries will try to create separatist regions and then call for Russia's protection. An "election" Russian style will be held where over 95% of the voters elect to join the Russian Federation. Russia's next targets will be all or part of the 3 Baltic nations. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Russians "saying the country is moving in the right direction is the highest in decades, 71% last month". </span><a href="https://www.nytimes.com/interactive/2024/02/24/world/europe/russia-war-calculus.html" style="text-align: left;">Russia’s Brutal War Calculus-The New York Times</a><span> </span><span>Support among Russians for Putin's genocidal war in Ukraine remains strong and higher than 71%. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Most Russians, based on polling, support their Dear Leader's Orwellian and totalitarian state organized with Putin as the Don and a few others as underbosses or Capos who can share in the spoils of Putin's Kleptocracy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A few crumbs are tossed to the remaining 140M or so Russians to keep them from rebelling and improving their circumstances by removing Putin and a few thousand loyalist that control key sectors and choke points in Russia. </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=OHyLuMxdmBA"><span style="font-family: georgia;">Russian spy plane shot down in suspected friendly fire incident - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">My video: <a href="https://www.youtube.com/watch?v=2gnASdjDsoE" style="text-align: left;">GOP's Return to Isolationism with a Pro Putin Result - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a></span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Supreme Court has decided to review the D.C. Circuit Court's decision that Trump did not have absolute immunity from criminal prosecution after leaving office for committing allegedly unlawful acts to subvert the election results and to remain in Office. </span><a href="https://www.cadc.uscourts.gov/internet/opinions.nsf/1AC5A0E7090A350785258ABB0052D942/$file/23-3228-2039001.pdf" style="text-align: left;">Appellate Court Decision.pdf</a> <span>I discussed this matter in a video: </span><a href="https://www.youtube.com/watch?v=eSr1PlSOPHA&t=33s" style="text-align: left;">Supreme Court will decide whether Trump has absolute immunity from criminal prosecutions-YouTube</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The end result, which may have been desired by the Republican Justices, is that the trial will be delayed until after the election. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If the Republican Justices wanted a trial before the election, they could have accepted a direct appeal from the district court, bypassing the court of appeals altogether, which the Justices refused to do, or could have acted with haste in granting the petition for review and to expedite the briefing and oral arguments with a decision no later than early April, and they refused to do that as well. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If the Republican Justices rule that Trump has immunity from prosecution for the acts detailed in the Indictment, that would mark the beginning of the end of America's democracy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.justice.gov/storage/US_v_Trump_23_cr_257.pdf">United States v. Donald J. Trump</a> - Indictment</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Republicans do not read the indictments against Trump. If one did, and I have seen no indication yet that one has, they would have to offer rebuttal evidence that would be admissible in a court which is something that they cannot do. It is much easier to resort to name calling and schoolyard taunts, or just to make conclusory statements without providing any factual support (e.g. Biden is behind the indictment, which in TrumpWorld has no factual basis, in an effort to keep Trump from becoming President). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=XJWiBQOIK70" style="text-align: left;">Nicolle Wallace: ‘SCOTUS willing to listen to the argument that America has a king’ - YouTube</a> </span></p><p style="text-align: justify;"><a href="https://www.newsweek.com/donald-trump-classified-documents-joe-biden-democratic-party-mar-lago-florida-1873830#:~:text=%22When%20presented%20with%20a%20grand,and%20suggesting%20that%20his%20attorney"><span style="font-family: georgia;">Donald Trump Tried to Corrupt Attorney in Classified Docs Case—Prosecutor</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://abcnews.go.com/US/prosecutors-hush-money-case-plan-quotes-trumps-books/story?id=107648232#:~:text=Prosecutors%20in%20Donald%20Trump's,month%2C%20according%20to%20court%20filings.">Prosecutors in hush money case plan to use quotes from Trump's books against him at trial, filing says - ABC News</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnn.com/2024/02/25/politics/john-thune-donald-trump-endorsement/index.html">No. 2 Senate Republican John Thurne endorses Trump for president</a> Thurne knows everything that there is to know about Trump. None of the republican politicians who have endorsed Trump, and most have, can claim that they were unaware of what Trump has done and said in the past. By endorsing Trump, republicans have declared who and what they are to anyone paying attention. </span><a href="https://www.theguardian.com/us-news/2024/feb/26/john-thune-donald-trump-endorsement" style="text-align: left;">Senior Republican who called Trump ‘inexcusable’ endorses him for president-The Guardian</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Donald Trump is the Republican Party. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Zelensky "can't understand how Donald Trump can be on the side of Putin". <a href="https://www.cnn.com/2024/02/26/europe/zelensky-interview-ukraine-war-aid-trump-intl/index.html" style="text-align: left;">Zelensky says Trump doesn’t understand Putin because he has never fought him</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=LXn5gWRdzmw">Trump won't say if he wants Russia or Ukraine to win the war. See Zelensky's reaction - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/24/politics/fact-check-trump-delivers-another-lie-filled-cpac-speech/index.html">Fact check: Trump delivers another lie-filled CPAC speech</a>; <a href="https://www.huffpost.com/entry/trump-political-dissident-judgment-day-cpac_n_65da5fa6e4b0189a6a7e0ec8" style="text-align: left;">Trump: I Am A 'Political Dissident'</a>; <a href="https://www.youtube.com/watch?v=sX9YGI5UVLc" style="text-align: left;">CPAC 2024 in 120 Seconds - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/23/politics/trump-biden-racist/index.html">Trump suggests his mug shot and indictments appeal to Black voters</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span style="background-color: white; letter-spacing: 0.4px; text-align: start;">Trump: "</span></span></span><span><span style="background-color: white; text-align: left;">My mug shot, we've all seen the mug shot. And you know who embraced it more than anybody else: the Black population." </span></span><a href="https://www.youtube.com/watch?v=DV9XF5jrK24&t=40s" style="text-align: left;">He thinks he's Biggie Smalls?': Capehart torches Trump's 'unbelievably racist' remarks - YouTube</a>; <a href="https://www.nytimes.com/2024/02/24/us/politics/trump-black-voters.html" style="text-align: left;">Trump Says His Indictments Are Helping Him Attract Black Voters - The New York Times</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">My video: <a href="https://www.youtube.com/watch?v=CAmKhZ2Sgto" style="text-align: left;">Trump Appeals to Black Voters - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=5PN6D2EQZnM&t=77s"><span style="font-family: georgia;">Here’s what South Carolina GOP voters say if Trump is convicted of a crime - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=-_9l9zYhsVY"><span style="font-family: georgia;">Former CIA Director explains how Russia is using 'Republican lawmakers as tools’ - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=Wht-_fdpJIU" style="text-align: left;"><span style="font-family: georgia;">NRA, former CEO Wayne LaPierre found liable in civil corruption trial | full coverage - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">"Dobbs and Democracy", <a href="https://harvardlawreview.org/wp-content/uploads/2024/02/137-Harv.-L.-Rev.-728.pdf">137 Harvard Law Review 728.pdf</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=oVfA4pkJ8rw"><span style="font-family: georgia;">Pro-Trump CPAC speaker pledges 'end of democracy' - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=WwgzcXnOHyI"><span>Trump Sneakers - SNL - YouTube</span></a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/26/politics/kenneth-chesebro-secret-twitter-account-kfile/index.html">Key figure in fake electors plot concealed damning posts on secret Twitter account from investigators</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=wbFK_sA8rFc&t=66s">'It would be a disaster for everyone': Should Biden debate Trump? - YouTube</a> Trump will constantly interrupt Biden and will make one false claim right after another interspersed with outrageous reality creations. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; color: #0f0f0f; text-align: left; white-space-collapse: preserve;">Retired 4 Star Marine General John Kelly: “The depths of his dishonesty is just astounding to me. The dishonesty, the transactional nature of every relationship, though it’s more pathetic than anything else. He is the most flawed person I have ever met in my life.” </span></span><a href="https://www.cnn.com/2020/10/16/politics/donald-trump-criticism-from-former-administration-officials/index.html" style="text-align: left;"><span>Former White House chief of staff tells friends that Trump ‘is the most flawed person’ he’s ev</span>er met</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Small Ball Purchases</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am discussing in this blog and a few other recent ones the purchase of utility stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Utility stock purchases are characterized by me as "bond substitutes". That characterization only defines the investment objective which is the dividend yield plus 2%+ in an annual realized gain on the shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">With starting dividend yields generally in the 4% to 5.5%, the goal is a modest 6% to 7.5% annual total return with each purchase classified as a bond substitute. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A common stock dividend can be reduced or eliminated which is not the case for a bond. And, unlike a fixed coupon bond, a utility may raise its payout. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 2+% annualized realized gain on the shares is a minimum risk premium associated with stock risks that I want over and above the dividend paid by the bond substitute stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Started GLAD - Bought 10 at $10.09</i></u></span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjih7uWP9eXNQn4P5Wn_SvflH0VO1TDlBuS3TyeorKDOaZrVyUd4htC0CLuB1bpjoUSo08Vug5rVWXv-M2HPdRADJFDaA_oMvYm3lJs0vW7wmDQMHt6oP3X28n-NGI_Gx2Pl-3kwDOSQ1eWMcEITJXhD6PKtzjpUOa3tALpt_kRk5XoWmACHCXIBKDhDfcI/s2648/glad%2010%20at%20$10.09%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="246" data-original-width="2648" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjih7uWP9eXNQn4P5Wn_SvflH0VO1TDlBuS3TyeorKDOaZrVyUd4htC0CLuB1bpjoUSo08Vug5rVWXv-M2HPdRADJFDaA_oMvYm3lJs0vW7wmDQMHt6oP3X28n-NGI_Gx2Pl-3kwDOSQ1eWMcEITJXhD6PKtzjpUOa3tALpt_kRk5XoWmACHCXIBKDhDfcI/s320/glad%2010%20at%20$10.09%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/glad?mod=search_symbol" style="text-align: left;">Gladstone Capital Corp. (GLAD)</a> <span>- Externally Managed BDC</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $100.86</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Strategy: Monthly Income Generation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1143513/000114351323000013/glad-20230930.htm">Annual Report for the 2023 F/Y Ending on 9/30/23</a> <b><span style="color: red;">Summary of risk factors starts on page 21 and ends at page</span></b><span style="color: red;"> <b>43</b></span>. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1143513&owner=exclude">GLAD SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1143513/000114351324000002/glad-20231231.htm">10-Q for the Q/E 12/31/23</a> Summary of investments starts at page 6. An investment with a (P) indicates that the loan is on nonaccrual. Scrolling through the investment list, I found one loan on nonaccrual and that was a $6.14M loan to Edge Adhesives Holdings (page 9) that had been marked down to $2.829M as of 12/31/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investments by Security Type: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVzN7KaWHlLeXFThrWeeTIvm4M_lgo0mX4Y9YWoeb2FqktmG65QlWfv_ZNqRTOMCc3hHRO0jqLPaIuSV7BmHmzbY5DiKSHq78FGmWoclx81TsuhBchhpspUQMF-2aCFNvJWs09kQ72n53bWf0rzD4aUtpqRYV0iJOF6yYa7nC2DGXLlVW5cdsN33-bMcS7/s2416/Screenshot%202024-02-24%20at%2010.04.48%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="412" data-original-width="2416" height="55" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVzN7KaWHlLeXFThrWeeTIvm4M_lgo0mX4Y9YWoeb2FqktmG65QlWfv_ZNqRTOMCc3hHRO0jqLPaIuSV7BmHmzbY5DiKSHq78FGmWoclx81TsuhBchhpspUQMF-2aCFNvJWs09kQ72n53bWf0rzD4aUtpqRYV0iJOF6yYa7nC2DGXLlVW5cdsN33-bMcS7/s320/Screenshot%202024-02-24%20at%2010.04.48%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">P. 27, 10-Q</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.0825 per share ($.99 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/glad/dividend-history">GLAD Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $10.09</i></u>: <b>9.61</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 3/20/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Net Asset value per share history</i></u>: Sourced from 10-Q filings. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/23: $9.61</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $9.06</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/21: $9.44</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/20: $7.61 (bad year for BDCs)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/19: $8.08 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/18: $7.98 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/17: $8.48</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/16: $8.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/15: $8.38</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/14: $9.31</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/13: </span><span style="font-family: georgia;">$10.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/12: $9.19</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/11: $9.9 (taking hit from Near Depression period fallout)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/10: $11.74</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/09: $11.92</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/08: $12.04</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/07: $15.08</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/06: $13.75</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>IPO: 2001 at $15 with proceeds to GLAD at $13.95 before deducting about $1M in internal expenses. </span><a href="https://www.sec.gov/Archives/edgar/data/1143513/000091205701530277/a2058154z497.txt" style="text-align: left;">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (First Fiscal Quarter Ending 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1143513/000119312524024095/d752495dex991.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net investment income per share: $.27, which covers the quarterly dividend of $.2475 paid in monthly installments. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Asset value per share: $9.61</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Exchange Traded Bond</i></u>: I have a small ball position in a GLAD exchange traded senior unsecured bond. </span><a href="https://finance.yahoo.com/quote/GLADZ?.tsrc=fin-srch" style="text-align: left;">Gladstone Capital Corporation 7.75% Notes due 2028 (GLADZ)</a> Par value is $25. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Elimination</i></u>: <a href="https://tennesseeindependent.blogspot.com/2018/12/observations-and-sample-of-recent.html" style="text-align: left;">Item # 5.A Eliminated GLAD - Sold 50 at $9.11 (12/2/2018 Post)</a>(profit snapshot = $1.38)-<a href="https://tennesseeindependent.blogspot.com/2018/06/observations-and-sample-of-recent_7.html" style="text-align: left;">Item # 1.A. Bought 50 GLAD at $9.09-Used Commission Free Trade (6/7/18 POST)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: A total return in excess of the dividend payments before any ROC adjustment to the tax cost basis (avoids double counting). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Added to FSCO - Bought 5 at $5.67</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh71bQDWWAKt73c560ajXGzWb6dDhMkrKiL4bTF1LgKkUP5-ZR7l5tV2jixXoFq2vN7Y3SyMTptGWF0bYtDc1ZfOx-YAO6evyl7B5zUe_pN3rLAU9sBeEoXNZN0uoX9vovtH8OZB6TARB5ZhdkiYrZfwSjhYkjOTe5FV1vhmT1HwHKXP6KXHhmwJc8E1XOY/s3050/fsco%205%205.68.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="120" data-original-width="3050" height="13" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh71bQDWWAKt73c560ajXGzWb6dDhMkrKiL4bTF1LgKkUP5-ZR7l5tV2jixXoFq2vN7Y3SyMTptGWF0bYtDc1ZfOx-YAO6evyl7B5zUe_pN3rLAU9sBeEoXNZN0uoX9vovtH8OZB6TARB5ZhdkiYrZfwSjhYkjOTe5FV1vhmT1HwHKXP6KXHhmwJc8E1XOY/s320/fsco%205%205.68.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/fsco?mod=search_symbol" style="text-align: left;">FS Credit Opportunities Corp. Overview</a> - Leveraged CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $28.35</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://fsinvestments.com/investments/fs-credit-opportunities-corp/" style="text-align: left;">FSCO-FS Investments</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1568194&owner=exclude"><span style="font-family: georgia;">FSCO SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1568194/000175272423259144/NPORT_FS2C_33975640_0923.htm"><span style="font-family: georgia;">SEC Filing - Investments as of 9/30/23</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1568194/000162828023030212/fsco63023n-csr.htm"><span style="font-family: georgia;">SEC Filed Shareholder Semiannual Report for the period ending 6/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$5.77</b> (55 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.057 per share ($.684 annually)<span>, last raised from $.04945 effective for the July 2023 payment. With the rise in short term rates, the fund earns more net income that allowed it to raise the dividend payment rate. A cut in the dividend would naturally follow when short term rates decline sufficiently that NII per share no longer covers the current monthly dividend. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The coupons for loans that float at spreads to short term rates like the 3 month SOFR will be extremely sensitive to changes in the FF rate. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/fsco/dividend-history"><span style="font-family: georgia;">FSCO Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC</i></u> : <b>11.85</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/21/24 (owned 50 as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 2/22/24 Trad</u></i><span><i><u>e</u></i>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: </span><span style="font-family: georgia;">$6.98</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $5.68</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -18.62%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/FSCO" style="text-align: left;">FSCO-CEF Connect</a> (Click "Pricing Information" tab)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I have nothing further to add to my recent discussion: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/aod-cpf-eqr-ffhprfca-fhb-fnlc-fsco-glw.html" style="text-align: left;">Item # 2.E. Started FSCO - Bought 50 at $5.78 (2/2/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Added to BRT - Bought 5 at $15.95; 5 at $15.58</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdbXnqdM2hv_HpAEreDLPblZoaceB-nZ8QPSo9QpF7I1ACYiLXQRMPN8EF8rJjMf_2MB67W1f550g4cL3tujKRrj-L4ZGEQkYuYYPoDFdN1wt-yrR3XtasWpayAgj9_a7aDERslf_87lvFZnrruYvTysJIgKPVt3XnWZ_GEoVvZpr9gtUlNlAOov3MRhlM/s2726/brt%205%20at$15.95%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="146" data-original-width="2726" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdbXnqdM2hv_HpAEreDLPblZoaceB-nZ8QPSo9QpF7I1ACYiLXQRMPN8EF8rJjMf_2MB67W1f550g4cL3tujKRrj-L4ZGEQkYuYYPoDFdN1wt-yrR3XtasWpayAgj9_a7aDERslf_87lvFZnrruYvTysJIgKPVt3XnWZ_GEoVvZpr9gtUlNlAOov3MRhlM/s320/brt%205%20at$15.95%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbiGVMe-7ZBN8RvSZSeginzBO3brothxuxVsbbjya7_7iz1SqhDaeTBgifZL6x9owr362OqO_zZM-2OxezVupFGhgTCVXYpI-vEPfLH5FCsJB8kiO5Tshw9lDXWovJvSqaPs6_0xOiRgPhpnNI3T2pmSd_sKgKICGF-kz-qBOe1thXKd75pc9Lo9IWEPzn/s2692/brt%205%20at%20$15.58%20AC%20at%2016.11%2025%20shares%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="216" data-original-width="2692" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbiGVMe-7ZBN8RvSZSeginzBO3brothxuxVsbbjya7_7iz1SqhDaeTBgifZL6x9owr362OqO_zZM-2OxezVupFGhgTCVXYpI-vEPfLH5FCsJB8kiO5Tshw9lDXWovJvSqaPs6_0xOiRgPhpnNI3T2pmSd_sKgKICGF-kz-qBOe1thXKd75pc9Lo9IWEPzn/s320/brt%205%20at%20$15.58%20AC%20at%2016.11%2025%20shares%20.png" width="320" /></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/brt?mod=search_symbol" style="text-align: left;">BRT Apartments Corp. (BRT)</a>- Apartment REIT</p><p style="text-align: justify;">Cost: $157.63</p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: Internal </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://brtapartments.com/">BRT Apartments Corp.</a> </span></p><p style="text-align: justify;"><a href="https://brtapartments.com/properties"><span style="font-family: georgia;">Properties | BRT Apartments | REIT</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=14846&owner=exclude"><span style="font-family: georgia;">BRT SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/aio-argopra-asb-brt-cohr-dpg-fcbc-gladz.html" style="text-align: left;">Item # 1.C. Started BRT - Bought 10 at $16.4; 5 at $16.25 (2/15/24 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/14846/000001484623000039/exhibit991q32023.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/14846/000001484623000039/exhibit992q32023.htm" style="text-align: left;">Supplemental</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share</i></u>: <b>$16.11</b> (25 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.25 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>6.207</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/18/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The next earnings report is scheduled for release on 3/13/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Started NWN - Bought 5 at $35.75</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMkcqvCg0lBCg4IDmKsPfGLwq9C2T3cQlHHALDs3xHK-2AIgV_Peh6p1CRjbXPo_uwxc8BU-MPUmBWfayVBAyQWcRLSBqn9VnlEdLkwP3Sjf8yfmkIbv8rb5gKEXVZ4-N55s9JVVoOv64YD0LzjvSjC1Vhk6rfuwc0-wyRkH3u60ksuzVwIRtxIFmUwQEf/s2680/NWN%205%20AT%20$35.75.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="252" data-original-width="2680" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMkcqvCg0lBCg4IDmKsPfGLwq9C2T3cQlHHALDs3xHK-2AIgV_Peh6p1CRjbXPo_uwxc8BU-MPUmBWfayVBAyQWcRLSBqn9VnlEdLkwP3Sjf8yfmkIbv8rb5gKEXVZ4-N55s9JVVoOv64YD0LzjvSjC1Vhk6rfuwc0-wyRkH3u60ksuzVwIRtxIFmUwQEf/s320/NWN%205%20AT%20$35.75.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/nwn?mod=search_symbol" style="text-align: left;">Northwest Natural Holding Co. (NWN)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1733998&owner=exclude">NWN SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/73020/000173399824000011/nwn-20231231.htm">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">On the day of purchase, the stock closed at $35.85, down $3.93 or 9.83% in response to the 2023 4th quarter earnings report that missed expectations. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $178.73 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is my first purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NWN is primarily a natural gas distributor headquartered in Portland, Or. "</span><span style="text-align: left;">It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), NW Natural Renewables Holdings (NW Natural Renewables), and other business interests."</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The distribution business provides natural gas to approximately 2M in Oregon and southwest Washington. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The water business is not material. There are about 73,000 meters. The customers are scattered in Pacific Northwest, Arizona and Texas. NWN closed on 4 acquisitions last year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/nwn/analystestimates?mod=mw_quote_tab">NWN Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.4875 per share ($1.95 annually), last increased from $.485 effective for the 2023 4th quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The dividend has been increased for 68 consecutive years. The increases have been so miniscule that I would not call them increases. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/nwn/dividend-history"><span style="font-family: georgia;">NWN Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">In 2014, the quarterly rate was $.46 per share. I would only call this dividend history as a positive only because the rate has not been cut and the yield at 5.45% at my cost is okay. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $35.75</u></i>:<b> 5.45</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 1/30/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/73020/000173399824000007/a991pressreleaseq42023.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Income of $93.9M or $2.58 per share, up from $2.54 in 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 4th quarter E.P.S. = $1.21, down from $1.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Affirmed long term earnings per share growth rate target of 4% to 6%, compounded annually, from 2022 through 2027. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Guides 2024 to $2.20 to $2.4, down from 2023 "primarily because of regulatory lag". For utility companies, capital expenditures are made before a regulatory commission approves adding the costs to the rate base. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The company has increased its dividend for 68 consecutive years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>E. Added 5 AY at $18.25; 5 at $17.9</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbus4yaqE0z4Sm3V1z3Y5ZlzZ1B7CPv9qX1peufcEXr1DL4ESfMEoGMzJCmF_pRgz4MsiNWSyDgvlMZhUGcgDMhW6zotfEHRVExHWp4S-y5SDpbBtvTqMlZ-p-eDbYMhP89eCQnt0nJHnNHbn0kx0wFx0FHs2pjO57krH3XQ145mvQkYN2512ikiOFAtFd/s2732/AY%205%20at%20$18.25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="174" data-original-width="2732" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbus4yaqE0z4Sm3V1z3Y5ZlzZ1B7CPv9qX1peufcEXr1DL4ESfMEoGMzJCmF_pRgz4MsiNWSyDgvlMZhUGcgDMhW6zotfEHRVExHWp4S-y5SDpbBtvTqMlZ-p-eDbYMhP89eCQnt0nJHnNHbn0kx0wFx0FHs2pjO57krH3XQ145mvQkYN2512ikiOFAtFd/s320/AY%205%20at%20$18.25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQosrlSW7aUS3GBu8KZunnwJCMj5Y8sj_ktDU1DcLrUbFB4QIyQ_VKXyDqaaxqYjr9sOgZp0M-28sdvPLb0b0xeSxACee96FRtpvKR0rl-LJDB4Uw-jmGWHhanxLjYMi22-9ZuBtOQNKmrFfuk5GfSl1okZF6WZl14XRe7GLSEKBl6Wj-wL1ob4mvFbiBw/s2678/5%20ay%2017.9.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="210" data-original-width="2678" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQosrlSW7aUS3GBu8KZunnwJCMj5Y8sj_ktDU1DcLrUbFB4QIyQ_VKXyDqaaxqYjr9sOgZp0M-28sdvPLb0b0xeSxACee96FRtpvKR0rl-LJDB4Uw-jmGWHhanxLjYMi22-9ZuBtOQNKmrFfuk5GfSl1okZF6WZl14XRe7GLSEKBl6Wj-wL1ob4mvFbiBw/s320/5%20ay%2017.9.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Quote: </span></span><a href="https://www.marketwatch.com/investing/stock/ay?mod=search_symbol" style="text-align: left;">Atlantica Sustainable Infrastructure PLC (AY)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $180.76</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.atlantica.com/web/en/" style="text-align: left;">Atlantica- Sustainable Infrastructure</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1601072&owner=exclude">AY SEC Filings</a> (foreign issuer forms)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.atlantica.com/wp-content/uploads/documents/Corporate-Presentation-Nov-2023.pdf" style="text-align: left;">Corporate Presentation Nov-2023.pdf</a></span></p><p style="text-align: justify;"><a href="https://www.atlantica.com/web/en/investors/credit-profile/"><span style="font-family: georgia;">Credit Profile-Atlantica</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/ay-bmy-hban-maa-metpra-mor-nomd-nsa.html" style="text-align: left;">Item # 1.B. Added to AY - Bought 5 at $19; 5 at $18.53 (2/9/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Substantive Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 1.C. Started AY - Bought 10 at $20; 5 at $19.55 (12/16/23 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1601072/000114036123051990/ef20014210_6k.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: $19.03 (35 Shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at US$.445 per share ($1.78 annually) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/ay/dividend-history">AY Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC</i></u> = <b>9.35</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/24): Released on 3/1/24. So far today, there is almost no response to this report, up or down. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1601072/000114036124010633/ef20022874_6k.htm" style="text-align: left;">SEC Filed Earnings Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1601072/000114036124010642/ef20022877_6k.htm">SEC Filed Slide Investor Presentation </a> </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHtXMXiJXXhAPWCmuOqa3xs06415V28MS2hNeiQ4R2P4xkRSCSwsqsp2CIiPytFpK4_P4RIVo8RfaBJIkvPuE_lMkW0iV6QGbdiOIfYN-xB26Kg5oqRCF9ObzmzhC-kNsdA-V20BHATwUTw8tfTIporGGViYN3dsBgW6u7tks0SrNqzj3I-_bx7sdzH4oC/s3374/Screenshot%202024-03-01%20at%207.46.10%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1230" data-original-width="3374" height="117" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHtXMXiJXXhAPWCmuOqa3xs06415V28MS2hNeiQ4R2P4xkRSCSwsqsp2CIiPytFpK4_P4RIVo8RfaBJIkvPuE_lMkW0iV6QGbdiOIfYN-xB26Kg5oqRCF9ObzmzhC-kNsdA-V20BHATwUTw8tfTIporGGViYN3dsBgW6u7tks0SrNqzj3I-_bx7sdzH4oC/s320/Screenshot%202024-03-01%20at%207.46.10%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Depreciation is a major noncash expense</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">2023 Revenues: $1.099+B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income: $43.38M or $.37 per diluted share, up from a loss of 9 cents per share in 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Cash Available for Distribution ("CAD"): $235.74M or $2.03 per share, which exceeds the annual dividend payment per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 4th Quarter CAD: $51.576M or $.44 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Maximum Position</u></i>: 100 shares</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>F. Restarted WEC - Bought 2 at $78.99; 1 at $77.31; 1 at $76.59</i></u></span></b>:</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWmX3wSjpTOgK6Z9_h5q-FIpbem0fqrPq-YdNpud-Q2dCAynlXlmnoGeeOIShNVP_29h8UmwyVsi1azGCgA63dqWVePkCvxk2fProaItBOTBFw86HfSIQgHFQeke0kdSy8dJ5c1A9hx7jzODKLv7HVNrH2yD63Or-K6Mp_mRl6tmJ23xEb-gXGgxWqx9kV/s2670/wec%20%20%2076.59%2077.31.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="882" data-original-width="2670" height="106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWmX3wSjpTOgK6Z9_h5q-FIpbem0fqrPq-YdNpud-Q2dCAynlXlmnoGeeOIShNVP_29h8UmwyVsi1azGCgA63dqWVePkCvxk2fProaItBOTBFw86HfSIQgHFQeke0kdSy8dJ5c1A9hx7jzODKLv7HVNrH2yD63Or-K6Mp_mRl6tmJ23xEb-gXGgxWqx9kV/s320/wec%20%20%2076.59%2077.31.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Shows Prior Sale This Account at $97.04</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/wec?mod=over_search" style="text-align: left;">WEC Energy Group Inc.</a><span> - Utility Holding Company</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $311.88</span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/wec/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">WEC Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=783325&owner=exclude"><span style="font-family: georgia;">WEC SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.wecenergygroup.com/invest/investor.htm"><span style="font-family: georgia;">Investor | WEC</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/783325/000010781524000090/a022024february.htm">SEC Filed Investor Update February 2024</a> 4.7M retail customers in Wisconsin, Minnesota and Michigan. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/783325/000010781524000095/wec-20231231.htm">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/02/amcr-enb-fbio-fe-fsphx-hiw-peg-shbi-tup.html" style="text-align: left;">Item # 1.D. Eliminated WEC in 2 Taxable Accounts - Sold 7 at $96.45 and 3+ at $97.04 (2/3/22 Post)</a>(profit snapshots = $129.44). I would attribute almost all of the price decline since those sales to an <span>overvaluation reset, an unfavorable rate decision by the Illinois Commission, and the rise in interest rates. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Average cost per share</u></i>:<b> $77.97 </b></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.835 per share ($3.34 annually), last raised from $.78 effective for the 2024 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $78.99</u></i> =<b> 4.28</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/13/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Reports</u></i> (Q/E 12/31/23): <a href="https://www.sec.gov/Archives/edgar/data/783325/000010781524000085/a2023q4wecearningsreleasee.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP 2023 E.P.S. $4.63, up 4% from 2022</span></p><p style="text-align: justify;"><span style="font-family: georgia;">4th Quarter Non-GAAP E.P.S. $1.1 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Both the 2023 and 4th quarter Non-GAAP E.P.S. excludes a non-cash charge of 41 cents per share relating to the Illinois Commission disallowing certain capital expenditures to be included in the rate base. That decision is discussed in a Fitch bond report. <a href="https://www.fitchratings.com/research/corporate-finance/fitch-affirms-wec-energy-group-idr-outlook-stable-20-02-2024" style="text-align: left;">Fitch Affirms WEC Energy Group's IDR; Outlook Stable</a> Illinois represents about 17% of WEC's asset base. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 consolidated revenues: $8.9B, down $704.4M from 2022 (mostly weather related)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Analyst Reports (available to Schwab customers):</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar (2/1/24): 4 stars with a fair value of $96 and a narrow moat</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Argus (2/7/24): Buy with a $106 PT. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">S&P (2/7/24): 3 stars with a 12 month PT of $86</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>G. Added To TGNA - Bought 5 at $14.15; 5 at $13.7</u></i></b></span></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRIEYM6i9lXk99MwnUm7RsfR7Mw-mUeGnJW4PL3EIlYpzg0fktfM3mM3U1e-Ywwt_ZRgBug2J3qApiumQg5aPJeK5hqifsqrZmP7tKdkfR0FJhgIb-WmST80CPRHKy8nBq5BXldVUP8ilM-JoR57VCJs-wKP7FFwfZ_3IBdibR1XsqHvu9hxTB_Lzg1cXY/s2786/TGNA%205%20AT%20$14.15%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="126" data-original-width="2786" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRIEYM6i9lXk99MwnUm7RsfR7Mw-mUeGnJW4PL3EIlYpzg0fktfM3mM3U1e-Ywwt_ZRgBug2J3qApiumQg5aPJeK5hqifsqrZmP7tKdkfR0FJhgIb-WmST80CPRHKy8nBq5BXldVUP8ilM-JoR57VCJs-wKP7FFwfZ_3IBdibR1XsqHvu9hxTB_Lzg1cXY/s320/TGNA%205%20AT%20$14.15%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheiQnsC2CSsHFpGsSdJW4kIChyphenhyphenFyvkFZsNdy6VzcKWfjWVQ-2ZVL2tafrhHVYpCpdBgvAWNOla77HD0wfK2UhlP-NPOTjEtnXJWewQ_4S4qAOCmZxM12k-0a6_e_lJFNmyW2U3-vvNeM4vViC4UcYW42QWXhqAXeEaTc4BkaJXKQ6QiW7E3jd0souQg7ll/s2820/tgna%205%20at%20$13.7%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="140" data-original-width="2820" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheiQnsC2CSsHFpGsSdJW4kIChyphenhyphenFyvkFZsNdy6VzcKWfjWVQ-2ZVL2tafrhHVYpCpdBgvAWNOla77HD0wfK2UhlP-NPOTjEtnXJWewQ_4S4qAOCmZxM12k-0a6_e_lJFNmyW2U3-vvNeM4vViC4UcYW42QWXhqAXeEaTc4BkaJXKQ6QiW7E3jd0souQg7ll/s320/tgna%205%20at%20$13.7%20.png" width="320" /></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/tgna?mod=search_symbol" style="text-align: left;">TEGNA Inc. (TGNA)</a></div></span><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $139.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: start;">"With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. TEGNA also owns leading multicast networks True Crime Network, Twist and Quest."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=39899&owner=exclude">TGNA SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/39899/000003989924000006/tgna-20231231.htm">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/tgna/analystestimates?mod=mw_quote_tab">TEGNA Inc. Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://investors.tegna.com/"><span style="font-family: georgia;">Investor Relations | TEGNA Inc.</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/aio-argopra-asb-brt-cohr-dpg-fcbc-gladz.html" style="text-align: left;">Item # 1.A. Started TGNA - Bought 10 at $14.52; 10 at $14.32 (2/15/24 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://investors.tegna.com/news-releases/news-release-details/tegna-inc-reports-third-quarter-2023-results-and-provides-fourth" style="text-align: left;">TEGNA Inc. Reports Third Quarter 2023 Results and Provides Fourth Quarter Guidance</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$14.25</b> (30 shares) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Dividend</u></i>: Quarterly at $.11375 per share</span> ($.455 annually), last raised from $.095 per share effective for the 2023 4th quarter payment. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/tgna/dividend-history"><span style="font-family: georgia;">TGNA Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>3.19</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 3/7/2024</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): Released on 2/29/24 after purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/39899/000003989924000004/tgnaq42023earningsrelease.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.40</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.43</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $725.854M, down from $917.13M in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues declined primarily due to the 2022 midterm election cycle advertising boost. There will be a bigger boost in 2024 which includes a Presidential election. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Subscription revenue declined 9% primarily due to a temporary disruption of service with a distribution partner that was resolved on 1/13/24. Those disputes involve cable carriage fees for local network stations. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Free cash flow was $130M in the quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash and Cash Equivalents as of 12/31/23: $361M </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The company expects to generate $900M to $1.1B in free cash flow in 2024 and 2025 combined. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Sale of Interest in BMI</u></i>: On 2/8/24, Tegna completed the sale of its interest in BMI (Broadcast Music) to a shareholder group led by New Mountain Capital for approximately $153M in pre-tax proceeds (see page 80 of the 2023 Annual Report and Earnings Press Release for the 4th Q.). I do not currently have the net profit number. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>H. Added to KRG - Bought 5 at $20.9</u></b></span></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhI5iCZmKrftjLyHy2r4Mh3lW2ylVudpfSrAiL1wjpdpczcgaONIx32kCmHFxtO-GBtiqnRq_SUhl-l6Z4aEL2iw68cxQYkhjACMz9i0rvpbKI1yl0xgv1cFsCUgOjvDeDhrFwEvA8pnkTeqtablCbkF0kjJqCzKxOYkgSSv8V3MR6P_DZmugL3bT3zhMVd/s2700/KRG%205%20at%20$20.9%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="146" data-original-width="2700" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhI5iCZmKrftjLyHy2r4Mh3lW2ylVudpfSrAiL1wjpdpczcgaONIx32kCmHFxtO-GBtiqnRq_SUhl-l6Z4aEL2iw68cxQYkhjACMz9i0rvpbKI1yl0xgv1cFsCUgOjvDeDhrFwEvA8pnkTeqtablCbkF0kjJqCzKxOYkgSSv8V3MR6P_DZmugL3bT3zhMVd/s320/KRG%205%20at%20$20.9%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/krg?mod=search_symbol" style="text-align: left;">Kite Realty Group T<span>rust (KRG)</span></a><span> - Retail REIT </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $104.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">KRG "is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets."</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1286043&owner=exclude" style="text-align: left;"><span style="font-family: georgia;">KRG SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604324000018/krg-20231231.htm">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/aep-bcbp-hbnc-krg-mmt-ofs-oge-opbk-ryld.html" style="text-align: left;">Item # 1.A. Added to KRG - Bought 5 at $21.25 (1/26/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Substantive Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2024/01/bstz-btmd-dcom-elc-es-fisi-gvlu-htia.html" style="text-align: left;">Item # 2.F. Started KRG - Bought 5 at $22.49; 5 at $22.1 (1/6/24 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000121/exhibit99_1xq32023.htm" style="text-align: left;">SEC Filed Press Release</a><span> and </span><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000121/exhibit99_2xq32023.htm" style="text-align: left;">Supplemental</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per shar</i></u>e: <b>$21.68</b> (20 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.25 per share</span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/krg/dividend-history"><span style="font-family: georgia;">KRG Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u>: <b>4.61</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 1/4/24 (owned 5 as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604324000012/exhibit99_1xq42023.htm">SEC Filed Press Release</a> and </span><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604324000012/exhibit99_2xq42023.htm" style="text-align: left;">Supplemental</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO: $111.1M or $.50 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income to FFO: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2NtC0exB7tfbq7AptGjZZIukeEru-O1JbhMLyT9Ys7xQ4QSJ9nSiC3k6kIRAHb7HPkeSa_M8-P5gV2RqykYX9zDD9uQoswCdIIPIHbc9yni3tiLYCTNecazUc1Min82gyAF-6-e1iji8XYAf6CFKkEF-L4vpfTXRGFCyovtSbVO-vVv-Udtv1UEY1Mm-Z/s3868/Screenshot%202024-02-27%20at%207.45.34%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1806" data-original-width="3868" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2NtC0exB7tfbq7AptGjZZIukeEru-O1JbhMLyT9Ys7xQ4QSJ9nSiC3k6kIRAHb7HPkeSa_M8-P5gV2RqykYX9zDD9uQoswCdIIPIHbc9yni3tiLYCTNecazUc1Min82gyAF-6-e1iji8XYAf6CFKkEF-L4vpfTXRGFCyovtSbVO-vVv-Udtv1UEY1Mm-Z/s320/Screenshot%202024-02-27%20at%207.45.34%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">The noncash depreciation and amortization expense of $103.119M is the major add back to net income when calculating funds from operation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leased Occupancy: 94%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Economic Occupancy at Year End: 91.3%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 FFO Guidance: $2-$2.06</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgI0uocM8enVmWVVF2FMoFhxPhOZFbjbcnRwHWN4pqUKlZyoDWYaJv8amdddBCQQmeALRG0QGPyZdgazX7F5iZ0ZWgjcjxe81aJlXxuXMp74LDcyTO8TDXuoMDC8XL7XrpGK_7NJrWiCqwI1GR9q9xhkW-06gZ-2AptYf-3YzCgLUAQvDVZf7lbmiNT5Jwa/s3880/Screenshot%202024-02-27%20at%207.43.13%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="486" data-original-width="3880" height="40" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgI0uocM8enVmWVVF2FMoFhxPhOZFbjbcnRwHWN4pqUKlZyoDWYaJv8amdddBCQQmeALRG0QGPyZdgazX7F5iZ0ZWgjcjxe81aJlXxuXMp74LDcyTO8TDXuoMDC8XL7XrpGK_7NJrWiCqwI1GR9q9xhkW-06gZ-2AptYf-3YzCgLUAQvDVZf7lbmiNT5Jwa/s320/Screenshot%202024-02-27%20at%207.43.13%E2%80%AFAM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Debt Maturities (see pages 10-11 of the <a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604324000012/exhibit99_2xq42023.htm">Supplemental)</a> Fixed rate debt was at $2.63+B with floating rate debt at $172M. I own 2 Kite Realty LP 4% SU bonds that mature on 3/15/25. </span></div><p style="text-align: justify;"><span style="font-family: georgia;">Debt Ratings: Baa3/BBB- </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Fitch rates the SU debt at BBB. <a href="https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-rates-kite-realty-senior-unsecured-notes-bbb-16-01-2024" style="text-align: left;">Fitch Rates Kite Realty's Senior Unsecured Notes 'BBB'</a> (1/16/24)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Bond Offering</u></i> (1/2024): <a href="https://www.sec.gov/Archives/edgar/data/1636315/000110465924004098/tm243234-2_424b2.htm" style="text-align: left;">Prospectus</a> for 5.5% SU Note maturing in 2034. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>I. Added to BNL - Bought 2 at $14.86</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcxurA6d3ahgXAmNx99Jz2UaLRUR7wnpaBw7EjWDpqTo-wHS2IM8h5dK2nLXax57lGSDSvRShbotGYsAnMCX_P-XjyyPwnvzaNmou56s1Gr3_GO17TO6ulgD5xQj9r8Z-tpcUkykV8jfi1l5QACo2nYlSpYYjOmNyokZ_U_9UUbZ5tK_Q8CR8zZKvzmBjp/s2652/bnl%202%20at%20$14.86%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="244" data-original-width="2652" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcxurA6d3ahgXAmNx99Jz2UaLRUR7wnpaBw7EjWDpqTo-wHS2IM8h5dK2nLXax57lGSDSvRShbotGYsAnMCX_P-XjyyPwnvzaNmou56s1Gr3_GO17TO6ulgD5xQj9r8Z-tpcUkykV8jfi1l5QACo2nYlSpYYjOmNyokZ_U_9UUbZ5tK_Q8CR8zZKvzmBjp/s320/bnl%202%20at%20$14.86%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/bnl?mod=search_symbol" style="text-align: left;">Broadstone Net Lease Inc. (BNL)</a> - Internally Managed REIT </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $29.72 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>As of 12/31/23, BNL "</span><span style="min-width: fit-content; white-space-collapse: preserve;">owned a diversified portfolio of 796 individual net leased commercial properties with 789 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 38.3 million rentable square feet of operational space. As of December 31, 2023, all but two of our properties were subject to a lease, and our properties were occupied by 220 different commercial tenants, with no single tenant accounting for more than 4.1% of ABR. Properties subject to a lease represent 99.4% of our portfolio's rentable square footage. The ABR weighted average lease term and ABR weighted average annual minimum rent increase, pursuant to leases on properties in the portfolio as of December 31, 2023, was 10.5 years and 2.0%, respectively." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 1.C. Added to BNL - Bought 5 at $14.08; 5 at $13.08 (11/4/23 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1424182/000095017023057474/bnl-ex99_1.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1424182/000095017023057474/bnl-ex99_2.htm" style="text-align: left;">Supplemental</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share</i></u>: <b>$14.97</b> (55+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.285 per share ($1.14 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/BNL/dividends/history">BNL Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>7.615</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 3/27/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1424182/000095017024017932/bnl-ex99_1.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1424182/000095017024017932/bnl-ex99_2.htm" style="text-align: left;">Supplemental</a> (debt and interest rate swaps discussed at pages 11, 13-17)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share: $.39</span></p><p style="text-align: justify;"><span style="font-family: georgia;">AFFO per share: $.36 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 AFFO per share: $1.41, up from $1.4 in 2022</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 AFFO per share Guidance = $1.41 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The flat AFFO guidance reflects selling 75 healthcare properties, which is ongoing as discussed below. There will be a lag between receiving the proceeds and reinvesting into newly acquired properties that generate rental income. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Reconciliation Net Income to AFFO: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1NpHWZF9Lvy0dBpYbN7JtU53K31HKuySRpObvpz1KLDhrP4sJCRoF0nVXLiQOXYRuAKqMELMIuB97-mmSp32zuy1auHUXX-aWj_YKaSkmkYPbnypi49NSdgYVjD1On2vtB-WEIYxLutm52MTfwE4ps633WwbkOIq_ihdPIzO5EENTt-1X8aZHYyCsTA52/s3856/Screenshot%202024-02-27%20at%208.08.07%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1542" data-original-width="3856" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1NpHWZF9Lvy0dBpYbN7JtU53K31HKuySRpObvpz1KLDhrP4sJCRoF0nVXLiQOXYRuAKqMELMIuB97-mmSp32zuy1auHUXX-aWj_YKaSkmkYPbnypi49NSdgYVjD1On2vtB-WEIYxLutm52MTfwE4ps633WwbkOIq_ihdPIzO5EENTt-1X8aZHYyCsTA52/s320/Screenshot%202024-02-27%20at%208.08.07%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><div style="text-align: justify;">The impairment charge of $26.4M is discussed in these sentences: "<span style="white-space-collapse: preserve;">As part of our healthcare portfolio simplification strategy, we made the decision to sell Green Valley Medical Center after the tenant failed to pay rent since October 2023 as the result of not meeting certain operational thresholds, and we are actively marketing the property through the date of this release. The decision resulted in us recognizing approximately $26.4 million of impairment during the quarter, and the tenant’s unpaid rents represent the only outstanding rents of our 99.2% quarterly rent collections. The tenant is responsible for all ongoing property costs under the terms of the lease." </span></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The REIT is in the process of selling its clinically oriented healthcare properties. The company has identified 75 healthcare properties that it wants to sell representing approximately 11% of its annualized base rent. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As of the date of this earnings press release, the company has<span style="white-space-collapse: preserve;"> "executed contracts on 37 healthcare properties for approximately $253.0 million at a weighted average cash capitalization rate of 7.9%, representing a $0.8 million gain over original purchase price. The properties represent approximately $19.9 million or 5.1% of our December 31, 2023 ABR, 28.7% of our healthcare portfolio, and have a weighted average remaining lease term of 4.7 years. We anticipate the transactions will close during the first quarter of 2024."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Occupancy: 99.4%, page 21 </span><a href="https://www.sec.gov/Archives/edgar/data/1424182/000095017024017932/bnl-ex99_2.htm" style="text-align: left;">Supplemental</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Properties: 796</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Top 20 Tenants: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjis8AfOFVYjec18Q16-utMlft20ixyjI_Dw5UgQbz2mw64sGxuNls8Ty3B2TRQj7C9ntfD8-a0HZDmJbXq_NTY56JC5Di_SMPbwVhQKclJQZHGsWwxqbmo_se_756KUsx2udJFY_xyj6AQoKb4vekbp7C3JPXgbl111f-WVSDydwaK3qdMYobQlPqUHIlM/s3846/Screenshot%202024-02-27%20at%208.21.48%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1428" data-original-width="3846" height="119" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjis8AfOFVYjec18Q16-utMlft20ixyjI_Dw5UgQbz2mw64sGxuNls8Ty3B2TRQj7C9ntfD8-a0HZDmJbXq_NTY56JC5Di_SMPbwVhQKclJQZHGsWwxqbmo_se_756KUsx2udJFY_xyj6AQoKb4vekbp7C3JPXgbl111f-WVSDydwaK3qdMYobQlPqUHIlM/s320/Screenshot%202024-02-27%20at%208.21.48%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>J. Added $50 to FCVSX at $32.24</u></b></span></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdyXO3xpIpcCEWkhpJQA270k_Ai5PhMhA1rTxeRouXjm3VWlor94ivmxeZIa0i9V-arSvLrnLKDkVoiFdhg5iPXa2fn94fej6w_avlyslQEHxT-7IJQZPTRFM-Gmt9wDZVM3-WkkbilSW9XWCMxRvgjj0Q5sx-i1CzbzYbSV0bUo2_0HUopgtMjn-1oawe/s2658/$50%20FCVSX%20AT%20$32.24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="804" data-original-width="2658" height="97" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdyXO3xpIpcCEWkhpJQA270k_Ai5PhMhA1rTxeRouXjm3VWlor94ivmxeZIa0i9V-arSvLrnLKDkVoiFdhg5iPXa2fn94fej6w_avlyslQEHxT-7IJQZPTRFM-Gmt9wDZVM3-WkkbilSW9XWCMxRvgjj0Q5sx-i1CzbzYbSV0bUo2_0HUopgtMjn-1oawe/s320/$50%20FCVSX%20AT%20$32.24.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/fcvsx?mod=search_symbol" style="text-align: left;">Fidelity Convertible Securities Fund Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://fundresearch.fidelity.com/mutual-funds/summary/316145200" style="text-align: left;">FCVSX-Fidelity Investments</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .75%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/fcvsx/quote">FCVSX – Morningstar</a> (currently rated 4 stars)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">1 Year Ordinary Dividend History: Paid Quarterly </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin0SymCkRBcm2OHFkiu6-F99C2d-z513gXCy8JhHFawRr5CjUOSArqViAUTMYdnpactdsnG4D1OU-b5fQTXCSHEJ5OKCmnfmYtPJaQbGEiDaxRbCzc3okH5obmg4YdIw8VxCnow4r-4exatvC429BFtnEb6TRRlyQmaaOeVGPZxP2mN-zLNe-e0j6oTFOG/s658/Screenshot%202024-02-28%20at%206.06.32%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="476" data-original-width="658" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin0SymCkRBcm2OHFkiu6-F99C2d-z513gXCy8JhHFawRr5CjUOSArqViAUTMYdnpactdsnG4D1OU-b5fQTXCSHEJ5OKCmnfmYtPJaQbGEiDaxRbCzc3okH5obmg4YdIw8VxCnow4r-4exatvC429BFtnEb6TRRlyQmaaOeVGPZxP2mN-zLNe-e0j6oTFOG/s320/Screenshot%202024-02-28%20at%206.06.32%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Capital Gain Distributions - Paid Annually </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCedscMoVrfyyHbo5SNKXRAFKKEhG5usTVOoxZ4FCTvK4w2c5bvr80FJAd6wjqIoUBAeu6THtMq1737sbGBGfxuVz-uAZTJRJThEJQ_021XppZnMhfYGqAX0dWIbotoOIxZnYVmZtsQpNrU7CmaHva3PEvRmfForYaGgMHvhEsDBWEnFFZAnnz_1yiAI5p/s660/Screenshot%202024-02-28%20at%206.07.16%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="466" data-original-width="660" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCedscMoVrfyyHbo5SNKXRAFKKEhG5usTVOoxZ4FCTvK4w2c5bvr80FJAd6wjqIoUBAeu6THtMq1737sbGBGfxuVz-uAZTJRJThEJQ_021XppZnMhfYGqAX0dWIbotoOIxZnYVmZtsQpNrU7CmaHva3PEvRmfForYaGgMHvhEsDBWEnFFZAnnz_1yiAI5p/s320/Screenshot%202024-02-28%20at%206.07.16%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>K. Added to CTO - Bought 1 at $16.49</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir2h8VicXWjF_zZTFXiqa0Br2M0qpMlWQ2eDGhoDmiif_QW9eLbNJe9i-etsxGqxMXv3wiL1i79jotaggObWCzav4QNrjN2BVPepptL0ec2sk9YwJySp4dtWEH5d94KrViCvPwBelISfEMkW23Y8UEMbNS8swbQECcgkrzLa6TEoCZhLE_HSJ-a38QSgjA/s2744/CTO%201%20$16.49%20%20112%20sh%2017.7%20ac%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="252" data-original-width="2744" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir2h8VicXWjF_zZTFXiqa0Br2M0qpMlWQ2eDGhoDmiif_QW9eLbNJe9i-etsxGqxMXv3wiL1i79jotaggObWCzav4QNrjN2BVPepptL0ec2sk9YwJySp4dtWEH5d94KrViCvPwBelISfEMkW23Y8UEMbNS8swbQECcgkrzLa6TEoCZhLE_HSJ-a38QSgjA/s320/CTO%201%20$16.49%20%20112%20sh%2017.7%20ac%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/cto?mod=search_symbol" style="text-align: left;">CTO Realty Growth Inc. (CTO)</a> - Externally Managed REIT </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=23795&owner=exclude"><span style="font-family: georgia;">CTO SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Portfolio Summary: Square feet in thousands.</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8_q4ztZj-pKiZSKB15p5kARunrJqbIFCiqwJM94VYnUE3x2s7PZRWW1bdOvk8D2UJm4mwKGMGKlQMu42CvmNt_FQDRKQMm3IYbciYD48KJLNPihQu5yVcb3_FGqo8fWsEKjzSNVxoQZpbPhoR5Kf7N36Jew9KxveN4CdJ56jLKDMKsoE7W2D8hPMmW5TN/s2928/Screenshot%202024-02-28%20at%205.34.51%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="426" data-original-width="2928" height="47" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8_q4ztZj-pKiZSKB15p5kARunrJqbIFCiqwJM94VYnUE3x2s7PZRWW1bdOvk8D2UJm4mwKGMGKlQMu42CvmNt_FQDRKQMm3IYbciYD48KJLNPihQu5yVcb3_FGqo8fWsEKjzSNVxoQZpbPhoR5Kf7N36Jew9KxveN4CdJ56jLKDMKsoE7W2D8hPMmW5TN/s320/Screenshot%202024-02-28%20at%205.34.51%E2%80%AFPM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi51ZVi4dMJfXQw658c0Mb6XQ_yjc5VeZBpRqBShlRne2JeJo-fbGo7vBVuExTkpKvzvBM8hpebP6iklLJQX4zhrvHh2yDFXlin2KlGVdttg6zWogIBYx0MFh4Tax-4m9OFJr8qxAiyyYLk4R4Wsi60GlUhiLsWAovKjo-SIo5Qx3RwFlNcr0sEA0qDWeu8/s2900/Screenshot%202024-02-28%20at%205.35.28%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="414" data-original-width="2900" height="46" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi51ZVi4dMJfXQw658c0Mb6XQ_yjc5VeZBpRqBShlRne2JeJo-fbGo7vBVuExTkpKvzvBM8hpebP6iklLJQX4zhrvHh2yDFXlin2KlGVdttg6zWogIBYx0MFh4Tax-4m9OFJr8qxAiyyYLk4R4Wsi60GlUhiLsWAovKjo-SIo5Qx3RwFlNcr0sEA0qDWeu8/s320/Screenshot%202024-02-28%20at%205.35.28%E2%80%AFPM.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;">Leased Occupancy: 93.2%</span></div><div><p style="text-align: justify;"><span style="font-family: georgia;">Occupied: 90.3%</span></p><p style="text-align: justify;"></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia; visibility: hidden;"></span></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia; visibility: hidden;"></span></p><p></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia;">"On February 16, 2024, the Company completed the sale of its remaining subsurface oil, gas, and mineral rights totaling approximately 352,000 acres in 19 counties in the State of Florida (“Subsurface Interests”) for gross proceeds of $5.0 million. As part of the Subsurface Interests sale, the Company entered into a management agreement with the buyer to provide ongoing management services for an annual base management fee of $100,000 and the potential to earn additional incentive fees if certain conditions are met."</span></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia;"><br /></span></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia;">2024 Guidance: AFFO per share $1.7 to $1.78</span></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia;"><br /></span></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 1.A. Added to CTO - Bought 15 at $17.2; 5 at $17.1 (12/16/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Stock Split</u></i>: <a href="https://www.globenewswire.com/en/news-release/2022/04/27/2430087/0/en/CTO-Realty-Growth-Announces-Three-For-One-Stock-Split.html" style="text-align: left;">CTO Realty Growth Announces Three-For-One Stock Split</a> (4/27/22)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>:<b> $17.7 </b>(112+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: $.38 per share (</span><span style="font-family: georgia;">$1.52 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC</i></u> = <b>8.59</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 3/13/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/23795/000155837024001533/cto-20240222xex99d1.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core Diluted FFO per share: $.48</span></p><p style="text-align: justify;"><span style="font-family: georgia;">AFFO per share: $.52</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income to AFFO per share: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyIxFebGBu8fQ1sbaN_PwqdY6qZb7sas5Uu79bm2cNDkCeYyyItOZy29nu7JPejGhlLI4zDQF9yQSr36RC0l1vFjTEU0kDSAaIKm9XBGHRhah-yB3yevhs2Fnm1TvgsyyP4H48OeeBhVLe8IeJuyZzmE8LP54Up8dC3MkBUVUtQhxyAmkad-_SzXcBrAyR/s3010/Screenshot%202024-02-28%20at%205.41.14%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1138" data-original-width="3010" height="121" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyIxFebGBu8fQ1sbaN_PwqdY6qZb7sas5Uu79bm2cNDkCeYyyItOZy29nu7JPejGhlLI4zDQF9yQSr36RC0l1vFjTEU0kDSAaIKm9XBGHRhah-yB3yevhs2Fnm1TvgsyyP4H48OeeBhVLe8IeJuyZzmE8LP54Up8dC3MkBUVUtQhxyAmkad-_SzXcBrAyR/s320/Screenshot%202024-02-28%20at%205.41.14%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Sold 6 properties for $64.2M generating a total gain of $3.2M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Repurchased 62,015 common shares at an average cost of $15.72. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>CTO provides management service to another publicly traded REIT called </span><a href="https://www.marketwatch.com/investing/stock/pine?mod=search_symbol" style="text-align: left;">Alpine Income Property Trust Inc. (PINE)</a> and has a significant equity position in PINE. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Sells</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am using the rally this year to sell a few underperforming stock positions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Eliminated REYN - Sold 40+ at $29.64</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIXx64Vnu470tyB_2JZMGH9JlJyUqYgzrmqPEbN0o9akXOsg-Tf3GVY-lx8x1ZZzU-U_XCz9_4xC9KDJpeH0lAgH0WBSMa635C5eetisQbIbU86NcA5fP9FWqhCmDI0m68gQm0Rgs38N3tlFIAWzCwWk8qYzMgnszQ9mlRZe3Twjzu6gsvX8HeW79qnCj0/s3016/REYN%2040+%20at%20$29.64%20P%20at%201,192.5.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="136" data-original-width="3016" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIXx64Vnu470tyB_2JZMGH9JlJyUqYgzrmqPEbN0o9akXOsg-Tf3GVY-lx8x1ZZzU-U_XCz9_4xC9KDJpeH0lAgH0WBSMa635C5eetisQbIbU86NcA5fP9FWqhCmDI0m68gQm0Rgs38N3tlFIAWzCwWk8qYzMgnszQ9mlRZe3Twjzu6gsvX8HeW79qnCj0/s320/REYN%2040+%20at%20$29.64%20P%20at%201,192.5.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span><br /></span></div>Quote: </span><a href="https://www.marketwatch.com/investing/stock/reyn?mod=search_symbol">Reynolds Consumer Products Inc. (REYN)</a> </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,192.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The two main product lines are Hefty trash bags and Reynolds aluminum wrap. Some other products are sold using those trade names. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.reynoldsconsumerproducts.com/brands" style="text-align: left;">Brands | Reynolds Consumer Products</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/reyn/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">REYN Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1786431&owner=exclude">REYN SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1786431/000162828024003623/reyn-20231231.htm">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$60.56</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3uAK183CjNpUNM6llMLXUgKOSNr2fUmqjEVHm-zeGtV4xqqENMUpK_WzSO9pshZSdNXq2sxyJzOx8HFQiJZxiYYR3N8HoPj8J010APPd_ZA38xVVBfXXTCit82i2UptyDaELHFDY4VXegUtQ4Hzen7vJYjHLnn4QHcBBwPn_KkTzQO53Fd9ocvuuwL9vf/s2436/reyn%2040+%20shares%20$60.56%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="78" data-original-width="2436" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3uAK183CjNpUNM6llMLXUgKOSNr2fUmqjEVHm-zeGtV4xqqENMUpK_WzSO9pshZSdNXq2sxyJzOx8HFQiJZxiYYR3N8HoPj8J010APPd_ZA38xVVBfXXTCit82i2UptyDaELHFDY4VXegUtQ4Hzen7vJYjHLnn4QHcBBwPn_KkTzQO53Fd9ocvuuwL9vf/s320/reyn%2040+%20shares%20$60.56%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html" style="text-align: left;">Item # 2.H. Added to REYN - Bought 5 at $25.7 (11/11/23 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1786431/000162828023037544/reyn-20231108xex991.htm" style="text-align: left;">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.23, last raised from $.22 effectively for the 2020 4th quarter which I view negatively. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/reyn/dividend-history">REYN Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i><span>: 2/14/24 (owned as of)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1786431/000162828024003607/reyn-20240207xex991.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $.65, up from $.51</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $985M, down from $1.065B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 E.P.S. $1.42, up from $1.23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Earnings were negatively impacted by input cost inflation in 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Guidance: 2024 E.P.S $1.57 to $1.65</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYhdDurjhHtiJilXrH8kJJkvuke-Dqb2YRIy9g-9uEFnXNnU-wt7WWJqNF_BSssireNDh5oRN_epQyYQgFav4GYIObn6b1f-F5r2AMDjv0I_GikH0ApIh5WiiYQJhFJkgGAz2GIXrvB3j5BCVv0qlJU92l7BYK50KYsK_EBIXyQNfHLPV2SgPon4VKRS0y/s2626/Screenshot%202024-02-29%20at%208.03.21%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1474" data-original-width="2626" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYhdDurjhHtiJilXrH8kJJkvuke-Dqb2YRIy9g-9uEFnXNnU-wt7WWJqNF_BSssireNDh5oRN_epQyYQgFav4GYIObn6b1f-F5r2AMDjv0I_GikH0ApIh5WiiYQJhFJkgGAz2GIXrvB3j5BCVv0qlJU92l7BYK50KYsK_EBIXyQNfHLPV2SgPon4VKRS0y/s320/Screenshot%202024-02-29%20at%208.03.21%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i style="text-decoration-line: underline;">Last Sell Discussion</i>: </span></span><a href="https://tennesseeindependent.blogspot.com/2022/12/aqn-bhb-cto-cvx-fidu-nrim-nwl-sji-spyd.html" style="text-align: left;">Item # 4.F. Eliminated Duplicate REYN in Schwab Taxable Account - Sold 20+ at $32.55 (12/6/22 Post)</a>(profit snapshot = $95.96)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>REYN Realized Gains to Date</u></i>: $173.95</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Eliminated NTB - Sold 19 at $30.02</u></i></span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrtKZXFJ82Xty0Uy1GG96YYDQ1A97V_yZLYjmbkRDTuAr-YsjGWZL6H6z6kURsqvK6thJJPIXUpyP4PmaZ4W6fp1EQkuQBp2vVaDIOIIHbPcFPNdkdowzG0TA5QKvsEFkPQto5P49oHA8D7MtYbKPn08Hw2JSZoFua_O8RM4J6XhittwFfKjOlrRbf5Du_/s3132/NTB%2019%20SHARES%2030.02%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="246" data-original-width="3132" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrtKZXFJ82Xty0Uy1GG96YYDQ1A97V_yZLYjmbkRDTuAr-YsjGWZL6H6z6kURsqvK6thJJPIXUpyP4PmaZ4W6fp1EQkuQBp2vVaDIOIIHbPcFPNdkdowzG0TA5QKvsEFkPQto5P49oHA8D7MtYbKPn08Hw2JSZoFua_O8RM4J6XhittwFfKjOlrRbf5Du_/s320/NTB%2019%20SHARES%2030.02%20%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/ntb?mod=search_symbol">Bank of Butterfield Ltd. (NTB)</a></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $570.39</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sold on the ex dividend date. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/ntb/analystestimates?mod=mw_quote_tab">NTB Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/NTB.N/"><span style="font-family: georgia;">NTB Profile-Reuters</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investor Relations: <a href="https://investors.butterfieldgroup.com/" style="text-align: left;">Butterfield Group</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$111.51</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisbxSv_YOK0aBzaHcOaxsm2RKLs4TvMwCbXbwnxDP46iS8go9Qq57taDTsKS_1LS2VFFH28-aNH3iJqTRz12tXI87Da_bLTWI1mfoIpCC9u-MQESowitBO6v68aBdVU8JWKqsTzH9pNXe-eFbkJbTrgx2l_l41h3LoGYufJWw_L8wdf_FBncpdzdmG5ADR/s2446/2024%20NTB%2019%20Shares%20+$111.51%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="698" data-original-width="2446" height="91" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisbxSv_YOK0aBzaHcOaxsm2RKLs4TvMwCbXbwnxDP46iS8go9Qq57taDTsKS_1LS2VFFH28-aNH3iJqTRz12tXI87Da_bLTWI1mfoIpCC9u-MQESowitBO6v68aBdVU8JWKqsTzH9pNXe-eFbkJbTrgx2l_l41h3LoGYufJWw_L8wdf_FBncpdzdmG5ADR/s320/2024%20NTB%2019%20Shares%20+$111.51%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/07/brkl-ccne-ccnep-cuca-dcom-ffic-nnn-ntb.html">Item # 4.B. Eliminated Duplicate Position in NTB - Sold 14 at $31.87 (7/29/23 Post)</a><span>(profit snapshot = $96.14)</span><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.44 per share ($1.76 annually), last raised from $.38 effective for the 2019 third quarter payment. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/NTB/dividends/history"><span style="font-family: georgia;">The Bank of N.T. Butterfield & Son Limited (NTB) Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend Date</u></i>: 2/23/24 (owned as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1653242/000165324224000004/currentearningsrelease.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1653242/000165324224000004/a4qandye2023currentearni.htm" style="text-align: left;">SEC Filed Investor Presentation (slides)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Diluted GAAP E.P.S. = $1.11, down from $1.26</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Diluted Non-GAAP E.P.S. = $1.15, down from $1.27 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 2.73%, down from 2.79%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core efficiency ratio: 60.5%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: 1.3%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .08%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core Return on Average Tangible Equity: 25.4% (very good)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $19.29, up from $15.92</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Repurchased 1.2M shares at an average price of $28.2 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Purchased trust assets from Credit Suisse.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Consider to Repurchase</i></u>: My consider to repurchase price is at less than $25. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Negatives Outweigh the Positives IMO</i></u>: NIM has traditionally been lower than other banks, the NPL ratio is elevated, E.P.S. is trending down and the efficiency ratio is a bit too high.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Eliminated BTMD - Sold 15 at $6.22</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBUeJclDubYEam1wnaYk-4mJtB93lgWsaqFn6WrfgAcXnulkNUNZGOs5-ytbI8Fkav0FVJ5nBcq8N8W3XGnDTvO09u0VYSs7nA8q04YwQdeFBaKtPlosLxfH1Pb5u4fbifzaCLOW03RK767hTMs8J47Z-_H-HDs8DLidKs0hqqTqai5HxwMuyvI6bmWHJD/s2704/btmd%2015%20at%20$6.22%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="232" data-original-width="2704" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBUeJclDubYEam1wnaYk-4mJtB93lgWsaqFn6WrfgAcXnulkNUNZGOs5-ytbI8Fkav0FVJ5nBcq8N8W3XGnDTvO09u0VYSs7nA8q04YwQdeFBaKtPlosLxfH1Pb5u4fbifzaCLOW03RK767hTMs8J47Z-_H-HDs8DLidKs0hqqTqai5HxwMuyvI6bmWHJD/s320/btmd%2015%20at%20$6.22%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/btmd?mod=search_symbol" style="text-align: left;">Biote Corp. (BTMD)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $93.3 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1819253&owner=exclude">SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Blackjack Hand, part of the Lottery Ticket Basket Strategy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$18.8</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHvg5fCgmkCEmQnAzY_DoFKC_BHZYxogYM0WH81-h9BcTvfFNoWvue6SLLdlYRuxj7CBfdbXxaxmE09DqPOOILiHA2VgxLzeuZ8il5Nr1nzFkottxpOT8alvZNSw3cqi5ca8e2FCeL_CVdCQn2Wvva1gwdZLhwN8W9gXhgVxUl1Cu3t62qqb8rVV3FYHA_/s2278/2024%20BTMD%2015%20shares%20+$18.8%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1036" data-original-width="2278" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHvg5fCgmkCEmQnAzY_DoFKC_BHZYxogYM0WH81-h9BcTvfFNoWvue6SLLdlYRuxj7CBfdbXxaxmE09DqPOOILiHA2VgxLzeuZ8il5Nr1nzFkottxpOT8alvZNSw3cqi5ca8e2FCeL_CVdCQn2Wvva1gwdZLhwN8W9gXhgVxUl1Cu3t62qqb8rVV3FYHA_/s320/2024%20BTMD%2015%20shares%20+$18.8%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/bstz-btmd-dcom-elc-es-fisi-gvlu-htia.html" style="text-align: left;">Item # 3.D. Bought 5 BTMD at $5.07; 5 at $4.76 (1/26/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividends</i></u>: None and none expected. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u>: I was not pleased with the updated guidance released after my purchase. I sold into the price pop created by an analyst upgrade. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1819253/000119312524009293/d730565dex991.htm">SEC Filing</a> (preliminary report)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: -webkit-left;">"management expects 2023 revenue and Adjusted EBITDA to be slightly below prior guidance. The Company had previously forecast that revenue and Adjusted EBITDA would be toward the lower end of the previously announced ranges of </span><span style="background-color: white; text-align: -webkit-left; text-wrap: nowrap;">$190-$200 million</span><span style="background-color: white; text-align: -webkit-left;"> and </span><span style="background-color: white; text-align: -webkit-left; text-wrap: nowrap;">$56-$60 million,</span><span style="background-color: white; text-align: -webkit-left;"> respectively. The Company now expects full year 2023 revenue of </span><span style="background-color: white; text-align: -webkit-left; text-wrap: nowrap;">$185-$187 million</span><span style="background-color: white; text-align: -webkit-left;"> and Adjusted EBITDA of </span><span style="background-color: white; text-align: -webkit-left; text-wrap: nowrap;">$54-$56 million. . . . </span></span><span style="background-color: white; text-align: left;">Expected revenue of </span><span style="background-color: white; text-align: left; text-wrap: nowrap;">$45-$47 million</span><span style="background-color: white; text-align: left;"> for the fourth quarter of 2023 includes procedure revenue growth of approximately 7% and dietary supplement revenue decline of approximately 15% compared to same period in 2022. The decline in dietary supplement, or nutraceutical, revenue was primarily driven by one of Biote’s larger distributors recently opting to exit the nutraceutical business."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Eliminated PFG - Sold 2 at $80.41</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKTpchEd9a4ZDOqmuodxz_zd9a5FGqAFlb9rM0kXiBlrPPWgBzA-Mi9oVRISXsIMumJrGYWZGaUtewAiegajH5NP_EJGYrIAAe7Ue2h1_dUJ31IeAlg8Scc66Iy6wfy1T3NFtMVSk3Ray0ack3M2BS91l3aZH8ssuuLK7CnPd-WtLeDRPBl_pbIlxUiRPX/s2376/pFG%20sold%202%20at%20$80.41.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="286" data-original-width="2376" height="39" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKTpchEd9a4ZDOqmuodxz_zd9a5FGqAFlb9rM0kXiBlrPPWgBzA-Mi9oVRISXsIMumJrGYWZGaUtewAiegajH5NP_EJGYrIAAe7Ue2h1_dUJ31IeAlg8Scc66Iy6wfy1T3NFtMVSk3Ray0ack3M2BS91l3aZH8ssuuLK7CnPd-WtLeDRPBl_pbIlxUiRPX/s320/pFG%20sold%202%20at%20$80.41.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/pfg?mod=search_symbol" style="text-align: left;">Principal Financial Group Inc. (PFG)</a> </p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $160.81</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1126328&owner=exclude">PFG SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/pfg/analystestimates?mod=mw_quote_tab">PFG Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/PFG.A"><span style="font-family: georgia;">PFG Reuters Profile Page</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.reuters.com/markets/companies/PFG.A/key-metrics/price-and-volume">PFG Reuters Key Metrics Page</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$84.01</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPkpw5RuKSlbaaew2aTUA9VdQJXv1JSHEBYIISMkCAiy_QS9vFpH0fSsQBtwzhjwWfeSqlMwdBnj5hQGjOgkRw1bJsNuEjdAWoiXteRZAjtl-W2Qx0rhIvbm3ZdqSinu3RjhEaqpRF2Bf_qyJpBGYbI4vwEc1mGl9PjkImimtQYJ8hVvhEgmeTvrdNM2s5/s2650/2024%20PFG%202%20Shares%20+$84.01%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="536" data-original-width="2650" height="65" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPkpw5RuKSlbaaew2aTUA9VdQJXv1JSHEBYIISMkCAiy_QS9vFpH0fSsQBtwzhjwWfeSqlMwdBnj5hQGjOgkRw1bJsNuEjdAWoiXteRZAjtl-W2Qx0rhIvbm3ZdqSinu3RjhEaqpRF2Bf_qyJpBGYbI4vwEc1mGl9PjkImimtQYJ8hVvhEgmeTvrdNM2s5/s320/2024%20PFG%202%20Shares%20+$84.01%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2020/10/arow-ccnep-dea-duk-enb-fcvsx-htfa-nmfc.html" style="text-align: left;">Item # 1.B. Started PFG - Bought 2 at $38,4 (10/21/20 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.69, last raised from $.67 effective for the 2024 first quarter payment. In the 2014 first quarter, the rate was at $.28 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/pfg/dividend-history">PFG Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/30/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 3/11/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1126328/000110465924014640/tm245919d1_ex99.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcpbMBBxJO0TKMW7A5Byvl9a5QRqLVMx63CXEpT008x4h6jcw4TQXJpf8Y9UFTrAkMmgUP5GH-WZxT4y9Tj0g2EJtYNDtci2pRJuUMqWcH-8I2FQDImZMM-O-bhtE3j2MdHMnSKDR_Ky6yXcQhP7jJfo5_g1p004Wrmr3tuGtjnTXmAzY0LheiRqXW5Crv/s3326/Screenshot%202024-03-01%20at%207.50.24%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="702" data-original-width="3326" height="68" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcpbMBBxJO0TKMW7A5Byvl9a5QRqLVMx63CXEpT008x4h6jcw4TQXJpf8Y9UFTrAkMmgUP5GH-WZxT4y9Tj0g2EJtYNDtci2pRJuUMqWcH-8I2FQDImZMM-O-bhtE3j2MdHMnSKDR_Ky6yXcQhP7jJfo5_g1p004Wrmr3tuGtjnTXmAzY0LheiRqXW5Crv/s320/Screenshot%202024-03-01%20at%207.50.24%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">GAAP E.P.S. $1.19</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. $1.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>PFG SU Bonds</u></i>: I currently own 2 PFG SU bonds that mature in 2026 which I will hold until maturity. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The main reason for selling this position is that I only owned 2 shares and did not want to buy more at the current price. I did not want to spend time monitoring the company based on those considerations. I may restart a position when and if the price sinks somewhere south of $60, and I am comfortable buying more shares than just 2. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Corporate Bond Purchases</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Bought 2 Verisign 5.25% SU Maturing on 4/1/25 at a Total Cost of 99.761</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5M7nNuMo2qb4FPJEYtEHe2IR4ju1qkNOAk6SvgTluVH-AMjf0lsqyZ9KCJ8BH7e57zB4aj9oyB-kDRWy9MzceXjVCjyUtzzFVgz42ihwwGoJU4oJcCGZjqlvUbYg9MjcQOIgT8-is_gUvBwINYK08OhofYXqnMWobP5RwaJbTXQCBfhbuHPLF5F6ZAN7u/s2830/Verisign%20(2)%205.25%25%204:1:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="762" data-original-width="2830" height="86" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5M7nNuMo2qb4FPJEYtEHe2IR4ju1qkNOAk6SvgTluVH-AMjf0lsqyZ9KCJ8BH7e57zB4aj9oyB-kDRWy9MzceXjVCjyUtzzFVgz42ihwwGoJU4oJcCGZjqlvUbYg9MjcQOIgT8-is_gUvBwINYK08OhofYXqnMWobP5RwaJbTXQCBfhbuHPLF5F6ZAN7u/s320/Verisign%20(2)%205.25%25%204:1:25.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/vrsn?mod=search_symbol" style="text-align: left;">VeriSign Inc. (VRSN)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/vrsn/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">VRSN Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1014473&owner=exclude">VRSN SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1014473/000101447324000002/q42023earningsrelease.htm">SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=92343EAH5&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.472</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>5.26</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is the next SU bond to mature, which is something that I check and place some value on. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Bought 2 Essex LP 3.5% SU Maturing on 4/1/25 at a Total Cost of 97.976</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4Gnb0sy2pASKsuMNUmBnqjsS7aJ6HNAOmOA3y4JqZI8bXqNKy9-7Sm-2pCJM0RBOlQbpb1ET0iSUoccrf0VGiXWx8qYp7M2ejz_aZZErZo-BjgJVJGBSCIBPA9byBmSRFtiy54YFeaqIzw0_SWABkN0sSfjdgdk_0NNqeIPlmBQn44Vms4ReE-BUNPBqr/s2804/Essex%20LP%20(2)%203.5%25%204:1:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="866" data-original-width="2804" height="99" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4Gnb0sy2pASKsuMNUmBnqjsS7aJ6HNAOmOA3y4JqZI8bXqNKy9-7Sm-2pCJM0RBOlQbpb1ET0iSUoccrf0VGiXWx8qYp7M2ejz_aZZErZo-BjgJVJGBSCIBPA9byBmSRFtiy54YFeaqIzw0_SWABkN0sSfjdgdk_0NNqeIPlmBQn44Vms4ReE-BUNPBqr/s320/Essex%20LP%20(2)%203.5%25%204:1:25.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span>Issuer: Operating entity for </span><a href="https://www.marketwatch.com/investing/stock/ess?mod=search_symbol" style="text-align: left;">Essex Property Trust Inc. (ESS)</a> who guarantees the notes: </span><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpjo1BMeCtf4XT_DUP6Hw6hgYvzV3b6ylUy0pVnMM7hd3M1exCzWdSthF6h0Hap0zXQ1jPQB41PZSJMXLvtQ7oQTcsSeNRpNoGg2VuBEVmIPDzT8ix6amLp8D_Rzs_IN49qttIKSw-7rEuvUIxU9EzxkNmZ1LnCfdm5_VoTwy7SWwzaRCKV2Q_TB4V32cN/s1408/Screenshot%202024-02-23%20at%203.02.04%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="230" data-original-width="1408" height="52" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpjo1BMeCtf4XT_DUP6Hw6hgYvzV3b6ylUy0pVnMM7hd3M1exCzWdSthF6h0Hap0zXQ1jPQB41PZSJMXLvtQ7oQTcsSeNRpNoGg2VuBEVmIPDzT8ix6amLp8D_Rzs_IN49qttIKSw-7rEuvUIxU9EzxkNmZ1LnCfdm5_VoTwy7SWwzaRCKV2Q_TB4V32cN/s320/Screenshot%202024-02-23%20at%203.02.04%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=920522&owner=exclude">Essex SEC SEC Filings</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036124005882/ef20020636_ex99-1.htm">Essex SEC Filed Earnings Report for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000156761915000248/s000775x4_424b2.htm">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=29717PAP2&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB+</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.426</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.57</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Bought 2 Trimble 4.75% SU Maturing on 12/1/24 at a Total Cost of 99.407</u></i></span></b><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtnthZo76Xu9UAxZp7djPeucd0EP2K8HGTzqA2uY9jfNWVHpLBGhWIOuaH1i55KpzsQ4yfEb_mQaN6KUJLpsqBTOFj6NrsYEUqjZpcXEr7trNTOVLX5rAbcyXdJM-_RO31e-TCyAF-3-0YRmg64pqb816R4I9WCeIFUO_ZE0kryk045vSwZcVA_4eFaNKk/s2800/Trimble%20(2)%204.75%25%2012:1:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="914" data-original-width="2800" height="104" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtnthZo76Xu9UAxZp7djPeucd0EP2K8HGTzqA2uY9jfNWVHpLBGhWIOuaH1i55KpzsQ4yfEb_mQaN6KUJLpsqBTOFj6NrsYEUqjZpcXEr7trNTOVLX5rAbcyXdJM-_RO31e-TCyAF-3-0YRmg64pqb816R4I9WCeIFUO_ZE0kryk045vSwZcVA_4eFaNKk/s320/Trimble%20(2)%204.75%25%2012:1:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/trmb?mod=search_symbol" style="text-align: left;">Trimble Inc. (TRMB)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/trmb/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">TRMB Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">This is the next SU note that matures. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/864749/000086474924000034/a2023q4-8kex991.htm">SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=864749&owner=exclude">TRMB SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=896239AA8&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB- </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.545</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>4.778</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last Bond Issuance (2/23)</span><span>: </span><a href="https://www.sec.gov/Archives/edgar/data/864749/000119312523049029/d456216d424b5.htm" style="text-align: left;">Prospectus for $800M SU Maturing in 2033</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>D. Bought 2 UNUM 3.875% SU Maturing on 11/5/25 at a Total Cost of $97</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt6HMEe5e9MbydQ5q3i8PPp24m0HfecRMAu8aSj0PNw1rzB1REOi2u9VBqQDytRaOV_c0fqoHf8c9ADVYiUgB2uTJkEiFNVuwADkIF2C3HQpAFEyuNgpFPN_6zBGh3TJk_oygVUtrwCE_AP1I9B8SP-JWyyQFWDcTVMMcdBDWrbwDEzyWeu4CgQCy7UNWd/s2838/UNUM%20(2)%203.875%25%2011:5:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="880" data-original-width="2838" height="99" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt6HMEe5e9MbydQ5q3i8PPp24m0HfecRMAu8aSj0PNw1rzB1REOi2u9VBqQDytRaOV_c0fqoHf8c9ADVYiUgB2uTJkEiFNVuwADkIF2C3HQpAFEyuNgpFPN_6zBGh3TJk_oygVUtrwCE_AP1I9B8SP-JWyyQFWDcTVMMcdBDWrbwDEzyWeu4CgQCy7UNWd/s320/UNUM%20(2)%203.875%25%2011:5:25.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer </span><a href="https://www.marketwatch.com/investing/stock/unm?mod=search_symbol" style="text-align: left;">Unum Group (UNM)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have eliminated my common stock position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/unm/analystestimates?mod=mw_quote_tab">UNM Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=5513&owner=exclude">UNM SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/5513/000000551324000008/unm12312023exhibit991.htm">UNM SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=91529YAL0&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.767</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.995</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>E. Bought 2 CMS Energy 3.6% SU Maturing on 11/15/25 at a Total Cost of 96.828</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3kykHzJlsG-7ip2qVMAzAZQZEol3-T2g7rmoQM-cW4UC0vuOnEMAexodmqxkONH-jBun6mQ7CFcjgLgLFrLRTV_Qg8D8JG5GcRhQV_EfOeYbrfrOmrcbl3hXh7UGV4GUaqROAIF2vfP3dGvsb3jg0G0FxUhMCdcPcLzmlOIvjEZ5Kr_UFvWuDfWOyCEK3/s2798/CMS%20Energy%203.6%25%2011:15:2025%20(2)%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="862" data-original-width="2798" height="99" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3kykHzJlsG-7ip2qVMAzAZQZEol3-T2g7rmoQM-cW4UC0vuOnEMAexodmqxkONH-jBun6mQ7CFcjgLgLFrLRTV_Qg8D8JG5GcRhQV_EfOeYbrfrOmrcbl3hXh7UGV4GUaqROAIF2vfP3dGvsb3jg0G0FxUhMCdcPcLzmlOIvjEZ5Kr_UFvWuDfWOyCEK3/s320/CMS%20Energy%203.6%25%2011:15:2025%20(2)%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/cms?mod=search_symbol" style="text-align: left;">CMS Energy Corp. (CMS)</a><span> - Utility Holding Company </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/cms/analystestimates?mod=mw_quote_tab">CMS Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=811156&owner=exclude" style="text-align: left;">CMS SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/201533/000110465924009113/tm244795d1_ex99-1.htm">CMS SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=125896BP4&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost:<b> 5.565</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.718</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I had a 3.875% SU bond issued by CMS mature on 3/1/24: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY_A0HR_xbrINTEdio9TvXUgJUoKIkCH6riJNx1T32qS7invRPPwZqodBzPY3YZPVxhZNINaads472gPUPxfO9Syz6cTAbIBYhPb2VUQ3M88qyU29Y1J0lfS_7ArZ9AcN6YnDg4I60mD9Y5FZn7UFAc5nAECOT6YM37RowMkA2e0R1F4Rs6MFAsSoAJqUE/s1646/CMS%20bond%20redemption%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="658" data-original-width="1646" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY_A0HR_xbrINTEdio9TvXUgJUoKIkCH6riJNx1T32qS7invRPPwZqodBzPY3YZPVxhZNINaads472gPUPxfO9Syz6cTAbIBYhPb2VUQ3M88qyU29Y1J0lfS_7ArZ9AcN6YnDg4I60mD9Y5FZn7UFAc5nAECOT6YM37RowMkA2e0R1F4Rs6MFAsSoAJqUE/s320/CMS%20bond%20redemption%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;">The operating utility for CMS Energy is Consumers Energy which issues first mortgage bonds and has a higher credit ratings (A1/A) than its parent company. I own 2 Consumers Energy 3.125% first mortgage bonds that mature on 8/31/24 and received the semiannual payment on 2/28: </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAw8zKFGJRU62b0kHbTq1nkNdguI3bgRB6RjqY86vTCNt90O_6_jsmlq85GBvzxpqjfTqlW9rtUmPjvzjn0oNwbRk44N-ycNv0_RQr2jRhK87OCr1ypQMhfc0G14EU70nbI3hJOFQO2NdKReCfhgf7oAbSJHVFVkj3ZozuIhBGwg9rRykhWXEN3BjKHq_c/s2598/Consumer%20energy%203.125%25%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="210" data-original-width="2598" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAw8zKFGJRU62b0kHbTq1nkNdguI3bgRB6RjqY86vTCNt90O_6_jsmlq85GBvzxpqjfTqlW9rtUmPjvzjn0oNwbRk44N-ycNv0_RQr2jRhK87OCr1ypQMhfc0G14EU70nbI3hJOFQO2NdKReCfhgf7oAbSJHVFVkj3ZozuIhBGwg9rRykhWXEN3BjKHq_c/s320/Consumer%20energy%203.125%25%20.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;">A number of operating subsidiaries of utility holding companies issue first mortgage bonds. </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. Treasuries Bought at Auction</span></b>: $16,000 in principal amount. </span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><u><i><b>A. Bought 10 Treasury Bills at the 2/28/24 Auction</b></i></u></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzgg1lswUDSdYEIs0DLyfXEPr1qSKmCO7wc9HXLRjIV1CNi2ozalVaTxrKr3B-alS7Dt9bpSnzODjkpmm7pmOb3iFfHvQ-r_HcqAHLq9oJ0d0xUZVkeTOzpiMZgT9FBwV5WKlVXOZLw8060ZDUgOP4K8fkcUELmX-hhQ5eMysOqKdvSN5XUIaCQXqwyaWm/s2846/Treasury%20(5)%207:2:24.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="548" data-original-width="2846" height="62" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzgg1lswUDSdYEIs0DLyfXEPr1qSKmCO7wc9HXLRjIV1CNi2ozalVaTxrKr3B-alS7Dt9bpSnzODjkpmm7pmOb3iFfHvQ-r_HcqAHLq9oJ0d0xUZVkeTOzpiMZgT9FBwV5WKlVXOZLw8060ZDUgOP4K8fkcUELmX-hhQ5eMysOqKdvSN5XUIaCQXqwyaWm/s320/Treasury%20(5)%207:2:24.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Fidelity Account</span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0_jk_Mk3NUQ62z0_0LFnF6FM4p7ccOLzGB-iAOaD7VzAPGD10AFHUJQkJRTRRLIusohL34BW9m26ImOab7SKcpBBWUkLXe-r16ABHOx2sbxMStJjdBxbw0NLYLbOaD9GK9hlliw9kFVzF101N0zqBpU0H9RAgzW1Mr4_WgM_q_trGodk7V36vo6jFqFPk/s2724/Treasury%20(5)%207:2:2024%20Sch%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="206" data-original-width="2724" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0_jk_Mk3NUQ62z0_0LFnF6FM4p7ccOLzGB-iAOaD7VzAPGD10AFHUJQkJRTRRLIusohL34BW9m26ImOab7SKcpBBWUkLXe-r16ABHOx2sbxMStJjdBxbw0NLYLbOaD9GK9hlliw9kFVzF101N0zqBpU0H9RAgzW1Mr4_WgM_q_trGodk7V36vo6jFqFPk/s320/Treasury%20(5)%207:2:2024%20Sch%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Schwab Account</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">119 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 7/2/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest = $172.72</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment rate: <b>5.391</b>%</span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><i><u>B. Bought 2 Treasury Bills at the 2/26/24 Auction</u></i></b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhYt8Yw3J_z1C74YknVnApB_qdowTffQ6CHIo_wECSpUbX9ZW6X3ZL-XlXuvafV43zjBmZzmeO2F8cACKQiMtTvMRqIkzWxuiXtzUioyio8HyqUOGAHJr4ozfp8FOiL-YHuGgQc8yFMhYxDYN4ui7xslxB1jX-BL9L3vu1i8JcjU8fcPCBpjdsF-yMM9ov/s2732/Treasury%20(2)%208:29:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="222" data-original-width="2732" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhYt8Yw3J_z1C74YknVnApB_qdowTffQ6CHIo_wECSpUbX9ZW6X3ZL-XlXuvafV43zjBmZzmeO2F8cACKQiMtTvMRqIkzWxuiXtzUioyio8HyqUOGAHJr4ozfp8FOiL-YHuGgQc8yFMhYxDYN4ui7xslxB1jX-BL9L3vu1i8JcjU8fcPCBpjdsF-yMM9ov/s320/Treasury%20(2)%208:29:24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">182 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 8/29/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $51.87</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate:<b> 5.34</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEig3SajK_ktsgSpQB6FZKFxc0frP6e9HFk8dwH2r5e8QUTzwLey0kA-NatbJvy3cbdTj88rrg4A71s49la2rSV_rxvZYE6hIDvWarcTYj9gW0YrPD5JUUcWdnLeFNU59F0fn1pZyzYjE86rckl2LEWsGwHIeeMrkpDjcQ722erJadENAOdf76HgZGxYD315/s1146/182%205.34%25%20IR%208:29:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="592" data-original-width="1146" height="165" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEig3SajK_ktsgSpQB6FZKFxc0frP6e9HFk8dwH2r5e8QUTzwLey0kA-NatbJvy3cbdTj88rrg4A71s49la2rSV_rxvZYE6hIDvWarcTYj9gW0YrPD5JUUcWdnLeFNU59F0fn1pZyzYjE86rckl2LEWsGwHIeeMrkpDjcQ722erJadENAOdf76HgZGxYD315/s320/182%205.34%25%20IR%208:29:24%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Bought 1 Treasury Note at 2/26/24 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuJmq-rRvre1PLcLqqRhYiJiTK2Dn_TQFCcPMkvnAck-8r04eWMwurfz-ahUzeCAURQFzVstKoLDevvM_XeYPYOL7O2yD5iJ0gXlNeCFByKen2Vso2mArh5p2uAa7yhdf9fApcD4DGLARjqBKBtL_9XBqtoIUvsED7ASs5WLf0FWewlGOmnQ5AKuGNSJ29/s2690/Treasury%20(1)%202:28:26%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="190" data-original-width="2690" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuJmq-rRvre1PLcLqqRhYiJiTK2Dn_TQFCcPMkvnAck-8r04eWMwurfz-ahUzeCAURQFzVstKoLDevvM_XeYPYOL7O2yD5iJ0gXlNeCFByKen2Vso2mArh5p2uAa7yhdf9fApcD4DGLARjqBKBtL_9XBqtoIUvsED7ASs5WLf0FWewlGOmnQ5AKuGNSJ29/s320/Treasury%20(1)%202:28:26%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">2 Year Note</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 2/28/26</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 4.625% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Yield with OID = <b>4.691</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXLLvBjjn8-8OVTiXvmogNroHnrVeHoFzNWTP2y91b-xB911Ed9gelwPN0330Q87fyUV3taI3XZdzDFUjrWu7RPDrqaukCerRrf_OukGLtQsfmW1s58cANwGX8Aa7GjiMoLu1V-ay_TNKJtMboEqa5re1dxxpEkPgUyh9pgKoGEwPtj70co-XCnF43h6rY/s1270/2%20year%20note%204.625%25%20coupon%20yield%20at%204.691%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="678" data-original-width="1270" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXLLvBjjn8-8OVTiXvmogNroHnrVeHoFzNWTP2y91b-xB911Ed9gelwPN0330Q87fyUV3taI3XZdzDFUjrWu7RPDrqaukCerRrf_OukGLtQsfmW1s58cANwGX8Aa7GjiMoLu1V-ay_TNKJtMboEqa5re1dxxpEkPgUyh9pgKoGEwPtj70co-XCnF43h6rY/s320/2%20year%20note%204.625%25%20coupon%20yield%20at%204.691%25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>D. Bought 3 Treasury Bills at the 2/29/24 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixFErY_JRucYqkBL_WsUHIghNGjyzmLFc7-cgOIHfkUANgv9ewuInD9gV06tkBdUYxeXjeowHp8aQB4fZt1OpeQyKKNfKmf1sv5mRQYe_GdKRIfBs6TsDlSC3SA_jg5CraTPFsNgrsb_VlBLIKpSVB5klwBSsFn2i-kP-EdfWaZXoPWzVatMa0SPcceBPQ/s2700/Treasury%20(3)%204:30:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="330" data-original-width="2700" height="39" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixFErY_JRucYqkBL_WsUHIghNGjyzmLFc7-cgOIHfkUANgv9ewuInD9gV06tkBdUYxeXjeowHp8aQB4fZt1OpeQyKKNfKmf1sv5mRQYe_GdKRIfBs6TsDlSC3SA_jg5CraTPFsNgrsb_VlBLIKpSVB5klwBSsFn2i-kP-EdfWaZXoPWzVatMa0SPcceBPQ/s320/Treasury%20(3)%204:30:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 4/30/24: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $24.66</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment rate: <b>5.403</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7shTBZNZakTvQHbJgdvfjyIpWuMbp9ML3yngyiaB4TlRMRlH9ElwFLtykMvWWsW1nyx1lRJYE1s-5ZzmbSr-C4fvMfAvzR52wr7L2ZxKhYQ_BpmsyVMDAqsPvkxgi1cfreFa1aWm27qUEn0Y93tDKnvqEP5VmkbnpC5d5Nqs6dJ3zx-BhaIYdP0b3sCHH/s1196/Screenshot%202024-02-29%20at%2011.20.14%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="576" data-original-width="1196" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7shTBZNZakTvQHbJgdvfjyIpWuMbp9ML3yngyiaB4TlRMRlH9ElwFLtykMvWWsW1nyx1lRJYE1s-5ZzmbSr-C4fvMfAvzR52wr7L2ZxKhYQ_BpmsyVMDAqsPvkxgi1cfreFa1aWm27qUEn0Y93tDKnvqEP5VmkbnpC5d5Nqs6dJ3zx-BhaIYdP0b3sCHH/s320/Screenshot%202024-02-29%20at%2011.20.14%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></p></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com20tag:blogger.com,1999:blog-2986124651030959736.post-39187179548981826422024-02-23T08:42:00.009-06:002024-02-26T22:16:06.266-06:00AEP, ARC, AVA, FITB, FTS, FULT, MEGI, NSA, PRU, STAG, VTRS, <p style="text-align: justify;"><span style="color: #3d85c6; font-family: georgia;">Asset Allocation Shifts Discussed in this Post</span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $19,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $10,000 in principal amount. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Purchased Treasury MM Fund-SNOXX: $2,000</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjurQ3v-SC2oj8sI92FvupspEmKvwncCssG3qw4VRgwvgybQmMF7WyAbN2xqipEfBrOK-cLFthvxbGFrf5TjBrR9HueYYaMhAxFSzl7wsCrxEk72y0JjEyfRAkglv8kIPF1DH9oSv2DOkKPV8XUNzE_YNDv0x5fOvMK2rCE4OF6D5P8o8RGGliJtMrx-fSD/s2694/Screenshot%202024-02-21%20at%208.53.21%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="162" data-original-width="2694" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjurQ3v-SC2oj8sI92FvupspEmKvwncCssG3qw4VRgwvgybQmMF7WyAbN2xqipEfBrOK-cLFthvxbGFrf5TjBrR9HueYYaMhAxFSzl7wsCrxEk72y0JjEyfRAkglv8kIPF1DH9oSv2DOkKPV8XUNzE_YNDv0x5fOvMK2rCE4OF6D5P8o8RGGliJtMrx-fSD/s320/Screenshot%202024-02-21%20at%208.53.21%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">This is just an alternative to holding excess funds in Schwab's sweep account that pays only .45%. The current 7 day SEC yield for SNOXX is 5.03%.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Individual common stocks: </span><span style="color: red; font-family: georgia;">-</span><span style="font-family: georgia;">$2,807.74</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(Consisting of $3,488.23 in proceeds minus $680.49 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Realized Gains Common Stocks: <span style="color: #6aa84f;">+</span>$798.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Balanced CEF: $182.97 (owns mostly stocks and hence classified as a stock fund for this purpose) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Stocks/Stock Funds: <span style="color: red;">-</span>$2,625.67</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Outflow Stocks/Stock Funds: <span style="color: red;">-</span>$16,148.72</span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #8e7cc3;">Williamson County, TN GO Early Bond Redemption</span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivTbvNXJRLyRd75WMJCK9jbqN2cOdLSse88v2KXsojlbsMso1GsSsL0AcgoyZZtO4uWbs84IJSyaNdo1gSAriiMbJlesE5E89bp2njQq1Y05ILMiDWnF_z0fWPxQuMd2buATYUQ5G0DbVtjzG3r9_Go8vP0Whyphenhyphen5gpu-tUaGnruXX0K6U8vOccOsQ6_fZcW/s1236/Williamson%20County%20Call%202.5%25%204:1:24%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="546" data-original-width="1236" height="141" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivTbvNXJRLyRd75WMJCK9jbqN2cOdLSse88v2KXsojlbsMso1GsSsL0AcgoyZZtO4uWbs84IJSyaNdo1gSAriiMbJlesE5E89bp2njQq1Y05ILMiDWnF_z0fWPxQuMd2buATYUQ5G0DbVtjzG3r9_Go8vP0Whyphenhyphen5gpu-tUaGnruXX0K6U8vOccOsQ6_fZcW/s320/Williamson%20County%20Call%202.5%25%204:1:24%20%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div style="text-align: justify;"><br /></div><div style="text-align: justify;">This is a AAA rated bond. The redemption date of 4/1/24 is the first day allowed for an optional redemption. I was not expecting this early redemption which simply adds to my ongoing reinvestment problem. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I doubt that the issuer can refinance at a lower coupon rate. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest is federally tax free. There is no Tennessee state income tax. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The call may simply be due to having an excess amount of cash on hand and using it to redeem bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;"><span style="font-family: georgia;">RealClearPolitics-Election-2024 Republican Presidential Nomination</span></a></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/20/us/alabama-embryo-law-ruling-supreme-court/index.html">Alabama Supreme Court rules frozen embryos are children</a> The republicans on the Alabama Supreme Court ruled that a IVF clinic could be sued for wrongful death when a person pick up a container containing a frozen embryo, suffered a freeze burn and then accidentally dropped the container on the floor. I have published two videos discussing this ruling: </span><a href="https://www.youtube.com/watch?v=8Yg2HNgUltg&t=181s" style="font-family: georgia; text-align: left;">A frozen embryo located in Alabama is now a human being - YouTube</a><span style="font-family: georgia;">; </span><a href="https://www.youtube.com/watch?v=NnU6oPfFafg" style="font-family: georgia; text-align: left;">The American Taliban Movement - YouTube</a></p><p style="text-align: justify;"><span style="font-family: georgia;">The concurring opinion of the Alabama Chief Justice C.J. Parker relies in substantial part on the bible and religious doctrine, see pages 33-38 <a href="https://publicportal-api.alappeals.gov/courts/68f021c4-6a44-4735-9a76-5360b2e8af13/cms/case/343D203A-B13D-463A-8176-C46E3AE4F695/docketentrydocuments/E3D95592-3CBE-4384-AFA6-063D4595AA1D" style="text-align: left;">Decision,pdf.</a> Justice Parker is part<span> of what I call the American Taliban wing of Trump's party. He believes in the <span style="color: red;">"Seven Mountains"</span> mandate that would require the bible to govern all aspects of American life. <a href="https://www.nbcnews.com/news/us-news/alabama-justice-embryos-biblical-seven-mountains-rcna139969" style="text-align: left;">Alabama justice who ruled embryos are people says American law should be rooted in the Bible</a>; <a href="https://en.wikipedia.org/wiki/Seven_Mountain_Mandate" style="text-align: left;">Seven Mountain Mandate - Wikipedia</a> The republican Speaker of the House, <span style="color: red;">Mike Johnson</span>, is a believer in the Seven Mountain Mandate. <a href="https://www.npr.org/2023/12/05/1217452058/speaker-mike-johnson-draws-scrutiny-for-ties-to-far-right-christian-movements" style="text-align: left;">Speaker Mike Johnson draws scrutiny for ties to far right Christian movements : NPR</a> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.huffpost.com/entry/tom-parker-alabama-ivf-embryo_n_65d7ea34e4b0cc1f2f7b3e26">Alabama Justice Who Ruled That Embryos Are ‘Children’ Appeared On QAnon Conspiracist's Show</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=R0lXGsvlldQ">‘Pulled out of thin air’: Daniel Dale fact-checks Trump’s claims In a Fox Town Hall - YouTube</a> The Fox "news" anchor Laura Ingraham, who moderated the town hall, allowed Trump to go unchallenged as he made one demonstrably false claim after another. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2024/02/16/us/politics/trump-republican-party-establishment.html">Trump Fully Devours the Republican Establishment - The New York Times</a><span> Republicans are defining who they are by continuing to support Donald as their leader. They can no longer profess ignorance about who and what he is. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Republicans want to impeach Biden based on information provided by Alexander Smirnov, who has been indicted for providing the FBI with false information about Joe and Hunter Biden. A Special Counsel presented evidence to a Grand Jury that the informant had lied to the FBI, and the GJ has now indicted him for alleged violations of 18 U.S.C. §1001 and §1519. </span><a href="https://www.justice.gov/sco-weiss/pr/grand-jury-returns-indictment-charging-fbi-confidential-human-source-felony-false">Special Counsel David C. Weiss’s Office | Grand Jury Returns Indictment Charging FBI Confidential Human Source with Felony False Statement and Obstruction Crimes</a> The indictment can be found at the preceding link. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/15/politics/former-fbi-informant-charged-biden-burisma/index.html">Alexander Smirnov: Former FBI informant charged with lying about the Bidens’ role in Ukraine business</a> The republicans are saying that the indictment is not enough to discredit Smirnov or to dismiss his allegations as untrue.</span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=t7Q7DCZevII"><span style="font-family: georgia;">'It was all a lie': House Oversight Committee member weighs in on former FBI informant arrest - YouTube</span></a></p><p style="text-align: justify;"><a href="https://nymag.com/intelligencer/article/fox-news-silent-on-bogus-hunter-biden-witness-it-hyped.html"><span style="font-family: georgia;">Fox News Silent on Bogus Hunter Biden Witness It Hyped</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnn.com/2024/02/20/politics/biden-former-fbi-informant-russian-intelligence/index.html">Indicted ex-FBI informant told investigators he got Hunter Biden dirt from Russian intelligence officials</a> So it was Putin passing along information through Smirnov to damage Biden's reelection chances, <span>and James Comer (R-KY), Jim Jordan (R-OH), and other republicans are among Putin's "useful idiots". </span></span><span>Comer did suggest that the House may go ahead and impeach Biden unless the Senate convicts Mayorkas who was impeached by the republicans for no reason based on the constitutional standard and as an election year political stunt. </span><a href="https://www.salon.com/2024/02/20/the-math-keeps-getting-worse-james-comer-admits-he-may-have-to-give-up-on-biden-impeachment-probe/?in_brief=true" style="text-align: left;">"The math keeps getting worse": James Comer admits he may have to give up on Biden impeachment probe | Salon.com</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=mR3lyM6pBKw" style="text-align: left;">Ex-FBI informant admits getting Hunter Biden dirt from Russian intelligence - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is the second "informant" in the GOP's Biden impeachment effort, viewed by the republicans as credible witnesses, to be indicted for crimes. The other was indicted for being both an unregistered agent for China and an arms dealer. <a href="https://www.nbcnews.com/politics/justice-department/gop-house-informant-indicted-allegations-was-agent-china-rcna93633" style="text-align: left;">GOP House 'informant' indicted on allegations he was an agent for China</a>; <a href="https://newrepublic.com/post/174222/house-republicans-biden-investigation-witness-china-agent" style="text-align: left;">House Republicans’ Great Hope to Bring Down “Biden Crime Family” Was ... a Chinese Spy?! | The New Republic</a> </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=A2zvX2jJC48"><span style="font-family: georgia;">The Last Sane Republican - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2024/02/17/germanys-defense-minister-boris-pistorius-says-2percent-defense-spending-just-the-start.html">Germany's Defense Minister Boris Pistorius says 2% defense spending just the start</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=vIHQCrZ87I8">Trump unveils sneaker line. See what they look like - YouTube</a>; <a href="https://www.youtube.com/watch?v=EE86pTRNmcM" style="text-align: left;">Trump promotes sneaker line after ordered to pay more than $350 million in civil fraud trial - YouTube</a>; </span><a href="https://www.youtube.com/watch?v=FRlbu0e0Lf8" style="text-align: left;">'A Lot Of Emotion': Trump Reacts To Booing At Sneaker Con In Philadelphia - YouTube</a>; <a href="https://www.youtube.com/watch?v=tf_kksRgCRc" style="text-align: left;">'The grift continues': Trump launches a sneaker line - YouTube</a> Trump's primary profitable business is licensing his name to others who take the financial risks on property developments or products. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/17/politics/fact-check-trump-nikki-haley-supported-obama/index.html">Fact check: Trump falsely claims Nikki Haley supported Obama over Republican opponent Romney</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/18/europe/russia-flag-avdiivka-pressures-ukraine-intl/index.html">Russia raises its flag in Avdiivka, then presses the advantage on a vulnerable Ukraine</a>; </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=K1zSKW3tWXs">'We don't have enough ammunition': Ukraine soldier on the frontline | Dispatch - YouTube</a></span><span><span> </span></span> </span></p><div><a href="https://www.youtube.com/watch?v=vdTIylJNFx8" style="text-align: justify;"><span style="font-family: georgia;">Why don't Donald Trump's crazy statements hurt him? - YouTube</span></a></div><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=eEveto6D5Fo"><span style="font-family: georgia;">'He's always been a fraud and a cheat' - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/18/politics/tim-scott-2020-election-trump-vice-president/index.html">Sen. Tim Scott declines to say whether he would’ve certified 2020 election results if he were vice president</a> The two other potential republican candidates for Trump's VP, Elise Stefanik and Senator Vance (R-OH), have publicly stated that they would have rejected the certified election results, a clearly unconstitutional action. <a href="https://www.cnn.com/2024/02/12/politics/elise-stefanik-jd-vance-trump-running-mate-race/index.html" style="text-align: left;">Veepstakes auditions heat up on Capitol Hill as Stefanik and Vance echo Trump’s Jan 6 rhetoric</a> (Stefanik: "I<span style="background-color: white; letter-spacing: 0.4px; text-align: left;"> would not have done what Mike Pence did. I don’t think that was the right approach.") </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">Stefanik was one of the 126 House GOP members who signed a petition filed with the Supreme Court requesting that the Court throw out the certified election results in 4 states won by Biden and to authorize the state legislatures in those states to decide who won, all of whom were dominated by republicans.</span></span><a href="https://projects.propublica.org/represent/members/trump-texas-amicus-house-members" style="text-align: left;">House Members Who Signed a Brief Asking the Supreme Court to Consider Overturning the Elec<span>tion- ProPublica</span></a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>While Biden and other leaders in western democracies criticized Russia for Navalny's death, Trump had this to say in his typical juvenile manner: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #2b2b2b; text-align: left;">Trump: "The sudden death of Alexei Navalny has made me more and more aware of what is happening in our Country. It is a slow, steady progression, with CROOKED, Radical Left Politicians, Prosecutors, and Judges leading us down a path to destruction. Open Borders, Rigged Elections, and Grossly Unfair Courtroom Decisions are DESTROYING AMERICA. WE ARE A NATION IN DECLINE, A FAILING NATION! MAGA2024." </span></span><span style="background-color: white; color: #2b2b2b; font-family: georgia; text-align: left;">Unfortunately, this kind of demagogic nonsense works on tens of millions when the normal response is total disgust. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #2b2b2b; text-align: left;"><a href="https://www.cnn.com/2024/02/21/politics/trump-legal-navalny-legacy-analysis/index.html">Trump coopts Navalny’s legacy as a smokescreen for his own legal morass</a> This is what the buffoon had to say at a town hall: </span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">"It’s happening in our country too. We are turning into a Communist country in many ways. And if you look at it, I’m the leading candidate, I got indicted. … I got indicted four times. I have eight or nine trials … all because of the facts that I’m in politics."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">My video: </span></span><a href="https://www.youtube.com/watch?v=SY4WrfszWP4&t=125s" style="text-align: left;">Trump and Putin Part 3 - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">My video: <a href="https://www.youtube.com/watch?v=ym-Bv3oahUQ" style="text-align: left;">Putin's Useful Idiots Jim Jordan and James Comer - YouTube</a></span></p><p style="text-align: justify;"><span style="background-color: white; color: #2b2b2b; font-family: georgia; text-align: left;"><a href="https://www.youtube.com/watch?v=0gsR001be-U">Trump admits he ruined border deal to hurt Democrats - YouTube</a></span></p><p style="text-align: justify;"><span style="background-color: white; color: #2b2b2b; font-family: georgia; text-align: left;"><a href="https://www.cnn.com/videos/media/2024/02/19/george-santos-suing-jimmy-kimmel-cameo-cnc-foreman-vpx.cnn">George Santos (R) sues Jimmy Kimmel over Cameo videos</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #2b2b2b; text-align: left;">Daily Show take on Nikki Haley being characterized as a "moderate": </span><a href="https://www.youtube.com/watch?v=fYp2j2dKsjA" style="text-align: left;">Nikki Haley's Misleading "Moderate" Reputation | The Daily Show - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nbcnews.com/politics/2024-election/nikki-haley-sides-alabama-supreme-court-ivf-ruling-embryos-are-babies-rcna139819">Nikki Haley IVF: 2024 presidential candidate stirs controversy over the comment ‘frozen embryos are babies’</a>; <a href="https://abcnews.go.com/Politics/nikki-haley-doesnt-cite-slavery-cause-civil-war/story?id=105956626" style="text-align: left;">Nikki Haley doesn't cite slavery as cause of the Civil War after question at campaign stop - ABC News</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Mafia State</span>: </span></p><p style="text-align: justify;"><a href="https://ukr.warspotting.net/" style="text-align: left;"><span style="font-family: georgia;">Losses ∙ Russia - WarSpotting-documented material losses in Russo-Ukrainian war</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/22/politics/putin-trump-us-election-analysis/index.html">Putin looms over a third successive US election</a>; </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/20/politics/biden-former-fbi-informant-russian-intelligence/index.html" style="text-align: left;">Alexander Smirnov told investigators he got Hunter Biden dirt from Russian intelligence officials</a> Evidence supporting that claim can be found in this government court filing: <a href="https://storage.courtlistener.com/recap/gov.uscourts.nvd.167064/gov.uscourts.nvd.167064.15.0.pdf" style="text-align: left;">U.S. v. Alexander Smirnov, Government's Memorandum In Support of Detention.pdf</a> at pages 16-27.</span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=Lnfz0EiMFTA"><span style="font-family: georgia;">Former top Trump adviser reveals why 'Putin thinks he is an easy mark' - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Putin is responsible for Navalny's death. </span><a href="https://www.youtube.com/watch?v=JdMiGrZrxqI&t=29s" style="text-align: left;">Putin's democracy 'fiction' destroyed by Alexei Navalny's death | David Petraeus - YouTube</a> <span>I am surprised that he survived as long as he did. He barely survived Putin's last assassination attempt by receiving medical treatment in Germany rather than in Russia. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>After Trump's party cut off additional funding for Ukraine, the Ukraine army ran of of artillery shells and other ammunition sufficient to counter the Russian advance into Avdiivka. </span><a href="https://www.nbcnews.com/news/world/ukrainian-forces-withdrawing-avdiivka-rcna139145" style="text-align: left;">Ukrainian forces withdrawing from Avdiivka</a><span> Ukrainian commanders are being forced by Trump's party to ration ammunition. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=UFs_vrAXUik">US-Russian citizen arrested after she gave $51 to Ukraine, employer says - YouTube</a> She lives in the U.S. and was arrested after visiting her parents in Russia. All U.S. citizens who are not embassy employees need to leave Russia immediately. The U.S. embassy has not been granted access to this young woman since Russia does not recognize dual citizenship. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bbc.com/news/world-europe-68337794" style="text-align: left;">Russian pilot Maxim Kuzminov who defected to Ukraine 'shot dead' in Spain</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://khpg.org/en/1608813398">Ukrainian priest abducted and tortured to death in Russian-occupied Kherson oblast</a>; </span><a href="https://euromaidanpress.com/2024/02/17/local-priest-in-occupied-kherson-oblast-killed-by-russian-forces/" style="text-align: left;">Russian troops kill Ukrainian priest who refused to convert to Moscow patriarchate - Euromaidan Press</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://euromaidanpress.com/2024/02/16/ukrainian-police-identify-875-of-1008-killed-people-in-territories-of-kharkiv-oblast-that-were-occupied-by-russia/">Ukrainian police identify 875 of 1,008 killed people in areas of Kharkiv Oblast that were occupied by Russia in 2022</a> (2/16/24) Russia is a terrorist state.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Small Ball Buys</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am just nibbling on utility stocks whose prices retreated as intermediate term interest rates continued to rise. For the utility stock purchases discussed below, dividend yields at the price paid are acceptable to me and there is historical growth in the dividend rates. I still anticipate that the FED will lower the FF by 25 basis points at the June meeting and another 25 basis points later in 2024. If that occurs, a 4.5% current dividend yield from a stock will look better than now. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><i><u><b>A. Added to MEGI - Bought 5 at $12.44; 5 at $12.2; 5 at $11.95:</b></u></i></span> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIXATwAuP3HSgb4ROOi4Yjs0klwDfrY7dJJYSA1dZ0jDDM9usbfjJTRcrC0EZZidNhx9s2YoyIJNWdYV7s1ARNesPmR7-bakb4crT66YKSn8_UPy4TQjrBIrLpAtLMv598wDZDGtjifnEsEkKXfAQJQbwO3FyJD_g-M0pAnONp98ccRrk6o2RWTZKEuVUZ/s2532/MEGI%205%20AT%2011.95.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="112" data-original-width="2532" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIXATwAuP3HSgb4ROOi4Yjs0klwDfrY7dJJYSA1dZ0jDDM9usbfjJTRcrC0EZZidNhx9s2YoyIJNWdYV7s1ARNesPmR7-bakb4crT66YKSn8_UPy4TQjrBIrLpAtLMv598wDZDGtjifnEsEkKXfAQJQbwO3FyJD_g-M0pAnONp98ccRrk6o2RWTZKEuVUZ/s320/MEGI%205%20AT%2011.95.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKVAU6-5ZG1QUI1hs3GrZzNxyQRwJTXlwdcEZ4tQFzs9NEBZm3TdhVfR4VDr_MuPjNFNNozPKazJEkbTr64Eh5-D-_OMcKprgKdJfwsZG-VQMlTonb6_7SBf2oIdnywSkbBuFtMR9bUJalCpOJJO3IUwkmq9krJUaaBKsMUxTzlnliX8nIXLL2S5Q4QGnM/s2282/MEGI%205%20at%2012.2.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="130" data-original-width="2282" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKVAU6-5ZG1QUI1hs3GrZzNxyQRwJTXlwdcEZ4tQFzs9NEBZm3TdhVfR4VDr_MuPjNFNNozPKazJEkbTr64Eh5-D-_OMcKprgKdJfwsZG-VQMlTonb6_7SBf2oIdnywSkbBuFtMR9bUJalCpOJJO3IUwkmq9krJUaaBKsMUxTzlnliX8nIXLL2S5Q4QGnM/s320/MEGI%205%20at%2012.2.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUw5V9liIxNhsOx02rqKKEt2emmzM1DHXNFX9rEOqmFZJ5NaDX1UAqWZBlwi68r1Qv_ElKxlbki6I6AvEL-X3kWx82PI11kpzBgCQUgssa_tU9lvbm0LTGGBJeWR96UmD09ISQidloChL719cyNMBnXvsvp8i7bwkyO11fEd0uKDbkw1uiH2_NWv7-_nMk/s2314/MEGI%205%20at%20$12.44%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="134" data-original-width="2314" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUw5V9liIxNhsOx02rqKKEt2emmzM1DHXNFX9rEOqmFZJ5NaDX1UAqWZBlwi68r1Qv_ElKxlbki6I6AvEL-X3kWx82PI11kpzBgCQUgssa_tU9lvbm0LTGGBJeWR96UmD09ISQidloChL719cyNMBnXvsvp8i7bwkyO11fEd0uKDbkw1uiH2_NWv7-_nMk/s320/MEGI%205%20at%20$12.44%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/megi?mod=search_symbol" style="text-align: left;">MainStay CBRE Global Infrastructure Megatrends Term Fund Overview</a> - A leveraged balanced CEF that owns mostly common stocks with some convertible securities, CEFs, bonds and preferred stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $182.97</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation</span></p><p style="text-align: justify;"><span style="font-family: georgia;">These purchases were made in my Fidelity account where </span><span style="font-family: georgia;">I am working my way up to $200 per month in monthly dividends paid just by CEFs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1855066&owner=exclude" style="text-align: left;">MEGI SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1855066/000119312523203550/d297609dncsr.htm">MainStay CBRE Global Infrastructure Megatrends Term Fund</a> - SEC Filed Annual Report for the period ending 5/31/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1855066/000119312524022213/d498367dncsrs.htm">MainStay CBRE Global Infrastructure Megatrends Term Fund</a> - SEC Filed Semiannual Report for the period ending 11/30/23 (Leverage information at page 23: "</span><span style="background-color: white; text-align: left;"><span style="font-family: georgia;">During the six-month period ended November 30, 2023, the Fund utilized the line of credit for 183 days, maintained an average daily balance of $279,420,219 at a weighted average interest rate of 6.48% and incurred interest expense in the amount of $9,073,794. As of November 30, 2023, borrowings outstanding with respect to the Fund under the Credit Agreement were $276,800,000.")</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: </span><a href="https://www.newyorklifeinvestments.com/investment-products/closed-end-funds/mainstay-cbre-global-infrastructure-megatrends-fund-megi?ticker=MEGI" style="font-family: georgia;">MEGI MainStay CBRE Global Infrastructure Megatrends Fund | New York Life Investments</a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/megi/portfolio">MEGI Portfolio | Morningstar</a> (lists top 25 holdings) Of those top holdings, I have positions in Enbridge (3 taxable accounts, waiting for a $40+ price to liquidate 1 duplicate), Atlantica Sustainable Infrastructure (AY), OGE Energy (OGE), Pembina Pipeline (PBA), and Dominion Energy (D).</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 1.F. Bought 10 MEGI at $13.08 (12/16/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share</i></u>: <b>$12.66</b> (35+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.125 per share ($1.5 per share annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>11.85</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/23/24 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Data Date of 2/13/24 Purchase</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $13.76</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $12.13</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -11.85% at closing price</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/MEGI" style="text-align: left;">MEGI-CEF Connect</a> (Click "Pricing Information" tab)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Added to NSA - Bought 5 at $35.65</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXjl-cmIuUQTpYGG2lng71a5QeNtueT2ksGszKRD5csZLRsTwIt4Xyw6-W0rXozSk1cBvoqNgpCzCrWrVg4RD-_r2WIqIsG7drJ55-wDUCPWU-XfV9UblcwpdQUhT40gBXgBPIr0TQWtCDye79vKNARfixyzty2F12ob_TEf5iuogZNnFnjV1AHACendao/s2468/NSA%205%20at%20$35.65%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="138" data-original-width="2468" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXjl-cmIuUQTpYGG2lng71a5QeNtueT2ksGszKRD5csZLRsTwIt4Xyw6-W0rXozSk1cBvoqNgpCzCrWrVg4RD-_r2WIqIsG7drJ55-wDUCPWU-XfV9UblcwpdQUhT40gBXgBPIr0TQWtCDye79vKNARfixyzty2F12ob_TEf5iuogZNnFnjV1AHACendao/s320/NSA%205%20at%20$35.65%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/nsa?mod=search_symbol" style="text-align: left;">National Storage Affiliates Trust (NSA)</a> - Internally Managed Storage REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $178.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1618563&owner=exclude">NSA SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.nationalstorageaffiliates.com/" style="text-align: left;">National Storage Affiliates Trust (NSA)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/ay-bmy-hban-maa-metpra-mor-nomd-nsa.html" style="text-align: left;">Item # 1.D. Added 5 NSA at $36.63 (2/9/2024 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Substantive Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2024/02/aod-cpf-eqr-ffhprfca-fhb-fnlc-fsco-glw.html" style="text-align: left;">Item # 2.C. Started NSA - Bought 5 at $38.41, 5 at $37.95; 5 at $37.35 (2/2/24 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1618563/000162828023035954/ex991-q32023erss.htm" style="text-align: left;">SEC Filing</a> The 4th quarter report is scheduled for release on 2/28/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$37.2</b> (20 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.56 per share ($2.24 annually), last raised from $.55 effective for the 2023 second quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nationalstorageaffiliates.com/investor-relations/financial-data/dividend-history">Dividend History-National Storage Affiliates Trust (NSA)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>6.02</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I also have a small ball position in the preferred stock NSAPRA. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><i><b><u>C. Added to FTS - Bought 1 at $39.38; 1 at $39.06; 1 at $38.68; 1 at $38.38</u></b></i></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggpVa6n004C7o-bK3WaaQwx4TbZu8kfFLCFUAgCpgkDp6r8nIFdzCuzy5-3onaV_mj0bu8-iyl9c4VgkGNwsUj77O8DnTFpFaM46atSGJfRQCB5fqb7gL7aU3ApFS5vI2j4VMVBcJF2XEFW9j8EeJSQgxsJaW2Mg9WWBdABb4H35YKicochN-Ag7ry3Sjg/s2748/FTS%2038.38,%2038.68%20;%2039.06,%2039.38%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1054" data-original-width="2748" height="123" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggpVa6n004C7o-bK3WaaQwx4TbZu8kfFLCFUAgCpgkDp6r8nIFdzCuzy5-3onaV_mj0bu8-iyl9c4VgkGNwsUj77O8DnTFpFaM46atSGJfRQCB5fqb7gL7aU3ApFS5vI2j4VMVBcJF2XEFW9j8EeJSQgxsJaW2Mg9WWBdABb4H35YKicochN-Ag7ry3Sjg/s320/FTS%2038.38,%2038.68%20;%2039.06,%2039.38%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Quotes: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>USDs: </span><a href="https://www.marketwatch.com/investing/stock/fts?mod=over_search" style="text-align: left;">Fortis Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>CADs: </span><a href="https://www.marketwatch.com/investing/stock/fts?countrycode=ca&mod=over_search" style="text-align: left;">Fortis Inc. (Canada: Toronto)</a></span></p><p style="text-align: justify;"><a href="https://www.xe.com/currencycharts/?from=CAD&to=USD"><span style="font-family: georgia;">Canadian Dollar to US Dollar Exchange Rate Chart | Xe</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $155.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1666175/000166617524000020/a2023annual-993mda.htm">SEC Filed 2023 Annual Report</a> </span></p><span style="font-family: georgia;"><div style="text-align: justify;"><span style="background-color: white;">"</span><span style="background-color: white; letter-spacing: -0.48px;">Fortis is a well-diversified leader in the North American regulated electric and gas utility industry with 2023 revenue of $12 billion and total assets of $66 billion as at December 31, 2023"</span></div></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.fortisinc.com/" style="text-align: left;">Home</a></span></p><p style="text-align: justify;"><a href="https://www.fortisinc.com/our-companies"><span style="font-family: georgia;">Our Companies</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1666175&owner=exclude">FTS SEC Filings</a> (foreign company filings)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$39.43</b> (9 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at C$.59 per share, last raised from C$.565 effective for the 2023 4th quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.fortisinc.com/investor-relations/share-information#dividend-history">Share Information</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend Growth</u></i>: </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxwzWNTKbqac5XHf3KYf5GQR2A2guhAL1ARY0f_y1pB-SY8zGUS88WGRHQDLDA6HWFTrpLBH4F-odYS9K4xhK962PWYNsZd2O5lvhOUFNQxOPNw7Uu-NfNLbUvbui-5B3_up9PAt_LxiQeO9TLHAbrf1nsf5RcfG6PtwfXOI1KWACldeWb35VAmvwpfkc6/s3352/Screenshot%202024-02-20%20at%207.57.31%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="868" data-original-width="3352" height="83" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxwzWNTKbqac5XHf3KYf5GQR2A2guhAL1ARY0f_y1pB-SY8zGUS88WGRHQDLDA6HWFTrpLBH4F-odYS9K4xhK962PWYNsZd2O5lvhOUFNQxOPNw7Uu-NfNLbUvbui-5B3_up9PAt_LxiQeO9TLHAbrf1nsf5RcfG6PtwfXOI1KWACldeWb35VAmvwpfkc6/s320/Screenshot%202024-02-20%20at%207.57.31%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2023 Annual Report at page 4</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/15/24 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 5/16/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last 4 Dividends in USDs</i></u>: $1.7 per share</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR8o_XvAe4kzz_-dlRHXTp6wuW3e1hHufCEghzy2QLFYH-9w2bJzNy8VeBs5__XTsXDdMzgyraz8rR8JZee8BNYqsdNE4plA8hxROjqK2FAeuHrvyFDNXoqcxmsnMG6rtPv4t-DNfXwdHOEfsSTUcEvQtztxNsRXkWbCKd1LCM2_a-LEIMTYKHsHZxD6pm/s3204/Screenshot%202024-02-18%20at%203.32.00%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="356" data-original-width="3204" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR8o_XvAe4kzz_-dlRHXTp6wuW3e1hHufCEghzy2QLFYH-9w2bJzNy8VeBs5__XTsXDdMzgyraz8rR8JZee8BNYqsdNE4plA8hxROjqK2FAeuHrvyFDNXoqcxmsnMG6rtPv4t-DNfXwdHOEfsSTUcEvQtztxNsRXkWbCKd1LCM2_a-LEIMTYKHsHZxD6pm/s320/Screenshot%202024-02-18%20at%203.32.00%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-decoration-line: underline;">Yield</i><span>: The dividend yield will depend on the CAD/USD conversion rates. Using the US$1.7 for the last 4 dividends, the yield is about 4.31% at an average cost of $39.43. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/15/24 (owned all as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/11/aqn-cet-cizn-colb-etsy-fts-grx-gty-holx.html">Item # 5.D. Restarted FTS - Bought 5 at $39.88 (11/22/22 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.fortisinc.com/news-and-media/details/fortis-inc-reports-fourth-quarter-annual-2023-results">Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">All amounts are in Canadian Dollars. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Reported earnings per share: C$3.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Adjusted earnings per share: C$3.09, up from C$2.78 in 2022</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 4th quarter adjusted E.P.S. = C$.72, reported E.P.S. at C$.78</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio0Gw4eXOqACGWrAALKWiLSfNZYuAdNdhHqohNNvvfxxoeaQEHilukTBMkLaMZiszGV1paQUzY8trirn9sjJK_3JfBN6qAMgdhfsTQ3_5A8DcPFEE3WeR9H-VLRRZrhcOFPf6BzmOZwMtvMtxPqTEZ7Eup14OwhYO1YqxoDXn0AEPyKKwAqAp7murjFeif/s2492/Screenshot%202024-02-20%20at%208.10.14%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1274" data-original-width="2492" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio0Gw4eXOqACGWrAALKWiLSfNZYuAdNdhHqohNNvvfxxoeaQEHilukTBMkLaMZiszGV1paQUzY8trirn9sjJK_3JfBN6qAMgdhfsTQ3_5A8DcPFEE3WeR9H-VLRRZrhcOFPf6BzmOZwMtvMtxPqTEZ7Eup14OwhYO1YqxoDXn0AEPyKKwAqAp7murjFeif/s320/Screenshot%202024-02-20%20at%208.10.14%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Elimination</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/03/abb-cmcsa-ctra-d-dgx-dnngy-fpf-fts-hbi.html" style="text-align: left;">Item # 2.J. Eliminated FTS - Sold 10 at $45.16 (3/10/22 Post)</a>(profit snapshot = $61.85)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Fortis Reset Equity Preferred Stocks</i></u>: I own 150 shares of the Fortis reset equity preferred stock <a href="https://finance.yahoo.com/quote/FTS-PM.TO?p=FTS-PM.TO" style="text-align: left;">FTS-PM.TO</a>. <a href="https://tennesseeindependent.blogspot.com/2020/05/argd-chn-chiq-clou-ebgef-ftsprm-gnl-mnr.html" style="text-align: left;">Item # 2.B. Bought 50 FTS.PRM at C$12.4 (5/23/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/03/fhn-ftsprm-jri-oxy-pbct-pfxf-rnwca-scm.html" style="text-align: left;">Item # 3.A. Bought 50 FTS.PRM at C$16.28 (3/14/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_23.html" style="text-align: left;">Item # 2. A. Bought 50 FTS.PRM at C$17.55 (11/23/19 Post)</a> That preferred stock will reset its coupon in December 2024 at a 2.48% spread to the 5 year Canadian government bond yield. Par value is C$25 and dividends are cumulative. The coupon is currently 3.91%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>D. Added to AEP - Bought 1 at $76.06; 1 at $75.62</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit7LDwnfQp0kqIlRK3EyrBzMxS_HhSh-4VrUBN7iVqyowuBUvH4AjWVoi2QLgVLNzVhEIJFJXKkalSKNa5yfbI1M9LQlHMUDonPlj-hIQahyeW4NrNeWbefCn_LzKcZi6R4rIVYjXlnx-I4GAbLi3_xvncYV87b7vI-8_Ai3HcTRKY1Rby_wKdebCE9dKH/s2760/aep%201%20at%20$76.06%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="132" data-original-width="2760" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit7LDwnfQp0kqIlRK3EyrBzMxS_HhSh-4VrUBN7iVqyowuBUvH4AjWVoi2QLgVLNzVhEIJFJXKkalSKNa5yfbI1M9LQlHMUDonPlj-hIQahyeW4NrNeWbefCn_LzKcZi6R4rIVYjXlnx-I4GAbLi3_xvncYV87b7vI-8_Ai3HcTRKY1Rby_wKdebCE9dKH/s320/aep%201%20at%20$76.06%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnuxrTuUjrLUZPFeDkyieNta44migKlGEQDWbgqaPCsSAS8nf9xZ4OLh9mU5i91Gei97JSPWZarsJWg3HQiXGSPMNcc4S2M9HAL7g14dNqA-93S1YAR4AclbOm72kzGLGXRlaJHCn8FhHES8_DbEhzZoN2AOsaFcKsp1i0qUaIzgRfUzeO2T9QBSVJZvA7/s2716/aEP%20$75.62%20ex%20dividend%20today%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="260" data-original-width="2716" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnuxrTuUjrLUZPFeDkyieNta44migKlGEQDWbgqaPCsSAS8nf9xZ4OLh9mU5i91Gei97JSPWZarsJWg3HQiXGSPMNcc4S2M9HAL7g14dNqA-93S1YAR4AclbOm72kzGLGXRlaJHCn8FhHES8_DbEhzZoN2AOsaFcKsp1i0qUaIzgRfUzeO2T9QBSVJZvA7/s320/aEP%20$75.62%20ex%20dividend%20today%20.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;">These shares were bought on the ex dividend date. <br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/aep" style="text-align: left;">American Electric Power Co.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $154.68</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/aep/analystestimates">AEP Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=4904&owner=exclude"><span style="font-family: georgia;">AEP SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/AEP.N/"><span style="font-family: georgia;">AEP Profile Page at Reuters</span></a></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/AEP.N/key-metrics/price-and-volume" style="text-align: left;"><span style="font-family: georgia;">AEP Key Metrics Page at Reuters</span></a></p><p style="text-align: justify;"><a href="https://www.aep.com/investors/"><span style="font-family: georgia;">Investors Relation Page</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$76.89</b> (5 shares) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.88 per share ($3.52 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>4.578</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/8/24 (owned 3 as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/aep-bcbp-hbnc-krg-mmt-ofs-oge-opbk-ryld.html" style="text-align: left;">Item # 1.C. Restarted AEP - Bought 1 at $78.41; 1 at $77.38; 1 at $76.98 (1/26/24 Post)</a> I discussed the 2023 third quarter report in that post. </span><a href="https://www.sec.gov/Archives/edgar/data/4904/000000490423000119/a3q20238kpressreleaseex991.htm" style="text-align: left;">SEC Filed Press Release</a>; <a href="https://www.sec.gov/Archives/edgar/data/4904/000000490423000121/aep-20230930.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/04/aep-cfg-evrg-duk-eai-emp-etr-evrg-feny.html" style="text-align: left;">Item # 2.A. Eliminated AEP - Sold 3 at $95.5 (4/14/22 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The next earnings report is scheduled for release on 2/27/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>E. Added 1 HIW at $22.97</u></b></span></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi392PyMx4T8k-gYM4o0v1lTldXnU9ZZRd4W0pbNZAEI7dF54lJ8T1jx6MvzaQFhg2o-huyFJ00jjxN2x4yLLSj06Joi3I-pSLyb2CfalvQD1Lb4N6J2jQMgN1jNjFOGevMhcH5V43wySlDjGanHn4vVLv0QU6JHfUxpUfCQp8pl8w8NAtNKqK0a6Dh5Fn3/s2668/hiw%201%20at%20$22.97%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="140" data-original-width="2668" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi392PyMx4T8k-gYM4o0v1lTldXnU9ZZRd4W0pbNZAEI7dF54lJ8T1jx6MvzaQFhg2o-huyFJ00jjxN2x4yLLSj06Joi3I-pSLyb2CfalvQD1Lb4N6J2jQMgN1jNjFOGevMhcH5V43wySlDjGanHn4vVLv0QU6JHfUxpUfCQp8pl8w8NAtNKqK0a6Dh5Fn3/s320/hiw%201%20at%20$22.97%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/hiw?mod=over_search" style="text-align: left;">Highwoods Properties Inc. (HIW)</a> - An Office REIT </span><a href="https://www.sec.gov/edgar/browse/?CIK=921082&owner=exclude"><span style="font-family: georgia;">HIW SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.highwoods.com/" style="text-align: left;">Highwoods</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/argd-dbrgprj-hiw-htbk-igr-nmfc-oge-samg.html" style="text-align: left;">Item # 1.E. Added to HIW - Bought 1 at $18.13; 1 at $17.93; 3 at $17.74 (12/2/23 Post)</a><span> I discussed the 2023 third quarter report in that post. </span><a href="https://s23.q4cdn.com/319093197/files/doc_financials/2023/q3/PR-23-17-HIW-Announces-Third-Quarter-2023-Results.pdf" style="text-align: left;">HIW Announces Third-Quarter 2023 Results.pdf</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Elimination</i></u>: <a href="https://tennesseeindependent.blogspot.com/2022/02/amcr-enb-fbio-fe-fsphx-hiw-peg-shbi-tup.html" style="text-align: left;">Item # 1.I. Eliminated HIW - Sold 7 at $47.22 (2/3/22 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: Internal </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$23.74</b> (55+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.50</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/hiw/dividend-history">HIW Dividend History | Nasdaq</a></span></p><div><span style="text-align: justify;"><span style="font-family: georgia;">I turned off dividend reinvestment after the December 2023 payment. </span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>8.42</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/16/24 (owned all as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23):</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://s23.q4cdn.com/319093197/files/doc_earnings/2023/q4/earnings-result/PR-HIW-Announces-Fourth-Quarter-2023-Results.pdf">HIW Announces 2023 Fourth Quarter Results.pdf</a> and </span><a href="https://s23.q4cdn.com/319093197/files/doc_earnings/2023/q4/supplemental-info/Highwoods-4Q-2023-Supplemental-Operating-Statistics.pdf" style="text-align: left;">Supplemental.pdf</a></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipMe4qYETjsM8jblObQHYqYh5YhWM9G-lrdNs9hOoPRTzjPNGX5p09JK7jnvMx_xCLllWa3E3bFw_UJVqSTIIsAI08uN5TScjICipKT3gHTfqxmaKyF7HLyu5NGNMBBlgLsV0AinkcYfIRYNZHYB_2H1SUxd8nMJ8wUB5t0Sd5mijeQ2mQEi3fYkkFn9n4/s1610/Screenshot%202024-02-18%20at%203.00.08%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="818" data-original-width="1610" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipMe4qYETjsM8jblObQHYqYh5YhWM9G-lrdNs9hOoPRTzjPNGX5p09JK7jnvMx_xCLllWa3E3bFw_UJVqSTIIsAI08uN5TScjICipKT3gHTfqxmaKyF7HLyu5NGNMBBlgLsV0AinkcYfIRYNZHYB_2H1SUxd8nMJ8wUB5t0Sd5mijeQ2mQEi3fYkkFn9n4/s320/Screenshot%202024-02-18%20at%203.00.08%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share = $.99, up from $.96 in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/104918/000095017024017430/ava-ex99_1.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $1.08, up from $1.05 in the 2022 4th quarter. Earnings are weather related and the 4th quarter will be best one. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $504.438M, up from $496.773M </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Guides 2024 E.P.S. to $2.36-$2.562023 FFO per share = $3.83, down from $4.03 in 2022 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Guidance: FFO per share $3.46 to 3.64. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Items Included and Excluded in FFO Calculation: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyqKW9AY0XlFTzu5sk5GLBldTlLMzkpEJxgyFjo1pZLiCw_TYVyTA4BDCJEaLO7y6LM_Txc6C2rc-LWLTFl2_f9SGSwxDlhyfhx_NYCYfSIdkYExHtn_QMrXrfN-xWe59k3TxGoRX1cQriTa04iraxT0IFaiG3jmEBkEEGBh8j7-yXM2kygPBKYW6Re9sx/s1408/Screenshot%202024-02-18%20at%203.04.25%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="984" data-original-width="1408" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyqKW9AY0XlFTzu5sk5GLBldTlLMzkpEJxgyFjo1pZLiCw_TYVyTA4BDCJEaLO7y6LM_Txc6C2rc-LWLTFl2_f9SGSwxDlhyfhx_NYCYfSIdkYExHtn_QMrXrfN-xWe59k3TxGoRX1cQriTa04iraxT0IFaiG3jmEBkEEGBh8j7-yXM2kygPBKYW6Re9sx/s320/Screenshot%202024-02-18%20at%203.04.25%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">The gain on property sales is the only exclusion. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In determining cash available for distribution, the pretend rental cash created by the straight line accounting method, amounting to $.032 per share would be excluded, as would maintenance expenditures which is not shown in the previous snapshot. I could not find adequate disclosure information on those expenditures. My best guess is that the dividend is currently covered by cash available for distribution per share given the percentage spread between the quarterly rate of $.50 and the FFO per share numbers. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Occupancy: 88.8% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>F. Added 1 EQR at $57.41</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg68sEOsBhBXI_qe8i-u7FTnH5cAWL7M8SQGeolvKsMyQnC_GKCvoGfCDtajPHbHF5NmFTgTQIOpXrbL3jBA96p_yaGDjqNVyhWy44N0GIbqXp1eL3T4R9kRtlpEwAc3BDxbWCv_B8chS-9KJAIHc-HPuKcXHL9ME-1PXdGoNU7-AM0J_-Upg-XU5wZtniG/s2632/EQR%201%20at%20$57.41.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="154" data-original-width="2632" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg68sEOsBhBXI_qe8i-u7FTnH5cAWL7M8SQGeolvKsMyQnC_GKCvoGfCDtajPHbHF5NmFTgTQIOpXrbL3jBA96p_yaGDjqNVyhWy44N0GIbqXp1eL3T4R9kRtlpEwAc3BDxbWCv_B8chS-9KJAIHc-HPuKcXHL9ME-1PXdGoNU7-AM0J_-Upg-XU5wZtniG/s320/EQR%201%20at%20$57.41.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/eqr?mod=search_symbol" style="text-align: left;">Equity Residential (EQR)</a></span></p><p style="text-align: justify;"><span style="white-space-collapse: preserve;"><span style="font-family: georgia;">"The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 302 properties consisting of 80,191 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.equityapartments.com/" style="text-align: left;">Home | EquityApartments.com</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investors.equityapartments.com/overview/corporate-profile/default.aspx">Corporate Profile | Equity Residential</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=906107&owner=exclude"><span style="font-family: georgia;">EQR SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/906107/000095017024015907/eqr-20231231.htm" style="text-align: left;">2023 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$59.52</b> (7 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.6625 per share ($2.65 annually), last raised from $.625 effective for the 2023 second quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/eqr/dividend-history">EQR Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC </u></i>= <b>4.45</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2024/02/aod-cpf-eqr-ffhprfca-fhb-fnlc-fsco-glw.html" style="text-align: left;">Item # 2.D. Bought 1 at $59.82; 1 at $59.55; 1 at $59.2; 1 at $58.75 (2/2/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed the 2023 third quarter report here: <a href="https://tennesseeindependent.blogspot.com/2023/12/amcx-bstz-elc-emaprcca-eqr-flca-maa.html" style="text-align: left;">Item # 3.A. Started EQR - Bought 2 at $60.97 (12/23/23 Post)</a>; <a href="https://www.sec.gov/Archives/edgar/data/906107/000095017024008861/eqr-ex99_1.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/906107/000095017024008861/eqr-ex99_1.htm">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $.82</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Normalized FFO per share = $1, up from $.94 in the 2022 4th quarter </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP Net Income to FFO Reconciliation: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyYojq12GkHWS-6Ulj7wU3H6qjBIFrA7TdG0Fw0ArHqma4z0z4gh2Q5FWhiTuLwKoRTD050mA9vvkx3KOV-QqrL8xZGrr9YhG1AH-b6lpGK-V5t6gH6EEJS3bjvTyIbWlf_QQzj9o0_KO__B9wgb19n_VkilgmsHCPx4Fqa6ZCWWKPE96mQn2JcurlMjfz/s3348/Screenshot%202024-02-19%20at%207.35.16%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1592" data-original-width="3348" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyYojq12GkHWS-6Ulj7wU3H6qjBIFrA7TdG0Fw0ArHqma4z0z4gh2Q5FWhiTuLwKoRTD050mA9vvkx3KOV-QqrL8xZGrr9YhG1AH-b6lpGK-V5t6gH6EEJS3bjvTyIbWlf_QQzj9o0_KO__B9wgb19n_VkilgmsHCPx4Fqa6ZCWWKPE96mQn2JcurlMjfz/s320/Screenshot%202024-02-19%20at%207.35.16%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">"Same Store" Occupancy: 95.8%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Guidance: FFO $3.74 to $3.84; Normalized FFO $3.8 to $3.9</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCEXu6w_LSL_QSXnPtP6HJIGKc4GU6683tXUBv9FDdZGiHuWP0g5p7nRcRrLNSzIyNiZ2JYiMg9RomaHbs8t4Q4CqRtSiaFcmZWr-EJ8yLo96KsGxADq4LlFVoXbMtG5dKjQ0gFcuCbsgkvuKmVBIAkJzyj1ciQXxn42q8ChxFKoLe8kaj5as84aeDxqhT/s2592/Screenshot%202024-02-19%20at%207.31.46%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="646" data-original-width="2592" height="80" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCEXu6w_LSL_QSXnPtP6HJIGKc4GU6683tXUBv9FDdZGiHuWP0g5p7nRcRrLNSzIyNiZ2JYiMg9RomaHbs8t4Q4CqRtSiaFcmZWr-EJ8yLo96KsGxADq4LlFVoXbMtG5dKjQ0gFcuCbsgkvuKmVBIAkJzyj1ciQXxn42q8ChxFKoLe8kaj5as84aeDxqhT/s320/Screenshot%202024-02-19%20at%207.31.46%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>G. Added 10 ARC at $2.68; 20 at $2.63</u></b></span></i><span>: </span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-fdPiOjicfOI4HZAbvNsQ8fNFIptu9AvFvD4BuVO4t2-Yxyfs7bYVKepKVUcN5X8RiLAdWmYn6Pl_YsfZ_R2Hszq7RWVvvF2RyiTfaN_EUXc1932EwaeHQtRpmjZpfIaU3nTr5WLt3cSooc_1leQlKNrAuhlV_ilvXgF1wxfZ_cq0nv-G1JJGJq1Fy5G1/s2486/ARC%2010%20AT%20$2.68%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="128" data-original-width="2486" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-fdPiOjicfOI4HZAbvNsQ8fNFIptu9AvFvD4BuVO4t2-Yxyfs7bYVKepKVUcN5X8RiLAdWmYn6Pl_YsfZ_R2Hszq7RWVvvF2RyiTfaN_EUXc1932EwaeHQtRpmjZpfIaU3nTr5WLt3cSooc_1leQlKNrAuhlV_ilvXgF1wxfZ_cq0nv-G1JJGJq1Fy5G1/s320/ARC%2010%20AT%20$2.68%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVt0XOUnkfOhGAfd36IeMSIhDyCWUsCPl4tnQGwgwoLV7x_0oJ7eHJZCRn-PCbMdI6Ev-lVQGFjIvgRCr8qtdU-4O4uzFw9LQaieh96bcyKQHhqixijaBOwJS-ZAiT4dTf2wmMm2AMoXeyjF1yUzpNYNWc-7-XNz7ted621sFYEbjzkn0jDXjC3AjtMDEQ/s2818/2.63%20$52.6%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="288" data-original-width="2818" height="33" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVt0XOUnkfOhGAfd36IeMSIhDyCWUsCPl4tnQGwgwoLV7x_0oJ7eHJZCRn-PCbMdI6Ev-lVQGFjIvgRCr8qtdU-4O4uzFw9LQaieh96bcyKQHhqixijaBOwJS-ZAiT4dTf2wmMm2AMoXeyjF1yUzpNYNWc-7-XNz7ted621sFYEbjzkn0jDXjC3AjtMDEQ/s320/2.63%20$52.6%20.png" width="320" /></a></span></div><span style="font-family: georgia;"><span><p style="text-align: justify;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/arc?mod=search_symbol" style="text-align: left;">ARC Document Solutions Inc. (ARC)</a></p></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $79.4</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/arc/analystestimates?mod=mw_quote_tab">ARC Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1305168&owner=exclude"><span style="font-family: georgia;">ARC SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1305168/000130516823000101/arc-20230930.htm"><span style="font-family: georgia;">ARC 10 - Q for the Q/E 9/30/23</span></a></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/ARC/key-metrics/per-share-data"><span style="font-family: georgia;">Reuters Key Metrics Page</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.e-arc.com/" style="text-align: left;">ARC High Quality Reprographics And Color Printing Services In USA</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Blackjack Hand, part of the Lottery Ticket Basket Strategy </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/aod-eai-ivz-mor-ofs-onb-pltk-pwfprtca.html" style="text-align: left;">Item # 4.B. Bought 20 ARC at $3.24 (12/30/23 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1305168/000130516823000098/exhibit991-q32023earningsr.htm" style="text-align: left;">SEC Filed Earnings Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$2.88</b> (50 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.05 per share, last raised from $.02 effective for the 2022 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/arc/dividend-history">ARC Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $3.05</u></i>: <b>6.94</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 1/30/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 2023 4th quarter report is scheduled for release on 2/28/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>H. Added 1 AVA at $32.28</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYE5e8WJx6fiuBeIZ5MM7Ym5Tb0XaOXtEZwMb9MXtlZth7i98F53QZIQP43QZ_n__JV75Jo_2DvSQ-hZko204p0GIh2lXLOI5oOpiHQ5d15p1S71OYQqa9Jf9G1bcoLeOjfN77emecPnV-LI69TlMTkuqPyqSI0tR31LixfeQ4Vq6yVFZz36kh87xSeeEo/s2690/AVA%201%20at%20$32.28%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="158" data-original-width="2690" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYE5e8WJx6fiuBeIZ5MM7Ym5Tb0XaOXtEZwMb9MXtlZth7i98F53QZIQP43QZ_n__JV75Jo_2DvSQ-hZko204p0GIh2lXLOI5oOpiHQ5d15p1S71OYQqa9Jf9G1bcoLeOjfN77emecPnV-LI69TlMTkuqPyqSI0tR31LixfeQ4Vq6yVFZz36kh87xSeeEo/s320/AVA%201%20at%20$32.28%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/ava?mod=search_symbol">Avista Corp. (AVA)</a> - Utility Holding Company</div><div style="text-align: justify;"><br /></div></span><div><div style="text-align: justify;"><span style="white-space-collapse: preserve;"><span style="font-family: georgia;">"Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 416,000 customers and natural gas to 381,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.7 million. AERC is an Avista subsidiary that, through its subsidiary AEL&P, provides retail electric service to 18,000 customers in the city and borough of Juneau, Alaska."</span></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/ava/analystestimates?mod=mw_quote_tab" style="text-align: left; text-indent: 48px;">AVA Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=104918&owner=exclude"><span style="font-family: georgia;">AVA SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left; text-indent: 48px;">A Canadian utility, </span></span><a href="https://www.marketwatch.com/investing/stock/h?countrycode=ca&mod=search_symbol" style="text-align: left;">Hydro One Ltd. (H:CA)</a>, attempted to acquire Avista but the acquisition was blocked by regulators. <a href="https://www.prnewswire.com/news-releases/hydro-one-and-avista-mutually-agree-to-terminate-merger-agreement-300783284.html#:~:text=TORONTO%20and%20SPOKANE%2C%20WA%2C%20Jan,their%20previously%20announced%20merger%20agreement." style="text-align: left;">Hydro One and Avista Mutually Agree to Terminate Merger Agreement</a> (1/23/2019). I have owned Hydro One in the past. The acquisition was at US$53 per share in cash. <a href="https://www.sec.gov/Archives/edgar/data/104918/000119312517231296/d426183dex991.htm" style="text-align: left;">SEC Filed Press Release (7/19/17)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 2.C. Started AVA - Bought 5 at $33.36 (11/18/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$33.16</b> (6 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: $.48 per share ($1.92 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/ava/dividend-history">AVA Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>5.79</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/22/24 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/104918/000095017024017430/ava-ex99_1.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $1.08, up from $1.05 in the 2022 4th quarter. Earnings are weather related and the 4th quarter will be best one. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $504.438M, up from $496.773M </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Guides 2024 E.P.S. to $2.36-$2.562023 FFO per share = $3.83, down from $4.03 in 2022 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Sells</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am continuing to reduce my exposure to regional bank stocks. The primary reasons are year-over-year declines in earnings per shares and net interest margins. A major secondary reason is loan exposure to commercial properties, particularly to office buildings. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Pared STAG - Sold 10 at $38.99</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjeQOPY0lWSg6FZXCMUAL2wuPNOJekfYqLGme_g80f8TBbCEIf-2pOB6KIsv63oYBR7hQW5pS1RAxm0xPHcX6ujxhQc8EccqJRzvg6mVj0wJy5CD2kFjpall4KZSH9crikRJ_0gKQZjrMrODqX6p_xDWnd3zOHPE-B0kxqc0mtSdkIKEDvjOvUlc4JB8rD/s2726/stag%20sold%2010%20at%20$38.99%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="226" data-original-width="2726" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjeQOPY0lWSg6FZXCMUAL2wuPNOJekfYqLGme_g80f8TBbCEIf-2pOB6KIsv63oYBR7hQW5pS1RAxm0xPHcX6ujxhQc8EccqJRzvg6mVj0wJy5CD2kFjpall4KZSH9crikRJ_0gKQZjrMrODqX6p_xDWnd3zOHPE-B0kxqc0mtSdkIKEDvjOvUlc4JB8rD/s320/stag%20sold%2010%20at%20$38.99%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/stag?mod=search_symbol" style="text-align: left;">STAG Industrial Inc. (STAG)</a> - Internally Managed Industrial REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $389.95</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I view the stock as being slightly overvalued at the current price. Other factors justifying IMO the pare are slow dividend growth, risk reduction through profit harvesting, and the percentage unrealized gain based on my average cost per share. Risk reduction and mitigation are major objectives in my portfolio management strategy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1479094&owner=exclude">SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.stagindustrial.com/" style="text-align: left;">Home Page | STAG Industrial</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Last Buy Discussion: <a href="https://seekingalpha.com/instablog/434935-south-gent/4707546-update-equity-reit-basket-strategy-1-21-16?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link" style="text-align: left;" target="_blank">Item # 2. Added to STAG in IB Account-Bought 50 at $17.55-Update For Equity REIT Basket Strategy As Of 1/21/16 - South Gent | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$249.22</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4PSyUYaR0saG26IuFqtUsOI2ulXe6OgGdqWSVvUkT3JpaNSUY4NBRN18RjmMMvVaxV-8CRnUAOKRj5Gztew27I5oow2nL2UzJCWGazxXNbocesEZ6c9kyBleib2rgh0aLp18NOmGEwv5yNlcnoDS_IOfRubcOucP3RM-3CQj5TSfN_SDU_ZbaGHFZdmEa/s2456/2024%20STAG%2010%20Shares%20+$249.22%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="866" data-original-width="2456" height="113" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4PSyUYaR0saG26IuFqtUsOI2ulXe6OgGdqWSVvUkT3JpaNSUY4NBRN18RjmMMvVaxV-8CRnUAOKRj5Gztew27I5oow2nL2UzJCWGazxXNbocesEZ6c9kyBleib2rgh0aLp18NOmGEwv5yNlcnoDS_IOfRubcOucP3RM-3CQj5TSfN_SDU_ZbaGHFZdmEa/s320/2024%20STAG%2010%20Shares%20+$249.22%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/09/bmy-cag-ctopra-dpg-fhn-fsk-gladz-gnlprd.html" style="text-align: left;">Item # 4.A. Eliminated Duplicate Position in STAG - Sold 50 at $37.22 (9/16/23 Post)</a>(profit snapshot = <span style="color: #93c47d;">$1,075.13</span>) This is my largest gain to date. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed the 2023 second quarter report in that post. </span><a href="https://www.sec.gov/Archives/edgar/data/1479094/000147909423000022/q22023earningsrelease.htm" style="text-align: left;">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u style="font-style: italic;">Last Buy Discussion</u>: </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4707546-update-equity-reit-basket-strategy-1-21-16?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link" style="text-align: left;" target="_blank">Item # 2. Added to STAG in IB Account-Bought 50 at $17.55-Update For Equity REIT Basket Strategy As Of 1/21/16 - South Gent | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$17.56</b> (90+ shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPSLlYKfjz0kFRKWcAl9t9ZoU8c-reLEkKtNy9EdTu8KYXJdkSxayjEiSDLpJ8hNqnq6fbMlcyIsVEW3u8a-y7hnsBnGu_1V1un5KllsvrQBpfYC7BfPka8Pq3gqykJtCAlaXNXZ7MF5_-5iU_5-Jkq3HwmEw7rBPlkEch2ABf1Me444HIMC9vUkHBs7Qr/s2044/STAG%20Remaining%2090%20shares%20ac%20at%20$17.56%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="800" data-original-width="2044" height="125" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPSLlYKfjz0kFRKWcAl9t9ZoU8c-reLEkKtNy9EdTu8KYXJdkSxayjEiSDLpJ8hNqnq6fbMlcyIsVEW3u8a-y7hnsBnGu_1V1un5KllsvrQBpfYC7BfPka8Pq3gqykJtCAlaXNXZ7MF5_-5iU_5-Jkq3HwmEw7rBPlkEch2ABf1Me444HIMC9vUkHBs7Qr/s320/STAG%20Remaining%2090%20shares%20ac%20at%20$17.56%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 2/16/24 after pare </span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.1233 ($1.4796 annually), last raised from $.1225. I do not consider that to be a dividend raise. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/STAG/dividends/history">STAG Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The monthly rate was $.11 in 2014.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC using $1.48 annual payment</i></u>: <b>8.43</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 2/28/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23):</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1479094/000147909424000006/q42023earningsrelease.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdgXsN2Df8xebZFdPjV4_g5Tj9iMUschN1R6P75KREsP1-oNRWX__Fi795WxRXvB1IWnKGILEZRnL0PLlHfTzLI_wBMnYi_6IlH65ml1cLq4pf2OENOAVFfP4qWeh3W9pp1gLdvi7BNb0bYTCg8uh137FmGc3qtYF62Vs39aFgVu6-1GRvjTfGCNTvlo6O/s3332/Screenshot%202024-02-18%20at%2012.11.33%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="626" data-original-width="3332" height="60" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdgXsN2Df8xebZFdPjV4_g5Tj9iMUschN1R6P75KREsP1-oNRWX__Fi795WxRXvB1IWnKGILEZRnL0PLlHfTzLI_wBMnYi_6IlH65ml1cLq4pf2OENOAVFfP4qWeh3W9pp1gLdvi7BNb0bYTCg8uh137FmGc3qtYF62Vs39aFgVu6-1GRvjTfGCNTvlo6O/s320/Screenshot%202024-02-18%20at%2012.11.33%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Diluted Core FFO $108.538M or $.58 per share: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash Available for Distribution $87.168M or $.47 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends for 3 months: $.37 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Weighted Average Diluted Shares: 185.374M </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Occupancy at 98.2% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income to CAD Calculation: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiagGe0a6SSTIa6ynT-mi-zJfOUsRmB1qw7jr2lAZT5S2stR3rEDOrPXaJNTnwp_D_GNEjER6IHcEuXcKiCfsyNzeWsyhBa4rewv14CjQZz_GUGfkHIEuwleqg4Sr-MkFg9awUxkckkYciPqGYAQOdisExcDrXujVfNxCVUJbRx6LJlMOQw0aONki4-QF0l/s3346/Screenshot%202024-02-18%20at%2012.17.58%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1244" data-original-width="3346" height="119" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiagGe0a6SSTIa6ynT-mi-zJfOUsRmB1qw7jr2lAZT5S2stR3rEDOrPXaJNTnwp_D_GNEjER6IHcEuXcKiCfsyNzeWsyhBa4rewv14CjQZz_GUGfkHIEuwleqg4Sr-MkFg9awUxkckkYciPqGYAQOdisExcDrXujVfNxCVUJbRx6LJlMOQw0aONki4-QF0l/s320/Screenshot%202024-02-18%20at%2012.17.58%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;">Since common shares are constantly being sold, either through public offerings or ATM programs, I want to know whether the REIT is generating an increase in CAD per share over time. I would expect CAD and more debt to increase the total CAD number but that is far less important IMO than CAD per share. </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I just checked the CAD per share number for 2018 4th quarter. CAD was reported at $50.157M or $.4356 per share on 115.146M shares. </span><a href="https://www.sec.gov/Archives/edgar/data/1479094/000147909419000005/stag-q418xearningsrelease.htm" style="text-align: left;">SEC Filed Press Release</a> The five year increase in <b>CAD per share to the 2023 4th quarter was 7.9% with diluted shares increasing by 60.8%</b>. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">At least the CAD per share number is increasing. I have discussed several medical office REITs that have been unable to increase CAD per share over longer periods of time. Over the past year or so, their stock prices have been crushed based IMO on a realization that their managers have overpaid for properties, a problem that has become more important with the increases in financing costs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Some Other Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2021/04/d-gdo-ffbc-fiw-gdo-hope-irm-kio-mbt-oge.html" style="text-align: left;">Item # 1.G. - Sold 4 at $33 (4/1/21 Post)</a><span>(profit snapshot = $32.49); </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4900469-update-for-equity-reit-basket-strategy-of-7-28-16">Item # 7-Pared STAG Sold 42 at $25.2: Update For Equity REIT Basket Strategy As Of 7/28/16 | Seeking Alpha</a><span> (profit snapshot = $271.32); </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4894156-update-equity-reit-basket-strategy-7-1-16?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link" style="text-align: left;" target="_blank">Item # 2. Pared STAG-Sold 54 Shares at $23.81: Update For Equity REIT Basket Strategy As Of 7/1/16- South Gent | Seeking Alpha</a><span> (profit snapshot = $318.54); </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4889438-update-equity-reit-basket-strategy-6-24-16?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link" style="text-align: left;" target="_blank">Item # 2. Pared STAG -Sold 50 of 240 at $22.74: Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha</a>(profit snapshot = $48.31); <a href="https://seekingalpha.com/instablog/434935-south-gent/4864529-update-for-equity-reit-basket-strategy-of-3-21-16" style="text-align: left;">Update For Equity REIT Basket Strategy As Of 3/21/16 - Item # 2. Sold 133 STAG at $19.61 | Seeking Alpha</a> (profit snapshot = $125.27). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>STAG Realized Gains to Date</u></i><span>: <span style="color: #6aa84f;">+$2,165.11</span></span></span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><i><u>B. Eliminated PRU - Sold 5 on Ex Dividend Date at $107.88 (Vanguard Taxable Account)</u></i></b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfG_R78vCtZncsZSol-GeUMMIwDziER5RJfBfSjqff2KGKhfCkB3RKKxslMtrqb40z8nki3esA6ekvb6YJpaWiIWsayW_gSeUi_4u8ajqTXhyphenhyphenTLYYSWI_NTsF1ASqbJ4b1qxUwjZN9y37ejXYVeheg4UzfpMMfBcYXKHaGD_5zeZ0Eu7lIr_eoALoYFZcd/s2366/PRU%205%20AT%20$107.88%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="286" data-original-width="2366" height="39" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfG_R78vCtZncsZSol-GeUMMIwDziER5RJfBfSjqff2KGKhfCkB3RKKxslMtrqb40z8nki3esA6ekvb6YJpaWiIWsayW_gSeUi_4u8ajqTXhyphenhyphenTLYYSWI_NTsF1ASqbJ4b1qxUwjZN9y37ejXYVeheg4UzfpMMfBcYXKHaGD_5zeZ0Eu7lIr_eoALoYFZcd/s320/PRU%205%20AT%20$107.88%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/Stock/PRU" style="text-align: left;">Prudential Financial Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $539.38</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/pru/analystestimates">PRU-Analyst Estimates</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1137774&owner=exclude">PRU SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="http://www.investor.prudential.com/home/default.aspx">Prudential Financial Investor Relations</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$223.42</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA-UR7Emr5SFL1YzJbisLZwMTfjhs2bIJGv1jz3tB1xBP5t-EUh4k2x0ugTglXcpJI3O4kowi0C5CqPJGpF_XRbohurdh-Kt_1C0VEi8pYrone04IGgYGnuXKx7VnckVzLNc6SanNrb6UTPap-3iJssLogasymwe_RGmf5ejI6-8O00Kys_zgZa7qWhly7/s2758/2024%20PRU%205%20Shares%20+%20$223.42.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="754" data-original-width="2758" height="87" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA-UR7Emr5SFL1YzJbisLZwMTfjhs2bIJGv1jz3tB1xBP5t-EUh4k2x0ugTglXcpJI3O4kowi0C5CqPJGpF_XRbohurdh-Kt_1C0VEi8pYrone04IGgYGnuXKx7VnckVzLNc6SanNrb6UTPap-3iJssLogasymwe_RGmf5ejI6-8O00Kys_zgZa7qWhly7/s320/2024%20PRU%205%20Shares%20+%20$223.42.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/03/bdn-d-ftsprmca-gis-hpp-met-mfc-orcc-pfe.html" style="text-align: left;">Item # 1.D. Eliminated PRU in Two Taxable Accounts - Sold 2 at $98.92; 2 at $98.95 (3/6/23 Post)</a>(profit snapshots = $146.38); <a href="https://tennesseeindependent.blogspot.com/2021/06/amom-bam-ctt-cva-dnngy-ebix-glq-rt-gnl.html" style="text-align: left;">Item # 2.B. Pared PRU in Vanguard Taxable Account - Sold 2 at $108.34 (6/25/21 Post)</a>(profit snapshot = $89.04)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Last Buy Discussions</u>: <a href="https://tennesseeindependent.blogspot.com/2020/11/aod-axpra-bam-bzh-csco-cxp-fdus-fmagx.html" style="text-align: left;">Item # 1.G. Bought 1 PRU at $61.3 (11/21/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/08/bam-brgpra-fcf-fivg-jcap-jcaprb-kgfhy.html" style="text-align: left;">Item # 4.H. Started PRU-Bought 5 at $63.8; 1 at $63.2 (8/29/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $1.30 per share, last raised from $1.25 effective for the 2024 first quarter payment. </span></p><p style="text-align: justify;"><a href="https://www.investor.prudential.com/stock-information/dividends/default.aspx"><span style="font-family: georgia;">Prudential Financial, Inc.-Dividends</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/16/24 (owned as of, sold on the ex dividend date)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.sec.gov/Archives/edgar/data/1137774/000113777424000007/exhibit991-4q23earningspre.htm">SEC Filed Press Release</a> and </span><a href="https://www.sec.gov/Archives/edgar/data/1137774/000113777424000007/exhibit992-4q23qfs.htm" style="text-align: left;">Supplemental</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. $3.61</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. $2.58 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start;">"Net income attributable to Prudential Financial, Inc. was $1.317 billion ($3.61 per Common share) for the fourth quarter of 2023, compared to a net loss of $52 million ($0.16 per Common share) for the fourth quarter of 2022. After-tax adjusted operating income was $943 million ($2.58 per Common share) for the fourth quarter of 2023, compared to $932 million ($2.49 per Common share) for the fourth quarter of 2022."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The adjustments to GAAP net income were numerous as usual:</span></p><p style="text-align: start;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiLOPtfFLWshGItb-26zSt2r_YA0gLOtzAoBBLNfyRZqIo93driNy9rmAWdj5DwQchem-swuFEqfDa9wJZPrzSlYAW7cNthXk_p5XSZoTcQlQFNNywqSVA_QHbc-sELsvIGfVC4TEh3v9Kvkes1AlDy9nWgj6jQsOz8J5OdziKrBUw2iuWS0gMzW3mY-hJ/s3346/Screenshot%202024-02-19%20at%203.47.24%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1004" data-original-width="3346" height="96" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiLOPtfFLWshGItb-26zSt2r_YA0gLOtzAoBBLNfyRZqIo93driNy9rmAWdj5DwQchem-swuFEqfDa9wJZPrzSlYAW7cNthXk_p5XSZoTcQlQFNNywqSVA_QHbc-sELsvIGfVC4TEh3v9Kvkes1AlDy9nWgj6jQsOz8J5OdziKrBUw2iuWS0gMzW3mY-hJ/s320/Screenshot%202024-02-19%20at%203.47.24%E2%80%AFPM.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I do not care for this never ending series of adjustments. </span></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Eliminated FITB - Sold 10 at $34</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9oxUEIepq_Mv_pZzCBOJ5S14aqBa8oh8zft_7aDyxAuFE0yOe6B3myZcL2zh9ead_zaqm5by1lqU04nAFwlREgNolUtmxMUAiA4oHDuPimWTcWiwad5q5ck3_h9eBFidd31hkdXj6u9MDSmzkrPoFL0Yv4IsdhV-AxC9AiKkvN2-yAvhdMHuVfCD6h4da/s2514/FITB%20sold%2010%20at%20$34%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="134" data-original-width="2514" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9oxUEIepq_Mv_pZzCBOJ5S14aqBa8oh8zft_7aDyxAuFE0yOe6B3myZcL2zh9ead_zaqm5by1lqU04nAFwlREgNolUtmxMUAiA4oHDuPimWTcWiwad5q5ck3_h9eBFidd31hkdXj6u9MDSmzkrPoFL0Yv4IsdhV-AxC9AiKkvN2-yAvhdMHuVfCD6h4da/s320/FITB%20sold%2010%20at%20$34%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/fitb" style="text-align: left;">Fifth Third Bancorp (FITB)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $340</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=35527">FITB SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/fitb/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">FITB Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$187.2</span> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW32bCNNZ4G_KIE0Nik4mbZTsTXy_OZ6ou2IA7vLg_iVA-hGRk_lYr4OCym0dUR6OdrwI4Vb_h_U3XrB5sy67tEcHfdR-NuaY6n92ObsgR6TBr8FHHHIUaZnqrW4PJ7UofBJOmUFzT5VaRq1DZtuRh6mWTok6UMc_HHemX6eSFRckAYhXKrHGVhyphenhyphenh6s0AL/s1970/2024%20FITB%2010%20Shares%20+$187.2%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="530" data-original-width="1970" height="86" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW32bCNNZ4G_KIE0Nik4mbZTsTXy_OZ6ou2IA7vLg_iVA-hGRk_lYr4OCym0dUR6OdrwI4Vb_h_U3XrB5sy67tEcHfdR-NuaY6n92ObsgR6TBr8FHHHIUaZnqrW4PJ7UofBJOmUFzT5VaRq1DZtuRh6mWTok6UMc_HHemX6eSFRckAYhXKrHGVhyphenhyphenh6s0AL/s320/2024%20FITB%2010%20Shares%20+$187.2%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2021/09/cara-cube-etsy-fitb-gnl-hr-ohi-pay-psec.html" style="text-align: left;">Item # 1.H. Pared FITB - Sold 2 at $39.55 (9/24/21 Post)</a>(profit snapshot = $39.91) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span><a href="https://www.sec.gov/Archives/edgar/data/35527/000003552724000005/q42023earningsrelease.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/35527/000003552724000005/a4q23fifththirdbancorppr.htm" style="text-align: left;">SEC Filed Earnings Presentation</a> (a slide presentation that accompanies an earnings call)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $.72, down from $1.01 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.99</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP Reconciliation: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC8ChoyRTozaiQZ7IYSzQUk2iWIDKqKU7UGy73tZmYMcFgwU811_6AmYrTeovv7AkbxQSqI5_bH-ZomfWoBEPsCAzsGsUiXET6ogGQNA-BstwTvHwSbbRyzOuxMKkikeQoPy11UbtScuSRwu_0S3kzWlJ4Z3IPqKdlsPHS0HluCw2zrWxc1El0BFGWKD7C/s2910/Screenshot%202024-02-20%20at%204.52.32%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="446" data-original-width="2910" height="49" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC8ChoyRTozaiQZ7IYSzQUk2iWIDKqKU7UGy73tZmYMcFgwU811_6AmYrTeovv7AkbxQSqI5_bH-ZomfWoBEPsCAzsGsUiXET6ogGQNA-BstwTvHwSbbRyzOuxMKkikeQoPy11UbtScuSRwu_0S3kzWlJ4Z3IPqKdlsPHS0HluCw2zrWxc1El0BFGWKD7C/s320/Screenshot%202024-02-20%20at%204.52.32%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: <span style="color: red;">2.85%, down from 3.35%</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .32%, up from .22%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .59%, up from .44%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $17.64, up from $14.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The efficiency ratio, ROA, and ROE were negatively impacted by the special items. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FITB Realized Gains to Date: <span style="color: #6aa84f;">$1,347.19</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The two largest gains were taken in 2017. </span><a href="https://tennesseeindependent.blogspot.com/2017/07/observations-and-sample-of-recent.html" style="text-align: left;">Item # 2.A. Sold 50 FITB at $24.57 (7/3/17 Post)</a>(profit snapshot = $443.21); <a href="https://tennesseeindependent.blogspot.com/2017/02/observations-and-sample-of-recent_27.html" style="text-align: left;">Item # 2.C. Sold 50+ FITB at $27.53 (2/27/17 Post)</a>(profit snapshot = $481.05)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Eliminated VTRS - Sold 52+ at $13 and 82+ at $13.31</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1qZEFLQUUjDecdt9sPBlDeAao1JZ0LsSBNz5WDNLUR4DyXlhOjvdFsCVQS_i6y3RVOl1mcIMqBRDzfi0SmaJnigaw6uJuKpm7sZ-9VGFFm_hHGpSLXNhAQplByJzMeMtkX2PtYclmouxkvP3xcAjepQovgmRKAOCuNKXUS7kkfS6HL0C7ahNLyaujgwfc/s2704/VTRS%2053+%20at%20$13%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="248" data-original-width="2704" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1qZEFLQUUjDecdt9sPBlDeAao1JZ0LsSBNz5WDNLUR4DyXlhOjvdFsCVQS_i6y3RVOl1mcIMqBRDzfi0SmaJnigaw6uJuKpm7sZ-9VGFFm_hHGpSLXNhAQplByJzMeMtkX2PtYclmouxkvP3xcAjepQovgmRKAOCuNKXUS7kkfS6HL0C7ahNLyaujgwfc/s320/VTRS%2053+%20at%20$13%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span style="font-family: georgia;"><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYZX_6pPrsv2T8DCykGLEkD4vekOORI_oclUsz0M08w8MEc70rTbYiFwcmMZmh7Da4rEajkmQwVYwOEEccI7hdYRBzYt5pL-9y35Ya7Vv-clGXhH9PtPkGDFXA6a5n0HUTu1-1UNwZOVGBK6kAV8yXj7BngUB8rngDAdi-W0llFBm22htJdt90Xv1Z6GjM/s2506/VTRS%2082+%20at%20$13.31.%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="138" data-original-width="2506" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYZX_6pPrsv2T8DCykGLEkD4vekOORI_oclUsz0M08w8MEc70rTbYiFwcmMZmh7Da4rEajkmQwVYwOEEccI7hdYRBzYt5pL-9y35Ya7Vv-clGXhH9PtPkGDFXA6a5n0HUTu1-1UNwZOVGBK6kAV8yXj7BngUB8rngDAdi-W0llFBm22htJdt90Xv1Z6GjM/s320/VTRS%2082+%20at%20$13.31.%20.png" width="320" /></a></div></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div>Quote: </span><a href="https://www.marketwatch.com/investing/stock/vtrs?mod=over_search">Viatris Inc.</a></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: +$1,788.97</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.viatris.com/en" style="text-align: left;">Viatris | Global Healthcare Company</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">VTRS is a generic drug manufacturer. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/vtrs/analystestimates?mod=mw_quote_tab">VTRS Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1792044&owner=exclude"><span style="font-family: georgia;">VTRS SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshots: Net of <span style="color: #6aa84f;">+$119.55</span></span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><span style="font-family: georgia;"><img border="0" data-original-height="130" data-original-width="2774" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA98IAM8cR0bqRz71QuXIo-VG68GZ8-rsh4CPntYX-Za1eKfkoBy6uhu821L350mHBkMKrRqFMTjU0_PdgeDXPBP7DFC-kSwGBcOlK5kQoWFRorHsAR-SHgiKYL1n3onvlq77jTJbWAqusu2bwcgONfUqNik62uvdQFcJVRO16x1yla-ka6rp0e96CEVfy/s320/2024%20VTRS%2052+%20Shares%20Net%20of%20+$47.85.png" style="margin-left: auto; margin-right: auto;" width="320" /></span></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">52+ Shares Net of $47.85</span></td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA98IAM8cR0bqRz71QuXIo-VG68GZ8-rsh4CPntYX-Za1eKfkoBy6uhu821L350mHBkMKrRqFMTjU0_PdgeDXPBP7DFC-kSwGBcOlK5kQoWFRorHsAR-SHgiKYL1n3onvlq77jTJbWAqusu2bwcgONfUqNik62uvdQFcJVRO16x1yla-ka6rp0e96CEVfy/s2774/2024%20VTRS%2052+%20Shares%20Net%20of%20+$47.85.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz0L0p0TX536QVPNgdASz6bvfyuKD-HEUGZx8K-p20VgOrvicLoMt4WQfSWec04NaVUg7JhutuISN7wEDeevek_nKzwwUBKT6jMDFuEkaFfVFYPwak55WsGfdoYGiZJK5hlDFxD4_a4HNhm9e6v_JTTtxfb18wD5ogQUC1qx_XfFtLk4-uxHEu4kHsG96e/s1954/VTRS%201,093.95%20+$71.59.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="66" data-original-width="1954" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz0L0p0TX536QVPNgdASz6bvfyuKD-HEUGZx8K-p20VgOrvicLoMt4WQfSWec04NaVUg7JhutuISN7wEDeevek_nKzwwUBKT6jMDFuEkaFfVFYPwak55WsGfdoYGiZJK5hlDFxD4_a4HNhm9e6v_JTTtxfb18wD5ogQUC1qx_XfFtLk4-uxHEu4kHsG96e/s320/VTRS%201,093.95%20+$71.59.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">82+ Shares +$71.59</td></tr></tbody></table></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i><br /></i></u></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2022/03/brbs-cgbd-cvx-fsk-gpc-hr-mpw-para-pave.html">Item # 2.K. Added to VTRS - Bought 3 at $12; 2 at $11.2; 3 at $10.3; 2 at $9.9(3/24/22 Post)</a> </div></span><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.12 per share, last raised from $.11 effective for the 2022 first quarter payment. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/vtrs/dividend-history">VTRS Dividend History | Nasdaq</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/22/23</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1792044/000179204423000031/exhibit991-3q23earningsrel.htm">SEC Filed Press Release</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Revenues: $3.9339B</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">GAAP Diluted E.P.S. = $.27</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Adjusted E.P.S. = </span>$.79</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP:</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1QqErpNMVh24o-60VOM34cgQBa6djqAzlEVLrRFFtEwfi2Fp3GiJynz9KTnuMCbHhg0WGgR2XDqazOGdcuh9XiuLRRaHppzGY63PxSK7bGNMF32CTgtQKgsWujguAQVJGFiJ7tGcu4SjJ3heJ80Sqqtghgeo1MfpH5Xf7rkYc6Be01T9Cq7AS_b1km9AG/s3352/Screenshot%202024-02-20%20at%208.29.22%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1070" data-original-width="3352" height="102" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1QqErpNMVh24o-60VOM34cgQBa6djqAzlEVLrRFFtEwfi2Fp3GiJynz9KTnuMCbHhg0WGgR2XDqazOGdcuh9XiuLRRaHppzGY63PxSK7bGNMF32CTgtQKgsWujguAQVJGFiJ7tGcu4SjJ3heJ80Sqqtghgeo1MfpH5Xf7rkYc6Be01T9Cq7AS_b1km9AG/s320/Screenshot%202024-02-20%20at%208.29.22%E2%80%AFAM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The major adjustment is for amortization. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Free Cash Flow: $738.2M</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Key Product Revenues: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinBy3pu3GPAb_ri1CGRnIYuq1nRUj4i8KNEtD5ISdmdK0TnZQJfe74Lu3tbgjrR3qqsRxtI53RiMM-1e5EyUkHMMz73RGuE5nsXpt_U9NxdtRi-10qkpXCI0PmBgWZUX1bOtD5aFbDFS0olyDRgKhhPyhwrrQgza17MGxAEKwUzBw__JWw1ad8CyGotCoM/s3316/Screenshot%202024-02-20%20at%208.32.17%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="974" data-original-width="3316" height="94" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinBy3pu3GPAb_ri1CGRnIYuq1nRUj4i8KNEtD5ISdmdK0TnZQJfe74Lu3tbgjrR3qqsRxtI53RiMM-1e5EyUkHMMz73RGuE5nsXpt_U9NxdtRi-10qkpXCI0PmBgWZUX1bOtD5aFbDFS0olyDRgKhhPyhwrrQgza17MGxAEKwUzBw__JWw1ad8CyGotCoM/s320/Screenshot%202024-02-20%20at%208.32.17%E2%80%AFAM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Sell Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2022/01/amcx-cohu-dnngy-ed-fan-hcmly-ip-pay.html">Item # 1.M. Eliminated VTRS in Vanguard Taxable - Sold 10 at $14.51(1/20/22 Post)</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Major News Item: <a href="https://newsroom.viatris.com/2022-11-29-Viatris-Completes-Biosimilars-Transaction-with-Biocon-Biologics" style="text-align: left;">Viatris Completes Biosimilars Transaction with Biocon Biologics - Nov 29, 2022</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>E. Eliminated Duplicate FULT Position - Sold 31+ AT $15.74</u></b></span></i>: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuUtrUX_Raf-8rbe5b4htNJRFdnIM1MJKj7Ka_ermQBoT_JQ6sdbaFbkG-dX7SIylGhs0ZT6udxzb2rQdxLOQrhFm6PrWEzVkjhJYWg732ffWQeE1Y5zkmBggFpSCoSIvFRw8zz2Z2lnQR2hPQlHBXND9oFIdFS2_0_liX3PCTRR5JLIqDqwzX8ZcUu2PN/s2546/FULT%2021+%20at%20$15.74%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="264" data-original-width="2546" height="33" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuUtrUX_Raf-8rbe5b4htNJRFdnIM1MJKj7Ka_ermQBoT_JQ6sdbaFbkG-dX7SIylGhs0ZT6udxzb2rQdxLOQrhFm6PrWEzVkjhJYWg732ffWQeE1Y5zkmBggFpSCoSIvFRw8zz2Z2lnQR2hPQlHBXND9oFIdFS2_0_liX3PCTRR5JLIqDqwzX8ZcUu2PN/s320/FULT%2021+%20at%20$15.74%20.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote <a href="https://www.marketwatch.com/investing/stock/fult?mod=search_symbol" style="text-align: left;">Fulton Financial Corp. (FULT)</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $492.93 </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/fult/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">FULT Analyst Estimates | MarketWatch</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=700564&owner=exclude"><span style="font-family: georgia;">FULT SEC Filings</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Investment category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">$19.44</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqaAthg-m4wZ1qgLM3hs9TqlBarFdO4a72Sc1W8BZbWlj3723lUnZaoKORhhKHWX9mgzFZhnrk03uvjOTVwq7P8h8f4ypLihEBc2D2MfFif9gYkZ0G07dd420t9obx34lgIApEtv4KMrraVKMMHN2JKPCN3Wgc8RSjfinGN6D5n28-nAXbdKCImSrC30Ha/s1972/fult%20netof%20+$19.44%2031+%20shares%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="68" data-original-width="1972" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqaAthg-m4wZ1qgLM3hs9TqlBarFdO4a72Sc1W8BZbWlj3723lUnZaoKORhhKHWX9mgzFZhnrk03uvjOTVwq7P8h8f4ypLihEBc2D2MfFif9gYkZ0G07dd420t9obx34lgIApEtv4KMrraVKMMHN2JKPCN3Wgc8RSjfinGN6D5n28-nAXbdKCImSrC30Ha/s320/fult%20netof%20+$19.44%2031+%20shares%20.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/04/ccap-fult-hppprc-htbk-nbb-nwbi-ocsl-opi.html" style="text-align: left;">Item # 1.I. Added to FULT - Bought 2 at $13.83 (4/1/23 Post)</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.17 per share, last raised from $.16 effective for the 2024 first quarter payment. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://seekingalpha.com/symbol/FULT/dividends/history"><span style="font-family: georgia;">FULT Dividend History | Seeking Alpha</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/29/23 (owned all as of)</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): <a href="https://www.sec.gov/Archives/edgar/data/700564/000070056424000005/exhibit991123123earningsre.htm" style="text-align: left;">SEC Filed Press Release</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Diluted E.P.S. = $.37, down from $.46</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.42, down from $.47</span></div><div style="text-align: justify;"><span style="font-family: georgia;">NIM: 3.36%, down from 3.69%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Charge off Ratio: .15%, down from .23%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .72%, down from .85%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .56%, down from .66%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Coverage Ratio: 191%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Corporate Bond Purchases</span></b><span>: </span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discuss my approach to buying corporate bonds in this video: </span><a href="https://www.youtube.com/watch?v=7Nh2HeIEPXw&t=252s" style="text-align: left;">Treasury Bills Signals On FF Rate Changes and Corporate Bond Buying Approach - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>A. Bought 2 General Motors Financial 4% SU Maturing on 1/15/25 at a Total Cost of 98.7</u></span></b></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUp8W1Y_Mn3e7N_IuuI2nA3OQMQsUQ8WhRd_rjC-AwETXhcDksNtGgUe3oOQmP2wA9Nc4WN6s7XszGckLRnwIGbZJ_c6m7BcicSXaKs4nz79p0Qr2yOhrhqkKaE-un0ilz9b4AHdL9Czs5WbvFvCN83WFERMa_YftuJbmzkNudNWpPcAMCLuLqvdIS3gko/s2360/General%20Mot.%20Fin.%20(2)%204%25%201:15:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="658" data-original-width="2360" height="89" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUp8W1Y_Mn3e7N_IuuI2nA3OQMQsUQ8WhRd_rjC-AwETXhcDksNtGgUe3oOQmP2wA9Nc4WN6s7XszGckLRnwIGbZJ_c6m7BcicSXaKs4nz79p0Qr2yOhrhqkKaE-un0ilz9b4AHdL9Czs5WbvFvCN83WFERMa_YftuJbmzkNudNWpPcAMCLuLqvdIS3gko/s320/General%20Mot.%20Fin.%20(2)%204%25%201:15:25.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: Subsidiary of </span><a href="https://www.marketwatch.com/investing/stock/gm?mod=search_symbol" style="text-align: left;">General Motors Co. (GM)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1467858&owner=exclude">GM SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1467858/000146785824000029/a2023q4pressreleaseandfina.htm" style="text-align: left;">GM SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/gm/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">GM Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=37045XAS5&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.473</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>4.05</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Bought 2 Dominion Energy 3.3% SU Maturing on 3/15/25 at a Total Cost of 97.801</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB1G4rOTla1lKKKwZ6oBw6_6cUNL7X0IMGcG6WBm8s7tgZEXwgyqsW35l550qRrBmvT230MT88axUdzg1m92L5QBGcK1eVz-CbosOChDuhRHSzRVZjUpXoBfYpX4QnwWUwNexZ75THRvv1R3rJz9sm5pPgzCLYnPEVrvR9B7Fc-ZkKGgEWkp3U-IXmtv2-/s1808/Dominion%20Energy%20(2)%203.3%25%203:15:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="514" data-original-width="1808" height="91" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB1G4rOTla1lKKKwZ6oBw6_6cUNL7X0IMGcG6WBm8s7tgZEXwgyqsW35l550qRrBmvT230MT88axUdzg1m92L5QBGcK1eVz-CbosOChDuhRHSzRVZjUpXoBfYpX4QnwWUwNexZ75THRvv1R3rJz9sm5pPgzCLYnPEVrvR9B7Fc-ZkKGgEWkp3U-IXmtv2-/s320/Dominion%20Energy%20(2)%203.3%25%203:15:25.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/d?mod=search_symbol" style="text-align: left;">Dominion Energy Inc. (D)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dominion is a large utility holding company whose subsidiaries operate primary in Virginia and South Carolina. </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/d/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">D Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/D.N/profile/"><span style="font-family: georgia;">Dominion Energy Profile Page at Reuters</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the beaten up stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=715957&owner=exclude">SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=25746UDE6&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.414</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.37</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>C. Bought 1 Vodafone 4.125% SU Maturing on 4/30/25 at a Total Cost of 98.49</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpLCahK3Shbs9gllITeODYfhkcsLMMILDLPdhm99YBP9dv2IxLZqFkwRHz6PBqqB16l8ONgkkcsInPrRSxpipPcksNS8QWMaG-lyMwjH1mRZhUCxt8oQ61T2qJirjJtreaQeXRh4Gau2AIqJkAKMnxR6w_ghdTJJgoj2PpoFMdIbnpDLcboouWBbbJ_7b1/s2344/Vodafone%20(1)%204.125%25%205:30:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="668" data-original-width="2344" height="91" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpLCahK3Shbs9gllITeODYfhkcsLMMILDLPdhm99YBP9dv2IxLZqFkwRHz6PBqqB16l8ONgkkcsInPrRSxpipPcksNS8QWMaG-lyMwjH1mRZhUCxt8oQ61T2qJirjJtreaQeXRh4Gau2AIqJkAKMnxR6w_ghdTJJgoj2PpoFMdIbnpDLcboouWBbbJ_7b1/s320/Vodafone%20(1)%204.125%25%205:30:25.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/vod?mod=search_symbol" style="text-align: left;">Vodafone Group PLC ADR (VOD)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/vod/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">VOD Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=839923&owner=exclude">VOD SEC Filings</a> (foreign company forms)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=92857WBJ8&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.345</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>4.188</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>D. Bought 1 Laboratory Corporation 3.6% SU Maturing on 2/1/25 at a Total Cost of 98.35</u></b></span></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEik7ABWKeJ7hWNcnqLxUzwXGE1rISZPhM-UAifx1rUc-myAPRH1GziEpsSRqeCzHaj5MdofJtq3vEF_wWxJ0GTkZwS67AJ2rosLninAk9ew9ICw95uoifYcAlo5Dfumz3UhEsDN3ulyEvowGgByJyTjnBtpVZIvBoFfDTxquX-zz1EP11YV2ij6_W2zT1R6/s2842/Laboratory%20(1)%203.6%25%202:1:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="752" data-original-width="2842" height="85" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEik7ABWKeJ7hWNcnqLxUzwXGE1rISZPhM-UAifx1rUc-myAPRH1GziEpsSRqeCzHaj5MdofJtq3vEF_wWxJ0GTkZwS67AJ2rosLninAk9ew9ICw95uoifYcAlo5Dfumz3UhEsDN3ulyEvowGgByJyTjnBtpVZIvBoFfDTxquX-zz1EP11YV2ij6_W2zT1R6/s320/Laboratory%20(1)%203.6%25%202:1:25.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/lh?mod=search_symbol" style="text-align: left;">Laboratory Corp. of America Holdings (LH)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/lh/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">LH Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=920148&owner=exclude">LH SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/920148/000092014824000009/former2152024ex991forq42023.htm">LH SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=50540RAQ5&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.413</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.66</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>E. Bought 1 Black Hills 3.95% SU Maturing on 1/15/25 at a Total Cost of 97.346</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1OFBO9u1mNehhIC4uB76r8RcHcXTnNFAoRUDdQ2SdqYK-z-_r9YG-KiDFa-wS7kkvG4yt7XC8XKX3OUyVhyu7f104aP0LlV7Ru1prhRyUi2PA_OMwW0-pHiueU39s5FPAIInuSKEBR3qqZowhVsrn2ZvmKP_XZFEmslnJQaov8OpZC_PHqlwGUjyLC1IO/s2316/Black%20Hills%20(1)%201:15:2026%203.95%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="856" data-original-width="2316" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1OFBO9u1mNehhIC4uB76r8RcHcXTnNFAoRUDdQ2SdqYK-z-_r9YG-KiDFa-wS7kkvG4yt7XC8XKX3OUyVhyu7f104aP0LlV7Ru1prhRyUi2PA_OMwW0-pHiueU39s5FPAIInuSKEBR3qqZowhVsrn2ZvmKP_XZFEmslnJQaov8OpZC_PHqlwGUjyLC1IO/s320/Black%20Hills%20(1)%201:15:2026%203.95%25%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/bkh?mod=search_symbol" style="text-align: left;">Black Hills Corp. (BKH)</a> - Utility Holding Company </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/bkh/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">BKH Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1130464&owner=exclude">BKH SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1130464/000095017024012259/bkh-ex99.htm">SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=092113AL3&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB+</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1130464/000104746916009626/a2227079z424b2.htm">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.494</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC =<b> 4.058</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the common stock that I recently restarted. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 6 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last Bond Offering (9/2023): </span><a href="https://www.sec.gov/Archives/edgar/data/1130464/000110465923098919/tm2322836-2_424b2.htm" style="text-align: left;">Prospectus</a> ($450M 6.15% SU Maturing in 2034)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>F. Bought 2 Autozone 3.25% SU Maturing on 4/15/25 at a Total Cost of 97.697</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXjWjhm9moIPXCtlEdHi2LSRWUE3_T5mR0Z_mn3EMYb3D7Cdur-1k_zNaBclAf6hqfVGKMM8AQfXASD1sv3zFp__98kenMSVtf2guLBXzm59pLyaMDqJi-pqstfkn2mKiyDA2ZriW2owF2mPBCu2b_ru0rjpYsG_iG1pbmRHbiJwrV-VedlKrgyE4WHGff/s2582/Autozone%20(2)%203.25%25%204:15:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="994" data-original-width="2582" height="123" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXjWjhm9moIPXCtlEdHi2LSRWUE3_T5mR0Z_mn3EMYb3D7Cdur-1k_zNaBclAf6hqfVGKMM8AQfXASD1sv3zFp__98kenMSVtf2guLBXzm59pLyaMDqJi-pqstfkn2mKiyDA2ZriW2owF2mPBCu2b_ru0rjpYsG_iG1pbmRHbiJwrV-VedlKrgyE4WHGff/s320/Autozone%20(2)%203.25%25%204:15:25.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/azo?mod=search_symbol" style="text-align: left;">AutoZone Inc. (AZO)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/azo/analystestimates?mod=mw_quote_tab">AZO Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=866787&owner=exclude">AZO SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/866787/000117184323007428/exh_991.htm">SEC Filed Earnings Press Release for the F/Q ending 11/18/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=053332AR3&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.342</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.3266</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><i><b><u>G. Bought 1 Boston Properties Partnership 3.2% SU Maturing on 1/15/25 at a Total Cost of 97.949</u></b></i></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUTbAB9SDCLdciiOx56D0TMOYkDoq5YRjiaslhflX3qM2-ZkYPDiE2crLE7W2QMJ4PL0tbijkgeHlYc_RjO9HThd1AUzVPk0bfTS-d9M0NzA9q4qcIVg8d1bghTN0F_k6xcL8zcCO0BUIE4E6Eo9E5bAgeIaCM3cpKabBRivUmRFiBoaMSX5ZIT8pRMf77/s2836/Boston%20Properties%20(1)%201:1:5:2025%203.2%25%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="870" data-original-width="2836" height="98" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUTbAB9SDCLdciiOx56D0TMOYkDoq5YRjiaslhflX3qM2-ZkYPDiE2crLE7W2QMJ4PL0tbijkgeHlYc_RjO9HThd1AUzVPk0bfTS-d9M0NzA9q4qcIVg8d1bghTN0F_k6xcL8zcCO0BUIE4E6Eo9E5bAgeIaCM3cpKabBRivUmRFiBoaMSX5ZIT8pRMf77/s320/Boston%20Properties%20(1)%201:1:5:2025%203.2%25%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: Operating subsidiary of </span><a href="https://www.marketwatch.com/investing/stock/bxp?mod=search_symbol" style="text-align: left;">Boston Properties Inc. (BXP)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1037540/000165642324000003/q42023pressrelease.htm">BXP SEC Filed Earnings Report for the Q/E 12/31/23</a><span> At least as of 12/31/23, I do have a credit risk concern for bonds that mature in 2025. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1037540&owner=exclude">BXP SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=10112RAZ7&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.578</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b> 3.267</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I had two BXP bonds mature on 2/1/2024: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigPXPm0t-42JWXSL2BSGIfGj27rpO52PqelfZlNnu3s1zcGYVGvucYgLwE2u47f2mc97j3pSscZ068sO3cWmGs0hJiDkJY1MFUjYk2MtG0fmqYIGqvgj5N3AHne7dFD33ryqTFKs6YZ8tMxQnLlHykAAj97SfRFfxrKR5noa1RWcBsFHo-GxYO7UWIKnDt/s1718/2024%20Boston%20Properties%20(2)%20$19.74.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="170" data-original-width="1718" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigPXPm0t-42JWXSL2BSGIfGj27rpO52PqelfZlNnu3s1zcGYVGvucYgLwE2u47f2mc97j3pSscZ068sO3cWmGs0hJiDkJY1MFUjYk2MtG0fmqYIGqvgj5N3AHne7dFD33ryqTFKs6YZ8tMxQnLlHykAAj97SfRFfxrKR5noa1RWcBsFHo-GxYO7UWIKnDt/s320/2024%20Boston%20Properties%20(2)%20$19.74.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I owned 5 BXP bonds that matured on 9/1/2023. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitde2kMwEELIVhY-zuBR_QfW-gaYR0KKX1uunyvtxAVVERynbcD5D9UsJ6R8x4WwjWydrNrnqfUM-mxOgoy0XdMvL1OcQ42m_fcGBzj7wlLi0ZoRY2WmzaoLlYQDqHyzKEAdR2Pf4jFnM8XHh3YHxm4Mm5_4FfFYnRQNs1Grkd6jcr7dgooSxFVW2djGDl/s2124/2023%20Boston%20Prop%20(!)%20+$11.15%20RI%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="490" data-original-width="2124" height="74" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitde2kMwEELIVhY-zuBR_QfW-gaYR0KKX1uunyvtxAVVERynbcD5D9UsJ6R8x4WwjWydrNrnqfUM-mxOgoy0XdMvL1OcQ42m_fcGBzj7wlLi0ZoRY2WmzaoLlYQDqHyzKEAdR2Pf4jFnM8XHh3YHxm4Mm5_4FfFYnRQNs1Grkd6jcr7dgooSxFVW2djGDl/s320/2023%20Boston%20Prop%20(!)%20+$11.15%20RI%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgs9nxtsXpqwmd1DMffAyPTT3e0xKZzVN1ShMieuiSVcQ6pJFBm4oRa37Y3PwYo6siefF6TYNCFszsUE5qkLK_Gjr5hxG_VcKPZ-AFGpV_IwmVDTu83sd_kl5Fq3-4SzNmwDi_0aEtx0sXW7iSttrdqgJQfF53TSLS_hC2lXweGNsclZMiP0jyF91Th4W7g/s2452/2023%20Boston%20Prop.%20(1)%20+$1.37%20RI%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="92" data-original-width="2452" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgs9nxtsXpqwmd1DMffAyPTT3e0xKZzVN1ShMieuiSVcQ6pJFBm4oRa37Y3PwYo6siefF6TYNCFszsUE5qkLK_Gjr5hxG_VcKPZ-AFGpV_IwmVDTu83sd_kl5Fq3-4SzNmwDi_0aEtx0sXW7iSttrdqgJQfF53TSLS_hC2lXweGNsclZMiP0jyF91Th4W7g/s320/2023%20Boston%20Prop.%20(1)%20+$1.37%20RI%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8Yv-QyHuE_IpNuOknPlPbQt9hprRfbtQ7ehK8iZs5ET-8A3E_vEuqWhp5Q4A4JGKZkTcIllZ4IF8i5T1-WncPS38x1nnyi3QjSQQnzOMh11uD6uF7ZXuFWVtx2UfPA2MTIgyGc3EOPp4UmHZULVOl3wORV-I-eNKKGWiEbMrpOq62K1NJPfofohEPSBj9/s2446/2023%20Boston%20Prop.%20(3)%20+$26.06.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="268" data-original-width="2446" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8Yv-QyHuE_IpNuOknPlPbQt9hprRfbtQ7ehK8iZs5ET-8A3E_vEuqWhp5Q4A4JGKZkTcIllZ4IF8i5T1-WncPS38x1nnyi3QjSQQnzOMh11uD6uF7ZXuFWVtx2UfPA2MTIgyGc3EOPp4UmHZULVOl3wORV-I-eNKKGWiEbMrpOq62K1NJPfofohEPSBj9/s320/2023%20Boston%20Prop.%20(3)%20+$26.06.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><div style="text-align: justify;">I am slightly more cautious on owning BXP LP bonds now and have reduced my maximum bond exposure from 10 to 5. I have also reduced how far I am willing to go out in maturities. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. U.S. Treasury Bills Purchased at Auction</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Bought 5 Treasury Bills at the 2/20/24 Auction</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigJ82DW5hqdOl350yoB1Cvv7lhLioy_rgzS29bfKFOuxYuiid0YSZY0tUQi9lmsu4TO_-MiH3kmcZYRpA9-GJXW_6r38t5niiYrORaz8-2tj6iILAj_SZ7Rv4Z64wirFqusZKQxJdU1TUlNSpT9d4hcU0GU-ofJEu8mBeFbK1bQ1p64ICNfzx4QIAM4lqX/s2792/Treasury%20(5)%205:23:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="206" data-original-width="2792" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigJ82DW5hqdOl350yoB1Cvv7lhLioy_rgzS29bfKFOuxYuiid0YSZY0tUQi9lmsu4TO_-MiH3kmcZYRpA9-GJXW_6r38t5niiYrORaz8-2tj6iILAj_SZ7Rv4Z64wirFqusZKQxJdU1TUlNSpT9d4hcU0GU-ofJEu8mBeFbK1bQ1p64ICNfzx4QIAM4lqX/s320/Treasury%20(5)%205:23:24.png" width="320" /></span></a></div><span style="font-family: georgia;">91 Day Bill </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 5/23/24: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: +$66.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.388</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTgAog7bRTs6RQ7HaTm28ocXX8o8hyphenhyphenOTElNuCJCcqFmV49HPzxzPRjG__UsNOohiJmqcxzZ7RuvpOi4_rZkEiV_r_WCTVSxhHZfp2J-ARDJN-hdnyhT8HUoyqHoZAKg09Oeh_7r3KlBHCafuNC-S88YVGPb0wdpvAoYYpEjB6z3djI_skNsFpVgrMoL-NJ/s1278/91%20DAY%20BILL%205.388%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="564" data-original-width="1278" height="141" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTgAog7bRTs6RQ7HaTm28ocXX8o8hyphenhyphenOTElNuCJCcqFmV49HPzxzPRjG__UsNOohiJmqcxzZ7RuvpOi4_rZkEiV_r_WCTVSxhHZfp2J-ARDJN-hdnyhT8HUoyqHoZAKg09Oeh_7r3KlBHCafuNC-S88YVGPb0wdpvAoYYpEjB6z3djI_skNsFpVgrMoL-NJ/s320/91%20DAY%20BILL%205.388%25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 2 Treasury Bills at the 2/20/24 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXxDhga7reTo1stf-8nRK6pqdodhPVwVrrFs5Y49RgCs8DmYjX1DVx72POaKHn0vzE-Ixt_NtKfDP4u7ApYPjXES0PYEKrL3PIDuUsRHEt7kHZtQ0KdNjX0fteeCYP5imsRLpy1OIunQaewPUQYAfydDw-llEE6hyphenhyphenjpwlABZ7LG1y2iVVRKHze3WLgDoK8/s2178/Treasury%20(2)%208:22:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="174" data-original-width="2178" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXxDhga7reTo1stf-8nRK6pqdodhPVwVrrFs5Y49RgCs8DmYjX1DVx72POaKHn0vzE-Ixt_NtKfDP4u7ApYPjXES0PYEKrL3PIDuUsRHEt7kHZtQ0KdNjX0fteeCYP5imsRLpy1OIunQaewPUQYAfydDw-llEE6hyphenhyphenjpwlABZ7LG1y2iVVRKHze3WLgDoK8/s320/Treasury%20(2)%208:22:24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">182 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 8/22/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $51.57</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.322</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis6ANcmmmyJRGn2hT3alD5kZsjAMJc37vpAsr79xaNOfoVxrm958pIg3QwW553-L-Z_msgWsq_N8wzQt22fTeZ_iThq3qAy3asvN8yvgSlGiZ7uQ41mZ4caR33Qv7IKnLY2Nd3MhKM9_ReYJ5l-g1oIEeH0m_IqLceM-RQhS85lboLiLgD25h17UPltYvc/s1116/182%20DAY%205.322%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="478" data-original-width="1116" height="137" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis6ANcmmmyJRGn2hT3alD5kZsjAMJc37vpAsr79xaNOfoVxrm958pIg3QwW553-L-Z_msgWsq_N8wzQt22fTeZ_iThq3qAy3asvN8yvgSlGiZ7uQ41mZ4caR33Qv7IKnLY2Nd3MhKM9_ReYJ5l-g1oIEeH0m_IqLceM-RQhS85lboLiLgD25h17UPltYvc/s320/182%20DAY%205.322%25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Bought 2 Treasury Bills at the 2/20/24 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjicA0O0kWNiUm-nO8vFK4huQb0vSqAUS6Nhovc3vZyrEVd7u3J_XkK3TwpasBwPniSHu4ope-TPzjnRA2QcdbqXrvg0MHQDRw0Zd3pw4nz3iiMm_Xi_LEM2bB_hEe7VMjON3ShZrovKFmRfv5tSt_613lbHWZmxf6zzy2d6h3PMJdCqXsb-yjYTvvfrjHV/s2184/Treasury%20(2)%202:20:25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="398" data-original-width="2184" height="58" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjicA0O0kWNiUm-nO8vFK4huQb0vSqAUS6Nhovc3vZyrEVd7u3J_XkK3TwpasBwPniSHu4ope-TPzjnRA2QcdbqXrvg0MHQDRw0Zd3pw4nz3iiMm_Xi_LEM2bB_hEe7VMjON3ShZrovKFmRfv5tSt_613lbHWZmxf6zzy2d6h3PMJdCqXsb-yjYTvvfrjHV/s320/Treasury%20(2)%202:20:25%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">1 Year T Bill </span></p><p style="text-align: justify;"><span style="font-family: georgia;">364 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 2/20/25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $94.74 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>4.95</b>% </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8JvsLJWg1V7an6Yy8eYq1rUatp2BQ7IvpXJbbIYnpP8FjXyTZ2FOF_rvAg5TQBgNQy5eAyq_-4PCTcwxAQY79rJG2fH02O8pHAfL_Qcx3efBb2FEb_P2-jlR5mppaOfd_mUfJSp_4QYhLffXcWL7v0vOOIc9gWY4_t8JsOkyhglr7dEoDNUzZYkxA29gW/s1202/Screenshot%202024-02-20%20at%2012.14.06%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="602" data-original-width="1202" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8JvsLJWg1V7an6Yy8eYq1rUatp2BQ7IvpXJbbIYnpP8FjXyTZ2FOF_rvAg5TQBgNQy5eAyq_-4PCTcwxAQY79rJG2fH02O8pHAfL_Qcx3efBb2FEb_P2-jlR5mppaOfd_mUfJSp_4QYhLffXcWL7v0vOOIc9gWY4_t8JsOkyhglr7dEoDNUzZYkxA29gW/s320/Screenshot%202024-02-20%20at%2012.14.06%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><b><span style="color: #800180;"><u><i>D. Bought 5 Treasury Bills at the 2/21/24 Auction</i></u></span></b>: </span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqY6EpEcI0GTBtNZ95dylMSC6vYGJpS1TXw10sbxgpsnlP0hH6fLXCXak24WUi-AFbIVXfmJPLmtApKwQKKw7k0AEtEQ6bGnOZhU94mt3Grm6MvMJXpUrs5KvP9UG4kUeFux4Xu_kqiTRfd5CupB4shz1Ak1TUr23qJUPCj0ABGGwfvUpCbjt1mkOxKW9Y/s2848/Screenshot%202024-02-21%20at%2012.12.08%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="736" data-original-width="2848" height="83" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqY6EpEcI0GTBtNZ95dylMSC6vYGJpS1TXw10sbxgpsnlP0hH6fLXCXak24WUi-AFbIVXfmJPLmtApKwQKKw7k0AEtEQ6bGnOZhU94mt3Grm6MvMJXpUrs5KvP9UG4kUeFux4Xu_kqiTRfd5CupB4shz1Ak1TUr23qJUPCj0ABGGwfvUpCbjt1mkOxKW9Y/s320/Screenshot%202024-02-21%20at%2012.12.08%E2%80%AFPM.png" width="320" /></a></div></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>119 Day Bill</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Matures on 6/25/24</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Interest: $86.19</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.395</b>%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7QVpcWxQ1jSy_GrLPZLmvmC9TX3aZLjDIaJqhZqoYhhTK05xPa1E4-1Dbj9hM-R0D38W2GPh3-2dcZIXe6SnPPkw0rflu4vFB-C35v0j7hZkeNHF4i9qppt37uZj9CH1ynrW3NeWos1dp39XinO01On71KMY_i2iXWzgUaPDe2zcf3WDEKff3OtzgeHwA/s1214/119%20day%206:25:24%205.395%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="580" data-original-width="1214" height="153" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7QVpcWxQ1jSy_GrLPZLmvmC9TX3aZLjDIaJqhZqoYhhTK05xPa1E4-1Dbj9hM-R0D38W2GPh3-2dcZIXe6SnPPkw0rflu4vFB-C35v0j7hZkeNHF4i9qppt37uZj9CH1ynrW3NeWos1dp39XinO01On71KMY_i2iXWzgUaPDe2zcf3WDEKff3OtzgeHwA/s320/119%20day%206:25:24%205.395%25%20.png" width="320" /></span></a></div></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #800180;"><u><i>E. Bought 5 Treasury Bills at the 2/22/24 Auction</i></u></span></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpcasOHdfc0bWjcPSt7C01SdY3vRhz4Pm5yrKDdxzm7P2LuzkhjazKHTChXMYhVT4Djs9-CPGzI3El4gVjXiuZep3aWT9c9DZ7gVK8LDBZDFtkPnodQrRJdQUyMfoS8VT46J3651KKJZvi2mMLu8X3Iwz2w6cBPFEx_zVdiGg-iXCY6ccWRv43MOt9EYfm/s2734/Screenshot%202024-02-22%20at%2011.15.40%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="2734" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpcasOHdfc0bWjcPSt7C01SdY3vRhz4Pm5yrKDdxzm7P2LuzkhjazKHTChXMYhVT4Djs9-CPGzI3El4gVjXiuZep3aWT9c9DZ7gVK8LDBZDFtkPnodQrRJdQUyMfoS8VT46J3651KKJZvi2mMLu8X3Iwz2w6cBPFEx_zVdiGg-iXCY6ccWRv43MOt9EYfm/s320/Screenshot%202024-02-22%20at%2011.15.40%E2%80%AFAM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>56 Day Bill </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Matures on 4/23/24</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Interest: $41.03</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Rate: <b>5.407</b>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSCotcY3X4sja0o7Bgpl6k-7rBXMoiDDjkXnUWFV6J6X7aEO5V8kOrWeXnS8e4t6gR6X1luGPOeAfUq0nb48fBg_7uUkTgoOMrJpe1U1nDN2y8P7NfExhKIVFkYERznNnOTAchCdq090y0H2a4JFcbSj2AftxemB1IOIQqkvr0ZrYpXyZ2WE1DlH6_hdnW/s1242/Screenshot%202024-02-22%20at%2010.47.37%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="576" data-original-width="1242" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSCotcY3X4sja0o7Bgpl6k-7rBXMoiDDjkXnUWFV6J6X7aEO5V8kOrWeXnS8e4t6gR6X1luGPOeAfUq0nb48fBg_7uUkTgoOMrJpe1U1nDN2y8P7NfExhKIVFkYERznNnOTAchCdq090y0H2a4JFcbSj2AftxemB1IOIQqkvr0ZrYpXyZ2WE1DlH6_hdnW/s320/Screenshot%202024-02-22%20at%2010.47.37%E2%80%AFAM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span></span><span style="font-family: georgia;"> </span></p></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com21tag:blogger.com,1999:blog-2986124651030959736.post-80207081269630094232024-02-15T17:53:00.005-06:002024-02-15T18:56:51.573-06:00AIO, ARGOPRA, ASB, BRT, COHR, DPG, FCBC, GLADZ, KREFPRA, MAA, OGE, PAVE, TFCPRI, TGNA, UPBD, VOX <p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">January CPI rose more than expected. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgj1sn8mcJ0RppFdPGNVCCPvq7C5tbmI7qzWwFdq0Qw3a3cIIQJjA5hSnlpsrIIeU-yFMohhxajSw1CiYR4NYw4BKlVyZDL7ldfs1GfALrVqFM27hlhZTslniDsF7pQHK_DMqRNtLVdF7Kh7-1cI4-FWJfofeaFk20eDG1X1IAlWAXwDFo1A0FtlLu_6UZE/s3140/Screenshot%202024-02-13%20at%207.43.23%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1790" data-original-width="3140" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgj1sn8mcJ0RppFdPGNVCCPvq7C5tbmI7qzWwFdq0Qw3a3cIIQJjA5hSnlpsrIIeU-yFMohhxajSw1CiYR4NYw4BKlVyZDL7ldfs1GfALrVqFM27hlhZTslniDsF7pQHK_DMqRNtLVdF7Kh7-1cI4-FWJfofeaFk20eDG1X1IAlWAXwDFo1A0FtlLu_6UZE/s320/Screenshot%202024-02-13%20at%207.43.23%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">Unadjusted Annual: </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">CPI: 3.1%, down from 3.4% in 12 month period ending in December</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core CPI: 3.9% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core CPI is proving to be sticking near 4%. The month-to-month increase was .4%, up from .3% in the prior two months. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The shelter expense "<span style="background-color: white; text-align: left;"><span>continued to rise in January, increasing 0.6 percent and contributing over two </span></span><span style="background-color: white; text-align: left;">thirds of the monthly all items increase."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">"Owners equivalent rent", weighted at 26.679% in CPI, reportedly increased 6.2% over the 12 month period ending in January. </span><a href="https://www.bls.gov/news.release/cpi.t02.htm" style="text-align: left;">Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2024 M01 Results</a> That major category of CPI is a pretend "expense" that is not actually paid. The monthly rise was .6% up from .4% in December. w</span></p><p style="text-align: justify;"><a href="https://www.bls.gov/news.release/cpi.nr0.htm"><span style="font-family: georgia;">Consumer Price Index Summary - 2024 M01 Results</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discuss this report in a YT Video: </span><a href="https://www.youtube.com/watch?v=r3iweu0dems" style="text-align: left;">January Inflation Report - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=Uqcrf8Z_puc&t=226s">Start of a Valuation Reset Today in Stocks? - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2024/02/15/retail-sales-january-2024-.html">Retail sales January 2024</a> Down .8% with the consensus at -.03%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $22,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $11,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I bought more than $11K in corporate bonds since my last post, but will postpone discussing some of them until my next post. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Individual Common Stocks: <span style="color: red;"><b>-</b></span>$1,873.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $2,974.94 in proceeds minus $1,101.69 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock ETFs and CEFs: <span style="color: red;">-</span>$686.39</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Outflows Common Stocks/Stock Funds:<b><span style="color: red;"> -</span></b>$2,559.84</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Realized Gains Stocks/Stock Funds: <b><span style="color: #6aa84f;">+</span></b>$496.84</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $570.67 in realized gains minus $73.83 in realized losses in 2 positions) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow U.S. Equity Preferred Stocks: -$173.26</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $291.76 in proceeds minus $118.5 in a purchase) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Inflow Exchange Traded Senior Bond: +$124.4</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Common Stocks/Stock Funds (discussed in posts): <b><span style="color: red;">-</span></b>$13,523.95</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Outflow Common Stocks/Stock Funds (discussed in posts) = <b><span style="color: red;">-</span></b>$27,091.82</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Cult</span>: </span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;"><span style="font-family: georgia;">RealClearPolitics-Election-2024 Republican Presidential Nomination</span></a></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/news/marketwatch/20240214937/biden-winning-re-election-would-be-very-very-surprising-says-nonpartisan-forecaster-charlie-cook"><span>Biden winning re-election would be 'very, very' surprising, says nonpartisan forecaster Charlie Cook | Morningstar</span></a><span> It is too early to make that assessment, but not too early to conclude that Biden is in trouble. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Trump Falsified Documents Case</i></u>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>The trial had been scheduled to start on March 25, 2024 and the judge kept that date after a hearing today. </span></span><a href="https://www.cbsnews.com/news/trump-hush-money-case-new-york-trial-hearing/" style="text-align: left;">Trump's first criminal trial set to begin March 25 as judge denies bid to dismiss "hush money" case - CBS News</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Some call this criminal prosecution the hush money case and that description leaves a lot out as I discussed in this video. </span><a href="https://www.youtube.com/watch?v=9H9j2ijuXBw&t=133s" style="text-align: left;">NY Criminal Trial Against Trump - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Mayorkas Impeachment</i></u><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://www.cnn.com/2024/02/13/politics/alejandro-mayorkas-impeachment-vote/index.html">House impeaches Alejandro Mayorkas, first Cabinet secretary to be impeached in almost 150 years</a> Mayorkas was the first sitting cabinet minister to be impeached in U.S. history. The Republicans presented no evidence that Mayorkas had committed high crimes and misdemeanors, the constitutional standard for impeachment. "</span><span style="background-color: white; color: #363636; text-align: left;">Democrats, former secretaries of homeland security, the country’s largest police union and a chorus of constitutional law experts — including conservatives — have denounced the impeachment as a blatant attempt to resolve a policy dispute with a constitutional punishment." </span></span><a href="https://www.nytimes.com/2024/02/13/us/politics/mayorkas-impeachment-house.html" style="text-align: left;">Mayorkas Impeached by House Republicans Over Border Policies - The New York Times</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">With Steve Scalise returning from his cancer treatment, the republicans were able to pass the impeachment resolution by 1 vote. The republicans had to vote again before a Democrat won the special election held last Tuesday to fill the vacancy that resulted from George Santos (R) being removed from office. </span><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/14/politics/new-york-special-election-takeaways/index.html" style="text-align: left;">Takeaways from New York’s high-stakes special election</a> The republicans would have lost by 1 vote if they had waited. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>There is a zero percent chance of a conviction in the Senate. The Senate may simply vote to dismiss the impeachment rather than to hold a trial. I believe that the trial needs to be held which will require republican senators to vote on the articles of impeachment. More voters will become aware that the charges have no constitutional basis. </span><span>I discussed my opinion on why 75+M Americans will vote for Trump next November here: </span><a href="https://www.youtube.com/watch?v=B4nNeD1A9ZQ&t=211s" style="text-align: left;">Why will Millions Vote fo<span>r Trump Again? - YouTube</span></a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Putin and Trump</u></i>:</span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=iHnthsukWZc"><span style="font-family: georgia;">Trump is so desperate to support Putin he's making up a 'Sir' story - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>While there is no proof that Putin had paid Trump or has kompromat on him, there is ample evidence that Trump makes statements and advocates positions that advance Putin's objectives. I discuss this observation in another video: </span><a href="https://www.youtube.com/watch?v=PGKQJE4zB3c" style="text-align: left;">Putin and Trump Part 2 - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The most recent was this statement made last weekend by Trump: "<span style="background-color: white; color: #333333; letter-spacing: 0.45px; text-align: left;">You didn't pay? You're delinquent? No I would not protect you. In fact, I would encourage them to do whatever the hell they want. You gotta pay. You gotta pay your bills." </span><a href="https://www.npr.org/2024/02/11/1230658309/trump-would-encourage-russia-to-attack-nato-allies-who-dont-pay-bills" style="text-align: left;">Trump says he'd encourage Russia to attack NATO allies who don't pay their bills-NPR</a>; </span><a href="https://www.theatlantic.com/ideas/archive/2024/02/trump-rally-nato/677426/" style="text-align: left;">Trump Encourages Putin to Attack NATO Members - The Atlantic</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=XextMjMotn4"><span style="font-family: georgia;">'Treasonous': Former NATO supreme allied commander blasts Trump's NATO remarks - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Another Putin objective was implemented by Trump when he successfully caused his minions in the House to cut off all aid to Ukraine. This was done by conditioning approval of that aid on the Democrats accepting all of the Republican law changes on immigration, rather than a bipartisan approach. The desired impact of the Trump's actions and rhetoric was to end aid to Ukraine. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">After Trump tanked the bipartisan compromise by ordering his minions to oppose it, the Senate did manage to pass with some republican support a standalone aid bill for Ukraine, Israel and Taiwan. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Speaker Johnson and Aid to Ukraine</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Speaker Johnson stated that he would not allow a vote on the measure in the House. </span><a href="https://www.axios.com/2024/02/13/mike-johnson-senate-national-security" style="text-align: left;">Mike Johnson signals blockade of Senate national security bill</a> It is possible to do an end around through a discharge petition that would require 218 votes. A few republicans would need to vote to discharge the Senate bill for a House vote. The measure would then pass once a vote was allowed to occur. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If Republicans really believed that immigration was an existential threat, then they would have taken now what was offered as part of the bipartisan deal. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The republicans have achieved their objectives so far: deny aid to Ukraine while doing nothing on immigration prior to the election. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Trump and NATO</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #363636; text-align: start;">"In his 2000 book, “The America We Deserve,” Mr. Trump wrote </span><span style="background-color: white; color: #363636; text-align: start;">that “pulling back from Europe would save this country millions of dollars annually.” As president, he repeatedly threatened a United States withdrawal from the alliance." </span><a href="https://www.nytimes.com/2023/12/09/us/politics/trump-2025-nato.html" style="text-align: left;">Fears of a NATO Withdrawal Rise as Trump Seeks a Return to Power - The New York Times</a> (12/9/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/12/politics/us-out-nato-second-trump-term-former-senior-adviser/index.html">‘US will be out of NATO’ in second Trump term, former senior adviser warns | CNN Politics</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.mediaite.com/tv/invited-russia-to-attack-trumps-ex-pentagon-chief-blasts-former-boss-has-no-doubt-would-pull-out-of-nato/">Esper Slams Trump's NATO Comments: Emboldens China and Russia</a> Esper was Trump's Defense Secretary and made these comments about Donald: "<span style="background-color: #fefefe; color: #333333; text-align: left;">Words matter, first of all. But secondly, yeah, I do, because I’ve been in those rooms with him where he’s expressed a disdain for Germany. He doesn’t understand the importance of the alliance and how it’s critical to our security as well. And wanted to pull troops out of Europe. So look, I take him, I take him at his word. And I think it’s realistic that he gets back in office. One of the first things he’ll do is cut off assistance to Ukraine if it isn’t already cut off, and then begin trying to withdraw troops and ultimately withdraw from NATO". </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Anne Applebaum predicted in a December 2023 article that Trump would pull the U.S. out of NATO. </span><a href="https://www.theatlantic.com/magazine/archive/2024/01/trump-2024-reelection-pull-out-of-nato-membership/676120/" style="text-align: left;">Trump Will Abandon NATO - The Atlantic</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed what I view as Republican led efforts to weaken U.S. national security in this video: </span><a href="https://www.youtube.com/watch?v=EhTr0kZvO-s" style="text-align: left;">GOP Is Endangering National Security - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/13/opinions/trump-pull-out-nato-bergen/index.html">How serious is Trump about pulling out of NATO? Very | CNN</a><span> One question raised in this article is how much does Trump actually know about NATO. Trump constantly and incorrectly refers to countries being delinquent in paying dues to NATO, or owing the U.S. for their defense. All of those comments demonstrate his profound ignorance about NATO. It would require him to spend a few minutes learning the basics which is a few minutes to long for Trump to spend learning any real information. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The NATO countries do pay into a common fund that supports the day-to-day operations. No NATO member is delinquent on those dues. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The NATO goal is for each member to spend 2% or more of their annual GDP on defense. If a member fails to spend that much, it is not violating a treaty obligation with the U.S. and does not owe the U.S. anything. And, the U.S. would spend about the same on defense even if it was not a NATO member. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">For 2023, 11 members exceeded 2%. Poland had the highest number at 3.9% followed by the U.S. at 3.49%. The countries exceeding the 2% number were Greece, Estonia, Lithuania, Finland, Romania, Hungary, Latvia, the United Kingdom and Slovakia. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Some of the laggards include the following: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Bulgaria at 1.8%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Netherlands at 1.7%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Norway at 1.67%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Denmark at 1.65%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Germany 1.57% (Germany had the second highest dollar amount of defense spending)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Italy at 1.46%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Canada at 1.38%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Turkey at 1.31%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Spain at 1.26%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Belgium at 1.13%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">It is a lot easier now to convince the eastern European countries to spend more after Russia launched a full scale invasion of Ukraine and demonstrated a willingness to turn entire cities into rubble, including cities like Mariupol where a majority of the inhabitants are Russian speakers. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Putin has proven that he is willing to massacre Russian speakers in Ukraine, blow up their homes and places of employment and it would not be rational for anyone in eastern Europe, who are neither Russian speakers nor ethnic Russians, to believe than more restraint will be shown to them in a Russian invasion. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://worldpopulationreview.com/country-rankings/nato-spending-by-country" style="text-align: left;">NATO Spending by Country 2023</a> All of the NATO members are meeting the goal of spending at least 20% on new equipment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><a href="https://www.theatlantic.com/politics/archive/2024/02/trump-dominance-business-republicans-congress/677391/"><span style="font-family: georgia;">Why Republican Politicians Do Whatever Trump Says - The Atlantic</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/10/politics/trump-south-carolina-primary-haley/index.html">Trump attacks Haley for absence of her husband, who is deployed</a> D<span style="background-color: white; letter-spacing: 0.4px; text-align: start;">isgusting Don: “Where’s her husband? Oh, he’s away. … What happened to her husband? Where is he? He’s gone.” Haley's husband is deployed with the South Carolina National Guard in Africa. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; letter-spacing: 0.4px; text-align: start;"><a href="https://www.youtube.com/watch?v=UbdgGep619Y">Ex-Trump advisor gives stark warning: Donald Trump is unfit to be President again - YouTube</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Trump and Taylor Swift</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/14/media/taylor-swift-election-conspiracy-theory-poll/index.html">1 in 3 Republicans believes baseless Taylor Swift election conspiracy theory, poll finds</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Trump believes that he is responsible for Taylor Swift's success and that she would be disloyal to him by endorsing Biden: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; letter-spacing: 0.45px; text-align: left;">Trump: "There's no way she could endorse Crooked Joe Biden, the worst and most corrupt President in the History of our Country, and be disloyal to the man who made her so much money." That comment is delusional. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; letter-spacing: 0.45px; text-align: left;">Trump is referring to the Music Modernization Act that Trump signed in 2018 that was passed by unanimous votes in both the House and Senate and was years in the making. Drafting started in 2013. </span><a href="https://www.copyright.gov/music-modernization/creation.html?loclr=eamma#:~:text=On%20October%2011%2C%202018%2C%20the,for%20pre%2D1972%20sound%20recordings." style="text-align: left;">The Creation of the Music Modernization Act | U.S. Copyright Office</a><span style="background-color: white; color: #333333; letter-spacing: 0.45px; text-align: left;"> Those involved with that legislation stated that Trump did nothing but sign the bill. </span><a href="https://www.npr.org/2024/02/11/1230747538/donald-trump-taylor-swift-biden-endorsement-disloyal" style="text-align: left;">Trump says Taylor Swift can't endorse Biden because it would be 'disloyal'- NPR</a> Is it even possible for Donald to be more of a jerk than he displays on a daily basis? I think not. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Trump Appeal to the Supreme Court in the Insurrection Case</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/13/politics/trump-appeal-scotus-delay-tactic-analysis/index.html" style="text-align: left;">Trump’s new Supreme Court gambit doesn’t even try to hide that it’s a delaying tactic</a> The Court gave the government until 2/20/24 to respond to Trump's petition. A response was filed on 2/14. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I view it more likely than not that at least 4 of the 6 republican justices will grant the petition to review. 4 votes are necessary to accept the petition for Supreme Court review and 5 votes are necessary to stay the lower court proceeding.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">If Trump's petition for review is accepted, that would be accompanied by a stay of the D.C. Court of Appeals decision denying Trump's claim of absolute immunity from criminal prosecutions until the Court publishes a decision. The general idea would be to delay the trial until after the election. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Judge Cannon and the Documents Case</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2024/02/12/us/politics/trump-classified-documents-hearing.html#:~:text=Mr.%20Trump%20appointed%20Judge%20Cannon,his%20motorcade%20come%20and%20go.">Trump Attends Court Hearing on Access to Classified Documents - The New York Times</a> Trump appointed Judge Cannon shortly before leaving office. It is becoming more likely, but not yet probable IMO, that the 11th Circuit will remove her from the case if she continues issuing orders that have no basis in law. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Reading the 11th Circuit decision on the last interlocutory appeal reversing a Cannon order, it is apparent that the judges believed that the her opinion was just ridiculous. <a href="https://www.lawfaremedia.org/article/11th-circuit-vacates-cannons-order-appoint-special-master-mar-lago-investigation" style="text-align: left;">11th Circuit Vacates Cannon’s Order to Appoint a Special Master in Mar-a-lago Investigation | Lawfare</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The two matters pending before Cannon that may prompt appeals involve granting public access to the identities of prosecution witnesses prior to a trial, which will result in their intimation by Trumpsters which is a desired result in Trump's America, and whether Cannon fails to follow the guidelines of the Classified Information Procedures Act. <a href="https://thehill.com/regulation/court-battles/4458476-special-counsel-fights-judges-order-allowing-trump-to-reveal-witness-identities-in-mar-a-lago-case/#:~:text=Special%20counsel%20Jack%20Smith%20is,testimony%20to%20the%20court%20docket." style="text-align: left;">Special counsel fights judge’s order allowing Trump to reveal witness identities in Mar-a-Lago case;</a> <a href="https://www.nbcnews.com/politics/donald-trump/feds-investigate-threats-potential-witness-trump-mar-lago-documents-ca-rcna137959" style="text-align: left;">Feds investigate threats to potential witness in Trump Mar-a-Lago documents case</a>; <a href="https://www.cnn.com/2024/02/09/politics/mar-a-lago-trump-witness-threats/index.html" style="text-align: left;">Special counsel details threats against witnesses in Mar-a-Lago case in effort to protect their identities</a>; <a href="https://www.justice.gov/archives/jm/criminal-resource-manual-2054-synopsis-classified-information-procedures-act-cipa" style="text-align: left;">Justice Manual-Synopsis Of Classified Information Procedures Act (CIPA) | United States Department of Justice</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Daily Show Takes on Trump</u></i>: </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=w8FFLqmHSvo"><span style="font-family: georgia;">Jordan Klepper & Desi Lydic "Solve" the Border Crisis | The Daily Show - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=nTwezA9ErSc&t=8s"><span style="font-family: georgia;">Trump Goes After Nikki Haley’s "Missing" Husband | The Daily Show - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">++++++++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Deeply Delusional Putin</span>: </span></p><p style="text-align: justify;"><a href="https://ukr.warspotting.net/" style="text-align: left;"><span style="font-family: georgia;">Losses ∙ Russia- WarSpotting-documented material losses in Russo-Ukrainian war</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Russia's air defense systems and/or its operators are proving to be inadequate to the task. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=TjHPFpQCX44">Ukrainian military says it sank a Russian landing ship in the Black Sea - YouTube</a>; </span><a href="https://www.youtube.com/watch?v=yX92UJvGzcg" style="text-align: left;">Ukraine says it successfully destroyed a Russian landing vessel in the Black Sea | DW News - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=alSe0PAvbGI">Moscow burns, Oil refinery sets alight and St Petersburg is hit in latest sabotage attacks on Russia - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=j6xzCR9nEZc"><span style="font-family: georgia;">Ukrainian drone strike hits Russian oil depot in Kursk - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Tucker Carlson interview with Putin establishes beyond any doubt that Putin is deeply delusional. He is in many unfortunate ways a carbon copy of Trump. <a href="https://slate.com/news-and-politics/2024/02/tucker-carlson-putin-interview-fact-check-history.html" style="text-align: left;">Tucker Carlson's Putin interview was even worse than expected;</a> <a href="https://www.youtube.com/watch?v=q9EFJEyDL6U" style="text-align: left;">Fact-Checking Tucker Carlson Interview With Vladimir Putin: Baseless Claims About The War In Ukraine - YouTube</a>; </span><a href="https://www.bbc.com/news/world-europe-68255302" style="text-align: left;">Tucker Carlson interview: Fact-checking Putin's 'nonsense' history</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Putin is justifying the war in part on a fictional historical narrative that ends with a conclusion that Ukraine belongs to Russia. I discuss that narrative in this video: <a href="https://www.youtube.com/watch?v=H-cfQIBCsrI&t=341s" style="text-align: left;">Tucker Carlson Putin Interview - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">It does not take reading between the lines that Putin wants to absorb all of Ukraine into the Russian Federation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">When asked whether he would be satisfied with the Ukrainian territory now occupied by the Russian Army, Putin said no. Russia needed to "denazify" all all of Ukraine. <a href="https://www.miragenews.com/full-text-transcript-of-tucker-carlson-putin-1171489/" style="text-align: left;">Full Text Transcript of Tucker Carlson Putin Interview | Mirage News</a> The only Nazis in Ukraine are the Russians. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There was a period when western governments thought Russia would change by increased trade and economic ties with the west. That belief was delusional. Putin deliberately and quickly threw all of that away in furtherance of Russia's effort to terminate Ukraine's independence and democracy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The western democracies efforts to integrate Russian into a mutual beneficial trade and economic relationships only served to strengthen Russia and to fund its imperialistic designs on other nations. Russia is not going to change, and, consequently, all economic and trade ties between Russia and the western democracies need to be permanently severed and never restored. Russia is an evil force in the world and will remain one indefinitely. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Putin has placed Estonia's Prime Minister, Foreign Secretary and other officials of the Baltic states on a wanted list for criminal charges. The Baltic States are prime targets for Putin's next war of aggression and forced absorption into the Russian federation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=VxfVdZu0IOo">Sweden calls on its citizens to prepare for war | DW News - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=yDhTXAmOEkI"><span style="font-family: georgia;">Russians Fleeing Their Country By Boat End Up In Alaska To Avoid War Mobilization - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #674ea7;">Biden's Brain</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nbcnews.com/health/bidens-memory-issues-draw-attention-neurologists-weigh-rcna138135" style="text-align: left;">As Biden’s memory issues draw attention, neurologists weigh in</a> Neurologists point out that these memory issues are frequently sporadic, are more likely to occur when an elderly person is under stress but have nothing to do with judgment that improves with age. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The kind of memory issues that Biden is experiencing are in part age related but not entirely. Young people can forget names or make mistakes in conveying information. The problem does advance with age as shown by errors made by both Trump and Biden. Memory is fallible irrespective of age. <a href="https://www.washingtonpost.com/wellness/2024/02/10/memory-lapses-brain-biden-trump/" style="text-align: left;">Mental lapses by Biden and Trump spark questions about memory and aging - The Washington Post</a><span style="color: #2a2a2a; text-align: left;"> (“Most of us have memory slips all the time" and memory lapses are "normal at every stage in life" said </span><a href="https://ekmillerlab.mit.edu/earl-miller/" style="border-bottom: 0px; box-sizing: border-box; color: #2a2a2a; text-align: left; text-decoration-color: rgb(42, 42, 42); text-decoration-thickness: 0.0625em; text-underline-offset: 0.125em;" target="_blank">Earl K. Miller</a><span style="color: #2a2a2a; text-align: left;">, professor of neuroscience at the Massachusetts Institute of Technology." Miller notes that people don't notice or pay attention to those kid of mistakes when done by a non-elderly person but they are noticed and assigned significance when done by an elderly person. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Speaking about myself, I have had trouble remembering names my entire life and that is far from unique. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I sometimes get up from my desk and go into the kitchen to retrieve something to eat, arrive at the location within a few seconds and then try to remember what I was going to get. I am not senile, nor am I in the early stages of senility. I have seen both in people that I know. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Small Ball Buys</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://insight.factset.com/sp-500-forward-p/e-ratio-rises-above-20.0-for-first-time-in-2-years">S&P 500 Forward P/E Ratio Rises Above 20.0 For First Time in 2 Years</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ed Yardeni: <span style="background-color: white; text-align: left;">"Our main concern right now is that the S&P 500 may be starting a tech-led meltup similar to what happened during the second half of the 1990s . . . We are wondering whether a bout of irrational exuberance might push the multiple higher, inflating a speculative bubble in the stock market as occurred during the late 1990s." </span><a href="https://www.fa-mag.com/news/ed-yardeni-is-getting-nervous-about-the-speed-of-s-p-500-s-rally-76220.html" style="text-align: left;">Ed Yardeni Is Getting Nervous About The Speed Of S&P 500's Rally</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Started TGNA - Bought 10 at $14.52; 10 at $14.32</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEO75K6eH10QR6-uRqtvvcRQ35anOrTCXyAQgzPatTA8F1GzOXKqtK7QNFImNZg8hWVNPqJuBtLsw5ffM11mW4oEcOUXepPkTnB9mEe-CY5lNSjEvf7lz9_WtN_tBaUTAenRckKqVb7bo3liXSAyNHalZ4uY_9K3FkhPaMpo4EDuk2ak8DUGEGwwI6go3M/s2512/TGNA%2010%20AT%20$14.32%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="142" data-original-width="2512" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEO75K6eH10QR6-uRqtvvcRQ35anOrTCXyAQgzPatTA8F1GzOXKqtK7QNFImNZg8hWVNPqJuBtLsw5ffM11mW4oEcOUXepPkTnB9mEe-CY5lNSjEvf7lz9_WtN_tBaUTAenRckKqVb7bo3liXSAyNHalZ4uY_9K3FkhPaMpo4EDuk2ak8DUGEGwwI6go3M/s320/TGNA%2010%20AT%20$14.32%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjjxliBTJ2uXfREgTotqlrDv2vtzpG12YW2LCdzjHeoRDOb11n9JtkkQswsvUqSJgDWLBbIgk0dE4ovXUkcI5z3-SiThCvBX67rnZ-yxUuj5zLFh3tp0AAW1b6fv4uywlgJRoXIDIKpaJFWZA_Gfp-q81dw-jdlhgGkQqabvGfebyHwRHwddAYFO1oeqtI/s2520/TGNA%2010%20AT%20$14.52%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="132" data-original-width="2520" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjjxliBTJ2uXfREgTotqlrDv2vtzpG12YW2LCdzjHeoRDOb11n9JtkkQswsvUqSJgDWLBbIgk0dE4ovXUkcI5z3-SiThCvBX67rnZ-yxUuj5zLFh3tp0AAW1b6fv4uywlgJRoXIDIKpaJFWZA_Gfp-q81dw-jdlhgGkQqabvGfebyHwRHwddAYFO1oeqtI/s320/TGNA%2010%20AT%20$14.52%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/tgna?mod=search_symbol" style="text-align: left;">TEGNA Inc. (TGNA)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost $288.3</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is my first purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">TEGNA owns 64 television stations that reach approximately 39% of American households. It also owns "<span style="background-color: #fefefe; color: #0a0a0a; text-align: left;">leading multicast networks True Crime Network, Twist and Quest."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"><a href="https://www.marketwatch.com/investing/stock/tgna/analystestimates?mod=mw_quote_tab">TEGNA Inc. Analyst Estimates | MarketWatch</a> (As of 2/10/24, the average E.P.S. estimate for 2024 was $3.7, falling to $2.39 in 2025. The up and down movement is related to advertising revenue in an election year compared to a year with no major event generating additional ad revenues) </span></span></p><p style="text-align: justify;"><a href="https://investors.tegna.com/"><span style="font-family: georgia;">Investor Relations | TEGNA Inc.</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">In February 2022, TENGA announced that it has agreed to be acquired by Standard General for $24 per share. <a href="https://investors.tegna.com/news-releases/news-release-details/tegna-be-acquired-standard-general-2400-share" style="text-align: left;">TEGNA to be Acquired by Standard General for $24.00 Per Share</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">TEGA's acquisition was not completed due to regulatory opposition.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Standard General had to pay TEGNA a $136M breakup fee. In lieu of cash, Standard General transferred 8,640,452 TEGNA shares to TEGNA "<span style="background-color: #fefefe; color: #0a0a0a; text-align: left;">(equal to the termination fee plus interest accrued since termination of merger agreement)" </span></span><a href="https://investors.tegna.com/news-releases/news-release-details/tegna-inc-enters-300-million-accelerated-share-repurchase" style="text-align: left;">TEGNA Inc. Enters Into $300 Million Accelerated Share Repurchase Agreement</a> That accelerated repurchase program was in addition to the retirement of the 8.64+M shares received from Standard General. TEGNA completed that accelerated repurchase on 8/31/23 and then entered into a 325M accelerated share repurchase. <a href="https://investors.tegna.com/news-releases/news-release-details/tegna-inc-enters-325-million-accelerated-share-repurchase" style="text-align: left;">TEGNA Inc. Enters Into $325 Million Accelerated Share Repurchase Agreement</a> (11/9/23). </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This company benefits from ad spending in an election year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$14.415</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.11375 per share ($.455 annually), last raised from $.095 effective for the 2023 4th quarter payment. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/tgna/dividend-history"><span style="font-family: georgia;">TGNA Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC per share</u></i>: <b>3.156</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/7/2023</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): <a href="https://investors.tegna.com/news-releases/news-release-details/tegna-inc-reports-third-quarter-2023-results-and-provides-fourth" style="text-align: left;">TEGNA Inc. Reports Third Quarter 2023 Results and Provides Fourth Quarter Guidance</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">"Share buybacks: <span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;">Since the termination of the merger agreement,</span><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><org idsrc="xmltag.org" style="-webkit-tap-highlight-color: transparent; box-sizing: border-box; color: #0a0a0a; text-align: left;" value="TGNA">TEGNA</org><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;">has committed this year to nearly</span><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><money style="-webkit-tap-highlight-color: transparent; box-sizing: border-box; color: #0a0a0a; text-align: left;">$800 million</money><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;">in share repurchases with approximately 45-50 million </span><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;">shares that will be retired by end of</span><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><chron style="-webkit-tap-highlight-color: transparent; box-sizing: border-box; color: #0a0a0a; text-align: left;">March 2024</chron><span face="proxima-nova, sans-serif" style="background-color: #fefefe; color: #0a0a0a; text-align: left;">, which will represent more than twenty percent of shares outstanding p</span><span><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;">rior to these actions. As of</span><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><chron style="-webkit-tap-highlight-color: transparent; box-sizing: border-box; color: #0a0a0a; text-align: left;">September 30, 2023</chron><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;">,</span><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><org idsrc="xmltag.org" style="-webkit-tap-highlight-color: transparent; box-sizing: border-box; color: #0a0a0a; text-align: left;" value="TGNA">TEGNA</org><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"> </span><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;">had retired a total of 28.7 million shares." I omitted a footnote from that quote that discloses that the total number of shares repurchased will depend on the future share prices. </span></span></span></p><div style="text-align: justify;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"><span style="font-family: georgia;">GAAP E.P.S. $.48</span></span></div><div style="text-align: justify;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"><span style="font-family: georgia;">Non-GAAP E.P.S. $.39</span></span></div><div style="text-align: justify;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"><span style="font-family: georgia;">Revenues: $713.243M</span></span></div><div style="text-align: justify;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"><span style="font-family: georgia;">Free Cash Flow $60M</span></span></div><div style="text-align: justify;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"><span style="font-family: georgia;">Subscription Revenue: $378M, up slightly Y-O-Y</span></span></div><div style="text-align: justify;"><span style="background-color: #fefefe; color: #0a0a0a; text-align: left;"><span style="font-family: georgia;">Advertising and Marketing Revenues: $312M, down 3% Y-O-Y (advertising trends showed sequential improvement in the third quarter compared to the second)</span></span></div><p style="text-align: justify;"><span style="font-family: georgia;">The 2023 4th quarter earnings report is scheduled for release on 2/29/24.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Other recent news</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investors.tegna.com/news-releases/news-release-details/tegna-and-nbc-renew-affiliation-agreement-0">TEGNA and NBC Renew Affiliation Agreement</a> (1/3/24)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.usatoday.com/story/tech/2024/01/13/directv-tegna-dispute-agreement/72218224007/">DirecTV, Tegna dispute over: Agreement reached after 6-week blackout</a> (1/13/24)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Added to OGE - Bought 5 at $32.3; 5 at $32.2</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeAigVOj1hrZUYFKkowel3kvOM7hqDzHeMA_uM5PVDpnX36E7ccLQRmq_1RVZgsyPNvL-MfnuDhVUDT7abhwr_i1QhuIt_HJzQTnN3pCqWAfIXmhJ82pyhbP2sTSDlcl9d0F34-UQsB9iLZHys6combHsq0eugcA6VzxmTEW0_VLnlqrdebOq9_kUczDot/s2746/oge%205%20at%20$32.3%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="158" data-original-width="2746" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeAigVOj1hrZUYFKkowel3kvOM7hqDzHeMA_uM5PVDpnX36E7ccLQRmq_1RVZgsyPNvL-MfnuDhVUDT7abhwr_i1QhuIt_HJzQTnN3pCqWAfIXmhJ82pyhbP2sTSDlcl9d0F34-UQsB9iLZHys6combHsq0eugcA6VzxmTEW0_VLnlqrdebOq9_kUczDot/s320/oge%205%20at%20$32.3%20.png" width="320" /></span></a></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBwmTN5XRvwKjvQhqI51kFfyf48cIWbBrzyq75bqtENHCPcw4mkj0fjXoYJIgZOmgHAMKSrEzmJom38TGxdzIAJGbeDsvNxyhpjecJ73Zw0r4fduYXZY4pb9vmSZVjn9HVkeDAZuksftw-9V7ZX8fGqwdvFyJ130GANAX3EJIQdDr5PGCsYAnqtoyoLFZL/s2696/Screenshot%202024-02-13%20at%204.31.04%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="156" data-original-width="2696" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBwmTN5XRvwKjvQhqI51kFfyf48cIWbBrzyq75bqtENHCPcw4mkj0fjXoYJIgZOmgHAMKSrEzmJom38TGxdzIAJGbeDsvNxyhpjecJ73Zw0r4fduYXZY4pb9vmSZVjn9HVkeDAZuksftw-9V7ZX8fGqwdvFyJ130GANAX3EJIQdDr5PGCsYAnqtoyoLFZL/s320/Screenshot%202024-02-13%20at%204.31.04%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/oge?mod=over_search" style="text-align: left;">OGE Energy Corp</a></p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $322.5</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1021635&owner=exclude"><span style="font-family: georgia;">OGE SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/oge/analystestimates?mod=mw_quote_tab" style="text-align: left;"><span style="font-family: georgia;">OGE Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.ogeenergy.com/"><span style="font-family: georgia;">OGE Energy Profile</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2024/01/aep-bcbp-hbnc-krg-mmt-ofs-oge-opbk-ryld.html">Item # 1.B. Added to OGE - Bought 5 at $32.92; 5 at $32.65(1/26/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed the 2023 third quarter earnings release in this post: <a href="https://tennesseeindependent.blogspot.com/2023/12/argd-dbrgprj-hiw-htbk-igr-nmfc-oge-samg.html" style="text-align: left;">Item # 1.B. Restarted OGE -Bought 5 at $34.84 (12/2/23 Post)</a>; <a href="https://www.sec.gov/Archives/edgar/data/74145/000095017023057630/oge-ex99_01.htm" style="text-align: left;">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 2023 4th quarter report is scheduled for release on 2/21/24 before the market opens. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>:<b> $32.98 </b>(25 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: <span>Quarterly at $.4182 ($1.67 annually), last raised from $.4141 effective for the 2023 4th quarter payment. </span></span></p><p style="text-align: justify;"><a href="https://www.ogeenergy.com/dividend-history/"><span style="font-family: georgia;">Dividend History | OGE Energy Corp.</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-decoration-line: underline;">Yield at New AC </i>= <b>5.06</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i><span>: 1/5/24</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/04/aep-cfg-evrg-duk-eai-emp-etr-evrg-feny.html" style="text-align: left;">Item # 2.D. Eliminated OGE - Sold 2 at $38.29; 5 at $38.87; and 8 at $38.52 (4/14/22 Post)</a>(profit snapshots = $75.3) </span></p><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Rationale</u></i>: I am starting to buy some stocks that have dividend yields in the 4% to 5.25% range in anticipation of the FED cutting the FF rate later this year which will negatively impact treasury bill and money market fund yields. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Investment Category</u></i>: Bond Substitute. This category does not refer to the credit risk profile but to the objective sought with the common stock purchase. The interest payments for a senior unsecured bond can not be cut, which can of course happen with a common stock, and the bond has a superior claim to assets.</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The primary goal with a common stock characterized as a bond substitute is to generate similar yields to a bond purchase, with some prospects that the dividend may increase which does not happen with a fixed coupon bond investment. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The objective is generally the dividend plus an annual 2% or higher realized gain on the shares as compensation for the increased risk associated with a stock compared to a senior unsecured bond. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Started BRT - Bought 10 at $16.4; 5 at $16.25</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgExIG6F2sj7h1bDJHoREgO9kvfyvCLTU6POQKbQ-JtVrwNLXlZCxY5pU0FFsJ5ojVFNOisOHQTJScYrQ4wxRlhKcfwpYyH0aifS4wHnmb3mAaoOX47v0LWsP2Ar38FnGAq-PYxrHlZOqMWiVFLqKvtPYjOP7Ny0dBDYELL6XxopHbkH6941EbKb9b1G1m2/s2704/BRT%2010%20at%20$16.4%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="146" data-original-width="2704" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgExIG6F2sj7h1bDJHoREgO9kvfyvCLTU6POQKbQ-JtVrwNLXlZCxY5pU0FFsJ5ojVFNOisOHQTJScYrQ4wxRlhKcfwpYyH0aifS4wHnmb3mAaoOX47v0LWsP2Ar38FnGAq-PYxrHlZOqMWiVFLqKvtPYjOP7Ny0dBDYELL6XxopHbkH6941EbKb9b1G1m2/s320/BRT%2010%20at%20$16.4%20.png" width="320" /></span></a></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhes00TnEWQt2lxIJ4lTFiWYgKtui-pVvK5sIfP7ta7lKFGwVfsTEXFD5NFaPRcM9S7DO0S-b0Wwrrv9Gf5EAhUWnwp5pKdF2VUCzZ_yit2FkwaAuDb83miMUQlGrdi1Hyba-ipeDAThtnzHq3xc8vrcXm-p1xEhFc-gjipZPozrohL6zJTu9WxWct3P6yn/s2692/Screenshot%202024-02-13%20at%2010.06.04%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="142" data-original-width="2692" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhes00TnEWQt2lxIJ4lTFiWYgKtui-pVvK5sIfP7ta7lKFGwVfsTEXFD5NFaPRcM9S7DO0S-b0Wwrrv9Gf5EAhUWnwp5pKdF2VUCzZ_yit2FkwaAuDb83miMUQlGrdi1Hyba-ipeDAThtnzHq3xc8vrcXm-p1xEhFc-gjipZPozrohL6zJTu9WxWct3P6yn/s320/Screenshot%202024-02-13%20at%2010.06.04%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/brt?mod=search_symbol" style="text-align: left;">BRT Apartments Corp. (BRT)</a><span> - Apartment REIT </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $245.24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">These are my first purchases. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Market Capitalization: About $300M at $16.4</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: Internal </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=14846&owner=exclude">BRT SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/14846/000001484623000040/brt-20230930.htm">10-Q for the Q/E 9/30/23</a> "</span><span style="font-family: georgia;"><span style="text-align: left; text-indent: 18pt;">At September 30, 2023, the Company: (i) wholly owns</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-84" decimals="INF" id="f-420" name="us-gaap:NumberOfRealEstateProperties" scale="0" style="text-align: left; text-indent: 18pt;" unitref="multi-familyproperty">21</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">multi-family properties located in</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-3" decimals="INF" format="ixt-sec:numwordsen" id="f-421" name="us-gaap:NumberOfStatesInWhichEntityOperates" scale="0" style="text-align: left; text-indent: 18pt;" unitref="state">eleven</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">states with an aggregate of</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-3" decimals="INF" format="ixt:num-dot-decimal" id="f-422" name="us-gaap:NumberOfUnitsInRealEstateProperty" scale="0" style="text-align: left; text-indent: 18pt;" unitref="property_unit">5,420</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">units and a carrying value of $</span><ix:nonfraction contextref="c-84" decimals="-3" format="ixt:num-dot-decimal" id="f-423" name="us-gaap:RealEstateInvestmentPropertyNet" scale="0" style="text-align: left; text-indent: 18pt;" unitref="usd">638,170,000</ix:nonfraction><span style="text-align: left; text-indent: 18pt;">; (ii) has interests, through unconsolidated entities, in</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-85" decimals="INF" format="ixt-sec:numwordsen" id="f-424" name="brt:EquityMethodInvestmentsNumberOfInvestments" scale="0" style="text-align: left; text-indent: 18pt;" unitref="multi-familyproperty">seven</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">multi-family properties located in</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-85" decimals="INF" format="ixt-sec:numwordsen" id="f-425" name="us-gaap:NumberOfStatesInWhichEntityOperates" scale="0" style="text-align: left; text-indent: 18pt;" unitref="state">four</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">states with an aggregate of</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-85" decimals="INF" format="ixt:num-dot-decimal" id="f-426" name="us-gaap:NumberOfUnitsInRealEstateProperty" scale="0" style="text-align: left; text-indent: 18pt;" unitref="property_unit">2,287</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">units with a carrying value of $</span><ix:nonfraction contextref="c-86" decimals="-3" format="ixt:num-dot-decimal" id="f-427" name="us-gaap:EquityMethodInvestments" scale="0" style="text-align: left; text-indent: 18pt;" unitref="usd">30,878,000</ix:nonfraction><span style="text-align: left; text-indent: 18pt;">; and (iii) owns other assets, through consolidated and unconsolidated subsidiaries, with a carrying value of $</span><ix:nonfraction contextref="c-87" decimals="-3" format="ixt:num-dot-decimal" id="f-428" name="us-gaap:RealEstateInvestmentsOther" scale="0" style="text-align: left; text-indent: 18pt;" unitref="usd">5,441,000</ix:nonfraction><span style="text-align: left; text-indent: 18pt;">. These</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-88" decimals="INF" id="f-429" name="us-gaap:NumberOfRealEstateProperties" scale="0" style="text-align: left; text-indent: 18pt;" unitref="multi-familyproperty">28</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">multi-family properties are located in</span><span style="text-align: left; text-indent: 18pt;"> </span><ix:nonfraction contextref="c-3" decimals="INF" id="f-430" name="us-gaap:NumberOfStatesInWhichEntityOperates" scale="0" style="text-align: left; text-indent: 18pt;" unitref="state">11</ix:nonfraction><span style="text-align: left; text-indent: 18pt;"> </span><span style="text-align: left; text-indent: 18pt;">states; most of the properties are located in the Southeast United States and Texas." Debt is discussed at pages 16-18. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 18pt;">Occupancy and Units as of 9/30/23:</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-align: left; text-indent: 18pt;"></i></span></p><div class="separator" style="clear: both; text-align: center;"><i style="text-align: left; text-indent: 18pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimHeypeDGdW1a6qf2FAvm5k4i4RdqPDdQKRfjNLXrbKknfOqhazr7F4zphH0lVUlQTq45qtiEJbNMlDXCaIOgAxdtQzsWsjpy_x88dtACHhZCmLqw2AKIviInizrIwN2FyuH89z0eFhRV9NdVIQTP39YE5nsZTTIUMtl446J8xnoe52JzlKTsju5QzXLvr/s3216/occupancy%201.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="224" data-original-width="3216" height="22" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimHeypeDGdW1a6qf2FAvm5k4i4RdqPDdQKRfjNLXrbKknfOqhazr7F4zphH0lVUlQTq45qtiEJbNMlDXCaIOgAxdtQzsWsjpy_x88dtACHhZCmLqw2AKIviInizrIwN2FyuH89z0eFhRV9NdVIQTP39YE5nsZTTIUMtl446J8xnoe52JzlKTsju5QzXLvr/s320/occupancy%201.png" width="320" /></span></a></i></div><i style="text-align: left; text-indent: 18pt;"><u><span style="font-family: georgia;"><br /></span></u></i><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdLJQqRGRp_LhyphenhyphenwtkQ6k7KWswfF2JHeDA3-RdnMZIZ6RzYw9vunJuBpgrNf6w3adqOu8ujHiPJf5nXfto-TuefFJhmSHHzdMQ6kYbv7Xz4dadTxZyjgS8CJq_OmGoQyJ6bkf3M9t_Yl-9lUMiDRkAXYA8TG0SmkmflQJHcKTTjCU-83q0b0RrB_d3yJ9z8/s3330/Screenshot%202024-02-13%20at%207.36.51%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1230" data-original-width="3330" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdLJQqRGRp_LhyphenhyphenwtkQ6k7KWswfF2JHeDA3-RdnMZIZ6RzYw9vunJuBpgrNf6w3adqOu8ujHiPJf5nXfto-TuefFJhmSHHzdMQ6kYbv7Xz4dadTxZyjgS8CJq_OmGoQyJ6bkf3M9t_Yl-9lUMiDRkAXYA8TG0SmkmflQJHcKTTjCU-83q0b0RrB_d3yJ9z8/s320/Screenshot%202024-02-13%20at%207.36.51%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-align: left; text-indent: 18pt;"><u>Recent Development</u></i><span style="text-align: left; text-indent: 18pt;">: In December 2023, the company announced that it would not acquire a 238 unit apartment complex in Richmond and may lose its $1.3M escrow deposit. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 18pt;"><u><i>Average cost per share</i></u>: <b>$16.35</b> (15 shares) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.25 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i style="text-decoration-line: underline;">Yield at AC</i> = </span><b>6.12</b><span>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/19/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report </i></u>(Q/E 9/30/23):</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.sec.gov/Archives/edgar/data/14846/000001484623000039/exhibit991q32023.htm">SEC Filed Press Release</a> and </span><a href="https://www.sec.gov/Archives/edgar/data/14846/000001484623000039/exhibit992q32023.htm" style="text-align: left;">Supplemental</a> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZixCe3tTHYAOEh-gWyog-nI52-fulBtr0c8pQ-o73ZQ_n1J7VBzdjrREbDOJFd2KYWSurttEDCaTC9G267viCS8zcJ5holM3dNrphL9sZTU18OjublIyZ9GXtoOFVXMQkrd82XnGjWo4KB8Ak3tL0_6mIb5Zu4JVhBwwOrHJ85jB87BZcIXzWERXiWzJq/s3300/Screenshot%202024-02-13%20at%207.26.44%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="270" data-original-width="3300" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZixCe3tTHYAOEh-gWyog-nI52-fulBtr0c8pQ-o73ZQ_n1J7VBzdjrREbDOJFd2KYWSurttEDCaTC9G267viCS8zcJ5holM3dNrphL9sZTU18OjublIyZ9GXtoOFVXMQkrd82XnGjWo4KB8Ak3tL0_6mIb5Zu4JVhBwwOrHJ85jB87BZcIXzWERXiWzJq/s320/Screenshot%202024-02-13%20at%207.26.44%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share: $.31</span></p><p style="text-align: justify;"><span style="font-family: georgia;">AFFO per share: $.41</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net GAAP Loss to AFFO Reconciliation:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEictEHvDgb0Vl57D6d5qFVeWUGZnThPTRSfkhfkNc_puX3Pf7Q-yKJCu2zl4o73WDtA0ZJog5f2AVZqa8BNspNaPVuzgP6pIRtkp2itWEV82qzyjoUc0I4ilpIjly4tXBgZk9wpYYP4h41YdcmogPH13jgrBr0gnMNkqABy6kBpay7yah1lWcjrjEJppdJ-/s3274/Screenshot%202024-02-13%20at%207.28.58%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="942" data-original-width="3274" height="92" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEictEHvDgb0Vl57D6d5qFVeWUGZnThPTRSfkhfkNc_puX3Pf7Q-yKJCu2zl4o73WDtA0ZJog5f2AVZqa8BNspNaPVuzgP6pIRtkp2itWEV82qzyjoUc0I4ilpIjly4tXBgZk9wpYYP4h41YdcmogPH13jgrBr0gnMNkqABy6kBpay7yah1lWcjrjEJppdJ-/s320/Screenshot%202024-02-13%20at%207.28.58%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">I would not pay attention to the AFFO number, which is generally defined as funds available for distribution. The BRT calculation does not reduce FFO for maintenance expenses which would be a significant number for apartment REITs and would consequently significantly reduce FFO. </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>D. Added to DPG - Bought 5 at $8.83</u></i></span></b><span>: </span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHg5mejNwCXXj4iVWNlxOV4CTaz2huBJ7ZazS85Ee5MPjnZcTie0EIIgyiKhKdtDQCja8BHq3X2E2aUHo1MUQb7nF0IDWekfh5wr3fuRePB9iR22ykopUNlmhG6T8sg4FKQ3_4CRNMTSe5q-ItZv_F3YtcjSQDWdBC2GwYJ5tvk9-C4f7iJTTiMlynAj2M/s2684/DPG%205%20AT$8.83%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="156" data-original-width="2684" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHg5mejNwCXXj4iVWNlxOV4CTaz2huBJ7ZazS85Ee5MPjnZcTie0EIIgyiKhKdtDQCja8BHq3X2E2aUHo1MUQb7nF0IDWekfh5wr3fuRePB9iR22ykopUNlmhG6T8sg4FKQ3_4CRNMTSe5q-ItZv_F3YtcjSQDWdBC2GwYJ5tvk9-C4f7iJTTiMlynAj2M/s320/DPG%205%20AT$8.83%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/dpg?mod=search_symbol" style="text-align: left;">Duff & Phelps Utility & Infrastructure Fund Inc. Overview</a> - A Leveraged CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost $44.15</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1515671">DPG SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1515671/000119312523301354/d11074dncsr.htm">SEC Filed Annual Report for the period ending 10/31/23</a> Leverage is discussed at pages 21-22.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://www.dpimc.com/investment-strategies/duff-phelps-utility-and-infrastructure-fund-inc">Duff & Phelps Utility and Infrastructure Fund Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/aio-aod-bkh-bmy-bohpra-cnobp-codi-dgro.html" style="text-align: left;">Item # 2.F. Added to DPG - Bought 5 at $7.99 (10/14/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$8.93</b> (25+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.21 ($.84 annually), supported by ROC</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>9.41</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 3/4/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 2/7/24 Purchase</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset value per share: $10.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $8.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -12.57%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/DPG" style="text-align: left;">DPG-CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>E. Added to MAA - Bought 1 at $123.4; 1 at $122.25</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLuwYQ8kAt-ItkbmRbqChXHjRejI7o5wsTBnANw9iFEHknXur_irbK0rv7eu67rwk6jNt0GTQgCPA32ZoYjrYeER99MLMZHZgxX8mXR8TD3ZJhZg8pTFUn8CJGJ_h6Bl8A_Ww8xAlPzR77JtdCCQk6I3ttxlMZxJaGBtWbjOXptMiEqi7q3W60OQwoJpmW/s2688/MAA%201%20at%20$122.25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="142" data-original-width="2688" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLuwYQ8kAt-ItkbmRbqChXHjRejI7o5wsTBnANw9iFEHknXur_irbK0rv7eu67rwk6jNt0GTQgCPA32ZoYjrYeER99MLMZHZgxX8mXR8TD3ZJhZg8pTFUn8CJGJ_h6Bl8A_Ww8xAlPzR77JtdCCQk6I3ttxlMZxJaGBtWbjOXptMiEqi7q3W60OQwoJpmW/s320/MAA%201%20at%20$122.25%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQSvjgdkYWBUUWbgKf4c2tEM3HrWYy4gHeNPvya1Zg8vP6NzEnwe7LrXm3xAUB_Mpa5GcJ2F978AZ8uVgtgR0QEmraCM2j2PSi5s_3l1jeJ3fNJpL_mKpitt5hiNOONwTIMIPcFzBXq0-FVuMOXgdxl0g27trAyn4mXXWYhheYtv88NOTzlPO60G11cI37/s2718/MAA%201%20AT%20$123.4%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="156" data-original-width="2718" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQSvjgdkYWBUUWbgKf4c2tEM3HrWYy4gHeNPvya1Zg8vP6NzEnwe7LrXm3xAUB_Mpa5GcJ2F978AZ8uVgtgR0QEmraCM2j2PSi5s_3l1jeJ3fNJpL_mKpitt5hiNOONwTIMIPcFzBXq0-FVuMOXgdxl0g27trAyn4mXXWYhheYtv88NOTzlPO60G11cI37/s320/MAA%201%20AT%20$123.4%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/maa?mod=search_symbol" style="text-align: left;">Mid-America Apartment Communities Inc. (MAA)</a> - An Apartment REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $245.65</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=912595&owner=exclude">MAA SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$127.75</b> (7 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $1.47 per share ($5.88 annually). </span></p><p style="text-align: justify;"><a href="https://ir.maac.com/stock-information/dividends/default.aspx"><span style="font-family: georgia;">Dividends MAA | Luxury Apartment Rentals</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u>: <b>4.6</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 1/11/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I will continue adding to the position in 1 share purchase for as long as the price continues to decline. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed the last earnings report in this post and have nothing further to add here. </span><a href="https://tennesseeindependent.blogspot.com/2024/02/ay-bmy-hban-maa-metpra-mor-nomd-nsa.html" style="text-align: left;">Item # 1.A. Added to MAA - Bought 1 at $129.7; 1 at $128.55; 1 at $125.2 (2/9/24 Post)</a>; <a href="https://www.sec.gov/Archives/edgar/data/912595/000095017024012216/maa-ex99_1.htm" style="text-align: left;">SEC Filed Earnings Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Sells</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>For two of the eliminated stock positions, COHR and UPBD, sold at small losses, I decided that I would prefer having the cash than owning the shares. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Eliminated Duplicate Position In PAVE - Sold 5 at $35.92</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSDJUFovAENcMUM3Ot_pFoXlXbG75Y3KXjp_1NZ960RxTNuelevx2A5C_OaFCoWJ9MMEvx01C_Mr7Gz6dNQ_RUXUHafC6u1pF39cQqYUMIG2H0yJpBB3QU77jHDk3yJ_jUla3Dp4N7CgPh1ROsR69fjn3M8qzZ4W3457SQ87kWqe9WioIbtqangHeoIrZK/s2490/PAVE%205%20at%20$35.92%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="334" data-original-width="2490" height="43" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSDJUFovAENcMUM3Ot_pFoXlXbG75Y3KXjp_1NZ960RxTNuelevx2A5C_OaFCoWJ9MMEvx01C_Mr7Gz6dNQ_RUXUHafC6u1pF39cQqYUMIG2H0yJpBB3QU77jHDk3yJ_jUla3Dp4N7CgPh1ROsR69fjn3M8qzZ4W3457SQ87kWqe9WioIbtqangHeoIrZK/s320/PAVE%205%20at%20$35.92%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/fund/pave?mod=search_symbol" style="text-align: left;">Global X US Infrastructure Development ETF</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $179.6</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$29.45</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijMw6nwSS8_lrZagmsOKga1V3TJKg64dq0Yha1W46PzSEVWK6wOc73xOc4xXL6sedIxGbd-D67sVY6CPMePIl6M3VPPtq9YqaiWjszzrjcrlV0d7AW288foeyNK4VKaEIbo3a8trRzBsqX94EMLrYAUzvY6HsHDfAFSe24mT9-JkgeR9qGBG1pf0wdJ08G/s2668/2024%20PAVE%205%20Shares%20+$29.45%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="628" data-original-width="2668" height="75" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijMw6nwSS8_lrZagmsOKga1V3TJKg64dq0Yha1W46PzSEVWK6wOc73xOc4xXL6sedIxGbd-D67sVY6CPMePIl6M3VPPtq9YqaiWjszzrjcrlV0d7AW288foeyNK4VKaEIbo3a8trRzBsqX94EMLrYAUzvY6HsHDfAFSe24mT9-JkgeR9qGBG1pf0wdJ08G/s320/2024%20PAVE%205%20Shares%20+$29.45%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.globalxetfs.com/funds/pave/" style="text-align: left;">U.S. Infrastructure Development ETF</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .47%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Buy Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2021/03/agr-axpraca-ccne-cve-etr-fitb-holx-imgn.html" style="text-align: left;">Item # 2.Q. Bought 8 PAVE - Multiple Purchases with an AC at $22.38 (3/6/21 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Sell Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2022/04/arow-brbs-cuca-enb-flbr-fsmex-rcus-hta.html" style="text-align: left;">Item # 7.D. Eliminated PAVE - Sold 6 at $28.19; 5 at $28.15(4/28/22 Post)</a>(profit snapshots = $54.36)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Top 10 Holdings as of 2/13/24</u></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx8YGuXYLtuewH8mQ15fwSQPrWoXTIoobcO8AoFynhq2Ki9eyEGZaVkmmieB_GxEiEhswKfW3Co8DjWk20uM8FUdP0UyniSsOiUTaIuFXtsJMvaQvvn55o1ThkYX8LBtqAPQnLHFBAzBluY_DDeZmwgijcWBrl7aCxi1ACagTtKUy_o7ThbYS16w1XgJmP/s2200/Screenshot%202024-02-14%20at%208.38.52%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1140" data-original-width="2200" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx8YGuXYLtuewH8mQ15fwSQPrWoXTIoobcO8AoFynhq2Ki9eyEGZaVkmmieB_GxEiEhswKfW3Co8DjWk20uM8FUdP0UyniSsOiUTaIuFXtsJMvaQvvn55o1ThkYX8LBtqAPQnLHFBAzBluY_DDeZmwgijcWBrl7aCxi1ACagTtKUy_o7ThbYS16w1XgJmP/s320/Screenshot%202024-02-14%20at%208.38.52%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>P/E multiples for the top 25 holdings can be found at </span><a href="https://www.morningstar.com/etfs/bats/pave/portfolio" style="text-align: left;">Global X US Infrastructure ETF (PAVE) Portfolio - Morningstar</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/bats/pave/portfolio">PAVE -Morningstar</a> (currently rated 5 stars)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividends</i></u>: Paid semiannually</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQZGozi2vdDPdny8r8pgdFq-85yWi7AZcsh9XhZE3BnKIa5g9jqJQmmY3T0KtZy2BKQk-GxkRoWyKMJ10Q4-y5W9PzX8to-SukngAKCCYWiiBF4GQhsSOldjvbtPjhlpyB_WibZKjhj9Dl2SKkcMoPQyqlyqwNHkbvzRAYlhcCy67HIh10c4fB22GwsoZJ/s1660/Screenshot%202024-02-14%20at%208.40.15%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="222" data-original-width="1660" height="43" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQZGozi2vdDPdny8r8pgdFq-85yWi7AZcsh9XhZE3BnKIa5g9jqJQmmY3T0KtZy2BKQk-GxkRoWyKMJ10Q4-y5W9PzX8to-SukngAKCCYWiiBF4GQhsSOldjvbtPjhlpyB_WibZKjhj9Dl2SKkcMoPQyqlyqwNHkbvzRAYlhcCy67HIh10c4fB22GwsoZJ/s320/Screenshot%202024-02-14%20at%208.40.15%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I view the dividend payments as irrelevant to an investment decision. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Eliminated FCBC - Sold 10 at $32.9</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrLIyV01wtVh_bE771GXsxTLoA1OV-0c-oMpVfuzc1wXMKOOgQj8Agg1ELK09Wv5EoU9H3uWMhQM-gB1S0JO4dpMqbZDJ7-sIhU7KIDr9pFCBmzH-SYZjiegrCxGchvnFYdbRQNcNB4bR7-q_HsZuY-jXrYSNtNBYfWcV1UYtWlHIfkwlTj1jOzIa4zbIh/s2012/FCBC%2010%20at%20$32.9%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="166" data-original-width="2012" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrLIyV01wtVh_bE771GXsxTLoA1OV-0c-oMpVfuzc1wXMKOOgQj8Agg1ELK09Wv5EoU9H3uWMhQM-gB1S0JO4dpMqbZDJ7-sIhU7KIDr9pFCBmzH-SYZjiegrCxGchvnFYdbRQNcNB4bR7-q_HsZuY-jXrYSNtNBYfWcV1UYtWlHIfkwlTj1jOzIa4zbIh/s320/FCBC%2010%20at%20$32.9%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/fcbc" style="text-align: left;">First Community Bancshares Inc. (FCBC)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $329</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=859070" style="text-align: left;"><span style="font-family: georgia;">FCBC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span> </span>Profit Snapshot: <span style="color: #6aa84f;">$138.5</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP39aT6GPuBaFaXKYs38rGDyZiCNpY5iRfpxG24DznYuKSldslVcURKrLfoQoiHZuApLrilbMy6esgNEbuXrUHuND_4qAf2nSaXPWyZMdUPP-6b1O8NUypcEdnlHyxjjehASLU0Gkd_6BCES0ij90Ykv2lvs4Nc44KS0xeS98pW_Eb_OsqOWI2EbXiREat/s1968/2024%20FCBC%2010%20shares%20+$138.5%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="166" data-original-width="1968" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP39aT6GPuBaFaXKYs38rGDyZiCNpY5iRfpxG24DznYuKSldslVcURKrLfoQoiHZuApLrilbMy6esgNEbuXrUHuND_4qAf2nSaXPWyZMdUPP-6b1O8NUypcEdnlHyxjjehASLU0Gkd_6BCES0ij90Ykv2lvs4Nc44KS0xeS98pW_Eb_OsqOWI2EbXiREat/s320/2024%20FCBC%2010%20shares%20+$138.5%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2020/11/buse-bxmx-duk-ebix-fcbc-fpf-opi-orcc.html" style="text-align: left;">Item # 1.C. Bought 5 FCBC at $19.2; 5 at $18.9 (11/13/20 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.29 per share, last raised from $.27 effective for the 2022 third quarter payment. The quarterly dividend was at $.12 in the 2014 first quarter. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/fcbc/dividend-history"><span style="font-family: georgia;">FCBC Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/8/24 (owned as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/859070/000143774924001958/ex_608207.htm"><span style="font-family: georgia;">SEC Filed Earnings Press Release</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP Diluted E.P.S. = $.66, down from $.77</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.79, up from $.78</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The adjustment to GAAP is for a $3M litigation charge. I do not ignore that kind of charge or a litigation settlement, since I view those expenses as part of operations. There is a brief summary of lawsuits at page 37 of the <a href="https://www.sec.gov/Archives/edgar/data/859070/000143774923030351/fcbc20230930_10q.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a>. The information is insufficient for me to draw any conclusions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 4.42%, up from 4.34% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .76%, up from .7%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .6%, up from .55%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .14%, down from .37%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $18.6, up from $17.76 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Position: None</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Eliminated ASB Sold 14 at $20.72</u></i></b></span>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNQl8i1szUQcE1_VwMoxfuSDjDX6Vkahcnsx5Ag7tYC_fHodCk1jTGlayHL6-Lwn-eT7fi_OMGfHL7NgpB4zQGkmJwohd5MqzQsk9f-3Th0THa3BlL4OxiizaQeLSIelPOcFpE38qq_9zyJdulvellHt2bVAOzt6sN7Q4Zi2_o9v1EMleu7WnsZX6oPORR/s2050/ASB%2014%20at%20$20.72%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="116" data-original-width="2050" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNQl8i1szUQcE1_VwMoxfuSDjDX6Vkahcnsx5Ag7tYC_fHodCk1jTGlayHL6-Lwn-eT7fi_OMGfHL7NgpB4zQGkmJwohd5MqzQsk9f-3Th0THa3BlL4OxiizaQeLSIelPOcFpE38qq_9zyJdulvellHt2bVAOzt6sN7Q4Zi2_o9v1EMleu7WnsZX6oPORR/s320/ASB%2014%20at%20$20.72%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/asb" style="text-align: left;">Associated Banc-Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: +$300.81 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=7789&owner=exclude">ASB SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/asb/analystestimates">ASB Analyst Estimates</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$121.13</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSnutfabY8ZjKIM2f8S4corX5jyiPy5VRD7YpJ0XKh4-sQ8lSZ9Yd_74_XMzFuDpzvv6s8qgnuCsrlpG5k-b8DzD42U7YrGuyYJWZFj_FJKb0n_5vShlEVmkRmrqPyzK-itKbV3yP2pU4gvvK0rnTnnL18qFuMspaGzdjuBImTK55dyGXDDn6vx8llLQ_Q/s1970/2024%20ASB%2014+%20shares%20+$121.13%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="304" data-original-width="1970" height="49" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSnutfabY8ZjKIM2f8S4corX5jyiPy5VRD7YpJ0XKh4-sQ8lSZ9Yd_74_XMzFuDpzvv6s8qgnuCsrlpG5k-b8DzD42U7YrGuyYJWZFj_FJKb0n_5vShlEVmkRmrqPyzK-itKbV3yP2pU4gvvK0rnTnnL18qFuMspaGzdjuBImTK55dyGXDDn6vx8llLQ_Q/s320/2024%20ASB%2014+%20shares%20+$121.13%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">This snapshot includes fractional shares purchased with dividends that were sold earlier in 2024. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2021/04/asb-caty-evrg-ffic-fitb-gsg-ida-igr.html" style="text-align: left;">Item # 1.I. Sold 1.237 ASB at $23.67 (4/9/21 Post)</a>(profit snapshot = $12.69) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Buy Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2020/08/asb-avk-cswc-d-fidi-glq-ibm-kw-lmha-ofs.html" style="text-align: left;">Item # 1.A. Started ASB-Bought 10 at $12.35; 5 at $11.9 (8/8/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.22 per share, last raised from $.21 effective for the 2023 4th quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/asb/dividend-history">ASB Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 2/29/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/7789/000000778924000004/asb12312023ex991.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. -$.62, down from $.7</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.53</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP: The loss was caused by selling owned securities at a loss and by the FDIC special assessment. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiMpaAY93vKMEVtzSzgABpkt3fS2btz9nQ9hSnF9qzJ_svJHryovXcaO4m4wuOyhHX2Qa0rxjcR-raSJSDgMkX9cY2CzHAaqqiThHTggDQK3vT0KshtykmaqKk2e6JweWn6XbwwzZZK-u-j65VdQIrDWsE8dtRxuDVZ7MLQET2foWgq8lBQFPJW2pm9m1T/s3338/Screenshot%202024-02-14%20at%208.11.27%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="302" data-original-width="3338" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiMpaAY93vKMEVtzSzgABpkt3fS2btz9nQ9hSnF9qzJ_svJHryovXcaO4m4wuOyhHX2Qa0rxjcR-raSJSDgMkX9cY2CzHAaqqiThHTggDQK3vT0KshtykmaqKk2e6JweWn6XbwwzZZK-u-j65VdQIrDWsE8dtRxuDVZ7MLQET2foWgq8lBQFPJW2pm9m1T/s320/Screenshot%202024-02-14%20at%208.11.27%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">ASB, like most other banks, did not meaningfully adjust the duration of its owned security portfolio in 2021 when it was obvious that the increase in inflation would cause the FED to raise interest rates. There was a lengthy period in 2021 when long duration securities could have been sold for a profit or small losses. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM = <span style="color: red;">2.69%, down from 3.31%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .51%, up from .39%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off Ratio: .16%, up from zero net. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>ASB Junior Bond</i></u>: I own 4 Associated Banc 4.25% junior bonds that mature on 1/15/25. </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 3.A. Bought 2 Associated Banc 4.25% Junior Bonds Maturing on 1/15/25 at a Total Cost of 92.1 (5/20/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/01/abb-amcr-ide-matv-nvs-ocsl-ogn-ohi-oran.html" style="text-align: left;">Item # 3.B. Bought 2 Associated Banc 4.25% Junior Bonds Maturing on 1/15/25 at a Total Cost of 97.594 (1/23/23 Post)</a>; <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=045487AB1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I doubt that a junior bond issued by a bank holding company would have any value when and if the FDIC seizes the operating bank. I would just assume that would be the case.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>ASB Equity Preferred Stock</u></i>: I own 10 shares of ASBPRF.<a href="https://finance.yahoo.com/quote/ASB-PF?p=ASB-PF&.tsrc=fin-srch" style="text-align: left;">Associated Banc-Corp (ASB-PF)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/07/aod-asbprf-bbdc-cag-colb-ctopra-rnwca.html" style="text-align: left;">Item # 3.C. Bought 10 ASBPRF at $15.84 (7/15/23 Post)</a>; <a href="https://www.sec.gov/Archives/edgar/data/7789/000104746920003536/a2241841z424b5.htm" style="text-align: left;">Prospectus</a> (5.625% coupon paid on a $25 par value, yield at $15.84 = 8.88%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>D. Eliminated COHR - Sold 15 at $62.7</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHO5uwrBhCzg3w2Dib0DpZ9JR2VcOwb7akrGsprmiEHSOYHFVsEJXpnE-4MNTxhUrOgg8pjFQa7KfntNR3UrbjToGvZD_jAZwiRQGQCHXanTBU5je-tTsRzt4JnDIjdJY5jc0LCbLRZodmY0KOiCD7YIcBCzv39wjp8yFXEPgCmwBdLOif81qi8bO6BgFj/s1618/COHR%20sold%2015%20at%20$62.7%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="930" data-original-width="1618" height="184" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHO5uwrBhCzg3w2Dib0DpZ9JR2VcOwb7akrGsprmiEHSOYHFVsEJXpnE-4MNTxhUrOgg8pjFQa7KfntNR3UrbjToGvZD_jAZwiRQGQCHXanTBU5je-tTsRzt4JnDIjdJY5jc0LCbLRZodmY0KOiCD7YIcBCzv39wjp8yFXEPgCmwBdLOif81qi8bO6BgFj/s320/COHR%20sold%2015%20at%20$62.7%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/cohr?mod=search_symbol" style="text-align: left;">Coherent Corp. (COHR)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $940.49</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.coherent.com/" style="text-align: left;">Global Leader in Materials, Networking, and Lasers</a> </span></p><p style="text-align: justify;"><a href="https://www.coherent.com/company/investor-relations"><span style="font-family: georgia;">Investor Relations | Coherent</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/cohr/analystestimates?mod=mw_quote_tab">COHR Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.coherent.com/content/dam/coherent/site/en/documents/investors/investor-presentations/2024/february-5/cohr-investor-presentation-20240205.pdf"><span style="font-family: georgia;">COHR Investor Presentation (2/5/24).pdf</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=820318&owner=exclude">SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/820318/000082031824000004/iivi-20231231.htm">10-Q for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Loss Snapshot: <span style="color: red;">-$46.89</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK3au1t_XE1FsJw8PkXCmRT4Dt67vw7gJD04AiNkxIhQWfGL3WqpangsBkKAoq27rCerUf-khbi6uZQN_OU-HyoM8DWjf1hxZ1M97MdEWek2cxUZgX8_OSvK3Jq-p5-1xF1YsmxWlfvAb1kmtaaBtR6VAU5fXq3Iv52IDt23IHr8RtYadLp6Iokus2QXyq/s3896/cohr%20net%20of%20-$46.89%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="116" data-original-width="3896" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK3au1t_XE1FsJw8PkXCmRT4Dt67vw7gJD04AiNkxIhQWfGL3WqpangsBkKAoq27rCerUf-khbi6uZQN_OU-HyoM8DWjf1hxZ1M97MdEWek2cxUZgX8_OSvK3Jq-p5-1xF1YsmxWlfvAb1kmtaaBtR6VAU5fXq3Iv52IDt23IHr8RtYadLp6Iokus2QXyq/s320/cohr%20net%20of%20-$46.89%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: None and none expected</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/820318/000119312524024186/d726431dex992.htm">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investors reacted positively to this report. I was not impressed. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin7AXAEeTMbaVptd6dGmU8L0DYUF00uz3ABVFZEutbDcCbhGxj3dSOz6FnX19YEh-b9tZOFXvEaeTyGBIoKPdXZgiMfCwu5To4HLQv-EoeAOa8v5-En0lkMsfIR_O_yp3rYKND8VampXFmdgXGSU7AbSQ7F66q5r5UdQPxlu0c5DQCNukZ8-BePbu9eUux/s1676/Screenshot%202024-02-14%20at%207.59.10%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="656" data-original-width="1676" height="125" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin7AXAEeTMbaVptd6dGmU8L0DYUF00uz3ABVFZEutbDcCbhGxj3dSOz6FnX19YEh-b9tZOFXvEaeTyGBIoKPdXZgiMfCwu5To4HLQv-EoeAOa8v5-En0lkMsfIR_O_yp3rYKND8VampXFmdgXGSU7AbSQ7F66q5r5UdQPxlu0c5DQCNukZ8-BePbu9eUux/s320/Screenshot%202024-02-14%20at%207.59.10%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">When and if I become more impressed, and the stock sinks back below $40, I will consider restarting a position with small ball purchases. The company is at least interesting. </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><u><b>E. Eliminated UPBD - Sold 26+ at $33.57</b></u></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ws873RiIwWsjSB3uq1Jl_Mw7glOKS_JK-tDzICbQ38tSbFfdc0WJI4sxVtyx0iUyubilgZpIWMA7DRy-wWZt0RvZB6GH4jBz9Jb59ThyooZnpaSJjV30m7igy4Re7JtR2DilDakXV1Z8e2pDK7hQw3vcVpp-ImFUN-WUQA6UXMaQDTRrMPycpUsqbmaj/s1598/UBPD%2026+%20at%20$33.57%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="992" data-original-width="1598" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ws873RiIwWsjSB3uq1Jl_Mw7glOKS_JK-tDzICbQ38tSbFfdc0WJI4sxVtyx0iUyubilgZpIWMA7DRy-wWZt0RvZB6GH4jBz9Jb59ThyooZnpaSJjV30m7igy4Re7JtR2DilDakXV1Z8e2pDK7hQw3vcVpp-ImFUN-WUQA6UXMaQDTRrMPycpUsqbmaj/s320/UBPD%2026+%20at%20$33.57%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span><br /></span></div>Quote </span><a href="https://www.marketwatch.com/investing/stock/upbd?mod=search_symbol">Upbound Group Inc. (UPBD)</a> </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $872.79</span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/upbd/analystestimates?mod=mw_quote_tab" style="text-align: left;"><span style="font-family: georgia;">UPBD Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://upbound.com/">Upbound Group, Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Loss Snapshot: Net of <span style="color: red;">-$26.94</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibuhI0dFuRxsoz_HiRmiCKaVPiAZ0jkhwczD8y3rl44ErrsAxKMLTk5klfh06qruzNcMWxIMKtLho6PxTKx5mCX77SOwqfpBgeSaDmCCNcrkfjSNDytDyA3T9qE0ezOmqgXxFsWpXrh2WSm3wfRHqanUf4cMQmTz8v1jc56mmzQZ-ndN8RP3LCs7VZP0JR/s1954/2024%20UPBD%2026+%20shares%20Net%20of%20-$26.94.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="68" data-original-width="1954" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibuhI0dFuRxsoz_HiRmiCKaVPiAZ0jkhwczD8y3rl44ErrsAxKMLTk5klfh06qruzNcMWxIMKtLho6PxTKx5mCX77SOwqfpBgeSaDmCCNcrkfjSNDytDyA3T9qE0ezOmqgXxFsWpXrh2WSm3wfRHqanUf4cMQmTz8v1jc56mmzQZ-ndN8RP3LCs7VZP0JR/s320/2024%20UPBD%2026+%20shares%20Net%20of%20-$26.94.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: The company was previously known as Rent-A-Center that traded under the RCII symbol. </span><a href="https://tennesseeindependent.blogspot.com/2021/04/d-gdo-ffbc-fiw-gdo-hope-irm-kio-mbt-oge.html" style="text-align: left;">Item # 1.O. Sold 2 RCII <b>at $63.6</b> (4/1/21 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.37 per share, last raised from $.34 effective for the 2024 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/18/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/933036/000093303623000170/ex-991xupbd2023q3earning.htm">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.08</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.79 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP Reconciliation: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMUzx2WPSTS5yH9hAuwaVfw32HRux0WIeTDnuLN-hy8jCZXSw5G3479-CV1V3cuDBPZTTRtwS9JfZUxA-mR2xVBQCEX34aVUTbhlkO29rWMjTsLQWd2vlT4PezyGMZACP8A8a5erbAwST6vWK-6f8mvFY63sYCgA4G8r97ZiBvOVdyz0hPQjyswmHsztoz/s1952/Screenshot%202024-02-14%20at%2011.07.34%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="952" data-original-width="1952" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMUzx2WPSTS5yH9hAuwaVfw32HRux0WIeTDnuLN-hy8jCZXSw5G3479-CV1V3cuDBPZTTRtwS9JfZUxA-mR2xVBQCEX34aVUTbhlkO29rWMjTsLQWd2vlT4PezyGMZACP8A8a5erbAwST6vWK-6f8mvFY63sYCgA4G8r97ZiBvOVdyz0hPQjyswmHsztoz/s320/Screenshot%202024-02-14%20at%2011.07.34%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span>Revenue: $979.1M, down from $1.024M in the 2023 second quarter </span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>F. Pared AIO - Sold 15 at $19.7</i></u></span></b><span>:</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwOove2wAgqMVN5eH40_NoY6mmfYaviu2SOaDOwvIYt88dht79LLBLo12f78wdRMh9as-b0XYHObt9IKTtM_gj3PXgVltgMzpG_4UfSCQDj1TYQ9-P0-L166zII8vkINqhDAhMnHmY_GN97EXmk0SBAHf0DhRQ1KtZWiv4TS-onyosl3qXkciQnkNWo8kP/s2398/Screenshot%202024-02-09%20at%205.30.41%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="124" data-original-width="2398" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwOove2wAgqMVN5eH40_NoY6mmfYaviu2SOaDOwvIYt88dht79LLBLo12f78wdRMh9as-b0XYHObt9IKTtM_gj3PXgVltgMzpG_4UfSCQDj1TYQ9-P0-L166zII8vkINqhDAhMnHmY_GN97EXmk0SBAHf0DhRQ1KtZWiv4TS-onyosl3qXkciQnkNWo8kP/s320/Screenshot%202024-02-09%20at%205.30.41%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/fund/aio?mod=search_symbol" style="text-align: left;">Virtus Artificial Intelligence & Technology Opportunities Fund Overview</a> - A Leveraged Balanced CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I sold on the ex dividend date which was 2/9/24. I sold my highest cost lots using FIFO accounting. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $295.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://www.virtus.com/products/virtus-artificial-intelligence-technology-opportunities-fund#shareclass.N/period.quarterly" style="text-align: left;">Virtus Artificial Intelligence & Technology Opportunities Fund</a> </span></p><p style="text-align: justify;"><a href="https://www.morningstar.com/cefs/xnys/aio/portfolio"><span style="font-family: georgia;">AIO Portfolio | Morningstar</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1778114&owner=exclude"><span style="font-family: georgia;">AIO SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1778114/000119312523251643/d436638dncsrs.htm">Virtus Artificial Intelligence &amp; Technology Opportunities Fund</a> - SEC Filed Semiannual Report for the Period Ending 7/31/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As of 7/31/23, the fund had the following weightings, with the total exceeding 100% due to the leverage: convertible bonds at 39.8%, corporate bonds at 17.6%; and common stocks at 56.7%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1778114/000175272423289310/VIAC010VIRTUS103123.htm">SEC Filing - Holdings as of 10/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$14.18</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL9M00DqtLVpfd2xhZbn1DPAHTVKdpTUeg69mIcLyWsHjQPu0hxwQIr328Ok88R9hdo7xm5My_f00SVRyaFA-2E62GRmLHB-QeDywWa-vhE58TxmAZclxfAfALLPjLlADVzgThcR6Ec7SN2T_RtlzB-AjlXVzpg_0sfSbyDjG-IR3vvRLJXntlMjPaN36M/s1966/2024%20AIO%2015%20SHARES%20+$14.18%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="160" data-original-width="1966" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL9M00DqtLVpfd2xhZbn1DPAHTVKdpTUeg69mIcLyWsHjQPu0hxwQIr328Ok88R9hdo7xm5My_f00SVRyaFA-2E62GRmLHB-QeDywWa-vhE58TxmAZclxfAfALLPjLlADVzgThcR6Ec7SN2T_RtlzB-AjlXVzpg_0sfSbyDjG-IR3vvRLJXntlMjPaN36M/s320/2024%20AIO%2015%20SHARES%20+$14.18%20%20.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html">Item # 2.C. Added to AIO - Bought 5 at $15.85; 5 at $15.63; 5 at $15.15 (10/28/23 Post)</a> </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$16.48</b> (62+ shares)</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimYZFizpTPvDiADffJcPvsZfKmf-q4NnBYiFwmrxG5NiUPqBh23ZR0qdyMv2GHvi1uirFzdvsof0VhwVjDFx1lb0Eh_DgYrKC9r4kSrVu5JprCgsgfcRWW-ei8MDiDCtqz0CQAkNTJ8hTfo9dM1LgKAlJ5X-jtkoDU3iJDXSdzwijoPQIK0RVptTVyjz7O/s2332/AIO%2062+%20AC%20AT%20$16.48%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="100" data-original-width="2332" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimYZFizpTPvDiADffJcPvsZfKmf-q4NnBYiFwmrxG5NiUPqBh23ZR0qdyMv2GHvi1uirFzdvsof0VhwVjDFx1lb0Eh_DgYrKC9r4kSrVu5JprCgsgfcRWW-ei8MDiDCtqz0CQAkNTJ8hTfo9dM1LgKAlJ5X-jtkoDU3iJDXSdzwijoPQIK0RVptTVyjz7O/s320/AIO%2062+%20AC%20AT%20$16.48%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 2/9/24 after pare </span></td></tr></tbody></table><span style="font-family: georgia;"><br />The AC per share was reduced from $16.89. <br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.15 per share ($1.8 annually)</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/AIO/dividends/history" style="text-align: left;"><span style="font-family: georgia;">AIO Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I owned a few shares when AIO went ex dividend for a $3.45 per share capital gain distribution that was paid in January 2022. I received that dividend in cash.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC of $16.48</u></i>: <b>10.92</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/9/24 (Owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 2/9/24 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset value per share: $21.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $19.48</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -8.8% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/AIO" style="text-align: left;">AIO - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>G. Eliminated VOX - Sold 2 at $127.72</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtyrdnZr5CWx9GIKRqY8XrL2iZ9dLfWVcFoN7Kn2I3525Au8oHictqBcBkYaeoNNz4BU9tuKkftJOej0Hv61zwla7xKpeb7BrjGUWitKmzHmJ5oYpP5MPjEMd7AdUY3lgoWmQU1kJOSQmLLE7bFXNu6oFKw-hDWmsQQkNNiUBpbhYBvuvno0udXuSisJFs/s2488/vox%202%20at%20$127.72%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="186" data-original-width="2488" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtyrdnZr5CWx9GIKRqY8XrL2iZ9dLfWVcFoN7Kn2I3525Au8oHictqBcBkYaeoNNz4BU9tuKkftJOej0Hv61zwla7xKpeb7BrjGUWitKmzHmJ5oYpP5MPjEMd7AdUY3lgoWmQU1kJOSQmLLE7bFXNu6oFKw-hDWmsQQkNNiUBpbhYBvuvno0udXuSisJFs/s320/vox%202%20at%20$127.72%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/fund/vox?mod=search_symbol" style="text-align: left;">Vanguard Communication Services ETF Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds $255.44</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$31.37</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQW1NaJdEbdmhgkErjLr__NaywehOi_0VFuz4WaunKnbOIoUHp6dTxO6MNsoYk2K-VFmMw1DaXi0DHBi7pbxiHZOBFomi1XmD_2TBcAwXVqmEpxDLdBw0DfqeTp4u9KcoE3T0ZCtTxYjVbFiZ1-jNAKHRZ3xiFKiIL5z8UAkMYXyUV-bYruqIJunJYG3In/s2666/2024%20VOX%202%20Shares%20+$31.37%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="220" data-original-width="2666" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQW1NaJdEbdmhgkErjLr__NaywehOi_0VFuz4WaunKnbOIoUHp6dTxO6MNsoYk2K-VFmMw1DaXi0DHBi7pbxiHZOBFomi1XmD_2TBcAwXVqmEpxDLdBw0DfqeTp4u9KcoE3T0ZCtTxYjVbFiZ1-jNAKHRZ3xiFKiIL5z8UAkMYXyUV-bYruqIJunJYG3In/s320/2024%20VOX%202%20Shares%20+$31.37%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span style="text-align: justify;">Sponsor's website: </span><a href="https://investor.vanguard.com/investment-products/etfs/profile/vox#overview">VOX-Vanguard Communication Services ETF | Vanguard</a></span><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Expense Ratio: .1%<br /></span><div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/arcx/vox/portfolio">VOX-Portfolio---Morningstar</a> (rated at 3 stars) Contains list of top 25 holdings. META, which has done well lately, had a 21.78% weighting as of 12/31/23. The META closing price on the last trading day in 2023 was <a href="https://finance.yahoo.com/quote/META/history?p=META" style="text-align: left;">$353.96</a>. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I am a bit skeptical that META and a few others will be able to hold their current price levels. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/meta?mod=search_symbol">Meta Platforms Inc. (META)</a> 52 week low at $167.66 with the 52 week high at $485.96. The high was hit intraday on 2/2/24. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Top 20 Holdings as of 12/31/23: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjxBDSU2K9vnB86MZv0BgNvARz4n7m8UX0o7OEjkQ5x77k9MKSvSOX4S3hZMQDG34vBleNVqgZBOQgjstRx9IMJBlrADu2flR46-Di3OM3hZS5nAxx8ocpu993Uz7VFMhXw0sL0HXvLyr2fFPuYjVGlqUfaZkAp804jKY2lnkGvUKAzQm3_H9FR99Uef0e/s2662/Screenshot%202024-02-10%20at%203.50.29%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1224" data-original-width="2662" height="147" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjxBDSU2K9vnB86MZv0BgNvARz4n7m8UX0o7OEjkQ5x77k9MKSvSOX4S3hZMQDG34vBleNVqgZBOQgjstRx9IMJBlrADu2flR46-Di3OM3hZS5nAxx8ocpu993Uz7VFMhXw0sL0HXvLyr2fFPuYjVGlqUfaZkAp804jKY2lnkGvUKAzQm3_H9FR99Uef0e/s320/Screenshot%202024-02-10%20at%203.50.29%E2%80%AFPM.png" width="320" /></span></a></div></div><div><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEied0VYC0jyC1snQ8oyW_yIidrWgrUYXpznw5HUD6nLw3l9IJ6D2kp2X2GbaMod5PPAP7n7zQQEr3kQ7ZdddlN94W2VGmB2zI0KuH_qjPZ6RaayQ1KLG1djdHc3q3LNzOL-4uzPnZjrtx2RWpNsTEK1hJOKAtXjt2grblleGliLTdEjVB9x5L60MRanqEqD/s2684/Screenshot%202024-02-10%20at%203.51.15%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1254" data-original-width="2684" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEied0VYC0jyC1snQ8oyW_yIidrWgrUYXpznw5HUD6nLw3l9IJ6D2kp2X2GbaMod5PPAP7n7zQQEr3kQ7ZdddlN94W2VGmB2zI0KuH_qjPZ6RaayQ1KLG1djdHc3q3LNzOL-4uzPnZjrtx2RWpNsTEK1hJOKAtXjt2grblleGliLTdEjVB9x5L60MRanqEqD/s320/Screenshot%202024-02-10%20at%203.51.15%E2%80%AFPM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid quarterly at a variable rate<br /></span><div><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-TKWjZFHMsjQpUUdtZLBvLqOgfMBKuBbHsq88EDtPM5WLQZl2iuYhJY3sJk-uUaY6s4OZsbHmiae9bvW6a27cB5MXRmTFW367wHIDJf7lZoi3YylMptsjb-7TIdrY7Vxcx31x8VwvcRsG0VaUSP4m-K80UP2KT1eB8HyqE-swEwC_RjjSEPv9kUBVOlEd/s2706/Screenshot%202024-02-10%20at%203.52.54%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="804" data-original-width="2706" height="95" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-TKWjZFHMsjQpUUdtZLBvLqOgfMBKuBbHsq88EDtPM5WLQZl2iuYhJY3sJk-uUaY6s4OZsbHmiae9bvW6a27cB5MXRmTFW367wHIDJf7lZoi3YylMptsjb-7TIdrY7Vxcx31x8VwvcRsG0VaUSP4m-K80UP2KT1eB8HyqE-swEwC_RjjSEPv9kUBVOlEd/s320/Screenshot%202024-02-10%20at%203.52.54%E2%80%AFPM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"> </span></div><div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last 4 Dividends per share</i></u>: $1.2165. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/19/23</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Y<i><u>ield at $1.22 at $127.7</u></i>2 = .95% </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I view the dividend as immate<span>rial.</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The expense ratio is low for a stock sector fund. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Fidelity has a similar ETF with a .084% expense ratio. <a href="https://www.marketwatch.com/investing/fund/fcom" style="text-align: left;">Fidelity MSCI Communication Services Index ETF (FCOM)</a> FCOM has a 4 star rating from Morningstar. <a href="https://www.morningstar.com/etfs/arcx/fcom/portfolio" style="text-align: left;">FCOM – Portfolio Morningstar</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>H. Eliminated CATY - Sold 13 at $40.91</b></i></u></span>: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWG9uzKJ9MT9oYtoUJEeozjuO0QKL6L-8Sp00CB6GMTDl6xnwvcTpJHUCk2dl9SVhtVCmoqY8xlth2ANKEGSu_mE7jHj8ZddhmctyGdyNz66k1uHxIOEGWJaOUn1VMoyhmhRACVpqQWZlrdWDNg2BG0oAH_PFmSN1StJYugk1_u3h5Xtjyl8v_qAtDgCya/s2354/CATY%2013%20at%20$40.91%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="300" data-original-width="2354" height="41" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWG9uzKJ9MT9oYtoUJEeozjuO0QKL6L-8Sp00CB6GMTDl6xnwvcTpJHUCk2dl9SVhtVCmoqY8xlth2ANKEGSu_mE7jHj8ZddhmctyGdyNz66k1uHxIOEGWJaOUn1VMoyhmhRACVpqQWZlrdWDNg2BG0oAH_PFmSN1StJYugk1_u3h5Xtjyl8v_qAtDgCya/s320/CATY%2013%20at%20$40.91%20.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/caty" style="text-align: left;"> Cathay General Bancorp (CATY)</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/caty/analystestimates"><span style="font-family: georgia;">CATY Analyst Estimates | MarketWatch</span></a></div><div style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=861842"><span style="font-family: georgia;">CATY SEC Filings</span></a></div><div style="text-align: justify;"><a href="https://www.reuters.com/companies/CATY.O/key-metrics"><span style="font-family: georgia;">Cathay General Bancorp Key Metrics | Reuters</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $531.85</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$236.04</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyO3UrXeT-4smcYdzj-ofInwQ_jOxNvU2-ksN-jVUSqPU8iQCyjceyc1rW2kSKbkRyPPuEUzLN3T6RV5zg7Pjgj4q0LTODLaOJHZGkbLulnKYdOzmioS17LuXYCRf_ZNhGGG8vEAvyDQOKPFPBXIBGuX9mufFiLjY0J8ftLpRVdlckIKpu73BRz4Q9zRCR/s1962/2024%20CATY%2013%20Shares%20+$236.04%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="434" data-original-width="1962" height="71" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyO3UrXeT-4smcYdzj-ofInwQ_jOxNvU2-ksN-jVUSqPU8iQCyjceyc1rW2kSKbkRyPPuEUzLN3T6RV5zg7Pjgj4q0LTODLaOJHZGkbLulnKYdOzmioS17LuXYCRf_ZNhGGG8vEAvyDQOKPFPBXIBGuX9mufFiLjY0J8ftLpRVdlckIKpu73BRz4Q9zRCR/s320/2024%20CATY%2013%20Shares%20+$236.04%20.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2021/04/asb-caty-evrg-ffic-fitb-gsg-ida-igr.html" style="text-align: left;">Item #1.K. Sold 1.163 CATY Shares at 44.01 (4/9/21 Post)</a>(profit snapshot = $22.4) </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Buy Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2020/10/ffic-ffnw-fivg-mgv-trst-ucbi.html" style="text-align: left;">Item # 1.M. Added to CATY- Bought 1 at $23.75; 1 at $21.38; 1 at $21.13 (10/3/2020 Post)</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.34 per share, last raised from $.31 effective for the 2021 4th quarter payment. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/caty/dividend-history">CATY Dividend History | Nasdaq</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/28/23</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (12/31/23): </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/861842/000115752324000106/a53887158ex99_1.htm">SEC Filed Earnings Press Release</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZk0gl7_2Y3WnTqHFtb7EjhhdXyc0NXqfOKZsDWUfzxMCw6ZcrqvCNu3ez1yL_Z7XrQB7MO0Us2MyDHD2AcExYa633JEENOnuKT1hOWlk1kmdwfSg-AENYvRNPfHKSNeVc8ad9s0YCqhPK62zPzCtl0TxhEdjRZKRhNcTiOazIQFZmWDnsz3OMHzS7WcBZ/s3340/Screenshot%202024-02-14%20at%207.38.45%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="540" data-original-width="3340" height="52" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZk0gl7_2Y3WnTqHFtb7EjhhdXyc0NXqfOKZsDWUfzxMCw6ZcrqvCNu3ez1yL_Z7XrQB7MO0Us2MyDHD2AcExYa633JEENOnuKT1hOWlk1kmdwfSg-AENYvRNPfHKSNeVc8ad9s0YCqhPK62zPzCtl0TxhEdjRZKRhNcTiOazIQFZmWDnsz3OMHzS7WcBZ/s320/Screenshot%202024-02-14%20at%207.38.45%E2%80%AFAM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2023 4th quarter. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Diluted E.P.S. $1.13, down from $1.33</span></div><div style="text-align: justify;"><span style="font-family: georgia;">NIM: <span style="color: red;">3.27%, down from 3.87%</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 53.84%, up from 37.97%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .37%, up from .33%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Charge Off Ratio: .09%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Coverage Ratio: 209.33%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Tangible book value per share: $32.43, up from $28.77</span></div><div style="text-align: justify;"><b><span style="color: #2b00fe; font-family: georgia;"><br /></span></b></div><div style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Corporate Bonds</span></b><span>: </span></span></div><p style="text-align: justify;"><span style="font-family: georgia;">I am taking almost no interest rate risk with these purchases. 8 of the 11 corporate bonds mature in December 2024 while the remaining 3 mature in either February or March 2025. 9 mature within 1 year with 2 maturing on 3/15/25.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Bought 2 American Express 3.625% SU Maturing on 12/5/24 at a Total Cost of 98.7</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcMj5IhkAV_yx_JmHEZduMZb-uC7j_ecJwBoNRTnMNkv7gGIHtdAKrYHU2qDQb_N-C9mFqflMCUxxlpJ1HCA9W4DSDrYVpFjij3TmH2u5HT6QqlI9bhf3p7A2p1vwrGTpiAOVK-8t-tKkw1DJud-NyXn55S7VjeUk-Ae6pnshE5SKuBcXJppM5CtidAEEr/s2078/American%20Express%20(2)%203.625%25%2012:5:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="622" data-original-width="2078" height="96" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcMj5IhkAV_yx_JmHEZduMZb-uC7j_ecJwBoNRTnMNkv7gGIHtdAKrYHU2qDQb_N-C9mFqflMCUxxlpJ1HCA9W4DSDrYVpFjij3TmH2u5HT6QqlI9bhf3p7A2p1vwrGTpiAOVK-8t-tKkw1DJud-NyXn55S7VjeUk-Ae6pnshE5SKuBcXJppM5CtidAEEr/s320/American%20Express%20(2)%203.625%25%2012:5:24%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/axp?mod=search_symbol" style="text-align: left;">American Express Co. (AXP)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/axp/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">AXP Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=4962&owner=exclude">AXP SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/4962/000000496224000008/q423exhibit991.htm">AXP SEC Filed Earnings Press Release for the Q/E 12/31/23</a> (net income of $1.933B)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Finra Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=025816BK4&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: A3/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.276</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.67</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Bought 2 Spectra Energy Partners 3.5% SU Maturing on 3/15/25 at a Total Cost of 98.099</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-u-iAzovIvkVLFaWJlYVKWLP9mXxoyDWxlMERV5ch46ervY90mvZOuxbXHZM4WnBQjz-s4zFeljDMsFFn_OsdxApZ0b3lps9gcbj22PZxaTACAnfaSxcnvfUdgrFS5tN75isRUYtAXhQL6N-z0vBIgqHd6HwE1gPSmSUS_yfl7UgSQN79AgFTEF7aSRCH/s2208/Spectra%20Energy%20(2)%203.5%25%203:15:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="660" data-original-width="2208" height="96" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-u-iAzovIvkVLFaWJlYVKWLP9mXxoyDWxlMERV5ch46ervY90mvZOuxbXHZM4WnBQjz-s4zFeljDMsFFn_OsdxApZ0b3lps9gcbj22PZxaTACAnfaSxcnvfUdgrFS5tN75isRUYtAXhQL6N-z0vBIgqHd6HwE1gPSmSUS_yfl7UgSQN79AgFTEF7aSRCH/s320/Spectra%20Energy%20(2)%203.5%25%203:15:25.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: Spectra Energy Partners is now owned by <a href="https://www.marketwatch.com/investing/stock/enb?mod=search_symbol" style="text-align: left;">Enbridge Inc. (ENB)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">FINRA Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=84756NAF6&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB+</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost:<b> 5.317</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC =<b> 3.57</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have two Spectra Energy SU bonds that mature on 3/15/24.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Bought 1 Dominion Gas 3.6% SU Maturing on 12/15/24 at a Total Cost of 98.632</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjO4tnWsigg1UX0aevh3_isXOVypNXYdTTz5ZLYb6aRnUPwknL3VYu0UxE5Nkj6N9K1ji2xfXlDHbcAEhmRWYScLeeXpohqUYrjWYns0sFhkV5qUYvXplUdGE90RDTtr93U0GcOfu6iQZwj5BOoRqUZsqWNALvL0ZkRcwE9JBpOvPiikQuBVvN_cxXXDUeK/s2342/Dominion%20Gas%20(1)%203.6%25%2012:15:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="612" data-original-width="2342" height="84" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjO4tnWsigg1UX0aevh3_isXOVypNXYdTTz5ZLYb6aRnUPwknL3VYu0UxE5Nkj6N9K1ji2xfXlDHbcAEhmRWYScLeeXpohqUYrjWYns0sFhkV5qUYvXplUdGE90RDTtr93U0GcOfu6iQZwj5BOoRqUZsqWNALvL0ZkRcwE9JBpOvPiikQuBVvN_cxXXDUeK/s320/Dominion%20Gas%20(1)%203.6%25%2012:15:24.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: An indirect subsidiary of Berkshire Hathaway through its ownership of Berkshire Hathaway Energy. This bond can be found as an outstanding obligation of at BHE subsidiary, see page <a href="https://www.sec.gov/Archives/edgar/data/71180/000108131623000005/bhe-20221231.htm" style="text-align: left;">146</a>. </span></p><p style="text-align: justify;"><a href="https://www.businesswire.com/news/home/20201102005438/en/Warren-Buffett%E2%80%99s-Berkshire-Hathaway-Energy-Completes-Acquisition-of-Majority-of-Dominion-Energy%E2%80%99s-Gas-Transmission-and-Storage-Business"><span style="font-family: georgia;">Warren Buffett’s Berkshire Hathaway Energy Completes Acquisition of Majority of Dominion Energy’s Gas Transmission and Storage Business- 11/2/2020</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Finra Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=257375AH8&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/A- </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost:<b> 5.28</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.65</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 2 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>D. Bought 2 Retail Opportunity 4% SU Bonds Maturing on 12/15/24 at a Total Cost of 98.697</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtYnfFmagoHRlHr4TqJh-M656RhR8kzk-GZvZ9zPgQgZmG6S74ayP8NVAaGQIRgwpV2ZZloHq9QjTJgm6dG7fl_IeXBnyVTL1VHejtyhPy4nLbN2cTrufsykX_T1655fB1XGe1FoH9wToUwjn_ounDpyyM4ou4lt8cmdcidC_uL-lfH1i3dpR6YpI2A63i/s2190/Retail%20Opporunity%20(2)%2012:15:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="802" data-original-width="2190" height="117" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtYnfFmagoHRlHr4TqJh-M656RhR8kzk-GZvZ9zPgQgZmG6S74ayP8NVAaGQIRgwpV2ZZloHq9QjTJgm6dG7fl_IeXBnyVTL1VHejtyhPy4nLbN2cTrufsykX_T1655fB1XGe1FoH9wToUwjn_ounDpyyM4ou4lt8cmdcidC_uL-lfH1i3dpR6YpI2A63i/s320/Retail%20Opporunity%20(2)%2012:15:24%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/roic?mod=search_symbol" style="text-align: left;">Retail Opportunity Investment Corp (ROIC)</a> - A Retail REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1407623&owner=exclude">ROIC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1407623/000140762323000098/roic-93023xpressreleasexex.htm">SEC Filed Earnings Press Release for the Q/E 9/30/23</a> (ROIC "is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of September 30, 2023, ROIC owned 93 shopping centers encompassing approximately 10.6 million square feet. ROIC is the largest publicly-traded, grocery-anchored")</span></p><div style="height: 42.75pt; position: relative; width: 1563px;"><span style="font-family: georgia;"><span style="text-align: justify;">FINRA Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=76132FAB3&bondType=CA">Bond Page | FINRA.org</a></span></div><div style="height: 42.75pt; position: relative; width: 1563px;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1407623/000119312514420062/d820392d424b5.htm">Prospectus</a> </span><div style="bottom: 0px; position: absolute; width: 1563px;"></div></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieKzVQdpTX4BeBNue7mlzYd0WvnWJ45K8VSdGPUvbh9x7it4n75SdQulk5tA6CX2IK7i_6dHK9Sq2beQNtqMFYrwvvoOCOOP7lWDvm9vrnePNTMOxhmMSyTwzlZTqTmSQpf8DmqhtJ4snm5y6xbIse2AMGSOC9pjLtFUEw4TDZ6XMEul-O2xwyihLCovth/s1352/Screenshot%202024-02-12%20at%2011.36.35%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="368" data-original-width="1352" height="87" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieKzVQdpTX4BeBNue7mlzYd0WvnWJ45K8VSdGPUvbh9x7it4n75SdQulk5tA6CX2IK7i_6dHK9Sq2beQNtqMFYrwvvoOCOOP7lWDvm9vrnePNTMOxhmMSyTwzlZTqTmSQpf8DmqhtJ4snm5y6xbIse2AMGSOC9pjLtFUEw4TDZ6XMEul-O2xwyihLCovth/s320/Screenshot%202024-02-12%20at%2011.36.35%E2%80%AFAM.png" width="320" /></span></a></div><div style="height: 42.75pt; position: relative; width: 1563px;"><span style="font-family: georgia; text-align: justify;">Credit Ratings: Baa2/BBB- </span></div><div style="height: 42.75pt; position: relative; width: 1563px;"><span style="font-family: georgia;"><span style="text-align: justify;">YTM at Total Cost: </span><span style="text-align: justify;"> </span><b style="text-align: justify;">5.6094</b><span style="text-align: justify;">%</span></span></div><div style="height: 42.75pt; position: relative; width: 1563px;"><span style="font-family: georgia;"><span style="text-align: justify;">Current Yield at TC = </span><b style="text-align: justify;">4.05</b><span style="text-align: justify;">%</span></span></div><div style="height: 42.75pt; position: relative; width: 1563px;"><span style="font-family: georgia;"><span style="text-align: justify;">This is the next SU bond to mature. Last December, ROIC paid off a $250M 5% SU by selling $350M in a 6.75% SU bond maturing in 2028 and using the remainder for other corporate purposes. </span><a href="https://www.sec.gov/Archives/edgar/data/1407623/000119312523236991/d527294d424b5.htm#tx527294_5">Prospectus</a><span style="text-align: justify;"> </span></span></div><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>E. Bought 2 Carlisle 3.5% SU Maturing on 12/1/24 at a Total Cost of 98.6</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5WtYPaXWZCQH9u_w10rSj5SsK3UfzAdxD-Q4o5SBI173hrL6afXeGr5EWyUCNlLOIj7FnNGlBYO7gwgqxj7GppWLSdNXgDuyG6EjZTCJyZzvbo0Try7bhtqAAFBl5-W2P0jJ0tpTBdPMHJprVnITNqMmit7NVvKJBwmAFC5fPBLFSrypyBdvsLBwpRTIj/s2440/Carlisle%20(2)%203.5%25%2012:1:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="244" data-original-width="2440" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5WtYPaXWZCQH9u_w10rSj5SsK3UfzAdxD-Q4o5SBI173hrL6afXeGr5EWyUCNlLOIj7FnNGlBYO7gwgqxj7GppWLSdNXgDuyG6EjZTCJyZzvbo0Try7bhtqAAFBl5-W2P0jJ0tpTBdPMHJprVnITNqMmit7NVvKJBwmAFC5fPBLFSrypyBdvsLBwpRTIj/s320/Carlisle%20(2)%203.5%25%2012:1:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/csl?mod=search_symbol" style="text-align: left;">Carlisle Cos. (CSL)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/csl/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">CSL Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=790051&owner=exclude">CSL SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/790051/000079005124000046/q42023-ex991xearningsrelea.htm">CSL SEC Filed Earnings Press Release for the Q/E 12/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=142339AG5&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.31</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.55</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>F. Bought 1 Ventas 3.5% LP SU Maturing on 2/1/25 at a Total Cost of 98.14</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxe1ArorkchfK-XN9tsqrNex9_pEnwMnUNpkuAcnU9oGyiOJXAroc63lu-ORa5iMunjSlsOazWw0lHXojrNq6Kh74xw1mY26AdMxdy0xlcdzSxGOXLh1lzHTBLdczhvPn00htdfCMfWOQzIozN3IrSgm91KnIc7TjZ13VhOjP_6MOUExUb8JoNohKeXFNY/s1760/Ventas%20(1)%203.5%25%202:1:2025%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="464" data-original-width="1760" height="84" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxe1ArorkchfK-XN9tsqrNex9_pEnwMnUNpkuAcnU9oGyiOJXAroc63lu-ORa5iMunjSlsOazWw0lHXojrNq6Kh74xw1mY26AdMxdy0xlcdzSxGOXLh1lzHTBLdczhvPn00htdfCMfWOQzIozN3IrSgm91KnIc7TjZ13VhOjP_6MOUExUb8JoNohKeXFNY/s320/Ventas%20(1)%203.5%25%202:1:2025%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: Operating entity for </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=92277GAE7&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB+ </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.506</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.566</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 4 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>G. Bought 1 Eastern Gas Transmission and Storage 3.6% SU Maturing on 12/15/24 at a Total Cost of 98.628</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzIXgqeIEXymTKIVgLUIRu-IlUjO03uMJzmjtFfoWw6WAdcqPe47d9Fw_fjeM2wJBkVvqiIhxX77ajb9BZ82WIAVPx-0NefHsoYXLil1Ra33GG3Yf4mip9Cf_wUu9-2OpmNDB6SV1slMg4SggMun6WfQ09Tr3vKDE3YN7eDfpWvoKthLqNgl3YhuvnArAe/s2372/Eastern%20Gas%203.6%25%2012:15:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="676" data-original-width="2372" height="91" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzIXgqeIEXymTKIVgLUIRu-IlUjO03uMJzmjtFfoWw6WAdcqPe47d9Fw_fjeM2wJBkVvqiIhxX77ajb9BZ82WIAVPx-0NefHsoYXLil1Ra33GG3Yf4mip9Cf_wUu9-2OpmNDB6SV1slMg4SggMun6WfQ09Tr3vKDE3YN7eDfpWvoKthLqNgl3YhuvnArAe/s320/Eastern%20Gas%203.6%25%2012:15:24%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Issuer: An indirect subsidiary of Berkshire Hathaway through its ownership of Berkshire Energy. </p><p style="text-align: justify;">Finra Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=276480AK6&bondType=CA">Bond Page | FINRA.org</a></p></span><span style="font-family: georgia;"><p style="text-align: justify;">Credit Ratings: A3/A- </p><p style="text-align: justify;">YTM at Total Cost: <b>5.3</b>%</p><p style="text-align: justify;">Current yield at TC = <b>3.65</b>%</p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I would continue buying this one in 1 bond lots provided each purchase was at the lowest price in the chain. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. Treasury Bills Purchased at Auction</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Bought 10 Treasury Bills at the 2/15/24 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgojkgJyFx0eSPJsWnL_vLk2ar3_4AhDKYd7j4doAywa1QL9l4ptXitFiWGwKRQPtdi6O988yUqauwUKxMS0mAJFn2kxzN3IW2iKmN_RSzYPvQ97BVgbdAI4Sa20XQa88h_b4VLAx03tUSa9oIJEnN7AGBIKKVNO6Ux4bC8KjkoGDYXJYPdukr3CCKsffOH/s2710/TREASURY%20(10)%204:16:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="308" data-original-width="2710" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgojkgJyFx0eSPJsWnL_vLk2ar3_4AhDKYd7j4doAywa1QL9l4ptXitFiWGwKRQPtdi6O988yUqauwUKxMS0mAJFn2kxzN3IW2iKmN_RSzYPvQ97BVgbdAI4Sa20XQa88h_b4VLAx03tUSa9oIJEnN7AGBIKKVNO6Ux4bC8KjkoGDYXJYPdukr3CCKsffOH/s320/TREASURY%20(10)%204:16:24.png" width="320" /></span></a></div><span style="font-family: georgia;">56 Day Bill </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 4/16/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $81.98</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate:<b> 5.402</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsYolqLkRt6pqtKrUHAlw1AcipXFPtcvPzFXuEsbdvp4pyF5j9I6SNLR0ToMed0VclPGNpcBwDux3sIcDN1TvWUqoKam9aFCOXt_kgRnAjoGkiea3i-qm9uX5HF_jAd1zlqcA58czRy7kwJLcfTnpt_N0ojXiZ3PiofQ_kt0yCrl1VFePnUdyi5mJU7Qr8/s1234/56%20BILL%205.402%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="612" data-original-width="1234" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsYolqLkRt6pqtKrUHAlw1AcipXFPtcvPzFXuEsbdvp4pyF5j9I6SNLR0ToMed0VclPGNpcBwDux3sIcDN1TvWUqoKam9aFCOXt_kgRnAjoGkiea3i-qm9uX5HF_jAd1zlqcA58czRy7kwJLcfTnpt_N0ojXiZ3PiofQ_kt0yCrl1VFePnUdyi5mJU7Qr8/s320/56%20BILL%205.402%25%20.png" width="320" /></span></a></div><b><span style="color: #800180; font-family: georgia;"><i><u><p style="text-align: justify;"><b><span style="color: #800180;"><i><u>B. Bought 5 Treasury Bills at the 2/12/24 Auction</u></i></span></b>: </p></u></i></span></b><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTyAAtz_lzIzjctElYw_oBp0GLcbfIccr7FJC51b1AAfNMhXo932Wt9y-3AWPV8TJ8MjSTTmPw7QRny5b3Ix2Aj-r9zehzUdqHkKzaQYlReJQGuFLUHkwU9vgTsQhb5w4Yo8Wyk8cZJ-5f_kMaJLylpJ5J2CKH-gdfDkuHfR8jUL6n_DgN0lwrH6aWNPlF/s2328/Treasury%20(5)%206:16:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="824" data-original-width="2328" height="113" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTyAAtz_lzIzjctElYw_oBp0GLcbfIccr7FJC51b1AAfNMhXo932Wt9y-3AWPV8TJ8MjSTTmPw7QRny5b3Ix2Aj-r9zehzUdqHkKzaQYlReJQGuFLUHkwU9vgTsQhb5w4Yo8Wyk8cZJ-5f_kMaJLylpJ5J2CKH-gdfDkuHfR8jUL6n_DgN0lwrH6aWNPlF/s320/Treasury%20(5)%206:16:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">91 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 5/16/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $66.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate:<b> 5.388</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzQ63pL4HQ0J89vaA0Z6Sr8d4SVFDF-WPHSGndL2B8vFpr1_2S9fpFUqjl-CgGxOj6TNt9BH2Ek9opnJR4lBwoaPfPRQTQ2GDlbSCgEPg91oHmZgjZM2oB2mSpaziuUKdjioklVLT9ToA7vPqz70Js917pyDQAbR1k5IywEjo7RDcz8G2meCrNX2hU92tv/s1116/Screenshot%202024-02-12%20at%2011.38.16%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="562" data-original-width="1116" height="161" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzQ63pL4HQ0J89vaA0Z6Sr8d4SVFDF-WPHSGndL2B8vFpr1_2S9fpFUqjl-CgGxOj6TNt9BH2Ek9opnJR4lBwoaPfPRQTQ2GDlbSCgEPg91oHmZgjZM2oB2mSpaziuUKdjioklVLT9ToA7vPqz70Js917pyDQAbR1k5IywEjo7RDcz8G2meCrNX2hU92tv/s320/Screenshot%202024-02-12%20at%2011.38.16%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Bought 2 Treasury Bills at the 2/12/24 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWrItmNpR5KvO37C-7wpmlP_H2yTJy36hyezsQ46HmTo2nt6lfdIWeCa3uCC0ZAMud3dpVfYGbYQFePyoms3RWolTh2GqqNWImMGUnTQNnCeY4WzO2OVX74gqkUqRqNqllpX_pu6S1pGjb-e0OO17W_jokhN72-sPij1HM7HyyLyj57405L8sXTLPNttEy/s2378/Treasury%20(2)%208:15:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="604" data-original-width="2378" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWrItmNpR5KvO37C-7wpmlP_H2yTJy36hyezsQ46HmTo2nt6lfdIWeCa3uCC0ZAMud3dpVfYGbYQFePyoms3RWolTh2GqqNWImMGUnTQNnCeY4WzO2OVX74gqkUqRqNqllpX_pu6S1pGjb-e0OO17W_jokhN72-sPij1HM7HyyLyj57405L8sXTLPNttEy/s320/Treasury%20(2)%208:15:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">182 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 8/15/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $51.21</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Rate: </span><b>5.285</b><span>%</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9wuUPMIAyGXG6LfYV9uDGzAdQgQBww5dUnhLSsiJLVMN__HtPr7-yxR1BFlJpIavRsgb3pe9dDuflLWsdYpvt5mwMTaK1dPhUJRAolbQOJ4F3Wp7yT4fwN8K5dRjx3Pwf-DE1-Yfz8zDDUImr5f_wLsNOHVMk-SUJDos3UEI-telpSdJMdSuIcXCdbUa7/s1096/Screenshot%202024-02-12%20at%2011.39.17%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="572" data-original-width="1096" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9wuUPMIAyGXG6LfYV9uDGzAdQgQBww5dUnhLSsiJLVMN__HtPr7-yxR1BFlJpIavRsgb3pe9dDuflLWsdYpvt5mwMTaK1dPhUJRAolbQOJ4F3Wp7yT4fwN8K5dRjx3Pwf-DE1-Yfz8zDDUImr5f_wLsNOHVMk-SUJDos3UEI-telpSdJMdSuIcXCdbUa7/s320/Screenshot%202024-02-12%20at%2011.39.17%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><i><span style="color: #800180;"><u>D. Bought 5 Treasury Bills at the 2/14/24 Auction</u></span></i></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFDvZV5mCZSrXkdt4mK-WhhhqxhHY-pdv_kgvDUdd2uyTaopuTk6uN_sTcqL4c65vsgzrvSde80GvtOaCdjZa_oiiZXkNnvoj5UhD7pYmph_Jciockd8docLJjb4vAV8mEDx3YvhCIM2qvdm0MHJL-qDRggn7UT8z25S1jX_Mmylx3FFVl1yXeDmaiCMac/s2770/Treasury%20(2)%206:18:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="212" data-original-width="2770" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFDvZV5mCZSrXkdt4mK-WhhhqxhHY-pdv_kgvDUdd2uyTaopuTk6uN_sTcqL4c65vsgzrvSde80GvtOaCdjZa_oiiZXkNnvoj5UhD7pYmph_Jciockd8docLJjb4vAV8mEDx3YvhCIM2qvdm0MHJL-qDRggn7UT8z25S1jX_Mmylx3FFVl1yXeDmaiCMac/s320/Treasury%20(2)%206:18:24.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4jQXV_l3PIxXvtmv1BKfrJQfyLmnEhxIRY6vdb6-3oDugQxTY53rqjCjQUm2BRSD4L5lobF6FFOegu_m0LgHjnXp25hpC3FuPp3GQygq9hN8F3Ufqbm1zonCGhyvttq4aBXMZDXf-z-GAfwZEH_v_BSB-vaVDFDpg3vbaVOLJ5KxCZPc50tz9QKWefwzO/s2162/Treasury%20(3)%206:16:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="722" data-original-width="2162" height="107" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4jQXV_l3PIxXvtmv1BKfrJQfyLmnEhxIRY6vdb6-3oDugQxTY53rqjCjQUm2BRSD4L5lobF6FFOegu_m0LgHjnXp25hpC3FuPp3GQygq9hN8F3Ufqbm1zonCGhyvttq4aBXMZDXf-z-GAfwZEH_v_BSB-vaVDFDpg3vbaVOLJ5KxCZPc50tz9QKWefwzO/s320/Treasury%20(3)%206:16:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">119 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 6/18/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $86.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.395</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQDMsQdzLkyG8_px8xBN-tDh_mfMONJ63nhtiiL7xlU7ehnx4tiZpO8SXvsi_tjuVBhut6XesxU0FrMBH4muxH_YYj7fwCw-cldskRwX5mqYnAO8AX2Of2U3jBPIrjgeqXS-Jq57xsbjcRiMpMMrCDjQ7g0HkeKMYpKQBwoUKRyb2k0X-01bxsEaCAxLPs/s1172/Screenshot%202024-02-14%20at%2011.13.10%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="558" data-original-width="1172" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQDMsQdzLkyG8_px8xBN-tDh_mfMONJ63nhtiiL7xlU7ehnx4tiZpO8SXvsi_tjuVBhut6XesxU0FrMBH4muxH_YYj7fwCw-cldskRwX5mqYnAO8AX2Of2U3jBPIrjgeqXS-Jq57xsbjcRiMpMMrCDjQ7g0HkeKMYpKQBwoUKRyb2k0X-01bxsEaCAxLPs/s320/Screenshot%202024-02-14%20at%2011.13.10%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. U.S. Equity Preferred Stocks</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Added to ARGOPRA - Bought 5 at $23.7</u></i></span></b><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUQ774yhs60uic9wv6pomfTJLfRQ1TqluFxYDzkBUlh2ITNZ3Jvd8FJ2xdkf7dTxsEFkSX6MkMt32fPDfnxDQvcYhuAPEqxwzZCxULMTc_tXyUsaMUJH7fG3_8Z9ZSs8jAjrS4Pq8q7K2ciqvxPmIXM5JVYRyRDI2-simN0lzDgMCPfz44F3LJdwmdaeRr/s2806/argopra%205%20at%20$23.7%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="254" data-original-width="2806" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUQ774yhs60uic9wv6pomfTJLfRQ1TqluFxYDzkBUlh2ITNZ3Jvd8FJ2xdkf7dTxsEFkSX6MkMt32fPDfnxDQvcYhuAPEqxwzZCxULMTc_tXyUsaMUJH7fG3_8Z9ZSs8jAjrS4Pq8q7K2ciqvxPmIXM5JVYRyRDI2-simN0lzDgMCPfz44F3LJdwmdaeRr/s320/argopra%205%20at%20$23.7%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/argo.pra" style="text-align: left; text-indent: 48px;">Argo Group International Holdings Ltd. Series A Non-Cumulative Preferred Stock</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $118.5 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The original issuer was acquired by <a href="https://www.marketwatch.com/investing/stock/bnre?mod=search_symbol" style="text-align: left;">Brookfield Reinsurance Ltd. (BNRE)</a>.</span></p><p style="text-align: justify;"><a href="https://www.businesswire.com/news/home/20231115914463/en/Brookfield-Reinsurance-Completes-1.1-Billion-Acquisition-of-Argo-Group" style="text-align: left;"><span style="font-family: georgia;">Brookfield Reinsurance Completes $1.1 Billion Acquisition of Argo Group</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1837429/000117184324000676/exh_991.htm"><span style="font-family: georgia;">BNRE SEC Filed Earnings Press Release for the Q/E 12/31/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/09/adx-aod-argopra-bwbbp-cag-fbiox-khc.html" style="text-align: left;">Item # 3.C. Eliminated Duplicate Position in ARGOPRA - Sold 15 at $22.86 and Item 3.D. Added 4 ARGOPRA in Schwab Account at (9/9/23 Post)</a>(profit snapshot = $47.58) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Prior Buy Discussion</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/01/argopra-eai-fcntx-feny-fhb-fnb-fsptx.html" style="text-align: left;">Item # 2.C. Added 5 AGROPRA at $19.05 (1/10/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 7% to but excluding 9/15/25 then, if not called, resets for 5 years at a 6.712% spread to the 5 year treasury note. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the Capital Structure: Equity Preferred Stock </span></p><p style="text-align: justify;"><span style="font-family: georgia;">New Average Cost per share: <b>$24.35</b> (30 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Yield at New AC (using current fixed rate coupon) = <b>7.1869</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Last Ex Dividend: 11/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid Quarterly, Qualified and Non-Cumulative. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is a link to the original prospectus. <a href="https://www.sec.gov/Archives/edgar/data/1091748/000119312520190244/d112454d424b2.htm#supprom112454_9" style="text-align: left;">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">After Argo was acquired, a new prospectus was issued that had the same terms. A new prospectus was issued due to a name change and reincorporation from a Bermuda company to a U.S. registered one. <a href="https://www.sec.gov/Archives/edgar/data/1091748/000110465923122829/tm2331225d1_8k.htm" style="text-align: left;">SEC Form 8-K</a> The new prospectus for ARGOPRA is attached as Exhibit A to the the SEC Certificate of Incorporation. <a href="https://www.sec.gov/Archives/edgar/data/1091748/000110465923122829/tm2331225d1_ex3-1.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The dividend rate is the same: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlKGL6NcVL5v4sRoEqo7fbo2hL9rU1won-bZPNYKLetoNm1JHmT9H35hA2A8s6YFL-EB5QBU9T2C4EvkoS0hJpUVDVidarqIeY1b8wxVXD9cyTGATB8LZ-C5QYH9cWxC71OjFY0MLqxO-A2muEy-DQNBV2HQegJdpMRtYefwEfGJdUMla-PWEmCcOamXhs/s3326/Screenshot%202024-02-14%20at%204.50.45%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="98" data-original-width="3326" height="9" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlKGL6NcVL5v4sRoEqo7fbo2hL9rU1won-bZPNYKLetoNm1JHmT9H35hA2A8s6YFL-EB5QBU9T2C4EvkoS0hJpUVDVidarqIeY1b8wxVXD9cyTGATB8LZ-C5QYH9cWxC71OjFY0MLqxO-A2muEy-DQNBV2HQegJdpMRtYefwEfGJdUMla-PWEmCcOamXhs/s320/Screenshot%202024-02-14%20at%204.50.45%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">While I would not predict what the 5 year treasury rate will be on the September reset date, I doubt that Brookfield will want to pay a 6.712% spread to that rate. My current prediction, subject to change, is that this preferred stock will be called on the reset date. </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Eliminated TFC.PRI - Sold 5 at $21.71</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1wAIe-NHLap95fWi7apE3dtvwMz3MIl55j4nNc4PNwTTs6H2G0ubpygNBCZgTOWP4q49zuVXyeZwsl7AXZzVf1bZiJhYDDbj7DY-vPkrZ-z_NWa27fj5ej5LpZHOpnntkicy1JwqirYLKQ1gHvqbgox7iSZjfSVbJYM46RStI95Jk6dsOhbnszOOZGZwx/s2682/TFCPRI%205%20AT%20$25.71%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="162" data-original-width="2682" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1wAIe-NHLap95fWi7apE3dtvwMz3MIl55j4nNc4PNwTTs6H2G0ubpygNBCZgTOWP4q49zuVXyeZwsl7AXZzVf1bZiJhYDDbj7DY-vPkrZ-z_NWa27fj5ej5LpZHOpnntkicy1JwqirYLKQ1gHvqbgox7iSZjfSVbJYM46RStI95Jk6dsOhbnszOOZGZwx/s320/TFCPRI%205%20AT%20$25.71%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/TFC-PI?p=TFC-PI&.tsrc=fin-srch" style="text-align: left;">TFC-PI</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $108.56</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/tfc?mod=search_symbol" style="text-align: left;">Truist Financial Corp (TFC)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$8.56</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx6m3iovKT3z5IHrFr69YmBUgLIJTWToCutMbS9LFx_JxttCxSHrJ4GQ9or_wUR7lzjoxmCI9VPJMpRgb4LU-UfuM-_tcORZWrj9zkBmaUvn0CWgvwVjS-tYieNkSSOuWMlUw9G6w3LhE4peNdP2spAAM5Wkpx8f3C8sJWKyEuiwq-cBp7ESQ445oatwUW/s2452/2024%20TFCPRI%205%20Shares%20$8.56%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="772" data-original-width="2452" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx6m3iovKT3z5IHrFr69YmBUgLIJTWToCutMbS9LFx_JxttCxSHrJ4GQ9or_wUR7lzjoxmCI9VPJMpRgb4LU-UfuM-_tcORZWrj9zkBmaUvn0CWgvwVjS-tYieNkSSOuWMlUw9G6w3LhE4peNdP2spAAM5Wkpx8f3C8sJWKyEuiwq-cBp7ESQ445oatwUW/s320/2024%20TFCPRI%205%20Shares%20$8.56%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">Last Discussed: <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 2.B. Bought 5 TFCPRI at $20 (11/4/23 Post)</a> </span></p><div style="text-align: justify;"><span style="font-family: georgia;">Description: Equity Preferred Stock</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>TFC Preferred Stock Terms: </span><a href="https://ir.truist.com/preferred-stock">Preferred Stock-Truist Investor Relations</a></span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Par Value: $25</span></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Coupon: <b>Greater of</b> 4% or .53 spread over 3 month SOFR + the tenor spread of .26161%. The original floating rate was the 3 month Libor. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sofrrate.com/">Secured Overnight Financing Rate (SOFR)</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/92230/000119312519308844/d841243dex31.htm">Prospectus</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Issuer Optional Call: On or after 12/15/24</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Stopper Clause: Standard</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Dividend: Resets quarterly. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Last Ex Dividend: 2/8/24</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">When the FED starts to cut the FF rate, the coupon will reset lower. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Eliminated KREPRA - Sold 10 at $18.32</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcPAPuuz-6OX62iZ36-Rp0gOTuZ-5VzwnYAgetdIbZmtvmVAE4QTfIboO1A-nJXhyphenhyphen-GGCHNhTj0SnZutvuhf5D8i5HfoQulW1OgOiJXjnL52jvC82wdG9nrLDRlUvsSnDLGEPcUSbH6JeF5mBXnw2TvGz4WzL4oCB9mwqirFQvSFzbyQQoeQsco8SitkI7/s2488/KREFPRA%2010%20AT%20$18.32%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="118" data-original-width="2488" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcPAPuuz-6OX62iZ36-Rp0gOTuZ-5VzwnYAgetdIbZmtvmVAE4QTfIboO1A-nJXhyphenhyphen-GGCHNhTj0SnZutvuhf5D8i5HfoQulW1OgOiJXjnL52jvC82wdG9nrLDRlUvsSnDLGEPcUSbH6JeF5mBXnw2TvGz4WzL4oCB9mwqirFQvSFzbyQQoeQsco8SitkI7/s320/KREFPRA%2010%20AT%20$18.32%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/kref.pra?mod=search_symbol" style="text-align: left;">KKR Real Estate Finance Trust Inc. 6.5% Pfd. Series A</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $183.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/kref?mod=search_symbol" style="text-align: left;">KKR Real Estate Finance Trust Inc. (KREF)</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1631596&owner=exclude"><span style="font-family: georgia;">KREF SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>This position was eliminated based on increased concerns about credit risks resulting from the loss reported for the 2023 4th quarter. </span><a href="https://www.sec.gov/Archives/edgar/data/1631596/000163159624000007/a202312-exhibit99x1.htm" style="text-align: left;">SEC Filed Earnings Press Release for the Q/E 12/31/23</a> The company reported a net loss of $18.7M and a $26M loss in distributable earnings. In December 2023, the company took title to an office building in Philadelphia after the owner defaulted on KREF's loan and the company took a $58.7M realized loss on that loan. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$23.01</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjh9LZiE0s8MXnrZ8hEkpnjhfkFgueLJBjj1dRnlijdeAbsPeDQTYA9ad_hrB8v63LjMngn_nDK0WWItOEwBs15UOXaDAp8jDfwZPCcbWtS1qrd6935kZ1O2b0JbCmBYFU9i5h2gXg0uIdEiV3x_HvTGoYNsCHnsDYKcCNqMwu-9I0ZrrpyuVpYWF5c2QYx/s1958/2024%20KREFPRA%2010%20+$23.01%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="164" data-original-width="1958" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjh9LZiE0s8MXnrZ8hEkpnjhfkFgueLJBjj1dRnlijdeAbsPeDQTYA9ad_hrB8v63LjMngn_nDK0WWItOEwBs15UOXaDAp8jDfwZPCcbWtS1qrd6935kZ1O2b0JbCmBYFU9i5h2gXg0uIdEiV3x_HvTGoYNsCHnsDYKcCNqMwu-9I0ZrrpyuVpYWF5c2QYx/s320/2024%20KREFPRA%2010%20+$23.01%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/01/argopra-eai-fcntx-feny-fhb-fnb-fsptx.html" style="text-align: left;">Item # 2.A. Bought 10 KREFPRA (1/10/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Security</u></i>: <a href="https://www.sec.gov/Archives/edgar/data/1631596/000114036121012622/nt10022838x2_424b5.htm" style="text-align: left;">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">IPO at $25 in April 2021</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid Quarterly and Cumulative</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/29/22</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>6. Exchange Traded Bond</b></span>: </span></p><p style="text-align: justify;"><span><i><span style="color: #800180;"><b><u>A. Added 5 GLADZ at $24.88</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgkD-zbyQRvv_qSV1z3wh4aguQ2BcDyKLd_Ym2jh-Q03SQEY8JzsoxjUMC0hzPprOekGOFJvjTDnelMiHc1WcC0FeFdkmdXHHhZYYjQm2qRrgZbxcjYRW1x65CNjtE4ISDkXccH7Nzy2cBe42UOWyy4WgTfLiphdlgGIT1DS5mUPMVvl6pKvafe1hY7bNY/s2764/gladz%205%20at%20$24.88%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="208" data-original-width="2764" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgkD-zbyQRvv_qSV1z3wh4aguQ2BcDyKLd_Ym2jh-Q03SQEY8JzsoxjUMC0hzPprOekGOFJvjTDnelMiHc1WcC0FeFdkmdXHHhZYYjQm2qRrgZbxcjYRW1x65CNjtE4ISDkXccH7Nzy2cBe42UOWyy4WgTfLiphdlgGIT1DS5mUPMVvl6pKvafe1hY7bNY/s320/gladz%205%20at%20$24.88%20.png" width="320" /></a></div><p style="text-align: justify;">Quote: <a href="https://finance.yahoo.com/quote/GLADZ" style="text-align: left;">Gladstone Capital Corporation 7.75% Notes due 2028 (GLADZ)</a> </p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/09/bmy-cag-ctopra-dpg-fhn-fsk-gladz-gnlprd.html" style="text-align: left;">Item # 6.A. Bought 5 at $24.94 (9/16/23 Post)</a> </p><p style="text-align: justify;"><span style="font-family: georgia;">This SU bond was trading over par value prior to the ex interest date. I added this 5 share lot on the ex interest date which allowed for a below par value purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/glad?mod=search_symbol" style="text-align: left;">Gladstone Capital Corp. (GLAD)</a> - An Externally Managed BDC</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1143513&owner=exclude"><span style="font-family: georgia;">GLAD SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1143513/000119312523194606/d533533dex991.htm">GLAD SEC Filed EarningsPress Release for the Q/E 6/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.gladstonecapital.com/">Gladstone Capital Corporation (GLAD)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Contrary to the description of this security in the previous snapshot as a preferred stock, GLADZ is a senior unsecured bond. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is made clear in the prospectus. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1143513/000119312523212356/d531429d424b2.htm" style="text-align: left;">Prospectus</a>: "T<span style="background-color: white; text-align: left; text-indent: 4%;">he Notes will be our direct unsecured obligations and rank equal in right of payment with all outstanding and future unsecured, unsubordinated indebtedness issued by us (including our 3.75% Notes due 2027 and 5.125% Notes due 2026). Because the Notes will not be secured by any of our assets, they will be effectively subordinated to any future secured indebtedness of Gladstone Capital Corporation (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness."</span><span style="background-color: white; text-align: left; text-indent: 4%;"> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left; text-indent: 4%;">Referring to this note as "unsecured, unsubordinated indebtedness" indicates that the security is a senior unsecured bond, not a preferred stock. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left; text-indent: 4%;">Investment Category: </span></span><a href="https://tennesseeindependent.blogspot.com/2017/01/exchange-traded-baby-bonds.html" style="text-align: left;">Exchange Traded Baby Bonds</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded: Trades flat on the stock exchange. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left; text-indent: 4%;">Coupon: 7.5%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left; text-indent: 4%;">Par Value: $25</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: 9/1/2028</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Optional Call at par value: On or after 9/1/2025</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: Made Quarterly</span></p><p style="text-align: justify;"><span style="font-family: georgia;">New Average cost per share: $24.91 (10 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Yield at Total Cost: <b> 7.527</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">First Ex Interest Date: 11/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The first payment includes 1 full quarterly period and a partial quarter. The amount will be $.5597+ per share. </span><span style="font-family: georgia;">The regular quarterly interest payment thereafter will be $.46875.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Interest Date</i></u>: 2/14/24 (owned 5 shares as of)</span></p><p style="text-align: justify;"><span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.gladstonecapital.com/investors/news-events/press-releases/detail/347/gladstone-capital-corporation-prices-public-offering-of">Gladstone Capital Corporation Prices Public Offering of 7.75% Notes due 2028</a> (10/10/23)</span></p><p style="text-align: justify;"><b><span style="color: #2b00fe;">7. Cash Flow into My Fidelity Taxable Account on 2/15/24</span></b>: </p><p style="text-align: justify;"><span style="font-family: georgia;">I have 4 brokerage accounts and 1 mutual fund account with T. Rowe Price. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A major part of my investment strategy is to generate a constant stream of cash flow into my brokerage accounts. The cash flow will consist of dividend and interest payments as well as proceeds from maturing securities. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest payments from Tennessee municipal bonds are made on the 1st business day of each month. Those bonds are owned in 3 taxable accounts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate bond interest payments are made every week but more than 1/2th will occur on the 1st, 15th and last business day of each month. I own corporate bonds in all 4 brokerage accounts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Redemption Proceeds: $10,000</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0ZEry5BgMRlDI5Pm18eFknSXGoczBf3gHBXCzsh_7tPkQEdZUFuyZgnLP95fpvmTX0GPXYbCacYB-LY1sfeHQ26m64f1n3ttNfSzp1BZgjlnsT2nQAfyw1ik72XeCqbPd7cFZLGgVf1Otfu1oohWyFXM85qBl3InqmKJoBoaaB_Ey4357IrVHoX4jtdo2/s2126/Redemption%20Proceeds%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1052" data-original-width="2126" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0ZEry5BgMRlDI5Pm18eFknSXGoczBf3gHBXCzsh_7tPkQEdZUFuyZgnLP95fpvmTX0GPXYbCacYB-LY1sfeHQ26m64f1n3ttNfSzp1BZgjlnsT2nQAfyw1ik72XeCqbPd7cFZLGgVf1Otfu1oohWyFXM85qBl3InqmKJoBoaaB_Ey4357IrVHoX4jtdo2/s320/Redemption%20Proceeds%20.png" width="320" /></a></div><p></p><p style="text-align: justify;">Interest and Dividend Payments: $423.46</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjea4Xj_aZVmiHi_mclMQvsxnstmylaGrQcEFnqTorAeWo9UyazZXgYQeaJX-nDjmHt6IKUz5x53s7iwsM3F9FnyoCMkCRbBi7ZcHT2U3GscuggufOcr5bujav5FcNDa7mezaEKkn-kWc5jOsVP8hLdXgU2QmNwBQ_RiVa172FL6Lj7JKpG_zgA9uJoGM-K/s2164/1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1580" data-original-width="2164" height="234" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjea4Xj_aZVmiHi_mclMQvsxnstmylaGrQcEFnqTorAeWo9UyazZXgYQeaJX-nDjmHt6IKUz5x53s7iwsM3F9FnyoCMkCRbBi7ZcHT2U3GscuggufOcr5bujav5FcNDa7mezaEKkn-kWc5jOsVP8hLdXgU2QmNwBQ_RiVa172FL6Lj7JKpG_zgA9uJoGM-K/s320/1.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6eaYjHY1Gk7-0t-FKLtejF5vKUGt5Txx36laJ_ea_xQ5DnnfrmGaqWlfZ9X0fgtY04tjxpDXCYRu37MtX8MjFRg75NaCtYNzPXbJWuLCtMTWbg8s4iQW00Qyn89kHJIIFFfX1fK4AINldRackh2qIDSPR5VptxByD34BxE3kJkhCwJbQL2cDkotPjgGAp/s2164/2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1610" data-original-width="2164" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6eaYjHY1Gk7-0t-FKLtejF5vKUGt5Txx36laJ_ea_xQ5DnnfrmGaqWlfZ9X0fgtY04tjxpDXCYRu37MtX8MjFRg75NaCtYNzPXbJWuLCtMTWbg8s4iQW00Qyn89kHJIIFFfX1fK4AINldRackh2qIDSPR5VptxByD34BxE3kJkhCwJbQL2cDkotPjgGAp/s320/2.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrMW0uHpY_bE1WB1su7KMB-nL6RM8RCK4WLWvI62cRp4-_6eHAihTPFBxXdgv0CWvQWMVQeOeOgUKUosSfx3n7JEa6szkEITSQG9oNDvRfv4wa8mt2C6r3y6Zrdlp16ZWpBvzPhWLvpkDU0I2cy2hS_VPH9mx0e7IMCKd4tbmIVV2ZF6YArk0OJCSgBj8M/s2150/3.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1032" data-original-width="2150" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrMW0uHpY_bE1WB1su7KMB-nL6RM8RCK4WLWvI62cRp4-_6eHAihTPFBxXdgv0CWvQWMVQeOeOgUKUosSfx3n7JEa6szkEITSQG9oNDvRfv4wa8mt2C6r3y6Zrdlp16ZWpBvzPhWLvpkDU0I2cy2hS_VPH9mx0e7IMCKd4tbmIVV2ZF6YArk0OJCSgBj8M/s320/3.png" width="320" /></a></div><p style="text-align: justify;">I own all of the corporate bonds referenced in these snapshots in other taxable accounts except for the Virginia Electric bonds that were only owned in my Fidelity account. </p><p style="text-align: justify;">The National Rural Electric and Goldman Sachs SU bonds pay monthly interest and the positions are just 1 bond lots. </p><p style="text-align: justify;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></p></span></div></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com1tag:blogger.com,1999:blog-2986124651030959736.post-3708912147715881942024-02-09T08:35:00.005-06:002024-02-10T06:10:35.557-06:00AY, BMY, HBAN, MAA, METPRA, MOR, NOMD, NSA, NSAPRA, REXPRC, TAC <p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.nytimes.com/2024/02/04/business/economy/jerome-powell-rates-federal-reserve.html">Fed Chair Powell Says Officials Need More ‘Good’ Data Before Cutting Rates - The New York Times</a> The article summarizes Powell's interview on 60 minutes that aired last Sunday. Powell: "</span><span style="background-color: white; color: #363636; text-align: left;">We think we can be careful in approaching this decision just because of the strength that we’re seeing in the economy." The progress on inflation </span><span style="background-color: white; color: #363636; text-align: left;">"doesn’t need to be better than what we’ve seen, or even as good. It just needs to be good". </span><a href="https://www.youtube.com/watch?v=ImrKxlLJCEY" style="text-align: left;">Fed Chair Jerome Powell: The 2024 60 Minutes Interview - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.newyorkfed.org/newsevents/news/research/2024/20240206">Credit Card and Auto Loan Delinquencies Continue Rising; Notably Among Younger Borrowers - FEDERAL RESERVE BANK of NEW YORK</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Intermediate and longer term treasury yields have started to move back up so far this year. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUlY8OdwjyBRcgLMKj-nl3OgycdOEFzIaCBkKRDH9lUGJ2BPI-MfsXReB2LhBVddsAPDbRXel30dBSl5f7-PD1q_ct6V4iX1FAsSEiz4D20TsUSQVltoFYzGGjQWW1CHpwvEBbqUbNESrOpItu8YQQVDAt-fclXD1LJjgE0q9HzrbyHRw4gRUeabEsfWed/s1754/Screenshot%202024-02-09%20at%207.45.06%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1576" data-original-width="1754" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUlY8OdwjyBRcgLMKj-nl3OgycdOEFzIaCBkKRDH9lUGJ2BPI-MfsXReB2LhBVddsAPDbRXel30dBSl5f7-PD1q_ct6V4iX1FAsSEiz4D20TsUSQVltoFYzGGjQWW1CHpwvEBbqUbNESrOpItu8YQQVDAt-fclXD1LJjgE0q9HzrbyHRw4gRUeabEsfWed/s320/Screenshot%202024-02-09%20at%207.45.06%E2%80%AFAM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl4QptQme7zHuZxaPXfoCmINlkIx32OucUnHAPKYjbun8FiyBsOCDZgDk6opoHURgCwrqyQ05N8UPecyjaDc2DXPAnVqXkSxDGZGWm8bLbkTuQhKTh2qJlpyjQRLxA1dbWHBY2FpiQLpR1iKr9aPEBAgZtPzuB_TZodPskrLpuIQtP8yrI25F6hcH5ZX4-/s1760/Screenshot%202024-02-09%20at%207.45.48%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1022" data-original-width="1760" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl4QptQme7zHuZxaPXfoCmINlkIx32OucUnHAPKYjbun8FiyBsOCDZgDk6opoHURgCwrqyQ05N8UPecyjaDc2DXPAnVqXkSxDGZGWm8bLbkTuQhKTh2qJlpyjQRLxA1dbWHBY2FpiQLpR1iKr9aPEBAgZtPzuB_TZodPskrLpuIQtP8yrI25F6hcH5ZX4-/s320/Screenshot%202024-02-09%20at%207.45.48%E2%80%AFAM.png" width="320" /></span></a></div><div><p style="text-align: justify;"><span style="font-family: georgia;">I would attribute the rise to better than expected economic reports and to concerns developing about input cost inflation including the increased costs arising from the ongoing supply chain disruptions resulting from Houthi attacks on red sea cargo ships and the rerouting of those ships to the Cape of Good Hope. <a href="https://www.pbs.org/newshour/world/how-houthi-rebel-attacks-in-the-red-sea-threaten-global-shipping" style="text-align: left;">How Houthi rebel attacks in the Red Sea threaten global shipping | PBS NewsHour</a>; <a href="https://www.nytimes.com/interactive/2024/01/20/world/middleeast/houthi-red-sea-shipping.html" style="text-align: left;">How Houthi Attacks in the Red Sea Upended Global Shipping - The New York Times</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Given my investment allocations, I will personally benefit from a rise in interest rates as my short term treasury bills and investment grade corporate bonds mature. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $18,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $8,000 in principal amount </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual Common Stocks (discussed in this post): <span style="color: red;">-</span>$36.11</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $1,181.63 in proceeds minus $1,145.52 in purchases) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Realized Gains Common Stocks: <span style="color: #6aa84f;">+</span>$421.87</span></p><p style="text-align: justify;"><span style="font-family: georgia;">U.S. Equity Preferred Stocks: <span style="color: #6aa84f;">+</span>$329.15</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $449.5 in purchases minus $120.5 in proceeds)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Common Stocks/Stock Funds: <span style="color: red;">-</span>$10,964.31 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Outflow Common Stocks/Stock Funds: <span style="color: red;">-</span>$27,091.82 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The outflows in common stocks and stock funds in 2023 and so far in 2024 is primarily a response to the risk free return in treasury bills purchased at auctions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The Supreme Court will reverse the Colorado Supreme Court decision without reaching the issue of whether Trump engaged in an insurrection. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The facts IMO support the Colorado's Supreme Court decision that Trump had in fact engaged in an insurrection. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The U.S. Supreme Court decision is likely to be unanimous. Many will disagree. <a href="https://www.youtube.com/watch?v=hSgQU7jthDM" style="text-align: left;">'Appalling!': Historians torch Supreme Court's handling of Trump ballot case - YouTube</a>; <a href="https://www.youtube.com/watch?v=W59pzP7bTXI" style="text-align: left;">Prof. Tribe on Trump ballot case: Colorado was doing its job applying the Constitution - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Whatever the reasoning, it would be a bad idea to kick Trump off the ballot. Trump needs to be decisively beaten in the vote counts, losing competitive states by such large percentages so that even most republicans will have to admit he lost. Trump will never accept defeat, irrespective of Biden's margin of victory. (My Video: <a href="https://www.youtube.com/watch?v=0R6MUhZP0hg&t=83s" style="text-align: left;">Trump Will Never Accept an Election Loss - YouTube</a>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The U.S. Court of Appeals rejected Donald's argument that he was entitled to immunity from prosecution for alleged crimes committed while he was president. I discuss that decision in this YT video: <a href="https://www.youtube.com/watch?v=07lG6AdPOO0&t=216s" style="text-align: left;">Trump Has No Immunity for Crimes Committed as President - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.theguardian.com/us-news/2024/feb/02/robert-kaplan-trump-c-word-e-jean-carroll-lawyer">E Jean Carroll lawyer says Trump used coded version of C-word against her-The Guardian</a> Trump is crude and his behavior constantly reminds anyone who is not a cult member that he never matured into an adult. I discuss that Trump juvenile remark in this video: </span><a href="https://www.youtube.com/watch?v=83dIua4u_qI&t=87s" style="text-align: left;">Trump's Juvenile Behavior - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/04/politics/fact-check-trump-invade-iraq/index.html">Fact check: Trump makes false claims about Iraq, Iran and Nikki Haley in new Fox interview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/nation/2024/02/06/mayorkas-impeachment-dhs-secretaries/" style="text-align: left;">Former DHS leaders: Mayorkas impeachment jeopardizes national security - The Washington Post</a><span> There is no factual or legal basis for the impeachment. The impeachment resolution resulted in a tie vote, which would have resulted in a republican loss. To keep the issue alive, one republican changed his vote to no which resulted in 214 yes votes for impeachment and 216 against. The republicans may try again; provided Steve Scalise, who is being treated for cancer, is well enough to cast his vote. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>If a Democrat wins the special election next Tuesday in New York's third congressional district, the seat formerly held by the republican George Santos who was expelled from office, the impeachment will not happen even if Scalise returns, provided the 3 republicans continue to vote no. </span></span><a href="https://www.cnn.com/2024/02/08/politics/takeaways-new-york-3-special-election-debate/index.html" style="text-align: left;">Takeaways from the New York special election debate | CNN Politics</a> And if the republican wins, the impeachment will likely happen. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>One Democrat showed up in his hospital garb, recovering from a stomach operation, to cast a no vote. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The resolution would have passed if the former speaker Kevin McCarthy had not resigned in disgust after being removed by a vote initiated by the MAGA republicans who were unhappy that McCarthy did not shut the government down.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>A Senate trial of Mayorkas would have highlighted the lack of factual and legal justification for the impeachment that would disgust swing voters even more, causing more to vote against Trump for President as well as republican candidates for the House and the Senate. I believe this impeachment effort will make it slightly more unlikely that republicans will maintain control of the House after the 2024 election. There are a growing number of independents and segments of republican voters who are becoming increasingly disgusted with Trump's party.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://www.cnn.com/2024/02/04/politics/senate-border-bill-takeaways/index.html" style="text-align: left;">Key highlights of the Senate’s proposed border deal package</a>; </span><a href="https://www.cnn.com/2024/02/06/politics/trump-republicans-immigration/index.html" style="text-align: left;">Trump and his GOP allies kneecap a border compromise they should have loved</a> The Trump controlled republicans started to make false statements about what was in the bill even before bothering to read it. </span><a href="https://www.youtube.com/watch?v=d-b-idr2dz0" style="text-align: left;">Johnson lying through his teeth about a bill he hasn't even read - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/ideas/archive/2024/02/republicans-congress-immigration-deal/677357/" style="text-align: left;">The GOP’s True Priority - The Atlantic</a> David Frum, a former republican, correctly summarizes why the republicans are preventing passing of a bipartisan immigration compromise that gives the Democrats none of their priorities (e.g. pathway to citizenship for DACA children) and most of what the republicans wanted prior to this election year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump instructed republican senators to vote against this legislation that would have passed the Senate without his interference. The bill is effectively dead. Aid to Ukraine in 2024 has been postpone by Trump's party, possibly terminated due to the House republicans who have tied national security issues to the Democrats accepting their demands on immigration.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump killed the compromise legislation since he wants nothing to be done to alleviate the problem prior to the election. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If the republicans wanted stronger measures than what was contained in the bipartisan bill, then run on those policy changes and then implement them when and if Trump wins and the republicans control both the Senate and House. They will get nothing between now and then which was their choice.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Good arguments can be made that Trump and his minions in the Senate and House have endangered National Security by tying Ukraine aid to the immigration issue. Cogent arguments are made by Niall Ferguson in this interview: <a href="https://www.youtube.com/watch?v=MTL074tPdqE" style="text-align: left;">"Ukraine WILL lose" | Prof. Niall Ferguson - YouTube</a> He points out correctly that the the blocking of aid to Ukraine by the republicans will embolden Putin to take more territory and China to blockade and invade Taiwan. He points out that Iran would likely respond with more aggressive actions against Israel. With the U.S. proving it is no longer a reliable counterforce and deterrent to aggression by totalitarian regimes, Trump's party is making it more likely that the U.S. will suffer grievous losses in the future trying to roll back renewed aggression by totalitarian regimes.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>After watching well over a 1000 interviews with Trump's supporters, I have concluded without any reservations or doubts </span>that it would be entirely futile to have a fact based discussion with any of them. One Trump supporter interviewed in this video is certain that Michelle Obama is a man and is not the mother of Obama's two children. <a href="https://www.youtube.com/watch?v=9O4WNTFN2-8&t=247s" style="text-align: left;">2023's Craziest Trump Supporters - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=JID3ePnNVmY&t=10s">Rep. Elise Stefanik: I wouldn't have certified 2020 election - YouTube</a>; </span><a href="https://www.youtube.com/watch?v=rdEdss8BLRQ" style="text-align: left;">Rep. Stefanik: I would not have done what Pence did - YouTube</a> Stefanik would not have done what VP Pence did and would have thrown out the certified election results in several states won by Biden.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of Misery</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ukr.warspotting.net/">Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=alSe0PAvbGI"><span style="font-family: georgia;">Moscow burns, Oil refinery sets alight and St Petersburg is hit in latest sabotage attacks on Russia - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=UsejFzVFPMM">Russia blocks Boris Nadezhdin from presidential election</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=8PEEi0dyejM" style="text-align: left;">Ukraine cruise missiles strike Russia's Belbek airfield in Crimea - YouTube</a>; <a href="https://www.youtube.com/watch?v=CtfALKFzF9M">Two Su-27 and One Su-30 Destroyed After Storm Shadow Missiles Hit Belbek Airbase - YouTube</a> The Russian air defense systems were unable to stop the attack. Maybe the operators had to much vodka. </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=K5h8LYjTSCI"><span style="font-family: georgia;">Massive blow to Putin as kamikaze drone explodes giant Russian oil refinery - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.newsweek.com/dmitry-medvedev-stark-warning-big-war-nato-begin-1866631#:~:text=Dmitry%20Medvedev%2C%20former%20president%20of,Atlantic%20Treaty%20Organization%20(NATO)." style="text-align: left;">Putin Ally Issues Stark Warning on How 'Big War' With NATO Will Begin</a> It is hard to know whether Medvedev is drunk all of the time or just crazy, or both. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=iPFfzatNamU">Storm Shadow Flies Over S-300 Battery Heading to Belbek -- Embarassing - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Special Counsel's Report on Biden's Retention of Classified Documents</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Biden took a hit from the Special Counsel report that he was an elderly man who had a poor memory.</span> <span>I discussed that report in a video. </span><a aria-label="Biden's Retention of Classified Material and Memory Issues by South Gent 6 views 4 hours ago 4 minutes, 17 seconds" class="yt-simple-endpoint style-scope ytd-grid-video-renderer" href="https://www.youtube.com/watch?v=lVWJna4JjVY&t=135s" id="video-title" style="text-align: left;" title="Biden's Retention of Classified Material and Memory Issues">Biden's Retention of Classified Material and Memory Issues</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Biden did not help himself on the mental agility issue at a press conference where he was at times confused and slow to formulate coherent sentences. He also called </span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">President of Egypt Abdel Fattah al-Sisi the “president of Mexico". </span><a href="https://www.cnn.com/2024/02/08/politics/takeaways-joe-biden-special-counsel-report/index.html">Takeaways from special counsel’s report into Biden’s handling of classified documents;</a> <a href="https://www.youtube.com/watch?v=unrxZtm-Dxc" style="text-align: left;">Biden shouts at reporters, confuses Mexico with Egypt as he defends mental competence - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Biden denied discussing classified information with his ghostwriter in 2017. He never mentioned having classified documents in interviews thereafter. Documents relating to the Afghanistan troop surge in 2009 were found in a damaged box, located in his garage and surrounded by "household detritus". </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I do not believe that Biden is senile yet, but is clearly moving closer IMO. He is going to have increasing problems with his memory and formulating clear and coherent sentences. He needs to step aside now as the 2024 Democrat party candidate for President but will not do so. He can mitigate this issue by avoiding gaffes and appearing lucid in the debates later this year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump has similar signs of senior moments but not as bad as Biden IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am younger than either candidate but close enough in age that I sometimes have senior moments. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Small Ball Buys</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Added to MAA - Bought 1 at $129.7; 1 at $128.55; 1 at $125.2</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbNIRVE43kPeYOLhjN4tqxb4Uj275KfL3XYAxnancD5zB3CVtjOWiDBg1sPflDbQzYQ4uiTW9bTD3cWgzd3cqQpx9XbHYJJlX78zXw4r38E4wWgVuOL6ypr4GQkOtHuQBjUUyCFCNAHrhXq9Uy7411wHYA5NHDAZ08qOxmAGjgIf751fpvzJVFYED8ojHt/s3212/MAA%201%20at%20$128.55%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="178" data-original-width="3212" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbNIRVE43kPeYOLhjN4tqxb4Uj275KfL3XYAxnancD5zB3CVtjOWiDBg1sPflDbQzYQ4uiTW9bTD3cWgzd3cqQpx9XbHYJJlX78zXw4r38E4wWgVuOL6ypr4GQkOtHuQBjUUyCFCNAHrhXq9Uy7411wHYA5NHDAZ08qOxmAGjgIf751fpvzJVFYED8ojHt/s320/MAA%201%20at%20$128.55%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRDedWRqt-WBvYMk9qc4X3fKGEobIbam0JvAa81oh3kFj2XAkL_OunbB7Aepf83Akypvg96uFmaC7c1UTXY9KgYBOWceqPlNgugYx3IhRUZWfiiCb_UkPu6M-oU2-SMeZj1Saw8pNxvM4G681vAIkn3YpabMPZ1aK1CloqlWM2FBgLf1NGq9HOMMcgF8Ft/s3154/MAA%201%20AT%20$125.2%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="200" data-original-width="3154" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRDedWRqt-WBvYMk9qc4X3fKGEobIbam0JvAa81oh3kFj2XAkL_OunbB7Aepf83Akypvg96uFmaC7c1UTXY9KgYBOWceqPlNgugYx3IhRUZWfiiCb_UkPu6M-oU2-SMeZj1Saw8pNxvM4G681vAIkn3YpabMPZ1aK1CloqlWM2FBgLf1NGq9HOMMcgF8Ft/s320/MAA%201%20AT%20$125.2%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjELXrA3x-dCC23hxrjc7_EepGz7yx2-A45aGyliJzOkbWwZTmpambPES6CAOOsOtiW17Ma9M_5ty6Oeo4neVnaO_y_zhcpHY9pV_h79uMMMM6Jhl16KdTRshPP3oU4Q7Urw3bUn3w9G-HVefCx_bZlWpJCjSg-WmioxwgPQPejgc1C38kmSkYeR9JuYknx/s2888/MAA%201%20at%20$129.7%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="254" data-original-width="2888" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjELXrA3x-dCC23hxrjc7_EepGz7yx2-A45aGyliJzOkbWwZTmpambPES6CAOOsOtiW17Ma9M_5ty6Oeo4neVnaO_y_zhcpHY9pV_h79uMMMM6Jhl16KdTRshPP3oU4Q7Urw3bUn3w9G-HVefCx_bZlWpJCjSg-WmioxwgPQPejgc1C38kmSkYeR9JuYknx/s320/MAA%201%20at%20$129.7%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/maa?mod=search_symbol" style="text-align: left;">Mid-America Apartment Communities Inc. (MAA)</a> - Apartment REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $383.45</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=912595&owner=exclude">MAA SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/912595/000095017023055620/maa-20230930.htm"><span style="font-family: georgia;">10-Q for the Q/E 9/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/amcx-bstz-elc-emaprcca-eqr-flca-maa.html" style="text-align: left;">Item # 3.B. Started MAA - Bought 1 at $133.36; 1 at $131.17 (12/23/23 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/912595/000095017023055196/maa-ex99_1.htm" style="text-align: left;">SEC Filing</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$129.72</b> (5 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Dividend</u></i>: Quarterly at $1.47 ($5.88 annually), increased from $1.4 effective for the 2024 first quarter payment. </span><a href="https://ir.maac.com/news-events/press-releases/news-details/2023/MAA-Announces-5-Increase-to-Quarterly-Common-Dividend/default.aspx" style="text-align: left;">MAA Announces 5% Increase to Quarterly Common Dividend</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ir.maac.com/stock-information/dividends/default.aspx">Dividends MAA | Luxury Apartment Rentals</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The annual rate was $2.94 in 2014. Doubling the dividend in 10 years would be superior to most REITs. The past may not be prologue for the future however. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC per share</i></u>: <b>4.53</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 1/11/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>2023 Tax Characterizations of Dividends</i></u>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgW9d4t6ZZc8cpUuuFS2gQvzW9_7Mu92ME4ldLImFxYM7okWlhKYmUu5GdMNpvDBiacHw0ABrzgM26tO0TQvPzwdKR7e_T9oTAj21NEtb6prnZwYB0cyz5ut-u8wZWIzJ9w2TO2jsNspxGEftiu9HaMeqbYJs6B0d6DBa_HJ64LRJ90Hu901b-SxN-Acu5B/s1084/Screenshot%202024-02-04%20at%202.29.27%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="516" data-original-width="1084" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgW9d4t6ZZc8cpUuuFS2gQvzW9_7Mu92ME4ldLImFxYM7okWlhKYmUu5GdMNpvDBiacHw0ABrzgM26tO0TQvPzwdKR7e_T9oTAj21NEtb6prnZwYB0cyz5ut-u8wZWIzJ9w2TO2jsNspxGEftiu9HaMeqbYJs6B0d6DBa_HJ64LRJ90Hu901b-SxN-Acu5B/s320/Screenshot%202024-02-04%20at%202.29.27%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ir.maac.com/news-events/press-releases/news-details/2024/MAA-Announces-Taxable-Composition-of-2023-Distributions/default.aspx">MAA Announces Taxable Composition of 2023 Distributions MAA</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Section 199A classification (100%) refers to a new provision in the tax code that allows individuals to deduct up to 20% of their qualified business income for </span><span>tax years starting in 2017 through 2026 when the provision sunsets. </span><a href="https://www.law.cornell.edu/uscode/text/26/199A" style="text-align: left;">26 U.S. Code § 199A - Qualified business income-U.S. Code</a> <a href="https://www.youtube.com/watch?v=lPUMvdXRCrs" style="text-align: left;">2023 Section 199A Dividends - YouTube</a> The deduction is calculated using IRS form 8995. I checked my 2022 return and noted that 20% of my section 199A dividends were deductible. The deduction amount is entered on line 13 of the 1040 and was added to the standard deduction which in effect reduces my taxable income by the amount of the deduction. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If part of a REIT dividend is classified as a return of capital ("ROC"), then it can not be a section 199A dividend. Without actually researching the issue, I have a larger amount of REIT dividends classified as ROC than §199A dividends. The amount of the dividend classified as ROC will not be taxable in the year paid, but will reduce the tax cost basis which will increase the capital gain or decrease the loss, as the case may be, when the shares are sold. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): This report was released after my purchases. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/912595/000095017024012216/maa-ex99_1.htm">SEC Filed Earnings Release</a> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_ZiQwl85AukwnMIe93OAzzKzHT-J6KMsiSIBc99I5MKNj23VnThcWMG2EdttBsBt7IbRAI-9nSElBulDhPSI5OXPPZKRGHFsAF3Jdg6lKaav3IqHsD9Tn_-AqrBrNa784E8VfeCRtW49qEIaZUlLw0IE4tJgc5x0MspJvwg8DprXXKWtH2FBWgtrmJZ-H/s3148/Screenshot%202024-02-07%20at%204.40.03%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1356" data-original-width="3148" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_ZiQwl85AukwnMIe93OAzzKzHT-J6KMsiSIBc99I5MKNj23VnThcWMG2EdttBsBt7IbRAI-9nSElBulDhPSI5OXPPZKRGHFsAF3Jdg6lKaav3IqHsD9Tn_-AqrBrNa784E8VfeCRtW49qEIaZUlLw0IE4tJgc5x0MspJvwg8DprXXKWtH2FBWgtrmJZ-H/s320/Screenshot%202024-02-07%20at%204.40.03%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $542.247M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $1.37</span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share: $2.53</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core FFO Per share: $2.32</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core FAD (funds available for distribution) per share = $2.1 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FAD: $199.3M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Of those numbers I view the FAD as the most important. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average Physical Occupancy: 95.5%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average Effective Rent per unit: $1,685</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Total Units: 95,286, </span><a href="https://www.sec.gov/Archives/edgar/data/912595/000095017024012216/maa-ex99_2.htm" style="text-align: left;">EX-99.2</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Guidance: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_CW7hClD_i07GpTgtu7aaNSEU_8zpoH63qeAiWeg2ssuitmm-lXaif6Oll92OCn0IYzVAxtXWSllwvxVOSWmZtmLsRNiDjsm9-VuXvcjjlKGHL_mqqYN6_pYgsXhVDb_WRdaap-LLTXMX_FSVe4rg7rcuIKuM_7BLr9d4EQeQ4t8SP1dHwdwAlSsILf-5/s3138/Screenshot%202024-02-07%20at%204.41.20%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="736" data-original-width="3138" height="75" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_CW7hClD_i07GpTgtu7aaNSEU_8zpoH63qeAiWeg2ssuitmm-lXaif6Oll92OCn0IYzVAxtXWSllwvxVOSWmZtmLsRNiDjsm9-VuXvcjjlKGHL_mqqYN6_pYgsXhVDb_WRdaap-LLTXMX_FSVe4rg7rcuIKuM_7BLr9d4EQeQ4t8SP1dHwdwAlSsILf-5/s320/Screenshot%202024-02-07%20at%204.41.20%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Added to AY - Bought 5 at $19; 5 at $18.53</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiUPH2IOXvA9fZdNkHq119nebEGmSKuiOsH-9LKoqfdFWJXwbGGjfKC_xFRKs4ux0V9XoTog_o1TqldlMfyYlfH2Sys6X43I9-dcu3JJpbklD4D0hvuzNyoePg061ACzi2drpv5rXwSswtQTA5LydZE_jjKHkQW1cCVNoChEiCRj0TSkbFJPElrMlb-1wV/s2984/AY%205%20AT%20$19%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="152" data-original-width="2984" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiUPH2IOXvA9fZdNkHq119nebEGmSKuiOsH-9LKoqfdFWJXwbGGjfKC_xFRKs4ux0V9XoTog_o1TqldlMfyYlfH2Sys6X43I9-dcu3JJpbklD4D0hvuzNyoePg061ACzi2drpv5rXwSswtQTA5LydZE_jjKHkQW1cCVNoChEiCRj0TSkbFJPElrMlb-1wV/s320/AY%205%20AT%20$19%20.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMMzJoyzs_GafQF5hD2HPyXn2KbGbpYi3bOucKnLRoIXgv6FXS2F16fMJlF59Ke5WUDMP2Pbv9LbXqqUP2qE9IFC-6nZT_qCc7a_LVdOVb8Xq2hA6lHAsxcD_ju0t-VeXFDiX8ur8yf1k_eKYw0Yawr9dQTID2qyzTV_7MGfy5NrnUg8N729tRL46bcCIq/s2750/AY%205%20AT%20$18.53%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="242" data-original-width="2750" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMMzJoyzs_GafQF5hD2HPyXn2KbGbpYi3bOucKnLRoIXgv6FXS2F16fMJlF59Ke5WUDMP2Pbv9LbXqqUP2qE9IFC-6nZT_qCc7a_LVdOVb8Xq2hA6lHAsxcD_ju0t-VeXFDiX8ur8yf1k_eKYw0Yawr9dQTID2qyzTV_7MGfy5NrnUg8N729tRL46bcCIq/s320/AY%205%20AT%20$18.53%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia; text-align: justify;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/ay?mod=search_symbol">Atlantica Sustainable Infrastructure PLC (AY)</a></div></span><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $187.69</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.atlantica.com/web/en/" style="text-align: left;">Atlantica- Sustainable Infrastructure</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1601072&owner=exclude">AY SEC Filings</a> (foreign issuer forms)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.atlantica.com/wp-content/uploads/documents/Corporate-Presentation-Nov-2023.pdf" style="text-align: left;">Corporate Presentation Nov-2023.pdf</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$19.42</b> (25 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at US$.45 per share ($1.78 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC per share</i></u>: <b>9.17</b>%, rounded up. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>SU Bond Ratings</u></i>: BB+ by Fitch and S&P</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.fitchratings.com/research/corporate-finance/fitch-affirms-atlantica-sustainable-infrastructure-plc-at-bb-outlook-stable-30-08-2023" style="text-align: left;">Fitch Affirms Atlantica Sustainable Infrastructure plc at 'BB+'; Outlook Stable</a> (8/30/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.atlantica.com/web/en/investors/credit-profile/">Credit Profile-Atlantica</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 1.C. Started AY - Bought 10 at $20; 5 at $19.55 (12/16/23 Post)</a><span> I discussed the 2023 third quarter report in that post along with other issues that are concerning to me. </span></span><a href="https://www.sec.gov/Archives/edgar/data/1601072/000114036123051990/ef20014210_6k.htm" style="text-align: left;">SEC Filing</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Maximum Position</u></i>: 100 shares</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Purchase Restriction: 5 shares lots with each purchase required to be at the lowest price in the chain. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Added to TAC - Bought 5 at $7.35; 5 at $7</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9ldMaXp1q09NRvpwTns2Qc5zmkMyPTg4RVv3HtcwL0FlCWFGc-6QPj7IN9fjl83qo4BSjPoIUGFkWP_bjy66Cnoz2ALWXmXWa49ou39h8fWVMFESmyV8siH_VK6uNFVFJTbys90w8XbR6Mi9yshmDNy_R6HDRQkI2LvnS4NA3GvMIjsxQQgvD5l6bXDrl/s2916/TAC%205%20at%20$7.35%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="144" data-original-width="2916" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9ldMaXp1q09NRvpwTns2Qc5zmkMyPTg4RVv3HtcwL0FlCWFGc-6QPj7IN9fjl83qo4BSjPoIUGFkWP_bjy66Cnoz2ALWXmXWa49ou39h8fWVMFESmyV8siH_VK6uNFVFJTbys90w8XbR6Mi9yshmDNy_R6HDRQkI2LvnS4NA3GvMIjsxQQgvD5l6bXDrl/s320/TAC%205%20at%20$7.35%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXuwa6TSjRDZuGpy39I0kOBt5H5hspopURlleQLjJpILaE99igou0omt-KRTxXumKKDn7IZqoZAqnMKK1fWfoW8yEAeB9IUMLR-aMj__w-QnaTJ8Qm5TwEodRYQLrGm2lHk-xuwxiEWcPADHg2Yr4kHmWJ_8wAe35GF1cpZv1HMy5ImvS-B6024nU1Y9LS/s2718/TAC%205%20AT%20$7%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="152" data-original-width="2718" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXuwa6TSjRDZuGpy39I0kOBt5H5hspopURlleQLjJpILaE99igou0omt-KRTxXumKKDn7IZqoZAqnMKK1fWfoW8yEAeB9IUMLR-aMj__w-QnaTJ8Qm5TwEodRYQLrGm2lHk-xuwxiEWcPADHg2Yr4kHmWJ_8wAe35GF1cpZv1HMy5ImvS-B6024nU1Y9LS/s320/TAC%205%20AT%20$7%20.png" width="320" /></a></div></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/tac?mod=search_symbol" style="text-align: left;">Transalta Corp. (TAC)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $71.75</span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/tac/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">TAC Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 1.B. Started USD Priced TAC - Bought 10 at $8.12 (12/16/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://transalta.com/" style="text-align: left;">TransAlta - A Clean Energy Solutions Company</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed the 2023 third quarter report in this post. <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html" style="text-align: left;">Item # 1 Bought 100 TA:CA at C$10.78 (11/11/23 Post)</a>; <a href="https://www.sec.gov/Archives/edgar/data/1144800/000127956923001415/ex991.htm" style="text-align: left;">SEC Filed Earnings Press Release for the Q/E 9/30/23</a> I am now buying up to 100 shares of the USD priced shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 2023 4th quarter report is scheduled from release on 2/23/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>TAC Average Cost per share</i></u>: US<b>$7.65</b> (30 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: C$.06 per share</span></p><p style="text-align: justify;"><a href="https://transalta.com/newsroom/transalta-announces-growth-targets-to-2028-financial-outlook-for-2024-and-declares-dividend-increase-of-9/" style="text-align: left;"><span style="font-family: georgia;">TransAlta Announces Growth Targets to 2028, Financial Outlook for 2024 and Declares Dividend Increase of 9% - TransAlta</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 2/29/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">It is not possible to calculate a dividend yield since the amounts will depend on the CAD/USD exchange rates for the dividend payments. I do not view the dividend as a material consideration. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>D. Added to NSA - Bought 5 at $36.63</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7puFDTqE289KvqTuJ3XibxVqmeRkfeC7uTdk9VDkhhe0CdV6xd07i2w1W6URSugmOeHg0W02-0turFMZgKSl3eodMXi63XTqLVKRUrpKiP521vOEjdstD-1fUVpXkNPITJxKjgWr7qg3A49U-eQXfVfRd4et-dMd5QQUt70SHpfhOV43iCxJDTlDXuGb3/s2438/NSA%205%20AT%20$36.63%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="226" data-original-width="2438" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7puFDTqE289KvqTuJ3XibxVqmeRkfeC7uTdk9VDkhhe0CdV6xd07i2w1W6URSugmOeHg0W02-0turFMZgKSl3eodMXi63XTqLVKRUrpKiP521vOEjdstD-1fUVpXkNPITJxKjgWr7qg3A49U-eQXfVfRd4et-dMd5QQUt70SHpfhOV43iCxJDTlDXuGb3/s320/NSA%205%20AT%20$36.63%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/nsa?mod=search_symbol" style="text-align: left;">National Storage Affiliates Trust (NSA)</a> - Internally Managed Storage REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $183.1</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1618563&owner=exclude"><span style="font-family: georgia;">NSA SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost Per share</i></u>: <b>$37.58</b> (20 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.56 per share ($2.24 annually), last raised from $.55 effective for the 2023 second quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>5.96</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed NSA in my last post: <a href="https://tennesseeindependent.blogspot.com/2024/02/aod-cpf-eqr-ffhprfca-fhb-fnlc-fsco-glw.html">Item # 3.C. Started NSA - Bought 5 at $38.41, 5 at $37.95; 5 at $37.35 (2/2/24 Post)</a> I discussed the 3rd quarter report in that post. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 4th quarter earnings report is scheduled for release on 2/28/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>D. Added to NOMD - Bought 10 at $17.45</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH2ice_eaGJzauphk3Bpq6hjPw2rB_FqbY9fhG0-BAyzZakqpYDbStcIcHKA6iHHfwlRjWcWBnrYmawdCQ6gRcqzKx8y81rz23-I32JE8o2e3B3N0qS9AosErBYsXIlC7grCh_HVGI-YPwd2v0LR4YchPXEMScbObV3E0zSt5YmXmcIypUKde8-nEYH28m/s2270/NOMD%2010%20AT%20$17.45.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="138" data-original-width="2270" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH2ice_eaGJzauphk3Bpq6hjPw2rB_FqbY9fhG0-BAyzZakqpYDbStcIcHKA6iHHfwlRjWcWBnrYmawdCQ6gRcqzKx8y81rz23-I32JE8o2e3B3N0qS9AosErBYsXIlC7grCh_HVGI-YPwd2v0LR4YchPXEMScbObV3E0zSt5YmXmcIypUKde8-nEYH28m/s320/NOMD%2010%20AT%20$17.45.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/nomd?mod=search_symbol" style="text-align: left;">Nomad Foods Ltd. (NOMD)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost : $174.5 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start;">Nomad Foods "is Europe's leading frozen food company. The Company's portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Ledo and Frikom, have been a part of consumers' meals for generations, standing for great tasting food that is convenient, high quality and nutritious." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I decided to add 10 shares after the company initiated a dividend. </span><a href="https://www.nomadfoods.com/news/nomad-foods-declares-initial-quarterly-dividend/" style="text-align: left;">Nomad Foods Declares Initial Quarterly Dividend - Nomad Foods</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/nomd/analystestimates?mod=mw_quote_tab">NOMD Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1651717&owner=exclude">NOMD SEC Filings</a> (foreign company forms)</span></p><p style="text-align: justify;"><a href="https://www.nomadfoods.com/investors/"><span style="font-family: georgia;">Investor Relations | Nomad Foods</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.nomadfoods.com/" style="text-align: left;">Home | Nomad Foods</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1651717/000165171723000013/nomd-20221231.htm">2022 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>2022 compared to 2021</u></i>: In € Millions</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx5HkA79GLKzCO9wE3JrJv6o0WbliD4yItil_-FRfnQEws9eHhmZIZuhPMy2XBfUOpixgs9QFkgWyp8ccXnLZomX-2xNdOjsWNxIbzFuTMlEJw2bEyqUjHYF4p333HkyolD765YPVWHi0AUUVIVN6vaarVWzyt5laiaxHDDDbadF0msvyOsWf4_LPpXpWf/s3136/Screenshot%202024-02-08%20at%2012.18.37%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1306" data-original-width="3136" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx5HkA79GLKzCO9wE3JrJv6o0WbliD4yItil_-FRfnQEws9eHhmZIZuhPMy2XBfUOpixgs9QFkgWyp8ccXnLZomX-2xNdOjsWNxIbzFuTMlEJw2bEyqUjHYF4p333HkyolD765YPVWHi0AUUVIVN6vaarVWzyt5laiaxHDDDbadF0msvyOsWf4_LPpXpWf/s320/Screenshot%202024-02-08%20at%2012.18.37%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 51 Annual Report</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i><span>: </span><a href="https://tennesseeindependent.blogspot.com/2022/11/d-dei-eai-enbprpca-fhn-fnf-fsk-gild-gpc.html" style="text-align: left;">Item # 7.G. Added to NOMD - Bought 2 at $13.12; 2 at $12.86 (11/15/22 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$19.92</b> (60 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.15 per share </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = 3.01%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 2/8/24 (owned all as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Nomad reports in Euros. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1651717/000165171723000041/ex991pressrelease20230930.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Reported E.P.S. €.46 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted E.P.S. €.43</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit was negatively impacted by higher interest costs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenue increased .5% to €764M</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Organic revenue increased 1.6% "comprised </span><span style="text-align: left; text-indent: -24px;">of a 11.2% decline in volume/mix offset by a 12.8% increase in price." I view organic revenue growth resulting from price increases offsetting a significant decline in volume to be a negative. Hopefully input cost inflation will start to go down. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Repurchased €65.8 in stock during the quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted E.P.S. for 9 months: €1.29. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>2023 Guidance: "</span><span style="text-align: left;">For the full year 2023, driven by our operational performance and share repurchase program, we are raising our Adjusted EPS guidance to €1.57 to €1.60 from €1.54 to €1.57. We maintain our full-year guidance of mid-single-digit organic revenue growth and Adjusted Cash Flow conversion in the range of 90% to 95%, unchanged from our last update in September." </span></span></p><p style="text-align: justify;"><span style="text-align: left;"><span style="font-family: georgia;">At the midpoint of 2023 adjusted E.P.S. guidance, which would be €1.585, and assuming a EUR/USD conversion rate of 1.07, 2023 adjusted E.P.S. would be US$1.696. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>E. Added to BMY - Bought 1 at $48.56; 1 at $48.32; 1 at $48.15</u></i></b></span>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy-ttRsnCjAJxgBQ7BTo8FLsSLCd7aDNeHGo2GxY94TKoYWWAxz1ys3sskSOmsQ08ckjVgqD8a2DfSxOMffc0WYKo_KsyrJDVAaAcfRPQyoqLDltjF6JXlBj0o47ee1x8zB3TA67hr3c3Zo4ZhOlAH0Zb1e4CiyTA3qmRUb-TEuI4f9hRojI834VVKF_09/s2728/Screenshot%202024-02-06%20at%208.02.33%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="898" data-original-width="2728" height="105" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy-ttRsnCjAJxgBQ7BTo8FLsSLCd7aDNeHGo2GxY94TKoYWWAxz1ys3sskSOmsQ08ckjVgqD8a2DfSxOMffc0WYKo_KsyrJDVAaAcfRPQyoqLDltjF6JXlBj0o47ee1x8zB3TA67hr3c3Zo4ZhOlAH0Zb1e4CiyTA3qmRUb-TEuI4f9hRojI834VVKF_09/s320/Screenshot%202024-02-06%20at%208.02.33%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/bmy" style="text-align: left;">Bristol Myers Squibb Co.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $145.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=14272&owner=exclude">BMY SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/14272/000001427223000046/bmy-20221231.htm#ib63d400e46fb4076ada7bde6dec75444_67">2022 Annual Report</a> Summary of risk factors starts at page 23. This report contains detailed discussions of risk that I do not generally discuss including ongoing product and other litigation. </span></p><div><span style="font-family: georgia;"><a href="https://news.bms.com/news/default.aspx" style="text-align: justify;"><span style="font-family: georgia;">Bristol Myers Squibb - News</span></a></span></div><p style="text-align: justify;"><a href="https://www.bms.com/researchers-and-partners/in-the-pipeline.html"><span style="font-family: georgia;">Pharmaceutical Research & Development Pipeline</span></a></p><p style="text-align: justify;"><a href="https://www.bms.com/patient-and-caregivers/our-medicines.html"><span style="font-family: georgia;">Products and Medicines</span></a></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/bmy/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">BMY Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 1.G. Added to BMY in Schwab Account - Bought 1 at $53.34; 1 at $51.76; 1 at $51.1; 1 at $50.2 (11/4/23 Post)</a> I discuss several problems in that post which still exist IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am buying in my Schwab account the shares sold in my Fidelity account. <a href="https://tennesseeindependent.blogspot.com/2023/02/bbdc-bmy-cizn-cnq-dow-fisv-googl-irm.html" style="text-align: left;">Item # 1.A. Eliminated BMY in Fidelity Account - Sold 14 <b>at $74.64</b> (<b>2/13/23</b> Post)</a>(profit snapshot = $206.75)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am super cautious in adding to my BMY position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The main problem, as I previously discussed in detail, is the substantial decline in Revlimid revenues due to directly or indirectly to generic competition. The direct revenue loss would be patients taking the generic. The indirect loss relates to BMY having to lower its price to compete with the generics which results in lower revenues. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">BMY has agreements with the generic Revlimid companies that limit the amounts that can be sold. The limits have not been disclosed as far as I have been able to determine. The Morningstar analyst believes that the restraints will continue through 2025 and expects no limits starting in 2026. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A lot depends on the unknowable future revenues from drugs that are currently in clinical trials. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$57.25</b> (29+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.60 per share ($2.4 annually), last raised from $.57 effective for the 2024 first quarter payment. The quarterly dividend was at $.32 in 2010. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bms.com/investors/stock-information/dividend-history.html">Dividend History - Bristol Myers Squibb</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC per share</i></u>: <b>4.19</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 1/4/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/24): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/14272/000001427224000020/q42023ex991-filing.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparison are to the 2022 4th quarter</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $11.477B, up from $11.406B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.87, down from $.95</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. $1.7, down from $1.82</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The main add back to GAAP net income was the $2.278B in "amortization of acquired intangibles", which is a noncash charge. That would be prior to reducing that amount by a tax adjustment:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkwzRkMOMrqQwCCPfKMnLe2gNiu9_oq2ljjXVygnPVZV6rVYPWoyI1LvN_9gio8ArAhvZcOgZ5CthEgSfng_FxZ-FrdYZOyr0YBFDEIJ_6F01JOTIM_aKB_7LnexAAPeD8jmKBPBPPFtUJctRHxmY0X7kJn1MDF016n7nxf1cIhuduYEsZRXLu8h7wagZ4/s3334/Screenshot%202024-02-04%20at%201.24.23%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1676" data-original-width="3334" height="161" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkwzRkMOMrqQwCCPfKMnLe2gNiu9_oq2ljjXVygnPVZV6rVYPWoyI1LvN_9gio8ArAhvZcOgZ5CthEgSfng_FxZ-FrdYZOyr0YBFDEIJ_6F01JOTIM_aKB_7LnexAAPeD8jmKBPBPPFtUJctRHxmY0X7kJn1MDF016n7nxf1cIhuduYEsZRXLu8h7wagZ4/s320/Screenshot%202024-02-04%20at%201.24.23%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Product Sales: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf7ZDZRHLx_CAojrFnQHPDhXnLkFsQiLVupSTnsYnKcK-O4bKH8ridv2Shyphenhyphen_jBxuuM8bbomliKVscP1cLSNod3rJx-3fVCPytctqa5x1fMJtrnhzZCHos1jg1qhZ2FooA8GRbnvNqcCbAcXf3Z_zyEooK0rpAnTgNfyVhh5qNRdggaIlkBy_IKRFGih5WL/s3368/Screenshot%202024-02-04%20at%201.28.22%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1336" data-original-width="3368" height="127" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf7ZDZRHLx_CAojrFnQHPDhXnLkFsQiLVupSTnsYnKcK-O4bKH8ridv2Shyphenhyphen_jBxuuM8bbomliKVscP1cLSNod3rJx-3fVCPytctqa5x1fMJtrnhzZCHos1jg1qhZ2FooA8GRbnvNqcCbAcXf3Z_zyEooK0rpAnTgNfyVhh5qNRdggaIlkBy_IKRFGih5WL/s320/Screenshot%202024-02-04%20at%201.28.22%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Revlimid produced $1.450B in revenues for the quarter, certainly a respectable number but that was down from $2.26B in the 2022 4th quarter and $3.328B in the 2021 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Revenues in the 2023 third quarter were reported at $1.429B, </span><a href="https://www.sec.gov/Archives/edgar/data/14272/000001427223000179/q32023ex991-filing.htm" style="text-align: left;">SEC Filed Press Earnings Press Release for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Analyst Reports</i></u> (available to Schwab customers)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar (2/2/24): 4 stars with a fair value estimate of $63. The analyst believes that mixed results from new drug launches is causing the poor stock performance. The immunology drugs Sotyktu and Zeposia are increasing sales but at lower than expected pace. The analyst notes that the revenues from the CAR-T drugs Breyanzi and Abecma have been restrained by "some supply issues". Three other compounds have posted "solid results" and they are the blood treatment drug Reblozyl, the cancer drug Opdualag, and the cardiovascular drug Camzyos. The combined 4th quarter revenues for those 7 compounds was $995M. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">S&P (2/2/24): 3 stars with a 12 month PT of $51 (noting that the drug Eliquis, which is now the top revenue generating drug for BMY, is one of the drugs whose price is being negotiated with Medicare) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Argus (10/30/23): Hold. The analyst notes that the stock price sells at a steep valuation discount to its peers which reflects in the analyst's opinion valid concerns about generic competition. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Some Other Recent Sell Discussions</i></u>: <a href="https://tennesseeindependent.blogspot.com/2022/05/botz-box-cl-etsy-exel-fpf-ilpt-irm-nycb.html" style="text-align: left;">Item # 2. Eliminated BMY in Vanguard Taxable Account - Sold 15+ <b>at $77.56</b> (5/5/22 Post)</a><span>(profit snapshot =</span><span style="color: #6aa84f;">$279.11</span><span>); </span><a href="https://tennesseeindependent.blogspot.com/2021/09/acwv-bmy-duk-eaf-gsk-iivi-mac-mcbc-tls.html" style="text-align: left;">Item # 2.F. Pared BMY in Fidelity Taxable-Sold 1.203 at $68.8 (9/10/21 Post)</a><span>(profit snapshot = $6.89); </span><a href="https://tennesseeindependent.blogspot.com/2021/06/amcr-bmrn-bmy-cgbd-csco-fcx-ffhprgca.html" style="text-align: left;">Item # 3.G. Sold 1 BMY at $67.1-Schwab Taxable (6/12/21 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2021/05/bmy-d-dpg-fsmex-iivi-nvs-pba-pbct-saic.html" style="text-align: left;">Item # 3.B. Pared BMY in Vanguard Taxable-Sold 2 at $65.63 (5/14/21 Post )</a><span>(profit snapshot = $6.63)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>BMY Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$925.93</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. U.S. Equity Preferred Stocks</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">With the current consensus being that the FED will cut the federal funds rate this year, I am willing to make small adds to REIT equity preferred stocks that have yields in the 6% to 7% range. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Preferred stocks issued by REITs pay cumulative dividends which simply means that the dividend can only be deferred and can not be eliminated outside of a bankruptcy proceeding. </span><span style="font-family: georgia;">The dividend can not be deferred until the common stock cash dividend is eliminated and no cash can be used to buy back common stock during the deferral period. Resumption of a common stock cash dividend payment would require the payment of all deferred preferred stock dividends. A REIT has to pay a common stock dividend to maintain its tax status when it has net income. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I currently own two REIT equity preferred stocks where the issuer has ceased paying cash common stock dividends but has continued so far to pay its preferred stock dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Those two preferred stocks are HPPPRC issued by </span><a href="https://www.marketwatch.com/investing/stock/hpp?mod=search_symbol" style="text-align: left;">Hudson Pacific Properties Inc. (HPP)</a> and VNOPRM issued by <a href="https://www.marketwatch.com/investing/stock/vno?mod=search_symbol" style="text-align: left;">Vornado Realty Trust (VNO)</a>. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">When the cash common stock dividend has been eliminated, and no cash is used to buy back common stock, the legal restraints for deferring the preferred stock dividend are no longer present, and there is accordingly an enhanced danger of deferral. The elimination of the REIT common stock dividend also points to significant problems in operations that may warrant a deferral. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><i><span style="color: #800180;"><u>A. Added to REXPRC - Bought 10 at $21.8</u></span></i></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG7AU8RNC9gOKvNUz4paImCJZTeYD0IaPFc32dFv7VdBJVMV3_-4Jz2co_DjSindZvQl5P0V5dFjJT-JeabAoAkBb_jy9dakgFWM2nw6HjJehgDm9cnEelIq3I4FoNrGd99fks_89gYQtPjrxOeb8u5yGqty7W-dQKw4y7nnu5vbe9AugiK3YjmLs5ZGCn/s3288/rexprc%2010%20shares%20at%20$21.8%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="358" data-original-width="3288" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG7AU8RNC9gOKvNUz4paImCJZTeYD0IaPFc32dFv7VdBJVMV3_-4Jz2co_DjSindZvQl5P0V5dFjJT-JeabAoAkBb_jy9dakgFWM2nw6HjJehgDm9cnEelIq3I4FoNrGd99fks_89gYQtPjrxOeb8u5yGqty7W-dQKw4y7nnu5vbe9AugiK3YjmLs5ZGCn/s320/rexprc%2010%20shares%20at%20$21.8%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/REXR-PC?p=REXR-PC&.tsrc=fin-srch" style="text-align: left;">REXR-PC</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/rexr?mod=search_symbol" style="text-align: left;">Rexford Industrial Realty Inc. (REXR)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html">Item # 4.D. Bought 5 REXPRC at $20.1 (10/21/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1571283/000119312519245801/d804015d424b5.htm">REXRPRC Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Coupon</u></i>: 5.625% paid on a $25 par value. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid Quarterly and Cumulative </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$21.23</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC</i></u> = <b>6.62</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Stopper Clause</i></u>: Standard.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Issuer Optional Call</u></i>: On or after 9/20/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Maturity</u></i>: None, potentially perpetual. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Sold 5 METPRA at $24.07</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqFgRWymvAkmQotizri-wKNRw7x7HNqlIKBEt8EVbhLWrNXGyNu6BPhg7GYScZQmfHb69C0I3W1CFKS9UJsfQ_2TWIKZgmvXlQxbU_WAdIAZP3kGF2Xph8NAzedjIAw1Tsd3FxTmkgEoXXGfaoaXGJtOiwN-rcuIJxwWgRQCFf3WzAK57kvdjXrcuqfH_C/s3152/METPRA%20sold%205%20at%20$24.075%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="160" data-original-width="3152" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqFgRWymvAkmQotizri-wKNRw7x7HNqlIKBEt8EVbhLWrNXGyNu6BPhg7GYScZQmfHb69C0I3W1CFKS9UJsfQ_2TWIKZgmvXlQxbU_WAdIAZP3kGF2Xph8NAzedjIAw1Tsd3FxTmkgEoXXGfaoaXGJtOiwN-rcuIJxwWgRQCFf3WzAK57kvdjXrcuqfH_C/s320/METPRA%20sold%205%20at%20$24.075%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/MET-PA/?p=MET-PA">MET-PA</a></span><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/met">MetLife Inc. (MET)</a></span></div><div><a href="https://www.sec.gov/edgar/browse/?CIK=1099219&owner=exclude"><span style="font-family: georgia;">MET SEC Filings</span></a></div><div><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/met/analystestimates?mod=mw_quote_tab"><span>MET Analyst Estimates-MarketWatch</span></a><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$7.58</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt0odGWgNs-AXz4DDrDcR5ZWRRUGeD80fyzkI7gPC6mouUdyIehXgGddTi-42DaXLhuMJBJJhqUe0s3H8vMYY1HlonHpi5C2XgqT7DTRtEKZLxys4-gdZMGL3OOHm28In1GrH-iSfkJ-cFXChloeE3ctheqqujSNkTA9LjY60fmf-HsaPcXWDrljLCLXjw/s3064/2024%20METPRA%205%20shares%20+$7.58%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="962" data-original-width="3064" height="100" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt0odGWgNs-AXz4DDrDcR5ZWRRUGeD80fyzkI7gPC6mouUdyIehXgGddTi-42DaXLhuMJBJJhqUe0s3H8vMYY1HlonHpi5C2XgqT7DTRtEKZLxys4-gdZMGL3OOHm28In1GrH-iSfkJ-cFXChloeE3ctheqqujSNkTA9LjY60fmf-HsaPcXWDrljLCLXjw/s320/2024%20METPRA%205%20shares%20+$7.58%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u> </i></span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 2.A. Bought 5 METPRA at $22.56 (11/4/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="http://tennesseeindependent.blogspot.com/2009/05/advantages-and-disadvantages-of-equity.html" style="text-align: left;">Advantages and Disadvantages of Equity Preferred Floating Rate Securities</a> Snapshots of prior realized gains can be found in this post. </span></p><div style="text-align: justify;"><span style="font-family: georgia;">Description: Equity Preferred Stock </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.metlife.com/about-us/corporate-profile/ratings/">Credit Ratings for Preferred</a>: Baa2 Moody's; BBB S&P and Fitch </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="http://www.sec.gov/Archives/edgar/data/1099219/000095012305007184/y09474e424b5.htm"><span>Prospectus</span></a><br /><span>Coupon: <b>Greater of </b>4% or 1% above the 3 month Libor Rate</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>MET announced that it will be using the 3 month SOFR + the the tenor spread of .26161% as the alternate rate for Libor. </span><a href="https://investor.metlife.com/news/news-details/2023/Replacement-Reference-Rate-for-U.S.-Law-Governed-U.S.-Dollar-LIBOR-Linked-Preferred-Stock-and-Debt-Securities/default.aspx" style="text-align: left;">MetLife, Inc. - Replacement Reference Rate for U.S. Law-Governed U.S. Dollar LIBOR-Linked Preferred Stock and Debt Securities</a> (6/22/23)<br /><span>Par Value: $25</span><br /><span>Dividend: Quarterly, non-cumulative and qualified</span><br /><span>Optional Call: At par value plus accrued and unpaid dividends-anytime now at issuer's option </span><br /><span>Stopper Clause: Yes</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The stopper clause would require MET to eliminate its common share cash dividends prior to eliminating the non-cumulative preferred dividend. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><div><span style="font-family: georgia;">The problem is that the end result, even with the high SOFR rate, is a current yield that is below where many fixed coupon preferred stocks are trading. If the FED cuts the federal funds rate, which will happen, METPRA's coupon will reset at a lower rate, and continue to do so for as long as the FED keeps cutting, while fixed rate coupons would remain unchanged. </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">I decided that I would not buy more shares anywhere near the current price since I expect that the current coupon will fall below what I can not buy in fixed coupon preferred stocks with similar credit ratings. </span></div><div><span style="font-family: georgia;"><br /></span></div></span></div><div><span style="font-family: georgia;"><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield</u></i>: Given the quarterly coupon resets, it is not possible to calculate the dividend yield when the floating rate produces the higher coupon. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/29/23 at </span><span style="background-color: white; color: #2b2b2b; text-align: left;">$0.42157266</span><span style="background-color: white; color: #2b2b2b; text-align: left;"> per share, up from </span><span style="background-color: white; color: #2b2b2b; text-align: left;">$0.4186 paid in the 2023 third quarter and </span><span style="background-color: white; color: #2b2b2b; text-align: left;"> $0.37479075 in the second quarter. The dividend started to exceed what would be paid using the minimum 4% coupon effective for 2022 4th quarter payment. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/met%5Ea/dividend-history">METPRA Dividend History-Nasdaq</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><div><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2019/02/observations-and-sample-of-recent_17.html">Item # 3.A. Eliminated METPRA-Sold 50 at $23.86 (2/17/19 Post)</a>(profit snapshot $63.25)</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">During my entire period of prior ownership before this five share purchase, which started in 2008 to 2019, this security never paid more than its 4% minimum rate. </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><u><i>METPRA Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$1,979.97</span></span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><span><u><i>Largest Gain</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2012/07/jobs-reportfte-dividend-withholding.html">Item # 1 Sold 100 METPRA <b>at $24.95</b> (<b>7/9/12</b> Post)</a>(<span style="color: #6aa84f;">$1,283.99</span>)</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;"><i><u>Second and Third Largest Gains</u></i>: <a href="https://tennesseeindependent.blogspot.com/2011/09/sold-50-metpra-at-2327-in-regular-ira.html" style="text-align: left;">Item # 1 Sold 50 METPRA at $23.27 in Regular IRA-Total Cost Per Share $13.26 (9/13/11 Post)</a>(profit snapshot = <span style="color: #6aa84f;">$492.52</span>); <a href="https://tennesseeindependent.blogspot.com/2009/08/pared-50-metpra-at-183largest-gains.html" style="text-align: left;">Item # 1 Pared METPRA Sold 50 at $18.3 (8/31/2009 Post)</a>(profit snapshot = <span style="color: #6aa84f;">$117.87</span>)</span></div><div><i><span style="color: #800180;"><b><u><br /></u></b></span></i></div><div><i><span style="color: #800180;"><b><u>C. Bought 10 NSAPRA at $23.15</u></b></span></i>: </div></span></div></span></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi19zQfj5iV2AUYyaLvpmb7Jhx-1ay4HimXRsfL3SjtJIcLrpuPj3JpwSyeVCMN8L_DN8G9khq3rg0iAnITahW7fXV4YbyTltStI5nFRE9qDQplYQd-36IeJ04YMUUmzca4sZrykPn2RrE1arXSWqVHQ6y-dkw5sxfpgkmh2-IyRH6jCkn4gRfcb-qJ5bV5/s2374/NSAPRA%2010%20SHARES%20AT%20$23.15%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="240" data-original-width="2374" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi19zQfj5iV2AUYyaLvpmb7Jhx-1ay4HimXRsfL3SjtJIcLrpuPj3JpwSyeVCMN8L_DN8G9khq3rg0iAnITahW7fXV4YbyTltStI5nFRE9qDQplYQd-36IeJ04YMUUmzca4sZrykPn2RrE1arXSWqVHQ6y-dkw5sxfpgkmh2-IyRH6jCkn4gRfcb-qJ5bV5/s320/NSAPRA%2010%20SHARES%20AT%20$23.15%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/NSA-PA?p=NSA-PA&.tsrc=fin-srch" style="text-align: left;">NSA-PA</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/nsa?mod=search_symbol" style="text-align: left;">National Storage Affiliates Trust (NSA)</a> - A Storage REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">See Item # 1.D. above. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1618563/000104746917006230/a2233464z424b5.htm">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">REIT Equity Preferred Stock </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 6%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid quarterly and cumulative. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Yield at $23.15:<b> 6.48</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Last Ex Dividend: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Optional Call: At par value + accrued and unpaid dividend on or after 10/11/22. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: None, potentially perpetual </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stopper Clause: Standard </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipeCF8UgF5OjKVbofrfnG7grvRzz9pJZ-vFrliTj28cp_jCXcYiQwCGsggOFCl0W3Fz6bxnPeYnOVWEvVkaaHK3N5nBwcWtIiAxaQrLRChkB1OmrJX35i2MtfNeq0VFhQjunf_HjB5uxC7WHogpUxCHTIDjkbz8n1jwSC3hSY2SoCruvC036AGLHz9sb_n/s3318/Screenshot%202024-02-06%20at%208.43.27%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1058" data-original-width="3318" height="102" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipeCF8UgF5OjKVbofrfnG7grvRzz9pJZ-vFrliTj28cp_jCXcYiQwCGsggOFCl0W3Fz6bxnPeYnOVWEvVkaaHK3N5nBwcWtIiAxaQrLRChkB1OmrJX35i2MtfNeq0VFhQjunf_HjB5uxC7WHogpUxCHTIDjkbz8n1jwSC3hSY2SoCruvC036AGLHz9sb_n/s320/Screenshot%202024-02-06%20at%208.43.27%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><div style="text-align: justify;">Enforces the preferred shareholder superior claim to cash compared only to the common shareholder. To defer the preferred dividend, the company must first eliminate the common share cash dividend and refrain during the deferral period from using cash to buy common stock. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Treasury Bills Purchased at Auction</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>A. Bought 10 Treasury Bills at the 2/5/24 Auction</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCTJ8GTx0XCsE1aGzmtJ8-5NvdVzjIMJ27PQvTxRhPPXi4xAP7Tv9nCDk86vMGGuYo9BsjY-GXM7MJXngghR1C34tKHnYDrgEcK1LxabZZYg0VerZJiz9Sw4fLUL0JzKd6tkJFOUaT8ebunc85Xid6f8w5q7ewzEHOdt4oFWoLKw7DXkfNzZvgVMlSZfcx/s2736/Treasury%20(10)%205:9:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="316" data-original-width="2736" height="37" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCTJ8GTx0XCsE1aGzmtJ8-5NvdVzjIMJ27PQvTxRhPPXi4xAP7Tv9nCDk86vMGGuYo9BsjY-GXM7MJXngghR1C34tKHnYDrgEcK1LxabZZYg0VerZJiz9Sw4fLUL0JzKd6tkJFOUaT8ebunc85Xid6f8w5q7ewzEHOdt4oFWoLKw7DXkfNzZvgVMlSZfcx/s320/Treasury%20(10)%205:9:24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">91 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 5/9/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $132.33</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.394</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitwisBZqjt2L0sqSPppgoArpX-keubVIRPHWbhv5-U_2FWx_Wl9KxpC1GcYyc00LbgwFwPpe0CDZEFY2z5vAlNKuqjx8LkqelbpwaLiA9e934ubDgyW1vqb8qgnKiaBjPXOEHLVKfKqOw4DsTZIO6LXKwrUg5IZBSAgvofHe0hpQqq4DQRotNOuJHfnYz6/s1150/Screenshot%202024-02-05%20at%2011.45.37%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="572" data-original-width="1150" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitwisBZqjt2L0sqSPppgoArpX-keubVIRPHWbhv5-U_2FWx_Wl9KxpC1GcYyc00LbgwFwPpe0CDZEFY2z5vAlNKuqjx8LkqelbpwaLiA9e934ubDgyW1vqb8qgnKiaBjPXOEHLVKfKqOw4DsTZIO6LXKwrUg5IZBSAgvofHe0hpQqq4DQRotNOuJHfnYz6/s320/Screenshot%202024-02-05%20at%2011.45.37%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b style="text-align: left;"><span style="color: #800180;"><i><u>B. Bought 5 Treasury Bills at the 2/7/24 Auction</u></i></span></b><span style="text-align: left;">: </span></span></p><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEquzP11A_oVseLA4t5-T1YOEBEGhF0xdTZpJawJVJYqYbFPX8TtIgJ_xq6lF_XQ6kLQjXZEmE2EQwtMHYf6tBQGBaiuWVUNv6loecb1wN8yTEzA4PuDAq1wW0jEfWd8CNzIhWGZlO6fwNQhIBCOymJA4RW_gpAksa_QR7uH1naL4wYOhPc9sqYaJZ0vka/s2738/Screenshot%202024-02-07%20at%2011.47.34%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="298" data-original-width="2738" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEquzP11A_oVseLA4t5-T1YOEBEGhF0xdTZpJawJVJYqYbFPX8TtIgJ_xq6lF_XQ6kLQjXZEmE2EQwtMHYf6tBQGBaiuWVUNv6loecb1wN8yTEzA4PuDAq1wW0jEfWd8CNzIhWGZlO6fwNQhIBCOymJA4RW_gpAksa_QR7uH1naL4wYOhPc9sqYaJZ0vka/s320/Screenshot%202024-02-07%20at%2011.47.34%E2%80%AFAM.png" width="320" /></span></a></div></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">119 Day Bill</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Matures on 6/11/24<br /><span><br />Interest: $85.61</span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.358</b>%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcJ3glwSt9-JXsON0oG8PU5mfA0QxZ_gAzmwvuGiGc6CxfNq-7iLC8utpZ3gV94EFCosjlBTQV0kiQ5pt9loVO-T8xQY8fk5E1dF9knNoQmcfvv7ieE-Xw56VL6YTvYoJT8mIbah8gDaOOgdCINYCoGy_N4XGtIWC-2bsEiUt4nyMxdHviAv3nyE_lKvsS/s1322/Screenshot%202024-02-07%20at%2011.43.45%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="576" data-original-width="1322" height="139" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcJ3glwSt9-JXsON0oG8PU5mfA0QxZ_gAzmwvuGiGc6CxfNq-7iLC8utpZ3gV94EFCosjlBTQV0kiQ5pt9loVO-T8xQY8fk5E1dF9knNoQmcfvv7ieE-Xw56VL6YTvYoJT8mIbah8gDaOOgdCINYCoGy_N4XGtIWC-2bsEiUt4nyMxdHviAv3nyE_lKvsS/s320/Screenshot%202024-02-07%20at%2011.43.45%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span>This was a redeployment of the proceeds received from a maturing treasury bill: </span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvu9V_0OEl-_XpRpIoSZ6Dpdz5oiG_8OtW3Q4vVTxnVxOxLFWw3xVXsMKWnxWRCUILRqcwuynsese6eEroowUv9guIgkXQgkE8knECSG5N5tVxMREU7zg3ZmePSU5__D63jHlpTrlQV_RzV9k6NIfEr3VGA3I0i11v8ZFfxDIItCNJWS0kMh8wFFF0M2bc/s2752/Screenshot%202024-02-07%20at%2011.48.43%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="206" data-original-width="2752" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvu9V_0OEl-_XpRpIoSZ6Dpdz5oiG_8OtW3Q4vVTxnVxOxLFWw3xVXsMKWnxWRCUILRqcwuynsese6eEroowUv9guIgkXQgkE8knECSG5N5tVxMREU7zg3ZmePSU5__D63jHlpTrlQV_RzV9k6NIfEr3VGA3I0i11v8ZFfxDIItCNJWS0kMh8wFFF0M2bc/s320/Screenshot%202024-02-07%20at%2011.48.43%E2%80%AFAM.png" width="320" /></span></a></div></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #800180;"><u><i>C. Bought 3 Treasury Bills at the 2/8/24 Auction</i></u></span></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhi0EQVdADh1U-mSmr0_Yfu133jlc-zFQjr43chfXmTM04BfdfUNtBKgAVrZG_ic6yF5QzhBw7aYQ3mh0e2hiPPTiqpIC2nUINbeS2hmrs2F5POti-lRL7tLsJY7nfdFBAeDHWM0s_N1TLS9msz8DDOW0qHVzwFOMAl6CQLCTlDsVhgjoZwX0n12kwpxIq5/s2708/Treasury%20(3)%204:9:24%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="190" data-original-width="2708" height="22" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhi0EQVdADh1U-mSmr0_Yfu133jlc-zFQjr43chfXmTM04BfdfUNtBKgAVrZG_ic6yF5QzhBw7aYQ3mh0e2hiPPTiqpIC2nUINbeS2hmrs2F5POti-lRL7tLsJY7nfdFBAeDHWM0s_N1TLS9msz8DDOW0qHVzwFOMAl6CQLCTlDsVhgjoZwX0n12kwpxIq5/s320/Treasury%20(3)%204:9:24%20.png" width="320" /></a></span></div><span style="font-family: georgia;">56 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Matures on 4/9/24</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Interest: $24.59 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Rate:<b> 5.402</b>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtQsh_ZoQkIN6tcjDeDq_744ZmpONOGrtzTZWXlN0pNqrrswekf76fYpFv3Q9snWMg3kwGGPp4wVI-4G5zVXRwH1B9iMUq5b0cuI37kUOtVvnIDW0_nhBTIFoFIJzHsIQlbFRWYnN7zqsI3GF03xHUPCJ9vQ_mGlj-lNZ4R5G6Ogqb5EMX19jU-jubZzrG/s1218/56%20day%205.402%25%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="574" data-original-width="1218" height="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtQsh_ZoQkIN6tcjDeDq_744ZmpONOGrtzTZWXlN0pNqrrswekf76fYpFv3Q9snWMg3kwGGPp4wVI-4G5zVXRwH1B9iMUq5b0cuI37kUOtVvnIDW0_nhBTIFoFIJzHsIQlbFRWYnN7zqsI3GF03xHUPCJ9vQ_mGlj-lNZ4R5G6Ogqb5EMX19jU-jubZzrG/s320/56%20day%205.402%25%20.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /><span>The purchase was funded with the proceeds from this T Bill:</span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj549mhz7zk7-jTw2VT8SN_NIT4XpzI7NdG7Mmbmq9e4Bsh8LmwFXDX8rUXgZyWoIOMXAowscBp4jPV-VyPuywXCOqCw7Hi-lGTTLflRFakuoNWFvHGeuW8qkxDNlErM1TkBVKhVYaXOLSmsPW8N-B9ZcbdW6hreEjs0jZxKhYw51QzD6-GO-zyoCDDD2SQ/s2708/treasury%20matured%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="194" data-original-width="2708" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj549mhz7zk7-jTw2VT8SN_NIT4XpzI7NdG7Mmbmq9e4Bsh8LmwFXDX8rUXgZyWoIOMXAowscBp4jPV-VyPuywXCOqCw7Hi-lGTTLflRFakuoNWFvHGeuW8qkxDNlErM1TkBVKhVYaXOLSmsPW8N-B9ZcbdW6hreEjs0jZxKhYw51QzD6-GO-zyoCDDD2SQ/s320/treasury%20matured%20.png" width="320" /></a></div><br /> <br /></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #2b00fe;">4</span></b><b><span style="color: #2b00fe;">. Corporate Bonds</span></b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Bought 2 Kimco 3.85% SU Maturing on 6/1/25 at a Total Cost of 97.76</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU6NUUKHgLkCRynzRmRBC3aHdX_4JpcK5CsKwsl4tzJuMXiDTwg4VmHK5Pmh_tBSvnc87mF-7kBpLe-jHElMsh4zEnzq-2_olTp_9NLA7UNT8f-yIYvWwIpbuITHIVbIBUleSmSQqWP-u5at4w6kvuav0dmaqXmtyPwKiYU_t-e92EGW79_AZtcFRkBzKg/s2350/KIMCO%203.85%25%206:1:25%20(2)%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="714" data-original-width="2350" height="97" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU6NUUKHgLkCRynzRmRBC3aHdX_4JpcK5CsKwsl4tzJuMXiDTwg4VmHK5Pmh_tBSvnc87mF-7kBpLe-jHElMsh4zEnzq-2_olTp_9NLA7UNT8f-yIYvWwIpbuITHIVbIBUleSmSQqWP-u5at4w6kvuav0dmaqXmtyPwKiYU_t-e92EGW79_AZtcFRkBzKg/s320/KIMCO%203.85%25%206:1:25%20(2)%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: Originally issued by Weingarten Realty, which was acquired by </span><a href="https://www.marketwatch.com/investing/stock/kim?mod=search_symbol" style="text-align: left;">Kimco Realty Corp. (KIM)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=879101&owner=exclude">KIM SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FINRA Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=948741AL7&bondType=CA">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB+</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.63</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.938</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Bought 2 Valero 3.65% SU Maturing on 3/15/25 at a Total Cost of 98.189</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqPrKpIMxkIb-qhxzB-0Uf862V_foELuEbnyyTM4tC8NYrKVZYFyB4HAmi47fzPt_SeZNcmOyGr2z7B124x6d50NQO4zEJz4dgM1oMZ_oQIo75Ojs2UgvnshZDib-cl_55MR7RPlUgVriP2mdWXLmiu_z8Iw2tC0ku9isvoZ-LecUOUd4jlMG1tFKjhTRU/s2390/Valero%203.65%25%20(2)%203:15:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="630" data-original-width="2390" height="84" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqPrKpIMxkIb-qhxzB-0Uf862V_foELuEbnyyTM4tC8NYrKVZYFyB4HAmi47fzPt_SeZNcmOyGr2z7B124x6d50NQO4zEJz4dgM1oMZ_oQIo75Ojs2UgvnshZDib-cl_55MR7RPlUgVriP2mdWXLmiu_z8Iw2tC0ku9isvoZ-LecUOUd4jlMG1tFKjhTRU/s320/Valero%203.65%25%20(2)%203:15:25.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/vlo?mod=search_symbol" style="text-align: left;">Valero Energy Corp. (VLO)</a> - A Refiner </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/vlo/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">VLO Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1035002&owner=exclude">VLO SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1035002/000103500224000004/a12312023exh9901earningsre.htm">VLO SEC Filed Earnings Press Release for the Q/E 12/31/23</a> (net income of $1.2B for the quarter and $8.8B for 2023)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Finra Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=91913YAS9&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1035002/000119312515087552/d889922d424b5.htm">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>5.355</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC: <b>3.72</b>%, rounded up. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 1 year treasury bill was trading a 4.85% yield when I made this purchase. A BBB rate corporate yield advantage, of close to .5%, is about average.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Last Bond Offering (2/2022): <a href="https://www.sec.gov/Archives/edgar/data/1035002/000119312522027020/d86065d424b5.htm" style="text-align: left;">Prospectus</a> for $650M of 4% SU Maturing in 2052. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Bought 2 Healthpeak 3.4% SU Maturing on 2/1/25 at a Total Cost of $98.119</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlORpv6rx40g0Qf_vwOpj-wggMX17y-XdYm697CibzKSvqvs6uqtMH6vR1yJCeF-872vSlScPZJzgY4PRRCqoV8sPTjndVgtVwxlVwXaFFoxpv-xufhezOrqn-Oz1Yy73RauqRekuJNChkRKycgafTgvqnHooWB4TDPV7D7qaAG2nFw6Pf3WvnGsLaLd6z/s2388/Healthpeak%203.4%25%202:1:24%20(2)%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="662" data-original-width="2388" height="89" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlORpv6rx40g0Qf_vwOpj-wggMX17y-XdYm697CibzKSvqvs6uqtMH6vR1yJCeF-872vSlScPZJzgY4PRRCqoV8sPTjndVgtVwxlVwXaFFoxpv-xufhezOrqn-Oz1Yy73RauqRekuJNChkRKycgafTgvqnHooWB4TDPV7D7qaAG2nFw6Pf3WvnGsLaLd6z/s320/Healthpeak%203.4%25%202:1:24%20(2)%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/peak?mod=search_symbol" style="text-align: left;">Healthpeak Properties Inc. (PEAK)</a> - A Healthcare REIT </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a small ball position in the common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=765880&owner=exclude">PEAK SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Finra Page: <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=40414LAM1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB+</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost = <b>5.389</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC: <b>3.4<span>65</span></b><span>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">PEAK is in the process of acquiring the REIT Physicians Realty Trust (DOC) which I currently view as a long term positive. In response to that acquisition offer, which I viewed as inadequate and would result in a dividend cut for DOC shareholders, I eliminated my DOC position. <a href="https://tennesseeindependent.blogspot.com/2024/01/aod-arcc-brkl-cfg-doc-gcow-mbwm-ofs-peo.html" style="text-align: left;">Item # 1. Eliminated DOC - Sold 61+ at $13.71 (1/20/24 Post)</a>(profit snapshot = $39.05) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>D. Bought 2 W.P. Carey 4% SU Maturing on 2/1/25 at a Total Cost of 98.675</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7mwWRNav8aCXSxjZyT2WLb0mBswhgkTGDWwcYTcEDNj7D3CZO3qeAlQSESBWbL-GsrQXteDOGZc9ILx7dE5-OmNBBnwe3UEh0bHamos87bKCpeHcI4JcDVlJhy2J30Clix8dRTzBo-nLEwB9gdeCpp_0yPhYGDhGMDCWUClE6Y_jlf1y4Hen0nYLM2Hs9/s2354/W.P.%20Carey%20(2)%204%25%202:1:25%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="638" data-original-width="2354" height="87" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7mwWRNav8aCXSxjZyT2WLb0mBswhgkTGDWwcYTcEDNj7D3CZO3qeAlQSESBWbL-GsrQXteDOGZc9ILx7dE5-OmNBBnwe3UEh0bHamos87bKCpeHcI4JcDVlJhy2J30Clix8dRTzBo-nLEwB9gdeCpp_0yPhYGDhGMDCWUClE6Y_jlf1y4Hen0nYLM2Hs9/s320/W.P.%20Carey%20(2)%204%25%202:1:25%20%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Issuer: <a href="https://www.marketwatch.com/investing/stock/wpc?mod=search_symbol" style="text-align: left;">W. P. Carey Inc. (WPC)</a> </p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=92936UAC3&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1025378&owner=exclude">WPC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1025378/000104746915000357/a2222813z424b2.htm">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa1/BBB+</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now own 8 bonds, with 2 of those owned in a Roth IRA account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost:<b> 5.408</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>4.0537</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last SU Bond Offering (10/2021): </span><a href="https://www.sec.gov/Archives/edgar/data/1025378/000110465921123671/tm2129107-2_424b5.htm" style="text-align: left;">Prospectus</a> <span>$350M of a 2.45% SU Maturing in 2032. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have 4 W.P. Carey SU bonds that mature on 4/1/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Small Ball Sells</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Eliminated MOR - Sold 10 MOR at $17.21; 30 at $17.04</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGuffweerDf1D8AZKjDk33MjD2ZXZw-I0PIylHG0KHUQWFlRrHlyqIyOp1oW7ST6EleKEqWnELoGOVmmWLu9RUmYs__TAd0YLf4oUMcZ56-_Pdd5YNdm_lUv3rzU3M8vc9iEUV8R9726S5FDk9K6ElgrdCjbr6PpRuWjL4EmOuTK1RlL-raK_L8rKgbX69/s2796/MOR%2010%20AT%20$17.21%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="198" data-original-width="2796" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGuffweerDf1D8AZKjDk33MjD2ZXZw-I0PIylHG0KHUQWFlRrHlyqIyOp1oW7ST6EleKEqWnELoGOVmmWLu9RUmYs__TAd0YLf4oUMcZ56-_Pdd5YNdm_lUv3rzU3M8vc9iEUV8R9726S5FDk9K6ElgrdCjbr6PpRuWjL4EmOuTK1RlL-raK_L8rKgbX69/s320/MOR%2010%20AT%20$17.21%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK6Nfv2DgmT9NpT-0jRKBRp9t2rJrHdAl53fSL9ZWVJ4fpl_WwzdWoNVPQRUfoZM-pBwOh-ZLAiC2GC7EF3qbiW5_1iOPyx7kpjEeTjEJNeVkDYX-EBKjPxshzuD6APb3cuMg7bEOuFKhAk4c0fd15fcY6Er29zqHzn3fon0JdeEIJBgUleV-Nb9Jv5M0-/s2702/MOR%20SOLD%2030%20AT$17.04%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="308" data-original-width="2702" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK6Nfv2DgmT9NpT-0jRKBRp9t2rJrHdAl53fSL9ZWVJ4fpl_WwzdWoNVPQRUfoZM-pBwOh-ZLAiC2GC7EF3qbiW5_1iOPyx7kpjEeTjEJNeVkDYX-EBKjPxshzuD6APb3cuMg7bEOuFKhAk4c0fd15fcY6Er29zqHzn3fon0JdeEIJBgUleV-Nb9Jv5M0-/s320/MOR%20SOLD%2030%20AT$17.04%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/mor?mod=over_search" style="text-align: left;">MorphoSys AG ADR</a> - A German Biotech</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $683.3 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshots: <span style="color: #6aa84f;">+$256.41</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvNZCaYBPNofnDo8FyQgCz7H70EO767JVnzQPWmIw5hwnkRQk1TkA40wbLDyyG9OA7Ro6I8S_EixkQqJZm5vDPtShgwcfX5K9e3C-1jXUANXoon2jye-DNz30wjRJzoK5BkRlFFd8_Qo8d0eep-s4iUrSCxqu9bw6qfHga5c3uB20KazdoosH2PZXJYXI7/s2414/2024%20MOR%2010%20Shares%20+$48.1%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="774" data-original-width="2414" height="103" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvNZCaYBPNofnDo8FyQgCz7H70EO767JVnzQPWmIw5hwnkRQk1TkA40wbLDyyG9OA7Ro6I8S_EixkQqJZm5vDPtShgwcfX5K9e3C-1jXUANXoon2jye-DNz30wjRJzoK5BkRlFFd8_Qo8d0eep-s4iUrSCxqu9bw6qfHga5c3uB20KazdoosH2PZXJYXI7/s320/2024%20MOR%2010%20Shares%20+$48.1%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAB3BjwFLWwbtv7pyLouCVwbmKt_8doBSQQD3NV0NWFuWb8n5xuWIMhSKtgYuHGZzB6HN4HDHFatpo8XRFxvHqjaItQqFS9g54ACQRRvXgDlisTVUTMXA0yPNVePo_YcVU2EF0fYCku20L-R6lmiDfkRIFylYvhSW-YCkopyntjuFaJ1VEvagV4cVXarQT/s2408/2024%20MOR%2030%20Shares%20+$208.31.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1378" data-original-width="2408" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAB3BjwFLWwbtv7pyLouCVwbmKt_8doBSQQD3NV0NWFuWb8n5xuWIMhSKtgYuHGZzB6HN4HDHFatpo8XRFxvHqjaItQqFS9g54ACQRRvXgDlisTVUTMXA0yPNVePo_YcVU2EF0fYCku20L-R6lmiDfkRIFylYvhSW-YCkopyntjuFaJ1VEvagV4cVXarQT/s320/2024%20MOR%2030%20Shares%20+$208.31.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last Discussed: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/aod-eai-ivz-mor-ofs-onb-pltk-pwfprtca.html" style="text-align: left;">Item # 1.D. Eliminated Duplicate MOR Position (Fidelity Account) - Sold 25 at $9.78 in (12/30/23 Post)</a>(profit snapshot = $10.87) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment category: Lottery Ticket Basket (maximum exposure $1,000 + any net prior realized gains)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed MOR in several comments to my last post. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Novartis has agreed to buy MOR for €68 per ordinary share which is equivalent to €17 per ADR share. The ADR ratio is 1 ordinary share equals 4 ADR shares. </span><a href="https://adr.db.com/drwebrebrand/dr-universe/dr_details.html?identifier=5803" style="text-align: left;">Depositary Receipts</a></span></p><p style="text-align: justify;"><a href="https://www.morphosys.com/en/news/morphosys-enters-business-combination-agreement-be-acquired-novartis-eu-27-billion-equity"><span style="font-family: georgia;">MorphoSys Enters into Business Combination Agreement to be Acquired by Novartis for € 2.7 Billion Equity Value | Morphosys de</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">The ADR price is currently trading at a discount to the offer price using the current EUR/USD conversion rate. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A financial writer in the biotech space, Adam Feurerstein, claimed that Novartis would walk away from the deal and pay a small break up fee when and if the FDA rejected a new drug application for MOR's <a href="https://www.morphosys.com/en/our-pipeline/pelabresib" style="text-align: left;">Pelabresib</a> or refused to approve it. MOR issued a press release stating that this story was factually wrong without providing details. <a href="https://medriva.com/business/the-unfolding-drama-of-novartiss-acquisition-of-morphosys-a-deep-dive/" style="text-align: left;">Novartis Intended Acquisition of MorphoSys: Potential Implications and Uncertainty</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I believe that MOR can not respond more fully since the German financial regulatory authority has to review the merger agreement, apparently just for the adequacy of the disclosures, before the merger agreement can be publicly disclosed, which limits now what MOR can say about it. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There may be some concern about whether the trials are sufficiently adequate to support an FDA new drug application. I do not have any concrete information that this may be the case or is not the case. Since the application has not been filed and may not be filed for several months, and given the time delay from that filing to a FDA decision on the application, the merger would most likely be concluded before the FDA decision, so Feurerstein's argument is predicated on the FDA rejecting the new drug application. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">From my perspective, and given that I only owned 30 shares when this merger announcement was made, it was simply not worth spending more time thinking about it. Just take the profit and forget about it. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Eliminated HBAN in Taxable Accounts - Sold 40+ at $12.27</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVFH1pjZDHIvAdkbVZXy82vkKlsWPiWhHZgHq3Sqto-fN9NHpZv4bV49m0sbTd2dw27UiQeTGJ6x0l6FxY1dSUBVjDqFJKmOKOdAuN5j0mD5d4noAnKN3Q-izz0e0cCrPzdhagqUATs0lwDS03uRyqOCtaF-ISqiGKdFv6lN0g2_enQuSMcuJ-WnFTNIhL/s2530/SOLD%2040+%20AT%20$12.27%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="140" data-original-width="2530" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVFH1pjZDHIvAdkbVZXy82vkKlsWPiWhHZgHq3Sqto-fN9NHpZv4bV49m0sbTd2dw27UiQeTGJ6x0l6FxY1dSUBVjDqFJKmOKOdAuN5j0mD5d4noAnKN3Q-izz0e0cCrPzdhagqUATs0lwDS03uRyqOCtaF-ISqiGKdFv6lN0g2_enQuSMcuJ-WnFTNIhL/s320/SOLD%2040+%20AT%20$12.27%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/hban" style="text-align: left;">Huntington Bancshares Inc. (HBAN)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $498.33 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I still own a few shares in a RI account with a lower cost basis. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=49196">HBAN SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/hban/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">HBAN Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have soured on this stock sector for reasons previously discussed. To summarize briefly, the main reasons are net interest margin continuing to trend lower compared to the year ago quarter, more commercial property loans going bad, declines in both GAAP and Non-GAAP E.P.S. numbers compared to the year ago quarter, and overall unsatisfactory dividend growth. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$165.46</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-PVZ8H39sbb8CVvLqQAyUInW7xv6UHSINsXjdSmcl6CCU5jA0q2YDrmiE-iEyK8_k8vU1WY6f8O-NAavSjU5DnC-r49QP5J9rurhzxEl7C1gmoc4ZnB_3qdjtYPyRUNXIwwITWwrMyFlIvtTGp5jPxQ1G7v-7mruTCjIVWBDNhM_Pd1020dBJxjxg31E2/s1970/2024%20HBAN%2040+%20SHARES%20+$165.46%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="642" data-original-width="1970" height="104" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-PVZ8H39sbb8CVvLqQAyUInW7xv6UHSINsXjdSmcl6CCU5jA0q2YDrmiE-iEyK8_k8vU1WY6f8O-NAavSjU5DnC-r49QP5J9rurhzxEl7C1gmoc4ZnB_3qdjtYPyRUNXIwwITWwrMyFlIvtTGp5jPxQ1G7v-7mruTCjIVWBDNhM_Pd1020dBJxjxg31E2/s320/2024%20HBAN%2040+%20SHARES%20+$165.46%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/08/agr-cvfb-dpg-eai-elc-emr-emp-hban-jqc.html" style="text-align: left;">Item # 6.C. Pared HBAN - Sold 10 at $12.55 (8/12/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: </span><span style="font-family: georgia;">Quarterly at $.155 ($.62 annually), last raised from $.15 effective for the 2021 4th quarter, last raised from $.15 effective for the 2022 first quarter payment. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/hban/dividend-history"><span style="font-family: georgia;">HBAN Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend History</u></i>: </span><span style="color: red; font-family: georgia;"><b>Poor</b></span><span style="font-family: georgia;">. As with other regional banks that had near death experiences in 2008-2009, the quarterly dividend was slashed from $.265 per share to $.1325 effective for the 2008 second quarter and then to $.01 effective for the 2009 first quarter. The $.01 per share rate was kept until it was raised to $.04 effective for the 2011 third quarter. There were dividend increases each year starting with 2013 but that ended with a raise from $.15 to the current $.155 effective for the 2021 4th quarter.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I doubt that the quarterly rate will return to $.265 per share in my lifetime.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/15/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/49196/000004919624000006/hban20231231_8kex991.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.15, down from $.42. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.31</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start; text-indent: -24px;">"Excluding the after tax impact of Notable Items, primarily related to the FDIC Deposit Insurance Fund special assessment, adjusted earnings per common share were $0.27. Additionally, the mark-to-market of the pay-fixed swaptions hedging program during the quarter reduced pre-tax income by $74 million, or $0.04 on an EPS basis."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start; text-indent: -24px;">NIM: <span style="color: red;">3.07%, down from 3.52</span>% </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start; text-indent: -24px;">Charge off ratio: .31%, up from .17%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start; text-indent: -24px;">NPA Ratio: .58%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="text-align: start; text-indent: -24px;">"Net</span></span><span style="text-align: left; text-indent: -24px;"> interest income decreased $52 million, or 4%, from the prior quarter, and decreased $146 million, or 10%, from the year-ago quarter."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: -24px;">Average total loans and leases increased by $445M from the prior quarter to $121.2B and by $2.3B compared to the 2022 4th quarter. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: -24px;">Average total deposits increased by $1.5B or 1% from the prior quarter. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Gains over $200</u></i>: </span></span><a href="https://tennesseeindependent.blogspot.com/2018/02/observations-and-sample-of-recent_3.html" style="text-align: left;">Item # 3.A. Sold 100 HBAN at $16.12 (2/3/18 Post)</a>(profit snapshot = $254.75); <a href="https://tennesseeindependent.blogspot.com/2014/10/weekly-post-was-deleted-by-google-i.html" style="text-align: left;">Sold 50 HBAN at $9.53 (10/17/14 Post)</a>(profit snapshot = $275.75); </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>HBAN Realized Gains to Date</i></u>: </span><span style="color: #6aa84f; font-family: georgia;">$1,334.29</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></p></div></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com10tag:blogger.com,1999:blog-2986124651030959736.post-55333786180981299082024-02-02T07:50:00.006-06:002024-02-24T11:29:27.241-06:00AOD, CPF, EQR, FFHPRF:CA, FHB, FNLC, FSCO, GLW, NLOP, NSA, RITM, STBA, <p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Powell suggested that rate increases are likely over in the current cycle, but the FED was in no hurry to cut rates since it did not want to be blindsided by inflation roaring back. </span><span style="font-family: georgia;"><a href="https://www.cnbc.com/2024/01/31/fed-meeting-today-live-updates.html" style="text-align: left;">Fed meeting today: Live updates on January Fed rate decision</a> I was not expecting a cut in March. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">It needs to be remembered that CPI had increased by 8.5% for the 12 month period ending in March 2022 when the FED decided to abandon ZIRP with a 25 basis point increase in the federal funds rate. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG6otlqljdnD3STB8RijTXVQJxznlgMDNuVpoYpYvD_Tz2A1bvakS9eTh1_LfOgzXiz8IBmXbWn0wNSepPtEdyUIB1QS6Emx2045i4ScsjmNzSlE7QIJdMs1bzxpvdmvbPvLEImS3A-SzVG2WrV2Fusg3rLWSe6BptJaYIM8Logp-3U6w8Zak27QmKcpdx/s1438/Screenshot%202024-02-01%20at%204.33.19%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="232" data-original-width="1438" height="52" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG6otlqljdnD3STB8RijTXVQJxznlgMDNuVpoYpYvD_Tz2A1bvakS9eTh1_LfOgzXiz8IBmXbWn0wNSepPtEdyUIB1QS6Emx2045i4ScsjmNzSlE7QIJdMs1bzxpvdmvbPvLEImS3A-SzVG2WrV2Fusg3rLWSe6BptJaYIM8Logp-3U6w8Zak27QmKcpdx/s320/Screenshot%202024-02-01%20at%204.33.19%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><a href="https://www.bls.gov/news.release/archives/cpi_04122022.pdf">Consumer Price Index-March 2022</a></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Fed Policy Statement Excerpt March 2022: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCJu7Qm-w1VUfCspKKIbdVkuAxU_4FoJiFzMAP-KbdY5oXDHR4viEwk33RJJP2hAxonEtCOheSHSGnGCJcLIoraO45ofSywofn2tRyR-EVcGFTy1Rw02-b6M15Ew9v2GCUURghSHK8gNVVh1lNAv9xESKlydbxRIPef6VCB6ZrkeRcWYLyo0C0ve6fNDAt/s1284/Screenshot%202024-02-01%20at%204.34.39%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="470" data-original-width="1284" height="117" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCJu7Qm-w1VUfCspKKIbdVkuAxU_4FoJiFzMAP-KbdY5oXDHR4viEwk33RJJP2hAxonEtCOheSHSGnGCJcLIoraO45ofSywofn2tRyR-EVcGFTy1Rw02-b6M15Ew9v2GCUURghSHK8gNVVh1lNAv9xESKlydbxRIPef6VCB6ZrkeRcWYLyo0C0ve6fNDAt/s320/Screenshot%202024-02-01%20at%204.34.39%E2%80%AFPM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I was commenting before this action that the FED was so far behind the curve in fighting inflation that it would need a telescope to see the curve. </span></div><p style="text-align: justify;"><span style="font-family: georgia;">As I have stated previously, I do not view a 25 basis cut in the FF range to be likely prior to the June meeting. Assuming inflation remains subdued, I am expecting a 25 basis point cut either at that meeting or at the May meeting but not at both</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Yesterday, the CME FedWatch tool had the probability of a 50 basis point on or before the June meeting at 86.4%. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyzWk6FeO6-jTGrstwdSIEWUyPZRW0pwRVxxzi_eEs0Tszhe6PI9RESXOTmleNYIBN-OywakxVYrhGSw4t7F0Py9jcrwzLiYw3Vasvi5xaW0b9UXm2V2CAdbyGufM7HVcNpZ2OU39aIUwbnRECvv6CoPE4H5YYee1LBJ-c2udrWectJ_wJcv1kJuGx-Gje/s2606/Screenshot%202024-02-01%20at%204.23.08%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="372" data-original-width="2606" height="46" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyzWk6FeO6-jTGrstwdSIEWUyPZRW0pwRVxxzi_eEs0Tszhe6PI9RESXOTmleNYIBN-OywakxVYrhGSw4t7F0Py9jcrwzLiYw3Vasvi5xaW0b9UXm2V2CAdbyGufM7HVcNpZ2OU39aIUwbnRECvv6CoPE4H5YYee1LBJ-c2udrWectJ_wJcv1kJuGx-Gje/s320/Screenshot%202024-02-01%20at%204.23.08%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch Tool - CME Group</a></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">That may happen based on a deterioration in economic data and more trouble in the office property market and banks writing down even more loans that are secured by those properties. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The BLS reported earlier today that the economy added 353,000 jobs in January. The consensus estimate was 185,000. The unemployment rate remained unchanged at 3.7%. </span><a href="https://www.bls.gov/news.release/empsit.nr0.htm" style="text-align: left;">Employment Situation Summary - 2024 M01 Results</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The job gains for the prior two months were revised up: "</span><span style="background-color: white; text-align: left;">The change in total nonfarm payroll employment for November was revised up by </span><span style="background-color: white; text-align: left;">9,000, from +173,000 to +182,000, and the change for December was revised up by </span><span style="background-color: white; text-align: left;">117,000, from +216,000 to +333,000. With these revisions, employment in November </span><span style="background-color: white; text-align: left;">and December combined is 126,000 higher than previously reported." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">The average hourly wage increased 19 cents or .6% to $34.55. Wage growth over the past 12 months was at 4.5%. The average work week decreased by .2 hour. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">Jobs Data 2014 to Date: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1rIn4jBry6mz-i7cTb0PebMHJJNx1ttHv9T1xrmntEkazx7JZsdDZUGS8Mg598RjoYLs6_CzwjDp8k3dkjjBlx8305EjzE0MB0kG4yrO4gDN5pBKfK7arYlvLlLGvRt2MTYI3x3bkpSjz-Tg97H8otmrSkPmbTlqdqiH8xmvj_FXfvvICQ8DPYV3E_0_2/s1020/Screenshot%202024-02-02%20at%207.44.42%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="612" data-original-width="1020" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1rIn4jBry6mz-i7cTb0PebMHJJNx1ttHv9T1xrmntEkazx7JZsdDZUGS8Mg598RjoYLs6_CzwjDp8k3dkjjBlx8305EjzE0MB0kG4yrO4gDN5pBKfK7arYlvLlLGvRt2MTYI3x3bkpSjz-Tg97H8otmrSkPmbTlqdqiH8xmvj_FXfvvICQ8DPYV3E_0_2/s320/Screenshot%202024-02-02%20at%207.44.42%E2%80%AFAM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><a href="https://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth"><span style="font-family: georgia;">Bureau of Labor Statistics Data</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">This kind of economic data makes a FED rate cut less likely before the June meeting IMO. The bond ghouls are reacting negatively to this jobs report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $15,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I intend on buying $10,000 at the next 3 month treasury bill auction using proceeds from maturing securities received in my Schwab account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: None, unlikely to buy given the decline in yields and a substantial overweighting that is only being slowed rolled off. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Purchased MM Fund: $2,000 in SNOXX</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiu9qmA9_mq6aDEHsJQhR1HQ7P_Yz4TeIF2xe9oE6pjvv-L3CTxxVntHp5roO07LQ31smxR9zOg-GYyDBCz73l1gYFcZQ5Famn05yEh96HsW2MQQN9dxDywWaShkv1xE1i1kIJH6Ms5pv5R9V5X79IxcR4jjZZtJYUnj2aE1YWRNE5S6RRECd4h6n9Egbf/s2556/snoxx%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="248" data-original-width="2556" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiu9qmA9_mq6aDEHsJQhR1HQ7P_Yz4TeIF2xe9oE6pjvv-L3CTxxVntHp5roO07LQ31smxR9zOg-GYyDBCz73l1gYFcZQ5Famn05yEh96HsW2MQQN9dxDywWaShkv1xE1i1kIJH6Ms5pv5R9V5X79IxcR4jjZZtJYUnj2aE1YWRNE5S6RRECd4h6n9Egbf/s320/snoxx%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><div style="text-align: justify;">Orders to buy SNOXX in my Schwab account have to be placed before the market closes in order to buy shares effective for the next business day. This treasury MM fund has a current SEC Yield of 5.03% compared to .45% paid by the Schwab sweep account that was used to fund this purchase. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual Common Stocks:<span style="color: red;"> -</span>$2,946.69</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(Consisting of $4,007.56 in proceeds minus $1,060.87 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Most of the proceeds were realized from continuing to reduce my regional bank stock allocation. The purchases were equity REIT stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock CEF: <span style="color: #6aa84f;">+</span>$397.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Stocks/Stock Funds (discussed in this post): <b><span style="color: red;">-</span></b>$2,549.19</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged Balanced CEF: <span style="color: #6aa84f;">+</span>$90.47</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged Senior Loan/Junk Bond CEF: <span style="color: #6aa84f;">+</span>$289 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Canadian Reset Equity Preferred Stock: <span style="color: red;">-</span> C$1,789 (profit = <span style="color: #6aa84f;">+</span>C$552)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">U.S. Equity Preferred Stock: <span style="color: red;">-</span> $315.5 (gain of <span style="color: #6aa84f;">+</span>$53.31)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Stocks/Stock Funds: <span style="color: red;">-</span>$10,928.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Anti-Democracy Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a></span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=Y44fyh4ap7k"><span style="font-family: georgia;">Democracy on Trial (full documentary) | FRONTLINE - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump has been endorsed by 31 Republican Senators and 130 House republicans so far. Donald is the Republican Party. There can be no dispute on that point anymore. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.nytimes.com/2024/01/30/us/politics/trump-legal-fees.html">Trump’s PACs Spent Roughly $50 Million on Legal Expenses in 2023 - The New York Times</a> Money donated to Trump's PACs are used to pay his legal bills and a few others that he has swept into his vortex of legal troubles, a common fate awaiting for anyone willing to work for him. The exact amount turned out to be over $55M based on filings with the FEC. </span><a href="https://www.washingtonpost.com/politics/2024/01/31/trump-desantis-haley-campaign-fundraising/" style="text-align: left;">Trump spent more than $55 million in donor money on legal fees last year, filings show - The Washington Post</a> <span>I discussed Trump using donor money to pay his legal bills in this YT video:</span><a href="https://www.youtube.com/watch?v=5J9zwg9e5nw" style="text-align: left;">Trump PACs Paying His Legal Fees - YouTube</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.theatlantic.com/ideas/archive/2024/01/mayorkas-impeachment-republican-fantasy/677311/">The Nonsensical Impeachment of Alejandro Mayorkas - The Atlantic</a> ("</span></span><span style="font-family: georgia;"><span style="text-align: left;">The impeachment is based on differences in border policy, rather than any misconduct. Even as they move it forward, House Republicans are avoiding legislation on the matter, working to snuff out a bill that would actually affect the border.")</span><span style="text-align: left;"> </span>There is no factual or legal justification for this GOP election year stunt. It is just disgusting and proves that the House republicans are totally unfit to govern. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/ideas/archive/2024/01/us-congress-support-ukraine-war/677256/">Is Congress Really Going to Abandon Ukraine Now? - The Atlantic</a><span> Anne Applebaum offers this chilling assessment: "</span><span style="text-align: left;">But an even deeper, broader shock wave would be triggered by the growing realization that the United States is not just an unreliable ally, but an unserious ally. A </span><i style="box-sizing: inherit; text-align: left;">silly</i><span style="text-align: left;"> ally." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>In that article, Anne highlighted some statements made by Russia's former President and Prime Minister Dmitry Medvedev that establish that Russia has set its sights on absorbing Poland and the Baltic countries. </span><a href="https://www.euronews.com/2023/05/17/russias-dmitry-medvedev-claims-baltic-countries-belong-to-russia" style="text-align: left;">Ex Russian PM Dmitry Medvedev claims Baltic countries belong to Russia and that Poland is Temporarily Occupied-Euronews</a> This is why NATO exists - too deter the imperialistic ambitions of a totalitarian Orwellian state. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.npr.org/2024/01/26/1227070827/a-video-making-the-rounds-online-depicts-trump-as-a-messiah-like-figure" style="text-align: left;">A video making the rounds online depicts Trump as a Messiah-like figure : NPR</a>; <a href="https://www.youtube.com/watch?v=ras9gOqESAU&t=25s">'God Made Trump' Video - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=prrv3mTxQb0&t=12s">Trump admits to trying to tank border deal to prevent a Biden win - YouTube</a>; </span><a href="https://www.washingtonpost.com/politics/2024/01/27/trump-border-biden/" style="text-align: left;">Donald Trump brags about his efforts to scuttle bipartisan border deal - The Washington Post</a> It does look now that Trump has been successful in preventing a bipartisan deal on immigration. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Oklahoma GOP has censored its republican James Lankford for working on a compromise immigration bill. </span><a href="https://www.cnn.com/2024/01/29/politics/oklahoma-gop-condemns-censures-lankford-border-negotiations/index.html" style="text-align: left;">Oklahoma GOP votes to condemn Sen. Lankford for role in bipartisan border talks</a>; <a href="https://newrepublic.com/article/178530/gop-senator-james-lankford-trump-maga-border-scam" style="text-align: left;">GOP Senator Reveals the Sick Truth About the Trump-MAGA Border Scam</a> This highlights the GOP's immersion into a Trump Personality Cult. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The republicans in the House are advancing the impeachment of the Homeland Secretary as part of their 2024 campaign strategy which includes tanking any possible compromise on the immigration issue. <a href="https://www.cnn.com/2024/01/30/politics/impeaching-dhs-secretary-mayorkas-committee/index.html" style="text-align: left;">House Republicans move closer to rare move of impeaching DHS Secretary Mayorkas</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Representative Ralph Norman (R-SC) stands by his 2021 email to Trump's Chief of Staff requesting that Donald declare martial law and overturn the election. <a href="https://www.cnn.com/videos/politics/2024/01/25/martial-law-text-message-2021-norman-meadows-collins-source-vpx.cnn" style="text-align: left;">Video: Ralph Norman defends 2021 text to Trump urging martial law</a> Just 3 days before Biden was inaugurated, Norman texted Mark Meadows that "<span style="letter-spacing: -0.09px; text-align: left;">our LAST HOPE is invoking Marshall Law!! </span><span style="letter-spacing: -0.09px; text-align: left;">PLEASE URGE TO PRESIDENT TO DO SO" He does regret misspelling martial. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="letter-spacing: -0.09px; text-align: left;">At least 34 republican members of Congress texted Meadows urging the declaration of martial law rather than to allow Biden to become President. </span></span><a href="https://newrepublic.com/post/178396/ralph-norman-one-regret-jan-6-text-marshall-law" style="text-align: left;">Republican Rep. Has No Regrets About That “Marshall Law” Text | The New Republic</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=NyX_nHvA6Kg">Can Trump get his donors to pay $83.3 million awarded to E. Jean Carroll? - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://newrepublic.com/article/178482/trump-2024-every-threat-ever-faced-history" style="text-align: left;">Trump Is a Combination of Every Threat We Have Ever Faced in Our History | The New Republic</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.alternet.org/elise-stefanik-january-6/">Elise Stefanik (R-NY) caught deleting statement calling for January 6 rioters to be prosecuted</a> Stefanik has done a 100% pure mind meld with Donald and wants to call them "hostages" now. Liz Cheney requested that Stefanik "explain how and why she morphed into a total crackpot". </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.thedailybeast.com/trumps-dollar50-million-mystery-debt-looks-like-tax-evasion#:~:text=He's%20consistently%20listed%20his%20debt,Trump%20confirmed%20this%20arrangement%20himself.">Trump’s $50 Million Mystery Debt Looks Like ‘Tax Evasion’</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/30/media/taylor-swift-super-bowl-right-wing-conspiracy/index.html">Right-wing media targets Taylor Swift with Super Bowl conspiracy theory ahead of the Super Bowl</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.salon.com/2024/01/30/would-have-to-be-an-idiot-legal-experts-torch-lawyers-bogus-motion-after-carroll-ruling/">“Would have to be an idiot”: Legal experts torch Trump lawyer’s “bogus motion” after Carroll ruling</a> Ms. Habba wrote a letter to Judge Kaplan claiming that the jury verdict against Donald had to be thrown out because the Judge had an undisclosed conflict of interest with Carroll's attorney Roberta Kaplan who is unrelated to the Judge. Habba cited a New York Post article. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Prior to Judge Kaplan being appointed to the bench in 1994, he was a partner in the gigantic law firm Paul, Weiss, Rifkind, Wharton & Garrison. Carroll's attorney was a young associate in that firm for about two years. The judge has been serving as a Federal District Court judge for 30 years. They did not even work together on any cases. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Habba was quoted by the New York Post, one of Murdoch's rags, that situation was "insane and so incestrous". <a href="https://nypost.com/2024/01/27/news/trump-to-use-judges-conflict-in-83-3m-jury-verdict/" style="text-align: left;">Trump to use judge's 'conflict' in $83.3M jury verdict</a> She accused the judge of committing an ethics violation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Even if they had worked together on a case 30 years ago, there would not provide any basis for the Judge's recusal. It is commonplace for district court judges to have work with or against attorneys prior to being appointed to the bench who later appear before the Judge. Attorneys who clerked for a Judge frequently appear before them and this is not a conflict. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Ms. Habba graduated from Widener University law school. I never heard of it prior to looking at her bio. I checked the U.S. News ranking which has that law school currently at #159 out of 196 which is an improvement from the #175 prior ranking. </span><a href="https://www.usnews.com/best-graduate-schools/top-law-schools/law-rankings?_sort=my_rankings-asc" style="text-align: left;">2023-2024 Best Law Schools - US News Rankings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">As explained in my video, Trump has indicated that he intends to appeal the $83.3M verdict in favor of E. <span>Jean Carroll but will have to post an appeal bond in that amount as a precondition. <a href="https://www.youtube.com/watch?v=ij3-AEiwcUQ&t=3s" style="text-align: left;">Trump Appeal Bonds- Carroll Jury Verdicts - YouTube</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=5nb_2X3cSYg"><span>'People better believe it' when Trump threatens to get out of NATO, says John Bolton - YouTube</span></a> NATO has deterred Russia's imperialistic ambitions. </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=LVcLCchFiC0&t=49s"><span style="font-family: georgia;">'Trump will lash out, ignore it': Man who prosecuted Trump University - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/01/politics/trump-former-finance-chief-alan-weisselberg-perjury-charge/index.html">Ex-Trump Org CFO in talks to plead guilty to perjury charge tied to civil fraud investigation</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/02/01/politics/roberta-kaplan-donald-trump-deposition-maralago/index.html" style="text-align: left;">Roberta Kaplan says Trump threw papers across table at Mar-a-Lago deposition because his legal team agreed to feed her lunch</a> Just another example of Trump failing to mature. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian State of Misery</span>: </span></p><p style="text-align: justify;"><a href="https://ukr.warspotting.net/"><span style="font-family: georgia;">Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://hls.harvard.edu/today/there-was-no-promise-not-to-enlarge-nato/">‘There was no promise not to enlarge NATO’ - Harvard Law School</a> Putin and his FM Lavrov routinely lie about this non-existent promise. The purpose is to justify Russia's invasion of Ukraine. </span><a href="https://www.nato.int/cps/en/natohq/115204.htm" style="text-align: left;">De-bunking Russian disinformation on NATO</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/29/europe/russia-sanctions-putin-ukraine-economy-intl/index.html">Russia boasts it is beating sanctions, but its longer-term prospects are bleak | CNN Business</a> I do believe that Putin is more delusionary than Trump who is off the charts on that personality characteristic. Putin claims that Russia's economy is doing better than the U.S. The Russian economy is receiving a boost from increased production of weapons, financed with borrowed money, that are then destroyed in Ukraine. That policy makes the long term prospects for Russia's economy far worse when the outlook was already bad. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=4TGRoxqi6So">Ukrainian Medic Tortured By Russians Credited With Saving Lives Of Other Prisoners - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=YDm-SX-TKro">Vladimir Putin pulls strange faces during meeting with close ally Aleksandr Lukashenko - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=xHMF24u9H5I"><span style="font-family: georgia;">Starving Russian soldier surrenders to Ukraine's Slavic Brigade after brutal battle near Kupyansk - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=gDZVA_2t0PY">Ukraine sinks $70M Russian warship Ivanovets in the Black Sea using boat drones - YouTube</a> Russia's Black Sea Navy is unquestionably being defeated by a country with no Navy. The War in Ukraine has demonstrated that relatively low cost drones and missiles can destroy very high cost ships, tanks and other military equipment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=WhILMFdifhk">Crimea hit with ’Storm Shadow’ missiles as Russian cities burn in sabotage attacks - YouTube</a> It probably never occurred to Russia's incompetent and delusional dictator for life that Ukrainians who are loyal to their country can pass themselves off as Russians inside Russia and are consequently capable of conducting sabotage operations. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><br /></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>1. Canadian Reset Equity Preferred Stocks</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I just had two Canadian reset equity preferred stocks reset their coupons for five years at spreads to the 5 year Canadian bond yield on 1/30/24. I discussed those resets in a YT video: </span><a href="https://www.youtube.com/watch?v=de-NNKdfiRU&t=9s" style="text-align: left;">Canadian Reset Equity Preferred Stocks - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Those two equity preferred stocks are ENBPRP:CA issued by Enbridge and PPLPRC:CA issued by Pembina Pipeline. Both preferred stocks have a C$25 par value and pay quarterly cumulative dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Both have coupons that reset every five years at spreads to the five year Canadian Government bond. The five year reset occurred last Wednesday (1/31/24). The 5 year bond closed at 3.418% that day. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">These preferred stocks can not be called for five years since the issuers did not exercise their call right on the reset date. If and when exercised, the call would be at the C$25 par value + the accrued and unpaid dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #3d85c6;"><u>ENBPRP:CA Coupon</u></span></i> at 5.988% paid on a C$25 par value</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqRifSfAlGZtU64362_pNwE91Nz5yQBXDk8T75wNFS4zJhtihKc6MCSHeWml8dqEOHHOqzfnULb3RK1e0Ak40MlYZ6leeVONDXcDb2J43WGMRkAazOlWPS9Vkg909G0-gpCWYsDYTnelq5B2X2xMbGmvVR9SFZhqwI8Mty2a_Rg_odV6_FK5vxszgJ4rcq/s1726/ENBPRP%205.988%25%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="304" data-original-width="1726" height="56" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqRifSfAlGZtU64362_pNwE91Nz5yQBXDk8T75wNFS4zJhtihKc6MCSHeWml8dqEOHHOqzfnULb3RK1e0Ak40MlYZ6leeVONDXcDb2J43WGMRkAazOlWPS9Vkg909G0-gpCWYsDYTnelq5B2X2xMbGmvVR9SFZhqwI8Mty2a_Rg_odV6_FK5vxszgJ4rcq/s320/ENBPRP%205.988%25%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Excerpt from Press Release</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">I own 500 shares of ENBPRP:CA with an average cost per share at C$16.05: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span></span></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="color: #800180; font-style: italic; font-weight: bold; margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwCj8w29Tai-lnxJf4UASPjwLoTViZDvQu86paeelOKyxDGkRJtGX8keSpESs-v_q0zvdiwHTiADoSZ1uobOntXiQ9O1Ud0h8T-U8dMUNx2_JPYCfktuPA87F7yJe9XMsN1dUWofIoOKZP6c_WqeHdhzCx5WbrUITKWKFdIp5oGVJ63guXVx6BXhvLPfQC/s2694/ENBPRB%20500%20SHARES%20AC%20AT%20C$16.05%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="120" data-original-width="2694" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwCj8w29Tai-lnxJf4UASPjwLoTViZDvQu86paeelOKyxDGkRJtGX8keSpESs-v_q0zvdiwHTiADoSZ1uobOntXiQ9O1Ud0h8T-U8dMUNx2_JPYCfktuPA87F7yJe9XMsN1dUWofIoOKZP6c_WqeHdhzCx5WbrUITKWKFdIp5oGVJ63guXVx6BXhvLPfQC/s320/ENBPRB%20500%20SHARES%20AC%20AT%20C$16.05%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="color: black; font-family: georgia; font-style: normal; font-weight: normal;">Price as of 11/31/24 Close/Unrealized gain then at C$1,300</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Current<b style="color: #800180; font-style: italic;"> </b>yield at my AC per share = <b>9.3271</b>% (.05988% coupon x $25 par value = C$1.497 dividend per share ÷ C$16.05 cost per share = 9.3271%)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Dividends for 500 shares: C$748.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Last Buy Discussions: <a href="https://tennesseeindependent.blogspot.com/2022/11/d-dei-eai-enbprpca-fhn-fnf-fsk-gild-gpc.html" style="text-align: left;">Item # 2.A. Added to ENBPRP:CA - Bought 100 at C$16.2 (11/15/22 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/06/bdge-brkb-btz-cznc-enbprpca-igr-main.html" style="text-align: left;">Item # 3.A. Added to ENB.PRP:CA Bought 50 at C$11.98 and 50 at C$11.76 (6/13/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/02/duk-enbprp-ibm-skt-stwd-ubs.html" style="text-align: left;">Item # 3.A. Added to ENB.PRP:CA-Bought 50 at C$16.47 (2/16/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_27.html" style="text-align: left;">Item # 2.A. Bought 50 ENB.PRP:CA at C$15.68 (11/27/19 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sell Discussions: <a href="https://tennesseeindependent.blogspot.com/2021/12/ari-cowz-crm-ctra-enbprpca-fdn-fnb-irm.html" style="text-align: left;">Item # 1.A. Sold 100 out of 400 ENBPRP:CA at C$20.20 (12/31/21 Post)</a><span>(profit snapshot = C$368); </span><a href="https://tennesseeindependent.blogspot.com/2017/05/observations-and-sample-of-recent_25.html" style="text-align: left;">Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)</a><span>(profit snapshot = C$963, contains a snapshot of a prior realized gain of US$1,458.25 converted by Fidelity into USDs from CADs.)</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;"><u><i>PPLPRC:CA: Reset Coupon at 6.019%</i></u></span> Paid on a C$25 par value </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTNahEWGXTEc20BhyphenhyphenTqHq6taKQtUm1EQOnZ0Hitt2Xbia0XbMmSUl4dnLLCZYPM2hnIUO9HJ7sq98ul3RAUkxfznNj_RhyGel9w4C3VnwTZBSBkroo8l4Sb6fYnHyVH-_w7R4TSnjzkyAgjop6psV-LnEuKKJ3Szm9N5nH4aoY4ZTT2HuoJWzc5bw1DIox/s1640/PPLPRC%20reset%20at%206.019%25%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="306" data-original-width="1640" height="60" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTNahEWGXTEc20BhyphenhyphenTqHq6taKQtUm1EQOnZ0Hitt2Xbia0XbMmSUl4dnLLCZYPM2hnIUO9HJ7sq98ul3RAUkxfznNj_RhyGel9w4C3VnwTZBSBkroo8l4Sb6fYnHyVH-_w7R4TSnjzkyAgjop6psV-LnEuKKJ3Szm9N5nH4aoY4ZTT2HuoJWzc5bw1DIox/s320/PPLPRC%20reset%20at%206.019%25%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Excerpt from Press Release</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">I own 400 shares of PPLPRC:CA with an average cost per share of C$16.75. </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKyDHorKjDOmY_nb-jJIKhut8z7nl9kurC81FpkY5_uJaZLSlPK5gGQY93OfqmNAUEelwnMP2j2jIP2F-0i4kv_s8Iw0brXghvvsIJvbNfbPi-ZXIsx7wp8nwjym4AmkyZsl4vAZMKRbot72CvnMKwf0oO1NfhXT6zDnPBzi8WKZ6fWejcp5L-ctp567p5/s2736/PPLPRC%20AC%20at%20C$16.75%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="106" data-original-width="2736" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKyDHorKjDOmY_nb-jJIKhut8z7nl9kurC81FpkY5_uJaZLSlPK5gGQY93OfqmNAUEelwnMP2j2jIP2F-0i4kv_s8Iw0brXghvvsIJvbNfbPi-ZXIsx7wp8nwjym4AmkyZsl4vAZMKRbot72CvnMKwf0oO1NfhXT6zDnPBzi8WKZ6fWejcp5L-ctp567p5/s320/PPLPRC%20AC%20at%20C$16.75%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Price as of 1/31/24 Close/Unrealized Gain then at C$1,160 </span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">New Current Yield at constant C$16.75 cost:<b> 8.983</b>% (.06019% x. $25 par value = C$1.50475 annual dividend per share ÷ C$16.75 average cost per share = 8.9836%) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Dividends: C$601.9</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last Buy Discussions: </span><a href="https://tennesseeindependent.blogspot.com/2023/06/aod-ciopra-clpr-eai-emp-fsk-pflt.html" style="text-align: left;">Item # 1.A. Added 100 PPLPRC at C$16.8 (6/24/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/03/axprica-bhb-btz-fnb-ivz-ppl-pplprcca-t.html" style="text-align: left;">Item # 2.B. Bought 100 PPLPRC at C$15.88 (3/7/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/07/observations-and-sample-of-recent_3.html" style="text-align: left;">Item # 1. Bought 50 PPLPRC at C$15.8 (7/3/19 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/05/observations-and-sample-of-recent_26.html" style="text-align: left;">Item # 1.B. Bought 50 PPLPRC at C$17.23 (5/25/19 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/03/observations-and-sample-of-recent_23.html" style="text-align: left;">Item # 1.A. Bought 100 PPL.PR.C. at C$17.7 (3/23/19 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sell Discussion: <a href="https://tennesseeindependent.blogspot.com/2017/06/observations-and-sample-of-recent.html" style="text-align: left;">Item # 2.B. Sold 100 PPLPRC:CA at C$21.64 (6/1/17 Post)</a>(profit snapshot = C$496)</span></p><p style="text-align: justify;"><b style="font-family: georgia;"><span style="color: #800180;"><i><u>A. Sold 100 FFHPRF:CA at C$17.9</u> </i></span></b><span style="font-family: georgia;">(C$1 IB Commission): </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggGXk7s4j0Mt4qcRO6jjNtYFSLYZ6HSe5SKAWhOfaV2Rz1EJpDjhTFMFHsr1NbDCWwQ4-QGSydQayA58cdmxlfDdIuLxL9-1YTme8QoiNuivZ60ZxegoixXw-66-Lata2V9DGcn7hQI3s7dL9Rm6IqKOJcXUdM7fpEmfvjh478VmhgYy3HCxvVNHfCLuXw/s1442/FFHPRF%20100%20at%20C$17.9%20proceeds%20at%20C$1789.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="120" data-original-width="1442" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggGXk7s4j0Mt4qcRO6jjNtYFSLYZ6HSe5SKAWhOfaV2Rz1EJpDjhTFMFHsr1NbDCWwQ4-QGSydQayA58cdmxlfDdIuLxL9-1YTme8QoiNuivZ60ZxegoixXw-66-Lata2V9DGcn7hQI3s7dL9Rm6IqKOJcXUdM7fpEmfvjh478VmhgYy3HCxvVNHfCLuXw/s320/FFHPRF%20100%20at%20C$17.9%20proceeds%20at%20C$1789.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/FFH-PF.TO?p=FFH-PF.TO" style="text-align: left;">FFH-PF.TO</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: C$1,789</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot = <span style="color: #6aa84f;">C$552</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-decoration-line: underline;"></i></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><i style="text-decoration-line: underline;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg23B7XbWQRtxZ1ZvrIhHQGoJ1fowTebtL1wupQyfuCfEo56kOBX1RF9BOAV5MRj9IdJw0NBVGoS5tzs2qvBZW2_EyYl3DM90071vgqbjSJeYhg5KREPtYNX9WYsAkY-nw10ribFoyZwbf-b8PprD0uDreTTD0LVEe9-rKQRNH_jg0ILiKlh-AUXt-Gi0ps/s2134/2024%20FFHPRF%20100%20Shares%20+C$552%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="170" data-original-width="2134" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg23B7XbWQRtxZ1ZvrIhHQGoJ1fowTebtL1wupQyfuCfEo56kOBX1RF9BOAV5MRj9IdJw0NBVGoS5tzs2qvBZW2_EyYl3DM90071vgqbjSJeYhg5KREPtYNX9WYsAkY-nw10ribFoyZwbf-b8PprD0uDreTTD0LVEe9-rKQRNH_jg0ILiKlh-AUXt-Gi0ps/s320/2024%20FFHPRF%20100%20Shares%20+C$552%20.png" width="320" /></a></i></span></div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia; text-decoration-line: underline;"><i style="font-style: italic; text-decoration-line: underline;"><u>Last Discussed</u></i><u style="font-style: italic; text-decoration-line: underline;">:</u> </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4868060-update-exchange-traded-bond-preferred-stock-basket-strategy-april-1-2016" style="text-align: left;">Item # 1 Bought 100 FFHPRF at C$12.36 Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of April 1, 2016 - South Gent | Seeking Alpha</a></p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the Capital Structure: Equity Preferred Stock</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/ffh?countrycode=ca" style="text-align: left;">Fairfax Financial Holdings Ltd. (Canada: Toronto)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: C$25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 2.16% spread to the 3 month Canadian treasury bill</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD-pMCgwmBaijZL1JrBHKHZS48le5vxuovkujT7pw7OLvc-RsmQCR23nXHWw8pXMPWgLKfsjy_NJQX0AJC5XGUUeMEIjE2tHfLbQLeNk_X2ESVsQYIotLPRFlQIg-Pi6O-2Dl8MtYOF-HUg0L0yJlhpYuIaTsKA-fi7wK7cinQRrF9SUKTptLEfy6AvJAi/s2194/Screenshot%202024-01-27%20at%206.46.45%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="392" data-original-width="2194" height="57" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiD-pMCgwmBaijZL1JrBHKHZS48le5vxuovkujT7pw7OLvc-RsmQCR23nXHWw8pXMPWgLKfsjy_NJQX0AJC5XGUUeMEIjE2tHfLbQLeNk_X2ESVsQYIotLPRFlQIg-Pi6O-2Dl8MtYOF-HUg0L0yJlhpYuIaTsKA-fi7wK7cinQRrF9SUKTptLEfy6AvJAi/s320/Screenshot%202024-01-27%20at%206.46.45%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Prospectus Excerpt </span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/quotes/CA3M-CA" style="text-align: left;">Canada 3 Month Treasury-CNBC</a>; <a href="https://tradingeconomics.com/canada/3-month-bill-yield" style="text-align: left;">Canada 3 Month Bill Yield - Chart</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Resets Quarterly </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid Quarterly and cumulative. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/14/23 (owned as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">With the next significant move in the 3 month Canadian T Bill likely to be down in yield, I decided that I would prefer having the C$552 profit now rather than the dividend flow. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If I assumed a 5% 3 month Canadian treasury bill for an entire year, the coupon would be 7.16% paid on a C$25 par value. For 100 shares that would amount to C$179 for 1 year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>2. Small Ball Buys</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Added 50 AOD at $7.95</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiZMK0yMPDZqbrM1ulmQ2S53rWQg7KQFhEINYLCPh-G65XBhu7mlnuhyuAdSbhaVtfbY2VKFFwh4vVeI_oWuTyPPzPdngbBYCQETHRJIsiGp7spxaXHDFFF_64QkyGLE8M66OU5buhMG7Fc-7GcL1_0RD7cqVKj0CtjlBL_B5EDA84nPl6Urk9GaEC1dG4/s2264/AOD%2050%20shares%20at%20$7.95%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="78" data-original-width="2264" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiZMK0yMPDZqbrM1ulmQ2S53rWQg7KQFhEINYLCPh-G65XBhu7mlnuhyuAdSbhaVtfbY2VKFFwh4vVeI_oWuTyPPzPdngbBYCQETHRJIsiGp7spxaXHDFFF_64QkyGLE8M66OU5buhMG7Fc-7GcL1_0RD7cqVKj0CtjlBL_B5EDA84nPl6Urk9GaEC1dG4/s320/AOD%2050%20shares%20at%20$7.95%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/fund/aod?mod=search_symbol" style="text-align: left;">abrdn Total Dynamic Dividend Fund Overview</a> - Stock CEF</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Cost: $397.5</div></span><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://www.abrdnaod.com/">abrdn Total Dynamic Dividend Fund, Inc.</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1379400">AOD SEC Filings</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1379400/000110465924002194/tm2327714d7_ncsr.htm">AOD SEC Filed Annual Report for the the period ending 10/31/23</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/aod/portfolio">abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar</a> List top 25 holdings. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Leveraged: See page 32 of Annual Report. Borrowing is at a spread to a short term rate. The amount borrowed as of 10/31/23 was $49.051+M with the total assets owned by the fund then valued at $938.422+M or about 5.22%. </span></div><div><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/aod-arcc-brkl-cfg-doc-gcow-mbwm-ofs-peo.html">Item # 6.D. Added to AOD - Bought 10 at $7.92 (1/20/24 Post)</a> </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$7.95</b> (212+ shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7SMCT01pB1okFJrGG_RTxsRICGWHjahtvkcOgVPx3lKObgEtc-fuAGtdJSsMmJtF6QcHPfVaGCDmhbz1mzJEoj-vUUlO57j-un3cF0CiP48cAMWu_CaNtKns5HKtP7Wb9_iz9CN2kKrDzQY-ssvAvSlodfAr2364HgllFkoBaYRkD8toHxeMeZeJlCR1v/s2370/AOD%20212+%20AC%20at%20$7.95.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="94" data-original-width="2370" height="13" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7SMCT01pB1okFJrGG_RTxsRICGWHjahtvkcOgVPx3lKObgEtc-fuAGtdJSsMmJtF6QcHPfVaGCDmhbz1mzJEoj-vUUlO57j-un3cF0CiP48cAMWu_CaNtKns5HKtP7Wb9_iz9CN2kKrDzQY-ssvAvSlodfAr2364HgllFkoBaYRkD8toHxeMeZeJlCR1v/s320/AOD%20212+%20AC%20at%20$7.95.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/26/24 after add</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.0575 per share ($.69 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROC supported. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/AOD/dividends/history">AOD Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $7.95</u></i>: <b>8.68</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 1/23/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 1/26/24 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $9.49</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $7.99</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -15.81%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 Year Discount: -11.67%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/AOD" style="text-align: left;">AOD - CEF Connect</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Added to THQ - Bought 5 at $18.09</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuUKDDLgz0VEixs2GAPDuqJrfSKqai2JyIfB2c8HjwIwZkZcSUscVO1fa2j7twQmcEpqSYzCVDEs5m2SK1WFpzE9EqFlr6YJBCuLBlXa8FCuxytOW1qCxn9UTHFwTjSXOMNLPGg-adZWO8o8xGJmZru1vGVnZCqiWeq1llcl8YoZtEG1hFZTmG79rDbKYr/s2236/ThQ%205%20at%20$18.09.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="114" data-original-width="2236" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuUKDDLgz0VEixs2GAPDuqJrfSKqai2JyIfB2c8HjwIwZkZcSUscVO1fa2j7twQmcEpqSYzCVDEs5m2SK1WFpzE9EqFlr6YJBCuLBlXa8FCuxytOW1qCxn9UTHFwTjSXOMNLPGg-adZWO8o8xGJmZru1vGVnZCqiWeq1llcl8YoZtEG1hFZTmG79rDbKYr/s320/ThQ%205%20at%20$18.09.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/thq?mod=search_symbol" style="text-align: left;">Tekla Healthcare Opportunities Fund Overview</a> - A Leverage Balanced CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1604522&owner=exclude">THQ SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1604522/000110465923124999/tm2325132d1_ncsr.htm"><span style="font-family: georgia;">THQ SEC FILED Semiannual Report for the period ending 9/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/thq/portfolio" style="text-align: left;">Tekla Healthcare Opportunities (THQ) Portfolio | Morningstar</a> (lists top 25 holdings)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i><span>: </span><b>$15.87</b><span> (30+ shares)</span></span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivXkWwADMsv1cPixhyhaPD6PpY3y9iZdv_YkjFoTbPQx-JBPSNNtWJD4N9cNxafhpNHhSn-OjtzaoZOqb_Tc9bjViK6FaklWtdbimo_uUtixfVnaxJNl1zBktJOdccg6TofxK3ClXoDwQrlZjHO_2iOtOB3wMI-Vu7JeGR0P9BMVu-fQKZE1EWPt5JQs74/s2382/THQ%20ac%20at%20$15.87%2030+%20shares.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="80" data-original-width="2382" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivXkWwADMsv1cPixhyhaPD6PpY3y9iZdv_YkjFoTbPQx-JBPSNNtWJD4N9cNxafhpNHhSn-OjtzaoZOqb_Tc9bjViK6FaklWtdbimo_uUtixfVnaxJNl1zBktJOdccg6TofxK3ClXoDwQrlZjHO_2iOtOB3wMI-Vu7JeGR0P9BMVu-fQKZE1EWPt5JQs74/s320/THQ%20ac%20at%20$15.87%2030+%20shares.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/26/24 after add</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Monthly at $.1125 per share ($1.35 annually), with ROC support. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/THQ/dividends/history">THQ Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC</u></i> = <b>8.51</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-decoration-line: underline;">Last Ex Dividend</i>: 1/23/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 1/26/24 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $21.42</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Value per share: $18.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -15.5%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 year Discount: -7.51%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/THQ" style="text-align: left;">THQ - CEF Connect</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>THQ Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$898.53</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2024/01/aod-arcc-brkl-cfg-doc-gcow-mbwm-ofs-peo.html" style="text-align: left;">Item #2 Eliminated Duplicate Position in THQ - Sold 69+ at $18.87 (1/20/2024 Post)</a>(profit snapshot = $76.4) I have nothing further to add here. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Started NSA - Bought 5 at $38.41; 5 at $37.95; 5 at $37.35</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBt9XXLmd0wGYtCt43pfulLQQFMbkNBQIuKaRIiR3sTyzLpP2b0OclZa7tox44AOD3anzhHeVE1LnmB0PYkNlvMcjxHAPcl6LFxlQJwyp16Ue573gQEXNXG2Lm_BDpMJhYUbzkMsIRXlmQd78pcfJpCTWKjl7uilDiIBf1XF01m0cdKosLJ0knmJbJuIVC/s2244/NSA%205%20at%20$38.41%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="108" data-original-width="2244" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBt9XXLmd0wGYtCt43pfulLQQFMbkNBQIuKaRIiR3sTyzLpP2b0OclZa7tox44AOD3anzhHeVE1LnmB0PYkNlvMcjxHAPcl6LFxlQJwyp16Ue573gQEXNXG2Lm_BDpMJhYUbzkMsIRXlmQd78pcfJpCTWKjl7uilDiIBf1XF01m0cdKosLJ0knmJbJuIVC/s320/NSA%205%20at%20$38.41%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCNPXZIRIq-LzBfJrH4oYP5J2yud_fFdEEKTQTGbdlFrfM8b2KnE8LLnupeTxlsMSmspuXW1CWSYIMCLT2urmg2ijdX-jz-n4X93dd3f_ebl3gEbxLSirKYRxuD9z5CsAqzsWlaPeD0DseN375UPaTP2ay4iz5j426a1ZsvUcexrRIvxdCNKoRp-TYXbrw/s2118/NSA%205%20AT%20$37.95%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="92" data-original-width="2118" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCNPXZIRIq-LzBfJrH4oYP5J2yud_fFdEEKTQTGbdlFrfM8b2KnE8LLnupeTxlsMSmspuXW1CWSYIMCLT2urmg2ijdX-jz-n4X93dd3f_ebl3gEbxLSirKYRxuD9z5CsAqzsWlaPeD0DseN375UPaTP2ay4iz5j426a1ZsvUcexrRIvxdCNKoRp-TYXbrw/s320/NSA%205%20AT%20$37.95%20.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYqjs2-xBL27uVRHoBlPWgs3RBPUV4h-sX0sG9dlGiPaYM7PuL-hTI5CwTs-11TTsUji0qPwAuC8fN80nw9-liyRWThPiYilOlUljrQDNPgPk5xA5X95Ll7Xf14wUOe61MuW1ZWqSiwxDZcUB-PSQw2dmw3eA23UBHBKuFycx7PnCX-9OcWHIlWgS6GpPG/s2516/NSA%205%20AT%20$37.35.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="118" data-original-width="2516" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYqjs2-xBL27uVRHoBlPWgs3RBPUV4h-sX0sG9dlGiPaYM7PuL-hTI5CwTs-11TTsUji0qPwAuC8fN80nw9-liyRWThPiYilOlUljrQDNPgPk5xA5X95Ll7Xf14wUOe61MuW1ZWqSiwxDZcUB-PSQw2dmw3eA23UBHBKuFycx7PnCX-9OcWHIlWgS6GpPG/s320/NSA%205%20AT%20$37.35.png" width="320" /></a></span></div><span style="font-family: georgia;"><span><p style="text-align: justify;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/nsa?mod=search_symbol" style="text-align: left;">National Storage Affiliates Trust (NSA)</a> - Internally Managed Storage REIT </p></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $568.55</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is my first purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span style="text-indent: 24px;">"The Company owned </span><ix:nonfraction contextref="c-122" decimals="INF" id="f-620" name="us-gaap:NumberOfRealEstateProperties" scale="0" style="text-indent: 24px;" unitref="property">934</ix:nonfraction><span style="text-indent: 24px;"> consolidated self storage properties in </span><ix:nonfraction contextref="c-122" decimals="INF" id="f-621" name="us-gaap:NumberOfStatesInWhichEntityOperates" scale="0" style="text-indent: 24px;" unitref="state">39</ix:nonfraction><span style="text-indent: 24px;"> states and Puerto Rico with approximately </span><ix:nonfraction contextref="c-122" decimals="-5" format="ixt:num-dot-decimal" id="f-622" name="us-gaap:NetRentableArea" scale="6" style="text-indent: 24px;" unitref="sqft">59.5</ix:nonfraction><span style="text-indent: 24px;"> million rentable square feet in approximately </span><ix:nonfraction contextref="c-122" decimals="-3" format="ixt:num-dot-decimal" id="f-623" name="nsa:NumberOfStorageUnits" scale="0" style="text-indent: 24px;" unitref="storage_unit">463,000</ix:nonfraction><span style="text-indent: 24px;"> storage units as of September 30, 2023 .</span></span><span style="text-indent: 24px;"> . . As of September 30, 2023, the Company also managed through its property management platform an additional portfolio of </span><ix:nonfraction contextref="c-124" decimals="INF" id="f-627" name="us-gaap:NumberOfRealEstateProperties" scale="0" style="text-indent: 24px;" unitref="property">185</ix:nonfraction><span style="text-indent: 24px;"> properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately </span><ix:nonfraction contextref="c-124" decimals="-5" format="ixt:num-dot-decimal" id="f-628" name="us-gaap:NetRentableArea" scale="6" style="text-indent: 24px;" unitref="sqft">13.5</ix:nonfraction><span style="text-indent: 24px;"> million rentable square feet, configured in approximately </span><ix:nonfraction contextref="c-124" decimals="-3" format="ixt:num-dot-decimal" id="f-629" name="nsa:NumberOfStorageUnits" scale="0" style="text-indent: 24px;" unitref="storage_unit">111,000</ix:nonfraction><span style="text-indent: 24px;"> storage units and located across </span><ix:nonfraction contextref="c-124" decimals="INF" id="f-630" name="us-gaap:NumberOfStatesInWhichEntityOperates" scale="0" style="text-indent: 24px;" unitref="state">21</ix:nonfraction><span style="text-indent: 24px;"> states. The Company owns a </span><ix:nonfraction contextref="c-125" decimals="2" id="f-631" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" style="text-indent: 24px;" unitref="number"><ix:nonfraction contextref="c-126" decimals="2" id="f-632" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitref="number">25</ix:nonfraction></ix:nonfraction><span style="text-indent: 24px;">% equity interest in each of its unconsolidated real estate ventures.</span></span><span><span style="text-indent: 24px;">" </span></span><a href="https://www.sec.gov/Archives/edgar/data/1618563/000162828023036384/nsa-20230930.htm" style="text-align: left;">10-Q at page 13</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1618563&owner=exclude">NSA SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average cost per share: <b>$37.9</b> (15 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.56 per share ($2.24 annually), last raised from $.55 effective for the 2023 second quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $37.9</u></i>: <b>5.91</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/14/23 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Repor</u></i>t (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1618563/000162828023035954/ex991-q32023erss.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core FFO per share: $.67</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income to Core FFO Reconciliation: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcy_evygJQMOCP5S8fV6EAFc4U2pM16mfkT7v5MWSe7mxTO_mszjjL9gBsuQ3nLeHcOj50iH3jxCs5FJOhkjhMPhZi_v3E-C4iVPZ3U3tbi1Ur9Y1CDzf1ADWVFUTQoX0Y821noUBbRUZljsj_1ZkcWGfEZHhXudxAJq_bEcFdMOPf0p_I1QVWPtCylEQn/s3080/Screenshot%202024-01-28%20at%207.43.46%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1234" data-original-width="3080" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcy_evygJQMOCP5S8fV6EAFc4U2pM16mfkT7v5MWSe7mxTO_mszjjL9gBsuQ3nLeHcOj50iH3jxCs5FJOhkjhMPhZi_v3E-C4iVPZ3U3tbi1Ur9Y1CDzf1ADWVFUTQoX0Y821noUBbRUZljsj_1ZkcWGfEZHhXudxAJq_bEcFdMOPf0p_I1QVWPtCylEQn/s320/Screenshot%202024-01-28%20at%207.43.46%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Same Store Occupancy: 88.5%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Repurchased 6,360,994 shares for about $213.4M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Debt is listed at page 14.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Borrowing costs have increased. On 10/5/23, "</span>NSA issued $65.0 million of 6.46% senior unsecured notes due October 5, 2026, $100.0 million of 6.55% senior unsecured notes due October 5, 2028, $35.0 million of 6.66% senior unsecured notes due October 5, 2030 and $50.0 million of 6.73% senior unsecured notes due October 5, 2033 in a private placement with institutional investors. The Company used the proceeds to repay outstanding amounts on its revolving line of credit and for general corporate purposes".</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Added to EQR - Bought 1 at $59.82; 1 at $59.55; 1 at $59.2; 1 at $58.75</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgWamDoBGV97SUWyE6PtdNQM5_Ri8RELDVUWIGWD80h98nks0L9b_bvGIQW1zDhAB-D8-qUofBcbikqHdgRTQ0Twy12tKz5uYAiHnOGPzD8BQuWgL_reyMm6_eXWfQVzSPJtB4aR32HcDmE98wnnfCss3FoikCPKQHxUHq8LHd1vMi8cgnK8szdIrEwCvj/s2952/58.75%2059.2%2059.55%20%20%2059.82%20EQR%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="688" data-original-width="2952" height="75" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgWamDoBGV97SUWyE6PtdNQM5_Ri8RELDVUWIGWD80h98nks0L9b_bvGIQW1zDhAB-D8-qUofBcbikqHdgRTQ0Twy12tKz5uYAiHnOGPzD8BQuWgL_reyMm6_eXWfQVzSPJtB4aR32HcDmE98wnnfCss3FoikCPKQHxUHq8LHd1vMi8cgnK8szdIrEwCvj/s320/58.75%2059.2%2059.55%20%20%2059.82%20EQR%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/eqr?mod=search_symbol" style="text-align: left;">Equity Residential (EQR)</a> - Apartment REIT </p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost = $237.32</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Component of the S&P 500 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.equityapartments.com/" style="text-align: left;">Home | EquityApartments.com</a></span></p><p style="text-align: justify;"><a href="https://investors.equityapartments.com/overview/corporate-profile/default.aspx"><span style="font-family: georgia;">Corporate Profile | Equity Residential</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=906107&owner=exclude"><span style="font-family: georgia;">EQR SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/906107/000095017023058214/eqr-20230930.htm" style="text-align: left;"><span style="font-family: georgia;">10-Q for the Q/E 9/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">SU Bonds of Operating subsidiary rated at A/3/A-. <a href="https://investors.equityapartments.com/fixed-income/credit-ratings/default.aspx" style="text-align: left;">Credit Ratings | Equity Residential</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.6625 per share ($2.65 annually), last raised from $.625 effective for the 2023 second quarter payment. </span></p><p style="text-align: justify;"><a href="https://investors.equityapartments.com/stock/dividends/default.aspx" style="text-align: left;"><span style="font-family: georgia;">Dividends | Equity Residential</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New AC per share</i></u>: <b>$59.88</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u>: <b>4.43</b>%, rounded up. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/amcx-bstz-elc-emaprcca-eqr-flca-maa.html" style="text-align: left;">Item # 3.A. Started EQR - Bought 2 at $60.97 (12/23/23 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/906107/000095017023056895/eqr-ex99_1.htm" style="text-align: left;">SEC Filing</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://s1.q4cdn.com/843629197/files/doc_presentations/2023/Nov/09/eqr-investor-update-november-2023.pdf">Investor Presentation November 2023.pdf</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 1231/23): <a href="https://www.sec.gov/Archives/edgar/data/906107/000095017024008861/eqr-ex99_1.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $.82, up from $.42 in the 2022 4th Q. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Normalized FFO per share: $1, up from $.94</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $2.873+B, up from $2.735+B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Physical Occupancy: 95.8%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Number of Apartments: 77,676</span></p><p style="margin-bottom: 0px; margin-top: 0px; text-align: justify;"><span style="font-family: georgia; min-width: fit-content; white-space-collapse: preserve;">"During the fourth quarter of 2023, the Company sold three properties located in our West Coast markets (San Francisco, Seattle and Los Angeles), consisting of 499 apartment units, for an aggregate sale price of approximately $184.5 million at a weighted average Disposition Yield of 5.8%, generating an Unlevered IRR of 14.4%. The average age of the properties sold in the fourth quarter of 2023 was approximately 40 years. During the full year of 2023, the Company sold 11 properties, consisting of 912 apartment units, for an aggregate sale price of approximately $379.9 million at a weighted average Disposition Yield of 5.5%, generating an Unlevered IRR of 11.4%. The average age of the properties sold in 2023 was approximately 30 years."</span></p><p style="margin-bottom: 0px; margin-top: 0px; text-align: justify;"><span style="font-family: georgia; min-width: fit-content; white-space-collapse: preserve;"><br /></span></p><p style="margin-bottom: 0px; margin-top: 0px; text-align: justify;"><span style="font-family: georgia; min-width: fit-content; white-space-collapse: preserve;">"Subsequent to the end of the fourth quarter of 2023, the Company sold a property in each of the Boston and Orange County markets, consisting of a total of 404 apartment units, for an aggregate sale price of approximately $189.0 million at a weighted average Disposition Yield of 5.6%. The average age of the properties sold subsequent to the end of the fourth quarter of 2023 was approximately 41 years."</span><span style="font-family: georgia; min-width: fit-content; white-space-collapse: preserve;"> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>E. Started FSCO - Bought 50 at $5.78</u></b></span></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHOdKxvLoewndnnua-8hwX_jKNj1ReYbml3U9yBdPR4ZywzoE344Go_JkFHtsMAER7ZV0pGN3HVqdeN5jRzuKnhpjW9Rp_JCgcoNElSaHBsr-edaCGnjos7SrRmsvcDqy-8rrsCDcFqbV4ynu-stBX6mJP9X_bwUUlhBycId3WiFqwFmtsfcJ9X-t8wV3j/s2250/FSCO%2050%20at%20$5.78%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="104" data-original-width="2250" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHOdKxvLoewndnnua-8hwX_jKNj1ReYbml3U9yBdPR4ZywzoE344Go_JkFHtsMAER7ZV0pGN3HVqdeN5jRzuKnhpjW9Rp_JCgcoNElSaHBsr-edaCGnjos7SrRmsvcDqy-8rrsCDcFqbV4ynu-stBX6mJP9X_bwUUlhBycId3WiFqwFmtsfcJ9X-t8wV3j/s320/FSCO%2050%20at%20$5.78%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/fund/fsco?mod=search_symbol">FS Credit Opportunities Corp. Overview</a> - Leveraged CEF</p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $289</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://fsinvestments.com/investments/fs-credit-opportunities-corp/" style="text-align: left;">FSCO-FS Investments</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1568194&owner=exclude">FSCO SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1568194/000175272423259144/NPORT_FS2C_33975640_0923.htm">SEC Filing - Investments as of 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1568194/000162828023030212/fsco63023n-csr.htm">SEC Filed Shareholder Semiannual Report for the period ending 6/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Insofar as the portfolio owns senior secured loans made to private companies, this CEF is similar to a BDC including </span><a href="https://www.marketwatch.com/investing/stock/fsk?mod=search_symbol" style="text-align: left;">FS KKR Capital (FSK)</a> that has the same external manager. Most of the loans are at spreads to short term rates. FSCO also owns senior secured bonds, subordinated debt and asset backed finance. Both the BDC and this CEF use leverage and both can trade at discounts to the last reported net asset value per share. The NAV for the CEF is reported each business day and is consequently more current than the quarterly reports filed by BDCs that have that information. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Portfolio Information as of 9/30/23: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmp_FvY3joWfhVPRjdGY_KC7Ym-3hz6iPMLLtfTKyOu2qQKcPaBsi_xQP4z2UFPTNyHLgPrtYWBJM0R86ep6YhbUhoQZX9vPZ5Kt6h_MGJPTdBlGZ7yWQ9pQ_dg6FWPVNXHCDnx4WaLEPfZyVcAqGNGwVNI31pMmCW86zmisdAUo-wVtzxE1xxtptVtkaH/s2234/FSCO%20PORTFOLIO%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="372" data-original-width="2234" height="53" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmp_FvY3joWfhVPRjdGY_KC7Ym-3hz6iPMLLtfTKyOu2qQKcPaBsi_xQP4z2UFPTNyHLgPrtYWBJM0R86ep6YhbUhoQZX9vPZ5Kt6h_MGJPTdBlGZ7yWQ9pQ_dg6FWPVNXHCDnx4WaLEPfZyVcAqGNGwVNI31pMmCW86zmisdAUo-wVtzxE1xxtptVtkaH/s320/FSCO%20PORTFOLIO%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjy-FLNz7G-2wPJIYkNcdKcCRKIuZwjrecZCSjodsR6pTui3iF4PhmDN_ragxYmC2e4dEcdyu-pYgUQgZYCpn3Cme2SlAtwLKsoRFMqA8PuMy401jo6uv24l1U5fngk_O_Z_3jpvWRTsB0JpnPSuE2t9BzJ8Bj8n-E24iU0Gk_EqZbDgYyzCvQ240ansuT/s1130/FS%20Portfolio%202.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="806" data-original-width="1130" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjy-FLNz7G-2wPJIYkNcdKcCRKIuZwjrecZCSjodsR6pTui3iF4PhmDN_ragxYmC2e4dEcdyu-pYgUQgZYCpn3Cme2SlAtwLKsoRFMqA8PuMy401jo6uv24l1U5fngk_O_Z_3jpvWRTsB0JpnPSuE2t9BzJ8Bj8n-E24iU0Gk_EqZbDgYyzCvQ240ansuT/s320/FS%20Portfolio%202.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.057 ($.684 annually), last raised from $.04945 effective for the July 2023 payment. With the rise in short term rates, the fund earns more net income that allowed it to raise the dividend payment rate. A cut in the dividend would naturally follow when short term rates decline sufficiently that NII per share no longer covers the current monthly dividend. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/fsco/dividend-history"><span style="font-family: georgia;">FSCO Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $5.78</u></i>: <b>11.83</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 1/23/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 1/29/24 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $6.95</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $5.76 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -17.23%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Source: </span><a href="https://www.cefconnect.com/fund/FSCO" style="text-align: left;">FSCO - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own some FSK shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last FSK Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/09/bmy-cag-ctopra-dpg-fhn-fsk-gladz-gnlprd.html" style="text-align: left;">Item # 4.B. Eliminated FSK in 1 of 3 Taxable Accounts - Sold 12 at $20.35 (9/16/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>F. Added To CLPR - Bought 50 at $5.1</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuK3IHVg5GTWPVvxFD-aGiXTpmqPSZxnZyW9KhyphenhyphenopVYoo1dJKJMQlXyD-L09TlihNlH_ip4GcXzXgJOzWiTImQ_VW4Kv_-mr3e9dYjnpEf2dOg2MeJPY6QREN-JlejrqR9crPlq_LVtJz5EV_CCVTjKe1CmMc7_pepa0C_gkzSlFdZu8drttWS_edOtw50/s2272/CLPR%2050%20SHARES%20AT%20$5.1.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="102" data-original-width="2272" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuK3IHVg5GTWPVvxFD-aGiXTpmqPSZxnZyW9KhyphenhyphenopVYoo1dJKJMQlXyD-L09TlihNlH_ip4GcXzXgJOzWiTImQ_VW4Kv_-mr3e9dYjnpEf2dOg2MeJPY6QREN-JlejrqR9crPlq_LVtJz5EV_CCVTjKe1CmMc7_pepa0C_gkzSlFdZu8drttWS_edOtw50/s320/CLPR%2050%20SHARES%20AT%20$5.1.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/clpr?mod=over_search" style="text-align: left;">Clipper Realty, Inc.</a> - Primarily a NYC Apartment REIT</p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $255</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1649096&owner=exclude">CLPR SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1649096/000143774923006886/clpr20221231_10k.htm"><span style="font-family: georgia;">2022 Annual Report</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://clipperrealty.com/" style="text-align: left;">Clipper Realty</a></span></p><p style="text-align: justify;"><a href="https://clipperrealty.com/properties/"><span style="font-family: georgia;">Properties — Clipper Realty</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: Internal </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Strategy: </span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$5.62</b> (241+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.095 per share ($.38 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/CLPR/dividends/history">Clipper Realty Inc. (CLPR) Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Yield at $5.62</u></i>: </span><b>6.76</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $5.1</u></i>: 7.45%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/13/23 (owned 172+ as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 1.F. Added to CLPR Bought 10 at $4.45 (11/25/23 Post)</a> </span></p></div><div><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed the last earnings report in this post: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 1.A. Added to CLPR - Bought 10 at $4.77; 10 at $4.6; 10 at $4.53-Fidelity Account (11/4/23 Post)</a>; <a href="https://www.sec.gov/Archives/edgar/data/1649096/000143774923029998/ex_589548.htm" style="text-align: left;">SEC Filed Press Release</a>; <a href="https://www.sec.gov/Archives/edgar/data/1649096/000143774923030021/clpr20230930_10q.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Recent price weakness may be related to a NY law on rent controlled or stabilized apartments. <a href="https://www.scotusblog.com/2023/07/landlords-challenge-new-yorks-longstanding-rent-stabilization-regime/" style="text-align: left;">Landlords challenge New York’s longstanding rent-stabilization regime - SCOTUSblog</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Clipper owns a 58 building Flatbush apartment complex, constructed in 1950 with 2490 units,which is subject to rent stabilization. The </span><span style="background-color: white; color: #111111; text-align: left;"><span style="font-family: georgia;">59 contiguous six-story buildings fill up about 21 acres along Foster Avenue between Nostrand and Brooklyn Avenues in Brooklyn. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last year, Clipper entered into an agreement whereby it will receive a 40 year abatement of property taxes in exchange "<span style="background-color: #fefefe; text-align: left;">committed to a three-year capital improvement plan at the property, maintenance of rents within current categories based on area median income, a set aside of vacant units for formerly homeless households, and an increase in pay rates of non-union employees at the property to prevailing wage guidelines. The three-year capital improvement commitment could amount to approximately $27 million and follows improvements over the last three years of about the same amount.</span><i style="background-color: #fefefe; text-align: left;"> </i><span style="background-color: #fefefe; text-align: left;">This transaction is expected to be accretive to our AFFO and FFO" </span></span><a href="https://www.businesswire.com/news/home/20230705664255/en/Clipper-Realty-Inc.-Reaches-Agreement-with-New-York-City-on-40-Year-Real-Property-Tax-Exemption-for-Flatbush-Gardens-Property" style="text-align: left;">Clipper Realty Inc. Reaches Agreement with New York City on 40-Year Real Property Tax Exemption for Flatbush Gardens Property</a> The company has to reserve up to 250 apartments for the homeless as vacancies arise. Clipper bought this apartment complex in 2005 for $138M. In 2020, Clipper refinanced the property with a $329M mortgage. <a href="https://www.multihousingnews.com/clipper-equitys-flatbush-gardens-lands-329m-refi/" style="text-align: left;">Clipper Equity’s Flatbush Gardens Lands $329M Refi - Multi-Housing News</a> The mortgage is at 3.125% and matures in 2032, <a href="https://www.sec.gov/Archives/edgar/data/1649096/000143774923030021/clpr20230930_10q.htm" style="text-align: left;">10-Q at page 14</a> I am aware that the company was attempting to market the property last year, asking $425M according to a report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>3<b>. <span style="color: #2b00fe;">Small Ball Sells</span></b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As discussed in my last post, I have a negative reaction to most regional bank stock reports. My response is to reduce risk by reducing my allocation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Eliminated STBA - Sold 30 at $34.49</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNaJe3er6rVuLABUH6qx38lldLNa7-YXVOspE3EnGN87Hm3Big1-LtR5oTVS7S0Ws27FmnhazgQc6hcVZwFqxuedET2lSxFbXBg-9v7k-XyyH3LSRRCBgJ8ux4TlkOtUWbY9fect07PRT-FkgBtPD4Ujdyrof8F5gGeBCpiVFMJfKDmQtRQUcFJNbNNFZF/s2994/STBA%20SOLD%2030%20AT%20$34.49%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="250" data-original-width="2994" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNaJe3er6rVuLABUH6qx38lldLNa7-YXVOspE3EnGN87Hm3Big1-LtR5oTVS7S0Ws27FmnhazgQc6hcVZwFqxuedET2lSxFbXBg-9v7k-XyyH3LSRRCBgJ8ux4TlkOtUWbY9fect07PRT-FkgBtPD4Ujdyrof8F5gGeBCpiVFMJfKDmQtRQUcFJNbNNFZF/s320/STBA%20SOLD%2030%20AT%20$34.49%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/stba?mod=search_symbol" style="text-align: left;">S&T Bancorp Inc. (STBA)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: 1,034.82</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/stba/analystestimates?mod=mw_quote_tab" style="text-align: left;">STBA Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=719220&owner=exclude"><span style="font-family: georgia;">STBA SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$164.93</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhR3aqOm-JRfX04zllu8dowrPqIfx-gAeievjJwwGQSXvtTEoREm42HNl2bWa4Ck1UPESdlkG3LkMJUtq7AI54UrQ0PJK6AGoUv5eVZ0oLxC7extL_DbzYWIl1cLowZJPdaIORTNnEkJmHBRS6ZUcUBjnA-j1jgz-FiQ22U47gEyMFtSQCtbyF6SBgtbHoC/s2654/2024%20STBA%2030%20Shares%20+$164.93%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1820" data-original-width="2654" height="219" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhR3aqOm-JRfX04zllu8dowrPqIfx-gAeievjJwwGQSXvtTEoREm42HNl2bWa4Ck1UPESdlkG3LkMJUtq7AI54UrQ0PJK6AGoUv5eVZ0oLxC7extL_DbzYWIl1cLowZJPdaIORTNnEkJmHBRS6ZUcUBjnA-j1jgz-FiQ22U47gEyMFtSQCtbyF6SBgtbHoC/s320/2024%20STBA%2030%20Shares%20+$164.93%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html" style="text-align: left;">Item # 1.B. Added to STBA - Bought 5 at $25.95; 3 at $24.91 (10/28/23 Post)</a>(discussed 2023 third quarter report, <a href="https://www.sec.gov/Archives/edgar/data/719220/000071922023000070/stba-20230930xex991er.htm" style="text-align: left;">SEC Filed Earnings Press Release</a>); <a href="https://tennesseeindependent.blogspot.com/2023/04/bnl-bwg-cvbf-exg-goodn-icmb-mbwm-mdt.html" style="text-align: left;">Item # 1.K. Added to STBA - Bought 2 at $26.45 (4/29/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.32 per share, last raised from $.32 effective for the 2023 4th quarter payment. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/STBA/dividends/history"><span style="font-family: georgia;">S&T Bancorp, Inc. (STBA) Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 2/7/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/719220/000071922024000007/stba-ex991earningspressrel.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $.96, down from $1.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 3.92%, down from 4.33%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 54.12%, up from 48.73% (up is a negative)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROTE: 17%, down from 20.36%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROA: 1.55%, down from 1.78%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .3%, up from .27%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .19%, up from .05%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $23.72, up from $20.69</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Even though NIM and E.P.S. declined Y-O-Y, the percentage was lower than many other regional banks that I follow. I will consider restarting a position at less than $30. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Eliminated GLW - Sold 19+ at $33.4</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyN244bd8Rcgvxp-DdzVlDYkMX-zSE2oS24g96XafgutFp4D3iqAOIGzAI_sLByfoVJoaN1N979Q1aKgFsbWm4lGVfKVLBk3RyxVazxhpQlFwbwisGqfLHTxduFmGuiu7OV_c1xxsPzXYSb694ictnHjjD0QoUVfa3VnTnY4LGCHBuS_M8iNESQD36n44u/s2734/GLW%2019+%20AT%2033.4+.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="256" data-original-width="2734" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyN244bd8Rcgvxp-DdzVlDYkMX-zSE2oS24g96XafgutFp4D3iqAOIGzAI_sLByfoVJoaN1N979Q1aKgFsbWm4lGVfKVLBk3RyxVazxhpQlFwbwisGqfLHTxduFmGuiu7OV_c1xxsPzXYSb694ictnHjjD0QoUVfa3VnTnY4LGCHBuS_M8iNESQD36n44u/s320/GLW%2019+%20AT%2033.4+.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/glw?mod=search_symbol" style="text-align: left;">Corning Inc. (GLW)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $640.55 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/glw/analystestimates?mod=mw_quote_tab">GLW Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=24741&owner=exclude"><span style="font-family: georgia;">GLW SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/GLW.N/"><span style="font-family: georgia;">GLW Profile: Reuters</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$79.74</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhud3y4WiuF1LWxW6KLz07zkcb548TTBd6noZ7tifyAmWrJi4728FSdcQGMKCDKis22_KDEtkyV1AxfGmhebk2YXkYaH-DOq5oUUrd-7YQ_ewV388U_Ezw0fyhHHkkcd04OqE3PIoVrpH7rN6GSNw9TrOcELAyi82HK43AoYamxLTVf3FL7Yg0c6Uj0YCKC/s2452/2024%20GLW%2019+%20Shares%20+$79.74%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1830" data-original-width="2452" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhud3y4WiuF1LWxW6KLz07zkcb548TTBd6noZ7tifyAmWrJi4728FSdcQGMKCDKis22_KDEtkyV1AxfGmhebk2YXkYaH-DOq5oUUrd-7YQ_ewV388U_Ezw0fyhHHkkcd04OqE3PIoVrpH7rN6GSNw9TrOcELAyi82HK43AoYamxLTVf3FL7Yg0c6Uj0YCKC/s320/2024%20GLW%2019+%20Shares%20+$79.74%20%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><u style="font-style: italic; text-decoration-line: underline;"><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html">Item # 2.E. Added to GLW - Bought 2 at $27.62; 1 at $27.47; 2 at $27; 1 at $25.63 (11/11/23 Post)</a>(discussed 2023 3rd quarter report, <a href="https://www.sec.gov/Archives/edgar/data/24741/000143774923028803/ex_555824.htm">SEC Filed Earnings Press Release</a>); <a href="https://tennesseeindependent.blogspot.com/2023/10/aio-aod-bkh-bmy-bohpra-cnobp-codi-dgro.html" style="text-align: left;">Item 3 1.F. Added to GLW - Bought 1 at $30.11, 1 at $29.79; 1 at $29.54; 1 at $28.7; 2 at at $27.98 (10/14/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.28 per share ($1.12 annually), last raised from $.27 effective for the 2023 first quarter payment. </span></p><p></p><p style="text-align: justify;"><a href="https://investor.corning.com/investor-relations/stock-information/dividends/default.aspx" style="text-align: left;"><span style="font-family: georgia;">Corning-Dividends</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/16/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): The stock closed at $33.3, up $2.15, in response to this this earnings report. I thought that was overdone so I sold into the rally. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/24741/000143774924002506/ex_540488.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $2.994B, <span style="color: red;">down 12%</span> from $3.406B in the 2022 quarter and <span style="color: red;">down 6%</span> from the 2023 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = Loss of $.05</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.39, down from 17% from the $.47 in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">"The difference between GAAP and core EPS primarily reflected constant currency adjustments, translated earnings contract gains, and translation losses on Japanese-yen-denominated debt, as well as restructuring and asset write-off charges."</span></span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">GAAP to Non-GAAP Reconciliation: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia; text-align: start;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgu1JZo1Bpt0JiA4cQVqLbNDHvzXiW0j7But2040CTNTjixfxsYZm0ZBQMmQOfprZTcuuQ3xZM061aLw3eAEX4u3csCETpKDf1cuvScmhjxVXYCm7ZyZGk4NpalIr_PlUtkqP0UMzbd5uYtAy4fJpDI0K-jv5rf5LHz9EhWNGVuO7DovILWbNNdEvv37ne3/s3330/Screenshot%202024-01-30%20at%205.19.51%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="710" data-original-width="3330" height="68" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgu1JZo1Bpt0JiA4cQVqLbNDHvzXiW0j7But2040CTNTjixfxsYZm0ZBQMmQOfprZTcuuQ3xZM061aLw3eAEX4u3csCETpKDf1cuvScmhjxVXYCm7ZyZGk4NpalIr_PlUtkqP0UMzbd5uYtAy4fJpDI0K-jv5rf5LHz9EhWNGVuO7DovILWbNNdEvv37ne3/s320/Screenshot%202024-01-30%20at%205.19.51%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted free cash flow = $487M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Adjusted free cash flow: $800M</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC8beVPjXo3ko7n60s4a11iY2TDSe1vUo593EBpSAWgjXq5Qbupx-GjVEo1S0Odu5M1SI3vTAiMhZs12EdOZm8V3x1PzTcax4m9vQIsCOhTn4WT2lVZGALDeLE7WbWcybeamg5vAHH7b-WX3M-TwGFCK29yT__qJppfhDDpJzh965qz4UFMsyMJr3qgMuY/s3312/Screenshot%202024-01-30%20at%205.21.02%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="446" data-original-width="3312" height="43" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC8beVPjXo3ko7n60s4a11iY2TDSe1vUo593EBpSAWgjXq5Qbupx-GjVEo1S0Odu5M1SI3vTAiMhZs12EdOZm8V3x1PzTcax4m9vQIsCOhTn4WT2lVZGALDeLE7WbWcybeamg5vAHH7b-WX3M-TwGFCK29yT__qJppfhDDpJzh965qz4UFMsyMJr3qgMuY/s320/Screenshot%202024-01-30%20at%205.21.02%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Adjusted Free Cash Flow</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I suspect the rally was triggered by this statement: "M</span><span style="text-align: left;"><span style="font-family: georgia;">anagement expects first-quarter core sales of approximately $3.1 billion and core EPS in the range of $0.32 to $0.38 and anticipates the first quarter to be the low quarter of the year."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Consider to Repurchase</i></u>: Starting with a 5 to 10 share purchase at below $28. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Eliminated TRST - Sold 41+ at $30.33</u></i></b></span>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhToA7yDdMMeXb1HXwy8bCpoTX3X5gErlXgXolYz9Wl6tC4Wkuj5QUHaiSfDn2qvPJ7yD0UEDWgJUiPzb3t14t_dtgZANhPaY3xmwC2iPz08axPstWBJ4CWEbAKEn-4X0-UI_ux1M0nJtqrgdlFJrIfiUZwgayHKjTJKAyeZOLoZo2c2m7N8CXJBnB4ZCCq/s2424/TRST.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="126" data-original-width="2424" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhToA7yDdMMeXb1HXwy8bCpoTX3X5gErlXgXolYz9Wl6tC4Wkuj5QUHaiSfDn2qvPJ7yD0UEDWgJUiPzb3t14t_dtgZANhPaY3xmwC2iPz08axPstWBJ4CWEbAKEn-4X0-UI_ux1M0nJtqrgdlFJrIfiUZwgayHKjTJKAyeZOLoZo2c2m7N8CXJBnB4ZCCq/s320/TRST.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/trst" style="text-align: left;">Trustco Bank Corp. (TRST)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,257.49</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=357301">TRST SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #38761d;">+$31.36</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigV2JoemIYDOoYqErZnHvyqMcZmbGweQbDz2IMiHu37Klq2IL5h5iwkKS3mf0_0OQzwB6Tace3BNhrLgS0K5UHS4mNB7eDCgV0nz64R0yed17thQIYYZ1v7lSy-hor7AoQ5FhDFRVB10ZtrP3am2GicqkXNalk2pnIbwNwl7-ThfBA5jTBJpVzunVdU5G5/s1962/2024%20TRST%2041+%20Shares%20net%20of%20$31.36%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="760" data-original-width="1962" height="124" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigV2JoemIYDOoYqErZnHvyqMcZmbGweQbDz2IMiHu37Klq2IL5h5iwkKS3mf0_0OQzwB6Tace3BNhrLgS0K5UHS4mNB7eDCgV0nz64R0yed17thQIYYZ1v7lSy-hor7AoQ5FhDFRVB10ZtrP3am2GicqkXNalk2pnIbwNwl7-ThfBA5jTBJpVzunVdU5G5/s320/2024%20TRST%2041+%20Shares%20net%20of%20$31.36%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/argd-dbrgprj-hiw-htbk-igr-nmfc-oge-samg.html" style="text-align: left;">Item # 1.F. Added to TRST - Bought 4 at $27.13 (12/2/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.36 per share ($1.44 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/TRST/dividends/history"><span style="font-family: georgia;">TRST Stock Dividend History & Date</span></a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/30/23 (owned all as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/357301/000114036124003105/ef20019270_ex99-a.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. <span style="color: red;">$.52, down from $1.1</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM <span style="color: red;">2.6%, down from 3.34%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 60.16%, up from 48.75% (up is a negative)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .35%, down from .37%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coverage Ratio: 270% (allowance for credit losses to nonperforming loans) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROA = .64%, down from 1.38%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROE: 6.21%, down from 13.91%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white;">"Average loans were up $309.9 million or 6.6% in the fourth quarter 2023 over the same period in 2022. Average residential loans, our primary lending focus, were up $192.2 million, or 4.6%, in the fourth quarter 2023 over the same period in 2022. Average commercial loans and home equity lines of credit also increased $50.5 million, or 22.6%, and $61.8 million, or 22.2%, respectively, in the fourth quarter 2023 over the same period in 2022."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white;">Average rate for securities held for sale: 2.39%, up from 2.25%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white;">Tangible Book Value per share: $33.89, up from $31.54</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white;">I previously eliminated my duplicate positions: </span></span><a href="https://tennesseeindependent.blogspot.com/2023/03/argd-bdn-brkb-ddt-gd-igr-jri-kw-pflt.html" style="text-align: left;">Item # 2.C. Eliminated TRST in 2 Taxable Accounts - Sold 5 <b>at $36.84</b>; 5 <b>at $37.02</b> (3/11/23 Post)</a><span>(profit snapshot = $41.28); </span><a href="https://tennesseeindependent.blogspot.com/2022/12/bbdc-bdn-elc-fsk-gis-gty-kmb-nycb-pdm.html" style="text-align: left;">Item # 3.A. Eliminated TRST in Schwab Taxable Account - Sold 20 <b>at $38</b> (12/13/22 Post)</a><span>(profit snapshot = $129.8)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Other Sell Discussions</i></u>: <span>There was a <span style="color: #cc0000;">1 for 5 reverse stock split</span> in 2021 that explains the lower prices. </span><a href="https://www.splithistory.com/trst/" style="text-align: left;">TRST Split History</a> The prices referenced in the following links are not adjusted for that reverse split. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white;"></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://tennesseeindependent.blogspot.com/2021/05/bmy-d-dpg-fsmex-iivi-nvs-pba-pbct-saic.html" style="text-align: left;">Item # 3.G. Eliminated TRST-Sold 15+ in Schwab Taxable at $7.45 and 40+ in Fidelity Taxable at $7.44 (5/14/21 Post)</a>(profit snapshots = $111); <a href="https://tennesseeindependent.blogspot.com/2021/01/amgn-bif-btz-crm-dcomp-eaf-ed-gass-gd.html" style="text-align: left;">Item # 1.D. Pared TRST-Sold 10 at $6.72 (1/9/21 Post)</a><span>; </span></span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_27.html" style="text-align: left;">Item # 3.A. Eliminated TRST Sold 56+ at $8.8 (11/27/19 Post)</a>(profit snapshot = $68.51); <span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent.html" style="text-align: left;">Item # 2.B. Sold 125 TRST at $8.6 (11/2/19 Post)</a><span>; </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4903215-update-regional-bank-basket-strategy-7-26-16" style="text-align: left;">Item # 2 Sold 100 TRST at $6.69 Update For Regional Bank Basket Strategy As Of 7/26/16-South Gent | Seeking Alpha</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2015/01/sold-315-trst-at-692added-to-macsx-at.html" style="text-align: left;">Item # 1 Sold 315+ TRST at $6.92 (1/11/15 Post)</a></span><span>(largest gain to date = </span><span style="color: #6aa84f;">$549.47</span><span>)</span><span>; </span><a href="http://tennesseeindependent.blogspot.com/2013/11/update-for-regional-bank-and-lottery.html" rel="nofollow" sasource="blogbody" style="text-align: left;" target="_blank">Sold 50 TRST at $7.29 (11/25/13 Post)</a><span>; </span><a href="http://tennesseeindependent.blogspot.com/2013/10/update-for-lottery-ticket-and-regional.html" rel="nofollow" sasource="blogbody" style="text-align: left;" target="_blank">Sold 308 TRST at $6.64 (10/28/13 Post)</a>(profit snapshot = <span style="color: #6aa84f;">$238.38</span>)(on a reverse split adjusted basis, the sales price was $33.2)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Current Position</u></i>: None</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Consider to Repurchase</i></u>: Assuming no material deterioration in the financial metrics from the last earnings report, my consider to repurchase price is less than $25 and that would be for an initial 5 or 10 share buy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white;"><i><u>TRST Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$1,456.66</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Pared FHB - Sold 7+ at $22.34</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfzx5yvfsRU7Y3gjiS9W2XM3oTrdQKIA6hfdPV1Fv193JunTxfA5BdMEjC0ZC7wldYiTWWTv2OsK-v-FPlXEK6SsjmP0wnApNFaNg7m0uxlBwz1ifY0RhlVRkumC6FrFp-1wWs2587cS5G2im6l8ppx3OM1KuRHAddb18AFiJXVtlFsY4FdemcwHknrvHo/s2238/sold%207+%20FHB%20at%20$22.34%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="126" data-original-width="2238" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfzx5yvfsRU7Y3gjiS9W2XM3oTrdQKIA6hfdPV1Fv193JunTxfA5BdMEjC0ZC7wldYiTWWTv2OsK-v-FPlXEK6SsjmP0wnApNFaNg7m0uxlBwz1ifY0RhlVRkumC6FrFp-1wWs2587cS5G2im6l8ppx3OM1KuRHAddb18AFiJXVtlFsY4FdemcwHknrvHo/s320/sold%207+%20FHB%20at%20$22.34%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/fhb?mod=over_search" style="text-align: left;">First Hawaiian Inc. (FHB)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $164.37</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=36377">FHB SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/fhb/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">FHB Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$33.31</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYywA5tBhlS8Rnnaks_V_sWi5FnXv-BKOSKBPF2gkyvPXB9PvsRHs8ETYzP2-0XeFwCkVOFMJK9vO_JoDucPZ-rR-7iRJ9obU8APdQz1SIbUiR-BqroXlHId2jaA8l1CO1OI4jCX6NbQG4MUTRTKyKMTQ3291ORkMTCJIl3s_RO4ieRQfcFGc2eekl6C4n/s1962/2024%20FHB%207+%20Shares%20+$33.31.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="510" data-original-width="1962" height="83" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYywA5tBhlS8Rnnaks_V_sWi5FnXv-BKOSKBPF2gkyvPXB9PvsRHs8ETYzP2-0XeFwCkVOFMJK9vO_JoDucPZ-rR-7iRJ9obU8APdQz1SIbUiR-BqroXlHId2jaA8l1CO1OI4jCX6NbQG4MUTRTKyKMTQ3291ORkMTCJIl3s_RO4ieRQfcFGc2eekl6C4n/s320/2024%20FHB%207+%20Shares%20+$33.31.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 2.L. Added to FHB in Schwab Account - Bought 1 at $15.86; 1 at $15.48 (5/20/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average Cost per share after pare</u></i>: <b>$15.25 </b>(25+ shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjO_jU61K3oa98T8GSkoFrXYxuUy4vjH5GMOv61bbPXe5Pc3Km4bS2ow7C8dVepjYGV7D495tT1OgPwb3mb1rwEPnc2TBJ5rZVOJr9l3NNNFctx6EhYgE5nbI1agdkEMbXYkZ9xNnHfX7KUbJFzbrRlKvzfVX6Z-Ob8-WMx1iLsdE0809trgVoXS7I3ZNOt/s2376/FHB%2025+%20shares%20at%20$15.25%20after%20pare%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="90" data-original-width="2376" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjO_jU61K3oa98T8GSkoFrXYxuUy4vjH5GMOv61bbPXe5Pc3Km4bS2ow7C8dVepjYGV7D495tT1OgPwb3mb1rwEPnc2TBJ5rZVOJr9l3NNNFctx6EhYgE5nbI1agdkEMbXYkZ9xNnHfX7KUbJFzbrRlKvzfVX6Z-Ob8-WMx1iLsdE0809trgVoXS7I3ZNOt/s320/FHB%2025+%20shares%20at%20$15.25%20after%20pare%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/26/24 after pare</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The AC was reduced from $15.83 per share.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am no longer reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.26 per share ($1.04 annually), last raised from $.24 effective for the 2019 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/fhb/dividend-history">FHB Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I do not anticipate a dividend increase in either 2024 or 2025. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>6.82</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/17/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report </u></i>(Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/36377/000155837024000562/fhb-20240126xex99d1.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.37, down from $.62</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP net income includes several items including a $40M loss realized from selling low yielding securities, a $16.3M special assessment by the FDIC, a $5.3M provision for credit losses and a $40.8M from selling 120,104 VISA shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: <span style="color: #e06666;">2.81%, down from 3.15</span>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 67.28% (impacted by special items), up from 51.47%.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .13%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $11.68, up from $10. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/01/adx-ccnep-enb-fhb-finx-grx-khc-maptx.html" style="text-align: left;">Item # 5.D. Pared FHB in Schwab Account - Sold 10 <b>at $27.14</b> (1/16/23 Post)</a><span>(profit snapshot = $46.05); </span><a href="https://tennesseeindependent.blogspot.com/2023/02/arow-cgbd-ctra-dcomp-fhb-fnb-hbnc-igr.html" style="text-align: left;">Item # 2.F. Eliminated FHB in Vanguard Account - Sold 8 <b>at $26.99</b> (2/5/23 Post)</a><span>(profit snapshot = $26.9); </span><a href="https://tennesseeindependent.blogspot.com/2023/01/argopra-eai-fcntx-feny-fhb-fnb-fsptx.html" style="text-align: left;">Item # 4.C. Pared FHB in Fidelity Taxable Account - Sold 5+ at $26.355 (1/10/23 Post)</a><span>(profit snapshot = $18.33); </span><a href="https://tennesseeindependent.blogspot.com/2022/03/amkby-bp-culp-enb-fan-fb-fhb-fsphx-kio.html" style="text-align: left;">Item # 3.B Pared FHB in Fidelity Taxable Account - Sold Highest Cost 11 Shares<b> at $29.21</b> (3/17/22 Post)</a><span>(profit snapshot = $78.07); </span><a href="https://tennesseeindependent.blogspot.com/2021/11/acre-afin-cl-dnngy-emaca-fdvv-fhb-ibm.html" style="text-align: left;">Item # 2.D. Sold 5 FHB in Fidelity Account <b>at $29.86</b> and Item # 2.E. Pared FHB in Schwab Account-Sold 5 <b>at $29.86</b> (11/5/21 Post)</a><span>(profit snapshots = $31.19 and $30.76); </span><a href="https://tennesseeindependent.blogspot.com/2021/07/akba-cag-fhb-gsk-kc-maxn-mtb-oran-qdel.html" style="text-align: left;">Item # 3.H. Pared FHB in Fidelity Account- Sold 12.468<b> at $29.06</b> (7/9/21 Post)</a><span>(profit snapshot = $51.22)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2021/03/bhb-cc-cxp-cznc-dpg-fdus-fhb-flo-fnb.html" style="text-align: left;">Item # 1.P. Pared FHB in Fidelity Taxable-Sold 5.891 <b>at $30.47</b> (3/20/21 Post)</a><span> (profit snapshot = $26.28)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2021/03/ahtpri-brgpra-ebix-fhb-fhn-fnb-fsmex.html" style="text-align: left;">Item #1.B. Continued Paring FHB in my Fidelity Taxable Account- Sold 5 <b>at $28.61</b> and Item # 1.C. Pared FHB in Schwab Account - Sold 55 <b>at $28.62</b>, 6 <b>at $29.9</b> (3/13/21 Post)</a><span>(profit snapshots = $79.88)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/02/cjref-eaf-fhb-irm-rdsb.html" style="text-align: left;">Item 1.A. Pared FHB in Schwab Account: Sold 40<b> at $29.65</b>; 5 <b>at $30.81</b> and Item #1.B. Pared 10 FHB in Fidelity Account <b>at $29.65</b> and 10 <b>at $30.02</b> (2/12/20 Post)</a><span>(profit snapshots = $61.04); </span><a href="https://tennesseeindependent.blogspot.com/2018/06/observations-and-sample-of-recent_21.html" style="text-align: left;">Item # 1.A. Sold 10 FHB <b>at $30.76</b> (6/21/18 Post)</a><span>(profit snapshot = $17.55, includes another profit snapshot of $40.11, for a 100 share lot held for 6 days). </span></span></p><p></p><div><span style="font-family: georgia; text-align: justify;"><u><i>FHB Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$769.98</span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><i><span style="color: #800180;"><u>E. Eliminated Duplicate FNLC Position - Sold 10 at $24.75</u></span></i></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhj9C2Q3eMn6ySHulwxvpCF6WHSlN1cbV0BjHniKwVryyJi-yOMmdING72I488Z84GPC3T-1m176dXUE1r5f4knmPMAnFGnVwZRztARWJej700DgpJxDterHSb4PwoDoRCx-fiif1wP4ttmnGvBaQNhlBUH3hJttDCkZmSm4GM_811BY2wanuLLFFDLIaK0/s2592/FNLC%2010%20SOLD%20AT%20$24.75.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="240" data-original-width="2592" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhj9C2Q3eMn6ySHulwxvpCF6WHSlN1cbV0BjHniKwVryyJi-yOMmdING72I488Z84GPC3T-1m176dXUE1r5f4knmPMAnFGnVwZRztARWJej700DgpJxDterHSb4PwoDoRCx-fiif1wP4ttmnGvBaQNhlBUH3hJttDCkZmSm4GM_811BY2wanuLLFFDLIaK0/s320/FNLC%2010%20SOLD%20AT%20$24.75.png" width="320" /></a></span></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/fnlc">First Bancorp Inc. (FNLC)</a></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $247.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=765207&owner=exclude">FNLC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Profit Snapshot: <span style="color: #6aa84f;">$49.5</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQlJIyBdIJR3ClrArdaYcBPoBNl3TgpBpkLlDTYd9xOx8CbLovndM9Ecf-ogemBKzIPhxpKYqNxVEp70vvBrhY9Qk_DwAruZjPUeE-jHM_rLHNvZkQHQGRcVjQ6p82y2SYs5hUZUIXKrel90rbuwKjfWVQ9oXUvWVaUcvpEfBAT-j1_M_mUBOW4ZSUz39q/s1956/2024%20FNLC%2010%20Shares%20+$49.5.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="160" data-original-width="1956" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQlJIyBdIJR3ClrArdaYcBPoBNl3TgpBpkLlDTYd9xOx8CbLovndM9Ecf-ogemBKzIPhxpKYqNxVEp70vvBrhY9Qk_DwAruZjPUeE-jHM_rLHNvZkQHQGRcVjQ6p82y2SYs5hUZUIXKrel90rbuwKjfWVQ9oXUvWVaUcvpEfBAT-j1_M_mUBOW4ZSUz39q/s320/2024%20FNLC%2010%20Shares%20+$49.5.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><u><i>Last Discussed</i></u>: </span></span><a href="https://tennesseeindependent.blogspot.com/2020/09/aiq-amcx-cxp-cznc-fbnc-fcpvx-mgc-ppt.html" style="text-align: left;">Item # 1.P. Added to FNLC - Bought 5 at $19.4(9/26/2020 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/09/caty-disca-duk-evrg-fncl-lark-nbgnx.html" style="text-align: left;">Item # 1.I. Restarted FNLC-Bought 5 at $20.2 (9/19/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Dividend</i></u>: Quarterly at $.35, last raised from $.34 effective for the 2023 third quarter payment. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Ex Dividend</u></i>: 1/5/24 (owned as of)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.sec.gov/Archives/edgar/data/765207/000076520724000004/a23q4earningsex991.htm">SEC Filed Press Release</a> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Comparisons are to the 2023 4th quarter. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Diluted E.P.S. $.61, down from $.84</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NIM: 2.34%, down from 3.09%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Efficiency Ratio: 54.08%, up from 48.83%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>ROE: 11.35%, down from 16.15%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>ROTE: 13.08%, down from 18.71%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>All of the preceding number are major negatives. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NPL Ratio: .1% (excellent)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NPA Ratio: .07% (excellent)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Tangible book value per share: $19.12, up from $17.93</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>FNLC Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$1,192.66</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The largest annual gain was in 2016 at $670.94 (two 50 share lots). </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJs3VMIBzkFkT1lmSxPZXt9xE7ipE5ZVuGE52-vhcVNciv6Uj2ZztsyJu0zZpuZOMm9oPjPDxeHOcbAvi1QZLOZZimIeaDHDvICfvB9AEO-2HVmCFRjOZrfujHZr8iJ_HKgdB3YYFxs4Phh2il221LljAkeztjaMlZfs14kr-zBoeqR2ra7HwchAGnJjdZ/s896/2016%20FNLC%2050%20SHARES%20+$279.47.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="112" data-original-width="896" height="40" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJs3VMIBzkFkT1lmSxPZXt9xE7ipE5ZVuGE52-vhcVNciv6Uj2ZztsyJu0zZpuZOMm9oPjPDxeHOcbAvi1QZLOZZimIeaDHDvICfvB9AEO-2HVmCFRjOZrfujHZr8iJ_HKgdB3YYFxs4Phh2il221LljAkeztjaMlZfs14kr-zBoeqR2ra7HwchAGnJjdZ/s320/2016%20FNLC%2050%20SHARES%20+$279.47.jpg" width="320" /></a></span></div><span style="font-family: georgia;"><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjHhCIap7RmpKAW2UsYVeQIm_Et5ChxEB-RFiqzw0sCziivcEgj-coz1RVVQkfw_KqjoRimnJHDHE_bbj7_FWIIHKcYGQDXzvfsatwVGkpM-SMl9SxhfGxhohxJogdOs48jK3vCFsqwe-2-gJ8kwnegDTIbpyE6qBYlYujcvBXk15LlzWRjYdRDpbNEAng/s982/2016%20FNLC%2050%20Shares%20+$391.47.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="151" data-original-width="982" height="49" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjHhCIap7RmpKAW2UsYVeQIm_Et5ChxEB-RFiqzw0sCziivcEgj-coz1RVVQkfw_KqjoRimnJHDHE_bbj7_FWIIHKcYGQDXzvfsatwVGkpM-SMl9SxhfGxhohxJogdOs48jK3vCFsqwe-2-gJ8kwnegDTIbpyE6qBYlYujcvBXk15LlzWRjYdRDpbNEAng/s320/2016%20FNLC%2050%20Shares%20+$391.47.jpg" width="320" /></a></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><i><span style="color: #800180;"><u>F. Eliminated Duplicate Position in CPF - Sold 22+ at $20.95</u></span></i></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikQxJXrtQfa97OQGaAAe3yIdnupfo-rRcALdquGmUAofS1v54j64pbM1MTPqv0pgHLPxEiBXr1w4XdoZ_7JI1Ao3YehBcKF_3PzHPkte65sgT8a-Copyl3eaVe83_Xc5UwPVLo4bgOJWy_H0uZXR42zet9_u8YaetxaQLsNzor8C8Q4RMj9LbhERb-JyWo/s3230/CPF%2022+%20AT%20$20.95%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="272" data-original-width="3230" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikQxJXrtQfa97OQGaAAe3yIdnupfo-rRcALdquGmUAofS1v54j64pbM1MTPqv0pgHLPxEiBXr1w4XdoZ_7JI1Ao3YehBcKF_3PzHPkte65sgT8a-Copyl3eaVe83_Xc5UwPVLo4bgOJWy_H0uZXR42zet9_u8YaetxaQLsNzor8C8Q4RMj9LbhERb-JyWo/s320/CPF%2022+%20AT%20$20.95%20.png" width="320" /></a></span></div><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/cpf?mod=over_search">Central Pacific Financial Corp.</a></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Proceeds: $481.32</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.sec.gov/edgar/browse/?CIK=701347&owner=exclude">CPF SEC Filings</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Profit Snapshot: Net of <span style="color: #6aa84f;">$53.27</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhS0PBZvxPV_GwQ0gCrCnRa2-w74gsmqDS2TxzEqRwF2ePZ-lr2ThTkftYAi6vJYSWuIOFevGEShdlEzGrdvaIlTm1_hPLp-lLjAuzlWKnKa8rnW9Rg_djpRKc_Rzrjvn25OEapLu2M1Uv1Cw7Dg20Ia8X64TZ8IwqYvI7uycNQ7BqJUJf-uTi3S0Nu9VwF/s1802/2024%20CPF%2022+%20Shares%20Net%20of%20$53.27%20%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1058" data-original-width="1802" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhS0PBZvxPV_GwQ0gCrCnRa2-w74gsmqDS2TxzEqRwF2ePZ-lr2ThTkftYAi6vJYSWuIOFevGEShdlEzGrdvaIlTm1_hPLp-lLjAuzlWKnKa8rnW9Rg_djpRKc_Rzrjvn25OEapLu2M1Uv1Cw7Dg20Ia8X64TZ8IwqYvI7uycNQ7BqJUJf-uTi3S0Nu9VwF/s320/2024%20CPF%2022+%20Shares%20Net%20of%20$53.27%20%20.png" width="320" /></a></span></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><i><u>Dividend</u></i>: Quarterly at $.26 per share, last raised from $.25 effective for the 2022 first quarter payment. </div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/cpf/dividend-history">CPF Dividend History | Nasdaq</a></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><i><u>Last Ex Dividend</u></i>: 11/29/24</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><i><u>Next Ex Dividend</u></i>: 2/28/24</div></span><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/701347/000070134724000002/exhibit99-1erq42023.htm">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. $.55, down from $.74</span></p><p style="text-align: justify;"><span style="font-family: georgia;">"During the quarter, the Company completed a $30.0 million investment portfolio restructuring designed to increase prospective earnings and net interest margin. The Company sold available-for-sale debt securities with a book value of $30.0 million, weighted average yield of 3.3%, weighted average duration of 3.4 years, and recognized a loss of $1.9 million. Proceeds from the sale were used to purchase $28.3 million in debt securities with a weighted average yield of 5.7% and a weighted average duration of 2.5 years. The Company estimates the earn-back period to be approximately 2.8 years."</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP net income included a 1 time gain pre-tax gain of $5.1M realized from selling an office property and $1.6M of income from bank owned life insurance. So operating income was worse than the $.55 per share reported which was one trigger for reducing my position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM 2.84%, down from 3.17%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Efficiency Ratio: 64.12%, up from 59.56% (</span>up is a negative)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .09% (excellent)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .41%, up from .12% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROE: 12.55%, down from 18.3% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The report had some positives and was not bad enough overall to eliminate my entire position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #800180;"><u><i>G<span>.</span></i></u></span></b><span style="color: #800180; font-style: italic; font-weight: bold; text-decoration-line: underline;"> Sold 12+ RITM at $11</span></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiadzpo_UW8WjjcBk5i9VvvDhUVGAajPgX163E_CnYyJ92vsbt3WDfj15Cu9ulmaCQ4JcHRribKlwiVEEtPzzl7HasoWXDQip4OsdLHW8Ubpl6k6H9raEkxGwVutHykbxJCrwcJJV6NZp3KHnu6wQQQQre4ys8iPvu3dy6sRUTmOg0euMx9iJ0Rn_KshD8R/s2232/Sold%2012+%20RITM%20at%20$11%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="122" data-original-width="2232" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiadzpo_UW8WjjcBk5i9VvvDhUVGAajPgX163E_CnYyJ92vsbt3WDfj15Cu9ulmaCQ4JcHRribKlwiVEEtPzzl7HasoWXDQip4OsdLHW8Ubpl6k6H9raEkxGwVutHykbxJCrwcJJV6NZp3KHnu6wQQQQre4ys8iPvu3dy6sRUTmOg0euMx9iJ0Rn_KshD8R/s320/Sold%2012+%20RITM%20at%20$11%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/ritm?mod=search_symbol" style="text-align: left;">Rithm Capital Corp. (RITM)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I classify RITM as a hybrid REIT. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $132.49 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I sold all shares that were purchased with dividends at greater than $10 per share. This is another risk reduction technique. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.rithmcap.com/" style="text-align: left;">Rithm | Home</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1556593&owner=exclude"><span style="font-family: georgia;">RITM SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$7.4</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhurpgE0NNnpBu8z__tsaRksAq5pC-eqShoMzw1OA08oh8dq70s2N68sy26SgSxezMf48tihsUsTzol3Uob0qVuig5OTIgFrNWpxZCep1wUZ6lXvW8WuMfW8laHHJ_ZYos6tRxdbTDQ_9ncH-odbLqGup-sZQtLcfaH49FxALGMQK2qb5D94vil4bFYtvzf/s1966/2024%20RITM%2012+%20Shares%20+$7.4.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="298" data-original-width="1966" height="49" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhurpgE0NNnpBu8z__tsaRksAq5pC-eqShoMzw1OA08oh8dq70s2N68sy26SgSxezMf48tihsUsTzol3Uob0qVuig5OTIgFrNWpxZCep1wUZ6lXvW8WuMfW8laHHJ_ZYos6tRxdbTDQ_9ncH-odbLqGup-sZQtLcfaH49FxALGMQK2qb5D94vil4bFYtvzf/s320/2024%20RITM%2012+%20Shares%20+$7.4.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html">Item # 1.L. Added to RITM - Bought 5 at $9.18 (11/4/23 Post)</a> I discussed the last earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1556593/000155659323000029/ritm-2023930x8xkxexhibit991.htm" style="text-align: left;">SEC Filed Press Release</a> </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$10.47</b> (155+ shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbe5BpGfyDtmw_X6HNBbOmHrCWm_-TNMXMOVdxKXmeJRXDr6cjbtZDxb0jJNQkEhFjPX_Zx7B7NYK2hpFRVbCwzh7yAs2oOp1wTpb2kAwzCQSb8PIp83bVzZbmJEmTuiDFa1zyKGb6BqsGqegIta_5qgz7eik6TbpGcwHJk8g4EVE9J0Jb6vmyl85Och6I/s2316/RITM%20new%20AC%20at%20$10.47%20155+%20shares%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="88" data-original-width="2316" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbe5BpGfyDtmw_X6HNBbOmHrCWm_-TNMXMOVdxKXmeJRXDr6cjbtZDxb0jJNQkEhFjPX_Zx7B7NYK2hpFRVbCwzh7yAs2oOp1wTpb2kAwzCQSb8PIp83bVzZbmJEmTuiDFa1zyKGb6BqsGqegIta_5qgz7eik6TbpGcwHJk8g4EVE9J0Jb6vmyl85Och6I/s320/RITM%20new%20AC%20at%20$10.47%20155+%20shares%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/26/24 after pare</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.25 per share </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/RITM/dividends/history">Rithm Capital Corp. (RITM) Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $10.47</u></i>: <b>9.55</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/28/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><i><b><u>H. Eliminated NLOP - Sold 2 Shares at $24.76</u></b></i></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy9ttxH_SIaLtUgT7LVpWUWgik5622NU0C9k1WyEYHx-YX4Egbyw6lfRZ25xpoM7slV9VKKnMiL01j0UmIO6jFkyB-to79aRa4095cYC4OS8fwudOO7zt-8o45QiDzu2-zCdhdmPB09mn2uxJ7QZY9NObBGyPVonG9EOyR45UBYyIPyE9Gq5V9YDAn6K4m/s1420/Screenshot%202024-01-27%20at%208.06.51%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="38" data-original-width="1420" height="9" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy9ttxH_SIaLtUgT7LVpWUWgik5622NU0C9k1WyEYHx-YX4Egbyw6lfRZ25xpoM7slV9VKKnMiL01j0UmIO6jFkyB-to79aRa4095cYC4OS8fwudOO7zt-8o45QiDzu2-zCdhdmPB09mn2uxJ7QZY9NObBGyPVonG9EOyR45UBYyIPyE9Gq5V9YDAn6K4m/s320/Screenshot%202024-01-27%20at%208.06.51%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/nlop?mod=search_symbol" style="text-align: left;">Net Lease Office Properties (NLOP)</a> </p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $49.02</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>This shares were received in my IB account as part of a spin off from </span><a href="https://www.marketwatch.com/investing/stock/wpc?mod=search_symbol" style="text-align: left;">W. P. Carey Inc. (WPC)</a>. I own 30 WPC shares in that account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$12.92</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9bEKwJwzrtZy4Up8E56zUS7em36nycQ5EiYMR6R7bAk97UcPaiW3sngrGwDbMESOo0Cry6imp2N0mSOWsNitnWR2I9rHHdSfVhIsEEEjd4LSaF5d3Xl-3yEXzq3MedCBOGuMRqkHuDnhb2Cw5LXzoUqcWprynSbis9jE6oadZBbldF5BqSl2Y3f18dfu9/s2166/2024%20NLOP%202%20SHARES%20+$12.92.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="54" data-original-width="2166" height="8" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9bEKwJwzrtZy4Up8E56zUS7em36nycQ5EiYMR6R7bAk97UcPaiW3sngrGwDbMESOo0Cry6imp2N0mSOWsNitnWR2I9rHHdSfVhIsEEEjd4LSaF5d3Xl-3yEXzq3MedCBOGuMRqkHuDnhb2Cw5LXzoUqcWprynSbis9jE6oadZBbldF5BqSl2Y3f18dfu9/s320/2024%20NLOP%202%20SHARES%20+$12.92.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><a href="https://www.sec.gov/edgar/browse/?CIK=1952976&owner=exclude">NLOP SEC Filings</a><br /></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.prnewswire.com/news-releases/w-p-carey-announces-completion-of-spin-off-of-net-lease-office-properties-301974896.html">W. P. Carey Announces Completion of Spin-Off of Net Lease Office Properties</a></span><span face="Montserrat, Helvetica, Arial, sans-serif" style="background-color: white; color: #373737; text-align: left;"> </span><span><span style="background-color: white; text-align: left;">("Under the terms of the Spin-Off, W. P. Carey stockholders received one NLOP common share for every 15 shares of W. P. Carey common stock held as of the record date of </span><span class="xn-chron" style="background-color: white; box-sizing: border-box; text-align: left;">October 19, 2023")</span></span></span></p><p style="text-align: justify;"><span style="color: #2b00fe; font-family: georgia;"><b>4. Treasury Auction Purchases</b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Purchased 15 Treasury Bills at the 1/29/24 Auction</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijZZ1LDhhkjYQTrsOruwQXrH2b3_yE5M0MlFLOej4PJxcOu95VBdO717ty86Rh87OBSd3dhJbtKkSW6bWQEOKUm3YByW8QuXfaxR1d7XyaySzccf8JNJqVK87DbD_s9g7NUzSDv8_ewHjo3Gwq0bDlXLJxGqwCynOaha3dPsvl2OvMXx0e4flMB_P7tl7t/s2952/TREASURY%20(5)%205:2:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="230" data-original-width="2952" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijZZ1LDhhkjYQTrsOruwQXrH2b3_yE5M0MlFLOej4PJxcOu95VBdO717ty86Rh87OBSd3dhJbtKkSW6bWQEOKUm3YByW8QuXfaxR1d7XyaySzccf8JNJqVK87DbD_s9g7NUzSDv8_ewHjo3Gwq0bDlXLJxGqwCynOaha3dPsvl2OvMXx0e4flMB_P7tl7t/s320/TREASURY%20(5)%205:2:24%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGXjZ28pTCurQDHsQo5ZjjB1r_HXM4P-ybWm2254drnWHHz_nZ56KTLPCqBnsYjv92jHuTjTQ1T9GmHgSDOAps9xpgQCzjYduwMv4UhaiGMGFrtkVBdmwoxREuvxwLONjtM5d443l2lEoJ-xkzp2WHA0nwtMow8Q48QrQlRuNYKbXmMz9nPE6JmugrD-Eb/s2220/Treasury%20(10)%205:2:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="626" data-original-width="2220" height="90" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGXjZ28pTCurQDHsQo5ZjjB1r_HXM4P-ybWm2254drnWHHz_nZ56KTLPCqBnsYjv92jHuTjTQ1T9GmHgSDOAps9xpgQCzjYduwMv4UhaiGMGFrtkVBdmwoxREuvxwLONjtM5d443l2lEoJ-xkzp2WHA0nwtMow8Q48QrQlRuNYKbXmMz9nPE6JmugrD-Eb/s320/Treasury%20(10)%205:2:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">91 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 5/2/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $197.55</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate:<b> 5.368</b>%</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjFU0P_vii0oamGQLH4su2xH0Aott3VWwTt4cLjI1FVswkt7WG9jjiFlUhs1jl1ZI7EuMyaP-K_5UcopF541jWupfKAiCKOGpFE_jDUTEbvNWva8N3B3g-TtHbReXlFVUMqNbAtXrXDM5L5hcQVSLcZ4W4gQlHigZM1JE61R8wy7R2sPd8NZB1nwJB27qL/s1386/91%20day%20bill%205.368%25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="578" data-original-width="1386" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjFU0P_vii0oamGQLH4su2xH0Aott3VWwTt4cLjI1FVswkt7WG9jjiFlUhs1jl1ZI7EuMyaP-K_5UcopF541jWupfKAiCKOGpFE_jDUTEbvNWva8N3B3g-TtHbReXlFVUMqNbAtXrXDM5L5hcQVSLcZ4W4gQlHigZM1JE61R8wy7R2sPd8NZB1nwJB27qL/s320/91%20day%20bill%205.368%25.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 5 Treasury Bills at 1/31/24 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivrHksrLfyqZvl7dUp7LGvvJo66p_xGoGlnAmgMsUiIJVuWl4sj6x3wSU4XjwXZeJvZ4ZSYnfww8-qJElpZEoRVaqC_9wYu5A59For-TpGhiLtiC8K9ovGRekdhPFMCqIb26XWk6KP2wUXITBZKkFKiZCt3blEv4H0jW-NTKWYE1mfP_7yi5wrmGoUHico/s2592/Treasury%20(5)%206:4:24%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="630" data-original-width="2592" height="78" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivrHksrLfyqZvl7dUp7LGvvJo66p_xGoGlnAmgMsUiIJVuWl4sj6x3wSU4XjwXZeJvZ4ZSYnfww8-qJElpZEoRVaqC_9wYu5A59For-TpGhiLtiC8K9ovGRekdhPFMCqIb26XWk6KP2wUXITBZKkFKiZCt3blEv4H0jW-NTKWYE1mfP_7yi5wrmGoUHico/s320/Treasury%20(5)%206:4:24%20%20.png" width="320" /></span></a></div><span style="font-family: georgia;">119 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 6/2/24: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $85.12 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment rate: <b>5.327</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVAsjJqp9G2Eh4CekUrXaoLuaO3s9CvNmKxeik4kDFbFFYNSnRDgPMu6dskJoXBTrYACMoSWoT9_H7wdnFyOz6-7SWPk9LSYCN0IEvfAc7uv7hwBriTjSa5OU-I-91PlW-LkovNM_y-13Kl8J7BMEthq_nXagMxLxywtHiQ__f6bSc5-mdWdN3ZT-2FRyC/s1130/Screenshot%202024-01-31%20at%2010.55.42%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="578" data-original-width="1130" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVAsjJqp9G2Eh4CekUrXaoLuaO3s9CvNmKxeik4kDFbFFYNSnRDgPMu6dskJoXBTrYACMoSWoT9_H7wdnFyOz6-7SWPk9LSYCN0IEvfAc7uv7hwBriTjSa5OU-I-91PlW-LkovNM_y-13Kl8J7BMEthq_nXagMxLxywtHiQ__f6bSc5-mdWdN3ZT-2FRyC/s320/Screenshot%202024-01-31%20at%2010.55.42%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><br /></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. U.S. Equity Preferred Stock</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><u><b>A. Eliminated WSBCP - Sold 15 at $24.59</b></u></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPrHRPma9LBWIQc5gjoHM8-WuYyQXGJVu5nZMewJWuVUTuXIR1w1Re8oMdf79fBNbU6Gt4_q-dA6tXsG8XDz4U0a9IVR7Idh2plJpVss7nWWNkpvABPIlELTgVrk6IGVsc8yeEtPH6kj7OUo4Ha3zCD2VYnZdpTundojTGhDg9HICvEZFNLp9AqIsj5v7L/s3238/WSBCP%2015%20at%20$24.59%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="256" data-original-width="3238" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPrHRPma9LBWIQc5gjoHM8-WuYyQXGJVu5nZMewJWuVUTuXIR1w1Re8oMdf79fBNbU6Gt4_q-dA6tXsG8XDz4U0a9IVR7Idh2plJpVss7nWWNkpvABPIlELTgVrk6IGVsc8yeEtPH6kj7OUo4Ha3zCD2VYnZdpTundojTGhDg9HICvEZFNLp9AqIsj5v7L/s320/WSBCP%2015%20at%20$24.59%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/wsbcp?mod=search_symbol" style="text-align: left;">WesBanco Inc. 6.75% Perpetual Preferred Series A Stock</a></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">This is a fixed-to-floating rate preferred stock. As with other U.S. fixed-to-floating rate preferred stocks, WSBCP may be called by the issuer at par value + accrued and unpaid dividends after the fixed coupon period ends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/wsbc?mod=search_symbol" style="text-align: left;">WesBanco Inc. (WSBC)</a> - A Bank Holding Company </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=203596&owner=exclude"><span style="font-family: georgia;">WSBC SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/WSBC/dividends/history"><span style="font-family: georgia;">WSBC Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed eliminating my common stock position in my last post. </span><a href="https://tennesseeindependent.blogspot.com/2024/01/aep-bcbp-hbnc-krg-mmt-ofs-oge-opbk-ryld.html" style="text-align: left;">Item # 2.F. Eliminated WSBC - Sold 10 at $30.72 (1/26/24 Post)</a>(profit snapshot = $55.52). I discussed the 2024 4th quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/203596/000095017024006568/wsbc-ex99_1.htm" style="text-align: left;"><span>SEC Filed Press Release</span></a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$53.51</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfyjXl4fuG8GVr8A9AmfTIcHQD2_8728xJglUUWvagYKiARrssDE-X9AEbHS5cP3sopJ3JpgfCpTGADHxSBPkgXEaD1lmCh1H2ashG77xfG6dNkDf6Zw1KPmu3Ih2qWiWs20oUwrTdAprM_t98ggdmzG6C3_hxHYjesXXAjakHTNNEnPjSQXqmMblL00vG/s3030/2024%20WSBCP%2015%20SHARES%20+$53.51%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1106" data-original-width="3030" height="117" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfyjXl4fuG8GVr8A9AmfTIcHQD2_8728xJglUUWvagYKiARrssDE-X9AEbHS5cP3sopJ3JpgfCpTGADHxSBPkgXEaD1lmCh1H2ashG77xfG6dNkDf6Zw1KPmu3Ih2qWiWs20oUwrTdAprM_t98ggdmzG6C3_hxHYjesXXAjakHTNNEnPjSQXqmMblL00vG/s320/2024%20WSBCP%2015%20SHARES%20+$53.51%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Discussed at </span><a href="https://tennesseeindependent.blogspot.com/2023/05/amcr-bzh-clx-glq-ide-matv-mbinp-mbwm.html" style="text-align: left;">Item # 2.K. Bought 10 WSBCP at $22.75 (5/6/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 2/2/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/203596/000119312520210657/d56051d424b5.htm" style="text-align: left;">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid Quarterly, qualified and <b>non-cumulative</b>. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend Rates</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Fixed Coupon: 6.75% to 11/15/25 to but excluding 11/15/25 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Floating Rate: Then, if not redeemed, at a <b>6.557% spread to the five year U.S. treasury note</b>, resetting every 5 years. I would not make a prediction now on what the 5 year treasury yield will be in November 2025. My best guess is that it will be sufficiently high enough that this issuer will not want to pay that spread to the five year treasury note yield. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A coupon in excess of the current 6.85% fixed rate would occur with a 5 year treasury yield greater than .193%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am keeping a position in a Roth IRA account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></p></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com10tag:blogger.com,1999:blog-2986124651030959736.post-14240136025205718782024-01-26T09:11:00.004-06:002024-01-27T13:16:35.181-06:00AEP, BCBP, HBNC, KRG, MMT, OFS, OGE, OPBK, RYLD, UL, VLY, WSBC, WTBA<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The first estimate of real GDP growth in the 2023 4th quarter was reported at a 3.3% annual rate, with the consensus estimate at 1.7% or 2% based on the service providing the number. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Report: <a href="https://www.bea.gov/news/2024/gross-domestic-product-fourth-quarter-and-year-2023-advance-estimate" style="text-align: left;">Gross Domestic Product, Fourth Quarter and Year 2023 (Advance Estimate) | U.S. Bureau of Economic Analysis (BEA)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Personal Consumption Expenditures: +2.8%</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9MrazZimKdUGi6olYklPSYrSLMuUY4D-b28VddaXj2WiCoQOmhkiKqkZ9Moe0pF6zVRnOeJOdeV0u2KKCitIx_xILsC0La2hzC9hrrFa3j89WSgNL3itK_sN9yzfa3Hv8orYQMELrNvdZZ69uwwqX0R7SaYX6w8t2Mg3VskcHD6Yd85eHSHso84lGcAig/s1446/Screenshot%202024-01-25%20at%207.49.12%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="292" data-original-width="1446" height="65" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9MrazZimKdUGi6olYklPSYrSLMuUY4D-b28VddaXj2WiCoQOmhkiKqkZ9Moe0pF6zVRnOeJOdeV0u2KKCitIx_xILsC0La2hzC9hrrFa3j89WSgNL3itK_sN9yzfa3Hv8orYQMELrNvdZZ69uwwqX0R7SaYX6w8t2Mg3VskcHD6Yd85eHSHso84lGcAig/s320/Screenshot%202024-01-25%20at%207.49.12%E2%80%AFAM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;">PCE Annual Inflation: 2.7%</span><div><span style="font-family: georgia;">PCE Annual Core Inflation: 3.2%<br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio4KgO0atXR5PW6OplA4ZWzh8JglW0drEuJqlvHPU46WybVP9GW8CH5heKjmLNvV9qU4ER4v2tf85dbhb3ms5MJtXWmcU-6RLKSqtiiW3cTp0S6W0hu1TdFfVjXvkB8ezqvCDkJF25HY3Hff_llXfCyKNUfJnUxBmd-zGG4tOUDkZDznIvVKSgA6AyBH3c/s1328/Screenshot%202024-01-25%20at%207.54.00%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="210" data-original-width="1328" height="51" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio4KgO0atXR5PW6OplA4ZWzh8JglW0drEuJqlvHPU46WybVP9GW8CH5heKjmLNvV9qU4ER4v2tf85dbhb3ms5MJtXWmcU-6RLKSqtiiW3cTp0S6W0hu1TdFfVjXvkB8ezqvCDkJF25HY3Hff_llXfCyKNUfJnUxBmd-zGG4tOUDkZDznIvVKSgA6AyBH3c/s320/Screenshot%202024-01-25%20at%207.54.00%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">PCE Inflation in the 4th Quarter= 1.7% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">PCE Core Inflation in the 4th Quarter: 2% </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0h3098v3OrLyGcEy-Jn0IcgsvgtI9w2GOI3RZiejHm0jXqVEQ9vqaT_yzlLChfuRVgeF2IO-No5BC3t7kRrz4YrfdvNOCVWuo5WuJm_EM8tB7qhAXibKCAKPZOpC104w101Mk3ndCKr_g8komXOQvbPQ3RQR7mA3_1i2GhdvniDLQRHpswuzzp2Ij7Ut2/s1350/Screenshot%202024-01-25%20at%2010.35.37%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="162" data-original-width="1350" height="38" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0h3098v3OrLyGcEy-Jn0IcgsvgtI9w2GOI3RZiejHm0jXqVEQ9vqaT_yzlLChfuRVgeF2IO-No5BC3t7kRrz4YrfdvNOCVWuo5WuJm_EM8tB7qhAXibKCAKPZOpC104w101Mk3ndCKr_g8komXOQvbPQ3RQR7mA3_1i2GhdvniDLQRHpswuzzp2Ij7Ut2/s320/Screenshot%202024-01-25%20at%2010.35.37%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Discussed at <a href="https://www.cnbc.com/2024/01/25/gdp-q4-2023-the-us-economy-grew-at-a-3point3percent-pace-in-the-fourth-quarter.html" style="text-align: left;">GDP Q4 2023: The U.S. economy grew at a 3.3% pace in the fourth quarter</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bea.gov/news/2024/personal-income-and-outlays-december-2023" style="text-align: left;">Personal Income and Outlays, December 2023 | U.S. Bureau of Economic Analysis (BEA)</a>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIhvzquzAYmKdrdvIxMhEmsBsrbbwfsZKyigIjRxFkpPJ31sMGKkoFS_aOzVg8UsjGbHO8mu5uUpc9Q7KiC1RQYN-HSU1scwBC_BPgFOOM27j9lFfN8nNPFvoMPTem9ZvbymrWH8_8f1sER1XPCQebvskugRdWVWaOumtIr_nQAD9VMiMu3UHrPnnGBRVH/s2152/Screenshot%202024-01-26%20at%207.42.49%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1236" data-original-width="2152" height="184" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIhvzquzAYmKdrdvIxMhEmsBsrbbwfsZKyigIjRxFkpPJ31sMGKkoFS_aOzVg8UsjGbHO8mu5uUpc9Q7KiC1RQYN-HSU1scwBC_BPgFOOM27j9lFfN8nNPFvoMPTem9ZvbymrWH8_8f1sER1XPCQebvskugRdWVWaOumtIr_nQAD9VMiMu3UHrPnnGBRVH/s320/Screenshot%202024-01-26%20at%207.42.49%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; font-variant-ligatures: none; text-align: start;">"The 0.5 percent increase in </span><strong style="background-color: white; box-sizing: border-box; color: #333333; font-variant-ligatures: none; text-align: start;">real PCE</strong><span style="background-color: white; color: #333333; font-variant-ligatures: none; text-align: start;"> in December reflected an increase of 1.1 percent in spending on goods and an increase of 0.3 percent in spending on services (table 4). Within goods, the largest contributor to the increase was recreational goods and vehicles (led by software). Within services, the largest contributors to the increase were health care (led by outpatient services) and financial services and insurance (led by financial service charges, fees, and commissions)"(emphasis supplied)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; font-variant-ligatures: none; text-align: start;">10 Year TIP Breakeven Inflation Rate as of 1/25/25: 2.29% </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; font-variant-ligatures: none; text-align: start;">10 Year Nominal at 4.14% as of 1/25/24, up from 3.79% as of 12/27/23</span></span></p><p style="text-align: justify;"><a href="https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202401"><span style="font-family: georgia;">Resource Center | U.S. Department of the Treasury</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I would not attribute the rise in the 10 year nominal yield of the past month to a change in inflation expectations but to the deluge of new treasury supply. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sometime in the future, there will be a untethering of nominal intermediate and long term treasury yields from inflation expectations due to the supply of new treasuries overwhelming demand. <a href="https://home.treasury.gov/news/press-releases/jy1851" style="text-align: left;">Treasury Announces Marketable Borrowing Estimates | U.S. Department of the Treasury</a>; <a href="https://www.cnbc.com/2023/11/01/treasury-details-plans-to-step-up-size-of-bond-sales-to-manage-growing-debt-load-and-higher-rates.html" style="text-align: left;">Treasury details plans to step up size of bond sales to manage growing debt load and higher rates</a> As previously discussed many times here and in a recent YT video, I anticipate that no meaningful effort will made to curtail U.S. budget deficits and parabolic increases in the total U.S. government debt that will eventually result in failed treasury auctions. <a href="https://www.youtube.com/watch?v=2O7G-uoMMa0&t=2s" style="text-align: left;">U.S. Government Debt and Deficits - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $10,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: None</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual Common Stocks:<b><span style="color: red;"> -</span></b>$2,239.06</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(Consisting of $3,046.9 in proceeds minus $807.84 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The sales were regional bank stocks except for a small pare in OFS. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Realized Gains Common Stocks: <span style="color: #38761d;">+</span>$512.01</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock ETF: +$81.7</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Outflow Stocks/Stock Funds Discussed in this Post: <b><span style="color: red;">-</span></b>$2,157.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged Bond CEF: +$229.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Stocks/Stock Funds Discussed in Posts: <span style="color: red;">-</span>$8,379.01</span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Cult</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a> Trump is leading Haley by 57.7%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</a> Using the average of all polls, Trump is currently leading Biden by 3.8%. None of the polls have Biden ahead. </span></p><p style="text-align: justify;"><a href="https://www.theatlantic.com/ideas/archive/2024/01/haley-trump-gop/677212/"><span style="font-family: georgia;">The Party of Malice - The Atlantic</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/25/politics/gop-senators-angry-trump-immigration-deal/index.html">GOP senators seethe as Trump blows up delicate immigration compromise</a> Trump wants to make immigration into a major election issue, which would be significantly negated and hampered by a compro<span>mise bill becoming law. The immigration issue is a major negative for Biden's reelection and a major positive for Trump. A compromise is not possible given Trump's control over the republican party. It is more important to Donald that he beat Biden than solving or ameliorating a problem. It is all about Donald and his vengeance. He has no principles in my opinion. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Mitt Romney had this to say about the GOP's Dear Leader:<span style="background-color: white; letter-spacing: 0.4px; text-align: left;"> "I think the border is a very important issue for Donald Trump. And the fact that he would communicate to Republican senators and congresspeople that he doesn’t want us to solve the border problem because he wants to blame Biden for it is is really appalling". </span></span><a href="https://www.youtube.com/watch?v=dVcq6-GZ5ls" style="text-align: left;">'Appalling': Romney accuses Trump of trying to stop bill to blame Biden - YouTube</a></span></p><p style="text-align: justify;"><span style="background-color: white; font-family: georgia; letter-spacing: 0.4px; text-align: left;">Trump does have a good reptilian mind on how to manipulate voters. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Republicans have linked approval of aid to Ukraine, Israel and Taiwan on the Democrats accepting all of their demands on immigration without offering any concessions such as a pathway to citizenship for the DACA children. </span></p><p style="text-align: justify;"><a href="https://www.nbcnews.com/politics/2024-election/nikki-haley-trump-mentally-fit-nancy-pelosi-rcna134887"><span style="font-family: georgia;">Nikki Haley questions whether Trump is ‘mentally fit’ after he confuses her with Nancy Pelosi</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=zW-T7AoKxrI"><span style="font-family: georgia;">Ken Burns on why the Republican Party completely changed - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.cbsnews.com/news/trump-gag-order-2020-election-case-appeals-court-supreme-court/?intcid=CNR-01-0623"><span style="font-family: georgia;">Appeals court declines to reconsider dispute over Trump gag order, teeing up potential Supreme Court fight - CBS News</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">++++ </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of His Misery</span>: </span></p><p style="text-align: justify;"><a href="https://ukr.warspotting.net/"><span style="font-family: georgia;">Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=v6NamT75ycs">Ukraine 'blows up Russian Black Sea oil terminal' - YouTube</a>; </span><a href="https://www.youtube.com/watch?v=CKjqMrsMmQA" style="text-align: left;">Ukrainian kamikaze drone strikes Russian oil depot '45 miles from Putin's palace' - YouTube</a><span> This is the Tuapse oil depot in Russia's Krasnodar region. </span></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=wmwk-QisfNs&t=468s"><span style="font-family: georgia;">Russian Infrastructure Crumbling as it Spends Billions on Murdering Ukrainians. - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=w5flFFJgVPI" style="text-align: left;">Ukrainian drone attack causes huge fire at Russian oil depot - YouTube</a>; <a href="https://www.youtube.com/watch?v=pLq6GKGniRg">Russia gas terminal burns in suspected drone attack- YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=qq9YdPan_hc"><span style="font-family: georgia;">Factory that Makes Pantsir SAM Systems Hit by Multiple Drones in Tula, Russia - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=mgTDUtZ0mYQ"><span style="font-family: georgia;">Nearly 30 Russian Vehicles Destroyed Near Terny in January - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=Pengajg8if8"><span style="font-family: georgia;">'Putin needs war' in Europe, NATO must prepare to stop Russia | Dr Jamie Shea - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Common Stock Small Ball Buys</span></b>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am adding some dividend paying stocks just in case the FED does lower the FF rate by 75 basis points this year. I am easing slowly into positions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Added to KRG - Bought 5 at $21.25</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggHSTXLdV1FSNBPD34ZK3qiurGEzyYhg_wkaFCEccPkr3oNerEGpz4OSCmm3lK4gkKZe7Fe3p_5uM_1EM7LtEwGoan1MWSeHREWmi9J94wCZCA9q36qh4i3fDH7iMa62LZneGwPF_FxpAO_594IlAWmLIUa_QtMrBbaZrp-S9fBV5OPsZ9X_JIVSSO7lDA/s2950/KRG%205%20shares%20$21.25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="162" data-original-width="2950" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggHSTXLdV1FSNBPD34ZK3qiurGEzyYhg_wkaFCEccPkr3oNerEGpz4OSCmm3lK4gkKZe7Fe3p_5uM_1EM7LtEwGoan1MWSeHREWmi9J94wCZCA9q36qh4i3fDH7iMa62LZneGwPF_FxpAO_594IlAWmLIUa_QtMrBbaZrp-S9fBV5OPsZ9X_JIVSSO7lDA/s320/KRG%205%20shares%20$21.25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/krg?mod=search_symbol" style="text-align: left;">Kite Realty Group Trust (KRG)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $106.23 </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1286043&owner=exclude"><span style="font-family: georgia;">KRG SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000128/krg-20230930.htm"><span style="font-family: georgia;">10-Q for the Q/E 9/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2024/01/bstz-btmd-dcom-elc-es-fisi-gvlu-htia.html" style="text-align: left;">Item # 2.F. Started KRG - Bought 5 at $22.49; 5 at $22.1 (1/6/24 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000121/exhibit99_1xq32023.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000121/exhibit99_2xq32023.htm" style="text-align: left;">Supplemental</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$21.95</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.25 per share</span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/krg/dividend-history"><span style="font-family: georgia;">KRG Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u>: <b>4.56%</b>, rounded up. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 1/4/24 (owned 5 as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Added to OGE - Bought 5 at $32.92; 5 at $32.65</u></i></span></b><span>: </span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVwk2_G23VZj7QSmm5xmpySGNqEqhEwc8QFVU_zIkNu5BKyEV9Zm80jBBgHTvaJcVi2pqnMFQtHKGjkHIv9yiifRGrRYuNTELxbyxZvfy3kztEah4ciksAPSwWvBY8OonXF82yFbaCwLUqp7tL7S5_TsELCz1tf-6CBYhw65-U1OzKWMi0koe3BI1q02eO/s2980/OGE%205%20at%20$32.92%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="148" data-original-width="2980" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVwk2_G23VZj7QSmm5xmpySGNqEqhEwc8QFVU_zIkNu5BKyEV9Zm80jBBgHTvaJcVi2pqnMFQtHKGjkHIv9yiifRGrRYuNTELxbyxZvfy3kztEah4ciksAPSwWvBY8OonXF82yFbaCwLUqp7tL7S5_TsELCz1tf-6CBYhw65-U1OzKWMi0koe3BI1q02eO/s320/OGE%205%20at%20$32.92%20.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm-m2JPyfHzA7tqX75inVbYQPVeOf9X9SZgS9cwyWtGyeSlE5CK4kMpIDNKkp5cxP_2tXzfNvX3dVK639ZYooZpeUhlly2F-NM61thxcGe0YIgRfKUujr3zcT2GQ5y1PV8fd1ZFfJ89PtWciUc-b-JxzPIX_MheIs2xVe9XcPjgbJFQLC8rS8NgTfm45dA/s3008/OGE%205%20AT%20$32.65%20163.25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="154" data-original-width="3008" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm-m2JPyfHzA7tqX75inVbYQPVeOf9X9SZgS9cwyWtGyeSlE5CK4kMpIDNKkp5cxP_2tXzfNvX3dVK639ZYooZpeUhlly2F-NM61thxcGe0YIgRfKUujr3zcT2GQ5y1PV8fd1ZFfJ89PtWciUc-b-JxzPIX_MheIs2xVe9XcPjgbJFQLC8rS8NgTfm45dA/s320/OGE%205%20AT%20$32.65%20163.25.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/oge?mod=over_search" style="text-align: left;">OGE Energy Corp</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost $327.85</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1021635&owner=exclude"><span style="font-family: georgia;">OGE SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/74145/000095017023057629/oge-20230930.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/oge/analystestimates?mod=mw_quote_tab" style="text-align: left;"><span style="font-family: georgia;">OGE Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.ogeenergy.com/"><span style="font-family: georgia;">OGE Energy Profile</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/12/argd-dbrgprj-hiw-htbk-igr-nmfc-oge-samg.html" style="text-align: left;">Item # 1.B. Restarted OGE -Bought 5 at $34.84 (12/2/23 Post)</a> I discussed the 2023 third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/74145/000095017023057630/oge-ex99_01.htm" style="text-align: left;">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: $33.47 (15 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.4182 ($1.67 annually), last raised from $.4141 effective for the 2023 4th quarter payment. </span></p><p style="text-align: justify;"><a href="https://www.ogeenergy.com/dividend-history/"><span style="font-family: georgia;">Dividend History | OGE Energy Corp.</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i>: <b>4.99</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 1/5/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/04/aep-cfg-evrg-duk-eai-emp-etr-evrg-feny.html" style="text-align: left;">Item # 2.D. Eliminated OGE - Sold 2 at $38.29; 5 at $38.87; and 8 at $38.52 (4/14/22 Post)</a>(profit snapshots = $75.3) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Restarted AEP - Bought 1 at $78.41; 1 at $77.38; 1 at $76.98</u></i></span></b>:</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCBupwyoUOtQg9ZDouHrKzYF9qJDcnegGlz5eHTcBKs3yGJkbXLEsMRZIjrjoUKrlbt-OFKwe8imE4ZT1QF34-AFXo7Q0Ga1eSExI2r8cX-kd9zIgq9KgEf6d5o56kQ83uyURhJpk5tqCMy7R7iUw4ReVo_D4CLlw_rQxmUPBqhvq0-utsmEm_Mt5p48tG/s3020/aep.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="644" data-original-width="3020" height="68" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCBupwyoUOtQg9ZDouHrKzYF9qJDcnegGlz5eHTcBKs3yGJkbXLEsMRZIjrjoUKrlbt-OFKwe8imE4ZT1QF34-AFXo7Q0Ga1eSExI2r8cX-kd9zIgq9KgEf6d5o56kQ83uyURhJpk5tqCMy7R7iUw4ReVo_D4CLlw_rQxmUPBqhvq0-utsmEm_Mt5p48tG/s320/aep.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/aep" style="text-align: left;">American Electric Power Co.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $232.76 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">AEP is a utility holding company and a component of the S&P 500. Its operating subsidiaries include AEP Texas, AEP Transmission, Appalachian Power Company, Kentucky Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service of Oklahoma, Southwestern Power Company and Wheeling Power Company. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/4904/000000490423000011/aep-20221231.htm">2022 Annual Report</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/aep/analystestimates"><span style="font-family: georgia;">AEP Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=4904&owner=exclude"><span style="font-family: georgia;">AEP SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/4904/000000490423000121/aep-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/AEP.N/"><span style="font-family: georgia;">AEP Profile Page at Reuters</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.reuters.com/markets/companies/AEP.N/key-metrics/price-and-volume" style="text-align: left;">AEP Key Metrics Page at Reuters</a> </span></p><p style="text-align: justify;"><a href="https://www.aep.com/investors/"><span style="font-family: georgia;">Investors Relation Page</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Categories: Bond Substitute and Dividend Growth</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/04/aep-cfg-evrg-duk-eai-emp-etr-evrg-feny.html" style="text-align: left;">Item # 2.A. Eliminated AEP - Sold 3 at $95.5 (4/14/22 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average Cost per share</u></i>: <b>$77.59 </b> (3 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.88 ($3.52 annually), last raised from $.85 effective for the 2023 4th quarter payment. In 2013, the dividend rate was at $.50 in the 4th quarter. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/aep/dividend-history"><span style="font-family: georgia;">AEP Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC</u></i>: <b>4.51</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/9/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 2/8/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.aep.com/news/releases/read/9312">AEP Declares Quarterly Dividend on Common Stock</a><span face="din-2014, Arial, Roboto, sans-serif" style="background-color: white; color: #4a4a4a; font-size: 25px; text-align: left;"> </span><span style="background-color: white; color: #4a4a4a; text-align: left;"><span>("AEP has paid a cash dividend on its common stock every quarter since July 1910")</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/4904/000000490423000119/a3q20238kpressreleaseex991.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $5.3417B </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. $1.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. $1.77, up from $1.62 in 2023 3rd Q.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus non-GAAP at $1.7 per Schwab</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP Net Income: $923.8M </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj29CJnGGlZEkh1FG5NhZPqsDzR-qxWjbtZX39HFavdTdq8gRdw7_n6UKFC5O6mhRpk-WDDXSkAsPQ2iqq8b31DcAbf_FVyfvh4SNnsXQ9Auj5RLJ_9rAcQNYtgVYfcvBsF2CU_lLShge8PJ9e8dfuIWzSQHELfJPUskxnjfngT7_Z3mvYOVsbMvtYX_wx8/s2940/Screenshot%202024-01-21%20at%206.23.20%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="680" data-original-width="2940" height="74" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj29CJnGGlZEkh1FG5NhZPqsDzR-qxWjbtZX39HFavdTdq8gRdw7_n6UKFC5O6mhRpk-WDDXSkAsPQ2iqq8b31DcAbf_FVyfvh4SNnsXQ9Auj5RLJ_9rAcQNYtgVYfcvBsF2CU_lLShge8PJ9e8dfuIWzSQHELfJPUskxnjfngT7_Z3mvYOVsbMvtYX_wx8/s320/Screenshot%202024-01-21%20at%206.23.20%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Reaffirmed long term growth target of 6% to 7%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Bond Offering</u></i> (12/23): <a href="https://www.sec.gov/Archives/edgar/data/4904/000000490423000144/a12-2023aep424b2.htm" style="text-align: left;">Prospectus</a> for $1B 5.2% SU maturing in 2029 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Analyst Reports</i></u> (available to Schwab customers): </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar (11/30/23): 4 stars with a fair value estimate of $90</span></p><p style="text-align: justify;"><span style="font-family: georgia;">S&P (12/18/23): 4 stars with a 12 month PT of $90, lowered from $94 based on "somewhat weaker near-term E.P.S. and dividend growth trajectories". </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Argus (12/15/23): Buy with a $106 target price. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: Dividend and a capital gain of more than 2% on an annual basis. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>D. Added to UL - Bought 3 at $47 - Fidelity Account</u></b></span></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigmmuf733UJIJNzTIXJ1AU7wAYQCLx8S3uyztIRXHGA_DTs2zqZ7a1ILoW26yE3wAKb7u4ClGzXPNaN5BbAQhMBwQRSaC4N4Tgi1NhtWFALSw9jhiAEsRyMBEhY_5nheCotifgrJMH50-MOIkWKs65LK_J8vIXUmczyGQ-EBCVxM9NU4hNRnfiPsm3koeu/s2280/UL%203%20at%20$47%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="116" data-original-width="2280" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigmmuf733UJIJNzTIXJ1AU7wAYQCLx8S3uyztIRXHGA_DTs2zqZ7a1ILoW26yE3wAKb7u4ClGzXPNaN5BbAQhMBwQRSaC4N4Tgi1NhtWFALSw9jhiAEsRyMBEhY_5nheCotifgrJMH50-MOIkWKs65LK_J8vIXUmczyGQ-EBCVxM9NU4hNRnfiPsm3koeu/s320/UL%203%20at%20$47%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/ul" style="text-align: left;">Unilever PLC ADR</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $141</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ordinary Shares: <a href="https://www.marketwatch.com/investing/stock/ulvr?countrycode=uk&mod=over_search" style="text-align: left;">Unilever PLC (U.K.: London)</a></span></p><p style="text-align: justify;"><a href="https://www.xe.com/currencycharts/?from=GBP&to=USD"><span style="font-family: georgia;">British Pound to US Dollar Exchange Rate Chart | Xe</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">ADR Ratio: 1 to 1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Unilever will release its next earnings report on 2/8/24. E.P.S. is reported only on a semiannual basis. The last report for the Q/E 9/30/23 did not include earnings but only information relating to revenues. <a href="https://www.sec.gov/Archives/edgar/data/217410/000165495423013410/a3841runileverplcedgar.htm" style="text-align: left;">SEC Filing</a> Sales growth for that quarter was reported at +5.2% derived from a 5.8% increase in prices and a .6% decline in volume. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Unilever ADRs use to trade under both the UL and UN symbols, with the later being the Unilever based in the Netherlands whose ordinary shares were traded in Euros. The two entities combined with UL being the surviving ADR with its ordinary shares traded in British Pence. </span><a href="https://www.unilever.com/news/press-and-media/press-releases/2020/completion-of-unilevers-unification/" style="text-align: left;">Completion of Unilever’s Unification | Unilever</a><span> The U.K. does not currently withhold a dividend tax. I do have to pay a fee out of the dividend to the ADR custodian</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 1.E. Bought 2 UL at $47.16 (11/25/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 2.F. Added to UL - Bought 1 at $48.12; 3 at $48.36 (11/18/23 Post)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/ul/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">UL Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.unilever.com/brands/"><span style="font-family: georgia;">All brands | Unilever global company website</span></a></p><p style="text-align: justify;"><a href="https://www.unilever.com/investors/"><span style="font-family: georgia;">Investors-Unilever</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share</i></u>: <b>$50.45</b> (40+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid Quarterly</span></p><div style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/ul/dividend-history" style="text-align: left;"><span style="font-family: georgia;">Unilever PLC Common Stock (UL) Dividend History | Nasdaq</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The USD dividend will depend in part on the exchange rate. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I am reinvesting the dividend. </span></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/16/23</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last 4 Dividends in USD</i></u>s: $1.8179 per share </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Sell Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/04/bnl-bwg-cvbf-exg-goodn-icmb-mbwm-mdt.html" style="text-align: left;">Item # 5.A. Eliminated UL in Vanguard Account - Sold 8 at $55.33 (4/29/23 Post)</a>(profit snapshot = $34.47 )</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>UL/UN Realized Gains to Date</i></u>: <span><span style="color: #38761d;">$3,648.06 </span><span>(snapshots in </span></span><a href="https://tennesseeindependent.blogspot.com/2023/04/bnl-bwg-cvbf-exg-goodn-icmb-mbwm-mdt.html" style="text-align: left;">Item # 5.A.)</a> </span></p><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Largest Gain</u></i>: 70 shares at a +$2,412.5 profit, bought in March 2009. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>E. Added to RYLD - Bought 5 at $16.34 - Schwab Account</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_1hxnjl9P3WdhiS1o8G9A6vfoO7qqr1dlGjI6fyfsNnZkbAjlB9uk2Hp98d1QTUo-xBeV0GsPRcCMyVgUajMVflmhWdqiGLEhxSl1BXpfSyOjxtuUW3JuyM4Il_qfVDt1_Wbfg2FdwZAbRAMwErLCwSRVOBX2nlLwKVhpObaXWU5acnf_3tUcOu3YG08h/s2924/RYLD%205%20at%20$16.34%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="156" data-original-width="2924" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_1hxnjl9P3WdhiS1o8G9A6vfoO7qqr1dlGjI6fyfsNnZkbAjlB9uk2Hp98d1QTUo-xBeV0GsPRcCMyVgUajMVflmhWdqiGLEhxSl1BXpfSyOjxtuUW3JuyM4Il_qfVDt1_Wbfg2FdwZAbRAMwErLCwSRVOBX2nlLwKVhpObaXWU5acnf_3tUcOu3YG08h/s320/RYLD%205%20at%20$16.34%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><br /></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/ryld?mod=search_symbol" style="text-align: left;">Global X Russell 2000 Covered Call ETF</a> - A Buy/Write ETF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $81.69 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.globalxetfs.com/funds/ryld/" style="text-align: left;">Russell 2000 Covered Call ETF (RYLD)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .6% </span></p><p style="text-align: justify;"><span style="background-color: white; text-align: start;"><span style="font-family: georgia;">"The Global X Russell 2000 Covered Call ETF (RYLD) follows a “covered call” or “buy-write” strategy, in which the Fund buys the stocks in the Russell 2000 Index (at times by exposure to the Vanguard Russell 2000 ETF), and “writes” or “sells” corresponding call options on the Russell 2000 Index."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Strategy: Monthly Income Generation </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/amcx-bstz-elc-emaprcca-eqr-flca-maa.html" style="text-align: left;">Item # 3.H. Added to RYLD in Schwab Account- Bought 5 at $16.65 (12/23/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$17.52</b> (60+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at a variable rate.</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSi7o_1qd2Uz3M96HqdK9c3e5NdJwYeIgeI7hbk0MwcLhS68yBViLPI_ATHJ8J3q_VtdBHMLztGdRlrm5foUo3vQrSN2QKhItLsmhl308eN3ln8ELm_hVebpWi-if1EyOPbobS_rZpcXSZudq5R7TkQwZsLRHsEZq5SLsISaMKapUPDxUbrDCG6L1RIrQs/s1666/Screenshot%202024-01-26%20at%207.04.35%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1078" data-original-width="1666" height="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSi7o_1qd2Uz3M96HqdK9c3e5NdJwYeIgeI7hbk0MwcLhS68yBViLPI_ATHJ8J3q_VtdBHMLztGdRlrm5foUo3vQrSN2QKhItLsmhl308eN3ln8ELm_hVebpWi-if1EyOPbobS_rZpcXSZudq5R7TkQwZsLRHsEZq5SLsISaMKapUPDxUbrDCG6L1RIrQs/s320/Screenshot%202024-01-26%20at%207.04.35%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last 12 Dividends</u></i>:$2.09 per share, rounded up. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 1/23/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $17.52 AC using $2.09 annual</i></u> =<b> 11.93</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Yield at $16.34: 12.79%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><i><u><b>F. Restarted MMT - Bought 50 at $4.59</b></u></i></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY1thiAsqN3WdymYNU0GMX9QQYThN5WQ2FqlEUoY75WFIaz8NPGZr62l52Z62FwMyknXUtc9T8HXgDxfYbXG-yhch0XU1RSl2rCOgDFt5F8JBG7S9jiCI3dYWao_7nPNHGWO0dWVszf7DgoYmd1sCkr3h27phaY1dHukjsemwJ-dRpambd84tiLK04u1w2/s2262/MMT%2050%20AT%20$4.59%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="102" data-original-width="2262" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY1thiAsqN3WdymYNU0GMX9QQYThN5WQ2FqlEUoY75WFIaz8NPGZr62l52Z62FwMyknXUtc9T8HXgDxfYbXG-yhch0XU1RSl2rCOgDFt5F8JBG7S9jiCI3dYWao_7nPNHGWO0dWVszf7DgoYmd1sCkr3h27phaY1dHukjsemwJ-dRpambd84tiLK04u1w2/s320/MMT%2050%20AT%20$4.59%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/fund/mmt?mod=search_symbol" style="text-align: left;">MFS Multimarket Income Trust Overview</a> - Leveraged Bond CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $229.5 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=809173">MMT SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's Website: <a href="https://www.mfs.com/en-us/individual-investor/product-strategies/closed-end-funds/MMT-mfs-multimarket-income-trust.html#tab-overview" style="text-align: left;">Multimarket Income Trust | MFS</a> (As of 12/31/23, the number of owned securities was at 751 with an average effective duration of 5.83 years)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/mmt/quote">MFS Multi-Market Income (MMT)-Morningstar</a> (currently rated 3 stars)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/809173/000168386323008491/f37217d1.htm">MMT SEC Filed Annual Report for the F/Y Ending 10/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Leveraged</u></i>: <span style="color: red;">Yes</span>, near 25% using money borrowed at spreads to a short term rate, see page 80 of the Annual Report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The fund may take long and short positions using derivatives. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Quality of Investments as of 10/31/23, page 2 Annual Report:</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKzfPjM08EHd6mmkA8S00aLREWUpaO2qpTroZy7vMtEQ54AsLQpMyHAy3O2byVVguWoF0oNydoFebt1WZ6KkZ7X8aH6k_r0DeCdJpEK3_B6fndSGjZHjRb5kFSTFR-AQT5XuvWjA-fu77fqyQfqPl35gpa3KvW_ybSaPnA9_px1pVdVlJAQC9Cy47JBVBi/s3582/Screenshot%202024-01-25%20at%206.33.22%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1138" data-original-width="3582" height="102" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKzfPjM08EHd6mmkA8S00aLREWUpaO2qpTroZy7vMtEQ54AsLQpMyHAy3O2byVVguWoF0oNydoFebt1WZ6KkZ7X8aH6k_r0DeCdJpEK3_B6fndSGjZHjRb5kFSTFR-AQT5XuvWjA-fu77fqyQfqPl35gpa3KvW_ybSaPnA9_px1pVdVlJAQC9Cy47JBVBi/s320/Screenshot%202024-01-25%20at%206.33.22%E2%80%AFAM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Multisector Bonds Fund: </span></div><div><span style="font-family: georgia;"><br /></span></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVGHnD-F1_-76TESrEYSyhIxnXDIGBreuJ2IyrnOYQEFqDvmbQhVZl1vpYLTVkzVV8lGWog-qTnjSowXf66BDCy4vneYH7SZfJLUHXbrr1DvMZy13PY9GYhVGAwQAICw5PILBlPew262zVDAy484NcsG2gaidcCI8ZvDKZ51ZMu1cN67QY32Ij8QC7N6fZ/s1784/Screenshot%202024-01-25%20at%206.35.49%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="490" data-original-width="1784" height="88" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVGHnD-F1_-76TESrEYSyhIxnXDIGBreuJ2IyrnOYQEFqDvmbQhVZl1vpYLTVkzVV8lGWog-qTnjSowXf66BDCy4vneYH7SZfJLUHXbrr1DvMZy13PY9GYhVGAwQAICw5PILBlPew262zVDAy484NcsG2gaidcCI8ZvDKZ51ZMu1cN67QY32Ij8QC7N6fZ/s320/Screenshot%202024-01-25%20at%206.35.49%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">P. 1 Annual Report</span></td></tr></tbody></table><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The fund is heavily weighted in junk rated securities as shown in the previous to snapshots. </span></div><p style="text-align: justify;"><span style="font-family: georgia;">I published a YouTube video discussing the use of several CEFs to generate monthly income. <a href="https://www.youtube.com/watch?v=IC-S7syhQ5A&t=78s" style="text-align: left;">Generating Monthly Cash Flow with CEFs - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">In that video, I mentioned MMT, claiming incorrectly that I then owned shares. I had confused MMT with another bond CEF from the same sponsor, MIN, that I did own. I call those periodic episodes brain malfunctions caused by a malfunctioning memory retrieval system. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since I said that I owned MMT in that video, and did not, I bought this 50 share lot. I have owned MMT in the distant past. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid monthly and ROC supported. Monthly dividends are slightly variable. <a href="https://seekingalpha.com/symbol/MMT/dividends/history" style="text-align: left;">MMT Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $4.58, Using TTM Payments</i></u>: <b>8.6</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 1/16/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2013/04/more-bad-news-for-exidebought-50.html" style="text-align: left;">Item # 3. Sold 300 MMT at $7.57 (4/30/2013 Post)</a>(profit snapshot = $217.15) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Data Date of 1/23/24 Trade</i></u>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $5.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $4.57</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -9.15%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 Year Discount: -4.55%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/MMT" style="text-align: left;">MMT - CEF Connect</a> (click "Pricing Information" tab)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Other Sell Discussions</u></i>: <a href="http://tennesseeindependent.blogspot.com/2012/02/thompson-creekadded-100-bcf-at-1246sold.html" style="text-align: left;">Item # 5. Sold 300 MMT at $7.09 (1/29/12 Post)</a>(profit snapshot = $26.66) <a href="http://tennesseeindependent.blogspot.com/2012/01/sold-100-win-at-1201sold-idg-at.html" style="text-align: left;">Item # 2. Sold 300+of the Bond CEF MMT at $6.83 (1/19/12)</a>(profit snapshot = $84.07); <a href="http://tennesseeindependent.blogspot.com/2011/07/gops-cap-cut-and-balance-planintel300.html" style="text-align: left;">Item # 5. Sold 300 of 1000 MMT at $6.89 (7/21/2011 Post)</a>(profit snapshot $64.1) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: Any total return before ROC adjustments to the tax cost basis in excess of the dividends paid. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Realized Gains MMT = <span style="color: #6aa84f;">$391.98</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"> <b><span style="color: #2b00fe;">2. Purchases of Treasury Bills at Auction</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Bought 2 Treasury Bills at the 1/22/24 Auction</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYM_HT_T75sT61ZF7Ni7WNz33WghB0htz0kIiQeRYApbco16Diuxhwk9qMbe-X1TCT4JywVyRTUy6br4n6mEqSbDSraHU4N9EHLjP-ziqxIYXPOVYZpnE1jETUVG4QnESRUdJ0ZLFOyzZKLDLFW7sfOxtz73LFYFMun34MfrUn6ExcfHvFGWR1m4JCzAyj/s2966/Treasury%20(2)%207:25:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="334" data-original-width="2966" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYM_HT_T75sT61ZF7Ni7WNz33WghB0htz0kIiQeRYApbco16Diuxhwk9qMbe-X1TCT4JywVyRTUy6br4n6mEqSbDSraHU4N9EHLjP-ziqxIYXPOVYZpnE1jETUVG4QnESRUdJ0ZLFOyzZKLDLFW7sfOxtz73LFYFMun34MfrUn6ExcfHvFGWR1m4JCzAyj/s320/Treasury%20(2)%207:25:24.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">6 month Bill </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 7/25/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: +$50.76</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.237</b>% </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxYYXkD2oj_AnHGQL8I8UII_lSb_VPYZBK8FZep8e2MbaCfbA7_JKPPTTKVg2BsbYyZSJA5KrLeXASRpUkgdugJivmPjaHkR5FTzJ63D30BiRZifBW14a7s5geyUViyFxJoVDwAXC4lim3g958kej28m25N0LZPJngfsYaEXUYwuvM35nIx75Ws_9oCcpZ/s1120/Screenshot%202024-01-22%20at%2012.32.11%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="574" data-original-width="1120" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxYYXkD2oj_AnHGQL8I8UII_lSb_VPYZBK8FZep8e2MbaCfbA7_JKPPTTKVg2BsbYyZSJA5KrLeXASRpUkgdugJivmPjaHkR5FTzJ63D30BiRZifBW14a7s5geyUViyFxJoVDwAXC4lim3g958kej28m25N0LZPJngfsYaEXUYwuvM35nIx75Ws_9oCcpZ/s320/Screenshot%202024-01-22%20at%2012.32.11%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>B. Bought 1 Treasury Bill at the 1/23/24 Action</b></i></u></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7dHbEp83vPWzy1loMaSDe9IbjxGBnE0j_c4_qMvo9izz0fDFyoPoOtHk8CSucxKrYMGdwDRnBRJtxSsM48e5ebHcnfHbXiKFh43NwY7YK3JCCEULIRczT3rwNf1HNYJjVGvv19NlJnaQamYjpghiVhztMHKWAzd1doN25lGTYmb73b1Mks5HrrOtGd4Yk/s2964/Treasury%20(1)%20%201:23:25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="324" data-original-width="2964" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7dHbEp83vPWzy1loMaSDe9IbjxGBnE0j_c4_qMvo9izz0fDFyoPoOtHk8CSucxKrYMGdwDRnBRJtxSsM48e5ebHcnfHbXiKFh43NwY7YK3JCCEULIRczT3rwNf1HNYJjVGvv19NlJnaQamYjpghiVhztMHKWAzd1doN25lGTYmb73b1Mks5HrrOtGd4Yk/s320/Treasury%20(1)%20%201:23:25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">1 Year Bill (364 days)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 1/23/25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $46.21</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since I will hold this T Bill until it matures in 2025, the interest income will not be taxable only in the year that the T Bill matures and will be included in my 1099 from the Treasury for that year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>4.814</b>%</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhquKjbHGhAoBkqpKnLMrD5tEOqIp2GfSaOs2NHJngmO6z7307DXH1lmBr_Sh_tZDqApbF6m3M03G19XiFTMsPheIX109aVxEdrbkmZ2_3F7AXzfdn-dGIkh7_zaCcDy_2D9jbHrIDytaVOXBJLCi-T-2Ib93qGQLtP2y2EDOKhnZbmEEAE08CqBvYZq2th/s1216/4.814%25%20364%20DAY%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="560" data-original-width="1216" height="147" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhquKjbHGhAoBkqpKnLMrD5tEOqIp2GfSaOs2NHJngmO6z7307DXH1lmBr_Sh_tZDqApbF6m3M03G19XiFTMsPheIX109aVxEdrbkmZ2_3F7AXzfdn-dGIkh7_zaCcDy_2D9jbHrIDytaVOXBJLCi-T-2Ib93qGQLtP2y2EDOKhnZbmEEAE08CqBvYZq2th/s320/4.814%25%20364%20DAY%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Bought 2 Treasury Bills at 1/24/24 Auction</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCqZZ6ScZKXXnOz4D-VXzfqpZ_8aguTXqSNwbvXDaYRob_Pg_PdWShBAnkX_Jy_u5Ii4OB-1pVmi_V0dM3g01GstHsTAE9KKUU8jbYMi3Lq0UzUcQtGyjoyIQnx_h-6KMuQiMVwuDVnNkkRj46-Y_b7ogZ28fiU_8bkoL1y6nruYhRZ9GvEPi-KFlVc4sL/s1982/Treasury%20(2)%205:28:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="692" data-original-width="1982" height="112" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCqZZ6ScZKXXnOz4D-VXzfqpZ_8aguTXqSNwbvXDaYRob_Pg_PdWShBAnkX_Jy_u5Ii4OB-1pVmi_V0dM3g01GstHsTAE9KKUU8jbYMi3Lq0UzUcQtGyjoyIQnx_h-6KMuQiMVwuDVnNkkRj46-Y_b7ogZ28fiU_8bkoL1y6nruYhRZ9GvEPi-KFlVc4sL/s320/Treasury%20(2)%205:28:24%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">119 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 5/28/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $34.28 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.363</b>% </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMVrUs2nFMw901TsIgkraBHaQm_lcDga3V22-HDTeZGdzh-vroKt0oUvv1EuLeFz960eYcs75ks5ZnxZcIjJw-rnPDyxx8jHHcB7zODYBn7y8NXubYAeNfJvS9oJWb32HWtNYPeyZ5Ms1ZD4EfwR9nplMpCnWH8cyGfyQ6efuENXdwa7SzwEj2R66ledwm/s1152/119%20Bill%205.363%25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="584" data-original-width="1152" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMVrUs2nFMw901TsIgkraBHaQm_lcDga3V22-HDTeZGdzh-vroKt0oUvv1EuLeFz960eYcs75ks5ZnxZcIjJw-rnPDyxx8jHHcB7zODYBn7y8NXubYAeNfJvS9oJWb32HWtNYPeyZ5Ms1ZD4EfwR9nplMpCnWH8cyGfyQ6efuENXdwa7SzwEj2R66ledwm/s320/119%20Bill%205.363%25.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Bought 5 Treasury Bills at the 1/25/24 Auction</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq7iqflBzqbacIe22zj0hWoR3-U5PPjLOHXM7sDOPmrgE8lExWzdx8VDgCXDdTbtVsj-ZLNOLEhK5C3eTRz6m37xhAJyZtWYFBbS3gODQ7DCIA08lTAd5zB9owSwQaYmUO-qXF2bsoosC1ufj91aWTUwIwhbwqmB0eaZxa8jf77TpI55kUNUvnmDLql3do/s2906/Screenshot%202024-01-25%20at%2011.42.16%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="218" data-original-width="2906" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq7iqflBzqbacIe22zj0hWoR3-U5PPjLOHXM7sDOPmrgE8lExWzdx8VDgCXDdTbtVsj-ZLNOLEhK5C3eTRz6m37xhAJyZtWYFBbS3gODQ7DCIA08lTAd5zB9owSwQaYmUO-qXF2bsoosC1ufj91aWTUwIwhbwqmB0eaZxa8jf77TpI55kUNUvnmDLql3do/s320/Screenshot%202024-01-25%20at%2011.42.16%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">To fund this purchase in my Schwab account, I used $5,000 in proceeds that were received from a matured treasury bill. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhO3mIFpPjd0eTc0URMNHZP9A8YLPoIPpxU-Py1OhE_wPU7eFYFMeGWbJuOE7awhtt-krfhOsGGYo1Y1dPKdlhw4x_v3qUal2iykTdOsLhNJj61BnQAmCicPL9dPKDfD9jSLPeY1mrgxYUvgCL21xXEZ9JszYr4nw-bwg4a3jtvEciejq51e8JLJsjh-OuN/s2934/treasury%20matured.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="234" data-original-width="2934" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhO3mIFpPjd0eTc0URMNHZP9A8YLPoIPpxU-Py1OhE_wPU7eFYFMeGWbJuOE7awhtt-krfhOsGGYo1Y1dPKdlhw4x_v3qUal2iykTdOsLhNJj61BnQAmCicPL9dPKDfD9jSLPeY1mrgxYUvgCL21xXEZ9JszYr4nw-bwg4a3jtvEciejq51e8JLJsjh-OuN/s320/treasury%20matured.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;">The Schwab sweep account pays only .45%, so I do not keep idle cash there for long. </span></div><p style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 3/26/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $41.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.407</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXQ3wO-llr15HoYO0EHuUkPeqhOU4E-efwlWeHzgbhhj7uL0PVlP779Bo20yj1H_Kf03jORORuPX8YY4Fw2x7nWtr_6Ke_LJqx-EVoqMQTZMYRVGzOYjhBMTa_61BeHHKBOHKqinxPsD5HwStcEzDuuziZT3xoatYPnMsXU-1zbTnWrHJslQggMTIEQ_Ig/s1384/Screenshot%202024-01-25%20at%2011.16.45%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="636" data-original-width="1384" height="147" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXQ3wO-llr15HoYO0EHuUkPeqhOU4E-efwlWeHzgbhhj7uL0PVlP779Bo20yj1H_Kf03jORORuPX8YY4Fw2x7nWtr_6Ke_LJqx-EVoqMQTZMYRVGzOYjhBMTa_61BeHHKBOHKqinxPsD5HwStcEzDuuziZT3xoatYPnMsXU-1zbTnWrHJslQggMTIEQ_Ig/s320/Screenshot%202024-01-25%20at%2011.16.45%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Small Ball Sells</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">So far, I am reacting negatively to most of the 2023 4th quarter earnings reports from regional banks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM remains under downside pressure. Loan growth has slowed. There is an uptick in nonperforming loans and charge offs. And, the larger banks have been hit with assessment fees from the FDIC which I discussed in my last post. <a href="https://www.davispolk.com/insights/client-update/fdic-finalizes-163-billion-special-assessment-recover-loss-svb-and-signature" style="text-align: left;">FDIC finalizes $16.3 billion special assessment to recover loss from SVB and Signature Bank failures | Davis Polk</a> I am slightly reducing my allocation in this sector as a result, as discussed in Items A., B.,C., D. and E. below. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed at the end of this video that I had reduced my exposure to regional bank stocks. </span><a href="https://www.youtube.com/watch?v=vJtOyVeAWa0&t=14s" style="text-align: left;">4th Q Real GDP and PCE Inflation - YouTube</a></span></p><p style="text-align: justify;"><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;"><span style="font-family: georgia;">Regional Bank Basket Strategy</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">The consensus estimates referenced below originate from Fidelity. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Eliminated OPBK - Sold 124+ at $11.03</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSrTgLe2ai-LilWGOGMM5fQBhR1_22LT8cHY9izzN5BkqebYg8C8ESt69P4Egl44TGjNSAl9_Zf2VYsA5hnA8Nq6ubMXv_hWGnp-_31rmgpkgpTyJ-nOmIm-eX-JfcnAeBEehxE8_tjKMhdx7w9pXYjvnchfoeH5tKkSzvtQaUwP3yoTxstWRxHgcUOELi/s2268/SOLD%20124+%20OPBK%20AT%20$11.03%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="106" data-original-width="2268" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSrTgLe2ai-LilWGOGMM5fQBhR1_22LT8cHY9izzN5BkqebYg8C8ESt69P4Egl44TGjNSAl9_Zf2VYsA5hnA8Nq6ubMXv_hWGnp-_31rmgpkgpTyJ-nOmIm-eX-JfcnAeBEehxE8_tjKMhdx7w9pXYjvnchfoeH5tKkSzvtQaUwP3yoTxstWRxHgcUOELi/s320/SOLD%20124+%20OPBK%20AT%20$11.03%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/opbk?mod=over_search" style="text-align: left;">OP Bancorp</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,102.73</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/opbk/analystestimates?mod=mw_quote_tab">OPBK Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1722010&owner=exclude"><span style="font-family: georgia;">OPBK SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$103.31</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl5sEHOH5_ToYebVaO6wrjEWekk6Pe_3aHuiise3RZYdTMN9TTytgXrpmXVMvcgKKZ3bVlIS-OOPzCQkwveUrYtmAIMJ5J65xJg1x7iuaml-mZEjUYTpMIiBPjquqHtJPUMiIuaBoSx2H2OrUqT_wNMOApYrOsTdplj2m6hmVJE-yABD3fYaxLu7t91XER/s1972/2024%20OPBK%20124+%20Shares%20+$103.31%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="476" data-original-width="1972" height="77" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl5sEHOH5_ToYebVaO6wrjEWekk6Pe_3aHuiise3RZYdTMN9TTytgXrpmXVMvcgKKZ3bVlIS-OOPzCQkwveUrYtmAIMJ5J65xJg1x7iuaml-mZEjUYTpMIiBPjquqHtJPUMiIuaBoSx2H2OrUqT_wNMOApYrOsTdplj2m6hmVJE-yABD3fYaxLu7t91XER/s320/2024%20OPBK%20124+%20Shares%20+$103.31%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/ccnep-cubipre-eai-egbn-fhn-fidu-fultp.html" style="text-align: left;">Item # 3.D. Added to OPBK - Bought 5 at $8.25 (5/13/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/04/amkby-arow-bhk-cfg-clpr-cvbf-onb-opbk.html" style="text-align: left;">Item # 1.F. Added to OPBK - Bought 5 at $8.9; 5 at $8.65 (4/8/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.12 per share</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/OPBK/dividends/history" style="text-align: left;"><span style="font-family: georgia;">OP Bancorp (OPBK) Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/8/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1722010/000162828024002244/opbk-20231231xex991.htm" style="text-align: left;">SEC Filed Press Release</a> I sold prior to this release. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $.34, down from $.51</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus at $.34</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM = <span style="color: red;">3.12%, down from 4.08%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 60.19%, up from 48.36% (up is a negative)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .34%, up from .12%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off Ratio: .04%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Eliminated VLY - Sold 31+ at $10.83</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIpK9ZpfUsrlYNUS6KS0oAUWoSJOnDaqTrvdZEFT9P1GOrTyGvA5oJC_fuYOZmXBk8CYB18dQQWFGVHDO7_8s32ZzPPKQ21qIbnN0Mp2uQPDMtFST5NuyLjSiLO3U0oijWpl8cvO8DVbjxj4UYl9rN9LtFigEEd7WQYVUzXjt9U5x_u5sV5wHd5amImbW0/s2686/vly%2031+%20shares%20$10.83%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="270" data-original-width="2686" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIpK9ZpfUsrlYNUS6KS0oAUWoSJOnDaqTrvdZEFT9P1GOrTyGvA5oJC_fuYOZmXBk8CYB18dQQWFGVHDO7_8s32ZzPPKQ21qIbnN0Mp2uQPDMtFST5NuyLjSiLO3U0oijWpl8cvO8DVbjxj4UYl9rN9LtFigEEd7WQYVUzXjt9U5x_u5sV5wHd5amImbW0/s320/vly%2031+%20shares%20$10.83%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/vly" style="text-align: left;">Valley National Bancorp (VLY)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $340.92 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/vly/analystestimates">VLY | Valley National Bancorp Analyst Estimates</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000714310&owner=exclude&count=40&hidefilings=0">VLY SEC Filings</a><a href="https://www.sec.gov/Archives/edgar/data/714310/000071431023000043/vly-20221231.htm" style="text-align: left;"></a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/714310/000071431023000043/vly-20221231.htm"><span style="font-family: georgia;">2022 Annual Report</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$110.71</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiC6smE2UFDNPxgOV5yandu7jXqg4PRTuvCkdyNjiVPC6NoBfj6wyTer1Mjwwhe7824adRq-0-V4lncIrXz9B7MVH6PGSt3zv3Fb7npvIMHfQUQApkmceMuKMuU4rBc83oj4j3g3Lzx4FMWPLUKew_UWnzcvtZ5_lFt-WxX-JoOh_lMHAOnEIF9A8HQ-OSX/s1838/2024%20VLY%2031+%20shares%20+$110.71%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="526" data-original-width="1838" height="92" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiC6smE2UFDNPxgOV5yandu7jXqg4PRTuvCkdyNjiVPC6NoBfj6wyTer1Mjwwhe7824adRq-0-V4lncIrXz9B7MVH6PGSt3zv3Fb7npvIMHfQUQApkmceMuKMuU4rBc83oj4j3g3Lzx4FMWPLUKew_UWnzcvtZ5_lFt-WxX-JoOh_lMHAOnEIF9A8HQ-OSX/s320/2024%20VLY%2031+%20shares%20+$110.71%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 2.G. Added 4 VLY at $6.98; 1 at $6.7 (5/20/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.11 per share</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/VLY/dividends/history" style="text-align: left;"><span style="font-family: georgia;">Valley National Bancorp (VLY) Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend History</u></i>: <span style="color: red;">Unfavorable</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The last change in the dividend was to slash it to $.11 from $.165 effective for the 2014 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): This report was released the day after I eliminated my position. I viewed it unfavorably. There is not much to like.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2023 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/714310/000071431024000006/exhibit991earningsrelease0.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $.13, down from $.34</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. included the FDIC special assessment, discussed in my prior post, that amounted to $35.053M net of tax. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.22</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus at $.25 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7e1Zmfl19DLzuiLmnQf-l-XpeiFFXwuztosW58VBDbmVwheLY5WmHi6i6JtnuHdGtEqG4ZuvK7p8QkQ7eoXUC0-rp08h5oZvwhs2kV3pXeSoZaPDvveGEvhvnx4CPf3ouoftgDD7feSgDoFuwCdbQBk1pxAOND5Y_KA2z_m1p9BYfiXzNt-G-xq2rPQfX/s3032/Screenshot%202024-01-25%20at%205.26.31%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1340" data-original-width="3032" height="141" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7e1Zmfl19DLzuiLmnQf-l-XpeiFFXwuztosW58VBDbmVwheLY5WmHi6i6JtnuHdGtEqG4ZuvK7p8QkQ7eoXUC0-rp08h5oZvwhs2kV3pXeSoZaPDvveGEvhvnx4CPf3ouoftgDD7feSgDoFuwCdbQBk1pxAOND5Y_KA2z_m1p9BYfiXzNt-G-xq2rPQfX/s320/Screenshot%202024-01-25%20at%205.26.31%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM = 2.82%, down from 3.57%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .58%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .14%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coverage Ratio: 152.93%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Deposits: Decreased $642.5M to $50.2B as of 12/31/23 compared to 9/30/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Short term borrowings increased $828M to $917.8M mainly due to increase borrowings from FHLB. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Some Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/02/arow-cgbd-ctra-dcomp-fhb-fnb-hbnc-igr.html" style="text-align: left;">Item # 2.M. Eliminated VLY in Fidelity Account - Sold 15+ at $11.76 and Item # 2.N. Eliminated VLY in Vanguard Account - Sold 15<b> </b>at $11.75 (2/5/23 Post)</a>(profit snapshots = $134.03);<a href="https://tennesseeindependent.blogspot.com/2019/09/observations-and-sample-of-recent_11.html" style="text-align: left;">Item # 1.A. Eliminated VLY-Sold 102+ at $10.51 (9/11/2019 Post)</a>(profit snapshot = $33.12); <a href="https://tennesseeindependent.blogspot.com/2018/07/observations-and-sample-of-recent_25.html" style="text-align: left;">Item # 2.A. Eliminated VLY Sold 51+ VLY at $12.76 (7/25/18 Post)</a>(profit snapshot = $98.62) Some sales were not discussed but snapshots are included in the main Regional Bank Basket Strategy post linked above. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Largest Gain</i></u>: $197.85 in 2016</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg36HVVE51NzHy8isizTUuYD2Wl2xy945YIyfReaZJx7-831mbFJl0CpQcXgisirpE166c95HuuSMSDtN0wIk9DSXHIGzLJ9pWNAPEW7TcrVejSnHoDVrCTD6SuUNSksb3f-rt3NnTB1pqb5Lrd7x-uul_wo-JZIztJJmZIIA3yTjweoQqumNiyzmgoHen0/s971/2016%20VLY%20213+%20Shares%20+$197.85.jpg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="178" data-original-width="971" height="59" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg36HVVE51NzHy8isizTUuYD2Wl2xy945YIyfReaZJx7-831mbFJl0CpQcXgisirpE166c95HuuSMSDtN0wIk9DSXHIGzLJ9pWNAPEW7TcrVejSnHoDVrCTD6SuUNSksb3f-rt3NnTB1pqb5Lrd7x-uul_wo-JZIztJJmZIIA3yTjweoQqumNiyzmgoHen0/s320/2016%20VLY%20213+%20Shares%20+$197.85.jpg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">213+ shares </span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>VLY Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$666.21</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Current Position</i></u>: None</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Consider to Buy</i></u>: A less than $8 starting with a 10 share buy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Eliminated HBNC in Schwab Account - Sold 20+ at $13.73</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8nO9XAwOrpNCSX76mddp3OhyphenhyphengQxU4mDbQ7LHJyVAthWRjOJkmRSqpnCckKIIIC8q3faedk4kylMujOwtB6sSr7f9BW72ULFFAL6V-XxUvJwnmc5HFWFySwyI782NbJixIFHdgp-Jt2_HRwxy9pcLfwttliDomTiIRfdeN2BSJ-EGcDp9Gs5hcHC8DjOij/s3022/HBNC%20sold%2020%20at%20$13.73%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="156" data-original-width="3022" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8nO9XAwOrpNCSX76mddp3OhyphenhyphengQxU4mDbQ7LHJyVAthWRjOJkmRSqpnCckKIIIC8q3faedk4kylMujOwtB6sSr7f9BW72ULFFAL6V-XxUvJwnmc5HFWFySwyI782NbJixIFHdgp-Jt2_HRwxy9pcLfwttliDomTiIRfdeN2BSJ-EGcDp9Gs5hcHC8DjOij/s320/HBNC%20sold%2020%20at%20$13.73%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/hbnc" style="text-align: left;">Horizon Bancorp Inc. (HBNC)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $282.9</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/hbnc/analystestimates">HBNC Analyst Estimates</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=706129" style="text-align: left;"><span style="font-family: georgia;">HBNC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$81.43</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCO-l7TgiKGKEE37NETqsuadnFUm39S7qkEThJwY0pTGS0a1SvgiT0GeIAE5JvItCHHJ8_jjzoIbnSm5lmVDSc-7JqPk5bDAEJOuCOU_2zRxcVZshNnaA-OVOkvjmDBrHAaY6dzlFNt8Crt63gc1peCvNIyqQ4HiOx7Fj05e1vSZrvRwZoZ6KY7rjwetO1/s2648/2024%20HBNC%2020+%20Shares%20+$81.43%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1500" data-original-width="2648" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCO-l7TgiKGKEE37NETqsuadnFUm39S7qkEThJwY0pTGS0a1SvgiT0GeIAE5JvItCHHJ8_jjzoIbnSm5lmVDSc-7JqPk5bDAEJOuCOU_2zRxcVZshNnaA-OVOkvjmDBrHAaY6dzlFNt8Crt63gc1peCvNIyqQ4HiOx7Fj05e1vSZrvRwZoZ6KY7rjwetO1/s320/2024%20HBNC%2020+%20Shares%20+$81.43%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 2.K. Added to HBNC - Bought 3 at $7.76(5/20/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.16 per share, last raised from $.15 effective for the 2022 third quarter payment. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/HBNC/dividends/history" style="text-align: left;"><span style="font-family: georgia;">Horizon Bancorp, Inc. (HBNC) Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 1/4/24 (owned as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/706129/000070612924000008/hbnc-20231231earningsrelea.htm">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S.: Net Loss of $.58 per share, down from +$.48. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">"The results for the fourth quarter of 2023 when compared to the linked quarter reflect a decrease in non–interest income of $32.3 million <b>due primarily to a $31.6 million net loss on the sale of securities</b>, and increases in credit loss expense of $1.0 million, income tax expense of $5.1 million due to the early surrender of bank owned life insurance, and non–interest expense of $3.2 million including $705,000 of extraordinary items." (emphasis added) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The balance restructuring involved the sale of $382.7M in lower-yielding securities at a loss. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.33 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus at $.307 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP to Non-GAAP: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA4ks9xHxcbKhYuIu50eQrRSQbSaBuUZ53arO15iQRbaQiAz38e9AWaKsfmn1hXV_lr1evfqyZI2r9sMq16ka-4kUCnEAyB2QHvtsSlChBSzjQARMmpr-IavoBOXgAK7Rg9iOSJhkFI3nnax3T6BfFPmcE-LdWSfOUy_U7UDA70XqhTFzbfnv-ywnzE5e3/s3090/Screenshot%202024-01-26%20at%207.32.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="938" data-original-width="3090" height="97" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA4ks9xHxcbKhYuIu50eQrRSQbSaBuUZ53arO15iQRbaQiAz38e9AWaKsfmn1hXV_lr1evfqyZI2r9sMq16ka-4kUCnEAyB2QHvtsSlChBSzjQARMmpr-IavoBOXgAK7Rg9iOSJhkFI3nnax3T6BfFPmcE-LdWSfOUy_U7UDA70XqhTFzbfnv-ywnzE5e3/s320/Screenshot%202024-01-26%20at%207.32.57%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 2.43%, down from 2.85%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .44%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge Off Ratio: .02%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM may start to improve some in 2024 as the bank earns more from higher yielding owned securities. My reaction to this report was sufficiently unfavorable that I elected to harvest the profit. If NIM makes a significant improvement during 2024, with E.P.S. trending up and non-performing loans to total loans remaining steady at near .4%, I will consider restarting a position at less than $10 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/02/arow-cgbd-ctra-dcomp-fhb-fnb-hbnc-igr.html" style="text-align: left;">Item # 2.C. Eliminated HBNC in Fidelity Account - Sold 15+ at $15.02 and Item # 1.D. Eliminated HSBC in Vanguard Account-Sold 20 at $15.05 (2/5/23 Post)</a>(profit snapshot = $169.85); <a href="https://tennesseeindependent.blogspot.com/2021/02/bhb-cc-csco-ebix-erc-fax-hbnc-hcmly-kc.html" style="text-align: left;">Item # 1.C. Pared HBNC in Fidelity Account - Sold 5 at $17.02 (2/20/21 Post)</a>(profit snapshot = $31.09); <a href="https://tennesseeindependent.blogspot.com/2012/04/gops-movement-toward-ayn-rand-vision.html" style="text-align: left;">Item # 2 Sold 60 HBNC at $24.96<b> </b>(4/30/12 Post)</a>(profit snapshot = <span style="color: #6aa84f;">$429.68</span>); <a href="https://tennesseeindependent.blogspot.com/2020/12/bhb-caty-cnp-fisi-flo-fnf-hbnc-irm-kr.html" style="text-align: left;">Item # 3.C. Sold Highest Cost HBNC Lots-10 at $14.25; 5 at $14.8 (12/5/20 Post)</a>(profit snapshot = $46.53)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Current Position</u></i>: None</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>HBNC Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$757.58</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><i><span style="color: #800180;"><u>D. Eliminated BCBP in Schwab Account - Sold 35+ at $13.11</u></span></i></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYPJpnEgnoMfSjlZ_i2fFBgSaAOmaKZcIcsFRaFevl-XMPi9bgd_b77smMcVovWo-gjGwb2xUWE_Yoqb-rBfK5dMGk0inZHq586TmplbxqFzCFjCuCKNy4NRaMxGOZcPz-EWjE6CJyUd_CSEC0AmgS7QjMnTtUkg-BoNylAfy_KklY0zs8ytwePi0EKey1/s3016/BCBP%2013.11%2035+%20shares%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="176" data-original-width="3016" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYPJpnEgnoMfSjlZ_i2fFBgSaAOmaKZcIcsFRaFevl-XMPi9bgd_b77smMcVovWo-gjGwb2xUWE_Yoqb-rBfK5dMGk0inZHq586TmplbxqFzCFjCuCKNy4NRaMxGOZcPz-EWjE6CJyUd_CSEC0AmgS7QjMnTtUkg-BoNylAfy_KklY0zs8ytwePi0EKey1/s320/BCBP%2013.11%2035+%20shares%20%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/bcbp?mod=search_symbol" style="text-align: left;">BCB Bancorp Inc. (BCBP)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: 471.55</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bcb.bank/about-bcb/locations">BCB Bank Locations</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/bcbp/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">BCBP Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1228454&owner=exclude"><span style="font-family: georgia;">BCBP SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$52.89</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKyMAF3UL8W4FxND49njyaFoOSWjbHIqCmV6hJcjoO4VJsn6vLGui-mNUaoCCzks0kBaTsZb4Y9l_DsMEFPM-48eOQ9mLeo4rZ4ds18f4MAvMR2MMJ1dwjDpap0sGZ7GrlwayD3TovE2eYw29h4oaSvVziOdX6Oyk9xyxryS5tZIotnJA0Uu7u6sg_c7_r/s2646/2024%20BCBP35+%20Shares%20+$52.89%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1324" data-original-width="2646" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKyMAF3UL8W4FxND49njyaFoOSWjbHIqCmV6hJcjoO4VJsn6vLGui-mNUaoCCzks0kBaTsZb4Y9l_DsMEFPM-48eOQ9mLeo4rZ4ds18f4MAvMR2MMJ1dwjDpap0sGZ7GrlwayD3TovE2eYw29h4oaSvVziOdX6Oyk9xyxryS5tZIotnJA0Uu7u6sg_c7_r/s320/2024%20BCBP35+%20Shares%20+$52.89%20%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/04/atlo-bcbp-ccne-cvbf-htbk-mbwm-mtb-stba.html" style="text-align: left;">Item # 2.G. Bought 5 BCBP at $10.72 (4/23/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.16 per share ($.64 annually), last raised from $.14 effective for the 2020 second quarter. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/bcbp/dividend-history"><span style="font-family: georgia;">BCB Bancorp, Inc. (NJ) (BCBP) Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 2/2/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1228454/000119312524015410/d738807dex991.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = <span style="color: red;">$.35, down from $.69</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus at $.31 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Diluted E.P.S. = $1.7, down from $2.58 in 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM = 2.57%, <span style="color: red;">down from 3.76% </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 61.02%, up from 51.33% (up is a negative)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .57%, up from .17%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book value per share: $16.84, up from $15.96</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I had a negative reaction to this report. The discount to tangible book value per share is appealing but the deterioration in operating metrics will keep me away until I see improvement and a better entry price than now. </span></p><p style="text-align: justify;"><b><span style="color: #800180; font-family: georgia;"><i><u>E. Eliminated WTBA - Sold $20+ at $20.52</u></i></span></b></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHZBSDO_eZ9l5TwDOgL8pyC2P9z4yrxItGB2aI1Skzl6YkKJ1I8-x0ERaNge0VdJuXiKFFiQKsPVot76XU_BOaQMg3nILnyw0HHI2Xm5VOtVYEIjjXJU-vYkCQaViqmepa4eocae0654-jgrHWEs6WhASLhdWf2uognNCpxVpZN_VppVMHSeclT-WWrLHr/s2988/solt%20WTBA%20at%20$20.52%2020+%20share%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="170" data-original-width="2988" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHZBSDO_eZ9l5TwDOgL8pyC2P9z4yrxItGB2aI1Skzl6YkKJ1I8-x0ERaNge0VdJuXiKFFiQKsPVot76XU_BOaQMg3nILnyw0HHI2Xm5VOtVYEIjjXJU-vYkCQaViqmepa4eocae0654-jgrHWEs6WhASLhdWf2uognNCpxVpZN_VppVMHSeclT-WWrLHr/s320/solt%20WTBA%20at%20$20.52%2020+%20share%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/wtba?mod=mw_quote_tab" style="text-align: left;">West Bancorp Inc. (WTBA)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $421.38</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/wtba/analystestimates?mod=mw_quote_tab">WTBA Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1166928&owner=exclude"><span style="font-family: georgia;">WTBA SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$86.56</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYXGDkH-dXH3eulssMBLAmLpq7sFcC-gB7WFm8UkKL0qTlNKsc1vRiaYJXeRVeTi8Kh7n58N-mTMqYXYkDXYkV-itlazZdafXOjeUlZePs2qDne8e_F7AK3Rlr-w4WqbXXAjN66JhkcQvD4-pp1xZ2JLtlSougmj9xXnrytIYeGzCxrZ8oFPrsSU3pQS4V/s2698/2024%20WTBA%2020+%20shares%20+$86.56%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1648" data-original-width="2698" height="195" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYXGDkH-dXH3eulssMBLAmLpq7sFcC-gB7WFm8UkKL0qTlNKsc1vRiaYJXeRVeTi8Kh7n58N-mTMqYXYkDXYkV-itlazZdafXOjeUlZePs2qDne8e_F7AK3Rlr-w4WqbXXAjN66JhkcQvD4-pp1xZ2JLtlSougmj9xXnrytIYeGzCxrZ8oFPrsSU3pQS4V/s320/2024%20WTBA%2020+%20shares%20+$86.56%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 1.H. Added to WTBA - Bought 5 at $15.79 (10/21/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.25 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/wtba/dividend-history">WTBA Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 2/6/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): I sold the day before this earnings report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1166928/000116692824000002/wtba-20240125exhibit991.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = <span style="color: red;">$.27, down from $.53</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus $.31 per share </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A continuation of this kind of E.P.S. would make a dividend slash prudent in my opinion. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: <span style="color: red;">1.87%, down from 2.49%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 64.66%, up from 50.42% (bad)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .01% (Excellent)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Current Position</u></i>: None</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>WTBA Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$1,394.43</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Largest Gain to Date</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2017/04/observations-and-sample-of-recent_29.html" style="text-align: left;">Item # 3.A. Sold 100 WTBA <b>at $23.12</b> (<b>4/29/17</b> Post)</a>(profit snapshot = $1,146.24) - <a href="https://tennesseeindependent.blogspot.com/2013/06/sold-100xrx-at-9433added-50-nbb-at.html" style="text-align: left;">Bought 100 WTBA at $11.67 (6/29/13 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>F. Eliminated WSBC - Sold 10 at $30.72</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioCQzA7i12DP_Faa9mR1Hg4oQOF-0_EXTds3YY2FZxr5f-Z8WzCNjRYjw8GpLUUWc8PEyYnojmYytEf1GQQ3pmZK-Mei4HteTr9Ce8q3GjpmzelVe_fIzcttw0ukCGLsPr9OA9cpRkb0utIcDO-dkEpmrwus8kNPMySQNIUBItB7yFM2W3EB2wZ77VYoDG/s2712/WSBC%20sold%2010%20at%20$30.72%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="164" data-original-width="2712" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioCQzA7i12DP_Faa9mR1Hg4oQOF-0_EXTds3YY2FZxr5f-Z8WzCNjRYjw8GpLUUWc8PEyYnojmYytEf1GQQ3pmZK-Mei4HteTr9Ce8q3GjpmzelVe_fIzcttw0ukCGLsPr9OA9cpRkb0utIcDO-dkEpmrwus8kNPMySQNIUBItB7yFM2W3EB2wZ77VYoDG/s320/WSBC%20sold%2010%20at%20$30.72%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/wsbc?mod=search_symbol" style="text-align: left;">WesBanco Inc. (WSBC)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $307.21</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$55.52</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGryCMbeMa3usTTRcGZm7LfEbYlBeiMrso_TwzTlX8n_AXER6uSC8AiqPxqnwpAdbXNercGxDc-JXBCJzWYFDOjuUPO8_sIhydxd-qaAZuWYgS1_RV0lJNFLH2Y-Qg7MSPtXY_rAQhtpQEIu-CLB62kvZLebXzuFPtgCLpUaArpEMMrYWJwghwV1brMuA0/s2678/2024%20WSBC%2010%20Shares%20+$55.52.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1082" data-original-width="2678" height="129" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGryCMbeMa3usTTRcGZm7LfEbYlBeiMrso_TwzTlX8n_AXER6uSC8AiqPxqnwpAdbXNercGxDc-JXBCJzWYFDOjuUPO8_sIhydxd-qaAZuWYgS1_RV0lJNFLH2Y-Qg7MSPtXY_rAQhtpQEIu-CLB62kvZLebXzuFPtgCLpUaArpEMMrYWJwghwV1brMuA0/s320/2024%20WSBC%2010%20Shares%20+$55.52.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/09/bmy-cag-ctopra-dpg-fhn-fsk-gladz-gnlprd.html" style="text-align: left;">Item # 1. Restarted WSBC - Bought 4 at $25.69; 2 at $25.27; 3 at $25.4 (9/16/23 Post)</a> </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=203596"><span style="font-family: georgia;">WSBC SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/wsbc/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">WSBC Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.35 per share ($1.4 annually)</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/WSBC/dividends/history"><span style="font-family: georgia;">WSBC Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/7/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/203596/000095017024006568/wsbc-ex99_1.htm"><span style="font-family: georgia;">SEC Filed Press Release</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income: $32.437M, down from $49.679M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $.55, down from $.84</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 3.14%, down from 3.2%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 63.64%, up from 59.93% (up is a negative)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .23%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .04%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROTE ex items: 13.24%, down from 15.5%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $21.28 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>G. Pared OFS Again in Schwab Account - Sold 10 at $12.02</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrIJAYtj2dQle_-HpQ20hGfoESY9vUM3bpDaDrP9ILb4OsBnGjJJLlVAlCjSIAg2uPohSU8TUtN9yMzF0iEhNO9LjSzuQHrKkCnXU99cTBFMXx1yAz42Tf9gPiL0khqHm6zevsAU4_1H4k_3H4wN1WYk-ehgaK3R8ACd9F5pt0CEIuVlWwcYJW9Q1yEgfi/s3018/OFS%20sold%2010%20at%20$12.02.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="184" data-original-width="3018" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrIJAYtj2dQle_-HpQ20hGfoESY9vUM3bpDaDrP9ILb4OsBnGjJJLlVAlCjSIAg2uPohSU8TUtN9yMzF0iEhNO9LjSzuQHrKkCnXU99cTBFMXx1yAz42Tf9gPiL0khqHm6zevsAU4_1H4k_3H4wN1WYk-ehgaK3R8ACd9F5pt0CEIuVlWwcYJW9Q1yEgfi/s320/OFS%20sold%2010%20at%20$12.02.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/ofs" style="text-align: left;">OFS Capital Corp</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791823000011/ofs-20221231.htm" style="text-align: left;">2022 Annual Report</a> (<b><span style="color: red;">Risk factor summary starts at page 28 and ends at page 62</span></b>)</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1487918&owner=exclude" style="text-align: left;"><span style="font-family: georgia;">OFS SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I recently discussed paring my OFS position in my Fidelity account which reduced my average cost per share to <b>$3.82</b> and increased my dividend yield to <b>35.6%</b>. <a href="https://tennesseeindependent.blogspot.com/2024/01/aod-arcc-brkl-cfg-doc-gcow-mbwm-ofs-peo.html" style="text-align: left;">Item # 3.D. Pared OFS in my Fidelity Account - Sold 8+ at $11.81 Fi(1/20/24 Post)</a>(profit snapshot = $60.72) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed the last earnings report in this post. <a href="https://tennesseeindependent.blogspot.com/2023/12/aod-eai-ivz-mor-ofs-onb-pltk-pwfprtca.html" style="text-align: left;">Item # 1.B. Pared OFS in Schwab Account - Sold 20 at $11.51 (12/30/23 Post)</a>; <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791823000099/ofsccq323pressrelease11223.htm" style="text-align: left;">SEC Filed Press Release</a>; <a href="https://www.insidermonkey.com/blog/ofs-capital-corporation-nasdaqofs-q3-2023-earnings-call-transcript-1217385/" style="text-align: left;">OFS Capital Corporation Q3 2023 Earnings Call Transcript - Insider Monkey</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I will not be adding much here. I decided to keep both positions and simply reduce the size as a risk reduction measure, recognizing that BDC stocks are inherently risky and will periodically crash and burn. The average cost per shares in my Schwab and Fidelity accounts highlight that crash phenomenon and also the potential reward for investing in them during such periods. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $120.21 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$21.59</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWL3yXTz7bBe0GmBS3pmua-yseNM8VIBefHp1emBVqIAv2EX6xoNPb_mpt4s2MB9wWzSke4YWBxg9ZK66xVp-bxgBjDwDXOAepkY3Eq9wus4wGlIlyAFFBGPC66H2yipbu854gTU6tVJmYrlAZqIgVM4jzOKSJd2xjfLdcYZMwi_3DlKpNeg-BrwDQBFus/s2962/2024%20OFS%2010%20Shares%20+$21.59%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="528" data-original-width="2962" height="57" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWL3yXTz7bBe0GmBS3pmua-yseNM8VIBefHp1emBVqIAv2EX6xoNPb_mpt4s2MB9wWzSke4YWBxg9ZK66xVp-bxgBjDwDXOAepkY3Eq9wus4wGlIlyAFFBGPC66H2yipbu854gTU6tVJmYrlAZqIgVM4jzOKSJd2xjfLdcYZMwi_3DlKpNeg-BrwDQBFus/s320/2024%20OFS%2010%20Shares%20+$21.59%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.34 per share ($1.36 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share this Account</u></i>: <b>$6.08</b> (81+ shares)</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhN87V3SECwRtMYy21YFze1wngFrFO23GXxUQe8t6X6JFJldPLs2eUKs-xaxuUihMfM2zPlS-Hz8fMkVnGEY5dj1tsq0LfDx1J2leWC1zB8C1H8W-lZWptl0iCQ5xND5byogCPv9-DZOrrqwhrSouBz1h02hX44X4di-coCas-lPM_qzJ9wpWgbG9y4TE_Y/s2538/OFS%20after%20pare%20ac%20at%20$6.08%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="78" data-original-width="2538" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhN87V3SECwRtMYy21YFze1wngFrFO23GXxUQe8t6X6JFJldPLs2eUKs-xaxuUihMfM2zPlS-Hz8fMkVnGEY5dj1tsq0LfDx1J2leWC1zB8C1H8W-lZWptl0iCQ5xND5byogCPv9-DZOrrqwhrSouBz1h02hX44X4di-coCas-lPM_qzJ9wpWgbG9y4TE_Y/s320/OFS%20after%20pare%20ac%20at%20$6.08%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/24/24 after pare</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">I reduced my average cost per share from $6.44 to $6.08. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i>: <b>22.37</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/21/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>OFS Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$766.51</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Goal</i></u>: Any total return before any ROC adjustment to the tax cost basis in excess of the dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b>Disclaimer</b>: <span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <b style="box-sizing: border-box;">not</b></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333;"> </span><b style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></b><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><b style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></b><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span></span></p></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com9tag:blogger.com,1999:blog-2986124651030959736.post-38796805565717533092024-01-24T12:12:00.002-06:002024-01-24T12:12:20.937-06:00Weakness in the Manufacturing Sector <p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/IW0pTxyFwyU" width="320" youtube-src-id="IW0pTxyFwyU"></iframe></div><br /> <p></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com0tag:blogger.com,1999:blog-2986124651030959736.post-78006170277425530192024-01-24T07:49:00.000-06:002024-01-24T07:49:07.147-06:00Trump Testimony in Carroll Case- Good Idea?<iframe width="480" height="360" src="https://youtube.com/embed/I3K75dAmYnA?si=IHNorha4ifMLfqxZ" frameborder="0"></iframe>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com0tag:blogger.com,1999:blog-2986124651030959736.post-39626969760845667322024-01-23T13:13:00.009-06:002024-01-23T13:38:26.702-06:00GOOGLE Removed Warning for Google Chrome Users<p><span style="font-family: georgia;">Email from Google: </span></p><p><span style="font-family: georgia;"><br /></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx_Whg6ryp0LEBkzvbuQaUHMA2ivXK6IEm1v_w03RBJY1pVN54ZA1ejFhssU1aeeM6dfA4Du5Tt_2b6-lC9qcm8HbYs7i9CMvoT2xsPVMpKr4mCZ22h6RoR0TwuPHPwHg7eR3yJ4nb-fKRmPbJIbFythEP2Fw2MztB8JJA3esaEwlgK-KT7ZdBmCYOMbkN/s1292/Screenshot%202024-01-23%20at%201.04.51%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="506" data-original-width="1292" height="125" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx_Whg6ryp0LEBkzvbuQaUHMA2ivXK6IEm1v_w03RBJY1pVN54ZA1ejFhssU1aeeM6dfA4Du5Tt_2b6-lC9qcm8HbYs7i9CMvoT2xsPVMpKr4mCZ22h6RoR0TwuPHPwHg7eR3yJ4nb-fKRmPbJIbFythEP2Fw2MztB8JJA3esaEwlgK-KT7ZdBmCYOMbkN/s320/Screenshot%202024-01-23%20at%201.04.51%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">I did absolutely nothing other than to report the false Google Chrome warning, discussed earlier in a video, that was improper and had no basis in fact. I mentioned in my request for a security review that there was nothing improper and a person just needed to look at this blog. The fact that the false warning was removed after my request, and having made no changes in the blog, is cogent proof that the warning was not based on anything in the blog but on a knowingly false complaint from someone who wanted to cut off access to this blog. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I would not have known about the warning since Google Chrome was not blocking my access to my own blog, but discovered the block when I added this website address to my YouTube channel and then clicked the link. I then discovered the warnings and block. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I would add that Google is not allowing comments on my YT video discussing this issue. <a href="https://www.youtube.com/watch?v=x3rFog8bKgo" style="text-align: left;">Google is Easily Manipulated to Cancel Legitimate Speech - YouTube</a></span></p><p style="text-align: justify;"><br /></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com2tag:blogger.com,1999:blog-2986124651030959736.post-12419781780420151472024-01-23T07:55:00.003-06:002024-01-23T07:57:09.018-06:00Google Chrome Currently Has a Warning Denying Access to My Blog Claiming it is a Phishing Website <p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/x3rFog8bKgo" width="320" youtube-src-id="x3rFog8bKgo"></iframe></div><br /><div style="text-align: justify;"><span style="font-family: georgia;">Google currently has a false warning that claims that this blog is a phishing website. There is no basis for that warning. It most likely results from a complaint made by someone who disagrees with my criticisms of Donald or Putin. Other companies with browsers are not so easily manipulated as Google, so Internet Explorer, Safari, Firefox and Opera are not blocking access. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I also discuss in this video that several of my factual comments, which do not even arguably a violation of some Google policy, are being deleted to videos showing Russian missile attacks on civilian structures in Ukraine. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Entire YouTube channels critical of Russia's invasion have been taken down by Google and have only been restored after mass protest. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"> </span></div><p></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com1tag:blogger.com,1999:blog-2986124651030959736.post-34044265588414069412024-01-20T11:00:00.016-06:002024-03-01T13:19:39.020-06:00AOD, ARCC, BRKL, CFG, DOC, EPRPRC, GCOW, MBWM, OFS, PEO, SLGPRI, TFC, THQ, TRPPRH:CA<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><a href="https://www.newyorkfed.org/newsevents/news/regional_outreach/2024/20240118"><span style="font-family: georgia;">New York Fed Report Finds Early Delinquency Rates Rose for Low-Income Borrowers - FEDERAL RESERVE BANK of NEW YORK</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">The January Empire State (NY) manufacturing index, published by the NY FED, was reported at -43.7%, down from -14.5% in the prior month. Any number below zero indicates an ongoing contraction. The new orders component dropped 38.1 points to a negative 49.4. The Shipment component declined by 24.9 points to 31.3. <a href="https://www.newyorkfed.org/survey/empire/empiresurvey_overview" style="text-align: left;">Empire State Manufacturing <b>Survey</b> (overview)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">New Orders Chart: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTWf9ET_e2ZaeGuUkngVZ5e4h_YwqAcxS52vxuxfIJTdugMbC7j8cIuA9U9Uw6zQc-DkuJg-ZusGhM8EKFeHZrO1Zo3B5AmFNgeJJLrGBbb81tlq2gnMlYsiHqD_TNb0K375ChPUkHBDeWMEOsNnN77zai5WbYQmAFWOof01XY9VOWHvr_Gyf3epKCiMwd/s1334/Screenshot%202024-01-16%20at%207.38.05%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="248" data-original-width="1334" height="59" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTWf9ET_e2ZaeGuUkngVZ5e4h_YwqAcxS52vxuxfIJTdugMbC7j8cIuA9U9Uw6zQc-DkuJg-ZusGhM8EKFeHZrO1Zo3B5AmFNgeJJLrGBbb81tlq2gnMlYsiHqD_TNb0K375ChPUkHBDeWMEOsNnN77zai5WbYQmAFWOof01XY9VOWHvr_Gyf3epKCiMwd/s320/Screenshot%202024-01-16%20at%207.38.05%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">General Business Conditions Chart: </span><div><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuzVKU84QgSYoPjVCj0bB1DsxkNrCqtlGF0ViIrvz-97JRGgvHxg61cUJCDOiXeXCg4zuBbEoR6k-Dq6ITcjDmK7Q3WCc-nRDalmbct3P0J8QmPlTEPkq9UqVetNGNAZRAnNUYdhKza64o9owHjCFvkcgNHUuV1wz_T6MR3GZ06INmUtyYXNHpX8y8pXS_/s1312/Screenshot%202024-01-16%20at%207.38.54%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="264" data-original-width="1312" height="64" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuzVKU84QgSYoPjVCj0bB1DsxkNrCqtlGF0ViIrvz-97JRGgvHxg61cUJCDOiXeXCg4zuBbEoR6k-Dq6ITcjDmK7Q3WCc-nRDalmbct3P0J8QmPlTEPkq9UqVetNGNAZRAnNUYdhKza64o9owHjCFvkcgNHUuV1wz_T6MR3GZ06INmUtyYXNHpX8y8pXS_/s320/Screenshot%202024-01-16%20at%207.38.54%E2%80%AFAM.png" width="320" /></span></a></div><div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/story/goldman-sachs-offers-10-reasons-why-its-more-confident-about-the-u-s-economy-2e045fb9?mod=home-page">Goldman Sachs offers 10 reasons why it’s more confident about the U.S. economy - MarketWatch</a> (subscription required)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2024/01/19/consumer-sentiment-surges-while-inflation-outlook-dips-university-of-michigan-survey-shows.html">Consumer sentiment surges while inflation outlook dips, University of Michigan survey shows</a>; <a href="http://www.sca.isr.umich.edu/" style="text-align: left;">Surveys of Consumers</a><span><span style="background-color: white; text-align: left;"> (</span><span style="background-color: white; text-align: left;">"Consumer sentiment soared 13% in January to reach its highest level since July 2021, showing that the sharp increase in December was no fluke.")</span><span style="background-color: white; text-align: left;"> </span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><a href="https://www.cnbc.com/2024/01/19/december-home-sales-slump-to-close-out-worst-year-since-1995.html">December existing home sales slump to close out worst year since 1995</a> One factor contributing to that slump is that homeowners, who have locked in low mortgage rates long term, are more likely to stay put rather than to sell their existing home and to buy another one that requires a higher mortgage rate. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2024/01/19/chinas-working-age-population-is-shrinking.html">China's working age population is shrinking</a> The demographic crisis in Russia is much more severe and probably irreversible. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As of 1/19/24, the Atlanta Fed's GDP model estimates that the real GDP growth in the 2023 4th quarter will be 2.4%. <a href="https://www.atlantafed.org/cqer/research/gdpnow.aspx?panel=1" style="text-align: left;">GDPNow - Federal Reserve Bank of Atlanta</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #45818e;">IBond</span>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.treasurydirect.gov/savings-bonds/i-bonds/">I bonds — TreasuryDirect</a></span></p><p style="text-align: justify;"><a href="https://www.treasurydirect.gov/savings-bonds/i-bonds/i-bonds-interest-rates/"><span style="font-family: georgia;">I bonds interest rates — TreasuryDirect</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed the IBond in a recent YT video. </span><a href="https://www.youtube.com/watch?v=npgkrbXuT8U" style="text-align: left;">IBond I Will Add to Position - YouTube</a> After noting that the fixed rate for a current purchase was 1.3%, I decided to make another purchase. My enthusiasm waned some since posting that video, so I entered an order to buy $2,500. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I now intend to redeem an original purchase of $5,000 made in June 2019 when I can do so without incurring a penalty. The fixed rate was .5%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The total was last reported at $6,076 (interest added semiannually). I believe the total excludes the last 3 months interest in case the owner elects to redeem prior to the 5 year holding period. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjnvNqZ7_E1KMSKz-Dx8s9DxkVG_f_7WRIqzREDFjDEbQesqYrNdOxgf8U-EpMwigTQV6rLzBBApPa9FXgt5s5B9T51whn7S8ZkN9XMZe3qqi_2D5DvtdBJXXp3fCJNDHd8niylQibI1pQ74Brj8o5TwNHwNI2e3gqAmNM30OlLk5jsNawnvKgOo1jKbKv/s1038/Ibond%205%206:1:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="478" data-original-width="1038" height="147" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjnvNqZ7_E1KMSKz-Dx8s9DxkVG_f_7WRIqzREDFjDEbQesqYrNdOxgf8U-EpMwigTQV6rLzBBApPa9FXgt5s5B9T51whn7S8ZkN9XMZe3qqi_2D5DvtdBJXXp3fCJNDHd8niylQibI1pQ74Brj8o5TwNHwNI2e3gqAmNM30OlLk5jsNawnvKgOo1jKbKv/s320/Ibond%205%206:1:24.png" width="320" /></span></a></div><span style="font-family: georgia;"><div style="text-align: justify;">The primary reasons for buying is the fixed rate being more attractive now than it has been in years, the purchase is a partial replacement on the proceeds from the IBond that I will redeem later this year with a lower fixed rate, and the tax deferral aspect of IBonds that has some value to me. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I can elect when to redeem the IBond, collect the interest and then pay tax on it. That could be done in a year when I have a significant reduction in taxable income or simply a better fixed rate than the one that I have owned for more than 5 years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I mentioned that I redeemed the original principal amount of $3,000 last year and just added the $776.60 in interest in TurboTax.<br /><span><br /></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Yield Curve January 2024: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOjTBEgGqs7pTW70f6Zf86rkn7ZUb2JZ9Qr6cZfo-PEKU7GlIxTrsCaCYUhgLdxlXLJB3gkZTq-DFUP0h16r_LbGv2K8x7wvjn-CvjSoA0g4NEjNzW2XIdEP64JIN4l0S4qom1TzDSDBLNvSdVWoTTp2627zsLlkDKsJc_2O_46PbEI6mLTncDG_4Zxihh/s1578/Screenshot%202024-01-20%20at%209.04.43%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1140" data-original-width="1578" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOjTBEgGqs7pTW70f6Zf86rkn7ZUb2JZ9Qr6cZfo-PEKU7GlIxTrsCaCYUhgLdxlXLJB3gkZTq-DFUP0h16r_LbGv2K8x7wvjn-CvjSoA0g4NEjNzW2XIdEP64JIN4l0S4qom1TzDSDBLNvSdVWoTTp2627zsLlkDKsJc_2O_46PbEI6mLTncDG_4Zxihh/s320/Screenshot%202024-01-20%20at%209.04.43%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: +$15,000</span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I will only buy 1 one year treasury bill that will be auctioned next Tuesday given the expected yield. I have placed an order to buy 2 six month bills. I will probably participate in the 4 month T Bill auction next Wednesday rather than 3 month auction next Monday. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual Common Stocks: <b><span style="color: red;">-</span></b>$2,301.12</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $2,350.37 in proceeds minus $49.25 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock CEFs and ETFs: <b><span style="color: red;">-</span></b>$1,079.79</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $1,818.57 in proceeds minus $738.78 in purchases) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Outflow Common Stocks/Stock Funds (discussed in this post): <b><span style="color: red;">-</span></b>$3,380.91</span></p><p style="text-align: justify;"><span style="font-family: georgia;">U.S. Equity Preferred Stocks: <b><span style="color: red;">-</span></b>$755.57</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Canadian Reset Equity Preferred Stocks: <span style="color: red;"><b>-</b></span>C$2,646</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Common Stocks/Stock Funds (discussed in posts): <span style="color: red;"><b>-</b></span>$6,221.65</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Outflow Common Stocks Stock Funds (discussed in posts): <b><span style="color: red;">-</span></b>$27,091.82</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #0b5394;">Stock Market Valuation Metrics</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.macrotrends.net/2577/sp-500-pe-ratio-price-to-earnings-chart">S&P 500 PE Ratio - 90 Year Historical Chart | MacroTrends</a> (Based on trailing 12 months); <a href="https://www.multpl.com/s-p-500-pe-ratio/table/by-year" style="text-align: left;">S&P 500 PE Ratio by Year - Multpl</a></span></p><p style="text-align: justify;"><a href="https://www.longtermtrends.net/sp500-price-earnings-shiller-pe-ratio/"><span style="font-family: georgia;">S&P 500 PE Ratio - Shiller PE Ratio | Longtermtrends</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/guide-to-the-markets-slides-us/equities/gtm-forwardpe/">J.P. Morgan S&P 500 Valuation Metrics as of 12/31/23</a> </span></p><p style="text-align: justify;"><a href="https://dqydj.com/sp-500-profit-margin/" style="text-align: left;"><span style="font-family: georgia;">S&P 500 Profit Margin History</span></a></p><p style="text-align: justify;"><a href="https://www.longtermtrends.net/market-cap-to-gdp-the-buffett-indicator/"><span style="font-family: georgia;">The Buffett Indicator: Market Cap to GDP - Updated Chart | Longtermtrends</span></a></p><p style="text-align: justify;"><a href="https://www.advisorperspectives.com/dshort/updates/2024/01/02/market-valuation-is-the-market-still-overvalued"><span style="font-family: georgia;">Market Valuation: Is the Market Still Overvalued? - dshort - Advisor Perspectives</span></a></p><p style="text-align: justify;"><a href="https://www.advisorperspectives.com/dshort/updates/2024/01/02/market-valuation-qratio-december-2023"><span style="font-family: georgia;">Q-Ratio and Market Valuation: December 2023 - dshort - Advisor Perspectives</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=q_hUSAzkPQE"><span style="font-family: georgia;">The market is overvalued by 9-10%, says NYU's Aswath Damodaran - YouTube</span></a></p><p style="text-align: justify;"><a href="https://tennesseeindependent.blogspot.com/2024/01/what-is-fair-value-pe-for-s-500-using.html"><span style="font-family: georgia;">Stocks, Bonds & Politics: What is a Fair Value P/E for the S&P 500 Using Forward 12 Month Estimated Non-GAAP Earnings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a> In the average of all polls, Trump is leading his nearest opponent by 54.6%.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</a> In the average of all polls, Trump is leading Biden by 2%. The Harvard-Harris poll has Trump up by 6%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Biden needs to makes concessions on immigration. That would mean figuring out what a majority of Americans would view as a good compromise, offering the package to Republicans and then let the House republicans turn it down for political reasons in an election year. The next step would be to repeatedly hammer the republicans for their unwillingness to accept a reasonable compromise and their unwillingness to approve those aid packages unless they get everything they want on immigration which is what Trump wants them to do. <a href="https://www.politico.com/live-updates/2024/01/18/congress/trump-could-kill-senate-border-deal-00136425" style="text-align: left;">Senate braces for Trump to try to kill its border-Ukraine deal - Live Updates-POLITICO</a> Then, blame the republicans for the illegal immigration due to their unwillingness to compromise, plus their refusal to approve the aid packages, pounding the message home in every medium possible including national campaign ads. Biden needs to go on the offense as soon as the Senate approves a compromise and the House balks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/17/politics/new-hampshire-primary-trump-haley/index.html">Trump escalates attacks on Haley as he seeks New Hampshire knockout | CNN Politics</a> Trump is amplifying a false claim that Haley is disqualified from becoming President, even though she was born in South Carolina, because her parents were not U.S. citizens when she was born which is not relevant to citizenship. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/15/politics/entrance-polls-iowa-caucuses/index.html">Iowa entrance poll: Most GOP caucusgoers don’t accept Biden’s 2020 win, say a criminal felony conviction wouldn’t make Trump unfit for office</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This article describes how republicans are disrupting the voting process in an Arizona county that is already dominated by Trumpsters. <a href="https://www.cnn.com/2024/01/12/politics/arizona-election-director-maga-invs/index.html">Not MAGA enough: 2020 election skeptic quit his job after facing blowback from angry election deniers</a> Facts do not matter to them, and never will. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cbsnews.com/news/florida-school-district-pulls-dictionaries-and-encyclopedias-as-part-of-sexual-or-inappropriate-content-review/">Florida school district pulls dictionaries and encyclopedias as part of "inappropriate" content review</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/politics/2024/01/13/trump-falsely-claims-no-terrorist-attacks-no-wars-during-his-presidency/">Trump falsely claims ‘no terrorist attacks’ and ‘no wars’ during his presidency - The Washington Post</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.rawstory.com/the-fix-was-in-carroll-trump/">'The fix was in': Trump continues barrage against E. Jean Carroll and judge in her case - Raw Story</a> His statements quoted in that article are consistent IMO with someone who has never matured into an adult. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/opinions/2024/01/14/iowa-social-security-haley-trump-desantis/">Opinion | In Iowa, Trump’s politics of untruthfulness take in DeSantis and Haley - The Washington Post</a> The question posed in this article is whether Trump's prior success in replacing accurate information with demonstrably false statements and narratives will continue to work on the intended audience. Trump has proven without question that making false statements about almost everything is a clear path to political power in the U.S. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Long before Trump decided to become a Presidential candidate, I published a post on "Lying Works" back in 2008 and 2011 and nothing has changed since then. {</span><a href="https://tennesseeindependent.blogspot.com/2011/09/road-to-political-power-lying.html" style="text-align: left;">The Road to Political Power: Lying Works/Recent Gold and Silver Sales (9/15/2011 Post)</a><span> and</span><a href="https://tennesseeindependent.blogspot.com/2008/12/accurate-information-is-not-side-to.html" style="text-align: left;">Accurate Information is Not a Side to an Issue - Lying Works In Politics</a><span> (12/21/2008)}</span></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=iCmKypLe0bA"><span style="font-family: georgia;">‘Trump is a piece of s***’ Meghan McCain slams Trump after mocking her father…again - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/opinions/2024/01/15/2024-iowa-caucuses-gop-candidates-trump/" style="text-align: left;">Opinion | The Last Remnants of the Republican Party Died in Iowa - The Washington Post</a> </span></p><p style="text-align: justify;"><a href="https://thehill.com/regulation/court-battles/4407341-federal-judge-rules-ban-on-firearms-in-post-offices-unconstitutional/#:~:text=A%20federal%20judge%20in%20Florida,gun%20restrictions%20violate%20the%20Constitution." style="text-align: left;"><span style="font-family: georgia;">Federal judge rules ban on firearms in post offices unconstitutional | The Hill</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=21WvZgh2igw">If Trump WAS Sent by God... - YouTube</a> (new song composition from a YouTube content creator)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=KfSwZ_Kw1R8">Trumper: I Haven't Read A Book Since The Berenstain Bears - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/16/politics/trump-store-fans/index.html">Selling Profane Trump Merchandise in a Former Historic Church</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/ideas/archive/2024/01/donald-trump-republican-nomination-ukraine/677144/">The Ruin That a Trump Presidency Would Mean - The Atlantic</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/07/03/politics/kfile-trump-president-indictment-halt-government/index.html">Trump once said a president under felony indictment would grind the government to a halt and create a constitutional crisis</a> </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=ER7FbqP8xyQ"><span style="font-family: georgia;">MAGA Dumbstruck When Asked What Caused The Civil War - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cbsnews.com/news/trump-deposition-video-testimony-new-york-fraud-case-nuclear-holocaust/">Deposition video shows Trump claiming he prevented "nuclear holocaust" as president - CBS News</a> Donald is referring to preventing a nuclear war with North Korea, a completely delusional belief, assuming he actually believes it. Donald did nothing other than a photo op with Kim at the border. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/politics/2024/01/19/trump-cognitive-test/">A ‘whale’ of a tale: Trump continues to distort cognitive test he took - The Washington Post</a> Trump IMO has no more than average intelligence but even that is significantly devalued by his unwillingness to learn and his extremely excessive reliance on reality creations that have no basis in fact. </span></p><p style="text-align: justify;"><a href="https://www.washingtonpost.com/politics/2024/01/19/trump-haley-race/"><span style="font-family: georgia;">Trump lobs racially charged attacks against Haley ahead of N.H. primary - The Washington Post</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">++++ </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of Misery</span>: </span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=tKC5eadZl3Y&t=190s" style="font-family: georgia;">Ukrainian drone assaults are killing thousands of Russians, and yet they keep coming - YouTube</a><span style="font-family: georgia;"> (As with other YouTube videos about the war published by western media outlets, Russian trolls are active in leaving comments to this video; and then the same troll with a different user name or other ones like the comment usually bringing the total to over 50 likes, sometimes over 200. It is brain dead propaganda). Putin sends the young Russians over open terrain with no hope of surviving the attack or achieving the objective. Wave after wave of young Russians are sent. Their lives are sacrificed since they have less importance to Putin than a cockroach. Their bodies are left by Russia where their lives ended. What is important to Putin is that he remain in power, with his vast wealth undisturbed, and to avoid losing his life due to an unsuccessful invasion. So he must continue sacrificing young Russians in droves or lose what is important to him. It is just that simple IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ukr.warspotting.net/" style="text-align: left;">Losses ∙ RussiaWarSpotting-docume</a><a href="https://ukr.warspotting.net/" style="text-align: left;">nted material losses in Russo-Ukrainian war</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.newsweek.com/dmitry-medvedev-putin-ally-nuclear-threat-1859900">Putin Ally Makes Ominous Nuclear Threat</a> Dmitry Medvedev, one of Putin's coterie of Kleptocrats, has threatened a nuclear war again. He claims that Russia may destroy the world in the event Ukraine attacks a missile site in Russia with a missile supplied by the West. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Russia has annexed about 1/5th of the internationally recognized Ukrainian territory, which includes Crimea, and it is not clear whether Russia will kill everyone on the planet if a U.K. or U.S. missile launched by Ukraine strikes an air defense installation in Crimea. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Medvedev, Putin and their fellow Kleptocrats are enemies of ordinary Russians. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Perhaps Medvedev, who is reportedly a liberal consumer of Russia's favorite beverage, is becoming increasingly worried that the duration and cost of the Ukrainian war may increase the likelihood that he will lose his wealth and power due to internal developments within Russia. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">When a million or so Russian young men are pushing up daisies in Ukrainian soil, then maybe Medvedev may need to accelerate an exit plan, not for Russia's quagmire in Ukraine, but for his own personal safety and to preserve his own financial position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://euromaidanpress.com/2024/01/17/russian-ex-president-medvedev-confirms-russia-seeks-to-destroy-ukrainian-state-remains-intransigent/" style="text-align: left;">Russian ex-president Medvedev confirms Russia seeks to destroy Ukrainian state, remains intransigent - Euromaidan Press</a> In this statement titled "Why Ukraine is dangerous for its inhabitants", Medvedev confirmed in unambiguous terms that Russia intends to eliminate Ukraine as a Sovereign state. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">To achieve its genocidal objective, Russia will kill as many Ukrainians as necessary and will reduce their cities and towns to rubble. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is part of his admission that Russia is committing genocide: </span></p><p style="text-align: justify;"><span style="background-color: #f8f9fa; box-sizing: border-box; letter-spacing: -0.25px; text-align: left;"><span style="font-family: georgia;">"The existence of an independent state on historical Russian territories will now be a constant reason to resume hostilities. It’s too late. Whoever is at the helm of the cancerous new formation called Ukraine, it will not add legitimacy to his rule or legal standing to the ‘country’ itself."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Medvedev has admitted that it is Russia's policy to violate Article 2 of the Convention on the Prevention and Punishment of the Crime of Genocide: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy9N6N74sHQX0FkmHNBh2sDaj_sThJti74ZuEEuJpceYIr1gBXJ3mW7ZnKznsAEXH3aqGW40TO68_ZR4o63g9AFxGkId3JdpzEAMNduxSyg3CGpQn-zM8Zrn3EDLXWVcI3ozYWp3n5ww85UqnYjmhwrkLbVq2g3OXA8qMEV5Gy1-qHFU6fxvkmOSEtia7K/s1256/Screenshot%202024-01-20%20at%206.50.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="566" data-original-width="1256" height="144" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy9N6N74sHQX0FkmHNBh2sDaj_sThJti74ZuEEuJpceYIr1gBXJ3mW7ZnKznsAEXH3aqGW40TO68_ZR4o63g9AFxGkId3JdpzEAMNduxSyg3CGpQn-zM8Zrn3EDLXWVcI3ozYWp3n5ww85UqnYjmhwrkLbVq2g3OXA8qMEV5Gy1-qHFU6fxvkmOSEtia7K/s320/Screenshot%202024-01-20%20at%206.50.57%E2%80%AFAM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://www.un.org/en/genocideprevention/documents/atrocity-crimes/Doc.1_Convention%20on%20the%20Prevention%20and%20Punishment%20of%20the%20Crime%20of%20Genocide.pdf"><span style="font-family: georgia;">Convention on the Prevention and Punishment of the Crime of Genocide.pdf</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I discussed this statement in a YT video: <a href="https://www.youtube.com/watch?v=7nJ6yzLHypA&t=204s">Dmitry Medvedev Confirms Russia's Genocidal Objectives in Ukraine - YouTube</a></span></div><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=TX_4-hXgRVQ"><span style="font-family: georgia;">Putin is losing soldiers and tanks | Bill Browder - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=4sB943eRENs"><span style="font-family: georgia;">Two Bradleys Versus a T-90M at Close Range and Win! In Stepove (Amazing Footage) - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=32u69tfuTQE">Russia will attack Nato’s borders in two years | Richard Shirreff - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=w5flFFJgVPI" style="text-align: left;">Ukrainian drone attack causes huge fire at Russian oil depot - YouTube</a>; <a href="https://www.youtube.com/watch?v=QaRjxHLZa1U" style="text-align: left;">Russian oil depot catches fire after Ukrainian drone downed - YouTube</a>(both contain video footage of the fire); <a href="https://www.youtube.com/watch?v=xAV1iHNXS68&t=152s">Ukrainian Successful Drone Attack on Oil Storage Tanks - YouTube</a> (my take)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Russia's Ally in International Terrorism</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=IwWqxgGJJo0">Iran launches new attacks - YouTube</a> Iran attacked civilians in Iraq.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The U.S. captured Iranian missile warheads and components in transit to their Houthi allies in Yemen who have been targeting U.S. naval vessels and cargo ships operating in the Red Sea. </span><a href="https://www.washingtonpost.com/national-security/2024/01/15/navy-seals-missing-iran-warheads/" style="text-align: left;">U.S. forces recovered Iranian warheads in Navy SEAL mission gone awry - The Washington Post</a> ("<span style="color: #2a2a2a; text-align: left;">seized items included Iranian-made ballistic and cruise missile warheads, propulsion and guidance systems, and air defense components.")</span><span style="color: #2a2a2a; text-align: left;"> </span>Two Navy Seals are missing in that intercept effort. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The U.S. Naval vessels are in the Red Sea trying to protect those cargo ships from Houthi attacks. <a href="https://www.youtube.com/watch?v=Pl811szm-wA" style="text-align: left;">US announces naval coalition to defend Red Sea shipping from Yemen’s Houthi attacks: White House - YouTube</a> Russia, Iran's primary ally, denounced efforts by the U.S. naval coalition to protect those ships from Houthi attacks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have been using the recent stock market rally to pare or eliminate some underperforming positions.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Eliminated DOC - Sold 61+ at $13.71</span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiatHUYozjBBHBtSc8EJ_bc4YAsTzzKAbBK8bgS-uFOir0rTJPHuHMlI0IeOpevQJCp1E-yhnera4ZS6gbsY3rKqpLp0vnRjkWCBTNp-rqBwG9QZWdu7gfWHXBfPXq98NnrMbXjyBbF_3TaiZl43bRZ_coUE4Bgo74yj_xT6GJyb7m0lmfmYQYXNp5j4OcP/s3008/DOC%20SOLD%2013.71%2061+%20SHARES%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="286" data-original-width="3008" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiatHUYozjBBHBtSc8EJ_bc4YAsTzzKAbBK8bgS-uFOir0rTJPHuHMlI0IeOpevQJCp1E-yhnera4ZS6gbsY3rKqpLp0vnRjkWCBTNp-rqBwG9QZWdu7gfWHXBfPXq98NnrMbXjyBbF_3TaiZl43bRZ_coUE4Bgo74yj_xT6GJyb7m0lmfmYQYXNp5j4OcP/s320/DOC%20SOLD%2013.71%2061+%20SHARES%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/doc?mod=search_symbol" style="text-align: left;">Physicians Realty Trust (DOC)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $847.94</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>DOC is in the process of being acquired by </span><a href="https://www.marketwatch.com/investing/stock/peak?mod=search_symbol" style="text-align: left;">Healthpeak Properties Inc. (PEAK)</a></span></p><p style="text-align: justify;"><a href="https://ir.healthpeak.com/news/news-details/2023/Healthpeak-Properties-and-Physicians-Realty-Trust-to-Combine-in-an-All-Stock-Merger-of-Equals-to-Create-the-Pre-Eminent-Owner-Operator-and-Developer-of-Real-Estate-for-Healthcare-Discovery-and-Delivery-An-Attractive-and-Growing-Market/default.aspx" style="text-align: left;"><span style="font-family: georgia;">Healthpeak Properties and Physicians Realty Trust to Combine in an All-Stock Merger of Equals to Create the Pre-Eminent Owner, Operator and Developer of Real Estate for Healthcare Discovery and Delivery, An Attractive and Growing Market</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">This is an all stock merger. Each share will be converted into .674 of newly issued Healthpeak stock. The Healthpeak quarterly dividend will remain at $.40 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">DOC is currently paying a quarterly dividend of $.23 per share. After the merger is completed, the DOC shareholders will receive a dividend cut calculated in the following manner: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Existing Annual DOC Dividend Per share: $.92</span></p><p style="text-align: justify;"><span style="font-family: georgia;">To DOC Shareholders per PEAK Share received: $.8088 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">12.09% cut</span> in the dividend rate to DOC shareholders after receiving .674 shares of PEAK for each DOC share. (calculated by multiplying .674 share conversion amount by $1.20) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My initial reaction which is still my opinion is that the acquisition is a bad deal for DOC shareholders, but an overall small positive for PEAK shareholders given the conversion rate and the financial metrics of the two REITs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$39.05</span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7Bf54b9Buf6qlY1oVY59qc7RAYAAOM2BOpVUF5ce-x-IFSYdNDmQZ3awKkUybS1AC_7RgUCdUo8DUecEHYPglmqMfHK83EEMS_mSx1_OhDdDF4h5mNUev7ii9ZdDC7DFHwvQo5mO2uZEaigDpUyqhEIE8X0uFM_txszUa5JtSFP9t3SqXrbyg-4_-Y4XD/s2910/2024%20DOC%2061+%20SHARES%20NET%20OF%20$39.05%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="246" data-original-width="2910" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7Bf54b9Buf6qlY1oVY59qc7RAYAAOM2BOpVUF5ce-x-IFSYdNDmQZ3awKkUybS1AC_7RgUCdUo8DUecEHYPglmqMfHK83EEMS_mSx1_OhDdDF4h5mNUev7ii9ZdDC7DFHwvQo5mO2uZEaigDpUyqhEIE8X0uFM_txszUa5JtSFP9t3SqXrbyg-4_-Y4XD/s320/2024%20DOC%2061+%20SHARES%20NET%20OF%20$39.05%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Buy Discussions</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html" style="text-align: left;">Item #3.E. Added to DOC in Schwab Account - Bought 5 at $14.25 (10/28/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/09/ahh-bnl-ctopra-fbrtpre-gnlprd-ivz-nnn.html" style="text-align: left;">Item # 2.G. Added to DOC - Bought 5 at $12; 5 at $11.85 (9/30/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/09/bmy-cpxpreca-cto-doc-fdus-gdv-hiw-met-o.html" style="text-align: left;">Item # 1.D. Added to DOC - Bought 5 at $13.13; 5 at $12.95; 5 at $12.75; 5 at $12.38 (9/23/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Recent Sell Discussions</u></i>: <a href="https://tennesseeindependent.blogspot.com/2020/07/angl-arcc-doc-duk-ebgef-eprprc-finx-jdd.html" style="text-align: left;">Item # 1.A. Eliminated DOC -Sold 46+ at $17.66 (7/3/2020 Post)</a>(profit snapshot = $213.64); <a href="https://tennesseeindependent.blogspot.com/2020/04/aeb-cpxpre-cs-d-enb-doc-gmta-gmre.html" style="text-align: left;">Item 1.A. Sold 55 DOC at $16.77 (4/18/20 Post)</a>(profit snapshot $22.14); <a href="https://tennesseeindependent.blogspot.com/2018/12/observations-and-sample-of-recent_9.html" style="text-align: left;">Item # 4.A. Sold Remaining DOC at $17.1-Used Commission Free Trade (12/9/18 Post)</a>(profit snapshot = $69.5); <a href="https://tennesseeindependent.blogspot.com/2018/08/observations-and-sample-of-recent_19.html" style="text-align: left;">Item # 3.A. Sold 103 DOC at $16.92 (8/19/18 Post)</a>(profit snapshot = $12.97)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Largest Gain to Date</i></u>: +$237.96</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLXTLaRgQyW5kOZ-_uaSkLltujGzmnstqUaoeZF-7CrCUEDdlaRpPwmYbUU0NV_HK6OSRAgkls3-dzIbeRzpzKF2SoGV1ozsd4yU13Ma9evYBf62XJ7y2i2kedYcg5d7-H8VtbC0Ek4wrBRViCWx9m08wPXt1WufFemBtr1qozHMSNQM6dZQ6lN8k-iUz3/s948/2015%20DOC%20100%20Shares%20+$237.96.jpg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="84" data-original-width="948" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLXTLaRgQyW5kOZ-_uaSkLltujGzmnstqUaoeZF-7CrCUEDdlaRpPwmYbUU0NV_HK6OSRAgkls3-dzIbeRzpzKF2SoGV1ozsd4yU13Ma9evYBf62XJ7y2i2kedYcg5d7-H8VtbC0Ek4wrBRViCWx9m08wPXt1WufFemBtr1qozHMSNQM6dZQ6lN8k-iUz3/s320/2015%20DOC%20100%20Shares%20+$237.96.jpg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2015 100 Shares</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>DOC Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$656.33</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">This will be my total since I will not be buying any DOC shares going forward. The merger is expected to be completed during the 2024 first half. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The primary problem with Medical Office REITs has been overpaying for properties. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A going in capitalization rate of 4%-5% for a purchase was not that helpful to generating increases in free cash flow per share when intermediate term borrowing rates were around 3.5%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">When an increase in debt financing costs, the downside pressure in funds available per distribution ("FAD") per share intensified and the widespread overpaying for property acquisitions became even more obvious IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The merger of Healthcare Realty and Healthcare Trust of America did not create a better REIT, but simply combined two that have been unable to increase FAD per share over a long period of time, as I have previously discussed here. <a href="https://investors.healthcarerealty.com/corporate-profile/press-releases/news-details/2022/Healthcare-Realty-Trust-and-Healthcare-Trust-of-America-Announce-Closing-of-Merger/default.aspx" style="text-align: left;">Healthcare Realty Trust and Healthcare Trust of America Announce Closing of Merger</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The end result is that the combined company, trading under the <a href="https://www.marketwatch.com/investing/stock/hr?mod=search_symbol" style="text-align: left;">HR</a> symbol, is not covering the current quarterly dividend with FAD per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The maxim that bigger is not better is appropriate to describe the mergers in the medical office space IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In the 2023 third quarter, HR paid out $119.456M in dividends and its FAD was $99.733M. Diluted FAD per share was at $.2632 per share with the dividend at $.31 per share. <a href="https://www.sec.gov/Archives/edgar/data/1360604/000136060423000097/exhibit991thirdquarter2023.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">While that shortfall does not require a dividend cut, it would not be prudent to sustain a dividend in excess of FAD for a long period. And, the increased downside pressure on FAD resulting from higher interest costs is likely to continue. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>2. Eliminated Duplicate Position in THQ - Sold 69+ at $18.87</b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMsL2hrIRaDkccxSRucEjpTPtd5wW-o5M4A8Dg_TyUWyzNDdUS8Lxepyy6iE5msxxr_Exse0qUhclunX_UKXR5RYzetvNePCUM6vSjQZnLTlhZffKnWONymdu0tAGiuEpF1W8zLVsm7AJ-sloiOnkwsAdnF_pOpvAmiorXoWMObKfEDESxYDcgUshlr37a/s2980/THQ%20at%2018.87%2069+%20proceeds%20$1,286.05.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="286" data-original-width="2980" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMsL2hrIRaDkccxSRucEjpTPtd5wW-o5M4A8Dg_TyUWyzNDdUS8Lxepyy6iE5msxxr_Exse0qUhclunX_UKXR5RYzetvNePCUM6vSjQZnLTlhZffKnWONymdu0tAGiuEpF1W8zLVsm7AJ-sloiOnkwsAdnF_pOpvAmiorXoWMObKfEDESxYDcgUshlr37a/s320/THQ%20at%2018.87%2069+%20proceeds%20$1,286.05.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/fund/thq?mod=search_symbol">Tekla Healthcare Opportunities Fund Overview</a> - A Leveraged Balanced CEF</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,286.05 </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">This fund owns primarily common stocks and bonds issued by healthcare companies. The fund will own some convertible preferred stocks and will write some options against common stock positions.</span></div><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1604522&owner=exclude"><span style="font-family: georgia;">THQ SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1604522/000110465923124999/tm2325132d1_ncsr.htm">THQ SEC FILED Semiannual Report for the period ending 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/thq/portfolio" style="text-align: left;">Tekla Healthcare Opportunities (THQ) Portfolio | Morningstar</a> (lists top 25 holdings)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/thq/quote">Tekla Healthcare Opportunities (THQ)-Morningstar</a> (rated at 4 stars)</span></p><p style="text-align: justify;"><i style="font-family: georgia;"><u>Dividend</u></i><span style="font-family: georgia;">: Monthly at $.1125 per share, with ROC support. </span></p><div><a href="https://seekingalpha.com/symbol/THQ/dividends/history" style="text-align: justify;"><span style="font-family: georgia;">THQ Dividend History | Seeking Alpha</span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$76.4</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaBZtWBAKSuxFj7txFeYuRiLWZD5HsscKZMTBR52IxnF_aD99ovYaIFxjMW5Hab39u9vE1q5X7W9fAoxhw-2iQtl5MfrqYxJiedXYlvBDuT6jCmu1rkRXuYus9Sw59wOQowMWrs05Sn2-pa1RAcLZ0qN-z0sk-0KSGiHcKcxaUXOmGDz1w6RSkK-l4fMc-/s2980/2024%20THQ%2068+%20Shares%20+$76.4%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="220" data-original-width="2980" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaBZtWBAKSuxFj7txFeYuRiLWZD5HsscKZMTBR52IxnF_aD99ovYaIFxjMW5Hab39u9vE1q5X7W9fAoxhw-2iQtl5MfrqYxJiedXYlvBDuT6jCmu1rkRXuYus9Sw59wOQowMWrs05Sn2-pa1RAcLZ0qN-z0sk-0KSGiHcKcxaUXOmGDz1w6RSkK-l4fMc-/s320/2024%20THQ%2068+%20Shares%20+$76.4%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html" style="text-align: left;">Item # 2.A. Added to THQ in Schwab Account - Bought 5 at $16.14; 10 at $15.95; 5 at $15.6 (10/28/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Data Date of 1/12/24 Trade</u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $21.76</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $18.85</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -13.37%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">3 Year Average Discount: -7.43% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/THQ" style="text-align: left;">THQ - CEF Connect</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Some Sell Discussions</u></i>: <a href="https://tennesseeindependent.blogspot.com/2020/05/argd-chn-chiq-clou-ebgef-ftsprm-gnl-mnr.html" style="text-align: left;">Item # 1.H. Pared THQ in Fidelity Account - Sold 10 at $17.55 and 10 at $17.9 - Highest Cost Lots (5/23/20 Post)</a><span>(profit snapshot = </span><span style="color: #93c47d;">$23.34</span><span>); </span><a href="https://tennesseeindependent.blogspot.com/2019/09/observations-and-sample-of-recent.html">Item # 1.B. Sold Remaining THQ-61+ Shares at $17.5 (9/1/19 Post)</a><span>(profit snapshot = </span><span style="color: #6aa84f;">$60.49</span><span>)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/07/observations-and-sample-of-recent_31.html">Item # 2.A. Sold 53 THQ at $17.98(7/31/19 Post)</a><span>(profit snapshot = </span><span style="color: #6aa84f;">$44.81</span><span>)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/07/observations-and-sample-of-recent.html">Item # 5 Sold 100 THQ at $17.59-Used Commission Free Trade(7/7/19 Post)</a><span>(profit snapshot = <span style="color: #93c47d;">$79.88</span> and contains 2017 profit snapshots =<span style="color: #6aa84f;">$555.56</span>); </span><a href="https://tennesseeindependent.blogspot.com/2017/07/observations-and-sample-of-recent.html">Item # 2.C. Sold 232+ THQ at 17.59 (7/3/17 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2017/07/observations-and-sample-of-recent.html">Item # 2.D. Sold 118+ THQ at $18.7 in a Roth IRA Account (7/3/17 Post;)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2017/06/observations-and-sample-of-recent_5.html" style="text-align: left;"><span>Item # 3. Sold 160+ THQ at $17.41 (6/5/17 Post)</span></a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>THQ Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$898.53</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">There are several reasons for selling these shares. (1) I was able to capture a total return in excess of the dividends paid; (2) recent performance has been poor with the 2022 and 2023 annual total returns at -17.48% and 1.6% based on price respectively; (3) borrowing costs have increased and probably exceed the interest received from corporate bonds owned by the fund before management and other expenses. The leverage is priced at a spread to SOFR, see pages 27-28 of the semiannual report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I also wanted to consolidate my THQ position in 1 taxable account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I did buy 10 shares in my Fidelity Account after eliminating THQ in my Schwab account, see Item # 6.C. below. That purchase brought my position up to just 25+ shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Small Ball Sells</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Eliminated Duplicate Position in TFC (Schwab Account) - Sold 18+ at $36.43</u></i></span></b><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCXAyAUvyCM5PAZwzz3aLQY-Z39EKd8biSvTwumPqIAluSOAXQcB8IiOjfU5gf6d61_aWYfBhMYvuh92Q_3q1587TzWFY6XXHpOYK8NDFKIB8EkPPsFt5vnFqtE2KtiounzvIh-KnzoMHVGFHtTsuwCNGvNd9chQqmbxdYMWWKL3xYbkg68gHkmouiSNe1/s2950/TFC%2018+%20at%2036.43.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="272" data-original-width="2950" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCXAyAUvyCM5PAZwzz3aLQY-Z39EKd8biSvTwumPqIAluSOAXQcB8IiOjfU5gf6d61_aWYfBhMYvuh92Q_3q1587TzWFY6XXHpOYK8NDFKIB8EkPPsFt5vnFqtE2KtiounzvIh-KnzoMHVGFHtTsuwCNGvNd9chQqmbxdYMWWKL3xYbkg68gHkmouiSNe1/s320/TFC%2018+%20at%2036.43.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/tfc?mod=search_symbol" style="text-align: left;">Truist Financial Corp. (TFC)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $680.15</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This super regional was formerly known as BB&T and traded under the BBT symbol. Most of my trades linked below were made when this bank holding company had its former name and symbol. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=92230&owner=exclude">TFC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/tfc/analystestimates?mod=mw_quote_tab">TFC Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$110.03</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjStCBc6-PhM0LwhSLl0J5M4veeyVt0Yvyzdp-lXF-REFcqbBWAGvwV4DqkrRvpYRwHm65SintZRHBGMKMV58yXERvXE4j98-RIuZfVeMUyJYFvRFOidpor-fRm2Q_BsvdeaSDhZI7p2_7f3qssHnng5ANG1OmwHWDZZ0Q6g9vHQk_J6qnlFx-mpgrjgD4k/s2446/2024%20TFC%2018+%20Shares%20+$110.03%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1670" data-original-width="2446" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjStCBc6-PhM0LwhSLl0J5M4veeyVt0Yvyzdp-lXF-REFcqbBWAGvwV4DqkrRvpYRwHm65SintZRHBGMKMV58yXERvXE4j98-RIuZfVeMUyJYFvRFOidpor-fRm2Q_BsvdeaSDhZI7p2_7f3qssHnng5ANG1OmwHWDZZ0Q6g9vHQk_J6qnlFx-mpgrjgD4k/s320/2024%20TFC%2018+%20Shares%20+$110.03%20%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/ccnep-cubipre-eai-egbn-fhn-fidu-fultp.html" style="text-align: left;">Item # 2.K. Added to TFC - Bought 1 at $26.33 in Fidelity Account (5/13/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.52 per share, last raised from $.48 effective for the 2022 third quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/TFC/dividends/history">Truist Financial Corporation (TFC) Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/9/2023</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/92230/000009223024000003/ex991-pr4q23.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/92230/000009223024000003/ex993-earningsdeck4q23.htm">SEC Filed Conference Call Slides</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A common expense that lowered GAAP earnings in the 2023 4th quarter is the special assessments that the FDIC is requiring about 114 banks to pay to recoup the FDIC's losses connected to insuring uninsured deposits at the failed Silicon Valley and Signature Bank collapses last year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.fdic.gov/news/press-releases/2023/pr23092.html" style="text-align: left;">FDIC Press Release</a>; <a href="https://www.davispolk.com/insights/client-update/fdic-finalizes-163-billion-special-assessment-recover-loss-svb-and-signature">FDIC finalizes $16.3 billion special assessment to recover loss from SVB and Signature Bank failures | Davis Polk</a>; </span><a href="https://www.venable.com/insights/publications/2023/11/uninsured-deposits-and-the-fdic-final-rule-for" style="text-align: left;">Uninsured Deposits and the FDIC Final Rule for Special Assessments on Banks | Insights | Venable LLP</a><span> Banks with less than $5B in uninsured deposits as of 12/31/22 do not have to pay the assessment. About 114 banks will be required to pay the assessments with the first payment due in the current quarter and 8 quarterly assessments are currently expected to cover the FDIC losses connected with the decision to protect insurance for uninsured deposits at Silicon Valley and Signature Bank failures. The deposit calculation did not exclude the amount of uninsured deposits that were collateralized which is normally the case for government bank deposits. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Banks charged as an expense the estimated amount of the entire assessment that will paid over 8 quarters in the 2023 4th quarter. </span></p><div style="text-align: justify;"><span style="font-family: georgia;">TFC took a $507M charge for this assessment in the 2023 4th quarter ($387M after tax or $.29 per share)</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">TPC also took a non-cash $6.1B goodwill impairment charge. I view that as an admission that TPC overpaid for prior acquisitions and view it negatively. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">GAAP Net Loss of $3.85 per share </span></div><div style="text-align: justify;"><span style="font-family: georgia;">Adjusted Net Income of $1.1B or $.81 per share</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Core Net Interest Margin: 2.94%, down from 3.17% in the 2022 4th quarter. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"> </span></div><div style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .44%, down from .36%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Charge Off Ratio: .57%, up from .34%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Total Capital Ratio: 13.7%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Average deposits decreased 1.4%</span><span style="text-indent: -12px;"> "d</span><span style="text-indent: -12px;">ue to declines in non-interest bearing and money market and savings deposits"</span></span></div><div style="text-align: justify;"><span style="text-indent: -12px;"><span style="font-family: georgia;"><br /></span></span></div><div style="text-align: justify;"><span style="text-indent: -12px;"><span style="font-family: georgia;">Average loans decreased 1.7% "due to declines in the commercial and industrial portfolio and indirect auto portfolio"</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Other ratios that I normally cite are skewed by extraordinary items. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Other Sell Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2020/12/agr-bkh-bmy-cva-ffic-k-khc-pnnt-ppt-pys.html" style="text-align: left;">Item # 3.J. Pared TFC- Sold 2 <b>at $48.4</b> - Highest Cost Lot (12/19/20 Post)</a>; </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2018/07/observations-and-sample-of-recent_12.html" style="text-align: left;">Item # 1. A. <b>Sold</b> 71+ BBT <b>at $50.72</b> (7/25/18 Post)</a><span>(profit snapshot = $1,330.82); </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2018/02/observations-and-sample-of-recent_8.html">Item # 1. A. <b>Sold</b> Highest Cost 50 BBT Shares <b>at $55.45 </b>(2/8/18 Post)</a><span>(profit snapshot = $1,061.02); </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2017/03/observations-and-sample-of-recent_28.html">Item # 3.A. <b>Sold</b> Highest Cost 50 BBT Shares<b> at $47.24</b> (3/28/17 Post)</a><span>(profit snapshot = $568.45)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>TFC/BBT Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$3,182.74</span> (This total includes some realized gains in Roth IRA accounts that were not discussed here. I eliminated my TFC position in both RI accounts last week) I still own a few shares in my Fidelity taxable account and will consider adding to the position when a purchase will reduce my average cost per share, or I have a much more favorable opinion than I do now. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Pared ARCC - Sold 2 at $20.36</u></i></span></b><span>: </span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkp6V8O8jpT5RarPwapFe2YB0A8ew6U5q0beR1bP7bG4uFcWJjjrisVN0nU0jMh_ppCZDNB9_H887JM1xrQ7BwbZ4xobuCs7lvPDDaiCvHVLnnVgI_Qz5lt_OXykJ_q7zU8LSixhNSUhhOLa6Pd72545PZR3h2u5ACoePg3cSuOEjIUKZsyAGhCVMaoUfP/s2962/ARCC%20sold%202%20at%20$20.36%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="250" data-original-width="2962" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkp6V8O8jpT5RarPwapFe2YB0A8ew6U5q0beR1bP7bG4uFcWJjjrisVN0nU0jMh_ppCZDNB9_H887JM1xrQ7BwbZ4xobuCs7lvPDDaiCvHVLnnVgI_Qz5lt_OXykJ_q7zU8LSixhNSUhhOLa6Pd72545PZR3h2u5ACoePg3cSuOEjIUKZsyAGhCVMaoUfP/s320/ARCC%20sold%202%20at%20$20.36%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/arcc" style="text-align: left;">Ares Capital Corp.</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $40.72</span><span style="font-family: georgia;"> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is a small example of risk reduction which involves selling my highest cost shares profitably, which reduces my average cost per share and raises my dividend yield. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">For Business Development Company (BDC) stocks, I will periodically reduce risk since unrealized profit will disappear or be substantially reduced during an economic recession. Price collapses have been relatively frequent which have allowed me to replace sold shares at much lower prices.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The remaining shares owned in my Schwab account were bought between March 16, 2020 to 9/24/2020, when the pandemic induced recession caused the last major price collapse in BDC stocks. The lowest price paid for ARCC in this account was $8.61 on 3/23/2020, when the S&P 500 closed at 2,237.4, the lowest close during the March 2020 swoon. </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfcRf-MZ1gs9jH80idedt5UK5wncXJVycvZGfVZ1IQHLSGvWCJWWe0693KKNM9Xj54m7Z0-Ujzn1EdNifN3Nb2yRDSVjJ3FGnABxgkRyig9KrFuaWAZ2arTBbFpJAg3CyaherCb1MubIr1KygodJThYQMGYRmXV_zBxJs8s0VWdCh2hmCMR_2LAXpG75G3/s2282/Screenshot%202024-01-14%20at%2011.04.52%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1492" data-original-width="2282" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfcRf-MZ1gs9jH80idedt5UK5wncXJVycvZGfVZ1IQHLSGvWCJWWe0693KKNM9Xj54m7Z0-Ujzn1EdNifN3Nb2yRDSVjJ3FGnABxgkRyig9KrFuaWAZ2arTBbFpJAg3CyaherCb1MubIr1KygodJThYQMGYRmXV_zBxJs8s0VWdCh2hmCMR_2LAXpG75G3/s320/Screenshot%202024-01-14%20at%2011.04.52%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Remaining Lots Schwab Account/Price as of 1/12/24</span></td></tr></tbody></table><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1287750&owner=exclude"><span style="font-family: georgia;">SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775023000010/arcc-20221231.htm">2022 Annual Report</a> (<b><span style="color: red;">Risk factor summary starts at page 24 and ends at page 49</span></b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/05/alex-arcc-cmcsa-colb-dea-eprt-fsmex-gty.html" style="text-align: left;">Item # 2.I. Pared ARCC in Schwab Account - Sold 4 at $20.72 (5/12/22 Post)</a>(profit snapshot = $22.94) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Buy Discussion</u></i>: <a href="https://tennesseeindependent.blogspot.com/2020/04/arcc-bif-cio-dirunca-brgpra-fnb-gnl.html" style="text-align: left;">Item # 4.C. Added 5 ARCC <b>at $14.3</b>; 5 at $14; 5 at $13.67; 5 at $12.5; 5 at $12.4; 5 at $12; 5 at $11.74; 5 at $10.44; 5 <b>at $9.4</b> (4/4/20 Post)</a> I highlighted two purchase prices to show just how fast the price fell in the early stages of the pandemic. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$14.04</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc1sbSJTy_-ueP9biY46a3JpbjrBs4eLQQC4sfNPj7VIcmPpL4KozJUOK8SEwDc2-GQVR2I4dG9YyoUCE223z5Xihh3Tg7KdlbV0MjSkQnAbHMZu1BVoajEtijDfGTCK82NVhdPoNvCH7Y8JB9q5kiIhVXmFDvgaDCF7J6wwCBl0YKXVtHqsoUb4fIv9MZ/s2678/2024%20ARCC%202%20Shares%20+$14.04%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="844" data-original-width="2678" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc1sbSJTy_-ueP9biY46a3JpbjrBs4eLQQC4sfNPj7VIcmPpL4KozJUOK8SEwDc2-GQVR2I4dG9YyoUCE223z5Xihh3Tg7KdlbV0MjSkQnAbHMZu1BVoajEtijDfGTCK82NVhdPoNvCH7Y8JB9q5kiIhVXmFDvgaDCF7J6wwCBl0YKXVtHqsoUb4fIv9MZ/s320/2024%20ARCC%202%20Shares%20+$14.04%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share this account</i></u>: <b>$12.52</b> (25+ shares)</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD7TVcO7a1b09xXsgfpR61yFHJboMwW-3MJi_F4XW-ylOL_Qwgoo4xZksuawIwsA9ulZHWhe3xd_dYGnPkvYcxmMeWsOitVkWlBIKZ83bGnSpqPrWlfvjkfXtd__2HBal9hmWPaZg5HnW5h8gF5v7lri8BnRNYhJd3temJcmtuxssBejctEbHWFAVtxeqd/s2544/NEw%20ac%20arcc%20$12.52%2025+%20shares%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="76" data-original-width="2544" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD7TVcO7a1b09xXsgfpR61yFHJboMwW-3MJi_F4XW-ylOL_Qwgoo4xZksuawIwsA9ulZHWhe3xd_dYGnPkvYcxmMeWsOitVkWlBIKZ83bGnSpqPrWlfvjkfXtd__2HBal9hmWPaZg5HnW5h8gF5v7lri8BnRNYhJd3temJcmtuxssBejctEbHWFAVtxeqd/s320/NEw%20ac%20arcc%20$12.52%2025+%20shares%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/12/24 after pare</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.48 per share ($1.92 annually)</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/ARCC/dividends/history"><span style="font-family: georgia;">ARCC Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u>: <b>15.34</b>%, rounded up. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset Value per share history</u></i>: I view this history positively. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $18.99 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775023000045/arcc-20230930.htm" style="text-align: left;">10-Q at page 3</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $18.56 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775022000052/arcc-20220930.htm" style="text-align: left;">10-Q at page 3</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>9/30/21: $18.52 </span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775021000074/arccq3-2110q.htm" style="text-align: left;">10-Q</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>12/31/20: $16.97 </span></span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775021000005/arccq4-202010k.htm" style="text-align: left;">10-K</a></span></p><div><p style="text-align: justify;"><span style="font-family: georgia;">9/30/20: $16.48 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775020000038/arccq3-202010q.htm">10-Q</a> </span></p><span style="font-family: georgia; text-align: justify;"><span><span><span>3/31/20: $15.58 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775020000022/arccq1-202010q.htm">10-Q</a></span></span></span></span></div><div><span style="font-family: georgia;"><span style="text-align: justify;">12/31/19: $17.32 </span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775020000008/arccq4-201910k.htm" style="text-align: justify;">10-K</a><span style="text-align: justify;"> </span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div><span style="font-family: georgia;"><span style="text-align: justify;"><span>9/30/19: $17.26 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775019000029/arccq3-201910q.htm">10-Q</a> </span></span><br style="text-align: justify;" /><span style="text-align: justify;"><span>9/30/18: $17.16</span></span><br style="text-align: justify;" /><span style="text-align: justify;">12/21/17: $16.65</span><br style="text-align: justify;" /><span style="text-align: justify;"><span>9/30/17: $16.49 </span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775017000017/arccq3-1710q.htm">10-Q</a></span><br style="text-align: justify;" /></span><div style="text-align: justify;"><div style="box-sizing: border-box; margin-bottom: 15px;"><div><span style="font-family: georgia;"><span><span>6/30/17: $16.54 </span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775017000012/arccq2-1710q.htm">10-Q</a> </span><br /><span>12/30/16: $16.45</span><br /><span>9/30/16: $16.59</span><br /><span>6/30/16: $16.62</span><br /><span>3/31/16: $16.5</span><br /><span>12/31/14: $16.82</span><br /><span>9/30/13: $16.35</span><br /><span>3/31/12: $15.47</span><br /><span>6/30/10: $14.11</span><br /><span>12/31/09: $11.44 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000104746910001312/a2196691z10-k.htm">10-K</a> </span><br /><span>9/30/09: $11.16 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000110465909062699/a09-30906_110q.htm">10-Q</a> </span><br /><span>12/31/08: $11.27</span><br /><span><span>6/30/08: $12.83 </span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000110465908068375/a08-25445_110q.htm" rel="nofollow" style="box-sizing: border-box; color: #024999; outline: 0px;" target="_blank">10-Q</a></span><br /><span>12/31/07: $15.47 <a href="https://www.sec.gov/Archives/edgar/data/1287750/000104746910001312/a2196691z10-k.htm">10-K at page 57</a> </span><br /><span>9/30/07: $15.74</span><br /><span>3/31/05: $14.96</span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><span><i><u>Last SEC Filed Earnings Report</u></i> (Q/E 9/30/23): </span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775023000043/arccq3-23exhibit991.htm">SEC Filed Press release</a> </span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><span>Net Investment income per share: $.52</span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy7x6KshpVBobllsN55zvCGoKOfxEPNS8gmQWXqInKC6OhRDs2RfaBiQioWH2eMtPxSrAjpepoiGJCI1N_9pe37sIyRUsq4127pjnUPBu0GGKkiWnJPc38_ZvENxUEGBb7nj-PFIP7ERLaIB68TihDfS8YEICjohpmUswmy4v7zjc4zOnV02Mf6BabUsiz/s3104/Screenshot%202024-01-13%20at%208.18.00%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="738" data-original-width="3104" height="76" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy7x6KshpVBobllsN55zvCGoKOfxEPNS8gmQWXqInKC6OhRDs2RfaBiQioWH2eMtPxSrAjpepoiGJCI1N_9pe37sIyRUsq4127pjnUPBu0GGKkiWnJPc38_ZvENxUEGBb7nj-PFIP7ERLaIB68TihDfS8YEICjohpmUswmy4v7zjc4zOnV02Mf6BabUsiz/s320/Screenshot%202024-01-13%20at%208.18.00%E2%80%AFPM.png" width="320" /></a></div><br /><span><br /></span></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicwgBDRWvUh1ukKYlNsW24Af8PZhu_FMJqPpVY-iE42OJU3VQX7FlwkXDCnE8SdKZyTo8j5gjxfDrnRJWKj_U0qZFQ3GCYK2eOsUjDaow1goYZxlVs6UodDAJnajZ_6krPRyXptvgWB1T4abqN_-u5wz8UzkV75m5O-GrHrY13RS2AkMGjEuL8GDnqiLMW/s3074/Screenshot%202024-01-13%20at%208.19.10%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1026" data-original-width="3074" height="107" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicwgBDRWvUh1ukKYlNsW24Af8PZhu_FMJqPpVY-iE42OJU3VQX7FlwkXDCnE8SdKZyTo8j5gjxfDrnRJWKj_U0qZFQ3GCYK2eOsUjDaow1goYZxlVs6UodDAJnajZ_6krPRyXptvgWB1T4abqN_-u5wz8UzkV75m5O-GrHrY13RS2AkMGjEuL8GDnqiLMW/s320/Screenshot%202024-01-13%20at%208.19.10%E2%80%AFPM.png" width="320" /></span></a></div></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><span><a href="https://www.sec.gov/Archives/edgar/data/1287750/000128775023000045/arcc-20230930.htm">10-Q</a> The summary of the investments starts at page 5. </span></span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><span><span><u><i>Last SU Bond Offering</i></u> (11/23): </span></span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1287750/000110465923118784/arcc-20230728x424b2.htm">Prospectus $300M of a 7% SU Maturing in 2027</a> Borrowing costs trended up last year, not in response to increased credit concerns IMO, but to the rise in treasury yields. </span></div><div><span style="font-family: georgia;"><span><br /></span></span></div><div><span style="font-family: georgia;"><i><u>Some Other Sell Discussions</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/01/arcc-bmy-brg-cc-culp-dnngy-fbiox-ibb.html" style="text-align: left;">Item # 1.D. Eliminated ARCC in Vanguard Taxable Account - Sold 10 at $22.16 (1/27/22 Post)</a>(profit snapshot = $83.53); <a href="https://tennesseeindependent.blogspot.com/2021/10/arcc-bmy-cduaf-gty-incy-mhgvy-mor-rdhl.html" style="text-align: left;">Item # 1.M. Sold 1 ARCC at $21.61- Fidelity Account (10/20/21 Post)</a><span>(profit snapshot = $9.1); </span><a href="https://tennesseeindependent.blogspot.com/2021/04/arcc-bp-cag-crsp-fcbp-fdus-gnom-hrzn.html" style="text-align: left;">Item # 1.J. Sold 1 ARCC at $19.27 (4/30/21 Post)</a>(profit snapshot = $6.84)<span>; </span><a href="https://tennesseeindependent.blogspot.com/2021/01/arcc-bmy-eaf-fax-ivz-msgn-nmfc-oke.html" style="text-align: left;">Item # 3.C. Pared ARCC in Schwab Taxable Account-Sold 20 at $17,44 and Item #3.D. Pared ARCC in Fidelity Taxable-Sold 5 at $17.32 (1/1/21 Post)</a><span>(profit snapshots = $39.52: post contains in Item # 3.D. prior profit snapshots including those that were not discussed); </span><a href="https://tennesseeindependent.blogspot.com/2018/06/observations-and-sample-of-recent_18.html" style="text-align: left;">Item # 1.C. Sold 50 ARCC at $16.98 (6/18/18 Post)</a>(profit snapshot $63.24)<span>; </span><a href="https://tennesseeindependent.blogspot.com/2017/02/observations-and-sample-of-recent_15.html" style="text-align: left;">Item 2.A. Eliminated ARCC-Sold Remaining 50 Shares at $17.25 (2/15/17 Post)</a>(profit snapshot = $160.51; contains snapshot of 100 share in RI in 2016, profit snapshot of $105.57)<span>; </span><span style="text-align: left;"><a href="http://seekingalpha.com/instablog/434935-south-gent/4905547-update-portfolio-positioning-management-8-21-16">Item # 1, Sold 102+ ARCC at $15.32 and 50 at $15.26: Update For Portfolio Positioning And Management As Of 8/21/16-South Gent | Seeking Alpha</a> (profit snapshot =$62.72); </span><a href="http://tennesseeindependent.blogspot.com/2015/04/dividends-roche-ge-swedbank-zurich.html" rel="nofollow" style="box-sizing: border-box; color: #024999; outline: 0px; text-align: left;" target="_blank">Item # 1 Sold 100 ARCC at $17.195 (4/28/15 Post)</a>(profit snapshot = $116.36)<span>; </span><a href="http://tennesseeindependent.blogspot.com/2015/02/bought-100-holcim-hcmly-at-1541bought.html" rel="nofollow" style="box-sizing: border-box; color: #024999; outline: 0px; text-align: left;" target="_blank">Item # 3 Sold 100 ARCC Roth IRA at $17.05 (2/25/15 Post)</a>(profit snapshot $19.97)<span>; </span><a href="http://tennesseeindependent.blogspot.com/2012/09/romneys-false-remarks-about-cairo.html" rel="nofollow" style="box-sizing: border-box; color: #024999; outline: 0px; text-align: left;" target="_blank">Item # 2. Sold 100 ARCC at $17.54-IRAs in Two 50 Share Lots (9/13/12 Post)</a>(profit snapshots = $53.19) </span></div></div></div></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>ARCC Realized Gains to Date</i></u><span>: </span><span style="color: #6aa84f;">$883.5</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Goal</i></u>: </span>As with all BDC stocks, the goal is simply to earn a return in excess of the dividends paid. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Owned SU Bonds</u></i>: $10,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>4 of the 4.2% SU Maturing on 6/10/24: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=04010LAX1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>4 of the 4.25% Maturing on 3/1/25: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=04010LAV5&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>2 of the 2.15% Maturing on 7/15/26: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=04010LBA0&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a> (bought at 90.97)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Eliminated Position in IBB - Sold 3+ at $137</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIMZKCpGXWjXyw1kCKTpTvPxLvDYVxj_wUO_ZbKFVP28i85ocw1UayycU8j8mrsst1rs75FnkkN4qyPQVyAW_AA6rJB6VjNI6KjaLre7qYo6bL_ifiFJj3TQ00_PxhbinAaC5z2-Ab44N9VsLvxZoZqSLVqKroL_cleE2Go3SsGbmSzb5iDEdiGR69M4Hh/s2358/SOLD%203%20+%20IBB%20AT%20$137%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="116" data-original-width="2358" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIMZKCpGXWjXyw1kCKTpTvPxLvDYVxj_wUO_ZbKFVP28i85ocw1UayycU8j8mrsst1rs75FnkkN4qyPQVyAW_AA6rJB6VjNI6KjaLre7qYo6bL_ifiFJj3TQ00_PxhbinAaC5z2-Ab44N9VsLvxZoZqSLVqKroL_cleE2Go3SsGbmSzb5iDEdiGR69M4Hh/s320/SOLD%203%20+%20IBB%20AT%20$137%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/ibb?mod=over_search" style="text-align: left;">iShares Biotechnology ETF Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $532.52</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The proceeds deposited in a sweep account currently earning 5% has become more important than the possibility of capital appreciation which has proved to be elusive since I first started a position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.ishares.com/us/products/239699/ishares-nasdaq-biotechnology-etf" style="text-align: left;">iShares Nasdaq Biotechnology ETF | IBB</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense ratio: .45%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Number of Holdings 227 as of 1/12/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/01/arcc-bmy-brg-cc-culp-dnngy-fbiox-ibb.html" style="text-align: left;">Item # 1.K. Added to IBB - Added $50 at $138.48; $50 at $135.9; $50 at $132.11; $50 at $129;$50 at $123.7 (1/27/22 Post)</a> <span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$9.81</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiB-rgqNMSDX7bzWUFQ-s8YI_QKeyr17wbtVfTXbntmqyXic9Srh2LxTxbXgSSPoJgk-XIQu_wbp1TuqkAOszON5vqWRUD5TU6aj_uvTmnXcMxgBq5qiEq2jxk23HFbws81tFsQ02Th3x__S6RyPaLh4EIhfoxsS3Ws639qhERolyxeW-i3vq3w0oQmlUDq/s1964/2024%20IBB%203+%20SHARES%20+$9.81%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="74" data-original-width="1964" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiB-rgqNMSDX7bzWUFQ-s8YI_QKeyr17wbtVfTXbntmqyXic9Srh2LxTxbXgSSPoJgk-XIQu_wbp1TuqkAOszON5vqWRUD5TU6aj_uvTmnXcMxgBq5qiEq2jxk23HFbws81tFsQ02Th3x__S6RyPaLh4EIhfoxsS3Ws639qhERolyxeW-i3vq3w0oQmlUDq/s320/2024%20IBB%203+%20SHARES%20+$9.81%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><u><i>Some Top Holdings as of 1/12/24</i></u>: </span><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyhyfoiJT7VImFpjEDZ4bVm3Bp9qgaxn7lKG6yTdPg4K_BZmw7U7EYDhtOS1-EbN1QeZEqNrFKggqYRUUAVGhxd_sWXZ6TqBTckBfycN8tXKJCcAQe-I9Dygl7Fnoxvvo8PkG8oAEXzYVTmhl1zB9-c-tuQu3_9O4_2aiz40Uh2emZUd85vJFTPERnXCSI/s1892/Screenshot%202024-01-15%20at%208.50.57%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1348" data-original-width="1892" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyhyfoiJT7VImFpjEDZ4bVm3Bp9qgaxn7lKG6yTdPg4K_BZmw7U7EYDhtOS1-EbN1QeZEqNrFKggqYRUUAVGhxd_sWXZ6TqBTckBfycN8tXKJCcAQe-I9Dygl7Fnoxvvo8PkG8oAEXzYVTmhl1zB9-c-tuQu3_9O4_2aiz40Uh2emZUd85vJFTPERnXCSI/s320/Screenshot%202024-01-15%20at%208.50.57%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>2 Year Dividend History</u></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBsAcMKLcpI11MZvgEdAdKJGA7EB4LABFSUDN3bScpgdTKXKPYlC5G4svmp2X5uPsKiVsxfdp1qa9TYKILciKB1c90mQonGxSmZuauePsPjzr5Y9ljiwpStLSBpciOQTVX7m7UsKITNZfiFmAP4jum7iNW_Q_DeH_MmGSZLGyra-k3ozPDbAqAOXlUNHLt/s1222/Screenshot%202024-01-15%20at%208.47.44%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="778" data-original-width="1222" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBsAcMKLcpI11MZvgEdAdKJGA7EB4LABFSUDN3bScpgdTKXKPYlC5G4svmp2X5uPsKiVsxfdp1qa9TYKILciKB1c90mQonGxSmZuauePsPjzr5Y9ljiwpStLSBpciOQTVX7m7UsKITNZfiFmAP4jum7iNW_Q_DeH_MmGSZLGyra-k3ozPDbAqAOXlUNHLt/s320/Screenshot%202024-01-15%20at%208.47.44%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last 4 Dividends</u></i>: $.3479</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/xnas/ibb/quote">IBB -Morningstar</a> (currently rated 2 stars)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Pared OFS in Fidelity Account - Sold 8+ at $11.81</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQdKUfLMiYFANPkAru5qO25PMsDj4b6EC3dg1KagAMTGkTsjhyBmg760-Ij-COOjwh__wkQrV-LPMMUDU4YFGo1MTPpxYcaekzhWzm-3fDj6tFLA7tbqV7P41ZzWUtfgvKxeFy7U0SCFy0LspC94cbJsaV6UDu7ZJUVGMnUrCYU1ZIUmDf3c0Eh0dQq9cF/s2334/OFS%208+%20at%20$11.81.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="104" data-original-width="2334" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQdKUfLMiYFANPkAru5qO25PMsDj4b6EC3dg1KagAMTGkTsjhyBmg760-Ij-COOjwh__wkQrV-LPMMUDU4YFGo1MTPpxYcaekzhWzm-3fDj6tFLA7tbqV7P41ZzWUtfgvKxeFy7U0SCFy0LspC94cbJsaV6UDu7ZJUVGMnUrCYU1ZIUmDf3c0Eh0dQq9cF/s320/OFS%208+%20at%20$11.81.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/ofs" style="text-align: left;">OFS Capital Corp</a> - Externally Managed BDC </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $96.82</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1487918&owner=exclude" style="text-align: left;">OFS SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791823000011/ofs-20221231.htm" style="text-align: left;">2022 Annual Report</a> (<b><span style="color: red;">Risk factor summary starts at page 28 and ends at page 62</span></b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/aod-eai-ivz-mor-ofs-onb-pltk-pwfprtca.html" style="text-align: left;">Item # 1.B. Pared OFS in Schwab Account - Sold 20 at $11.51 (12/30/23 Post)</a>(profit snapshot = $17.65) I discussed the third quarter earnings report in that post which also summarized some of my concerns. <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791823000099/ofsccq323pressrelease11223.htm" style="text-align: left;">SEC Filed Press Release</a>;<span> </span><a href="https://www.insidermonkey.com/blog/ofs-capital-corporation-nasdaqofs-q3-2023-earnings-call-transcript-1217385/">OFS Capital Corporation Q3 2023 Earnings Call Transcript - Insider Monkey</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Buy Discussions</i></u>: <a href="https://tennesseeindependent.blogspot.com/2020/11/ajx-arow-bif-disca-ebgef-fraf-gdo-kmi.html" style="text-align: left;">Item # 3.F. Bought 40 OFS with an Average Cost Per share of $4.18 (11/7/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/11/bcbp-bmoprs-cio-dbx-ddd-exg-fdus-glq.html" style="text-align: left;">Item # 2.L. Added 5 OFS at $3.97-Fidelity Taxable (11/28/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/08/asb-avk-cswc-d-fidi-glq-ibm-kw-lmha-ofs.html" style="text-align: left;">Item # 1.K. Added 3 OFS at $4.5 -Fidelity Taxable (8/8/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/04/bdnchn-fhn-gdo-good-maptx-mcdfx-mspra.html" style="text-align: left;">Item # 3.E. Added 5 OFS at $9.66; 5 at $9.2; 5 at $8.7; 5 at $6; 5 at $5.65; 2 at $3.7; 10 at $3.79 (4/11/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: </span><span style="color: #6aa84f; font-family: georgia;">+$60.72</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwtiUzE83mHnFHbV7IOrp3RM3SlJrmym2EG39ChZt3nktqpTl0fnayc_lWq0dl5MpHWplauPOUxrlCwGZRbIZplTzpSvEl4ZJ8w96RDes28_H5iABlDzGDG26xlJczaxLkiBfJ0cSn7nF8RVojzRiJFhSQbOSVteIswyCIK9JNbRzhLwzyNFC2vmSBh6I4/s1962/2024%20OFS%208+%20Shares%20+$60.72%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="210" data-original-width="1962" height="34" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwtiUzE83mHnFHbV7IOrp3RM3SlJrmym2EG39ChZt3nktqpTl0fnayc_lWq0dl5MpHWplauPOUxrlCwGZRbIZplTzpSvEl4ZJ8w96RDes28_H5iABlDzGDG26xlJczaxLkiBfJ0cSn7nF8RVojzRiJFhSQbOSVteIswyCIK9JNbRzhLwzyNFC2vmSBh6I4/s320/2024%20OFS%208+%20Shares%20+$60.72%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><i><u>Dividend</u></i>: </span><span style="font-family: georgia; text-align: justify;"> </span><span style="font-family: georgia; text-align: justify;">Quarterly at $.34 per share ($1.36 annually)</span><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/OFS/dividends/history"><span style="font-family: georgia;">OFS Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend. </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>New Average Cost per share</u></i>: </span><b>$3.82</b></span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHwNleBKPRQ0ZANYAM2QsiPGWmWnPCYYTt1hKrNrJUUwgdYzgQPPrvBAJ0Bx935RkpJqr1e79gnF2vqjDSUw9vF25ajGFS6yRiNqoHJb8qTA7SyIniAxz2zhhxpPD4QYg_mRLmCp97lhTZzUt7mhAj-1fc0b8O08lk4nSAePsPPz64YU-QK2n4NT8KG7Wd/s2380/OFS%2058+%20SHARES%20AC%20AT%20$3.82%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="82" data-original-width="2380" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHwNleBKPRQ0ZANYAM2QsiPGWmWnPCYYTt1hKrNrJUUwgdYzgQPPrvBAJ0Bx935RkpJqr1e79gnF2vqjDSUw9vF25ajGFS6yRiNqoHJb8qTA7SyIniAxz2zhhxpPD4QYg_mRLmCp97lhTZzUt7mhAj-1fc0b8O08lk4nSAePsPPz64YU-QK2n4NT8KG7Wd/s320/OFS%2058+%20SHARES%20AC%20AT%20$3.82%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot as of Close on 1/17/24 after pare</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>35.6</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>:</span><span style="font-family: georgia;"> 12/21/23 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset Value Per Share History</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $12.74</span></p><p style="text-align: justify;"><span style="font-family: georgia;">6/30/23: $12.94</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $13.47</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>6/30/22: $14.57 </span><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791822000063/ofs-20220630.htm" style="text-align: left;">10/Q for the Q/E 6/30/22 at page 3</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>03/31/21: $11.96 </span><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791821000081/ofs2021q110-q.htm" style="text-align: left;">10-Q at page 3</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>12/21/20: $11.85 </span><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791821000040/ofs2020123110-k.htm#ief01f7a03f5c4d8f8a0c06cf671efd81_16" style="text-align: left;">10-K at page 69</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">6/30/20: $10.10<br />3/31/20: $ 9.71<br />12/31/19: $12.46<br />9/30/19: $12.74<span style="font-weight: bold;"> </span><span style="font-weight: bold;"> </span><br />6/30/19: $12.95 <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791819000053/ofs2019q210-q.htm">Page 2 10-Q</a><br />3/31/19 $13.04 <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791819000029/ofs2019q110-q.htm">10-Q</a><br />12/31/18 $13.10<br />6/30/18 $13.70<br />03/31/18 $13.67<br />12/31/17 $14.12<br />12/31/16 $14.82<br />12/31/15 $14.76<br />12/31/14 $14.24<br />12/31/13 $14.54<br /><br />IPO Offering Price at $15 (November 2012) <b>with proceeds after the underwriters' discount at $13.05</b> <a href="https://www.sec.gov/Archives/edgar/data/1487918/000119312512459490/d79921d497.htm">Final Prospectus Supplement</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Some Other Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/09/ahh-bnl-ctopra-fbrtpre-gnlprd-ivz-nnn.html" style="text-align: left;">Item # 6.C. Pared OFS in Schwab Account - Sold 20 at $10.86 (9/30/23 Post)</a>(profit snapshot = $28.94);<span> </span><a href="https://tennesseeindependent.blogspot.com/2023/08/cag-cmcsa-eprt-gbdc-gmre-khc-nnn-o-ofs.html" style="text-align: left;">Item # 3.A. Eliminated OFS in Vanguard Account - Sold 20 at $10.2 and Item # 3.B. Pared OFS in my Fidelity Account-Sold 10 at $10.15 (8/19/23 Post)</a><span>(profit snapshots = $182.5); </span><a href="https://tennesseeindependent.blogspot.com/2022/08/bhbbmrn-cizn-htbk-matv-nwfl-ofs-ohi.html" style="text-align: left;">Item # 3.D. Pared OFS in Fidelity Account - Sold 13.82 Shares at $11.32 (8/16/22 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2022/06/eprt-feny-fhn-hbi-mpw-ofs-slg-wcpca-xom.html" style="text-align: left;">Item # 4.B. Pared OFS in Fidelity Account - Sold 15.427 at $12.49 (6/15/22 Post)</a><span>(profit snapshot = $60.07; contains snapshots of realized gains prior to 2022); </span><a href="https://tennesseeindependent.blogspot.com/2022/04/amkby-aqnca-colb-eai-emaca-gnl-ilpt.html" style="text-align: left;">Item # 4.D. Pared OFS in Fidelity Account - Sold 29+ at $13.06 (4/21/22 Post)</a><span>(profit snapshot = $69.88);</span><span> </span><a href="https://tennesseeindependent.blogspot.com/2021/07/afin-cizn-clx-exg-fcx-fts-goodm-htbk-kr.html" style="text-align: left;">Item # 1.H. Pared OFS in Fidelity Account Sold 35 at $10.07- Highest Cost Lots That Could be Sold Profitably (7/22/21 Post)</a><span>(profit snapshot = $12.44);</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/12/akba-aresf-bdge-brgpra-brkl-ccne-csco.html" style="text-align: left;">Item # 2.M. Pared OFS in Vanguard Taxable-Sold 20 at $7.2 (12/25/20 Post)</a><span>(profit snapshot = $56.8)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_30.html" style="text-align: left;">Item # 3.B. Sold 10 OFS at $12.04<b> </b>(11/30/19 Post)</a><span>(profit snapshot = $7.04)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_13.html" style="text-align: left;">Item # 4.B. Sold 60 shares at $12 (11/13/19 Post)</a><span>(profit snapshot = $13.11); </span><a href="https://tennesseeindependent.blogspot.com/2019/05/observations-and-sample-of-recent_5.html" style="text-align: left;">Item # 3.A. Sold Highest Cost OFS Lots in Schwab Account - 50 shares at $12.27 and 50 at $12.47 (5/5/19 Post)</a><span>(profit snapshots = $69.55) </span></span><span style="font-family: georgia;"> </span></p><div><span style="font-family: georgia;"><i style="text-align: justify;"><u>OFS Realized Gains to Date</u></i><span style="text-align: justify;">: </span><span style="color: #6aa84f; text-align: justify;">$744.92</span></span></div><div><u style="text-align: justify;"><i><span style="font-family: georgia;"><br /></span></i></u></div><div><span style="font-family: georgia;"><u style="text-align: justify;"><i>Goal</i></u><span style="text-align: justify;">: Any total return before ROC adjustments to the tax cost basis in excess of the dividends. </span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>E. Eliminated Duplicate CFG Position in Fidelity Account - Sold 10+ at $31.58</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfj7pTSEbcSHMNCuaVopODiRBzQygBB4tR3PQMOK4BPNeBFQpsT2iG_r8umfoP1mLrcWKNpSkXLI6A9pBCJ-ncXCJ8NbcYMTue6NHlpsdZZ0XI5_7y2rKOGxHAHycqjhaFCmA5uIHeoRXMw0yKdDp2orCCoIO3PQUN4jColleo2tTR5z47tlDustMK8T9k/s2282/Sold%2010+%20CFG%20at$31.58%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="134" data-original-width="2282" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfj7pTSEbcSHMNCuaVopODiRBzQygBB4tR3PQMOK4BPNeBFQpsT2iG_r8umfoP1mLrcWKNpSkXLI6A9pBCJ-ncXCJ8NbcYMTue6NHlpsdZZ0XI5_7y2rKOGxHAHycqjhaFCmA5uIHeoRXMw0yKdDp2orCCoIO3PQUN4jColleo2tTR5z47tlDustMK8T9k/s320/Sold%2010+%20CFG%20at$31.58%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/cfg?mod=search_symbol" style="text-align: left;">Citizens Financial Group Inc. (CFG)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $325.62</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/cfg/analystestimates?mod=mw_quote_tab">CFG Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=759944&owner=exclude"><span style="font-family: georgia;">CFG SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://investor.citizensbank.com/about-us/investor-relations.aspx"><span style="font-family: georgia;">Investor Relations – Citizens Bank</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$86.79</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjh0XaCXh8MT3YSCVoa5uiP1TSLz5RPQQGB8xVpmipJiXWb9IncIX5QEGBFXw4t5_Q461ggbAt1l4MX0uqydIt1P3a5i8Wf0R-TQd3uLB5dpSVjSNBASH2J34eOCRiScQHR_A1Pdvkw5HDMETcUrKoESbNnzpw9cBL0HACBe4PntTnuCFGp6LdzDtwEKPIM/s1954/2024%20CFG%20%2010+%20shares%20+$86.79%20%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="482" data-original-width="1954" height="79" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjh0XaCXh8MT3YSCVoa5uiP1TSLz5RPQQGB8xVpmipJiXWb9IncIX5QEGBFXw4t5_Q461ggbAt1l4MX0uqydIt1P3a5i8Wf0R-TQd3uLB5dpSVjSNBASH2J34eOCRiScQHR_A1Pdvkw5HDMETcUrKoESbNnzpw9cBL0HACBe4PntTnuCFGp6LdzDtwEKPIM/s320/2024%20CFG%20%2010+%20shares%20+$86.79%20%20%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Buy Discussions in Schwab Account</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html" style="text-align: left;">Item # 1.P. Added 1 CFG at $24.65 (5/20/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/04/amkby-arow-bhk-cfg-clpr-cvbf-onb-opbk.html" style="text-align: left;">Item # 1.G. Added to CFG - Bought 1 at $30.23; 2 at $29.7; 5 at $28.9;2 at $28.54 (4/8/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.42 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 1/30/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I still own 33+ shares in my Schwab account with an average cost per share at $31.42. I am not reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/759944/000075994424000005/a4q23earningsrelease.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/759944/000075994424000005/a4q23earningspresentatio.htm">SEC Filed Investor Presentation</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/759944/000075994424000005/q423financialsupplement.htm" style="text-align: left;">SEC Filed Supplemental for the 2023 4th Quarter</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">CFG charge was $225M or $.35 per share for the special FDIC assessment discussed above in connection with TFC. Other notable items in the quarter totalled $.16. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>GAAP E.P.S. = $.34, down from $1.25 in the 2022 4th quarter (see </span><a href="https://www.sec.gov/Archives/edgar/data/759944/000075994423000005/a4q22earningsrelease.htm" style="text-align: left;">SEC Filed Earnings Press Release for the Q/e 12/31/22)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $.85, down from $1.32 in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 GAAP E.P.S. = $3.13, down from </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. = $3.88, down from $4.84 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Interest Margin: 2.9%, down from 3.03% in the 2023 third quarter and 3.29% in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Underlying Efficiency Ratio (ex items): 63.8%, up from 54.4% in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-performing loans to total loans: .93%, up from .6% in the 2022 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .46%, up from .22%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coverage Ratio: 170% (allowance for credit losses already taken to nonperforming loans)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Loan to Deposit Ratio (end of period): 82.3% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $30.91</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The NIM, non-GAAP and GAAP E.P.S., and the efficiency ratio are going in the wrong direction, as is the NPL and Charge off ratios. The current price reflects, at least in a substantial way, the downtrend in financial metrics that <u><i>occurred in 2023</i></u> IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>F. Pared BKRL - Sold 13+ at $10.16</i></u></span></b><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-76p0CdFTqeafUI-Pn81dLiDK86geStSC77Kcx2k_WlEF-kNTzJCHKVL__eR-UbBSKtB2ppikYlILZn0vrW27JqGkA-V6mkedH-XIZRPQweDzjdv3V7tBXa7KNCQYFLOSX9tUdWDaMV4sD1JSfrGnnOaxkE_WyHOvaHljP3SB91LdGLEXTaR0HmSoyq9F/s2254/Sold%2013+%20BRKL%20at%20$10.16%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="122" data-original-width="2254" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-76p0CdFTqeafUI-Pn81dLiDK86geStSC77Kcx2k_WlEF-kNTzJCHKVL__eR-UbBSKtB2ppikYlILZn0vrW27JqGkA-V6mkedH-XIZRPQweDzjdv3V7tBXa7KNCQYFLOSX9tUdWDaMV4sD1JSfrGnnOaxkE_WyHOvaHljP3SB91LdGLEXTaR0HmSoyq9F/s320/Sold%2013+%20BRKL%20at%20$10.16%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/brkl" style="text-align: left;">Brookline Bancorp (BKRL)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $134.86</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1049782"><span style="font-family: georgia;">BRKL SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.brooklinebancorp.com/corporate-overview/CorporateProfile/default.aspx"><span style="font-family: georgia;">Brookline Bancorp, Inc.-Corporate Profile</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Buy Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html" style="text-align: left;">Item # 2.B. Added 5 BRKL at $8.23 (11/11/2023 Post)</a> I discussed the third quarter earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1049782/000117184323006404/exh_991.htm" style="text-align: left;">SEC Filed Earnings Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$10.11</span> (highest cost lots, remaining shares purchased with dividends)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitTx6LhaKJeHAvhJd9i5pvEfN5J_GYdy-KS7Awr66DuSH3fvqbyBRmlmeLFSXGRODAu9kmqf-382PQXIAwhTRTkRNbBcCtt8VUoC0IdK1sK4WmF49JVXpCEb0yN1muqdVzMuuonHuLp2JqFX3kooQZEC9-9EaG0TpPeaVQa-eNTnikjxgf10o6pRFgVnRw/s1960/2024%20BRKL%2013+%20SHARES%20+$10.11.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="352" data-original-width="1960" height="57" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitTx6LhaKJeHAvhJd9i5pvEfN5J_GYdy-KS7Awr66DuSH3fvqbyBRmlmeLFSXGRODAu9kmqf-382PQXIAwhTRTkRNbBcCtt8VUoC0IdK1sK4WmF49JVXpCEb0yN1muqdVzMuuonHuLp2JqFX3kooQZEC9-9EaG0TpPeaVQa-eNTnikjxgf10o6pRFgVnRw/s320/2024%20BRKL%2013+%20SHARES%20+$10.11.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /></span><span style="font-family: georgia; text-align: justify;"><i><u>Dividend</u></i>: Quarterly at $.135 per share ($.54 annually)</span></div><div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://seekingalpha.com/symbol/BRKL/dividends/history"><span style="font-family: georgia;">BRKL Dividend History | Seeking Alpha</span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$8.33</b> (18 shares), reduced from $8.77. </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguGwf1ysoZomMvfxkPNeyvg60gFOPa9vJfRlecTxPNhwbGK9pr-g0xV5IhOpHuGaLVsAgvYeLE7UL9C77TEnH9gcaNx8v6hRNiRNgwZe797fbON_ZeaOawCrPDyqW317zgJgIT-kjEfS6uf0uycf2zcpgZSYDwJLtpu8evBsPZxacPPfd3ORu6pHrh7Q-3/s2362/BRKL%20AC%20AT%20$8.33%2018%20SHARES%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="92" data-original-width="2362" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguGwf1ysoZomMvfxkPNeyvg60gFOPa9vJfRlecTxPNhwbGK9pr-g0xV5IhOpHuGaLVsAgvYeLE7UL9C77TEnH9gcaNx8v6hRNiRNgwZe797fbON_ZeaOawCrPDyqW317zgJgIT-kjEfS6uf0uycf2zcpgZSYDwJLtpu8evBsPZxacPPfd3ORu6pHrh7Q-3/s320/BRKL%20AC%20AT%20$8.33%2018%20SHARES%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot as of Close on 1/17/24 after pare</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><u>Yield at New AC</u> = 6.48%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/9/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>G. Pared MBWM - Sold 5+ at $38.5</u></i></span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiPvqupeoV0IQpgspgvlA2iUXedbgUFxuRl6lG0yxEjAQHSGsZRNXia6q-kJ_xDJn8fXRgSwZDv41jS4JeBPRGRGLBn8EHpYgR-woa8TVorJz021qdCbwmFic6n6Ct_f5vjQAfLgmV8K7kSJAdvLInloJSF0cSzHjmnGm_fTajrvK87QHAADvDjDH5gmC3/s2252/2024%205+%20MBWM%20at%20$38.5%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="128" data-original-width="2252" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiPvqupeoV0IQpgspgvlA2iUXedbgUFxuRl6lG0yxEjAQHSGsZRNXia6q-kJ_xDJn8fXRgSwZDv41jS4JeBPRGRGLBn8EHpYgR-woa8TVorJz021qdCbwmFic6n6Ct_f5vjQAfLgmV8K7kSJAdvLInloJSF0cSzHjmnGm_fTajrvK87QHAADvDjDH5gmC3/s320/2024%205+%20MBWM%20at%20$38.5%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/mbwm?mod=over_search" style="text-align: left;">Mercantile Bank Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $224.26</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/mbwm/analystestimates?mod=mw_quote_tab">MBWM Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1042729&owner=exclude"><span style="font-family: georgia;">MBWM SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$44.69</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPeaPOd7QmbmjwLJVsDREsf7sP_Cnehj-Fo5UTZtThrwmyfzlQdqI2vondLpV76jlK-x934z-YbQb78wN9PYK40Dr1rv72z7z3VkaFs3BegwwuaOEaiwWFSFXSQROxbY_tTNDdal0DRGHn2PudUM71AeZToB1IN8oUSUer4auXRsTfaLi_nvLx00lpj4MY/s1966/2024%20MBWM%205+%20Shares%20+$44.69%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="296" data-original-width="1966" height="48" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPeaPOd7QmbmjwLJVsDREsf7sP_Cnehj-Fo5UTZtThrwmyfzlQdqI2vondLpV76jlK-x934z-YbQb78wN9PYK40Dr1rv72z7z3VkaFs3BegwwuaOEaiwWFSFXSQROxbY_tTNDdal0DRGHn2PudUM71AeZToB1IN8oUSUer4auXRsTfaLi_nvLx00lpj4MY/s320/2024%20MBWM%205+%20Shares%20+$44.69%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html">Item # 1.M. Added to MBWM - Bought 2 at $23.95 (5/20/23 Post)</a> </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.35 per share ($1.4 annually), last raised from $.34 effective for the 2024 first quarter payment. The penny rate was $.17 in the 2016 4th quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/MBWM/dividends/history">Mercantile Bank Corporation (MBWM) Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>:<b> $27.59</b> (22 shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdyhSf-mOIDSAPbjHNBHxsrmpF8dHdryRwuREEL_rWJR8H9XD_qvgwHBMRSpzpIokw-SuCH9XTRqaKrjkdAviybxmTNx-pTR1SbUvOcv-rYdy084AlgPFCUEomfY3hJhcLgk_8mmho9V7LkANwYMdt7U14AzeI4W7ZOfLw0jU7l7i6W1v2EB1X-x0QTLzg/s2346/MBWM%20ac%20at%2027.59%2022%20shares.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="92" data-original-width="2346" height="13" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdyhSf-mOIDSAPbjHNBHxsrmpF8dHdryRwuREEL_rWJR8H9XD_qvgwHBMRSpzpIokw-SuCH9XTRqaKrjkdAviybxmTNx-pTR1SbUvOcv-rYdy084AlgPFCUEomfY3hJhcLgk_8mmho9V7LkANwYMdt7U14AzeI4W7ZOfLw0jU7l7i6W1v2EB1X-x0QTLzg/s320/MBWM%20ac%20at%2027.59%2022%20shares.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/18/23 after pare</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>5.07</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 2/29/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 12/31/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1042729/000143774924001324/ex_614710.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1042729/000143774924001324/ex_614711.htm">Investor Presentation</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. = $1.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus at $1.25 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 GAAP E.P.S. = $5.13, up from $3.85 in 2022 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 3.92%, down from 4.3% in the 2022 4th Q. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start;">"The cost of funds was 2.03 percent in the fourth quarter of 2023, up from 0.65 percent in the fourth quarter of 2022 primarily due to higher costs of deposits and borrowed funds, reflecting the impact of the rising interest rate environment, and a change in funding mix, mainly consisting of a decrease in noninterest-bearing and lower-cost deposits and an increase in higher-cost money market accounts and time deposits, driven by deposit migration and new deposit relationships."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 52.57%, up from 48.82%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .08%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .07%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: Net recovery of .01%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROE: 16.04%, down from 20.06%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $29.31, up from $24.27 in the 2022 4th Q. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>4. Treasury Bills Purchased at Auctions</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Bought 5 Treasury Bills at the 1/16/24 Auction- Fidelity Account</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-CPovxTHpk6YgK6jixBt8BTcgc6YCSuYt-d_QcTCQ1dOzhr365ya2digLDeoJa53tdoZp2-RwPax7cIUvmh1JZjPfp__2xTwvilpPCSO6GPWbe_kiifXIQsa6FO2ijbEc3jJe9BKt09v_z35eTLpSUpe-czltKfKD0Q8NWgIdDfcWWj5QGqhLmgXlqcmW/s1922/Treasury%20(5)%204:18:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="812" data-original-width="1922" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-CPovxTHpk6YgK6jixBt8BTcgc6YCSuYt-d_QcTCQ1dOzhr365ya2digLDeoJa53tdoZp2-RwPax7cIUvmh1JZjPfp__2xTwvilpPCSO6GPWbe_kiifXIQsa6FO2ijbEc3jJe9BKt09v_z35eTLpSUpe-czltKfKD0Q8NWgIdDfcWWj5QGqhLmgXlqcmW/s320/Treasury%20(5)%204:18:24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 4/18/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">91 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $66.04</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.383</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXf041fToefOQDWLikGFZK2vDFl27GIg6RmzQDjA4ntnYTtoxZmh5qJQxQVTPnLwxSGbgvqR44odDtlE82zm1fYOhGEXFedtE2-h-zuy6I3zC-sOn6waZIzGeAAyd9OxX0czAVmsCyTAMCnAp290_xjdGhgv2X-8feiUv1iDUYZebXFhPzDcHReLKe6gUs/s1182/teasury%20auction%205.353%25%2091%20day%20bill%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="558" data-original-width="1182" height="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXf041fToefOQDWLikGFZK2vDFl27GIg6RmzQDjA4ntnYTtoxZmh5qJQxQVTPnLwxSGbgvqR44odDtlE82zm1fYOhGEXFedtE2-h-zuy6I3zC-sOn6waZIzGeAAyd9OxX0czAVmsCyTAMCnAp290_xjdGhgv2X-8feiUv1iDUYZebXFhPzDcHReLKe6gUs/s320/teasury%20auction%205.353%25%2091%20day%20bill%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">This video is helpful in explaining the Investment Rate. <a href="https://www.youtube.com/watch?v=ndS1TITE-xk" style="text-align: left;">High Rate vs. Investment Rate | Treasury Bill Pricing & Interest Rates Explained! - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Bought 5 Treasury Bills at the 1/17/24 Auction - Fidelity Account</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLnyuWFgN63sMxPreavG25mZp5TGczJOBGnn92Qg-wKha5DLAwh16j7ixPUG-P9riWIwxpJuH9FDwMOEpvlqJWUDYe-uXvxIxtJ8jNRb-r9Mp8iz-rMc7UbeCY2zP9mYSQ-CVIQeqC-4QRyCe0ccdhg77kaHfISUL8VMmQl6waHOAXk4f63sVC_-i5Bm-I/s2280/Treasury%20(5)%205:21:2024%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="718" data-original-width="2280" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLnyuWFgN63sMxPreavG25mZp5TGczJOBGnn92Qg-wKha5DLAwh16j7ixPUG-P9riWIwxpJuH9FDwMOEpvlqJWUDYe-uXvxIxtJ8jNRb-r9Mp8iz-rMc7UbeCY2zP9mYSQ-CVIQeqC-4QRyCe0ccdhg77kaHfISUL8VMmQl6waHOAXk4f63sVC_-i5Bm-I/s320/Treasury%20(5)%205:21:2024%20.png" width="320" /></span></a></div><span style="font-family: georgia;">119 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 5/21/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $85.7</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.363</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmTzUM3AZNrdT6WLGZAetfwRCs3V2UtvpCrc0KjEAB8c2Sr97gwbJBIce9RuHIPvWttocqn-TzkR5EnfFJRmLYvAgNNc6Dq6ZCwrTzw_QQO-O3QI68Dkr5u_Jll_M7Y_u9yNag3gSDhDDSmIQRZzmHMIAPfA60Wq8R0auFaC6GtWRf3rjo5YzcHkdok940/s1216/119%20day%205.363%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="598" data-original-width="1216" height="157" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmTzUM3AZNrdT6WLGZAetfwRCs3V2UtvpCrc0KjEAB8c2Sr97gwbJBIce9RuHIPvWttocqn-TzkR5EnfFJRmLYvAgNNc6Dq6ZCwrTzw_QQO-O3QI68Dkr5u_Jll_M7Y_u9yNag3gSDhDDSmIQRZzmHMIAPfA60Wq8R0auFaC6GtWRf3rjo5YzcHkdok940/s320/119%20day%205.363%25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Bought 5 Treasury Bills at the 1/18/24 Auction - Schwab Account</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE7yOXpxKzfAJR_US06pngWm-wBxG_zwLBbUc4DzBjFqdGKmGA1fHSX2yNA_EHvoYICT1H6nBb0sv8apCopdONTVTPeqMseXzqvGObXB_dDWverDG0XMZZVa7-UEvYbBsA78oGRwnMNnwdsWwFrx6TincasHqosICMtukVpLRa_gzNg4UMTvSjFidfMWWm/s2926/Treasury%20(5)%203:19:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="234" data-original-width="2926" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE7yOXpxKzfAJR_US06pngWm-wBxG_zwLBbUc4DzBjFqdGKmGA1fHSX2yNA_EHvoYICT1H6nBb0sv8apCopdONTVTPeqMseXzqvGObXB_dDWverDG0XMZZVa7-UEvYbBsA78oGRwnMNnwdsWwFrx6TincasHqosICMtukVpLRa_gzNg4UMTvSjFidfMWWm/s320/Treasury%20(5)%203:19:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 3/19/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $41.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.407</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXwcRBfPw98shMsF8XC9Xs2_hTOnubynhqD8FBmxRi-y7klTEwRiuF9_6SGBqk52pfRPUd6AxIudnja1dhOVJJJTSPxns5bVisA1TybKkxYXLJtIIegoBvyQHJWwtuGs_C8QvFEFCVu4hhQfXZu17rWQ7mJo7UxStwi3YXh9SSfbOQOnSJ6ekpY4zDCmpT/s1270/56day%20bill%205.407%25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="574" data-original-width="1270" height="145" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXwcRBfPw98shMsF8XC9Xs2_hTOnubynhqD8FBmxRi-y7klTEwRiuF9_6SGBqk52pfRPUd6AxIudnja1dhOVJJJTSPxns5bVisA1TybKkxYXLJtIIegoBvyQHJWwtuGs_C8QvFEFCVu4hhQfXZu17rWQ7mJo7UxStwi3YXh9SSfbOQOnSJ6ekpY4zDCmpT/s320/56day%20bill%205.407%25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. U.S. Equity Preferred Stocks</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>A. Eliminated the Duplicate Position in SLGPRI - Sold 15 at $21.28 (Fidelity Account)</u></b></span></i>:</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRBr0wfk9btQS1uv1Y2JXfZ-bhbTL1tdTRWoSzicLXhKBQOJGH87YOVdggA-N9NYvf6vkdyPYmESsdNoBJQYq9hIRogb6YP2uEQXW6iyAtdqtwgImdqh3nHpq6bzE45QQW52auNSiVB8m882tBCOCuuzCwrBqgJ4fZYZHFwpcRweEv_VKmQomErfw7aJ0n/s2268/slgpri%2015%20shares%20at%20$21.28%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="206" data-original-width="2268" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRBr0wfk9btQS1uv1Y2JXfZ-bhbTL1tdTRWoSzicLXhKBQOJGH87YOVdggA-N9NYvf6vkdyPYmESsdNoBJQYq9hIRogb6YP2uEQXW6iyAtdqtwgImdqh3nHpq6bzE45QQW52auNSiVB8m882tBCOCuuzCwrBqgJ4fZYZHFwpcRweEv_VKmQomErfw7aJ0n/s320/slgpri%2015%20shares%20at%20$21.28%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://finance.yahoo.com/quote/SLG-PI?p=SLG-PI&.tsrc=fin-srch" style="text-align: left;">SLG-PI</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $319.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the Capital Structure: Equity preferred stock senior only to common stock </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/slg?mod=over_search" style="text-align: left;">SL Green Realty Corp (SLG)</a> - Primarily A NYC Office REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>There was a negative 60 minute program that recently aired about NYC Office properties that included an interview with SLG's CEO. </span><a href="https://www.youtube.com/watch?v=TfUhykd1Ifc" style="text-align: left;">Hybrid work leaves offices empty and building owners reeling | 60 Minutes - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the Capital Structure: Equity Preferred Stock, senior only to common stock. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1040971/000104746912008020/a2210598z424b2.htm" style="text-align: left;"><span style="font-family: georgia;">Prospectus</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 6.5% paid on a $25 par value. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid quarterly, cumulative and non-qualified (pass through entity).</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: None, potentially perpetual. Call protection has expired. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stopper Clause: Standard. Enforces the preferred stocks superior claim to cash common only to the common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit agencies have recently downgraded this REIT's credit ratings. <a href="https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-downgrades-sl-green-realty-corp-to-bb-outlook-negative-14-08-2023" style="text-align: left;">Fitch Downgrades SL Green Realty Corp. to 'BB+'; Outlook Negative</a> (8/14/23) The BB+ rating is for the senior unsecured debt. Fitch downgraded the preferred stock to BB- from BB. On 8/30/23, Moody's downgraded the SU debt to Ba2 from Ba1 and the preferred stock to B1 from Ba3. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">To improve liquidity in a difficult office property environment, SLG has sold some properties and reduced its monthly common share dividend. <a href="https://www.nasdaq.com/market-activity/stocks/slg/dividend-history" style="text-align: left;">SLG Dividend History-Nasdaq</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Most Recent Property Disposition: <a href="https://slgreen.gcs-web.com/news-releases/news-release-details/sl-green-announces-sale-625-madison-avenue" style="text-align: left;">SL Green Announces Sale of 625 Madison Avenue</a> (12/4/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">For as long as this REIT pays a common stock cash dividend, it can not legally defer paying the entire preferred stock dividend. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1040971&owner=exclude"><span style="font-family: georgia;">SLG SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1040971/000104097123000040/slg-20230930.htm"><span style="font-family: georgia;">SLG 10-Q for the Q/E 9/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 6.A. Added to SLGPRI in Schwab Account - Bought 3 at $17.5; 2 at $17.27 (11/25/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 5.C. Added 2 SLGPRI at $17.99 (11/18/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$62.49</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdDfMWZDVF35Wpg3X_1eIIqYXlFAfjZoEVvxjQnXOUjl0uPnmygb1Yis4AEfJJNfSRQnLO_74Hk7CkLxp6nHk2uZz4-GfOUdze04to7ffqqNzqXV9MTrM6II8OGKEPUT4MZoJh19Lcpfn5W0f9fwnFpuIF0rZT_2W8CbDA3VrqcZJMfBVQCRjYvj8Gtuzq/s1960/2023%20SLGPRI%2015%20Shares%20+$62.49%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="262" data-original-width="1960" height="43" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdDfMWZDVF35Wpg3X_1eIIqYXlFAfjZoEVvxjQnXOUjl0uPnmygb1Yis4AEfJJNfSRQnLO_74Hk7CkLxp6nHk2uZz4-GfOUdze04to7ffqqNzqXV9MTrM6II8OGKEPUT4MZoJh19Lcpfn5W0f9fwnFpuIF0rZT_2W8CbDA3VrqcZJMfBVQCRjYvj8Gtuzq/s320/2023%20SLGPRI%2015%20Shares%20+$62.49%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a>, part of the <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Sell Discussions</i></u>: <a href="https://tennesseeindependent.blogspot.com/2020/09/aod-bk-csco-ebgef-ed-fax-fivg-gbdc-hbnc.html" style="text-align: left;">Item # 3.A. Eliminated SLGPRI-Sold 20 at $25.96 (9/12/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2014/05/canadian-basket-table-and-negative.html" style="text-align: left;">Item # 5 Sold 50 SLGPRI at $23.6 (4/3/2014 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>SLGPRI Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$213.77</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="color: #800180;"><b><i><u>B. Eliminated EPRPRC - Sold 21 at $20.78</u></i></b></span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaVYOA2cPFYobMr7JEvlt1tC3dHtCVpIJ6tyMVGg_x6FqSy1UcwIoXzwFhCryYUOmebTJhPMy34ykdOsVZqXu-sxfsW0NWmXeGuag5o2MbPAllQg6AkRJFyLVTtwXRH1bK5ea0_b-5_n2BU9XMFBwu7EHstD0pazY_FOdFaOdNFTyU3_TscAZMYfqPzSLp/s2904/eprprc%2021%20shares%20at%20$20.78%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="272" data-original-width="2904" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaVYOA2cPFYobMr7JEvlt1tC3dHtCVpIJ6tyMVGg_x6FqSy1UcwIoXzwFhCryYUOmebTJhPMy34ykdOsVZqXu-sxfsW0NWmXeGuag5o2MbPAllQg6AkRJFyLVTtwXRH1bK5ea0_b-5_n2BU9XMFBwu7EHstD0pazY_FOdFaOdNFTyU3_TscAZMYfqPzSLp/s320/eprprc%2021%20shares%20at%20$20.78%20.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Quote: </span></span><a href="https://www.marketwatch.com/investing/stock/epr.prc?mod=search_symbol" style="text-align: left;">EPR Properties 5.75% Cumulative Convertible Preferred Series C Stock</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $436.37</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/epr?mod=search_symbol" style="text-align: left;">EPR Properties (EPR)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Profit Snapshot: Net of <span style="color: #6aa84f;">$26.54</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_edcWXFMr0cl7O5t9pY6U5_x_cGMJnPQoTO4AGv6YZ7RsMdqva9SYYQM7Tv4v9KdxdHHNlAKPa52W4Lh1tVSi8JObKIs1XFYR9XRPFSDQBkFyojL5mMeflTrCBgQ5uiQ-YsdLHTKqM__OC3YQkZjLWpcN9QuXTlQPHnArq-sK8t33hqdE3CsfqssLZVFm/s2668/2024%20EPRPRC%2021%20Shares%20Net%20of%20+$26.54%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1306" data-original-width="2668" height="157" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_edcWXFMr0cl7O5t9pY6U5_x_cGMJnPQoTO4AGv6YZ7RsMdqva9SYYQM7Tv4v9KdxdHHNlAKPa52W4Lh1tVSi8JObKIs1XFYR9XRPFSDQBkFyojL5mMeflTrCBgQ5uiQ-YsdLHTKqM__OC3YQkZjLWpcN9QuXTlQPHnArq-sK8t33hqdE3CsfqssLZVFm/s320/2024%20EPRPRC%2021%20Shares%20Net%20of%20+$26.54%20.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Last Discussed</u></i>: </span></span><a href="https://tennesseeindependent.blogspot.com/2023/01/bdn-bhb-cizn-dea-elc-emp-eprprc-gty.html" style="text-align: left;">Item # 2.A. Added to ERPPRC - Bought 5 at $18.74; 5 at $17.75(1/3/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2022/12/aqn-argopra-bhb-dea-ftklx-hppprc-jqc.html" style="text-align: left;">Item # 2.C. Added 5 EPR.PRC at $19.35 (12/20/22 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stocks</a>, part of the <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Preferred Stock <a href="https://www.sec.gov/Archives/edgar/data/1045450/000095013406023449/c10771be424b5.htm">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Placement in the Capital Structure: Equity Preferred Stock, senior only to common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 5.75%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid Quarterly, Non-Qualified and Cumulative </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Conversion into Common Stock</i></u><span>: Conversion feature is currently assigned no value, or close to it, based on the preferred stock price. That has not always been the case as shown by some price levels before the pandemic, including those of some of my prior sales. The current conversion price is at $58.8 as of 12/31/23: </span><a href="https://s26.q4cdn.com/183406895/files/doc_downloads/2024/Summary-of-Series-C-Preferred-Shares.pdf" style="text-align: left;">Summary of Series C Preferred-Shares.pdf</a> At some point, the conversion feature may start to positively impact the share price, but it is difficult to foresee that happening anytime soon given the troubles of major tenants in the movie theater business. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The conversion price started at $71.34 and has drifted down as determined by a complex formula. One component of that formula is the amount that common share quarterly dividend exceeds $.685 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Common share dividends are now paid monthly at $.275 per share or $.825 per share on a quarterly basis. </span><a href="https://investors.eprkc.com/dividends/default.aspx" style="text-align: left;">Dividends | EPR Properties</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The value of this security has been negatively impacted by credit concerns related to financial problems experienced by several tenants (e.g. Regal bankruptcy), the rise in risk free yields, and no value assigned to the conversion feature. The credit concerns are far less now than during the early pandemic period when survival of this REIT was questionable. A robust rally in the common stock, which causes the conversion to come into play, fewer problems with tenant non-rent or reduced rent payments, and/or a decline in interest rates, would be a tailwins for this preferred stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Prior Sell Discussions</u></i>: </span></p><div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2020/07/angl-arcc-doc-duk-ebgef-eprprc-finx-jdd.html">Item # 4.B. Sold 10 ERPPRC at $20.32 (7/3/2020 Post)</a>(profit snapshot = $76.66);</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2020/05/bhb-btz-dgro-ebayl-eprprc-good-hta-ibm.html">Item # 3.B. Sold 10 EPRPRC at $17.5 and 5 at $16.22 (5/2/20 Post)</a>(profit snapshot = $16.6) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://tennesseeindependent.blogspot.com/2018/10/observations-and-sample-of-recent_21.html">Item # 3 <b>Sold</b> 50 EPRPRC <b>at $27.49</b> (10/21/18 Post)</a>(profit snapshot = $178.58)-<a href="https://tennesseeindependent.blogspot.com/2018/04/observations-and-sample-of-recent_23.html">Item # 1 Bought 50 EPRPRC at $23.78-Used Commission Free Trade (4/23/18 Post)</a></span><br /><span><span><br /></span><span><a href="https://tennesseeindependent.blogspot.com/2018/09/observations-and-sample-of-recent_12.html">Item # 1.B.<b> Sold</b> 50 EPR</a><a href="https://tennesseeindependent.blogspot.com/2018/09/observations-and-sample-of-recent_12.html">PRC <b>at $28.48</b> (9/12/18 Post)</a>(profit snapshot = $224.22)-<a href="https://tennesseeindependent.blogspot.com/2018/04/observations-and-sample-of-recent_23.html">Item # 1 Bought 50 EPRPRC at $24 (4/23/18)</a></span></span><br /><span><span><br /></span><span><a href="https://seekingalpha.com/instablog/434935-south-gent/4868041-update-equity-reit-basket-strategy-4-6-16"><span>Item # 3 Sold 50 EPRPRC-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gen</span><span>t | Seeking Alpha</span></a><span> (profit snapshot = $160.48)</span></span></span></span></p><div><span style="font-family: georgia;"><span><span><span><i><u>Current Position</u></i>: None </span></span></span></span></div></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>ERPPRC Trading Profits to Date</u></i>: <span style="color: #6aa84f;">$683.08</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span> </span><span style="color: #2b00fe; font-weight: bold;">6. Small Ball Purchases - CEFs and ETFs</span><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Bought 10 PEO at $20.86; 5 at $19.96</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKEh_Wg_FbIAn5ijXfuH6w61G6shKiBXj0vQaT0vp5i2mOs7fVa5_oMPmYsL6_0crwL7hIjPzCvPplcSdfRPLt8S0ycB8I1LnxNdePlkBuYfEzEBN9wh3dvHzQ06qpUbDnHjqf_QLt5Bdd14OewRtVgjKjsAl7A2XydFb6S8ieHmY9KM9DPKPUuFzehsKa/s2948/PEO%2010%20shares%20at%20$20.86%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="278" data-original-width="2948" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKEh_Wg_FbIAn5ijXfuH6w61G6shKiBXj0vQaT0vp5i2mOs7fVa5_oMPmYsL6_0crwL7hIjPzCvPplcSdfRPLt8S0ycB8I1LnxNdePlkBuYfEzEBN9wh3dvHzQ06qpUbDnHjqf_QLt5Bdd14OewRtVgjKjsAl7A2XydFb6S8ieHmY9KM9DPKPUuFzehsKa/s320/PEO%2010%20shares%20at%20$20.86%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0iq6INWq0TIpLErJM62hockeMFQ09YRVS5AZskQ3Bxl3bsmz0euLQ_ibZuxHHzIGYoNEebFGPg_cGbj-MtfJ_I1Mf62cqKe9oQr0_QZfbY08yjJx2j9_DQipJ-4b0yfkDMeefbdpWvF3XYWldzThphfW-Fs7Gf8ctrrZf7zkcAeN4cDe94oWbZF1haVBW/s2942/Screenshot%202024-01-19%20at%202.08.05%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="274" data-original-width="2942" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0iq6INWq0TIpLErJM62hockeMFQ09YRVS5AZskQ3Bxl3bsmz0euLQ_ibZuxHHzIGYoNEebFGPg_cGbj-MtfJ_I1Mf62cqKe9oQr0_QZfbY08yjJx2j9_DQipJ-4b0yfkDMeefbdpWvF3XYWldzThphfW-Fs7Gf8ctrrZf7zkcAeN4cDe94oWbZF1haVBW/s320/Screenshot%202024-01-19%20at%202.08.05%E2%80%AFPM.png" width="320" /></a></div></div></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/peo?mod=search_symbol" style="text-align: left;">Adams Natural Resources Fund Inc. Overview</a> - A Stock CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $308.38 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average cost per share: <b>$20.56</b> (15 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is one of the CEFs that was formed just prior to the October 1929 crash. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.adamsfunds.com/funds/natural-resources/" style="text-align: left;">Adams Funds</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=216851"><span style="font-family: georgia;">PEO SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/216851/000110465923111386/tm2324147-3_n30b2.htm">SEC Filed 2023 Third Quarter Report</a> (lists holdings as of 9/30/23)</span></p><div><span style="font-family: georgia;"><u><i>Top 10 Holdings as of 9/30/23</i></u><span>: </span></span></div><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgO-p-sABJtjQnQGoQ4JmeORSOlUiBiVNcaI57vdSgUUt5uuhuStk_0prdTCfYYvN71ggPPZs68yIFXWq7SHfEvxaTA7DzaPUW0j6SS7drPjS-E1_kqsLl5mGb3PRn5kYlQcDK7FTTjifvbCrbu7326_454RSfpBLXRJpBF2Flj00TdFnZ0tj-5z57LfOYe/s1044/Screenshot%202024-01-15%20at%2012.11.55%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="610" data-original-width="1044" height="187" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgO-p-sABJtjQnQGoQ4JmeORSOlUiBiVNcaI57vdSgUUt5uuhuStk_0prdTCfYYvN71ggPPZs68yIFXWq7SHfEvxaTA7DzaPUW0j6SS7drPjS-E1_kqsLl5mGb3PRn5kYlQcDK7FTTjifvbCrbu7326_454RSfpBLXRJpBF2Flj00TdFnZ0tj-5z57LfOYe/s320/Screenshot%202024-01-15%20at%2012.11.55%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;">The fund provides information on its primary quarterly portfolio changes at its website. Click "Reports" and scroll down to "Quarterly Changes in Portfolio Securities". </span></div></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">This is a snapshot for the 2023 third quarter: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRc7bK9v2J7Q5ILdGJYHJeiffpwySZgGWNkZke3UWZlECEcWtHFgMVmnDrwBjVDtEjjbxTXF2nFoEW4hY8g4cz7t6MhI8CIjS4dRHap2xlen2xR05uK_JkJVM5dnSFcvlrNekIUx3a0WwDxwLg-J1YY2vyoAU3QLQ1Dq0QTyicnGwTjjaM2juCROpKF_3J/s1532/Screenshot%202024-01-15%20at%2012.15.08%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1532" data-original-width="1294" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRc7bK9v2J7Q5ILdGJYHJeiffpwySZgGWNkZke3UWZlECEcWtHFgMVmnDrwBjVDtEjjbxTXF2nFoEW4hY8g4cz7t6MhI8CIjS4dRHap2xlen2xR05uK_JkJVM5dnSFcvlrNekIUx3a0WwDxwLg-J1YY2vyoAU3QLQ1Dq0QTyicnGwTjjaM2juCROpKF_3J/s320/Screenshot%202024-01-15%20at%2012.15.08%E2%80%AFPM.png" width="270" /></span></a></div></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Elimination</i></u>: </span><span> </span><a href="https://tennesseeindependent.blogspot.com/2023/01/adx-ccnep-enb-fhb-finx-grx-khc-maptx.html" style="text-align: left;">Item # 1. Eliminated PEO - Sold 182+ at $22 (1/16/23 Post)</a><span>(profit snapshot = <span style="color: #6aa84f;">$853.25</span>)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Buy Discussion</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/bbdc-dirunca-emp-fcvsx-fsphx-glq-jpc.html" style="text-align: left;">Item # 2.H. Bought 5 PEO at $19.86 (12/9/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data as of 1/12/24 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $24.44</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $20.8</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -14.89%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 Year Discount: -14.51%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/PEO" style="text-align: left;">PEO - CEF Connect</a> (Click Pricing Information Tab)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/17/23 at $1.05 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/PEO/dividends/history">PEO Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u><span>: Variable, with most of the amount paid in the 4th quarter that includes capital gains realized during the year. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Added 5 GCOW at $33.34</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgi1vOk91lD60Pzk22y4PNUevtUtJ_P7e2DrkGLuD-JPAAiHdGTwy6tMJlg-5MT8C1ZoSNOt6v6XPdBYnrxn1dbjavJC4ysDz4BDerbPA8YCqc02tTGYXii_poWbgletXzJUdyr9Pc-wwwtCjMTEFtia3xQJsKMtlpPeHXUbxRYjUri-J3prT7DSXBXmhLY/s2954/gcpw%205%20at$33.34.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="250" data-original-width="2954" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgi1vOk91lD60Pzk22y4PNUevtUtJ_P7e2DrkGLuD-JPAAiHdGTwy6tMJlg-5MT8C1ZoSNOt6v6XPdBYnrxn1dbjavJC4ysDz4BDerbPA8YCqc02tTGYXii_poWbgletXzJUdyr9Pc-wwwtCjMTEFtia3xQJsKMtlpPeHXUbxRYjUri-J3prT7DSXBXmhLY/s320/gcpw%205%20at$33.34.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/gcow?mod=search_symbol" style="text-align: left;">Pacer Global Cash Cows Dividend ETF Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $166.7 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">New Average cost per share: <b>$34.05</b> (20 Shares) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This ETF incorporates free cash flow yield into its dividend stock selection criteria. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.paceretfs.com/products/GCOW" style="text-align: left;">GCOW | Pacer ETFs</a> (expense ratio = .6%) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/bats/gcow/quote">GCOW – Pacer Global Cash Cows Dividend ETF- Morningstar</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/bats/gcow/portfolio">GCOW – Portfolio -Morningstar</a> (lists top 25 holdings)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I have nothing further to add to my recent discussion. </span><a href="https://tennesseeindependent.blogspot.com/2024/01/acco-bk-ebmt-gcow-khc-mfic-o-pflt-phg.html" style="text-align: left;">Item # 2. Started GCOW - Bought 5 at $34.58; 5 at $34.25; 5 at $34.08 (1/12/24 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maximum Position: 100 shares with each subsequent purchase required to reduce my average cost per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Added 10 THQ in Fidelity Account at $18.45</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-QTR2jNwIMEL2BPIUtY4rEjNVtafWbOffw2E6LH0UrQp0s30T_Cyrqlb8HtzeI6TsA2xGfjUI1MLIz41bhpsEqlhyphenhyphenU8LfphcG1KqrIEEoWDgFr-djesF475U1DB5WibLzrKFgeW2MkNPxQgsuKh3T7DBW5JlSnzUWfMDmIog1xeYBe4PeqCjdX3hNxxkU/s2262/THQ%2010%20SHARES%20AT%20$18.45%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="118" data-original-width="2262" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-QTR2jNwIMEL2BPIUtY4rEjNVtafWbOffw2E6LH0UrQp0s30T_Cyrqlb8HtzeI6TsA2xGfjUI1MLIz41bhpsEqlhyphenhyphenU8LfphcG1KqrIEEoWDgFr-djesF475U1DB5WibLzrKFgeW2MkNPxQgsuKh3T7DBW5JlSnzUWfMDmIog1xeYBe4PeqCjdX3hNxxkU/s320/THQ%2010%20SHARES%20AT%20$18.45%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/thq?mod=search_symbol">Tekla Healthcare Opportunities Fund Overview</a><span> - A Leveraged Balanced CEF</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $184.5</span></p><div><span style="font-family: georgia;">See Item # 2. Above. </span></div><p style="text-align: justify;"><span style="font-family: georgia;">As discussed above in Item # 2., I eliminated my position in another account, selling 69+ shares at $18.87. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$15.43</b> (25+ shares) This add raised my AC from $13.43.</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjW0qyTGRW12xgOMb8-26jkObDLcBKixtbUBF0brnpSIB6meuWsEwlcQn-U-Zly0bZlXe6jEJQ3bNC7Eh-WXI8dbco2nWW3YOTO8enezTTzlPsSw_py3QmWs4lBNjY_ghVIjvkZJVyxoLEDEtCUWxdrXnpl1zYS_gOg5ygUuvL6qmbwznDLD62h9oyKm4vT/s2394/THQ%20NEW%20AC%20AT%20$15.4325+%20SHARES%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="84" data-original-width="2394" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjW0qyTGRW12xgOMb8-26jkObDLcBKixtbUBF0brnpSIB6meuWsEwlcQn-U-Zly0bZlXe6jEJQ3bNC7Eh-WXI8dbco2nWW3YOTO8enezTTzlPsSw_py3QmWs4lBNjY_ghVIjvkZJVyxoLEDEtCUWxdrXnpl1zYS_gOg5ygUuvL6qmbwznDLD62h9oyKm4vT/s320/THQ%20NEW%20AC%20AT%20$15.4325+%20SHARES%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/18/24 after add</span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: </span><span style="font-family: georgia;">Monthly at $.1125 per share ($1.35 annually), with ROC support. </span></p><div><a href="https://seekingalpha.com/symbol/THQ/dividends/history" style="text-align: justify;"><span style="font-family: georgia;">THQ Dividend History | Seeking Alpha</span></a></div><div><span style="font-family: georgia; text-align: justify;"><br /></span></div><div><span style="font-family: georgia; text-align: justify;"><u><i>Yield at New AC</i></u>: <b>8.75</b>%</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><u>Data Date of 1/18/24 Trade</u><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $21.51 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $$18.58 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: - 13.62%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">3 Year Average Discount: - 7.46% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/THQ" style="text-align: left;">THQ - CEF Connect</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>D. Added to AOD - Bought 10 at $7.92</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrfJQim5Bj7HtGyVuh60QHLLLpvhsAt-_TCPq9MOC0jF5eiD5iy8xTyCGY_uJiNcU_6I9D4QDfar8nRbRePEhDPBWVwsOaAox_i7p-a2VoRVJW7TdfxExZ2L5fvBqlkaihhUCpMqEeAw_F4IHGWX-mnHWM3Bz5ULYDnjUZiiIKNuQMEYO9EZ81N6eYV7EZ/s2238/aod%2010%20at%20$7.92.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="126" data-original-width="2238" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrfJQim5Bj7HtGyVuh60QHLLLpvhsAt-_TCPq9MOC0jF5eiD5iy8xTyCGY_uJiNcU_6I9D4QDfar8nRbRePEhDPBWVwsOaAox_i7p-a2VoRVJW7TdfxExZ2L5fvBqlkaihhUCpMqEeAw_F4IHGWX-mnHWM3Bz5ULYDnjUZiiIKNuQMEYO9EZ81N6eYV7EZ/s320/aod%2010%20at%20$7.92.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/aod?mod=search_symbol" style="text-align: left;">abrdn Total Dynamic Dividend Fund Overview</a> - Stock CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost = $79.2</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1379400"><span style="font-family: georgia;">AOD SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1379400/000110465924002194/tm2327714d7_ncsr.htm">AOD SEC Filed Annual Report for the the period ending 10/31/23</a> (cost of investments then at $825.158+M with the value at $938.422+M; as of 10/31/23, the fund had outstanding of $49.051+M in borrowings priced as a spread to the SOFR rate, up from the average borrowing during the six month period of $21.767+M, see page 32)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/aod-eai-ivz-mor-ofs-onb-pltk-pwfprtca.html" style="text-align: left;">Item # 3.B. Added to AOD - Bought 30 shares at $8.13 (12/30/23 Post)</a> I have nothing substantive to add to my recent discussions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Investment Category</u></i>: Monthly Income Generation. I will stop buying monthly dividend paying CEFs in my Fidelity account when the total exceeds $200 per month. I will not calculate that total until early April for March. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: $.0575 ($.69 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The dividend is currently supported by ROC. The only was to earn the dividend in its entirety is through realized capital gains. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New average cost per share</i></u>: <b>$7.95</b> (162+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> =<b> 8.68</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next ex dividend</i></u>: 1/23/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/AOD/dividends/history">AOD Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 1/18/24 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $9.34</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $7.91</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -15.31%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 year discount: -11.66% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/AOD" style="text-align: left;">AOD - CEF Connect</a> <span> </span><span>(click "Pricing Information" Tab)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/aod/portfolio">abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar</a> Lists top 25 holdings. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>7. Small Purchase - Blackjack Hands</b></span>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">A BlackJack hand, when used to describe a stock purchase, is meant to express the high risk and the speculative nature of the stock. I am basically devoting about the same amount of capital to the purchase as I would playing a blackjack hand at a casino. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>A. Restarted MAXN - Bought 10 at $4.93- Schwab Account</u></b></span></i>: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg23Xgu_hy__VdkThCKUhlJjHPFSRvc5MRcCf8qiZTOi9SH3AFhGnRvZLF4dT4ClWRuxzQ5MUqKkSTVZhLZMEWIm5F_bFU2krhJZ7inWhY8yiJUS4TsRFFu4gA07ze2EPfA3eP0rFAnHYbfggGcjSZ_Q9nkvN9uMeU9oxDy9VS4DIsBY9qJRUyu9PZb_on8/s2978/MAXN%2010%20at%20$4.93%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="650" data-original-width="2978" height="70" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg23Xgu_hy__VdkThCKUhlJjHPFSRvc5MRcCf8qiZTOi9SH3AFhGnRvZLF4dT4ClWRuxzQ5MUqKkSTVZhLZMEWIm5F_bFU2krhJZ7inWhY8yiJUS4TsRFFu4gA07ze2EPfA3eP0rFAnHYbfggGcjSZ_Q9nkvN9uMeU9oxDy9VS4DIsBY9qJRUyu9PZb_on8/s320/MAXN%2010%20at%20$4.93%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Contains Snapshots of Prior Sales at $18.75 and $20.38 in 2021 </span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/maxn?mod=over_search" style="text-align: left;">Maxeon Solar Technologies Ltd.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $49.25</span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">"Headquartered in Singapore, Maxeon designs and manufactures Maxeon® and SunPower® brand solar panels, and has sales operations in more than 100 countries, operating under the SunPower brand in certain countries outside the United States. The Company is a leader in solar innovation with over 1,600 patents and two best-in-class solar panel product lines. Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,700 trusted partners and distributors."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://maxeon.com/" style="text-align: left;">Maxeon Solar Technologies</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/maxn/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">MAXN Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1796898&owner=exclude">MAXN SEC Filings</a> (foreign company forms) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1796898/000179689823000025/maxn-20230101.htm">2022 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Elimination</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/08/bax-cfg-cut-hban-ip-ivz-key-maxn-opbk.html" style="text-align: left;">Item # 1.J. Eliminated Remaining Shares of MAXN - Sold 14 Shares at $18.25 (8/2/2022 Post)</a>(profit snapshot = $32.75). In that post, I made the following comment: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgab8RtUOkagxSQPY9TEt6lLSYJ6__mTQXdsxD3dx4NOWlaTrS2cE7sbXlxAo_7OsAIg3T-HV0gg9Baafzw3WyNKGHoftIlmmMTjrVLbz-QsloXOzjIl3OlSRFLFKy1zxu8PRgHgD53eeMc-K09ks6qQVtQX4x63IF-KNe7Gd26ix_DOQ70iHbtyPSgj8kK/s1656/Screenshot%202024-01-16%20at%206.16.55%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="318" data-original-width="1656" height="61" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgab8RtUOkagxSQPY9TEt6lLSYJ6__mTQXdsxD3dx4NOWlaTrS2cE7sbXlxAo_7OsAIg3T-HV0gg9Baafzw3WyNKGHoftIlmmMTjrVLbz-QsloXOzjIl3OlSRFLFKy1zxu8PRgHgD53eeMc-K09ks6qQVtQX4x63IF-KNe7Gd26ix_DOQ70iHbtyPSgj8kK/s320/Screenshot%202024-01-16%20at%206.16.55%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">The solar industry had an awful 2023 due to a variety of factors that are expected by many to continue this year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In addition to supply/demand imbalances created in part by higher interest rates for homeowners seeking to install solar panels, a law change in California that negatively impacted installation in that state, and input cost inflation increasing operating losses, MAXN had a major customer, SunPower, fall behind on its payments and MAXN suspended shipments to that installer for most of the third quarter. <a href="https://mediaroom.maxeon.com/2023-10-10-Maxeon-Solar-Technologies-provides-Business-Update-and-Announces-Preliminary-Third-Quarter-Revenue-and-Shipment-Results">Maxeon Solar Technologies provides Business Update and Ann</a><span><a href="https://mediaroom.maxeon.com/2023-10-10-Maxeon-Solar-Technologies-provides-Business-Update-and-Announces-Preliminary-Third-Quarter-Revenue-and-Shipment-Results">ounces Preliminary Third Quarter Revenue and Shipment Results - Oct 10, 2023</a>; <a href="https://mediaroom.maxeon.com/2023-11-15-Maxeon-Solar-Technologies-and-SunPower-Corporation-Announce-Supply-Agreement-Amendment-and-Resolution-of-Disputes">Maxeon Solar Technologies and SunPower Corporation Announce Supply Agreement Amendment and Resolution of Disputes - Nov 15, 2023</a> The settlement terminated the existing supply agreements with SunPower<span style="background-color: white; text-align: left;"> "</span><span style="background-color: white; text-align: left;">The settlement calls for SunPower to purchase 85 MW of IBC panels at contracted pricing through February 2024 and to post a $30 million payment security bond." </span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;">MAXN plans to aggressively ramp up U.S. sales through the recently acquired Solaria assets. </span></span><a href="https://mediaroom.maxeon.com/2023-09-20-Maxeon-Solar-Technologies-and-Complete-Solaria-sign-Definitive-Agreement-for-Purchase-of-Sales-Channel-Assets-and-Shingled-Solar-Panel-IP-by-Maxeon" style="text-align: left;">Maxeon Solar Technologies and Complete Solaria Sign Definitive Agreement for Purchase of Sales Channel Assets and Shingled Solar Panel IP</a> (9/20/23) I view this purchase as a response to the SunPower problem. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">MAXN was spun out of SunPower in 2020. The SPWR stock price currently reflects doubt that this company will survive for much longer. <a href="https://www.marketwatch.com/investing/stock/spwr?mod=search_symbol" style="text-align: left;">SunPower Corp (SPWR)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <span style="color: red;"><b>Blackjack Hand</b></span>, part of the Lottery Ticket Basket Strategy. I</span><span style="font-family: georgia;">n prior discussions, I noted that this company will be posting losses for years to come but has some speculative potential long term. Over the very long term, MAXN will hopefully become successful before humans are burned to a crisp through a collective worldwide failure to deal with climate change. I suspect that nothing meaningful will ever be done, however, given the entrenched opposition (e.g. republicans in the U.S.) who have and will exercise the power to stop any and all meaningful steps. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Loss Report</i></u> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1796898/000179689823000075/a991-q323.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3Qq_GR2QtBWZYHY_O2cisG0PtA_R6FkSp-YkanO0T5KjAWd4bRjyvDepoenxVtW7IuCOJv5QXjzrUuB5p8OTJ9t2FYsrectpct-EXXEJN3nPHbCeN-xOzr3AdgPDmwYswp4ZnWBt9G6-7HZGcEavSjeQiyQJAKjB1xpqi_o86LEzNMA1JBIfQe3WNbjeF/s3102/Screenshot%202024-01-16%20at%206.57.18%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1072" data-original-width="3102" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3Qq_GR2QtBWZYHY_O2cisG0PtA_R6FkSp-YkanO0T5KjAWd4bRjyvDepoenxVtW7IuCOJv5QXjzrUuB5p8OTJ9t2FYsrectpct-EXXEJN3nPHbCeN-xOzr3AdgPDmwYswp4ZnWBt9G6-7HZGcEavSjeQiyQJAKjB1xpqi_o86LEzNMA1JBIfQe3WNbjeF/s320/Screenshot%202024-01-16%20at%206.57.18%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">Revenue: $227.63M, down from $343.273M in the 2023 second quarter and $275.449M in the 2022 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP Net Loss: <span style="color: red;">-$108.257M</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted EBITDA: -$19.923M </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash and Cash Equivalents: $208.1M </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Other Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2021/11/amkby-bwg-cara-cpb-d-fidi-hta-iivi-kpti.html" style="text-align: left;">Item # 1.M. Eliminated MAXN in Fidelity Taxable-Sold 8 <b>at $22.75</b> (11/11/21 Post)</a><span>(profit snapshot for 25 shares = $68.01); </span><a href="https://tennesseeindependent.blogspot.com/2021/10/alex-cvx-ediv-irbo-is-maxn-miln-nvs-oge.html" style="text-align: left;">Item # 1.E. Pared MAXN in Vanguard Account-Sold 3 <b>at $19.4 </b>(10/21/21 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2021/10/alex-cvx-ediv-irbo-is-maxn-miln-nvs-oge.html" style="text-align: left;">Item # 1.F. Eliminated MAXN in Schwab Taxable Account-Sold 15 <b>at $18.75</b> (10/21/21 Post)</a><span>(profit snapshot = $26.09); </span><a href="https://tennesseeindependent.blogspot.com/2021/07/akba-cag-fhb-gsk-kc-maxn-mtb-oran-qdel.html" style="text-align: left;">Item # 2.C. Pared MAXN in 3 Taxable Accounts by Selling Highest Cost Lots-2 <b>at $20.1</b>; 5 <b>at $20.38</b>; 10 <b>at $20.6</b> (9/9/21 Post)</a><span>(profit snapshot = $10.07)</span></span></p><div style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Buy Discussion</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2022/01/arcc-bmy-brg-cc-culp-dnngy-fbiox-ibb.html" style="text-align: left;">Item # 1.I. Added to Lotto MAXN-Bought 1 at $12.68; 1 at $10.82 (1/7/22 Post)</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Public Stock Offerings</u></i>: Expansion financed with stock offerings is not a viable option now. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1796898/000119312523148250/d471719d424b5.htm">Prospectus</a> (May 2023): 5.62M shares + greenshoe <b>at $28</b> per share. An affiliate of Tianjin Zhonghuan Semiconductor agreed to purchase an additional $42M at $28 per share, which reduced its MAXN ownership stake to 23.4% from 23.7% after this public offering. A s<span>elling shareholder offered 1.87M shares + a greenshoe at $28. That seller was identified as TotalEnergies Solar (TES) who reduced its stake to 17.4% from 24.2% as a result (page S-22). A subsequent </span><a href="https://www.sec.gov/Archives/edgar/data/1796898/000179689823000042/cover8june2023.htm" style="text-align: left;">SEC</a> filing indicated that the TES stake had been reduced to 15.2%. <span>TES is a wholly owned subsidiary of </span><span style="background-color: white; text-align: left;">TotalEnergies Gaz & Electricité Holdings SAS which in turn is an indirect wholly owned subsidiary of </span><span style="background-color: white; text-align: left;">TotalEnergies SE.</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.prnewswire.com/news-releases/maxeon-announces-pricing-of-public-offering-of-ordinary-shares-301270476.html" style="text-align: left;">Maxeon Announces Pricing of Public Offering of Ordinary Shares</a> (April 2021) The offering price was <b>$18</b>. Concurrent with that public offering, MAXN sold 1.87M shares at $18 to an affiliate of Tianjin Zhonghuan Semiconductor. <a href="https://www.sec.gov/Archives/edgar/data/1796898/000119312521131620/d171738dex991.htm" style="text-align: left;">SEC Filing</a>; <a href="https://www.sec.gov/Archives/edgar/data/1796898/000119312521119912/d155846d424b5.htm" style="text-align: left;">Prospectus</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>MAXN Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$136.92</span> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Purchase Restriction</i></u>: Total investment can not exceed the prior realized gain. I call this restriction "Playing with the House's money", a pure gambling analogy. I do not currently expect the company to earn a profit in the 2024-2026 time frame. The blackjack hand is just a small bet that the company may survive long enough to capture a major uptrend in solar installations and will continue improving the performance of its solar panels.</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">7</span></b><b style="color: #2b00fe;">. Canadian Reset Equity Preferred Stocks</b></span><span style="font-family: georgia;">: </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Eliminated TRPPRH:CA - Sold 200 at C$13.24</u></i></span></b><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXEyztNCaCQprQMxEc8MkjE9ICXSa0fmJtzqPzHnta6cDRA9-vRz7RBgxV78niiQsurbzhU4T8aA-JMeXUFymaXaNXbhI5DEx7kOHg0bCechnCCzCgCkom8lnmqwHB9AsZTGEZsPubCRrRUM6A5HUIbHT2OqnZfjJuXVIGrBerPEmYjvkGVTQIKShT4W9s/s1408/trpprh%20200%20$13.24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="128" data-original-width="1408" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXEyztNCaCQprQMxEc8MkjE9ICXSa0fmJtzqPzHnta6cDRA9-vRz7RBgxV78niiQsurbzhU4T8aA-JMeXUFymaXaNXbhI5DEx7kOHg0bCechnCCzCgCkom8lnmqwHB9AsZTGEZsPubCRrRUM6A5HUIbHT2OqnZfjJuXVIGrBerPEmYjvkGVTQIKShT4W9s/s320/trpprh%20200%20$13.24%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/TRP-PH.TO?p=TRP-PH.TO" style="text-align: left;">TRP-PH.TO</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: C$2,646 after C$2 commission. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+C$140</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCH34njNnXzLjU79djc7e6uVdmcxnLX2C9iWJTxBlAA5OEmOivlYNuBe27nqDxrswL9cBY6qyqjlF-qnPxarfKiFKRc75iH1tcWdI4qUrg-gRPoUUyUrP7RGsc0vM9uNTZ0Aasdq4wcBRLFEhVzIOCtmP7u-5TH-SN22Xy23l7Xg1HbH4C0SHM62Nj9YJs/s1608/2024%20TRPPRH:CA%20200%20SHARES%20+C$140%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="214" data-original-width="1608" height="43" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCH34njNnXzLjU79djc7e6uVdmcxnLX2C9iWJTxBlAA5OEmOivlYNuBe27nqDxrswL9cBY6qyqjlF-qnPxarfKiFKRc75iH1tcWdI4qUrg-gRPoUUyUrP7RGsc0vM9uNTZ0Aasdq4wcBRLFEhVzIOCtmP7u-5TH-SN22Xy23l7Xg1HbH4C0SHM62Nj9YJs/s320/2024%20TRPPRH:CA%20200%20SHARES%20+C$140%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/trp?mod=search_symbol" style="text-align: left;">TC Energy Corp. (TRP)</a> I have a common stock position and own other TRP equity preferred reset stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I currently own 22 TRP common stock shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I still own two other TRP reset equity preferred stocks: 250 of TRPPRD:CA and 250 TRPPRE:CA in my IB Account:</span></p><p style="text-align: justify;"><span style="font-family: georgia;"> </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSiklh3eKOI4TwVgygPLfFCqT5UOPpOrutAIDkXzvwiadIWnMhNIeYlc3rh1rKbuQ70ZbLiR14DCtteQUI1ZbrppI0vvwsaHA6DTMlB5VEmjw_-ng9YsL986hQGfB2YTwElA5AWu0bkGfZMxfc2fw5gmaxho1VqaW06sMAD2LgMasHVaN_oYKDxQzM18Gf/s2706/Screenshot%202024-01-17%20at%209.28.29%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="244" data-original-width="2706" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSiklh3eKOI4TwVgygPLfFCqT5UOPpOrutAIDkXzvwiadIWnMhNIeYlc3rh1rKbuQ70ZbLiR14DCtteQUI1ZbrppI0vvwsaHA6DTMlB5VEmjw_-ng9YsL986hQGfB2YTwElA5AWu0bkGfZMxfc2fw5gmaxho1VqaW06sMAD2LgMasHVaN_oYKDxQzM18Gf/s320/Screenshot%202024-01-17%20at%209.28.29%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Price as of Close on 1/17/24 </span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">The unrealized gain in those two preferred stock was then at C$857</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I also own 1 TRP SU bond that matures on 1/15/2026. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">TRP Preferred Stock Prospectuses can be found here: <a href="https://www.tcenergy.com/investors/stock-information/" style="text-align: left;">TC Energy — Stock Information</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: C$25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Coupon: <b>1.28%</b> spread to the 3 month Canadian government bill. </span><a href="https://www.marketwatch.com/investing/Bond/TMBMBCA-03M?countrycode=BX" style="text-align: left;">Canada 3 Month Government Bond Overview</a>; <a href="https://www.bankofcanada.ca/rates/interest-rates/t-bill-yields/" style="text-align: left;">Selected treasury bill yields - Bank of Canada</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Resets coupon every 3 months. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid quarterly and cumulative. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There are two reasons for selling this preferred stock. While the current yield at my total cost per share was good, with the 3 month Canadian bill near 5% and a total cost basis of C$12.53 or 49.88% below the C$25 par value, the yield may have already peaked with the next major move being down. And, the spread to the 3 month bill is the worst among the reset equity preferred stocks that I own that reset quarterly. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Fitch downgraded the TRP preferred stock rating to BBB- from BBB in March 2023. <a href="https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-tc-energy-to-bbb-outlook-stable-03-03-2023" style="text-align: left;">Fitch Downgrades TC Energy SU Debt to 'BBB+'; Outlook Stable</a> The rating was reaffirmed in July 2023: <a href="https://www.fitchratings.com/research/corporate-finance/fitch-affirms-tc-energy-corporation-at-bbb-outlook-stable-31-07-2023" style="text-align: left;">Fitch Affirms TC Energy Corporation at 'BBB+'; Outlook Stable</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Buy Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/06/aod-ciopra-clpr-eai-emp-fsk-pflt.html" style="text-align: left;">Item # 1.B. Added 50 TRPPRH:CA at C$12.95 (6/24/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_16.html" style="text-align: left;">Item # 1.A. Bought 50 TRPPRH at C$11.1 (11/16/2019)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/02/observations-and-sample-of-recent_23.html" style="text-align: left;">Item # 3. Bought 100 TRPPRH:CA at C$13 (2/23/19 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Sell Discussion</u></i>: <a href="https://tennesseeindependent.blogspot.com/2017/05/observations-and-sample-of-recent_17.html" style="text-align: left;"><span>I</span><span>tem # 5.B. Sold 100 TRPPRH at C$14.2 (5/17/17 Post)</span></a>(profit snapshot = <span style="color: #6aa84f;">C$393</span>) I sold the lot purchased at C$10.25. <a href="https://seekingalpha.com/instablog/434935-south-gent/4884085-update-exchange-traded-bond-preferred-stock-basket-strategy-5-26-2016" style="text-align: left;">Item # 2 Bought 100 TRPPRH:CA at C$10.25 Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 5/26/2016 - South Gent | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>TRPPRH:CA Realized Gains to Date</i></u>: <span style="color: #6aa84f;">+C$533</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Consider to repurchase price</u></i>: Less than C$11. The low spread to a short term rate is a major negative for me.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">8. Upcoming Reset Coupon - Canadian Preferred Stocks</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I have two Canadian reset equity preferred stocks that will soon reset their coupons at spreads to the 5 year Canadian bond yield, which closed yesterday at 3.56%. </span><a href="https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx" style="text-align: left;">Canada 5 Year Government Bond Overview | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Both of these preferred stocks were issued by energy infrastructure companies and pay cumulative dividends on a C$25 par value. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i style="text-decoration-line: underline;">500 Shares of ENBPRP:</i><u><i>CA</i></u> - </span><a href="https://finance.yahoo.com/quote/ENB-PP.TO?p=ENB-PP.TO" style="text-align: left;">ENB-PP.TO</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Resets at a 2.5% spread on 3/1/24 using the bond yield 30 days prior to the first day of the next five year period. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/11/d-dei-eai-enbprpca-fhn-fnf-fsk-gild-gpc.html" style="text-align: left;">Item # 2.A. Added to ENBPRP:CA - Bought 100 at C$16.2 (11/15/22 Post)</a>(average cost per share = <b>C$16.05</b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Sell Discussions</u></i>: <a href="https://tennesseeindependent.blogspot.com/2021/12/ari-cowz-crm-ctra-enbprpca-fdn-fnb-irm.html" style="text-align: left;">Item # 1.A. Sold 100 out of 400 ENBPRP:CA at C$20.20 (12/31/21 Post)</a>(profit snapshot = C$368); <a href="https://tennesseeindependent.blogspot.com/2017/05/observations-and-sample-of-recent_25.html" style="text-align: left;">Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)</a>(profit snapshot = C$963, contains a snapshot of a prior realized gain of US$1,458.25 converted by Fidelity into USDs from CADs.)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The current coupon prior to the upcoming reset is 4.35%. Assuming a 3.6% five year Canadian bond yield on the reset date, the coupon for the next five years would be 6.1%, and the yield at my AC of $16.05 would rise to 9.5% from the current 6.78%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>400 Shares of PPLPRC:CA</i></u> - </span><a href="https://finance.yahoo.com/quote/PPL-PC.TO?p=PPL-PC.TO" style="text-align: left;">PPL-PC.TO</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Resets at a 2.6% spread on 3/1/24 using the bond yield 30 days prior. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last Discussed: </span><a href="https://tennesseeindependent.blogspot.com/2023/06/aod-ciopra-clpr-eai-emp-fsk-pflt.html" style="text-align: left;">Item # 1.A. Added 100 PPLPRC at C$16.8 (6/24/23 Post)</a>(average cost per share at <b>C$16.75</b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">If I counted right, the 5 year Canadian bond yield used in the reset will be the one as of 1/30/24. Assuming that yield turns out to be 3.6%, the PPL preferred stock coupon will become 6.2% for the five period starting in March. Using my $16.75 AC per share, the current yield for the next five years using a 6.2% coupon would be <b>9.25%</b> (.062% coupon x. C$25 par value = C$1.55 annual dividend per share ÷ $16.75 average cost per share = 9.25%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The current coupon prior to this reset is 4.478%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></p></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com5tag:blogger.com,1999:blog-2986124651030959736.post-65516972374077406722024-01-19T18:10:00.004-06:002024-01-20T07:29:40.596-06:00IBond - Fixed Rate Now at 1.3% and I will add to my holdings <p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/npgkrbXuT8U" width="320" youtube-src-id="npgkrbXuT8U"></iframe></div><br /><div style="text-align: justify;"><a href="https://www.youtube.com/channel/UCNkVS3xXen_7uOvh_Rs1A_w"><span style="font-family: georgia;">South Gent - YouTube</span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The next 5 year TIP auction is on 4/18/24. I will participate in that auction through a non-competitive bid in a Roth IRA account. As with other auctions of treasuries, the auction is set by the competitive bids. Both the accepted competitive bids and all the non-competitive bids receive the same price. </span></p><p style="text-align: justify;"><a href="https://treasurydirect.gov/savings-bonds/i-bonds/i-bonds-interest-rates/"><span style="font-family: georgia;">I bonds interest rates — TreasuryDirect</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">As I have previously noted, when I purchase the 5 TIP at the next auction, it is not knowable with any certainty whether the 5 year TIP or the 5 year nominal treasury will end up being the better buy that day. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 5 year TIP will be a better buy when the average annual inflation rate over the 5 year term is higher than the breakeven inflation rate, or a worse buy when the average annual inflation rate is below the breakeven inflation rate when the bond is bought. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Whatever the outcome, neither the TIP nor the nominal treasury may be a good investment, compared to alternatives, but only that one may simply be better than the other. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">After waiting more than 5 years, I redeemed 3 IBonds that had a .1% fixed rate. <a href="https://tennesseeindependent.blogspot.com/2023/09/bohpra-btz-calf-cowz-eai-elc-nmfc.html" style="text-align: left;">Item # 7 (9/2/23 Post)</a> I received the original $3,000 in principal amount + $777.60 in interest, as shown in a snapshot contained in that post. I discussed buying those 3 IBonds here: <a href="https://seekingalpha.com/instablog/434935-south-gent/4886289-buying-ibonds-through-treasury-direct" style="text-align: left;">Buying IBonds Through Treasury Direct | Seeking Alpha</a> I have some more than have been owned 5 years after June 2024. I believe the fixed rate is .5% on those IBonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Prior discussions of buying TIPs in the secondary market: </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/instablog/434935-south-gent/4901042-update-on-buying-tips-in-secondary-market" style="text-align: left;"><span style="font-family: georgia;">Update On Buying TIPs In The Secondary Market | Seeking Alpha</span></a></p><p style="text-align: justify;"><a href="https://seekingalpha.com/instablog/434935-south-gent/4886072-mechanics-of-purchasing-tip-in-secondary-market?hasComeFromMpArticle=false" style="text-align: left;"><span style="font-family: georgia;">The Mechanics Of Purchasing A TIP In The Secondary Market | Seeking Alpha</span></a></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com0tag:blogger.com,1999:blog-2986124651030959736.post-76133407060872567512024-01-17T08:06:00.001-06:002024-01-17T08:06:35.277-06:00What is a Fair Value P/E for the S&P 500 Using Forward 12 Month Estimated Non-GAAP Earnings<p> </p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/-rGB09arZV8" width="320" youtube-src-id="-rGB09arZV8"></iframe></div><br /><p></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com2tag:blogger.com,1999:blog-2986124651030959736.post-56111145607818984542024-01-12T07:42:00.006-06:002024-03-16T13:34:25.276-05:00ACCO, BK, EBMT, GCOW, KHC, MFIC, O, PFLT, PHG, WMB<p style="text-align: justify;"><span style="font-family: georgia;">I am not going to be doing much in the stock market next week. I will be buying some treasury bills. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not considering the purchase of any bonds since I am already substantially overweighted in that asset category and yields have dropped sufficiently to make bonds uninteresting for new purchases given the existing overweighting and the yields on treasury bills and my MM funds at Vanguard and Fidelity. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is my allocation percentages in my Fidelity Account as an example: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3r8KF7AO5mYxDdU7gvZlmNhIcemDbM2XK9nyIg8sJid-smjghZo0ApDABYL5TPhB1dpAC0qyXKjM3VnZrrylsoNYFbZ05c6nJakzN54PQKGJqS3TFtPlm4jSOgRLvhr41XML_nTquL8FRv5InwjWBy6qaW4W4PEvDhpQINFBHLBSQ1FIVLM3tGP5l2r9K/s1026/Screenshot%202024-01-12%20at%206.06.36%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="616" data-original-width="1026" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3r8KF7AO5mYxDdU7gvZlmNhIcemDbM2XK9nyIg8sJid-smjghZo0ApDABYL5TPhB1dpAC0qyXKjM3VnZrrylsoNYFbZ05c6nJakzN54PQKGJqS3TFtPlm4jSOgRLvhr41XML_nTquL8FRv5InwjWBy6qaW4W4PEvDhpQINFBHLBSQ1FIVLM3tGP5l2r9K/s320/Screenshot%202024-01-12%20at%206.06.36%E2%80%AFAM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiGAziET1N7XpqK3UGsCcApCXTUCUCDvL2OtLjotZW2hzTn84buGC7CfXNmd1XUQ2xWUJAzONk3CyXBtg9H_0fe6mHoESXxTmR9udrW88l84QLnx450BrdO5OKcO1vyK9VqZTzpaNO4H8pMZmGAayTCQfl9vVBb6MVC5iIjQSrqxBgGRFuyCfYAMrekdnx/s1064/Screenshot%202024-01-12%20at%206.10.22%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="606" data-original-width="1064" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiGAziET1N7XpqK3UGsCcApCXTUCUCDvL2OtLjotZW2hzTn84buGC7CfXNmd1XUQ2xWUJAzONk3CyXBtg9H_0fe6mHoESXxTmR9udrW88l84QLnx450BrdO5OKcO1vyK9VqZTzpaNO4H8pMZmGAayTCQfl9vVBb6MVC5iIjQSrqxBgGRFuyCfYAMrekdnx/s320/Screenshot%202024-01-12%20at%206.10.22%E2%80%AFAM.png" width="320" /></span></a></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHyEcvTues7d8GLQ2JW4Vk_7m-xY-309K2_uO93d9SoU5AAiuMBWny6yS1VFfrAC0daR6osjs0q4OwNgGnA3FxONZ-Ub_2gIBOXq8HIijvXO1RWBLgEBow7HiyDUQdB7Thf8itYigoQVct9dqfOXOFtw69oOlkQLi8gdNaLuAiUJc6kVY0ySOQDXxU8qfU/s1246/Screenshot%202024-01-12%20at%206.12.48%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="606" data-original-width="1246" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHyEcvTues7d8GLQ2JW4Vk_7m-xY-309K2_uO93d9SoU5AAiuMBWny6yS1VFfrAC0daR6osjs0q4OwNgGnA3FxONZ-Ub_2gIBOXq8HIijvXO1RWBLgEBow7HiyDUQdB7Thf8itYigoQVct9dqfOXOFtw69oOlkQLi8gdNaLuAiUJc6kVY0ySOQDXxU8qfU/s320/Screenshot%202024-01-12%20at%206.12.48%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Treasury Bills Classified in AA/Aa </span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">I had a few corporate bonds drift down from investment grade after I bought them. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Some of the potentially long term Tennessee municipal bonds are classified as short term, apparently as a result of the issuer having the right to call now or soon. I would classify those as intermediate or long term maturities until interest rates decline sufficiently to make the call a likely event. </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I am changing my publication schedule to Fridays.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I will not be publishing a post next Friday, but will discuss some issues in videos published at my YouTube channel that I have just started to crank up. </span><a href="https://www.youtube.com/channel/UCNkVS3xXen_7uOvh_Rs1A_w" style="text-align: left;">South Gent - YouTube</a> I will need at least 10 stocks to discuss before publishing my next post here. I do not know when that will be. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">It takes far less time to speak for a few minutes compared to writing this blog. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">So far, three comments have been left to my videos, and all were deleted from me. Two were left mostly likely by an enemy of the U.S., possibly by the same person using two user names. I would classify the content as most likely coming from a Russian or Russian bot. The person or persons claimed that they were living on the street and the U.S. economy was in shambles. Apparently, this person still had good internet access and a computer as a homeless person living on a street. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The other comment was made soon after I published my first video. For a sum of money, not specified, that person claimed that I needed help in attracting subscribers, as if I cared about the number. </span></p><p style="text-align: justify;"><span style="color: #2b00fe; font-family: georgia;"></span><span style="color: #2b00fe; font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>December 2023 CPI: </span><a href="https://www.bls.gov/news.release/cpi.nr0.htm" style="text-align: left;">Consumer Price Index Summary - 2023 M12 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual CPI +3.4%, up from 3.1% through November. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core CPI: 3.9%, down from 4% through November. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Month-To-Month CPI: +.3%, up from .1% in November</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Month-To-Month Core CPI: +.3%, same as .3% in November.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The "owners equivalent rent" rose 6.3% on a unseasonably adjusted basis for the 12 months ending in December. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>No one pays that expense which has a 24.598% weighting in CPI and larger in core CPI since that measure excludes energy and food. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The month-to-month seasonally adjusted was up .5% in December, compared to a .4% increase in November. </span><a href="https://www.bls.gov/news.release/cpi.t02.htm" style="text-align: left;">Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2023 M12 Results</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>So this fictional "expense" is still having an oversized impact on inflation. I discussed this report in a video: </span><a href="https://www.youtube.com/watch?v=THAKSUehp-Q&t=8s" style="text-align: left;">CPI Report for December 2023 - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Discussed at </span><a href="https://www.cnbc.com/2024/01/11/cpi-inflation-report-december-2023-consumer-prices-rose-0point3percent-in-december-higher-than-expected-pushing-the-annual-rate-to-3point4percent.html" style="text-align: left;">CPI inflation report December 2023: Consumer prices rose 0.3% in December, higher than expected, pushing the annual rate to 3.4%</a></span></p><p style="text-align: justify;"><a href="https://www.cnbc.com/2024/01/08/fed-governor-bowman-adjusts-rate-stance-says-hikes-likely-over-but-not-ready-to-cut.html"><span style="font-family: georgia;">Fed Governor Bowman adjusts rate stance, says hikes likely over but not ready to cut</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=InmLQOE0eWU&t=639s">2024 Macro Outlook Not Rosy - Expert Felix Zulauf Explains - YouTube</a> I left a comment to that video. I agree with Zulauf's comments about China. I generally view his outlook as too negative however. . </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=-1l8j0EWU1A">China's banking system is in free fall right now, says Hayman Capital's Kyle Bass - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=6woLkxmdKHI"><span style="font-family: georgia;">China's Great Slowdown - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>A partial U.S. government shutdown after Friday 1/19/24 is still a possibility. </span><a href="https://www.nbcnews.com/politics/congress/congressional-leaders-signal-short-term-funding-deal-needed-avert-shut-rcna133293" style="text-align: left;">GOP hard-liners revolt against Johnson-Schumer government funding deal</a><span> Johnson is IMO likely to cave to demands that he renege on the spending deal crafted with the Senate Majority Leader a few days ago. </span><a href="https://www.nytimes.com/2024/01/11/us/politics/spending-deal-government-shutdown.html" style="text-align: left;">Right Wing Pressures Johnson to Abandon Spending Deal to Avert Shutdown - The New York Times</a> <span>Several House Republicans want far deeper cuts and a massive crackdown on illegal immigration or they will shut the government down until there demands are met. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">It would be up to Johnson to ignore those republicans and rely upon the Democrats to pass a funding bill. It does not look to me like he is willing to balk at demands from the republicans who will blow up the government or cause a debt default unless they get what they want. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If Johnson refuses to bring a compromise spending bill to a House floor vote, which could pass with Democrat votes, another stopgap spending measure would have to be passed before 1/19 to prevent a partial shutdown. And that is not a more probable than not alternative given the tyranny of the minority imposing their will on the entire nation, cutting spending only where they want cuts and refusing to engage in any compromise. The Stock Jocks may be reacting now in part to the increasing possibility that the republicans will cause a government shutdown. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2024/01/11/us-deficit-tops-half-a-trillion-dollars-in-the-first-quarter-of-fiscal-year.html">U.S. deficit tops half a trillion dollars in first quarter of fiscal year</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I posted a video discussing U.S. government debt and deficits: <a href="https://www.youtube.com/watch?v=2O7G-uoMMa0&t=356s" style="text-align: left;">U.S. Government Debt and Deficits - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bill Purchases: None. I will resume treasury bill purchases in mid-January. In 2 taxable accounts, I will receive $55,000 in proceeds from maturing fixed coupon securities starting on 1/15 through 1/31/24. The proceeds received in my Schwab Account will likely be redirected into treasury bill purchases. The Schwab sweep account is currently paying .45%. Proceeds received in my Fidelity Account will be kept in the sweep account which currently pays 5%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: None </span></p><p style="text-align: justify;"><span style="font-family: georgia;">SNOXX: $2,000, using proceeds from a $2K Treasury Bill maturity. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZHJ6u3sIeqSMuhIUc6-r6RzyX2K5WtHTbpw1NYjt9rxYIekFyKhOMRXrFbqrSGQ9-HnMHn0nWEJahthyBttj22V2oU2khnWfZxE9L8VqYvYN5e_T93JrJP-vZV2Ft2t50Er8TXd_64INxxMZL1glPXc5dJpDEB5jhLj0_MIxpwKWrI8ZWi2V4ZvFztXCU/s3004/Screenshot%202024-01-12%20at%205.51.29%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="426" data-original-width="3004" height="45" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZHJ6u3sIeqSMuhIUc6-r6RzyX2K5WtHTbpw1NYjt9rxYIekFyKhOMRXrFbqrSGQ9-HnMHn0nWEJahthyBttj22V2oU2khnWfZxE9L8VqYvYN5e_T93JrJP-vZV2Ft2t50Er8TXd_64INxxMZL1glPXc5dJpDEB5jhLj0_MIxpwKWrI8ZWi2V4ZvFztXCU/s320/Screenshot%202024-01-12%20at%205.51.29%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">SNOXX is a purchased treasury money market fund. The current seven day yield is 5.035%. The purchase was sourced from the Schwab sweep account that pays .45%. </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Common Stocks: <span style="color: red;">-</span>$3,161.62</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $3,161.62 in proceeds and no purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock ETF: <b><span style="color: #6aa84f;">+</span></b>$514.4</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Outflow Stocks/Stock Funds (discussed in this post): <span style="color: red;">-</span>$2,647.22</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Stocks/Stock Funds (discussed in posts): <span style="color: red;">-</span>$2,840.74)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of Misery</span>: </span></p><p style="text-align: justify;"><a href="https://ukr.warspotting.net/" style="text-align: left;"><span style="font-family: georgia;">Losses ∙ RussiaWarSpotting-documented material losses in Russo-Ukrainian war</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=zWSa4CkW9eI"><span style="font-family: georgia;">Putin's conscripts 'limited' to 'gruesome meat grinder' tactics | Frontline - YouTube</span></a></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=bTjLMasddVM&t=15s"><span style="font-family: georgia;">Russia launches air strikes on Ukraine | DW News - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=T_Er6CXgj1c&t=1s">Russia launches ‘massive’ wave of deadly strikes across Ukraine • FRANCE 24 English - YouTube</a> Russians and Russian bots are responsible for almost every comment made to this video, so I left a comment: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNzU1DlV0c2gLThmbl4nF3ezNXPo-TlF8PwbrU19W3t13og8uXviR2wFvi3F8ax-f-48ce5Pt3pvFobHObjjCtcrJh9vZPtEKJgl8AHlQPZgPvEwKga_bm8nRzA2CzFnsw4FbfJ88AqyuqJch88V9NHBTp9Sk16twrscZxMIE6YBKq4GbbsSNtNSSU-QtH/s2120/Comment%201:8:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="390" data-original-width="2120" height="59" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNzU1DlV0c2gLThmbl4nF3ezNXPo-TlF8PwbrU19W3t13og8uXviR2wFvi3F8ax-f-48ce5Pt3pvFobHObjjCtcrJh9vZPtEKJgl8AHlQPZgPvEwKga_bm8nRzA2CzFnsw4FbfJ88AqyuqJch88V9NHBTp9Sk16twrscZxMIE6YBKq4GbbsSNtNSSU-QtH/s320/Comment%201:8:24.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Putin's decisions to annex Crimea and to start a Russian financed rebellion in Eastern Ukraine were actually counterproductive to Russia's interests. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Putin is responsible for starting the war in Eastern Ukraine in 2014. If Putin was a competent dictator, and he is not, that bloody rebellion would never have been started by Russia and the citizens who live there would be much better off now. Russia has brought only misery and death to the Russian speaking population of Ukraine. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As to Crimea, Russia would have been far better off now by continuing to pay rent on its military bases until 2047 (then renegotiating terms) and fostering strong economic, political and diplomatic relations with Ukraine. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Putin was, is and always will be incapable of pursuing a sensible course that would benefit the average Russian. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">While Ukraine would have joined the EU in a scenario where Russia acted in a sensible manner, membership in NATO, which is a zero threat to Russian national security, would not have been necessary with friendly relations between the two nations rather than the hostility engendered solely by Putin's Russia. Joining the EU would have increased the GDP growth rate of the Ukrainian economy, and Putin was concerned that his incompetence would be led bare by that result.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The negative impact of Putin's Ukrainian policies was made far worse for ordinary Russians when Putin decided to invade Ukraine in February 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The clear goal was to decapitate the democratically elected government, to kill or imprison Ukrainians who were opposed to Putin being their dictator for life, to absorb Ukraine into his Orwellian nation, to terminate the freedoms of Ukrainians and to forcibly Russify Ukraine Soviet style. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The end result of that decision will probably be 1 million or so Russians dying for Putin's decision, a declining economy with persistently high inflation that results in negative real GDP growth, rapidly increasing Russian government debt to finance weapon procurements that are then destroyed in Ukraine, a severe aggravation of Russia's ongoing demographic crisis as young people flee or are killed in Ukraine, and all of the foregoing and much more for no benefit to Russia or its citizens. Russia is ruled with an iron fist by a KGB hood. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="text-align: left;">Anne Applebaum: "Ukrainians know that negotiations with Russia are fruitless . . . They also know that military loss still means the same thing that it meant when Russia invaded in February 2022: occupation, mass repression, concentration camps, and the end of an independent Ukraine."</span> </span><a href="https://www.theatlantic.com/ideas/archive/2024/01/rustem-umerov-defense-minister-ukraine/677060/" style="text-align: left;">How Ukraine Must Change If It Wants to Win - The Atlantic</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;"><span style="font-family: georgia;">RealClearPolitics-Election-2024 Republican Presidential Nomination</span></a></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2024/01/10/us/politics/trump-court-campaign-tactic.html">Trump Deploys Familiar Tactic: - The New York Times</a><span> When Trump is accused of doing something wrong, his tactic is to accuse his opponent of doing the same thing. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">So, for example, when he is criticized as being a threat to American Democracy, with a litany of facts supporting that contention, he accuses Biden of being the threat, claiming without proof that Biden is orchestrating the criminal cases against Trump for political reasons. This tactic unfortunately works on tens of millions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since Trump started claiming Biden was the threat to Democracy, and Donald was doing everything he could to support the flourishing of Democracy and the institutions necessary for its proper functioning, Trump has managed to increase the percentage of voters who believe Biden was the real threat to 53%, <a href="https://www.prri.org/research/threats-to-american-democracy-ahead-of-an-unprecedented-presidential-election/" style="text-align: left;">PRRI</a>, from the 38% in 2022 who can reasonably described as the hard core Trumpsters in America. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>In Trump's America, Trump, as an Ex-President, has a constitutional right to avoid criminal prosecution for acts committed while President, even if he ordered the assassination of a political opponent, sold pardons to criminals or nuclear and other military secrets to a foreign power. In a video, I discuss this novel argument designed to keep Donald out of jail and Above the Law. </span><a href="https://www.youtube.com/watch?v=Z88IK17h1cQ" style="text-align: left;">Trump's Absolute Immunity from Criminal Prosecution Argument - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump's lawyer claimed those kind of acts would be immune from criminal prosecution unless he was first impeached by the House and convicted in the Senate. <a href="https://www.cnn.com/2024/01/09/politics/takeaways-from-the-appeals-court-hearing-on-donald-trumps-immunity-claims/index.html" style="text-align: left;">Takeaways from the appeals court hearing on Donald Trump’s immunity claims</a>; <a href="https://www.cbsnews.com/news/trump-immunity-2020-election-case-appeals-court/" style="text-align: left;">Appeals court probes limits of Trump's broad immunity claim in 2020 election case - CBS News</a> No such provision exists in the Constitution and would consequently require the Supreme Court to create such a immunity provision, which </span><span style="font-family: georgia;">"Conservative" Supreme Court Justices do frequently when it achieves a result desired by their ideology (e.g. a Corporation is a "person", or the Due Process Clause of the 14th Amendment incorporates the Second Amendment and can be applied to strike down state laws relating to guns) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In Trump's America, the President could order the murder of a political opponent and be immune from criminal prosecution unless he was impeached in the House and convicted in the Senate by a 2/3rds vote. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump has never admitted to committing a crime and would pressure republican Senators to vote against a conviction using a variety of tactics as seen in his previous impeachments. The end result could easily be a failure to achieve a 2/3rds Senate vote to convict due to political dynamics when a jury, if presented with the evidence, would convict using the guilt beyond a reasonable doubt standard. </span></p><p style="text-align: justify;"><span style="background-color: white; color: #101010; text-align: left;"><span style="font-family: georgia;">Prior to Trump, I would have been shocked that any President or former President other than Richard Nixon would claim immunity for criminal prosecution. I am not surprised that Trump is advancing that argument. That is what I would expect him to do. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; color: #101010; text-align: left;">Trump's lawyers argue that permitting a criminal prosecution of an ex-President for felonies allegedly committed during the term would open the floodgates of prosecutions against future Presidents. That floodgate has not been opened yet since the nation's founding. Nixon would probably have been indicted after leaving Office in August 1974, which would have been a first, but Ford pardoned him the next month. </span></span><a href="https://www.npr.org/2023/04/03/1167662256/past-presidents-while-never-indicted-have-faced-legal-woes-of-their-own" style="text-align: left;">Past presidents, while never indicted, have faced legal woes of their own-NPR</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In addressing Trump's claim for immunity, the Courts do not need to decide now whether a President can be indicted and tried while in Office. Trump was indicted only after leaving office. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #101010; text-align: left;"><a href="https://www.washingtonpost.com/national-security/2024/01/09/trump-comments-violence-bedlam/">Trump warns of ‘bedlam,’ won’t rule out violence after immunity hearing - The Washington Post</a></span></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=PeJrUIbhPS4"><span style="font-family: georgia;">Insider calls Trump’s demeanor on Jan. 6 ‘very unsettling’: ABC News Exclusive - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/national-security/2024/01/06/trump-jan-6-rewrite-presidential-election/">How Republicans’ rewriting of Jan. 6 paved the way for Trump’s comeback - The Washington Post</a></span></p><p style="text-align: justify;"><a href="https://www.usatoday.com/story/news/politics/elections/2024/01/07/trump-didnt-sign-illinois-pledge-government-overthrow/72140360007/"><span style="font-family: georgia;">Trump didn't sign Illinois oath not to advocate government overthrow</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.businessinsider.com/trump-threatens-indict-biden-courts-immunity-2024-1" style="text-align: left;">Trump Threatens to Indict Biden If Courts Don't Give Him Immunity from criminal prosecution</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/06/politics/trump-civil-war-negotiated/index.html">Trump says Civil War ‘could have been negotiated’</a> In TrumpWorld, where accurate information is ignored or dismissed, and reality creations are both pervasive and normal, Abraham Lincoln is responsible for the Civil War. Trump, a self-proclaimed master negotiator as proven in his constant stream of self promotion books, could have prevented the Civil War from happening and will solve the Ukraine War within 24 hours. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.voanews.com/a/trump-downplays-jan-6-capitol-siege-calls-jailed-rioters-hostages-/7429727.html">Trump Downplays Jan. 6 Capitol Siege, Calls Jailed Rioters 'Hostages'</a> (1/6/24); </span><a href="https://www.huffpost.com/entry/trump-jan-6-hostages-capitol-attack-anniversary_n_659a24d9e4b0f9f6621cf1c2#:~:text=The%20former%20president%20downplayed%20the,insurrection%20on%20the%20southern%20border." style="text-align: left;">Trump Says 'J6 Hostages' Have 'Suffered Enough' On Anniversary Of Deadly Capitol Attack</a><span> In the alternate reality of TrumpWorld, the attack on the U.S. Capitol was peaceful and patriotic. Trumpsters may in a weak moment admit that there was some violence that day, but, if there was, it has been blown way out of proportion and those acts were committed by paid FBI informants dressed as Trump supporters who were trying to cause trouble for Trump. They were very sneaky in that their online presence indicated a true blue Trumpster for many years, as did their attendance at Trump rallies, but that was just part of their sinister deep covers. I am still waiting for anyone convicted of committing felonies that day to claim that he or she was a paid FBI informant. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">In Trump's America, anyone who merely reports accurate information about what Donald has said or done is suffering from Trump Derangement Syndrome, one of the phrases used by Trump and his Trumpsters to dismiss accurate information without actually having to rebut it with real evidence or even acknowledging that what Trump said or did actually was said and done. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The Trumpster Elise Stefanik (R-NY), who routinely parrots Trump's talking points, also referred to those committing crimes on January 6th as "hostages". <a href="https://www.cnn.com/2024/01/07/politics/elise-stefanik-january-6-prisoners-liz-cheney/index.html" style="text-align: left;">Elise Stefanik echoes Trump when asked about January 6 prisoners three years on</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ms. Stefanik is the 4th ranking republican in the House and represents <a href="https://en.wikipedia.org/wiki/New_York%27s_21st_congressional_district" style="text-align: left;">New York's 21st congressional district</a> She replaced Liz Cheney as the Chair of the House Republican Conference who was removed for criticizing Donald. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Representative Stefanik was one of the GOP congressman who sign a petition requesting that the Supreme Court cancel the certified election results in 4 states won by Biden and to authorize the republican legislatures in those to pick the electors. My guess, not really a guess, is that the republican dominated legislatures in those states would have picked the Trump electors. </span><a href="https://projects.propublica.org/represent/members/trump-texas-amicus-house-members" style="text-align: left;">House Members Who Signed a Brief Asking the Supreme Court to Consider Overturning the Election-ProPublica</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ms Stefanik was only trying to save U.S. democracy by canceling the certified state election results. </span></p><p style="text-align: justify;"><a href="https://www.vanityfair.com/news/donald-trumps-january-6-media"><span style="font-family: georgia;">There Is No “Both Sides” to Donald Trump’s Threat to Democracy | Vanity Fair</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.nytimes.com/2024/01/08/us/politics/donald-trump-evangelicals-iowa.html?action=click&pgtype=Article&state=default&module=styln-2024-election&variant=show&region=BELOW_MAIN_CONTENT&block=storyline_flex_guide_recirc">Donald Trump Is Connecting With a Different Type of Evangelical Voter - The New York Times</a> Many evangelicals believe Donald was chosen by God to be President, which is a concept difficult for me to grasp, or if that is a bit much to swallow without breaking into laughter, view the Democrats as doing the Devil's work by destroying the country and all, or almost all of them are going to Hell as their just reward. Basically, education of American children can start by memorizing the bible, visiting the Kentucky Creation Museum and reading Trump tweets for an accurate portrayal of current events. </span><a href="https://www.vanityfair.com/news/2010/02/creation-museum-201002" style="text-align: left;">A. A. Gill on Kentucky's Creation Museum | Vanity Fair</a> This is where the children can learn that Adam and Eve walked with the dinosaurs. <a href="https://www.nytimes.com/2007/05/24/arts/24crea.html?ei=5087%0A&em=&en=3fce574910e89398&ex=1180152000&pagewanted=all" style="text-align: left;">Creation Museum-The New York Times</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.rawstory.com/trump-economy-herbert-hoover/">Trump says he wants economy to crash ASAP so he can have something to use against Biden</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.rawstory.com/trump-smith-abc-news/">'Kryptonite' new evidence is a 'turning point' in Jack Smith's case against Trump: expert</a>; </span><a href="https://slate.com/news-and-politics/2024/01/jan-6-trump-trial-testimony-insurrection.html" style="text-align: left;">The new Jan. 6 testimony against Trump will be devastating at trial</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/09/politics/john-barrasso-endorse-trump-senate/index.html">No. 3 Senate Republican endorses Trump for president</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2024/01/10/us/politics/trump-birther-nikki-haley.html">Trump Promotes False Birther Conspiracy About Nikki Haley - The New York Times</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=nTTCgwF6VoY"><span style="font-family: georgia;">The Instability of American Politics Can't be Ignored (with Anne Applebaum) | The Bulwark Podcast - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.pbs.org/newshour/politics/donald-trump-enjoys-a-relaxed-fox-news-town-hall-while-top-republican-rivals-have-a-fierce-debate">Trump enjoys a relaxed Fox News town hall while top Republican rivals have a fierce debate | PBS NewsHour</a> Fox "news" anchors will not challenge Trump or fact check his demonstrably false statements. The Fox "news" anchor Martha MacCallum did not even challenge Trump's claim that Democrats want to kill babies after they are born. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #38761d;">Small Ball Rules</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Baseball Analogy: </span><a href="https://en.wikipedia.org/wiki/Small_ball_(baseball)#:~:text=In%20the%20sport%20of%20baseball,in%20a%20deliberate%2C%20methodical%20way." style="text-align: left;">Small ball (baseball) - Wikipedia</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Small Ball Rules</u></i><span>: Primarily a <b>risk reduction</b> trading technique, one of many strategies that I employ to mitigate risk. </span></span></p><div style="text-align: justify;"><span style="font-family: georgia;">(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share; <br /><br />(2) Purchases are made in small lots using commission-free trades;<br /><br />(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;<br /><br />(4) Some positions will be eliminated altogether on price pops when the goal is achieved; </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">(5) Shares purchased with dividends may be sold when it is profitable to do so and the share price is outside my consider to buy range; and</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">(6) There is no hesitation to sell a stock after a dividend cut or a disappointing earnings report, when I can realized any capital gain. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div style="text-align: justify;"><span style="font-family: georgia;"><span>The most important objective is to reduce risk through a controlled and disciplined trading strategy that realizes gains, particularly by selling the highest cost lots that reduce my average cost per share and increases my dividend yield. </span></span></div><p style="text-align: justify;"><span style="font-family: georgia;">The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Normally, I try to generate at least $25K in trading profits during each year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #45818e;">Quotes from Warren Buffett's 1993 Letter to Shareholders</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>"</span><span style="text-align: left;">In fact, the true investor </span><i style="text-align: left;">welcomes</i><span style="text-align: left;"> volatility. Ben Graham </span><span style="text-align: left;">explained why in Chapter 8 of </span><i style="text-align: left;">The Intelligent Investor.</i><span style="text-align: left;"> There he </span><span style="text-align: left;">introduced "Mr. Market," an obliging fellow who shows up every day </span><span style="text-align: left;">to either buy from you or sell to you, whichever you wish. The </span><span style="text-align: left;">more manic-depressive this chap is, the greater the opportunities </span><span style="text-align: left;">available to the investor. That's true because a wildly </span><span style="text-align: left;">fluctuating market means that irrationally low prices will </span><span style="text-align: left;">periodically be attached to solid businesses. It is impossible to </span><span style="text-align: left;">see how the availability of such prices can be thought of as </span><span style="text-align: left;">increasing the hazards for an investor who is totally free to </span><span style="text-align: left;">either ignore the market or exploit its folly."</span><span style="text-align: left;"> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left;">"As </span><span style="text-align: left;">Ben Graham said: "In the short-run, the market is a voting </span><span style="text-align: left;">machine - reflecting a voter-registration test that requires only </span><span style="text-align: left;">money, not intelligence or emotional stability - but in the long-</span><span style="text-align: left;">run, the market is a weighing machine."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.berkshirehathaway.com/letters/1993.html">Chairman's Letter - 1993</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Graham first made the voting and weighing machine analogy in his book Security Analysis co-authored with David Le Fevre Dodd and published in 1934 (page 452, print edition). </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I published a YouTube video on this subject. <a href="https://www.youtube.com/watch?v=Qtbz4_a2A3g" style="text-align: left;">Ben Graham and Warren Buffet Stock Market as a Voting and Weighing Machine - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Eliminated MFIC - Sold 72+ at $13.97 (Schwab Account)</span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXlO5OlQc6pexfuOhklkCN6-BsKW6kcvUDnicyv4oFKY2D_QP_GiSn1FLYjVO04kAvVRNaXnojUMK08NH8dzS6SzJPqoXvCPdjliEBn-fPZlU1CTfNDXYKMpBoRuSzm42s9beVSWLBl5JvYuH_k1fQdxnlqdfgq3ZQqz2Bop7_zBhkUdpgsc9sa78P-3pd/s2974/MFIC%20sold%2072+%20at%20$13.97%201013.51%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="260" data-original-width="2974" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXlO5OlQc6pexfuOhklkCN6-BsKW6kcvUDnicyv4oFKY2D_QP_GiSn1FLYjVO04kAvVRNaXnojUMK08NH8dzS6SzJPqoXvCPdjliEBn-fPZlU1CTfNDXYKMpBoRuSzm42s9beVSWLBl5JvYuH_k1fQdxnlqdfgq3ZQqz2Bop7_zBhkUdpgsc9sa78P-3pd/s320/MFIC%20sold%2072+%20at%20$13.97%201013.51%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/mfic?mod=search_symbol" style="text-align: left;">MidCap Financial Investment Corp.</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Generally, the demarcation line for the small ball category is less than a $1,000 transaction. This trade went slightly over $1K in proceeds and was consequently separated from the small ball trades discussed in Items 2 and 3 below. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,013.51</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.midcapfinancialic.com/" style="text-align: left;">MidCap Financial Investment Corporation</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1278752&owner=exclude"><span style="font-family: georgia;">MFIC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I classify this externally managed BDC as deservedly hated. Adjusted for 1 for 3 reverse split in 2018, the initial IPO price of $15 per share was $45.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">$84.44</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVCt2KihpsxJYxMRM-KiKpVZn31jW-CA6LqfKeXyH0bct_p7JOCHENYO8sCTsKplAux1sAFbN1NWvYOLqI68hG7jHgpc0OHjfDUWDaFMqyud8KLi1HaN4Uo_O4PAUgf23pH9_cR6Tmfu51BAyvcYRXgxy7BXib35ZnaomLWpO_117Wcle2ITH04NY_ywhU/s2622/1.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="666" data-original-width="2622" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVCt2KihpsxJYxMRM-KiKpVZn31jW-CA6LqfKeXyH0bct_p7JOCHENYO8sCTsKplAux1sAFbN1NWvYOLqI68hG7jHgpc0OHjfDUWDaFMqyud8KLi1HaN4Uo_O4PAUgf23pH9_cR6Tmfu51BAyvcYRXgxy7BXib35ZnaomLWpO_117Wcle2ITH04NY_ywhU/s320/1.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3BR0S206iwFA_S1ammby_mlRVk_vQGZlnFH95Tsx6RDetKhYdKXz3yGwLSV4vbRcBTnnKQ-H9U_SfCVI_KF2d5QDDnIJii38q4MK_eDwaOUWZ8kGNvc97dpGileCtoik5tsgeSUmfN-H1MD127Y4d4rf7YfWG0G7CxrWKM3Rs3cB8uR_qUQbkIWBQyCQ4/s2644/2.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1688" data-original-width="2644" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3BR0S206iwFA_S1ammby_mlRVk_vQGZlnFH95Tsx6RDetKhYdKXz3yGwLSV4vbRcBTnnKQ-H9U_SfCVI_KF2d5QDDnIJii38q4MK_eDwaOUWZ8kGNvc97dpGileCtoik5tsgeSUmfN-H1MD127Y4d4rf7YfWG0G7CxrWKM3Rs3cB8uR_qUQbkIWBQyCQ4/s320/2.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.38 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/11/2013</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I received the last two dividend is cash in anticipation that the position would soon be eliminated:</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil0h7HRFatQFVt2f3_flOjLjTQs9u3JYIyCoGJxbNDoN1N1L6z3XcgBfGkLOmAb6zN_3GFK0mt_67zMBPfNknmCDLIa2R6jOxe2m4toVl8C3cFKf0QRJg1WUFvRbmhFZ_4hRpQywAv7C_JqBjOkwco2YnrD3_t4Qzs1D262m2JMONCNwKmnJmrjmJ7tXOb/s2944/MFIC%20LAST%202%20DIVIDENDS%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="424" data-original-width="2944" height="46" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil0h7HRFatQFVt2f3_flOjLjTQs9u3JYIyCoGJxbNDoN1N1L6z3XcgBfGkLOmAb6zN_3GFK0mt_67zMBPfNknmCDLIa2R6jOxe2m4toVl8C3cFKf0QRJg1WUFvRbmhFZ_4hRpQywAv7C_JqBjOkwco2YnrD3_t4Qzs1D262m2JMONCNwKmnJmrjmJ7tXOb/s320/MFIC%20LAST%202%20DIVIDENDS%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">$55.14</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 7.A. Eliminated Duplicate Position in MFIC - Sold 36+ at $13.46 in Fidelity Account (12/16/23 Post)</a>(profit snapshot = $48.08); <a href="https://tennesseeindependent.blogspot.com/2023/08/bwbbp-cnobp-cmcsa-dcom-dea-fcld-ffnw.html" style="text-align: left;">Item # 3.F. Eliminated 1 or 2 Duplicate Positions in MFIC (Vanguard Account) - Sold 50 at $13.64 ( Post)</a>(profit snapshot = $30.12) I discussed the last earnings report in the 12/16 post and have nothing substantive to add here. <a href="https://www.sec.gov/Archives/edgar/data/1278752/000119312523272413/d323914dex991.htm" style="text-align: left;">SEC Filing</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: Any total return before ROC adjustments to the tax cost basis in excess of the dividends paid. As noted in my last post discussing this stock, there were no ROC adjustments to the tax cost basis in 2021 and 2022. I do not anticipate any for the dividends paid in 2023. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Sells</span></b>: </span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><i><u>A. Pared WMB - Sold 10 Shares at $36.12</u></i></b></span><span style="font-family: georgia;"> (Schwab Account): </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDY3qvn73vLJxE5KZ5McFdIclDRDcdGxNrsDd7TTnU2qW2wLJ7ioIM9OmjfNX2ZCMyN4XV9EEuqq_mlP2l5luS3BkhUVRSJWlzadA7kugO8m8r68IRoFQfZKrLb73dSmJ8slM-1M6TUyNkFhVX7eIH8-NUy1khyphenhypheniYl5zY10SHBU4yjOkGWWEWLMERhSsbg/s2976/wmb%2010%20at%20$36.12%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="264" data-original-width="2976" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDY3qvn73vLJxE5KZ5McFdIclDRDcdGxNrsDd7TTnU2qW2wLJ7ioIM9OmjfNX2ZCMyN4XV9EEuqq_mlP2l5luS3BkhUVRSJWlzadA7kugO8m8r68IRoFQfZKrLb73dSmJ8slM-1M6TUyNkFhVX7eIH8-NUy1khyphenhypheniYl5zY10SHBU4yjOkGWWEWLMERhSsbg/s320/wmb%2010%20at%20$36.12%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/wmb?mod=search_symbol" style="text-align: left;">Williams Cos., Inc. (WMB)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $361.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed this transaction in a video. <a href="https://www.youtube.com/watch?v=LD-UFqwccaQ" style="text-align: left;">The importance of funds available for distribution for U S energy infrastructure company stocks - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Williams is an energy infrastructure company organized a regular "C" corporation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Business Segments: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiQfY34XYUGtQtXA3pn5RRE8jbdd4xN3uolJb1-S8aUbFQbktcx4pzrMh62MJJmJVpKVfezE1FugWYueXnpR4Xczta-I7Px-KMY_VyHq6pOMEfat0p68QV4QDv_shan0QHJJ5RRaT_7_rzJMO37bNGcaw7DyUfixkYJLaX8RjsQpf3I6tAtjG5b1snxiJS/s3038/Screenshot%202024-01-06%20at%208.34.49%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="486" data-original-width="3038" height="51" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiQfY34XYUGtQtXA3pn5RRE8jbdd4xN3uolJb1-S8aUbFQbktcx4pzrMh62MJJmJVpKVfezE1FugWYueXnpR4Xczta-I7Px-KMY_VyHq6pOMEfat0p68QV4QDv_shan0QHJJ5RRaT_7_rzJMO37bNGcaw7DyUfixkYJLaX8RjsQpf3I6tAtjG5b1snxiJS/s320/Screenshot%202024-01-06%20at%208.34.49%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/107263/000010726323000027/wmb-20230930.htm">10-Q for the Q/E 9/30/23 at page 36</a> </span></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/WMB/"><span style="font-family: georgia;">WMB Profile Page at Reuters</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=107263&owner=exclude"><span style="font-family: georgia;">WMB SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Bond Substitute </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/08/agr-cvfb-dpg-eai-elc-emr-emp-hban-jqc.html" style="text-align: left;">Item # 6.A. Eliminated WMP Duplicate Positions - Sold 10+ at $35.23; 5 at $35.33 (8/12/23 Post)</a>(profit snapshots = $190.98) I discussed the 2023 second quarter earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/107263/000010726323000020/wmb_20230630xer.htm" style="text-align: left;">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I wanted to eliminate all shares purchased with dividends and the highest cost 5 shares that I purchased in the market. The shares bought with dividends totalled 4.8515. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Position Before Pare</u></i>: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzUWVLGcmYzGFacG3bRD8R-SX5PtHQ6r4-FQKJeFwNZJhOIWa9Ikyk6w0cTqAcmXFqI9Vhfx9eZt7ctouCvm-OMzE1SGd8tqGt2l2ZmchtdbYX93lTPOsZ689kGYkdgK_JjpeOXocbB1sZJIze5pU0vSsh0pjkY6qwXoBPdrSQnGooMj2UJQ-hPRZ__CAr/s2252/WMB%20lots%20before%20pare%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1258" data-original-width="2252" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzUWVLGcmYzGFacG3bRD8R-SX5PtHQ6r4-FQKJeFwNZJhOIWa9Ikyk6w0cTqAcmXFqI9Vhfx9eZt7ctouCvm-OMzE1SGd8tqGt2l2ZmchtdbYX93lTPOsZ689kGYkdgK_JjpeOXocbB1sZJIze5pU0vSsh0pjkY6qwXoBPdrSQnGooMj2UJQ-hPRZ__CAr/s320/WMB%20lots%20before%20pare%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Price Intraday on 1/4/24</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Unlike Fidelity, Schwab will not allow me to sell just those shares and 5 shares from my 8/11/21. Only round lots can be sold unless the entire position is liquidated in the account. To sell the 4.8515 shares, I had to include a .1485 fractional share from the 95 shares purchased on 8/11/21. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$127.61</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqgUCbvT0f3_ZyUJHXbkX53-THiA8plcKzRockmL7qNS-nFb4Mlh_GYGZ1IbTUKrU6vQ5KQEz3okVl_RVFVY6WfMlvnacbbVXpF1XNZu6ub69W4u1ck_jO2Au1ZBi3dFTvdRf-hwvu1xqyYmxG-QlZXyXaz2TEefdG8-0cfbR0X5ynzW_lvKkkhVUCsMvc/s2596/2024%20WmB%2010%20Shares%20+$127.61.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="670" data-original-width="2596" height="83" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqgUCbvT0f3_ZyUJHXbkX53-THiA8plcKzRockmL7qNS-nFb4Mlh_GYGZ1IbTUKrU6vQ5KQEz3okVl_RVFVY6WfMlvnacbbVXpF1XNZu6ub69W4u1ck_jO2Au1ZBi3dFTvdRf-hwvu1xqyYmxG-QlZXyXaz2TEefdG8-0cfbR0X5ynzW_lvKkkhVUCsMvc/s320/2024%20WmB%2010%20Shares%20+$127.61.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;">I use the specific identification method when FIFO accounting will not result in selling the highest cost shares. </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$23.96</b> (104+ shares) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.4475 ($1.79 annual), last raised from $.425 effective for the 2023 first quarter payment. In 2018 the rate was at $.34. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investor.williams.com/stock-info/dividend-history/default.aspx">The Williams Companies, Inc - Dividend history</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u>: <b>7.47</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/7/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/107263/000010726323000025/wmb_20230930xer.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxv5KriFubAQ2xK_BT_05jn9QOXsazvOlCeZvr18s5Q0end3ye_aJuKny_K-rQRU3XYkqCnlZZq-5wVk00gW4mquLy4xjT4wXivybY1MBO94PXK-BHeCrW2Kp2yU0Kd8YSIHL5QZARun9tEeBCuEXV0WL9mOGGQDqFYuAYMHU8ezVU5006p2UiM-6H_zvL/s1436/Screenshot%202024-01-06%20at%208.37.46%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="382" data-original-width="1436" height="85" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxv5KriFubAQ2xK_BT_05jn9QOXsazvOlCeZvr18s5Q0end3ye_aJuKny_K-rQRU3XYkqCnlZZq-5wVk00gW4mquLy4xjT4wXivybY1MBO94PXK-BHeCrW2Kp2yU0Kd8YSIHL5QZARun9tEeBCuEXV0WL9mOGGQDqFYuAYMHU8ezVU5006p2UiM-6H_zvL/s320/Screenshot%202024-01-06%20at%208.37.46%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Net Income = $654M or $.54 per share </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>GAAP net income included "<span style="text-align: start;">a $130 million gain on the sale of the Bayou Ethane system."</span></span><span face="Arial, sans-serif" style="text-align: start;"> </span></span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Funds Available for Distribution: $1.234B or $1.01 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-cash Depreciation and Amortization Expenses: $1.542B </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $2.559B</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-decoration-line: underline;">Analyst reports available to Schwab customers</i>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar: 3 stars with a Fair Value of $36 and a narrow moat. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Owned WMB SU Bonds</i></u>: I currently own 8 WMB bonds. Those bonds include ones originally offered by Williams Partners that was acquired by WMB. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>4 bonds: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=969457BW9&bondType=CA" style="text-align: left;">4.55% Maturing on 6/24/24</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>4 bonds: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=96950FAQ7&bondType=CA" style="text-align: left;">3.9% Maturing on 1/15/25</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last SU Bond Purchase Discussion</i></u><span>: </span><a href="https://tennesseeindependent.blogspot.com/2023/06/ajxa-bdn-colb-csco-fgdfx-fisi-ftekx-glw.html" style="text-align: left;">Item # 3.C. Bought 2 Williams 4.55% SU Maturing on 6/24/24 at a Total Cost of 98.93 (6/3/23 Post)</a><span> YTM was then at 5.6%.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last WMB Bond Offerings</i></u> (January 2024): </span><a href="https://www.sec.gov/Archives/edgar/data/107263/000119312524002525/d494879d424b2.htm" style="text-align: left;">Prospectus</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><u><b>B. Eliminated PHG - Sold 16+ at $21.58</b></u></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTer4EFhHm7oWi-UxV6sTZ2OFD9ZFQyCMilBaJI01KJtpo7TsKYn3UfrgLy3C4CFgvtNrt4eUNwVTsaKv1gkR6u1V49u-oEx-98xDOLTtt9VDqCQKndHsLZD_cxQGn_A_yHTMln6yuQr5l2SK2hLCQVEn2FjfxrLf1pUOxW9fSz4uHYoHQenKKnjKzrgHu/s2388/pHG%2016+%20at%20$23.61%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="206" data-original-width="2388" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTer4EFhHm7oWi-UxV6sTZ2OFD9ZFQyCMilBaJI01KJtpo7TsKYn3UfrgLy3C4CFgvtNrt4eUNwVTsaKv1gkR6u1V49u-oEx-98xDOLTtt9VDqCQKndHsLZD_cxQGn_A_yHTMln6yuQr5l2SK2hLCQVEn2FjfxrLf1pUOxW9fSz4uHYoHQenKKnjKzrgHu/s320/pHG%2016+%20at%20$23.61%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/phg?mod=over_search" style="text-align: left;">Koninklijke Philips N.V. ADR</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $378.09</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=313216&owner=exclude" style="text-align: left;"><span style="font-family: georgia;">SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.philips.com/global" style="text-align: left;">Global home | Philips</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/phg/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">PHG Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit: Net of <span style="color: #6aa84f;">$21.58</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ILmthAuO1ZpJHL1HpNJxb5z8eJbYC-yTbuC41VveyfgvAwV02reAd-CJtyRp8HG8yXkVv-LNoCzgxDNYmAtlQbmjOkDiTkINFFkoilvEIycKgrruhHHp00gRntfXlW9rOQmbPMwBPIi4qfrBTvplk5vhgjpLdD3Ot91T825x5H26z-2QEj_-LVktZ0j0/s1952/2024%20PHG%2016+%20Shares%20+$16.17%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="60" data-original-width="1952" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-ILmthAuO1ZpJHL1HpNJxb5z8eJbYC-yTbuC41VveyfgvAwV02reAd-CJtyRp8HG8yXkVv-LNoCzgxDNYmAtlQbmjOkDiTkINFFkoilvEIycKgrruhHHp00gRntfXlW9rOQmbPMwBPIi4qfrBTvplk5vhgjpLdD3Ot91T825x5H26z-2QEj_-LVktZ0j0/s320/2024%20PHG%2016+%20Shares%20+$16.17%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">A recent rally in the stock price enabled me to profitably exit the positions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">PHG has been plagued by product recalls which currently show no signs of abating. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The most serious recall involved involved was </span><span style="background-color: white; color: #333333; text-align: left;">certain Philips Respironics ventilators, bilevel positive airway pressure machines, and continuous positive airway pressure machines. </span><span style="background-color: white; color: #333333; text-align: left;"> </span><a href="https://www.fda.gov/medical-devices/medical-devices-news-and-events/cdrh-provides-update-philips-june-2021-recall-and-maintains-recommendations-related-potential-health" style="text-align: left;">CDRH Provides Update on Philips June 2021 Recall and Maintains Recommendations Related to Potential Health Risks of PE-PUR Foam | FDA</a> (started in 2021); <a href="https://www.massdevice.com/how-philips-significant-respiratory-devices-recall-unfolded/" style="text-align: left;">How Philips' significant respiratory devices recall unfolded</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have periodically noted other recalls since that time. <a href="https://www.fda.gov/medical-devices/medical-device-recalls/philips-north-america-llc-recalls-panorama-10t-hfo-due-risk-explosion-during-quench-procedure-caused" style="text-align: left;">Philips North America LLC Recalls Panorama 1.0T HFO due to a Risk of Explosion During a Quench Procedure Caused by Excessive Pressure Buildup of Helium Gas | FDA</a>; <a href="https://www.fda.gov/medical-devices/medical-device-recalls/philips-respironics-recalls-v60-and-v60-plus-ventilators-due-power-management-printed-circuit-board" style="text-align: left;">Philips Respironics Recalls V60 and V60 Plus Ventilators due to Power Management Printed Circuit Board Assemblies (PM PCBAs) Not Meeting Ventilator Standards | FDA</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The end result was a significant earnings decline. </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnPHv5ByGT-ymgb686qzjtP-nVjXinmqOckheq7egpwt93nKQEYk3bI7qqd6mInu8cl2y2HvQlyunoWAVpc1EAcEitIVRH9u0pGYV1qPW_GLyXibOOHXNQoJ0OCzsy7-iNOiWBkICF0yLl46833UeCJ3f39LaEwz7xsnTOGoJq36fHw2tXNT4o0wHPD7sS/s2172/Screenshot%202024-01-06%20at%2012.05.05%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="792" data-original-width="2172" height="117" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnPHv5ByGT-ymgb686qzjtP-nVjXinmqOckheq7egpwt93nKQEYk3bI7qqd6mInu8cl2y2HvQlyunoWAVpc1EAcEitIVRH9u0pGYV1qPW_GLyXibOOHXNQoJ0OCzsy7-iNOiWBkICF0yLl46833UeCJ3f39LaEwz7xsnTOGoJq36fHw2tXNT4o0wHPD7sS/s320/Screenshot%202024-01-06%20at%2012.05.05%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2020-2022 Annual Data</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/313216/000031321623000010/phg-20221231.htm" style="text-align: left;">2022 SEC Filed Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/313216/000031321623000019/phg-20230930.htm">Royal Philips SEC Filed Earnings Press Release for the Q/E 9/30/23</a> While this report may have been better than expected, E.P.S. at $.09, adjusted to $.33, does not provide much comfort given the product recalls and the FDA product safety warnings. I was trying to catch a falling knife with several small ball PHG purchases and have decided to throw in the towel. Maybe the company will get its act together in the future. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid annually. The last dividend was €.85 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/PHG/dividends/history">PHG tock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 5/11/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>C. Eliminated BK - Sold 8 at $52.41</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmCzePuyXs3r9W28vmFvnIW1Z_B38YMW4q4XEaXwE1IPh39r5rs8T8Q-P00vWeNkY5T_go4aWmMTus2ks5QW8wM4CfD0l_ssjdqrdQ3BDQZjpBnNxVHPZYgJV8Y9pv41-a-ZClQgV5mbwaWSy8kjIO1-sU3lC9jgXImXsnxtOSTUmbAth3-DKQ2zqA7hqh/s2958/BK%20sold%208%20at%20$52.41.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="166" data-original-width="2958" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmCzePuyXs3r9W28vmFvnIW1Z_B38YMW4q4XEaXwE1IPh39r5rs8T8Q-P00vWeNkY5T_go4aWmMTus2ks5QW8wM4CfD0l_ssjdqrdQ3BDQZjpBnNxVHPZYgJV8Y9pv41-a-ZClQgV5mbwaWSy8kjIO1-sU3lC9jgXImXsnxtOSTUmbAth3-DKQ2zqA7hqh/s320/BK%20sold%208%20at%20$52.41.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/bk" style="text-align: left;">Bank of New York Mellon Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $419.28 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start;">Established in 1784 by Alexander Hamilton </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: start;">Three Business Lines: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjdorekXYcOUb5G7EWVN0BBqga52rrzyyXZcFNGw8mPI06ZlRu76H4oC9wiovtXoMeWyTASqKpSTiRxeSXzxmGG4qopPe1tnXvwbVNeMLhZn8lbuemMRYE3Gc8prnkJH0eYVnWL1xRL-cQ-R1shEFNeDlMHFNsiipMVOiA2ba3SzA_ixLntzLOXrpkAr3U/s1498/Screenshot%202024-01-08%20at%208.22.18%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="502" data-original-width="1498" height="107" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjdorekXYcOUb5G7EWVN0BBqga52rrzyyXZcFNGw8mPI06ZlRu76H4oC9wiovtXoMeWyTASqKpSTiRxeSXzxmGG4qopPe1tnXvwbVNeMLhZn8lbuemMRYE3Gc8prnkJH0eYVnWL1xRL-cQ-R1shEFNeDlMHFNsiipMVOiA2ba3SzA_ixLntzLOXrpkAr3U/s320/Screenshot%202024-01-08%20at%208.22.18%E2%80%AFAM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1390777/000139077723000033/bk-20221231_d2.htm">2022 Annual Report at page 3</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1390777" style="text-align: left;">BK SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/bk/analystestimates"><span style="font-family: georgia;">BK Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/BK.N/"><span style="font-family: georgia;">BK Reuters Profile</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1390777/000139077723000103/bk-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$88.92</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6FrS9IzCAQLjEB7OxJ_SW2ArNcmkhH7whyphenhyphennJ3NuQ9wCDzGKCabd9j3a79o8IrAsmMxpxkt1LKIu-89MnedUICFDppsNjDELjTYMxTyUf-fCrBhsvNDpa4-SuMlhu_toADvaT7hzV7ihrgGCHAX5bkZ7UMkRDUxmND484hT43NFbc1jqiBGtTd32CRO6_x/s2666/2024%20BK%208%20Shares%20+$88.92%20%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1172" data-original-width="2666" height="141" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6FrS9IzCAQLjEB7OxJ_SW2ArNcmkhH7whyphenhyphennJ3NuQ9wCDzGKCabd9j3a79o8IrAsmMxpxkt1LKIu-89MnedUICFDppsNjDELjTYMxTyUf-fCrBhsvNDpa4-SuMlhu_toADvaT7hzV7ihrgGCHAX5bkZ7UMkRDUxmND484hT43NFbc1jqiBGtTd32CRO6_x/s320/2024%20BK%208%20Shares%20+$88.92%20%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Buy Discussion</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2022/10/aio-aod-aqn-bk-ctopra-doc-eai-fhn-fiw.html" style="text-align: left;">Item # 5.Q. Added to BK - Bought 1 at $39.21; 1 at $38.17; 1 at $38.73 (10/25/22 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2021/08/bk-ebgef-ebix-fmat-ida-igr-is-lgnd-mj.html" style="text-align: left;">Item # 2.A. Eliminated BK- Sold 4 at $51.87 in Fidelity Account; 10 at $51.63 in Vanguard Account; and 5 at $51.75 in Schwab Account (8/27/21 Post)</a>(profit snapshots = $310.97)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.42 per share, last raised from $.37 effective for the 2023 third quarter payment. The quarterly rate was at $.17 in 2016. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/bk/dividend-history">BK Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 10/26/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1390777/000139077723000088/ex991_earningsreleasex3q23.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1390777/000139077723000088/ex993_financialhighlight.htm" style="text-align: left;">SEC Filed 3rd Quarter Financial Highlights</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">During the FED's Jihad Against Savers, BK's earnings were negatively impacted by fee waivers on its money market funds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $1.22</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted E.P.S. $1.27</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbIEEAe255fzwmkQVFGITg9TcQeXYOimIog7rZXuib-CjiY2Pv2nom8njxAuOLWQqMWPjO-2udFcXkb9pF1AIahIZGpd5PGDMX1Jb-K_NjksQBo6Sz18LMZrMOFOcJpVMWQ5MSGYf6JdtFKYvlqw0ujRMwakx3VuOJnhkWgrqIm-WZOaswHw1JU-25T9ML/s3102/Screenshot%202024-01-08%20at%208.13.17%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1030" data-original-width="3102" height="106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbIEEAe255fzwmkQVFGITg9TcQeXYOimIog7rZXuib-CjiY2Pv2nom8njxAuOLWQqMWPjO-2udFcXkb9pF1AIahIZGpd5PGDMX1Jb-K_NjksQBo6Sz18LMZrMOFOcJpVMWQ5MSGYf6JdtFKYvlqw0ujRMwakx3VuOJnhkWgrqIm-WZOaswHw1JU-25T9ML/s320/Screenshot%202024-01-08%20at%208.13.17%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span><br /></span></span><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLrW1vvT5yJhG9-vrgJ_SRjO6roKPU0vi2A9-inAwO0Q7F0gJafu0qnpaPcHwXMiAS7J8w2zfo-Ztz-gFYQzW4MXcIl9oXNSLBsoddD74ElnPysDRkNKpNj1deSRtkLag8z4vCqHwFhJ7e_R2SIZ1cv2M9nx2Vivjyl0vQtPcTCZk4EXk8t0AWa-EUInQ2/s2968/Screenshot%202024-01-08%20at%208.17.25%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1574" data-original-width="2968" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLrW1vvT5yJhG9-vrgJ_SRjO6roKPU0vi2A9-inAwO0Q7F0gJafu0qnpaPcHwXMiAS7J8w2zfo-Ztz-gFYQzW4MXcIl9oXNSLBsoddD74ElnPysDRkNKpNj1deSRtkLag8z4vCqHwFhJ7e_R2SIZ1cv2M9nx2Vivjyl0vQtPcTCZk4EXk8t0AWa-EUInQ2/s320/Screenshot%202024-01-08%20at%208.17.25%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>D. Eliminated EBMT - Sold 10 at $15.4</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVuHq1XUUzHAKIgep5ZSqu0U3ZUwBSLx4-VHfp2wOqFCk4dFklZqUEKiAp1zFREGxiUH2X2aVba6B-aopIaFoQwcCnc7WZdQWcuRsYITrN7tHJAhsKvQT2Xg2mG-auaIfpe5Tdun0OUK6_5RdyipCv0hoBi_0uRp83aIW5GEs2htphVHpOaKFeBdStEEXo/s2914/ebmt%2010%20at%20$15.4%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="268" data-original-width="2914" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVuHq1XUUzHAKIgep5ZSqu0U3ZUwBSLx4-VHfp2wOqFCk4dFklZqUEKiAp1zFREGxiUH2X2aVba6B-aopIaFoQwcCnc7WZdQWcuRsYITrN7tHJAhsKvQT2Xg2mG-auaIfpe5Tdun0OUK6_5RdyipCv0hoBi_0uRp83aIW5GEs2htphVHpOaKFeBdStEEXo/s320/ebmt%2010%20at%20$15.4%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/ebmt" style="text-align: left;">Eagle Bancorp Montana Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">My consider to sell price is $15 or higher. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This PT is based on a low dividend yield and an overall unfavorable earnings report for the third quarter that had several unfavorable trends. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1478454" style="text-align: left;"><span style="font-family: georgia;">EBMT SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1478454/000143774923005778/ebmt20221231_10k.htm">2022 Annual Report</a> (28 banking locations, page 20)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $154</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: </span><span style="color: #6aa84f; font-family: georgia;">+$35.45</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7_i_4QPghPvLyZ84-frkinrxujcq0gojW-hZfNGPWSj62KN7XS9oTlQ2vCsYlNQ_XSZda7FvAtR-1fXqvmKSV12oGZk4Iemf_8s_Ljf8a4aAO6eTZ5VpbOegt82pxKLij3HlcmcxNgAgQcxIgrLAL-VOy4xKRrsg1JYf2LWGC3fFAouQmcWddWHQI-ikp/s2682/2024%20EBMT%2010%20Shares%20+$35.45%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="886" data-original-width="2682" height="106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7_i_4QPghPvLyZ84-frkinrxujcq0gojW-hZfNGPWSj62KN7XS9oTlQ2vCsYlNQ_XSZda7FvAtR-1fXqvmKSV12oGZk4Iemf_8s_Ljf8a4aAO6eTZ5VpbOegt82pxKLij3HlcmcxNgAgQcxIgrLAL-VOy4xKRrsg1JYf2LWGC3fFAouQmcWddWHQI-ikp/s320/2024%20EBMT%2010%20Shares%20+$35.45%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.14 per share ($.56 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/ebmt/dividend-history">EBMT Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/9/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $15.4</i></u>: <b>3.64</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html" style="text-align: left;">Item # 2.L. Bought Back 10 EBMT at $11.86 (11/11/13 Post)</a> I discussed the last earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1478454/000117184323006354/exh_991.htm" style="text-align: left;">SEC Filed Press Release</a> There were several unfavorable metrics in that report, but I viewed the $11.86 price as being sufficiently low to justify a 10 share purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2020/12/agr-dpg-ebmt-flgb-fraf-glq-imgn-ipay.html" style="text-align: left;">Item # 1.J. Eliminated EBMT-Sold 10 at $20.65 (12/12/20)</a>(profit snapshot = $47.54)</span></p><div><span style="font-family: georgia;"><b style="text-align: justify;"><span style="color: #800180;"><u><i>E. Pared KHC - Sold 6 at $38.34</i></u></span></b><span style="text-align: justify;">: </span></span></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQaRRp2_pCF-_ltfCCJTQgM8FSuYZHsUCgqdPb13eIsv_g_rPvPPRpLiRoCRADnHUqCRL5iaty_CI5MQK4u0cphEUSO46cwAfnq1DdlktXfhLD-I3jqFp-sQ26SD5rD6msaYwtdJl4BCNgC2PLWZ5EcA39J4mkRFUcvny8Hetn-05Q-mdy8zVYlw69Wftf/s2964/2024%20KHC%20proceeds%20230.04%207%20at%20$38.34%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="270" data-original-width="2964" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQaRRp2_pCF-_ltfCCJTQgM8FSuYZHsUCgqdPb13eIsv_g_rPvPPRpLiRoCRADnHUqCRL5iaty_CI5MQK4u0cphEUSO46cwAfnq1DdlktXfhLD-I3jqFp-sQ26SD5rD6msaYwtdJl4BCNgC2PLWZ5EcA39J4mkRFUcvny8Hetn-05Q-mdy8zVYlw69Wftf/s320/2024%20KHC%20proceeds%20230.04%207%20at%20$38.34%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/khc" style="text-align: left;">Kraft Heinz Co.</a></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $230.04</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sold highest cost shares using FIFO accounting. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/khc/analystestimates?mod=mw_quote_tab">KHC Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1637459&owner=exclude"><span style="font-family: georgia;">KHC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Position Before Pare</u></i>: 31 Shares with an average cost of $33.44 per share</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgu5h0tWWePCvDASl8jidH20h495QbeaPjZeUvt04e08BPQ7FhUz09_3Lb1UzeobrWcfNRvVIRwn7M4Emd2iwzca68lrWCBAAQ6nw6IZl2U0KNmV5dQ2L6zEFUqzifRIO1H_FF8wNUwjGpyet9yquaWfe0DqaGN87cZSRWWEEWdc2jKqqlpsGgOFrzwXVJM/s2278/KHC%20before%20pare.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1602" data-original-width="2278" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgu5h0tWWePCvDASl8jidH20h495QbeaPjZeUvt04e08BPQ7FhUz09_3Lb1UzeobrWcfNRvVIRwn7M4Emd2iwzca68lrWCBAAQ6nw6IZl2U0KNmV5dQ2L6zEFUqzifRIO1H_FF8wNUwjGpyet9yquaWfe0DqaGN87cZSRWWEEWdc2jKqqlpsGgOFrzwXVJM/s320/KHC%20before%20pare.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Price Intraday on 1/9/24</span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$16.81</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYZE7EIAIytyutAnWMyjoqmz4gi1CQ6rvxSDOcTBSkMjGO3TBx4uHDxmYRFrR724DUGgQi4_fQVnBgYkazDmdB2btc_kvSS62_EMl21kK3pNT_ysOSg2oBNMoBTF32fchIEoQshXqIwd3k8r88SIzpcISqP03pFcuZT_VMtPcqlG2r4f61qMO2dij7I6xL/s2692/2024%20KHC%206%20Shares%20+$16.81%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="964" data-original-width="2692" height="115" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYZE7EIAIytyutAnWMyjoqmz4gi1CQ6rvxSDOcTBSkMjGO3TBx4uHDxmYRFrR724DUGgQi4_fQVnBgYkazDmdB2btc_kvSS62_EMl21kK3pNT_ysOSg2oBNMoBTF32fchIEoQshXqIwd3k8r88SIzpcISqP03pFcuZT_VMtPcqlG2r4f61qMO2dij7I6xL/s320/2024%20KHC%206%20Shares%20+$16.81%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 1.C. Added to KHC - Bought 1 at $31.77; 2 at $31.5; 3 at $31.17; 2 at $30.9 (10/21/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.40 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ir.kraftheinzcompany.com/stock-information/dividend-history">Dividend History | The Kraft Heinz Company</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/30/23 (owned all as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 9/30/23):</span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $.21</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted E.P.S. = $.72</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Reconciliation GAAP to Non-GAAP: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiu9hCEwOBPihfOBtvYcMMrBh6XeaYdvAow96dj_3VzSwcN0keIiOPL-gYZ3ffya6Smk53hyw4yfB1ZxLwFih8F7ZPK_NPgnnQPLSsZ7o7LyL0a6PBWR_JcJQryalx12ME7T0sd9ZTNqZKrWfcmO46meFFiqmk4Ra8nkEhjTO1BZVD0u-78OeEpv_kQRcll/s3132/Screenshot%202024-01-09%20at%205.37.33%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="780" data-original-width="3132" height="80" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiu9hCEwOBPihfOBtvYcMMrBh6XeaYdvAow96dj_3VzSwcN0keIiOPL-gYZ3ffya6Smk53hyw4yfB1ZxLwFih8F7ZPK_NPgnnQPLSsZ7o7LyL0a6PBWR_JcJQryalx12ME7T0sd9ZTNqZKrWfcmO46meFFiqmk4Ra8nkEhjTO1BZVD0u-78OeEpv_kQRcll/s320/Screenshot%202024-01-09%20at%205.37.33%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Sales: $6.57B, up from $6.505B in the 2022 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Organic net sales "</span><span style="text-align: left; text-indent: -24px;">increased 1.7 percent versus the prior year period. Price increased 7.1 percentage points versus the prior year period, with increases in both reportable segments that were primarily driven by list price increases taken to mitigate higher input costs. Volume/mix declined 5.4 percentage points versus the prior year period, with declines in both reportable segments that were primarily driven by elasticity impacts from pricing actions."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: -24px;">I am not inclined to give weight to an organic increase in net sales that results from price increases rising more than volume declines. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Elimination</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/01/adx-ccnep-enb-fhb-finx-grx-khc-maptx.html" style="text-align: left;">Item # 5.C. Eliminated KHC -Sold 5 at $42.44; 10+ at $42.33 (1/16/23 Post)</a>(profit snapshots = $125.25)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Analyst Reports Available to Schwab Customers</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar (11/2/23): 5 stars with a fair value estimate of $53</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I mentioned in a comment yesterday that I will make an effort to determine a fair value range using objective financial metrics that I deem important. That effort arrives at an opinion that at least has some objective basis. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My fair value range may be near the Morningstar FV estimate for a stock, but will sometimes be materially above or below. If I thought the FV for KHC was $53, I would not have pared the position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My 12 month PT for KHC would be about $40. I had that target before looking at the S&P report. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Argus (11/22/23): Hold. My opinion is closest to this one. The analyst notes that Kraft has driven sales through price increases, up an average 11% over the past 8 quarters with the average volume decline of 4%. A dividend hike is unlikely. The last action on the dividend was to slash it. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">S&P (11/1/23): 4 stars with a 12 month PT of $40 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>F. Pared ACCO - Sold 10 at $6.46</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1e3IdsAVBy03RWHi-DhI_tKz-3ncWezCVCHwdwjoFkahCuHVMmKfRZzbcG0QBUeVryzouJpr0SH1kXd43WojylRQAMKWB9HoZmZ75s9wvnELUvdwdVTuiMMLR304g9yHrfKS2rGusUSsK4xOwFl9RhTsw2_klFi0uAfy_GnAhbAlnyxFVqS0kztYYKNcE/s2954/acco%2010%20shares%20at%20$6.46.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="300" data-original-width="2954" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1e3IdsAVBy03RWHi-DhI_tKz-3ncWezCVCHwdwjoFkahCuHVMmKfRZzbcG0QBUeVryzouJpr0SH1kXd43WojylRQAMKWB9HoZmZ75s9wvnELUvdwdVTuiMMLR304g9yHrfKS2rGusUSsK4xOwFl9RhTsw2_klFi0uAfy_GnAhbAlnyxFVqS0kztYYKNcE/s320/acco%2010%20shares%20at%20$6.46.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/acco?mod=search_symbol" style="text-align: left;">ACCO Brands Corp. (ACCO)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $64.62</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=712034&owner=exclude">SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/acco/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">ACCO Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Lottery Ticket Basket</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Position Before Pare</u></i>: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5F0uwiKo2BrXtIRNIpj0Wvy8t-2pVPFTTfb8MOOgzIPuw7dM7pLmpUpuTuOINxNPq4VU1MzgYdPlil8IF-X7Mqd3X5vwVE686h8SlcKG3NT-ndUEBYNl12_ce6ytXbDsIgdMwtJ31leFhO1eop7BbJ-eox8Uoy0W7kLM-0CizTJZw8_4jZRg1MybgUMDt/s2268/ACCO%20before%20pare%20%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1012" data-original-width="2268" height="143" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5F0uwiKo2BrXtIRNIpj0Wvy8t-2pVPFTTfb8MOOgzIPuw7dM7pLmpUpuTuOINxNPq4VU1MzgYdPlil8IF-X7Mqd3X5vwVE686h8SlcKG3NT-ndUEBYNl12_ce6ytXbDsIgdMwtJ31leFhO1eop7BbJ-eox8Uoy0W7kLM-0CizTJZw8_4jZRg1MybgUMDt/s320/ACCO%20before%20pare%20%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Price Intraday on 1/8/24</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;">Using FIFO accounting, I sold 10 of the 20 highest cost shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$14.07</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEha6mzvft7Tw9FFgvutw3e5m9ej_opJ2ewvKlTqtfzkGUPZ1pdRRKNahn_P_l6RUJd9fPqPiHo0UB2uJ1kFPDe8HXcEY3fqVx2HeAp7oxjfKkc6d9jQl-PPJaiqOrA86EOJ_bweYPsnU5mtWp7A5gVgWX3s0F9Awv7rUY4g2jwJ4KVTXhXYNg2zFC6CXlPL/s2664/2024%20ACCO%2010%20Shares%20+$14.07%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="842" data-original-width="2664" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEha6mzvft7Tw9FFgvutw3e5m9ej_opJ2ewvKlTqtfzkGUPZ1pdRRKNahn_P_l6RUJd9fPqPiHo0UB2uJ1kFPDe8HXcEY3fqVx2HeAp7oxjfKkc6d9jQl-PPJaiqOrA86EOJ_bweYPsnU5mtWp7A5gVgWX3s0F9Awv7rUY4g2jwJ4KVTXhXYNg2zFC6CXlPL/s320/2024%20ACCO%2010%20Shares%20+$14.07%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$4.85</b> (50 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.075 per share ($.30 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> =<b> 6.1856</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/14/23 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Buy Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html" style="text-align: left;">Item # 2.E. Added to ACCO - Bought 10 at $4.95; 20 at $4.78 - Schwab Account (11/11/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 1.P. Started ACCO - Bought 20 at $5.06 (11/4/23 Post)</a> I discussed the third quarter earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/712034/000095017023058219/acco-ex99_1.htm" style="text-align: left;">SEC Filed Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>G. Pared O - Sold 5 Shares at $59</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvkWPX4Yqtxy_CAQwFlCGNZbNYlpRzueb2hDuPIj_-t4f4xM_h_9hXHUejBG18dpJAxgnE60muEbN-PholcXjOckeNys9JIlugVFYgXHJjP-Mbfz3K-G2I-9hujk8H8rPyzHDQGch52hfZVNzEq34gCedtHWnfDvHiXLeFhh6UF-nTdBRAoEtUAaWSbdFs/s2944/Sold%205%20at%2059%20O%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="274" data-original-width="2944" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvkWPX4Yqtxy_CAQwFlCGNZbNYlpRzueb2hDuPIj_-t4f4xM_h_9hXHUejBG18dpJAxgnE60muEbN-PholcXjOckeNys9JIlugVFYgXHJjP-Mbfz3K-G2I-9hujk8H8rPyzHDQGch52hfZVNzEq34gCedtHWnfDvHiXLeFhh6UF-nTdBRAoEtUAaWSbdFs/s320/Sold%205%20at%2059%20O%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $294.98</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/o?mod=search_symbol" style="text-align: left;">Realty Income Corp. (O)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=726728&owner=exclude"><span style="font-family: georgia;">SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.realtyincome.com/" style="text-align: left;">Homepage | Realty Income</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapsh</span><span style="font-family: georgia;">ot: </span><span style="color: #6aa84f; font-family: georgia;">$4.48</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAx3mSaLJhRFywIhP0oDBxyIzQscRTEPkjWyu4z7xsqGAYprhB93vnb5DupcVm2N5MHaNL-98sbxr7rkIlNkNm6zixIoVE0VAipU5Jj68Wa-Jv3LkRomtw8avC-YdsOTNPOVmmNGjed6BsrnYMrQTBRR55Yqfk0d4xQgFOPNxQn7hyphenhyphenPBE8QYhWKAeTYS9l/s2648/2024%20O%205%20shares%20+$4.48%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1076" data-original-width="2648" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAx3mSaLJhRFywIhP0oDBxyIzQscRTEPkjWyu4z7xsqGAYprhB93vnb5DupcVm2N5MHaNL-98sbxr7rkIlNkNm6zixIoVE0VAipU5Jj68Wa-Jv3LkRomtw8avC-YdsOTNPOVmmNGjed6BsrnYMrQTBRR55Yqfk0d4xQgFOPNxQn7hyphenhyphenPBE8QYhWKAeTYS9l/s320/2024%20O%205%20shares%20+$4.48%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Old Average Cost per share</u></i> $53.47</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$52.55</b> (25+ shares)</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBdzzkP9FNBIHUJMvd7nlvuHuD9MsDYCPwchrX5lBWaosgR6zhVJAgaF1c06QBSviXpsiQ1AeZodNO2t4nQ8sPAPdcEk8VNVmf5wVGlpqAIi1guXydF95BKpZdkMpReDkkTGo0Bgdf-G-7jeFKAkPl6IQUvKPp5RyCUll3iAVpjnwuzOCYLEf6KrKisCHE/s1942/ac.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="96" data-original-width="1942" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBdzzkP9FNBIHUJMvd7nlvuHuD9MsDYCPwchrX5lBWaosgR6zhVJAgaF1c06QBSviXpsiQ1AeZodNO2t4nQ8sPAPdcEk8VNVmf5wVGlpqAIi1guXydF95BKpZdkMpReDkkTGo0Bgdf-G-7jeFKAkPl6IQUvKPp5RyCUll3iAVpjnwuzOCYLEf6KrKisCHE/s320/ac.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/11/24 after pare </span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u> (current rate): Monthly at $.2565 per share ($3.078 per share), last raised from $.256 effective for the January 2024</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/O/dividends/history"><span style="font-family: georgia;">Realty Income Corporation (O) Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at Current Rate</u></i>: <b>5.5857</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 1/31/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Discussed</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 1.O. Added to O - Bought 1 at $48.9; 1 at $46.79; 2 at $45.54 (11/4/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/09/ahh-bnl-ctopra-fbrtpre-gnlprd-ivz-nnn.html" style="text-align: left;">Item # 2.I. Added to O - Bought 1 at $51.16; 1 at $50.78; 1 at $50.22; 2 at $50; 1 at $49.74 (9/30/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Prior Elimination</u></i>: <a href="https://seekingalpha.com/instablog/434935-south-gent/4707546-update-for-equity-reit-basket-strategy-of-1-21-16" style="text-align: left;">Item # 1. Eliminated Realty Income (O)- Sold 100 at $52.37 -Seeking Alpha</a><span> (profit snapshot = $1,579.6)</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Analyst Report Available to Schwab Customers</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">S&P (12/19/23): 3 stars with a 12 month PT of $59. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">RBC increased its PT to $60 from $58 yesterday. I do not have access to that report. I view the PT as reasonable IMO, but the stock can drift above that PT due to market dynamics or a continued decline in interest rates that makes the dividend more attractive. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Owned Realty Income SU Bonds</u></i>: I currently own 4 Realty Income senior unsecured bonds. Two of those bonds mature on 2/6/24. The coupon is 4.6%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Notable Recent News</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realtyincome.com/investors/press-releases/realty-income-acquire-spirit-realty-capital-93-billion-transaction" style="text-align: left;">Realty Income to Acquire Spirit Realty Capital in $9.3 Billion Transaction</a> The initial reaction was negative. I would describe the current Stock Jock reaction to be "I don't care". </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realtyincome.com/investors/press-releases/realty-income-prices-125-billion-dual-tranche-offering-senior-unsecured">Realty Income Prices $1.25 Billion Dual-tranche Offering of Senior Unsecured Notes</a> (1/8/24); </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realtyincome.com/investors/press-releases/realty-income-announces-950-million-investment-bellagio-las-vegas-51">Realty Income Announces $950 Million Investment in Bellagio Las Vegas at $5.1 Billion Valuation</a> (8/25/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Realty Income (O) Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$1,584.08</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><span style="color: #800180;"><u><b>H. Pared PFLT - Sold 20 Shares at $12.29</b></u></span></i>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5FeuvOXdG4pwwHrjZ5AjaRllvfIOHk2asT6MEmLpZXcWc5tAPSU2Y6V0EVAmHEHGHMMoAVUJoJBhbxCj2YAzBRQkZp_NrykLpMClI0NyahZlavdU25pd-bVTJZwSqucbsocssFPq_vfE-z0Mv3Ya8ye6Yx6wwYqGzJrmzMpEZYwnnyve838NAAQm7Td0Z/s3084/Screenshot%202024-01-11%20at%201.39.33%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="274" data-original-width="3084" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5FeuvOXdG4pwwHrjZ5AjaRllvfIOHk2asT6MEmLpZXcWc5tAPSU2Y6V0EVAmHEHGHMMoAVUJoJBhbxCj2YAzBRQkZp_NrykLpMClI0NyahZlavdU25pd-bVTJZwSqucbsocssFPq_vfE-z0Mv3Ya8ye6Yx6wwYqGzJrmzMpEZYwnnyve838NAAQm7Td0Z/s320/Screenshot%202024-01-11%20at%201.39.33%E2%80%AFPM.png" width="320" /></a></span></div><span style="font-family: georgia;"><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/pflt?mod=search_symbol">PennantPark Floating Rate Capital Ltd. (PFLT)</a></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $245.9</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm">SEC Filed Annual Report for the F/Y Ending 9/30/23</a> The risk factor summary starts at page 17 and ends at page 38. A summary of PFLT's investments starts at page 68. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: External </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Profit Snapshot: <span style="color: #6aa84f;">$12.13</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-UisdMNo4iaW-27rxZSD5fJ1elVWHz5LMcVMaGJ_cH1fUEzZCsXS1IwJJNb7R0FaF-CwPl1Agc3Pjfyu_caOvvnnTJWKSfeUF0ZjuQ4T-aFtcOrmg8HUsLCD6FUJ8neK0SfQtpBa0uMDfmtwh-r5GHuPFpAx0yhMg2RRq5w97pv7YQK5i_joIpcGdfsYJ/s2682/Screenshot%202024-01-11%20at%201.41.27%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1074" data-original-width="2682" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-UisdMNo4iaW-27rxZSD5fJ1elVWHz5LMcVMaGJ_cH1fUEzZCsXS1IwJJNb7R0FaF-CwPl1Agc3Pjfyu_caOvvnnTJWKSfeUF0ZjuQ4T-aFtcOrmg8HUsLCD6FUJ8neK0SfQtpBa0uMDfmtwh-r5GHuPFpAx0yhMg2RRq5w97pv7YQK5i_joIpcGdfsYJ/s320/Screenshot%202024-01-11%20at%201.41.27%E2%80%AFPM.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 1.M. Added to PFLT - Bought 3 at $9.71 (11/4/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/06/aod-ciopra-clpr-eai-emp-fsk-pflt.html" style="text-align: left;">Item # 4.F. Added to PFLT - Bought 5 at $10.51 (6/24/23 Post)</a> </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Old Average Cost per share</u></i>: $9.44 (110+ shares)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>New Average cost per share</i></u>: <b>$8.95</b> (90+ shares)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-3Fq42EgkK_JU4PpCy3ByAUO7s2oXMtESCroI1Azv8Ta4QBXVt38WsGjeFHEv4CbUj8NincZFBA0Xm9RTUlF1HKntHvf_rWaR4pb2xXviLfe_-ORmhCqF3JTW9SqJcz5w228nNSVPuJfUzVcM2JsdlPFNkenkNlapVcJxeQ0TjjiENUNu-8-pwW3vNQiq/s2584/Screenshot%202024-01-11%20at%201.55.39%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="66" data-original-width="2584" height="8" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-3Fq42EgkK_JU4PpCy3ByAUO7s2oXMtESCroI1Azv8Ta4QBXVt38WsGjeFHEv4CbUj8NincZFBA0Xm9RTUlF1HKntHvf_rWaR4pb2xXviLfe_-ORmhCqF3JTW9SqJcz5w228nNSVPuJfUzVcM2JsdlPFNkenkNlapVcJxeQ0TjjiENUNu-8-pwW3vNQiq/s320/Screenshot%202024-01-11%20at%201.55.39%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday on 1/11/24 after pare</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: </span><span style="font-family: georgia;">Monthly at $.1025 per share ($1.23 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/PFLT/dividends/history">PennantPark Floating Rate Capital (PFLT) Stock Dividend History & Date</a></span></p><div><span style="font-family: georgia; text-align: justify;"><u><i>Yield at New AC</i></u>: <b>13.74</b>%</span></div><div><span style="font-family: georgia; text-align: justify;"><br /></span></div><div><span style="font-family: georgia; text-align: justify;"><u><i>Last Ex Dividend</i></u>: 1/12/24 (owned 90+ as of)</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset Value per share history</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $11.13 (page 95, Annual Report)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 4%; white-space-collapse: preserve;">6/30/23: $10.96 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $11.30</span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/22: $11.62</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/21: $12.70</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span><span><span><span><span><span><span><span><span><span><span><span><span>3/31/21: $12.71 <a href="https://www.sec.gov/Archives/edgar/data/1504619/000117184321003164/exh_991.htm">Press Release 2021 1st Q Earnings</a> <br /></span><span>3/31/20: $12.20 </span></span><a href="https://www.sec.gov/Archives/edgar/data/1504619/000156459020024167/pflt-10q_20200331.htm">10-Q at page 5</a> </span><br /><span>12/31/19: $12.95</span><br /><span>9/30/19: $12.97</span><br /><span><span>6/30/19: $13.07 </span></span><br /><span><span><span><span>3/21/19: $13.24</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><br /><span><span><span><span><span><span><span style="font-family: georgia;">12/31/18</span> <span style="font-family: georgia;"> $13.66</span></span></span></span></span></span></span></span></span><span style="font-family: georgia;"><br /><span>9/30/18 $13.82</span><br /><span><span>6/30/18: $13.82</span></span><br /><span>9/30/17: $14.10</span><br /><span>9/30/16: $14.06</span><br /><span>9/30/15: $13.95</span><br /><span>9/30/14: $14.40</span><br /><span>9/30/13: $14.10</span><br /><span><span>9/30/12: $13.98</span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span><a href="https://www.sec.gov/Archives/edgar/data/1504619/000095017023064197/pflt-ex99_1.htm">SEC Filed Earnings Press Release</a> </span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span><a href="https://www.sec.gov/Archives/edgar/data/1504619/000095017023064197/pflt-ex99_2.htm">SEC Filing: List of Investments</a> </span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span>Net investment income: $18.5M or $.32 per share, barely covering the $.3075 per share dividend paid during the quarter. </span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span>Debt Investments: 100% variable rate. </span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span>Average Yield on Debt Investments: 12.1%</span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span>Total Portfolio: $1.0672B with $906.2m in first lien secured debt. </span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia;"><span><span>As 0f 9/30/23, PSEC had 2 companies on nonaccrual status representing .9% of the total investments at cost and .2% at the marked down fair value. </span></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Elimination</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/03/argd-bdn-brkb-ddt-gd-igr-jri-kw-pflt.html" style="text-align: left;">Item # 2.D. Eliminated PFLT in Fidelity Account (Duplicate Position)-Sold 15 at $10.93 (3/11/23 Post)</a><span>(profit snapshot = $74.78) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Other Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/04/arow-brbs-cuca-enb-flbr-fsmex-rcus-hta.html" style="text-align: left;">Item # 7.E. Sold Highest Cost 20 PFLT Shares Purchased with Dividends <b>at $14.07</b> - Schwab Taxable Account (4/28/22 Post)</a><span>(profit snapshot = $46.13); </span><a href="https://tennesseeindependent.blogspot.com/2021/07/acre-afin-akba-amcr-bp-bxmx-cpxpreca.html" style="text-align: left;">Item # 3. Sold 102 PFLT in Schwab Taxable Account <b>at $13.26</b> -Highest Cost Lots (7/30/21 Post)</a><span>(profit snapshot = $30.92); </span><a href="https://tennesseeindependent.blogspot.com/2019/12/econ-idv-nobl-pflt-prosy-veu-vtr.html" style="text-align: left;">Item # 2.A. Eliminated PFLT in Fidelity Account-Sold 81+ <b>at $12.01</b> (12/14/19 Post)</a><span>($29.66) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: Any total return before ROC adjustments to the tax cost basis in excess of the dividends. This is the goal for all BDCs that I own. It takes into account the risky loans made by BDCs, their leverage, the stock price meltdowns that occur periodically in response to a recession, a recognition that all of the return will likely come from the the juiced dividend payments, and the generally less than stellar net asset value per share histories. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Through yesterday, the PFLT five year annual average total return was 10.74% which is okay. However, that average total return was significantly generated by what may be a temporary price spurt since I bought shares at $9.71 on 10/27/23. </span><a href="https://www.dividendchannel.com/drip-returns-calculator/" style="text-align: left;">DRIP Returns Calculator | Dividend Channel</a> The five year annual average total return through 10/27/23 was <b>5.15</b>%. The annual average total return over a ten year was 8.82% through 1/11/24. All of the average annual total numbers noted above are significantly less than my current dividend yield of 13.74%, plus I have an unrealized gain on the shares having profitably selling my highest cost lots.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">For PFLT, no ROC supported distributions were paid in 2023. The dividend was covered by net investment income. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since the loans made by PFLT are at spreads to short term rates, any cut or cuts in the Federal Funds rate will reduce NII, but lower interest costs for the high risk borrowers may prevent one or more avoid defaulting.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Buys</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Started GCOW - Bought 5 at $34.58; 5 at $34.25; 5 at $34.08</u></i></span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiticHOFCTTO3gn1WD2Rl1iALYouHqV1C560MiHiiaf5He7RRBClj-UfpH9RY8ZshEde6HiePRidN1nyV_dhJhC3TwrVNg8NPHIpJx9Wtg-rxTm6dAZOjfVyML8tQAU8jV1FLq6bqxdBmrjx5ex1HHvzs1SzPWC2cwFGfTJ5IWM1_j6R63ucQEvFka3BvPK/s2978/Screenshot%202024-01-11%20at%206.23.12%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="610" data-original-width="2978" height="66" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiticHOFCTTO3gn1WD2Rl1iALYouHqV1C560MiHiiaf5He7RRBClj-UfpH9RY8ZshEde6HiePRidN1nyV_dhJhC3TwrVNg8NPHIpJx9Wtg-rxTm6dAZOjfVyML8tQAU8jV1FLq6bqxdBmrjx5ex1HHvzs1SzPWC2cwFGfTJ5IWM1_j6R63ucQEvFka3BvPK/s320/Screenshot%202024-01-11%20at%206.23.12%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left;">Quote: </span><a href="https://www.marketwatch.com/investing/fund/gcow?mod=search_symbol" style="text-align: left;">Pacer Global Cash Cows Dividend ETF Overview</a><span style="text-align: left;"> </span></span></p><p style="text-align: justify;"><span style="text-align: left;"><span style="font-family: georgia;">Cost: $514.4</span></span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/bats/gcow/quote">GCOW – Pacer Global Cash Cows Dividend ETF- Morningstar</a> (currently rated 4 stars)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/bats/gcow/portfolio">GCOW – Portfolio -Morningstar</a> (lists top 25 holdings)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.paceretfs.com/products/GCOW" style="text-align: left;">GCOW | Pacer ETFs</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .6% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock Selection Technique: </span><span style="font-family: georgia; text-align: left;">Excerpted from Summary Prospectus. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJCHeFuPWYZzUkulcGMfLPpYok0etKMGYzumTuS7XrDVQna7Sby_nAhBkQtKq79SrfCX_Fk8l-ihm1hubu06Xk7PnQA24fm6gVvhz58kwoJiNvy6p3mIuUjtDyBasmc8994aCZGKiB0OVyeSlf5p973z-H_rBDRQU_jZAnvi8yIoqnJGfmb3dCucG5shC5/s1524/GCOW.%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="762" data-original-width="1524" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJCHeFuPWYZzUkulcGMfLPpYok0etKMGYzumTuS7XrDVQna7Sby_nAhBkQtKq79SrfCX_Fk8l-ihm1hubu06Xk7PnQA24fm6gVvhz58kwoJiNvy6p3mIuUjtDyBasmc8994aCZGKiB0OVyeSlf5p973z-H_rBDRQU_jZAnvi8yIoqnJGfmb3dCucG5shC5/s320/GCOW.%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Starts with the FTSE All World Developed Markets Large Cap Index. This index has 772 stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Returns for this Index: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeovXLgQ662zrGw13l-mygW9UKXoZ6WQz4DBAoh0qTDEAq9YQ4zYWs_pdFUU9e6ZG980DUe_Hn8c6JIJj4sucVFrKW2I0h00BMrquIe1J7zbtvzTkyf5MZb9YrEAkLVlqwFqQATJ_k8lJFTb-pE-pMbIi_KwNkTGLap1zYFICWF5H9fcZ5xMIip75W4Jym/s1600/Screenshot%202024-01-08%20at%206.03.16%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="192" data-original-width="1600" height="38" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeovXLgQ662zrGw13l-mygW9UKXoZ6WQz4DBAoh0qTDEAq9YQ4zYWs_pdFUU9e6ZG980DUe_Hn8c6JIJj4sucVFrKW2I0h00BMrquIe1J7zbtvzTkyf5MZb9YrEAkLVlqwFqQATJ_k8lJFTb-pE-pMbIi_KwNkTGLap1zYFICWF5H9fcZ5xMIip75W4Jym/s320/Screenshot%202024-01-08%20at%206.03.16%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Top 10 Constituents of this Index: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6hcZNvbc2YtVx3jjokjamiCOX9uKpBtOr4p3kgbdVCiKMbjgkd0zm7fNAO-6hNoZqDcHSuFyMpkJ0NqVobE1ocIp0fpbcNJ1HDKvldylC4zjYl1ZSEU3UXIJmalVfVrT_F8AMIFsJwCNIUWxDHKRIX2NoK7U5bkdhDgRghl4XrQcYL-CJ6Se446Zrxzd7/s1632/Screenshot%202024-01-08%20at%206.04.28%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="824" data-original-width="1632" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6hcZNvbc2YtVx3jjokjamiCOX9uKpBtOr4p3kgbdVCiKMbjgkd0zm7fNAO-6hNoZqDcHSuFyMpkJ0NqVobE1ocIp0fpbcNJ1HDKvldylC4zjYl1ZSEU3UXIJmalVfVrT_F8AMIFsJwCNIUWxDHKRIX2NoK7U5bkdhDgRghl4XrQcYL-CJ6Se446Zrxzd7/s320/Screenshot%202024-01-08%20at%206.04.28%E2%80%AFPM.png" width="320" /></a></span></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div>None of those stocks are currently owned by GCOW. </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">That index is screened for free cash flow and earnings projected over the next two years. Companies with negative earnings or negative free cash flow are then removed from the selection process. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The remaining companies are then ranked by free cash flow over the trailing 12 month period. The companies with the highest free cash flow are then ranked by dividend yield. The fund will own 100 stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Reconstituted semiannually. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Some Top Holdings as of 1/8/24:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl4n2Ee9swXTTkvMnDsBAJdumyQcN0q9mc9L3-n94Z_3YKjF6nSHNC57LmhEgXFi_YuW_LbS6xPENBOwZVm6Cu6Ri61apThG0DZEigmhdMRbib4PLvhBQJkEEXCHVl3-j4FBlc9REIGMMswQztQHBrfepqu_Wdy0eA3enKdJw1yzLJpDI67vAN0zvgadk5/s1656/Screenshot%202024-01-08%20at%206.27.54%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1656" data-original-width="1194" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl4n2Ee9swXTTkvMnDsBAJdumyQcN0q9mc9L3-n94Z_3YKjF6nSHNC57LmhEgXFi_YuW_LbS6xPENBOwZVm6Cu6Ri61apThG0DZEigmhdMRbib4PLvhBQJkEEXCHVl3-j4FBlc9REIGMMswQztQHBrfepqu_Wdy0eA3enKdJw1yzLJpDI67vAN0zvgadk5/s320/Screenshot%202024-01-08%20at%206.27.54%E2%80%AFPM.png" width="231" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;">I currently own 8 of those stocks. I eliminated last year positions in Exxon, Chevron, Novartis and Sanofi. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid quarterly at a variable rate.</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrSaSqxAy3inbQd7nQ_sGlp1g1ZserVNYdsLPz_PI86Q5WhwEwOOoMv9x4BM3vjyCLlIbiC86sXOU5Q8Qi9XGTDSfX2nQl30pSGqrkNIDZFLHznWjaGxdKwyoGNK8aRJA3lOnu69c08TlwZk4BTCxw3s4iNZts6KpYlkyQS_OC283BA7pp0oDofq-YV_8I/s896/Screenshot%202024-01-08%20at%205.53.04%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="364" data-original-width="896" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrSaSqxAy3inbQd7nQ_sGlp1g1ZserVNYdsLPz_PI86Q5WhwEwOOoMv9x4BM3vjyCLlIbiC86sXOU5Q8Qi9XGTDSfX2nQl30pSGqrkNIDZFLHznWjaGxdKwyoGNK8aRJA3lOnu69c08TlwZk4BTCxw3s4iNZts6KpYlkyQS_OC283BA7pp0oDofq-YV_8I/s320/Screenshot%202024-01-08%20at%205.53.04%E2%80%AFPM.png" width="320" /></span></a></div><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm1hyphenhyphenFaA7sDXUaCHgAEg2bNsMTfQ7waTZJwN9dDaih0y1ps_JbvRCIUATxOS9SYon-ORcxkv0HGM6R6rruzvsQ06hgbLCMb-z5BMETGDO9rZ3al8I3qOtU33j8UCtXwcqtTZYr0lLapLOwGPXqN5FClptZEEng9vB9n67EvHcCGTLaskiBJcduBjY8szbg/s896/Screenshot%202024-01-08%20at%205.53.39%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="364" data-original-width="896" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm1hyphenhyphenFaA7sDXUaCHgAEg2bNsMTfQ7waTZJwN9dDaih0y1ps_JbvRCIUATxOS9SYon-ORcxkv0HGM6R6rruzvsQ06hgbLCMb-z5BMETGDO9rZ3al8I3qOtU33j8UCtXwcqtTZYr0lLapLOwGPXqN5FClptZEEng9vB9n67EvHcCGTLaskiBJcduBjY8szbg/s320/Screenshot%202024-01-08%20at%205.53.39%E2%80%AFPM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;"><u><i>Last 4 Dividends</i></u>: $1.81 per share<br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend Date</u></i>: 12/27/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Hypothetical Dividend Yield</u></i> Using a $34.4 average cost per share and a $1.81 annual dividend per share: <b> 5.26</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Cash Flow Into the Fidelity Account on 1/15/24</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Redemption Proceeds: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXK0ZkWk5sI1ylYD_zkQybp1y5tJ-ZW3x2jS6zOdHGR8fVwHBYI_38hj70Z5v6otaE6bolgZR5qkUudN287O_mmnaXswI1bW56MOlnFV4GXEu9-YkmlRDU2A6ZgdwFgI0VhLWPK5o-S680Qc7u3_f6Bit-ucSKrBYiwEtDfmyTQEHODNcjz9RLHPw0-W2e/s1950/Screenshot%202024-01-13%20at%203.25.27%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1086" data-original-width="1950" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXK0ZkWk5sI1ylYD_zkQybp1y5tJ-ZW3x2jS6zOdHGR8fVwHBYI_38hj70Z5v6otaE6bolgZR5qkUudN287O_mmnaXswI1bW56MOlnFV4GXEu9-YkmlRDU2A6ZgdwFgI0VhLWPK5o-S680Qc7u3_f6Bit-ucSKrBYiwEtDfmyTQEHODNcjz9RLHPw0-W2e/s320/Screenshot%202024-01-13%20at%203.25.27%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest and Dividend Payments: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyQ73302moDg1qhW0eeSdMDu8x-JuWxV7x_qrGFA0XFIussVkOm-M9X-LrvNhwfkUv3FQCfwlv2qIib-k47p3nG_RSAaObP4RyyJ-E1J3sMjqLBWUSeYX2EM94oZHyeFTOVcWOvbdbZ0rMFrHyOv3bgLs1HKyLGmXHlqQqOkP7kzlMTpz3iJSN9wXKd1mC/s2006/1.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1708" data-original-width="2006" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyQ73302moDg1qhW0eeSdMDu8x-JuWxV7x_qrGFA0XFIussVkOm-M9X-LrvNhwfkUv3FQCfwlv2qIib-k47p3nG_RSAaObP4RyyJ-E1J3sMjqLBWUSeYX2EM94oZHyeFTOVcWOvbdbZ0rMFrHyOv3bgLs1HKyLGmXHlqQqOkP7kzlMTpz3iJSN9wXKd1mC/s320/1.png" width="320" /></span></a></div><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgorPqIB7A8uNH7hnP_MBvBMaVgXLp_uCxiMIp6TZagm1qmGQF6pkz-vRvTOec1AyEE6YLHedfUASjnUCp10BXdP_8-FS4UBqn2UcSDpq_7m5mGaZzF5COUhTGslHHgYvzb9p4v88oD4-PjsE9mE123eqqZQKi55b2njwfecRYdRwH-iRyarPoqBUkKuT0X/s1974/Screenshot%202024-01-13%20at%203.25.08%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1120" data-original-width="1974" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgorPqIB7A8uNH7hnP_MBvBMaVgXLp_uCxiMIp6TZagm1qmGQF6pkz-vRvTOec1AyEE6YLHedfUASjnUCp10BXdP_8-FS4UBqn2UcSDpq_7m5mGaZzF5COUhTGslHHgYvzb9p4v88oD4-PjsE9mE123eqqZQKi55b2njwfecRYdRwH-iRyarPoqBUkKuT0X/s320/Screenshot%202024-01-13%20at%203.25.08%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI5pay_Y35OQzyo6AWfqmM74H2NviYcjpum8RtPRgIHzKn5QwirA5o8KoclY_erI5sR2uMjOeu15_DLK8QrTkLDXhnJcHqs7LHfzKRYFkxTed0hHPdQK6pRdCD-QOQUz_R5WLLbaGg9rxhPU_1YyJ0KIVJEIiDhAJv2wePPGtKacWSdsjAUHVq3fltg7SV/s2006/Screenshot%202024-01-13%20at%203.24.34%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1728" data-original-width="2006" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI5pay_Y35OQzyo6AWfqmM74H2NviYcjpum8RtPRgIHzKn5QwirA5o8KoclY_erI5sR2uMjOeu15_DLK8QrTkLDXhnJcHqs7LHfzKRYFkxTed0hHPdQK6pRdCD-QOQUz_R5WLLbaGg9rxhPU_1YyJ0KIVJEIiDhAJv2wePPGtKacWSdsjAUHVq3fltg7SV/s320/Screenshot%202024-01-13%20at%203.24.34%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5VuDxBs0u6-ZbXIrsEEAnLTSRvmj4J3OSBMP08iulCCVe-hpUjW7sOogzdtD_4BTNiuaCW0ILXgDjF3HT2nWpfneDcXn04Wu0RV9uUL9kUo-LYNQ7bAbm362WxXxhC6keyUsMiQa-vmK1kQ3ZBcoZHJblNMwXph7RjKAUe2bXteW4krvZaRkvuFHViRO8/s2006/Screenshot%202024-01-13%20at%203.24.26%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1728" data-original-width="2006" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5VuDxBs0u6-ZbXIrsEEAnLTSRvmj4J3OSBMP08iulCCVe-hpUjW7sOogzdtD_4BTNiuaCW0ILXgDjF3HT2nWpfneDcXn04Wu0RV9uUL9kUo-LYNQ7bAbm362WxXxhC6keyUsMiQa-vmK1kQ3ZBcoZHJblNMwXph7RjKAUe2bXteW4krvZaRkvuFHViRO8/s320/Screenshot%202024-01-13%20at%203.24.26%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjVid802_U30zWHInurD9NIozxGjDVna4W_gmUmxfG8fUflbYqkdYNaWghz36MX6hovvjGZUTvV2NAQkjuveeXJgkBHaukEId8po46B1acIeGBKKmVkRsmezU_9Fa5DFMH3X2sOlwNbvYxFbx0YllxwH5NFCfOuq9eBAcl2FZdNyqTfF16RCDS5_BERYyw/s2006/Screenshot%202024-01-13%20at%203.23.47%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1708" data-original-width="2006" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjVid802_U30zWHInurD9NIozxGjDVna4W_gmUmxfG8fUflbYqkdYNaWghz36MX6hovvjGZUTvV2NAQkjuveeXJgkBHaukEId8po46B1acIeGBKKmVkRsmezU_9Fa5DFMH3X2sOlwNbvYxFbx0YllxwH5NFCfOuq9eBAcl2FZdNyqTfF16RCDS5_BERYyw/s320/Screenshot%202024-01-13%20at%203.23.47%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">Added additional payments: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqGulYx8mQ1EYcHEGpS0XcGCeYyztongYn5ySoOkwXMqulySBbHLcD1bO5-51G9EBq7VFd-ujfvkUWrV8p_hS-V8YQ6nnHEZw2YeB9Az_sFbErRmHQ4EHp8uRoXoiyfYcg1hZZljZIq9uGv18ssYhEcw1bFQObzIR91ooLxOR_DzKwDE79wbXpZIJbZyq-/s1940/Screenshot%202024-01-16%20at%2012.15.10%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="988" data-original-width="1940" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqGulYx8mQ1EYcHEGpS0XcGCeYyztongYn5ySoOkwXMqulySBbHLcD1bO5-51G9EBq7VFd-ujfvkUWrV8p_hS-V8YQ6nnHEZw2YeB9Az_sFbErRmHQ4EHp8uRoXoiyfYcg1hZZljZIq9uGv18ssYhEcw1bFQObzIR91ooLxOR_DzKwDE79wbXpZIJbZyq-/s320/Screenshot%202024-01-16%20at%2012.15.10%E2%80%AFPM.png" width="320" /></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">An $85 interest payment made by a 4.25% SU bond issued by the bank holding company Associated bank is from 4 bonds purchased in 2 bond lots. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtB99oDqWJdpOsRdZZnTK9Vj6p-jUeqIgQdR4a9-YJDJgpOX08Uw_J6tuuhtlN00B0YZ4VvoQst7jN-g4dP7Wh_zk0MAJyL47sBH4DjZ8M-dgqE8IUO6yBFCKjg8b7U-L2rXTyxzerShoyc9LPUxApTV4z0-4DL1pkgdcmhx-FftmJIAvKBR1tur2DNRml/s2328/Screenshot%202024-01-13%20at%203.26.39%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="514" data-original-width="2328" height="71" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtB99oDqWJdpOsRdZZnTK9Vj6p-jUeqIgQdR4a9-YJDJgpOX08Uw_J6tuuhtlN00B0YZ4VvoQst7jN-g4dP7Wh_zk0MAJyL47sBH4DjZ8M-dgqE8IUO6yBFCKjg8b7U-L2rXTyxzerShoyc9LPUxApTV4z0-4DL1pkgdcmhx-FftmJIAvKBR1tur2DNRml/s320/Screenshot%202024-01-13%20at%203.26.39%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;">The last trade for this bond was at $98.292. </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The second 2 bond lot purchase was made at a total cost of 92.1. <a href="https://tennesseeindependent.blogspot.com/2023/05/bbdc-botz-brkl-cfg-fhb-fhnpre-hbnc-jqc.html">Item # 3.A. (5/20/23 Post)</a> The yield-to-maturity at my total cost was then at <b>9.513</b>% with a current yield of 4.6145%. (current yield = 4.25% Coupon ÷ 92.1 total cost = 4.6145%) The YTM is much higher due to the discounted purchase price to par value and the short time to maturity. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com20tag:blogger.com,1999:blog-2986124651030959736.post-9326625759604227982024-01-08T22:00:00.003-06:002024-01-08T22:01:02.639-06:00Market Commentary 1/8/2024 <p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/w3IiZWsKUBU" width="320" youtube-src-id="w3IiZWsKUBU"></iframe></div><br /><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/channel/UCNkVS3xXen_7uOvh_Rs1A_w">South Gent - YouTube</a> I am about to really slow down on purchasing stocks. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I will be posting more videos at my YouTube channel which I just started. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">This will probably be the last one that I will include as part of this blog. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">If anyone is interested, I would suggest subscribing and clicking the notification button. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I will not be asking anyone to buy me coffees, contributing to a patreon account (I have none) or buying a tee shirt or coffee mug with my likeness. Those seem to be a thing among content creators. I have no need for anyone's money. </span></div><p></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com0tag:blogger.com,1999:blog-2986124651030959736.post-80719724667421285622024-01-07T11:38:00.004-06:002024-01-07T11:38:36.159-06:00Cash Flow Numbers for Equity REITS<p></p><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen="" class="BLOG_video_class" height="266" src="https://www.youtube.com/embed/U_Dkcl2liw4" width="320" youtube-src-id="U_Dkcl2liw4"></iframe></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div style="text-align: justify;"><span style="font-family: georgia;">My equity allocation is currently below 20% of the total. The primary focus will be dividend paying stocks. The equity REIT stocks are among the dividend paying stocks that I will own. </span></div> <p></p>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com0tag:blogger.com,1999:blog-2986124651030959736.post-45719476349395554482024-01-07T09:11:00.000-06:002024-01-07T09:13:24.711-06:00IWB or COWZ<iframe frameborder="0" height="360" src="https://youtube.com/embed/j66tjf6aPZA?si=vhIyCfNhmDFuSRDN" style="background-image: url(https://i.ytimg.com/vi/j66tjf6aPZA/hqdefault.jpg);" width="480"></iframe>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com0tag:blogger.com,1999:blog-2986124651030959736.post-26015257037304809052024-01-06T09:32:00.010-06:002024-03-10T17:02:56.101-05:00BSTZ, BTMD, DCOM, ELC, ES, FISI, HPPPRC, GVLU, HTIA, KRG, MEGI, MIN, PLTK, RHJSX, <p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>December 2023 BLS Jobs Report-</span><a href="https://www.bls.gov/news.release/empsit.nr0.htm">Employment Situation Summary - 2023 M13 Results</a>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Payrolls up 216,000</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Unemployment unchanged at 3.7%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average hourly earnings up 15 cents (+.4%) to $34.27</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Hourly Wage Increase: +4.1%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Work Week: Down by .1 to 34.3 hours</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Labor Participation Rate: 62.5%, down .3%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Job gains for October and November were revised down by a combined 71,000. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>U-6: Up .1 to 7.1% seasonally adjusted. </span><a href="https://www.bls.gov/news.release/empsit.t15.htm" style="text-align: left;">Table A-15. Alternative measures of labor underutilization - 2023 M13 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Discussed at </span><a href="https://www.cnbc.com/2024/01/05/jobs-report-december-2023-payrolls-increased-by-216000-in-december.html">Jobs report December 2023: Payrolls increased by 216,000 in December</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Some financial websites described this employment report as "hot" or similar terms, which is ridiculous IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/story/ed-yardeni-12-reasons-why-stock-investors-will-see-the-s-p-500-hit-5400-in-2024-7bd4c747?mod=mw_latestnews">Opinion: Ed Yardeni: 12 reasons why you'll see the S&P 500 at 5,400 in 2024 - MarketWatch</a> I would agree that the reasons exist but it remains to be seen whether the S&P 500 has discounted these economic tailwinds and whether the Stock Jocks will see them continuing past 2024 when pricing stocks later this year. The reasons include interest rates and inflation are returning to to benign levels, consumers in the aggregate have purchasing power, and an ongoing boom in capital spending resulting from American and foreign companies onshoring production back to the U.S. and the government's spending on U.S. infrastructure (new orders for construction machinery up 30.5% over the past two years and construction employment hitting a record high of 8M in November). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>China has steadily decreased it holdings of U.S. treasury debt over the past year, going from $877.9B in October 2022 to $769.6B in October 2023, the last month data is currently available from the Treasury. </span><a href="https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html" style="text-align: left;">Treasury.pdf</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/story/why-red-sea-chaos-is-driving-oil-buyers-into-the-arms-of-u-s-shale-producers-3a4b6235?mod=home-page">Why Red Sea chaos is driving oil buyers ‘into the arms of U.S. shale producers’ - MarketWatch</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">U.S. crude oil production is trending up:</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOEj1GsYz3q5eVrZJKltz4Cil6xEb9xoU_7m9CIjtaRc5QpdI2i28fZ4PHhzt-wO9wXv7vcg1xCts2M97fdyYcRGW6EtqgLRzPoroOW6QaNjpf7Tj_tDNOBaQUofRXkDFPkfzEFZLAUG-yoaFWjOIvZLRd-ZJcg3uFcpyr5HsyhR_kg-GgQ1V5DuU7yn9-/s2028/Screenshot%202024-01-05%20at%206.24.43%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="714" data-original-width="2028" height="113" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOEj1GsYz3q5eVrZJKltz4Cil6xEb9xoU_7m9CIjtaRc5QpdI2i28fZ4PHhzt-wO9wXv7vcg1xCts2M97fdyYcRGW6EtqgLRzPoroOW6QaNjpf7Tj_tDNOBaQUofRXkDFPkfzEFZLAUG-yoaFWjOIvZLRd-ZJcg3uFcpyr5HsyhR_kg-GgQ1V5DuU7yn9-/s320/Screenshot%202024-01-05%20at%206.24.43%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">The trend up starting in 2010 is due to shale production. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W" style="text-align: left;">Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)</a> The decline in 2020 was related to the pandemic and its impact on demand. </span></p><p style="text-align: justify;"><a href="https://www.energy.gov/eere/vehicles/articles/fotw-1310-october-2-2023-united-states-has-been-positive-net-exporter"><span style="font-family: georgia;">October 2, 2023: The United States Has Been a Positive Net Exporter of Primary Energy Since 2019 | Department of Energy</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">The U.S. is the largest producer of natural gas. <a href="https://investingnews.com/top-natural-gas-producers/" style="text-align: left;">Top 10 Natural Gas Producers by Country</a> Russia is in second place but at 32% below the U.S. domestic production measured in trillion cubic meters. The U.S. is increasingly providing natural gas to Europe, replacing Russia as a supplier. The gas is liquified before transport at terminals located on the Gulf and East Coasts. <a href="https://www.eia.gov/energyexplained/natural-gas/liquefied-natural-gas.php" style="text-align: left;">Liquefied natural gas - U.S. Energy Information Administration (EIA)</a></span></p><p style="text-align: justify;"><span style="text-align: left;"><span style="font-family: georgia;">++++</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #6fa8dc;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $10,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: None. I have suspended purchases due to the significant yield declines and an already substantial overweighting. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual Common Stocks: <b><span style="color: red;">-</span></b>$908.22</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $1,375.93 in proceeds minus $467.71 in purchases) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock CEFs/Mutual Fund/ETF: <span style="color: #6aa84f;">+</span>$714.7</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Outflow Stocks/Stock Funds: <b><span style="color: red;">-</span></b>$193.52</span></p><p><span style="font-family: georgia;">Leveraged Bond CEFs: <span style="color: #6aa84f;">+</span>$81.6 </span></p><p><span style="font-family: georgia;">Exchange Traded Bond: <span style="color: #6aa84f;">+</span>$213</span></p><p style="text-align: justify;"><span style="font-family: georgia;">U.S. Equity Preferred Stocks: <b><span style="color: red;">-</span></b> $480.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2024 Net Outflow Stocks/Stock Funds (discussed in blog): <span style="color: red;">-</span>$193.52</span></p><p><span style="font-family: georgia;">2023 Net Outflow Stocks/Stock Funds (discussed in blog): <span style="color: red;">-</span>$27,091.82 </span></p><p><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Dictator Putin and His Orwellian Empire of Misery</span>: </span></p><p style="text-align: justify;"><a href="https://ukr.warspotting.net/" style="text-align: left;"><span style="font-family: georgia;">Losses ∙ RussiaWarSpotting-documented material losses in Russo-Ukrainian war</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://euromaidanpress.com/2023/12/31/frontline-report-russian-defense-ministry-admits-that-destruction-in-belgorod-caused-by-russias-air-defense-work/">Frontline report: Russian Defense Ministry admits that destruction in Belgorod caused by Russia's air defense work</a> <span style="background-color: white; font-size: 16px;"> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=TTAAQvj5p2o"><span>Russia attacks Ukraine with ballistic missiles provided by North Korea, U.S. says - YouTube</span></a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=C64crFpV3jw">Russian candidate barred from standing against Putin | DW News - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=6iOhV8kTjiI">Russian Grandmother Speaks the Truth Without Fear - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/world/2023/12/30/france-russia-interference-far-right/">Russia works to subvert French support for Ukraine, documents show - The Washington Post</a> Kremlin documents show a concerted effort by Russia to disrupt France's support for Ukraine "<span style="color: #2a2a2a; text-align: left;">through social media and French political figures, opinion leaders and activists." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2a2a2a; text-align: left;">The Russian interference is being directed by </span><a href="https://en.wikipedia.org/wiki/Sergey_Kiriyenko" style="text-align: left;">Sergey Kiriyenko</a>, Putin's first deputy chief of staff. <span style="color: #2a2a2a; text-align: left;">One man identified by the Post who is allegedly financing pro-Russian politicians in France is J</span><span style="color: #2a2a2a; text-align: left;">ean-Luc Schaffhauser. (see,</span><span style="color: #2a2a2a; text-align: left;"> </span><a href="https://www.washingtonpost.com/world/national-security/a-russian-bank-gave-marine-le-pens-party-a-loan-then-weird-things-began-happening/2018/12/27/960c7906-d320-11e8-a275-81c671a50422_story.html" style="text-align: left;">A Russian bank gave Marine Le Pen’s party a loan. Then weird things began happening. - The Washington Post</a>) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last Sunday, Russia launched more missiles and drones at Ukrainian civilians and civilian buildings, and the Russians cheered in response to this report with their comments to this video. </span><a href="https://www.youtube.com/watch?v=F6wk2eVDt54" style="text-align: left;">Russia rains missiles on Kyiv and other cities • FRANCE 24 English - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=-qhe6k7D9uk" style="text-align: left;">Russia bombards Kyiv, Kharkiv after Putin promises to intensify attacks - YouTube</a>; <a href="https://www.youtube.com/watch?v=Gg18qr4TqRI" style="text-align: left;">Russia Pounds Ukraine After Putin's Warning, Norway Permits Direct Arms Sale, Poland Deploys F 16s - YouTube</a>; <a href="https://www.youtube.com/watch?v=bCV_7P_4uzs" style="text-align: left;">Russia launches bombings across Ukraine as Putin vows to intensify attacks - YouTube</a>; <a href="https://www.youtube.com/watch?v=qaQbjeuW-AQ" style="text-align: left;">Russian missile strikes kill civilians in Ukrainian cities - BBC News -YouTube</a> Committing war crimes and crimes against humanity were normal for the Nazis and are an integral part of Russia's strategy in Ukraine and in prior conflicts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">It is now routine for Russian misinformation, transmitted by Russian trolls and bots, about the war in Ukraine to dominate comments made on video channels making factual statements about the war. In some cases, the number exceeds 50% and can run up to 90% of the comments. The comments are from users that have no other information on their websites. The content demonstrates their perfection of Orwellian thought, where true is false and false is true. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/31/europe/putin-winning-year-ahead-election-russia-ukraine-intl-cmd/index.html">As 2023 draws to a close, Putin wants the world to think he is winning</a> This position is being transmitted by Russian trolls and bots on U.S. social media. The comments claim that Ukraine can not win, Russia is merely defending itself when blowing up apartment buildings, and U.S. taxpayers are wasting money by continuing to supply Ukraine with aid. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Russia continued last week with its now routine and intentional targeting of Ukrainian civilian buildings with missiles and drone attacks. </span><a href="https://www.youtube.com/watch?v=9jGYAJE2Dls" style="text-align: left;">Twin Russian missile strikes hit Kharkiv</a>, <a href="https://www.youtube.com/watch?v=9jGYAJE2Dls" style="text-align: left;">REUTERS-YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Notwithstanding video, photographic and eyewitness testimony that Russia is in fact targeting Ukrainian civilians and civilian buildings almost every day since its invasion started in February 2022, Russia denies that it has done so, as if Putin has expanded his Orwellian control over the entire world and has no fear of being contradicted with accurate and indisputable evidence. It just makes Russia look ridiculous and confirms that its government is totally untrustworthy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In my last post, I included a snapshot of U.S per capita GDP compared to Russia under Putin's leadership. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSO9eXgHEHCZEK4H4nk1_OTwqscuPaLXBUSgahmwMYV126NtU1H1DYzeaHUOgBcSoHWr7Ml9uUiQC_vDrB-LwoZ2smgo7Y7XcESMW6VcoIjZuXgjY_qQp69LsJdkmf4fMJY8ujGOoqPkE8j088wPpCSEF-Ok6C9llIk_L-LNKez6JIMFljIuzsS1YEpZ0V/s3026/Screenshot%202024-01-03%20at%208.08.51%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1370" data-original-width="3026" height="145" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSO9eXgHEHCZEK4H4nk1_OTwqscuPaLXBUSgahmwMYV126NtU1H1DYzeaHUOgBcSoHWr7Ml9uUiQC_vDrB-LwoZ2smgo7Y7XcESMW6VcoIjZuXgjY_qQp69LsJdkmf4fMJY8ujGOoqPkE8j088wPpCSEF-Ok6C9llIk_L-LNKez6JIMFljIuzsS1YEpZ0V/s320/Screenshot%202024-01-03%20at%208.08.51%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://fred.stlouisfed.org/series/NYGDPPCAPKDRUS">Constant GDP per capita for the Russian Federation- St. Louis Fed</a> (information is sourced from the World Bank)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Another data point is the Ruble's status as a junk currency whose value has been declining against other major currencies for a long time. <a href="https://www.xe.com/currencycharts/?from=RUB&to=USD&view=10Y" style="text-align: left;">Russian Ruble to US Dollar Exchange Rate Chart | Xe</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I commented on one YouTube video that the Russian economy will be unable to maintain even flat per capita GDP growth, which has been the norm since 1990. Those include the following: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(1) Prior to Putin's order to invade Ukraine, Russia had extremely unfavorable demographics, with deaths exceeding births, and a rapidly aging population. The war has aggravated that problem, as young Russians fled the country or have died as Putin's canon fodder in Ukraine. Many will leave hereafter recognizing that life in another country will be better for them or at least their descendants; </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(2) Russia has proven that it can make weapons but not much of anything else that anyone would want to buy other than Vodka that is liberally consumed in that country; </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>(3) Energy resources will gradually be depleted and demand will weaken longer term causing downward price pressure which will have a major negative impact on Russia's economy, </span><a href="https://www.statista.com/statistics/1322102/gdp-share-oil-gas-sector-russia/#:~:text=Russia's%20oil%20and%20gas%20industry,first%20three%20months%20of%202023." style="text-align: left;">Russia GDP oil and gas percentage quarterly 2023 | Statista</a><span>; </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">(4) The Ruble is a junk currency and will remain so. That long term problem will add to inflationary pressures that will become systemic in an economy dominated by Kleptocrats and an inadequate labor force. Russia's annual inflation, as reported by Putin's government, was at 7.48% through November, up from 6.69% in October. I would add at least 2 percentage points to those numbers. Nothing reported by Putin's government is true unless it puts him in a favorable light;</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(5) To defend the junk currency, Russia's Central Bank recently raised its benchmark rate to 16%. <a href="https://www.nytimes.com/2023/12/15/world/europe/russia-interest-rates-inflation.html" style="text-align: left;">Russia’s Central Bank Raises Rates to 16 Percent - The New York Times</a> Other countries with junk currencies will use extremely high rates to dampen inflation, but this generally results in economic slowdowns without doing much, if anything, to control inflation. In the years to come, I anticipate that Russia may have nominal GDP growth from time to time resulting from high inflation, but inflation adjusted GDP growth will be negative; and</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(6) There will be limited upward financial mobility for most Russians, causing even more young Russians, at least those with a modicum of common sense, to leave for better opportunities. The Russian economic system primarily benefits Putin and his coterie of Kleptocrats. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Putin has no choice now but to continue his war in Ukraine. His survival is dependent on a victory. If 1 million or more Russians have to die to secure that victory, and a million maimed physically and/or mentally, then that is viewed by Putin as a meaningless price to pay for his survival, to keep his billions of ill-gotten gains, and to maintain his tyrannical rule. <a href="https://www.youtube.com/watch?v=N3iZwfOyeh0" style="text-align: left;">Why Russians Support The War and Why Putin Can't Give Up | Ep.2 Dr. Jade McGlynn - YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.buzzfeednews.com/article/albertonardelli/trump-russia-crimea">Trump Told G7 Leaders That Crimea Is Russian Because Everyone Speaks Russian In Crimea</a> Putin would agree with Trump. If there are Russian speakers in an independent nation, Putin believes that they belong to Russia. </span></p><p style="text-align: justify;"><a href="https://www.cnbc.com/2023/12/28/russias-lavrov-claims-the-west-is-shifting-strategy-on-ukraine.html?recirc=taboolainternal"><span style="font-family: georgia;">Russia's Lavrov claims the West is shifting strategy on Ukraine</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Another Russian has fallen out of window. The latest one, Vladimir Egorov, fell three stories to his death. <a href="https://www.cnn.com/2023/12/28/europe/egorov-russia-dead-outside-house/index.html" style="text-align: left;">Vladimir Egorov: Pro-Putin regional politician found dead outside his house</a>; <a href="https://www.cnn.com/2022/09/01/business/lukoil-chairman-dies/index.html" style="text-align: left;">Ravil Maganov: Lukoil chairman dies after falling from a Moscow hospital window</a>; <a href="https://www.cnn.com/2022/12/27/business/russian-deaths-india-pavel-antov-intl/index.html" style="text-align: left;">Pavel Antov, Russian sausage magnate, dies after hotel fall in India</a> Russia will say there is just an epidemic of suicides. However, if anyone is suspected of challenging Putin's power, or a person with some influence or a position in government criticizes him, death will soon follow. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/interactive/2023/12/17/world/putin-companies-economy-boycott-elites-benefit-ukraine-war.html">How Putin Turned a Western Boycott Into a Bonanza - The New York Times</a> The war has provided a major financial boost to Putin and his coterie of Kleptocrats as detailed in this article. There is no benefit to most ordinary Russians. A few Russians, who are paid more to fight in Ukraine than they can earn in a civilian job, will receive a financial benefit provided they survive the war or avoid permanent physical and/or mental disabilities if they survive. The war will simply hasten the now inevitable decline of Russia's economy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=EOrAxES0cVE">U.S. reliability on global stage imperiled as GOP plays politics with Ukraine aid - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=_ApQh_8NJk4"><span style="font-family: georgia;">Mother Of Twins Tells Of Remarkable Survival From Bombed Mariupol Maternity Hospital - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Don the Authoritarian and His Party</span>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a> Using the average of all polls, Trump currently has a 51.7% lead over his newest competitor. </span><a href="https://www.nytimes.com/2023/12/20/us/politics/trump-cases-poll-2024.html" style="text-align: left;">Trump’s Legal Jeopardy Hasn’t Hurt His G.O.P. Support, Times/Siena Poll Finds - The New York Times</a></span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2024/01/04/politics/trump-properties-china-foreign-payments/index.html">China spent over $5.5 million at Trump properties while he was in office, documents show</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.wsj.com/politics/china-saudi-arabia-top-list-of-foreign-governments-that-spent-millions-at-trump-properties-during-his-presidency-277317cb?mod=hp_lead_pos1">Trump’s Businesses Got Millions From Foreign Governments While He Was President - WSJ</a>; </span><a href="https://www.cnbc.com/2024/01/04/trump-received-at-least-7point8-million-in-payments-from-foreign-governments-as-president-house-democrats-say.html" style="text-align: left;">Trump's businesses received at least $7.8 million in payments from foreign governments as president</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnn.com/2023/12/30/politics/donald-trump-jack-smith-immunity-claim-filing/index.html">Special Counsel Jack Smith pushes back on Trump’s immunity claim</a>; As Smith correctly pointed out, accepting Trump's immunity claim would license a President to commit criminal acts to stay in office. Other criminal acts would likewise be immune from prosecution during the term, with the end results being the transformation of the Office of the President into a Dictator. This kind of argument is to be expected from Donald. </span><a href="https://www.newsweek.com/donald-trump-legal-filing-new-years-eve-1856777#:~:text=Special%20Counsel%20Jack%20Smith%20urged,he%20is%20immune%20from%20prosecution." style="text-align: left;">Donald Trump Stung by Legal Filing Hours Before New Year's Eve</a><span> This is link to the brief filed by the Special Prosecutor </span><a href="https://storage.courtlistener.com/recap/gov.uscourts.cadc.40415/gov.uscourts.cadc.40415.1208583920.0.pdf" style="text-align: left;">United States v. Donald J. Trump.pdf.</a><span> If the Republican Supreme Court Justice grant Trump immunity from criminal prosecution, then that could mark the end of America's democracy. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/dc-md-va/2024/01/02/jan-6-poll-post-trump/">Jan. 6 poll: Republicans more loyal to Trump, rioters who stormed Capitol - The Washington Post</a> This poll is consistent with others that I have seen over the years, such as the ones where 81% of republicans viewed Donald as honest and almost as many believed he was a good role model for their children. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/elections/2023/12/30/trump-desantis-haley-race-slavery/">Led by Trump, GOP candidates take polarizing stances on race and history - The Washington Post</a> While the comments are appealing to many Americans, I would not agree with the Post referring to those people as "conservatives". </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/videos/us/2023/12/31/call-to-regulate-migrants-drop-offs-camila-bernal-cnntmwk-vpx.cnn" style="text-align: left;">Video: Authorities encountered over 225,000 migrants along the border in Dec. | CNN</a> This news item, which is widely disseminated in the U.S., so much so that it would be almost impossible for a voter to be unaware, will significantly enhance Trump's chances for another 4 year term. Biden's age, illegal immigration and being wrongly blamed for inflation will be major headwinds for his reelection, and all of those are obvious. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/politics/2023/12/31/desantis-haley-pledge-pardon-trump-if-hes-convicted/">Ron DeSantis and Nikki Haley pledge to pardon Donald Trump if he’s convicted - The Washington Post</a> Haley and DeSantis are just groveling for Trump voters. If Trump is convicted <span>and the conviction is affirmed after all appeals are exhausted, he should serve his sentence just like anyone else. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Republicans are still refusing to provide more aid to Ukraine, which encourages Putin to continue the war until Ukraine is absorbed into Russia. <a href="https://www.youtube.com/watch?v=13F40ArF2lQ" style="text-align: left;">Putin vows to intensify attacks, as Ukraine pleads for supplies from allies - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>About 1/2 of the republicans in the House oppose any further aid for Ukraine, having voted against all aid bills or against </span>all after the first one. I doubt they would budge even if their immigration demands are met. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>This kind of behavior has a long history in the Republican party, sometimes called by historians as the America First foreign policy, which led most of them, for example, to vote against the Lend Lease Act that helped Britain resist another imperialistic and totalitarian regime prior to the U.S. entry into WWII. </span><a href="https://www.politico.com/story/2017/10/23/senate-approves-supplemental-lend-lease-act-oct-23-1941-243990" style="text-align: left;">Senate approves supplemental Lend-Lease Act, Oct. 23, 1941 - POLITICO</a><span> (24 republicans in the House voted in favor and 135 against and only 10 republican senators voted for the bill) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.politico.com/news/magazine/2023/01/20/biden-ukraine-lend-lease-roosevelt-00077481">The WWII Strategy Biden Can Use to Bypass Republicans on Ukraine - POLITICO</a>; <a href="https://history.state.gov/milestones/1921-1936/neutrality-acts" style="text-align: left;">The Neutrality Acts of the 1930 - Office of the Historian</a> Noting that many republicans have gravitated to a pro-Russian position with growing numbers of them admiring Putin or suggesting that Ukraine needs to capitulate. Another republican favorite is the authoritarian leaning PM of Hungary Viktor Orban. </span><a href="https://www.youtube.com/watch?v=b9tsrJdllvY" style="text-align: left;">Anne Applebaum: Orbán evidence of what a determined, anti-democratic figure can do - YouTube</a>; <a href="https://www.salon.com/2023/12/11/in-congress-are-getting-advice-from-viktor-orbns-office-about-ukraine-report/" style="text-align: left;">Republicans in Congress are getting advice from Viktor Orbán's office about Ukraine</a>; <a href="https://www.nbcnews.com/news/world/viktor-orban-cpac-trump-gop-hungary-leader-rcna40199" style="text-align: left;">What Viktor Orbán's CPAC appearance tells us about Trump, GOP</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Several news outlets have reported that the Ukrainians are running out of ammunition and may have no choice but to accept a cease fire agreement that could easily result in Russia taking about 1/5th of Ukraine in exchange for its promise to behave, similar to the promise made by Russia in the Budapest Memorandum. <a href="https://www.wsj.com/articles/ukraine-may-have-to-accept-a-cease-fire-putin-orban-congress-aid-89f9932a" style="text-align: left;">Ukraine May Have to Accept a Cease-Fire - WSJ</a>; <a href="https://www.newsweek.com/russia-ukraine-war-putin-zelensky-animal-1856956#:~:text=Ukrainian%20President%20Volodymr%20Zelensky%20has,as%20a%20sign%20of%20weakness." style="text-align: left;">Putin Smells Blood As Ukraine Faces Growing Calls To Negotiate-Newsweek;</a> <a href="https://www.washingtonpost.com/world/2023/12/22/ukraine-ammunition-shortage-russia-war/" style="text-align: left;">With Western aid stalled, Ukrainian troops run low on artillery shells - The Washington Post</a> The republicans in the U.S. would be the author of that result. I would recommend a refresher course for them about the historical events leading up to WWII in Europe. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=wLkLJuSheDg">Fmr. Lt. Gen. Twitty: ‘If Ukraine loses this war, you might as well say the U.S. lost the war’ - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.vanityfair.com/news/donald-trump-2024-media">Donald Trump’s Tirades Barely Make a Blip | Vanity Fair</a> Daily mean spirited tantrums by a 77 year old man who never matured beyond a 12 year brat is incomprehensibly viewed as acceptable adult behavior for a President.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The House Republicans have voted to begin impeachment proceedings against Secretary of Homeland Security </span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;"><span>Alejandro Mayorkas </span></span><span>in an election year partisan political maneuver. </span><a href="https://www.cnn.com/2024/01/03/politics/house-homeland-security-committee-impeachment-mayorkas/index.html" style="text-align: left;">House committee to formally begin impeachment proceedings against Biden Homeland Security chief</a> The Republicans have the votes to impeach in the House and a "hearing" is a mere formality to provide cover for a political decision made by them. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There is no basis for an impeachment using the Constitution's standard in Article II, Section 4: "<span style="background-color: white; color: #333333; text-align: left;">The President, Vice President and all civil officers of the United States, shall be removed from office on impeachment for, and conviction of, treason, bribery, or other high crimes and misdemeanors." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; text-align: left;">The republicans are going to impeach Mayorkas because he is implementing the law as it exists with the resources available to his department rather than the immigration laws that the republicans want to pass but have failed to do so and would consequently be unlawful to enforce. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; text-align: left;">For voters who are currently on the fence in the upcoming election, the Mayorkas impeachment trial in the Senate will highlight the House republicans unfitness and inability to govern in a responsible and adult way. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; color: #333333; text-align: left;"><a href="https://www.washingtonpost.com/business/2024/01/05/government-shutdown-congress-border-security/">Government could shut down over border dispute - The Washington Post</a> In addition to conditioning their approval of any additional Ukrainian aid on the Democrats accepting the GOP's immigration demands, the republicans are now threatening also to shut the government down unless those demands are met. </span></span><a href="https://www.cnn.com/2023/12/08/us/tyranny-of-the-minority-american-democracy-cec/index.html" style="text-align: left;">A ‘tyranny of the minority’ is destroying American democracy, a new book warns | CNN</a>; <a href="https://www.amazon.com/Tyranny-Minority-American-Democracy-Breaking/dp/0593443071" style="text-align: left;">Tyranny of the Minority: Why American Democracy Reached the Breaking Point-Amazon.com: Books</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #333333; text-align: left;"><a href="https://www.cbsnews.com/news/72-year-old-florida-man-arrested-for-threatening-to-kill-bay-area-rep-eric-swalwell/">72-year-old Florida man arrested for threatening to kill Bay Area Rep. Eric Swalwell (D) - CBS News</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://abcnews.go.com/US/wireStory/justice-dept-accuses-2-political-operatives-hiding-foreign-106060975">Justice Dept. accuses 2 political operatives of hiding foreign lobbying during Trump administration - ABC News</a> The only options are to tell the truth to the FBI agents asking questions or keep your mouth shut. If there is proof that statements are material and false, then it is frequently the case that the best criminal case is making false statements to the FBI rather than the conduct that is inquired about. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnn.com/2024/01/05/politics/supreme-court-trump-colorado-14th-amendment-insurrectionist-clause/index.html">Supreme Court agrees to decide whether Trump can be barred from holding office</a> This issue has to be decided by the Supreme Court as expeditiously as possible. The Republican Justices will find a way to keep Trump on the ballot, even if that requires them to abandon their adherence to textualism or originalism while attempting to mask it. </span></span><a href="https://pacificlegal.org/originalism-vs-textualism-vs-living-constitutionalism/?gad_source=1&gclid=Cj0KCQiAkeSsBhDUARIsAK3tiefBCHCi8VeWTzAgkxCHrKf-nwqHLYWgbUEFwRocYfHBFAJPilRVYnoaAtqmEALw_wcB" style="text-align: left;">Originalism vs. Textualism | Pacific Legal Foundation</a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Apart from the legalities which I have previously discussed, it would be a bad idea to remove Trump from the November 2024 Presidential ballot. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I do agree that Justice Thomas, whose wife participated in the 1/6 "Stop the Steal" rally, needs to recuse himself but I do not expect that he will. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Trump's attorney assured Fox "News" that the Republican Justices, naming Kavanaugh by name, will reverse the Colorado Supreme Court. </span><a href="https://thehill.com/homenews/campaign/4390774-trump-attorney-kavanaugh-will-step-up-ballot-cases/" style="text-align: left;">Trump attorney says Kavanaugh will ‘step up’ in ballot cases | The Hill</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="color: #2b00fe; font-family: georgia;"><b>1. Small Ball CEF Purchases (Fidelity Account)- Monthly Dividends</b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As previously mentioned, I am increasing my allocation to CEFs that pay monthly dividends in my Fidelity account until I at least hit $200 per month in dividend payments. I will not be updating the monthly amount until I add up the total from my March 2024 statement. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have recently discussed these CEFs, other than MIN, and will not have much to add here regarding the others. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Added to MIN - Bought 30 at $2.72</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA7JW2BCAnKMp_9Jv7qu2Myq4eQ4nEAE5Obssg2YpjNWDdDmAq0pjqdddwMMiXc1DEkeBSU6iurzWMdMoNIKQAmO9zqY3XVkucSoMQ5A3L6W2o3vBx-f9n_ekNe-LMtXHGmar-tyqrrqKIAi70WT7Ssueitg8M_VrcB_x7muJqx5KPoyvujjFvyyOL1Sza/s2256/MIN%2030%20AT%20$2.72%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="236" data-original-width="2256" height="33" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA7JW2BCAnKMp_9Jv7qu2Myq4eQ4nEAE5Obssg2YpjNWDdDmAq0pjqdddwMMiXc1DEkeBSU6iurzWMdMoNIKQAmO9zqY3XVkucSoMQ5A3L6W2o3vBx-f9n_ekNe-LMtXHGmar-tyqrrqKIAi70WT7Ssueitg8M_VrcB_x7muJqx5KPoyvujjFvyyOL1Sza/s320/MIN%2030%20AT%20$2.72%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/min?mod=over_search" style="text-align: left;">MFS Intermediate Income Trust Overview</a> <span>- Unleveraged Bond CEF </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Cost: $81.6</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=826735&action=getcompany">SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/826735/000168386323008488/f37216d1.htm">MFS Intermediate Income Trust Annual Report P/E 10/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Portfolio Breakdown with Credit Ratings</i></u>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQi_AvCFjgXB5ny_vlWsABYDwbaP48LhmXvy0_GWx-lQCzo22PSJMxifyUQDnP0GRp8QUnRi9witxvlXuO2pWlGJzJh4eD0gESln6T-9u3sE2IsH_6lZ1QRWkFqijUDCMY8aS7R6gaPjxMDFg7H3Bf9ZfzNONMiyv3-0f3M4JqO1i7FFfdFHDN9zEu6B97/s3076/Screenshot%202023-12-31%20at%209.20.00%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="774" data-original-width="3076" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQi_AvCFjgXB5ny_vlWsABYDwbaP48LhmXvy0_GWx-lQCzo22PSJMxifyUQDnP0GRp8QUnRi9witxvlXuO2pWlGJzJh4eD0gESln6T-9u3sE2IsH_6lZ1QRWkFqijUDCMY8aS7R6gaPjxMDFg7H3Bf9ZfzNONMiyv3-0f3M4JqO1i7FFfdFHDN9zEu6B97/s320/Screenshot%202023-12-31%20at%209.20.00%E2%80%AFAM.png" width="320" /></span></a></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWcpCkGo1OcWgZC81lYBErIgnike6AgQjgTu-nUOtJYHERn_MsQkhw3v6NmJ6MK3U_7_RV5XXKlpLi0osw2E_eK30WWvjFGls1wLnyL3flvY_evG4XpNXGKATj01_poOc_CCPsMMdWeXJ-sJmG9eXZ2MwMyhTu_qJ9gTnPC-EGsY8GtfkRhPCWnr8AEuOU/s3078/Screenshot%202023-12-31%20at%209.21.52%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="776" data-original-width="3078" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWcpCkGo1OcWgZC81lYBErIgnike6AgQjgTu-nUOtJYHERn_MsQkhw3v6NmJ6MK3U_7_RV5XXKlpLi0osw2E_eK30WWvjFGls1wLnyL3flvY_evG4XpNXGKATj01_poOc_CCPsMMdWeXJ-sJmG9eXZ2MwMyhTu_qJ9gTnPC-EGsY8GtfkRhPCWnr8AEuOU/s320/Screenshot%202023-12-31%20at%209.21.52%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 1, Annual Report</span></td></tr></tbody></table><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">As of 10/31/23, the duration was 3.7 years with an average effective maturity of 4.1 years. The impact of bond duration on net asset value is described in footnote (d) in the previous snapshot. The standard rule of thumb is net asset value per share will rise or fall by multiplying the average duration number by the percentage change in interest rates. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">U.S. Treasury securities made up 26.8% of the portfolio as of 10/31/23 (page 27). In the previous snapshot I am interpreting the column to the right, which refers to credit ratings, as excluding U.S. Treasury securities. The percentages for AAA and AA would not make any sense without that exclusion:</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIAvkMWJu9L59SBhW1fQm6V19b7TaccSoNNYxDAMlkJ-am2fp-JQguo5ZPYnRsfo_kGU4hcRQi9nw_QhYg_3DDZxEWGL99EJ0XiHWCLJ1Z92Puf8kjC9lencNAP3DF7U4O0Qyw1rggRj9BdNwTT6TkUzy48_x5OFO80CLvWKzyLkjB0AvnSvYIlh__XkxC/s1112/Screenshot%202023-12-31%20at%209.33.59%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="342" data-original-width="1112" height="98" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIAvkMWJu9L59SBhW1fQm6V19b7TaccSoNNYxDAMlkJ-am2fp-JQguo5ZPYnRsfo_kGU4hcRQi9nw_QhYg_3DDZxEWGL99EJ0XiHWCLJ1Z92Puf8kjC9lencNAP3DF7U4O0Qyw1rggRj9BdNwTT6TkUzy48_x5OFO80CLvWKzyLkjB0AvnSvYIlh__XkxC/s320/Screenshot%202023-12-31%20at%209.33.59%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Current Treasury Debt Ratings</span></td></tr></tbody></table></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at a variable rate that is trending down some. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/MIN/dividends/history"><span style="font-family: georgia;">MIN Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 dividend has significant ROC support which explains why the penny rate is trending down. Possibly the dividend will stabilize soon and start to trend up as proceeds from maturing securities can be reinvested at higher yields. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $2.72</u></i>: <b>8.82%</b>, with caveats and using the assumption described here: With minor changes in the dividend penny rate, and a downward trend, it is not possible to compute a yield. While the monthly rate was over $.02 throughout 2023, I am assuming just a $.02 monthly per share rate ($.24 annually) when computing a dividend yield. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/19/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 12/29/23 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset value per share: $2.92</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $2.68</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -6.16%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 year discount: -4.88%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><span> </span><a href="https://www.cefconnect.com/fund/MIN" style="text-align: left;">MIN - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Added to BSTZ - Bought 5 at $16.76; 5 at $16.5</u></b></span></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPXaRu-FIedaYMf7P_FY5vCvnnEzoz3ZKYlyf0hhwQSCENvBk3bnAPGZDG2VWm5cNp5iEbmKmenXaX2Vr06vwKaLqEo44nxt-TOtLM39XvHNEwouKvgSUxb2zN6sv9GlgtdhE4JR_CDYMAKno7wxFcjpiueGcjgu-MahsmgBxBUSOFxeYCj8KUOcniDnzf/s2250/BSTZ%205%20AT%20$16.76.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="116" data-original-width="2250" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPXaRu-FIedaYMf7P_FY5vCvnnEzoz3ZKYlyf0hhwQSCENvBk3bnAPGZDG2VWm5cNp5iEbmKmenXaX2Vr06vwKaLqEo44nxt-TOtLM39XvHNEwouKvgSUxb2zN6sv9GlgtdhE4JR_CDYMAKno7wxFcjpiueGcjgu-MahsmgBxBUSOFxeYCj8KUOcniDnzf/s320/BSTZ%205%20AT%20$16.76.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSev4PBdZ6yQM0kqylQKg6WPK4XT1hlrOAv6eqdLGvRDuYX0zclfYt1RqQ49D3qEH_-Oc_abrOmzyCBNUpEjWlaOTyegKMsfdNT1f6ez1IGYk0ZniXVc68_FydWd7Ad9m-Moq7CwxE4fSwfYSA_7Y6Fm2u0M1nzGXSDF8dfJhBaMlgJLWcpVAPiU65VPu-/s2268/bstz%205%20at%20$16.5.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="106" data-original-width="2268" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSev4PBdZ6yQM0kqylQKg6WPK4XT1hlrOAv6eqdLGvRDuYX0zclfYt1RqQ49D3qEH_-Oc_abrOmzyCBNUpEjWlaOTyegKMsfdNT1f6ez1IGYk0ZniXVc68_FydWd7Ad9m-Moq7CwxE4fSwfYSA_7Y6Fm2u0M1nzGXSDF8dfJhBaMlgJLWcpVAPiU65VPu-/s320/bstz%205%20at%20$16.5.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/bstz?mod=search_symbol" style="text-align: left;">BlackRock Science & Technology Term Trust Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $166.3</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/amcx-bstz-elc-emaprcca-eqr-flca-maa.html" style="text-align: left;">Item # 3.I. Started BSTZ - Bought 10 at $17.03; 10 at $17 (12/23/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://www.blackrock.com/us/individual/products/308764/science-and-technology-term-trust" style="text-align: left;">Science and Technology Term Trust</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1768666&owner=exclude"><span style="font-family: georgia;">BSTZ SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1768666/000175272423269787/NPORT_89BL_68014378_0923.htm"><span style="font-family: georgia;">SEC Filing Holdings as of 9/30/23</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1768666/000119312523227167/d432244dncsrs.htm" style="text-align: left;"><span style="font-family: georgia;">SEC Filed Shareholder Semiannual Report for the Period Ending 6/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$16.89</b> (30 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividends</i></u>: Paid monthly at a variable rate. It is impossible to calculate a dividend yield given the changes in the dividend rate. Ultimately the dividend amounts and the amount of ROC support, if any, will depend on realizing capital gains. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqm8CPH9TnBVLX_MxLxz8gXaqEkJxuhLWq83uatzicdkkmvdL2aw7PiHka2FgG8TEh9lRHfPsOKwA6CabFDdFvRs0Cr2umSoSe1L7gCfqZ6u3eirixNhxm8eURwRsR-FS0xE81UWyImV2X1im9uWvYn_a4v-mgt6vbLabmP9tPptpMcPJA-g6TzIRyJe7t/s1334/Screenshot%202023-12-31%20at%2010.55.35%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1334" data-original-width="1052" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqm8CPH9TnBVLX_MxLxz8gXaqEkJxuhLWq83uatzicdkkmvdL2aw7PiHka2FgG8TEh9lRHfPsOKwA6CabFDdFvRs0Cr2umSoSe1L7gCfqZ6u3eirixNhxm8eURwRsR-FS0xE81UWyImV2X1im9uWvYn_a4v-mgt6vbLabmP9tPptpMcPJA-g6TzIRyJe7t/s320/Screenshot%202023-12-31%20at%2010.55.35%E2%80%AFAM.png" width="252" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The January 2024 dividend will be $.10271. </span><a href="https://www.businesswire.com/news/home/20240102087280/en/Distribution-Dates-and-Amounts-Announced-for-Certain-BlackRock-Closed-End-Funds" style="text-align: left;">Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend Date</i></u>: 1/11/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Data Date of 12/29/23 Trade</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $21.55</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $16.71</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -21.48%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/BSTZ" style="text-align: left;">BSTZ - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Publicly traded securities have a precise market value. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As previously discussed, this fund has a substantial equity weighting in private companies.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Any value assigned to those securities is at best mushy IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Marks placed on equity securities issued by private companies, which are at best guesses even if made in good faith, need to be discounted on a reliability scale when assessing whether the net asset value per share is accurate and the related issue of whether the discount is appropriate. I am not able to make any assessment on those valuations. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am just aware that the issues exist and can not be answered with any degree of certainty, particularly by individual investors who do have have access to the financials and any recent trades in those private equity securities. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>C. Added 10 MEGI at $12.93</u></span></b></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTxOfY_lc0LOKuoXEaI1xJmU_UFGmvlHVfE8uSwYf5OpZ2kfnq6P-HfGbEUC8E_eeySUiso6-eMPlM7rFL69OXWb-Av8DRHfKZUqv2_fHTAG_6nOT-2aSimuRvFZnFKcz7aVR6EHvfc7vB7XIuPIZUIFzjtzSDzLdZX6rR4G1sHLG_wVogoDz2C29wMDly/s2222/MEGI%2010%20at%20$12.93.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="118" data-original-width="2222" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTxOfY_lc0LOKuoXEaI1xJmU_UFGmvlHVfE8uSwYf5OpZ2kfnq6P-HfGbEUC8E_eeySUiso6-eMPlM7rFL69OXWb-Av8DRHfKZUqv2_fHTAG_6nOT-2aSimuRvFZnFKcz7aVR6EHvfc7vB7XIuPIZUIFzjtzSDzLdZX6rR4G1sHLG_wVogoDz2C29wMDly/s320/MEGI%2010%20at%20$12.93.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/megi?mod=search_symbol" style="text-align: left;">MainStay CBRE Global Infrastructure Megatrends Term Fund Overview</a> - A leveraged balanced CEF (mostly common stocks with some convertibles, bonds and preferred stocks)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $129.3</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1855066&owner=exclude"><span style="font-family: georgia;">MEGI SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1855066/000175272423235579/MEGI.htm"><span style="font-family: georgia;">SEC Filing- Holdings as of 8/31/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 1.F. Started MEGI - Bought 10 at $13.08 (12/16/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.125 per share ($1.5 annually)</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/MEGI/dividends/history"><span style="font-family: georgia;">MEGI Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$13.01</b> (20 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>11.53</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/22/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cefconnect.com/fund/MEGI" style="text-align: left;">MEGI - CEF Connect</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Small Ball Sells- Regional Bank Basket Strategy</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>A. Eliminated DCOM - Sold 41+ DCOM at $27.09</u></b></span></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><br /></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSo_E_JkE3FAiT65v7DPYF4pkTkVrJ6bETYHfu7RFGaPYbBhPYHlGkkcY89zb70Ddq1cbvNv01s7F-hIqHy_VSvY9OdLktrOviVeOcdlulLbpekGUPwBOGi-k9g8zGTfV6Gt6EJt-wTqbweRNYOQ7lEd5K6uBthqe1YnNZ5I3u9SulUVT15BEPjXfXhq_I/s2220/sold%2041+%20DCOM%20at%20$27.09%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="102" data-original-width="2220" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSo_E_JkE3FAiT65v7DPYF4pkTkVrJ6bETYHfu7RFGaPYbBhPYHlGkkcY89zb70Ddq1cbvNv01s7F-hIqHy_VSvY9OdLktrOviVeOcdlulLbpekGUPwBOGi-k9g8zGTfV6Gt6EJt-wTqbweRNYOQ7lEd5K6uBthqe1YnNZ5I3u9SulUVT15BEPjXfXhq_I/s320/sold%2041+%20DCOM%20at%20$27.09%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/dcom?mod=search_symbol" style="text-align: left;">Dime Community Bancshares Inc. (DCOM)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,128.43</span></p><p style="text-align: justify;"><span style="font-family: georgia;">DCOM is a symbol change and name change from Bridge Bancorp (BDGE). Almost all of my profits realized in this stock originated when the company was called Bridge. Dime Community (DCOM) was acquired by Bridge who then changed its name and symbol after completing the acquisition. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/846617/000084661723000084/dcom-20230930x10q.htm">10-Q for the Q/E 9/30/23</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/dcom/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">DCOM Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=846617&owner=exclude" style="text-align: left;"><span style="font-family: georgia;">DCOM SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.reuters.com/markets/companies/DCOM.OQ/">DCOM Reuters Profile Page</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.reuters.com/markets/companies/DCOM.OQ/key-metrics/price-and-volume">DCOM Key Metrics Page at Reuters</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of </span><span style="color: #6aa84f; font-family: georgia;">$369.83</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkTF9fDcJQ5JUSyVgBfXRN3isrGIWr52bORhHdAwPzFir_pe6Gok29L8J1X-LhC-YF1P2M8KKPASZdPHHWg8cGgT2xpWVDx-zlfyEH6k3oLcRfOj5g39GjsMO_gt7XNikbdXZbe4UiyQFNjAFFbOtjdc7KsEktIuQY-9LD8c-JswXgBsZXDtMYbbQHwPU2/s1970/2023%20DCOM%2041+%20Shares%20Net%20of%20$369.83%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="984" data-original-width="1970" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkTF9fDcJQ5JUSyVgBfXRN3isrGIWr52bORhHdAwPzFir_pe6Gok29L8J1X-LhC-YF1P2M8KKPASZdPHHWg8cGgT2xpWVDx-zlfyEH6k3oLcRfOj5g39GjsMO_gt7XNikbdXZbe4UiyQFNjAFFbOtjdc7KsEktIuQY-9LD8c-JswXgBsZXDtMYbbQHwPU2/s320/2023%20DCOM%2041+%20Shares%20Net%20of%20$369.83%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Some fractional shares purchased with 3 dividends were sold at small losses. </p><p style="text-align: justify;">I have not been impressed with recent earnings reports. </p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/08/bwbbp-cnobp-cmcsa-dcom-dea-fcld-ffnw.html" style="text-align: left;">Item # 3. Eliminated Duplicate DCOM Position - Sold 5+ at (8/5/23 Post)</a>(profit snapshot = 20.51) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Buy Discussion</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/07/bns-dcom-doc-gsbd-lxp-matv-pave-rnwca.html" style="text-align: left;">Item # 1.C. Added to DCOM in Fidelity Account - Bought 5 at $17.85 (7/1/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i><span>: Quarterly at $.25 per share, last raised from $.24 effective for the 2023 second quarter. The dividend was raised to $.24 from $.23 effective for the 2020 first quarter. The $.23 per share quarterly dividend was in effect starting in 2005. I view this dividend history as highly unfavorable. The only positive is that the dividend was not cut from $.23 in 2008. </span></span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/DCOM/dividends/history"><span style="font-family: georgia;">DCOM Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 1/16/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/846617/000084661723000075/dcom-20231019xex99.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparison are to the 2022 third quarter</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am expecting the total unrealized loss in the owned securities to decline in the 4th quarter, but that will not impact earnings. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $.34 down from $.98</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income: $13.87M</span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">"Third quarter 2023 results include $8.9 million of aggregate pre-tax adjustments related to severance from the previously disclosed Chief Executive Officer succession and loss on equity securities. Excluding these items, adjusted net income available to common stockholders (non-GAAP) totaled $21.9 million for the quarter ended September 30, 2023, or $0.56 per diluted share" The severance cost was $8.562M. Given the size of that payment in relation to the total net income, I am not willing to accept that adjustment and consequently went with the $.34 per share GAAP number. </span></span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;"></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikj7ENkjr_aPhReMNeC88vtI62jYZMLZ6rvARfNGFXxcwX6FpDFqykzMoYy1p8G7tI0O928_wEEASSBGpxRSRuE0lMp3D_1zOhNhn5bCByATGNbqkbI-K6Na8rSyUB33dZ0D8YggIxZXdRIivkaYetlDIKMQ9s1NCPIfkJKieAsK8lH_mguurQLTng3OK6/s2132/Screenshot%202024-01-01%20at%209.42.15%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="352" data-original-width="2132" height="53" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikj7ENkjr_aPhReMNeC88vtI62jYZMLZ6rvARfNGFXxcwX6FpDFqykzMoYy1p8G7tI0O928_wEEASSBGpxRSRuE0lMp3D_1zOhNhn5bCByATGNbqkbI-K6Na8rSyUB33dZ0D8YggIxZXdRIivkaYetlDIKMQ9s1NCPIfkJKieAsK8lH_mguurQLTng3OK6/s320/Screenshot%202024-01-01%20at%209.42.15%E2%80%AFPM.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">Adjusted Net Income: $21.87M</span></span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">Adjusted E.P.S. $.56, unsatisfactory even if I was willing to make all of the adjustments. </span></span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">NIM = 2.34%, <span style="color: red;">down from 3.38%</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I do not feel the need to go any further discussing this report.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u style="font-style: italic;">Realized Gains BDGE/DCOM</u>: <span style="color: #6aa84f;">+$3,050.74 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The largest annual gain was $2,157.52 realized from two transactions in 2017. </span><a href="https://tennesseeindependent.blogspot.com/2017/10/observations-and-sample-of-recent_31.html" style="text-align: left;">Item # 2.A. Sold 109+ BDGE <b>at $35.53</b> (10/31/17 Post)</a>(profit snapshot = $1,782.46) and <a href="https://tennesseeindependent.blogspot.com/2017/04/observations-and-sample-of-recent_23.html" style="text-align: left;">Item # 2.A. Sold 50 BDGE <b>at $35.03</b> (4/23/17 Post</a> (profit snapshot = $376.06). The other sales were in the $21 to $25 range and produced realized gains ranging from $20.51 to $200.2.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Pared FISI - Sold 5 at $21.48 (Highest Cost lot - Schwab Account)</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfgfHJNg6krbHjfhLsFAXg45xhCITDKm9V6XPRehxwCiSH0E4bSJ6l_OXkrpxVDGOoqBEk__fqUW_iyBGvqvrzw0G3qGwQW9QJeQsvgsEjLwKh1Eru786LGoftDvFx1aTxNXvSCbK9QrmA_yNwnEhX1ttcvPzOI10dippv40qKEBIhtjIjcCjo1uf36eEN/s2956/Screenshot%202024-01-04%20at%2012.22.07%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="182" data-original-width="2956" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfgfHJNg6krbHjfhLsFAXg45xhCITDKm9V6XPRehxwCiSH0E4bSJ6l_OXkrpxVDGOoqBEk__fqUW_iyBGvqvrzw0G3qGwQW9QJeQsvgsEjLwKh1Eru786LGoftDvFx1aTxNXvSCbK9QrmA_yNwnEhX1ttcvPzOI10dippv40qKEBIhtjIjcCjo1uf36eEN/s320/Screenshot%202024-01-04%20at%2012.22.07%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/fisi" style="text-align: left;">Financial Institutions Inc. (FISI)</a></p><p style="text-align: justify;">FISI is a bank holding company that is the parent company of Five Star Bank which has branches in Central and Western New York. </p><p style="text-align: justify;">FISI has a market capitalization about $332M at a $21.5 price and using the 15.462M diluted shares outstanding as of 9/30/23. </p><p style="text-align: justify;">Proceeds: $107.4</p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u> </i></span><a href="https://tennesseeindependent.blogspot.com/2023/06/ajxa-bdn-colb-csco-fgdfx-fisi-ftekx-glw.html" style="text-align: left;">Item # 1.G. Added to FISI - Bought 5 at $16.54; 5 at $15.7 (6/30/23 Post)</a> </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=862831" style="text-align: left;"><span style="font-family: georgia;">FISI SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/862831/000095017023059382/fisi-20230930.htm">10-Q for the Q/E 9/30/23</a> (Investment security information can be found at pages 12-15) </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/fisi/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">FISI Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/862831/000095017023007010/fisi-20221231.htm"><span style="font-family: georgia;">2022 Annual Report</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: +<span style="color: #6aa84f;">$24.7</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEo0-05s9dlBpaHoCEv1DEHGvHneZ5loccu_nvTaAJL-T6QQVtEKupMERomMQEQCTqW5iRDyGdpvuxgpMTdufdEeJYc5BLdnILZNZn-mmtupBtAKazmZIrncSc0lHXW9s1ZiRQMyncn3sIdNUPrStbfNFNlBd5uUkU2uyUkcGNnBLfi8AipMYsSjwtAVRy/s2610/2023%20FISI%205%20Shares%20+$24.7.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="502" data-original-width="2610" height="62" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEo0-05s9dlBpaHoCEv1DEHGvHneZ5loccu_nvTaAJL-T6QQVtEKupMERomMQEQCTqW5iRDyGdpvuxgpMTdufdEeJYc5BLdnILZNZn-mmtupBtAKazmZIrncSc0lHXW9s1ZiRQMyncn3sIdNUPrStbfNFNlBd5uUkU2uyUkcGNnBLfi8AipMYsSjwtAVRy/s320/2023%20FISI%205%20Shares%20+$24.7.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Remaining Lots</u></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIBpVUfOq32ylbjD8kIKttH-io5jctlXC1dOKpbjfj25TfNANXS3JQPd5_pEC0Vg_yQS1OxcT2bpHh_uVzz7CD_JLKdQZYv_3AFeSog88r_pkf3_15f4427aXDtdYXqTa85SjMg7bb33ThvmbewX3dixdFebydQOOF6jAzHw2_LzkuqYllfmyN5VadVtMY/s2220/FISI%20lots%20after%20pare%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1442" data-original-width="2220" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIBpVUfOq32ylbjD8kIKttH-io5jctlXC1dOKpbjfj25TfNANXS3JQPd5_pEC0Vg_yQS1OxcT2bpHh_uVzz7CD_JLKdQZYv_3AFeSog88r_pkf3_15f4427aXDtdYXqTa85SjMg7bb33ThvmbewX3dixdFebydQOOF6jAzHw2_LzkuqYllfmyN5VadVtMY/s320/FISI%20lots%20after%20pare%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.30 per share,</span><span style="font-family: georgia;"> </span><span style="font-family: georgia;">last raised from $.29 effective for the 2023 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/FISI/dividends/history">Financial Institutions, Inc. (FISI) Dividend History | Seeking Alpha</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b> $15.09</b> (26+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i>: <b>7.95</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/13/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/862831/000095017023055607/fisi-ex99_1.htm" style="text-align: left;">EXSEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income (available to common shareholders): $13.7M or $.88 per share, unchanged. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FISI has a preferred stock outstanding which has a preferential claim to cash compared to common shares. When an earnings report says "available to common shareholders", that is after the cash payment from net income is made to preferred shareholders. The total net income number was $14M. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 2.91%, down from 3.28% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency Ratio: 66.47%. up from 58.78% (up is a negative) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .21% (nonperforming loans to total loans)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coverage Ratio: 521% (existing allowance for credit losses to non-performing loans)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .16%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge off ratio: .13% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tangible Book Value per share: $20.69, up from $19.77 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The primary negatives are the decline in NIM which was an industry wide problem in the third quarter and the efficiency ratio being too high. The NPL, NPA, Coverage and Charge Off ratios are all positives IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Prior Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2021/04/aod-bmy-cjref-duk-fisi-gis-igr-jqc-k.html" style="text-align: left;">Item # 1.F. Pared FISI - Sold 5 at $29.15 (4/17/2021 Post)</a><span>(profit snapshot = $69.85); </span><a href="https://tennesseeindependent.blogspot.com/2020/12/bhb-caty-cnp-fisi-flo-fnf-hbnc-irm-kr.html" style="text-align: left;">Item # 3.F. Pared FISI Schwab Taxable Account-Sold 5 at $20.6-highest cost lot (12/5/20 Post)</a><span>(profit snapshot = $23.26); </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4289966-update-for-regional-bank-basket-strategy-of-8-21-15" style="text-align: left;">Item # 3 Sold 50 FISI <b>at $24.71</b> Update For Regional Bank Basket Strategy As Of 8/21/15 - South Gent | Seeking Alpha</a><span> (profit snapshot =</span><span style="color: #6aa84f;"> $442.07</span><span>); </span><a href="https://tennesseeindependent.blogspot.com/2015/05/sold-100-wharf-warfy-at-1453-and-sold.html" style="text-align: left;">Item # 2 Sold 51+ FISI <b>at $24.1</b> (5/3/2015 Post)</a><span>(profit snapshot =</span><span> </span><span style="color: #6aa84f;">$254.18</span><span>); </span><a href="https://tennesseeindependent.blogspot.com/2013/10/paired-trade-sold-50-bkln-at-247-and.html" style="text-align: left;">Item # 5 Sold 50 of 150 FISI at $21.16 (10/11/13 Post)</a><span>(profit snapshot = $59.15).</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">FISI Realized Gains to Date: <span style="color: #6aa84f;">$842.48 </span></span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><i><u>C. Eliminated MTB - Sold 1 at $140.1</u></i></b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqxph1d0w7lU-VgHJBYeVxayJ9XavADPWfdGHKIeIImAYnGENIZXY-O6fefTMwyYhFwrrkhWCDmrNoa9YcZjGEbv_Km3cJdXHeniCZXvmSCsee9Z-Q7zlEUANONeez-RDBPJ-ImUBQqOfFoO1AQV94OVoHyQ8wBmzmQG26QlYAtH23FOz4650-yK-8FbKR/s3028/MTB%201%20at%20140.1%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="160" data-original-width="3028" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqxph1d0w7lU-VgHJBYeVxayJ9XavADPWfdGHKIeIImAYnGENIZXY-O6fefTMwyYhFwrrkhWCDmrNoa9YcZjGEbv_Km3cJdXHeniCZXvmSCsee9Z-Q7zlEUANONeez-RDBPJ-ImUBQqOfFoO1AQV94OVoHyQ8wBmzmQG26QlYAtH23FOz4650-yK-8FbKR/s320/MTB%201%20at%20140.1%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/mtb?mod=search_symbol" style="text-align: left;">M&T Bank Corp. (MTB)</a></span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/mtb/analystestimates?mod=mw_quote_tab" style="text-align: left;"><span style="font-family: georgia;">MTB Analyst Estimates</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=36270&owner=exclude"><span style="font-family: georgia;">MTB SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $140.1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$25.8</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-tGxQwgiSimgzLVNTNiEjRzJb5EGDHGdqTJdnAi9etJRjQmigIsec5qCYXbbn2dDPISiGpJKmuThCql_A3tsQ-PRvj2RwTJeyquR6BJimjUtNV8G27A43vTOJcOwMxSFo8nSKWnV_9lmiYfZOplekWMG23pBl-exIjtoXhxMQOg1GaoxSjS59LGZIcL9D/s2916/2024%20MTB%201%20Share%20+$25.8%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="312" data-original-width="2916" height="34" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-tGxQwgiSimgzLVNTNiEjRzJb5EGDHGdqTJdnAi9etJRjQmigIsec5qCYXbbn2dDPISiGpJKmuThCql_A3tsQ-PRvj2RwTJeyquR6BJimjUtNV8G27A43vTOJcOwMxSFo8nSKWnV_9lmiYfZOplekWMG23pBl-exIjtoXhxMQOg1GaoxSjS59LGZIcL9D/s320/2024%20MTB%201%20Share%20+$25.8%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 1.M. Bought 1 MTB at $114.3 (10/21/23 Post)</a> I discussed the last earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/36270/000095017023053870/mtb-ex99_1.htm" style="text-align: left;">SEC Filed Earnings Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $1.3 per share ($5.2 annually), last raised from $1.2 effective for the 2023 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/mtb/dividend-history" style="text-align: left;">MTB Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 8/31/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/02/amgn-axunca-eaf-dea-econ-gty-hban-mtb.html" style="text-align: left;">Item # 3.B. Eliminated MTB - Sold 4 <b>at $182.75</b> (2/24/22 Post)</a>(profit snapshot = $141.91); <a href="https://tennesseeindependent.blogspot.com/2021/11/acre-afin-cl-dnngy-emaca-fdvv-fhb-ibm.html" style="text-align: left;">Item # 2.O. Eliminated MTB in Fidelity Account-<b>Sold 1 at $156.25; 2.62 at $160</b> (11/5/21 Post)</a>(profit snapshot = $42.52) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">MTB acquired People's United Bank in April 2022, formerly traded under the PBCT symbol. I profitably eliminated my PBCT position after the acquisition was announced but before consummation since I viewed MTB's stock to be overvalued. <a href="https://tennesseeindependent.blogspot.com/2022/02/amgn-axunca-eaf-dea-econ-gty-hban-mtb.html" style="text-align: left;">Item #3.A. Eliminated PBCT -Sold 62+ at $20.93 (2/24/22 Post)</a>(profit snapshot = $580.1)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Maximum Position</u></i>: 5 Shares </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My primary problem with owning MTB is the nonperforming loans to total loans ratio ("NPL"). In the 2023 third quarter, the ratio was at 1.77%. My current best guess is that ratio will more likely significantly increase than significantly decrease due to MTB's commercial loan exposures. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>3. Other Small Ball Common Stock/Stock Fund Purchases</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>A. Bought 2 ES at $61.64; </u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL54wmU0Doj8pLlLg_E8LhI_0ldaRToChQbL0mSkCXaAfdLXusLjI-J8oWy9vH2iVHaqxRIaNfEdcXssNZJDVgxhx0wWWTmKKLJqayQXRRkj0-sZYYF-14V26tItQ53_rhZyosJNrvhJOlHakaNqtk-IiFSK77SboiXzlDwuEkDHUx-pwjzy4UDSj5ByBa/s2948/es%202%20at%20$61.64%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="248" data-original-width="2948" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL54wmU0Doj8pLlLg_E8LhI_0ldaRToChQbL0mSkCXaAfdLXusLjI-J8oWy9vH2iVHaqxRIaNfEdcXssNZJDVgxhx0wWWTmKKLJqayQXRRkj0-sZYYF-14V26tItQ53_rhZyosJNrvhJOlHakaNqtk-IiFSK77SboiXzlDwuEkDHUx-pwjzy4UDSj5ByBa/s320/es%202%20at%20$61.64%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/es?mod=search_symbol" style="text-align: left;">Eversource En<span>ergy (ES)</span></a><span> - Utility Holding Company</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Cost: $123.28</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The wholly owned regulated utility subsidiaries are The Connecticut Light and Power Company ("CL&P), NSAR Electric, Public Service Company of New Hampshire ("PSNH"), Eversource Gas Company of Massachusetts, Yankee Gas Company and a water utility called Aquarion. Both CL&P and PSNH issue first mortgage bonds. (p.29, 10-Q, linked below) I do not currently own any of those FM bonds, but did own a PSNH FM that matured on 11/1/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgikyviNoCeSP51ogDHU_VcmL9EsCWEprUeXD43vlDOO0coKIqtjI-MgjTQf-hKmT9Pt5QI9zah0HMEhGxED1wu5h7kTQvRu70NJcYYS8dtnvGMkJoKGIxaNVdppX2IsU6ZS0P-xmCkunzBxA6Gy21_7IArjkuKDUsTLuq4Aao3YE14KJv3ULHPa6Sv7cVM/s2436/2023%20Pub%20Serv.%20NH%20(2)%20+$21.36.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="140" data-original-width="2436" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgikyviNoCeSP51ogDHU_VcmL9EsCWEprUeXD43vlDOO0coKIqtjI-MgjTQf-hKmT9Pt5QI9zah0HMEhGxED1wu5h7kTQvRu70NJcYYS8dtnvGMkJoKGIxaNVdppX2IsU6ZS0P-xmCkunzBxA6Gy21_7IArjkuKDUsTLuq4Aao3YE14KJv3ULHPa6Sv7cVM/s320/2023%20Pub%20Serv.%20NH%20(2)%20+$21.36.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /><div style="text-align: justify;">"Eversource Energy’s electric distribution segment earned $173.3 million in the third quarter of 2023 and $504.3 million in the first nine months of 2023, compared with $225.1 million in the third quarter of 2022 and $495.0 million in the first nine months of 2022. Lower third-quarter results were primarily due to the timing impact of a rate design change for Eversource’s Massachusetts electric business that has the effect of shifting certain peak demand revenues from the summer period to winter periods. While this has no impact on our annual results, this shifts approximately $42 million of revenues from the third quarter to the first and fourth quarters on an equivalent basis. Also impacting results were higher storm-related costs, income tax expense, interest expense, depreciation, and property taxes, partially offset by higher distribution revenues."</div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The water segment earned $16.6M in the quarter. </span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">"Eversource Energy’s natural gas distribution segment lost $33.7 million in the third quarter of 2023 and earned $148.2 million in the first nine months of 2023, compared with a loss of $24.6 million in the third quarter of 2022 and earnings of $147.2 million in the first nine months of 2022." Profits from natural gas distribution will be concentrated in the 4th and 1st quarters. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=72741&owner=exclude">ES SEC Filings</a> </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/13372/000007274123000020/es-20230930.htm"><span style="font-family: georgia;">ES 10-Q for the Q/E 0930</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/es/analystestimates?mod=mw_quote_tab">ES Analyst Estimates | MarketWatch</a> (As of 12/29/23, the average E.P.S. estimate for 2023 was $4.35; at $4.67 for 2024; and at $5 for 2025. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.68 per share ($2.72 annually) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $61.64</u></i>: <b>4.41</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">With short term interest rates currently projected to move down this year, I am starting to accept dividend yields in the 4% to 5% range. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/15/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/13372/000110465923114448/tm2329915d1_ex99-1.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $2.791+B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income; $339.663M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $.97</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>ES "</span><span style="text-align: left;">narrowed its 2023 non-GAAP earnings per share (EPS) projection to between $4.30 to $4.43 per share, compared with a previous range of $4.25 to $4.43 per share. Eversource Energy also reiterated its long-term EPS growth rate from its core regulated businesses solidly in the upper half of 5-7 percent, using the $4.09 per share</span><span style="text-align: left;"> </span><span style="text-align: left;"> earned in 2022 as a base."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left;">Earlier last year, ES took "</span><span style="text-align: left;">an after-tax impairment charge of $331.0 million, or $0.95 per share, related to Eversource Energy’s offshore wind investment". Offshore U.S. wind projects have mostly fallen into the troublesome category as construction expenses outpaced estimates for a variety of reasons including supply chain restraints and inflation. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left;"><i><u>Other News</u></i>: </span><a href="https://www.businesswire.com/news/home/20230907393000/en/Eversource-Energy-Closes-on-the-Sale-of-Uncommitted-Offshore-Lease-Area" style="text-align: left;">Eversource Energy Closes on the Sale of Uncommitted Offshore Lease Area</a> (9/7/23) This sale involved an "<span style="background-color: #fefefe; color: #444444; text-align: left;">uncommitted lease area of approximately 175,000 developable acres located 25 miles off the south coast of Massachusetts to Ørsted for $625 million in an all-cash transaction.) The press release also includes an announcement that ES was attempting to sale its existing 50% in "</span><span style="background-color: #fefefe; color: #444444; text-align: left;">three jointly owned contracted offshore wind projects (South Fork Wind, Revolution Wind, and Sunrise Wind) with a total capacity of 1,758 MW." The Revolution Wind (704MW) and Sunwise Wind (924MW) projects are still in the permit phase. South Fork (130MW), enough to power about 70,000 homes. One turbine entered into commercial operation last December and the remaining 11 are expected to produce power in "early 2024). The ongoing sale process, possibly described best as a fire sale, adds uncertainty. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>SU Bond Ownership</u></i>: I own several Eversource SU bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Bond Offering</i></u> (11/23): </span><a href="https://www.sec.gov/Archives/edgar/data/72741/000110465923116270/tm2330054-3_424b5.htm" style="text-align: left;">Prospectus</a> (5.9% SU maturing in 2029)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Analyst Reports</i></u> (available to Schwab customers):</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar (11/30/23): 4 stars with a FV estimate of $74. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>S&P (11/13/23): 4 stars with a 12 month PT of $68. </span>The analyst notes that Eversource decided in 2022 to exit its offshore wind developments. The analyst notes that an exit from those developments will allow ES to reduce the need for new debt, spend more on its regulated utilities and possibly avoid the need for dilutive equity offerings. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Argus (12/22/23): Buy with a PT of $85. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>B. Started GVLU - Bought 10 at $21.91</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghobUJvG9frhSwscbS9GA2wYdZ1e8_kwGmkn4HP_AeMdPFVuGaeJLfXF-8eFtI6KTPWKNSVt4ZX96qGVkW6sYI-DiWBl0hz69e7Apmhje8ghAmiJ9iHzwznNET24FiQLtfrre-DIw8eJaj3qOg93QLuGZXiubMks6NgIxzRzZkNipMkhszapJQk50Pp1FD/s2896/GVLU%2010%20AT%20$21.91%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="278" data-original-width="2896" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghobUJvG9frhSwscbS9GA2wYdZ1e8_kwGmkn4HP_AeMdPFVuGaeJLfXF-8eFtI6KTPWKNSVt4ZX96qGVkW6sYI-DiWBl0hz69e7Apmhje8ghAmiJ9iHzwznNET24FiQLtfrre-DIw8eJaj3qOg93QLuGZXiubMks6NgIxzRzZkNipMkhszapJQk50Pp1FD/s320/GVLU%2010%20AT%20$21.91%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote </span><a href="https://www.marketwatch.com/investing/fund/gvlu?mod=search_symbol" style="text-align: left;">Gotham 1000 Value ETF Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $219.1 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .6%, starting on 1/31/24, up from .5% which had a .1% waiver up to 1/31/24.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://gothametfs.com/gvlu" style="text-align: left;">GVLU - GothamETFs</a> <span>"<span style="background-color: white; color: #212529; text-align: left;">The Gotham 1000 Value ETF (GVLU) is an actively managed ETF consisting of 400-600 securities selected from a universe of the largest 1,400 US securities, weighted towards those stocks priced at the largest discount to Gotham’s assessment of value."</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://gothametfs.com/docs/gvlu/Gotham_1000_Value_ETF_Annual.pdf">Annual Report period ending 9/30/23.pdf</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I recently discovered this ETF and had a vague memory associated with the word "Gotham" as a money management firm. My memory retrieval system is malfunctioning due to brain cell death. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">After researching the issue, my memory cells containing the information were located and refreshed. My memory retrieval system is malfunctioning. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Gotham is co-managed by </span><span style="font-family: georgia;"><a href="https://en.wikipedia.org/wiki/Joel_Greenblatt" style="text-align: left;">Joel Greenblatt</a> who wrote a book that I read some years ago called <a href="https://www.amazon.com/Little-Book-Still-Beats-Market/dp/0470624159" style="text-align: left;">The Little Book That Still Beats the Market</a>. The book was originally published in 2005 and I read it shortly thereafter. Greenblatt focuses on buying stocks with a high adjusted earnings yield and a high return on capital. Those are important stock selection criteria along with free cash flow per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Some caution has to be used even for those valid selection criteria. For example, a small clinical stage biotech may rank high on an earnings yield screen only because it received a large upfront payment for a licensing deal for a compound that may or may not be approved years later. Another example would be earnings and free cash flow from a highly cyclical company near peak short term earnings. </span></p><p style="text-align: justify;"><span style="background-color: white; color: #202122; font-family: georgia; text-align: start;">Adjusted Earnings Yield = (Earnings Before Interest & Taxes + Depreciation – CapEx) / Enterprise Value (Market Value + Debt – Cash)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #202122; text-align: start;">Unadjusted Earnings Yield: Earnings per share ÷ Stock Price. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #202122; text-align: start;">Top 10 Holdings: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiECJ8vfkcnSybATcn2SQZYhKlVz8WEDCe9YsOVuxkMwP0Yg72GGWngrDtO36kLQRgSPq-iD2P4aUPBx0XLEnULervcZHqQLELeQ1pLwHaQuFxMNeCyExdm4iGG3lMh2KP8eb5Wgzx6pTYQNnquJSyxyRblCJdShDSPCmfp1m8eOTZheCkPO87T9B9uf-pn/s2202/Screenshot%202024-01-01%20at%208.33.56%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1204" data-original-width="2202" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiECJ8vfkcnSybATcn2SQZYhKlVz8WEDCe9YsOVuxkMwP0Yg72GGWngrDtO36kLQRgSPq-iD2P4aUPBx0XLEnULervcZHqQLELeQ1pLwHaQuFxMNeCyExdm4iGG3lMh2KP8eb5Wgzx6pTYQNnquJSyxyRblCJdShDSPCmfp1m8eOTZheCkPO87T9B9uf-pn/s320/Screenshot%202024-01-01%20at%208.33.56%E2%80%AFAM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="background-color: white; color: #202122; text-align: start;"><span style="font-family: georgia;">Dividends: Paid annual and variable</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/GVLU/dividends/history">GVLU Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #202122; text-align: start;">Many of the stocks owned by this fund will either pay no dividends or nominal ones. Stocks are apparently not selected with dividend yield as a selection criteria. The only way to generate a realized yield that is meaningful is sell shares at profit. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #202122; text-align: start;"><i><u>Last Ex Dividend</u></i>: 12/22/23 The dividend was for $.3525 per share. At $21.91, using that annual dividend, the yield would only be <b>1.6%</b>.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #202122; text-align: start;"><u><i>Fund Rebalancing</i></u>: Frequent as described below</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7qzJoRB7PgQ5vQ4pNkvOcHB8Vb-FFr7w5MxO-UkzCbVNJMSPiFP2w42PmFyT5sk6dl_rqdG1gGASGZ01u1FF7mqFtZWjdJt7DGFR7JdPa65Npy-XhasJ_3gzholcFfA02oZCZJEtP1wTZLjzDE3uejqtX_Z4-fIbjzX7o8IIWDn2NjMjOI1qBmH6o95W4/s1434/Screenshot%202024-01-01%20at%208.36.15%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="154" data-original-width="1434" height="34" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7qzJoRB7PgQ5vQ4pNkvOcHB8Vb-FFr7w5MxO-UkzCbVNJMSPiFP2w42PmFyT5sk6dl_rqdG1gGASGZ01u1FF7mqFtZWjdJt7DGFR7JdPa65Npy-XhasJ_3gzholcFfA02oZCZJEtP1wTZLjzDE3uejqtX_Z4-fIbjzX7o8IIWDn2NjMjOI1qBmH6o95W4/s320/Screenshot%202024-01-01%20at%208.36.15%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://gothametfs.com/docs/gvlu/Gotham_1000_Value_ETF_Prospectus.pdf" style="text-align: left;">Prospectus at page 5.pdf</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Purchase Restrictions</i></u>: Up to 100 shares with each purchase required to reduce my average cost per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Added $100 to RHJSX at $22.46; $100 at $21.18</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisInM1J3ZtQUf9FQ3N2lxXK1hroGT2G5g1Ex1H92-YbDZ10vvaeYKk64sSXi-GG_nas6_uAgCNJWpKi9bzANc5vRgLPpatggRauLArnTH78fOiGjZBdXEECfOMWe10td0mwzP6N18gNym7brlXe1qA73b3UN489XGGc_zzVcMZTiWEnSaliMxsmFbSM3z7/s2910/RHJSX%20100%20AT%20$22.46%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="152" data-original-width="2910" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisInM1J3ZtQUf9FQ3N2lxXK1hroGT2G5g1Ex1H92-YbDZ10vvaeYKk64sSXi-GG_nas6_uAgCNJWpKi9bzANc5vRgLPpatggRauLArnTH78fOiGjZBdXEECfOMWe10td0mwzP6N18gNym7brlXe1qA73b3UN489XGGc_zzVcMZTiWEnSaliMxsmFbSM3z7/s320/RHJSX%20100%20AT%20$22.46%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiGzkyYEtQ3zjbb8fO2-8rhxEmaH3dH1pwgDHW9tMn5e5UykkXAKvdBXi0fc0PUdYs5RnzrBxWENu0XhM3OpUXrlvjbOg8vIXxeYpVG-19GNbU2dmMFI2a7oAten5NAYL8gqK7v1mh_xMmAFVylt0ny6LMPrVSZBdOJDwrE9Qaas9x44Abj1pUPYL5VBXO/s2946/Screenshot%202024-01-05%20at%207.02.59%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="288" data-original-width="2946" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiGzkyYEtQ3zjbb8fO2-8rhxEmaH3dH1pwgDHW9tMn5e5UykkXAKvdBXi0fc0PUdYs5RnzrBxWENu0XhM3OpUXrlvjbOg8vIXxeYpVG-19GNbU2dmMFI2a7oAten5NAYL8gqK7v1mh_xMmAFVylt0ny6LMPrVSZBdOJDwrE9Qaas9x44Abj1pUPYL5VBXO/s320/Screenshot%202024-01-05%20at%207.02.59%E2%80%AFAM.png" width="320" /></a></span></div><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/rhjsx?mod=search_symbol" style="text-align: left;"> Rice Hall James MicroCap Portfolio; Institutional Overview</a> </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Fund Sponsor's webpage: <a href="https://rhjfunds.com/rhj-micro-cap-portfolio/" style="text-align: left;">RHJ Micro Cap Portfolio</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Expense Ratio: 1.25% until 2/28/24 then 1.76% without an extension of the waiver. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar classifies this fund in the small cap growth sector. I mostly ignore those kind of stocks for individual stock purchases.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>An ETF alternative to this mutual fund is the </span><a href="https://investor.vanguard.com/investment-products/etfs/profile/vbk" style="text-align: left;">Vanguard Small-Cap Growth ETF (VGK),</a> which had a ten year annual average total return of 7.86% through 2023. <a href="https://www.morningstar.com/etfs/arcx/vbk/performance" style="text-align: left;">VBK – Performance| Morningstar</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">RHJSX has a 2 star rating from Morningstar and a ten year annual average total return of 6.63%. The largest annual return starting in 2013 was +$47.24 in 201 with the second and third best annual returns in 2016 and 2021 at 22.11% and 25.69%. The worst year during that period was in 2022 at -18.88%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/rhjsx/portfolio">RHJSX – Portfolio – Rice Hall James Micro Cap Instl | Morningstar</a> This page has a list of the top 25 holdings. I own none of them, which is one reason why I am adding to this fund, though my total position is tiny and will not exceed $2000. Buying this kind of fund is just a manifestation of my current stock investment approach which I describe as a mile wide and an inch deep. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid annually. The fund has recently been tax inefficient. The per share dividends for 2017 through 2023 were $4.2616, $6.7145, $.3191, $8.0843, $2.1722 and $5.8214 last year. I am reinvesting the dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: $22.91 (20+ shares) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last 2 Dividend Payments</u></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhi0SSB6Q7AtM1SFExlY_Hiy_6duewwKQUxpoirzaZMUxM05LoQo3GvDOYlhsTJmxyjNuTEtyFT2XqEFTX_adHMioresdoQKyPXCjwMMoOuWAHEEsTMnaNssNDMrWZUUYDKrwEjfvvvAofsX1uK7dnu-vf-jMcfEPf0PlfDcIbsSndYsCyKwSvIZNE-fox_/s2960/Screenshot%202024-01-01%20at%203.22.19%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="716" data-original-width="2960" height="77" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhi0SSB6Q7AtM1SFExlY_Hiy_6duewwKQUxpoirzaZMUxM05LoQo3GvDOYlhsTJmxyjNuTEtyFT2XqEFTX_adHMioresdoQKyPXCjwMMoOuWAHEEsTMnaNssNDMrWZUUYDKrwEjfvvvAofsX1uK7dnu-vf-jMcfEPf0PlfDcIbsSndYsCyKwSvIZNE-fox_/s320/Screenshot%202024-01-01%20at%203.22.19%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The recent large dividends, which reduce net asset value per share, is responsible for the current unrealized loss on the shares. The total return is positive so far, but uninspiring. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: I previously eliminated a position in 2007 and have been circumspect in starting a new one given the recent performance. </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9Z6OasyN0i-f0rzQDLoWaiQ16MZvTNiR2iqTlNLBgECJXs9JG0xpRujPKaHKEQ_iqmEZQYxR2V0p9k0TPzgut7Gl53lXDvsmZJQ0YtbStaJfIQevLiXiw1zmAHJ6LnZgW8O3Wcc3HmWQ_lJh5avuCFRhO2Gw_ohyphenhyphen2dBieN83Kt47X_ejrJyLCh9T5IUE8/s977/2007%20RHJSX%20$422.81.jpg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="103" data-original-width="977" height="34" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9Z6OasyN0i-f0rzQDLoWaiQ16MZvTNiR2iqTlNLBgECJXs9JG0xpRujPKaHKEQ_iqmEZQYxR2V0p9k0TPzgut7Gl53lXDvsmZJQ0YtbStaJfIQevLiXiw1zmAHJ6LnZgW8O3Wcc3HmWQ_lJh5avuCFRhO2Gw_ohyphenhyphen2dBieN83Kt47X_ejrJyLCh9T5IUE8/s320/2007%20RHJSX%20$422.81.jpg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Profit 164+ shares: $422.81</span></td></tr></tbody></table><span style="font-family: georgia;"><div style="text-align: justify;"><br /></div><span><div style="text-align: justify;">I was significantly reducing my stock allocation throughout 2007. </div></span></span><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><i style="font-family: georgia;"><u>Maximum Position</u></i><span style="font-family: georgia;">: 100 shares. Each subsequent purchase must reduce my average cost per share. </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>D. Bought 10 BTMD at $5.07; 5 at $4.76</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFYSf0ZddYpeHvVuueLBEpdRw4Da5XiWKHpdNJtaaX98BNf9ADF9W6G8tsUqtv4Aa4XoqM8jfMlx17ZHWRssM0nWfCeKVRugi-IyGv0XWjc-al7-k2Sn63ubF6wCRpN91gNr9Bj72wSJ9sgu4fSRi_N86Pn4xhUeO8uoXGt-qIN0Y_sotsOBV5XttKOitB/s2858/BTMD%2010%20at%20$5.07%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="168" data-original-width="2858" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFYSf0ZddYpeHvVuueLBEpdRw4Da5XiWKHpdNJtaaX98BNf9ADF9W6G8tsUqtv4Aa4XoqM8jfMlx17ZHWRssM0nWfCeKVRugi-IyGv0XWjc-al7-k2Sn63ubF6wCRpN91gNr9Bj72wSJ9sgu4fSRi_N86Pn4xhUeO8uoXGt-qIN0Y_sotsOBV5XttKOitB/s320/BTMD%2010%20at%20$5.07%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2iGB63HkSss_fsdpoy568omcZHh7ny_ssRG3gsl0XEsH-tXyjAmoXkurE7VdhXJsFaA-qxkMHXskkn0aeX3FkIlxI6-pIxf70XvidrdKkqgLGcMinR3zgK9L55eojKDOw5xcvgSTS1Efr4FCO7CAOHC3D7GYuUlvL_ytiif_c2C0y6xwqGbqacD-l8Fe5/s2746/btmd%205%20at%20$4.76%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="268" data-original-width="2746" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2iGB63HkSss_fsdpoy568omcZHh7ny_ssRG3gsl0XEsH-tXyjAmoXkurE7VdhXJsFaA-qxkMHXskkn0aeX3FkIlxI6-pIxf70XvidrdKkqgLGcMinR3zgK9L55eojKDOw5xcvgSTS1Efr4FCO7CAOHC3D7GYuUlvL_ytiif_c2C0y6xwqGbqacD-l8Fe5/s320/btmd%205%20at%20$4.76%20.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/btmd?mod=search_symbol" style="text-align: left;">Biote Corp. (BTMD)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $74.5 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: -webkit-left;">"Biote is transforming healthy aging through innovative, personalized hormone optimization therapies delivered by Biote-certified medical providers." I more thorough summary of the businesses can be found in the </span><a href="https://www.sec.gov/Archives/edgar/data/1819253/000095017023010664/btmd-20221231.htm" style="text-align: left;">2022 Annual report</a> at pages 5-14. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <span style="color: red;"><b>Blackjack Hand</b></span>, part of the <span style="color: red;"><b>Lottery Ticket</b></span> Basket Strategy </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1819253&owner=exclude">SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividends</i></u>: None and none expected. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1819253/000119312523272557/d908833dex991.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenue: $45.557M, up 8.5% compared to the 2022 third quarter</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income of $19.65M or $.24 per diluted share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>However, net income for the third quarter </span><span style="background-color: white; text-align: left;"> "</span><span style="background-color: white; text-align: left;">reflected a $17.5 million gain due to a change in the fair value of the earnout liability." More details about that adjustment are available in the </span></span><a href="https://www.sec.gov/Archives/edgar/data/1819253/000095017023063027/btmd-20230930.htm" style="text-align: left;">10-Q</a> at pagea 9 and 19. Ignoring that noncash contribution to earnings, net income is reduced to $2.15M or about $.069 per diluted share using the weighted average diluted share number of 31,041,245 for the third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">Without going to details, I am ignoring that fair value adjustment when forming an opinion about earnings and the multiple to be applied. I believe the Stock Jocks are doing so also based on the current price. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><span style="color: #800180;"><b><i><u>E. Added 5 PLTK at $8</u></i></b></span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmoeZVApIFGIaY5E7qv6IlEd4pzC5Bm-x6fd3DxHdmm8M985f33EtON7L7RWyD8-RhEbYJiZjUhCEy6DoPtwmbv7odgOepBEJa95jHrW5-ND6GxVoluGVSdl08mD-zQrhzP_sVSgLVEC7vZBBZK0FCBteIEl2dhcKm4wkU6I15J591zmuJrlufT44WULhJ/s2974/Pltk%20%20$8%205%20shares%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="182" data-original-width="2974" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmoeZVApIFGIaY5E7qv6IlEd4pzC5Bm-x6fd3DxHdmm8M985f33EtON7L7RWyD8-RhEbYJiZjUhCEy6DoPtwmbv7odgOepBEJa95jHrW5-ND6GxVoluGVSdl08mD-zQrhzP_sVSgLVEC7vZBBZK0FCBteIEl2dhcKm4wkU6I15J591zmuJrlufT44WULhJ/s320/Pltk%20%20$8%205%20shares%20.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;">Quote: </span></span><a href="https://www.marketwatch.com/investing/stock/pltk?mod=search_symbol" style="text-align: left;">Playtika Holding Corp. (PLTK)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">Cost: $40</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><a href="https://www.sec.gov/edgar/browse/?CIK=1828016&owner=exclude">PLTK SEC Filings</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1828016/000182801623000042/playtika-20230930.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a></span></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/PLTK.OQ/key-metrics/price-and-volume"><span style="font-family: georgia;">PLTK Key Metrics Page at Reuters</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;">Some of the downside stock pressure may be originating from China cracking down on mobile gaming use. </span></span><a href="https://www.axios.com/2024/01/03/reported-shake-up-in-chinas-gaming-industry-after-turmoil-over-new-rules" style="text-align: left;">Reported shake-up in China's gaming industry after turmoil over new rules</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;">I discussed this stock in my last post and have nothing further to add here. </span></span><a href="https://tennesseeindependent.blogspot.com/2023/12/aod-eai-ivz-mor-ofs-onb-pltk-pwfprtca.html" style="text-align: left;">Item # 4.A. Started PLTK - Bought 10 at $8.6 (12/30/23 Post)</a> </span></p><p style="text-align: justify;"><span style="background-color: white; font-family: georgia; text-align: left;">Investment Category: <span style="color: red;">Blackjack Hand</span>, part of the <span style="color: red;">Lottery Ticket Basket</span> Strategy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><i><u>New Average Cost per share</u></i>: $8.4 (15 shares)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><span style="color: #800180;"><i><u><b>F. Started KRG - Bought 5 at $22.49; 5 at $22.1</b></u></i></span>:</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMATyFtQtxW62hdOOT1A01Tf_wb8RwrpFHGCRQZDzFnvCx13r0orD860kdqd7u8BD_J0pe-oPcv39qQOC7fjqkosZb9L_SC308mRh_7LDKiSXKmFSrODFUrfzjhjdqGz-zCCaRiPNJjm2cnob6e7IMcIZSOiq7TebQ5Mcd33PCyoLwr-DdVWCq11WpkjOS/s3006/Screenshot%202024-01-05%20at%202.02.37%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="438" data-original-width="3006" height="47" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMATyFtQtxW62hdOOT1A01Tf_wb8RwrpFHGCRQZDzFnvCx13r0orD860kdqd7u8BD_J0pe-oPcv39qQOC7fjqkosZb9L_SC308mRh_7LDKiSXKmFSrODFUrfzjhjdqGz-zCCaRiPNJjm2cnob6e7IMcIZSOiq7TebQ5Mcd33PCyoLwr-DdVWCq11WpkjOS/s320/Screenshot%202024-01-05%20at%202.02.37%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;">Quote: </span></span><a href="https://www.marketwatch.com/investing/stock/krg?mod=search_symbol" style="text-align: left;">Kite Realty Group Trust (KRG)</a><span> - A REIT that owns, through its majority owned operating subsidiary (98.5%), "high quality, open-air shopping centers and mixed-use assets". </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $222.93</span></p><p style="text-align: justify;"><span style="font-family: georgia;">5 shares bought the day before the ex dividend date and 5 shares the day after.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Portfolio as of 9/30/23: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2eKtk7XVioURS5r1IcXERm5jqsySdCtowMp65mlYrz8vo7mQXcOsbrXzhxoEDYJdlmi9QDxVmOwyZm8wpXHyfY4zVggoUAoCSj7_wVw0C948zItAx3_e284XDtALHnNRzRTkmKRoH1mwBhsAwlZvK0yEssr4lOTO_BppAOGHwF4qXfstf6qy9Dy4W_sMG/s3130/Screenshot%202024-01-05%20at%201.06.46%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="514" data-original-width="3130" height="53" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2eKtk7XVioURS5r1IcXERm5jqsySdCtowMp65mlYrz8vo7mQXcOsbrXzhxoEDYJdlmi9QDxVmOwyZm8wpXHyfY4zVggoUAoCSj7_wVw0C948zItAx3_e284XDtALHnNRzRTkmKRoH1mwBhsAwlZvK0yEssr4lOTO_BppAOGHwF4qXfstf6qy9Dy4W_sMG/s320/Screenshot%202024-01-05%20at%201.06.46%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Top 25 Tenants as of 9/30/23: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixW1WCh942ZqjlB9rf6J4mrA4hmefpcy6bBH1nQlsPWqeQjFu7SPUoAnqaZcKsBaA7eaQ1PtBXUD9d5aBhxHYvwJLTO82Srf1YxNQG0SPQnOv3hrjgdiJSfBCQVM35vDBPuXkJGtcpIdjPkvna6IMn-2y4lUr4IYSCuGMAzMbXeY6BoakNsdH0vO_ElXp0/s3120/Screenshot%202024-01-05%20at%201.37.23%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1662" data-original-width="3120" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixW1WCh942ZqjlB9rf6J4mrA4hmefpcy6bBH1nQlsPWqeQjFu7SPUoAnqaZcKsBaA7eaQ1PtBXUD9d5aBhxHYvwJLTO82Srf1YxNQG0SPQnOv3hrjgdiJSfBCQVM35vDBPuXkJGtcpIdjPkvna6IMn-2y4lUr4IYSCuGMAzMbXeY6BoakNsdH0vO_ElXp0/s320/Screenshot%202024-01-05%20at%201.37.23%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1286043&owner=exclude">KRG SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000128/krg-20230930.htm">10-Q for the Q/E 9/30/23</a> (debt is discussed starting at pages 19-23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;">This is my first purchase of the common stock. I own 2 Kite 4% SU bonds that mature on 3/15/25. That bond was originally issued by Retail Properties of America which was acquired by Kite. </span></span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=76131VAA1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;">Investment Category: </span></span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average Cost per share</u></i>: <b>$22.29</b> (10 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><i><u>Dividend</u></i>: Quarterly at $.25 per share, last raised from $.24 effective for the 2024 first quarter payment. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><a href="https://www.nasdaq.com/market-activity/stocks/krg/dividend-history">KRG Dividend History | Nasdaq</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The quarterly dividend was slashed from $.3175 to $.052 effective for the 2020 third quarter payment. This was in response to the pandemic. The penny rate has been raised in steps since that slash.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><u><i>Yield at AC</i></u> = <b>4.49</b>%, rounded up. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><i><u>Last Ex Dividend</u></i>: 1/4/24 (owned 5 as of) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000121/exhibit99_1xq32023.htm">SEC Filed Press Release</a> and </span></span><a href="https://www.sec.gov/Archives/edgar/data/1286043/000128604323000121/exhibit99_2xq32023.htm" style="text-align: left;">Supplemental</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">FFO of the Operating Partnership = $114.7M or $.51 per share (the $.51 is per diluted share and is adjusted down to account for the ownership interests of limited partners) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">Leased Percentage: 93.4%, a 60 basis point decrease compared to the 2022 third quarter. The leased percentage from the Bed, Bath & Beyond closures is not fully reflected in this percentage. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">Net Income to FFO:</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhieSFQNKfw-OSXlBzA-BcU9ANeQPwWi6YmuzmH0duF-Fg9fv1B8gkhdGI_jiZiwM3352iJg5pMLYt_jxUAde4HAfR2d3WpDI8PuC5IpxYt521Eja4Iy_ZIa369w0xvuFpsIVeNUIAupUjfAjP_cyJ6w-mQVL4zX2gT-UbIt-SxPsyj4hfw0N7KxdMByTR9/s3122/Screenshot%202024-01-05%20at%201.35.57%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1810" data-original-width="3122" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhieSFQNKfw-OSXlBzA-BcU9ANeQPwWi6YmuzmH0duF-Fg9fv1B8gkhdGI_jiZiwM3352iJg5pMLYt_jxUAde4HAfR2d3WpDI8PuC5IpxYt521Eja4Iy_ZIa369w0xvuFpsIVeNUIAupUjfAjP_cyJ6w-mQVL4zX2gT-UbIt-SxPsyj4hfw0N7KxdMByTR9/s320/Screenshot%202024-01-05%20at%201.35.57%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="background-color: white;"><span style="font-family: georgia;"><u><i>AFFO</i></u>: $75.466M or <b>$.33 per share</b>. I view AFFO as relevant cash flow for dividend coverage and valuation when the both the maintenance expenses and non-cash revenue created by the straight line accounting convention are both recurring and significant. </span></span></p><p style="text-align: justify;"><span style="background-color: white;"><span style="font-family: georgia;"><u><i>Guidance</i></u>: 2023 FFO between $1.99 to $2.03. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. Treasury Bills Purchased at Auction</span></b>: $10,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Bought 2 Treasury Bills at the 1/2/24 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnTcPEBNW59aVBSeOdmZVmyofa3ghX75w4goUvZUJeMnZCNAgR1twHwrFmIyoMEuLSeYXJshvFAWb7elNJaGzYgSyxGnipurAtBpCngZMcOI_7Vi6aYWPka2oNhXftP5MzWTlB2-kFmG59Mf-xwXAP_TFUyy3OMVAvkbL3tDIWzs0c8lNcNu7uR-qo0eZT/s2742/Treasury%20(2)%207:5:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="318" data-original-width="2742" height="37" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnTcPEBNW59aVBSeOdmZVmyofa3ghX75w4goUvZUJeMnZCNAgR1twHwrFmIyoMEuLSeYXJshvFAWb7elNJaGzYgSyxGnipurAtBpCngZMcOI_7Vi6aYWPka2oNhXftP5MzWTlB2-kFmG59Mf-xwXAP_TFUyy3OMVAvkbL3tDIWzs0c8lNcNu7uR-qo0eZT/s320/Treasury%20(2)%207:5:24.png" width="320" /></span></a></div><span style="font-family: georgia;">183 Day Bill </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 7/5/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $51.29 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.264</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhumFENBZUpGVuB6AksE1SDghmJ2_YQxb2XljDX8-chaBOcN-r67WkJIUNbf11FW9Std6qmuFOvfSNozvSFO59MuDdYQEHvd93IfMycHzYmzoEbo800H_8yS0uyMwaO1-snKPh5X6meuiL2rS3OvcqCEj48iT7TuaiYSqgNZdw7KpHGqV3Ptx4guNqrVWr/s1220/183%20Day%205.264%25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="576" data-original-width="1220" height="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhumFENBZUpGVuB6AksE1SDghmJ2_YQxb2XljDX8-chaBOcN-r67WkJIUNbf11FW9Std6qmuFOvfSNozvSFO59MuDdYQEHvd93IfMycHzYmzoEbo800H_8yS0uyMwaO1-snKPh5X6meuiL2rS3OvcqCEj48iT7TuaiYSqgNZdw7KpHGqV3Ptx4guNqrVWr/s320/183%20Day%205.264%25.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"><i><span style="color: #800180;"><b><u>B. Bought 3 Treasury Bills at the 1/2/24 Auction</u></b></span></i>: </p></span><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJOh7nwkDr1EGfndygawSXKYhAVxmn1M3_k50V0OKo2UJeXx30UNLZyELOtj8-nVIMXzcTOxerAzyC11Waw-qN_jrq8TpmsP3e6QKjicLOeyIkMkEWXZDqmCaCpg7Dqh3srI3Bz_UgqndcQGsKP7pG41CJP1c46ueiwEwzAY-tB6k25e8SvLua2NQkeFXt/s2082/Treasury%20(3)%204:4:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="530" data-original-width="2082" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJOh7nwkDr1EGfndygawSXKYhAVxmn1M3_k50V0OKo2UJeXx30UNLZyELOtj8-nVIMXzcTOxerAzyC11Waw-qN_jrq8TpmsP3e6QKjicLOeyIkMkEWXZDqmCaCpg7Dqh3srI3Bz_UgqndcQGsKP7pG41CJP1c46ueiwEwzAY-tB6k25e8SvLua2NQkeFXt/s320/Treasury%20(3)%204:4:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">91 Day Bill </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 4/4/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $26.52 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.404</b>% </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidqlWSr_j2ZFYST4zeGlL3h6wHECInS3XlnMyej_ju_43pFNfU5G2zLeFy2xs8dVepqAwvKUY60ZpzgOeNgw6ZeB_aXRIXeOlm16sHUftxzL8IPVoJRJVw3EFZ7qxetbJhkpUmDb9Kns6kUtmQILifoUU3Fs6WUxfHQXOR1hCOvirEU13wTrRevswr8FKY/s1130/91%20Day%205.404%25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="558" data-original-width="1130" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidqlWSr_j2ZFYST4zeGlL3h6wHECInS3XlnMyej_ju_43pFNfU5G2zLeFy2xs8dVepqAwvKUY60ZpzgOeNgw6ZeB_aXRIXeOlm16sHUftxzL8IPVoJRJVw3EFZ7qxetbJhkpUmDb9Kns6kUtmQILifoUU3Fs6WUxfHQXOR1hCOvirEU13wTrRevswr8FKY/s320/91%20Day%205.404%25.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><span style="color: #800180;"><i><b><u>C. Bought 5 Treasury Bills at the 1/4/24 Auction</u></b></i></span>: </span><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGdJhwUSR-buOReq9ad9qO5AmkLXMJEyNod7o5m9eAY8Gq3RO13KJGQ4vRupSesVLCzTamNzxPSMvw2PO2M29zwSO32Px9Mg2Wgct8kuhR7No_tB3W2c3LpYenDekCo8a-pjT-HIkzIOkt29c5Vn-87u29craahekIZE652O6n_fcDDccYhxKlS80icPRn/s2984/Screenshot%202024-01-04%20at%2011.56.07%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="184" data-original-width="2984" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGdJhwUSR-buOReq9ad9qO5AmkLXMJEyNod7o5m9eAY8Gq3RO13KJGQ4vRupSesVLCzTamNzxPSMvw2PO2M29zwSO32Px9Mg2Wgct8kuhR7No_tB3W2c3LpYenDekCo8a-pjT-HIkzIOkt29c5Vn-87u29craahekIZE652O6n_fcDDccYhxKlS80icPRn/s320/Screenshot%202024-01-04%20at%2011.56.07%E2%80%AFAM.png" width="320" /></span></a></div></div><div><span style="font-family: georgia;">56 Day Bill</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Matures on 3/5/24<br /></span><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $41.11</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.418</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK9iu2XK4x1SH3A1zJ89EdBf6Wjtfv6qjS0kapqHgHzJiTUn9OLaV1knoKsp5tnWZYCKcjGwzaHyH8XkBaarWlHwKY6BzQZbsGEQ3Qg9SORqfLRQO67KleCD_e5oAwAuV0T7X5md2BI4ewHx-4H3pmud5v2S-DL1UlUAA8kxaSU0yczu5KaRrKFkrDbz2U/s1268/Screenshot%202024-01-04%20at%2011.58.56%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="578" data-original-width="1268" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK9iu2XK4x1SH3A1zJ89EdBf6Wjtfv6qjS0kapqHgHzJiTUn9OLaV1knoKsp5tnWZYCKcjGwzaHyH8XkBaarWlHwKY6BzQZbsGEQ3Qg9SORqfLRQO67KleCD_e5oAwAuV0T7X5md2BI4ewHx-4H3pmud5v2S-DL1UlUAA8kxaSU0yczu5KaRrKFkrDbz2U/s320/Screenshot%202024-01-04%20at%2011.58.56%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><br /></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Small Ball Sells - U.S. Equity REIT Preferred Stocks</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Equity REIT Cumulative Equity Preferred Stocks</a>, part of the <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><i><span style="color: #800180;"><u>A. Eliminated Duplicate Position in HTIA - Sold 20 at $17 (Schwab Account)</u></span></i></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio_5EqzR_hBgdZXOlDAxPm7M8jQZzt8VVUULIoaLPkn5anYReYwTOA5SGe0LHsuiAdS4io6mabvyNGog4Z0QqWE3mM59lE1tNNBPfOck_tENMNVJvH-3WwowUiOLdLU2qr7jBK9bzW_wd27fEKu8ze7yAIuuFpbTlQMVgyz5iGpOya6RNImlmAn1r1aW1e/s2984/HTIA%2020%20at%20$17.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="270" data-original-width="2984" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio_5EqzR_hBgdZXOlDAxPm7M8jQZzt8VVUULIoaLPkn5anYReYwTOA5SGe0LHsuiAdS4io6mabvyNGog4Z0QqWE3mM59lE1tNNBPfOck_tENMNVJvH-3WwowUiOLdLU2qr7jBK9bzW_wd27fEKu8ze7yAIuuFpbTlQMVgyz5iGpOya6RNImlmAn1r1aW1e/s320/HTIA%2020%20at%20$17.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/htia" style="text-align: left;">HTIA | Healthcare Trust 7.375% Cumulative Preferred Series A Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001561032&owner=include&count=40&hidefilings=0">SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1561032/000156103223000020/hct-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1561032/000156103223000003/hct-20221231.htm">2022 Annual Report</a> At page 16, the REIT states that it has not paid a cash dividend to common shareholders since 2020. The company summarizes conflicts related to its external management at pages 36-37.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This REIT is a private company that is externally managed by AR Global. I view that management company with much disfavor. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">SEC filings are required since the REIT has issued publicly traded preferred stocks (HTIA, discussed here, and <a href="https://www.marketwatch.com/investing/stock/htibp?mod=search_symbol" style="text-align: left;">Healthcare Trust Inc. 7.125% Cumulative Preferred Series B (HTIBP)</a> which I do not own. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $340</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am keeping the 25 shares held in my Fidelity account that have an average cost per share of $14.94. The yield at that AC is <b>12.34</b>%. My next purchase will be no more than 5 shares, given my assessment of the risks which are confirmed in the dividend yield and price, and any further purchases must lower my average cost per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$45.87</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOhYn5zjjtcZru_lnfdhSSi13KfgQGNhPYGLxltNyhFmoWufOErAlvICkWmEds2N1dAwnVrbdU7Ms0PB5OEz6XydxPeYfdHgs3NqY8PSOKOSb6ics4bvVbLUdVCcLK_9OH_ixJArspGh0CK66xCEniPeV4wGFVlKc-3PStolXapTD5PLoad1j9MPmXgNOS/s2616/2023%20HTIA%2020%20Shares%20Net%20of%20$45.87%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1400" data-original-width="2616" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOhYn5zjjtcZru_lnfdhSSi13KfgQGNhPYGLxltNyhFmoWufOErAlvICkWmEds2N1dAwnVrbdU7Ms0PB5OEz6XydxPeYfdHgs3NqY8PSOKOSb6ics4bvVbLUdVCcLK_9OH_ixJArspGh0CK66xCEniPeV4wGFVlKc-3PStolXapTD5PLoad1j9MPmXgNOS/s320/2023%20HTIA%2020%20Shares%20Net%20of%20$45.87%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 1/4/24 (owned 25 in Fidelity account as of) I sold the shares in my Schwab account before the ex dividend date. The profit includes ROC adjustments to the tax cost basis and will be increased when the 2023 ROC adjustments are made. I did not attempt in this case to figure out how much those adjustments reduced my tax cost basis. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>2023 3rd Quarter</u></i>: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi859Y1oYANQ50rTp1drQEmeDxuqHqYpqdy4_bMuluv6_ZKt0Xb5IMgjwFAMbW5gs9XySChN_toL3Zt5ETRIvH8rAV_2ODbGKSsXeVNHvpfvRfpWgVGe0qNW0hwVJq67iCRQp3NgFfpkbU4NVuqLhEJTnk_RxNXtF9kE5wpIJNWFjlNsDf1BROPwC6MeOm9/s2738/Screenshot%202024-01-05%20at%208.02.32%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1024" data-original-width="2738" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi859Y1oYANQ50rTp1drQEmeDxuqHqYpqdy4_bMuluv6_ZKt0Xb5IMgjwFAMbW5gs9XySChN_toL3Zt5ETRIvH8rAV_2ODbGKSsXeVNHvpfvRfpWgVGe0qNW0hwVJq67iCRQp3NgFfpkbU4NVuqLhEJTnk_RxNXtF9kE5wpIJNWFjlNsDf1BROPwC6MeOm9/s320/Screenshot%202024-01-05%20at%208.02.32%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">10-Q at page 49 </span></td></tr></tbody></table><span style="font-family: georgia;"><br />Fees Paid to External Manage: </span><p></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4gai1oVmJjJvfV8Nzse6QWFPV4qFR0hm2SkW8SHPhZivgrN170VDKmVQkYt0RlflIzwz_f0JJwdxqCRX95RHQ9oSLw5E5pzYbOt6o8BMs8yEHs1NSXW94X7tULs4a2Mcnyilpy5miK81ks7aybuDu4WHz03l3doy-vtmSIFXVq_TAom080B8IY-o_vAd2/s2438/Screenshot%202024-01-05%20at%208.05.12%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="382" data-original-width="2438" height="50" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4gai1oVmJjJvfV8Nzse6QWFPV4qFR0hm2SkW8SHPhZivgrN170VDKmVQkYt0RlflIzwz_f0JJwdxqCRX95RHQ9oSLw5E5pzYbOt6o8BMs8yEHs1NSXW94X7tULs4a2Mcnyilpy5miK81ks7aybuDu4WHz03l3doy-vtmSIFXVq_TAom080B8IY-o_vAd2/s320/Screenshot%202024-01-05%20at%208.05.12%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">10-Q at page 36</span></td></tr></tbody></table><span style="font-family: georgia;">Net Income to Modified Funds from Operations (MFFO): </span><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5Ar5SCAzG-OZLB7KbZhQwG6TQ4Y_aUX7FvrVj9nb3d4S9Dl3FaEQckn8SUSr7z4U6lcURFWvghdcxpc9G0LfYeAbUens2P7wHmj0EcUDcK_Os8r0_-_KTSkwGZ_wj6Badr1M99ZF_qg6Jk_fZd3gfKxC3MOb0i-QCdHYFI5ldngXmB6DwG_nh63IrCjIe/s3132/Screenshot%202024-01-05%20at%208.11.20%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="862" data-original-width="3132" height="88" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5Ar5SCAzG-OZLB7KbZhQwG6TQ4Y_aUX7FvrVj9nb3d4S9Dl3FaEQckn8SUSr7z4U6lcURFWvghdcxpc9G0LfYeAbUens2P7wHmj0EcUDcK_Os8r0_-_KTSkwGZ_wj6Badr1M99ZF_qg6Jk_fZd3gfKxC3MOb0i-QCdHYFI5ldngXmB6DwG_nh63IrCjIe/s320/Screenshot%202024-01-05%20at%208.11.20%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 64, 10-Q</span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;">I am unable to rely on MFFO as a cash flow number, see definition at page 63, 10Q. Even if I did accept it, the amount is not comforting at all. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Major Negatives</u></i>: Poor operating results, management by AR Global, no common stock cash dividend which enhances the risk of a preferred stock owner, increased interest rate expense (see pages 21-24, 10-Q), and excessive fees IMO paid to the external manager. I do not see why anyone would invest in a private fund managed by AR Global. The common shares are illiquid. The REIT has suspended any offer to buy the shares staring in August 2020 (page 30, 10-Q) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Pared HPP.PRC - Sold 10 of 150 at $14.02</u></i></span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQUrHKNLf2s4PxAfzn8N3fWhvEJXuQm1MJPPdDuoIwtJ-3Dg7trqQRAkUTEo4mTUrcj8q8o9AAV8yiH39sdtsSVll5xK2Puqojns1ItWYg1u-2pTnSlsGrvPUQaIlFcCro1zmPyzIGDFyWZ__9i3SOeM7ZgEqcsUg-ZRPmBSletOzzlnC4DMRx6Zl_aicL/s2264/HPPPRC%2010%20at%20$14.02%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="122" data-original-width="2264" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQUrHKNLf2s4PxAfzn8N3fWhvEJXuQm1MJPPdDuoIwtJ-3Dg7trqQRAkUTEo4mTUrcj8q8o9AAV8yiH39sdtsSVll5xK2Puqojns1ItWYg1u-2pTnSlsGrvPUQaIlFcCro1zmPyzIGDFyWZ__9i3SOeM7ZgEqcsUg-ZRPmBSletOzzlnC4DMRx6Zl_aicL/s320/HPPPRC%2010%20at%20$14.02%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/hpp.prc?mod=search_symbol" style="text-align: left;">Hudson Pacific Properties Inc. 4.750% Cumulative Preferred Series C</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I sold the highest cost lots that could be sold profitably. When HPP provides the tax characteristics of its 2023 dividends, I anticipate that return of capital ("ROC") adjustment to tax cost basis will increase the profit number. The amount of the total dividend classified as ROC will not be taxable as dividend income. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $140.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/hpp?mod=search_symbol" style="text-align: left;">Hudson Pacific Properties Inc. (HPP)</a></span></p><p style="text-align: justify;"><a href="https://www.hudsonpacificproperties.com/office"><span style="font-family: georgia;">View All the HPP Properties | Hudson Pacific Properties</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1482512&owner=exclude"><span style="font-family: georgia;">HPP SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1482512/000119312521323053/d172913d424b5.htm" style="text-align: left;"><span style="font-family: georgia;">HPP.PRC Prospectus</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Par Value</i></u>: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid Quarterly and Cumulative</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Old Average Cost per share</u></i>: $12.9</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$12.83</b> (140 shares)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfNGg-_NYkiFuDbfQISYtaJxpUaG-pXOQIn2u1P0Tj9G52uk4EQptIDPxwxURy_FGL0oopzgqo36f_GTdfpSeUu1G5hwmCHwaWie_oUSoFzJqrcTVGvSdn8awYpvVDNJq18IHPOck-0ohMDiO36JBa5K6Rjky_i0ETiCqfeJS4OUw06XOfzRiN3H0jVgBN/s2418/HPPRrc%2012.83%20140%20shares%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="80" data-original-width="2418" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfNGg-_NYkiFuDbfQISYtaJxpUaG-pXOQIn2u1P0Tj9G52uk4EQptIDPxwxURy_FGL0oopzgqo36f_GTdfpSeUu1G5hwmCHwaWie_oUSoFzJqrcTVGvSdn8awYpvVDNJq18IHPOck-0ohMDiO36JBa5K6Rjky_i0ETiCqfeJS4OUw06XOfzRiN3H0jVgBN/s320/HPPRrc%2012.83%20140%20shares%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Snapshot Intraday 1/4/24 after pare </span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i>: <b>9.5</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(.0475% coupon x. $25 par value = $1.21875 annual dividend per share </span><span style="font-family: georgia;">÷ $12.83 total cost per share = 9.4992%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid quarterly and cumulative</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend Date</u></i>: 12/15/23 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$2</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTe_RbttxSNC4RvdsQw-BMgtm75ss11nda5AoftCzY4kZOoaz5KRAX6_eGhVkj-Rqd68L8bOWdDCGX5YW5pyoJU0LYIbA9SpXOddDNduAOUXsmYHzS5knmBYkJ6Oco5KTyj5DsqdexWT7UKhwbXOzGNSKBHzzeTdSoXe10KvsJiqMVoYVi694fuRkwR9uX/s1948/2023%2010%20HPPPRC%2010%20Shares.%20+$2%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="162" data-original-width="1948" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTe_RbttxSNC4RvdsQw-BMgtm75ss11nda5AoftCzY4kZOoaz5KRAX6_eGhVkj-Rqd68L8bOWdDCGX5YW5pyoJU0LYIbA9SpXOddDNduAOUXsmYHzS5knmBYkJ6Oco5KTyj5DsqdexWT7UKhwbXOzGNSKBHzzeTdSoXe10KvsJiqMVoYVi694fuRkwR9uX/s320/2023%2010%20HPPPRC%2010%20Shares.%20+$2%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div style="font-style: italic; text-align: justify; text-decoration-line: underline;"><span style="font-family: georgia;"><i><u><br /></u></i></span></div><div style="text-align: justify;"><i style="font-style: italic; text-decoration-line: underline;"><u>Goal</u></i>: Any total return before ROC adjustments to the tax cost basis in excess of the dividend payments. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 3.A. Added 20 HPPPRC at $12.5 (12/16/23 Post)</a>. </span><span>This post has a broader discussion. </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 5.A. Added 5 HPPPRC at $11.2; 5 at $11.73 (11/18/23 Post)</a> I discussed the third quarter report in that post. <a href="https://www.sec.gov/Archives/edgar/data/1482512/000148251223000155/q32023ex991.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1482512/000148251223000155/q32023ex992.htm" style="text-align: left;">Supplemental</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Recent News Since Last Discussion</i></u>: <a href="https://investors.hudsonpacificproperties.com/investor-resources/press-releases/press-release-details/2024/Hudson-Pacific-and-Macerich-Complete-700-Million-Sale-of-One-Westside-and-Westside-Two/default.aspx" style="text-align: left;">Hudson Pacific Properties, Inc. - Hudson Pacific and Macerich Complete $700 Million Sale of One Westside and Westside Two</a> (1/3/23)("<span style="background-color: white; text-align: left;">Hudson Pacific used net proceeds from the sale to repay amounts outstanding on its unsecured revolving credit facility. This transaction addresses the company’s debt maturities until December 2025, and further strengthens the company’s compliance with its unsecured revolving credit facility covenants as recently amended.")</span><span style="background-color: white; text-align: left;"> </span>HPP had a 75% interest in the JV that owned the properties. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a duplicate position in my Schwab account, consisting of 40+ shares with an average cost per share at $11.30. I will probably eliminate that position sometime this year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own some common shares that are near breakeven. As discussed in prior posts, HPP was hit hard by the writers and actors strikes since it owns a number of studio production facilities. <a href="https://www.hudsonpacificproperties.com/studio" style="text-align: left;">Redefining Studios in Los Angeles</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The strikes, the rise in borrowing costs and weakness in the west coast office property market combined to cause a common stock dividend cut and then an elimination last year. <a href="https://seekingalpha.com/symbol/HPP/dividends/history" style="text-align: left;">HPP Stock Dividend History & Date</a> HPP continued to pay the preferred dividend and is currently in better shape to continue doing so after the strikes ended and some office properties were sold with the proceeds used to pay down debt. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">6. Exchange Traded Baby Bonds</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>A. Added to ELC in Fidelity Account - Bought 10 at $21.3</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJ6TgwlZeLg-IN9ZBIx31JpiHgpMYJIvpEePMI5Mf-ZUXLqt2vvm3VxNdyVGvA3ZuitS2990qEz5WwHaLF64TOjYY6CwI59ylNvnZ1t4VZFeLp2W9U6ed3RH6gTembrKyB4wjH13EWiuioQTRDGW2HvbDQafbNpK5NuCx713m8D4mDpGJt8WhSBExfcR-i/s2276/elc%2010%20at%20$21.3%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="92" data-original-width="2276" height="13" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJ6TgwlZeLg-IN9ZBIx31JpiHgpMYJIvpEePMI5Mf-ZUXLqt2vvm3VxNdyVGvA3ZuitS2990qEz5WwHaLF64TOjYY6CwI59ylNvnZ1t4VZFeLp2W9U6ed3RH6gTembrKyB4wjH13EWiuioQTRDGW2HvbDQafbNpK5NuCx713m8D4mDpGJt8WhSBExfcR-i/s320/elc%2010%20at%20$21.3%20%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/elc?mod=search_symbol">Entergy Louisiana LLC Mortgage Bonds 4.875% Series due 2066 (ELC)</a> </div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Issuer: Wholly owned operating subsidiary of the utility holding company <a href="https://www.marketwatch.com/investing/stock/etr?mod=search_symbol" style="text-align: left;">Entergy Corp. (ETR)</a></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=65984&owner=exclude">ETR SEC Filings</a></div><div style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/7323/000006598423000094/etr-20230930.htm">ETR 10-Q for the Q/E 9/30/23</a></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/amcx-bstz-elc-emaprcca-eqr-flca-maa.html" style="text-align: left;">Item # 6.A. Added to ELC Bought 10 at $21.93 in Vanguard Taxable; 5 at $21.78 and 5 at $21.6 in Schwab Account (12/23/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2017/01/exchange-traded-baby-bonds.html" style="text-align: left;">Exchange Traded Baby Bonds</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1348952/000006598416000656/d234508d424b2.htm" style="text-align: left;"><span style="font-family: georgia;">Prospectus</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: Quarterly</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Security: First Mortgage on substantially all assets </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Call protection has expired. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: <span style="color: red;"><b>9/1/2066</b></span> unless called earlier at issuer's option. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: Quarterly</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment, even if bought the day before that date)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Last Ex Interest</u>: 11/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Credit Ratings</u></i>: A2/A</span></p><div><span style="font-family: georgia;"><span style="text-align: justify;"><u><i>Average cost per share this account</i></u>: </span><b style="text-align: justify;">$21.54</b><span style="text-align: justify;"> (55 shares)</span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>5.66</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Maximum Position in All Taxable Accounts</i></u>: 300 shares</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have no concerns about the credit risk. Interest rate risk is substantial given the potentially long maturity. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>7. Cash Flow Into Fidelity Account: 12/28-29/23 and 1/2/24</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash inflows consist of proceeds received from maturing bonds, CDs and treasuries, interest and dividend payments. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">During catastrophic declines in the stock market, I will at a minimum invest cash flow received from interest and dividend payments. That was what I did for example between October 2008 into February 2009. I sold high quality investment grade bonds in early 2009, using the proceeds to buy stocks starting in February 2009 and dipped into my cash reserves to further increase the purchases beyond the dividend and interest cash flow numbers. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">While my stock allocation is less than 20% of the total, buying during the inevitable meltdowns will allow me to recover more quickly and will increase my dividend yields assuming no cuts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Bond, Treasury, CD Redemption Proceeds: $7,000 with the Capital One bonds and 1 of 2 DTE bonds being redeemed prior to maturity. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tax Free Interest: $250 (all 5 bond lots) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Coupon Interest: $56.25 (bought in the secondary market at discounts to par value) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bond Interest: $108.92 (light days) I own 229 corporate bonds in this account, enough to easily achieve a bond fund's diversity. Lot sizes range from 1 to 5 bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Monthly CD Interest: $42.71</span></p><p style="text-align: justify;"><span style="font-family: georgia;">CD Interest Paid at Maturity: $39.55</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded Bond ($25 par value) Interest: $15.31</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Common Stock Dividends: $239.43</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Preferred Stock Dividends: $59.46 (GOODN pays monthly)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">MM Dividend: $66.73</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Monthly CEF Payments: $88.57</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Other CEF and ETF Payments: $33.18</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Dividends and Interest Payments: $999.98</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Inflow: $7,999.98</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6TTn-EZQPIZbUa7obAkQk7u85KyaIzumkiiIf13K2oMKkmZ-KctrE_nvXSsv-5DsLfnYS0nppW7xQUv8i4mrcd_sA-W3SitWQU_o59azXxtShSly-waoZM7N_R1t2yhrqmOLa4yrkWYcxPocau-rtlMITqBchyHdI5RUuu3Vsu8CPBiIBih8AAykPsumY/s1880/1.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1800" data-original-width="1880" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6TTn-EZQPIZbUa7obAkQk7u85KyaIzumkiiIf13K2oMKkmZ-KctrE_nvXSsv-5DsLfnYS0nppW7xQUv8i4mrcd_sA-W3SitWQU_o59azXxtShSly-waoZM7N_R1t2yhrqmOLa4yrkWYcxPocau-rtlMITqBchyHdI5RUuu3Vsu8CPBiIBih8AAykPsumY/s320/1.png" width="320" /></span></a></div><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAmORgUi15v9l5me92XNoRfFEHSIuD5LGTL1W90QyhJZUdIte6zKP5gpk10R_5V95KWbLKIhzwTafckx-FazZsTMjByojHgasqxeqhMFZ62ecuVtMZ-Zgp3BSjwu9a9yymq7g6faFSG-Tsz0S3WVJYOT89VOwPfheeaY4Lm0tEA-RvSpPrCRwZxrItwMkd/s1836/3.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1698" data-original-width="1836" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAmORgUi15v9l5me92XNoRfFEHSIuD5LGTL1W90QyhJZUdIte6zKP5gpk10R_5V95KWbLKIhzwTafckx-FazZsTMjByojHgasqxeqhMFZ62ecuVtMZ-Zgp3BSjwu9a9yymq7g6faFSG-Tsz0S3WVJYOT89VOwPfheeaY4Lm0tEA-RvSpPrCRwZxrItwMkd/s320/3.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiqAvwpoUxF2Mn5YdtGMMwrJuzuF7Tfuu_7OZqz7v1WBaZRKMfrLR3XhaNriSo7OSP6HBq1CA6ZezQ-z3MRMBc-cLUVvKfNanE-hqiiNGVlbYvagQqq_XNNpCikd4oseSolQnXyaCbdEQrLPbCvhB88r9fp71nRiYOXlpaEKV41o_G_lxfLwNduge1xPEE/s1884/2.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1726" data-original-width="1884" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiqAvwpoUxF2Mn5YdtGMMwrJuzuF7Tfuu_7OZqz7v1WBaZRKMfrLR3XhaNriSo7OSP6HBq1CA6ZezQ-z3MRMBc-cLUVvKfNanE-hqiiNGVlbYvagQqq_XNNpCikd4oseSolQnXyaCbdEQrLPbCvhB88r9fp71nRiYOXlpaEKV41o_G_lxfLwNduge1xPEE/s320/2.png" width="320" /></span></a></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnsWEZVpacub2o7q8F1MLwKVHkD9PpPWi7irYgGSnxj0c_cfFbSPjyLg2uwfr5E_ch-1JnbC1FfdFvGGKeZxdN1grRoDuIZEg3lzMubb5-wvMzzL0cI21712r4JJemhwOzONJMH5e7iyb6v5fk8QZjPAWMZ3oLv2f5cbmOyb7aC5o5L-7Tq_IzQ3Bl3XkF/s1836/5.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1710" data-original-width="1836" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnsWEZVpacub2o7q8F1MLwKVHkD9PpPWi7irYgGSnxj0c_cfFbSPjyLg2uwfr5E_ch-1JnbC1FfdFvGGKeZxdN1grRoDuIZEg3lzMubb5-wvMzzL0cI21712r4JJemhwOzONJMH5e7iyb6v5fk8QZjPAWMZ3oLv2f5cbmOyb7aC5o5L-7Tq_IzQ3Bl3XkF/s320/5.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRHCU1hDGE1qo-7FA1o_bMT7kzBRSelOplfICKn2uS4wlKweomRqOJJZVHk_M1GXB4Y2r1zo2PCANBE1sIYhlGJoGK28o1Xkgku4z-6I4WUaycpLmYywjtv-GE100SEhuo3iD_itCCewU5GcdpLmosc9Z4FOpKaEGEWX03VYqpzq6Nqd-FYlg0j8Sm5t61/s1882/6.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1656" data-original-width="1882" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRHCU1hDGE1qo-7FA1o_bMT7kzBRSelOplfICKn2uS4wlKweomRqOJJZVHk_M1GXB4Y2r1zo2PCANBE1sIYhlGJoGK28o1Xkgku4z-6I4WUaycpLmYywjtv-GE100SEhuo3iD_itCCewU5GcdpLmosc9Z4FOpKaEGEWX03VYqpzq6Nqd-FYlg0j8Sm5t61/s320/6.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMRLzNQKHTk1fzWmyOqRLR5c7VHxkSqUBQ6zvBDnfgFy0W8G3Qp9vAuxcJwlumIhGrrBqXko0YVHk8DvJnru3Br8rh9THQJ2WmJuOGbeLL74vZOL6sJg0f4XltcIlHLXAyWW0f7dWffr6W8GAoSw7Es032QUZKfpCkoyDOL689B3sUe-T7tX3aTxt7RdmA/s1880/7.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1630" data-original-width="1880" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMRLzNQKHTk1fzWmyOqRLR5c7VHxkSqUBQ6zvBDnfgFy0W8G3Qp9vAuxcJwlumIhGrrBqXko0YVHk8DvJnru3Br8rh9THQJ2WmJuOGbeLL74vZOL6sJg0f4XltcIlHLXAyWW0f7dWffr6W8GAoSw7Es032QUZKfpCkoyDOL689B3sUe-T7tX3aTxt7RdmA/s320/7.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigLdrO7eBPVsR_gxHNh44XZL-clky1F5b8UwV0-CQhhXD84LyoSxgEFq0P4gs_5kKQ9IA1CwD6ZbeC9vg9awlv0zwptIwszE2F1b9cW_OqwTw18Fw_Zbx1kcDd8s2Fbt4XZ0aTIB-YLvIv4l-oCmYOVX-iMifm6Qg1JnFn9lTogwxssQD1zPwObCNyMant/s1882/8.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1594" data-original-width="1882" height="271" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigLdrO7eBPVsR_gxHNh44XZL-clky1F5b8UwV0-CQhhXD84LyoSxgEFq0P4gs_5kKQ9IA1CwD6ZbeC9vg9awlv0zwptIwszE2F1b9cW_OqwTw18Fw_Zbx1kcDd8s2Fbt4XZ0aTIB-YLvIv4l-oCmYOVX-iMifm6Qg1JnFn9lTogwxssQD1zPwObCNyMant/s320/8.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUOft-KuAIPnV6PU5vaKzcXgHTiTQDUtxD207bN0TZ_vD6Kl_VXq1VGVEP57oj4PjdhkE8fcaSJxfKm4yOHx5fMc4WC6dN_omuo5ILaKpWLtfPmHZQJpK6j_Y8BhZGnphDjEUZcoA9xbvUN98XguccvdksSY-JYxsZmwb-WpenrQnuaHnlFwuLYZhPI5Cs/s1896/9.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="926" data-original-width="1896" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUOft-KuAIPnV6PU5vaKzcXgHTiTQDUtxD207bN0TZ_vD6Kl_VXq1VGVEP57oj4PjdhkE8fcaSJxfKm4yOHx5fMc4WC6dN_omuo5ILaKpWLtfPmHZQJpK6j_Y8BhZGnphDjEUZcoA9xbvUN98XguccvdksSY-JYxsZmwb-WpenrQnuaHnlFwuLYZhPI5Cs/s320/9.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I eliminated MFIC in this account after the last ex dividend date. I currently own shares only in my Schwab account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">8. Cash Flow into Schwab Account</span></b>: 12/29/23 & 1/1/2024</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Schwab is slower than Fidelity in crediting incoming cash flow. The following snapshots includes amounts that were paid on 1/1/24 or earlier but were not credited until 1/2/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Redemption Proceeds: $6,000 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Municipal Bond Interest: $526.25 (Federally Tax Free)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">CD Interest (Monthly Payments): $58.79</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Other CD Interest: $80.62 (paid at maturity)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury <i><u>Note Coupon</u></i> Interest: $75 (paid-semiannually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(Treasury Bills do not have coupons. The interest is the difference between par value and the purchase price) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Common Stock Dividends: $270.30</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Equity Preferred Stock Dividends (quarterly): $58.42</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(Equity Preferred stocks in the preceding snapshots: CTOPRA, GOODN, MBINP, REXPRC, SNVPRAE, TFINP, VLYPP and VNOPRM)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">CEFs Monthly Dividends: $64.98 (BWG, EXG, IGR, JPC, GDO, KIO, MEGI, MIN, PPT, </span></p><p style="text-align: justify;"><span style="font-family: georgia;">CEFs Quarterly Dividends: $13.23 (BXMX, DPG, NMAI)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">SNOXX (purchased MM Fund): $106.13</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded Bond ($25 Par Value) Interest: $17.09 (EMP, SCCC) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Interest and Dividends: $1,329.6</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtbISZ1WoYz-OGDI7HYUvHi-7Z9Mk5WtYl1CjPs49UK2xEjkv4baM7awb4C4HYFzmkcUp-ddLDTnEIn2JyHlxGZzRXZI1OHsnV-QqNUi_7-21TmnjdSehu3QVkbc3cejP513vfQynay5CcH9NkxQZPyhLPNPKawaLtjIp2cTzh5b3eGfJXrwfyN2tz9aKZ/s2964/a.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1730" data-original-width="2964" height="187" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtbISZ1WoYz-OGDI7HYUvHi-7Z9Mk5WtYl1CjPs49UK2xEjkv4baM7awb4C4HYFzmkcUp-ddLDTnEIn2JyHlxGZzRXZI1OHsnV-QqNUi_7-21TmnjdSehu3QVkbc3cejP513vfQynay5CcH9NkxQZPyhLPNPKawaLtjIp2cTzh5b3eGfJXrwfyN2tz9aKZ/s320/a.png" width="320" /></span></a></div><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEix_qOHmTJaKIWUWv4odgWIsSkgBtZ0xNY56xIVx0U73vJ5UPgVAkmSQHqRoco-xH3i6Yu8Uq8vbWllFsLtqurjEivCuebgJNkc0PU6SoDDfM9O04b_rhW1_rMzRvfNvuzTGTMYeueH8OIWJXqIySWzvwoCd5Wz7zqAlGnJKVP1GX__NPtm8Ph_uogmh1eu/s2932/Screenshot%202024-01-03%20at%208.48.40%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1458" data-original-width="2932" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEix_qOHmTJaKIWUWv4odgWIsSkgBtZ0xNY56xIVx0U73vJ5UPgVAkmSQHqRoco-xH3i6Yu8Uq8vbWllFsLtqurjEivCuebgJNkc0PU6SoDDfM9O04b_rhW1_rMzRvfNvuzTGTMYeueH8OIWJXqIySWzvwoCd5Wz7zqAlGnJKVP1GX__NPtm8Ph_uogmh1eu/s320/Screenshot%202024-01-03%20at%208.48.40%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVea5otcgYmq0D9TkGPSP639aJH5cPGv5mTDdUezlxF1VRSBaDps5Gt5u9Sd_s5xo6wOi1UmYRMjGLxB1ms72-tASbPL67vmIOy0K6g1aJBB2qMR96tR6KcNjxZ2aX-vXjaSAOAfmJteFY4VClUe4ebE6o5gD0YOHsrZi6yZKro94nmz9jan1ArBvU5ABH/s2978/Screenshot%202024-01-03%20at%208.50.01%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1592" data-original-width="2978" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVea5otcgYmq0D9TkGPSP639aJH5cPGv5mTDdUezlxF1VRSBaDps5Gt5u9Sd_s5xo6wOi1UmYRMjGLxB1ms72-tASbPL67vmIOy0K6g1aJBB2qMR96tR6KcNjxZ2aX-vXjaSAOAfmJteFY4VClUe4ebE6o5gD0YOHsrZi6yZKro94nmz9jan1ArBvU5ABH/s320/Screenshot%202024-01-03%20at%208.50.01%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC7jJhkgXn1PAA-CwoO38rILBB1-a9m6i2CVJYoUIyWoZyphhKl_0dx61ch4SDbinEeVWdjsTvEy03YH2Rw8gaRA5bho_RUOU7ILvgTRxX1embYEv9QK7Nz4x0kv-yd8HaKAnTu4Aog4f0-z0bkXciRKjNubcKWBF144FPuzYKyIutEGNCr7HJyY3ZuBhJ/s2934/Screenshot%202024-01-03%20at%208.51.26%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1600" data-original-width="2934" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC7jJhkgXn1PAA-CwoO38rILBB1-a9m6i2CVJYoUIyWoZyphhKl_0dx61ch4SDbinEeVWdjsTvEy03YH2Rw8gaRA5bho_RUOU7ILvgTRxX1embYEv9QK7Nz4x0kv-yd8HaKAnTu4Aog4f0-z0bkXciRKjNubcKWBF144FPuzYKyIutEGNCr7HJyY3ZuBhJ/s320/Screenshot%202024-01-03%20at%208.51.26%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9UFo7loB2eHctTbC9SfPQOYn6KI808ncmquCKtpuOSmashnFuMzmDtMlDC1H-bTNYfHYiP1wPghYxnsshZsCmYofEKK7ZvUybaOgia4BLcateTtb37CB_lc4EXCchA5jW5C_imMMgC_iRP3WfJdfjazIAav6fOdE0shN4N7R1lHCRgcH9fNaAV7zpzu0o/s2942/Screenshot%202024-01-03%20at%208.52.34%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1620" data-original-width="2942" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9UFo7loB2eHctTbC9SfPQOYn6KI808ncmquCKtpuOSmashnFuMzmDtMlDC1H-bTNYfHYiP1wPghYxnsshZsCmYofEKK7ZvUybaOgia4BLcateTtb37CB_lc4EXCchA5jW5C_imMMgC_iRP3WfJdfjazIAav6fOdE0shN4N7R1lHCRgcH9fNaAV7zpzu0o/s320/Screenshot%202024-01-03%20at%208.52.34%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmh2wy1dj_w89L6hpVhSjiN1rQFsX-yFnPd3iHJ_V456zQYD7JfNg4Amcb3wVMEOHkUVfdbzZYY-whmDzghbxB5TL-ZJ55jMhKTPQav7jSkBs6_fIesW0HGj0DHkpbrvDOV-64WgnSWqiyb_uCGedKfmGTxMAdp2zBngZIw73o_qDMbSg2SsfuMZGGSYo_/s2960/Screenshot%202024-01-03%20at%208.53.53%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="694" data-original-width="2960" height="75" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmh2wy1dj_w89L6hpVhSjiN1rQFsX-yFnPd3iHJ_V456zQYD7JfNg4Amcb3wVMEOHkUVfdbzZYY-whmDzghbxB5TL-ZJ55jMhKTPQav7jSkBs6_fIesW0HGj0DHkpbrvDOV-64WgnSWqiyb_uCGedKfmGTxMAdp2zBngZIw73o_qDMbSg2SsfuMZGGSYo_/s320/Screenshot%202024-01-03%20at%208.53.53%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBfdebY2XLHM-_Hiw1CAthAjWW9-dUJyDuZUE-Gr-oLfc4mCJCLlM7tILeFlC0BhLUgR1hu9sZFZbGS7vs9D-oKnIBtqN9s3LU1qNwiDR3Xo5SAJfF2wqhoSMZzazpFVncb9WFjPWYX43MoLdoXLGh4AKBvtMP2KJwSywbasUxpw9viXTmIgZhpB_0zLFo/s2960/Screenshot%202024-01-03%20at%208.54.03%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="694" data-original-width="2960" height="75" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBfdebY2XLHM-_Hiw1CAthAjWW9-dUJyDuZUE-Gr-oLfc4mCJCLlM7tILeFlC0BhLUgR1hu9sZFZbGS7vs9D-oKnIBtqN9s3LU1qNwiDR3Xo5SAJfF2wqhoSMZzazpFVncb9WFjPWYX43MoLdoXLGh4AKBvtMP2KJwSywbasUxpw9viXTmIgZhpB_0zLFo/s320/Screenshot%202024-01-03%20at%208.54.03%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrPkhl3zy8Fo39jmhfYScYWp6ZI-88CtdPWJS6kzCE11DJD7P9VmqhhNtP67v8NaJY3gWpsLqhn8DItUje3Ryolhpqx3F7_gy2y6Wm3efokIKDMnTjwNfp-54gVZ0pFUugk8nO7LviyiBvCwr3hYLVT1zcpgwF79szuGmIqAxHP2sgCKH8Re1qVu4YZALl/s2946/h.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1586" data-original-width="2946" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrPkhl3zy8Fo39jmhfYScYWp6ZI-88CtdPWJS6kzCE11DJD7P9VmqhhNtP67v8NaJY3gWpsLqhn8DItUje3Ryolhpqx3F7_gy2y6Wm3efokIKDMnTjwNfp-54gVZ0pFUugk8nO7LviyiBvCwr3hYLVT1zcpgwF79szuGmIqAxHP2sgCKH8Re1qVu4YZALl/s320/h.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkFwTf5XYFqhPad5Wjqwza5K2IOPVyXy6bvEQYOkKSZ5P5rjA23gP0n2gAk5SOEnaKUBF_7SwDd8ns_01avN8Lps_4_OflWKTeMq4b-4i3si9Z4r12IHK4YN5JPDv9fLIS7i8xDPoObuN44lyGmsY86Nz7pIlAtfeN900z1dXMY6h-uZx2Rn6CqcK__QZN/s2988/Screenshot%202024-01-03%20at%208.56.54%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1640" data-original-width="2988" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkFwTf5XYFqhPad5Wjqwza5K2IOPVyXy6bvEQYOkKSZ5P5rjA23gP0n2gAk5SOEnaKUBF_7SwDd8ns_01avN8Lps_4_OflWKTeMq4b-4i3si9Z4r12IHK4YN5JPDv9fLIS7i8xDPoObuN44lyGmsY86Nz7pIlAtfeN900z1dXMY6h-uZx2Rn6CqcK__QZN/s320/Screenshot%202024-01-03%20at%208.56.54%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMnEuMzpEWn-WtkWcVebZaqbsSsZHORuSkaFM5BNF6WAT8T51hL76xHYnyG6BLfXdi45EO_ZyEzHCVz-UkO4X0z6H5AH6ErsRFqfrPmDdOqQV0mhbD87S_0fS32Kd_SikcS38c3LP-duDSOiryyzKeZU4PWuXFwClEy7NeAWjwQUONDtD9Dl_L8qUAy1jG/s2954/Screenshot%202024-01-03%20at%208.59.32%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1516" data-original-width="2954" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMnEuMzpEWn-WtkWcVebZaqbsSsZHORuSkaFM5BNF6WAT8T51hL76xHYnyG6BLfXdi45EO_ZyEzHCVz-UkO4X0z6H5AH6ErsRFqfrPmDdOqQV0mhbD87S_0fS32Kd_SikcS38c3LP-duDSOiryyzKeZU4PWuXFwClEy7NeAWjwQUONDtD9Dl_L8qUAy1jG/s320/Screenshot%202024-01-03%20at%208.59.32%E2%80%AFAM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiu8s0touGE6zVKjHOHI4ud73r-6VaK90GINiJfoV72Bg_GiQfj5c9fZOGLb2ybMGhKci9McXr5gGTXbcU4k7u4CBj1vPuLmPehWij9ihDrOFRGkEIfh7j3JRV5ZGzBppZxYr7Q8ECVyZeCRxboKrRy2GbgsV2pb2AA-gHfnEnNQTmX_NGGSvxzS2sEdkRm/s2958/Screenshot%202024-01-03%20at%209.00.10%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1438" data-original-width="2958" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiu8s0touGE6zVKjHOHI4ud73r-6VaK90GINiJfoV72Bg_GiQfj5c9fZOGLb2ybMGhKci9McXr5gGTXbcU4k7u4CBj1vPuLmPehWij9ihDrOFRGkEIfh7j3JRV5ZGzBppZxYr7Q8ECVyZeCRxboKrRy2GbgsV2pb2AA-gHfnEnNQTmX_NGGSvxzS2sEdkRm/s320/Screenshot%202024-01-03%20at%209.00.10%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Total Inflow = $7,329.6</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is my lightest account on corporate bonds.<b> </b>I own only 10 Arizona Public Service 3.35% SU bonds that mature on 6/15/24 and 10 Nextera Capital (guaranteed by Nextera) 2.94% SU bonds that mature on 3/21/24. This account is heavy in treasury bills. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My Fidelity account has the largest allocation to corporate bonds, owning 229 individual bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></p></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com14tag:blogger.com,1999:blog-2986124651030959736.post-10691408679696526602023-12-30T09:31:00.003-06:002024-02-06T07:45:02.745-06:00AOD, EAI, IVZ, MOR, OFS, ONB, PLTK, PWFPRT:CA, SLG, STEW<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2023/12/26/business/economy/christmas-holiday-spending-retail.html">Holiday Spending Increased, Defying Fears of a Decline - The New York Times</a> Mastercard reported that spending increased by 3.1% between 11/1 to 12/24 compared to the same period in 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/business/2023/12/26/holiday-sales-retail-mastercard/">Consumer spending increases heading into holidays - The Washington Post</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>November 2023 New Residential Home Sales: </span><a href="https://www.census.gov/construction/nrs/pdf/newressales.pdf" style="text-align: left;">Census Bureau.pdf</a> </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7_3TxWqv89eeSPA7jt2A-708zvfvSeBAuT_Kybr06g3V_n1kqEp2F8caC10GWFyf6imqyqsFB1a91FTWrxrmHH2_1XZvKAMSIycI5CUhh-rcSgyoeV1Cxojjugz4_EZVAAdOLF6zYLjsMd5k6gRLpmdWNfEH5UdQxCCNHEfKObHC5c674jgUTTlvy2IS6/s1422/Screenshot%202023-12-25%20at%209.12.50%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="938" data-original-width="1422" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7_3TxWqv89eeSPA7jt2A-708zvfvSeBAuT_Kybr06g3V_n1kqEp2F8caC10GWFyf6imqyqsFB1a91FTWrxrmHH2_1XZvKAMSIycI5CUhh-rcSgyoeV1Cxojjugz4_EZVAAdOLF6zYLjsMd5k6gRLpmdWNfEH5UdQxCCNHEfKObHC5c674jgUTTlvy2IS6/s320/Screenshot%202023-12-25%20at%209.12.50%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">Median Sales Price: $434,700</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Average Sales Price: $488,900</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Months of Inventory at Current Sales Rate: 9.2</span></p><p style="text-align: justify;"><a href="https://www.cnn.com/2023/12/22/investing/nike-q2-earnings-cost-cuts/index.html"><span style="font-family: georgia;">Nike says it will cut $2 billion in costs in a major warning for consumers | CNN Business</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2023/12/25/inflation-has-created-a-dark-cloud-over-how-everyday-americans-view-the-economy.html">Inflation has created a dark cloud over how everyday Americans view the economy</a> No more than 10% of voters IMO have even a basic understanding of what caused problematic inflation in 2021-2022. Consequently, Biden will be blamed and federal spending will be assigned as the cause. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I would note that the F/Y deficits have gone over $1T, unadjusted for subsequent inflation, without problematic inflation occurring. In the fiscal year ending 9/30/20 (Trump was President), the budget deficit was $3.13T. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Inflation has been coming down for more than a year now, even though the last annual deficit for the F/Y ending 9/30/23 increased to $1.7 trillion. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Annual PCE Inflation Through November 2023: 2.6%, down from 3% through October. Sourced: <a href="https://www.bea.gov/news/2023/personal-income-and-outlays-november-2023" style="text-align: left;"><span>Personal Income and Outlays, November 2023 | U.S. Bureau of Economic Analysis (BEA)</span></a> That 2.6% annual PCE inflation through November 2023 was down from a 6.2% increase for the 12 months ending in September 2022. <a href="https://www.bea.gov/news/2022/personal-income-and-outlays-september-2022" style="text-align: left;">Personal Income and Outlays, September 2022 | U.S. Bureau of Economic Analysis (BEA)</a> </span>PCE inflation <b>was down .1% month-to-month</b> in November 2023</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhu81QyevoPbMeBlHHdS-mbI-VGFIA28hCwoRbx2TpZysBPaYNXO6AMjlLSrGpRR-AIvJSMe3qV46AVcsFwzQe6euxRGHxwtPWcGRkShooRpxiLBZ_HdqJn8mLQ8i5jBKBLuG5okFAcDJTPh-obpCSUhw4avP4yHmgPpjxATjK3pxiUG1OZH7V-91hWEPr2/s1422/Screenshot%202023-12-25%20at%2011.59.02%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1422" data-original-width="1048" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhu81QyevoPbMeBlHHdS-mbI-VGFIA28hCwoRbx2TpZysBPaYNXO6AMjlLSrGpRR-AIvJSMe3qV46AVcsFwzQe6euxRGHxwtPWcGRkShooRpxiLBZ_HdqJn8mLQ8i5jBKBLuG5okFAcDJTPh-obpCSUhw4avP4yHmgPpjxATjK3pxiUG1OZH7V-91hWEPr2/s320/Screenshot%202023-12-25%20at%2011.59.02%E2%80%AFAM.png" width="236" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;">Sourced: <a href="https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/#:~:text=In%20FY%202023%20total%20government,from%20the%20previous%20fiscal%20year.">National Deficit | U.S. Treasury Fiscal Da</a><a href="https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/#:~:text=In%20FY%202023%20total%20government,from%20the%20previous%20fiscal%20year.">ta</a></div></span><div><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;">The monthly deficit was $314B in November.</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9rQX8Sym0y_wUIRXVd57Q6WtISaO2K6VtOzGX0E80F5ZgYm_1kPmd5TAAMPeT3EKpGhM1d8fNwdwPFonRGyzSX9tYALDX_kT2sv33tHcedCKMvc5ABhV_36bdxRm31GJ3EG2z76i9YfGTqnTZj1QrCRJEWwhECAL2Hs8MzJiS77O0o6mqWFgu-XSyRIR1/s1570/Screenshot%202023-12-25%20at%2012.03.19%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="992" data-original-width="1570" height="202" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9rQX8Sym0y_wUIRXVd57Q6WtISaO2K6VtOzGX0E80F5ZgYm_1kPmd5TAAMPeT3EKpGhM1d8fNwdwPFonRGyzSX9tYALDX_kT2sv33tHcedCKMvc5ABhV_36bdxRm31GJ3EG2z76i9YfGTqnTZj1QrCRJEWwhECAL2Hs8MzJiS77O0o6mqWFgu-XSyRIR1/s320/Screenshot%202023-12-25%20at%2012.03.19%E2%80%AFPM.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://fiscaldata.treasury.gov/datasets/monthly-treasury-statement/summary-of-receipts-outlays-and-the-deficit-surplus-of-the-u-s-government">Monthly Treasury Statement (MTS) | U.S. Treasury Fiscal Data</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Budget deficits would have been substantial irrespective of whether Biden or Trump had won the election in 2020. </span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>The primary exception is the </span><a href="https://en.wikipedia.org/wiki/American_Rescue_Plan_Act_of_2021" style="text-align: left;">American Rescue Plan Act of 2021</a>, passed in March 2021, which included a $1,400 payment to individuals with a phase out provision based on income, an expansion of the child tax credit, and extending the $300 weekly increase in unemployment benefits set to expire on 3/31/21 to 9/6/21. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Economists disagree on the inflationary impact of that Act. Economists at the San Francisco FED estimated that this Act added .3% to inflation. Mark Zandi estimated a .1% impact. <a href="https://thehill.com/homenews/administration/3528230-how-much-does-bidens-1-9t-bill-have-to-do-with-inflation/" style="text-align: left;">How much does Biden’s $1.9T bill have to do with inflation? | The Hill</a> And, even if the inflationary impact was substantially higher than those estimates, the $1,400 per individual stimulus payment would have more than compensated for the increase solely attributable to this stimulus legislation. Voters do not connect the two IMO. They took the money, possibly including the other payments as well, and then blame Biden for all of the inflation resulting therefrom. It is not worth the effort to point that out to them. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Other programs passed during the Biden administration are only starting to spend money and those expenditures will be spread out over several years. </span><a href="https://www.ey.com/en_us/infrastructure-investment-and-jobs-act" style="text-align: left;">Infrastructure Investment and Jobs Act | EY - US</a> (signed into law on 11/15/21; $550B in new spending over 5 years); <a href="https://www.mckinsey.com/industries/public-sector/our-insights/the-chips-and-science-act-heres-whats-in-it" style="text-align: left;">The CHIPS and Science Act-McKinsey</a> (signed into law on 8/9/22); <a href="https://www.mckinsey.com/industries/public-sector/our-insights/the-inflation-reduction-act-heres-whats-in-it" style="text-align: left;">Inflation Redu<span>ction Act (IRA) of 2022 | McKinsey</span></a><span> (The CBO estimates that this Act will <b>reduce</b> federal budget deficits by $238B over the next decade, <a href="https://www.crfb.org/blogs/cbo-scores-ira-238-billion-deficit-reduction" style="text-align: left;">CBO Scores IRA with $238 Billion of Deficit Reduction</a>); </span><a href="https://www.reuters.com/world/us/exclusive-rating-agencies-say-bidens-spending-plans-will-not-add-inflationary-2021-11-17/" style="text-align: left;">EXCLUSIVE Rating agencies say Biden's spending plans will not add to inflationary pressure | Reuters</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><span><span>The major causes for the spike in inflation IMO were the FED maintaining expansionary monetary policies (Q/E and ZIRP) until annual CPI had already increased to 8.5% through March 2022, </span></span><a href="https://www.bls.gov/news.release/archives/cpi_04122022.htm" style="text-align: left;">Consumer Price Index News Release - 2022 M03 Results</a><span>; the first increase in the FF rate off ZIRP was just .25% in March 2022; the FED increasing M2 by 41% a little over two years ($15.5T in 1/2020 to $21.856T in 3/22), higher energy and food costs after Russia invaded Ukraine, and the supply chain disruptions that created widespread and serious product shortages when consumer demand was surging as the pandemic subsided. </span></span><a href="https://rooseveltinstitute.org/publications/the-causes-of-and-responses-to-todays-inflation/?gad_source=1&gclid=CjwKCAiA-bmsBhAGEiwAoaQNmvIA-D1aPtxzrZroCE2V0MFfa9O4EGyj9gXmU-RY2plSEA5d-B2_WRoCqREQAvD_BwE" style="text-align: left;">Roosevelt Institute - The Causes of and Responses to Today’s Inflation</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Q/E largely created the surge in M2. </span><a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/fed-tightens-money-supply-as-us-inflation-falls-from-2022-peak-73547811" style="text-align: left;">Fed tightens money supply as US inflation falls from 2022 peak | S&P Global Market Intelligence</a><span> </span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>The FED's owned securities hit $8.504+B on 4/11/22, up from $3.782+B on 1/20/20, and had fallen to $7.238+B as of 12/18/23. <a href="https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm" style="text-align: left;">Federal Reserve Board - Recent balance sheet trends</a> How does the Federal Reserve pay for treasuries and mortgage backed securities that it bought during that expansion of its balance sheet? It creates the money. <a href="https://www.investopedia.com/articles/economics/10/quantitative-easing.asp" style="text-align: left;">Quantitative Easing: Does It Work?</a> As those securities mature, and the proceeds are not reinvested, the money can then be uncreated. M2 has declined significantly over the past year, as has inflation. </span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Economists who accept </span><a href="https://en.wikipedia.org/wiki/Milton_Friedman" style="text-align: left;">Milton Friedman's</a> theory that inflation is a monetary phenomenon predicted that inflation would start to surge in 2021 (see my Post published on <a href="https://tennesseeindependent.blogspot.com/2022/01/arcc-bmy-brg-cc-culp-dnngy-fbiox-ibb.html" style="text-align: left;">1/27/22 Post)</a>. <a href="https://www.investopedia.com/terms/m/milton-friedman.asp" style="text-align: left;">Who Was Milton Friedman and What Is Monetarism?</a>; <a href="https://www.youtube.com/watch?v=aiFOFJjSZmQ" style="text-align: left;">Inflation will continue to come down with the shrinking money supply, says former Fed Gov. Heller - YouTube</a>; <a href="https://www.barrons.com/articles/the-fed-is-ignoring-the-money-supply-and-letting-inflation-rip-51642755601" style="text-align: left;">A Grim History Repeats at the FED-Barron's</a>; <a href="https://www.longtermtrends.net/m2-money-supply-vs-inflation/" style="text-align: left;">M2 Money Supply Growth vs. Inflation - Updated Chart | Longtermtrends</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Slashing the budget deficit now would have a major negative impact on GDP growth. If the annual budget deficit was cut to say $500B, that would likely cause an economic contraction IMO. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The economy is currently too addicted to $1T+ annual budget deficits just to generate even modest 2+% real GDP growth. The parabolic increases in the government's total debt will end up being a catastrophic financial problem down the road, as I have discussed many times here. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2023/12/26/sp-case-shiller-october-home-prices-post-biggest-gain-of-2023.html">S&P Case-Shiller: October home prices post biggest gain of 2023</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://live-aia-web.pantheonsite.io/resource-center/abi-november-2023-business-conditions-remain-soft-architecture-firms">ABI November 2023: Business conditions remain soft at architecture firms</a><span face="Architype, Helvetica, Arial, sans-serif" style="background-color: white; text-align: left;"> </span><span style="background-color: white; text-align: left;"><span>"Business conditions remained soft at architecture firms in November, as the AIA/Deltek Architecture Billings Index (ABI) remained below 50 with a score of 45.3 for the month (any score below 50 indicates declining billings."</span></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><span><br /></span></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: left;"><span>10 Year TIP Breakeven Inflation Rate as of 12/29/23: 2.16% (the ten year annual inflation rate for the TIP to breakeven with the nominal 10 year treasury). That forecast is not consistent with another raise in the FF rate. </span></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">+++</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I went into a net sell mode last week for U.S. common stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In response to lower long term interest rates, I took my positions in EAI, an exchange traded first mortgage bond issued by the electric utility Entergy Arkansas, up to 100 shares in two accounts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Treasury Bills Purchased at Auction</u></i>: $22,000 (pile up continues in maturing securities)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds $1,000 Par Values: None. I have lost interest with the lower yields. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Schwab Treasury Money Market Fund SNOXX</u></i>: +$2,000 </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQP6jAxk0Rt_L8DXiwUvfYz28B3eHNsPibfAkaYpjr99G9AtLJqbKloG9uEc8YOxjcm-NwXNDjU5Fi1qW34g1qIqd_DCtCskl0zimArToXW3aaZJWgAgG6WQfnDWtA6fCik5NI6uQpOC93Cr_EddUOymuctKszwny7UdKBY9UAeqJBA9tx496Bm861dsQ7/s2924/SNOXX%20$2,000%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="192" data-original-width="2924" height="21" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQP6jAxk0Rt_L8DXiwUvfYz28B3eHNsPibfAkaYpjr99G9AtLJqbKloG9uEc8YOxjcm-NwXNDjU5Fi1qW34g1qIqd_DCtCskl0zimArToXW3aaZJWgAgG6WQfnDWtA6fCik5NI6uQpOC93Cr_EddUOymuctKszwny7UdKBY9UAeqJBA9tx496Bm861dsQ7/s320/SNOXX%20$2,000%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9jiGll-Qvl4RwvL7RRtCx6vnQtpMf_YtharvYQbU-xaSA0XpBTu1FnY58lLPmurbcZ3HnAaLvtDjt6q3R23jz3cS1M8IqPwilY_Txz9Uxfjhmr0abx2aCEmXs4WWVc6CWKa6JfjcYEkoHtGaWxM-TWPgPBGIp1cjiF6URg9G0avB5mG_Z-PPLUSkAIpsJ/s1486/SCHWAB%205.07%25%20SNOXX%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="326" data-original-width="1486" height="70" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9jiGll-Qvl4RwvL7RRtCx6vnQtpMf_YtharvYQbU-xaSA0XpBTu1FnY58lLPmurbcZ3HnAaLvtDjt6q3R23jz3cS1M8IqPwilY_Txz9Uxfjhmr0abx2aCEmXs4WWVc6CWKa6JfjcYEkoHtGaWxM-TWPgPBGIp1cjiF6URg9G0avB5mG_Z-PPLUSkAIpsJ/s320/SCHWAB%205.07%25%20SNOXX%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">This is a purchased MM fund that has a current 7 day yield of 5.07%. I view the fund as a short term alternative to Schwab's sweep account that pays .45%. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQVcz0QfrdjJ9O_B3HFiSeZPvtQ21_JO0LEAOLsIk6SboZ5Qgaoxe46hqZgraRJOJnIIYcLkHx0YhYGmumIzxsFdfe0OyopKqrRfVEFfKQiFiapB8u93_yvpjW5_mrw1XGk93MMiRMHSjrBejrSFnNPcDnMBrH0tRTNHpAr3pr6z61EuMaUHXB_6-DHmbD/s2702/Screenshot%202023-12-30%20at%207.35.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="368" data-original-width="2702" height="44" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQVcz0QfrdjJ9O_B3HFiSeZPvtQ21_JO0LEAOLsIk6SboZ5Qgaoxe46hqZgraRJOJnIIYcLkHx0YhYGmumIzxsFdfe0OyopKqrRfVEFfKQiFiapB8u93_yvpjW5_mrw1XGk93MMiRMHSjrBejrSFnNPcDnMBrH0tRTNHpAr3pr6z61EuMaUHXB_6-DHmbD/s320/Screenshot%202023-12-30%20at%207.35.57%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">If and when I need funds in that account to pay for a purchase, I will have to enter a sell order prior to the market closes. I will then have the funds available in my sweep account to pay for a purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I added $8,000 to SNOXX in December. I received a $106.13 monthly dividend on 12/29/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A comparable fund offered by Vanguard, VMFXX, which is a sweep account, has a current 7 day yield of 5.31%. The higher yield is due to a lower expense ratio. I am content keeping excess funds in that MM fund. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">December 2023 VMFXX Dividends - Taxable Account: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3BqjL5CHH6BEPtR8N_CG-LvAuUSh0cQcXn6z3Fg4ZyY1sNUPqeeOqwNzLtWESGVqD6Ald0jjKcGOgh1Fwr6c1vkBF1bxD__1K4_z1SkY7R3-pfOxwceqdaMtRwwm22bLCCRB-8fYwxV6Ie1brIQm_eA7vhGQt3s1WazvNAAlzI1okHyKARCfFk_k2f8I9/s2624/Screenshot%202023-12-30%20at%209.14.57%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="194" data-original-width="2624" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3BqjL5CHH6BEPtR8N_CG-LvAuUSh0cQcXn6z3Fg4ZyY1sNUPqeeOqwNzLtWESGVqD6Ald0jjKcGOgh1Fwr6c1vkBF1bxD__1K4_z1SkY7R3-pfOxwceqdaMtRwwm22bLCCRB-8fYwxV6Ie1brIQm_eA7vhGQt3s1WazvNAAlzI1okHyKARCfFk_k2f8I9/s320/Screenshot%202023-12-30%20at%209.14.57%E2%80%AFAM.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Non-Settlement VMFXX = $664.51</td></tr></tbody></table><span style="font-family: georgia;"><br /> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwZTGVpM1orylhjX0mqIbkEKd4YYugdAj3R_K7XaQ91peuL80OB1wtJRk2uMVIHMEdvxK5SuFM8z2_-vZ9szS079ZIDFB6SjfYxJOhqcPJLsBcDJ4Q4bdIbKyT3z7WnkzEmHXXLPK2Y5oBTemhLW5szNY76H8D4UWw9aQx5STMX8nvz5Qb_rWUqIFFknV2/s2612/Screenshot%202023-12-30%20at%209.15.40%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="152" data-original-width="2612" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwZTGVpM1orylhjX0mqIbkEKd4YYugdAj3R_K7XaQ91peuL80OB1wtJRk2uMVIHMEdvxK5SuFM8z2_-vZ9szS079ZIDFB6SjfYxJOhqcPJLsBcDJ4Q4bdIbKyT3z7WnkzEmHXXLPK2Y5oBTemhLW5szNY76H8D4UWw9aQx5STMX8nvz5Qb_rWUqIFFknV2/s320/Screenshot%202023-12-30%20at%209.15.40%E2%80%AFAM.png" width="320" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Settlement VMFXX +$83.23</td></tr></tbody></table><br /></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>While it makes no sense to have both a settlement and non-settlement VMFXX positions, the origin as I recall traces back to a time when Vanguard had a lower yielding sweep MM fund compared to the Vanguard Prime MM which is no longer offered. </span><a href="https://investor.vanguard.com/investment-products/money-markets" style="text-align: left;">Money market funds for short-term investing goals | Vanguard</a> I have kept the two positions to slow down my risk purchases, limiting the purchase amounts to the then available balance in the settlement fund, which is purely a psychological thing. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Exchange Traded First Mortgage Bonds</u></i> ($25 par value): +$1,293.8 </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;">(weighted yield at 5.65%) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Canadian Reset Equity Preferred Stock</i></u> = <span style="color: red;">-</span> C$1,941 minus C$1 commission (profit at <span style="color: #38761d;"><b>+</b></span>C$535.5). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Individual Common Stocks</u></i>: <span style="color: #cc0000;">-</span>$2,155.16</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $2,338.36 in proceeds minus $183.2 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Stock CEFs</u></i>: +$382.9 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Outflows Stocks/Stock Funds</u></i>: <span style="color: red;">-</span>$1,772.26</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Total: 2023 Net Outflows Stocks/Stock Funds</u></i>: <span style="color: red;">-</span>$27,091.82 (discussed in posts)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The primary reason for this net outflow is the yields available from treasury bills, CDs, MM funds and short term investment grade corporate bonds, taking into account my investment priorities. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Cult</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a><span> Trump is leading his nearest contender by 51+%. </span></span></p><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</a><span> Trump continues to lead Biden.</span></span></div><p style="text-align: justify;"><span style="font-family: georgia;">It is obvious that soaring illegal immigration, and Biden's failure to effectively deal with it, will provide invaluable assistance to Demagogue Don winning a second term. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cbsnews.com/news/migrant-crossings-u-s-southern-border-record-monthly-high-december/" style="text-align: left;">Migrant crossings at U.S. southern border reach record monthly high in December - CBS News</a> This issue could easily cause moderates to stay at home next November. <a href="https://www.pewresearch.org/short-reads/2023/11/16/what-we-know-about-unauthorized-immigrants-living-in-the-us/" style="text-align: left;">What we know about unauthorized immigrants living in the U.S. | Pew Research Center</a>;<a href="https://www.newamericaneconomy.org/issues/undocumented-immigrants/" style="text-align: left;">Undocumented Immigrants and the U.S. Economy - New American Economy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">{My proposal, which is cost effective and has no chance of being passed by Congress due to objections by both political tribes, is to eliminate the provision that a person may seek asylum at the U.S. border or inside the U.S.. All future asylum requests have to be made through the U.S. embassy in the person's country of origin. Anyone applying for asylum at the border would be denied entry. That would cut down illegal immigration at no cost. Another aspect would be to return immediately anyone caught by the border patrol to their country of origin without a hearing unless the person claims U.S. citizenship. In exchange for that major concession by Democrats, the DACA children, who have not been convicted of a felony, would be provided a pathway to citizenship. The expense side of the deal would be more funds for border enforcement and patrol, at least until the effectiveness of the law change can be fully evaluated.}</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/26/politics/trump-christmas-rant/index.html">Trump augurs divisive year in angry Christmas rant | CNN Politics</a> It is disturbing that tens of millions view these juvenile and mean spirited rants as funny. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The author of this article is the Christian evangelical Tim Alberta. <a href="https://www.theatlantic.com/ideas/archive/2023/12/christian-nationalism-danger/676974/">The Only Thing More Dangerous Than Authoritarianism - The Atlantic</a> ("</span><span style="font-family: georgia;"><span style="text-align: left;">Perhaps the only thing more dangerous than authoritarianism is authoritarianism infused with religious justification.") </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="text-align: left;"><a href="https://www.alternet.org/trump-fake-elector-papers/">'High-level decision': Trump lawyer details plot to fly fake elector papers to DC in new recordings - Alternet.org</a>; </span></span><a href="https://www.cnn.com/2023/12/28/politics/recordings-trump-team-fake-elector-ballots/index.html#:~:text=The%20emails%20and%20recordings%20also,and%20didn't%20want%20to" style="text-align: left;">Recordings, emails show how Trump team flew fake elector ballots to DC in final push to overturn 2020 election</a> The linchpin of this plot to overturn certified election results in several states was for VP Pence to reject the electors in those states won by Biden and to accept the fake electors appointed by Trump in their place. Just more proof of an insurrection. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left;"><a href="https://thehill.com/homenews/campaign/4373785-trump-rails-after-poll-shows-haley-within-four-points-in-new-hampshire/" style="text-align: justify;">Trump rails after poll shows Haley within 4 points in New Hampshire | The Hill</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Trump Screed Against the Republican Governor of New Hampshire Chris Sununu: </span><span style="background-color: white; color: #2b2b2b; text-align: left;"><span>"FAKE NEW HAMPSHIRE POLL WAS RELEASED ON BIRDBRAIN. JUST ANOTHER SCAM! RATINGS CHALLENGED FOXNEWS WILL PLAY IT TO THE HILT. SUNUNU NOW ONE OF THE LEAST POPULAR GOVERNORS IN U.S. REAL POLL TO FOLLOW." Another example, among tens of thousands, that Donald never matured beyond a 13 year old brat.</span></span><span>"Birdbrain" is the nickname for Nikki Haley that Trump adopted last September. </span><a href="https://www.rawstory.com/trump-in-jail/#:~:text=Noting%20that%20Trump%20continues%20to,not%20out%20of%20the%20question.%22" style="text-align: left;">Appeals court has signaled it will approve of jailing 'petulant child' Trump: analyst - Raw Story</a></span></p><p style="text-align: justify;"><span style="background-color: white; color: #2b2b2b; text-align: left;"><span style="font-family: georgia;">Governor Sununu's replied that he was the 4th most popular governor in the U.S. and had never lost an election. </span></span></p><p style="text-align: justify;"><a href="https://www.mediaite.com/news/read-trump-team-files-wild-late-night-legal-brief-arguing-he-has-absolute-immunity-from-prosecution/"><span style="font-family: georgia;">Trump Argues He Has 'Absolute Immunity' for criminal prosecution in DC Court Filing</span></a></p><p style="text-align: justify;"><a href="https://www.rawstory.com/michigan-warning-about-trump/"><span style="font-family: georgia;">Michigan election chief sounds off dire warning about Trump after audio of pressure effort - Raw Story</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/25/politics/colorado-supreme-court-threats-fbi-trump-ruling/index.html">FBI says it’s investigating after reports of violent threats to Colorado judges in Trump case</a> Trump stokes violence and violent rhetoric among his cult members.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://abcnews.go.com/Politics/nikki-haley-doesnt-cite-slavery-cause-civil-war/story?id=105956626#:~:text=She%20responded%20it%20was%20about,government%20was%20going%20to%20run.%22&text=Catch%20up%20on%20the%20developing%20stories%20making%20headlines." style="text-align: left;">Nikki Haley doesn't cite slavery as cause of the Civil War after question at campaign stop - ABC News</a> This is consistent with Trump's prior comment that there were very fine people on both sides. </span><a href="https://www.theatlantic.com/politics/archive/2017/08/trump-defends-white-nationalist-protesters-some-very-fine-people-on-both-sides/537012/" style="text-align: left;">Trump Defends White-Nationalist Protesters: 'Some Very Fine People on Both Sides' - The Atlantic</a>; <a href="https://www.npr.org/2020/09/30/918483794/from-debate-stage-trump-declines-to-denounce-white-supremacy" style="text-align: left;">Trump Declines To Denounce White Supremacy-NPR</a>; <a href="https://www.theguardian.com/us-news/2021/jan/06/donald-trump-armed-protest-capitol" style="text-align: left;">'Stand back and stand by': how Trumpism led to the Capitol siege-The Guardian</a></span></p><div><span style="font-family: georgia; text-align: justify;">Neither Trump nor Haley want to offend the White Nationalists who have are part of the GOP's core constituency. </span><span style="font-family: georgia;"><a href="https://www.splcenter.org/fighting-hate/extremist-files/ideology/white-nationalist">White Nationalist</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/28/politics/trump-maine-14th-amendment-ballot/index.html" style="text-align: left;">Trump ballot: Maine’s top election official removes former president from 2024 primary ballot</a> The Supreme Court will have to decide this issue and soon. Putting aside the legalities and the findings of fact that Trump engaged in an insurrection which is supported by the evidence IMO, it is just a bad idea for a court to remove his name from the ballot. I suspect that the six Republican Justices on the Supreme Court will find a way to keep Trump on the ballots, but the reasoning will be strained and contrary to their oft repeated and false assertion that they are merely applying the Constitution as written. The consequence will be that even more Americans will hold the Court in disfavor or will have their existing low opinions reaffirmed. <a href="https://news.gallup.com/poll/511820/views-supreme-court-remain-near-record-lows.aspx" style="text-align: left;">Views of Supreme Court Remain Near Record Lows</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The Court is on the path to losing its legitimacy, as more Americans view the major decisions as based on political ideology and/or religious beliefs. The way to change constitutional law is now well known. Elect a majority controlled Senate and a President from one political tribe and then have an appropriate ideologue appointed to a vacancy, who will claim during the confirmation hearing that he or she respects stare decisis and well settled law and not meaning it of course. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Section 3 of the 14th Amendment: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ5fjXxkA1YlQB1KFbtUEs7CaO8VUXjI40aN9QMXPU__4_GiHI9KEdtbbuDHPynEQTkVJESVXO8mfO6sIZIH11KrvbFIuDnBK2W0yLlIQPzjnGIS68fhexh3eHVYwC7dmJikKi_fuDohhKGn8SxVYU0BgNGDZvhsML59qeFAyaXECh6cC4s5Kj7ldrDTAu/s1764/Screenshot%202023-12-29%20at%204.16.49%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="286" data-original-width="1764" height="52" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ5fjXxkA1YlQB1KFbtUEs7CaO8VUXjI40aN9QMXPU__4_GiHI9KEdtbbuDHPynEQTkVJESVXO8mfO6sIZIH11KrvbFIuDnBK2W0yLlIQPzjnGIS68fhexh3eHVYwC7dmJikKi_fuDohhKGn8SxVYU0BgNGDZvhsML59qeFAyaXECh6cC4s5Kj7ldrDTAu/s320/Screenshot%202023-12-29%20at%204.16.49%E2%80%AFPM.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;">++</span></div><div><span style="color: red; font-family: georgia; text-align: justify;"><br /></span></div><div><span style="font-family: georgia;"><span style="color: red; text-align: justify;">Putin and His Orwellian Empire of Misery</span><span style="text-align: justify;">: </span></span></div><div><span style="font-family: georgia;"><span style="text-align: justify;"><br /></span></span></div><div><span style="font-family: georgia;"><span style="text-align: justify;"><a href="https://ukr.warspotting.net/">Losses ∙ RussiaWarSpotting-documented material losses in Russo-Ukrainian war</a></span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://www.bbc.com/news/world-europe-67809239">Ukraine says it downed three Russian Su-34 warplanes</a>; </span><a href="https://www.forbes.com/sites/davidaxe/2023/12/22/minus-three-russian-bombers-ukraine-set-another-deadly-missile-ambush-and-shot-down-a-trio-of-high-tech-su-34s/?sh=62592d7a2cda">‘Minus Three Russian Bombers.’ Ukraine Set Another Deadly Missile-Ambush.</a> Ukraine claimed that it destroyed two more Russian jets last Sunday. </span><a href="https://www.nytimes.com/2023/12/25/world/europe/ukraine-downs-planes-russia-claims-town.html" style="text-align: left;">Ukraine Says It Downed 5 Russian Planes, as Moscow Claims It Seized a Town - The New York Times</a> The town is called Marinka, located in the Donetsk Oblast, and had a prewar population of 10,430. Russia has destroyed that town. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnn.com/2023/12/26/europe/ukraine-claims-russian-tank-landing-ship-destroyed-intl-hnk-ml/index.html">Ukraine claims it destroyed Russia’s tank and troop landing ship Novocherkassk in Feodosia port, Crimea-CNN</a>; </span><a href="https://www.nytimes.com/2023/12/26/world/europe/ukraine-crimea-russia-warship-novocherkassk.html" style="text-align: left;">Ukraine Attacks Novocherkassk, a Russian Warship, in Crimea - The New York Times</a> Video was released showing a large explosion in the port. Russia claimed that the ship was "damaged". Russia further claimed that it had successfully destroyed the Ukrainian missiles. Photographs show that the ship was completely destroyed. <a href="https://www.pravda.com.ua/eng/news/2023/12/26/7434630/" style="text-align: left;">Photos of destroyed Novocherkassk landing ship emerge | Ukrainska Pravda</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Last week, Russia shelled a train station and successfully murdered several civilians who were just waiting to catch a train to Kiev. Russia murdered 63 civilians, including 9 children, when it earlier attacked a train station located in <a href="https://en.wikipedia.org/wiki/Kramatorsk_railway_station_attack" style="text-align: left;">Kramatorsk</a>. Routinely committing crimes against humanity and war crimes is part of Russia's strategy to terrorize a civilian population into submission. </span>Committing war crimes and crimes against humanity are well known and understood Russian military strategies. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/interactive/2023/12/26/world/europe/ukraine-war-children-russia.html">Ukraine's Stolen Children: Forced Separations and Abductions by Russia - The New York Times</a> This article describes in detail another routine Russian war crime and crime against humanity.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.usnews.com/news/world/articles/2023-12-22/uzbekistan-summons-russian-envoy-over-politicians-annexation-remark">Uzbekistan Summons Russian Envoy Over Politician's Annexation Remark</a><span> Putin or his totalitarian successors will attempt to expand Russia's territory to include currently independent nations that were once part of the Soviet Union. Ukraine is just the first and the most important one to Russia. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=WF6mr0F8xUM&t=9s">Russian soldiers in Kharkiv are being struck down by a mystery ‘mouse fever’ - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.express.co.uk/news/world/1848863/putin-chemcial-weapons-ukraine-russia"><span style="font-family: georgia;">Putin's forces 'using chemical weapons' fired from drones to attack Ukrainian troops-Express.co.uk</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnn.com/2023/12/29/europe/ukraine-russia-airstrikes-intl-hnk/index.html">Russia unleashes biggest air attack on Ukraine since start of full-scale invasion</a> Russia targeted civilian structures including a maternity hospital and shopping mall in Dnipro, an apartment building in Odessa, and several private homes. <a href="https://www.wsj.com/world/russia-launches-one-of-its-largest-attacks-yet-on-ukrainian-civilians-ae486f3d?mod=hp_lead_pos4" style="text-align: left;">Russia Launches One of Its Largest Attacks Yet on Ukrainian Civilians - WSJ</a>; </span><a href="https://www.cnbc.com/2023/12/29/russia-pummels-ukraine-with-airstrikes-killing-at-least-12-people.html" style="text-align: left;">Russia pummels Ukraine with 'massive' wave of airstrikes; 31 killed</a> Russia's Dictator for Life is encouraged by the republicans refusing to approve more U.S. aid to Ukraine which has now run out. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Russians are very active in publishing comments to YouTube news stories such as the following one: <a href="https://www.youtube.com/watch?v=i5w4kP-_lzg" style="text-align: left;">Russia unleashes massive attack on Ukraine - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.bbc.com/news/world-europe-67839340" style="text-align: left;"><span style="font-family: georgia;">Poland says Russian missile entered airspace then went into Ukraine</span></a></p><p style="text-align: justify;"><a href="https://www.nytimes.com/interactive/2023/12/29/world/europe/russia-ukraine-war-censorship.html"><span style="font-family: georgia;">How Russia Silences Dissent about the Ukraine War - The New York Times</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">It is important for citizens in western Democracies to fully understand that Russia is and most likely always will be an imperialistic and totalitarian regime controlled by Kleptocrats who are willing to obliterate freedoms, to impose an Orwellian state in conquered territories, and to murder people and destroy civilian structures on a vast scale. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This chart highlights the abysmal failure of Putin's leadership: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPUz2PwSmI6rTyaFTrN9OntJGYii27fiEtkd0CBwCgVsnlPgoN1mJVm-qbZtClCy_rCNtYeR32c9C_a5HHCaWNWl_m-nWDw8tbfREdxyEzWrz6QBePRXQjWoh1OcR0LZAtN6movfRlwKeA6Wa7jCSfV7jsWwGB3Hgatqzppwbt6g8a7y9woZabokWwRhNN/s2656/Screenshot%202023-12-29%20at%204.40.43%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1200" data-original-width="2656" height="145" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPUz2PwSmI6rTyaFTrN9OntJGYii27fiEtkd0CBwCgVsnlPgoN1mJVm-qbZtClCy_rCNtYeR32c9C_a5HHCaWNWl_m-nWDw8tbfREdxyEzWrz6QBePRXQjWoh1OcR0LZAtN6movfRlwKeA6Wa7jCSfV7jsWwGB3Hgatqzppwbt6g8a7y9woZabokWwRhNN/s320/Screenshot%202023-12-29%20at%204.40.43%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><div style="text-align: justify;">If one is inclined to accept GDP numbers provided by the Russian government, and I would discount the number by at least 20%, there is room for Putin to continue borrowing large sums to finance Russia's attempted conquest of Ukraine. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/23/politics/iranian-attack-drone-houthis-red-sea/index.html" style="text-align: left;">Pentagon says chemical tanker struck by Iranian drone in Indian Ocean- CNN</a> The attack drone was launched from Iran's territory and struck a Japanese owned chemical tanker operating in the Indian Ocean. </span></p><p><span style="font-family: georgia;">++++</span></p><p><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>1. Small Ball Common Stock Sells</b></span>: </span></p><p><span style="color: #800180; font-family: georgia; text-align: justify;"><u><i><b>A. Eliminated SLG - Sold 36+ at $46.27</b></i></u></span><span style="font-family: georgia; text-align: justify;">: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy5qLTKEX22DPS6MnahXhD1Y8GGY-ZBShOBmSuH8AP14fS7MfUeYOg6oVphr7akypY11GkDk8RS49c5c8oKSl7jG9yN6lvFgTukhLXpyNjooRf6FEE_PLZkIoM8YnwgV_GWgP629y3FgxjNhFBzBFeSgYqIROGQ2sDZoddN9tKnco9ux40hzEC1wHYdB_Q/s2202/SLG%2036+%20shares%20$46.27%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="202" data-original-width="2202" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy5qLTKEX22DPS6MnahXhD1Y8GGY-ZBShOBmSuH8AP14fS7MfUeYOg6oVphr7akypY11GkDk8RS49c5c8oKSl7jG9yN6lvFgTukhLXpyNjooRf6FEE_PLZkIoM8YnwgV_GWgP629y3FgxjNhFBzBFeSgYqIROGQ2sDZoddN9tKnco9ux40hzEC1wHYdB_Q/s320/SLG%2036+%20shares%20$46.27%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/slg?mod=search_symbol">SL Green Realty Corp. (SLG)</a> - Primarily a NYC Office REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $1,685.41</span></p><p style="text-align: justify;"><span style="text-align: justify;"><span style="font-family: georgia;">"SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2023, SL Green held interests in 59 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments."</span></span></p><p><a href="https://www.sec.gov/edgar/browse/?CIK=1040971&owner=exclude" style="text-align: justify;"><span style="font-family: georgia;">SLG SEC Filings</span></a></p><p><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1040971/000104097123000040/slg-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p><a href="https://slgreen.com/properties/"><span style="font-family: georgia;">Properties - SL Green - NYC's Largest Commercial Landlord</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I decided to keep the SLG preferred stock (SLGPRI) and eliminate my common stock position which has been a troublesome investment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">That decision resulted from SLG cutting for the second time its monthly common stock dividend. The cumulative preferred stock dividend paid by SLGPRI can not be reduced or eliminated by SLG. The preferred stock dividend can be deferred only after the common share cash dividend is eliminated entirely. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The dividend cuts are understandable given the work-from-home trend that has negatively impacted the NYC office market. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/09/adx-aod-argopra-bwbbp-cag-fbiox-khc.html" style="text-align: left;">Item # 2.B. Eliminated Duplicate Position in SLG - Sold 20+ at $39.32 (9/9/23 Post)</a>(profit snapshot = $68.26) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Categories: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a> and Monthly Income Generation</span></p><p><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$35.68</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghQrV5j2jRVK1N-U_FJiED-F2me0LytmaWHA85XYkSbTVhr0ZwtkO3m7amRDYqf-mQREIVfHuM9lfBfD3vIqsJ-kX3notznHf-YNBx9pVAZCB8aamV3LnhLYtELSA7ZIWEBaIzqIVfQ8zeyF-YTCJCaUqRYwFZfRGL5YI69G0I8CAAzprg_CbyWj2vDCzv/s1958/2023%20SLG%2036+%20Shares%20Net%20of%20+$35.68%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="76" data-original-width="1958" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghQrV5j2jRVK1N-U_FJiED-F2me0LytmaWHA85XYkSbTVhr0ZwtkO3m7amRDYqf-mQREIVfHuM9lfBfD3vIqsJ-kX3notznHf-YNBx9pVAZCB8aamV3LnhLYtELSA7ZIWEBaIzqIVfQ8zeyF-YTCJCaUqRYwFZfRGL5YI69G0I8CAAzprg_CbyWj2vDCzv/s320/2023%20SLG%2036+%20Shares%20Net%20of%20+$35.68%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.25, reduced from $.2708 effective for the January 2024 payment, which was reduced from $.3108 effective for the January 2023 first quarter payment. </span></p><p><a href="https://slgreen.gcs-web.com/stock-information/dividends-splits"><span style="font-family: georgia;">Dividend History | SL Green Realty Corp.</span></a></p><p><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/28/23</span></p><p><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/1040971/000104097123000034/a23q3earningsrelease.htm">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share: $1.27, down from $1.66 in the 2022 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Manhattan same store occupancy at 88.9%<span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">"During the third quarter of 2023, the Company signed 50 office leases in its Manhattan office portfolio totaling 355,831 square feet. <b>The average rent on the Manhattan office leases signed in the third quarter of 2023, excluding leases signed at One Vanderbilt, was $88.53 per rentable square foot with an average lease term of 6.3 years and average tenant concessions of 5.8 months of free rent with a tenant improvement allowance of $63.64 per rentable square foot.</b> Thirty-five leases comprising 246,263 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $87.35 per rentable square foot, representing a 3.8% decrease over the previous fully escalated rents on the same office spaces." (emphasis added)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1040971/000104097123000034/a23q3supplemental.htm" style="text-align: left;">SEC Filed Supplemental for the Q/E 9/30/23</a> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSpvjMTD2B9drlc-c-AM909_dgQHgBmhv_begB-iUgFg33Om0gkUm-ERvAU3cXvbuummWvrOz6uzlwAa7bz3lq-fuQc2DE9ahnuJKPGjnRQsuai4_0j9RV8rP2qvqalaiiNoWOJEW08BlPFBlcLE39kuZnvGKjnHYDITlI7-05FNl66EhS4hPWzVzLII8Z/s2240/Screenshot%202023-12-24%20at%208.37.11%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1474" data-original-width="2240" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSpvjMTD2B9drlc-c-AM909_dgQHgBmhv_begB-iUgFg33Om0gkUm-ERvAU3cXvbuummWvrOz6uzlwAa7bz3lq-fuQc2DE9ahnuJKPGjnRQsuai4_0j9RV8rP2qvqalaiiNoWOJEW08BlPFBlcLE39kuZnvGKjnHYDITlI7-05FNl66EhS4hPWzVzLII8Z/s320/Screenshot%202023-12-24%20at%208.37.11%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">FFO: $87.739M</span><div style="text-align: justify;"><span style="font-family: georgia;">Funds Available for Distribution: $58.852M</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Weighted Average Diluted Shares: $69.105M</span></div><div style="text-align: justify;"><span style="font-family: georgia;">FAD per share: $.852 per share</span></div><div><div style="text-align: justify;"><span style="font-family: georgia;">Dividends Paid per share in 3rd Quarter: $.8124</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Other Recent News</u></i>: <a href="https://slgreen.gcs-web.com/news-releases/news-release-details/sl-green-announces-sale-625-madison-avenue" style="text-align: left;">SL Green Announces Sale of 625 Madison Avenue</a> (gross sales price of $632.5M or $1,123 per square foot; net proceeds to SLG will be used to pay down debt; the 10-Q states that SLG had a 90.43% economic interest in this property, page 33)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Largest SLG Realized Gain</u></i>: +$793.98</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCx3oXFkluxj7Alog1Ro1SSvwhLlVd6hSTAowuh-rKEyXakcsHlRfy3LjHViJrwEoNlT4q7D2xxKLV8q5w1ExbOfB-Gx-VP9-Wf7208nMioKwC4KDrErhC1XA6AWkagtVOzGQYu2rsRCnTuCRfIcS0BNi8LQtHD5HauH4yGSvfT0RAyLe966vumEUbInvb/s795/2010%20SLG%20REALIZED%20GAIN%2025%20SHARES%20+$793.98.jpg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="55" data-original-width="795" height="22" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCx3oXFkluxj7Alog1Ro1SSvwhLlVd6hSTAowuh-rKEyXakcsHlRfy3LjHViJrwEoNlT4q7D2xxKLV8q5w1ExbOfB-Gx-VP9-Wf7208nMioKwC4KDrErhC1XA6AWkagtVOzGQYu2rsRCnTuCRfIcS0BNi8LQtHD5HauH4yGSvfT0RAyLe966vumEUbInvb/s320/2010%20SLG%20REALIZED%20GAIN%2025%20SHARES%20+$793.98.jpg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2010 SLG 25 shares +$793.98</span></td></tr></tbody></table><span style="font-family: georgia;"><br /><span>Other Realized Gains over $100: </span></span><p></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhloK_GJkXqVjDU0E3vIcHlddLkkKMYzUJDloU4srVMt_AqkCPv7SvYBqhULz_IVI_Ew42oXlbH0d-_m96S1nDvtZSAKBv7Qfjs7BK-0P0_R9uEfT7jG3ZTeWYTO2OZFuOBkR-JOrOQCjHtLRQYYcJrqx2gSqIK3TpyW9s95KsmqDLv-v0lWUcka9YoWShn/s737/2009%20SLG%2025%20Shares%20+$306.47.jpg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="51" data-original-width="737" height="22" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhloK_GJkXqVjDU0E3vIcHlddLkkKMYzUJDloU4srVMt_AqkCPv7SvYBqhULz_IVI_Ew42oXlbH0d-_m96S1nDvtZSAKBv7Qfjs7BK-0P0_R9uEfT7jG3ZTeWYTO2OZFuOBkR-JOrOQCjHtLRQYYcJrqx2gSqIK3TpyW9s95KsmqDLv-v0lWUcka9YoWShn/s320/2009%20SLG%2025%20Shares%20+$306.47.jpg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2009 SLG 25 Shares +$306.47 </span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4GRe8Gys-N4HNVEWKMeM8dGUZNDa9uebUnL5viSg_QWCR5nMGiZDkocQD3ZIvojVUFaZ7aW44n-lf9gMCXrYqQZ4Y4G88PAivWYn25f44pwcKQ5Iys0bNWn9rTKpWuwxoSB0sdTqp9UOrWioZknAS2STDePCmWfhhch_WyppGxNmHpEeoUYOK5Jy5D1fL/s2608/2021%20SLG%206+%20Shares%20+$128.97%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1060" data-original-width="2608" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4GRe8Gys-N4HNVEWKMeM8dGUZNDa9uebUnL5viSg_QWCR5nMGiZDkocQD3ZIvojVUFaZ7aW44n-lf9gMCXrYqQZ4Y4G88PAivWYn25f44pwcKQ5Iys0bNWn9rTKpWuwxoSB0sdTqp9UOrWioZknAS2STDePCmWfhhch_WyppGxNmHpEeoUYOK5Jy5D1fL/s320/2021%20SLG%206+%20Shares%20+$128.97%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">2021 SLG 6+ Shares +$128.97</span></td></tr></tbody></table><span style="font-family: georgia;"><br /><div style="text-align: justify;">I have had some success only when the purchases were made after the stock was hammered in response to 2008 Near Depression or the pandemic. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>SLG Realized Gains</u></i> +<span style="color: #6aa84f;">$1,421.74</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>SLG Preferred Stocks Realized Gains</u></i>: <span style="color: #6aa84f;">+$1,225.65</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I own the 6.5% coupon </span><a href="https://finance.yahoo.com/quote/SLG-PI?p=SLG-PI" style="text-align: left;">SLG-PI</a> in two taxable accounts and 1 RI account. I intend to eliminate 1 duplicate position next year. The last ex dividend date was 12/28/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 6.A. Added to SLGPRI - Bought 3 at $17.5; 2 at $17.27 (11/25/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">SLGPRI Realized Gains: +$151</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKZp-fX26uCd69h1_EvIuq6SGG3VgAmFCi2GZV3AI5UnTjHfl-niAR2wOe03Wy8KKZEWsMggmE137YebuZeJ4gJ6m0TvL_aA2eVDa2O7tkDkkaVos5LGk_Rm67xSR4xwoNOP779Nec9ZcDrO1sTXpHzEsCTvK_mzID6A798z1UYTPrvmJXHGquWdxx-sDH/s944/2014%20SLGPRI%2050%20Shares%20+$29.58.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="67" data-original-width="944" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKZp-fX26uCd69h1_EvIuq6SGG3VgAmFCi2GZV3AI5UnTjHfl-niAR2wOe03Wy8KKZEWsMggmE137YebuZeJ4gJ6m0TvL_aA2eVDa2O7tkDkkaVos5LGk_Rm67xSR4xwoNOP779Nec9ZcDrO1sTXpHzEsCTvK_mzID6A798z1UYTPrvmJXHGquWdxx-sDH/s320/2014%20SLGPRI%2050%20Shares%20+$29.58.jpg" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkN9RUi_Enk94gkiB3rjsuPU0P9kVRn86agEEckcJqu_40GgNq1EWSwR2ypLqCaU1TW6_lBqbTbwqcWnx6hpYstfWNKlp06ySxEj5Y4jzrsh4kfTzWHRoGF5DMBeewJFuCX31Jr6yjTHbo4AbKrdKIY2mAQNwlH_2qkM3ADEOdLXTbon7elE0fBToMB8SB/s871/2020%20SLGPRI%2020%20Shares%20+$122.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="77" data-original-width="871" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkN9RUi_Enk94gkiB3rjsuPU0P9kVRn86agEEckcJqu_40GgNq1EWSwR2ypLqCaU1TW6_lBqbTbwqcWnx6hpYstfWNKlp06ySxEj5Y4jzrsh4kfTzWHRoGF5DMBeewJFuCX31Jr6yjTHbo4AbKrdKIY2mAQNwlH_2qkM3ADEOdLXTbon7elE0fBToMB8SB/s320/2020%20SLGPRI%2020%20Shares%20+$122.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">SLGPRC Realized Gain: +$1,074.65</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHGyieimTbQPPtu6ITqh2CtS-mghCmLeC6uufovmZjYZkANSTCQSlXljuSHlqjB-7Ve7lk-lvc1uAqOx0gTth6RiMLIRArgGzfzU5eqRXz7ucege83DJQZ4EP4vf-3ZE_Nydh3ftdoyhOGqPPYojTjthkzPyXq_Yj5HozrF6JMaogbpUvcpAraP90ksoj8/s723/2010%20SLGPRC%20REGULAR%20IRA%2030%20SHARES%20+377.63%20%20.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="38" data-original-width="723" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHGyieimTbQPPtu6ITqh2CtS-mghCmLeC6uufovmZjYZkANSTCQSlXljuSHlqjB-7Ve7lk-lvc1uAqOx0gTth6RiMLIRArgGzfzU5eqRXz7ucege83DJQZ4EP4vf-3ZE_Nydh3ftdoyhOGqPPYojTjthkzPyXq_Yj5HozrF6JMaogbpUvcpAraP90ksoj8/s320/2010%20SLGPRC%20REGULAR%20IRA%2030%20SHARES%20+377.63%20%20.jpg" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWdijRno6xrIpCN_QJZR1uScPq8JmKoX7XVFw_EXoQ9BgEnWiNUtuHkwOvL_a8JSQGW115-wwiciisGoTamP0o51t2vcSTOReO4g5jUUOAelH3A-HVBoKKRIw1mkELa7xMobCsTa0BYrX5IaSBa1m8dnmWP5F67UO-n__0WinUqNlxO7kKfejRe8TvW96I/s596/2010%20SLGPRC%20ROTH%20IRA%20REALIZED%20GAIN%20+$697.02.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="31" data-original-width="596" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWdijRno6xrIpCN_QJZR1uScPq8JmKoX7XVFw_EXoQ9BgEnWiNUtuHkwOvL_a8JSQGW115-wwiciisGoTamP0o51t2vcSTOReO4g5jUUOAelH3A-HVBoKKRIw1mkELa7xMobCsTa0BYrX5IaSBa1m8dnmWP5F67UO-n__0WinUqNlxO7kKfejRe8TvW96I/s320/2010%20SLGPRC%20ROTH%20IRA%20REALIZED%20GAIN%20+$697.02.jpg" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>SLGPRC was redeemed at its $25 par value in 2012. </span></span><span style="font-family: georgia;"><a href="https://slgreen.com/sl-green-realty-corp-announces-redemption-of-4-0-million-shares-of-7-675-series-c-cumulative-redeemable-preferred-stock/" style="text-align: left;">SL Green Realty Corp. Announces Redemption of 4.0 Million Shares of 7.675% Series C Cumulative Redeemable Preferred Stock</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><i><u><b>B. Pared OFS in Schwab Account - Sold 20 Shares at $11.51</b></u></i></span>: </span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpO25Ak6G0PTk0VJl4ZVdV3XcKlvyuJ5IRIPPdKKoHN4w_QtXqIbp8JkIslJYVcIrFhJzfgwN3g-xY1mAUH7tuvfXoSb8HcAWUvBwCsVbdkgykUhKqkM00g1dWV988x2MzEZbbOurlFznTSnCkQVREa7SdJTZ1z1afjS3gYCn8lSH-tBRaamlpDd37x7kJ/s2890/OFS%2020%20at%20$11.51%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="228" data-original-width="2890" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpO25Ak6G0PTk0VJl4ZVdV3XcKlvyuJ5IRIPPdKKoHN4w_QtXqIbp8JkIslJYVcIrFhJzfgwN3g-xY1mAUH7tuvfXoSb8HcAWUvBwCsVbdkgykUhKqkM00g1dWV988x2MzEZbbOurlFznTSnCkQVREa7SdJTZ1z1afjS3gYCn8lSH-tBRaamlpDd37x7kJ/s320/OFS%2020%20at%20$11.51%20.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/ofs" style="text-align: left;">OFS Capital Corp</a> - Externally Managed BDC</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $230.2</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1487918&owner=exclude" style="text-align: left;"><span style="font-family: georgia;">OFS SEC Filings</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791823000011/ofs-20221231.htm" style="text-align: left;"><span>2022 Annual Report</span></a><span> (</span><b><span style="color: red;">Risk factor summary starts at page 28 and ends at page 62</span></b><span>)</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="http://www.ofscapital.com/" style="text-align: left;">Homepage - OFS Capital</a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I sold only the highest cost shares purchased with dividends in this account. I sold on the ex dividend day. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As with other BDCs, OFS loans are made at spreads to short term rates. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">BDC net investment income has benefited from the rise in short term rates as the FED raised the FF rate from 0-.25% to the current 5.25%-5.5%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The market is now forecasting that the next FED move will be to lower the FF rate. The currently more likely than not probability is that the FF rate range will end 2024 at 3.75%-4%, down from the current 5.25%-5.5%: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvkTKChNv4r9GKlT6Xp1F7Gm-cYESMjKQnhHeUg_toamzOnba2XoPYgzJfl9S9AdhnKEUa6RZurTJDQP4zFdStQNV9oRYkIAL-3nSVT5DetORb26WXOPa2AC30dcAWtWuVj4pGg8HbKG4hShy_KhNtQGZL2Y8YHgdidHYDvjSzZ9lbSoghlZxm3kgejM_A/s2488/Screenshot%202023-12-30%20at%207.56.12%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="632" data-original-width="2488" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvkTKChNv4r9GKlT6Xp1F7Gm-cYESMjKQnhHeUg_toamzOnba2XoPYgzJfl9S9AdhnKEUa6RZurTJDQP4zFdStQNV9oRYkIAL-3nSVT5DetORb26WXOPa2AC30dcAWtWuVj4pGg8HbKG4hShy_KhNtQGZL2Y8YHgdidHYDvjSzZ9lbSoghlZxm3kgejM_A/s320/Screenshot%202023-12-30%20at%207.56.12%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch Tool - CME Group</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If that proves to be the case, net investment income will start to decline as variable rate loan coupons reset at lower levels. Depending on how far the FED drives down the FF rate, and other factors impacting net investment income including the level of nonaccrual loans, dividends, which have been raised over the past year or so, may be cut. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Some BDCs have dealt with surging net investment income arising from increases in short term rates by keeping a regular dividend at or near levels that existed just prior to the FED rate increases and then paying out some of the excess as special dividends. I surmise that the reason is that the BDC does not want to cut the dividend when short term rates turn back down. Several BDCs have paid out special dividends this year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/09/ahh-bnl-ctopra-fbrtpre-gnlprd-ivz-nnn.html" style="text-align: left;">Item # 6.C. Pared OFS in Schwab Account - Sold 20 at $10.86 (9/30/23 Post)</a>(profit snapshot = $28.94) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$17.65</span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim8CHLk6K2QAEtbXXR4qJ1Fym_LMmTXBP6NGF_mnabXrJZDKpQsCJ4lFIg9gf68UJ7IQvRTs_DOjiJ9ubaMjvECChPx2AbUrDKofy2miPrA944Ndbcm0aAN1Hux-WBCPhOfcnbqAs1Yi-rih2LdQKRJuUeOlVoG-FKEr-2PJ9Z_fP_ty2chuNOCdr086ah/s2554/2023%20OFS%2020%20Shares%20$17.65%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1352" data-original-width="2554" height="169" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim8CHLk6K2QAEtbXXR4qJ1Fym_LMmTXBP6NGF_mnabXrJZDKpQsCJ4lFIg9gf68UJ7IQvRTs_DOjiJ9ubaMjvECChPx2AbUrDKofy2miPrA944Ndbcm0aAN1Hux-WBCPhOfcnbqAs1Yi-rih2LdQKRJuUeOlVoG-FKEr-2PJ9Z_fP_ty2chuNOCdr086ah/s320/2023%20OFS%2020%20Shares%20$17.65%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share after pare</i></u>: <b>$6.44</b></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7Sp6FTDcFOpUgegZQiNnETqgbylscQCqY2Af8sq9PMg4UsyZwNvkcRsMNGUHe-o3fYFS7pJ8oDlrjx8P7SUyRb_xqd4BrbzkCeYi-nR1IgW38LR-mDxSeGFAkd6u2lWTA-KGELPXeeQWZYRvfRK-8RbWc2nF9pOzFeQ_xP4q0hEoJ0TzM-qVCUSQiv_DV/s2258/Screenshot%202023-12-23%20at%2011.43.17%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1790" data-original-width="2258" height="254" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7Sp6FTDcFOpUgegZQiNnETqgbylscQCqY2Af8sq9PMg4UsyZwNvkcRsMNGUHe-o3fYFS7pJ8oDlrjx8P7SUyRb_xqd4BrbzkCeYi-nR1IgW38LR-mDxSeGFAkd6u2lWTA-KGELPXeeQWZYRvfRK-8RbWc2nF9pOzFeQ_xP4q0hEoJ0TzM-qVCUSQiv_DV/s320/Screenshot%202023-12-23%20at%2011.43.17%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Price Shown is from 12/23/23</span></td></tr></tbody></table><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;">Unlike Fidelity, Schwab does not allow its customers to sell a fractional share unless the position is being liquidated. Only part of shares purchased with the dividend on 7/5/23 could be sold. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><u>Dividend</u>: Quarterly at $.34 per share ($1.36 annually)</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/OFS/dividends/history"><span style="font-family: georgia;">OFS Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In this account, I received a cash quarterly dividend of $37.87 yesterday. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEie1Xi3YgrK984f837z6vRkcNZRClN7T1VhnaMr7OXNjudFf8qOdMRbcB570Zc9RPgNBpuU8OxNcVg7OSPhnnKSYxHBPgN8DeFFxk9OydMIpW8VLALxjprZ21jcgn29r_jslOUMvALbIQBOHEtSiHMgR-WmrYnoGbgX4hZvi_UNQHWeNXnAoEgdHMTFAZ_C/s2944/$37.87.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="144" data-original-width="2944" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEie1Xi3YgrK984f837z6vRkcNZRClN7T1VhnaMr7OXNjudFf8qOdMRbcB570Zc9RPgNBpuU8OxNcVg7OSPhnnKSYxHBPgN8DeFFxk9OydMIpW8VLALxjprZ21jcgn29r_jslOUMvALbIQBOHEtSiHMgR-WmrYnoGbgX4hZvi_UNQHWeNXnAoEgdHMTFAZ_C/s320/$37.87.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $6.44 AC Using $1.36</u></i> = <b>21.12</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/21/23 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I also have a position in my Fidelity account with a $3.89 average cost per share. See Item # 3.B: <a href="https://tennesseeindependent.blogspot.com/2023/08/cag-cmcsa-eprt-gbdc-gmre-khc-nnn-o-ofs.html" style="text-align: left;">Item # 3.A. Eliminated OFS in Vanguard Account - Sold 20 at $10.2 and Item # 3.B. Pared OFS in my Fidelity Account-Sold 10 at $10.15 (8/19/23 Post)</a>(profit snapshots = $182.5) Item #3.B. also contains snapshots of prior realized gains. The yield at $3.89 is <b>34.96%</b> using the current annual dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset Value Per Share History</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $12.74</span></p><p style="text-align: justify;"><span style="font-family: georgia;">6/30/23: $12.94</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $13.47</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>6/30/22: $14.57 </span><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791822000063/ofs-20220630.htm" style="text-align: left;">10/Q for the Q/E 6/30/22 at page 3</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>03/31/21: $11.96 </span><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791821000081/ofs2021q110-q.htm" style="text-align: left;">10-Q at page 3</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>12/21/20: $11.85 </span><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791821000040/ofs2020123110-k.htm#ief01f7a03f5c4d8f8a0c06cf671efd81_16" style="text-align: left;">10-K at page 69</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">6/30/20: $10.10<br />3/31/20: $ 9.71<br />12/31/19: $12.46<br />9/30/19: $12.74<span style="font-weight: bold;"> </span><span style="font-weight: bold;"> </span><br />6/30/19: $12.95 <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791819000053/ofs2019q210-q.htm">Page 2 10-Q</a><br />3/31/19 $13.04 <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791819000029/ofs2019q110-q.htm">10-Q</a><br />12/31/18 $13.10<br />6/30/18 $13.70<br />03/31/18 $13.67<br />12/31/17 $14.12<br />12/31/16 $14.82<br />12/31/15 $14.76<br />12/31/14 $14.24<br />12/31/13 $14.54<br /><br />IPO Offering Price at $15 (November 2012) <b>with proceeds after the underwriters' discount at $13.05</b> <a href="https://www.sec.gov/Archives/edgar/data/1487918/000119312512459490/d79921d497.htm">Final Prospectus Supplement</a></span></p><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791823000099/ofsccq323pressrelease11223.htm" style="text-align: left;">SEC Filed Press Release</a> </span></div><p style="text-align: justify;"><span style="font-family: georgia;">Net Investment Income per share: $.40</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Weighted Average Yield of Performing Loans = 14.6%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">94% of portfolio of loan portfolio, based on "fair value", is at variable rates while 70% of the outstanding debt is at fixed rates. 89% of outstanding debt matures in 2026 or later. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.insidermonkey.com/blog/ofs-capital-corporation-nasdaqofs-q3-2023-earnings-call-transcript-1217385/">OFS Capital Corporation Q3 2023 Earnings Call Transcript - Insider Monkey</a></span><span style="background-color: white; color: #232323;"> "During the quarter, we placed loans with an aggregate fair value of $6.4 million on nonaccrual status."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791823000101/ofs-20230930.htm">10-Q</a> During the third quarter, "<span style="text-align: left; text-indent: 48px;">loans with an aggregate fair value of $6.4 million were placed on non-accrual status. As of September 30, 2023, our loan portfolio had non-accrual loans with an aggregate fair value of $16.7 million, or 3.7% of our total investments at fair value." page 55</span><span style="text-align: left; text-indent: 48px;"> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The summary of investments starts at page 8. A name with a (6) beside it indicates that the loan is on nonaccrual. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">AC = Amortized Cost</span></p><p style="text-align: justify;"><span style="font-family: georgia;">FV = "Fair Value"</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Astro One Acquisition: Earlier this year, Moody's downgraded the senior secured debt to Ca from Caa1. (This senior secured loan was on accrual status in the second quarter but the FV had already been marked down to $1.113M)</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEeyKxIu5dH0I2fm6PpPzL6mUKsEHq6CyyHakYDFQCtyDypJi6mFWv6UixCWxMuwZ74xMC0RslrfeDGN8W2Bpe_tvXMfrUtIiBo6fkc9xY12DXPht3ditHKt8VJdoTEC4qJ0h7c6h5nAWKHG8Esst-EN2IbQEQMXFarXtHq2c-SQqg2GpCh-vjANPsZ2i2/s3066/Screenshot%202023-12-26%20at%208.01.33%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="100" data-original-width="3066" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEeyKxIu5dH0I2fm6PpPzL6mUKsEHq6CyyHakYDFQCtyDypJi6mFWv6UixCWxMuwZ74xMC0RslrfeDGN8W2Bpe_tvXMfrUtIiBo6fkc9xY12DXPht3ditHKt8VJdoTEC4qJ0h7c6h5nAWKHG8Esst-EN2IbQEQMXFarXtHq2c-SQqg2GpCh-vjANPsZ2i2/s320/Screenshot%202023-12-26%20at%208.01.33%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">AC $2.704M; FV = $385K</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Diamond Sports Group: </span><a href="https://nypost.com/2023/11/02/business/sinclair-broadcasting-wants-to-scoop-up-diamond-sports-sources/" style="text-align: left;">Sinclair Broadcasting wants to scoop up Diamond Sports: sources</a><span> (Diamond is current in Bankruptcy Court)</span></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><span style="font-family: georgia;"><img border="0" data-original-height="134" data-original-width="3038" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUnyiYYt4pktpUGxru8vZbq8n38zmp7qoOPE7QrNekhyDCXzq6iEcKvivGr9NgrL9lcY2exfQSjwoa0wRLHcz1lagD1rO9POM9T2akusqbD0c3804fBdK15VZStLBhz4c7u-pIlcswUDpa_4s0pin_1u5TmWNhXOa4H7NfqFtQiIKOeN-hNPQp3CKHrW9_/s320/Screenshot%202023-12-23%20at%2012.38.58%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;" width="320" /></span></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">AC = $2.183M; FV = $178K</span></td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUnyiYYt4pktpUGxru8vZbq8n38zmp7qoOPE7QrNekhyDCXzq6iEcKvivGr9NgrL9lcY2exfQSjwoa0wRLHcz1lagD1rO9POM9T2akusqbD0c3804fBdK15VZStLBhz4c7u-pIlcswUDpa_4s0pin_1u5TmWNhXOa4H7NfqFtQiIKOeN-hNPQp3CKHrW9_/s3038/Screenshot%202023-12-23%20at%2012.38.58%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Envocore Holdings: </span><a href="https://envocore.com/" style="text-align: left;">Innovative Energy Solutions Reduce Variable Utility Costs</a> (PIK loan on nonaccrual, cash loan is not)</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><span style="font-family: georgia;"><img border="0" data-original-height="26" data-original-width="3016" height="3" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhfwn-hDr4czEJnHIN6dvoYsV7gTrHoxJUr7YauApM-8bH3AKCyE3W7mkMlleX4BS_faFo_yaxeV97mmUThs9IEE-NlmNgIlDgJ_eEdja0aM_X4wA0ISzFtm_Z7fkLK0BrOK6cvFNfwoPr0xjHuk43qxe4eAOPIXVDP_jmT1jdJhFXBV5rMQ28azLWUk-6/s320/Screenshot%202023-12-23%20at%2012.40.39%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;" width="320" /></span></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">AC = $6.584M; FV = $3.528M</span></td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhfwn-hDr4czEJnHIN6dvoYsV7gTrHoxJUr7YauApM-8bH3AKCyE3W7mkMlleX4BS_faFo_yaxeV97mmUThs9IEE-NlmNgIlDgJ_eEdja0aM_X4wA0ISzFtm_Z7fkLK0BrOK6cvFNfwoPr0xjHuk43qxe4eAOPIXVDP_jmT1jdJhFXBV5rMQ28azLWUk-6/s3016/Screenshot%202023-12-23%20at%2012.40.39%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Excelin Home Health: </span><a href="https://www.excelin.com/" style="text-align: left;">Excelin Health</a> (not on nonaccrual in the second quarter)</span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><span style="font-family: georgia;"><img border="0" data-original-height="146" data-original-width="3032" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt94wYQ2bFhyUScyNQTBnPkhX9C7CMV3zlve9BH7ujF__0Jx1ofULgRnPP30zfnuq32X6mxSsYDOvZx3mAG8rz6o8H9DRDSXZPGJvABmSJ2SvaTQoalFW1NyK4BaHTUR6bt4fEaWgojGb5HfhOwQAkBwmZIkMCaQoRqIDob_CXQ7LnWtDPs6k65Wxth6Nd/s320/Screenshot%202023-12-23%20at%2012.42.20%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;" width="320" /></span></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">AC = $4.231M; FV = $3.443M</span></td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt94wYQ2bFhyUScyNQTBnPkhX9C7CMV3zlve9BH7ujF__0Jx1ofULgRnPP30zfnuq32X6mxSsYDOvZx3mAG8rz6o8H9DRDSXZPGJvABmSJ2SvaTQoalFW1NyK4BaHTUR6bt4fEaWgojGb5HfhOwQAkBwmZIkMCaQoRqIDob_CXQ7LnWtDPs6k65Wxth6Nd/s3032/Screenshot%202023-12-23%20at%2012.42.20%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Planet Bingo: </span><a href="http://www.planetbingo.com/" style="text-align: left;">Home | Planet Bingo</a></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><span style="font-family: georgia;"><img border="0" data-original-height="104" data-original-width="3038" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPdVRkVMqYzBS1aLHtfoV0Bm_5K74036q2KoDQ9B3uzwv_4li_HStMGl3XzRAIL_uaRODZd2cAC9eVeOzjpWdiz2AWZnbiwhXCD-EorE1LKHljv6ZPs0o_WCWCuygiI0f7S8lX6a-1EEEAZY9JD01_w2CppUPggPpaW1LIMpeRDoMqJGu2yBWYIbrbyTZt/s320/Screenshot%202023-12-23%20at%2012.43.45%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;" width="320" /></span></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">AC = $14.113M; FV = $6.588M</span></td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPdVRkVMqYzBS1aLHtfoV0Bm_5K74036q2KoDQ9B3uzwv_4li_HStMGl3XzRAIL_uaRODZd2cAC9eVeOzjpWdiz2AWZnbiwhXCD-EorE1LKHljv6ZPs0o_WCWCuygiI0f7S8lX6a-1EEEAZY9JD01_w2CppUPggPpaW1LIMpeRDoMqJGu2yBWYIbrbyTZt/s3038/Screenshot%202023-12-23%20at%2012.43.45%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"></span></a></div><div><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;"><div style="text-align: justify;"><span style="font-family: georgia;">Master Cutlery: </span><a href="https://mastercutlery.com/">THE LARGEST VARIETY IN THE WHOLESALE KNIFE INDUSTRY | Master Cutlery, LLC</a> (subordinated loan)</div></span><div><span style="font-family: georgia;"><br /></span></div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><span style="font-family: georgia;"><img border="0" data-original-height="40" data-original-width="3036" height="4" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin8aaQV5KGQSMNti2n0cq7pEkLMEW03WTx4eyVoSTjHPxLCiSSCLaM9lBz4sSD2n13L577x9kKDUFRnCbgyaFUvLChTQQGmjM4UZEy9aasUQECuYJ_9ite0XcsgRUYu2wjxWA4xrABcFrfphk0xyq-pIV1Rsikgo-q-KiUG90Xx9hk-85-js4D3NtasG8o/s320/Screenshot%202023-12-23%20at%2012.45.19%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;" width="320" /></span></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">AC = $4.68M; FV = $100K</span></td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEin8aaQV5KGQSMNti2n0cq7pEkLMEW03WTx4eyVoSTjHPxLCiSSCLaM9lBz4sSD2n13L577x9kKDUFRnCbgyaFUvLChTQQGmjM4UZEy9aasUQECuYJ_9ite0XcsgRUYu2wjxWA4xrABcFrfphk0xyq-pIV1Rsikgo-q-KiUG90Xx9hk-85-js4D3NtasG8o/s3036/Screenshot%202023-12-23%20at%2012.45.19%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"></span></a></div><span style="font-family: georgia;"><br /></span><div><span style="font-family: georgia;">Total Amortized Cost Nonaccrual Loans: $21.497M </span></div><div><span style="font-family: georgia;">Claimed Fair Value of Nonaccrual Loans: $14.222M </span></div><div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Company assessment of credit risks</u></i>:</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrGyhrgC_10EiDngRgQJWOrhwc1lM0eRMVc1OCfj6lT6wXYeMuwMWzW5twXhph39lZF0h4Nu7Knke7ashDuJ_m3IJPFBgJnqMa-eWKnaM_tuuI1Tm0qlPDUjIYltVUuWgQhsUvvq79pi2uWFtdIu9fu_J_3_6jeJ8Iw8Pfl6jVkLbnMbXY8uc4SrP5SZZW/s3060/Screenshot%202023-12-23%20at%2012.57.15%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="684" data-original-width="3060" height="72" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrGyhrgC_10EiDngRgQJWOrhwc1lM0eRMVc1OCfj6lT6wXYeMuwMWzW5twXhph39lZF0h4Nu7Knke7ashDuJ_m3IJPFBgJnqMa-eWKnaM_tuuI1Tm0qlPDUjIYltVUuWgQhsUvvq79pi2uWFtdIu9fu_J_3_6jeJ8Iw8Pfl6jVkLbnMbXY8uc4SrP5SZZW/s320/Screenshot%202023-12-23%20at%2012.57.15%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Pfanstiehl Holdings-Equity Investment</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">During the quarter, OFS wrote down its common equity investment in Pfanstiehl Holdings by $5.7M. That investment was written down by $2.7M in the 2023 second quarter, page 64. That equity investment <b>was valued at $77.105M as of 9/30/23, page 16, with an amortized cost of $217,000</b>. </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgofNy1dAEqQUzMvQfrr8XRb5QK-JxjoqbSG23XmdDVBICA_-9KBXTcY_lI4JuIPupK0aJxwSh_mPkLTWxhrM9Nvk5fXXYfaWKdIeJ9R8IAUR3FjXthdmMxJzyPqCt45QapmM7qIBI2r7266BuE8TNsLXGpdffl0ZqygT97GgNXxLThLapjTMKQWgLeHmPO/s3040/Screenshot%202023-12-24%20at%2010.12.11%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="90" data-original-width="3040" height="9" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgofNy1dAEqQUzMvQfrr8XRb5QK-JxjoqbSG23XmdDVBICA_-9KBXTcY_lI4JuIPupK0aJxwSh_mPkLTWxhrM9Nvk5fXXYfaWKdIeJ9R8IAUR3FjXthdmMxJzyPqCt45QapmM7qIBI2r7266BuE8TNsLXGpdffl0ZqygT97GgNXxLThLapjTMKQWgLeHmPO/s320/Screenshot%202023-12-24%20at%2010.12.11%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">400 common shares </span></td></tr></tbody></table><a href="https://pfanstiehl.com/"><span style="font-family: georgia;">Home - Pfanstiehl</span></a></div><div><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;">I would feel better if the claimed market value was confirmed by selling 100 shares. </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Looking at the 2019 OFS Annual Report, I noted that the 400 common shares was valued at $4.755M as of 12/31/2019. OFS then had outstanding a 10.5% subordinated loan of $3.768M outstanding. That loan matured in 2021 leaving OFS with just the equity position. (p. 96, <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791819000007/ofs20181231-10kfinal.htm" style="text-align: left;">10-K)</a> Frequently equity positions will be acquired by a BDC as part of a loan transaction. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Given the small size of this BDC, with a market capitalization near $154M at an $11 price, the value placed on the 400 shares of Pfanstiehl will continue to have a substantial impact on the reported net asset value per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not able to assess the risk associated with that investment. I do know, as mentioned above, that the investment was valued at just $4.755M as of 12/31/2019 and at $77.105M as of 9/30/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have no factual basis to either accept or reject any of the valuation marks made by OFS. I just makes me queasy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am also aware that the valuation bounces around a lot. In the 2022 first quarter, for example, the valuation increased by $9.6M to $75.308M (pages 17, 55 <a href="https://www.sec.gov/Archives/edgar/data/1487918/000148791822000039/ofs2022q110-q.htm" style="text-align: left;">10-Q</a>) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am aware that Pfanstiehl was sold by Ferro in 2013 <a href="https://www.sec.gov/Archives/edgar/data/35214/000129993313000613/exhibit4.htm" style="text-align: left;">SEC Filing</a> "<span style="background-color: white; text-align: left;">Consideration was comprised of a $16.9 million cash payment and an earn-out incentive payment of up to $8 million, payable over two years based on attained earnings targets."); </span><a href="https://www.businesswire.com/news/home/20130401005532/en/Med-Opportunity-Partners-LLC-Makes-Strategic-Investment-in-Pfanstiehl-Inc." style="text-align: left;">Med Opportunity Partners, LLC Makes Strategic Investment in Pfanstiehl, Inc.</a> (4/1/2013)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Company Assessment of Interest Rate Risks</u></i>: </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg60VOhcAU54zYnhGgbBer8RDm6JYEK2ryO5iM0jpOuoZLpqPBwTc2GlG9Yh54-CErPDejgGH4la3R8L_jyKc3TA3unJpzmM6OE3kiJfOB-RS57BhU3-hzL6eieJ5qfkfNlGCj-47CTJNXJZZ2nFcXqjkLrDA3L7KQGVNoBff6_asv7de8IPPS2JJrmt0RE/s3040/Screenshot%202023-12-23%20at%201.10.06%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="858" data-original-width="3040" height="90" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg60VOhcAU54zYnhGgbBer8RDm6JYEK2ryO5iM0jpOuoZLpqPBwTc2GlG9Yh54-CErPDejgGH4la3R8L_jyKc3TA3unJpzmM6OE3kiJfOB-RS57BhU3-hzL6eieJ5qfkfNlGCj-47CTJNXJZZ2nFcXqjkLrDA3L7KQGVNoBff6_asv7de8IPPS2JJrmt0RE/s320/Screenshot%202023-12-23%20at%201.10.06%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 71</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Buy Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2020/11/ajx-arow-bif-disca-ebgef-fraf-gdo-kmi.html" style="text-align: left;">Item # 3.F. Bought 40 OFS with an Average Cost Per share of $4.18 (11/7/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/11/bcbp-bmoprs-cio-dbx-ddd-exg-fdus-glq.html" style="text-align: left;">Item # 2.L. Added 5 OFS at $3.97-Fidelity Taxable (11/28/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/08/asb-avk-cswc-d-fidi-glq-ibm-kw-lmha-ofs.html" style="text-align: left;">Item # 1.K. Added 3 OFS at $4.5 -Fidelity Taxable (8/8/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/04/bdnchn-fhn-gdo-good-maptx-mcdfx-mspra.html" style="text-align: left;">Item # 3.E. Added 5 OFS at $9.66; 5 at $9.2; 5 at $8.7; 5 at $6; 5 at $5.65; 2 at $3.7; 10 at $3.79 (4/11/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Some Other Sell Discussions</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/08/bhbbmrn-cizn-htbk-matv-nwfl-ofs-ohi.html" style="text-align: left;">Item # 3.D. Pared OFS in Fidelity Account - Sold 13.82 Shares at $11.32 (8/16/22 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2022/06/eprt-feny-fhn-hbi-mpw-ofs-slg-wcpca-xom.html" style="text-align: left;">Item # 4.B. Pared OFS in Fidelity Account - Sold 15.427 at $12.49 (6/15/22 Post)</a><span>(profit snapshot = $60.07; contains snapshots of realized gains prior to 2022); </span><a href="https://tennesseeindependent.blogspot.com/2022/04/amkby-aqnca-colb-eai-emaca-gnl-ilpt.html" style="text-align: left;">Item # 4.D. Pared OFS in Fidelity Account - Sold 29+ at $13.06 (4/21/22 Post)</a><span>(profit snapshot = $69.88);</span><span> </span><a href="https://tennesseeindependent.blogspot.com/2021/07/afin-cizn-clx-exg-fcx-fts-goodm-htbk-kr.html" style="text-align: left;">Item # 1.H. Pared OFS in Fidelity Account Sold 35 at $10.07- Highest Cost Lots That Could be Sold Profitably (7/22/21 Post)</a><span>(profit snapshot = $12.44);</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/12/akba-aresf-bdge-brgpra-brkl-ccne-csco.html" style="text-align: left;">Item # 2.M. Pared OFS in Vanguard Taxable-Sold 20 at $7.2 (12/25/20 Post)</a><span>(profit snapshot = $56.8)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_30.html" style="text-align: left;">Item # 3.B. Sold 10 OFS at $12.04<b> </b>(11/30/19 Post)</a><span>(profit snapshot = $7.04)</span><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_13.html" style="text-align: left;">Item # 4.B. Sold 60 shares at $12 (11/13/19 Post)</a><span>(profit snapshot = $13.11); </span><a href="https://tennesseeindependent.blogspot.com/2019/05/observations-and-sample-of-recent_5.html" style="text-align: left;">Item # 3.A. Sold Highest Cost OFS Lots in Schwab Account - 50 shares at $12.27 and 50 at $12.47 (5/5/19 Post)</a><span>(profit snapshots = $69.55) </span><span> </span></span></p><div><span style="font-family: georgia;"><i style="text-align: justify;"><u>OFS Realized Gains to Date</u></i><span style="text-align: justify;">: </span><span style="color: #6aa84f; text-align: justify;">$684.2</span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Goal</i></u>: Any total return before ROC adjustments to the tax cost basis in excess of the dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Pared IVZ - Sold 10 $17.82- Highest Cost Lots Using FIFO</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiecU4RFRX4U_Nux6PL8N4PtTdf92ehbIe1REFvp6YlmPC5v83bunP7iLJFPIQMZpNaUUtbFdrUkGm8K4td4rSnwMEnp83Eu4lGRWMuuEwKjJZlMVJ0SlDuzD2Xmge0leNloA2deJG3aAwYWhwFP8phu4foqRaRjz84m7DEzBcjdnrtq8mP0iplK0dJK1ig/s2962/IVZ%2010%20at%20$17.82%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="260" data-original-width="2962" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiecU4RFRX4U_Nux6PL8N4PtTdf92ehbIe1REFvp6YlmPC5v83bunP7iLJFPIQMZpNaUUtbFdrUkGm8K4td4rSnwMEnp83Eu4lGRWMuuEwKjJZlMVJ0SlDuzD2Xmge0leNloA2deJG3aAwYWhwFP8phu4foqRaRjz84m7DEzBcjdnrtq8mP0iplK0dJK1ig/s320/IVZ%2010%20at%20$17.82%20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/ivz?mod=search_symbol" style="text-align: left;">INVESCO Ltd. (IVZ)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $178.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.invesco.com/corporate/en/home.html?src=%2Fcorporate%2Fen%2Fnavigation-header%2Fsec-nav-investor-relations%2F_jcr_content%2Froot%2Fgrid%2Fsecondary_navigation.html">Home | Invesco Corporate</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$36.15</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpo7zPm4hWlLShpZB-E1wb-eiXYW_ZgpcVsCo4SJNS6FiBAx6hOrW2iPerD21JfgzxThbiKSxjwvuPiNBENBNtHxzzl5cBArnv7lHI5UzO1aMfSwK5z53VbwfYiqaPGRLMgyFGXdbbCQBm4KgwkT2cA8ytlbv5l6RqJFM_BZCVxtCXA5j0Clvw1hoa8w4r/s2654/2023%20IVZ%2010%20Shares%20+$36.15%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="922" data-original-width="2654" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpo7zPm4hWlLShpZB-E1wb-eiXYW_ZgpcVsCo4SJNS6FiBAx6hOrW2iPerD21JfgzxThbiKSxjwvuPiNBENBNtHxzzl5cBArnv7lHI5UzO1aMfSwK5z53VbwfYiqaPGRLMgyFGXdbbCQBm4KgwkT2cA8ytlbv5l6RqJFM_BZCVxtCXA5j0Clvw1hoa8w4r/s320/2023%20IVZ%2010%20Shares%20+$36.15%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><div style="text-align: justify;"><a href="https://tennesseeindependent.blogspot.com/2023/09/ahh-bnl-ctopra-fbrtpre-gnlprd-ivz-nnn.html">Item # 2.H. Restarted IVZ - Bought 5 at $14.42; 5 at $14 (9/30/23 Post)</a> These are the shares that were sold. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u>Last Discussed</u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html" style="text-align: left;">Item # 1.G. Added to IVZ - Bought 5 at $12.55 (10/28/23 Post)</a> I discussed the last earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/914208/000091420823000474/ivzpressrelease3q2023.htm" style="text-align: left;">SEC Filed Earnings Press Release for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Other Recent Buy Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 1.D. Added to IVZ - Bought 5 at $13.2; 5 at $12.95; 5 at $12.75 (10/21/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/10/agr-axprica-btz-cag-clpr-codipra-cto.html" style="text-align: left;">Item # 1.H. Added to IVZ - Bought 5 at $13.58 (10/7/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$13.01</b>, down from $13.35</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Dividend</i></u>: </span>Quarterly at $.20 per share</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/IVZ/dividends/history"><span style="font-family: georgia;">IVZ Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>6.15</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/9/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Elimination</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/11/aqn-cet-cizn-colb-etsy-fts-grx-gty-holx.html" style="text-align: left;">Item # 4.C. Eliminated IVZ - Sold 20 at $19.5 (11/22/22 Post)</a>(profit snapshot = $69.66)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Largest Gain</i></u>: <a href="https://tennesseeindependent.blogspot.com/2021/01/arcc-bmy-eaf-fax-ivz-msgn-nmfc-oke.html" style="text-align: left;">Item # 1.A. Sold 83+ at $17.3-Schwab Account and Item # 1.B. Sold 71+ IVZ in Fidelity Taxable Account at $17.39 (1/1/21 Post)</a>(profit snapshots = +330.88)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>IVZ Realized Gains to Date</i></u>: <span style="color: #6aa84f;">+$542.6</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i style="text-decoration-line: underline;">Risk Management</i>: This kind of pare is part of my risk management strategy, where I move slowly into a position and then profitably sell my highest cost lots first, which lowers my average cost per share and increases my dividend yield. At some point, the entire position may be eliminated. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>IVZ Bonds</u></i>: I own 2 IVZ Finance 4% SU bonds, guaranteed by IVZ, that mature on 1/30/24, rated at A3/BBB+. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>D. Eliminated Duplicate Position in MOR (Fidelity Account) - Sold 25 at $9.78</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvQwrZfkFiVa9OX6uicmJjhfbTNvor7kG4zPSgXOW2XR3pSFsg925wdc29ujrwR0FPPEu1HMme5PnM9BqmbQrxZtZEUPLSDXmy-uAfP6jeKFrlajBjFdjeTH4VhqjDmpwph_nB2tirliokRTfXFEeYviWVEguDGn46rPPZpDd0tSNWKi-VbliK6fD2Jphk/s2194/sold%2025%20Mor%20at%20$9.78%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="110" data-original-width="2194" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvQwrZfkFiVa9OX6uicmJjhfbTNvor7kG4zPSgXOW2XR3pSFsg925wdc29ujrwR0FPPEu1HMme5PnM9BqmbQrxZtZEUPLSDXmy-uAfP6jeKFrlajBjFdjeTH4VhqjDmpwph_nB2tirliokRTfXFEeYviWVEguDGn46rPPZpDd0tSNWKi-VbliK6fD2Jphk/s320/sold%2025%20Mor%20at%20$9.78%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/mor?mod=over_search" style="text-align: left;">MorphoSys AG ADR</a> - A German Biotech </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $244.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.morphosys.com/en" style="text-align: left;">MorphoSys | A global biopharmaceutical company</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morphosys.com/pipeline">Pipeline | MorphoSys AG</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/mor/analystestimates?mod=mw_quote_tab">MOR Analyst Estimates | MarketWatch</a> (heavy losses predicted through 2025) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1340243&owner=exclude">MOR SEC Filings</a> (foreign company forms)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1340243/000162828023008110/mor-20221231.htm">Form 20-F</a> (2022 annual report, contains a detailed description of compounds in trials)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$10.87</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg04qDCgWOV7DKhhERRLI3ONxcuqreN97YHhX5c8vlKlI_d8ZTPeMY9jEsDgV7uvTDDYfxBfsQrIqJZXQn3y_zZ6c1iyLNV5GEKgrSTCsJs7-blLNzUXyuE_W_ig5ZVqWPfENodGN1ItcOqqJLKep0Pio0Ux-zw62rWIyqt2Hg3aVbAHS8Vhloie4fchpEs/s1960/2023%20MOR%2025%20Shares%20+$10.87%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="64" data-original-width="1960" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg04qDCgWOV7DKhhERRLI3ONxcuqreN97YHhX5c8vlKlI_d8ZTPeMY9jEsDgV7uvTDDYfxBfsQrIqJZXQn3y_zZ6c1iyLNV5GEKgrSTCsJs7-blLNzUXyuE_W_ig5ZVqWPfENodGN1ItcOqqJLKep0Pio0Ux-zw62rWIyqt2Hg3aVbAHS8Vhloie4fchpEs/s320/2023%20MOR%2025%20Shares%20+$10.87%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">I am keeping the 40 share position in my Schwab account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The future will partly depend on whether at least one of the two compounds acquired through MOR's $1.7B acquisition of Constellation Pharmaceuticals proves to be a commercial success. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">One of those compounds is Pelabresib. <a href="https://www.sec.gov/Archives/edgar/data/1340243/000119312521179498/d104887dex992.htm" style="text-align: left;">MOR SEC Filing</a><span style="background-color: white; text-align: -webkit-left;"> ("Pelabresib has the potential to be a first- and </span><span style="background-color: white; text-align: -webkit-left; text-wrap: nowrap;">best-in-class</span><span style="background-color: white; text-align: -webkit-left;"> BET inhibitor and is currently in a Phase 3 clinical trial for myelofibrosis, a bone marrow cancer that disrupts the body’s normal production of blood cells.")</span>, <a href="https://www.morphosys.com/media-investors/media-center/morphosys-commences-cash-tender-offer-for-all-outstanding-shares-of">MorphoSys Commences Cash Tender Offer for All Outstanding Shares of Constellation</a> Both compounds are still in clinical trials. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The stock closed at $22.08 the day prior to the announcement and at $19.2 the next day. The Stock Jocks hated this deal and have grown to hate it more over time. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am just not sure that the hatred is warranted, at least to the decree reflected in the current stock price. That is not based on any medical or scientific knowledge but a gut reaction derived from reading the trial results possibly influenced to a very minor decree by some intelligence. I am using the recent rally to sell a duplicate position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">An approved product developed using MOR's technology is the psoriasis drug Tremfya sold by Johnson and Johnson. MOR has sold 100% of its Tremfya royalties.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.barrons.com/articles/morphosys-buys-constellation-pharma-in-1-7b-deal-is-biotech-m-a-back-51622645425">MorphoSys Buys Constellation Pharma in $1.7B Deal. Is Biotech M&A Back? | Barron's</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The purchase price was financed by selling, in whole or in part, MOR's royalty streams for products either approved or in trials using a proven technology involving monoclonal antibodies. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjskhMrZWE8VMJgg37qZDYsDIISRhp9sfEPWRKARywrWVhF4nE2Dno7haQTDsdAVsX7sLZK9_EB9aGnWWGc6ttL_zvwQG8bmDiDj_c9q1H37HihhR2hmao0NfvpbuyVYt8SVXwd-Rx4nubxFNZ2PRQxK4N5wisnU_DZgQyC1lcFa9-4h5wRgwiqa73a8adK/s2962/Screenshot%202023-12-29%20at%208.59.55%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1142" data-original-width="2962" height="123" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjskhMrZWE8VMJgg37qZDYsDIISRhp9sfEPWRKARywrWVhF4nE2Dno7haQTDsdAVsX7sLZK9_EB9aGnWWGc6ttL_zvwQG8bmDiDj_c9q1H37HihhR2hmao0NfvpbuyVYt8SVXwd-Rx4nubxFNZ2PRQxK4N5wisnU_DZgQyC1lcFa9-4h5wRgwiqa73a8adK/s320/Screenshot%202023-12-29%20at%208.59.55%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">MOR has 1 approved drug, Monjuvi, that is used "<span style="background-color: white; color: #333333; text-align: left;">with lenalidomide to treat adults with certain types of diffuse large B-cell lymphoma (DLBCL) that has come back (relapsed) or that did not respond to previous treatment (refractory) and who cannot receive a stem cell transplant."</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">MOR has a collaboration agreement with Incyte for Monjuvi, see page 62 of the <a href="https://www.sec.gov/Archives/edgar/data/1340243/000162828023008110/mor-20221231.htm">2022 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In 2020, MOR received from Incyte a $750M upfront payment and milestone payments for a collaboration agreement on Monjuvi. Incyte also bought $150M in MOR stock at a premium price. "In the U.S., MorphoSys and Incyte co-commercialize Monjuvi, with MorphoSys leading the commercialization strategy and booking all revenues from sales of tafasitamab. Incyte and MorphoSys are jointly responsible for commercialization activities in the U.S. and share profits and losses on a 50:50 basis. Outside the U.S., Incyte has exclusive commercialization rights, and leads the commercialization strategy and books all revenues from sales of tafasitamab, paying MorphoSys royalties on ex-U.S. net sales." MOR is obligated to pay royalties to Xencor for a license connected with this compound (page 61)</span></p><p></p><p style="text-align: justify;"></p><p style="text-align: justify;"><span style="font-family: georgia;">The results from the Phase 3 trial of Pelabresib were released on 12/10/23. <a href="https://www.morphosys.com/en/news/morphosys-pelabresib-improves-all-four-hallmarks-myelofibrosis-phase-3-manifest-2-study">MorphoSys’ Pelabresib Improves All Four Hallmarks of Myelofibrosis in Phase 3 MANIFEST-2 Study</a> The Stock Jocks has a negative reaction to this earlier press release. <a href="https://www.businesswire.com/news/home/20231120962550/en/">MorphoSys’ Phase 3 Study of Pelabresib in Myelofibrosis Demonstrates Statistically Significant Improvement in Spleen Volume Reduction and Strong Positive Trend in Symptom Reduction</a> (11/20/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Other compounds in trials run by "partners": </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxxiU8GejoT8_EcenzTnr7Y8prso5-PjVOyrogYiWsI52uTPBPTO8ZauxaNvnsrkd7bgYVMEYVo8YhfDwVxywz7tb5TxePo548xCllt8xW1JSXJdnLbhocXK0vzFHHagNyB8wLhh8Dm86YYd4yI7RvpwqYHWX1Psj1e6nO8VF5PQPsIpc759uOZBSOSGV_/s1548/Screenshot%202023-12-29%20at%203.13.22%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="766" data-original-width="1548" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxxiU8GejoT8_EcenzTnr7Y8prso5-PjVOyrogYiWsI52uTPBPTO8ZauxaNvnsrkd7bgYVMEYVo8YhfDwVxywz7tb5TxePo548xCllt8xW1JSXJdnLbhocXK0vzFHHagNyB8wLhh8Dm86YYd4yI7RvpwqYHWX1Psj1e6nO8VF5PQPsIpc759uOZBSOSGV_/s320/Screenshot%202023-12-29%20at%203.13.22%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><div style="text-align: justify;"><span><a href="https://www.sec.gov/Archives/edgar/data/1340243/000162828023039201/exhibit_991.htm">SEC Filing at pages 4, 12-13</a> Novartis is conducting trials for first compound mentioned in the previous snapshot, </span><span style="text-indent: -24px;">Ianalumab (VAY736)</span>. <a href="https://www.fiercebiotech.com/biotech/novartis-takes-preclinical-cancer-program-morphosys-hands-23m-cash">Novartis pays $23M cash for preclinical MorphoSys program</a> </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Loss Report</u></i> (Q/E 9/30/23): <a href="https://www.businesswire.com/news/home/20231115052300/en/MorphoSys-AG-Reports-First-Nine-Months-and-Third-Quarter-2023-Financial-Results">MorphoSys AG Reports First Nine Months and Third Quarter 2023 Financial Results</a> or </span><a href="https://www.sec.gov/Archives/edgar/data/1340243/000162828023039201/exhibit_991.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">MOR Monjuvi U.S. product sales of $23.4M. This is not going to cause a reversal in the share price decline IMO. MOR acknowledge that "competition has increased as additional second-line treatment options for relapsed or refractory diffuse large B-Cell lymphoma have recently been approved". The primary benefit that MorphoSys will derive from Monjuvi is the cash received from Incyte in 2020 IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Other Monjuvi indications are in trials. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash: €642.2M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. -(€3.5)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1340243/000162828023039240/a231116_exhibit992.htm" style="text-align: left;">SEC Filing Business Update</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Other recent news</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">MOR sold shares in December 2023 that raised gross proceeds of €102.7M.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morphosys.com/en/news/morphosys-receives-us-fda-fast-track-designation-tulmimetostat-endometrial-cancer">MorphoSys Receives U.S. FDA Fast Track Designation for Tulmimetostat in Endometrial Cancer</a> (12/9/23)</span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Pared PWFPRT - Sold 100 of 200 shares at C$19.41</span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhh-zpFxk80xGSXLptZKdvxRSuZokWAUD4-1fRNFR8_yTQi75ZqfpaKLNusDRCvTf4Mr-x63QQDPudjLqiMV1Bo_qxFUqo3na-zbeJl_d4R42TbrGR29OD3FMIWOsiKEepV2MB4lYIS2tA25mziajaAadFSCPMsj5LOQ-kB9HC3yOjJIKs02MJkhMYocOTL/s1600/PWFPRT%20100%20sold%20at%20C$19.41%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="116" data-original-width="1600" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhh-zpFxk80xGSXLptZKdvxRSuZokWAUD4-1fRNFR8_yTQi75ZqfpaKLNusDRCvTf4Mr-x63QQDPudjLqiMV1Bo_qxFUqo3na-zbeJl_d4R42TbrGR29OD3FMIWOsiKEepV2MB4lYIS2tA25mziajaAadFSCPMsj5LOQ-kB9HC3yOjJIKs02MJkhMYocOTL/s320/PWFPRT%20100%20sold%20at%20C$19.41%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/PWF-PT.TO?p=PWF-PT.TO" style="text-align: left;">PWF-PT.TO</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: Power Financial is a wholly owned subsidiary of <a href="https://www.marketwatch.com/investing/stock/pow?countrycode=ca&mod=search_symbol" style="text-align: left;">Power Corp. of Canada (POW:CA)</a>. I still own 100 shares of POW:CA. <a href="https://tennesseeindependent.blogspot.com/2020/05/angl-bab-brg-ebiz-fax-fbiox-good-hban.html" style="text-align: left;">Item # 1. Bought 100 POW:CA at C$21.37 (5/30/20 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">This preferred stock resets its coupon at a 2.37% spread to the five year Canadian government bond on 1/31/24, using the yield of that bond as of the 30th day prior to the reset date. So the reset is not far away. Once the coupon resets, it will stay in effect for 5 years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>When I last discussed this preferred stock in a post published on 8/19/23, the 5 year Canadian government bond was trading at a 4.03% yield and had fallen to 3.21% on 12/27/21 and slightly lower yesterday. </span><a href="https://www.marketwatch.com/investing/bond/tmbmkca-05y?countrycode=bx" style="text-align: left;">Canada 5 Year Government Bond Overview | MarketWatch</a> This yield decline makes PWFPRT slightly less attractive to me. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A 3.21% 5 year Canadian bond yield on the reset date will result in a coupon of only 5.58% that will remain in effect for 5 years. While that coupon is still modestly attractive to me, taking into account my average cost per share, harvesting the gain of $535.5 now was more important to me than receiving a 5.58% or so coupon for the next 5 years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">C$535.50</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnmJFVJ9rAqlFORUTRpsIkYrfwd7QjlCZh4E_t60Oh-RYbt5d3_Q7gZSlZpGLf2Aqr0dP7A498d2Fc3oUh67-pPg0_Oh3LNvtgZG4VjvBi-F-k1pKq9XPRX2UL9NxEZIWviUAO3jel6A-uP10nsAuTAS_xaJ24_1pdmPkyV4Vkeg9l6Ao-XI6NTiDPvDoF/s2130/2023%20PWFPRT:CA%20100%20Shares%20+C$535.5%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="240" data-original-width="2130" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnmJFVJ9rAqlFORUTRpsIkYrfwd7QjlCZh4E_t60Oh-RYbt5d3_Q7gZSlZpGLf2Aqr0dP7A498d2Fc3oUh67-pPg0_Oh3LNvtgZG4VjvBi-F-k1pKq9XPRX2UL9NxEZIWviUAO3jel6A-uP10nsAuTAS_xaJ24_1pdmPkyV4Vkeg9l6Ao-XI6NTiDPvDoF/s320/2023%20PWFPRT:CA%20100%20Shares%20+C$535.5%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Most of my unrealized gain was in this 100 share lot that was acquired in two 50 share purchases. </span><a href="https://tennesseeindependent.blogspot.com/2020/05/argd-chn-chiq-clou-ebgef-ftsprm-gnl-mnr.html" style="text-align: left;">Item # 2.A. Added to PWFPRT:CA - Bought 50 at C$11.11 (5/23/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_20.html" style="text-align: left;">Item # 1.A. Bought 50 PWFPRT at C$16.94 (11/20/19 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/08/cag-cmcsa-eprt-gbdc-gmre-khc-nnn-o-ofs.html" style="text-align: left;">Item # 1. Added 100 PWFPRT:CA at C$18.65 (8/19/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Par Value</u>: C$25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividends</i></u>: Paid quarterly and non-cumulative</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Coupon</i></u>: 2.37% spread to the 5 year Canadian government bond</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Reset</i></u>: <b>1/31/2024</b>, using the 5 year Canadian bond yield <i><u>30 days prior</u></i> to the reset date. If that day is a holiday, which it is, then the yield for the first business day thereafter (1/2/24) will be used in the coupon calculation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Reset Coupon</u></i>: January 2019 at 4.215% That coupon indicates that the 5 year Canadian Bond yield was then at 1.845%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Credit Rating for Preferred Stock</u></i>: A-/P-1 low from S&P and Pfd-2-High from DBRS. The DBRS Pfd-2 high rating is equivalent to BBB+ for S&P. (see page 8, <a href="https://www.raymondjames.ca/branches/premium/pdfs/preferredsharesreport.pdf" style="text-align: left;">Raymond James Canadian Preferred Shares.pdf</a> This is an investment grade preferred stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Taxation</u></i>: Canada will withhold a 15% tax for dividends paid into a U.S. citizens taxable account which is where I own the Canadian reset equity preferred stocks. </span></p><p style="text-align: justify;"><a href="https://www.schwab.com/learn/story/claiming-foreign-taxes-credit-or-deduction"><span style="font-family: georgia;">Claiming Foreign Taxes: Credit or Deduction? | Charles Schwab</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: As with all Canadian preferred stocks, the goal consists of both income generation and trading gains. I want to earn more on my long term CAD position than I would by leaving the cash idle. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Small Ball Stock CEF Buys</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><i><u><b>A. Added to STEW - Bought 10 at $13.9</b></u></i></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgGUUQh9K-WgrRbPJs_UV8hPVK1PyLel3RrbP3TODizWooHCeXXCyeyaDb8BfR__GRsMFp6hxrj2CxsiGiy0JydwNInhX86g7YM3_31UjUkecVaVNgZwkDGV8qW5WTF-6eB6HnJRSDtW21Uv74coRD6qw5yEkB1_zOjrCeItJx3dePpmTe7Mu0_QwShG67/s2350/STEW%2010%20at%20$13.9%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="200" data-original-width="2350" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgGUUQh9K-WgrRbPJs_UV8hPVK1PyLel3RrbP3TODizWooHCeXXCyeyaDb8BfR__GRsMFp6hxrj2CxsiGiy0JydwNInhX86g7YM3_31UjUkecVaVNgZwkDGV8qW5WTF-6eB6HnJRSDtW21Uv74coRD6qw5yEkB1_zOjrCeItJx3dePpmTe7Mu0_QwShG67/s320/STEW%2010%20at%20$13.9%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/stew?mod=search_symbol" style="text-align: left;"><span>SRH Total Return Fund Inc. (STEW)</span></a> <span>- Stock CEF </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $139</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's Website: </span><a href="https://srhtotalreturnfund.com/" style="text-align: left;">SRH Total Return Fund - The Fund</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: External</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged: Yes with $250M in senior unsecured bonds. The coupons are favorable given the current interest rates. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiog8Xh9j15tDuSr-dCQKV6mnfFYNeuTCXMg36lPE1izU5r1ZI0yx-nMaPbYWUiJvV2KxIHh53y6L96VV1oEBp4qPuhmHx9Y65ypgEbXoPErsc3_cW-z7Hf6OlLvri3PJhVz0kDv08csziWjdO2PYReuTAkBNAk-os_yptQgbG4sznkM4nzKJtYDSN1KvxB/s3084/Screenshot%202023-12-27%20at%208.27.03%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="402" data-original-width="3084" height="42" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiog8Xh9j15tDuSr-dCQKV6mnfFYNeuTCXMg36lPE1izU5r1ZI0yx-nMaPbYWUiJvV2KxIHh53y6L96VV1oEBp4qPuhmHx9Y65ypgEbXoPErsc3_cW-z7Hf6OlLvri3PJhVz0kDv08csziWjdO2PYReuTAkBNAk-os_yptQgbG4sznkM4nzKJtYDSN1KvxB/s320/Screenshot%202023-12-27%20at%208.27.03%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.fitchratings.com/research/fund-asset-managers/fitch-affirms-srh-total-return-fund-senior-notes-at-a-20-10-2023">Fitch Affirms SRH Total Return Fund's Senior Notes at 'A'</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">This CEF was previously called the Boulder Income & Growth Fund (BIF). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The fund is controlled by Stewart Horejsi, his related persons and entities. </span><a href="https://www.forbes.com/profile/stewart-horejsi/?sh=2d4a67f53aa3" style="text-align: left;">Stewart Horejsi & family</a>; <a href="https://www.secform4.com/insider-holders/102426.html" style="text-align: left;">STEW Insider Holders & Insider Ownership</a> (e.g. Susan Ciciora is a daughter who married John Ciciora, and the other Ciciora's mentioned are most likely their children) In response to John Train's book <a href="https://www.amazon.com/Money-Masters-John-Train/dp/0887306381" style="text-align: left;">The Money Masters</a>, originally published in 1980, Horejsi started to buy Berkshire stock in 1980. <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-forbes-400-stewart-horejsi-berkshire-hathaway-wealth-billionaires-2023-10" style="text-align: left;">Early Warren Buffett Shareholder Is Worth $3 Billion, Joins Forbes 400</a> I have read that book. At the time of his initial investment, Horejsi was running his family's welding supply business. </span></p><div style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=102426&owner=exclude"><span style="font-family: georgia;">SEC Filings</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/102426/000139834423014110/fp0083908-1_ncsrs.htm">SEC Filed Semiannual Report for the period ending 5/21/23</a> (Cost at $668.7+M excluding MM fund with the value then at $1.623+B) </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/102426/000175272423238957/fp0085206-1_nportex.htm">SEC Filing -Holdings as of 8/31/23</a> (cost ex MM fund at $701.1+M with the value at $1.7629+B) <b>Berkshire Hathaway</b>, a long term holding for this fund, was weighed<b> at 42.9%</b>: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDWCiE_GI8NV3nAEocPdwW5Wo0VluBQqfQMU-WJWOL4nS3zGwTOKJzmC53a4JM0avodV8PebfAkbvLEIYozlX59theIdXyZqP7-yVbRP3diRd3WAkGTUK5834uiWNYF2ph3rm5Iw_rw216JzKWvJdP2FsFjkHlNrH5AbM3Z7xrWWYdRAUddvbkAVnE0m1h/s3062/Screenshot%202023-12-27%20at%208.31.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="164" data-original-width="3062" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDWCiE_GI8NV3nAEocPdwW5Wo0VluBQqfQMU-WJWOL4nS3zGwTOKJzmC53a4JM0avodV8PebfAkbvLEIYozlX59theIdXyZqP7-yVbRP3diRd3WAkGTUK5834uiWNYF2ph3rm5Iw_rw216JzKWvJdP2FsFjkHlNrH5AbM3Z7xrWWYdRAUddvbkAVnE0m1h/s320/Screenshot%202023-12-27%20at%208.31.57%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Buy Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2020/11/ajx-arow-bif-disca-ebgef-fraf-gdo-kmi.html" style="text-align: left;">Item # 2.A Bought 100 BIF in Vanguard Taxable Account at $10.08; 10 at $9.95 (11/7/2020)</a> I previously sold 10 of the 110 shares held in that account. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/stew/portfolio">SRH Total Return Fund (STEW) Portfolio-Morningstar</a> (Lists top 25 holdings; the fund is unrated by Morningstar) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/stew/performance">SRH Total Return Fund (STEW) Performance | Morningstar</a> (Through 12/26/23, the 15 year average annual total return was 11.61% and 10.89% over a five year period) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This purchase slightly raised my average cost per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Old AC per share</u></i>: $10.06</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New AC per share</i></u>: <b>$10.41</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i></i></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhousteatUNOZ_Q8Hvd-AS-ol8gWjZ2tIN_-KpNx-5YzUUjaLAzmFmyEOEdTC_KfZHA-sQvqnInMBLqxo6QqxW_piyfFbmu7gLf7K98NVznmW8_v1svukyTWzPbesRktIC2sAY5-BWfECKktMqjIcwXKcfC1pfPbwQJB4wDQJq1usVFiDNXQDFgis7a-WxV/s2706/STEW%20%2010.41%20AC.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="854" data-original-width="2706" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhousteatUNOZ_Q8Hvd-AS-ol8gWjZ2tIN_-KpNx-5YzUUjaLAzmFmyEOEdTC_KfZHA-sQvqnInMBLqxo6QqxW_piyfFbmu7gLf7K98NVznmW8_v1svukyTWzPbesRktIC2sAY5-BWfECKktMqjIcwXKcfC1pfPbwQJB4wDQJq1usVFiDNXQDFgis7a-WxV/s320/STEW%20%2010.41%20AC.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Price as of 12/26/23 Close ($13.95)</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i><span>: </span><a href="https://www.nasdaq.com/market-activity/stocks/stew/dividend-history" style="text-align: left;"><span>STEW Dividend History | Nasdaq</span></a> Quarterly at $.1375 per share ($.55 annually), last raised from last raised from $.125 effective for the 2024 first quarter payment which was a raise from $.12 effective for the 2023 first quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I would describe the fund's manager as being a buy and hold investor. I do not anticipate a dividend in excess of the regular quarterly dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>5.28</b>% (regular dividend)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 1/23/24 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 12/27/23 Purchase</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $17.37</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $13.9</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: <b>-19.98%</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 Year Discount: -17.1%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/STEW" style="text-align: left;">STEW-CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This fund has historically traded at a large discount to net asset value per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I suspect that one reason is the large unrealized capital gain. Some investors prefer to avoid funds with substantial unrealized gains for one or more reasons, including a fund managers unwillingness to harvest them (fear of losing all or a major part of the gain) or the after tax returns for a new buyer when and if the fund does harvest capital gains to a substantial decree taking into account the gains largely originate from holdings acquired before the purchase. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Another reason is that most of the unrealized gain is in the shares of just one stock, Berkshire Hathaway, which has a weighting of over 40% in the fund when combining both share classes. This is called "concentration risk". Many investors would view that concentration as a positive. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have periodically owned the Baby B shares but do not have a current position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Sell Discussions</u></i> (STEW-BIF): </span><a href="https://tennesseeindependent.blogspot.com/2023/02/atlo-d-gnl-kmi-matv-opbk-pdm-stew-vktx.html" style="text-align: left;">Item #3.F. Eliminated Duplicate Position in STEW (Fidelity Account) - Sold 20 at $12.64 (2/27/23 Post)</a>(profit snapshot = $72.96);<span> </span><a href="https://tennesseeindependent.blogspot.com/2021/01/amgn-bif-btz-crm-dcomp-eaf-ed-gass-gd.html" style="text-align: left;">Item # 1.E. Sold 10 BIF at $11.08 (1/9/21 Post)</a><span> (profit snapshot = $10)(contains prior profit snapshots that total </span><span style="color: #6aa84f;">$560.27</span><span> including the $10 profit discussed in that post); </span><a href="https://tennesseeindependent.blogspot.com/2019/12/bif-eaf-nwhuf-ptlc-reet-rdsa-sret-vt.html" style="text-align: left;">Item #<span> 3.E. Eliminated BIF-Sold 156+ at $11.42<b> </b>(12/18/19 Post)</span></a><span>(profit snapshot = $127.2); </span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_13.html" style="text-align: left;">Item # 3.C. Sold 50 BIF at $11.28 (11/13/19 Post)</a><span>(profit snapshot = $1.63); </span><a href="https://tennesseeindependent.blogspot.com/2017/02/observations-and-sample-of-recent_16.html" style="text-align: left;">Item # 3.B. Eliminated BIF: Sold 116+ (2/16/17 Post)</a><span>(profit snapshot = $137.25)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>STEW-BIF Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$633.23</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Added to AOD - Bought 30 Shares at $8.13 - Fidelity Account</i></u></span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglff8j0LUFB_HmQFQQcgrmW4Bp2bTOYB3hdtN4xMdL_73vQQtWmMR3n7qnAdsUOqN8qp7X9k4E9Uo74STNoDH1f8kg385KjNFQi0ujm5PHrB3aXRnbp-1pqn3NCdLgivEZ8W3VXsYLT1RVUP_cWN4FObpETCdRWnpTf399bZh5Ku13z4drnC0Hjrmc7kr5/s2236/AOD%2030%20SHARES%20$8.13%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="108" data-original-width="2236" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglff8j0LUFB_HmQFQQcgrmW4Bp2bTOYB3hdtN4xMdL_73vQQtWmMR3n7qnAdsUOqN8qp7X9k4E9Uo74STNoDH1f8kg385KjNFQi0ujm5PHrB3aXRnbp-1pqn3NCdLgivEZ8W3VXsYLT1RVUP_cWN4FObpETCdRWnpTf399bZh5Ku13z4drnC0Hjrmc7kr5/s320/AOD%2030%20SHARES%20$8.13%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/aod?mod=search_symbol" style="text-align: left;">abrdn Total Dynamic Dividend Fund Overview</a> - Stock CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $243.9 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1379400">AOD SEC Filings</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1379400/000175272423216484/NPORT_ALPB_83607693_0723.htm"><span style="font-family: georgia;">SEC Filing - Holdings as of 7/31/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/aod/portfolio">abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar</a> (lists top 25 holdings)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In my Fidelity account, as previously discussed, I will be increasing my allocation to CEFs that pay monthly dividends, at least until I am able to generate $200 in monthly income from those securities. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 3.B. Added to AOD - Bought 5 at $7.4 (11/18/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average Cost per share</u></i>: <b>$7.95</b> (151+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.0575 per share ($.69 annually, some ROC support) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/aod/dividend-history">AOD Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i>: <b>8.68</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/28/23 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data as of 12/27/23 Purchase</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $9.62</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $8.12</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -15.59</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 Year Discount: -11.64%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/AOD" style="text-align: left;">AOD - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. Small Ball Buys - Lottery Tickets</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">These purchases are alternatives to playing a hand of blackjack for the purchase costs and is viewed primarily as entertainment by the Old Geezer. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The purchases are based primarily on the one or more financial metrics including Price to Book Value per share; Price to Sales, TTM P/E, dividend yield, net cash to market capitalization, and Price to Free Cash Flow per share. Invariably these purchases are in beaten up stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I quit tracking the results of my stock lottery tickets back in 2015. </span><a href="https://tennesseeindependent.blogspot.com/2011/10/lottery-ticket-strategy-new-gateway-post.html" style="text-align: left;">Lottery Ticket Basket Strategy: New Gateway Post</a><span> I also quit discussing most of the purchases. So far, I am being paid for entertaining myself. Periodically, however, I have to flush out my losers, referred to as House Cleaning in that post. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since I am far less likely to devote cash to stocks at current levels, I am back to discussing a few Lottery Ticket purchases or eliminations. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span> </span><b><span style="color: #800180;"><u><i>A. Bought 10 PLTK at $8.6</i></u></span></b><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDKdlCd85opJa69IZ_asVcXgQUBQothFFBY-7IQMDx_MNLLKB3WyHlf8tj6ibkO9H8xC3K6XzXb2oCxB-MZUZJXOVyx7BrLk4GOCvBbfk7F6CN-Bkhsny9GJVrTRHKhF1eJCJaY2whwe_XIfvondhwluGL0QecizJB5IrzU-LLAfA3g3NzHDfDXwTEnBbI/s2908/PLTK%20$8.6.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="226" data-original-width="2908" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDKdlCd85opJa69IZ_asVcXgQUBQothFFBY-7IQMDx_MNLLKB3WyHlf8tj6ibkO9H8xC3K6XzXb2oCxB-MZUZJXOVyx7BrLk4GOCvBbfk7F6CN-Bkhsny9GJVrTRHKhF1eJCJaY2whwe_XIfvondhwluGL0QecizJB5IrzU-LLAfA3g3NzHDfDXwTEnBbI/s320/PLTK%20$8.6.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/pltk?mod=search_symbol" style="text-align: left;">Playtika Holding Corp. (PLTK)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Headquarters is located in <span>Herzliya, Israel. The company "is a mobile gaming entertainment and technology market leader with a portfolio of multiple game titles. Founded in 2010, Playtika was among the first to offer free-to-play social games on social networks and, shortly after, on mobile platforms." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost $86</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1828016&owner=exclude"><span style="font-family: georgia;">PLTK SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1828016/000182801623000042/playtika-20230930.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a> (Debt is discussed at page 13. The total is shown at $2.419B with $1.826+B borrowed under a credit facility that had a coupon of 8.18% as of 9/30/23. I view the foregoing as a negative that is partially offset by the significant cash position earning interest income. The company did sell $600M in SU notes in 2021 that have a 4.25% coupon) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: None and none expected. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.reuters.com/markets/companies/PLTK.OQ/key-metrics/price-and-volume">PLTK Key Metrics Page at Reuters</a> (Price to Sales = 1.21; TTM E.P.S. ex items = $.78; TTM Free cash flow = $426.7M; Cash per share quarterly = $2.39) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1828016/000182801623000040/a2023q3ex991-earningsrelea.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. : $.10, down from $.17 in the 2022 third quarter. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7sTc3LrKJVWqvoWq9f8rgO643DYpMsEFWc8Oa3TvNZVQy7ojSLeYsax7gDPm3nVPn1K3wtlfhz8PgFTVK4V0vHhGFQhlKKyp7R1fk1WSI7t1wR-WgLEcy3_TejtECdpf7IVn2KLZJFm7lHGMe-HgWh8PgkHpNDlqNzslDLf4UFQXtasEWYhRfpzKba9E9/s1498/Screenshot%202023-12-28%20at%2010.33.42%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="332" data-original-width="1498" height="71" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7sTc3LrKJVWqvoWq9f8rgO643DYpMsEFWc8Oa3TvNZVQy7ojSLeYsax7gDPm3nVPn1K3wtlfhz8PgFTVK4V0vHhGFQhlKKyp7R1fk1WSI7t1wR-WgLEcy3_TejtECdpf7IVn2KLZJFm7lHGMe-HgWh8PgkHpNDlqNzslDLf4UFQXtasEWYhRfpzKba9E9/s320/Screenshot%202023-12-28%20at%2010.33.42%E2%80%AFAM.png" width="320" /></span></a></div><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWvq5a7R4gvDKKaXbjlhxiyNdGlgjb6wgKh7uNCpGtnMQ8JavSmpMxL_cm-RZLq46lMbGufQ-Wz0ehD1SLimeuUtXQwuW0i52rQRoxG8XOZrVg-F1q6tuLblWxm-fcFZLyTZpQa4FZQ_L96jBC0BOuXJIIMIeNvR28LTYcJ9EVcNwd0glmpSa9dyzBaR0h/s1540/Screenshot%202023-12-28%20at%2010.34.18%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="360" data-original-width="1540" height="75" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWvq5a7R4gvDKKaXbjlhxiyNdGlgjb6wgKh7uNCpGtnMQ8JavSmpMxL_cm-RZLq46lMbGufQ-Wz0ehD1SLimeuUtXQwuW0i52rQRoxG8XOZrVg-F1q6tuLblWxm-fcFZLyTZpQa4FZQ_L96jBC0BOuXJIIMIeNvR28LTYcJ9EVcNwd0glmpSa9dyzBaR0h/s320/Screenshot%202023-12-28%20at%2010.34.18%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">There was a noncash charge of $41.6M for an intangible asset impairment or about $.11 per share unadjusted for taxes. There was no impairment asset charge in the 2022 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEF_qmEsYjw7DPP0yZd6WCkDXnlQ51F4xjftrn7JNLkOIzQdtr3AV6oH5tIWoXB_s_EDzL7cLjTlCKzsZvWKz7B3fnuH1erDHBUyfFEqd_JOucu2DV8ZKAYcwt4EEpc_bM65Ba9Na2PAG__vcezNIiR5UoWKTyQq8wX7QsOLrnPQ1Af0YWqdt8DSxZqOzZ/s2952/Screenshot%202023-12-28%20at%2011.11.52%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="998" data-original-width="2952" height="108" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEF_qmEsYjw7DPP0yZd6WCkDXnlQ51F4xjftrn7JNLkOIzQdtr3AV6oH5tIWoXB_s_EDzL7cLjTlCKzsZvWKz7B3fnuH1erDHBUyfFEqd_JOucu2DV8ZKAYcwt4EEpc_bM65Ba9Na2PAG__vcezNIiR5UoWKTyQq8wX7QsOLrnPQ1Af0YWqdt8DSxZqOzZ/s320/Screenshot%202023-12-28%20at%2011.11.52%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span>Cash: $878.2M</span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Weighted average diluted shares outstanding: 367.6M</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>B. Bought 20 ARC at $3.24</u></span></b></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwvlYRJt4jI5nErqy1E-_dIMrsRoe38gZ-Wo0mYQ2PBb7JxXOwuBo02j1w1vKiIY77m6fMpevp3j1NDzUNOSSE3GKlUc4ZnimyEVZ9t8JiuQX79lXKSC7KC2MwibjOS4sADTEQhHfzLTpTY2BFj-AQQ7IrcuqojQ2homPemqIN3sLyoMgMGosCNs0eY4f3/s2270/Screenshot%202023-12-28%20at%209.19.35%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="98" data-original-width="2270" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwvlYRJt4jI5nErqy1E-_dIMrsRoe38gZ-Wo0mYQ2PBb7JxXOwuBo02j1w1vKiIY77m6fMpevp3j1NDzUNOSSE3GKlUc4ZnimyEVZ9t8JiuQX79lXKSC7KC2MwibjOS4sADTEQhHfzLTpTY2BFj-AQQ7IrcuqojQ2homPemqIN3sLyoMgMGosCNs0eY4f3/s320/Screenshot%202023-12-28%20at%209.19.35%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/arc?mod=search_symbol" style="text-align: left;">ARC Document Solutions Inc. (ARC)</a> </p><p style="text-align: justify;">Cost: $97.2 </p><p style="text-align: justify;">ARC is a digital printing company that operates in 4 business segments: </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9zlQ_-CEgrxtGBOx6eBtFKfEZSu7jp8i_QSWvTftkISdLj_8J7B6XRViXKdsnt-sE6j2yQ3sUWIH5C8u6Y7UzJhk0XSI89f4kJFcefCjBH-9i8b5eTjSKiGKnq4x0ky-Gt9-tBJhKwkvUUOGRyNFn6-L9bAZAlPJIntlyEzX-oToUR3NUVPSiJHbEGKh6/s3062/Screenshot%202023-12-28%20at%209.30.52%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1098" data-original-width="3062" height="115" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9zlQ_-CEgrxtGBOx6eBtFKfEZSu7jp8i_QSWvTftkISdLj_8J7B6XRViXKdsnt-sE6j2yQ3sUWIH5C8u6Y7UzJhk0XSI89f4kJFcefCjBH-9i8b5eTjSKiGKnq4x0ky-Gt9-tBJhKwkvUUOGRyNFn6-L9bAZAlPJIntlyEzX-oToUR3NUVPSiJHbEGKh6/s320/Screenshot%202023-12-28%20at%209.30.52%E2%80%AFAM.png" width="320" /></a></div></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2_j8SrEBsfdUvS5pf78ZBDmdm6QngRRe6paXbvpwosPnQ4aYfX3Zai0aDFzWmNQ2UDTS9hY_IYRnZT19qkgyF_XE3HPmV823caCPoL3N6-8T1KAw46wmwxniRjZsDXr7M-0NSMAg9JMn6IEAJnt_76pmOqFZCs02GLgmMvncXLe-eQUgC2_G2VSBTgSuG/s3070/Screenshot%202023-12-28%20at%209.31.58%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="156" data-original-width="3070" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2_j8SrEBsfdUvS5pf78ZBDmdm6QngRRe6paXbvpwosPnQ4aYfX3Zai0aDFzWmNQ2UDTS9hY_IYRnZT19qkgyF_XE3HPmV823caCPoL3N6-8T1KAw46wmwxniRjZsDXr7M-0NSMAg9JMn6IEAJnt_76pmOqFZCs02GLgmMvncXLe-eQUgC2_G2VSBTgSuG/s320/Screenshot%202023-12-28%20at%209.31.58%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/arc/analystestimates?mod=mw_quote_tab">ARC Analyst Estimates | MarketWatch</a> (As of 12/28/23, the 1 analyst who provides estimates is predicting an E.P.S. $.29 this year; $.32 in 2024; and $.36 in 2025) Using the 2024 E.P.S. estimate, the forward P/E is about 10.13. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1305168&owner=exclude">ARC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1305168/000130516823000101/arc-20230930.htm">ARC 10 - Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://finance.yahoo.com/quote/ARC/chart?p=ARC#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-">ARC Document Solutions, Inc. (ARC) Interactive Stock Chart - Yahoo Finance</a> The stock was trading at over $30 in 2006, crashed to around $3 in March 2009 and has been in a rut since then, though with two rallies that took the stock close to $10 in 2011 and 2014. The most recent peak was near $5 in 2017. So the chart says abandon all hope, ye who enter. </span><a href="https://www.york.ac.uk/politics/research/current-projects/citizenship-futures/talkingabouthopeproject/hopeindantesdivinecomedy-partone/" style="text-align: left;">Hope in Dante's Divine Comedy - Part One - Politics and International Relations, University of York</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.05 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;">No dividend was paid starting in the 2005 third quarter through 2019. A quarterly dividend was restarted in 2020 first quarter at $.01 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC</u></i>: <b>6.17</b>% but unreliable IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 1/30/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/1305168/000130516823000098/exhibit991-q32023earningsr.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. $.07</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income: $3.2M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $71.1M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash: $50.586M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Weighted Diluted Average Shares: 43.516M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Revenues for 9 months: $212.325M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Jorge Avalos, CFO. "Year-to-date cash flows remain robust and fully support our annual twenty-cent dividend and ongoing share repurchases. While we expect sales to fluctuate for the remainder of the year, we're confident in generating growth opportunities, sustaining cash flow, and consistently providing shareholder value in the foreseeable future."</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The following metrics are sourced from <a href="https://www.reuters.com/markets/companies/ARC/key-metrics/per-share-data">Reuters</a>:</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Book Value per share: $3.65 (most recent quarter)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">TTM Free cash flow per share: $.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Price to Sales TTM: .5 (click valuation tab) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Treasury Bill Purchases at Auction</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUcexpXMN34bQyIasCTSaNXedjzTM7y6V466cfR35-VOTTCMyDlmsfIm2Cz07FYKQTPRRP7r1NTvmdJY9bF8V6VQj21EZE6OrXi8A8gGXeg50AqbdnnbblARYQX5-kKzK7ZxbF8yRV9Y_IMexzh_P6uEV4Aoky2jqu-zv3psFVhrN6FG1sSuQiqowtok0w/s1690/Screenshot%202023-12-30%20at%207.25.20%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1690" data-original-width="1564" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUcexpXMN34bQyIasCTSaNXedjzTM7y6V466cfR35-VOTTCMyDlmsfIm2Cz07FYKQTPRRP7r1NTvmdJY9bF8V6VQj21EZE6OrXi8A8gGXeg50AqbdnnbblARYQX5-kKzK7ZxbF8yRV9Y_IMexzh_P6uEV4Aoky2jqu-zv3psFVhrN6FG1sSuQiqowtok0w/s320/Screenshot%202023-12-30%20at%207.25.20%E2%80%AFAM.png" width="296" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Bought 2 Treasury Bills at the 12/26/23 Auction</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2Vfah6fIWoNN_OG3htrvZrQRRgRwEsmVDMmayqPcUHkSquAs5hUZLw_uijUi7URB-YJWdGRy1rf8sUE-hKEYAzjH_jMRWgFtsJbKu9f9nO5bl3Memd7-WshGZqZGu54D5R4ZIzemMMt1JX4pvpVlHRBnZ4XdyYu0Rqe7RpEFKgnZiU8RRSw2k8QMLuWJ4/s2908/Treasury%20(2)%206:27:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="188" data-original-width="2908" height="21" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2Vfah6fIWoNN_OG3htrvZrQRRgRwEsmVDMmayqPcUHkSquAs5hUZLw_uijUi7URB-YJWdGRy1rf8sUE-hKEYAzjH_jMRWgFtsJbKu9f9nO5bl3Memd7-WshGZqZGu54D5R4ZIzemMMt1JX4pvpVlHRBnZ4XdyYu0Rqe7RpEFKgnZiU8RRSw2k8QMLuWJ4/s320/Treasury%20(2)%206:27:24%20.png" width="320" /></span></a></div><span style="font-family: georgia;">182 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 6/27/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $51.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.301</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhulfdjYkmednLanBisUBwKEL-KEeJUCYbvmGFsGG5kVysfh4ts-tkz7ggm5ERarC3nEJtPYfJ4Xqf4yZIfcgsSyEPqWMPP06PPAHAEl0QTgTGkNyIPx3Oz2tgrTpVmPq0c3r2-iftb_U8omPThW-Q1OTAadw_OVXL8tk9CmAXU0CjkzkDu3FNeIPxNJCLW/s1188/Screenshot%202023-12-26%20at%2010.59.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="580" data-original-width="1188" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhulfdjYkmednLanBisUBwKEL-KEeJUCYbvmGFsGG5kVysfh4ts-tkz7ggm5ERarC3nEJtPYfJ4Xqf4yZIfcgsSyEPqWMPP06PPAHAEl0QTgTGkNyIPx3Oz2tgrTpVmPq0c3r2-iftb_U8omPThW-Q1OTAadw_OVXL8tk9CmAXU0CjkzkDu3FNeIPxNJCLW/s320/Screenshot%202023-12-26%20at%2010.59.57%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>B. Bought 20 Treasury Bills at the 12/28/23 Auction</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVNrCvqzObVWltErdcZx6Aq8WNjAl0cMEtrvpuCXmWVYCzb97kKzMGUrONNsSaxML8fW7Fxss5dSdsPloxqmjhe8nec4RiAGWRNT-8NgQqzaA36CtkMA9qEmpVPDv5C_Mqv0dpfuZZuvqiKW62KZv56KiE3GTUAuUWd7XDNsK2V_74E4INzG9pjeGMlUpr/s2912/Treasury%20(8)%202:27:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="322" data-original-width="2912" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVNrCvqzObVWltErdcZx6Aq8WNjAl0cMEtrvpuCXmWVYCzb97kKzMGUrONNsSaxML8fW7Fxss5dSdsPloxqmjhe8nec4RiAGWRNT-8NgQqzaA36CtkMA9qEmpVPDv5C_Mqv0dpfuZZuvqiKW62KZv56KiE3GTUAuUWd7XDNsK2V_74E4INzG9pjeGMlUpr/s320/Treasury%20(8)%202:27:24.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRTe7Ngnsph34CQNaCOYxGpOqbjXkLQIMEQ5WTL7gtdLzaoiZlXRyLdG8Kxx2YFr3ocn6RqpEX-SG98TsCwf0rqRaopIyaEryUluabyVIhSjerFg6PGXBI-79nZHFUDMb1lBWt0OV56nvagic6lqSuBxArpW_izOYbZwxjhRttV9PCQRnhoURnWeYSo6f9/s1964/Treasury%20(12)%202:27:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="696" data-original-width="1964" height="113" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRTe7Ngnsph34CQNaCOYxGpOqbjXkLQIMEQ5WTL7gtdLzaoiZlXRyLdG8Kxx2YFr3ocn6RqpEX-SG98TsCwf0rqRaopIyaEryUluabyVIhSjerFg6PGXBI-79nZHFUDMb1lBWt0OV56nvagic6lqSuBxArpW_izOYbZwxjhRttV9PCQRnhoURnWeYSo6f9/s320/Treasury%20(12)%202:27:24.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">12 were bought in my Fidelity account. The MM alternative in that account had a 7 day SEC yield of 5%. The other 8 were bought in my Schwab account where the sweep fund pays .45%. </p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 2/27/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Interest: $164.42</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate:<b> 5.418</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2Q5SKqsxJxLUOQ3nMGRqbnXVpzBXWEmiM5HBdNL7KIPfqmCtZMvoU2R8GYp1TPE5zrRi9MAfypjStIf_PHxIct3OA6L_tgTruL9ojSA9hxO0rG19RjivO7XCNaF4DWLdT2Pr2jkjZhJ4WJ73E-6rMbfAQ-03jqEf2Xb5rOHuwxUSrV067tbXRHRAp2ZPa/s1140/Screenshot%202023-12-28%20at%2012.36.07%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="550" data-original-width="1140" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2Q5SKqsxJxLUOQ3nMGRqbnXVpzBXWEmiM5HBdNL7KIPfqmCtZMvoU2R8GYp1TPE5zrRi9MAfypjStIf_PHxIct3OA6L_tgTruL9ojSA9hxO0rG19RjivO7XCNaF4DWLdT2Pr2jkjZhJ4WJ73E-6rMbfAQ-03jqEf2Xb5rOHuwxUSrV067tbXRHRAp2ZPa/s320/Screenshot%202023-12-28%20at%2012.36.07%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>6. Exchange Traded First Mortgage Bond:</b></span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost Total: $1,293.8</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Added to EAI in Vanguard Taxable Account - Bought 10 at $21.64</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOrkZL_iJkTKjBUYXyK7egh_DiUXfhimS9u8XiRnEkAVNCNWwlAtb3A6KHWMVss-1Ec17jT_jh370FvVJJUYpu1YtE9g1SPl3hT-fCBJWa3XOAdt3G3xbIZAwtvVpUPGG2LzOvAi59S-d0YOpj-Ri43UgMgnAS2_K1KnSmlmenmG7VFAZyGSaD0owbng_g/s2394/EAI%2010%20at%20$21.64.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="326" data-original-width="2394" height="44" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOrkZL_iJkTKjBUYXyK7egh_DiUXfhimS9u8XiRnEkAVNCNWwlAtb3A6KHWMVss-1Ec17jT_jh370FvVJJUYpu1YtE9g1SPl3hT-fCBJWa3XOAdt3G3xbIZAwtvVpUPGG2LzOvAi59S-d0YOpj-Ri43UgMgnAS2_K1KnSmlmenmG7VFAZyGSaD0owbng_g/s320/EAI%2010%20at%20$21.64.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="http://www.marketwatch.com/investing/stock/eai" style="text-align: left;">Entergy Arkansas <b>1st Mortgage Bonds 4.875% <span style="color: red;">due 2066</span> </b>(EAI)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 6.B. Added 5 EAI at $21.6 - Vanguard Taxable Account (12/16/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 5. Added to EAI in Schwab Account - Bought 5 at $21.5; 5 at $21.22 (11/25/23 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 5.B. Added 5 EAI at $20.1; 5 at $19.85 - Schwab Account (10/21/23 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2023/10/aio-aod-bkh-bmy-bohpra-cnobp-codi-dgro.html" style="text-align: left;">Item # 7.A. Added to EAI in Schwab Account - Bought 5 at $20.62; 5 at $20.36 (10/14/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am barely responding to continued declines in the 30 year treasury bond yields with this kind of purchase. <a href="https://fred.stlouisfed.org/series/DGS30" style="text-align: left;">Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity, Quoted on an Investment Basis -St. Louis Fed</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: Wholly owned subsidiary of <a href="https://www.marketwatch.com/investing/stock/etr?mod=search_symbol" style="text-align: left;">Entergy Corp. (ETR)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2017/01/exchange-traded-baby-bonds.html" style="text-align: left;">Exchange Traded Baby Bonds</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/7323/000006598416000649/d164436d424b2.htm"><span style="font-family: georgia;">Prospectus</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">First mortgage lien on substantially all assets </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: 9/1/66</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trades Flat</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: Quarterly</span></p><div><span style="font-family: georgia;"><i><u>Last Ex Interest</u></i>: 11/29/23</span></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Maximum Position All Taxable Accounts</u></i>: 300 shares</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">At 300 shares, the annual interest payment will be $365.25 (.0487 coupon x. $25 par value = $1.2175 annual interest payment per share x. 300 shares = $365.25)</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">EAI Position All Taxable Accounts (including the purchases discussed below) = 245 shares (annual interest payment at $298.29)</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I will also own this FM bond in my Roth IRA accounts where I turn taxable interest into tax free interest. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Added 20 EAI at $21.62 in my Fidelity Account and 30 at $21.5 in my Schwab Account</u></b></span></i>:</span></div><div style="text-align: justify;"><span style="font-family: georgia;"> </span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDaSkJbU_dGN8ACRlxg90WB2LHgT06aum3Nth__JNXVS8YvIvwmgXw1_luu1bkLQv7yZxjtMbOmvFdIvakUrHbOxT31lqzeTJKC3wRXzAEOEBDzcQ50ZtjftEOLmo7CMzQIjLXDeyz7mE0fgmJ8BU9aP3ltFis96IdImMO8Rj9itwwhyphenhyphenEnvJBpP4NfWPiR/s2274/20%20at%20$21.62%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="216" data-original-width="2274" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDaSkJbU_dGN8ACRlxg90WB2LHgT06aum3Nth__JNXVS8YvIvwmgXw1_luu1bkLQv7yZxjtMbOmvFdIvakUrHbOxT31lqzeTJKC3wRXzAEOEBDzcQ50ZtjftEOLmo7CMzQIjLXDeyz7mE0fgmJ8BU9aP3ltFis96IdImMO8Rj9itwwhyphenhyphenEnvJBpP4NfWPiR/s320/20%20at%20$21.62%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiozh7w85hrZ15vVuJwzR-LdusiZ2GevxIkAcsEyqyULnhOG53jE8o4VoOXNpWpKz3v6CRsPdLINacCO-TQ_kg_R40IlHkdscnxepglOhXAx89XpAEDb2pDD9TxB6r5h-B8X5PfAt_iihrO3XBitmlMu1qAVNq7dlqXeH-lksrB2d3DmevIIEEOJPrfnJXl/s2944/EAI%2030%20AT%20$21.5%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="310" data-original-width="2944" height="34" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiozh7w85hrZ15vVuJwzR-LdusiZ2GevxIkAcsEyqyULnhOG53jE8o4VoOXNpWpKz3v6CRsPdLINacCO-TQ_kg_R40IlHkdscnxepglOhXAx89XpAEDb2pDD9TxB6r5h-B8X5PfAt_iihrO3XBitmlMu1qAVNq7dlqXeH-lksrB2d3DmevIIEEOJPrfnJXl/s320/EAI%2030%20AT%20$21.5%20.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">See Item 6.A above.</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">These purchases brought the position to 100 shares in both accounts. I will now add only to my Vanguard account until I hit 100 shares. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">On the day of purchase, the 30 year treasury bond closed at a 3.95% yield. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Average cost per share Schwab Account: <b>$21.45</b> (100 shares)</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Yield at AC = <b>5.68</b>%</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Average cost per share Fidelity Account: <b>$22.44 </b> (100 shares)</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Yield at AC =<b> 5.43</b>%</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><b>Disclaimer</b>:<span> </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <b style="box-sizing: border-box;">not</b></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333;"> </span><b style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></b><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><b style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></b><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span></span></p></div></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com22tag:blogger.com,1999:blog-2986124651030959736.post-68379365388922175332023-12-23T08:53:00.011-06:002023-12-27T08:51:50.384-06:00AMCX, BSTZ, ELC, EMAPRC:CA, EQR, FLCA, MAA, MAPTX, PRWCX, REI.UN:CA, RYLD, VHCOX<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In the third estimate of the 3rd quarter, real GDP growth was revised down to a 4.9% annual rate from 5.2%. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWPNmLv1v2_tPOuT1iezXNv-N7G1rApgvXh2I24b4kXRguoetOvYRZQmOnDxt3lc-axZbiilk1y2ptFYkDIQFila_ZfhrPUaT2vr-XG0FhJ5gERPQ9xku1v9CPH5flNSdcexO0RRPSNcuW7AWqUM3a06sF3cWJnLXdTw9HzKFQC2KuoGbTKULqNC-uWeh9/s1462/Screenshot%202023-12-21%20at%208.31.56%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="278" data-original-width="1462" height="61" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWPNmLv1v2_tPOuT1iezXNv-N7G1rApgvXh2I24b4kXRguoetOvYRZQmOnDxt3lc-axZbiilk1y2ptFYkDIQFila_ZfhrPUaT2vr-XG0FhJ5gERPQ9xku1v9CPH5flNSdcexO0RRPSNcuW7AWqUM3a06sF3cWJnLXdTw9HzKFQC2KuoGbTKULqNC-uWeh9/s320/Screenshot%202023-12-21%20at%208.31.56%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The PCE price index was revised down by .2% to 2.6%. The core PCE price index was revised down by .3% to 2%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A 2% increase in the Core PCE price index is the Fed goal on inflation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bea.gov/news/2023/gross-domestic-product-third-estimate-corporate-profits-revised-estimate-and-gdp-0">Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Third Quarter 2023 | U.S. Bureau of Economic Analysis (BEA)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The PCE price index <b>declined by .1% </b>in November, the first decline since April 2020. The core PCE price index rose +.1% month-to-month.</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4v1BNCZx87tJrTsIicTAC3MVES8HxG7w9C-IACndhZCUJAQRIjxUFiNaAS1tT3ejfNwdyBIAcoUhGRzDLl3whBypXcgJAMvS4crC9P7tkCV9aTPxY7uOZNAKcmtidBlPvXPpvkmFlEEDtv_PPbyHUiDfEQXdI2DZULYN9VWOLX1iIP_JbYCJevyvOnjvI/s2184/Screenshot%202023-12-22%20at%207.47.51%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1238" data-original-width="2184" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4v1BNCZx87tJrTsIicTAC3MVES8HxG7w9C-IACndhZCUJAQRIjxUFiNaAS1tT3ejfNwdyBIAcoUhGRzDLl3whBypXcgJAMvS4crC9P7tkCV9aTPxY7uOZNAKcmtidBlPvXPpvkmFlEEDtv_PPbyHUiDfEQXdI2DZULYN9VWOLX1iIP_JbYCJevyvOnjvI/s320/Screenshot%202023-12-22%20at%207.47.51%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><a href="https://www.bea.gov/news/2023/personal-income-and-outlays-november-2023"><span style="font-family: georgia;">Personal Income and Outlays, November 2023 | U.S. Bureau of Economic Analysis (BEA)</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">12 month PCE Prices: 2.6%, down from 3% through October.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12 month Core PCE Prices: 3.2%, down from 3.5% through October. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Over the past six months, Core PCE prices have increased 1.87% on an annualized basis, below the FED's target of 2%. </span><a href="https://www.barrons.com/articles/pce-inflation-fed-prices-rates-0c6b0d0a?mod=hp_LEAD_1" style="text-align: left;">Core PCE Inflation Data Are Out. These Are the Highlights. - Barron's</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The PCE price index is not the same as CPI. <a href="https://www.advisorperspectives.com/dshort/updates/2023/11/30/two-measures-of-inflation-october-2023" style="text-align: left;">Two Measures of Inflation: October 2023 - dshort - Advisor Perspectives</a>; <a href="https://fredblog.stlouisfed.org/2023/12/watching-cpi-and-pce-inflation-in-fred/" style="text-align: left;">Watching CPI and PCE inflation in FRED | FRED Blog</a> ("<span style="background-color: white; color: #333333; text-align: left;">One component that may also help depict the difference between these two price indexes is </span><span class="ui-provider ed bbj bbb bbk bbl bbm bbn bbo bbp bbq bbr bbs bbt bbu bbv bbw bbx bby bbz bca bcb bcc bcd bce bcf bcg bch bci bcj bck bcl bcm bcn bco bcp" dir="ltr" style="background-color: white; box-sizing: border-box; color: #333333; margin-top: 8px; text-align: left;">annual inflation in “imputed rental of owner-occupied housing . . .</span><span style="background-color: white; color: #333333; text-align: left;"> Since CPI has higher weights for housing, this imputed rent should contribute much more to the CPI than the PCE.")</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Without shelter inflation, the annual CPI through November would have been +1.4% rather than the reported 3.1%. </span><a href="https://www.bls.gov/news.release/cpi.nr0.htm" style="text-align: left;">Consumer Price Index Summary - 2023 M11 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The largest component of the shelter "expense" is owners equivalent rent that is weighted at 25.825% in CPI. The government claims that this non-expense "expense" rose 6.7% through October. Homeowners do not pay rent to themselves. Rent for a primary residence that is actually paid has a 7.658% weighting in CPI. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The government's calculation of "owners equivalent rent" does not use inflation in home prices but in rents. There is a considerable lag in that calculation since rents typically roll over only an annual basis. The lag is further increased by the government sampling rent prices at 6 month intervals and then using a rolling six month average. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Rent inflation has already decreased substantially but that is not yet reflected in the BLS shelter expense calculations. According to Zillow, rents have actually increased by 3.3% over the past year, lower than the average for 2019-2021. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>A UBS economist believes that shelter inflation will decline to 3.75% by year end 2024. That would be down from an annual +6.5% through November 2023. </span><a href="https://www.bls.gov/news.release/cpi.t02.htm" style="text-align: left;">Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2023 M11 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">CPI will likely continue its decline during 2024 as the shelter "expense" slowly resets to what is actually happening now in rent inflation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In a WSJ article, it was noted that Alphabet, Apple, Microsoft, Amazon, Nvidia, Tesla and Meta Platforms represent about 30% of the S&P 500's market value and a higher combined weighting than all of the stocks from Japan, France, China and the U.K. in the MSCI Country World Index (which includes about 85% of the global equity market).</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/story/feds-dovish-pivot-is-big-gamble-thats-likely-fail-says-former-top-new-york-fed-official-3d5f1381?mod=home-page">Fed's dovish pivot is gamble that's likely to fail: former top N.Y. Fed official - MarketWatch</a> The former official is Bill Dudley who believes that the FED's recent dovish pivot may, through spillover effects in financial markets, contribute to the economy overheating and to inflation remaining stubbornly high. Inflation historically has remained subdued and low for long periods with the stock market being in a long term secular bull market. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.fitchratings.com/research/structured-finance/homes-prices-remain-overvalued-in-88-of-us-20-12-2023#:~:text=Fitch%20Ratings%2DNew%20York%2D20,in%20home%20prices%20in%20Q3.">Homes Prices Remain Overvalued in 88% of the U.S.</a></span></p><p style="text-align: justify;"><a href="https://www.nar.realtor/newsroom/existing-home-sales-expanded-0-8-in-november-ending-five-month-slide"><span style="font-family: georgia;">Existing-Home Sales Expanded 0.8% in November, Ending Five-Month Slide</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.freddiemac.com/pmms">Mortgage Rates - Freddie Mac</a> Using weekly average numbers over the past year, the 30 year fixed rate mortgage rate hit a high of 7.79% (W/E 10/26) and had fallen to 6.67% for the W/E 12/21.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Auction Purchases: $15,000 in principal amount </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: None</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Purchased Treasury MM Fund SNOXX: $2,000 </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizYPxGxTGbitChHqCEjvjorVewkNxKGHZF7MS_C639Ya6qGyAX3e5GQ1xG-ekBi84mcYLt-Sws-MNqlAiKksqOBY6Br8YZh4CpxIslZZBHV5i7ppXk1dWwd0sgS0zDVUPU6yJVpoS3ngf3ksWu-hzZFZYtKFSx_tDKG4mpGfa4sF2kqvhyphenhyphenSoRSCllF_3C2/s2890/SNOXX.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="170" data-original-width="2890" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizYPxGxTGbitChHqCEjvjorVewkNxKGHZF7MS_C639Ya6qGyAX3e5GQ1xG-ekBi84mcYLt-Sws-MNqlAiKksqOBY6Br8YZh4CpxIslZZBHV5i7ppXk1dWwd0sgS0zDVUPU6yJVpoS3ngf3ksWu-hzZFZYtKFSx_tDKG4mpGfa4sF2kqvhyphenhyphenSoRSCllF_3C2/s320/SNOXX.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual U.S. Common Stocks: <span style="color: red;"><b>-</b></span>$588.77</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $975.84 in proceeds minus $387.07 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Canadian REIT: </span><span style="font-family: georgia;"> <span style="color: #6aa84f;"><b>+</b></span>C$1,850</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock CEF and ETF: <span style="color: #6aa84f;"><b>+</b></span>$584.28</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock Mutual Funds: <b><span style="color: #6aa84f;">+</span></b>$550</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Inflow Common Stocks/Funds: <span style="color: #6aa84f;"><b>+</b></span>$1,914.51 (valuing Canadian REIT purchase at US$1,369 for this purpose) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded First Mortgage Bond (ELC): <span style="color: #38761d;"><b>+</b></span>$426.2 (weighted yield at 5.59%) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Outflow Stocks/Stock Funds: <b><span style="color: red;">-</span></b>$25,319.56</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The primary reason for the net outflow this year is the risk free return in treasury bills, CDs and U.S. Treasury MM funds taking into account my investment objectives that place more importance on preservation of capital and income generation than capital gains from stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Despicable Don and His Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Election-2024 Republican Presidential Nomination</a></span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html" style="text-align: left;"><span style="font-family: georgia;">RealClearPolitics - Election 2024 <span>- General Election: Trump vs. Biden</span></span></a></p><p style="text-align: justify;"><a href="https://www.cnbc.com/2023/12/19/trump-wipes-out-bidens-lead-with-latino-voters-in-2024-cnbc-survey-.html"><span style="font-family: georgia;">Trump wipes out Biden's lead with Latino voters in 2024: CNBC survey</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://abcnews.go.com/Politics/trump-praises-dictators-rails-immigrants-sparking-backlash/story?id=105725220">Trump, again, praises dictators and rails against immigrants-again sparking backlash - ABC News (12/17/23)</a> He repeated a prior statement about immigrants that is reminiscent of Nazi propaganda: "<span style="background-color: white; text-align: left;">They're poisoning the blood of our country. That's what they've done" </span><a href="https://www.c-span.org/video/?c5098439/donald-trump-illegal-immigrants-poisoning-blood-country" style="text-align: left;">Donald Trump on Illegal Immigrants "Poisoning the Blood of Our Country" | C-SPAN.org</a> Donald learned a lot from reading Hitler's speeches which he puts to good use when he speaks to the Trumpsters. </span><span> </span><a href="https://www.mediaite.com/trump/ivana-trump-revealed-in-1990-vanity-fair-interview-that-her-ex-kept-hitler-speeches-in-a-cabinet-by-his-bed/" style="text-align: left;">Ivana Trump Says That Her Ex Read Hitler Speeches</a><span>; </span><a href="https://ny1.com/nyc/all-boroughs/news/2023/11/13/trump-hitler-vermin-nazi-biden" style="text-align: left;">Trump calls enemies ‘vermin,’ echoing Hitler and Nazis</a><span>; </span><a href="https://www.youtube.com/watch?v=t48IhPDEuds" style="text-align: left;">1990 report: Ivana Trump told her lawyer Donald Trump kept Hitler speeches beside bed - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Since republicans are reacting so positively to his "poisoning the blood of our country" line, Donald repeated it again at a rally in Waterloo, Iowa last Tuesday. Trump only repeats lines when they work on the intended audience. </span><a href="https://www.cnn.com/2023/12/19/politics/trump-immigrants-mein-kampf/index.html" style="text-align: left;">Trump says he’s never read ‘Mein Kampf’ as he doubles down on anti-immigrant rhetoric at Iowa rally | CNN Politics</a></span></p><p style="text-align: justify;"><a href="https://thehill.com/homenews/campaign/4370059-42-percent-of-gop-iowa-caucus-goers-say-poisoning-the-blood-remarks-make-them-more-likely-to-support-trump-poll/"><span style="font-family: georgia;">42 percent of GOP Iowa caucus goers say ‘poisoning the blood’ remarks make them more likely to support Trump: poll | The Hill</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/politics/2023/11/13/how-trumps-rhetoric-compares-hitlers/" style="text-align: left;">How Trump’s rhetoric compares with Hitler’s - The Washington Post</a> There are a number of similarities that go way back in time. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://www.cnn.com/2023/12/18/politics/kfile-donald-trump-defends-former-influencer-racist-antisemitic-past/index.html">Donald Trump defends former influencer Douglass Mackey convicted of election interference who has racist, antisemitic past</a> (Mackey </span></span><span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">"</span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">used the N-word in multiple posts, and he described Black people as “feral.” Antisemitism was another popular theme for him, and he routinely shared memes reminiscent of Nazi propaganda. . . </span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">One post, for example, included a comment about decorating a cake with a Jewish slur, a reference to putting Jews in gas chambers and praise for Hitler."; Mackey: "</span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">The jews fear that Donald Trump is Hitler because they know that they have done great evil in America. They fear justice will be done")</span></span><span><span>; </span></span><a href="https://www.youtube.com/watch?v=SQ9RiYQ8pAs" style="text-align: left;">Trump defends former influencer convicted of election interference who has racist, antisemitic past - YouTube</a><span> </span><span> The influencer, Douglass Mackey, has "</span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">a well-known history of pushing deeply racist, antisemitic, anti-Muslim and homophobic content online." Don Jr. called Mackay's twitter account "maybe" his "</span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">favorite Twitter account of all time". I understand Mackey's appeal to Donald and Don Jr. after reading a summary of his remarks. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">Don and Don Jr. recently attacked the Biden administration for suppressing Mackay's First Amendment rights to commit a felony. </span></span><a href="https://www.law.cornell.edu/uscode/text/18/241" style="text-align: left;">18 U.S. Code § 241 - Conspiracy against rights</a> (a felony, fine and/or imprisonment for up to 10 years; Mackey was convicted but is appealing the conviction) Trump has been charged under the same statute: <a href="https://www.lawfaremedia.org/article/three-questions-about-section-241-the-conspiracy-against-rights-statute" style="text-align: left;">Three Questions About Section 241, the Conspiracy Against Rights Statute | Lawfare</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://storage.courtlistener.com/recap/gov.uscourts.nyed.459733/gov.uscourts.nyed.459733.1.0_1.pdf" style="text-align: left;">Mackey Criminal Complaint</a>; </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.justice.gov/usao-edny/pr/social-media-influencer-douglass-mackey-convicted-election-interference-2016" style="text-align: left;">Eastern District of New York | Social Media Influencer Douglass Mackey Convicted of Election Interference in 2016 Presidential Race | United States Department of Justice</a>; </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.justice.gov/usao-edny/pr/social-media-influencer-douglass-mackey-sentenced-after-conviction-election#:~:text=Douglass%20Mackey%2C%20was%20sentenced%20today,President%20of%20the%20United%20States." style="text-align: left;">Eastern District of New York | Social Media Influencer Douglass Mackey Sentenced after Conviction for Election Interference in 2016 Presidential Race | United States Department of Justice</a> </span><span style="background-color: white; color: #2b2b2b; font-family: georgia; text-align: left;">Trump will receive over 75 million votes in 2024 and has a better than a 50% chance to be re-elected as President. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #2b2b2b; text-align: left;">I am already use to accepting that a mean spirited and vindictive psychopath and demagogue, who is ignorant, unwilling to learn, incapable of being truthful and possesses strong authoritarian tendencies, is supported by about 1/2 of the country and may become President again in 2024. Those observations have nothing to do with disagreements about issues or ideology. </span></span></p><p style="text-align: justify;"><span style="background-color: white; color: #2b2b2b; font-family: georgia; text-align: left;">Putting aside the legalities, discussed below, it is just a bad idea to remove Trump's name from ballots. Trump will lose the popular vote in 2024, possibly by more than 10 million coming mostly from wide margins in California, Illinois, New Jersey, and New York, but can win the election through the electoral college vote. If that is what Americans want, and tens of millions do, then so be it. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; color: #2b2b2b; text-align: left;">{Trump claimed that he did not lose the popular vote in 2016. He claimed that he won the popular vote since more than 3 million illegal immigrants voted for Hillary, and he did not receive a single one of those illegal votes. </span></span><a href="http://abcnews.go.com/Politics/transcript-abc-news-anchor-david-muir-interviews-president/story?id=45047602" style="text-align: left;"><span>TRANSCRIPT: ABC News Anchor David Muir Interviews President Trump - ABC News</span></a>, which I discuss in this post: <a href="https://tennesseeindependent.blogspot.com/2017/02/trump-and-massive-voter-fraud.html" style="text-align: left;">Trump and Massive Voter Fraud Allegations-Cover For Voter Suppression</a><span style="background-color: white; color: #2b2b2b; text-align: left;">} </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #2b2b2b; text-align: left;"><a href="https://www.nbcnews.com/politics/2024-election/colorado-hands-trump-political-gift-ballot-rcna130578">Colorado hands Trump a political gift by barring him from the ballot</a> I agree that Trump will benefit from this decision. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; color: #2b2b2b; text-align: left;"><a href="https://www.nytimes.com/2023/12/19/us/politics/trump-colorado-ballot-14th-amendment.html">Trump Is Disqualified From the 2024 Ballot, Colorado Supreme Court Rules - The New York Times</a> I previously discussed another ruling by a lower court judge that found that Trump had engaged in an insurrection within the meaning of the 14th Amendment but refused to disqualify him nonetheless since the Office of President was not mentioned by name in section 3 of that Amendment. The Colorado Supreme Court affirmed the lower court's decision that Trump had in fact engaged in an insurrection within the meaning of the 14th Amendment. </span></span><a href="https://www.courts.state.co.us/userfiles/file/Court_Probation/Supreme_Court/Opinions/2023/23SA300.pdf" style="text-align: left;">Decision.pdf</a> <span style="background-color: white; color: #2b2b2b; text-align: left;">(see pages 96-116). T</span><span style="background-color: white; color: #2b2b2b; text-align: left;">he findings of fact are supported by the evidence. </span><span style="background-color: white; color: #2b2b2b; text-align: left;">The court reversed the part of the lower court's decision that allowed Trump to remain on the primary ballot. This was a 4 to 3 ruling. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #2b2b2b; text-align: left;"><a href="https://www.nbcnews.com/politics/donald-trump/colorado-justices-face-flood-threats-disqualifying-trump-ballot-rcna130720">Colorado justices face flood of threats after disqualifying Trump from the ballot</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="background-color: white; color: #2b2b2b; text-align: left;"><a href="https://www.youtube.com/watch?v=ZhXoYdvMJv0">‘Authoritarian narcissist’: Paul Ryan offers candid opinion of Trump- YouTube</a> When reading Ryan's remarks, a line from Star Wars Revenge of the Sith popped into my brain. </span></span><a href="https://www.starwars.com/video/so-this-is-how-liberty-dies" style="text-align: left;">So This is How Liberty Dies | Revenge of the Sith (Episode III)- StarWars.com</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=dgrh5Bfrlwg">See Russian state media praise Mitch McConnell and GOP - YouTube</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=OhVpiOZ197o" style="text-align: left;"><span style="font-family: georgia;">Jen Rubin Asks... Why Do So Many Americans Want a Dictator - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=TSjCcaOCvCs">Trump allegedly pressured Michigan canvassers not to certify 2020 vote: New report - YouTube</a>; <a href="https://www.detroitnews.com/story/news/politics/2023/12/21/donald-trump-recorded-pressuring-wayne-canvassers-not-to-certify-2020-vote-michigan/72004514007/" style="text-align: left;">Trump recorded pressuring Wayne Co. canvassers <b>not to certify 2020 vote</b></a> Don the Authoritarian tried to cancel the certified vote total in a state where he lost by 154,188 votes: </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0py9xZSurrX7b26kicXEqHbH1cZ2sxqiUSKiV5bHn7mr8fjl4oDsT-BME4KDthN2_aEc_oZo9GATQ8QeHrLY1ndA4EuXaeArDAK_1TNbOkmHRNqimEJXS4uLuDi3ngQC_7IxtpwxP-Zpb6QpTV5ug019UzRWbVmCJkuEwpcHAWqrNSAhPdD1hWysa2FZC/s1588/Screenshot%202023-12-22%20at%2010.26.27%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="512" data-original-width="1588" height="103" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0py9xZSurrX7b26kicXEqHbH1cZ2sxqiUSKiV5bHn7mr8fjl4oDsT-BME4KDthN2_aEc_oZo9GATQ8QeHrLY1ndA4EuXaeArDAK_1TNbOkmHRNqimEJXS4uLuDi3ngQC_7IxtpwxP-Zpb6QpTV5ug019UzRWbVmCJkuEwpcHAWqrNSAhPdD1hWysa2FZC/s320/Screenshot%202023-12-22%20at%2010.26.27%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;"> </span></td></tr></tbody></table><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=rOM8N8JHeNM"><span style="font-family: georgia;">Donald Trump echoes Putin at campaign rally. Hear Jake Tapper’s response - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/16/politics/matt-schlapp-cpac-sexual-assault-allegations/?dicbo=v2-pn766XJ&iid=ob_lockedrail_longstory_pool">Two more sexual assault claims surface against head of conservative political organization</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>The anti-democracy party in Tennessee passed a law that made it a felony to vote in the "wrong primary". Tennessee does not require its voters to register as Democrats or Republicans. If a person is "allegiant" to the Democrats and votes in a republican primary, that is now a crime in Tennessee. </span></span><a href="https://tennesseelookout.com/briefs/federal-lawsuit-filed-over-new-tennessee-law-requiring-polling-places-to-warn-voters-against-voting-in-the-wrong-primary/" style="text-align: left;">Federal lawsuit filed over new Tennessee law requiring polling places to warn voters against voting in the 'wrong' primary – Tennessee Lookout</a> (see <a href="https://law.justia.com/codes/tennessee/2021/title-2/chapter-7/section-2-7-115/" style="text-align: left;">Tennessee Code § 2-7-115 (b)</a> and <a href="https://casetext.com/statute/tennessee-code/title-2-elections/chapter-19-prohibited-practices/part-1-prohibited-practices-generally/section-2-19-107-illegal-registration-or-voting" style="text-align: left;">Section 2-19-107 - Illegal registration or voting, Tenn. Code § 2-19-107</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As previously discussed in prior posts, the anti-democracy party in Tennessee decided that Nashville (Davidson County) voters would no longer be allowed to elect a Democrat to Congress. That decision was implemented by carving this major U.S. city into three parts and then joining each part with rural areas and small towns that were dominated by Trumpsters. One of those districts now extends into eastern Tennessee. Nashville/Davidson County is in the center: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3uiVHcxxAEUBeItXkk415XdQL2wt0upqNKA__weJLlMMAe590FlvYiVdIMgwaO-ccAO4Cm9pcaUbPgD-3esnwyQq_04D7cxlMc8awO1EwbqG0onrOnrg_n719dW1IgOGvtt6eahW4RphkD1YSM6fZTRNGuSYIE97dSJ3LBO3BnaiZ9dsaphSiihlySEJt/s1124/Screenshot%202023-12-21%20at%208.41.04%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="660" data-original-width="1124" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3uiVHcxxAEUBeItXkk415XdQL2wt0upqNKA__weJLlMMAe590FlvYiVdIMgwaO-ccAO4Cm9pcaUbPgD-3esnwyQq_04D7cxlMc8awO1EwbqG0onrOnrg_n719dW1IgOGvtt6eahW4RphkD1YSM6fZTRNGuSYIE97dSJ3LBO3BnaiZ9dsaphSiihlySEJt/s320/Screenshot%202023-12-21%20at%208.41.04%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><span style="font-family: georgia;"><img border="0" data-original-height="186" data-original-width="184" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhKp_-Kl298h1knpWDpj6F_tYt58IQfNrzl1-Ixi31zZElIH-TXM0HFStIiJ0asyFfxt6AlHbCyINBZDKWpWVfKkZm4-zA5kzMV163Ju-0tewIXfldLbCAqbWvTrD15wCOPyq-XlskgYZWC_Egt242Ep11FjTUaXuSwRbWp8QoKirYjwLtlrf26hyRFEwM/s1600/Screenshot%202023-12-21%20at%208.43.18%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;" width="184" /></span></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Davidson County/Nashville</span></td></tr></tbody></table><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhKp_-Kl298h1knpWDpj6F_tYt58IQfNrzl1-Ixi31zZElIH-TXM0HFStIiJ0asyFfxt6AlHbCyINBZDKWpWVfKkZm4-zA5kzMV163Ju-0tewIXfldLbCAqbWvTrD15wCOPyq-XlskgYZWC_Egt242Ep11FjTUaXuSwRbWp8QoKirYjwLtlrf26hyRFEwM/s186/Screenshot%202023-12-21%20at%208.43.18%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>When Nashville was a congressional district, the incumbent Democrat Jim Cooper won 100% of the vote in 2020. </span><a href="https://ballotpedia.org/Tennessee%27s_5th_Congressional_District_election,_2020" style="text-align: left;">Tennessee's 5th Congressional District election, 2020</a> <span>The republicans did not even bother to run a candidate against him. After the republican supermajority in the state legislature carved Nashville into three pieces, as shown above, no Democrat would have any chance to represent any of the three pieces that were joined with rural areas and small cities. Republicans have decided that Democrats will no longer be allowed to elect more than 1 congressional representative. So far, they have been unable to figure out how to carve up Memphis/Shelby County without endangering a currently safe republican congressional district. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of Misery</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.youtube.com/watch?v=-c1cUNrJtDs">Putin's Storm-Z troops 'mowed down' in human wave assaults on Avdiivka | Prof. Michael Clarke - YouTube</a> Since the start of Russia's assaults on Avdiivka, the military strategy employed is similar to </span><a href="https://en.wikipedia.org/wiki/Pickett%27s_Charge" style="text-align: left;">Pickett's Charge</a> at Gettysburg. Russia uses human wave attacks across barren ground that results in the attacking force being slaughtered. The military logic is that eventually the Ukrainians will run out of ammunition. These wave assaults also highlight the total disregard Putin has for Russian soldiers, viewing them as human cannon fodder of no importance. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.wsj.com/world/russia/putin-patrushev-plan-prigozhin-assassination-428d5ed8?mod=hp_lead_pos7">How Putin’s Right-Hand Man Took Out Prigozhin - WSJ</a> The person identified in this WSJ is Nikolai Patrushev. That guy is possibly best known for his claim that the U.S. is plotting to take over Russia since a volcano eruption in Wyoming will make the U.S. uninhabitable. There is a volcano in Yellowstone Park that last erupted about 640,000 years ago as a supervolcano and may never do so again. </span><a href="https://en.wikipedia.org/wiki/Yellowstone_Caldera" style="text-align: left;">Yellowstone Caldera - Wikipedia</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/interactive/2023/12/17/world/putin-companies-economy-boycott-elites-benefit-ukraine-war.html">How Putin Turned a Western Boycott Into a Bonanza - The New York Times</a> Putin, his coterie of Kleptocrats and the Russian government have benefited from Western companies leaving Russia since their assets and businesses were sold at heavily discounted prices. There is no benefit to the Russian people resulting from this mass exodus by western companies. There is a lesson here for western companies to learn, however. Never own any assets in Russia ever again. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2023/12/16/world/europe/ukraine-kherson-river-russia.html">Ukrainian Marines on ‘Suicide Mission’ in Crossing the Dnipro River - The New York Times</a> The article provides contradictory information to the progress claimed by Ukraine. Russia's multiple layers of defense are not going to be penetrated without first suppressing artillery fire on infantry and armored units and to a lesser extent neutralizing drones over areas under attack during a Ukrainian offensive. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=NLIhmpWKN-c">Putin: Ukraine's 'freebies' from the West are 'ending' - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Donald says that he will resolve this war within 24 hours after becoming President. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In a recent column, the former republican David Frum reminded me of statement made by the former republican House Speaker McCarthy that was captured on tape: <span style="text-align: left;">“There’s two people I think Putin pays: Rohrabacher and Trump.” Some in the room laughed. McCarthy responded, “Swear to God.”</span><span style="text-align: left;"> </span><a href="https://www.theatlantic.com/ideas/archive/2023/12/republicans-congress-ukraine-aid-trump/676374/" style="text-align: left;">Why Does the GOP Block Ukraine Aid? For Trump. - The Atlantic</a></span></p><p style="text-align: justify;"><a href="https://www.cnn.com/videos/world/2023/12/19/ukraine-front-lines-drone-unit-aid-nick-paton-walsh-ac360-pkg-hnk-vpx.cnn"><span style="font-family: georgia;">Video: Ukraine's front lines become more grim as funding dries up | CNN</span></a></p><p style="text-align: justify;"><a href="https://www.cnn.com/videos/world/2023/12/07/ukraine-avdiivka-soldiers-coren-ac360-vpx.cnn" style="text-align: left;"><span style="font-family: georgia;">See why delay in US aid is 'alarming' for soldiers in Ukraine</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nbcnews.com/news/china/xi-warned-biden-summit-beijing-will-reunify-taiwan-china-rcna130087">Xi warned Biden during summit that Beijing will reunify Taiwan with China</a> Since Taiwan will not voluntarily become part of China, it is only a question of time before China resorts to force IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Bought 100 REI.UN:CA at C$18.5 (Interactive Brokers Account- C$1 Commission)</span></b>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmfcAZ7p2d6yth0PIY-SYF596LolKkU0KNc9Y3K2lAZuHstIRl7XxEGY7oJ1OtInAXb53_e-uW4H10z5vn5FVV_5kLxTadyUz9OfJQxIltZ1lJTX-ft3Y1GA0pSDjyvpN6evmFwUL3PjHaNobgV9HSrumI5kAoQIuEDM8-1LM896ujfVV2d7n439TB64NT/s1416/REI.UN%20100%20AT%20$18.50.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="130" data-original-width="1416" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmfcAZ7p2d6yth0PIY-SYF596LolKkU0KNc9Y3K2lAZuHstIRl7XxEGY7oJ1OtInAXb53_e-uW4H10z5vn5FVV_5kLxTadyUz9OfJQxIltZ1lJTX-ft3Y1GA0pSDjyvpN6evmFwUL3PjHaNobgV9HSrumI5kAoQIuEDM8-1LM896ujfVV2d7n439TB64NT/s320/REI.UN%20100%20AT%20$18.50.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quotes: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">CADs: <a href="https://www.marketwatch.com/investing/stock/rei.ut?countrycode=ca&mod=search_symbol" style="text-align: left;">RioCan Real Estate Investment Trust (Canada: Toronto)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>USD Pink Sheets: </span><a href="https://finance.yahoo.com/quote/RIOCF?p=RIOCF&.tsrc=fin-srch" style="text-align: left;">RIOCF</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://s29.q4cdn.com/937534249/files/doc_financials/2023/Q3/REI-Q3-2023-Investor-Presentation.pdf">Q3 2023 - Investor Presentation.pdf</a> (192 properties, all located in Canada; 34M square feet; 97.5% committed occupancy; 85.8% retail, 10% office and 4.2% residential; apartments have 1.1M square feet and are part of mixed use properties) I like the growing movement into owning high quality apartment complexes. <a href="https://riocanliving.com/" style="text-align: left;">RioCan Living</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.riocan.com/" style="text-align: left;">RioCan REIT - Real Estate Investment Trust Company</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Elimination of REI:UN.CA</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2014/07/performance-numbers-ytd-fidelity.html" style="text-align: left;">Item # 7 Sold 100 REI.UN:CA <b>at C$27.04</b> (6/19/14 Post)</a>(profit at C$101 and USD reportable at $48.4)-<a href="http://tennesseeindependent.blogspot.com/2013/10/bought-50-bdnpre-at-2314-roth-irabought.html" style="text-align: left;">Item # 6 Bought 100 RioCan REIT at C$25.65</a> (10/31/13 Post)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination of RIOCF</u></i>: <a href="https://tennesseeindependent.blogspot.com/2021/12/bhb-cduaf-cxp-fbio-ifra-mmm-nomd-qqq.html" style="text-align: left;">Stocks, Bonds & PolitiItem Item #3.C. Sold 20 RIOCF at US$17.7 (12/16/21 Post)</a>(profit snapshot = $139.02) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Monthly at C$.09 per unit (C$1.08 annually), last raised from C$.085 effective for the March 2023 payment. There was a cut from $.12 to $.08 effective for the January 2021 payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Canada will tax and withhold 15%. </span></p><p style="text-align: justify;"><a href="https://www.schwab.com/learn/story/claiming-foreign-taxes-credit-or-deduction"><span style="font-family: georgia;">Claiming Foreign Taxes: Credit or Deduction? | Charles Schwab</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend Yield at C$18.51 Total Cost</i></u>: <b>5.83</b>%</span></p><p style="text-align: justify;"><a href="https://www.riocan.com/English/investors/press-releases/press-release-details/2023/RioCan-Real-Estate-Investment-Trust-Announces-December-2023-Distribution/default.aspx"><span style="font-family: georgia;">RioCan Real Estate Investment Trust Announces December 2023 Distribution</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): <a href="https://s29.q4cdn.com/937534249/files/doc_financials/2023/Q3/REI-Q3-2023-Report-to-Unitholders.pdf" style="text-align: left;">Q3 2023.pdf</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: C$269.11M, up 1.2%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per unit: C$.45, up C$.01</span></p><p style="text-align: justify;"><span style="font-family: georgia;">AFFO per share: C$.39</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Top 30 Tenants: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzG4Y4FWMI1LhN66yOXmjigFNzmk502eKu0NIbVOsy3hfpODV68d47QeqBo8J827R2oSWdx3XcUa8_3yZUVAz1NWYyAY9CzMaa6C3DCq8NFfgFJORnpmzvu3f5A-StEH9knE7Benoi2r5SYe2Pg0OvXYWIfq14eRNZksV0SAHnZrkMjTq2Nt1PR_6-UJPV/s1674/Screenshot%202023-12-16%20at%2010.39.48%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1674" data-original-width="1434" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzG4Y4FWMI1LhN66yOXmjigFNzmk502eKu0NIbVOsy3hfpODV68d47QeqBo8J827R2oSWdx3XcUa8_3yZUVAz1NWYyAY9CzMaa6C3DCq8NFfgFJORnpmzvu3f5A-StEH9knE7Benoi2r5SYe2Pg0OvXYWIfq14eRNZksV0SAHnZrkMjTq2Nt1PR_6-UJPV/s320/Screenshot%202023-12-16%20at%2010.39.48%E2%80%AFAM.png" width="274" /></span></a></div><div><span style="font-family: georgia;">Development Projects Under Construction: </span></div><div><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW-NTLjJ1q2UAijfslg6kj6A1TkrY_PGqyblwlsdHZF1HdH6WU6oD-wVQIVUWUXSU-ipld8I8h9cCIs17BzrntEP7PgG7ePr-ZRHgMN3Bb4wwWQGIISmplgJpXNURg9xSOq-X9uGnLm5I1mHFDxPKMeSDH8E_ALUjxe-jtHw8AgCGfacGVRKiXb3G5Ki59/s1866/Screenshot%202023-12-16%20at%2010.59.29%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1866" data-original-width="1726" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhW-NTLjJ1q2UAijfslg6kj6A1TkrY_PGqyblwlsdHZF1HdH6WU6oD-wVQIVUWUXSU-ipld8I8h9cCIs17BzrntEP7PgG7ePr-ZRHgMN3Bb4wwWQGIISmplgJpXNURg9xSOq-X9uGnLm5I1mHFDxPKMeSDH8E_ALUjxe-jtHw8AgCGfacGVRKiXb3G5Ki59/s320/Screenshot%202023-12-16%20at%2010.59.29%E2%80%AFAM.png" width="296" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">With the decline in the stock price, and a dividend yield looking more attractive compared to the five year Canadian government bond, I decided to buy a 100 unit lot, hoping to achieve a total annual return of 8%+. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>2. Canadian Reset Equity Preferred Stocks</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Three of my Canadian reset preferred stocks will soon reset their coupons for 5 years at spreads to the 5 year Canadian government bond yield (PWFPRT:CA; ENBPRP:CA and PPLPRC:CA) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Unfortunately, the 5 year yield has been coming down which will make those resets slightly less attractive. The yield topped out near 4.42% in early October 2023 and is current trading close to 3.31%. </span><a href="https://www.marketwatch.com/investing/bond/tmbmkca-05y/charts?countrycode=bx&mod=mw_quote_tab" style="text-align: left;">Canada 5 Year Government Bond Advanced Charts | MarketWatch</a> Even at 3.31% plus the spreads, the current yield will still be attractive to me at my total cost numbers and that is partly due to rates coming down for other investments as well. Nonetheless, I may reduce at least one position where the coupon will soon reset. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The preferred stock discussed below has already reset its coupon, so I am know what I will be receiving until 2028. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Added 100 EMAPRC:CA at C$19.6 (Interactive Brokers Account - C$1 Commission)</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXh37ll-wbGa76rAQpcUdiJXuFARguiSiXAf27n61Z3NZPtomudlJGYDVwzOyjvHeF4MJgXWGj3ul3LzOwDz5dLwDqhnuYmu25CeYpKAGTv2nd791NsRmyiPwkgwgNXYz2vAgkku53qfCoAST-IkH6BxnCSxHnlOghjdydi3duLmoV6eWXJBxuX1lcA38h/s1394/EMAPRC%20100%20AT%20$19.6.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="130" data-original-width="1394" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXh37ll-wbGa76rAQpcUdiJXuFARguiSiXAf27n61Z3NZPtomudlJGYDVwzOyjvHeF4MJgXWGj3ul3LzOwDz5dLwDqhnuYmu25CeYpKAGTv2nd791NsRmyiPwkgwgNXYz2vAgkku53qfCoAST-IkH6BxnCSxHnlOghjdydi3duLmoV6eWXJBxuX1lcA38h/s320/EMAPRC%20100%20AT%20$19.6.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/EMA-PC.TO?p=EMA-PC.TO" style="text-align: left;">EMA-PC.TO</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/ema?countrycode=ca&mod=search_symbol" style="text-align: left;">Emera Inc. Stock Quote (Canada: Toronto)</a> - Utility Holding Company</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i>: <a href="https://investors.emera.com/news/news-details/2023/Emera-Reports-2023-Third-Quarter-Financial-Results-and-8.9-billion-Three-Year-Capital-Outlook/default.aspx" style="text-align: left;">Emera Reports 2023 Third Quarter Financial Results and $8.9 billion Three Year Capital Outlook | Emera</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.emera.com/" style="text-align: left;">Home | Emera</a>; <a href="https://www.emera.com/companies/regulated-electric" style="text-align: left;"><span>Regulated Companies | Emera</span></a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Emera Preferred Stock Prospectuses: <a href="https://investors.emera.com/shareholder-info/preferred-shares/default.aspx" style="text-align: left;">Preferred Shares | Emera</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2022/10/cizn-emaprcca-dea-gdv-hiw-hr-hrzn-idv.html" style="text-align: left;">Item # 1. Bought Back 100 EMA.PRC:CA at C$18.45 (10/18/22 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Current Position</i></u>: 200 shares</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>C$19.04</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Coupon</u></i>: 2.65% spread to the 5 year Canadian Government Bond</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Reset Period</u></i>: Every 5 years</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Reset Coupon August 2023</i></u>: <b>6.434%</b> paid on a C$25 par value</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://investors.emera.com/news/news-details/2023/Emera-Incorporated-Announces-Dividend-Rates-for-Series-C-and-Series-D-First-Preferred-Shares/default.aspx">Emera Incorporated Announces Dividend Rates for Series C and Series D First Preferred Shares | Emera</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">This coupon indicates that the 5 year Canadian bond yield was at 3.784% on the reset date. (6.434% new coupon - 2.65% spread = 3.784% Five Year Canadian Bond Yield)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC</u></i> = <b>8.45</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(.06434% x. C$25 par value = C$1.6085 annual dividend per share ÷ C$19.04 Total Cost = 8.448%) Based on interest rates as they exist now, I view the 8.45% as high for a utility cumulative preferred stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid quarterly and cumulative</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Stopper Clause</i></u>: Standard. Emera must eliminate the common cash dividend before deferring its preferred stock dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Issuer Call Options</u></i>: Only on reset dates. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Common Stock</u></i>: I previously eliminated my common stock position. </span><a href="https://tennesseeindependent.blogspot.com/2022/04/amkby-aqnca-colb-eai-emaca-gnl-ilpt.html" style="text-align: left;">Item # 2. Sold 100 EMR:CA at C$62.77 (4/21/22 Post)</a>(profit snapshot = <span style="color: #6aa84f;">C$457</span>). This preferred stocks has a higher dividend yield.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Prior Eliminations of EMAPRC:CA</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2021/03/bcbp-bdn-cio-clx-crm-cznc-dea-edoc.html" style="text-align: left;">Item # 1.A. Sold 100 EMAPRC:CA at C$22.03 (3/27/21 Post)</a>(profit snapshot = <span style="color: #6aa84f;">C$747</span>); </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/instablog/434935-south-gent/4944101-south-gents-comment-blog-8-reits-preferred-stocks-bonds-regional-banks-healthcare-and#comment-74009393" style="text-align: left;">South Gent's Comment Blog # 8: Sold 100 EMAPRC at C$21.96</a>. Profit at C$429</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4nowTiomcJMBctRN8-hNcIrJFQDLaWbCrMdDfUTl8GGeHPzlIaUrCkKyO6UP2VK8kh_svxh5G8lYR4qSf9ZRCf44K7RLd69Weu9CbBf1-DOTicJn9owbTdpVzl9sEblqhfEHnPR0p_wq1kqgE43eanA8RM0zz147BWIzf8OyqhXSmjJm-YYPaQy0FdAaT/s2968/Screenshot%202023-12-16%20at%202.26.55%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="280" data-original-width="2968" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4nowTiomcJMBctRN8-hNcIrJFQDLaWbCrMdDfUTl8GGeHPzlIaUrCkKyO6UP2VK8kh_svxh5G8lYR4qSf9ZRCf44K7RLd69Weu9CbBf1-DOTicJn9owbTdpVzl9sEblqhfEHnPR0p_wq1kqgE43eanA8RM0zz147BWIzf8OyqhXSmjJm-YYPaQy0FdAaT/s320/Screenshot%202023-12-16%20at%202.26.55%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>EMAPRC:CA Realized Gains to Date</i></u>: <span style="color: #6aa84f;">C$1,176</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Small Ball Buys</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">EQR and MAA, discussed below, are apartment REITs.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am starting out really slow, hoping for better entry points. </span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><i><u><b>A. Started EQR - Bought 2 at $60.97</b></u></i></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgP7ltELcfwvvTPUY8k6093NuFOYlBaqLz85NISEjoSUohnt5jHLHQEoIMEGKLNQBZs4wMn81P-y0AVmkUI0xzA9XRUSjLMBroRtVdzlWUTBW1Rf6LD8i47uE7z2c6VYUuXt7GA6-pCyn_nWN5ECSztwDA71iT5g0MeacBF4Y3d4ivDmsudnLR8z9ECzk6E/s2872/EQR%202%20AT%20$60.97.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="282" data-original-width="2872" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgP7ltELcfwvvTPUY8k6093NuFOYlBaqLz85NISEjoSUohnt5jHLHQEoIMEGKLNQBZs4wMn81P-y0AVmkUI0xzA9XRUSjLMBroRtVdzlWUTBW1Rf6LD8i47uE7z2c6VYUuXt7GA6-pCyn_nWN5ECSztwDA71iT5g0MeacBF4Y3d4ivDmsudnLR8z9ECzk6E/s320/EQR%202%20AT%20$60.97.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/eqr?mod=search_symbol" style="text-align: left;">Equity Residential (EQR)</a> - Apartment REIT </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $121.94</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.equityapartments.com/" style="text-align: left;">Home | EquityApartments.com</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=906107&owner=exclude">EQR SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/906107/000095017023058214/eqr-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Properties as of 9/30/23: 80,683 Apartment Units</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgesgI_2-nPOSv3hJGQRSQ7WGMiTPOnOEb_sBpy22N1LZvhgsFeev9oLO6c312iEkeshAHzmR30Lt6RZECL3kX5Blclwt1IVPA4hppV7PjugyLUk7TjaKFE2lNWzczTvDkoN2ZKsWrPLRVoe8kSlqCkmHVJQYcxyXGvWpW1eAExDtppTpXhfZwDIQAOSzvn/s3058/Screenshot%202023-12-17%20at%206.19.06%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1156" data-original-width="3058" height="121" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgesgI_2-nPOSv3hJGQRSQ7WGMiTPOnOEb_sBpy22N1LZvhgsFeev9oLO6c312iEkeshAHzmR30Lt6RZECL3kX5Blclwt1IVPA4hppV7PjugyLUk7TjaKFE2lNWzczTvDkoN2ZKsWrPLRVoe8kSlqCkmHVJQYcxyXGvWpW1eAExDtppTpXhfZwDIQAOSzvn/s320/Screenshot%202023-12-17%20at%206.19.06%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i><span>: Quarterly at $.6625 per share ($2.65 annually), last raised from $.625 effective for the 2023 second quarter payment. The quarterly rate was at $.40 in 2013. </span><a href="https://investors.equityapartments.com/stock/dividends/default.aspx" style="text-align: left;">Dividends | Equity Residential</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>There was a $3 per share special dividend paid in 2016. </span><a href="https://investors.equityapartments.com/news-events/press-releases-news/news-details/2016/Equity-Residential-Declares-Special-Cash-Dividend-of-3-per-Share/default.aspx" style="text-align: left;">Equity Residential Declares Special Cash Dividend of $3 per Share</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $60.97</i></u><span>: </span><b>4.35</b><span>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am still having trouble accepting less than 5% when starting a common stock position. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: </span><span style="font-family: georgia;">12/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/906107/000095017023056895/eqr-ex99_1.htm" style="text-align: left;">SEC Filing</a> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqU4kelOuL8a_8sKtZOzSc3bd6ShzaILt_U70ScqHLuhdq-lioD5j1Nq2HtQ1sLCnUn9iUyWr8gDC-UBivAMctMpSFu2JrBjeCBPG_kk_D4sLKYkbMdai5IQD2S3OLjTOthDu-l5l5SBTSKd1h5feJbgv96_FEid333-UaH6L-En2gan_o3LJoEZ00L4Yp/s3064/Screenshot%202023-12-17%20at%206.14.59%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1008" data-original-width="3064" height="105" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqU4kelOuL8a_8sKtZOzSc3bd6ShzaILt_U70ScqHLuhdq-lioD5j1Nq2HtQ1sLCnUn9iUyWr8gDC-UBivAMctMpSFu2JrBjeCBPG_kk_D4sLKYkbMdai5IQD2S3OLjTOthDu-l5l5SBTSKd1h5feJbgv96_FEid333-UaH6L-En2gan_o3LJoEZ00L4Yp/s320/Screenshot%202023-12-17%20at%206.14.59%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Revenue: $724.067M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">FAD per share: $.96</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Occupancy: 96%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income to Normalized FFO Reconciliation: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK5nuQhrzhWSlJaZ5eb0CrbSx6FtNySJ1rf7wQvFRoKSeWAtX6ACsZjfbP-ZA-AkVdpFdU9-x7Hr_yj-oiuNdzwaygZ_gu43Dia8kaEFt5vHhDK_5cXbfwY9QWfVgFr88tbnnLaykBsRyht0zAu8OOsFwN6DeHr03kxBRdqEWMaFxJOcHDejpZsfZ7eCmi/s3048/Screenshot%202023-12-17%20at%206.21.26%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1600" data-original-width="3048" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK5nuQhrzhWSlJaZ5eb0CrbSx6FtNySJ1rf7wQvFRoKSeWAtX6ACsZjfbP-ZA-AkVdpFdU9-x7Hr_yj-oiuNdzwaygZ_gu43Dia8kaEFt5vHhDK_5cXbfwY9QWfVgFr88tbnnLaykBsRyht0zAu8OOsFwN6DeHr03kxBRdqEWMaFxJOcHDejpZsfZ7eCmi/s320/Screenshot%202023-12-17%20at%206.21.26%E2%80%AFPM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;"><i><u>Analyst Reports</u></i> (available to Schwab customers)</span><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Morningstar (12/13/23): 5 stars with a fair value of $87</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Argus (11/10/23): Buy with a PT of $65, revised down $72 primarily due to higher interest rate costs which have continued to decline after this report was published. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">S&P (11/1/23): 3 stars with a 12 month PT of $53. Notes that pricing power in apartment rents is diminishing. Y-O-Y growth was over 10% in 2022, 5% in 2023, and the analyst predicts 2%-3% in 2024 which is consistent with the ongoing trend.</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Operating Subsidiary SU Bonds Rated at A3/A- </span></div><div><span style="font-family: georgia;"><a href="https://investors.equityapartments.com/fixed-income/credit-ratings/default.aspx">Credit Ratings | Equity Residential</a><br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Started MAA - Bought 1 at 133.96; 1 at $131.17</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_L1EfEcSxis_fYp4WmTPndSB9wxn1xY8iwWVjLyig2sEqMvEoj-5302900Yeu6jvSygJKOoDAj5Cr2Ro4HcwrhULVqpna9V4lT4-C_OngWhDruiwJtMrN7oSJlkYnSbkSG1xE5yqu3btg4w6v1-nh7YHOFJV843tS7Hv3cQtIAy40YToTCOjCk1ZkaXDa/s2924/MAA%201%20AT%20$133.96%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="240" data-original-width="2924" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_L1EfEcSxis_fYp4WmTPndSB9wxn1xY8iwWVjLyig2sEqMvEoj-5302900Yeu6jvSygJKOoDAj5Cr2Ro4HcwrhULVqpna9V4lT4-C_OngWhDruiwJtMrN7oSJlkYnSbkSG1xE5yqu3btg4w6v1-nh7YHOFJV843tS7Hv3cQtIAy40YToTCOjCk1ZkaXDa/s320/MAA%201%20AT%20$133.96%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAgaek8Ftc4PmsAi4S10hFPLgYJ7QIIsMwNdyxLm7kGnA0mPV8iWw23xDxqvua41pbnjLfn-yk5bHDAIvf7q0Y8PDU1Slcjyiki0gEw_KdKHARqUMHJcJKtC4RZZcY7vBGQ1dcq9P36qR5oEAQucZwPpYugEgTRIHljktehaEnfcMjTC6kAJ-llOvL8V2B/s2908/Screenshot%202023-12-21%20at%201.14.21%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="272" data-original-width="2908" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAgaek8Ftc4PmsAi4S10hFPLgYJ7QIIsMwNdyxLm7kGnA0mPV8iWw23xDxqvua41pbnjLfn-yk5bHDAIvf7q0Y8PDU1Slcjyiki0gEw_KdKHARqUMHJcJKtC4RZZcY7vBGQ1dcq9P36qR5oEAQucZwPpYugEgTRIHljktehaEnfcMjTC6kAJ-llOvL8V2B/s320/Screenshot%202023-12-21%20at%201.14.21%E2%80%AFPM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/maa?mod=search_symbol" style="text-align: left;">Mid-America Apartment Communities Inc. (MAA)</a> - Apartment REIT </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $265.13</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=912595&owner=exclude">MAA SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/912595/000095017023055620/maa-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Dividend</u></i>: Quarterly at $1.47 per share ($5.88 annually), increased from $1.4 effective for the 2024 first quarter payment. </span><a href="https://ir.maac.com/news-events/press-releases/news-details/2023/MAA-Announces-5-Increase-to-Quarterly-Common-Dividend/default.aspx">MAA Announces 5% Increase to Quarterly Common Dividend MAA | Luxury Apartment Rentals</a></span></p><p style="text-align: justify;"><a href="https://ir.maac.com/stock-information/dividends/default.aspx"><span style="font-family: georgia;">Dividends MAA | Luxury Apartment Rentals</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">The annual rate was at $2.92 in 2014. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I would characterize the MAA historical dividend growth as better than most REITs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: $132.56 (2 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at AC</i></u>: <b>4.44</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 1/11/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/912595/000095017023055196/maa-ex99_1.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $542.042M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $.94</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core FFO per share: $2.19</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core AFFO per share: $1.99</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Funds Available for Distribution: $191.02M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">FAD per share: $1.594 (covers quarterly dividend)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Definition of FAD: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1rPPLVV0-j_vmbvvS1LmO6rsWNbM_ndPiKQN1mBb0qM6tGVOLixzqGdczspp4GQ0_J805hUrBo0_-3PIrAoC0EFphTmE7QbFWSf8eEBnPB2ibgzwu2W6shIbgJE9JOJqz7RvvxhxxnerWKVEMGNgdvzRxTslLi3IM5pQSsMg2U6Zak86b790DZNJ28KNr/s3042/Screenshot%202023-12-17%20at%201.55.30%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="172" data-original-width="3042" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1rPPLVV0-j_vmbvvS1LmO6rsWNbM_ndPiKQN1mBb0qM6tGVOLixzqGdczspp4GQ0_J805hUrBo0_-3PIrAoC0EFphTmE7QbFWSf8eEBnPB2ibgzwu2W6shIbgJE9JOJqz7RvvxhxxnerWKVEMGNgdvzRxTslLi3IM5pQSsMg2U6Zak86b790DZNJ28KNr/s320/Screenshot%202023-12-17%20at%201.55.30%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Net Income to FAD Reconciliation: </p></span><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1F04ffXm3Y2shTJU_oX0TheDwRiE4_6jJDc70fkbG1hQGHLmiP149gNdQ1vgfa-l1VKWnheJkh5P_p9koNfdvbBRAaBMfTFee48dzIDqVtxF0it9lT5jNSsr0xiMKnehfIAbaeXHEwC_Dij1fhA3YE6SGVfs3sLRlV2b_1pYOqkqxx6BvBxaQlHnPRioK/s3068/Screenshot%202023-12-17%20at%201.53.13%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1516" data-original-width="3068" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1F04ffXm3Y2shTJU_oX0TheDwRiE4_6jJDc70fkbG1hQGHLmiP149gNdQ1vgfa-l1VKWnheJkh5P_p9koNfdvbBRAaBMfTFee48dzIDqVtxF0it9lT5jNSsr0xiMKnehfIAbaeXHEwC_Dij1fhA3YE6SGVfs3sLRlV2b_1pYOqkqxx6BvBxaQlHnPRioK/s320/Screenshot%202023-12-17%20at%201.53.13%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="font-style: italic; text-decoration-line: underline;">Bond Ownership</span>: I currently own 2 MAA 3.75% SU bonds, issued by its operating partnership, that mature on 6/15/24. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>C. Started FLCA - Bought 5 at $32.25</u></span></b></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XplT6GuPte1vTtczYGoPHtsG_hrPD329TdELxbmCqzYF_Sc5-V6XcD1n_q5reuPkTVV4rMx2JNU7kLccdPo873t-Fnmf7e0EY8QalV-LbOTrE-bTkniiv6TTu1WG2i6pTRKPbRmBPG8r8Nx84gGzH5qNTD_wQVgB2xW5zsvtZTI39ETL4GSpkRbTFGiP/s2902/FLCA%205%20at%20$32.25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="270" data-original-width="2902" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XplT6GuPte1vTtczYGoPHtsG_hrPD329TdELxbmCqzYF_Sc5-V6XcD1n_q5reuPkTVV4rMx2JNU7kLccdPo873t-Fnmf7e0EY8QalV-LbOTrE-bTkniiv6TTu1WG2i6pTRKPbRmBPG8r8Nx84gGzH5qNTD_wQVgB2xW5zsvtZTI39ETL4GSpkRbTFGiP/s320/FLCA%205%20at%20$32.25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/flca?mod=search_symbol" style="text-align: left;">Franklin FTSE Canada ETF Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $160.75</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://www.franklintempleton.com/investments/options/exchange-traded-funds/products/26364/SINGLCLASS/franklin-ftse-canada-etf/FLCA?role=fp&gad_source=1&gclid=CjwKCAiA-P-rBhBEEiwAQEXhH58_6L38ltorIiTrbrjlL2UzMagjXMb75uXxx13WAiEaBTLG-lWbrBoCC34QAvD_BwE" style="text-align: left;">Franklin FTSE Canada ETF - FLCA</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: <b>.09</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A comparable ETF, <a href="https://www.ishares.com/us/products/239615/ishares-msci-canada-etf" style="text-align: left;">iShares MSCI Canada ETF (EWC),</a> has a .50% expense ratio. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Variable and Paid Semiannually</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Dividend</u></i>: $.5242 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last 2 Dividends</u></i>: $.827</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $32.25 Using $.827</i></u>: <b>2.56</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/15/23 (bought on the ex dividend date)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Top 10 Holdings as of 12/15/23</u></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgllDwu7Q9onY66PRkInJ3-maLxmXy2Y6iIPkV7mJv4-uUtm8V-XSOJxdmtqezDmfdOq5QSqUb7HTovrzMtlkd05iyCeZvJLYvyJotl7Jiwb8Ar0KN8lJkm_AaA4aIyZeLjiBhU9kgJXOaML0PvB2yhlx_RWcNsoK387axfv04M2qqbrVYf6BnRMZnT8MJu/s2534/Screenshot%202023-12-18%20at%208.31.38%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1088" data-original-width="2534" height="137" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgllDwu7Q9onY66PRkInJ3-maLxmXy2Y6iIPkV7mJv4-uUtm8V-XSOJxdmtqezDmfdOq5QSqUb7HTovrzMtlkd05iyCeZvJLYvyJotl7Jiwb8Ar0KN8lJkm_AaA4aIyZeLjiBhU9kgJXOaML0PvB2yhlx_RWcNsoK387axfv04M2qqbrVYf6BnRMZnT8MJu/s320/Screenshot%202023-12-18%20at%208.31.38%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Of those stocks, I have positions in </span><a href="https://www.marketwatch.com/investing/stock/ry?mod=search_symbol" style="text-align: left;">Royal Bank of Canada (RY)</a>, <a href="https://www.marketwatch.com/investing/stock/td?mod=search_symbol" style="text-align: left;">Toronto-Dominion (TD);</a> <a href="https://www.marketwatch.com/investing/stock/enb?mod=search_symbol" style="text-align: left;">Enbridge Inc. (ENB)</a>; <a href="https://www.marketwatch.com/investing/stock/bmo?mod=search_symbol" style="text-align: left;">Bank of Montreal (BMO)</a> and <a href="https://www.marketwatch.com/investing/stock/bns?mod=search_symbol" style="text-align: left;">Bank of Nova Scotia (BNS)</a> The largest dollar position is in ENB which I intend to pare when and if the price goes back over $40. I eliminated a small ball position in <a href="https://www.marketwatch.com/investing/stock/cnq?mod=search_symbol" style="text-align: left;">Canadian Natural Resources Ltd. (CNQ)</a> earlier this year. <a href="https://tennesseeindependent.blogspot.com/2023/06/cet-cfgprd-clpr-cnq-d-dcom-dcomp-ffnw.html" style="text-align: left;">Item # 1.A. Eliminated CNQ - Sold 10 at $55.2 (6/10/23 Post)</a>(profit snapshot = $237.5). That elimination proved to be premature. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The index tracked by this fund will have a heavy concentration in Canadian banks which have underperformed this year but have started to do better as interest rates declined. Another sector which has struggled in 2023 is the Canadian energy infrastructure companies (Enbridge, Pembina, TC Energy, own all three). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Of the remaining top 25 companies, my largest position is 100 shares of POW:CA. </span><a href="https://www.marketwatch.com/investing/stock/pow?countrycode=ca&mod=search_symbol" style="text-align: left;">Power Corp. of Canada (Canada: Toronto)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/05/angl-bab-brg-ebiz-fax-fbiox-good-hban.html" style="text-align: left;">Item # 1. Bought 100 POW:CA at C$21.37 (5/30/20 Post)</a> Most of my prior trades in Power Corporation have been in the USD priced shares traded on the pink sheet exchange. {<a href="https://tennesseeindependent.blogspot.com/2021/12/bhb-cduaf-cxp-fbio-ifra-mmm-nomd-qqq.html" style="text-align: left;">Item # 1 Sold PWCDF at US$33.65 (12/16/21 Post)</a>(profit snapshot = $1,852.93) and the links to other trades in that post}</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Currency Risk</u></i>: A USD priced ETF that owns Canadian stocks priced in CADs will be subject to currency risk based on fluctuation in the CAD/USD exchange rate. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>D. Added $250 to VHCOX</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPkM5CR1mWjS_EmHYllDgoByMtGD9NCI4D-6U24DGWZRnX5PviBnK6PIHaEYVjhXG3lptPyryxpWqlGugG9FVMxEsqOqqSTX_iUf4aMUZj6fXpwplFYDUO2sgtaQcddeZIKeh3HgBv7Yju_AR0obraStOClbAULUeosJ14uouj4M4dyJ-HKqtq3NvtL0yL/s2626/VCHOX%20at%20$77.32%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="160" data-original-width="2626" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPkM5CR1mWjS_EmHYllDgoByMtGD9NCI4D-6U24DGWZRnX5PviBnK6PIHaEYVjhXG3lptPyryxpWqlGugG9FVMxEsqOqqSTX_iUf4aMUZj6fXpwplFYDUO2sgtaQcddeZIKeh3HgBv7Yju_AR0obraStOClbAULUeosJ14uouj4M4dyJ-HKqtq3NvtL0yL/s320/VCHOX%20at%20$77.32%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/vhcox?mod=search_symbol" style="text-align: left;">Vanguard Capital Opportunity Fund Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The fund is currently closed to new investors. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://investor.vanguard.com/mutual-funds/profile/VHCOX" style="text-align: left;">VHCOX-Vanguard Capital Opportunity Fund Investor Shares</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .43%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This purchase was made on the year end ex dividend date. The total payment was $1.81 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Prior to this add, I owned 64+ shares with an average cost per share of $38.45: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9NWmjbRESuFq5HgO9h3u8c04KVPjqDgfV02nhq-YOuc3e1utS7uaP72iTXYJe5T6yntDmLd2WGTG6k_tXCJbTu1DJgw68brQ0K6kxMcM_0IO9AyjRy4waQG4_g0D2B9Sszbkvgzw9aunS0gQAunwBNCGM6XwXEYvLl6oejKDYUraJg5yoGsjB4yz2mndd/s2624/VHCOX%20Position%20before%20add%2064+%20at%20$38.65%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="454" data-original-width="2624" height="55" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9NWmjbRESuFq5HgO9h3u8c04KVPjqDgfV02nhq-YOuc3e1utS7uaP72iTXYJe5T6yntDmLd2WGTG6k_tXCJbTu1DJgw68brQ0K6kxMcM_0IO9AyjRy4waQG4_g0D2B9Sszbkvgzw9aunS0gQAunwBNCGM6XwXEYvLl6oejKDYUraJg5yoGsjB4yz2mndd/s320/VHCOX%20Position%20before%20add%2064+%20at%20$38.65%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Priced as of 12/18/23 Close</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The total cost is from a $3,000 purchase made in 2013. </span><a href="https://tennesseeindependent.blogspot.com/2013/04/exidemknsold-100-dre-at-1724-roth.html" style="text-align: left;">Item # 5 Initiated Position in VHCOX (4/9/13 Post)</a></span></p><p style="text-align: justify;"><u style="font-family: georgia;"><i>Dividend</i></u><span style="font-family: georgia;">: Paid annually at a variable rate. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/VHCOX/dividends/history"><span style="font-family: georgia;">VHCOX Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">The amount of the dividend will depend mostly on the long term capital gains realized during the year. As of 11/30/23, the fund's unrealized gains was at $42.77 per share or 56.92% of the net asset value. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have been taking the dividend in cash for several years. </span><span style="font-family: georgia;">Taking fund dividends in cash is in essence a form of liquidation without selling shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The year end 2022 distribution was $5.86 per share: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1p8JpaDbwfOfEvgRIV0Uu41j5QIXvxLMW2TfqOdq3cR1MijohF0elcHKDisgoOXC5l1jzNu4en59ObxQIUeE3VPg3FvnRWn_VxzqmpQfWcmZ3Tl0a1IkezfxBNG09Jas2DvmT57_reRSsJC3QXyhewNOD_6XjCWZl_Hg1L9cmlDwNPB0jcLqU3BpKGKa0/s2676/Screenshot%202023-12-19%20at%2011.03.22%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="304" data-original-width="2676" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1p8JpaDbwfOfEvgRIV0Uu41j5QIXvxLMW2TfqOdq3cR1MijohF0elcHKDisgoOXC5l1jzNu4en59ObxQIUeE3VPg3FvnRWn_VxzqmpQfWcmZ3Tl0a1IkezfxBNG09Jas2DvmT57_reRSsJC3QXyhewNOD_6XjCWZl_Hg1L9cmlDwNPB0jcLqU3BpKGKa0/s320/Screenshot%202023-12-19%20at%2011.03.22%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I received $376.65 in cash. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnLtrvMHYfLddZqq9QN-CfwDYtMNSkZvMdgXZuc2DWz3J6kP8uIqvx-GXQp7lVShgPYeHx6g6_ZU3xqFyIIQ2gpG7DZbE-D7vEB8u7lIEecXOQPNII2MQ7_aLaxfheMWNAWJufVy0e5RUFrHoSgO7sbuokTSl98JHsk_LYFtMTJ5BVRRXcnFRS7lsVUXmu/s1838/Screenshot%202023-12-19%20at%2011.21.37%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="244" data-original-width="1838" height="42" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnLtrvMHYfLddZqq9QN-CfwDYtMNSkZvMdgXZuc2DWz3J6kP8uIqvx-GXQp7lVShgPYeHx6g6_ZU3xqFyIIQ2gpG7DZbE-D7vEB8u7lIEecXOQPNII2MQ7_aLaxfheMWNAWJufVy0e5RUFrHoSgO7sbuokTSl98JHsk_LYFtMTJ5BVRRXcnFRS7lsVUXmu/s320/Screenshot%202023-12-19%20at%2011.21.37%E2%80%AFAM.png" width="320" /></span></a></div><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGfukCghRb1EY8MFB0KLEONVOqVkmK0bqZWTGqlmCMOr01rFprmxSkmTlWbEtUkAQjPi6H5YIFeeqtmRChLyLfp44tUb-MfizmnP8oIieEPycY-_aSr3Kq1a5o5aRnHX33TeZlwHIU5loehWTrIfizyct-AddRFK1iYwS2KVYRXoN5iFNy8cP9t-UShyphenhyphenyK/s1892/Screenshot%202023-12-19%20at%2011.24.02%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="76" data-original-width="1892" height="13" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGfukCghRb1EY8MFB0KLEONVOqVkmK0bqZWTGqlmCMOr01rFprmxSkmTlWbEtUkAQjPi6H5YIFeeqtmRChLyLfp44tUb-MfizmnP8oIieEPycY-_aSr3Kq1a5o5aRnHX33TeZlwHIU5loehWTrIfizyct-AddRFK1iYwS2KVYRXoN5iFNy8cP9t-UShyphenhyphenyK/s320/Screenshot%202023-12-19%20at%2011.24.02%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>For 64+ shares, I received $562.88 in cash based on a $8.76 dividend per share paid in December 2021. </span><a href="https://tennesseeindependent.blogspot.com/2021/12/aqn-ari-bbca-cmcsa-csx-eaf-ebix-eprt.html" style="text-align: left;">Item # 1.O. Year End Distribution Paid by VHCOX (12/31/21 Post)</a></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx_RG0oLoZLgK-lBdDONsDAYzrmaTyyCzZu8rAVhQ8rll23yAqlyDvxjzf9yHy_KHrPzzBm5CIfOb57a0YHEAWbkiAezTl-rT7oEGebwBRbfvbTtp2afs_eNuXnePV1TI7MmhA49oRcrmXzhUSCykQJt42906QF4yjrpm35X3m7A2w81_0l7O0_xFgZBGB/s1878/Screenshot%202023-12-19%20at%2011.26.55%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="232" data-original-width="1878" height="40" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjx_RG0oLoZLgK-lBdDONsDAYzrmaTyyCzZu8rAVhQ8rll23yAqlyDvxjzf9yHy_KHrPzzBm5CIfOb57a0YHEAWbkiAezTl-rT7oEGebwBRbfvbTtp2afs_eNuXnePV1TI7MmhA49oRcrmXzhUSCykQJt42906QF4yjrpm35X3m7A2w81_0l7O0_xFgZBGB/s320/Screenshot%202023-12-19%20at%2011.26.55%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">2020: $6.9984 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I received $449.61 in cash. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidbpQy-p6Fyc3IbEakfJ71NJAEmSXXR9jvsBfT9pe5P5A7EWtxsOJun_-iQvCFrt6agzZcRlTizTA7spioYrhUsD24vcuacrg5LV1aYi4kyPpQKPJJIeeqooCr-79j9gR8TmtF7Qfh1nwu2g7fe8rs2bhymoiGcMVHQ7XV-pkt0f8SRK9qS67SDo6BhnIn/s1840/Screenshot%202023-12-19%20at%2011.28.11%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="228" data-original-width="1840" height="40" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidbpQy-p6Fyc3IbEakfJ71NJAEmSXXR9jvsBfT9pe5P5A7EWtxsOJun_-iQvCFrt6agzZcRlTizTA7spioYrhUsD24vcuacrg5LV1aYi4kyPpQKPJJIeeqooCr-79j9gR8TmtF7Qfh1nwu2g7fe8rs2bhymoiGcMVHQ7XV-pkt0f8SRK9qS67SDo6BhnIn/s320/Screenshot%202023-12-19%20at%2011.28.11%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">2019: $4.3874</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I received $341.55 in cash</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7hOAmTO4H5-J7JwqNogvdmosWx52jHFj_DmNUPI9bDeULJiDQ9cdw6lxRLMcKNGfYxbPP6Bxzp-D0anb9yPLFo-JzQ7Cek34S8WsxwOnwYyUBRsmjJ05SPQB-3zDW_-W37lA1EG65D3eBG1JmMXfBoozUJ18VKMy78waxbeHt8zPDM9sdZqNU-N1fZXr2/s1848/Screenshot%202023-12-19%20at%2011.30.33%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="222" data-original-width="1848" height="38" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7hOAmTO4H5-J7JwqNogvdmosWx52jHFj_DmNUPI9bDeULJiDQ9cdw6lxRLMcKNGfYxbPP6Bxzp-D0anb9yPLFo-JzQ7Cek34S8WsxwOnwYyUBRsmjJ05SPQB-3zDW_-W37lA1EG65D3eBG1JmMXfBoozUJ18VKMy78waxbeHt8zPDM9sdZqNU-N1fZXr2/s320/Screenshot%202023-12-19%20at%2011.30.33%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">2018: $6.8834</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I received $540.21 in cash. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Top 10 Holdings as of 9/30/23</i></u>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmZBevYWH7-71bVjPFF6IS_fg_THOWrEs5TwHu4oOMIAF8LZ6nFI-AB2TLPlBrmLMUKfo4d6O2790f-VGBZBsdKaV8tYNsLqVR1Ju6plSeYoBTPX37-trEDApa9qBYdKhGX5qnTX2k2M1cq-1rs09Vdfd8qAHcEyWpfojVneuiyT9NMX4blkncpiRc0o4d/s2736/Screenshot%202023-12-19%20at%2011.09.06%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1182" data-original-width="2736" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmZBevYWH7-71bVjPFF6IS_fg_THOWrEs5TwHu4oOMIAF8LZ6nFI-AB2TLPlBrmLMUKfo4d6O2790f-VGBZBsdKaV8tYNsLqVR1Ju6plSeYoBTPX37-trEDApa9qBYdKhGX5qnTX2k2M1cq-1rs09Vdfd8qAHcEyWpfojVneuiyT9NMX4blkncpiRc0o4d/s320/Screenshot%202023-12-19%20at%2011.09.06%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2020/09/aiv-bdge-dcomp-ebmt-gdo-htprd-isbc-nwbi.html" style="text-align: left;">Item # 3.A. Pared VHCOX-Sold $500 at $71.62 and $500 at $73/02 (9/5/20 Post)</a><span>(profit snapshot = $470.23); </span><a href="https://tennesseeindependent.blogspot.com/2018/01/observations-and-sample-of-recent_21.html" style="text-align: left;">Item # 4 Sold 24+ VHCOX at $71.16 (1/21/18 Post)</a><span>(profit snapshot = $562.11); </span><a href="https://tennesseeindependent.blogspot.com/2017/12/observations-and-sample-of-recent.html" style="text-align: left;">Item # 6-Sold All VHCOX Shares Bought with Dividends (12/4/17 Post)</a><span>(profit snapshot = $222.86): </span><a href="https://tennesseeindependent.blogspot.com/2017/03/observations-and-sample-of-recent_1.html" style="text-align: left;">Item # 2.A. Sold 115+ VHCOX at $57.97 (3/1/2017 Post)</a><span>(profit snapshot = $522.35) </span></span></p><div><span style="font-family: georgia;"><u style="text-align: justify;"><i>Total Realized Gains from share sales</i></u><span style="text-align: justify;">: </span><span style="color: #6aa84f; text-align: justify;">+$1,777.55</span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/vhcox/quote">VHCOX Morningstar</a> (currently rated 3 stars)</span></p><p style="text-align: justify;"><a href="https://www.morningstar.com/funds/xnas/vhcox/performance"><span style="font-family: georgia;">VHCOX – Performance| Morningstar</span></a></p><p style="text-align: justify;"><a href="https://www.morningstar.com/funds/xnas/vhcox/portfolio"><span style="font-family: georgia;">VHCOX – Portfolio | Morningstar</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>E. Added to PRWCX - Bought $250 at $33.66</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFVZ86G_dGAw_BAoxPb-1-aFJaICNg8nJG5y6l_4hExrWKitXmV7sveCzJ5ftl86MDiOFub6gA2eLrFQT7YMmfJms9bvHcBbmVypwXXy6VEbCS2lqUH_ilC3iiyO1NYTxSfkxOhRwI1gVyblzKcg26iaineCXRykj1uUOgyMyJkBGVmCDVk5cfD6BYZB1H/s2308/7.427%20shares%20%20at%20$33.66%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="184" data-original-width="2308" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFVZ86G_dGAw_BAoxPb-1-aFJaICNg8nJG5y6l_4hExrWKitXmV7sveCzJ5ftl86MDiOFub6gA2eLrFQT7YMmfJms9bvHcBbmVypwXXy6VEbCS2lqUH_ilC3iiyO1NYTxSfkxOhRwI1gVyblzKcg26iaineCXRykj1uUOgyMyJkBGVmCDVk5cfD6BYZB1H/s320/7.427%20shares%20%20at%20$33.66%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;">The purchase was funded out of a T. Rowe Price Treasury MM fund. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/prwcx?mod=search_symbol" style="text-align: left;">T Rowe Price Capital Appreciation Fund Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is a balanced mutual fund that is currently closed to new investors. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I added to this position on the annual ex dividend day. I received $1,472.49 in cash. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHfUJUAS9kuoA5E8MVeNpQG7yim1fuPYhqwIZBLYjTI4Ltn9lEKcpcQnNhTj1wU4SSG_y43080_RV_hM_KRmcjwaEwcnTzNuSBLQAKW9agAVX6rU1GZrEGghczn7Es09hUWIxvqfbIPXFDdBlpwzwDvgsQEJAHvi4FnaAD8wy4RB0lKoT9wKOqLDIw1A-X/s2268/Screenshot%202023-12-20%20at%207.41.58%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="78" data-original-width="2268" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHfUJUAS9kuoA5E8MVeNpQG7yim1fuPYhqwIZBLYjTI4Ltn9lEKcpcQnNhTj1wU4SSG_y43080_RV_hM_KRmcjwaEwcnTzNuSBLQAKW9agAVX6rU1GZrEGghczn7Es09hUWIxvqfbIPXFDdBlpwzwDvgsQEJAHvi4FnaAD8wy4RB0lKoT9wKOqLDIw1A-X/s320/Screenshot%202023-12-20%20at%207.41.58%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNOGyQTUwOvCwdRidhEkdc1Q0cTZMIatEpv2atlz5yokb-uC6KWCry3sHe9aRv9gBpfefU092Wjpoqa1MUpHXxkNXez9Vvv3AW8PQpzKhSaWEK-iWQ3AzwrsfkwtdQG-s8ye98brs-b7T5aeXk8Tv3iv08NziUF1Oeh_9bvu8FjWyAv0LD1clxUsG0Iqks/s2270/Screenshot%202023-12-20%20at%207.42.19%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="72" data-original-width="2270" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNOGyQTUwOvCwdRidhEkdc1Q0cTZMIatEpv2atlz5yokb-uC6KWCry3sHe9aRv9gBpfefU092Wjpoqa1MUpHXxkNXez9Vvv3AW8PQpzKhSaWEK-iWQ3AzwrsfkwtdQG-s8ye98brs-b7T5aeXk8Tv3iv08NziUF1Oeh_9bvu8FjWyAv0LD1clxUsG0Iqks/s320/Screenshot%202023-12-20%20at%207.42.19%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpfv1qN8f4mU6-7kS-TU-d_SqkxhG37c2zTCYjL809671TMLFiSiNGc-6hMiG2fhomS6lOKKWAZ3yA9LcX5XmBay4IZ1LyKPNk6wigvVUWx2vs44ht5Z1E-fP2sOarCKNwQJdaK2lmI6XQgWmztNqH863TNohzwo-HuguglW8lLGYiwQYvs-nj67e9sdSQ/s2250/Screenshot%202023-12-20%20at%207.42.32%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="80" data-original-width="2250" height="11" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpfv1qN8f4mU6-7kS-TU-d_SqkxhG37c2zTCYjL809671TMLFiSiNGc-6hMiG2fhomS6lOKKWAZ3yA9LcX5XmBay4IZ1LyKPNk6wigvVUWx2vs44ht5Z1E-fP2sOarCKNwQJdaK2lmI6XQgWmztNqH863TNohzwo-HuguglW8lLGYiwQYvs-nj67e9sdSQ/s320/Screenshot%202023-12-20%20at%207.42.32%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;">I use the cash paid by this fund to partially fund everyday living expenses. </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I have been taking the dividends in cash for a long time. That keeps me from selling the shares, and I have sold none. This is a mental thing for me. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid Annually</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmE4wXnBjtWVTDLcpWclw5GAW4ado3QyqkAVfarXY3u7dajpxsBFItcz4QdOZDI6vjNR1sLF3gLELtzPgXK8HhdZ4by6Kpkl3LASnIgQDIapcordmq2Vx2_t9o8fmew31-MAIJec1HEGXNv0tlZpx5jRQP-eFoVgGKL1O1YumviHf2WeuQJ5zoxkT8BxRO/s1848/PRWCX%20investor%20shares%20distributions.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="508" data-original-width="1848" height="88" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmE4wXnBjtWVTDLcpWclw5GAW4ado3QyqkAVfarXY3u7dajpxsBFItcz4QdOZDI6vjNR1sLF3gLELtzPgXK8HhdZ4by6Kpkl3LASnIgQDIapcordmq2Vx2_t9o8fmew31-MAIJec1HEGXNv0tlZpx5jRQP-eFoVgGKL1O1YumviHf2WeuQJ5zoxkT8BxRO/s320/PRWCX%20investor%20shares%20distributions.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Position Prior to Add</u></i>: 1,046+ shares with an average cost per share of $20.96: </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7S-fzuovjSIqK4ZJgq-Q_BTl_o64Onk0bDeh6ZZ1ValVTY3qT9MJWfWNnSL0l1BDOTwMxB5Oj7nLPqZVLpQ_3bqN-OOjdYYpgslLWLscmQh_9hjQzmkcfe-9JKMFDwD70ZUu33pMeL5jGtJyerC5mZRrzxD3C2R-9o0aILA174valjs7GsQ9CMePpy2v0/s2294/Cost%20basis%20$20.96%201,046%22%20shares%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="288" data-original-width="2294" height="40" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7S-fzuovjSIqK4ZJgq-Q_BTl_o64Onk0bDeh6ZZ1ValVTY3qT9MJWfWNnSL0l1BDOTwMxB5Oj7nLPqZVLpQ_3bqN-OOjdYYpgslLWLscmQh_9hjQzmkcfe-9JKMFDwD70ZUu33pMeL5jGtJyerC5mZRrzxD3C2R-9o0aILA174valjs7GsQ9CMePpy2v0/s320/Cost%20basis%20$20.96%201,046%22%20shares%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Priced as of 12/18/23 Close</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/prwcx/portfolio">PRWCX – Portfolio – T. Rowe Price Capital Appreciation | Morningstar</a><span> (lists top 25 holdings) The fund currently has a 5 star rating. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>G. Added $50 to MAPTX at $18.18</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYqmyyt1sEpLsZ_4aqsMjTkEqLdpR9zlFk3XN8HWpIE2j0qd-DFI53XZLapNfwpMOBcPA-Wk658PDqGkV_eJiL5nJWt41rkd6WB-fW1rvhsqJJppfQXWabmokzDKUyiPb4Q5M4mNnIZ-RwsFz5ZdBilBcBgsyEKlzehia9T2u5SVg4pLLPGYIzI-cBo53T/s2844/MAPTX%20$50%20at%20$18.18%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="162" data-original-width="2844" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYqmyyt1sEpLsZ_4aqsMjTkEqLdpR9zlFk3XN8HWpIE2j0qd-DFI53XZLapNfwpMOBcPA-Wk658PDqGkV_eJiL5nJWt41rkd6WB-fW1rvhsqJJppfQXWabmokzDKUyiPb4Q5M4mNnIZ-RwsFz5ZdBilBcBgsyEKlzehia9T2u5SVg4pLLPGYIzI-cBo53T/s320/MAPTX%20$50%20at%20$18.18%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/maptx?mod=search_symbol" style="text-align: left;">Matthews Pacific Tiger Fund</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website <a href="https://www.matthewsasia.com/funds/mutual-funds/asia-growth/pacific-tiger-fund/" style="text-align: left;">Pacific Tiger Fund-Matthews Asia</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: 1.1%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Top 10 Holdings as of 11/30/23</u></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLTOBBqWgZHYGHgbsn-o0qGgHEjHqUT62Lp2spWO4qta1VkwRDeAvHB5MXulP86bDQngPiVc3E0xk__-oljQLD37Y-IRoiUiANPvjH1PXG-b5mGF1Pk1SZXmPttzdCfFkrVpSEo8nb-7G7qxu8mzvjjjl3U_vrZdpaHIBE_K-p_L4OUR1in1lMpPF2A2po/s2236/Screenshot%202023-12-17%20at%2012.42.49%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1292" data-original-width="2236" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLTOBBqWgZHYGHgbsn-o0qGgHEjHqUT62Lp2spWO4qta1VkwRDeAvHB5MXulP86bDQngPiVc3E0xk__-oljQLD37Y-IRoiUiANPvjH1PXG-b5mGF1Pk1SZXmPttzdCfFkrVpSEo8nb-7G7qxu8mzvjjjl3U_vrZdpaHIBE_K-p_L4OUR1in1lMpPF2A2po/s320/Screenshot%202023-12-17%20at%2012.42.49%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">I do not have a position in any of those stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend History</i></u>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvPVhu5UgZQYgMCo1UD59X8r5-8xhkkCqGyDCmUtUDLr3g9_2kDyJeBnjWZaTn8rirvkOba9p6249QNO9ieu2xipwc-NFh9xcsdeWTGsRkvro9_8xjoKr7VCQVd0pQSAnbz-roL7GBcqjdHWmOii1aCuW9XCP6956UafsgGgMZyJOfKlnpvRsI7Go1zsOy/s1604/Screenshot%202023-12-17%20at%2012.44.27%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1542" data-original-width="1604" height="308" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvPVhu5UgZQYgMCo1UD59X8r5-8xhkkCqGyDCmUtUDLr3g9_2kDyJeBnjWZaTn8rirvkOba9p6249QNO9ieu2xipwc-NFh9xcsdeWTGsRkvro9_8xjoKr7VCQVd0pQSAnbz-roL7GBcqjdHWmOii1aCuW9XCP6956UafsgGgMZyJOfKlnpvRsI7Go1zsOy/s320/Screenshot%202023-12-17%20at%2012.44.27%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">This mutual fund has been a feast or famine investment. For some time now, the fund has experienced a prolonged period of famine and is showing no signs yet that the feast period, usually of a short duration, will soon start. Consequently, my adds are miniscule and my total position is just 23+ shares with an average cost per share at $22.79. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Rated at 3 Stars by Morningstar: </span><a href="https://www.morningstar.com/funds/xnas/maptx/quote">MAPTX</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/maptx/performance">MAPTX – Performance – Matthews Pacific Tiger Investor</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Through 12/15/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTD Total Return: -7.11%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Average Total Returns: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"> 1 Year -7.53%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"> 3 Years: -9.72%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"> 5 Years: + .14% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">10 Years +3.39% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">15 Years +8.76%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Starting in 2013, the two best years were in 2017 and 2020 when the total returns were at 39.96% and 28.83% respectively. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stocks of companies located in the Asia-Pacific region, which excludes Japan, have underperformed the S&P 500, but that is not always the case. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>A comparable ETF is </span><a href="https://www.ishares.com/us/products/239601/ishares-msci-all-country-asia-ex-japan-etf" style="text-align: left;">iShares MSCI All Country Asia ex Japan ETF (AAXJ)</a><span> which had an average annual ten year total return of +2.89 % and 5 years at +2.02 % through 12/15. The 15 year total return was at 6.58% as of 12/15/23. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Prior Sells</u></i>: <a href="https://tennesseeindependent.blogspot.com/2019/06/observations-and-sample-of-recent_23.html" style="text-align: left;">Item # 1 Eliminated MAPTX in Schwab Account - Sold 248+ shares at $27.9 (6/23/19 Post)</a>(profit snapshot = $665.47); <a href="https://tennesseeindependent.blogspot.com/2017/08/observations-and-sample-of-recent_16.html" style="text-align: left;">Item # 4 Eliminated MAPTX in Fidelity Account -Sold 218+ at $28.29 (8/16/17 Post)</a> (profit snapshot = $2,573.82)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Prior to starting this blog in 2008, I sold 32+ MAPTX in 2007</span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEij_8666KNiiLjmEqMw8NpxIXAoQPCExINSmlqaE_6KZmfIoCxHh9SpLH29oQYsIpcHvoTpapSW7hqFu-437ybeiV1vWYzc48j9NSky1g5k9q62e6Z6UAmBXZx3ajE4hEBvRF-HikLiDSCJAzx7jocl055t6ZkmbGgnD76Ecxy4M9SAppvYjl2GNsDL7awS/s981/2007%20MAPTX%2032.129%20Shares%20+$338.62.jpg" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="60" data-original-width="981" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEij_8666KNiiLjmEqMw8NpxIXAoQPCExINSmlqaE_6KZmfIoCxHh9SpLH29oQYsIpcHvoTpapSW7hqFu-437ybeiV1vWYzc48j9NSky1g5k9q62e6Z6UAmBXZx3ajE4hEBvRF-HikLiDSCJAzx7jocl055t6ZkmbGgnD76Ecxy4M9SAppvYjl2GNsDL7awS/s320/2007%20MAPTX%2032.129%20Shares%20+$338.62.jpg" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Profit $338.62</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>That sell was part of widespread liquidation of stock ETFs and mutual funds that year. <a href="https://tennesseeindependent.blogspot.com/2013/06/updated-stock-fund-table-as-of-662013.html" style="text-align: left;">2007 Stock Fund Eliminations and Pares</a> As previously discussed, I was already uncomfortable in 2007 when the year started with massive defaults in subprime and Alt-A home mortgage loans. My anxiety went into overdrive by the Trigger Event sell signal that came in August 2007 that then had multiple confirmations thereafter. </span><a href="https://tennesseeindependent.blogspot.com/2009/05/vix-chart-from-2007-alerts-and-triggers.html" style="text-align: left;">VIX Chart from 2007: Alerts and Triggers Major Disruption of Cyclical Stable Bull VIX Pattern</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>MAPTX Realized Gains to date</u></i>: <span style="color: #6aa84f;">$3,577.91</span></span></p><div><span style="font-family: georgia; text-align: justify;"><b><span style="color: #800180;"><u><i>H. Added 5 RYLD at $16.65 - Schwab Account</i></u></span></b>: </span></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEircSDhETU3E9CvQyrSZPa7FKPAl08HYMJ6WZJ2IpU2IPD8YML04OSVqMFdKErXvpM6HZzhMOq42aokRzUSc8DRaXW3S3ZbFVQ5v7u38XBQoQqjVZxQkkuwWhBl1W-J5Zq1RQF548Gk45kCLpYknp5efUbhV8CuXLzaVhg7WbUH9CQOlZRaPGM2B5dgQPi4/s2932/RYLD%205%20AT%20$16.65.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="176" data-original-width="2932" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEircSDhETU3E9CvQyrSZPa7FKPAl08HYMJ6WZJ2IpU2IPD8YML04OSVqMFdKErXvpM6HZzhMOq42aokRzUSc8DRaXW3S3ZbFVQ5v7u38XBQoQqjVZxQkkuwWhBl1W-J5Zq1RQF548Gk45kCLpYknp5efUbhV8CuXLzaVhg7WbUH9CQOlZRaPGM2B5dgQPi4/s320/RYLD%205%20AT%20$16.65.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/ryld?mod=search_symbol" style="text-align: left;">Global X Russell 2000 Covered Call ETF</a><span>- Buy/Write ETF</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Cost: $83.25</span></span></p><p style="text-align: justify;"><span style="background-color: white; text-align: start;"><span style="font-family: georgia;">"The Global X Russell 2000 Covered Call ETF (RYLD) follows a “covered call” or “buy-write” strategy, in which the Fund buys the stocks in the Russell 2000 Index (at times by exposure to the Vanguard Russell 2000 ETF), and “writes” or “sells” corresponding call options on the Russell 2000 Index."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/06/aod-ciopra-clpr-eai-emp-fsk-pflt.html" style="text-align: left;">Item # 2.B. Added to RYLD - Bought 5 at $18.05 (6/24/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Strategy: Monthly Income Generation </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://www.globalxetfs.com/funds/ryld/" style="text-align: left;">Russell 2000 Covered Call ETF (RYLD)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Expense Ratio: .6%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">New Average cost per share this account: <b>$18.68</b> (55+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividend: Monthly at a variable rate.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Last 12 Dividends: $2.14 per share, rounded up. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBk4ll0rMDzBsVpoJmvhduBHf1PsxVkl0fUgfNIl4i3cS21Q6Q-ClaRV0KZYEcslIENjPNG9UFdmP2OkvFUjlJ8Rx8YqpMue5gY6meKhKNZtUXJwBJOjfaiJo-b4qzkXsLyFlvzHxyLp-VRyfIkyWxsBqcpCh9yB86r64veYRLkHd3eANb96o6eZbTKwTp/s1520/Screenshot%202023-12-20%20at%208.05.00%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="918" data-original-width="1520" height="193" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBk4ll0rMDzBsVpoJmvhduBHf1PsxVkl0fUgfNIl4i3cS21Q6Q-ClaRV0KZYEcslIENjPNG9UFdmP2OkvFUjlJ8Rx8YqpMue5gY6meKhKNZtUXJwBJOjfaiJo-b4qzkXsLyFlvzHxyLp-VRyfIkyWxsBqcpCh9yB86r64veYRLkHd3eANb96o6eZbTKwTp/s320/Screenshot%202023-12-20%20at%208.05.00%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Yield at $18.68 Average cost per share Using $2.14 = <b>11.46</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Next Ex Dividend: 12/28/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>I. Started BSTZ - Bought 10 at $17.03; 10 at $17-Fidelity Account</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpirtgp8fKQppqXX-Z2v5CSQYo30ICLWseGNobxvYpuOmDRMr0R6GzPi7CoWDFXSfgyl-opxrYiP_coENUifU7M69susvlLp6IEceVq_JB_3_jpg-UHS8jriwV8PsyUWw_NnKLb0_3gHbhxkN7ZmudifQN9vjoialKGNewfcUwUQS9kC4afJ-ARcaa1KSO/s2218/BSTZ%201O%20AT%20$17.03.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="114" data-original-width="2218" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpirtgp8fKQppqXX-Z2v5CSQYo30ICLWseGNobxvYpuOmDRMr0R6GzPi7CoWDFXSfgyl-opxrYiP_coENUifU7M69susvlLp6IEceVq_JB_3_jpg-UHS8jriwV8PsyUWw_NnKLb0_3gHbhxkN7ZmudifQN9vjoialKGNewfcUwUQS9kC4afJ-ARcaa1KSO/s320/BSTZ%201O%20AT%20$17.03.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT0azXOxUg1hp4tAYMeuPhaicv-s6iV9SHlmWfF96mpNzUcsNGziaTMBj3r0zg5r4XGBpUGzP2amLEa79ZQSzF9GMHMbmKSFx0e_W2dsRFC1w_x9PQtuKW2F7jAsXxqJ400bN7cMAsDPdBqnLSjaKf_sQwlzWdCyVk1FhcHKQF0vMsPTr7ubqSSLfDKk2l/s2228/Screenshot%202023-12-19%20at%201.53.07%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="126" data-original-width="2228" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT0azXOxUg1hp4tAYMeuPhaicv-s6iV9SHlmWfF96mpNzUcsNGziaTMBj3r0zg5r4XGBpUGzP2amLEa79ZQSzF9GMHMbmKSFx0e_W2dsRFC1w_x9PQtuKW2F7jAsXxqJ400bN7cMAsDPdBqnLSjaKf_sQwlzWdCyVk1FhcHKQF0vMsPTr7ubqSSLfDKk2l/s320/Screenshot%202023-12-19%20at%201.53.07%E2%80%AFPM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/bstz?mod=search_symbol" style="text-align: left;">BlackRock Science & Technology Term Trust Overview</a> - Unleveraged CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $340.28</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Investment Strategy</u></i>: Monthly Income Generation from CEFs. While I own CEFs that pay monthly dividends in several accounts, I intend to devote sufficient capital for purchases in my Fidelity account that will bring the monthly dividend payments to over $200. The dollar amount stood at $119+ in November as noted in </span><a href="https://tennesseeindependent.blogspot.com/2023/12/ay-ccnep-cfgprd-cto-dow-eai-emp-gnlpra.html" style="text-align: left;">Item # 1.A. Started MEGI - Bought 10 at $13.08 in Fidelity Account (12/16/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.blackrock.com/us/individual/products/308764/science-and-technology-term-trust" style="text-align: left;">Science and Technology Term Trust</a> (see footnote 1 for term information, dissolves on 6/26/2031, but may be extended for a short term period thereafter)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1768666&owner=exclude">BSTZ SEC Filings</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1768666/000175272423269787/NPORT_89BL_68014378_0923.htm">SEC Filing Holdings as of 9/30/23</a>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This fund will have substantial exposure to non-publicly traded securities. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Those securities are restricted equity positions in private companies. Those include the following: Astranis Space Technologies; Automatic; ByteDance; CNEX Labs; Databricks; DataRobot; Deep Instinct; FlixMobility; GrubMarket; Klama Holdings; Mythic AI; Psi Quantum; Rapyd Financial Network; ResearchGate; Samba Nova Systems; Snorkel AI; Synk Ltd.; Think and Learn Private; Trax; Trumid Holdings and Unqork. There are a few more that I did not list above. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Restricted securities, based on original cost $408.51+M, represented 35.2% of assets as of 9/30/23. The fund is consequently a way to indirectly participate in hedge fund type positions without paying hedge fund fees. The downside is that the operating performance of those companies will be unknown to me and one or more wipeouts may occur. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I did a few google searches to learn something about those private companies. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Examples</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bytedance.com/en/">ByteDance - Inspire Creativity, Enrich Life</a>; <a href="https://www.reuters.com/markets/deals/tiktok-owner-bytedance-offers-buy-back-shares-staff-160-apiece-2023-11-08/" style="text-align: left;">TikTok owner ByteDance offers to buy back shares from staff at $160 apiece | Reuters</a></span></p><p style="text-align: justify;"><a href="https://www.databricks.com/"><span style="font-family: georgia;">The Data and AI Company — Databricks</span></a></p><p style="text-align: justify;"><a href="https://www.datarobot.com/" style="text-align: left;"><span style="font-family: georgia;">DataRobot AI Platform | Deliver Value from AI</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I believe this is the company referenced as Flix Mobility: <a href="https://www.flixbus.com/company/about-us" style="text-align: left;">Long distance bus operator FlixBus</a>; <a href="https://corporate.flixbus.com/new-umbrella-brand-flixmobility-is-now-called-flix/" style="text-align: left;">New umbrella brand: FlixMobility is now called Flix</a></span></p><p style="text-align: justify;"><a href="https://mythic.ai/"><span style="font-family: georgia;">Power-efficient analog compute for edge AI - Mythic</span></a></p><p style="text-align: justify;"><a href="https://www.psiquantum.com/"><span style="font-family: georgia;">PsiQuantum - Building the World's First Useful Quantum Computer</span></a></p><p style="text-align: justify;"><a href="https://www.rapyd.net/"><span style="font-family: georgia;">Rapyd: Global Payment Processing and Fintech | Liberate Global Commerce</span></a></p><p style="text-align: justify;"><a href="https://www.researchgate.net/"><span style="font-family: georgia;">ResearchGate | Find and share research</span></a></p><p style="text-align: justify;"><a href="https://sambanova.ai/"><span style="font-family: georgia;">SambaNova Systems | Generative AI, optimized for enterprise and government</span></a></p><p style="text-align: justify;"><a href="https://snorkel.ai/?utm_source=google&utm_medium=cpc&utm_campaign=14338653817&utm_term=snorkel.ai&qgad=629995899500&qgterm=snorkel.ai&utm_source=google&utm_medium=cpc&utm_campaign=14338653817-125787852363&utm_content=629995899500&utm_term=snorkel.ai-e&gad_source=1&gclid=Cj0KCQiAm4WsBhCiARIsAEJIEzUthubHmIyqEAIofnleDPNxWf7RCfklVhlwiA8RLYZfMKd_LzjaHfQaAnzmEALw_wcB"><span style="font-family: georgia;">Snorkel AI | Data-centric AI for the enterprise</span></a></p><p style="text-align: justify;"><a href="https://snyk.io/"><span style="font-family: georgia;">Snyk | Developer security | Develop fast. Stay secure. | Snyk</span></a></p><p style="text-align: justify;"><a href="https://www.cnexlabs.com/#/job-list"><span style="font-family: georgia;">CNEX LABS – Leading Innovation for Semiconductor Storage</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I believe this is information about the company called Trax. </span><a href="https://traxretail.com/news/trax-secures-640-million-funding-round-led-by-softbank-vision-fund-2-and-blackrock-to-transform-retail-through-digital-technologies/" style="text-align: left;">Trax Secures $640 Million Funding Round Led by SoftBank Vision Fund 2 and BlackRock to Transform Retail Through Digital Technologies - Trax Retail</a></span></p><p style="text-align: justify;"><a href="https://www.trumid.com/"><span style="font-family: georgia;">Trumid - A differentiated trading solution</span></a></p><p style="text-align: justify;"><a href="https://www.unqork.com/"><span style="font-family: georgia;">Codeless Development Platform for Enterprise Applications | Unqork</span></a></p><div><span style="font-family: georgia;"><i><u>Unrealized Gain Information as of 9/30/23</u></i>:</span></div><div><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFnR7qb00pexXgvRaA9gIcGPXemmLckkscGQVioYpV95tUXw5vLzLJOx7SCgVe5Z99LgNE6JdL2gBdu352KE93OOiwLyhNvHcBswKRXLjCTM9LRhEyGWErEtFt-6-_EPLH72RorTd9nv4S_1i2DA21mt0Yl2XTyNMACDNVnLpU5E_VI5-4ncRDKjFstFyv/s1532/Screenshot%202023-12-18%20at%201.42.56%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="258" data-original-width="1532" height="54" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFnR7qb00pexXgvRaA9gIcGPXemmLckkscGQVioYpV95tUXw5vLzLJOx7SCgVe5Z99LgNE6JdL2gBdu352KE93OOiwLyhNvHcBswKRXLjCTM9LRhEyGWErEtFt-6-_EPLH72RorTd9nv4S_1i2DA21mt0Yl2XTyNMACDNVnLpU5E_VI5-4ncRDKjFstFyv/s320/Screenshot%202023-12-18%20at%201.42.56%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1768666/000119312523227167/d432244dncsrs.htm" style="text-align: left;">SEC Filed Shareholder Semiannual Report for the Period Ending 6/30/23</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Average cost per share</u></i>: $17.01 (20 shares)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Monthly at $.1015 per share, ROC supported. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The only way to support the dividend is through realized capital gains. The monthly dividend has been cut several times this year, having started 2023 at $.192 per share, which was supported entirely by a long term capital gain. All subsequent dividends that were not entirely or partially supported by realized capital gains have been classified as ROC, at least until the fund tallies its year end realized gains. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Given this dividend yield history, I view the current payout to be so unreliable that I will not compute a dividend yield. The rate may go back up at least temporarily when and if the fund realizes more capital gains. Success or failure will largely depend on the private company equity positions which can be fairly characterized as high risk. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The erratic dividend history payments will probably result in the fund trading at a large discount as now. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 12/18/23 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $21.34</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(NAV is going to be mushy given the equity interests in non-publicly traded companies)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $17</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -20.34% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">3 Year Average Discount: -11.43%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cefconnect.com/fund/BSTZ">BSTZ - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="color: #2b00fe; font-family: georgia;"><b>4. Small Ball Sells</b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Eliminated ONB - Sold 25 at $17.24 - Schwab Account</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEht5BSXIqyEHLdoM-qvxtQ18MNUBBaJF_qg0iKg490WNoIsF8t9yDBp4lmK2KWErHokHHOU1_83GZUVXgQwtASW42KH6QpNjisZEouTimFr5uyAJ9vOqJjzkYAsO_cXLsk1qLygrMqEtRhyUfmM2ccJOWZrP7s-ACqKQznTz_YH-z3o6YpD4IxJ8TYhWJzN/s2978/ONB%20SOLD%2025%20AT%20$17.24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="290" data-original-width="2978" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEht5BSXIqyEHLdoM-qvxtQ18MNUBBaJF_qg0iKg490WNoIsF8t9yDBp4lmK2KWErHokHHOU1_83GZUVXgQwtASW42KH6QpNjisZEouTimFr5uyAJ9vOqJjzkYAsO_cXLsk1qLygrMqEtRhyUfmM2ccJOWZrP7s-ACqKQznTz_YH-z3o6YpD4IxJ8TYhWJzN/s320/ONB%20SOLD%2025%20AT%20$17.24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/onb" style="text-align: left;">Old National Bancorp (ONB)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $431</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/onb/analystestimates">ONB Analyst Estimates</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000707179&owner=exclude&count=40&hidefilings=0"><span style="font-family: georgia;">ONB SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://ir.oldnational.com/overview/default.aspx"><span style="font-family: georgia;">Old National Bancorp - Investor Relations</span></a></p><p style="text-align: justify;"><a href="https://ir.oldnational.com/overview/default.aspx"><span style="font-family: georgia;">Old National Bancorp - Investor Relations</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.14 per share, last raised from $.13 effective for the 2020 first quarter. The quarterly dividend was cut from $.23 to $.07 in the 2009 second quarter, which is understandable under the circumstances. The slow pace in raising the dividend thereafter is not. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/ONB/dividends/history"><span style="font-family: georgia;">ONB Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">The low dividend payout and poor dividend growth history generally result in short term holding periods with liquidations considered in the $17+ range. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">+$83.45</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtlRZpBDqSQXp-Jp3ABys8GJeRWS9vholCPK3-vqJhtxwZsw2ac6XCz-W3RGImcXkF4932PeiLMhLkfxSaWHNgbSJNSHaRH5287g0iPASy_HVqFLJc6nyqISamSSDHRzbFQ7lNi67ZtEy1ihfKr0P7JQT_JNQmzQKnbwzgjMnq0qj7Fq8dVTBNz-E-7DLa/s2660/2023%20ONB%2025%20Shares%20+$83.45%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1176" data-original-width="2660" height="141" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtlRZpBDqSQXp-Jp3ABys8GJeRWS9vholCPK3-vqJhtxwZsw2ac6XCz-W3RGImcXkF4932PeiLMhLkfxSaWHNgbSJNSHaRH5287g0iPASy_HVqFLJc6nyqISamSSDHRzbFQ7lNi67ZtEy1ihfKr0P7JQT_JNQmzQKnbwzgjMnq0qj7Fq8dVTBNz-E-7DLa/s320/2023%20ONB%2025%20Shares%20+$83.45%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html" style="text-align: left;">Item # 1.C. Added to ONB - Bought 5 at $13.81; 5 at $13.27 - Schwab Account (10/28/23 Post)</a> I discussed the last earnings report in that post and have nothing substantive to add here. <a href="https://www.sec.gov/Archives/edgar/data/707179/000162828023034949/onb_exhibit991er3q23.htm" style="text-align: left;">SEC Filed Earnings Press Release</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Eliminated</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/07/brkl-ccne-ccnep-cuca-dcom-ffic-nnn-ntb.html" style="text-align: left;">Item # 4.D. Eliminated ONB - Sold 20 <b>at $17.53</b> (7/29/23 Post)</a>(profit snapshot = $69.01)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Largest Gain to Date</i></u>: <a href="https://tennesseeindependent.blogspot.com/2017/02/observations-and-sample-of-recent_27.html" style="text-align: left;">Item 2.A. Eliminated ONB-Sold 50 Shares at $18.55 (2/27/17 Post)</a>(profit snapshot = $312.97)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>ONB Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$1,095.83</span> (currently at #20 in this basket strategy)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>B. Eliminated Duplicate Position in AMCX - Sold 27 at $20.17</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-03ZB19ZfJS-vn-oKtDKoBVNj1yPoTBCO-_1RCt2Dm4V7kLfppmWiCog3KZGFl2_oTHmdAojeNECGStDWYbmQwDMn8A0SrIb7o-1EDjG0ogL9B1EkOKOVM6eycr0fPANtIABCd9JSaAF0zlovYxoN7bt-hCYMK_RC27XcmDZG4T3hB77mXeTaZDf55zav/s2222/amcx%20sold%2027%20at%20$20.17%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="114" data-original-width="2222" height="16" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-03ZB19ZfJS-vn-oKtDKoBVNj1yPoTBCO-_1RCt2Dm4V7kLfppmWiCog3KZGFl2_oTHmdAojeNECGStDWYbmQwDMn8A0SrIb7o-1EDjG0ogL9B1EkOKOVM6eycr0fPANtIABCd9JSaAF0zlovYxoN7bt-hCYMK_RC27XcmDZG4T3hB77mXeTaZDf55zav/s320/amcx%20sold%2027%20at%20$20.17%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span><br /></span></div>Quote: </span><a href="https://www.marketwatch.com/investing/stock/amcx">AMC Networks Inc. Cl A (AMCX)</a></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $544.84</span></p><p style="text-align: justify;"><span style="font-family: georgia;">"AMC Networks (Nasdaq: AMCX) is a global entertainment company known for its popular and critically acclaimed content. Its brands include targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and the anime-focused HIDIVE streaming service, in addition to AMC, BBC AMERICA (operated through a joint venture with BBC Studios), IFC, SundanceTV, WE tv, IFC Films and RLJE Films. AMC Studios, the Company’s in-house studio, production and distribution operation, is behind some of the biggest titles and brands known to a global audience, including The Walking Dead, the Anne Rice catalog and the Agatha Christie library. The Company also operates AMC Networks International, its international programming business, and 25/7 Media, its production services business."</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/amcx/analystestimates">AMCX Analyst Estimates | MarketWatch</a> As of 12/18/23, the average E.P.S. estimates for 2023, 2024 and 2025 were $6.7, $6.57 and $6.26 respectively. The valuation at the current price makes no sense but that has been the case for a long time. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Analysts are generally negative about this stock based on cord cutting, a difficult advertising market for cable networks, costs associated with new programs, the now resolved strikes, AMC's</span><span style="font-family: georgia;"> reliance on the Walking Dead series, the large number of larger competitors competing for streaming dollars, and relatively small size. I subscribe to AMC+. Besides the Walking Dead series and its many offshoots, AMC experienced success with the Mad Men and Killing Eve series. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1514991&owner=exclude"><span style="font-family: georgia;">AMCX SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1514991/000151499123000044/amcx-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.amcnetworks.com/" style="text-align: left;">AMC Networks Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$112.85</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTtbVExiyxpQf6DuvUuA-PmfGGaG0YO9m4Tf6DbO2A5BmDQT1eGLywlmhAufENvKtDZAdSYZVV2kNSiIUl6qr5ir9Ld4KNvXGSCSTosQP7Dv_WhaX-OCOCrRCkP0GNCTBdPTZGXGo9Ykag8i-LyD8ZuRkQDnudsjtlpRNoYyEJXYNW2q0ZNhZxSm4YTI6J/s1970/2023%20AMCX%2027%20Shares%20Net%20of%20+$112.85%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="834" data-original-width="1970" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTtbVExiyxpQf6DuvUuA-PmfGGaG0YO9m4Tf6DbO2A5BmDQT1eGLywlmhAufENvKtDZAdSYZVV2kNSiIUl6qr5ir9Ld4KNvXGSCSTosQP7Dv_WhaX-OCOCrRCkP0GNCTBdPTZGXGo9Ykag8i-LyD8ZuRkQDnudsjtlpRNoYyEJXYNW2q0ZNhZxSm4YTI6J/s320/2023%20AMCX%2027%20Shares%20Net%20of%20+$112.85%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Sell Discussion</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2021/08/amcx-brbs-cag-codx-cvx-dow-mcdfx-mj.html" style="text-align: left;">Item # 2.B. Pared AMCX-Sold 5 at $53.25 (8/12/21 Post)</a>(profit snapshot = $150.96) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The 2021 spike in the stock price was not based IMO on the Stock Jocks revaluing the company based on earnings. The primary reason was that a hedge fund called <a href="https://en.wikipedia.org/wiki/Archegos_Capital_Management" style="text-align: left;">Archegos Capital Management</a> had bought, using margin, huge positions in AMCX competitors Viacom (now called Paramount) and Discovery (now Warner Media) stocks. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The fund then went bankrupt after a margin call and forced liquidation causing those stocks to collapse in prices. <a href="https://deadline.com/2021/03/viacomcbs-discovery-stock-archegos-hedge-fund-wall-street-1234723778/" style="text-align: left;">ViacomCBS, Discovery Stock Surge, Meltdown Driven By Busted Hedge Fund – Deadline</a> The WSJ reported that the fund had lost $8B in 10 days. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The AMCX stock also received a lift due to a lower share count resulting from an October 2020 Dutch Tender Offer. <a href="https://investors.amcnetworks.com/news-releases/news-release-details/amc-networks-announces-final-results-modified-dutch-auction" style="text-align: left;">AMC Networks Announces Final Results of Modified Dutch Auction Tender Offer</a> AMCX purchase 10,802,550 shares at $23.2 which then represented 26.6% of the Class A stock outstanding. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I intend to keep long term my remaining position and may add to it at below $15. (Schwab Account: 35 shares with an AC of $18.03 per share)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: None and none expected. This will always be a major negative for me. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1514991/000151499123000041/amcx-11323ex991.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $636.954M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $1.44</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted E.P.S. = $1.85</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Free cash flow: $99.15M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Nine Month Adjusted E.P.S. $6.49</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Subsequent Developments: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Redeemed its 5% SU due in 2024 on 12/12/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>"On November 28, 2022, the Company commenced a restructuring plan designed to achieve significant cost reductions in light of “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook. During the third quarter of 2023, the Company substantially completed the plan and exited a portion of its office space in its corporate headquarters in New York and office space in Silver Spring, Maryland and Woodland Hills, California. In connection with exiting a portion of the New York office, the Company recorded impairment charges of $11.6 million, consisting of $9.1 million for operating lease right-of use assets and $2.5 million for leasehold improvements." That redemption could have been funded out of the $955.187M in cash owned as of 9/30/23 (p. 1, </span><a href="https://www.sec.gov/Archives/edgar/data/1514991/000151499123000044/amcx-20230930.htm" style="text-align: left;">10-Q</a>) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">While the Board has authorized a program to repurchase up to $1.5B in common stock, no purchases were made in the third quarter when the stock price was at 5 year lows near $13. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>As previously discussed, I had a negative reaction to this 2021 news item: </span><a href="https://www.cnbc.com/2021/07/16/amc-settles-walking-dead-lawsuit-with-filmmaker-frank-darabont-for-200-million.html" style="text-align: left;">AMC settles 'Walking Dead' lawsuit with filmmaker Frank Darabont for $200 million</a> That reaction was based on AMCX saying in its SEC filings that the suit had no merit and then giving the plaintiff a good chunk of what he was asking for in the lawsuit. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Treasury Bill Purchases at Auction - Schwab Account</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Bought 5 Treasury Bills at the 12/18/23 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpoVuniU63_6pjWgb53ksjm_MhGxCMp4aNrUmFrfP2liPSL2CQUFxPtDTjw5a-YNOvtUGgshr9PaJhqvKflJo_RMt80nxjjkGMd9YNDRcPT0EXDCjOaoXoUnjz0IzTNkmH-egNU-5YOSCER-CtEz6yJavo3s4d5wTUvJLuQpjzhF8lrRZPMXv_7BJWPhd2/s2900/Treasury%20(5)%203:21:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="218" data-original-width="2900" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpoVuniU63_6pjWgb53ksjm_MhGxCMp4aNrUmFrfP2liPSL2CQUFxPtDTjw5a-YNOvtUGgshr9PaJhqvKflJo_RMt80nxjjkGMd9YNDRcPT0EXDCjOaoXoUnjz0IzTNkmH-egNU-5YOSCER-CtEz6yJavo3s4d5wTUvJLuQpjzhF8lrRZPMXv_7BJWPhd2/s320/Treasury%20(5)%203:21:24.png" width="320" /></span></a></div><span style="font-family: georgia;">91 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 3/21/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $66.48</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.42</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHWm7gbZUwPrDLAOJV5zI1BMrv8uQADYhbIrtt-b9WXmIFAo5V9gaDmdBncB9-BiRCXSQFRpxiHoypkVXIZGnyS2ogmHZx2ynqCA2ll8h8GSm381DUGdWzMJ0tcALRr7ch79eRW198ISAGinYw6VZCIOfJj5IWvTyUeS20igitFYHDcA_2J1AgYNymvTGT/s1182/Screenshot%202023-12-18%20at%2011.14.48%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="566" data-original-width="1182" height="153" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHWm7gbZUwPrDLAOJV5zI1BMrv8uQADYhbIrtt-b9WXmIFAo5V9gaDmdBncB9-BiRCXSQFRpxiHoypkVXIZGnyS2ogmHZx2ynqCA2ll8h8GSm381DUGdWzMJ0tcALRr7ch79eRW198ISAGinYw6VZCIOfJj5IWvTyUeS20igitFYHDcA_2J1AgYNymvTGT/s320/Screenshot%202023-12-18%20at%2011.14.48%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Bought 5 Treasury Bills at the 12/8/23 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtTCajrsH0XwKRRhiWRsywfSngvMIDH33GQEkl3HZlGucm7_zjXm16SUgkCXJUnjJDCNQ_oP1AC7FubyzF-yBWw82DhAV-gEeH8PylTcN4GcTn7fLpwLyYlOXszjhCUgtL41gv2421XZQfzp1s_LL34FWeRJQMZeI1uPopzScznqy8XaHkjcZqj5_UpRT_/s2972/Screenshot%202023-12-18%20at%2011.47.51%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="300" data-original-width="2972" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtTCajrsH0XwKRRhiWRsywfSngvMIDH33GQEkl3HZlGucm7_zjXm16SUgkCXJUnjJDCNQ_oP1AC7FubyzF-yBWw82DhAV-gEeH8PylTcN4GcTn7fLpwLyYlOXszjhCUgtL41gv2421XZQfzp1s_LL34FWeRJQMZeI1uPopzScznqy8XaHkjcZqj5_UpRT_/s320/Screenshot%202023-12-18%20at%2011.47.51%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">182 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 6/20/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $129.67 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.354</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsKgjIrNshLdWVpCB9TcUwhuY5Ku3IFsOeygwsK7tTuTrPbu-uZDhunwy8JHBb3GE0gKX2YHNXk_qjiYWDhkCkalR_rAdZ_KAtNvGw4rfSgh1GGhcmYccwBTc2z2N5K0dSyFa-ZrPp2iH7fhXrhu1fzt0jQ5jS4lM8VPqNKwk00svj8getz8JASambjS3l/s1210/Screenshot%202023-12-18%20at%2011.19.21%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="588" data-original-width="1210" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsKgjIrNshLdWVpCB9TcUwhuY5Ku3IFsOeygwsK7tTuTrPbu-uZDhunwy8JHBb3GE0gKX2YHNXk_qjiYWDhkCkalR_rAdZ_KAtNvGw4rfSgh1GGhcmYccwBTc2z2N5K0dSyFa-ZrPp2iH7fhXrhu1fzt0jQ5jS4lM8VPqNKwk00svj8getz8JASambjS3l/s320/Screenshot%202023-12-18%20at%2011.19.21%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Bought 5 Treasury Bills at the 12/20/23 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiygKnaDugHfYz_3qC19n7iHuhQjjxthPr-ngngNH8b9ZzzCSVSyCQCMl6lwVSHUZg68aXKInxKXwoBaRomc_8BeH5TWu8ZbRZSYYVTEs7ew4TFDqPs8odwahNW93FiYCEyAxU1JjdEkAotaoAE_x_r9BLELgGejnWbsaEUzCqyoegNmxyEkQg8xdueHHWP/s2872/Treasury%20(5)%20%204:23:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="210" data-original-width="2872" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiygKnaDugHfYz_3qC19n7iHuhQjjxthPr-ngngNH8b9ZzzCSVSyCQCMl6lwVSHUZg68aXKInxKXwoBaRomc_8BeH5TWu8ZbRZSYYVTEs7ew4TFDqPs8odwahNW93FiYCEyAxU1JjdEkAotaoAE_x_r9BLELgGejnWbsaEUzCqyoegNmxyEkQg8xdueHHWP/s320/Treasury%20(5)%20%204:23:24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">119 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 4/23/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $82.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.4</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvEC_jksNOXcctqhkBazU0TgV-oMdoL4qjB4BAYnQb5DMgLrdDIpi7uZl85LAoFxd-_VcURT4dt9j9iHjnq5Bivk_j3M-s_7SoVlU9KNhymFBrzyXUaOOApd2DQuTmVS3gUlNFFWfn2bMcfH7vUBqsUTmqMwxO7Vq703Bx92LXLx1oLsu7lzi9q8vfTrQA/s1126/Screenshot%202023-12-20%20at%2011.25.45%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="590" data-original-width="1126" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvEC_jksNOXcctqhkBazU0TgV-oMdoL4qjB4BAYnQb5DMgLrdDIpi7uZl85LAoFxd-_VcURT4dt9j9iHjnq5Bivk_j3M-s_7SoVlU9KNhymFBrzyXUaOOApd2DQuTmVS3gUlNFFWfn2bMcfH7vUBqsUTmqMwxO7Vq703Bx92LXLx1oLsu7lzi9q8vfTrQA/s320/Screenshot%202023-12-20%20at%2011.25.45%E2%80%AFAM.png" width="320" /></span></a></div><b><span style="color: #2b00fe; font-family: georgia;"><p style="text-align: justify;"><b><span style="color: #2b00fe;">6. Exchange Traded First Mortgage Baby Bonds</span></b>: </p></span></b><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Bought 10 ELC at $21.93 in Vanguard Account; and 5 at $21.78 and 5 at $21.6 in Schwab Account</i></u></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjV8M7tnYRXTqqtAr8LR8Ovze-T22EasjdnbwB1gKZnQTad0pkR1K3PyswgTcBX3eLB6o9_N72hVX5Y5oFEeg7TVuXaMIRxlBD3KLKXVa3B8X0wqPx-sLQVpRzuayHvGOvTVesEisJ33_gvEsGDBYMlqtsdnaLkNKOJwk2uQvAel-cA6dWxo0O5g9Ka3zR1/s2386/ELC%2010%20at%20$21.93%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="336" data-original-width="2386" height="45" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjV8M7tnYRXTqqtAr8LR8Ovze-T22EasjdnbwB1gKZnQTad0pkR1K3PyswgTcBX3eLB6o9_N72hVX5Y5oFEeg7TVuXaMIRxlBD3KLKXVa3B8X0wqPx-sLQVpRzuayHvGOvTVesEisJ33_gvEsGDBYMlqtsdnaLkNKOJwk2uQvAel-cA6dWxo0O5g9Ka3zR1/s320/ELC%2010%20at%20$21.93%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixUUuxpMBui58YdU5sd6HkOzWC6WpdS70Dk8tTGrPTzBfY95MRHD85cFmU13zNMQsjo1rzU8LRvgKI82Zt11VLcVkRz_zXQzCB5EzDPjDWwEzjVxvvzVh0rrklDvkQiAXSTPy4Q9yX5OJWLxUr8M3yl39F_DpKIA8qHgC0l0eEfpqydtYHiT8oLYsLoAFH/s2862/Screenshot%202023-12-21%20at%2010.58.23%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="576" data-original-width="2862" height="64" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixUUuxpMBui58YdU5sd6HkOzWC6WpdS70Dk8tTGrPTzBfY95MRHD85cFmU13zNMQsjo1rzU8LRvgKI82Zt11VLcVkRz_zXQzCB5EzDPjDWwEzjVxvvzVh0rrklDvkQiAXSTPy4Q9yX5OJWLxUr8M3yl39F_DpKIA8qHgC0l0eEfpqydtYHiT8oLYsLoAFH/s320/Screenshot%202023-12-21%20at%2010.58.23%E2%80%AFAM.png" width="320" /></a></div><br /></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/elc">Entergy Louisiana LLC <b>First Mortgage</b> Bonds 4.875% Series <b><span style="color: red;">due 2066</span></b></a></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $436.2 (weighted yield at 5.59%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maximum Position in All Taxable Accounts: 300 shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Position in Taxable Accounts: 80 shares</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-adx-bmy-bnl-clpr-egbn-elc-f-glq.html" style="text-align: left;">Item # 7.A. Added to ELC - Bought 5 at $20.03 in Schwab Account (11/4/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Wholly owned operating subsidiary of <a href="https://www.marketwatch.com/investing/stock/etr?mod=search_symbol" style="text-align: left;">Entergy Corp. (ETR)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=65984&owner=exclude">ETR SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/7323/000006598423000094/etr-20230930.htm">ETR 10-Q for the Q/E 9/30/23</a> (Entergy Louisiana results can be found at pages 121-142)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2017/01/exchange-traded-baby-bonds.html" style="text-align: left;">Exchange Traded Baby Bonds</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Description</u></i>: <a href="https://www.sec.gov/Archives/edgar/data/1348952/000006598416000656/d234508d424b2.htm" style="text-align: left;">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: Quarterly</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Security: First Mortgage on substantially all assets </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Call protection has expired. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: 9/1/2066 unless called earlier at issuer's option. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: Quarterly</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment, even if bought the day before that date)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Last Ex Interest</u>: 11/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Credit Ratings</u></i>: A2/A</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I also own Entergy Louisiana $1,000 par value first mortgage bonds that trade in the bond market. The maturities range start in 2025 and end in 2028. The next one to mature is the 3.78% FM that matures on 4/1/25. </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=29364WAU2&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a> The last one to mature that I own is the 3.25% FM maturing on 4/1/28. <a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=29364WAW8&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span><span> </span></span></p></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com13tag:blogger.com,1999:blog-2986124651030959736.post-55333350696421060322023-12-16T09:04:00.008-06:002024-01-11T09:48:52.643-06:00AQNPRA:CA, AY, CCNEP, CFGPRD, CTO, DOW, EAI, EMP, GNLPRA, HPPPRC, ICMB, MEGI, MFIC, TAC <p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Fed left the FF range unchanged at 5.25%-5.5%. </span><a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20231213a.htm" style="text-align: left;">Federal Reserve Board- Federal Reserve issues FOMC statement</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The Dot Plot released on 12/13/23 points to several rate cuts in 2024 and 2025:</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGZ0DW33mNCYG9z9LZ0uaZwdd76hCDEy8y3pEvy4SVbz9nWKQnraY0iBnMilYxDotiadreJHKkVcTFNhfUF0zXKml-1xsIJpKSOgmjxD6EXsaQvnP4ccbW96z_oI2nrIdCWwr6jd-KKndH_a7o511Lq_c1uoU0qZHardgh0zH3vdmSzHlQg1qdNXwqI6ef/s3044/Screenshot%202023-12-13%20at%203.50.28%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1756" data-original-width="3044" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGZ0DW33mNCYG9z9LZ0uaZwdd76hCDEy8y3pEvy4SVbz9nWKQnraY0iBnMilYxDotiadreJHKkVcTFNhfUF0zXKml-1xsIJpKSOgmjxD6EXsaQvnP4ccbW96z_oI2nrIdCWwr6jd-KKndH_a7o511Lq_c1uoU0qZHardgh0zH3vdmSzHlQg1qdNXwqI6ef/s320/Screenshot%202023-12-13%20at%203.50.28%E2%80%AFPM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrr7YPIX2h-CepBrglF-tt3xdGKcIM3y-h4QfVP8VGuQLrhRsHrGkv6gmW3FbkwfBNJ3Odx9gb1us56ir2L7Ou24q4KUpYVhx8QxFipLh_UcJZvj5LlQPA3IQ1LMeRluaso_34Mwf_Ps1neGNTfNk9nTtRQd-6kT_HGRLoar6mN_RNrvKFi-TqbvUmtSNS/s3014/Screenshot%202023-12-13%20at%203.50.46%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="306" data-original-width="3014" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrr7YPIX2h-CepBrglF-tt3xdGKcIM3y-h4QfVP8VGuQLrhRsHrGkv6gmW3FbkwfBNJ3Odx9gb1us56ir2L7Ou24q4KUpYVhx8QxFipLh_UcJZvj5LlQPA3IQ1LMeRluaso_34Mwf_Ps1neGNTfNk9nTtRQd-6kT_HGRLoar6mN_RNrvKFi-TqbvUmtSNS/s320/Screenshot%202023-12-13%20at%203.50.46%E2%80%AFPM.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;">A majority of FED members expect the FF range will be .75% lower by year end 2024. The current range is 5.25% to 5.5%. This is just a snapshot in time. If inflation remains stubbornly high or goes up next year, then rate cuts may be off the table with an increase possible. </span></div><div><p style="text-align: justify;"><a href="https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20231213.htm"><span style="font-family: georgia;">The Fed - December 13, 2023: FOMC Projections materials, accessible version</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">FED Economic Projections: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZMJg7EJWfOBrJfxz1ZkO8RAz4C25bATS75Nt5jh3CEoun_32eYEnkRaaFIWyDoXKb45yYIB82UN9fsmb_1y2Rn8PnwfhLGGKcDvOP0nA8set1E_zxIgPrF9P1L405t6YQ2-AHzPt8t5J253Iq2GBKPlFnY7as6wHUrf_DJVOT_pjQbc9Iaz4cpz8iCHBx/s3068/Screenshot%202023-12-13%20at%203.57.07%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1732" data-original-width="3068" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZMJg7EJWfOBrJfxz1ZkO8RAz4C25bATS75Nt5jh3CEoun_32eYEnkRaaFIWyDoXKb45yYIB82UN9fsmb_1y2Rn8PnwfhLGGKcDvOP0nA8set1E_zxIgPrF9P1L405t6YQ2-AHzPt8t5J253Iq2GBKPlFnY7as6wHUrf_DJVOT_pjQbc9Iaz4cpz8iCHBx/s320/Screenshot%202023-12-13%20at%203.57.07%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">The most important changes, compared to the predictions made last September, were the downward revisions for the FF rate and PCE inflation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Discussed at </span><a href="https://www.cnbc.com/2023/12/13/fed-interest-rate-decision-december-2023.html" style="text-align: left;">Fed interest rate decision December 2023: Fed holds rates steady, indicates 3 cuts coming in 2024- CNBC</a> </span></p><p style="text-align: justify;"><a href="https://www.cnbc.com/2023/12/15/feds-john-williams-says-the-central-bank-isnt-really-talking-about-rate-cuts-right-now.html"><span style="font-family: georgia;">Fed’s John Williams says the central bank isn't 'really talking about rate cuts right now'</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>November CPI Report: </span><a href="https://www.bls.gov/news.release/cpi.nr0.htm" style="text-align: left;">Consumer Price Idndex Summary - 2023 M11 Results</a></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLtIZsN7IfguMkBun-ce7PTXeVe_e82FqLkXac_J1DjXaDi0qbq3p0FI0__7TrUdxGxIt6MfZd7OY04njtNkTAzxqEMLojJbLrZ_AQhrr8d95pL-KtRMCjbqDOXhcVdRknM3IIeUJPpmRAZrHCFmwyymFDNsN9CjCg7XbNbbNwaSCnVk1w6TyJamSE5QDx/s2890/Screenshot%202023-12-12%20at%208.46.00%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1810" data-original-width="2890" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLtIZsN7IfguMkBun-ce7PTXeVe_e82FqLkXac_J1DjXaDi0qbq3p0FI0__7TrUdxGxIt6MfZd7OY04njtNkTAzxqEMLojJbLrZ_AQhrr8d95pL-KtRMCjbqDOXhcVdRknM3IIeUJPpmRAZrHCFmwyymFDNsN9CjCg7XbNbbNwaSCnVk1w6TyJamSE5QDx/s320/Screenshot%202023-12-12%20at%208.46.00%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">CPI Annual = 3.1%, down from 3.2%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core CPI Annual: 4%, unchanged. Still too high. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>{The FED's goal is 2% Core PCE inflation, which is a different measure than CPI and was last reported at a 3% annual rate through October. </span><a href="https://www.bea.gov/news/2023/personal-income-and-outlays-october-2023" style="text-align: left;">Personal Income and Outlays, October 2023 | U.S. Bureau of Economic Analysis} </a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">CPI Month-To-Month: .1%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Core CPI Month-to-Month: .3%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Owners Equivalent Rent Annual Increase (weighted at 25.825% in CPI and more in Core CPI since energy and food is excluded from CPI in the Core CPI calculation which would increase OER's weighting): +6.7%. </span><a href="https://www.bls.gov/news.release/cpi.t02.htm" style="text-align: left;">Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2023 M11 Results</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Owners equivalent rent is a major cause of inflation reported in the BLS calculations. For homeowners, who of course do not pay rent to themselves, inflation in owners equivalent rent is <b>not an expense but a source of profit</b>. The number is only a hypothetical expense for those who have been renting their primary residence, a separate expense category in CPI, and who will eventually purchase their first home. Inflation in home costs is an additional cost to them compared to those who already own their homes. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Discussed at </span><a href="https://www.cnbc.com/2023/12/12/cpi-inflation-report-november-2023.html">CPI inflation report November 2023</a></span></p><p style="text-align: justify;"><a href="https://www.cnbc.com/2023/12/13/wholesale-prices-held-flat-in-november-providing-another-encouraging-inflation-signal.html"><span style="font-family: georgia;">Wholesale prices held flat in November, providing another encouraging inflation signal</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.newyorkfed.org/survey/empire/empiresurvey_overview">Empire State Manufacturing Survey (overview) - FEDERAL RESERVE BANK of NEW YORK</a> For this survey, zero is the dividing line between expansion and contraction. The general business conditions for NY manufacturing declined 24 points to -14.5%. The new orders component declined 6 points to -11.3%. Manufacturing has been persistently weak in these surveys for several months now. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $27,000 in principal amount (All purchased in my Schwab account where there is an ongoing pileup of maturing T Bills and CDs)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $4,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">SNOXX: +$2,000 (purchased Treasury MM Fund, 7 day yield at 5.06%)</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEholoS8ODl80xQdFsHPjl1FhtR4gVXcCc577Ar1goKc2WLJMr8A4qtoUoOMuU0zXITrKaHTdPbwTIXT6LDve35eDG5mYwoiCJIYoq38Hjd-8q9Ixj9kvbd6p5oqeEBMfue1_NYMsCyaFBqPyswxtSlk94hTlnzadj6B5MqbyQ_INwmtnm5rrE0BjyCZjcfh/s2948/SnOXX.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="250" data-original-width="2948" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEholoS8ODl80xQdFsHPjl1FhtR4gVXcCc577Ar1goKc2WLJMr8A4qtoUoOMuU0zXITrKaHTdPbwTIXT6LDve35eDG5mYwoiCJIYoq38Hjd-8q9Ixj9kvbd6p5oqeEBMfue1_NYMsCyaFBqPyswxtSlk94hTlnzadj6B5MqbyQ_INwmtnm5rrE0BjyCZjcfh/s320/SnOXX.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual Common Stocks: <b><span style="color: #38761d;">+</span></b>$426.21</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(consisting of $921.52 in purchases minus $495.21 in proceeds)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock CEF: <span style="color: #6aa84f;">+</span>$130.86 (yield at 11.47%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Inflow Stocks/Stock Funds:<span style="color: #6aa84f;"> +</span>$557.72</span></p><p style="text-align: justify;"><span style="font-family: georgia;">U.S. Equity Preferred Stocks: <b><span style="color: red;">-</span></b>$366.28 (consisting of $721.91 in proceeds minus $355.63 in purchases)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">U.S. Equity Preferred Stocks Realized Gain: <span style="color: #6aa84f;">+</span>$125.18</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Canadian Reset Equity Preferred Stocks: <span style="color: #6aa84f;"><b>+</b></span>C$2,000 (yield at 8.08% after a recent reset)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded First Mortgage Bonds: <span style="color: #6aa84f;">+</span>$328.75 (weighted yield at 5.58%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Outflow Common Stocks/Stock Funds: <b><span style="color: red;">-</span></b>$27,234.07</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Righteous Brothers: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have recently revisited the Righteous Brothers recordings, one of my favorite groups from the 1960s. The Righteous Brothers consisted of Bill Medley and Bobby Hatfield and were IMO the best rock male singing duo in history. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Hatfield did a solo performance of "Unchained Melody" live on the Andy Williams show in 1965 which I had never seen until I started to recently view their live performances available on YouTube. I view that performance to be the best live TV performance that I have ever seen from a male solo performer. (</span>Unrestored Picture: <a href="https://www.youtube.com/watch?v=zrK5u5W8afc" style="text-align: left;">Righteous Brothers - Unchained Melody (Live 1965)-YouTube</a>; <span>Restored Video: </span><a href="https://www.youtube.com/watch?v=Z0uUtdzy32s" style="text-align: left;">Righteous Brothers-Unchained Melody [Live - Best Quality] (1965) - YouTube</a>) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Their 1964 recording of "You Have Lost That Loving Feeling" was the most played song on radio in the 20th Century. <a href="https://www.bmi.com/news/entry/19991214_bmi_announces_top_100_songs_of_the_century" style="text-align: left;">BMI Announces Top 100 Songs of the Century-BMI.com</a> The music, lyrics and quality of the vocals combined to connect to people. </span><a href="https://www.youtube.com/watch?v=uOnYY9Mw2Fg" style="text-align: left;">You've Lost That Loving Feeling Righteous Brothers JAR-ReMix Stereo HiQ Hybrid JARichardsFilm - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Demagogue Don and His Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics-Electio-2024 Republican Presidential Nomination</a> Don the Authoritarian has a 48.6% lead over his nearest challenger using the average of all polls. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html" style="text-align: left;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</a> Trump is leading Biden by 3.1%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trump is viewed favorably by 40% of voters. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.axios.com/2023/12/07/trump-loyalty-cabinet-2025-carlson-miller-bannon">Trump's 2025 short list for Cabinet Positions: Tucker Carlson, Steve Bannon, Stephen Miller & J.D Vance</a> Donald has not mentioned yet where he wants the My Pillow guy to serve. Senator Vance (R-Ohio) recently stated that Ukraine needs to give up territory in order to secure "peace" with Putin. </span><span style="font-family: georgia;"><a href="https://www.newsweek.com/jd-vance-newspaper-compares-putin-1852552" style="text-align: left;">J.D. Vance Home State Newspaper Compares Him to Putin</a>; <a href="https://www.theguardian.com/us-news/2023/dec/11/republican-senator-jd-vance-ukraine-cede-land-russia-war-invasion" style="text-align: left;">Republican senator says Ukraine may have to cede land to Russia to end war-The Guardian</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=lDhSgYVGqPk">‘Sociopath’: Trump on track to win 2024 & be a ‘dictator’ warns his coauthor from ‘Art of the Deal’ - YouTube</a> Trump will probably be able to delay trials of the federal criminal cases until after the election. If he wins, which now looks better than 50/50, then he will pardon himself or have his Attorney General dismiss the federal cases. When that happens, the Democrats will impeach him again when they have the votes in the House, possibly in 2024. I view it more likely that the Democrats will regain control in the House rather than keep a majority in the Senate with the V-P as the tie breaking vote. The Senate republicans would then vote to acquit which will happen no matter what Trump has done to deserve the impeachment. </span></p><p style="text-align: justify;"><a href="https://www.nytimes.com/2023/12/09/us/politics/trump-2025-nato.html"><span style="font-family: georgia;">Fears of a NATO Withdrawal Rise as Trump Seeks a Return to Power - The New York Times</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.washingtonpost.com/opinions/2023/12/08/ukraine-gop-congress-aid/">Opinion | The GOP’s return to isolationism endangers Ukraine’s survival - The Washington Post</a> This is an opinion column authored by the former republican Max Boot. He points out that a majority of republicans in both the Senate and House voted against the </span><a href="https://www.archives.gov/milestone-documents/lend-lease-act" style="text-align: left;">Lend-Lease Act (1941)</a><span>. This Act provided critically needed supplies to the U.K., the primary country then resisting territorial aggression by another totalitarian regime, Hitler's Germany. Nothing has really changed. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The legislative terrorists in the GOP are still refusing to pass an aid package for Israel and Ukraine unless the democrats agree to their demands on immigration. Republicans will not compromise on immigration, such as agreeing on a path to citizenship for the DACA children in exchange for the demands that are being made now. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/interactive/2023/12/politics/missing-russia-intelligence-trump-dg/">The mystery of the missing binder: How a collection of raw Russian intelligence disappeared under Trump</a> The binder was last seen in the White House shortly before Trump had to leave. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.americanprogress.org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/" style="text-align: left;">Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio - Center for American Progress</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nbcnews.com/politics/donald-trump/court-grants-special-counsels-request-expedite-trumps-immunity-appeal-rcna129615">Appellate Court grants special counsel's request to expedite Trump's immunity appeal in election interference case</a> Trump is claiming that he has absolute immunity for "alleged" crimes committed while he was in office. The Supreme Court has also been requested to take up the case without waiting for the Appellate Court to review the District Court's decision rejecting Trump's absolute immunity argument. Trump's attorneys opposed any expedited consideration but simply want a delay in the criminal trial as his appeal works its way slowly through the appellate process (a year or so for the Appellate court to decide and then a year or so for the Supreme Court to review and decide)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/13/politics/house-impeachment-inquiry-joe-biden/index.html">House votes to formalize impeachment inquiry into President Joe Biden with floor vote</a> All republicans voted in favor. They want to impeach Biden and re-elect Donald for another 4 years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Blatant hypocrisy has to be in their DNA. </span><a href="https://www.youtube.com/watch?v=MIbo6hVVL_Q" style="text-align: left;">Uproar after Moms for Liberty co-founder caught in sex scandal - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2023/12/15/us/supreme-court-dobbs-roe-abortion.html">Inside the Supreme Court’s Dismantling of Roe - The New York Times</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of Misery</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ukr.warspotting.net/">Losses ∙ RussiaWarSpotting-documented material losses in Russo-Ukrainian war</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/12/politics/russia-troop-losses-us-intelligence-assessment/index.html">Russia has lost 87% of troops it had prior to start of Ukraine war, according to US intelligence assessment | CNN</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnbc.com/2023/12/08/russias-putin-says-he-will-run-for-president-in-2024-state-media.html">Russia's Putin says he will run for president in 2024: State media</a> I am going to predict that Russia's Dictator for Life will win in a landslide. He has been the dictator already for about 24 years, either as President or as Prime Minister. People in the illegally annexed Ukrainian territories will be allowed to vote for Putin. </span><a href="https://www.youtube.com/watch?v=PJiwDEo8HC8&t=139s" style="text-align: left;">There is MORE to the Story of Putin's Announcement - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Russia continues to target apartment buildings with missile attacks. <a href="https://www.nytimes.com/2023/12/12/world/europe/ukraine-kyiv-missile-strike.html" style="text-align: left;">Russian Missile Attack on Kyiv Injures Dozens - The New York Times</a> (12/12/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=WnbKuWDOJKg"><span>Female soldier of Ukraine’s elite 47th Brigade helps stop massive Russian attack on Avdiivka - YouTube</span></a> This is a realistic video of battle conditions. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=tDKj3DbyZOE">Ukrainian troops warn Avdiivka will fall to Russia without Western ammunition-YouTube</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://thehill.com/policy/international/4361512-hungary-halts-54-billion-european-union-deal-for-ukraine/">Hungary halts $54 billion European Union deal for Ukraine | The Hill</a> The PM of Hungary, Viktor Orban, is an ally of Putin who is also favored by republican "conservatives". Orban is an authoritarian, similar to Trump in many ways. </span><a href="https://www.npr.org/2022/07/13/1111274698/how-the-american-right-became-aligned-with-hungary-and-its-authoritarian-leader" style="text-align: left;">How the American right became aligned with Hungary and its authoritarian leader-NPR</a>; <a href="https://www.justsecurity.org/88319/tucker-carlson-viktor-orban-and-the-anti-democracy-playbook/" style="text-align: left;">Tucker Carlson, Viktor Orbán and the Anti-Democracy Playbook</a>; <a href="https://www.hrw.org/news/2022/08/04/hungarys-authoritarian-leader-no-gift-us-conservatives" style="text-align: left;">Hungary’s authoritarian leader is no gift to US conservatives | Human Rights Watch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.wsj.com/world/europe/hes-wanted-for-wirecards-missing-2-billion-hes-now-suspected-of-being-a-russian-spy-61d79ee2?mod=hp_lead_pos7">He’s Wanted for Wirecard’s Missing $2 Billion. He’s Now Suspected of Being a Russian Spy. - WSJ</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Small Ball Common Buys</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>A. Added to CTO - Bought 15 at $17.27; 5 at $17.1 - Schwab Account</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnxnzIVYCtL2OO20eGalJasI0VidgipTqbj7si3SO3C_cemYzy85F6NLKuUOVfXXsudVqC4MrbaCkqGfC5OFdyFsdPmEC-JRRXtZyf8UHJLbfAvYdki4UCEPJM_akWFaSxJobbS-8TjPVulZi_EEfP_lCcMcZWYGotgGziOU1ZPe6BXZ4EXOorF6WzEP9x/s2742/CTO%2015%20AT%20$17.27%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="260" data-original-width="2742" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnxnzIVYCtL2OO20eGalJasI0VidgipTqbj7si3SO3C_cemYzy85F6NLKuUOVfXXsudVqC4MrbaCkqGfC5OFdyFsdPmEC-JRRXtZyf8UHJLbfAvYdki4UCEPJM_akWFaSxJobbS-8TjPVulZi_EEfP_lCcMcZWYGotgGziOU1ZPe6BXZ4EXOorF6WzEP9x/s320/CTO%2015%20AT%20$17.27%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span style="font-family: georgia;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxNNoF8eMckMGl5rCEwwSdJvEvyegh9HFgZ0ziMuHrs-GR568pSt4CjYPzGtqTZgXz97q2y3Ac5QnKOMCePd2pZ-AIKaqD2Pf_hopmU_lOHwY3lYTYt7lR3CMm5Awd4xKo8LOFI0doIFL_WEYsHza3B724Cx1SKMorXPM2ArfC2zfR8_qjDWrHOURAuGu2/s2718/cto%205%20at%20$17.1%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="220" data-original-width="2718" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxNNoF8eMckMGl5rCEwwSdJvEvyegh9HFgZ0ziMuHrs-GR568pSt4CjYPzGtqTZgXz97q2y3Ac5QnKOMCePd2pZ-AIKaqD2Pf_hopmU_lOHwY3lYTYt7lR3CMm5Awd4xKo8LOFI0doIFL_WEYsHza3B724Cx1SKMorXPM2ArfC2zfR8_qjDWrHOURAuGu2/s320/cto%205%20at%20$17.1%20.png" width="320" /></a></div></span></div><div><br /></div>Quote: </span><a href="https://www.marketwatch.com/investing/stock/cto?mod=search_symbol">CTO Realty Growth Inc. (CTO)</a></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $344.55</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: External</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=23795&owner=exclude">CTO SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Average cost per share</u></i>:</span><span> </span><b>$17.76</b><span> </span><span>(105+ shares)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.38 per share ($1.52 annually) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/CTO/dividends/history">CTO Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>8.56</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/13/23 (owned all as of)'</span></p><div style="text-align: justify;"><span style="font-family: georgia;"><span>As previously discussed, CTO is the external manager for </span><a href="https://www.marketwatch.com/investing/stock/pine?mod=search_symbol">Alpine Income Property Trust Inc (PINE)</a>, which I own. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">CTO also<span> owns about 15.1% of PINE's equity, valued at $38.2M as of 9/30/23. </span><a href="https://www.sec.gov/Archives/edgar/data/23795/000155837023016868/cto-20230930x10q.htm" style="text-align: left;">10-Q at page 18</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>During the third quarter, CTO received $1.095M in fees from PINE and $337K in dividends. </span><a href="https://www.sec.gov/Archives/edgar/data/23795/000155837023016868/cto-20230930x10q.htm" style="text-align: left;">10-Q at p. 18</a><span> </span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>CTO had 22,484,561 weighted average diluted shares outstanding in the third quarter, which values its PINE stake at about $1.70 per CTO using the $38.2M value as of 9/29/23, the last trading day that month, when PINE closed at </span><a href="https://finance.yahoo.com/quote/PINE/history?p=PINE" style="text-align: left;">$16.36</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>Since my last discussion, CTO announced that it had sold 3 single tenant properties. </span><a href="https://ir.ctoreit.com/news-releases/news-release-details/cto-realty-growth-announces-sale-three-single-tenant-outparcels" style="text-align: left;">CTO Realty Growth Announces Sale of Three Single Tenant Outparcels in Chandler, Arizona For $9.2 Million</a> The gain will be about $3M with a 5.9% exit cap rate. Proceeds were used to pay down the relatively high cost credit facility. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://www.zacks.com/stock/news/2194261/cto-realty-cto-sells-assets-ups-financial-strength-stock-up?art_rec=quote-fundamental_enterprise_value-zacks_news-ID01-txt-2194261"><span style="font-family: georgia;">CTO Realty (CTO) Sells Assets, Ups Financial Strength-December 6, 2023 - Zacks.com</span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Recent acquisitions have been in Georgia and Texas. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">After looking at pictures of the currently owned properties, I see no reason for the REIT to continue owning 1 retail center in Utah, located at Jordan Landing. <a href="https://www.ctoreit.com/property-portfolio?propertyId=1090002-lease" style="text-align: left;">Property Portfolio</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 1.H. Added to CTO - Bought 10 at $16.64 (11/25/23 Post)</a> I discussed the last earnings report in that post. <a href="https://www.sec.gov/Archives/edgar/data/23795/000155837023016861/cto-20231026xex99d1.htm" style="text-align: left;"><span>CTO Q3 2023 Earnings Press Release</span></a>, <a href="https://www.sec.gov/Archives/edgar/data/23795/000155837023016861/cto-20231026xex99d2.htm" style="text-align: left;">CTO SEC Filed Third Quarter Presentation</a>; <a href="https://www.sec.gov/Archives/edgar/data/23795/000155837023016861/cto-20231026xex99d3.htm" style="text-align: left;">CTO Third Quarter SEC Filed Supplemental</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Q3 Leasing Revenues: $25.183M</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Outstanding Commercial Loans: $46.572M (or about $2.07 per CTO shares) </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv1CDDC0VM88rMD_5ALNCU7mmSl1clvbE4N3ZZ5JfGdJVHvb2Bze69Z96VGWRemMmSYMyjxqjIOeOlz7aSvdtcKi8AZqSPuTo0Xz0VyCSMcF2cwq0By2ybsEmwQiy-smrqDEqxUtl66_uTu_6avpP-YfZHeSEE4_chUVrA-91blTGyAySZ3AJj-FzDnUWB/s2472/Screenshot%202023-12-10%20at%207.31.39%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="342" data-original-width="2472" height="44" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv1CDDC0VM88rMD_5ALNCU7mmSl1clvbE4N3ZZ5JfGdJVHvb2Bze69Z96VGWRemMmSYMyjxqjIOeOlz7aSvdtcKi8AZqSPuTo0Xz0VyCSMcF2cwq0By2ybsEmwQiy-smrqDEqxUtl66_uTu_6avpP-YfZHeSEE4_chUVrA-91blTGyAySZ3AJj-FzDnUWB/s320/Screenshot%202023-12-10%20at%207.31.39%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">P. 17, 10-Q</span></td></tr></tbody></table></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I have nothing further to add here. </span></div><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><u><i>B. </i></u></b></span><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>Started USD Priced TAC - Bought 10 at $8.12; 10 at $7.67 - Schwab Account</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRC_vWlBLDhvoSn1bJsgchJfV9FgaFuDULLbqI04g09pLUTWkIpnZUk8Q4-HNnTOOeVmDhhc9o85BisgRszXubvXJxbHfWftvk4EhkX7Hrwicz0VrbRuXkLUlkGyrZ8e4TcO9P22O8kOAqVnRHV7DwJx3Wg4I_E9razjGOKSLYncRIbdVCIaNA5ujK2Z7C/s2778/TAC%2010%20at%20$8.12%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="246" data-original-width="2778" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRC_vWlBLDhvoSn1bJsgchJfV9FgaFuDULLbqI04g09pLUTWkIpnZUk8Q4-HNnTOOeVmDhhc9o85BisgRszXubvXJxbHfWftvk4EhkX7Hrwicz0VrbRuXkLUlkGyrZ8e4TcO9P22O8kOAqVnRHV7DwJx3Wg4I_E9razjGOKSLYncRIbdVCIaNA5ujK2Z7C/s320/TAC%2010%20at%20$8.12%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpGcgBoxVPZU-kNSoDwamLlCl1Ql8n98JPIoC_yhB_vgaCFQ5fSOEILNWGttlfsGW62jEScR-bYd3lN8me70uxLICFnTQXcm0Scnlv4L2jy782rFrr2Uwgnl6TTauD3X6Up67jCoN2_Z4G7kNQ7TYDTL3tmGDe7Kxsu6Mm-75qXsJZMj7oTFbom0kb-lpg/s2722/tac%207.67%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="244" data-original-width="2722" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpGcgBoxVPZU-kNSoDwamLlCl1Ql8n98JPIoC_yhB_vgaCFQ5fSOEILNWGttlfsGW62jEScR-bYd3lN8me70uxLICFnTQXcm0Scnlv4L2jy782rFrr2Uwgnl6TTauD3X6Up67jCoN2_Z4G7kNQ7TYDTL3tmGDe7Kxsu6Mm-75qXsJZMj7oTFbom0kb-lpg/s320/tac%207.67%20.png" width="320" /></a></div><br /></div><div style="text-align: justify;"><span style="font-family: georgia;">Quote: </span><a href="https://www.marketwatch.com/investing/stock/tac?mod=search_symbol">Transalta Corp. (TAC)</a> </div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Cost: $157.9</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Website: <a href="https://transalta.com/" style="text-align: left;">TransAlta - A Clean Energy Solutions Company</a></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">I previously discussed buying 100 of the CAD priced shares that are traded on the Toronto exchange. <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html" style="text-align: left;">Item # 1 Bought 100 TA:CA at C$10.78 (11/11/23 Post)</a>; <a href="https://finance.yahoo.com/quote/TA.TO?p=TA.TO" style="text-align: left;">TransAlta Corporation (TA.TO)</a>; <a href="https://www.sec.gov/Archives/edgar/data/1144800/000127956923001415/ex991.htm" style="text-align: left;">SEC Filed Earnings Press Release for the Q/E 9/30/23</a> I do not have much to add to that recent discussion. </div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">I am now buying up to 100 shares of the USD priced shares that are traded on the NYSE. </div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Canadian stocks do not trade in the U.S. as ADRs. The USD priced shares are the same ordinary shares traded in Toronto. </div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/tac/analystestimates?mod=mw_quote_tab">TAC Analyst Estimates | MarketWatch</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I value TAC based on free cash flow per share rather than the analyst estimates provided in the link above. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Since my last discussion, TAC announced an increase in its quarterly dividend and its capital spending plans. </span><a href="https://transalta.com/newsroom/transalta-announces-growth-targets-to-2028-financial-outlook-for-2024-and-declares-dividend-increase-of-9/" style="text-align: left;">TransAlta Announces Growth Targets to 2028, Financial Outlook for 2024 and Declares Dividend Increase of 9% - TransAlta</a> The quarterly dividend is now at C$.06 per share. I do not view the dividend as material. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>C. Started AY - Bought 10 at $20; 5 at $19.55 - Schwab Account</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrUB48RN3d0EIDH5vaH1XbDIMZSoakwEVOf9tDHoE8hw3SMYE7KoHp9IcsZ87hqEQ4Chl4oUDpF3jSPqGKPl3REB10heQfqf8jPpif30d0CgvOFpu-bt9TgbUoos0_vmY0WwViN4pWNg_KCeg-TVvLQ3V2uL1WlMv08pmovu-tCoB71KWNy-JoeixhbH8A/s2732/AF%2010%20AT%20$20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="154" data-original-width="2732" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrUB48RN3d0EIDH5vaH1XbDIMZSoakwEVOf9tDHoE8hw3SMYE7KoHp9IcsZ87hqEQ4Chl4oUDpF3jSPqGKPl3REB10heQfqf8jPpif30d0CgvOFpu-bt9TgbUoos0_vmY0WwViN4pWNg_KCeg-TVvLQ3V2uL1WlMv08pmovu-tCoB71KWNy-JoeixhbH8A/s320/AF%2010%20AT%20$20%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4CcEpUZYttOH5G1B2JFfxMZk5JDX6eJShYDYP-eTb2rZaJ7MhT8aJFbJCYpDI6hHdAJw-jS0UWb0zYkuftztRVv-Ir_fD6kt_d4YO3NsM28BlxhjPvBCRef0q1c9_pamNhqQTsxvnoo9gFFFodINEptBJb-_W-owZDzyiHmejc-yn0OdpKwyhrLB54Noz/s2638/AY%20$19.55%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="152" data-original-width="2638" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4CcEpUZYttOH5G1B2JFfxMZk5JDX6eJShYDYP-eTb2rZaJ7MhT8aJFbJCYpDI6hHdAJw-jS0UWb0zYkuftztRVv-Ir_fD6kt_d4YO3NsM28BlxhjPvBCRef0q1c9_pamNhqQTsxvnoo9gFFFodINEptBJb-_W-owZDzyiHmejc-yn0OdpKwyhrLB54Noz/s320/AY%20$19.55%20.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/ay?mod=search_symbol" style="text-align: left;">Atlantica Sustainable Infrastructure PLC (AY)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: +$297.75 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have no trading history in AY. These were my first purchases. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Atlantica is a UK based company that owns interests in renewable energy generation. </span><a href="https://www.atlantica.com/web/en/company-overview/our-assets/" style="text-align: left;">Our Assets-Atlantica</a> <span style="text-align: center;"> It also owns storage facilities, 1,229 miles of transmission lines and some water desalination facilities. </span></span></p><p style="text-align: justify;"><a href="https://cleanpower.org/facts/clean-energy-storage/" style="text-align: left;"><span style="font-family: georgia;">Renewable Energy Storage Facts | ACP</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.atlantica.com/web/en/">Atlantica- Sustainable Infrastructure</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.atlantica.com/wp-content/uploads/documents/Corporate-Presentation-Nov-2023.pdf">Corporate Presentation Nov-2023.pdf</a> (Development pipeline is described at pages 6-7)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1601072&owner=exclude">AY SEC Filings</a> (foreign issuer forms) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1601072/000114036123009317/brhc10048696_20f.htm">2022 Annual Report</a> (The buyers of energy production are mostly investment grade companies, see pages 51-52 for a listing) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$19.85</b> (15 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at US$.445 per share ($1.78 annually), last raised from $.44 effective for the 2022 second quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.atlantica.com/web/en/investors/dividends/">Dividends-Atlantica</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC</u></i>: <b>8.97</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 11/29/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>AQN Ownership Stake</u></i>: The Canadian Utility </span><a href="https://www.marketwatch.com/investing/stock/aqn?mod=search_symbol" style="text-align: left;">Algonquin Power & Utilities Corp. (AQN)</a> <span>has about a 42% ownership interest. I discuss AQN below in connection with a 100 share purchase of its reset equity preferred stock. AQN has put up for sale its renewable energy assets. I do not know whether its stake in Atlantica will be included in that sale. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">If included and the buyer does not want to keep the shares, I would anticipate downward pressure on the AY stock price. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">On the other hand, if the AY stock is included in AQN's sale of its renewable energy assets, and the buyer wants all of AY, a tender offer may be forthcoming for the AY stock that is owned by the public. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">All of those future hypotheticals are unpredictable. I am just summarizing some of the possible outcomes. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>SU Bond Ratings</u></i>: BB+ by S&P; BB+ by Fitch </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.fitchratings.com/research/corporate-finance/fitch-affirms-atlantica-sustainable-infrastructure-plc-at-bb-outlook-stable-30-08-2023" style="text-align: left;">Fitch Affirms Atlantica Sustainable Infrastructure plc at 'BB+'; Outlook Stable</a><span> (8/30/23)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Debt</u></i>: About 96% of the debt is at fixed rates or hedged as noted in AY's last earnings report. Most of the project related debt is non-recourse to AY and is self-amortizing, which means that the debt is paid off during the term of the long term contract with the party buying the energy production. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Country/Currency Risk</i></u>: While most of the generation is located in the U.S., the company has country and currency risk associated with smaller facilities located in Algeria, Chile, Columbia, Mexico, Peru, South Africa, and Uruguay. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There is currency risk for certain facilities owned in Canada, Italy and Spain. These risks will dictate a go slow approach to building a 100 share position. As noted in the Fitch report cited above, AY typically hedges its Euro exposure on a 24 month rolling basis. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Useful Life of Facilities</u></i>: Most of the facilities are estimated to have a 25 year average life. After the debt associated with a project is paid off during the contract term, there is a question about how much longer the facility can operate without repairs that would be too costly. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1601072/000114036123051990/ef20014210_6k.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">AY reports in USDs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $.18</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cash Available for Distribution per share: $.513</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $303.964M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">9 Months 2023 compared to 2022: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIzbTqzgM_LSwCoylFsZc7ASnLsoRX5uqNdUFOy1ECgvOT6kzR8F04TApUKbXgvbaSmJpTIIYtGreYGxGHtckV2tH8-AF3yDwkbx8_MNtzNl86bsgpCdEL_eT2NWUBVoI-5WWzr209hX05mHV6epIgz9pK-Fxu9ilHUug5U0ydgACQ7Uy3XPBZsb62ubM-/s3078/Screenshot%202023-12-13%20at%209.03.36%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1226" data-original-width="3078" height="127" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIzbTqzgM_LSwCoylFsZc7ASnLsoRX5uqNdUFOy1ECgvOT6kzR8F04TApUKbXgvbaSmJpTIIYtGreYGxGHtckV2tH8-AF3yDwkbx8_MNtzNl86bsgpCdEL_eT2NWUBVoI-5WWzr209hX05mHV6epIgz9pK-Fxu9ilHUug5U0ydgACQ7Uy3XPBZsb62ubM-/s320/Screenshot%202023-12-13%20at%209.03.36%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>D. Added to ICMB - Bought 10 at $3.6; 10 at $3.45 - Schwab Account</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEf76Y_KpBUsePpXrXeXxv_0RowNczxkiga_OO3PnF8iWy3RufBUygXFAHcsD-1hoQXf8PXIDR6ToVDtTuVSUmMKJ3niFC5dAw3v-xNOt1Lfe7lN2B8-tav83MLJxtdS1wxTpJiJG9H9Yhp2_JVx3hKwTteFZxgwXflt8WWs0GPH0W1YU1Za0sWeANqSaQ/s2920/ICMB%2010%20AT%20$3.6%20%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="286" data-original-width="2920" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEf76Y_KpBUsePpXrXeXxv_0RowNczxkiga_OO3PnF8iWy3RufBUygXFAHcsD-1hoQXf8PXIDR6ToVDtTuVSUmMKJ3niFC5dAw3v-xNOt1Lfe7lN2B8-tav83MLJxtdS1wxTpJiJG9H9Yhp2_JVx3hKwTteFZxgwXflt8WWs0GPH0W1YU1Za0sWeANqSaQ/s320/ICMB%2010%20AT%20$3.6%20%20.png" width="320" /></span></a></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg9DXvjPpjqBDcHNmKQ4t0PvenotomVSMZ6XQK13oJNWuj0mmlLuOI6S5Aof4mRbtvhOuiGyIILffcl68Ex7yZUNl9zcB8QTZrwIYG1x5jUKnUGh2-w9F9fm-Oap1Qhok2OpZRKwLQkJ4cw1HDSVaK526YO0scMfTBxd46II8weWUg3S5ee4DVWA9phWiH/s2872/ICMB%2010%20at%20$3.45%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="242" data-original-width="2872" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg9DXvjPpjqBDcHNmKQ4t0PvenotomVSMZ6XQK13oJNWuj0mmlLuOI6S5Aof4mRbtvhOuiGyIILffcl68Ex7yZUNl9zcB8QTZrwIYG1x5jUKnUGh2-w9F9fm-Oap1Qhok2OpZRKwLQkJ4cw1HDSVaK526YO0scMfTBxd46II8weWUg3S5ee4DVWA9phWiH/s320/ICMB%2010%20at%20$3.45%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/icmb?mod=search_symbol" style="text-align: left;">Investcorp Credit Management BDC Inc. Overview</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $70.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1578348&owner=exclude">ICMB SEC Filings</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://icmbdc.com/" style="text-align: left;">Home - Investcorp Credit Management BDC, Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1578348/000095017023049175/icmb-20230630.htm">2023 Annual Report for the F/Y Ending 6/30/23</a> (<b><span style="color: red;">Risk factor summary starts at page 27 and ends at page 55</span></b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Classified by me as "A Deservedly Hated BDC"</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/aio-avk-bohpra-btz-doc-fbrtpre-gdv-icmb.html" style="text-align: left;">Item # 1.F. Added to ICMB - Bought 5 at $3.45; 5 at $3.27 (10/28/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset Value per share history</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $5.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">3/31/23: $6.13</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $6.36</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/21: $7.09</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/20: $7.84</span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/19: $10.19</span></p><p style="text-align: justify;"><span style="font-family: georgia;">8/30/19 Change in Management </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">2014: Initial IPO <b><span style="color: red;">at $15</span></b><a href="https://www.sec.gov/Archives/edgar/data/1578348/000119312514037375/d623720d497ad.htm" style="text-align: left;">,</a> <a href="https://www.sec.gov/Archives/edgar/data/1578348/000119312514037375/d623720d497ad.htm" style="text-align: left;">SEC Filing</a> The company was then called CM Finance. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">With this kind of history, the stock price will trade at a large discount to net asset value per share. Investors will assume that assets will continue to be incinerated and consequently will discount their current claimed values when setting a buy price. The question is whether the future prediction embedded in the current discount will prove to be unjustified or justified. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A lot of the damage from bad loans is already reflected in the last reported net asset value per share. An improvement in the share price is not dependent IMO on the current dividend yield or the discount to net asset value per share, but on a long term improvement in operating results that substantially lowers the discount to net asset value per share buyers are willing to accept which has not yet happened. Performance has deteriorated further since ICMB reported 2nd quarter results as noted below. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Discount to Net Asset Value per share</u></i> using the 9/30/23 claimed net asset value per share of $5.83 and a $3.45 share price: <b>41.17</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share</i></u>: <b>$4.37</b> (194+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Discount at $5.83 claimed net asset value per share and $4.37 AC</i></u> = 25.04%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Regular Dividend</u></i>: Quarterly at $.12 per share, reduced from $.13 effective for the 2023 2nd quarter payment, which was reduced from $.15 effective for the 2023 first quarter payment (owned 184+ as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>4</u></i><u><i>th Quarter Supplemental Dividend</i></u>: $.03 per share. The 2023 total for special dividends was $.11 per share with the last one going ex on 12/13 and is scheduled to be paid on 1/8/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>10.98</b>% (using current regular dividend only) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/13/23 (regular and supplemental)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.prnewswire.com/news-releases/investcorp-credit-management-bdc-inc-announces-financial-results-for-the-quarter-ended-september-30-2023-and-quarterly-and-supplemental-distribution-301986535.html" style="text-align: left;">Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended September 30, 2023, and Quarterly and Supplemental Distribution</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">NII per share: $.11</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Weighted average yield of loans: 11.01%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Number of portfolio companies: 40 </span></p><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1578348/000095017023062921/icmb-20230930.htm">10-Q</a>: A summary of investments starts at page 5. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">A (9) next to a name indicates that the loan is on nonaccrual. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The number of non-accruals to the total loans made is far too high and points to poor underwriting analysis and/or poor judgments by the external managers. There was a change in managers in August 2019. The loans made to Career Builder, American Teleconferencing and 1888 Industrial were made by the prior external manager. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Amortized Cost/Fair Value </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">1888 Industrial Services: $8.85+M written down to $2.6197M</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiWt9ao7RDIS7-Wjn5qo4-mSHLTLFJXPQIjkmW84xJjadHk7DaPJ3RQ3TtRrBvEoiwPw7QnDwuPrWCST7FODarGPTe2oaDLYpg8n4bNN1CTcciRVFkqze73kpeoTcT1wLIqddqkOPEXgMcS6aX4zEZMZuBR7EWOwMQXVFwB1aWEEyMfkHzQYhTP1b364dw/s3042/Screenshot%202023-12-14%20at%207.40.33%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="434" data-original-width="3042" height="46" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiWt9ao7RDIS7-Wjn5qo4-mSHLTLFJXPQIjkmW84xJjadHk7DaPJ3RQ3TtRrBvEoiwPw7QnDwuPrWCST7FODarGPTe2oaDLYpg8n4bNN1CTcciRVFkqze73kpeoTcT1wLIqddqkOPEXgMcS6aX4zEZMZuBR7EWOwMQXVFwB1aWEEyMfkHzQYhTP1b364dw/s320/Screenshot%202023-12-14%20at%207.40.33%E2%80%AFAM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Klein Hersh LLC: $10.067M written down to $6.617+M</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiICBvCQzWhvuBWNhyphenhyphenwy3sIJgnWfa3P5pGEs1OwUNdPe8yDkaTeVA8m3Hfjy1jZAvcOQtOBamjUI8IX_MvxO5dP41M2aSIOyBq_vn6j3o1XMgVgN7sLmsLtLbJfqh_Fc7spBkjR31TJsD9dLDnuB2kAEVMm82ZF3xnmyEP7_khbWeWvKM1UupJAU5HKpKTG/s3050/Screenshot%202023-12-14%20at%207.43.15%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="48" data-original-width="3050" height="5" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiICBvCQzWhvuBWNhyphenhyphenwy3sIJgnWfa3P5pGEs1OwUNdPe8yDkaTeVA8m3Hfjy1jZAvcOQtOBamjUI8IX_MvxO5dP41M2aSIOyBq_vn6j3o1XMgVgN7sLmsLtLbJfqh_Fc7spBkjR31TJsD9dLDnuB2kAEVMm82ZF3xnmyEP7_khbWeWvKM1UupJAU5HKpKTG/s320/Screenshot%202023-12-14%20at%207.43.15%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">The Klein Hersh loan was not on nonaccrual as of 6/30/23. This loan was initially made on 4/21/22 so it went on nonaccrual relatively soon after its acquisition. This company is engaged in executive searches. <a href="https://www.kleinhersh.com/">Premiere Executive Search Firm - Klein Hersh</a><br /><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Arborworks: $9.826+M written down to +$6.225+M</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyF0quqBgJdUtVeFddAMUf5OrBNWtRTdEeApkVPAtyQiAY13A8rm-XbclxX1Fs0kHlz8yxOI4PzfTjO6UPWFv4aqKKesrhlrf6l9kjOrTPSM9cb8_nq_59TbJDRCCb_sVFGwUvUzO469YJiqhhPGIvgK-rd8_FeB5wefI4tEUpwN2Ar4FUndP8KAlTI65E/s3048/Screenshot%202023-12-14%20at%207.47.20%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="80" data-original-width="3048" height="8" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyF0quqBgJdUtVeFddAMUf5OrBNWtRTdEeApkVPAtyQiAY13A8rm-XbclxX1Fs0kHlz8yxOI4PzfTjO6UPWFv4aqKKesrhlrf6l9kjOrTPSM9cb8_nq_59TbJDRCCb_sVFGwUvUzO469YJiqhhPGIvgK-rd8_FeB5wefI4tEUpwN2Ar4FUndP8KAlTI65E/s320/Screenshot%202023-12-14%20at%207.47.20%E2%80%AFAM.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;">The Arborworks loans were not on nonaccrual as of 6/30/23. <a href="https://arborworksinc.com/">Home - ArborWorks</a><br /><span><br /></span></span></div><div style="text-align: justify;"><span style="font-family: georgia;">American Nuts: $7.42+M written down to $5.606+M </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1uo-rFKKp99lLuEQQ9G8Y1c7-V8kCXhORzlIVMe29VHMgVF5McBslfqaGo40AbKI9DTBH2TosY0CNP5E2GH7b-Uk4ja6mUe_yj1v8kHcJq9iIrblYN6hL00pQbW4ULV2xTISQTz-0ekaNgewVvCOvHWCklmRJAhZxw67_2tRYNIzLqIAlLPDl4l8deYgP/s3044/Screenshot%202023-12-14%20at%207.56.40%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="96" data-original-width="3044" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1uo-rFKKp99lLuEQQ9G8Y1c7-V8kCXhORzlIVMe29VHMgVF5McBslfqaGo40AbKI9DTBH2TosY0CNP5E2GH7b-Uk4ja6mUe_yj1v8kHcJq9iIrblYN6hL00pQbW4ULV2xTISQTz-0ekaNgewVvCOvHWCklmRJAhZxw67_2tRYNIzLqIAlLPDl4l8deYgP/s320/Screenshot%202023-12-14%20at%207.56.40%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><span>Career Builder: $5.818M written down to $2.418+M</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOXPaV0V7tOx3oSMNJ1qoKvLW3Y0uN-phF0b-qLShyWBNs7K7Xi5B026U6delYgpHlU8X75JyMCg_uO56302DRaO-pwIqxIMua3mjcsBG6bLCGfIVNnhgLW9nBxpkvOnBfC1nTBwNbfdfNnOfkbZ7h__UTSHX_QdzX7TUGabhVmEeyJexko1mk-y7aGdbu/s3044/Screenshot%202023-12-14%20at%208.00.05%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="32" data-original-width="3044" height="3" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOXPaV0V7tOx3oSMNJ1qoKvLW3Y0uN-phF0b-qLShyWBNs7K7Xi5B026U6delYgpHlU8X75JyMCg_uO56302DRaO-pwIqxIMua3mjcsBG6bLCGfIVNnhgLW9nBxpkvOnBfC1nTBwNbfdfNnOfkbZ7h__UTSHX_QdzX7TUGabhVmEeyJexko1mk-y7aGdbu/s320/Screenshot%202023-12-14%20at%208.00.05%E2%80%AFAM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;">The Career Builder loan was not on nonaccrual as of 6/30/23. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">American Teleconferencing: $1.718+M written down to $.247+M</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The loans made to Industrial Services have been on nonaccrual for a long time. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Management Credit Risk Analysis: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"> </span></div><div style="text-align: justify;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhu2lt03XpNTlYSJzqBN7TI6eXqnVeoIuRLYg0pgpmWcUwdGcl6zui1LsW_tL9Gb5BbxXYJgn9aXFFR0-wCGur6A2kLjECl42kRNQJlTQ-ubSWv3uNhcuhaCEd_CSQlGiWS3nkDplfeGyo0Zw8nF5Xd2kb2Wlq_DFxUlnLT96EibFD5-UONklOOIfK4CxR-/s3074/Screenshot%202023-12-14%20at%208.23.05%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1150" data-original-width="3074" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhu2lt03XpNTlYSJzqBN7TI6eXqnVeoIuRLYg0pgpmWcUwdGcl6zui1LsW_tL9Gb5BbxXYJgn9aXFFR0-wCGur6A2kLjECl42kRNQJlTQ-ubSWv3uNhcuhaCEd_CSQlGiWS3nkDplfeGyo0Zw8nF5Xd2kb2Wlq_DFxUlnLT96EibFD5-UONklOOIfK4CxR-/s320/Screenshot%202023-12-14%20at%208.23.05%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 40-41</span></td></tr></tbody></table><span style="font-family: georgia;">Goal: A total return before ROC adjustments to the tax cost basis in excess of the dividends paid. I do not currently anticipate achieving this goal based on the number of loans that have recently been placed on nonaccrual status. However, I am willing to devote some capital to reduce my average cost per share that may give me down the road a 1 in 5 chance to liquidate the entire position with a $1 or higher profit before ROC adjustments. </span></div><div style="text-align: justify;"><b><span style="color: #800180; font-family: georgia;"><u><i><br /></i></u></span></b></div><div style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>E. Added 1 DOW at $51.07 - Fidelity Account</i></u></span></b><span>: </span></span></div><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH-F9qRYs9Vn62-xzqc1d57i8WfYWZupDd_BdYihS6FmvntG4Y0m3qN2s2abC_uNppbwDP5GVBooSIdw40MjfOM14TIsudCLNfUdSOEx88oKOYpTXU03XVCh9rP9XM1lKC7hQaW1cRSw1BEe6RXJLWRo38zYJmzTBtRLypnR9I0MaTsbNUfRu-XJMn2OtC/s2232/dow%201%20at%20$51.07%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="106" data-original-width="2232" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH-F9qRYs9Vn62-xzqc1d57i8WfYWZupDd_BdYihS6FmvntG4Y0m3qN2s2abC_uNppbwDP5GVBooSIdw40MjfOM14TIsudCLNfUdSOEx88oKOYpTXU03XVCh9rP9XM1lKC7hQaW1cRSw1BEe6RXJLWRo38zYJmzTBtRLypnR9I0MaTsbNUfRu-XJMn2OtC/s320/dow%201%20at%20$51.07%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/dow?mod=search_symbol" style="text-align: left;">Dow Inc. (DOW)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $51.07 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1751788&owner=exclude">DOW SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not a fan of this company. Earnings will be highly erratic and cyclical. Valuation can not IMO based on a continuation of peak earnings during an up cycle. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/dow/analystestimates?mod=mw_quote_tab">DOW Analyst Estimates | MarketWatch</a> The 2022 E.P.S. is shown here at $6.4 with the 2023 estimate at $3.02, $4.81 in 2024 and $5.81 in 2025. I view the forward estimates as highly speculative compared to forward estimates for non-cyclical companies. I have a very modest decree of comfort to take an average of those 4 annual E.P.S. numbers, which is $5.01, and slap a 10 to 12 multiple on that average for valuation purposes. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The goal is simply to harvest at some point an annualized total return of 2%+ in excess of the dividends paid. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$52.43</b> (7+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.70 per share ($2.8 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>5.34</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/29/23 (owned 6+ as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/1751788/000175178823000137/exhibit991enrschedules3q23.htm" style="text-align: left;">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenue: $10.73B, down from $14.115B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income: $302M, down from $739M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Diluted E.P.S. $.42, down from $1.02</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/29915/000175178823000140/dow-20230930.htm">10-Q for the Q/E 9/30/23</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own 2 DOW SU bonds. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>F. Started MEGI - Bought 10 at $13.08- Fidelity Account</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBwdQx8zqgiwbQY5l3Hxpkyuw0sRHLajzpk7UgkbbbM3dBMP1QIdsXo1o8Jy_JccnH_lvIXvcQPXv-GsJ5SHYN5R_9yy3oWhgZ27eowzvnwG-te6RT6q2Aj1y1PoO_s3-IcCdcUK-g2SGzpvJ6GXIvRgWBQNwM_8bwbHmYCwwH67tgL3Gprs2HW9n-5IuJ/s2238/MEGI%2010%20AT%20$13.08%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="126" data-original-width="2238" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBwdQx8zqgiwbQY5l3Hxpkyuw0sRHLajzpk7UgkbbbM3dBMP1QIdsXo1o8Jy_JccnH_lvIXvcQPXv-GsJ5SHYN5R_9yy3oWhgZ27eowzvnwG-te6RT6q2Aj1y1PoO_s3-IcCdcUK-g2SGzpvJ6GXIvRgWBQNwM_8bwbHmYCwwH67tgL3Gprs2HW9n-5IuJ/s320/MEGI%2010%20AT%20$13.08%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/fund/megi?mod=search_symbol">MainStay CBRE Global Infrastructure Megatrends Term Fund Overview</a> - A Leveraged Balanced CEF (mostly common stocks with some convertibles, preferred stocks and bonds)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1855066&owner=exclude">MEGI SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1855066/000175272423235579/MEGI.htm">SEC Filing- Holdings as of 8/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1855066/000119312523203550/d297609dncsr.htm">MainStay CBRE Global Infrastructure Megatrends Term Fund</a> - SEC Filed Annual Report for the F/Y ending 5/31/23</span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Investment Category</i></u>: Monthly Income Payments.</span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In this account, I am working my way up to $200 per month in monthly dividends paid just by CEFs in my Fidelity account. Using the November 2023 dividend payments, I was then at $119+ per month. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://www.newyorklifeinvestments.com/investment-products/closed-end-funds/mainstay-cbre-global-infrastructure-megatrends-fund-megi?ticker=MEGI">MEGI MainStay CBRE Global Infrastructure Megatrends Fund | New York Life Investments</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.125 per share ($1.5 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/MEGI/dividends/history">MEGI Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at $13.08</i></u>: <b>11.47</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 12/22/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Data Date of 12/15/23 Trade</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Asset Value per share: $15.63</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $12.96</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -15.55%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/MEGI" style="text-align: left;">MEGI - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/megi/quote">MEGI Page at Morningstar</a> (unrated)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xnys/megi/portfolio">MEGI Portfolio | Morningstar</a> (lists top 25 holdings) Of those top holdings, I have positions in Enbridge (3 taxable accounts, waiting for a $40+ price to liquidate 1 duplicate), Atlantica Sustainable Infrastructure (purchase discussed above), OGE Energy, Pembina Pipeline, and Dominion Energy. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">2. Canadian Reset Equity Preferred Stock</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own a significant number of Canadian Reset Equity Preferred stocks in my Interactive Brokers account and have been somewhat active in trading them.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Round-trip profit snapshots can be found here: </span><a href="https://tennesseeindependent.blogspot.com/2009/05/advantages-and-disadvantages-of-equity.html" style="text-align: left;">Advantages and Disadvantages of Equity Preferred Floating Rate Securities</a> The first sale occurred in 2016. Realized gains on Canadian reset preferred stocks currently stands at <span style="color: #6aa84f;">C$16,951</span>, excluding gains on one priced in USDs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">There are two primary reasons for using IB to trade Canadian preferred stocks that trade on the Toronto Exchange. Of all of my brokers, IB has the lowest commissions for those trades and the conversion of USDs into CADs and back. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own preferred stocks that reset their coupons every 3 months at spreads to the 3 month Canadian Government bill and every 5 years at a spreads to the five year Canadian government bond. I then stagger the reset dates for the 5 year resets. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Bought 100 AQN.PRA at C$2o (C$1 IB Commission)</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzypl03hUabjCBvMeFydK1c87iNhyphenhyphenMoIw_rDvHuR6CvtvKrw8IFB0ku_x-_2iq39mB0BfJjZtWAFm_1qnHgRZVBIeE6NALy7ja2z-1jSweHtW1UxN6C7z2IwVIMTMb00zYQWIBFuX34Rf6MOrbFDX85gAClRP-j89oU9wTDiGXzXOWnsGF-2POGoqSI0kf/s1394/aqn.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="128" data-original-width="1394" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzypl03hUabjCBvMeFydK1c87iNhyphenhyphenMoIw_rDvHuR6CvtvKrw8IFB0ku_x-_2iq39mB0BfJjZtWAFm_1qnHgRZVBIeE6NALy7ja2z-1jSweHtW1UxN6C7z2IwVIMTMb00zYQWIBFuX34Rf6MOrbFDX85gAClRP-j89oU9wTDiGXzXOWnsGF-2POGoqSI0kf/s320/aqn.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/AQN-PA.TO?p=AQN-PA.TO" style="text-align: left;">Algonquin Power & Utilities Reset Equity Preferred Stock (AQN-PA.TO)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/aqn?mod=search_symbol" style="text-align: left;">Algonquin Power & Utilities Corp (AQN)</a>-(USD Traded Shares) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/aqn/analystestimates?mod=mw_quote_tab">AQN Analyst Estimates | MarketWatch</a></span></p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/AQN.TO"><span style="font-family: georgia;">AQN.TO Profile Reuters</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://algonquinpower.com/" style="text-align: left;">Algonquin Power & Utilities Corp</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Significant Subsidiaries: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhodhQjIkC9IOL131DNHssrw1ZLaXVY6RhnTgqBXLNtoh_5D-Ty2zcC1zOTniRtUHpcJomcxEvv5xNO_mhg0yzR_Dsiubu0A4e9PjFw7GopkmiA_OSNiBkwvDRnFcEg_4ZCQGlgKJG5zukp-DYSFvfGTyUD9nAtTzdP0K7Ztn4D3cUKxBJ8sPiqE90aKLao/s3046/Screenshot%202023-12-12%20at%208.01.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1396" data-original-width="3046" height="147" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhodhQjIkC9IOL131DNHssrw1ZLaXVY6RhnTgqBXLNtoh_5D-Ty2zcC1zOTniRtUHpcJomcxEvv5xNO_mhg0yzR_Dsiubu0A4e9PjFw7GopkmiA_OSNiBkwvDRnFcEg_4ZCQGlgKJG5zukp-DYSFvfGTyUD9nAtTzdP0K7Ztn4D3cUKxBJ8sPiqE90aKLao/s320/Screenshot%202023-12-12%20at%208.01.57%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Page 4, <a href="https://www.sec.gov/Archives/edgar/data/1174169/000117416923000016/a2022q4-exhibit991x2023aif.htm" style="text-align: left;">SEC Filed 2022 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: C$25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.fitchratings.com/research/corporate-finance/fitch-places-algonquin-power-co-on-rating-watch-evolving-affirms-apuc-with-stable-outlook-16-08-2023">Fitch Places Algonquin Power Co on Rating Watch Evolving; Affirms APUC with Stable Outlook</a> (8/16/23). Fitch rates the senior unsecured debt at BBB. The preferred stock is not rated by Fitch. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.dbrsmorningstar.com/research/410738/algonquin-power-utilities-corp-rating-report">Algonquin Power & Utilities Corp.: Rating Report | DBRS Morningstar</a> DBRS rates the AQN preferred stocks at Pfd-3L. This is equivalent to an S&P rating of BB- </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2ZOf9tgkQh3S9DYEKWcsrAksuQs-qG-cMMO98vtuAD0kbmrHw9uTOK6OqHxBPedPGhhjXHa6K0SuoJapGsSEVcNpdYsl4bY_JTI9bHmBTdBRULZ2KKXFB-OpmHNWr_Yyk0zODoHCHcYkUrTjDVSKTZgGrybzgQkxqVEbAb-ddT2MfQrpNo6v2aq14SsSe/s1904/Screenshot%202023-12-12%20at%208.23.43%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="722" data-original-width="1904" height="121" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2ZOf9tgkQh3S9DYEKWcsrAksuQs-qG-cMMO98vtuAD0kbmrHw9uTOK6OqHxBPedPGhhjXHa6K0SuoJapGsSEVcNpdYsl4bY_JTI9bHmBTdBRULZ2KKXFB-OpmHNWr_Yyk0zODoHCHcYkUrTjDVSKTZgGrybzgQkxqVEbAb-ddT2MfQrpNo6v2aq14SsSe/s320/Screenshot%202023-12-12%20at%208.23.43%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">I am more comfortable with the credit risk than an average BB- credit rating given the regulated utility business, the unlikely elimination of the common share dividend, and too many notches below the BBB rating IMO for SU debt </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Coupon</u></i>: 2.94% spread to the 5 year Canadian Government bond yield, resetting every five years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Reset</u></i>: The coupon recently reset for 5 years at <b>6.469%</b> and will remain in effect to but excluding 12/31/2028. <a href="https://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-dividend-rates-on-cumulative-rate-reset-preferred-shares-series-a-and-cumulative-floating-rate-preferred-shares-series-b-302005083.html" style="text-align: left;">Algonquin Power & Utilities Corp. Announces Dividend Rates on Cumulative Rate Reset Preferred Shares, Series A</a> (12/4/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid quarterly and cumulative</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at C$20.01</u></i> Total Cost per share: <b>8.08</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(Coupon of .06469% x. C$25 par value = C$1.61725 per share annual dividend ÷ C$20.01 Total Cost per share = 8.0822%) The quarterly penny rate was increased to $.40431 from $.32263 due to this reset. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/14/23 (owned as of). This is the last quarterly dividend at the old penny rate of $.32263 per share. <a href="https://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-declares-third-quarter-2023-common-share-dividend-of-us0-1085-c0-1460-and-declares-third-quarter-2023-preferred-share-dividends-301897670.html" style="text-align: left;">Algonquin Power & Utilities Corp. Declares Third Quarter 2023 Common Share Dividend of U.S.$0.1085 (C$0.1460), and Declares Third Quarter 2023 Preferred Share Dividends</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Prospectus Excerpts: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDrhHFBePMILhSJPjVGoCGpc13F4aXHcG0NIHcIwSsCxdO4CdtxNXLac_8A677zBT4osvUzjhWtqWh5P-XfinecIPLDxCPSb9aoe5zDhF60AV8S1zE9f5it1vf_4df_7tra4c4_zVh3on3NM-904ovWnBLprKzC0Fy9Pw2kpykxzZLqjLbp2nP8RSeI4hI/s1586/Screenshot%202023-12-12%20at%207.28.51%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="266" data-original-width="1586" height="54" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDrhHFBePMILhSJPjVGoCGpc13F4aXHcG0NIHcIwSsCxdO4CdtxNXLac_8A677zBT4osvUzjhWtqWh5P-XfinecIPLDxCPSb9aoe5zDhF60AV8S1zE9f5it1vf_4df_7tra4c4_zVh3on3NM-904ovWnBLprKzC0Fy9Pw2kpykxzZLqjLbp2nP8RSeI4hI/s320/Screenshot%202023-12-12%20at%207.28.51%E2%80%AFAM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVRZnVbeQaNDRDGaN8KhPuqxtQm6eqraXUezMrH9gIM7g9WbVmgQKQ03sPdncHMKYEcCizJUNQDZFreCSEvtWdS8qIzIgbvw2kCaFRlRO_5rAzLVcvEXYFPTR5g8EmeJVDowZ3gBa6TzTmrQoZKEpGeF17GOnF7G9Sy4hUJxiAeM1RPhx-DBn1EvdGIyhQ/s1514/Screenshot%202023-12-12%20at%207.31.03%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="336" data-original-width="1514" height="71" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVRZnVbeQaNDRDGaN8KhPuqxtQm6eqraXUezMrH9gIM7g9WbVmgQKQ03sPdncHMKYEcCizJUNQDZFreCSEvtWdS8qIzIgbvw2kCaFRlRO_5rAzLVcvEXYFPTR5g8EmeJVDowZ3gBa6TzTmrQoZKEpGeF17GOnF7G9Sy4hUJxiAeM1RPhx-DBn1EvdGIyhQ/s320/Screenshot%202023-12-12%20at%207.31.03%E2%80%AFAM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWPJ8RAi8HHfeT4SiPtW9yhjqW-4sxeY4DiNSiX4Eh5pahGT4vpdhvBMu5WHJA6CfkKBBdihvekWPLUO13OSeuXl-a4J-f-BWMlt0adAwdS577nRg3WdnqGyeegCD7jxV3Ia_FggU5SqGISaMtWliYRfQ4meucDNWxsdI1trZRwRWEK8P4cVzlTgHmq8jv/s1584/Screenshot%202023-12-12%20at%207.33.53%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="302" data-original-width="1584" height="61" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWPJ8RAi8HHfeT4SiPtW9yhjqW-4sxeY4DiNSiX4Eh5pahGT4vpdhvBMu5WHJA6CfkKBBdihvekWPLUO13OSeuXl-a4J-f-BWMlt0adAwdS577nRg3WdnqGyeegCD7jxV3Ia_FggU5SqGISaMtWliYRfQ4meucDNWxsdI1trZRwRWEK8P4cVzlTgHmq8jv/s320/Screenshot%202023-12-12%20at%207.33.53%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Redemption</span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Redemption</u></i>: Only on reset dates. Once that period expires and the coupon resets, the issuer can not call until the next reset date. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have discussed this Canadian utility in prior posts. I own the common shares which are in an unrealized loss position and have been adding recently in 5 share lots which I have not discussed here. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">AQN was unsuccessful in its efforts to acquire Kentucky Power from AEP. The termination costs related to that failure were C$46.527M taken in 2023. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This failure caused the Board to replace the CEO and to pursue a sale of its substantial renewable energy assets which has created considerable certainty on valuation that further lowered the stock price. <a href="https://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-will-pursue-sale-of-renewable-energy-group-following-strategic-review-announces-2023-second-quarter-financial-results-301897661.html" style="text-align: left;">Algonquin Power & Utilities Corp. Will Pursue Sale of Renewable Energy Group Following Strategic Review</a> (8/10/23). This makes no sense to me, and is a mistake IMO, but there it is. The sale when and if completed will at least simply the corporate structure. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In addition to owning interests in renewable energy generation, AQN also owns about 42% of <a href="https://www.marketwatch.com/investing/stock/ay?mod=search_symbol" style="text-align: left;">Atlantica Sustainable Infrastructure PLC (AY),</a> as noted in Item # 1.C. above. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">AQN marked its investment in AY to fair value as of 9/30/23, which resulted in a C$212.499M non-cash charge. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7yY91kiycbJOp97gF3lsW7BeSg0xDSahqgvGqGAFn9EJf9yqgRWz5L0Nc8FzuIXBlmj0DLg9ZMQQr54YalqUB208YD5YpOWLLwHmL53ak1tewbbEQ9Rl6U8f9cYGrK5pXlZ0iauaappVDJV3Tnet7wLOI_bMocvSfmKW4Uh4EYoOeVadcfgb2h_5SP6Iw/s3016/Screenshot%202023-12-10%20at%201.27.19%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1810" data-original-width="3016" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7yY91kiycbJOp97gF3lsW7BeSg0xDSahqgvGqGAFn9EJf9yqgRWz5L0Nc8FzuIXBlmj0DLg9ZMQQr54YalqUB208YD5YpOWLLwHmL53ak1tewbbEQ9Rl6U8f9cYGrK5pXlZ0iauaappVDJV3Tnet7wLOI_bMocvSfmKW4Uh4EYoOeVadcfgb2h_5SP6Iw/s320/Screenshot%202023-12-10%20at%201.27.19%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1174169/000117416923000053/a2023q3-ex991xfinancialsta.htm">SEC Filed Quarterly Report for the period ending 9/30/23</a> and <a href="https://www.sec.gov/Archives/edgar/data/1174169/000117416923000053/a2023q3-ex995xearningspres.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Starboard Value L.P. had a 8.8% stake in AQN as of 10/17/23. <a href="https://www.sec.gov/Archives/edgar/data/1174169/000092189523002352/sc13da306297338_10192023.htm" style="text-align: left;">Schedule 13.D</a> (Filed 10/19/23) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>3. U.S. Equity Preferred Stocks</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Added 20 HPP.PRC at $12.5</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpEYosu_WL3NZ88Jo0odMT3jyThyevUlwh-YofUi59cEMqght5uvz5LpP1f5qhwmpcY2ioHfVz-SodH2332SCFIP7jVZEmZ4vOR0EZ6I3xR-7nqXVwQfHraEDcyWNMQmBuZ51P-zzrJrs8cLC3bBUM_uQZjfi39hkKofIiBrAeWxeOvHSJdMQKTIpnOni7/s2248/HPPPRC%2020%20AT%20$12.5.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="108" data-original-width="2248" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpEYosu_WL3NZ88Jo0odMT3jyThyevUlwh-YofUi59cEMqght5uvz5LpP1f5qhwmpcY2ioHfVz-SodH2332SCFIP7jVZEmZ4vOR0EZ6I3xR-7nqXVwQfHraEDcyWNMQmBuZ51P-zzrJrs8cLC3bBUM_uQZjfi39hkKofIiBrAeWxeOvHSJdMQKTIpnOni7/s320/HPPPRC%2020%20AT%20$12.5.png" width="320" /></span></a></div><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/hpp.prc?mod=search_symbol">Hudson Pacific Properties Inc. 4.750% Cumulative Preferred Series C Stock</a></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $250</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/hpp?mod=search_symbol" style="text-align: left;">Hudson Pacific Properties Inc. (HPP)</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1482512&owner=exclude"><span style="font-family: georgia;">HPP SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2009/06/reit-cumulative-preferred-links-in-one.html" style="text-align: left;">Equity REIT Cumulative Equity Preferred Stocks</a>, part of <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.hudsonpacificproperties.com/" style="text-align: left;">Hudson Pacific Properties</a></span></p><p style="text-align: justify;"><a href="https://www.hudsonpacificproperties.com/office"><span style="font-family: georgia;">View All the HPP Properties | Hudson Pacific Properties</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I published last month a post that went into more details about this REIT than I normally do. </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 5.A. Added 5 HPPPRC at $11.2; 5 at $11.73 (11/18/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The common share dividend has been suspended but the REIT is continuing to pay the HPP.PRC cumulative preferred stock dividend. </span><a href="https://investors.hudsonpacificproperties.com/investor-resources/press-releases/press-release-details/2023/Hudson-Pacific-Properties-Declares-Fourth-Quarter-2023-Preferred-Stock-Dividend/default.aspx" style="text-align: left;">Hudson Pacific Properties Declares Fourth Quarter 2023 Preferred Stock Dividend</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The short term problem was the substantial loss of rental revenue from multiple studio production facilities resulting from the SAG and Writer's strikes that have now been resolved. </span><a href="https://www.hudsonpacificproperties.com/studio" style="text-align: left;">Redefining Studios</a> <span>Those strikes cost HPP about $100M which I believe is an EBITDA number. </span><a href="https://commercialobserver.com/2023/11/hudson-pacific-hollywood-strikes-100m/" style="text-align: left;">Hudson Pacific Says Hollywood Strikes Have Cost It $100M-Commercial Observer</a><span> I will take a few months for production to ramp up back to normal. The resolution of those strikes caused me to add 10 more shares in mid-November. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I added this 15 share lot based on two developments since my last discussion: (1) the continued decline in interest rates makes the dividend yield more attractive and will hopefully relieve some of the financial stress resulting from higher interest costs; and (3) the company raised $189M by selling some assets that was used to pay down debt. </span><a href="https://investors.hudsonpacificproperties.com/investor-resources/press-releases/press-release-details/2023/Hudson-Pacific-Raises-189-Million-from-Silicon-Valley-Land-and-Studio-Debt-Sales/default.aspx" style="text-align: left;">Hudson Pacific Properties, Inc. - Hudson Pacific Raises $189 Million from Silicon Valley Land and Studio Debt Sales</a> A 5.3 acre parcel, located in Silicon Valley, was sold for $43.5M before "prorations and closing costs". The other $145.8 in proceeds came from selling debt associated with the Hollywood Media Portfolio. The proceeds will be used to pay down the credit facility borrowings. I am a little fuzzy on this later transaction but he has something to do with buying bonds in connection with that studio portfolio. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>New Average Cost per share</i></u>: </span><b>$12.9</b><span> (150 Shares)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>9.21</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(.0475% coupon x. $25 par value = $1.1875 annual dividend per share ÷ $12.9 Total Average cost per share = 9.2054%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Annual Dividend on 150 Shares</i></u>: $178.13</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/15/23 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Added 5 CCNEP at $21.13</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHdCMrHLCYw_5cJZ6iV9MM-mXT7-ufShZdND4Kg5jcvTwzN8lcH_xayWkzJViZisq_NdP9u6kU1O38nzcozMLA-X-BcMCXRMzu4zufR1-Sii4-igrAluK1R3Y1erflR3kQnTYbAmnHJ7DNoTxp2p0WMqA8EL2X3q6A5ggjekdTsBp0nNg0DgQBFcaF6rFD/s2938/CCNEP%205%20AT%20$21.13%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="270" data-original-width="2938" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHdCMrHLCYw_5cJZ6iV9MM-mXT7-ufShZdND4Kg5jcvTwzN8lcH_xayWkzJViZisq_NdP9u6kU1O38nzcozMLA-X-BcMCXRMzu4zufR1-Sii4-igrAluK1R3Y1erflR3kQnTYbAmnHJ7DNoTxp2p0WMqA8EL2X3q6A5ggjekdTsBp0nNg0DgQBFcaF6rFD/s320/CCNEP%205%20AT%20$21.13%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Quote: <a href="https://www.marketwatch.com/investing/stock/ccnep" style="text-align: left;">CNB Financial Corp. 7.125% Preferred Series A</a></p><p style="text-align: justify;">Issuer: <a href="https://www.marketwatch.com/investing/stock/ccne" style="text-align: left;">CNB Financial Corp. (CCNE)</a> - A Bank Holding Company</p><p><a href="https://www.marketwatch.com/investing/stock/ccne/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">CCNE Analyst Estimates | MarketWatch</span></a></p></span><p></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=736772&owner=exclude"><span style="font-family: georgia;">SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/736772/000073677223000068/ccne10-23x2399x1.htm">CCNE SEC Filed Earnings Press Release for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/736772/000073677223000072/ccne-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have eliminated my common stock positions and will focus instead on this preferred stock that has a higher yield (Realized Gains CCNE to date = $1,190.91).</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/acco-ahh-ahhpra-brkl-ccnep-codi-ctopra.html" style="text-align: left;">Item # 2.A. Added to CCNEP - Bought 5 at $20 (11/11/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Description</u></i>: <span>Bank Holding Company Equity Preferred Stock, senior only to common stock in the capital structure. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Par Value</u></i>: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Coupon</u></i>: 7.125%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Maturity</u></i>: None, Potentially Perpetual </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Issuer Optional Call</i></u>: On or after 9/1/25 at par value + accrued and unpaid dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Stopper Clause</i></u>: Standard</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividends</i></u>: Paid quarterly, qualified and <b>non-cumulative</b>.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Once the preferred share dividend is legally eliminated under the Stopper Clause, non-cumulative means that there is no legal obligation to ever pay the dividends that were lawfully eliminated. They are just gone. The legal obligation to pay future dividends is usually triggered by the resumption of a cash common stock dividend but that only applies to the preferred dividends that would be owed after that resumption. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>: <b>$20.58</b> (40 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This add slightly increased my average cost per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> =</span><span style="font-family: georgia;"> <b>8.655</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">(.07125% coupon x. $25 par value = $1.78125 annual dividend per share ÷ $20.58 total cost per share = 8.6552%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/16/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Sell Discussion</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/01/adx-ccnep-enb-fhb-finx-grx-khc-maptx.html" style="text-align: left;">Item # 5.A. Eliminated CCNEP - Sold 10 at <b>$26</b> (1/16/23 Post)</a>(profit snapshot = $7.08) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Eliminated Duplicate Position in GNLPRB- Sold 25 GNL.PRB at $19.05</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-QQpTXPmEc5hdWEKBXrOO0U7-82bfaHAEtTAV1Oc8KYapxgCtEdHL2A9KAssus15G7C1rBjK5Y_JZAqHIz-ndjNXhksrK1ayPsRoPXdW9mkaYuHz1l9_IKYxCNOg0CzxReSOS3nZ7PeqlqeofBmeCrcZntoxp7cRqR3sUk1Qim0qPdQ2SYLk3V-y2_9au/s2232/GNPRB%20sold%2025%20at%20$19.06%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="194" data-original-width="2232" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-QQpTXPmEc5hdWEKBXrOO0U7-82bfaHAEtTAV1Oc8KYapxgCtEdHL2A9KAssus15G7C1rBjK5Y_JZAqHIz-ndjNXhksrK1ayPsRoPXdW9mkaYuHz1l9_IKYxCNOg0CzxReSOS3nZ7PeqlqeofBmeCrcZntoxp7cRqR3sUk1Qim0qPdQ2SYLk3V-y2_9au/s320/GNPRB%20sold%2025%20at%20$19.06%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/gnl.prb?mod=search_symbol" style="text-align: left;">Global Net Lease Inc. 6.875% Preferred Series B</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $476.35</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/gnl" style="text-align: left;">Global Net Lease Inc.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I have a position in the common stock. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?company=global+net+lease+&owner=exclude&action=getcompany" style="text-align: left;"><span style="font-family: georgia;">Issuer SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: <span style="color: #6aa84f;">$114.31</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH9bf0zsFc720TjclUMBleIMGmiutsZQj6cdgNnK7_qZdbJ0HlYZ1lZ1XnMKpv7nrwfI7J5manuHw4uTlwG_qOoYWI0rid8yxACq_hBJgbJcvjrXuMyNlfEFS9d4dUjeMfmaLvceaZGJuwhci0kutsFcG1zxOUsW_hq-icmGLYuqeuT-f-nU64nAycoA3O/s1954/2023%20GNLPRB%2025%20Shares%20+$114.31%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="302" data-original-width="1954" height="49" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH9bf0zsFc720TjclUMBleIMGmiutsZQj6cdgNnK7_qZdbJ0HlYZ1lZ1XnMKpv7nrwfI7J5manuHw4uTlwG_qOoYWI0rid8yxACq_hBJgbJcvjrXuMyNlfEFS9d4dUjeMfmaLvceaZGJuwhci0kutsFcG1zxOUsW_hq-icmGLYuqeuT-f-nU64nAycoA3O/s320/2023%20GNLPRB%2025%20Shares%20+$114.31%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tennesseeindependent.blogspot.com/2020/04/arcc-bif-cio-dirunca-brgpra-fnb-gnl.html" style="text-align: left;">Item #1.A. Bought 10 GNLPRB at $17.7; 5 at $15.5; 10 at $15.11; 2 at $10.86; 3 at $15.49- Fidelity Account (4/4/20 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Elimination</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/argopra-brkl-ciopra-des-esgv-fisi.html" style="text-align: left;">Item # 2.A. Eliminated GNLPRB in Schwab Account-Sold 100 at $24.93 and 5 at $24.92 (8/20/20 Post)</a>(profit snapshot = $65.54)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1526113/000110465919066309/tv533130-424b5.htm" style="text-align: left;">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Capital Structure Placement: Equity Preferred Stock, senior only to common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: None, potentially perpetual </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Quarterly, Cumulative and Non-Qualified </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Optional Redemption: At par value + accrued and unpaid dividends on or after 11/26/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stopper Clause: Yes, a standard provision that stops the issuer from paying a cash common share dividend while deferring payment to the preferred shareholders. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><i><u>D. Eliminated Duplicate Position in CFG.PRD (Fidelity Account) - Sold 10 at $24.56</u></i></b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggqu2Eaf6XYtZUsYtQPNcJmfsvdCo7ZlEREBnkMyiZGbNzGrd2x4BCWESSgot60Ui11ZPhEMvmIymv7_aUdrwe5pHUz271zn_gRhwq3nduK8VnCRvMG6Qo7gi3Zjbm2aBU3Est_6LBKW4zc5vjRLYugTlz6tiomGf9VtyQ6rq-sb0cU2A4hbU3POYjcFOr/s2270/CFGPRD%2010%20at%20$24.56.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="196" data-original-width="2270" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggqu2Eaf6XYtZUsYtQPNcJmfsvdCo7ZlEREBnkMyiZGbNzGrd2x4BCWESSgot60Ui11ZPhEMvmIymv7_aUdrwe5pHUz271zn_gRhwq3nduK8VnCRvMG6Qo7gi3Zjbm2aBU3Est_6LBKW4zc5vjRLYugTlz6tiomGf9VtyQ6rq-sb0cU2A4hbU3POYjcFOr/s320/CFGPRD%2010%20at%20$24.56.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><div><span><br /></span></div>Quote: </span><a href="https://www.marketwatch.com/investing/stock/cfg.prd?mod=search_symbol">Citizens Financial Group Inc. Preferred Series D Stock</a><span> </span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: <a href="https://www.marketwatch.com/investing/stock/cfg?mod=search_symbol" style="text-align: left;">Citizens Financial Group Inc. (CFG)</a> I have a position in the common stock. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=759944&owner=exclude">CFG SEC Filings</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $245.56</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">+$10.87</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiMwa2p2oOp723kmwbmCkPJVZJEADINyxPLhWVhYJKShM9pEy4bGN2CHb_ug6_gD7O7ZpI4Msb8UwE2HGutk5a7Oc81bZ68SUwbY4nP74C0aNiROVCV_QdhhwFNPHlbwOdFZPoUss5CbqTxHmDRsG0kpMVHG-gpB5koARoGysVIqpMbkaVMNmrBBupJOFn/s1966/2023%20CFGPRD%2010%20shares%20+$10.87%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="214" data-original-width="1966" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiMwa2p2oOp723kmwbmCkPJVZJEADINyxPLhWVhYJKShM9pEy4bGN2CHb_ug6_gD7O7ZpI4Msb8UwE2HGutk5a7Oc81bZ68SUwbY4nP74C0aNiROVCV_QdhhwFNPHlbwOdFZPoUss5CbqTxHmDRsG0kpMVHG-gpB5koARoGysVIqpMbkaVMNmrBBupJOFn/s320/2023%20CFGPRD%2010%20shares%20+$10.87%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/07/bac-cfgprd-dea-goodn-icmb-jef-matv-pch.html" style="text-align: left;">Item # 1.A. Added to CFGPRD - Bought 3 at $22.61 (7/8/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/06/cet-cfgprd-clpr-cnq-d-dcom-dcomp-ffnw.html" style="text-align: left;">Item # 2.A. Added to CFGPRD at $21.65 (6/10/23 Post)</a></p><p style="text-align: justify;"><span style="font-family: georgia;">Fixed-to-floating rate non-cumulative equity preferred stock. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/759944/000119312519014970/d693755d424b2.htm"><span style="font-family: georgia;">Final Prospectus Supplement</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Fixed Rate Coupon: 6.35% to but excluding 4/6/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Floating Rate: Spread of 3.642% to the 3 month Libor </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since Libor no longer exists, CFG announced that it would be using the 3 month SOFR plus the tenor spread of .26161% as the alternate rate. </span><a href="https://www.businesswire.com/news/home/20230623910427/en/Citizens-Financial-Group-Inc.-Announces-Transition-of-U.S.-LIBOR-linked-Preferred-Stock-to-Term-SOFR-Replacement-Rate" style="text-align: left;">Citizens Financial Group, Inc. Announces Transition of U.S. LIBOR-linked Preferred Stock to Term SOFR Replacement Rate</a> The tenor spread is designed to equal the historical LIBOR and SOFR rates. <a href="https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-839601370-244176036&term_occur=999&term_src=title:12:chapter:55:section:5802#:~:text=(20)%20Tenor%20spread%20adjustment%20The,percent%20for%2012%2Dmonth%20LIBOR." style="text-align: left;">Definition: tenor spread adjustment from 12 USC § 5802(20)</a>; <a href="https://www.lexisnexis.com/community/insights/legal/practical-guidance-journal/b/pa/posts/determining-spread-adjustments-for-sofr-loans" style="text-align: left;">Determining Spread Adjustments for SOFR Loans</a>; <a href="https://fred.stlouisfed.org/series/SOFR90DAYAVG" style="text-align: left;">90-Day Average SOFR- St. Louis Fed</a> </p><p style="text-align: justify;"><span style="font-family: georgia;">Redemption: On or after 4/6/24 at par value plus accrued and unpaid dividends. </span></p><div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia;">Potentially Perpetual if issuer does not exercise redemption option. </span></p></span></div></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividends: Paid quarterly, non-cumulative, and qualified. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Next Ex Dividend: 12/21/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. Treasury Bills Purchased at Auction</span></b><span>: +$27,000 in principal amount</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Bought 15 Treasury Bills at the 12/14/23 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjolyu48GPvbF8jPzuJvlFj6mGByAaqo8HXwbw4tI1peeffVz8RirSu349yCcFhvKZstIe66oVlRtMeqCzagbWydfz_Dm9VBFxEgHMYB-Cr1e0XQF6CoRU8_4Yz2dirqjprmcxGtpshk-leY1qQVdGEDgZVWE_B668fq0pq6hnz7DHG31LuBcsSaJQFtHjb/s2956/Screenshot%202023-12-14%20at%2011.46.05%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="328" data-original-width="2956" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjolyu48GPvbF8jPzuJvlFj6mGByAaqo8HXwbw4tI1peeffVz8RirSu349yCcFhvKZstIe66oVlRtMeqCzagbWydfz_Dm9VBFxEgHMYB-Cr1e0XQF6CoRU8_4Yz2dirqjprmcxGtpshk-leY1qQVdGEDgZVWE_B668fq0pq6hnz7DHG31LuBcsSaJQFtHjb/s320/Screenshot%202023-12-14%20at%2011.46.05%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 2/13/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $123.08</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.407</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJ_A3i45hkDVz5uGdO2eksjnm0aris_kKPxtNKuwlNyPuXIIO0n73vedF1a1jSHaDFAnpSOoI_tGGxEd94v_syNLOE8kDd5Hup2gLdktabSeRhUkvhsbMeJni9yBsSlMxUNj1dLFEKRxUeDrzttXfV5j_RsX5fC6-Xk9k169ukhPbu_0PDTY1CdlO3do6h/s1150/Screenshot%202023-12-14%20at%2011.49.11%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="580" data-original-width="1150" height="161" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJ_A3i45hkDVz5uGdO2eksjnm0aris_kKPxtNKuwlNyPuXIIO0n73vedF1a1jSHaDFAnpSOoI_tGGxEd94v_syNLOE8kDd5Hup2gLdktabSeRhUkvhsbMeJni9yBsSlMxUNj1dLFEKRxUeDrzttXfV5j_RsX5fC6-Xk9k169ukhPbu_0PDTY1CdlO3do6h/s320/Screenshot%202023-12-14%20at%2011.49.11%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 10 Treasury Bills at the 12/11/23 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFqV6OGQstNfTs2VwYIEZx05S_yO7yjEvUaXuBGW5Wkc3EcEqJCqOTlHzyj3EArliPgyhFCGyiRetGUKrFVMO4NW0Xvwta-cfO1UssCc8U3-h2C0RpW3DL2r0YDcVWerWLcX3tPZViJHgRO5kjV2L8iN1hfQ8d3CiEkLVA4hCQ71sdFCnL_GH4VnJwYkfQ/s2696/TREASURY%20(10)%203:14:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="260" data-original-width="2696" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFqV6OGQstNfTs2VwYIEZx05S_yO7yjEvUaXuBGW5Wkc3EcEqJCqOTlHzyj3EArliPgyhFCGyiRetGUKrFVMO4NW0Xvwta-cfO1UssCc8U3-h2C0RpW3DL2r0YDcVWerWLcX3tPZViJHgRO5kjV2L8iN1hfQ8d3CiEkLVA4hCQ71sdFCnL_GH4VnJwYkfQ/s320/TREASURY%20(10)%203:14:24%20.png" width="320" /></span></a></div><span style="font-family: georgia;">91 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 3/14/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $132.96</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.42</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJx5duwYCeexJColemf0qUY1pzbZXwbl9fwNkw9doxvbETU1rC2izqm028PVfcGTwJf_3Ir_KEzczsvKy_NUmxCWtqJKPNFa6uCW42iE70c5uEZMdsdC-lzFslI1Q6OxLAv9YKnNjcVSaGRV-Lv5tD5hFtDU2CoIxCRLlpLKpzUApysQuPRNGFy8DJvSVv/s1230/Screenshot%202023-12-11%20at%2012.31.19%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="574" data-original-width="1230" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJx5duwYCeexJColemf0qUY1pzbZXwbl9fwNkw9doxvbETU1rC2izqm028PVfcGTwJf_3Ir_KEzczsvKy_NUmxCWtqJKPNFa6uCW42iE70c5uEZMdsdC-lzFslI1Q6OxLAv9YKnNjcVSaGRV-Lv5tD5hFtDU2CoIxCRLlpLKpzUApysQuPRNGFy8DJvSVv/s320/Screenshot%202023-12-11%20at%2012.31.19%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Bought 2 Treasury Bills at the 12/11/23 Auction</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYAWU5xEL2wCl9q6tQ28VW2Y-HYigXiatyA6IcspCjA9oALoNi818edtvftvxrNZR7HH_14Tde2QWnvf-3wVV5LmGn9sBlVsM1IvdM1YAGuO6bRxRk8enfZBzC1KdXgLfFXHhWTpM02lbwsfNq23XKeEizjBu4_edS66j_xNO2-H4k5bS6qIZiIrRofYMH/s2768/Treasury%20(2)%206:13:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="196" data-original-width="2768" height="23" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYAWU5xEL2wCl9q6tQ28VW2Y-HYigXiatyA6IcspCjA9oALoNi818edtvftvxrNZR7HH_14Tde2QWnvf-3wVV5LmGn9sBlVsM1IvdM1YAGuO6bRxRk8enfZBzC1KdXgLfFXHhWTpM02lbwsfNq23XKeEizjBu4_edS66j_xNO2-H4k5bS6qIZiIrRofYMH/s320/Treasury%20(2)%206:13:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">180 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 6/13/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $52.48</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.419</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFAwd9Ia2NrN82Nn04rhYF2ZZ_EqMLVMwzKNIS44d_4WwIjNwMy8cyHHaQ0p3BzrXcy-G-T9ZkJNRoBhrWQgWJOAUP0EbxCWPKY0-YZcosNI7E5tHFDlbSRukf5lp5IITIjtlB0lmLAB7ox_f6tsdiD_8rOFg8SES87auSMSJFvHZP5NJ4Zmbey0493ZWY/s1262/Screenshot%202023-12-11%20at%2011.04.36%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="584" data-original-width="1262" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFAwd9Ia2NrN82Nn04rhYF2ZZ_EqMLVMwzKNIS44d_4WwIjNwMy8cyHHaQ0p3BzrXcy-G-T9ZkJNRoBhrWQgWJOAUP0EbxCWPKY0-YZcosNI7E5tHFDlbSRukf5lp5IITIjtlB0lmLAB7ox_f6tsdiD_8rOFg8SES87auSMSJFvHZP5NJ4Zmbey0493ZWY/s320/Screenshot%202023-12-11%20at%2011.04.36%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Corporate Bonds</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>A. Bought 2 Kilroy LP 4.375% SU Maturing on 10/1/25 at a Total Cost of 96.164</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMqF9C-FQfgij8Cgfp0Q4zIkvizTIzf-6KOZg2X8SSXDSGvgqbrwmlMvjo1JcoifKqXVsXa8lcigfI30erIEjWQppaGYyKzwtE-JnfQ9-RZszMonRIcMWHjWuUmz6VN5cu9XaDNy_q3R6ilXOJ7B0E1Sqdo4lXSLqfNW-C6UpjJ3fhkGMYHmsZ1VjpI4C6/s2268/Kilroy%20(2)%204.375%25%2010:1:25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="672" data-original-width="2268" height="95" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMqF9C-FQfgij8Cgfp0Q4zIkvizTIzf-6KOZg2X8SSXDSGvgqbrwmlMvjo1JcoifKqXVsXa8lcigfI30erIEjWQppaGYyKzwtE-JnfQ9-RZszMonRIcMWHjWuUmz6VN5cu9XaDNy_q3R6ilXOJ7B0E1Sqdo4lXSLqfNW-C6UpjJ3fhkGMYHmsZ1VjpI4C6/s320/Kilroy%20(2)%204.375%25%2010:1:25%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: Operating entity for </span><a href="https://www.marketwatch.com/investing/stock/krc?mod=search_symbol" style="text-align: left;">Kilroy Realty Corp. (KRC)</a>, a REIT, who guarantees the notes: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKzmu6lRD_H4b8ABQWnCLOLdXTMG7wzfC004xFtE4-8GBSwn0GvMtrXhHUdhBwHBoQNO3OGSR__3tqY0bc-96FmIoQztCQr-TM4bmC9ulXK-ak-kZXwcAZ-6_buioYhpBPvt7dwySoAUoGDYPaBbc5lrXb6-TfMhD5YSJSk_dtwYmBmurMGt-aR-kSIivu/s838/Screenshot%202023-12-09%20at%2010.00.37%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="340" data-original-width="838" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKzmu6lRD_H4b8ABQWnCLOLdXTMG7wzfC004xFtE4-8GBSwn0GvMtrXhHUdhBwHBoQNO3OGSR__3tqY0bc-96FmIoQztCQr-TM4bmC9ulXK-ak-kZXwcAZ-6_buioYhpBPvt7dwySoAUoGDYPaBbc5lrXb6-TfMhD5YSJSk_dtwYmBmurMGt-aR-kSIivu/s320/Screenshot%202023-12-09%20at%2010.00.37%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1025996/000119312515317321/d73621d424b5.htm">Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">REITs and BDCs are pass through entities which creates an additional layer of risk for bond owners given the common dividend payout ratios to cash flow. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1025996&owner=exclude">KRC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1025996/000102599623000215/exhibit991.htm">KRC SEC Filed Supplemental for the Q/E 9/30/23</a> KRC has a low FAD payout ratio of 53.9%, page 3. "FAD" stands for funds available for distribution and is equivalent to cash available for distribution ("CAD")</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://kilroyrealty.com/">Kilroy Realty</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">This bond is actively traded. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>New Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=49427RAL6&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa2/BBB</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost:<b> 6.663</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC =<b> 4.55</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I have 4 Kilroy SU bonds that mature on 12/15/24. </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=49427RAM4&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a> That one is the next SU bond to mature. I will not be buying more until I receive the proceeds from those 4 bonds. The main risk IMO is the exposure to west coast office buildings. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Bond Offering</u></i> (9/2021): <a href="https://www.sec.gov/Archives/edgar/data/1025996/000119312521282344/d200283d424b5.htm" style="text-align: left;">Prospectus</a> for $450M of 2.65% SU notes maturing in 2033. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Bought 2 CNO Financial 5.25% SU Maturing on 5/30/25 at a Total Cost of 98.928</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhN4mKw6U1yfyqAMMWOUwqFBlYAfErJUIzFAOfTKfgESuLAI96X4QghlsbTchnDg4ok3xV4g6fYN-EiZAPERH2nvVHpIEBF51fIdLIFKrEDfvMNL7tvRWeI0TCmcWgqmnpbN3MtM7YjF9PQqNC5q2Wr9D60e-hX3BSClx5b8OVLnZJhaP3mhbpyS6jdnG0u/s2226/CNO%20(2)%205.25%25%205:30:25.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="660" data-original-width="2226" height="95" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhN4mKw6U1yfyqAMMWOUwqFBlYAfErJUIzFAOfTKfgESuLAI96X4QghlsbTchnDg4ok3xV4g6fYN-EiZAPERH2nvVHpIEBF51fIdLIFKrEDfvMNL7tvRWeI0TCmcWgqmnpbN3MtM7YjF9PQqNC5q2Wr9D60e-hX3BSClx5b8OVLnZJhaP3mhbpyS6jdnG0u/s320/CNO%20(2)%205.25%25%205:30:25.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">Issuer: <a href="https://www.marketwatch.com/investing/stock/cno?mod=search_symbol" style="text-align: left;">CNO Financial Group Inc. (CNO)</a> </p><p style="text-align: justify;">I have never owned the common stock and this is my first SU bond purchase. </p><p style="text-align: justify;"><a href="https://www.reuters.com/markets/companies/CNO/#:~:text=Company%20Information,insurance%20and%20financial%20service%20products.">CNO Profile Reuters</a></p></span><p></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/cno/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">CNO Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1224608&owner=exclude">CNO SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1224608/000122460823000059/exhibit991-09302023earnings.htm">CNO SEC Filed Earnings Press Release for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1224608/000122460823000061/cno-20230930.htm">10-Q for the Q/E 9/30/23</a> (Debt is listed at page 50. The next SU to mature is this 2025 bond. As of 9/30/23, there was no borrowings using the credit facility.) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>New Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=12621EAK9&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB - </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>6.027</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC: <b>5.307</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">6. Exchange Traded First Mortgage Baby Bonds</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $328.75</span></p><p style="text-align: justify;"><span style="font-family: georgia;">In my Vanguard taxable account, I receive the redemption proceeds for a 2 Truist bonds (formerly known as BB&T) on 12/6/23:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTDTL-5dnFrY-_ZeDAFShZ4CUrAjvRJGoZMHe0IwTR-sa4-5c4rgWI1Xl6HnQMECTKM_hkXI-49bryTz4pAsR9nx2J5NYC3R7nPVRY-2xMMmagSrbzXQfpKPSy8bGGWiKNDfvBHc7OK4_KOqoVT65y30xYsIs4lTycMeFnc-HK3xoIqRpQ6Le5nYterALN/s2612/Screenshot%202023-12-14%20at%209.36.20%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="418" data-original-width="2612" height="51" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTDTL-5dnFrY-_ZeDAFShZ4CUrAjvRJGoZMHe0IwTR-sa4-5c4rgWI1Xl6HnQMECTKM_hkXI-49bryTz4pAsR9nx2J5NYC3R7nPVRY-2xMMmagSrbzXQfpKPSy8bGGWiKNDfvBHc7OK4_KOqoVT65y30xYsIs4lTycMeFnc-HK3xoIqRpQ6Le5nYterALN/s320/Screenshot%202023-12-14%20at%209.36.20%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">With the decline in interest rates, I decided to partially redeploy the proceeds into purchases of two stock exchange traded first mortgage baby bonds (EMP & EAI, issued by operating subsidiaries of ETR). </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own EMP and EAI in three taxable accounts and 2 RI accounts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My maximum exposure to a FM baby bond is 300 shares given their interest rate risk resulting from potentially long maturities. I much prefer owning $1,000 par value FM bonds, traded in the bond market, that mature within 5 years of purchase. I own a number of those. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">On the flip side, a continued decline in long term interest rates may at some point cause the issuers to redeem at the $25 par values and to refinance at lower coupons. I do not see that happening for as long as the 30 year treasury bond is trading over 3%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Added 5 EMP at $22.15; 5 at $22</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSEOpkk16lWk1prVNDpGVoj0S02aYEx32heNldjb29-cHY0TOAZCH8HlX8yh13Rohd5W5EOl2SxXKTP4bWVpYuZxLmBtRhMw32hLtOD4bpsvXhUngWHmNP81iT7ks9qNaoM4XQrxIOh-I-KDfnhqdPKAPyu6iQtRgBQ8slMZKjXB-LwCNDTQmPj_24BVRO/s2616/EMP%205%20at%20$22%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="210" data-original-width="2616" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSEOpkk16lWk1prVNDpGVoj0S02aYEx32heNldjb29-cHY0TOAZCH8HlX8yh13Rohd5W5EOl2SxXKTP4bWVpYuZxLmBtRhMw32hLtOD4bpsvXhUngWHmNP81iT7ks9qNaoM4XQrxIOh-I-KDfnhqdPKAPyu6iQtRgBQ8slMZKjXB-LwCNDTQmPj_24BVRO/s320/EMP%205%20at%20$22%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0dGLd-1DxovtcVUDxpfwrz5lRu-xD-tX6_VW_oKtNGYpP9RaQko3zSGdzK4-oX376E__mv1IYP9WvAzW-rIRQOPBn_ZM2f093TW0JFBRwpuN9jVoj6D5bMO_AHHFJamQSg0WTwWUOIRh-M5k0JWaU5BAEk2gI3lncEgv9uftBqlOxsKuyrePCHHU56LRt/s2616/emp%205%20at%20$22.15%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="200" data-original-width="2616" height="24" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0dGLd-1DxovtcVUDxpfwrz5lRu-xD-tX6_VW_oKtNGYpP9RaQko3zSGdzK4-oX376E__mv1IYP9WvAzW-rIRQOPBn_ZM2f093TW0JFBRwpuN9jVoj6D5bMO_AHHFJamQSg0WTwWUOIRh-M5k0JWaU5BAEk2gI3lncEgv9uftBqlOxsKuyrePCHHU56LRt/s320/emp%205%20at%20$22.15%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/emp" style="text-align: left;">Entergy Mississippi LLC 4.9% <b>First Mortgage </b>Bonds Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I discussed EMP in my last post: </span><a href="https://tennesseeindependent.blogspot.com/2023/12/bbdc-dirunca-emp-fcvsx-fsphx-glq-jpc.html" style="text-align: left;">Item # 4.A. Added to EMP in Schwab Account - Bought 5 at $22.18 (12/9/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: Wholly owned subsidiary of <a href="https://www.marketwatch.com/investing/stock/etr?mod=search_symbol" style="text-align: left;">Entergy Corp. (ETR)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/7323/000006598423000094/etr-20230930.htm">ETR 10-Q for the Q/E 9/30/23</a> (Entergy Mississippi results can be found at pages 143-158)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://seekingalpha.com/instablog/434935-south-gent/4737606-baby-bonds" style="text-align: left;">Exchange Traded Baby Bond</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Interest Date</i></u>: 12/28/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/66901/000006598416000696/d245113d424b2.htm">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 4.9% paid on the $25 par value </span></p><p style="text-align: justify;"><span style="font-family: georgia;">First Mortgage lien on substantially all assets</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment, just like a common or preferred stock in that regard) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: <b><span style="color: red;">10/1/2066</span></b>, unless called earlier at the issuer's option. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer optional Call: Call protection expired in 2021. Issuer may call at par value + accrued and unpaid interest. </span></p><div style="text-align: justify;"><span style="font-family: georgia;">I am not concerned about the credit risk. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Given the potentially long maturity, there is a lot of interest rate risk. The recent decline in long term rates has reduced that risk some in the short term, but it remains for as long as the issuer does not exercise its early redemption right. The same opinion applies to EAI discussed below. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>EMP Realized Gains to Date</u></i>: $464.90; </span><a href="https://tennesseeindependent.blogspot.com/2020/06/bxmx-cswc-emp-fdn-onb-nwhuf-pdm-orcc.html" style="text-align: left;">Item # 5.A. Pared EMP-Sold 5 at $26.84 (6/27/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/05/observations-and-sample-of-recent.html" style="text-align: left;">Item # 4.A. Eliminated EMP-Sold 70 at $24.87 (5/1/19 Post)</a><span>(profit snapshot = $207.92); </span><a href="https://tennesseeindependent.blogspot.com/2019/02/observations-and-sample-of-recent_13.html" style="text-align: left;">Item # 2.B. Sold 30 EMP at $24.44 (2/13/19 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2017/07/observations-and-sample-of-recent_22.html" style="text-align: left;">Item # 2.A. Sold 50 EMP at $24.47 (7/22/17 Post)</a><span>(profit snapshot = $66.98)</span></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Total Position in Taxable Accounts</u></i>: 140 shares. I am unlikely to buy at over $23. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Added 5 EAI at $21.6</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMztRWQkMm_SpynGcN1RQJmcc7zltmc08f5O05MWjvgCZuu_uLffGDDL5NTuUda-R9CGkJsqHQ0VvnyldpRyiPg5r9skiHwuimk_PmQj_h7zjO99U14TanimrJkpD-BwbFCmkMYhfzVoJq5PW9CwPgeTzBqvM32qUzYJ43CQdsAUnKyJx97S8p97fUzkY3/s2644/EAI%20at%2021.6%205%20shares%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="330" data-original-width="2644" height="40" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMztRWQkMm_SpynGcN1RQJmcc7zltmc08f5O05MWjvgCZuu_uLffGDDL5NTuUda-R9CGkJsqHQ0VvnyldpRyiPg5r9skiHwuimk_PmQj_h7zjO99U14TanimrJkpD-BwbFCmkMYhfzVoJq5PW9CwPgeTzBqvM32qUzYJ43CQdsAUnKyJx97S8p97fUzkY3/s320/EAI%20at%2021.6%205%20shares%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="http://www.marketwatch.com/investing/stock/eai" style="text-align: left;">Entergy Arkansas <b>1st Mortgage Bonds 4.875% <span style="color: red;">due 2066</span> </b>(EAI)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Entergy Arkansas is a wholly owned operating subsidiary of </span><a href="https://www.marketwatch.com/investing/stock/etr?mod=search_symbol" style="text-align: left;">Entergy Corp. (ETR)</a><span>.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 5. Added to EAI in Schwab Account - Bought 5 at $21.5; 5 at $21.22 (11/25/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 5.B. Added 5 EAI at $20.1; 5 at $19.85 (10/21/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/10/aio-aod-bkh-bmy-bohpra-cnobp-codi-dgro.html" style="text-align: left;">Item # 7.A. Added to EAI in Schwab Account - Bought 5 at $20.62; 5 at $20.36 (10/14/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2017/01/exchange-traded-baby-bonds.html" style="text-align: left;">Exchange Traded Baby Bonds</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/7323/000006598416000649/d164436d424b2.htm"><span style="font-family: georgia;">Prospectus</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">First mortgage lien on substantially all assets </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: 9/1/66</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer Optional Redemption: At par value + accrued and unpaid interest on or after 9/1/2021. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trades Flat</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest Payments: Quarterly</span></p><div><span style="font-family: georgia;">Last Ex Interest: 11/29/23</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Maximum Position All Taxable Accounts: 300 shares</span></div><div><span style="font-family: georgia;">Current Total Position: 185 shares</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">7. Common Stocks- Small Ball Sell</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><u><i>A. Eliminated Duplicate Position in MFIC - Sold 36+ (Fidelity Account) at $13.46</i></u></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbS-RcI4-DwqvHcITOVk3xlU8pCJG7LKSqW5EzRRPzYpw01inJ-pgwe19A-nWkcvy7G4PsWtHSZSJ2E24YKINBlFViX4GWhuvyjxpNbmxEgmNumUdgemtuLsOs7Bo7zaPlJfBtQBUeg2QQRsAXd39L5tuYwu6rdm6jJoAucgj5l4dz3T1s_vmQvzwF_Nsd/s2210/13.46.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="198" data-original-width="2210" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbS-RcI4-DwqvHcITOVk3xlU8pCJG7LKSqW5EzRRPzYpw01inJ-pgwe19A-nWkcvy7G4PsWtHSZSJ2E24YKINBlFViX4GWhuvyjxpNbmxEgmNumUdgemtuLsOs7Bo7zaPlJfBtQBUeg2QQRsAXd39L5tuYwu6rdm6jJoAucgj5l4dz3T1s_vmQvzwF_Nsd/s320/13.46.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/mfic?mod=search_symbol" style="text-align: left;">MidCap Financial Investment Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Proceeds: $495.31</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Website: </span><a href="https://www.midcapfinancialic.com/" style="text-align: left;">MidCap Financial Investment Corporation</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1278752&owner=exclude"><span style="font-family: georgia;">MFIC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Profit Snapshot: Net of <span style="color: #6aa84f;">$48.08</span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFpRY3ijaXDUBkRl8HfIsN680HC5w4qMuBI7nAri3x3R2djvsrZVe8_hjhovoUgmrTkXd_IhKF75hpJTKvSpD34-aTJPUWoDyatvGkBHv2tG-PNZGMMyAcZ8zsGBg01s4nNUB7z4QwGCPwXnAHGIHyEgAJylERH1pJ5GZAq3DyoR9_nZvkSkPAKAfJaSnl/s1946/2023%20MFIC%2036+%20Shares%20+$48.08%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="852" data-original-width="1946" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFpRY3ijaXDUBkRl8HfIsN680HC5w4qMuBI7nAri3x3R2djvsrZVe8_hjhovoUgmrTkXd_IhKF75hpJTKvSpD34-aTJPUWoDyatvGkBHv2tG-PNZGMMyAcZ8zsGBg01s4nNUB7z4QwGCPwXnAHGIHyEgAJylERH1pJ5GZAq3DyoR9_nZvkSkPAKAfJaSnl/s320/2023%20MFIC%2036+%20Shares%20+$48.08%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">The goal for any BDC is to realize a total return prior to any ROC adjustments to the tax cost basis in excess of the dividends paid, which was accomplished with this trade. There were no ROC adjustments in 2021 and 2022: </p></span><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieNcnqxuqr5_Sne3Nuow2GW0gMmNmtaU_fcfy5eXAH7ZHssX83O37b_GMt-dOpPfq2WlTOaxY_fda_w6ubZkdYvGkPA3sSgZTJ31isWg-Kfgh7wooaadIl7fvBA-Nnc3RtK65waiWPJDPf-z47rjDAuUmw8oOgTQhNPiGBs9ALCjl5fRS_YgJF0UEX7mkJ/s1436/Screenshot%202023-12-13%20at%2011.35.18%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="384" data-original-width="1436" height="86" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieNcnqxuqr5_Sne3Nuow2GW0gMmNmtaU_fcfy5eXAH7ZHssX83O37b_GMt-dOpPfq2WlTOaxY_fda_w6ubZkdYvGkPA3sSgZTJ31isWg-Kfgh7wooaadIl7fvBA-Nnc3RtK65waiWPJDPf-z47rjDAuUmw8oOgTQhNPiGBs9ALCjl5fRS_YgJF0UEX7mkJ/s320/Screenshot%202023-12-13%20at%2011.35.18%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHcCONX9BmSYtExOwdhRKO8FN_0X8CDb2enD1-gp9tYr8vvUP61IeO5GIrURhgdZaZxIqt5dOb9roi0u3qQ7UT7nobhVv4b-VmCcQVB5XRAh31s7YP0v9goVmvb20CPBox9FCGifKfA95bz0Q4Q_Pi5Fg8LjaF-v16TzqzxsGly_IqLpXG9E6vBnQvZu2Q/s1416/Screenshot%202023-12-13%20at%2011.36.26%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="558" data-original-width="1416" height="126" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHcCONX9BmSYtExOwdhRKO8FN_0X8CDb2enD1-gp9tYr8vvUP61IeO5GIrURhgdZaZxIqt5dOb9roi0u3qQ7UT7nobhVv4b-VmCcQVB5XRAh31s7YP0v9goVmvb20CPBox9FCGifKfA95bz0Q4Q_Pi5Fg8LjaF-v16TzqzxsGly_IqLpXG9E6vBnQvZu2Q/s320/Screenshot%202023-12-13%20at%2011.36.26%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Any ROC classification would be listed under the "% Non-Dividends" column. </span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The 2023 dividend information will be reported in January 2024. I do not anticipate any ROC classifications. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Discussed</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/08/bwbbp-cnobp-cmcsa-dcom-dea-fcld-ffnw.html" style="text-align: left;">Item # 3.F. Eliminated 1 or 2 Duplicate Positions in MFIC (Vanguard Account) - Sold 50 at $13.64 ( Post)</a>(profit snapshot = $30.12) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Remaining Position</i></u> (Schwab Account): 72+ shares with an average cost per share of $12.81. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.38 </span></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"></p><p style="-webkit-text-stroke-width: 0px; color: black; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/MFIC/dividends/history">MFIC Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="font-family: georgia; text-align: left;"></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/11/23 (owned as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset Value per share</u></i> (previously traded under the AINV symbol):</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I classify this BDC as deservedly hated. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted for a 1 for 3 reverse split, the IPO price was $45. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>9/3/23: $15.28 </span><a href="https://www.sec.gov/Archives/edgar/data/1278752/000095017023060325/mfic-20230930.htm" style="text-align: left;">10-Q</a> at page 1</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $15.10</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>9/30/22: $15.45 </span></span><a href="https://www.sec.gov/Archives/edgar/data/1278752/000095017022021830/mfic-20220930.htm">10-Q for the Q/E 9/30/22</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>6/30/2022 $15.52 </span><a href="https://www.sec.gov/Archives/edgar/data/1278752/000127875222000019/ainv2023q110-q.htm" style="text-align: left;">10-Q at page 1</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>12/31/2021 $16.08 </span><a href="https://www.sec.gov/Archives/edgar/data/1278752/000127875222000004/ainv2022q310-q.htm" style="text-align: left;">10-Q at page 1</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/2020 $15.59 <a href="https://www.sec.gov/Archives/edgar/data/1278752/000127875221000004/ainv2021q310-q.htm" style="text-align: left;">10-Q at page 1</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/2019 $18.27 <a href="https://www.sec.gov/Archives/edgar/data/1278752/000127875220000006/ainv2020q310-q.htm" style="text-align: left;">10-Q at page 1</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/2018 $19.03 <a href="https://www.sec.gov/Archives/edgar/data/1278752/000127875219000008/ainv2019q310-q.htm" style="text-align: left;">10-Q at page 1</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">1 for 3 stock split 12/3/2018 </span><a href="https://www.splithistory.com/ainv/#:~:text=AINV%20(AINV)%20has%201%20split,shareholder%20now%20owned%201%20share." style="text-align: left;">AINV Split History</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/2017 $6.6 </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>3/31/16 $ 7.28</span><br /><span>3/31/15 $ 8.18</span><br /><span>3/31/14 $ 8.67</span><br /><span>3/31/13 $ 8.27</span><br /><span>3/31/12 $8.67</span><br /><span>3/31/11 $10.03</span><br /><span>3/31/10 $10.06</span><br /><span>3/31/09 $ 9.82</span><br /><span>3/31/08 $15.93 (Near Depression)</span><br /><span>3/31/07 $17.87</span><br /><span>3/31/06 $15.15</span><br /><span>3/31/05 $14.27</span><br /><span><span><br /></span><span>IPO in 2005 at $15 per share: <a href="https://www.sec.gov/Archives/edgar/data/1278752/000119312504057326/d497.htm">Final Prospectus</a></span></span><br /></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p><span style="font-family: georgia;"><span style="font-family: georgia;"></span></span></p><p></p><p style="-webkit-text-stroke-width: 0px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="font-family: georgia;"><span><span>Adjusted for the 1 for 3 reverse split, the IPO price was <b><span style="color: red;">at $45</span></b>. My recommendation to the external managers is to consider mass </span></span><a href="https://en.wikipedia.org/wiki/Seppuku" style="color: black; font-weight: 400; text-align: left;">Seppuku</a> as a means to restore honor. On a more positive note, net asset value per share has been relatively stable for about 1 year now. </span></p><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/1278752/000119312523272413/d323914dex991.htm">SEC Filing</a> </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Net Investment income per share: $.43 </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Net Asset Value per share: $15.28</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Other Data: </span></div><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsGIMWH2lF6ige_nia8IHTN8DPxxUTLD0fw9sZctM35E64-QNr3FIoh1H6b18F_tH4CT8BZ9fnIsk6G0O6iIMLoaitWvQnzzx5QLg1B4i3em14Fd4IDxhdJaqgcm9i2U64JQmu5JyHbgeJpkahB0kWXKBMdJ97Vo2ZA9-3da4MHLWx01KkW6yqgApB2X6m/s1844/Screenshot%202023-12-13%20at%206.34.11%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1216" data-original-width="1844" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsGIMWH2lF6ige_nia8IHTN8DPxxUTLD0fw9sZctM35E64-QNr3FIoh1H6b18F_tH4CT8BZ9fnIsk6G0O6iIMLoaitWvQnzzx5QLg1B4i3em14Fd4IDxhdJaqgcm9i2U64JQmu5JyHbgeJpkahB0kWXKBMdJ97Vo2ZA9-3da4MHLWx01KkW6yqgApB2X6m/s320/Screenshot%202023-12-13%20at%206.34.11%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1278752/000095017023060325/mfic-20230930.htm">10-Q</a> Investments are summarized starting at page 5. A (14) number in the far right column indicates that the investment is on non-accrual. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>8. Cash Flow Into Fidelity Taxable Account on 12/15/23</b></span>: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivakL4kLaccjUWhmLpAeW5pjbp_9CabfUgoDTDy53HlbrPDCPHpz7sC7NmUIMt-PO_pr-dsIa4BhJvA-1eCbqhesIz2E-p9s_I0ZUkH2qZ51blZFaRX7RDlTg8if8H1xVEqzp-t1VGWgCgYBALuxt0ajgChSnPF78TrAO5Iudc6gDecdUm0i_LxfMQRCU5/s1908/1.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1830" data-original-width="1908" height="307" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivakL4kLaccjUWhmLpAeW5pjbp_9CabfUgoDTDy53HlbrPDCPHpz7sC7NmUIMt-PO_pr-dsIa4BhJvA-1eCbqhesIz2E-p9s_I0ZUkH2qZ51blZFaRX7RDlTg8if8H1xVEqzp-t1VGWgCgYBALuxt0ajgChSnPF78TrAO5Iudc6gDecdUm0i_LxfMQRCU5/s320/1.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXwSxfqEp3RfxI_EZGVF4BYCHDb_xTEPjC3rf780V-s2anTo14IfZgBvWpqLabNjsKZV9Zlbv8wp4tnmkArQJDSKv4m8Brtg24zsRQu5RVo0uxDMU4z5ecUwOuOb1_3G-k-L0pxTnyI0KJE_poB-pLlqoiI8c8ELQpv2hgVP8u2psN4xJbvXGyoYA0JKys/s1906/s.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="938" data-original-width="1906" height="157" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXwSxfqEp3RfxI_EZGVF4BYCHDb_xTEPjC3rf780V-s2anTo14IfZgBvWpqLabNjsKZV9Zlbv8wp4tnmkArQJDSKv4m8Brtg24zsRQu5RVo0uxDMU4z5ecUwOuOb1_3G-k-L0pxTnyI0KJE_poB-pLlqoiI8c8ELQpv2hgVP8u2psN4xJbvXGyoYA0JKys/s320/s.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_GzWmBEMB8ITVpH6sAH4YqkHcJl7xl9liIAxHfXiyBO-SlGtZ_vSmNHccEWBY3rHUw_5_Fva1YkGQsqLQ4MJlDQE24OcYyq_UHF8U01_QBoFXQ-17FXZjeov87ZNTHHnMOH-litIJ2F4IfY5vO4zTMfDhr10t_6YhE-cWIH_BjM2-vqdNpSK_am2JRnxs/s1846/Screenshot%202023-12-15%20at%209.33.00%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1686" data-original-width="1846" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_GzWmBEMB8ITVpH6sAH4YqkHcJl7xl9liIAxHfXiyBO-SlGtZ_vSmNHccEWBY3rHUw_5_Fva1YkGQsqLQ4MJlDQE24OcYyq_UHF8U01_QBoFXQ-17FXZjeov87ZNTHHnMOH-litIJ2F4IfY5vO4zTMfDhr10t_6YhE-cWIH_BjM2-vqdNpSK_am2JRnxs/s320/Screenshot%202023-12-15%20at%209.33.00%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3yeurz7NeK6aH0LSDweI7IlriINnF9j5h7mB-CPBgs_3K0mM2Q3ozI8l63GHk4X86f3vpj9pVWWRu3yFN600J4Qi34VNV9SQ04raDf7rplr_G6nmGB1bfkvlwx2lqmkitnMLxHvnYvqpGe3WTEL_l7FT3e0jAPNj1ejvMVO1rdsJ36PAh60QHiDDgWujH/s1848/Screenshot%202023-12-15%20at%209.33.23%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1802" data-original-width="1848" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3yeurz7NeK6aH0LSDweI7IlriINnF9j5h7mB-CPBgs_3K0mM2Q3ozI8l63GHk4X86f3vpj9pVWWRu3yFN600J4Qi34VNV9SQ04raDf7rplr_G6nmGB1bfkvlwx2lqmkitnMLxHvnYvqpGe3WTEL_l7FT3e0jAPNj1ejvMVO1rdsJ36PAh60QHiDDgWujH/s320/Screenshot%202023-12-15%20at%209.33.23%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvVUH334Jy11BW5WR71CYZalO4WMyPhuQiSCSlm6RhpPFsg-h6foihN7u4XsrOqioLV2o5ykOq3rVG3i7sqlNjSYZ5rGI5wvfwiZvxixVWAAzR9LoJtbN9fXyA_bSsPtWEzk2rSkU9CBKeUIRQRa8IuuyHViA_h3qMunFwqXELTFH_UNV6v_L3XqHsGIVo/s1860/Screenshot%202023-12-15%20at%209.33.39%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1724" data-original-width="1860" height="297" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvVUH334Jy11BW5WR71CYZalO4WMyPhuQiSCSlm6RhpPFsg-h6foihN7u4XsrOqioLV2o5ykOq3rVG3i7sqlNjSYZ5rGI5wvfwiZvxixVWAAzR9LoJtbN9fXyA_bSsPtWEzk2rSkU9CBKeUIRQRa8IuuyHViA_h3qMunFwqXELTFH_UNV6v_L3XqHsGIVo/s320/Screenshot%202023-12-15%20at%209.33.39%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgD3lbuIFJNm2QwYLNhQy3gU1IZCpovYnAzbFYHqRHSVbJS3gjgHkHeTL0KUkerxc8vUCfDl1TklqPzh9PJrb3ihumyLnY6J0W3iD5s6S5r_e4kG-DTlfQvvyyQYSLcxZ-CKh-BRo4Tk8dlKURI-lWOcs5f9yPQP8uMkBY3GSvyFK9if4Mo58JRhGMvUJkp/s1860/Screenshot%202023-12-15%20at%209.33.55%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1582" data-original-width="1860" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgD3lbuIFJNm2QwYLNhQy3gU1IZCpovYnAzbFYHqRHSVbJS3gjgHkHeTL0KUkerxc8vUCfDl1TklqPzh9PJrb3ihumyLnY6J0W3iD5s6S5r_e4kG-DTlfQvvyyQYSLcxZ-CKh-BRo4Tk8dlKURI-lWOcs5f9yPQP8uMkBY3GSvyFK9if4Mo58JRhGMvUJkp/s320/Screenshot%202023-12-15%20at%209.33.55%E2%80%AFAM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Corporate Bond Maturity: $2,000</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends and Interest</u></i>: </span></div><div style="text-align: justify;"><span style="font-family: georgia;">Corporate Bond Interest: $664.8</span></div><div style="text-align: justify;"><span style="font-family: georgia;">CD Interest: $48.63</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Common Stock Dividends: $87.87</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Equity Preferred Stock Dividends: $19.04</span></div><div style="text-align: justify;"><span style="font-family: georgia;">CEF Dividends: $12.39</span></div></div></div><div style="text-align: justify;"><span style="font-family: georgia;">Total: $832.73</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I receive corporate bond interest payments throughout the month. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The corporate bonds referenced in the preceding snapshots pay interest semiannually except for the GS and National Rural that pay monthly. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">All of the corporate bonds referenced above are 1 or 2 bond lots except for the Lexington Realty (REIT) and Public Service Group (utility holding company) SU bonds which are a 5 and 4 bond lots respectively. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I own 10 of the Arizona Public Service 3.35% SU maturing on 6/15/24 in my Schwab account: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg0UhQQ8WhRIaBv7IzZhGe5ZYWStCqXPHFomzYiTmtkv9Kr2YbPeM7egFs4gzokVM95_lMQG6eEji-4h1ZH9vkkwIh-BEZWzrhkZ6jU-VfGLJgJiTBg_BW5LKQDIhTVMgXAwhwmPA2TLzFYebpaSxIdrgsorTHKMyGFyc9709wuSnLPuiKTojfHRNeFxEe/s2894/Screenshot%202023-12-16%20at%208.37.26%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="158" data-original-width="2894" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg0UhQQ8WhRIaBv7IzZhGe5ZYWStCqXPHFomzYiTmtkv9Kr2YbPeM7egFs4gzokVM95_lMQG6eEji-4h1ZH9vkkwIh-BEZWzrhkZ6jU-VfGLJgJiTBg_BW5LKQDIhTVMgXAwhwmPA2TLzFYebpaSxIdrgsorTHKMyGFyc9709wuSnLPuiKTojfHRNeFxEe/s320/Screenshot%202023-12-16%20at%208.37.26%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">Two of those bonds are owned in my Fidelity account and the interest payment is included in the first snapshot above, second entry. <br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <b style="box-sizing: border-box;">not</b></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333;"> </span><b style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></b><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><b style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></b><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span></span></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com6tag:blogger.com,1999:blog-2986124651030959736.post-11574479342959629092023-12-09T08:58:00.009-06:002024-01-12T08:10:27.869-06:00BBDC, DIR.UN:CA, EMP, FCVSX, FSPHX, GLQ, JPC, MRCC, PEO, QYLD, SRLN, WU<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://adpemploymentreport.com/">ADP® Employment Report for November</a> +103,000 private jobs with the consensus at 120,000. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>November Jobs Report - BLS: </span><a href="https://www.bls.gov/news.release/empsit.nr0.htm" style="text-align: left;">Employment Situation Summary - 2023 M11 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Unemployment Rate: 3.7%, down from 3.9%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Jobs Added: 199,000 with consensus at 190,000. The job addition benefited from the settlement of the SAG and UAW strikes. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Wage Growth: Up .4% or 12 cents per hour. Up 4% annually through November. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average work week: Up .1 to 33.8 hours </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The .1 increase in hours and the .4% increase in wages are meaningful numbers when applied to the number of people in the workforce.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Total Nonfarm private payroll employees: 129,191,000. </span><a href="https://fred.stlouisfed.org/series/ADPWNUSNERSA" style="text-align: left;">Total Nonfarm Private Payroll Employment</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">If the work week held steady at 33.8 hours, the $.12 per hour increase would generate an additional $210.91 per year or $523,998,696 for the private payroll workforce.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">U-6: 7%, down from 7.2% in October. <a href="https://www.bls.gov/news.release/empsit.t15.htm" style="text-align: left;">Table A-15. Alternative measures of labor underutilization - 2023 M11 Results</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The economy is not yet showing signs of a developing recession. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.prnewswire.com/news-releases/services-pmi-at-52-7-november-2023-services-ism-report-on-business-302004936.html" style="text-align: left;">Services PMI® at 52.7% in November 2023</a> Up from 51.8 in October. The new orders component was unchanged at 55.5%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.corelogic.com/press-releases/us-home-price-growth-continues-slow-but-steady-increase-in-october/">US Home Price Growth Continues Slow but Steady Increase in October, CoreLogic Reports</a> Up 4.7% year-over-year. CoreLogic offers a free valuation of my home's value, which it periodically updates based on nearby sales activity. The service is called eproperty. The current CoreLogic valuation is slightly higher than the one provided by Zillow. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nytimes.com/2023/12/03/business/china-evergrande-hong-kong.html">China Evergrande May Finally Meet Its End in Hong Kong Court - The New York Times</a> This major property developer defaulted in early December 2021 and has been in limbo since then, unable to pay over $300B in overdue bills. China is far more likely to sweep this kind of problem under the rug than deal with it. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2023/12/05/moodys-cut-chinas-credit-outlook-to-negative-on-rising-debt-risks.html">Moody's cut China's credit outlook to negative on rising debt risks</a> Moody's retained the long term rating at A1. I would not rate China's debt higher than BBB-. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>China is IMO likely to face a "Lehman Moment" within 5 years and may be unable to deal with it based on how it has handled bad debt problems to date. The past tendency has been to allow problems to fester and grow (zombie companies, ghost towns, etc.). GDP growth has been driven in significant part by spending vast sums on projects that made no economic sense. The Chinese government has also made imprudent loans to countries that are unable to service the loans and have no prospect of paying the principal amount back and are having problems paying all of the interest. </span><a href="https://www.nytimes.com/2023/11/06/business/china-bri-aiddata.html" style="text-align: left;">China Is Lending Billions to Countries in Financial Trouble - The New York Times</a>; </span><a href="https://www.youtube.com/watch?v=D0PxRxwTa50" style="text-align: left;">What This $100B Ghost City Reveals About China’s Property Crisis | WSJ - YouTube</a>; <a href="https://www.architecturaldigest.com/story/see-inside-a-ghost-town-of-abandoned-mansions-in-china" style="text-align: left;">See Inside a Ghost Town of Abandoned Mansions in China | Architectural Digest</a><a href="https://www.cnn.com/2023/08/18/economy/china-zhongrong-trust-protest-intl-hnk/index.html" style="text-align: left;">;</a> <a href="https://www.cnn.com/2023/08/18/economy/china-zhongrong-trust-protest-intl-hnk/index.html" style="text-align: left;">China's 'Lehman moment?' Zhongrong Trust misses payments to investors | CNN Business</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://tradingeconomics.com/china/inflation-cpi">China Inflation Rate</a> (<b>down .2% Y-O-Y in October</b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/story/markets-inflation-expectations-inch-closer-to-feds-2-target-on-confidence-central-bank-will-prevail-in-long-run-0531d168?mod=home-page">Fed seen by market as winning inflation battle in long run - MarketWatch</a> (subscription publication, published 12/7/23) This article is referring to the 10 year breakeven inflation rate approaching 2%, something that I have been discussing in every recent post. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As of 12/8/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ten Year Treasury Yield: 4.23%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ten Year TIP Real Yield 2.02%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ten Year Breakeven Inflation Rate: 2.21%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I view those numbers as both normal and consistent with one another. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Money Stock M1 and M2: </span><a href="https://www.federalreserve.gov/releases/h6/current/default.htm" style="text-align: left;">Federal Reserve Board - Money Stock Measures - H.6 - November 28, 2023</a></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMjSzShmNK7_sOXif5T9wAyqQsKM9UyV4hyOO6McA9VQ2ALdUf-fybkhVStJusDxit0BC5Bm3a4RsbvVenWkvKcbx7CS1nI7eUYfagzsVKUV07YjqVvceKPO7ZQ25iFsJfRDHenjHv7MRi-Ibq6CqjN5A4pdJGranAGnRyZuixEbEHQcxoqQNfB3THX_dA/s2322/Screenshot%202023-12-09%20at%208.32.19%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1542" data-original-width="2322" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMjSzShmNK7_sOXif5T9wAyqQsKM9UyV4hyOO6McA9VQ2ALdUf-fybkhVStJusDxit0BC5Bm3a4RsbvVenWkvKcbx7CS1nI7eUYfagzsVKUV07YjqVvceKPO7ZQ25iFsJfRDHenjHv7MRi-Ibq6CqjN5A4pdJGranAGnRyZuixEbEHQcxoqQNfB3THX_dA/s320/Screenshot%202023-12-09%20at%208.32.19%E2%80%AFAM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE63QS_Y6MlcLd6AD5c-byJ7_F3P4AwqT1bAZ3YZsbM1Ka0UclvOSY7BVOAbjIC6CIa698c1GnE0wiUBtKEDPvw_BbnCorHaPWFTHjL5akvxK07Tt2ZBAo9ltZL0XjNmg9HGIEtoYw2pwqyjbQadA9MpzazFBSY9Tm9_VlS9aVzK0NDt3GIqu1w_79_zvb/s2322/Screenshot%202023-12-09%20at%208.33.27%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1526" data-original-width="2322" height="210" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE63QS_Y6MlcLd6AD5c-byJ7_F3P4AwqT1bAZ3YZsbM1Ka0UclvOSY7BVOAbjIC6CIa698c1GnE0wiUBtKEDPvw_BbnCorHaPWFTHjL5akvxK07Tt2ZBAo9ltZL0XjNmg9HGIEtoYw2pwqyjbQadA9MpzazFBSY9Tm9_VlS9aVzK0NDt3GIqu1w_79_zvb/s320/Screenshot%202023-12-09%20at%208.33.27%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div><div style="text-align: justify;"><span style="font-family: georgia;">There were a myriad of causes for problematic inflation that were unrelated to any action or inaction of the Biden administration. Two of those major causes resulted from the FED creating excessive money supply and maintaining ZIRP and QE even after annual CPI had risen to over 8%. In large part, the problematic inflation was a FED created monster. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The non-seasonally adjusted M2 was at $15.5 trillion in January 2020 and had increased to $21.856+T by March 2022, a <span style="color: red;">41% </span>increase in a little over 2 years. As M2 started to decline thereafter, so did inflation. <a href="https://www.youtube.com/watch?v=aiFOFJjSZmQ" style="text-align: left;">Inflation will continue to come down with the shrinking money supply, says former Fed Gov. Heller - YouTube</a>; <a href="https://www.washingtonpost.com/business/2022/02/06/federal-reserve-inflation-money-supply/" style="text-align: left;">Inflation has Federal Reserve critics pointing to money supply surge - The Washington Post</a>; <a href="https://www.longtermtrends.net/m2-money-supply-vs-inflation/" style="text-align: left;">M2 Money Supply Growth vs. Inflation - Updated Chart | Longtermtrends</a>; <a href="https://www.barrons.com/articles/the-fed-is-ignoring-the-money-supply-and-letting-inflation-rip-51642755601" style="text-align: left;">The Fed Is Ignoring the Money Supply and Letting Inflation Rip - Barrons</a> (January 2022)</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The non-seasonally adjusted number for M2 as of October 2023 was $20.671+T, down from the high of $21.756+T in March 2022. </span></div><p style="text-align: justify;"><span style="font-family: georgia;">Other causes, which are gone now, include supply chain disruptions created by the pandemic. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A republican will just blame Biden. If Trump had won in 2024 the republicans would blame the democrats in Congress. The reason for blaming Biden is simple. He was President when it happened, a conclusion reached without any analysis of the myriad actual causes that would have occurred irrespective of who was President. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: +$10,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I will be buying $10,000 at next Monday's 3 month T Bill auction, redeploying proceeds from maturing bills received after the last auction. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: +$4,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Purchased Treasury MM Fund (SNOXX): +$2,000</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj68aYfIIv3MhQvnBBfSwSWTuuvSHmH6gp5Fx9GVKerQm5ZgkFwFcJ0w5YjSeKjxqKKIhsWEr9-S5jVFSGBcgKgqlm3c1vltYe6RoVIpQgxE-ddIR1O-tkL9cpAKGO9qvtpQS0pQ2a09ea-IWZMB5MOwCGTjOD5aXnrbHaJOMlzxG3sRZtAtrzpt6rQ90LE/s2782/snoxx.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="276" data-original-width="2782" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj68aYfIIv3MhQvnBBfSwSWTuuvSHmH6gp5Fx9GVKerQm5ZgkFwFcJ0w5YjSeKjxqKKIhsWEr9-S5jVFSGBcgKgqlm3c1vltYe6RoVIpQgxE-ddIR1O-tkL9cpAKGO9qvtpQS0pQ2a09ea-IWZMB5MOwCGTjOD5aXnrbHaJOMlzxG3sRZtAtrzpt6rQ90LE/s320/snoxx.png" width="320" /></span></a></div><span style="font-family: georgia;">7 day SEC yield at 5.06%. </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">SNOXX is viewed as a short term alternative (1 day to 3 years) to keeping excess cash in the Schwab sweep account that pays only .45%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual U.S. Common Stocks: +$275.5 (yield at 10.82%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Canadian Common Stock: +C$1,288 total cost (yield at 5.43%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock Mutual Fund: +$150</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock CEFs (GLQ/PEO): +$186.9</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock ETF (QYLD)= +$85.05 (yield at 11.98%, using the last 12 monthly dividends) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Inflow Common Stocks/Stock Funds: <span style="color: #6aa84f;">+</span>$1,552.4 (valuing Canadian stock at US$940)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded First Mortgage Bond (EMP) = +$110.9 (Yield at 5.52%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged Preferred Stock CEF (JPC): +$194.7 (yield at 8.32%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Senior Loan ETF (SRLN): 7.49% (using trailing 1 year dividends)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Outflow Stocks/Stock Funds: = <b><span style="color: red;">-</span></b>$27,791.14 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of Economic Stagnation, Misery, Violence, and Drug and Alcohol Addiction</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/world/2023/12/04/ukraine-counteroffensive-us-planning-russia-war/">U.S., Ukraine counteroffensive plans marred by miscalculations, disagreement - The Washington Post</a> (a detailed analysis that is sobering) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>All of the congressionally authorized U.S. aid funds will soon be spent. The House republicans have so far refused to even allow a vote on another appropriation unless their demands on immigration issues are met. </span><a href="https://www.cnn.com/2023/12/05/politics/us-ukraine-aid-congress-analysis/index.html" style="text-align: left;">Ukraine’s US lifeline is hanging by a thinning thread</a>; <a href="https://www.cnn.com/2023/12/04/politics/white-house-congress-ukraine-funding/index.html" style="text-align: left;">White House says funding for Ukraine is running out in stark warning to Congress</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The Senate Republicans refused to pass a bill containing aid for Ukraine and Israel since the Democrats were not giving them everything they wanted on immigration. </span><a href="https://www.youtube.com/watch?v=V_EK6K1uHWM" style="text-align: left;">Ukraine and Israel funding bill fails at critical moment for war - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/08/us/tyranny-of-the-minority-american-democracy-cec/index.html">A ‘tyranny of the minority’ is destroying American democracy, a new book warns</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">It is now normal for the Republicans to link policy changes that could not otherwise be passed through democratic processes to their willingness to keep the government open or to increase the debt limit. Basically, the threat is that the republicans will blow up the government or destroy the U.S. full faith and credit unless the Democrats give them what they want. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The linkage now is to the Ukraine and Israel aid legislation which is something new for republicans. I do not approve of these linkages and view them as a form of legislative terrorism. The democrats have developed a natural reluctance to reward this kind of republican legislative terrorism that started with the Clinton Presidency. It does not happen when there is a republican President. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2023/12/09/ukraine-aid-in-growing-jeopardy-as-republicans-double-down-on-their-demands-for-border-security.html">Ukraine aid in growing jeopardy as Republicans double down on their demands for border security</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I do agree that something must be done on the border but not by making gifts to Hamas and Putin. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">{Discussion on Immigration: The Ukraine/Israel aid package did include an additional $14B for border security, an amount higher than discussed by the politicians this summer. The Biden administration has already implemented another republican demand that those captured crossing the border will have to show a "credible fear of persecution" before being granted asylum. And Biden has already implemented limits on asylum requests for those who pass through a third nation. <a href="https://www.pbs.org/newshour/politics/biden-administration-to-limit-asylum-to-migrants-who-pass-through-a-3rd-nation" style="text-align: left;">Biden administration to limit asylum to migrants who pass through a 3rd nation</a> The republicans want far more. The least costly and most effective option for illegal immigration, which would be anathema to the Democrats, would be a simple law change that abolishes the right to apply for asylum at the border. Those claims would no longer be processed and anyone making such a claim at the border would be denied entry. Widespread publicity of the law change would take place throughout Central and South America. That would solve a lot of illegal immigration. But to secure that change from the Democrats, and only a few would go along even with a major concession, the republicans would have to make concessions on immigration that they are unwilling to make that would be required to secure enough Democrat votes for the law change, such as a road to citizenship for most children who were brought illegally into the U.S. by their parents. The Democrats could also offer more funds for a wall where it makes sense, primarily along the California border with Mexico. Republican are unwilling to make any concessions on immigration policies necessary to reach a compromise. It is just too politically advantageous for them to make demands that the democrats will not accept and then to bash them in the next election.} </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.axios.com/2023/11/02/poll-americans-support-ukraine-republicans" style="text-align: left;">Poll: U.S. public's support for Ukraine begins to wane</a>; <a href="https://news.gallup.com/poll/513680/american-views-ukraine-war-charts.aspx" style="text-align: left;">American Views on the Ukraine War in 6 Charts</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/magazine/archive/2024/01/trump-reelection-china-xi-jinping/676129/" style="text-align: left;">Why China Wants Trump to Win - The Atlantic</a> I am not sure whether Xi would prefer Trump over Biden. Putin definitely would. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=ER_TBiOguAI">'Cracks are already there' in Putin's 'cannon fodder' army | Brig. Gen. Peter Zwack - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.wsj.com/world/russia/russia-convicts-ukraine-wagner-storm-z-prigozhin-0fe28acc?mod=hp_lead_pos7">The Violent Homecoming of Russian Convicts Freed to Fight in Ukraine - WSJ</a> The violent convicts are not going to be transformed into good, law abiding citizens after fighting in Ukraine. When Putin releases them back into the general population, their propensity to commit even more violent crimes will be much higher than before their incarceration. The WSJ estimates that 30,000 Russian convicts survived the fighting in Ukraine and have already been released by Putin back into the civilian population. Putin TV will not disclose the atrocities committed by those returning convicts, but information is available to those willing to review court records and interview family members of the victims. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nbcnews.com/politics/justice-department/doj-charges-four-russian-nationals-war-crimes-related-ukraine-invasion-rcna128329">DOJ charges four Russian soldiers with war crimes related to Ukraine invasion</a> The Russians tortured an American civilian who was not involved in the war. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=lJ3mpLAqyDQ">Two Assassinations of Ukrainian Traitors (One in Luhansk and One Outside Moscow) - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Don the Authoritarian and His Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics - Election 2024 - 2024 Republican Presidential Nomination</a></span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html" style="text-align: left;"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Demagogue Don: </span><span style="color: #2a2a2a; text-align: left;">“Biden and his radical left allies like to pose as defenders of democracy. But Joe Biden </span><span style="color: #2a2a2a; text-align: left;">is not the defender of American democracy. Joe Biden is the destroyer of American democracy. … This campaign is a righteous crusade to liberate our republic from Biden and the criminals and the Biden administration." </span><a href="https://apnews.com/article/trump-biden-democracy-election-2024-f2f824f056ae9f81f4e688fe590f41b4" style="text-align: left;">Trump Comments 12/2/23</a> </span></p><p style="text-align: justify;"><a href="https://www.washingtonpost.com/opinions/2023/11/30/trump-dictator-2024-election-robert-kagan/"><span style="font-family: georgia;">A Trump Dictatorship is Becoming Increasingly Likely-The Washington Post</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/magazine/archive/2024/01/donald-trump-reelection-second-term-agenda/676119/">The Danger Ahead - The Atlantic</a> (column written by <a href="https://en.wikipedia.org/wiki/David_Frum" style="text-align: left;">David Frum</a>, a former speechwriter for President George W. Bush, about Don the Authoritarian)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/02/politics/speaker-johnson-says-he-believes-he-has-the-votes-for-a-biden-impeachment-inquiry/index.html">Speaker Johnson says he believes he has the votes for a Biden impeachment inquiry</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.washingtonpost.com/politics/interactive/2023/trump-pardon-power-2024-benefit/?itid=hp-top-table-main_p001_f001">Trump’s brazen use of pardon power reaping political benefits as he runs for election - Washington Post</a> A large number of people receiving Trump pardons are helping him win re-election, suggesting that the pardons were not granted using traditional criteria for Presidential pardons, but on benefits Trump expected to personally receive from those pardoned. Louis Kupers, who led the DOJ office in reviewing clemency requests, called the pardons </span><span style="background-color: white; text-align: left;">"so transactional, in that it was furthering his own interests." Before delving into this issue, it was already clear that Trump was granting pardons based on non-traditional criteria and was bypassing the DOJ office that evaluated pardon requests. </span></span></p><p style="text-align: justify;"><span style="background-color: white; font-family: georgia; text-align: left;"><a href="https://www.theatlantic.com/magazine/archive/2024/01/trump-2024-reelection-pull-out-of-nato-membership/676120/">Trump Will Abandon NATO - The Atlantic</a> Anne Applebaum starts this column with a Trump quote: "I don't give a shit about NATO", which is music to Putin's ears. </span></p><p style="text-align: justify;"><span style="background-color: white; font-family: georgia; text-align: left;"><a href="https://www.cnn.com/2023/12/04/politics/trump-presidential-power-2024/index.html">Trump is showing how a second term would rewrite the rules of presidential power</a> </span></p><p style="text-align: justify;"><span style="background-color: white; font-family: georgia; text-align: left;"><a href="https://www.nytimes.com/2023/12/04/us/politics/trump-2025-overview.html">Why a Second Trump Presidency May Be More Radical Than His First - The New York Times</a> This article starts out with comments made by Trump praising the Chinese government's use of force to quash the pro-democracy demonstration in Tiananmen Square: "</span><span style="font-family: georgia;"><span style="background-color: white; text-align: left;">When the students poured into Tiananmen Square, the Chinese government almost blew it. </span><span style="background-color: white; text-align: left;">Then they were vicious, they were horrible, but they put it down with strength. That shows you the power of strength. Our country is right now perceived as weak." </span></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=qBRQL0gWQy4"><span style="font-family: georgia;">Liz Cheney's "dire" warning against reelecting Trump - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=MELuc1Z6Gzo&t=44s">Trump spins economic fairy tale; counts on voters with short memories - YouTube</a> Donald claims, for example, that he brought gasoline prices down to $1.87. That is a deliberately misleading claim. Gasoline prices did decline to that level in March 2020, but Trump had nothing to do with it. The statement is false in that respect. Prices fell because demand cratered in the early stages of the pandemic and that caused prices to drop. Trump's daily false and misleading statements do not work on those who are informed. </span><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/politics/2021/01/24/trumps-false-or-misleading-claims-total-30573-over-four-years/" style="text-align: left;">Trump’s false or misleading claims total 30,573 over 4 years - The Washington Post</a> The ignorant are easily manipulated by him. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://rollcall.com/2023/12/08/appeals-court-upholds-most-of-trump-gag-order-in-dc-case/" style="text-align: left;">Appeals court upholds most of Trump gag order in DC case-Roll Call</a>; <a href="https://www.cadc.uscourts.gov/internet/opinions.nsf/062EE6E27AEF48AC85258A7F0069B15F/$file/23-3190-2030689.pdf" style="text-align: left;">United States Court of Appeals Decision on Trump Gag Order.pdf</a> The comments that concerned the Appellate panel made by the juvenile former President of the U.S. are summarized at pages 31 - 35. I have excerpted how this summary starts: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9P5VGZvUxiCTKknMg2z7ALPZXtO8TNsAqaseMMHlsBTyPNtb9eLdQKYXWPx3k2EOWeR-kFLG2iFpi6Twoe0nR7AE9n2de6yk0vr2aIkwq_E3dDXB30K_J1BExcJqXHJRGog4Fi1ING07BFaQOpID_eLnp1b0std0bIhyNBys7CR6LnE8fPsx4KIi5NS53/s1018/Screenshot%202023-12-09%20at%207.46.46%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1018" data-original-width="1010" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9P5VGZvUxiCTKknMg2z7ALPZXtO8TNsAqaseMMHlsBTyPNtb9eLdQKYXWPx3k2EOWeR-kFLG2iFpi6Twoe0nR7AE9n2de6yk0vr2aIkwq_E3dDXB30K_J1BExcJqXHJRGog4Fi1ING07BFaQOpID_eLnp1b0std0bIhyNBys7CR6LnE8fPsx4KIi5NS53/s320/Screenshot%202023-12-09%20at%207.46.46%E2%80%AFAM.png" width="317" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiV_9hLYU41o2Ylf_d7BUxnewZYEM_D0hjWfHwkGZkdNtPRCIp1oaNI_pak8lc8zRZJWGV3X7CNLkcIozEbGMFT0Zl-BueoqhEyPWIpoMRMTrUtTHLI2ej80ZQZ22YHM8TXKkdfszO6ru6BwJtXrGxvYRaSBIxWLPWJcGqLnK1bnQd6edYR7k2_WrWqv6M5/s1112/Screenshot%202023-12-09%20at%207.48.27%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1112" data-original-width="984" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiV_9hLYU41o2Ylf_d7BUxnewZYEM_D0hjWfHwkGZkdNtPRCIp1oaNI_pak8lc8zRZJWGV3X7CNLkcIozEbGMFT0Zl-BueoqhEyPWIpoMRMTrUtTHLI2ej80ZQZ22YHM8TXKkdfszO6ru6BwJtXrGxvYRaSBIxWLPWJcGqLnK1bnQd6edYR7k2_WrWqv6M5/s320/Screenshot%202023-12-09%20at%207.48.27%E2%80%AFAM.png" width="283" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/magazine/archive/2024/01/trump-2024-win-american-identity/676143/">Trump Voters Are America Too - The Atlantic</a><span style="font-size: 22px; text-align: left;"> </span><span style="text-align: left;">"If </span><span style="text-align: left;">Trump wins in 2024, his detractors will have to reckon once again with the voters who got us here—to reconcile what it means to share a country with so many citizens who keep watching Trump spiral deeper into his moral void and still conclude, "Yes, that’s our guy."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nbcnews.com/politics/donald-trump/nevada-grand-jury-indicts-fake-electors-backed-trump-2020-rcna128409">Nevada grand jury indicts 'fake electors' who backed Trump in 2020</a> The GOP's State Party Chair, Michael McDonald, was among those who were indicted. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/06/us/university-of-nevada-las-vegas-shooting-thursday/index.html">UNLV gunman was a career professor whose online profile focused on conspiracy theories</a> The conspiracy theories involved prominent Jews like George Soros, the </span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;"><span style="font-family: georgia;">“Powerful Organizations Bent on Global Domination!”, and unfounded claims about the Council on Foreign Policy and the Trilateral Commission. I did not see any reference to Jewish space lasers as the cause for wildfires. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/07/politics/threats-us-public-officials-democracy-invs/index.html">A surge in violent threats against US public officials is disrupting American democracy</a><span> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/03/politics/florida-gop-chair-defies-desantis-wont-step-down-as-new-details-of-sexual-assault-allegation-emerge/index.html">Florida GOP chair won’t step down as new details of sexual assault allegation emerge</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cbsnews.com/news/eligible-voters-swept-up-conservative-activists-purge-voter-rolls/">Eligible voters are being swept up in conservative activists' efforts to purge voter rolls - CBS News</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Jim Jordan will not listen. Just read the exchange between Jordan and DOJ official that is quoted in this article. </span><a href="https://www.rawstory.com/jim-jordan-spacex/" style="text-align: left;">Jim Jordan smacked down by DOJ official after blaming Trump-era investigation on Biden - Raw Story</a> Being a full time jerk would be tiring for most people, but Jordan thrives on being one nonstop. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/05/politics/mike-johnson">House Speaker Johnson (R-LA) wants to blur January 6 footage to protect Capitol rioters</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe; font-weight: bold;">1. Bought Back 100 DIR.UN:CA at C$12.87</span> (C$1 IB Commission)<span style="color: #2b00fe; font-weight: bold;"> </span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiC_LOXuAZyaANitGYwDs08Qi5G_oaxH3VhbpzV-d3Ibgg1-cNChGGX_NgQInwHM3AxRKiYfSMMDHnwBFNjYI9vjK2_HYVFIY-pg-B8cL6mwzkuSyVABUFSTAi97Vs7Yqerl98dHhawUX_yua0P7tVO0tHyg0AVXuYuR953Kw1qwMZ5kJnkkpVUyjP9cLko/s1502/Screenshot%202023-12-04%20at%206.27.19%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="138" data-original-width="1502" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiC_LOXuAZyaANitGYwDs08Qi5G_oaxH3VhbpzV-d3Ibgg1-cNChGGX_NgQInwHM3AxRKiYfSMMDHnwBFNjYI9vjK2_HYVFIY-pg-B8cL6mwzkuSyVABUFSTAi97Vs7Yqerl98dHhawUX_yua0P7tVO0tHyg0AVXuYuR953Kw1qwMZ5kJnkkpVUyjP9cLko/s320/Screenshot%202023-12-04%20at%206.27.19%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/DIR-UN.TO?p=DIR-UN.TO" style="text-align: left;">Dream Industrial Real Estate Investment Trust (DIR-UN.TO)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Website: </span><a href="https://dream.ca/investors/industrial/" style="text-align: left;">Dream Industrial REIT</a> ("owns, manages and operates a portfolio of 322 industrial assets totalling approximately 7</span>0.6 million square feet of gross leasable space in key markets across Canada, Europe and the U.S.". </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0BTddTNu3Su2a0JqZOjFFN_NpWND3jg2YQsYjQEO22xjAkrvuB6EjEUOO3aQ4O1PPO6_4t7Od5EZ_tk4doyYWXithuJMK4grUdUc54KfGuFBEjHlVWvz7e_FqJD6XNlcIMOQY4UniZJK9DbbIxCFYRN-H5Y0XUeDI46d7ea-Qi0gNkjZdRj49HC3OGWXc/s1472/Screenshot%202023-12-04%20at%209.11.49%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="564" data-original-width="1472" height="123" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0BTddTNu3Su2a0JqZOjFFN_NpWND3jg2YQsYjQEO22xjAkrvuB6EjEUOO3aQ4O1PPO6_4t7Od5EZ_tk4doyYWXithuJMK4grUdUc54KfGuFBEjHlVWvz7e_FqJD6XNlcIMOQY4UniZJK9DbbIxCFYRN-H5Y0XUeDI46d7ea-Qi0gNkjZdRj49HC3OGWXc/s320/Screenshot%202023-12-04%20at%209.11.49%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">The weighted average units outstanding during the 2023 third quarter was 283.237M and the long term debt outstanding was $2.522+B. <a href="https://dream.ca/wp-content/uploads/2023/11/Q3-2023-DIR-Report-FINAL.pdf" style="text-align: left;">Q3-2023-DIR-Report.pdf</a> (pages 31 and 48). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>This REIT had 209 properties as of 9/30/19 and claimed a net asset value per share of $11.09. The long term debt was then at C$821.753M and the weighted average diluted units outstanding was at 139.873M. </span><a href="https://dream.ca/wp-content/uploads/2020/11/Dream-Industrial_Q3_Rpt-FINAL.pdf" style="text-align: left;">Dream-Industrial_Q3 2019.pdf</a> (pages 31, 34)</span></p><p style="text-align: justify;"><i style="font-family: georgia;"><u>Management</u></i><span style="font-family: georgia;">: By </span><a href="https://www.marketwatch.com/investing/stock/drm?countrycode=ca&mod=search_symbol" style="font-family: georgia; text-align: left;">DREAM Unlimited Corp. (Toronto)</a><span style="font-family: georgia;"> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Categories: <a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a> and Canadian Dollar Strategy</span></p><p style="text-align: justify;"><a href="https://dream.ca/wp-content/uploads/2023/02/2022-DIR-Annual-Report-FINAL.pdf"><span style="font-family: georgia;">2022-DIR-Annual-Report.pdf</span></a></p><div><span style="font-family: georgia; text-align: justify;"><u><i>Dividend</i></u>: </span><span style="font-family: georgia; text-align: justify;">Monthly at C$.05833 per share (C$.70 annually) </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at C$12.88 TC</u></i> = <b>5.43</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">With interest rates declining, I am more willing to accept the 5.43% dividend yield. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since the dividend has not been raised since 2012, it is highly unlikely that this Canadian REIT will increase the dividend. In the past, a more than satisfactory, to me, total return has come from profitably trading the stock after harvesting the monthly dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i><span>: 11/29/23</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Elimination</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/01/colb-dbx-feny-gmre-htbk-key-ms-qcom-thq.html" style="text-align: left;">Item # 1 - Eliminated DIR.UN:CA - Sold 200 at C$13.815 (1/30/23 Post)</a>(profit snapshot <span style="color: #6aa84f;">+C$653</span>) In that post I also discussed a trade in the CAD priced units that netted a <span style="color: #6aa84f;">C$686</span> profit but a <b>tax reportable loss in USDs</b> of <span style="color: red;">$6.88</span>, providing snapshots of the purchases. For a U.S. citizen and for tax reporting purposes, profits and losses are not measured and reported in a tax return using a foreign currency. The profit or loss is measured by converting the CAD cost into USDs when the security is bought and then again when it is sold. The decline in CAD/USD exchange rate during my period of ownership explains how the trade generated a C$643 profit but a USD loss. This occurs when there is a decline in CAD/USD exchange rate between the date of purchase and the date when sold. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://dream.ca/wp-content/uploads/2023/11/Q3-2023-DIR-Report-FINAL.pdf">Q3-2023-DIR-Report.pdf</a> and </span><a href="https://www.businesswire.com/news/home/20231107018518/en/Dream-Industrial-REIT-Reports-Strong-Q3-2023-Financial-Results-and-Announces-Appointment-of-New-Chief-Executive-Officer" style="text-align: left;">Dream Industrial REIT Reports Strong Q3 2023 Financial Results</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I will be discussing this in more detail than usual since the accounting is so different from U.S. REIT accounting using GAAP. Canada and other countries use the International Financial Reporting Standards. <a href="https://www.investopedia.com/ask/answers/05/iasvsgaap.asp" style="text-align: left;">IFRS vs. GAAP: What's the Difference?</a> For Canadian REITs, the main difference is that depreciation is not deducted in the "net income" calculation when the REIT elects to use adjustments to fair value, a mushy number that lacks the certainty of a depreciation expense calculation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">All amounts are in Canadian Dollars: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijuyIT_RUe8LK-ZdR70VpQHikmVkjQ50CaSk-bWaC-wKvZ-vUERtcIvHxnsAjG1aq-z9ZKiJOWNtLA-dwXc1aWELVr-6pWRPQG5ACp-JsTZJAxVCo3P30wUT36NG7y0Ze98ufF6qvBtSkA4YL0y_39W61ADJtnZRARD4YgqTx9uryxsN1WOT2X7muasW2I/s1500/Screenshot%202023-12-04%20at%209.08.08%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1150" data-original-width="1500" height="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijuyIT_RUe8LK-ZdR70VpQHikmVkjQ50CaSk-bWaC-wKvZ-vUERtcIvHxnsAjG1aq-z9ZKiJOWNtLA-dwXc1aWELVr-6pWRPQG5ACp-JsTZJAxVCo3P30wUT36NG7y0Ze98ufF6qvBtSkA4YL0y_39W61ADJtnZRARD4YgqTx9uryxsN1WOT2X7muasW2I/s320/Screenshot%202023-12-04%20at%209.08.08%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;">"Net Income" and "Comprehensive income" Calculations: </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivI9CLy0eu83iNcqoEhA0lR8EtTBG5u1F3sbsYqj8jvbHAuJPYEJX_xwz_5ogHdDIEOXcynCLUI-IZcnSPMa5gHnaPyNVupqvfdWqU0Ei1VCUEwrJ7_r-KpYisVOO72W8D7QiolsUS_A0qEOLOSz2fOrWkcn6_5sujChhe5S77xOdOtZZ2NWL86mzaxOdn/s1506/Screenshot%202023-12-05%20at%208.04.15%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1240" data-original-width="1506" height="263" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivI9CLy0eu83iNcqoEhA0lR8EtTBG5u1F3sbsYqj8jvbHAuJPYEJX_xwz_5ogHdDIEOXcynCLUI-IZcnSPMa5gHnaPyNVupqvfdWqU0Ei1VCUEwrJ7_r-KpYisVOO72W8D7QiolsUS_A0qEOLOSz2fOrWkcn6_5sujChhe5S77xOdOtZZ2NWL86mzaxOdn/s320/Screenshot%202023-12-05%20at%208.04.15%E2%80%AFAM.png" width="320" /></a></div><p style="text-align: justify;">FFO per unit at $.25, up from $.22 in the 2022 third quarter</p><p style="text-align: justify;">FFO $69.383M, up from $60.897 </p></span><p style="text-align: justify;"><span style="font-family: georgia;">Net Income before items: $50.494M or $.178275 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share was at $.19 in the 2019 third quarter.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $109.4M, up from $93.313M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues <i><u>minus property operating expenses</u></i>: $84.504M, up from $71.977M</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Other expenses</u></i>: $24.759M, up from $15.852, driven up primarily by a $9.178M increase in interest costs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Rental Revenues minus expenses: $59.745M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">If I just focus on that $59.745M number, and ignore all of the other adjustment discussed below or that are set out in the following snapshot below, the per unit number is $.211 ($59.745M ÷ 283.237M units), compared to the $.25 per unit FFO that is calculated in the snapshot below. For dividend coverage, I am more comfortable using $.211 than $.25. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Note that the net income number is adjusted lower by $18.428M, which nets the fair value adjustment to investment properties with fair value adjustments for financial instruments. Those adjustments have nothing to do with cash flow which would be reflected in a U.S. REITs net income to FFO and AFFO calculations (AFFO for a U.S. REIT, when properly calculated to exclude non-cash straight line rent revenues and by subtracting maintenance and certain other cash expenditures, is the best reflection of cash flow available to support the dividend)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">In the FFO calculation, those fair value adjustments are reversed. So the $33.522M negative adjustment in the net income allocation is added back in the FFO calculation and the $15.095M positive adjustment is subtracted from net income. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income to FFO: This is substantially different from how U.S. REITs reconcile net income to FFO: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXt9kRKf8_0no246ySQzNfPGdPO7sIgyI7uQShZggcHP8EHwE701MBbcC17Sj_xOJ7gnIJDRZdJXUutCJDQFLZJHHRjBrpuUXlpnI_ihpi_x_HhN5LZxHaoKPuNlXW5wsKhMxncrYxVjVWZCHLLMK9MuzuF09yFx3PhivfmhstnnfIFb6YwAA5Cjaj7Kwo/s1466/ffo.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="666" data-original-width="1466" height="145" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXt9kRKf8_0no246ySQzNfPGdPO7sIgyI7uQShZggcHP8EHwE701MBbcC17Sj_xOJ7gnIJDRZdJXUutCJDQFLZJHHRjBrpuUXlpnI_ihpi_x_HhN5LZxHaoKPuNlXW5wsKhMxncrYxVjVWZCHLLMK9MuzuF09yFx3PhivfmhstnnfIFb6YwAA5Cjaj7Kwo/s320/ffo.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">In this reconciliation, depreciation is not deducted from net income which would be the case using U.S. GAAP accounting. Only certain non-property assets are depreciated and the noncash expense is negligible. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b>Remembering that I have zero training in accounting</b>, and even less of lay person's familiarity with IFRS accounting than GAAP, I believe that depreciation is not deducted from net income since Dream Industrial does not deduct property depreciation in the net income calculation. Since depreciation is not included as an expense in the net income, this noncash expense is not added back to net income in the FFO calculation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">It is my understanding that depreciation can be used but so can an alternate approach which would not be permitted using U.S. GAAP when the values are not certain. A certain value would be marking a publicly traded security to fair value. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Instead of using depreciation, which is a precise number, the Canadian REITs can add or delete to net income fair value adjustments to investment properties, which is an inherently mushy number, and fair value adjustments to financing instruments. As shown in the preceding snapshot, those adjustments significantly add to FFO, but have nothing to do with cash flow. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Occupancy in-place and committed at end of quarter: 97.2%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net asset value per share: $16.8, down from $17.05</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Debt: SU Debt is rated BBB by DBRS</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaITgr07PX9PYH8ot5HXPtqVWxtKEIr0P2wr9i2xnd_-kPWEpK-0IQ2QuOZ_KbSR7UJe3VrWn6l3DsS_Wa6CE6We8qR__BR9V5-nVLtTZSun4X6eWuQdaMbPVi6aE_geTebUculRkJ47JPt40_WqzThFfFFbX2hF-ksxMJAmBkRcN91Mcsz7VC2XRWf2bb/s1532/Screenshot%202023-12-04%20at%209.17.04%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1184" data-original-width="1532" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaITgr07PX9PYH8ot5HXPtqVWxtKEIr0P2wr9i2xnd_-kPWEpK-0IQ2QuOZ_KbSR7UJe3VrWn6l3DsS_Wa6CE6We8qR__BR9V5-nVLtTZSun4X6eWuQdaMbPVi6aE_geTebUculRkJ47JPt40_WqzThFfFFbX2hF-ksxMJAmBkRcN91Mcsz7VC2XRWf2bb/s320/Screenshot%202023-12-04%20at%209.17.04%E2%80%AFPM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiH38k_bHySJfBgbcl7r6tbz4LscejC9wWEle8RpOZFtA4CwjXjUDXqQp97bCC4VPuu557hnyBL45RFkXZJA43CdMGvjSwVT68fULm0K7cS3GhdXjY9bSYgtWJeM4lRByE44Vmie_-oXiTTe-ElLTGNZIQ5QGZUR9DL9loJJNnTvomRgMRO0rWEaUzj8loq/s1546/Screenshot%202023-12-04%20at%209.16.02%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="958" data-original-width="1546" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiH38k_bHySJfBgbcl7r6tbz4LscejC9wWEle8RpOZFtA4CwjXjUDXqQp97bCC4VPuu557hnyBL45RFkXZJA43CdMGvjSwVT68fULm0K7cS3GhdXjY9bSYgtWJeM4lRByE44Vmie_-oXiTTe-ElLTGNZIQ5QGZUR9DL9loJJNnTvomRgMRO0rWEaUzj8loq/s320/Screenshot%202023-12-04%20at%209.16.02%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div style="text-align: justify;"><span style="font-family: georgia;"><span>CCRIS = </span><a href="https://wiki.treasurers.org/wiki/Cross-currency_interest_rate_swap#:~:text=(CCIRS).,one%20currency%2C%20into%20another%20currency.">Cross-currency interest rate swap</a> Generally a CCRIS is a longer term derivative contract that transforms debt in one currency into another. In this case, it involves replacing higher cost Canadian debt with lower interest cost Euro-equivalent debt. (page 36) </span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I am anticipating modest increases in interest costs as the 2024-25 debt matures. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Development Update: </span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7GBEdY8ORJPl7vryf8iM50K_s3x_cw_QIRe3MZ8hot5sH9zq5yTGRaNzbm1j7JCpEn0XNOZxx8sK6Wh8A8jzx7PhmxuRJ9FJ1TrNRe4v2wmSCELgTPLTq8zqwvjh0oBbe4lrAPl48qtXxQbs2-ptVJO8O0FuOSFMJ5dnYvYqBC6mG2vtWSeAVs631qMXF/s1468/Screenshot%202023-12-05%20at%207.56.52%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="432" data-original-width="1468" height="94" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7GBEdY8ORJPl7vryf8iM50K_s3x_cw_QIRe3MZ8hot5sH9zq5yTGRaNzbm1j7JCpEn0XNOZxx8sK6Wh8A8jzx7PhmxuRJ9FJ1TrNRe4v2wmSCELgTPLTq8zqwvjh0oBbe4lrAPl48qtXxQbs2-ptVJO8O0FuOSFMJ5dnYvYqBC6mG2vtWSeAVs631qMXF/s320/Screenshot%202023-12-05%20at%207.56.52%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">P. 4</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Other Sell Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2019/04/observations-and-sample-of-recent_27.html" style="text-align: left;">Item # 3.A. Sold 100 DIR.UN:CA at $11.92 (4/27/19 Post)</a><span>(profit snapshot = C$219); </span><a href="https://tennesseeindependent.blogspot.com/2018/04/observations-and-sample-of-recent_2.html" style="text-align: left;">Item # 3.B. Sold 300 DIR.UN:CA at C$9.48 (4/2/2018 Post)</a><span>(profit snapshot = +C$389) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Realized Gains to Date</u></i>: <span style="color: #6aa84f;">C$1,947</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>2. Small Ball Buys</b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>A. Added to GLQ - Bought 5 at $5.88; 10 at $5.82</u></span></b></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfMMrewAaD-wSHaX9wl7AArasG0AAMm7tzuQ7MRmiT3M0_SBStACEaaxPWTRe6FKUc9MJvZjEqRAjnflooWCZqDoqKQIJTocaQMjYa8olakZ3VPbg0KrhaLMIhs4TtVbE-6oaaeyPhhiNDwN4-h9hLKiAqyqzySFlHcskYGFhkdvFBa0y61oFb46cYpVUJ/s2410/GLQ%205%20at%20$5:88%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="126" data-original-width="2410" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfMMrewAaD-wSHaX9wl7AArasG0AAMm7tzuQ7MRmiT3M0_SBStACEaaxPWTRe6FKUc9MJvZjEqRAjnflooWCZqDoqKQIJTocaQMjYa8olakZ3VPbg0KrhaLMIhs4TtVbE-6oaaeyPhhiNDwN4-h9hLKiAqyqzySFlHcskYGFhkdvFBa0y61oFb46cYpVUJ/s320/GLQ%205%20at%20$5:88%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs3zWtHzpyeE6143H28x4RU50JhpE6H8gnyF2Bo9HyUXyN3krNBuYHJhsCT1jUluUvKlAg3Zl3O8TS1j7KOgrDy7Cr551VtpOjCP1y3Xpyx5Q2TvbKXnRKF0uBrX0RK3B1L5StAtcGend_VWDE_0z4agu-E1fTLxG8RJZu9mROm8foIbiLACiNyWdDTJZi/s2410/glq%2010%20at%20$5.82.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="2410" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs3zWtHzpyeE6143H28x4RU50JhpE6H8gnyF2Bo9HyUXyN3krNBuYHJhsCT1jUluUvKlAg3Zl3O8TS1j7KOgrDy7Cr551VtpOjCP1y3Xpyx5Q2TvbKXnRKF0uBrX0RK3B1L5StAtcGend_VWDE_0z4agu-E1fTLxG8RJZu9mROm8foIbiLACiNyWdDTJZi/s320/glq%2010%20at%20$5.82.png" width="320" /></a></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/glq?mod=search_symbol" style="text-align: left;">Clough Global Equity Fund Overview</a>-A Leveraged Long-Short Balanced CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $87.6 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged: Yes at close to <b><span style="color: red;">39%</span></b> with interest at a .9% spread to the Overnight Banking Fund Rate. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1316463"><span style="font-family: georgia;">GLQ SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1316463/000175272423218672/fp0085235-1_nportex.htm"><span style="font-family: georgia;">SEC Filing - Holdings as of 7/31/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1316463/000139834423012857/fp0084079-2_ncsrs.htm">SEC Filed Semiannual Report for the period ending 4/20/23</a> (GLQ holdings list starts at page 17</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://cloughcefs.com/glq" style="text-align: left;">Clough Global - Home</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/cefs/xase/glq/portfolio">Clough Global Equity (GLQ) Portfolio | Morningstar</a> (unrated, links top 25 holdings) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Purchase Restriction</i></u>: Each purchase must lower my average cost per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Average cost per share</i></u>: <b>$6.82 </b> (101+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.0599 per share ($.7188 annually), ROC supported.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/GLQ/dividends/history">GLQ Dividend History | Seeking Alpha</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The only way to support this dividend after expenses is through net realized capital gains. For the fiscal year ending 10/31/23, CLQ paid $26.322+M in dividends. Of that amount, $13.72+M was sourced from long term capital gains and the remainder was ROC. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am reinvesting the dividend for as long as the discount to net asset value per share remains over 10%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Yield at New AC</u>: <b> 10.54</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 12/21/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's Website: <a href="https://cloughcefs.com/glq">Clough Global - Home</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 12/1/23 Purchase</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset value per share: $7.02</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $5.88</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -16.24%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 Year Discount: -7.35%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 12/4/23 Purchase</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value: $6.97</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $5.83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -16.43</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/GLQ" style="text-align: left;">GLQ - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 30 JPC at $6.49</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkELK0f_GGnGxd5PB-29sLkqHegtT74egFzbyF5gvRbhOA_sfIyLFTKCE6-fmTcdz5R5O7DcijrG2ZGE9dAfGfy3JtS4hB1-4jfkGyD7AhShyBO4LUtctDWS_EcKtM0iyeH2yGAIc8fXCFV0XLxQ-t2qWJrCFXdIBF_7y724tTFklBEQ1wwyifTF5KLWOi/s2670/JPC%2030%20at%20$6.49%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="236" data-original-width="2670" height="28" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkELK0f_GGnGxd5PB-29sLkqHegtT74egFzbyF5gvRbhOA_sfIyLFTKCE6-fmTcdz5R5O7DcijrG2ZGE9dAfGfy3JtS4hB1-4jfkGyD7AhShyBO4LUtctDWS_EcKtM0iyeH2yGAIc8fXCFV0XLxQ-t2qWJrCFXdIBF_7y724tTFklBEQ1wwyifTF5KLWOi/s320/JPC%2030%20at%20$6.49%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"><span style="font-family: georgia; text-align: left;">Quote </span><a href="https://www.marketwatch.com/investing/fund/jpc?mod=search_symbol" style="text-align: left;">Nuveen Preferred & Income Opportunities Fund Overview</a><span style="text-align: left;"> - Leveraged CEF </span></p><p style="text-align: justify;"><span style="text-align: left;">Cost: $194.7</span></p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Leverage at <b><span style="color: red;">39.13</span></b>%, leverage cost at 6.26% as of October. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.nuveen.com/en-us/closed-end-funds/jpc-nuveen-preferred-and-income-opportunities-fund" style="text-align: left;">JPC-Nuveen</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Two other Nuveen CEFs (JPC and JPT) recently merged into JPC. <a href="https://www.businesswire.com/news/home/20231106548166/en/Nuveen-Preferred-Income-Closed-End-Funds-Announce-Completion-of-Mergers" style="text-align: left;">Nuveen Preferred & Income Closed-End Funds Announce Completion of Mergers</a> (11/6/2023)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Portfolio Allocations: As of 7/31/23</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKZO52T7VvyC4ZqOVBPQBUzZMduCovQc3oxiMVtBQ3gSG86fYHHmc5Y8H8L5L51glyGxw8DF426IMoQS8ZuF3EwhTZdFfe9vxFXclsHR-xHwqvt6K-wHj-cBmjDLOUC0r0w9QHBGki-xVr2hznuSDZfo9OMlrEeSl6B2ZkDsnszEp3p3vzObNTHHNC-CBr/s1012/Screenshot%202023-12-04%20at%205.40.07%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="438" data-original-width="1012" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKZO52T7VvyC4ZqOVBPQBUzZMduCovQc3oxiMVtBQ3gSG86fYHHmc5Y8H8L5L51glyGxw8DF426IMoQS8ZuF3EwhTZdFfe9vxFXclsHR-xHwqvt6K-wHj-cBmjDLOUC0r0w9QHBGki-xVr2hznuSDZfo9OMlrEeSl6B2ZkDsnszEp3p3vzObNTHHNC-CBr/s320/Screenshot%202023-12-04%20at%205.40.07%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Credit Quality as of 10/31/23: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjU735JFcMxUu8Swu4YRM70JBBROKJsP6_LfttB0Wsbq91HIHMg7JL9mKiDvP0xAm4ouS-zNZ0WPqgM7jgOkePGXAQTbA4u9QN73GlxLEGFzWIvxxdVFQT8EpyQoULtt9qbw6MGewgrFvJmAomQXRDnLKhTNDQn3WdR4VZqshBh5gNKfdhkXXuKX3I99gcI/s1408/Screenshot%202023-12-04%20at%205.41.29%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="808" data-original-width="1408" height="184" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjU735JFcMxUu8Swu4YRM70JBBROKJsP6_LfttB0Wsbq91HIHMg7JL9mKiDvP0xAm4ouS-zNZ0WPqgM7jgOkePGXAQTbA4u9QN73GlxLEGFzWIvxxdVFQT8EpyQoULtt9qbw6MGewgrFvJmAomQXRDnLKhTNDQn3WdR4VZqshBh5gNKfdhkXXuKX3I99gcI/s320/Screenshot%202023-12-04%20at%205.41.29%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;">Uses highest credit ranking if rated by more than 1. <br /></span><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1216583">JPC SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1216583/000119312523252226/d510932dncsr.htm">SEC Filed Annual Report for the period ending 7/31/23</a> (list of JPC holdings starts at page 31)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Strategy: Monthly Income Generation </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at a variable rate</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last 12 Dividends</u></i>: $.5405 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $6.49 Using $.54 annual rate</u></i>: <b>8.32</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Data Date of 12/4/23 Trade</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $7.52</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $6.48</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discount: -13.83%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 year discount: -5.9%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/JPC" style="text-align: left;">JPC - CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Starting with the FED's abandonment of ZIRP and QE, this CEF has suffered the Quadruple Whammy: (1) the rise in funding costs decreased, or eliminated with some holdings, the spread between the cost of borrowed funds used to purchase those assets and the yields of owned assets bought with borrowed money; (2) the rise in interest rates negatively impacted the value of preferred stocks; (3) the negative effect from a decline in assets values has been magnified by using borrowed funds to buy securities declining in price; and (4) related to the foregoing, the discount to net asset value per share has widened well above the 3 year average. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The question is whether all or most of those negative impacts on the share price are mostly in the rear view mirror. That question, as with other matters that involve future predictions, can not be answered with any certainty but only guesses. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Preferred stock prices have improved since September as intermediate term interest rates declined. Financing costs may come down late next year when and if the FED starts to lower the FF rate. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Elimination</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2011/05/pared-ed-and-fe-sold-25-ed-525-50-fe.html" style="text-align: left;">Item # 4 Sold 200 JPC at $8.87 (5/9/2011 Post)</a> That was just a dividend clip with a small profit on the shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Added to WU - Bought 10 at $11.71</u></i></span></b>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXWInXEL3y5s4dGG9oSdh_5g54CWhHP7VbkbLaa_K4hzDVo3BjRYSNO5zdC1Wzu2C-1-Z51hTV4QRh8dE9gwhvGjupDQ9uVglO8Ni6AWfp1PzbkQdGE8K3dTSWmqpF6B0Z5q3J4q1m_O_wvglsa7oPlbVfgahsLEuWIfi3pZwiwQdPmT65alS0QUwPlnvJ/s2686/wu%2010%20at%20$11.71%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="228" data-original-width="2686" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXWInXEL3y5s4dGG9oSdh_5g54CWhHP7VbkbLaa_K4hzDVo3BjRYSNO5zdC1Wzu2C-1-Z51hTV4QRh8dE9gwhvGjupDQ9uVglO8Ni6AWfp1PzbkQdGE8K3dTSWmqpF6B0Z5q3J4q1m_O_wvglsa7oPlbVfgahsLEuWIfi3pZwiwQdPmT65alS0QUwPlnvJ/s320/wu%2010%20at%20$11.71%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/wu?mod=search_symbol" style="text-align: left;">Western Union Co. (WU)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $117.1</span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/wu/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">WU Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1365135&owner=exclude"><span style="font-family: georgia;">WU SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/03/argd-bdn-brkb-ddt-gd-igr-jri-kw-pflt.html" style="text-align: left;">Item #7.C. Bought 10 WU at $12.7; 5 at $12.37; 5 at $12.05; 5 at $11.82; 5 at $11.67; 5 at $11.25 (3/11/2023 Post)</a> Those were my first ever purchases. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New Average cost per share</u></i>:<b> $11.85</b> (50+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.235 per share ($.94 annually)</span></p><p style="text-align: justify;"><a href="https://ir.westernunion.com/investor-relations/stock-information/dividend-history/default.aspx" style="text-align: left;"><span style="font-family: georgia;">The Western Union Company -- Dividend History</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I will be reinvesting the dividend when the likely reinvestment price is below $13. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>7.93</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Last Ex Dividend</u>: 9/14/23 (owned 35 as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): The Stock Jocks reacted negatively to this report which was released on 10/25/23 after the close. The stock closed at <a href="https://finance.yahoo.com/quote/WU/history?p=WU" style="text-align: left;">$12.93</a> on 11/25 with volume at 5.835M shares. The stock closed at $11.67 the next day, down $1.26 or 9.74%, with volume accelerating to 13.53M shares. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I did not see any good reason for this reaction based on WU beating revenue and E.P.S. estimates, raising its outlook slightly, a 7+% dividend yield and a TTM P/E near 6. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1365135/000095017023055182/wu-ex99_1.htm">SEC Filed Earnings Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/1365135/000095017023055181/wu-20230930.htm" style="text-align: left;">10-Q</a> (as noted at page 13, the company sold its Business Solutions business for $910M in cash; borrowings discussed at page 30; WU owns municipal and corporate bonds, see pages21-22, of which $535.9M mature in 1 year from 9/30/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenues up 1% to $1.1B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">GAAP E.P.S. at $.46 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP E.P.S. at $.43, up 2% Y-O-Y. The lower non-GAAP number is due to a 3 cent per share reversal of "significant uncertain tax provisions". </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Non-GAAP Consensus E.P.S. per Schwab: $.39 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Guidance: GAAP E.P.S. between $1.67 to $1.74; Non-GAAP E.P.S. between $1.65 to $1.75</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6OjUqYqU4YWEIm3dSwG_Hi192qwZNh0gK2G-9CqEKCUPLRJGJnhQ-DoKEYDFD2izEje6RKGbaUFUpd4AuluzBeCM6wy9usaP82AiQHolQQfl5hrnjHvTAGpSP5BYB-O2wFr5AuWTX0PwKrb3CokHe9sPWYdHbd_IiTiwC3lHhMWN61TWPDyritSpsonAa/s3228/Screenshot%202023-12-05%20at%205.41.15%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="602" data-original-width="3228" height="60" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6OjUqYqU4YWEIm3dSwG_Hi192qwZNh0gK2G-9CqEKCUPLRJGJnhQ-DoKEYDFD2izEje6RKGbaUFUpd4AuluzBeCM6wy9usaP82AiQHolQQfl5hrnjHvTAGpSP5BYB-O2wFr5AuWTX0PwKrb3CokHe9sPWYdHbd_IiTiwC3lHhMWN61TWPDyritSpsonAa/s320/Screenshot%202023-12-05%20at%205.41.15%E2%80%AFPM.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><a href="https://www.insidermonkey.com/blog/the-western-union-company-nysewu-q3-2023-earnings-call-transcript-1211685/"><span style="font-family: georgia;">The Western Union Company Q3 2023 Earnings Call Transcript - Insider Monkey</span></a></div><div style="font-style: italic; text-decoration-line: underline;"><span style="font-family: georgia;"><br /></span></div><span style="font-family: georgia;"><i style="text-decoration-line: underline;">Analyst Reports</i> (available to Schwab customers): </span><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Morningstar (12/4/23): 5 stars with a fair value estimate of $17 with a narrow moat. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span>S&P (10/27/23): 3 stars with a 12 month PT of $12, lowered by $1 after the third quarter earnings repo</span>rt which made no sense to me given that the analyst acknowledged the E.P.S. and revenue beats and raised the 2024 E.P.S. estimate by 4 cents. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Western Union is facing more competition from digital transfer platforms which is a major concern. It has developed its own digital platform in response. Branded digital represented 21% of consumer-to-consumer revenues for the third quarter. <a href="https://www.sec.gov/Archives/edgar/data/1365135/000095017023055181/wu-20230930.htm" style="text-align: left;">10-Q at page 41</a> </span></div><div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>D. Added to QYLD - Bought 5 at $17.01</u></i></b></span> ( Fidelity Account): </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAY_dFgnNa5LTNd7bF0Sg47GLzbt_cUp8wJPxHdKA6MhLi9SwZIZeAr-nKkIRrlWRDoTC6tBpsGo1tNVMXicHtZXy772pgm9kMiTMgW5Y0WSeK5__uQHSgHGqQBggkJYwqcFzqQ-ene3mWXHyzEZrDot_dlcha_GlubOtPpj9bIiUCMcuk_0awDpL1PQuR/s2398/qyld%205%20at%20$17.01%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="184" data-original-width="2398" height="25" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAY_dFgnNa5LTNd7bF0Sg47GLzbt_cUp8wJPxHdKA6MhLi9SwZIZeAr-nKkIRrlWRDoTC6tBpsGo1tNVMXicHtZXy772pgm9kMiTMgW5Y0WSeK5__uQHSgHGqQBggkJYwqcFzqQ-ene3mWXHyzEZrDot_dlcha_GlubOtPpj9bIiUCMcuk_0awDpL1PQuR/s320/qyld%205%20at%20$17.01%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/qyld?mod=over_search" style="text-align: left;">Global X NASDAQ-100 <b>Covered Call</b> ETF Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $85.05</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's Website: </span><a href="https://www.globalxetfs.com/funds/qyld/" style="text-align: left;">Nasdaq 100 Covered Call ETF</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/etfs/xnas/qyld/quote">Global X NASDAQ 100 Covered Call ETF (QYLD)-Morningstar</a> (currently rated 3 stars) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Buy Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/07/bac-cfgprd-dea-goodn-icmb-jef-matv-pch.html" style="text-align: left;">Item # 1.C. Added to QYLD - Bought 5 at $17.55 (7/8/23 Post)</a> <a href="https://tennesseeindependent.blogspot.com/2023/06/avk-btz-clpr-cto-dcom-dea-fsk-icmb-jqc.html" style="text-align: left;">Item # 2.I. Added to QYLD - Bought 5 at $17.8 (6/17/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share this accoun</i></u>t: <b>$18.08</b> (40 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Paid monthly at a variable rate</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifQY19L4-QGw9z9-sQ5TuYe7BE_NunEe-8Q4zXygsm3__X9GEO82Q08JZfsjSmMCLXVcN8uo8FM5Oxe6S1JojzRZIYfbZqX5MR5ZyTtSjtJl9gTuZjsdUiZDiIhBf5zfKn8Y9hqdZ4OaEQ6LO35W2lF2HEmkLGLboxGGkEcyfdVV2CDbjVuAwd0PQ5YPXP/s1592/Screenshot%202023-12-07%20at%205.02.45%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1016" data-original-width="1592" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifQY19L4-QGw9z9-sQ5TuYe7BE_NunEe-8Q4zXygsm3__X9GEO82Q08JZfsjSmMCLXVcN8uo8FM5Oxe6S1JojzRZIYfbZqX5MR5ZyTtSjtJl9gTuZjsdUiZDiIhBf5zfKn8Y9hqdZ4OaEQ6LO35W2lF2HEmkLGLboxGGkEcyfdVV2CDbjVuAwd0PQ5YPXP/s320/Screenshot%202023-12-07%20at%205.02.45%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend in this account. I have a position in my Schwab account where I am reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last 12 Dividends per share</i></u>: $2.038</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC Using $2.038</u></i>: <b>11.27</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 12/28/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: As with other high dividend funds, the goal is any total return before any ROC adjustments to the tax cost basis plus the dividends. For this ETF, a positive total return on the shares may require the elimination of the position after a rally that results in a net profit of $1 or more. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>E. Added to SRLN - Bought 2 at $41.5</u></i></span></b><span>: </span></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4JcaAlJwWJdRCzLnJwzR3T97EGYSEm40ViQEPNsA4Fjlglc1eRc20UoHJ634UxMPW57YGjS0GUOSBHzrUBQs97XOWRdZsLjEp42k-7C_Q-JMrdB_vTmWXd7XG6yw9IiXF2DKrF4w00NtBnqbRupNcMH8Zq-y2Mixo78oaMTE63JUxQU_VwRgl1CYyk63d/s2390/srln%202%20at%20$41.5%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="104" data-original-width="2390" height="14" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4JcaAlJwWJdRCzLnJwzR3T97EGYSEm40ViQEPNsA4Fjlglc1eRc20UoHJ634UxMPW57YGjS0GUOSBHzrUBQs97XOWRdZsLjEp42k-7C_Q-JMrdB_vTmWXd7XG6yw9IiXF2DKrF4w00NtBnqbRupNcMH8Zq-y2Mixo78oaMTE63JUxQU_VwRgl1CYyk63d/s320/srln%202%20at%20$41.5%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote <a href="https://www.marketwatch.com/investing/fund/srln?mod=search_symbol" style="text-align: left;">SPDR Blackstone Senior Loan ETF Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $83</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's Website: <a href="https://www.ssga.com/us/en/individual/etfs/funds/spdr-blackstone-senior-loan-etf-srln" style="text-align: left;">SPDR® Blackstone Senior Loan ETF</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .7% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is an actively managed ETF that attempts to outperform its benchmark: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDiV2HNhYOFJbUXNy4zWhwg0BqbjDApCUOTKY4l9NxzQD3YK0YcMsE1F2oGrTvg8PHtk1OHFEy6jINLew1w2IsdVZ5WXHzccCZ8MhTsnQkXM8-PqOo4fQkIpmm74nJLXzDbBHUeKkGob7QlEJio70nwGa-yBw4VwFAptsLXnPTxup9lRtlUXk8E3sBFkO5/s1876/Screenshot%202023-12-06%20at%208.10.30%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="370" data-original-width="1876" height="63" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDiV2HNhYOFJbUXNy4zWhwg0BqbjDApCUOTKY4l9NxzQD3YK0YcMsE1F2oGrTvg8PHtk1OHFEy6jINLew1w2IsdVZ5WXHzccCZ8MhTsnQkXM8-PqOo4fQkIpmm74nJLXzDbBHUeKkGob7QlEJio70nwGa-yBw4VwFAptsLXnPTxup9lRtlUXk8E3sBFkO5/s320/Screenshot%202023-12-06%20at%208.10.30%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">Number of Holdings: 469 as of 12/4/23<br /></span><p style="text-align: justify;"><span style="font-family: georgia;">Assets: $4.896+B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">For loans that have credit ratings, almost all will be rated in junk territory (see sponsor's webpage) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: Monthly Income Generation </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$43.54</b> (12+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at a variable rate. Since the fund owns loans that pay spreads over a short term rate, the dividend has been rising since March 2022. This trend will go into reverse when the FED starts to lower the FF rate. </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgahrgDJ84Jp4fd_DPC1sAbSRR_kLfVKcswcoNeOGXTZkWTsLQWI6a-WnMT6bLwVB3BEd6bM8RQf1hQNx3zB14rK8UHmeHm577tjgyOZTXbNmNjm8pN0Bd1CT8NuBFBrvYj3HyntmjtNiFPPXVpyQSSTj7AxerzDuXEbbBig0Xk1j11JmmeMHP4I3nWVnzN/s1904/Screenshot%202023-12-06%20at%208.19.34%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1246" data-original-width="1904" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgahrgDJ84Jp4fd_DPC1sAbSRR_kLfVKcswcoNeOGXTZkWTsLQWI6a-WnMT6bLwVB3BEd6bM8RQf1hQNx3zB14rK8UHmeHm577tjgyOZTXbNmNjm8pN0Bd1CT8NuBFBrvYj3HyntmjtNiFPPXVpyQSSTj7AxerzDuXEbbBig0Xk1j11JmmeMHP4I3nWVnzN/s320/Screenshot%202023-12-06%20at%208.19.34%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>TTM Annual Dividend per share</u></i> = $3.11</span></p><p style="text-align: justify;"><span style="font-family: georgia;">My best guess is the next 12 months will have a lower annual rate. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(no dividend paid in January 2023): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC Using $3.11</u></i>:<b> 7.14</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 12/1/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>F. Added to BBDC - Bought 10 at $8.67 on Ex Dividend Day</u></i></span></b> (Vanguard Account): </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNwE6HhUqPHxXfC8dq03goHdpr6LhZqs6ADDC48YP39QeFrFsr8DeVskJAKiBnL71HtGfrvRVaAYCkw6L7oZwnPpSsgnbeEtsC2NYA327qHxA-fVYNU0SOoH4bstqwIqoUcl8tMuJ9I5nnrTPQzQ37RZzJ0_iC0iQ8d_ZCKgxS2FwnPDBxk9QwZ4F7C9vj/s2330/BBDC%2010%20AT%20$8.67%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="216" data-original-width="2330" height="30" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNwE6HhUqPHxXfC8dq03goHdpr6LhZqs6ADDC48YP39QeFrFsr8DeVskJAKiBnL71HtGfrvRVaAYCkw6L7oZwnPpSsgnbeEtsC2NYA327qHxA-fVYNU0SOoH4bstqwIqoUcl8tMuJ9I5nnrTPQzQ37RZzJ0_iC0iQ8d_ZCKgxS2FwnPDBxk9QwZ4F7C9vj/s320/BBDC%2010%20AT%20$8.67%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/bbdc?mod=search_symbol" style="text-align: left;">Barings BDC Inc. (BBDC)</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $86.7</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discuss buying a BBDC SU bond in Item # 5.B. below. </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1379785&owner=exclude" style="text-align: left;"><span style="font-family: georgia;">SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1379785/000137978523000012/bbdc-20221231.htm">2022 Annual Report</a> (<b><span style="color: red;">Risk factor summary starts at page 36 and ends at page 70</span></b>) </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1379785/000137978523000052/bbdc-20230930.htm"><span style="font-family: georgia;">10-Q for the Q/E 9/30/23</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average Cost per share</i></u>: $<b>8.582 </b>(120 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Reported Net Asset Value per share</u></i> (9/30/23): $11.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.26 per share ($1.04 annually)</span></p><p style="text-align: justify;"><a href="https://ir.barings.com/dividend-history" style="text-align: left;"><span style="font-family: georgia;">Dividend History-BBDC</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend in this account. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>12.12</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 12/5/23 (owned 110 as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Largest purchase this account</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/07/aod-asbprf-bbdc-cag-colb-ctopra-rnwca.html" style="text-align: left;">Item # 3.A. Added 40 BBDC at $7,75 (7/15/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Highest cost purchase</u></i> this account: 20 shares at $10.34 (3/8/22)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Lowest cost purchase this account</u></i>: 5 shares at $7.21 (5/10/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 1.A. Added to BBDC - Bought (11/25/23 Post)</a> I discussed the last earnings report in that post and have nothing further to add here. <a href="https://www.sec.gov/Archives/edgar/data/1379785/000137978523000051/exhibit99120231109earnings.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: As with any BDC purchase, the goal is any total return, prior to ROC adjustments to the tax cost basis, that exceeds the dividend payments. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>G. Added to MRCC - Bought 10 at $7.17 </u></i></span></b>- Schwab Account: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihD8NGkneHryB74_ClgMPkqP3Czdvf3-3BL5kxvWZPRkGVGWO0GcNTLlhTyADLhQPlzxIMOHaFMvxWB2PKdUvqnw2p99O77ePaZcwHmq_SgsV9qmVdumSgN_fJfvDeFxBCPsO0se1RhuFCNb-c_LU8Z-qt9qm6uvjwvpL8JomDc-gbEMI4Yv2VATNPpqrl/s2676/MRCC%2010%20at%20$7.17%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="152" data-original-width="2676" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihD8NGkneHryB74_ClgMPkqP3Czdvf3-3BL5kxvWZPRkGVGWO0GcNTLlhTyADLhQPlzxIMOHaFMvxWB2PKdUvqnw2p99O77ePaZcwHmq_SgsV9qmVdumSgN_fJfvDeFxBCPsO0se1RhuFCNb-c_LU8Z-qt9qm6uvjwvpL8JomDc-gbEMI4Yv2VATNPpqrl/s320/MRCC%2010%20at%20$7.17%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/mrcc?mod=search_symbol" style="text-align: left;">Monroe Capital Corp. (MRCC)</a> - Externally Managed BDC</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $71.7</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1512931&owner=exclude"><span style="font-family: georgia;">MRCC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1512931/000141057823000201/mrcc-20221231x10k.htm">MRCC 2022 Annual Report</a> (<b><span style="color: red;">Risk summary starts at page 35 and ends at page 67</span></b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Buy Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 1.K. Added to MRCC - Bought 5 at $7.05 (10/21/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/08/amcr-cag-cto-eai-emp-fmagx-fsphx-grx.html" style="text-align: left;">Item # 1.C. Added to MRCC - Bought 5 at $7.3 (8/26/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/08/amcr-cag-cto-eai-emp-fmagx-fsphx-grx.html" style="text-align: left;">Item # 1.C. Added 5 MRCC at $7.30 (8/26/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/06/cet-cfgprd-clpr-cnq-d-dcom-dcomp-ffnw.html" style="text-align: left;">Item # 2. Started MRCC - Bought 20 at $7.73 (6/10/23 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset value per share history</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $9.58</span></p><p style="text-align: justify;"><span style="font-family: georgia;">3/31/23: $10.29</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $10.39</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/21: $11.51 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/20 $11</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/19: $12.2 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/18: $12.66</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/17: $13.77</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/16: $14.52</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/15: $14.19</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/14: $14.05</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/13: $13.92</span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Public Offering Price: $15 per share, proceeds to MRCC at $14.72, <a href="https://www.sec.gov/Archives/edgar/data/1512931/000119312512435203/d156747d497.htm" style="text-align: left;">Monroe Capital Corporation</a> The external manager paid $.59 per share of the underwriter's discount. </span></p><div style="text-align: justify;"><span style="font-family: georgia;">This kind of decline raises an issue whether the managers are competent. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">The decline in 2020 is understandable but assets have been incinerated when the economy is humming along fine. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">At a minimum, this net asset value per history requires IMO a more cautious approach than normal for BDCs, where more than normal caution is warranted given their inherent risks. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I will also use a hair trigger approach to selling when and if the share price rises above my highest cost lot or possibly when I can profitably sell the entire position even though some shares are sold for a loss. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">I classify MRCC as a deservedly hated BDC. </span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>New average cost per share</u></i>: <b>$7.37</b> (50 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset value per share as of 9/30/2</u></i>3: $9.58</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.25 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/MRCC/dividends/history">Monroe Capital (MRCC) Dividend History</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The dividend was cut from $.35 effective for the 2020 second quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield at New AC</i></u> = <b>13.57</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Arguably the yield is adequate for the risk. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend Date</i></u>: 12/14/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1512931/000110465923115723/tm2330161d1_ex99-1.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1512931/000141057823002244/mrcc-20230930x10q.htm">10-Q for the Q/E 9/30/23</a> (Summary of investments starts at page 8)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Asset value per share = $9.58</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NII per share: $.25, equal to the quarterly dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.insidermonkey.com/blog/monroe-capital-corporation-nasdaqmrcc-q3-2023-earnings-call-transcript-1221007/">Monroe Capital Corporation (NASDAQ:MRCC) Q3 2023 Earnings Call Transcript - Insider Monkey</a> As explained therein, NII would have been $.29 per share but for a reversal of $1M in previously accrued fee income associated with IT Global Holdings. The principal amount of the loan had been paid off in 2022 but a fee could have been paid under a "future liquidity event" which I interpret to mean a sale. The company went into Chapter 11 before a sale happened that "would have" resulted in a monetization of the fee. There is still a $512,000 accrued fee which has not yet been reversed. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The adjusted NII per share for the 2023 first quarter was at $.32 and $.31 unadjusted. </span><a href="https://www.sec.gov/Archives/edgar/data/1512931/000110465923058437/tm2315252d1_ex99-1.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted NII per share for the second quarter was at $.28 and $.27 unadjusted. <a href="https://www.sec.gov/Archives/edgar/data/1512931/000110465923089296/tm2323281d1_ex99-1.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am ignoring the unadjusted number since the amount being added back are income/excise taxes. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As of 9/30/23, the MRCC portfolio consisted of </span><span style="font-family: georgia; text-align: left; text-indent: 48px;">"</span><span style="font-family: georgia; text-align: left; text-indent: 48px;">approximately 80.3% senior secured loans, 2.6% unitranche secured loans, 5.3% junior secured loans and 11.8% equity securities", p. 69 10-Q. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 48px;">Management Assessments of Credit Quality: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 48px;"></span></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3vwgAxDH1lI5xpooEwLYyw9EMcyzCY0nlJIzT_Qqc3rQ8ry6ClVIINfqbnb7MUn82CBPw670MxAS5z2Ea8XjchLFpae1hnWTuNvz044bf0keMy9yZigwUCMGJ_j37hOOgzbTLdLi21kn1NQn4sZtiuvm8fQKVgPVCrfnbBt2xEbPTouCyU1_fiZw6Qs6z/s2962/Screenshot%202023-12-06%20at%204.50.50%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1196" data-original-width="2962" height="129" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3vwgAxDH1lI5xpooEwLYyw9EMcyzCY0nlJIzT_Qqc3rQ8ry6ClVIINfqbnb7MUn82CBPw670MxAS5z2Ea8XjchLFpae1hnWTuNvz044bf0keMy9yZigwUCMGJ_j37hOOgzbTLdLi21kn1NQn4sZtiuvm8fQKVgPVCrfnbBt2xEbPTouCyU1_fiZw6Qs6z/s320/Screenshot%202023-12-06%20at%204.50.50%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 73, 10-Q</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;">As of 9/30/23, 4 borrowers were on non-accrual status: </span></span><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;">Arcstor Midco, LLC, Education Corporation of America, Forman Mills, Inc. and NECB Collections. Those investments, based on fair value rather than on amortized cost, had a value of $6.2M as of 9/30/23, or 1.2% of the total investments priced at fair value. </span></span></p><p style="text-align: justify;"><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;">The two loans to Arcstor Midco have an amortized cost of $4.632M and had been written down to $2.574M. Most of the interest is PIK, standing for Payment-in-Kind, or what I call pretend interest. The interest is not paid but added to the principal amount owed:</span></span></p><p style="text-align: justify;"><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;"></span></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpYy4d3Kt_SNLvhXKTtI91wiPcN0UVvUeMwoaXN7MeL1uk3wY-Ku9Uh1m2NK3Gbfd0ocjuYYXvlMVNfRtnzdwbszAOXbtxlqzEzlyUdrGRDf-ym5IXcxiBp5vVqMGGWTmveX0_Ija6-qHamRrOggUjfgzd8xkrQzI9lMMsnsi_4vFs2CQO06neqoqED8vA/s2840/Screenshot%202023-12-06%20at%204.57.55%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="88" data-original-width="2840" height="10" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpYy4d3Kt_SNLvhXKTtI91wiPcN0UVvUeMwoaXN7MeL1uk3wY-Ku9Uh1m2NK3Gbfd0ocjuYYXvlMVNfRtnzdwbszAOXbtxlqzEzlyUdrGRDf-ym5IXcxiBp5vVqMGGWTmveX0_Ija6-qHamRrOggUjfgzd8xkrQzI9lMMsnsi_4vFs2CQO06neqoqED8vA/s320/Screenshot%202023-12-06%20at%204.57.55%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 14, 10-Q </span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;">Forman Mills and Education Corporation:</span></span></p><p style="text-align: justify;"></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMN3yGDPgO06LzHNkU_egO5AqTx5DbYGj-vgb54tbTP82kqV5MRDeqFi_aF_BDPwFzE8AnpKjTwFjaE_7j4Ph18wV1l_EOVi74rzthOirc3FRatZoInFOsDWFQ5hiyxK8kKiXt6kfU1IDVY2TZ3C4ASUacmq3pccG5m3V21ZMNAZoYIyN3KOmsgF48bi5k/s2836/Screenshot%202023-12-06%20at%205.02.08%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="164" data-original-width="2836" height="19" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMN3yGDPgO06LzHNkU_egO5AqTx5DbYGj-vgb54tbTP82kqV5MRDeqFi_aF_BDPwFzE8AnpKjTwFjaE_7j4Ph18wV1l_EOVi74rzthOirc3FRatZoInFOsDWFQ5hiyxK8kKiXt6kfU1IDVY2TZ3C4ASUacmq3pccG5m3V21ZMNAZoYIyN3KOmsgF48bi5k/s320/Screenshot%202023-12-06%20at%205.02.08%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 14, 10-Q</span></td></tr></tbody></table><span style="font-family: georgia;"><div style="text-align: justify;"><br /></div></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 48px;"><br /></span></span></div><div><div style="text-align: justify;"><span style="font-family: georgia;"><span><span style="text-indent: 48px;">The loan to Education Corporation has an amortized cost of <b>$831,000</b> with a "fair value", <i><u>while on nonaccrual</u></i>, of <b>2.905M</b>. </span><a href="https://www.insidehighered.com/quicktakes/2023/03/15/education-corporation-america-hit-28m-settlement">Education Corporation of America Hit With $28M Settlement</a>; </span><a href="https://www.republicreport.org/2023/for-profit-college-operators-will-pay-28-million-after-students-were-locked-out/">For-Profit College Operators Will Pay $28 Million After Students Were Locked Out | Republic Report</a><span> The company filed for bankruptcy. </span><a href="https://cases.omniagentsolutions.com/?clientId=2501">Education Corporation of America</a> <span>The loan was acquired </span><i><u>on 9/3/2015</u></i><span>. </span><a href="https://monroecap.com/tombstone/education-corporation-america/">Education Corporation of America | Monroe Capital LLC</a> <span>I can not explain the valuation. If the valuation is valid, it has something to do with whatever is left after Education Corporation of America settled the claims by students. </span></span></div><p></p><p style="text-align: justify;"><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;">An investment of $1.458M in NECB Collections has been written down to zero (page 18). A loan to NECB had an amortized cost of $1.312M and had been written down to $424K. (page 17)</span></span></p><p style="text-align: justify;"><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;">Out of curiosity, I spent about 30 minutes trying to figure out the valuation place on the Education Corporation loan and was unable to answer the question with anything other than a guess. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 48px;"><span>Looking at the 2020 10-K, I discovered that NECB was a subsidiary of Education Management. </span></span><span style="text-align: left; text-indent: 48px;"> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 48px;">In the 2019 second quarter, MRCC participated in a "credit bid" to acquire the assets of NECB in exchange for reducing its loan to Education by $1.458M. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 48px;">As a result MRCC acquired a 20.8% equity interest in NECB. </span><a href="https://www.sec.gov/Archives/edgar/data/1512931/000110465921030862/tm2111751d1_10k.htm" style="text-align: left;">2020 Annual Report at page F-40, footnote 6</a> That is the equity investment that has now been written down to a zero value. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In that report, there is listed a $833 loan, acquired <i><u>on 9/3/2015</u></i>, that was given a value of $762. The rate was Libor +11%, with about 1/2 in PIK. (p. F-11). There was also a preferred stock investment that had an amortised cost of $7.492M which is no longer referenced in the last 10-Q. A preferred stock investment would almost invariably be rendered worthless in a BK. </span></p><p style="text-align: justify;"><span style="font-family: georgia; text-align: left; text-indent: 48px;">Weighted average yields of investments: </span></p><p style="text-align: justify;"><span style="text-align: left; text-indent: 48px;"><span style="font-family: georgia;"></span></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYMAXdSYh7kFlJ6Zo0iFcGBsnb1wORFPMgjqnmSWNIEhnp9rGAPgBl2lwYb6w4sULT-qYp8qH8GQS7sIhaaZE1Ri1qoEdoQuK2w-8gkzY5YXzLOpvN8Aoi6eLFWDU5r9zQ9a1DeGBMhDbNOGGhoyRQfg2-BucUdbDbS3tbM0hN8WObgpSQHe4_OymBbY5w/s2920/Screenshot%202023-12-06%20at%204.49.28%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="848" data-original-width="2920" height="93" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYMAXdSYh7kFlJ6Zo0iFcGBsnb1wORFPMgjqnmSWNIEhnp9rGAPgBl2lwYb6w4sULT-qYp8qH8GQS7sIhaaZE1Ri1qoEdoQuK2w-8gkzY5YXzLOpvN8Aoi6eLFWDU5r9zQ9a1DeGBMhDbNOGGhoyRQfg2-BucUdbDbS3tbM0hN8WObgpSQHe4_OymBbY5w/s320/Screenshot%202023-12-06%20at%204.49.28%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 71, 10-Q</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Maximum Position</i></u>: 100 shares</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Purchase Restriction</i></u>: Each subsequent purchase must lower my average cost per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Goal</i></u>: Any total return prior to any ROC adjustment to the tax cost basis in excess of the dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">While I have a very negative opinion about the external manager, my gut informed me that the current price may be low enough that I have a shot at achieving the goal with some patience. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>H. Added 5 PEO at $19.86</u></b></span></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWxKZ-bQVYeqhuo2WaVMuLrqKv4lJXt-_KNTSGRdKzBdDaxUHhNr-DpMP-IgCX2sZebTQyE4pqVbg8dmcZEPSlcr4ktl6MzJ-U17Xw_oUV5jx8Tj2u3vpdQbLFGKwRd01EVrET4tbIzqx7KRTzmfzh2UtoLOUJp_uGEVuJJw3DZzom5TqvHLhwI5PEj086/s2736/PEO%205%20AT%20$19.86%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="280" data-original-width="2736" height="33" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWxKZ-bQVYeqhuo2WaVMuLrqKv4lJXt-_KNTSGRdKzBdDaxUHhNr-DpMP-IgCX2sZebTQyE4pqVbg8dmcZEPSlcr4ktl6MzJ-U17Xw_oUV5jx8Tj2u3vpdQbLFGKwRd01EVrET4tbIzqx7KRTzmfzh2UtoLOUJp_uGEVuJJw3DZzom5TqvHLhwI5PEj086/s320/PEO%205%20AT%20$19.86%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/fund/peo?mod=search_symbol" style="text-align: left;">Adams Natural Resources Fund Inc. Overview (PEO)</a> - Stock CEF</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $99.3</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Energy stocks have declined over the past few weeks in response to lower crude oil prices. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sponsor's website: </span><a href="https://www.adamsfunds.com/funds/natural-resources/" style="text-align: left;">Adams Funds</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=216851"><span style="font-family: georgia;">PEO SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/216851/000110465923111386/tm2324147-3_n30b2.htm">SEC Filed 2023 Third Quarter Report</a> (lists holdings as of 9/30/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Discussed</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2023/11/bbdc-bdn-clpr-cto-eai-good-hrzn-kw-peo.html" style="text-align: left;">Item # 1.C. Restarted PEO - Bought 5 at $20.65 (11/25/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: $20.26 (10 shares) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Variable, with most of the amount paid in the 4th quarter that includes capital gains realized during the year. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaQdfCtBzZ0wQB0oUuNtjSQyzpRNXUClG20BoZmMYrThVNd7hLyPwFp6N1QA1UZCER_sWqlO5pngmf4RFgKyNyxYQETa_FeZC5elz1TMLGral3Ar57Qfn6Dx1HuOOvf9_5pPXH0-Pq8KR1Hp9bupCJmSVuWI7eqo4qpgfUpxkAJtGGeBbQ0JBrpYNYuqUn/s2754/Screenshot%202023-12-08%20at%207.01.28%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1458" data-original-width="2754" height="169" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaQdfCtBzZ0wQB0oUuNtjSQyzpRNXUClG20BoZmMYrThVNd7hLyPwFp6N1QA1UZCER_sWqlO5pngmf4RFgKyNyxYQETa_FeZC5elz1TMLGral3Ar57Qfn6Dx1HuOOvf9_5pPXH0-Pq8KR1Hp9bupCJmSVuWI7eqo4qpgfUpxkAJtGGeBbQ0JBrpYNYuqUn/s320/Screenshot%202023-12-08%20at%207.01.28%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">$.10 per share is paid in the first three quarter. </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Yield</i></u>: It is not possible to calculate a dividend yield since the total annual amount is dependent on the capital gains realized during each year. The average annual dividend over the past 5 years, using the data in the previous snapshot, was $1.144 per share. However, 2020-2021 were especially bad years for this sector. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/17/23 at $1.05 per share</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://seekingalpha.com/symbol/PEO/dividends/history">PEO Stock Dividend History & Date</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Data Date of 12/7/23 Trade</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Net Asset Value per share: $23.8</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Closing Market Price: $19.82</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average 3 Year Discount: -14.54%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.cefconnect.com/fund/PEO" style="text-align: left;">PEO - CEF Connect</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Elimination</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/01/adx-ccnep-enb-fhb-finx-grx-khc-maptx.html" style="text-align: left;">Item # 1. Eliminated PEO - Sold 182+ at $22 (1/16/23 Post)</a>(profit snapshot = $853.25)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">3. Treasury Bill Purchases - All in Schwab Account</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>A. Bought 3 Treasury Bills at the 12/6/23 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOcXIqUwz239mDiBpBEcrUrsu5VDTz9GkGFLVnvtxaYbV-5nkY6UGiUiK0d9-zEusbqT6MT2_u0K17u9VsudYQvQ1m183r_Q-_6uuOh0U_bqawB1Kb0lHk3EbAMwya8esCL_1YbrWdVKJQl-hB3nBwcfPV54k3PgcWVxJfqdTeTWnhXU5jXmbdUi5f5UCG/s2716/Treasury%20(3)%204:9:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="224" data-original-width="2716" height="26" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOcXIqUwz239mDiBpBEcrUrsu5VDTz9GkGFLVnvtxaYbV-5nkY6UGiUiK0d9-zEusbqT6MT2_u0K17u9VsudYQvQ1m183r_Q-_6uuOh0U_bqawB1Kb0lHk3EbAMwya8esCL_1YbrWdVKJQl-hB3nBwcfPV54k3PgcWVxJfqdTeTWnhXU5jXmbdUi5f5UCG/s320/Treasury%20(3)%204:9:24%20.png" width="320" /></span></a></div><span style="font-family: georgia;">119 Day Bill</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 4/9/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest = $51.96 (difference between $1,000 par per bond and the amount paid) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.421</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeuKZwjp-QRJsA7h5ax5iU4V16E25ixpwl9RIBbG9QLC_oXHI6PQWjG3XWCdIeDtsa05wr_N3kPeHcXVSGES35XKX9DXFdkL4cxk3gtAv8szlDJJBORqlITSzv3_17R42WABu5KVcLTIG3ghOYhYTklQupj36mz7u1vkqFZHQHvIuXpXNWgjumBsGNdTTE/s1152/Screenshot%202023-12-06%20at%2011.24.31%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="572" data-original-width="1152" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeuKZwjp-QRJsA7h5ax5iU4V16E25ixpwl9RIBbG9QLC_oXHI6PQWjG3XWCdIeDtsa05wr_N3kPeHcXVSGES35XKX9DXFdkL4cxk3gtAv8szlDJJBORqlITSzv3_17R42WABu5KVcLTIG3ghOYhYTklQupj36mz7u1vkqFZHQHvIuXpXNWgjumBsGNdTTE/s320/Screenshot%202023-12-06%20at%2011.24.31%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 5 Treasury Bills at the 12/7/23 Auction</u></i></span></b>: </span></p><p></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-JJPmqhBNjQc2_H-PJm5b610iIg-0FXYfjFrW4tr5Ll2NTPV6puR35vSOFQhW-O1RYIZO23U8Kun3_h65J3p_nTyKA1MdfOmiqCBDRBLTbz6-IqkMLfB_C6j6iAiW6fep-FAWKTBWAK8W5kxUWdgaNCrtWebWLPNHDJP5Q2hGM-WU5OetJ2eylMtFNr4D/s2726/Screenshot%202023-12-07%20at%2012.52.40%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="280" data-original-width="2726" height="33" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-JJPmqhBNjQc2_H-PJm5b610iIg-0FXYfjFrW4tr5Ll2NTPV6puR35vSOFQhW-O1RYIZO23U8Kun3_h65J3p_nTyKA1MdfOmiqCBDRBLTbz6-IqkMLfB_C6j6iAiW6fep-FAWKTBWAK8W5kxUWdgaNCrtWebWLPNHDJP5Q2hGM-WU5OetJ2eylMtFNr4D/s320/Screenshot%202023-12-07%20at%2012.52.40%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 2/6/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $41.03</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate:<b> 5.407</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCw7e92PRIpjfyUGiZg0LipJU6Ik1rHuec1gDpSbMlRSzkWRo6Le5eRpFyAEPt__7NcxTUvwFCDnoe3rWTflmUCtKQgE24yjC0vjZsWEP2MrHVt86QazRq-VZZ_R0jtTQWguJTWUWmr9sJHTvhm5ynlyVZpjVTC-A9Y8pSYdgNK_Lbe5lVhSFFTn49kUgd/s1218/Screenshot%202023-12-07%20at%2012.32.38%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="572" data-original-width="1218" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCw7e92PRIpjfyUGiZg0LipJU6Ik1rHuec1gDpSbMlRSzkWRo6Le5eRpFyAEPt__7NcxTUvwFCDnoe3rWTflmUCtKQgE24yjC0vjZsWEP2MrHVt86QazRq-VZZ_R0jtTQWguJTWUWmr9sJHTvhm5ynlyVZpjVTC-A9Y8pSYdgNK_Lbe5lVhSFFTn49kUgd/s320/Screenshot%202023-12-07%20at%2012.32.38%E2%80%AFPM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>C. Bought 2 Treasury Bills at the 12/4/23 Auction</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggolXkThgPGhnA5sRJM1Kj_9b0oQ4iJz8EhZt0TgLonGlfi9OYn-qSRzdatGvZ4KXO8iI3uO1Y3I7FULc5hUZ7_TE-GrAimzskf06ZyT-iUgaYlWLHuvUmorFer18g55EfQIZtGb7ygtZfjQEkGFTcTBvwThFi2mEKCNBmQyvItT7Z1dskrJ_wNKgVAdE1/s2694/Treasury%20(2)%203:7:24%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="176" data-original-width="2694" height="21" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggolXkThgPGhnA5sRJM1Kj_9b0oQ4iJz8EhZt0TgLonGlfi9OYn-qSRzdatGvZ4KXO8iI3uO1Y3I7FULc5hUZ7_TE-GrAimzskf06ZyT-iUgaYlWLHuvUmorFer18g55EfQIZtGb7ygtZfjQEkGFTcTBvwThFi2mEKCNBmQyvItT7Z1dskrJ_wNKgVAdE1/s320/Treasury%20(2)%203:7:24%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 3/7/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">91 Day Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $26.54</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.409</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQXMowOGK7QkqSxaPzYdKneEWWumukRZtHy8fXHHWOFOIerfhV0wdp06RXmhMwH-XrDq-VI-ZbEOd5781iGC6-YvWLqkFPRUieqdvIsfcJkf1dZUmJncaW6MRqQ4g2mVivYiJq7VZdnJkGg_iwq2S8WKakEUoGWhPkTOKV53LCyoaVuBWqW7cztFpJl1VZ/s1152/Screenshot%202023-12-06%20at%209.50.40%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="572" data-original-width="1152" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQXMowOGK7QkqSxaPzYdKneEWWumukRZtHy8fXHHWOFOIerfhV0wdp06RXmhMwH-XrDq-VI-ZbEOd5781iGC6-YvWLqkFPRUieqdvIsfcJkf1dZUmJncaW6MRqQ4g2mVivYiJq7VZdnJkGg_iwq2S8WKakEUoGWhPkTOKV53LCyoaVuBWqW7cztFpJl1VZ/s320/Screenshot%202023-12-06%20at%209.50.40%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. Corporate Bond Purchases</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discuss buying BDC senior unsecured bonds below. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Since a BDC, as a pass-through entity, pays out almost all of its net income to common shareholders, these companies are inherently more risky than a company that has far lower dividend payouts. Credit risk is also derived from the risky loans made by BDCs and their leverage. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>A. Bought 2 Blackstone Private Credit 4.7% SU Maturing on 3/24/25 at a Total Cost of 97.66</u></b></span></i>:</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ5HhpLy5hYMucqosKC-XuPwqYTZjUUmZ2zMu9J8FVzm7zE67_Ps_PX3BCai5X7ErwzALhiwQ8eHotDpV8dLgLnFyryeJrw-ovHunq3eX6ksYA0H9O9SJXu38t3a43Aej6lgB3OKDHgJkpvH2rWOVYlPuClTpewC5t_Xh7KumEbiIfvIKBWMAmYv-5MDdI/s2444/Blackstone%20Private%204.7%25%20(2)%203:24:25%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="930" data-original-width="2444" height="122" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ5HhpLy5hYMucqosKC-XuPwqYTZjUUmZ2zMu9J8FVzm7zE67_Ps_PX3BCai5X7ErwzALhiwQ8eHotDpV8dLgLnFyryeJrw-ovHunq3eX6ksYA0H9O9SJXu38t3a43Aej6lgB3OKDHgJkpvH2rWOVYlPuClTpewC5t_Xh7KumEbiIfvIKBWMAmYv-5MDdI/s320/Blackstone%20Private%204.7%25%20(2)%203:24:25%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: Externally managed BDC that is not publicly traded. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Prior to buying this risky bond, I read the Moody's credit report </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Since this fund sells debt to the public, it has to file reports and prospectuses with the SEC. </span><a href="https://www.sec.gov/edgar/browse/?CIK=1803498" style="text-align: left;">SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1803498/000119312523277946/d361929d424b3.htm">Quarterly Report for the Q/E 9/30/23</a> (total investment income = $1.4569+B, page 7)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">This bond was originally sold in a private placement. A <a href="https://www.sec.gov/Archives/edgar/data/1803498/000119312522190291/d60193d424b3.htm" style="text-align: left;">Prospectus</a> was later filed with the SEC that allowed this bond and others to publicly trade. This is accomplished by exchanging the privately sold bonds for new CUSIP registered bonds that have identical terms. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Blackstone manages the publicly traded </span><a href="https://finance.yahoo.com/quote/BXSL?p=BXSL" style="text-align: left;">Blackstone Secured Lending Fund (BXSL)</a>. I recently discussed starting a position with a 5 share buy. <a href="https://tennesseeindependent.blogspot.com/2023/11/acco-aod-ava-axprica-bwbbp-bxcl-cet.html" style="text-align: left;">Item # 2.A. Started BXSL-Bought 5 at $27.8 (11/18/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">BXSL and the Blackstone Private Credit Fund have the same credit ratings. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The private fund is much larger with $48.8B in assets as of 10/31/23:</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDu8p5KxSyqSYjub7iGUGrcmufiVNXRYbfqtk2wWGXKGeuFCNhweu6ekMUnGzaf2cdEGpr-UzhBqs7xmLi8JrstvRG-hbekSfx-qCUFgIoSw0XQY44LiKw4H-mtV_C4SjcjCT5_um2C1YvNqeZDGR7YngM69lGC_2CQFi_sjpMhXxtbVgtdFtK1NRpKZbT/s1732/Screenshot%202023-12-01%20at%208.27.47%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="590" data-original-width="1732" height="109" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDu8p5KxSyqSYjub7iGUGrcmufiVNXRYbfqtk2wWGXKGeuFCNhweu6ekMUnGzaf2cdEGpr-UzhBqs7xmLi8JrstvRG-hbekSfx-qCUFgIoSw0XQY44LiKw4H-mtV_C4SjcjCT5_um2C1YvNqeZDGR7YngM69lGC_2CQFi_sjpMhXxtbVgtdFtK1NRpKZbT/s320/Screenshot%202023-12-01%20at%208.27.47%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>New Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=09261HAT4&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">This is an actively traded bond. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB- </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost:<b> 6.596</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>4.81</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><i><span style="color: #800180;"><u>B. Bought 2 Barings BDC 3.3% SU Maturing on 11/23/26 at a Total Cost of 90.1</u></span></i></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYeXyZEegiCP53o6oVhOQ4mz6Rl7FExCt-LY7-dDumq-8aHGZj0BPXa6wlfAZvJHitCxo0z6roBJrpZdSqEgX1HvWmPrslQ9Ivw6DkQ4WU2ixiZcC3FiC8AL17IhKAbYYUxzpqv-_9Vurz_PJ5p3uUgzrojnhywPrmu0xtxCnnqq7k2shH7hAcZHOf6rfN/s2416/Barings%20BDC%20(2)%203.3%25%2011:23:26%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="700" data-original-width="2416" height="93" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYeXyZEegiCP53o6oVhOQ4mz6Rl7FExCt-LY7-dDumq-8aHGZj0BPXa6wlfAZvJHitCxo0z6roBJrpZdSqEgX1HvWmPrslQ9Ivw6DkQ4WU2ixiZcC3FiC8AL17IhKAbYYUxzpqv-_9Vurz_PJ5p3uUgzrojnhywPrmu0xtxCnnqq7k2shH7hAcZHOf6rfN/s320/Barings%20BDC%20(2)%203.3%25%2011:23:26%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/bbdc?mod=search_symbol" style="text-align: left;">Barings BDC Inc. (BBDC)</a> - Externally managed BDC. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I discussed Barings in Item # 2.F. above and in prior posts. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>New Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=06759LAC7&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Rating: Baa3</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>7.066</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">As with other BDC SU debt, this YTM is not consistent with the Baa3 credit rating and indicates that there is more credit risk than the average Baa3 rated bond. 3.406% of the YTM is in the profit when and if the principal amount is paid off at maturity.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.66</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. Exchange Traded First Mortgage Bond</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>A. Added 5 EMP at $22.18 - Schwab Account</u></i></b></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrakrCBuDnJl7x2u927OrGLXJ5VGxVYrzH6VZZmHS3vInW-1sSBsp874qcZlQ3BA6OHcxp4lyRu-IYynCrqMQaruLHiVK2r9MlDfXMYgKLwqO6LTiMu6ZucK40RKBKijTV3BhHQ3bw4kIb1f5hQhymqHNpsd56aCrvCU5DBakLQB5N9K1iOEs_I-tRl-85/s2730/emp%205%20at%2022.18.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="300" data-original-width="2730" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrakrCBuDnJl7x2u927OrGLXJ5VGxVYrzH6VZZmHS3vInW-1sSBsp874qcZlQ3BA6OHcxp4lyRu-IYynCrqMQaruLHiVK2r9MlDfXMYgKLwqO6LTiMu6ZucK40RKBKijTV3BhHQ3bw4kIb1f5hQhymqHNpsd56aCrvCU5DBakLQB5N9K1iOEs_I-tRl-85/s320/emp%205%20at%2022.18.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/emp" style="text-align: left;">Entergy Mississippi LLC 4.9% <b>First Mortgage </b>Bonds Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">It is common for operating subsidiaries of utility holding companies to borrow using first mortgage bonds. Almost all of those are $1,000 par value bonds that trade in the bond market. I own several. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A few first mortgage bonds issued by operating subsidiaries of Entergy still trade in the stock market. EMP is one of those. I own this security in 3 taxable accounts and 2 Roth IRA accounts. The largest position is 50 shares in my Fidelity taxable account with an AC per share of $22.28. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My maximum exposure in taxable accounts is 300 shares, with 130 owned now. I will lose interest rapidly when the price goes over $23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer: Wholly owned subsidiary of <a href="https://www.marketwatch.com/investing/stock/etr?mod=search_symbol" style="text-align: left;">Entergy Corp. (ETR)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/7323/000006598423000094/etr-20230930.htm">ETR 10-Q for the Q/E 9/30/23</a> (Entergy Mississippi results can be found at pages 143-158)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://seekingalpha.com/instablog/434935-south-gent/4737606-baby-bonds" style="text-align: left;">Exchange Traded Baby Bond</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u>Last Discussed</u>: <a href="https://tennesseeindependent.blogspot.com/2023/10/adx-amcr-bwbbp-cadepra-dcomp-eai-emp.html" style="text-align: left;">Item # 5.A. Added 5 EMP at $20.5 in Schwab Account (10/21/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share this account</i></u>: <b>$21.75</b> (40 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i>: <b>5.63</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Interest Date</i></u>: 12/28/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/66901/000006598416000696/d245113d424b2.htm">Prospectus</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coupon: 4.9% paid on the $25 par value </span></p><p style="text-align: justify;"><span style="font-family: georgia;">First Mortgage lien on substantially all assets</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Trades Flat (whoever owns the security on the ex interest date receives the entire quarterly interest payment, just like a common or preferred stock in that regard) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Maturity: <b><span style="color: red;">10/1/2066</span></b>, unless called earlier at the issuer's option. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Issuer optional Call: Call protection expired in 2021. Issuer may call at par value + accrued and unpaid interest. </span></p><div style="text-align: justify;"><span style="font-family: georgia;">I am not concerned about the credit risk. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Given the potentially long maturity, there is a lot of interest rate risk. The recent decline in long term rates has reduced that risk some in the short term, but it remains for as long as the issuer does not exercise its early redemption right. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Some Other Buy Discussions</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2023/08/amcr-cag-cto-eai-emp-fmagx-fsphx-grx.html" style="text-align: left;">Item #7.A. Bought 5 EMP at $21.6 in Fidelity Account and Item #7.B. Added to EMP in Vanguard Account (8/26/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/01/bdn-bhb-cizn-dea-elc-emp-eprprc-gty.html" style="text-align: left;">Item # 2.E. Added to EMP in Schwab Account - Bought 5 at $20.92 (1/3/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2022/12/aqn-bhb-cto-cvx-fidu-nrim-nwl-sji-spyd.html" style="text-align: left;">Item # 5.A. Added 5 EMP in Vanguard Taxable Account at $21.75 (12/6/22 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/04/adx-argd-bmoprsca-bud-cube-emp-pbct-pfe.html" style="text-align: left;">Item # 2.B. Bought 10 EMP at $23.76; 5 at $21.07; 10 at $20.39 (4/25/2020 Post)</a> </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><i><u><br /></u></i></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Sell Discussions</u></i>: </span><a href="https://tennesseeindependent.blogspot.com/2020/06/bxmx-cswc-emp-fdn-onb-nwhuf-pdm-orcc.html" style="text-align: left;">Item # 5.A. Pared EMP-Sold 5 at $26.84 (6/27/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/05/observations-and-sample-of-recent.html" style="text-align: left;">Item # 4.A. Eliminated EMP-Sold 70 at $24.87 (5/1/19 Post)</a>(profit snapshot = $207.92); <a href="https://tennesseeindependent.blogspot.com/2019/02/observations-and-sample-of-recent_13.html" style="text-align: left;">Item # 2.B. Sold 30 EMP at $24.44 (2/13/19 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2017/07/observations-and-sample-of-recent_22.html" style="text-align: left;">Item # 2.A. Sold 50 EMP at $24.47 (7/22/17 Post)</a>(profit snapshot = $66.98)</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><p><span style="font-family: georgia;"><i><u>EMP Trading Profits to Date</u></i>: <span style="color: #6aa84f;">$464.9</span></span></p></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #2b00fe;">5. Mutual Funds</span></b>:<b> </b></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>These are adds to funds that have significantly underperformed the S&P 500 this year. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #800180;"><u><i>A. Added $100 to FSPHX at $26.87</i></u></span></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh269wJ6f2OM4OEumR6HMwptc53oy2fwb8rc6Z472x93r8PHzgtOdBxKEfULQPyqoDfyYWYtcxddNcw2cqZWITfNVV5WtTwiqODkhGG5hGfARjB21eguSXXoST0f37aneG4Bi2uncE9VfJl5c3Aq2BMPp9SSBWhtRZYquEkE007aRca_pdOFuDEb1ceBHgf/s1494/Screenshot%202023-12-08%20at%207.17.53%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="630" data-original-width="1494" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh269wJ6f2OM4OEumR6HMwptc53oy2fwb8rc6Z472x93r8PHzgtOdBxKEfULQPyqoDfyYWYtcxddNcw2cqZWITfNVV5WtTwiqODkhGG5hGfARjB21eguSXXoST0f37aneG4Bi2uncE9VfJl5c3Aq2BMPp9SSBWhtRZYquEkE007aRca_pdOFuDEb1ceBHgf/s320/Screenshot%202023-12-08%20at%207.17.53%E2%80%AFAM.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: <a href="https://www.marketwatch.com/investing/fund/fsphx?mod=search_symbol">Fidelity Select Health Care Portfolio Overview</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://fundresearch.fidelity.com/mutual-funds/view-all/316390301">Fidelity Investments</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend History</u></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgygp3OuJmHvOfHGDBthnfX_fyyIscPF_3kPUJm_u8cAk-MrDqZmtgUKF9z9a0JncduJBw9cvppehg9yy9GRg6rVItTzGLW6C5hJoZJaqFTTMxvKFm1QKl8H4OnV-lqmn5zhuaOiY_04TQhbpUfqWxp8U5Pz5g7_eFmNLnJMgYwLilz5Nzoz8et1lZYf4Cs/s1694/Screenshot%202023-12-08%20at%207.50.32%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="598" data-original-width="1694" height="113" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgygp3OuJmHvOfHGDBthnfX_fyyIscPF_3kPUJm_u8cAk-MrDqZmtgUKF9z9a0JncduJBw9cvppehg9yy9GRg6rVItTzGLW6C5hJoZJaqFTTMxvKFm1QKl8H4OnV-lqmn5zhuaOiY_04TQhbpUfqWxp8U5Pz5g7_eFmNLnJMgYwLilz5Nzoz8et1lZYf4Cs/s320/Screenshot%202023-12-08%20at%207.50.32%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/fsphx/quote">FSPHX – Morningstar</a> (currently rated 4 stars)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/fsphx/performance">FSPHX–Performance-Morningstar</a> This sector ETF has performed poorly YTD and over the last 1, 3 and 5 years compared to the S&P 500. However, the annual average 15 year total return was <i><u>15.58%</u></i> through 12/7/23.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/fsphx/portfolio">FSPHX – Portfolio - Morningstar</a> (lists top 25 holdings) I do not comprehend the appeal of <a href="https://www.marketwatch.com/investing/stock/agl?mod=search_symbol" style="text-align: left;">Agilon Health (AGL)</a> as a top 10 holding. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTD through 12/7/23: -2.72%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">3 Year Annual Average Total Return: -1.26%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><span style="color: #800180;"><b><u>B. Added $50 to FCVSX at $31.63</u></b></span></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_QS4Lh5B2H-C-ZcMYrNn0RqpCo9m-2oWWFMHGdS6D4ZMf-HLSZI3m0LD7IONhz81GNsH-1F5bjZ60Hr9KTzI2dOO0A8j6N-4wGSG3YzGP1Da2X-tzZFKi6-Q2sSx-ePfuAaNvdz2SVm3viaJY_eOR7hfg7cSjyrJ9ldrcO3xnz7escj5bOx5M7bTVrhQw/s1424/Screenshot%202023-12-08%20at%207.19.17%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="648" data-original-width="1424" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_QS4Lh5B2H-C-ZcMYrNn0RqpCo9m-2oWWFMHGdS6D4ZMf-HLSZI3m0LD7IONhz81GNsH-1F5bjZ60Hr9KTzI2dOO0A8j6N-4wGSG3YzGP1Da2X-tzZFKi6-Q2sSx-ePfuAaNvdz2SVm3viaJY_eOR7hfg7cSjyrJ9ldrcO3xnz7escj5bOx5M7bTVrhQw/s320/Screenshot%202023-12-08%20at%207.19.17%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/fund/fcvsx?mod=search_symbol" style="text-align: left;">FCVSX | Fidelity Convertible Securities Fund Overview</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="https://fundresearch.fidelity.com/mutual-funds/summary/316145200" style="text-align: left;">FCVSX</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Dividend History: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcfsJ6p8mmaz16K6a1-BzbzIbJvUfng8EF6w9FlVWVN656XsAxYFSbdRRskP84TTbDySoAi-U7Icgs0ot92HEEMJsZv7Z3I9odxShu4f3-TCIkA7pNb1o241cFHWlwGuhR8my9n8vkknIxYgaiRFAHITuHJOBBiYX0c3M57csjBTindrqQC61dJ6IkC-kT/s1738/Screenshot%202023-12-08%20at%207.49.29%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="516" data-original-width="1738" height="95" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcfsJ6p8mmaz16K6a1-BzbzIbJvUfng8EF6w9FlVWVN656XsAxYFSbdRRskP84TTbDySoAi-U7Icgs0ot92HEEMJsZv7Z3I9odxShu4f3-TCIkA7pNb1o241cFHWlwGuhR8my9n8vkknIxYgaiRFAHITuHJOBBiYX0c3M57csjBTindrqQC61dJ6IkC-kT/s320/Screenshot%202023-12-08%20at%207.49.29%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /><a href="https://www.morningstar.com/funds/xnas/fcvsx/quote">FCVSX -Morningstar</a> (currently rated 5 stars)</span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.morningstar.com/funds/xnas/fcvsx/performance">FCVSX – Performance -Morningstar</a> (through 12/7/23)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTD +7.6% (total return)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">3 Year Annual Average Total Return: +1.37%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">15 Year Annual Average Total Return: +12.96% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">An ETF alternative is <a href="https://www.marketwatch.com/investing/fund/cwb?mod=search_symbol" style="text-align: left;">SPDR Bloomberg Convertible Securities ETF (CWB)</a> which I have owned in the past but do not currently have a position. <a href="https://www.morningstar.com/etfs/arcx/cwb/quote" style="text-align: left;">CWB - Morningstar</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #800180;"><i><u>C. Reinvestment of $167.13 PRPFX Annual Dividend</u></i></span></b>:</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNE4-_Tl_Zq48TFouhnRtxI9KER9Q-nEdmf4q9PV3NvAGt-hvLzbRolB_YfOCoanVMqAJlR47TVmb89n8hVFyepNKmj3UYJCcNSbdYvejTtlJhjxB0g7MgrT2EkT3-Brbcr_NqcAcKX4E2m2yBX3p3i0XSB5F_XMasKusoTHOJPJkdJjAqKwyfdOJi6fN6/s2728/PRPFX%20%20$167.13.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="542" data-original-width="2728" height="64" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNE4-_Tl_Zq48TFouhnRtxI9KER9Q-nEdmf4q9PV3NvAGt-hvLzbRolB_YfOCoanVMqAJlR47TVmb89n8hVFyepNKmj3UYJCcNSbdYvejTtlJhjxB0g7MgrT2EkT3-Brbcr_NqcAcKX4E2m2yBX3p3i0XSB5F_XMasKusoTHOJPJkdJjAqKwyfdOJi6fN6/s320/PRPFX%20%20$167.13.png" width="320" /></a></span></div><span style="font-family: georgia;"><span>Reinvestment Price: $49.28 </span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Quote: </span></span><a href="https://www.marketwatch.com/investing/fund/prpfx?mod=over_search" style="text-align: left;">PRPFX | Permanent Portfolio Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sponsor's website: <a href="http://www.permanentportfoliofunds.com/permanent-portfolio.html" style="text-align: left;">The Permanent Portfolio Family of Funds</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?company=permanent+portfolio+&owner=exclude&action=getcompany"><span style="font-family: georgia;">SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/357298/000119312523247593/d528695dncsrs.htm">SEC Filed Semiannual Report for the period ending 7/31/23</a> </span></p><p style="text-align: justify;"><a href="https://www.permanentportfoliofunds.com/pdf/PP_Investor_Guide.pdf"><span style="font-family: georgia;">Investor_Guide (9/30/23).pdf</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Allocations as of 7/31/23: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYuObrlJdZT5UDssl7qHh2kN6RznsDUEHAO9uez3wXjvvD7h5jSz3LMGuw7DKZ27dlz0DrNsanRIADF8k7USBcQ2YEFTZkD1yTt_QfwNXZThVit7AL-_VwLLwWEw1Wkqtr3Cm7QFBTecUQeyVLowu9CKQPqxVOAxNCC80laZP9w9PN5PklF8Fdcysckf3I/s2024/Screenshot%202023-12-07%20at%202.23.29%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="834" data-original-width="2024" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYuObrlJdZT5UDssl7qHh2kN6RznsDUEHAO9uez3wXjvvD7h5jSz3LMGuw7DKZ27dlz0DrNsanRIADF8k7USBcQ2YEFTZkD1yTt_QfwNXZThVit7AL-_VwLLwWEw1Wkqtr3Cm7QFBTecUQeyVLowu9CKQPqxVOAxNCC80laZP9w9PN5PklF8Fdcysckf3I/s320/Screenshot%202023-12-07%20at%202.23.29%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><br />The allocations will not change much over time. </span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">The "Dollar Asset" allocations consists of investment grade corporate bonds and treasuries. More than 1/2 of the teasuries listed in the portfolio as of 7/1/23 have already matured and proceeds would have been reinvested into new purchases since the allocation remains relatively constant over time. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The "Swiss Franc" assets consists of Swiss Franc deposits and Swiss government bonds. The gold and silver assets are in bullion. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>This reinvestment raised my average cost slightly to </span><b>$40.96</b><span> (237+ shares). </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><u><i>Last Discussed</i></u>: </span></span><a href="https://tennesseeindependent.blogspot.com/2023/04/amkby-bcbp-bhk-brkl-btz-meta-onb-pnnt.html" style="text-align: left;">Item # 1.I. Added $100 to PRPFX at $47.98 (4/15/23. Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$899.1</span> (snapshots in <a href="https://tennesseeindependent.blogspot.com/2022/03/amkby-bp-culp-enb-fan-fb-fhb-fsphx-kio.html" style="text-align: left;">Item # 3.J</a>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b>Disclaimer</b>: </span><span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <b style="box-sizing: border-box;">not</b></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333;"> </span><b style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></b><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><b style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></b><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span></span></p></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com11tag:blogger.com,1999:blog-2986124651030959736.post-76639406192604564572023-12-02T10:36:00.006-06:002024-01-04T13:50:02.791-06:00ARGD, DBRGPRJ, HIW, HTBK, IGR, NMFC, OGE, SAMG, TRST, WBA<p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;">Economy</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The government reported that real GDP increased at a 5.2% annual rate in the third quarter, up from 4.9% in its first estimate. </span><a href="https://www.bea.gov/news/2023/gross-domestic-product-second-estimate-corporate-profits-preliminary-estimate-third" style="text-align: left;">Gross Domestic Product (Second Estimate) Corporate Profits (Preliminary Estimate) Third Quarter 2023 | U.S. Bureau of Economic Analysis (BEA)</a></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgboCccD5cTgfYJjVRb6CK8BIQUMpCUtAvkWj6B4aq2MAY66vvpeTcffUg4x50HKOTIA3PL4L-e5UvPgopftsPDiIxZGxRsoPQcvbv5HJ-5vxSQsm8LVg9Ga__69zoRmAg2_Gx3RUbwaaYBRuTwfHZb5l8e3kSrNKbDRTkoHQ32neD1qx2_2qTEEiwlwIm9/s1658/Screenshot%202023-11-29%20at%208.11.46%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="722" data-original-width="1658" height="139" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgboCccD5cTgfYJjVRb6CK8BIQUMpCUtAvkWj6B4aq2MAY66vvpeTcffUg4x50HKOTIA3PL4L-e5UvPgopftsPDiIxZGxRsoPQcvbv5HJ-5vxSQsm8LVg9Ga__69zoRmAg2_Gx3RUbwaaYBRuTwfHZb5l8e3kSrNKbDRTkoHQ32neD1qx2_2qTEEiwlwIm9/s320/Screenshot%202023-11-29%20at%208.11.46%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">PCE up 3.6%: </span><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiufqXaNvJVu5-GIuu2i96UoWL6MlFL8iYKSUVkRiZSqFeADNyhhOMAIEMole5PU25Q-c89yWbODgeaLwRYyySAAVl3u3I8u5tWJ5otR3W_xQ2SHqgvYSwQ-XJsd14Ef5v9H7xvo6Ct-Pg7Zt1iCyM2Mc4SO3HBw0Ttc0Mig6x-MWE_LksfK5m07H58qW1a/s1452/Screenshot%202023-11-29%20at%208.13.03%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="592" data-original-width="1452" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiufqXaNvJVu5-GIuu2i96UoWL6MlFL8iYKSUVkRiZSqFeADNyhhOMAIEMole5PU25Q-c89yWbODgeaLwRYyySAAVl3u3I8u5tWJ5otR3W_xQ2SHqgvYSwQ-XJsd14Ef5v9H7xvo6Ct-Pg7Zt1iCyM2Mc4SO3HBw0Ttc0Mig6x-MWE_LksfK5m07H58qW1a/s320/Screenshot%202023-11-29%20at%208.13.03%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><a href="https://www.bea.gov/news/2023/personal-income-and-outlays-october-2023"><span style="font-family: georgia;">Personal Income and Outlays, October 2023 | U.S. Bureau of Economic Analysis (BEA)</span></a></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF4lSlv1S_CiRQ5bULWr4QZn-l5gGuNTYkk4xRbCk6EdwWiXuCh2bXhzTCU-JQMz2wspezE6piaAY1tviiIlhyphenhyphen4H3NRZTanYMW51S5qAIL0XPmrYcj3NyB5nE42yIYxsYctxnhKjDoIAhhoBD0VZS-fTFxTRhyREuCK8xWdyEl4FT8D5u6HpX_FXrZ2BAH/s2190/Screenshot%202023-11-30%20at%208.31.26%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1404" data-original-width="2190" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF4lSlv1S_CiRQ5bULWr4QZn-l5gGuNTYkk4xRbCk6EdwWiXuCh2bXhzTCU-JQMz2wspezE6piaAY1tviiIlhyphenhyphen4H3NRZTanYMW51S5qAIL0XPmrYcj3NyB5nE42yIYxsYctxnhKjDoIAhhoBD0VZS-fTFxTRhyREuCK8xWdyEl4FT8D5u6HpX_FXrZ2BAH/s320/Screenshot%202023-11-30%20at%208.31.26%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Annual PCE Price Index = 3%, down from 3.4% through September</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Annual Core Price Index: 3.5%, down from 3.7% through September</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Month-to-Month PCE Price Index: Zero</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Discussed at <a href="https://www.cnbc.com/2023/11/30/pce-inflation-report-october-2023-.html" style="text-align: left;">PCE inflation report October 2023</a> </span></p><p style="text-align: justify;"><a href="https://www.cnbc.com/2023/11/29/mortgage-demand-from-homebuyers-gets-boost-as-interest-rates-fall.html"><span style="font-family: georgia;">Mortgage demand from homebuyers gets boost as interest rates fall</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>There was some interesting date in this article: </span><a href="https://www.nytimes.com/2023/11/28/business/economy/corporate-interest-rates.html" style="text-align: left;">Corporate America Has Dodged the Damage of High Rates. For Now -The New York Times</a> The average rate on existing home mortgages is only 3.6%. That highlights a point that I have been making for several years about benign support for discretionary consumer spending resulting from lower debt service payments. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">And, net interest payments on corporate debt has plunged to 40 year lows. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In the 2008 third quarter, companies paid $628.63B in interest payments. That number has declined to $136.81B in the 2023 second quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In other words, companies with access to the bond market refinanced debt during the extended period when rates were abnormally low. If interest rates continue to decline, then coupons for new debt next year may only be slightly higher than the coupons on the maturing debt for many companies. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Many cash rich companies can invest excess cash in treasury bills that pay more than the weighted average coupons of existing debt. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Small businesses, on the other hand, who borrow short term at the prime rate, or higher, have seen significant increases in their financing costs. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2023/12/01/china-consumption-shows-no-sign-of-strong-v-shaped-recovery-mckinsey.html" style="text-align: left;">China consumption shows no sign of strong V-shaped recovery: McKinsey</a>; <a href="https://www.mckinsey.com/cn/our-insights/our-insights/china-consumption-start-of-a-new-era" style="text-align: left;">China consumption: Start of a new era | McKinsey</a></span></p><p style="text-align: justify;"><a href="https://www.nar.realtor/newsroom/pending-home-sales-fell-1-5-in-october"><span style="font-family: georgia;">Pending Home Sales Fell 1.5% in October</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.federalreserve.gov/monetarypolicy/beigebook202311.htm">The Fed - Beige Book - November 29, 2023</a><span style="background-color: white; color: #333333; text-align: left;"> </span><span style="background-color: white; text-align: left;">("On balance, economic activity slowed since the previous report, with four Districts reporting modest growth, two indicating conditions were flat to slightly down, and six noting slight declines in activity.")</span></span></p><p style="text-align: justify;"><span style="background-color: white; text-align: left;"><span style="font-family: georgia;">October New Home Sales: </span></span></p><p style="text-align: justify;"><span style="background-color: white; text-align: left;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlQpTBdzoKpcEiOA6Uaj6-LvFtzLqK_TJqYT0WfpKDgtp3f8MNjrYvso_NkufxZYnuiY1c3eG9c8t8XBCznmuzW75Hk1Hc1KZh-xje1JyEJ-3Y_lAuUeU6lMdCc0dGhS6OklconSAj_EEvz4ebx4HaWrZTMmFgdWJWbg74LfXNPsgY8CQK_9NMomTLHgvt/s1524/Screenshot%202023-12-02%20at%209.08.16%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="946" data-original-width="1524" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlQpTBdzoKpcEiOA6Uaj6-LvFtzLqK_TJqYT0WfpKDgtp3f8MNjrYvso_NkufxZYnuiY1c3eG9c8t8XBCznmuzW75Hk1Hc1KZh-xje1JyEJ-3Y_lAuUeU6lMdCc0dGhS6OklconSAj_EEvz4ebx4HaWrZTMmFgdWJWbg74LfXNPsgY8CQK_9NMomTLHgvt/s320/Screenshot%202023-12-02%20at%209.08.16%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.census.gov/construction/nrs/pdf/newressales.pdf">Census Bureau.pdf</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Ten Year 2023 Treasury Yields: <a href="https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2023" style="text-align: left;">U.S. Department of the Treasury</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">1/3/23: 3.79%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">10/19/23: 4.98%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/1/23: 4.22%, down from 4.37% on 11/30</span></p><p style="text-align: justify;"><a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html"><span style="font-family: georgia;">CME FedWatch Tool - CME Group</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Current FF range 5.25-5.5% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">98.8% probability of no change in the FF rate after this month's meeting</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Probabilities as of the December 2024 meeting: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhPVs_1w1V5mEqj4BWa_gCoMMXrYIcUPcGZ91_s_rxkmCV6S28nl2ntdhHYh5A9KgOJVLsqB3bAEX_eunAIcwpoNcyyzF_KU7YXBuB3ueh8ojZgR6E2LC2qvkwvJwQ7NSnTtD7J4Is_PT6AK9xa77MYZZqTLAClyRo1wlQidpJ_OPLJZcCMczBSTPj75fF/s2598/Screenshot%202023-12-02%20at%2010.05.37%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="576" data-original-width="2598" height="71" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhPVs_1w1V5mEqj4BWa_gCoMMXrYIcUPcGZ91_s_rxkmCV6S28nl2ntdhHYh5A9KgOJVLsqB3bAEX_eunAIcwpoNcyyzF_KU7YXBuB3ueh8ojZgR6E2LC2qvkwvJwQ7NSnTtD7J4Is_PT6AK9xa77MYZZqTLAClyRo1wlQidpJ_OPLJZcCMczBSTPj75fF/s320/Screenshot%202023-12-02%20at%2010.05.37%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #3d85c6;">Allocation Shifts Discussed in this Post</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Bills Purchased at Auction: $6,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Corporate Bonds: $4,000 in principal amount</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Individual Common Stocks (no sales): $861.18 in purchases</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Stock CEF (IGR): +$224 (yield at 16%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Inflow Stocks/Stock Funds: +$1,085.18</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Bond ETF (FALN): $255.30</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Equity Preferred Stock: $104.25 (yield at 8.54%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded Baby Bond: $109.85 (yield at 7.4%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Net Outflow Stocks/Stock Funds:<span style="color: red;"> -</span>$29,343.54</span></p><p style="text-align: justify;"><span style="font-family: georgia;">+++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Trump and His Party</span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/2024_republican_presidential_nomination-7548.html" style="text-align: left;">RealClearPolitics - Election 2024 - 2024 Republican Presidential Nomination</a></span></p><p style="text-align: justify;"><a href="https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html" style="text-align: left;"><span style="font-family: georgia;">RealClearPolitics - Election 2024 - General Election: Trump vs. Biden</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/12/01/politics/trump-presidential-immunity-january-6-lawsuits/index.html">Trump doesn’t have presidential immunity from civil lawsuits over January 6, appeals court rules</a>; <a href="https://www.cadc.uscourts.gov/internet/opinions.nsf/A3464AEB2C1CB89985258A7800537E73/$file/22-5069-2029472.pdf" style="text-align: left;">Appeals Court Decision.pdf</a> (one judge on the 3 judge panel was appointed by Trump). </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The gist of the decision is that the President has an absolute immunity in non-criminal cases for actions that are undertaken as part of the job. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">However, the Court rejected Trump claim that all speech made by President about a matter of public concern is an official act. </span></p><p style="text-align: justify;"><span style="background-color: white; color: #363636; text-align: left;"><span style="font-family: georgia;">"When a first-term president opts to seek a second term, his campaign to win re-election is not an official presidential act, The office of the presidency as an institution is agnostic about who will occupy it next. And campaigning to gain that office is not an official act of the office." </span></span></p><p style="text-align: justify;"><span style="background-color: white; color: #363636; text-align: left;"><span style="font-family: georgia;">The court could not decide based on the record whether Trump's speech at issue in this case was immune. The case was remanded for further proof about whether the actions and speech were part of Trump's official duties or unrelated to duties as President. Based on what is known now, the ultimate outcome IMO will be, more probable than not, that his speech was not part of his job as President. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; color: #363636; text-align: left;"><span>In a related ruling, the federal court judge in the election subversion criminal case refused to grant Trump's motion to dismiss the charges based on the First Amendment and his claim of immunity from prosecution. </span></span><a href="https://www.cnn.com/2023/12/01/politics/trump-presidential-immunity-election-subversion-case-chutkan/index.html" style="text-align: left;">Federal judge says Trump does not have absolute immunity, denying bid to dismiss election subversion case</a>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Excerpt from Decision: <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.258149/gov.uscourts.dcd.258149.171.0.pdf" style="text-align: left;">Judge Chutkan's Opinion at page 6.pdf</a></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyH5M8KQGtvvU0NNEzux6T0xABjwjxddfzVtYDab-1yniFKepMnTttjo2XK-s6tDLF-lgavClx5Kc-sAYdAEndaTfW15kGOi0zZARzROKqLWNJwwm8Zdt3wDhfAdihGZlWPVoWGYWdnmGJRCbFm07iNBx9FVzWt4vwDu4YDJP2Y38mh0HyDmcdO32j0Md_/s1434/Screenshot%202023-12-02%20at%208.52.31%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="900" data-original-width="1434" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyH5M8KQGtvvU0NNEzux6T0xABjwjxddfzVtYDab-1yniFKepMnTttjo2XK-s6tDLF-lgavClx5Kc-sAYdAEndaTfW15kGOi0zZARzROKqLWNJwwm8Zdt3wDhfAdihGZlWPVoWGYWdnmGJRCbFm07iNBx9FVzWt4vwDu4YDJP2Y38mh0HyDmcdO32j0Md_/s320/Screenshot%202023-12-02%20at%208.52.31%E2%80%AFAM.png" width="320" /></span></a></div><span style="background-color: white; letter-spacing: 0.4px; text-align: left;"><p style="text-align: justify;"><span style="letter-spacing: 0.4px; text-align: left;"><span style="font-family: georgia;">Trump's argument is that a President can never be charged with a crime committed while President. </span></span></p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">And the judge correctly noted that "</span><span style="background-color: white; letter-spacing: 0.4px; text-align: left;">it is well established that the First Amendment does not protect speech that is used as an instrument of a crime."</span></span></p><p style="text-align: justify;"><span style="background-color: white; letter-spacing: 0.4px; text-align: left;"><span style="font-family: georgia;">The Executive Immunity doctrine will be applied differently depending on whether the case is based in criminal or civil law. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.rawstory.com/trump-classified-documents-2666404941/">Game over': Expert says Trump attorney just landed a 'bullseye for prosecutors'-Raw Story</a> The Trump attorney, Jennifer Little, reportedly testified before the Grand Jury that she advised Trump that he had to turn over the documents marked as classified and she is confident that Trump fully understood that the failure to do so would be a crime. After the FBI raid in August, documents marked as classified were found in Trump's office at Mar-a-Largo. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/11/30/politics/new-york-appeals-court-reinstates-gag-order-against-donald-trump-in-civil-fraud-trial/index.html">New York appeals court reinstates gag order against Donald Trump in civil fraud trial</a> A limited gag order is normal for any litigant whose words incite threats of violence and violence against witnesses and court staff and/or are designed to intimidate witnesses. Hundreds of threats have been made against the court's staff who have been targets of Trump's venom which he spews daily. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Marjorie Taylor Greene (R-GA) has demanded that every member of the Jan 6th committee, Nancy Pelosi, unnamed employees of the FBI and the Jan 6 witnesses need to be prosecuted criminally under a Trump DOJ. </span><a href="https://twitter.com/RepMTG/status/1726219068376481812?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1726219068376481812%7Ctwgr%5E12cd087398a78a2b45ef32f68f7e3b7365bd9f2a%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanityfair.com%2Fnews%2F2023%2F11%2Fmaga-republicans-lose-their-minds-over-new-january-6-footage" style="text-align: left;">Rep. Marjorie Taylor Greene🇺🇸 on X</a> A Russian flag is more appropriate for Ms. Greene IMO. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnn.com/2023/11/30/politics/scott-perry-texts-jeffery-clark-trump-2020-election/index.html">Scott Perry’s texts reveal details about efforts to overturn Trump’s loss in 2020</a> Perry is a republican congressman from Pennsylvania. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.huffpost.com/entry/elon-musk-pizzagate-twitter-x_n_65660d49e4b03ac1cd177636">As Advertisers Flee, Elon Musk Doubles Down On ... Pizzagate</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cbsnews.com/news/ryan-fournier-students-for-trump-co-founder-arrested-assault-on-a-female/">Ryan Fournier, students for Trump co-founder, arrested on assault charges - CBS News</a> He allegedly struck his girlfriend with a pistol. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.cnbc.com/2023/12/01/gop-rep-george-santos-faces-expulsion-vote-in-house.html">Rep. George Santos (R-NY) expelled from Congress for corruption, cutting GOP majority</a> More than 1/2 of the republicans, including Speaker Johnson, voted against the expulsion motion. The NY Governor, a Democrat, will appoint someone to fill his seat until there is a special election next February.</span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: red;">Putin and His Orwellian Empire of Misery</span>: </span></p><p style="text-align: justify;"><a href="https://www.express.co.uk/news/world/1839325/russian-military-plant-explosion-video-ukraine-war"><span style="font-family: georgia;">Russian weapons manufacturing plant goes up in flames after massive explosion-Express.co.uk</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.newsweek.com/russia-railway-tunnel-china-explosion-sabotage-1848265#:~:text=The%20explosions%20in%20the%20Severomuysky,with%20knowledge%20of%20the%20matter.">Russia's Main Link to China 'Paralyzed' After Tunnel 'Sabotage'—Reports</a>; <a href="https://www.youtube.com/watch?v=v8m7VRtty-k" style="text-align: left;">Ukraine Blows Tunnel between Russia and China, Delegates Snub Lavrov-YouTube</a> The explosion hit a train loaded with fuel while it was moving through the tunnel. Russia claims that an explosive device was placed under one car. </span>It looks like this explosion will render the tunnel unusable for several weeks at a minimum. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Soon thereafter, another train carrying fuel exploded as it moved across a 115 foot bridge across a deep gorge. This rail line is the only other one linking China/North Korea with Russia. </span><a href="https://abcnews.go.com/International/wireStory/ukrainian-spy-agency-stages-train-explosions-russian-railroad-105304665" style="text-align: left;">Ukrainian spy agency stages train explosions on a Russian railroad in Siberia-ABC News</a>; <a href="https://www.politico.eu/article/ukraine-security-service-blew-up-main-railway-connection-between-russia-china/" style="text-align: left;">Ukraine blows up 2 railway connections between Russia and China – POLITICO</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The key point is that Ukraine can strike Russian rail lines <b>in Siberia</b> that are used to carry military supplies from China and North Korea. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://euobserver.com/world/157753">EU belittles Russia's Lavrov on way to Skopje talks</a> The EU's top diplomat does not have the time to meet with Putin's lap dog. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.theatlantic.com/international/archive/2023/11/russia-pardon-convicted-murderers/676159/">Killers of Russian Women Go Free - The Atlantic</a> This article provides details on the killers that Putin is letting out of prison to fight in Ukraine and who are given their freedom after a period of service. "<span style="text-align: left;">One murderer whom Putin recently pardoned, 27-year-old Vladislav Kanyus, spent more than three hours killing his former girlfriend, Vera Pekhteleva. Forensic records describe 111 stab wounds, including several on the woman’s face. Then Kanyus choked his 23-year-old victim with the electrical cord of an iron." </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left;">The Russian parliament decriminalized spousal abuse in 2017 that does not cause </span><span style="text-align: left;">"substantial bodily harm" that requires hospitalization and does not happen more than 1 time each year. For those who cause substantial bodily harm, the sentence was reduced from up to 2 years </span><span style="text-align: left;">"</span><span style="text-align: left;">in prison to just 15 days or, in many instances, a fine," which averages only $88 (see link below).</span><span style="text-align: left;"> The law implements what I call traditional Russian values. 380 out of 450 members of the Russian "parliament" voted for this law change. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left;"><a href="https://hir.harvard.edu/putins-other-war/">Putin’s Other War: Domestic Violence-Harvard International Review</a> Another example of how Russians tolerate spousal abuse is the case of </span></span><span style="background-color: white; color: #222222; text-align: left;"><span style="font-family: georgia;">Margarita Gracheva, a mother of two, whose husband dragged her into the woods and threatened her with a knife. The police were notified and did nothing which is normal. Three months later, her husband cut her hands off. One and five women in Russia face abuse every year</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/world/2023/11/25/children-russia-ukraine-war-putin/">Russia held these Ukrainian teens captive. Now they could testify against Putin. - The Washington Post</a></span></p><p style="text-align: justify;"><a href="https://www.youtube.com/watch?v=85qBvyIa4lg&t=21s"><span style="font-family: georgia;">Putin's 'pride' leads to huge casualties at Avdiivka | Major General Tim Cross - YouTube</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.washingtonpost.com/world/2023/11/27/masha-gessen-criminal-case-russia/">Russia presses criminal case against award-winning journalist Masha Gessen - The Washington Post</a> Russia will criminally charge journalists who provide accurate information about war crimes committed by Russian soldiers. Russia is a 100% pure Orwellian state and that will continue indefinitely. If someone living in Russia does not want to live and die in an Orwellian state controlled by violent psychopaths, the only solution is to leave and never go back. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The only question is whether Russia will remain forever a 100% pure Orwellian state or will experience periods when the percentage is reduced for very brief periods to somewhere between 80% to 100%. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.bbc.com/news/world-europe-67555626">Finland to close entire Russian border</a> </span></p><p style="text-align: justify;"><a href="https://www.reuters.com/world/europe/kremlin-reported-polish-plan-send-troops-finnish-border-says-it-will-stoke-2023-11-29/"><span style="font-family: georgia;">Kremlin warns of tensions if Poland sends troops to Finnish-Russian border | Reuters</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.youtube.com/watch?v=vXliEwdeyjo">Putin’s Major-General Vladimir Zavadsky killed by his own mine</a> <a href="https://www.youtube.com/watch?v=vXliEwdeyjo"> - YouTube</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">The Russian economy is currently benefiting from borrowing large sums that are then used to fund its war of aggression against Ukraine. Buying military equipment and supplies that are destroyed in Ukraine, using borrowed money, is going to add to Russia's already serious economic problems longer term. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Next time Russia faces a financial crisis, and it will soon enough, China, Iran, North Korea and Syria will need to bail it out. <a href="https://en.wikipedia.org/wiki/Russian_financial_crisis_(2014%E2%80%932016)#:~:text=The%20crisis%20affected%20the%20Russian,December%20through%2016%20December%202014." style="text-align: left;">Russian financial crisis (2014–2016)-Wikipedia</a>; <a href="https://en.wikipedia.org/wiki/1998_Russian_financial_crisis#:~:text=The%20Russian%20financial%20crisis%20(also,economies%20of%20many%20neighboring%20countries." style="text-align: left;">1998 Russian financial crisis - Wikipedia</a>; <a href="https://www.atlanticcouncil.org/commentary/long-take/the-russian-economy-in-health-oil-and-economic-crisis/" style="text-align: left;">The Russian economy in health, oil, and economic crisis - Atlantic Council</a> Putin made the decision to sever economic and financial ties with the West by invading Ukraine for the sole purpose of destroying that nation's democracy and absorbing its territory into the Russian federation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://ukr.warspotting.net/">Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Russia is willing to enter a peace agreement whereby Ukraine accepts Russia's annexation of about 1/5th of its internationally recognized territory, agrees to never join the EU or NATO and to demilitarize in exchange for Putin's promise to respect Ukraine's territorial integrity of whatever remains which is as worthless as Russia's promise in the Budapest Memorandum. Actually, Russia's promises are worse than worthless when a nation gives up something meaningful in reliance. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">++++ </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">1. Small Ball Buys</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.cnbc.com/2023/11/27/zions-comerica-first-horizon-regional-bank-takeover-risk.html">Zions, Comerica, First Horizon: Regional bank takeover risk</a> Of the banks mentioned in the article, I own </span><a href="https://www.marketwatch.com/investing/stock/fhn?mod=search_symbol" style="text-align: left;">First Horizon Corp (FHN)</a> <span>and Webster Financial (WBS). U.S. regulators prevented Toronto Dominion from buying FHN as previously discussed here. The offer was for $25 in cash plus an additional amount for any delay in closing the acquisition after a specific data. The parties agreed to mutually terminate the merger with FHN receiving $200M in cash + another $25M in reimbursements for costs incurred by FHN. </span><a href="https://td.mediaroom.com/2023-05-04-TD-Bank-and-First-Horizon-Mutually-Agree-to-Terminate-Merger-Agreement" style="text-align: left;">TD Bank and First Horizon Mutually Agree to Terminate Merger Agreement - May 4, 2023</a> I eliminated my position before than announcement and restarted it after it. <a href="https://tennesseeindependent.blogspot.com/2022/11/d-dei-eai-enbprpca-fhn-fnf-fsk-gild-gpc.html" style="text-align: left;">Item # 1. Eliminated FHN - Sold 5 at $24.38; 20+ <b>at $24.47</b>; and 47+ <b>at $24.38</b> (11/15/22 Post)</a>(profit snapshot = $1,071.04; <a href="https://tennesseeindependent.blogspot.com/2022/11/aqn-codipra-cpf-dei-eprt-feny-fhn-flsw.html" style="text-align: left;">Item # 1. Pared FHN in Fidelity Account - Sold 450 <b>at $24.33</b> (11/1/22 Post)</a>(profit snapshot = $1,261.77) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The current FHN price is hovering mostly in the $10 to $12.5 range starting in May 2023. </span><a href="https://www.marketwatch.com/investing/stock/fhn/charts?mod=mw_quote_tab" style="text-align: left;">FHN Advanced Charts | MarketWatch</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I suspect that new regulators may be necessary for another bank to make an offer unless the bank has no operations in the south. Two potential acquirers would be the super regionals HBAN and KEY who operate primarily in the midwest with some operations in the northeast. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am now willing to accept less than a 5% dividend yield on a starter position given the decline in interest rates and my huge reinvestment problem for securities that mature in 2024. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>A. Bought 10 FALN at $25.53</u></span></b></i>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0013KkjlVSbzJ9YHzKvj20NKyzApZqf3CGQ_36ufaLECVL8FIzjns0qO1en7bYT-Tl3ftyqKZQLHb81IWbAnLLZ5aGCYP5-oyoSHWrjq-tgHGM7VoffV145HeehyDkny1AJ7hMra38mLLu2MoObFiCQ8K_TOOviFq3gG7d2hfgJefD2ba3fFuJwih7aKu/s2428/FALN%2010%20AT%20$25.53.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="206" data-original-width="2428" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0013KkjlVSbzJ9YHzKvj20NKyzApZqf3CGQ_36ufaLECVL8FIzjns0qO1en7bYT-Tl3ftyqKZQLHb81IWbAnLLZ5aGCYP5-oyoSHWrjq-tgHGM7VoffV145HeehyDkny1AJ7hMra38mLLu2MoObFiCQ8K_TOOviFq3gG7d2hfgJefD2ba3fFuJwih7aKu/s320/FALN%2010%20AT%20$25.53.png" width="320" /></span></a></div><span style="font-family: georgia;"><span><p style="text-align: justify;"><span style="text-align: left;">Quote: </span><a href="https://www.marketwatch.com/investing/fund/faln?mod=search_symbol" style="text-align: left;">iShares Fallen Angels USD Bond ETF Overview</a><span style="text-align: left;"> </span></p><p style="text-align: justify;"><span style="text-align: left;">Cost: $255.3</span></p></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">This is my first purchase.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: start;">"The iShares Fallen Angels USD Bond ETF seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade." Examples include bonds issued by Vodafone, Seagate, Ford Motor Credit, Las Vegas Sands, and FirstEnergy. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="background-color: white; text-align: start;">Some Holdings as of 11/22/23 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwzY8jFiQluAu5eP83RWerNtvu-Pv-SYjHmGWKjZpI4RZhtskGYHIAIBhnPJB4ieaHSC05PS5KtYXoRnmeYbY95mrC4wlOzeh1KV5dhG1ocYXWM178oVK7VcAq9iEzufeVRs1tlwrNFN1mFx2zzgtL-QO48TB-QMaDIK_FWXxz4mjjqslDFH8MsLhapIGc/s1806/Screenshot%202023-11-24%20at%202.14.17%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1806" data-original-width="1714" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwzY8jFiQluAu5eP83RWerNtvu-Pv-SYjHmGWKjZpI4RZhtskGYHIAIBhnPJB4ieaHSC05PS5KtYXoRnmeYbY95mrC4wlOzeh1KV5dhG1ocYXWM178oVK7VcAq9iEzufeVRs1tlwrNFN1mFx2zzgtL-QO48TB-QMaDIK_FWXxz4mjjqslDFH8MsLhapIGc/s320/Screenshot%202023-11-24%20at%202.14.17%E2%80%AFPM.png" width="304" /></a></span></div><span style="font-family: georgia;"><span style="background-color: white; text-align: start;"><p style="text-align: justify;"><span style="text-align: start;">More than 1 bond from a single issuer may be owned by the fund. </span></p><p style="text-align: justify;"><span style="text-align: start;">Two examples are bonds issued by Ford Motor Credit and Seagate: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiVIkAlCwl3X4reVDSVAWKNfsgHH80Gb5d90I95pjfUFEPz9uu5S8kHu0OT-aZC1KdzbmJ5fz1-d1o3U9ebuTCHY2fifyaWVddsZkiJlSirZG8AORYlQxI3aqWNFoxCHxIr6fzwN6IjqEJiW-qD6DjC1I0Gjq1DPxUSktrrdAzm852D1W-wXXjfRB35Xqz/s740/Screenshot%202023-11-24%20at%202.21.29%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="316" data-original-width="740" height="137" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiVIkAlCwl3X4reVDSVAWKNfsgHH80Gb5d90I95pjfUFEPz9uu5S8kHu0OT-aZC1KdzbmJ5fz1-d1o3U9ebuTCHY2fifyaWVddsZkiJlSirZG8AORYlQxI3aqWNFoxCHxIr6fzwN6IjqEJiW-qD6DjC1I0Gjq1DPxUSktrrdAzm852D1W-wXXjfRB35Xqz/s320/Screenshot%202023-11-24%20at%202.21.29%E2%80%AFPM.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPee5OfR56zAStE7EKFo-HknHKb8gxrTp4_1ijSCE2PGUWq1v48nRv1Ydl4tvZT446WryQeVGgw45HSM8THI36h8jQqhfc6bdSUgsysbA2WdPMVqbkBylbls5KluN3hFXDLVxq59AZk7e9AD0JaMngetcjeFgLX-D6nP5zA1JEFTLHq1Ye7Pl93bVarkRQ/s742/Screenshot%202023-11-24%20at%202.21.48%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="216" data-original-width="742" height="93" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPee5OfR56zAStE7EKFo-HknHKb8gxrTp4_1ijSCE2PGUWq1v48nRv1Ydl4tvZT446WryQeVGgw45HSM8THI36h8jQqhfc6bdSUgsysbA2WdPMVqbkBylbls5KluN3hFXDLVxq59AZk7e9AD0JaMngetcjeFgLX-D6nP5zA1JEFTLHq1Ye7Pl93bVarkRQ/s320/Screenshot%202023-11-24%20at%202.21.48%E2%80%AFPM.png" width="320" /></a></div><p style="text-align: justify;">Sourced: <a href="https://www.ishares.com/us/library/stream-document?stream=reg&product=ISHFALN&shareClass=NA&documentId=1263512%7E1263510%7E920966%7E1337991%7E1403072&iframeUrlOverride=%2Fus%2Fliterature%2Fsemi-annual-report%2Fsar-ishares-high-yield-bonds-etfs-04-30.pdf" style="background-color: transparent;">Semiannual Report for the Period Ending 4/30/23</a> </p></span><span style="background-color: white; text-align: start;"><p style="text-align: justify;"><span style="text-align: start;">This is a junk bond fund, but most of the holdings will be rated BB or BB+. </span></p><p style="text-align: justify;"><span style="text-align: start;">If both S&P and Moody's have ratings, this chart will use the lowest rating which results in some investment grade bonds being included that have a Baa3 or BBB- rating from one rating agency and a Ba1/BB+ from the other but the investment grade is probably wobbly with a negative outlook (E.G. the BDN bonds) </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXKQ7zzLGvuZFKl3el4PzPDDZGPSehAVVmZOkdM2P7MixcMa84NIY755LJpmnTBwlVPw5UQufID_nTfLLEP9VHIHsqiYPYKE9xZ8LPYsauc8EWYl_K5sdaR85bhuYSmM3B5fgl4cemD84098rniYeJBPJK8iaUXNu1LpWFhN-ObLO5WB3clz-yadmk2EJM/s2028/Screenshot%202023-11-24%20at%202.25.07%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1044" data-original-width="2028" height="165" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXKQ7zzLGvuZFKl3el4PzPDDZGPSehAVVmZOkdM2P7MixcMa84NIY755LJpmnTBwlVPw5UQufID_nTfLLEP9VHIHsqiYPYKE9xZ8LPYsauc8EWYl_K5sdaR85bhuYSmM3B5fgl4cemD84098rniYeJBPJK8iaUXNu1LpWFhN-ObLO5WB3clz-yadmk2EJM/s320/Screenshot%202023-11-24%20at%202.25.07%E2%80%AFPM.png" width="320" /></a></div><p></p><p style="text-align: justify;"><span style="background-color: transparent; font-family: georgia;">Sponsor's website: </span><a href="https://www.ishares.com/us/products/283855/ishares-fallen-angels-usd-bond-etf" style="background-color: transparent; text-align: left;">iShares Fallen Angels USD Bond ETF</a><span style="background-color: transparent;"> </span></p></span></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;">Expense Ratio: .25%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Number of Holdings: 208 as of 11/22/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Weighted Average Maturity: 7.25 years </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Effective Duration: 4.78 years</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>I have owned in the past a similar ETF which has a .1% higher expense ratio. </span><a href="https://www.marketwatch.com/investing/fund/angl" style="text-align: left;">VanEck Vectors Fallen Angel High Yield Bond ETF Overview</a>; <a href="https://tennesseeindependent.blogspot.com/2020/07/angl-arcc-doc-duk-ebgef-eprprc-finx-jdd.html" style="text-align: left;">Item #1.K. Eliminated ANGL - Sold 25 at $29.12 (7/3/20 Post)</a>(profit snapshot = $58.44) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i>Purchase Restriction</i>: Up to 100 shares, with each subsequent purchase required to be at the lowest price in the chain. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">This kind of purchase is based on a concern that treasury bill yields may start declining next year. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">My current forecast is that the FED will cut the FF rate rate .25% in the 2024 second half, but more cuts would likely occur with a recession, real GDP slumping close to below 1% with inflation no longer being problematic, or inflation plunging below 2% sufficiently to raise the spectre of deflation. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Monthly at a variable rate. </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj48wQ6W5m_ru_hExsoMu9d3sWmfn1JoSi6f8DJSeaScq-ztyFGLDYbO3T5BptGOyaPOmtlDVWcZcMC8Ur4cpEcoSx7yj5cuUrwTNlUdYxGAhPkNaQoCnXxgL7_lsB2NISOIAbDMt0X6RFbDLsa3OqgGk3mOLKI9gzgV-_QLarJYGUkEShbtm_PN7UIdCQ1/s1316/Screenshot%202023-11-24%20at%2011.07.50%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1316" data-original-width="1058" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj48wQ6W5m_ru_hExsoMu9d3sWmfn1JoSi6f8DJSeaScq-ztyFGLDYbO3T5BptGOyaPOmtlDVWcZcMC8Ur4cpEcoSx7yj5cuUrwTNlUdYxGAhPkNaQoCnXxgL7_lsB2NISOIAbDMt0X6RFbDLsa3OqgGk3mOLKI9gzgV-_QLarJYGUkEShbtm_PN7UIdCQ1/s320/Screenshot%202023-11-24%20at%2011.07.50%E2%80%AFAM.png" width="257" /></span></a></div><span style="font-family: georgia;"><p style="text-align: justify;"><i><u>Last 12 Dividends</u></i>: $1.27 per share, rounded up. </p></span><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield Using TTM $1.27 annual</u></i> and $25.53 TC per share: <b>4.97</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>B. Restarted OGE - Bought 5 at $34.84 - Schwab Account</u></i></b></span>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Recent History this Account: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEho2RxJzRX54CSKaZTwH5HfHpSMypmGOQK02FfnvSJZN-i9zDjbxGer_Z_vPjzr00XppJrq_pw_sqhXaicStKliTyTBOCephAj80ZVKeK-cNleRc-liBd3EzMnaqmmZPLvZPdZ3PJNnegn2kNZkel2yWpuPJBH-ez3l6c7x2FivxYUQLZI6HUpZzVwIXQL0/s2908/OGE%205%20at%20$34.84%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="880" data-original-width="2908" height="97" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEho2RxJzRX54CSKaZTwH5HfHpSMypmGOQK02FfnvSJZN-i9zDjbxGer_Z_vPjzr00XppJrq_pw_sqhXaicStKliTyTBOCephAj80ZVKeK-cNleRc-liBd3EzMnaqmmZPLvZPdZ3PJNnegn2kNZkel2yWpuPJBH-ez3l6c7x2FivxYUQLZI6HUpZzVwIXQL0/s320/OGE%205%20at%20$34.84%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/oge?mod=over_search" style="text-align: left;">OGE Energy Corp</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $174.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">OGE is the parent company for Oklahoma Gas and Electric Service Company that generates, transmits, and delivers electricity to customers in Oklahoma and western Arkansas. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I restarted a position based on a concern that treasury bill rates will start to trend down more next year. Small yield declines in the 3 month to 1 year T Bills occurred during November. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Owned Generation as of 12/31/22: <a href="https://www.sec.gov/Archives/edgar/data/74145/000095017023003858/oge-20221231.htm" style="text-align: left;">10-K at pages 22-23</a></span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=1021635&owner=exclude"><span style="font-family: georgia;">OGE SEC Filings</span></a></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/oge/analystestimates?mod=mw_quote_tab" style="text-align: left;"><span style="font-family: georgia;">OGE Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><a href="https://www.ogeenergy.com/"><span style="font-family: georgia;">OGE Energy Profile</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">OGE had a substantial ownership interest in Enable Midstream that was acquired by <a href="https://www.marketwatch.com/investing/stock/et?mod=over_search" style="text-align: left;">Energy Transfer LP (ET)</a> in 2021. <a href="https://www.prnewswire.com/news-releases/oge-energy-corp-announces-the-successful-close-of-the-merger-between-energy-transfer-and-enable-midstream-partners-301436738.html" style="text-align: left;">OGE Energy Corp. announces the successful close of the merger between Energy Transfer and Enable Midstream Partners</a><span style="background-color: white; color: #373737; text-align: left;"> </span><span style="background-color: white; text-align: left;">("110,982,805 common units of Enable owned by OGE Energy were exchanged for 95,389,720 common units of Energy Transfer.") OGE liquidated the Energy Transfer (ET) units in 2022. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Last Elimination</i></u>: </span><a href="https://tennesseeindependent.blogspot.com/2022/04/aep-cfg-evrg-duk-eai-emp-etr-evrg-feny.html" style="text-align: left;">Item # 2.D. Eliminated OGE - Sold 2 at $38.29; 5 at $38.87; and 8 at $38.52 (4/14/22 Post)</a>(profit snapshots = $75.3) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.4182 per share ($1.6728 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The dividend was $.20875 in 2013, so a doubling in 10 years. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.ogeenergy.com/dividend-history/">Dividend History | OGE Energy Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $34.84</u></i> = <b>4.8</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 10/9/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span><a href="https://www.sec.gov/Archives/edgar/data/74145/000095017023057630/oge-ex99_01.htm" style="text-align: left;">SEC Filed Press Release</a> and <a href="https://www.sec.gov/Archives/edgar/data/74145/000095017023057629/oge-20230930.htm" style="text-align: left;">10-Q</a></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1veiTyNtxyooA9APE3iR0oaqo8z-pDT-2hCLEKSFrYuvTvyXvrJhER1RDNccwpLleM1rHhMjYKnmrheCuBdNCAwDqwaQILq8oO9AruSu4oUWh2Gl492LTz7uJGHjPuFecAsQoxY_bTNVPdg_IdjqI_RR0BMN95Dkd2i4lOETn5ZZMVYQi7x-cYj9a4L8q/s2402/Screenshot%202023-11-26%20at%208.51.39%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1362" data-original-width="2402" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1veiTyNtxyooA9APE3iR0oaqo8z-pDT-2hCLEKSFrYuvTvyXvrJhER1RDNccwpLleM1rHhMjYKnmrheCuBdNCAwDqwaQILq8oO9AruSu4oUWh2Gl492LTz7uJGHjPuFecAsQoxY_bTNVPdg_IdjqI_RR0BMN95Dkd2i4lOETn5ZZMVYQi7x-cYj9a4L8q/s320/Screenshot%202023-11-26%20at%208.51.39%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Revenue = $945.4M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income: $241.9M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. = $1.2</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Consensus at $1.16 per Schwab</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Analyst Reports</i></u> (available to Schwab customers): </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Morningstar (11/20/23): 4 stars with a fair value of $38, noting that management has a 5% to 7% annual E.P.S. growth target by 2027. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Argus (11/3/2023): Buy with a $45 price target. The analyst likes "the company's visible forward earnings stream, strong cost controls, well-run generation facilities, and growing dividend". </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u>Other Sell Discussion</u>: </span><a href="https://tennesseeindependent.blogspot.com/2021/06/box-cswc-cva-etsy-ffhprica-fieca-gis.html" style="text-align: left;">Item # 3.E. Eliminated OGE-Sold 15 at $34.62 (6/4/21 Post)</a>(profit snapshot = $57.36)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><u><i><b>C. Added to NMFC - Bought 5 at $12.85 - Schwab Account</b></i></u></span>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8HBkWRb5qsugv1Bw3-5WdwKombTnnFsAE7EQNeWYJIsmn0vP6r05BKmQPTiIewJXFMcEQdkjbwfWFDvXw856DDyjwTXtOkyrqHfzJ298oDCDa9vPPnUGSH_zejkiWWGCygPhqvY5XZSC7vFfJyhQEFL93lfIgWylT6lZa-fxNuanGZ1buoyzq54piguzj/s2826/NMFC%205%20at%20$12.85%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="158" data-original-width="2826" height="18" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8HBkWRb5qsugv1Bw3-5WdwKombTnnFsAE7EQNeWYJIsmn0vP6r05BKmQPTiIewJXFMcEQdkjbwfWFDvXw856DDyjwTXtOkyrqHfzJ298oDCDa9vPPnUGSH_zejkiWWGCygPhqvY5XZSC7vFfJyhQEFL93lfIgWylT6lZa-fxNuanGZ1buoyzq54piguzj/s320/NMFC%205%20at%20$12.85%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/nmfc?mod=search_symbol" style="text-align: left;">New Mountain Finance Corp. (NMFC)</a> - Externally Managed BDC </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $64.25</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=1496099&owner=exclude" style="text-align: left;"><span style="font-family: georgia;">NMFC SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1496099/000149609923000003/nmfc-20221231.htm">2022 SEC Filed Annual Report</a> (<b><span style="color: red;">Risk factor summary starts at page 11 and ends at page 55</span></b>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Buy Discussion</i></u>: <a href="https://tennesseeindependent.blogspot.com/2023/09/bohpra-btz-calf-cowz-eai-elc-nmfc.html" style="text-align: left;">Item # 1.E. Bought 25 NMFC at $12.85; 5 at $12.79 - Schwab Account (9/2/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Elimination of Duplicate Positions</u></i>: I previously eliminated my duplicate positions </span><a href="https://tennesseeindependent.blogspot.com/2023/09/bohpra-btz-calf-cowz-eai-elc-nmfc.html" style="text-align: left;">Item # 2.D. Eliminated Duplicate NMFC Positions (Fidelity and Vanguard Accounts)- Sold 30 Shares at $12.86 (9/2/2023)</a>(profit snapshots = <span style="color: #6aa84f;">$160.55</span>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Net Asset Value per share history</u></i>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;">9/30/23: $13.06</span></p><p style="text-align: justify;"><span style="font-family: georgia;">6/30/23: $13.14</span></p><p style="text-align: justify;"><span style="font-family: georgia;">12/31/22: $13.02</span></p><div style="text-align: justify;"><span style="font-family: georgia;">6/30/21: $13.33</span></div><div style="text-align: justify;"><span style="font-family: georgia;">03/31/21: $12.85</span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/20: $12.62</span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/19: $13.26</span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/18: $13.22</span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/17: $13.63 </span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/16: $13.46</span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/15: $13.08</span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/14: $13.83</span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/13: $14.38 </span></div><div style="text-align: justify;"><span style="font-family: georgia;">12/31/12: $14.06</span></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div style="text-align: justify;"><span style="font-family: georgia;"><p><span style="font-family: georgia;"><span>IPO May 2011-</span><a href="https://www.sec.gov/Archives/edgar/data/1491925/000104746911005417/a2204287z497.htm" style="text-align: left;">Prospectus</a>: <span>Public Offering Price at $13.75 (all expenses including the sales load paid by the management company) </span></span></p><div><i><u>Average cost per share</u></i>:<b> $11.86</b> (55 shares)</div></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.32 per share ($1.28 annually) </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/NMFC/dividends/history"><span style="font-family: georgia;">NMFC Dividend History | Seeking Alpha</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Two special dividends totalling $.07 per share were paid earlier in 2023. A 4 cent per share special dividend will go ex on 12/14. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am not reinvesting the dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at AC</u></i> = <b>10.79</b>% (regular dividend only)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 12/14/23 (regular dividend of $.32 per share and the $.04 special dividend </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1496099/000149609923000026/nmfcearningspressreleaseq3.htm">SEC Filed Earnings Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Investment Income per share: $.40</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NMFC credit risk ratings of investments: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdJ4vA_SkIp4FxXF7UpEI66LCwsYxuylK7jI0h387NIV_5qlYW11dEuAdvsOM_ZcFGjs9K3WWV3GSo_pUWYTi0en4tarjzjMNMGk9ezX_uX3Je0oxiVm9LE-UdHCIh864ULT_4O-sDbN-nPbe0q0AQvgflzEknc3AgF-ezogI8GpHX482NdLA6NR9FiYPM/s3226/Screenshot%202023-11-26%20at%209.31.34%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="554" data-original-width="3226" height="55" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdJ4vA_SkIp4FxXF7UpEI66LCwsYxuylK7jI0h387NIV_5qlYW11dEuAdvsOM_ZcFGjs9K3WWV3GSo_pUWYTi0en4tarjzjMNMGk9ezX_uX3Je0oxiVm9LE-UdHCIh864ULT_4O-sDbN-nPbe0q0AQvgflzEknc3AgF-ezogI8GpHX482NdLA6NR9FiYPM/s320/Screenshot%202023-11-26%20at%209.31.34%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Portfolio Composition: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTjLr3pRKqT_zXNtMV-_XIe9sFKU8_5NQyvVhGfLsR1mIEEi_Pg_wfTjxRJvm8J9Q_BciGlQRRgk8wtSsrNCZajEo0HhL9yyueZRNjz1Ixid0dN-4HqdHd7i9t3QzwiCkocAGcO_D6lFmcRyuZ1b8TCBbV6r4TmqOrFl5pviMjGuSYEItXKS6gNIH0rDhZ/s3102/Screenshot%202023-11-26%20at%209.32.17%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="498" data-original-width="3102" height="51" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTjLr3pRKqT_zXNtMV-_XIe9sFKU8_5NQyvVhGfLsR1mIEEi_Pg_wfTjxRJvm8J9Q_BciGlQRRgk8wtSsrNCZajEo0HhL9yyueZRNjz1Ixid0dN-4HqdHd7i9t3QzwiCkocAGcO_D6lFmcRyuZ1b8TCBbV6r4TmqOrFl5pviMjGuSYEItXKS6gNIH0rDhZ/s320/Screenshot%202023-11-26%20at%209.32.17%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1496099/000149609923000028/nmfc-20230930.htm">10-Q for the Q/E 9/30/23</a> The summary of investments starts at page 7. A name with a (35) beside it indicates that the loan is on nonaccrual. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The $953K in first lien loans to Education Management (p.17) have been written down to zero. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">A long term problem has been investments in<span style="background-color: white; text-align: left; text-indent: 48px;"> UniTek Global Services, Inc.</span> that were placed on nonaccrual in the 2020 first quarter. The "<span style="background-color: white; text-align: left; text-indent: 48px;">Company's junior preferred shares in UniTek had an aggregate cost basis of $</span><ix:nonfraction contextref="c-1286" decimals="-3" format="ixt:num-dot-decimal" id="f-5245" name="us-gaap:InvestmentOwnedAtCost" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">34,393</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;">, an aggregate fair value of $</span><ix:nonfraction contextref="c-1286" decimals="-3" id="f-5246" name="us-gaap:InvestmentOwnedAtFairValue" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">0</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;"> and total unearned dividend income of $</span><ix:nonfraction contextref="c-1287" decimals="-3" format="ixt:num-dot-decimal" id="f-5247" name="nmfc:InvestmentOwnedUnearnedDividendIncome" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">1,945</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;"> and $</span><ix:nonfraction contextref="c-1288" decimals="-3" format="ixt:num-dot-decimal" id="f-5248" name="nmfc:InvestmentOwnedUnearnedDividendIncome" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">5,646</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;">, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $</span><ix:nonfraction contextref="c-1289" decimals="-3" format="ixt:num-dot-decimal" id="f-5249" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">19,795</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;"> of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2023, the Company's senior preferred shares in UniTek had an aggregate cost basis of $</span><ix:nonfraction contextref="c-1290" decimals="-3" format="ixt:num-dot-decimal" id="f-5250" name="us-gaap:InvestmentOwnedAtCost" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">19,795</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;">, an aggregate fair value of approximately $</span><ix:nonfraction contextref="c-1290" decimals="-3" format="ixt:num-dot-decimal" id="f-5251" name="us-gaap:InvestmentOwnedAtFairValue" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">5,927</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;"> and total unearned dividend income of approximately $</span><ix:nonfraction contextref="c-1291" decimals="-3" format="ixt:num-dot-decimal" id="f-5252" name="nmfc:InvestmentOwnedUnearnedDividendIncome" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">1,432</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;"> and $</span><ix:nonfraction contextref="c-1292" decimals="-3" format="ixt:num-dot-decimal" id="f-5253" name="nmfc:InvestmentOwnedUnearnedDividendIncome" scale="3" style="background-color: white; text-align: left; text-indent: 48px;" unitref="usd">4,105</ix:nonfraction><span style="background-color: white; text-align: left; text-indent: 48px;">, respectively, for the three and nine months then ended." (p. 69)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">A major writedown has already occurred in first lien loans made to Ansira that went on non-accrual in the 2022 third quarter. The original cost was at $41.152M and has been written down to $1.993M. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Other problems are discussed at pages 68-69. Most of the hits to net asset value per share have already been taken with write-downs in prior quarters. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Other Sell Discussions</i></u>: <a href="https://tennesseeindependent.blogspot.com/2021/08/bns-calf-cizn-cznc-ebtc-fcx-flyw-jdd.html" style="text-align: left;">Item # 2.G. Pared NMFC in Fidelity Account - Sold 3 at $13.39 (8/6/21 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2021/06/amom-bam-ctt-cva-dnngy-ebix-glq-rt-gnl.html" style="text-align: left;">Item # 2.H. Sold All Fractional NMFC Shares Bought with Dividends in Fidelity Account at $13.69 (6/25/21 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2021/01/arcc-bmy-eaf-fax-ivz-msgn-nmfc-oke.html" style="text-align: left;">Item # 3.G. Pared NMFC in Fidelity Taxable-Sold 20 at $12.27 (1/1/21 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/01/aht-bhb-ffbc-fitb-nmfc-rmt.html" style="text-align: left;">Item # 2 Eliminated NMFC-Sold 102+ at $14.2 (1/25/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2020/01/aple-nmfc-otcfx-peo-rlj.html" style="text-align: left;">Item # 2.A. Sold 50 NMFC at $13.95 (1/15/20 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2019/02/observations-and-sample-of-recent_9.html" style="text-align: left;">Item # 1.B. Eliminated NMFC-Sold 60 at $13.96 and 50 at $13.94 (2/9/19 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2018/08/observations-and-sample-of-recent_19.html" style="text-align: left;">Item # 1 A. Sold 50 NMFC at $14.06 (8/19/18 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2014/11/sold-remaining-nmfc-at-1463bought-100.html" style="text-align: left;">Item # 1 Sold Remaining 50 Shares of NMFC at $14.63 (11/1/14 Post)</a>; <a href="http://tennesseeindependent.blogspot.com/2014/10/sa-instablog-published-on-new-mountains.html" style="text-align: left;">Sold 100 of 150 NMFC at $14.4773 (10/23/14 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2014/09/bought-taxable-accounts-50-kre-at-3955.html" style="text-align: left;">Item # 8 Sold Highest Cost NMFC Lot at $15.37 (9/14/2014 Post)</a></span></p><div><span style="font-family: georgia;"><i style="text-align: justify;"><u>Goal</u></i><span style="text-align: justify;">: Any total return before any ROC adjustments to the tax cost basis in excess of the dividend received. </span></span></div><div><span style="text-align: justify;"><span style="font-family: georgia;"><br /></span></span></div><div><span style="font-family: georgia; text-align: justify;"><u><i>Realized Gains NMFC to Date</i></u></span><span style="font-family: georgia; text-align: justify;">: </span><span style="color: #6aa84f; font-family: georgia; text-align: justify;"> +$434.15</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span><span><i><u>Exchange Traded Baby Bond</u></i>: NMFC recently sold a $25 par value SU bond that matures in 2028. </span></span></span></span><a href="https://www.marketwatch.com/investing/stock/nmfcz?mod=search_symbol" style="text-align: left;">New Mountain Finance Corp. 8.25% Notes due 2028 (NMFCZ)</a>; <a href="https://www.sec.gov/Archives/edgar/data/1496099/000162828023037425/nmfc-20231107.htm" style="text-align: left;">Prospectus</a> I view this offering as raising funds to replace those recently incinerated by the bad loans discussed above. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>10 Year Average Annual Total Return</i></u> (dividends reinvested) Through 12/1/23: <span style="color: #6aa84f;"><b>+</b>8.78%</span>. The <span style="color: red;">start price was $14.78</span> and <span style="color: red;">the end price was at $12.83</span>. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Sourced: </span><a href="https://www.dividendchannel.com/drip-returns-calculator/" style="text-align: left;">DRIP Returns Calculator | Dividend Channel</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Goal</u></i>: Same as with all BDC investments. Sell the shares at any profit before any ROC adjustment to the tax cost basis plus the dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>D. Restarted IGR - Bought 50 at $4.5 - Schwab Account</u></span></b></i><span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>History this Account: </span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMPcgRl4Q4e5R08Tx6Q1V6Lq0eAYGdG0zEeHEpkkt_kA7Tz5j5bTdj2gkDEbu3exJO9isrrLRB7waSM7PTrkUOLGrVdsLvneOvXUMcBRBtebrnO-ELe4XZNT8rIXsg_bOaG3IEx5qd75UByotxUfB3o7YiDcShBuMgJY9US9e6NGQgM4l6HvkgcUfTZv9H/s2856/IGR%2050%20at%20$4.5.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="406" data-original-width="2856" height="45" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMPcgRl4Q4e5R08Tx6Q1V6Lq0eAYGdG0zEeHEpkkt_kA7Tz5j5bTdj2gkDEbu3exJO9isrrLRB7waSM7PTrkUOLGrVdsLvneOvXUMcBRBtebrnO-ELe4XZNT8rIXsg_bOaG3IEx5qd75UByotxUfB3o7YiDcShBuMgJY9US9e6NGQgM4l6HvkgcUfTZv9H/s320/IGR%2050%20at%20$4.5.png" width="320" /></a></span></span></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>In my Schwab account I owned this stock CEF for a few days in May 2020, buying 100 shares at $5.32+ and selling 11 days later at $5.95+.</span></span></p><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span>Quote: </span></span></span><a href="https://www.marketwatch.com/investing/fund/igr?mod=over_search" style="text-align: left;">CBRE Clarion Global Real Estate Income Fund Overview</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Cost: $225</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=1268884&action=getcompany" style="text-align: left;">IGR SEC Filings</a></span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span><i><u>Most recent elimination</u></i>: </span></span></span><a href="https://tennesseeindependent.blogspot.com/2023/03/argd-bdn-brkb-ddt-gd-igr-jri-kw-pflt.html" style="text-align: left;">Item # 3.B. Eliminated IGR - Sold 180 at $6.54 (3/11/23 Post)</a>(profit snapshot = <span style="color: #6aa84f;">$253.51</span>) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://www.sec.gov/Archives/edgar/data/1268884/000175272423261694/260208CBRE093023.htm">SEC Filing - Holdings as of 9/30/23</a> Cost at $1.381+B with the value at $1.04+B. REITs have performed poorly over the past year in response to higher interest rates. Using leverage rising in cost to buy stocks going down in price will add to the unrealized loss total. Maybe this is about to turn more favorable. </span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Leveraged at 31% as of 10/31/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://www.sec.gov/Archives/edgar/data/1268884/000119312523221702/d526737dncsrs.htm">CBRE Global Real Estate Income Fund</a>-This is a link to the SEC Filed Shareholder Report for the semiannual period ending 6/30/23. In this report at page 30, it is stated that the fund has a $400M secured line of credit and had borrowed $368.712M as of 6/30. The fund pays interest at a .75% spread to the federal funds rate. The average interest cost was 5.5% during the six month period. </span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span>Sponsor's website: </span></span></span><a href="https://www.cbreim.com/strategies-and-solutions/investment/listed-real-assets/global-real-estate-income-fund#overview" style="text-align: left;">CBRE Global Real Estate Income Fund</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">To 10 Holdings as of 10/31/23: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3z99U6FQgVJ4Ao_WKn-E10sD8jpirqlmbYGLmpD1-g-s4BFA9V79GLzHvNh0xmbTYeQ1ttDW0Bl2gR07o5EQBG6WNzpZrIrANsDOyGyTYqz4YjHjqJI6IXnohuW4jHRc2YkRnfKZsgvU8jYGcNr5Wx80Cr0C_vKzNHwgdxh3HqFaivbWjP2GvDhxPbuJf/s2698/Screenshot%202023-11-27%20at%207.27.12%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="832" data-original-width="2698" height="99" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3z99U6FQgVJ4Ao_WKn-E10sD8jpirqlmbYGLmpD1-g-s4BFA9V79GLzHvNh0xmbTYeQ1ttDW0Bl2gR07o5EQBG6WNzpZrIrANsDOyGyTYqz4YjHjqJI6IXnohuW4jHRc2YkRnfKZsgvU8jYGcNr5Wx80Cr0C_vKzNHwgdxh3HqFaivbWjP2GvDhxPbuJf/s320/Screenshot%202023-11-27%20at%207.27.12%E2%80%AFPM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Of those stocks, I have a small ball position only in CubeSmart (CUBE). </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Monthly at $.06 per share ($.72 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">There has been some ROC support. While IGR has a net unrealized capital loss, there are stocks that have unrealized gains. Since there is no loss carryforward, as of 12/31/22, there is at least a possibility that the dividend can be supported with capital gains. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $4.5</u></i>: <b>16</b>% </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Next Ex Dividend</u></i>: 12/19/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Data Date of 11/27/23 Trade</i></u>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Closing Net Asset Value per share: $5.26</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Closing Market Price: $4.5</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Discount: -14.45%</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Average 3 year discount: -8.31%</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Sourced: <a href="https://www.cefconnect.com/fund/IGR" style="text-align: left;">IGR-CEF Connect</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="color: #800180;"><a href="https://www.morningstar.com/cefs/xnys/igr/portfolio">CBRE Global Real Estate Income (IGR) Portfolio | Morningstar</a> </span><span>(lists top 25 holdings)</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span><i><u>Other Sell Discussions</u></i>: </span></span></span><a href="https://tennesseeindependent.blogspot.com/2023/02/arow-cgbd-ctra-dcomp-fhb-fnb-hbnc-igr.html" style="text-align: left;">Item # 2.G. Pared IGR in Fidelity Account - Sold 10 at $6.69 (2/5/23 Post)</a>(profit snapshot = $8.17): <a href="https://tennesseeindependent.blogspot.com/2021/08/bk-ebgef-ebix-fmat-ida-igr-is-lgnd-mj.html" style="text-align: left;">Item # 2.H. Pared IGR - Sold 2 at $9.09 (8/27/21 Post)</a><span>(profit snapshot = $6.29); </span><a href="https://tennesseeindependent.blogspot.com/2021/06/amcr-bmrn-bmy-cgbd-csco-fcx-ffhprgca.html" style="text-align: left;">Item #3.H. Sold All IGR Shares Purchased with Dividend (6/12/21 Post)</a><span>(profit snapshot = $49.1); </span><a href="https://tennesseeindependent.blogspot.com/2021/04/aod-bmy-cjref-duk-fisi-gis-igr-jqc-k.html" style="text-align: left;">Item # 1.R. Sold 42+ IGR at $8.1 (4/17/21 Post)</a><span>(profit snapshot = $43.23); </span><a href="https://tennesseeindependent.blogspot.com/2021/04/asb-caty-evrg-ffic-fitb-gsg-ida-igr.html" style="text-align: left;">Item # 1.A. Pared IGR-Sold 100 at $7.64 (4/9/21 Post)</a><span>(profit snapshot = $63.6); </span><a href="https://tennesseeindependent.blogspot.com/2020/06/bdge-brkb-btz-cznc-enbprpca-igr-main.html" style="text-align: left;">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)</a><span> (profit snapshots = $113.32); </span><a href="https://tennesseeindependent.blogspot.com/2020/02/dpg-enb-gnl-igr-nrz-sret.html" style="text-align: left;">Item # 1.C. Sold 9 IGR at $8.33<b> </b>(2/19/20 Post)</a><span>(profit snapshot = $4.99); </span><a href="https://tennesseeindependent.blogspot.com/2019/12/feny-hta-igr-k-tef.html" style="text-align: left;">Item # 2.A. Sold 100 IGR<b> </b>at $8.01 (12/28/19 Post)</a><span>(profit snapshot = $42.98); </span><a href="https://tennesseeindependent.blogspot.com/2013/08/sold-283-igr-at-789psecbought-50-dre-at.html" style="text-align: left;">Item # 1 Sold 283 IGR at $7.89+ (8/24/13 Post)</a><span>(profit snapshot on all 2013 sales = $77.62)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Goal</i></u>: Any profit before ROC adjustments to the tax cost basis in excess of the dividends. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="color: #800180;"><b><i><u>E. Added to HIW - Bought 1 $18.13; 1 at $17.93; 3 at $17.74 </u></i></b></span>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK_NOar6WJDG1TxL-bQUgoIHTUW6M7W4TNlbXRsmQXb5Dm6acUllBRVUcrWOy9tll1fGmStrqaO0tkdr3_YRKfZQCTKUUGkS3wjcw97J35IsLrUiKgbaTGs0YCco4gmomMPfnwfU7PxhUWfMkJ13pEdedYZDTAuLscUsNqJk8s4iXKO-rEo-XfaKwAUK8e/s2852/HIW.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="320" data-original-width="2852" height="36" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK_NOar6WJDG1TxL-bQUgoIHTUW6M7W4TNlbXRsmQXb5Dm6acUllBRVUcrWOy9tll1fGmStrqaO0tkdr3_YRKfZQCTKUUGkS3wjcw97J35IsLrUiKgbaTGs0YCco4gmomMPfnwfU7PxhUWfMkJ13pEdedYZDTAuLscUsNqJk8s4iXKO-rEo-XfaKwAUK8e/s320/HIW.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Quote: </span></span><a href="https://www.marketwatch.com/investing/stock/hiw?mod=over_search" style="text-align: left;">Highwoods Properties Inc. (HIW)</a> - Office REIT</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Management: Internal</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $89.28</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The office properties are primarily located in "<span style="text-indent: 24px;">the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa." </span></span><span style="font-family: georgia; text-indent: 24px;"> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYRYfe1XoVd06ye6s7-bHgzEseDN_60Md6lhOvDp5saDUBSECheVBC5Ka6YjD-bqQ9aYWbFBJzKwhs8mf7RPP2LgxzmRrwTuFgPIjmmM0be08_LKzUxKw6jrGF94j8YiyKtZiWi8kmAFrIvFnUCk4ZnYyqxoIV4prs8AF2WQBwFZSPKmBLEHn5lnZBSCSW/s3246/Screenshot%202023-11-27%20at%207.48.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1308" data-original-width="3246" height="129" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYRYfe1XoVd06ye6s7-bHgzEseDN_60Md6lhOvDp5saDUBSECheVBC5Ka6YjD-bqQ9aYWbFBJzKwhs8mf7RPP2LgxzmRrwTuFgPIjmmM0be08_LKzUxKw6jrGF94j8YiyKtZiWi8kmAFrIvFnUCk4ZnYyqxoIV4prs8AF2WQBwFZSPKmBLEHn5lnZBSCSW/s320/Screenshot%202023-11-27%20at%207.48.57%E2%80%AFAM.png" width="320" /></a></span></div><span style="font-family: georgia;"><span><br /></span><a href="https://www.sec.gov/Archives/edgar/data/921082/000092108223000053/hiw-20230930.htm">10-Q at page 29</a> </span><p></p><p style="text-align: justify;"><a href="https://www.sec.gov/edgar/browse/?CIK=921082&owner=exclude"><span style="font-family: georgia;">HIW SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/921082/000092108223000006/hiw-20221231.htm">2022 Annual Report</a> (Debt listed at page 84) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.highwoods.com/" style="text-align: left;">Highwoods</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Investment Category: </span></span><a href="https://tennesseeindependent.blogspot.com/2014/10/gateway-post-equity-reit-common-and.html" style="text-align: left;">Equity REIT Common and Preferred Stock Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Debt Offering</u></i> (11/23): <a href="https://www.sec.gov/Archives/edgar/data/941713/000094171323000009/hiw424b511152023final.htm" style="text-align: left;">Prospectus</a> $350M of 7.65% SU notes maturing in 2034, using the proceeds to repay outstanding debt including the balances in its unsecured credit facility and a bank term loan. Priced at 98.672 with proceeds to HIW at 98.022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Last Discussed</u></i>: </span></span><a href="https://tennesseeindependent.blogspot.com/2023/10/agr-axprica-btz-cag-clpr-codipra-cto.html" style="text-align: left;">Item # 1.J. Added to HIW - Bought 1 at $20.2; 1 at $19.85; 1 at $19.31; 1 at $18.87 (10/7/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$23.81</b> (53+ shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.50 per share, last raised from $.48 effective for the 2021 second quarter payment. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I do not anticipate another dividend increase until interest rates start to move back down, reducing the downside pressure on FFO, and the work-from-home trend returns to something close to a pre-pandemic level. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Most Office REITs have cut their dividends (e.g. OPI, BDN) or eliminated them (e.g. VNO, HPP). Highwoods has, so far, maintained its quarterly dividend after the last raise to $.50 per share. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I am reinvesting the dividend. </span></p><p style="text-align: justify;"><a href="https://www.nasdaq.com/market-activity/stocks/hiw/dividend-history"><span style="font-family: georgia;">HIW Dividend History | Nasdaq</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>8.4</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/17/23 (owned 48+ shares as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/921082/000092108223000053/hiw-20230930.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a> and <a href="https://s23.q4cdn.com/319093197/files/doc_financials/2023/q3/PR-23-17-HIW-Announces-Third-Quarter-2023-Results.pdf" style="text-align: left;">HIW Announces Third-Quarter 2023 Results.pdf</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">FFO per share = $.93, down from $1.04 in the 2022 third quarter</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Net Income to FFO: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG3Dt_NjY9Ah7JLb6RP9bb1skhIc0ElXv_7x5yrH7OWvg85sjM1mCo6qh-pCXnssxpSghupcf_s6fCpoYKEkmAy3CnCPevukMw7FxaKOU3occI_HmAqRIL1Y3NebRICJX7E5t_nzFIU2tYzbM6MWyTeL8iQ42fLWLRkfLXZKHJ2sEboRD9QNE75pAVh8Ja/s3236/Screenshot%202023-11-27%20at%207.50.47%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="820" data-original-width="3236" height="81" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG3Dt_NjY9Ah7JLb6RP9bb1skhIc0ElXv_7x5yrH7OWvg85sjM1mCo6qh-pCXnssxpSghupcf_s6fCpoYKEkmAy3CnCPevukMw7FxaKOU3occI_HmAqRIL1Y3NebRICJX7E5t_nzFIU2tYzbM6MWyTeL8iQ42fLWLRkfLXZKHJ2sEboRD9QNE75pAVh8Ja/s320/Screenshot%202023-11-27%20at%207.50.47%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Revenues: $207.095M, up from $206.977M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Highwoods does not present a cash available for distribution ("CAD") number and provides insufficient information for me to confidently calculate CAD. I can reasonably assume, however, that quarterly CAD per share is in excess of the $.50 per share dividend. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">In service Occupancy: 88.7%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">2023 Guidance: FFO per share of $3.73-$3.77</span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH_dBUsH9YfHqsPUdjJVqZQ_Tv9USXMZuW6DjeChK8eD_jZQGB4m5gzK7KQKsRO3la7VpXahAW82Wrp2TapmXfZt95kGqKJ9hno25R_CJJI7PUIJW2axjW5OHpFiIh_RIjlLd_0KZzEOYgBDgyznrNISMWhpaXK2cZiGsKKdp2CfRpkhKAjIK-NdE2-oaT/s1434/Screenshot%202023-11-27%20at%208.05.02%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="908" data-original-width="1434" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH_dBUsH9YfHqsPUdjJVqZQ_Tv9USXMZuW6DjeChK8eD_jZQGB4m5gzK7KQKsRO3la7VpXahAW82Wrp2TapmXfZt95kGqKJ9hno25R_CJJI7PUIJW2axjW5OHpFiIh_RIjlLd_0KZzEOYgBDgyznrNISMWhpaXK2cZiGsKKdp2CfRpkhKAjIK-NdE2-oaT/s320/Screenshot%202023-11-27%20at%208.05.02%E2%80%AFAM.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Elimination</u></i>: <a href="https://tennesseeindependent.blogspot.com/2022/02/amcr-enb-fbio-fe-fsphx-hiw-peg-shbi-tup.html" style="text-align: left;">Item # 1.I. Eliminated HIW - Sold 7 at $47.22 (2/3/22 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">I do not have access to any analyst reports. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Earlier this month, BofA downgraded its rating to neutral from buy and Truist kept its buy rating but lowered the PT to $28 from $35. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.barrons.com/articles/office-reits-feel-the-pressure-as-vacancies-creep-up-blame-the-work-at-home-crowd-51663369127?mod=md_stockoverview_news">Office REITs Feel the Pressure as Vacancies Creep Up. Blame the Work at Home Crowd. - Barrons</a> This article summarizes the opinion of a Morgan Stanley analyst, who is bullish on HIW, noting it has less exposure to the work-from-home </span>trend given the southern geographic areas where it operates. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">When I drive around Nashville, for example, the office parking lots seem to have the same number of cars in parking lots as prior to the pandemic. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>F. Added to TRST - Bought 5 at $27.13 - Fidelity Account</u></span></b></i>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY5ruE5LrFh7dDUwo4Kf5QJqK6cFTNj_7Um9y0N1Vlf6gIuABP81ocKzJ3LRknZ8TF2fuSe2f0Y7PTbaoL-FcyZlaJ1P-zu2ncqW5smIHWj7QCCV8865vEX8h3o-VjoAQJEAMuZYSkiaL6fMP-eI71J5HkqtVEIilUrmsjFE3yIsGYtKB2GiFxKjtZQUrM/s2400/TRST%205%20$27.13.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="128" data-original-width="2400" height="17" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY5ruE5LrFh7dDUwo4Kf5QJqK6cFTNj_7Um9y0N1Vlf6gIuABP81ocKzJ3LRknZ8TF2fuSe2f0Y7PTbaoL-FcyZlaJ1P-zu2ncqW5smIHWj7QCCV8865vEX8h3o-VjoAQJEAMuZYSkiaL6fMP-eI71J5HkqtVEIilUrmsjFE3yIsGYtKB2GiFxKjtZQUrM/s320/TRST%205%20$27.13.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/trst" style="text-align: left;">Trustco Bank Corp. (TRST)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $134.65</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/cgi-bin/browse-edgar?CIK=357301"><span style="font-family: georgia;">TRST SEC Filings</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Category: <a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Discussed</u></i>: <a href="https://tennesseeindependent.blogspot.com/2023/06/ajxa-bdn-colb-csco-fgdfx-fisi-ftekx-glw.html" style="text-align: left;">Item # 1.I. Added to TRST - Bought 5 at $27.75 (6/3/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Elimination of Duplicate Positions</u></i>: I previously eliminated my duplicate positions: <a href="https://tennesseeindependent.blogspot.com/2023/03/argd-bdn-brkb-ddt-gd-igr-jri-kw-pflt.html" style="text-align: left;">Item # 2.C. Eliminated TRST in 2 Taxable Accounts - Sold 5 <b>at $36.84</b>; 5 <b>at $37.02</b> (3/11/23 Post)</a>(profit snapshot = $41.28); <a href="https://tennesseeindependent.blogspot.com/2022/12/bbdc-bdn-elc-fsk-gis-gty-kmb-nycb-pdm.html" style="text-align: left;">Item # 3.A. Eliminated TRST in Schwab Taxable Account - Sold 20 <b>at $38</b> (12/13/22 Post)</a>(profit snapshot = $129.8)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>New Average cost per share</i></u>: <b>$29.55</b> (41 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.36 per share ($1.44 annually)</span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/TRST/dividends/history"><span style="font-family: georgia;">TRST Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $29.55</u></i> = <b>4.87</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend:</u></i> 11/30/23 (owned all as of)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/357301/000114036123049173/ef20012912_ex99-a.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 third quarter. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">E.P.S. $.77, down from $1.1 </span></p><p style="text-align: justify;"><span style="font-family: georgia;">NIM: 2.85%, down from 3.16% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Efficiency ratio: 58.33%, up from 49.87% (up is bad)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPL Ratio: .36%, down from .4%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">NPA Ratio: .31%, down from .32%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Charge o<span>ffs: "<span style="background-color: white;">have been in a net recovery position for the past seven quarters."</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Coverage ratio: 260% </span></p><p style="text-align: justify;"><span style="font-family: georgia;">ROE: 9.32%, down from 12.78%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Of those numbers, the only positive ones are the non-performing assets, loans, coverage and charge off ratios. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">I would expect NIM to improve gradually as more owned securities mature with the proceeds reinvested in higher yielding ones. The favorable impact will, however, be muted by the decline in yields from recent highs which may continue. Deposit costs are probably starting to trend down from recent highs based on what I am seeing in brokered CD offerings, but it takes time for high yielding CDs to mature. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/357301/000114036123052098/ef20012473_10q.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Securities (page 14, 10-Q): </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxeUGOCwv-osnGNZBYcrBrivAmjFuW6kYvKIUbEBihUrNIKIw4iKKru2OBzB0w097ICLY7Ridr4yymygvqROU6Qb8Q98OGr1lxG5rI75bPX1-77xby7BNGGscJXjn4nn-79kDpOw5jK2NCqvRAmAeVfzjhPViFIYnknn2o6uhlwXlMqOSfetu5L1uIqbnq/s3246/Screenshot%202023-11-28%20at%205.53.21%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="612" data-original-width="3246" height="60" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxeUGOCwv-osnGNZBYcrBrivAmjFuW6kYvKIUbEBihUrNIKIw4iKKru2OBzB0w097ICLY7Ridr4yymygvqROU6Qb8Q98OGr1lxG5rI75bPX1-77xby7BNGGscJXjn4nn-79kDpOw5jK2NCqvRAmAeVfzjhPViFIYnknn2o6uhlwXlMqOSfetu5L1uIqbnq/s320/Screenshot%202023-11-28%20at%205.53.21%E2%80%AFPM.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsrhM9QuS9egMA_LolU82E0yd-iK88Vf6xjwHW1KLtVtvDBQrQxB4GQaMa_rxblYYLkTVsYnITpJyEm0qnhH4oCHeg6rUBc_oF6qu8Tbyb7tXNXElLnzZAg02jcoAV6JUND2c6LP6T1Ze0mL9j7A4AnClwA5TstdsSvA2ULoOYf_VQaqzihzMB8Q6iwdT4/s3222/Screenshot%202023-11-28%20at%205.54.22%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="316" data-original-width="3222" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsrhM9QuS9egMA_LolU82E0yd-iK88Vf6xjwHW1KLtVtvDBQrQxB4GQaMa_rxblYYLkTVsYnITpJyEm0qnhH4oCHeg6rUBc_oF6qu8Tbyb7tXNXElLnzZAg02jcoAV6JUND2c6LP6T1Ze0mL9j7A4AnClwA5TstdsSvA2ULoOYf_VQaqzihzMB8Q6iwdT4/s320/Screenshot%202023-11-28%20at%205.54.22%E2%80%AFPM.png" width="320" /></span></a></div><div><p style="text-align: justify;"><span style="font-family: georgia;">The decline in yields this quarter will reduce the unrealized loss. $60+M will mature within 1 year of 9/30/23. There may also be a slight increase in paydowns from mortgage backed securities that can be reinvested at higher yields. Most of the unrealized loss is concentrated in mortgage backed securities. It would not be irrational to forecast that NIM will trend higher over the next several quarters.</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>TRST Realized Gains to Date</u></i>: <span style="color: #6aa84f;">$1,408.67 </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Other Sell Discussions</i></u>: <span>There was a <span style="color: #cc0000;">1 for 5 reverse stock split</span> in 2021 that explains the lower prices. </span><a href="https://www.splithistory.com/trst/" style="text-align: left;">TRST Split History</a> The prices referenced in the following links are not adjusted for that reverse split. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://tennesseeindependent.blogspot.com/2021/05/bmy-d-dpg-fsmex-iivi-nvs-pba-pbct-saic.html" style="text-align: left;">Item # 3.G. Eliminated TRST-Sold 15+ in Schwab Taxable at $7.45 and 40+ in Fidelity Taxable at $7.44 (5/14/21 Post)</a>(profit snapshots = $111); <a href="https://tennesseeindependent.blogspot.com/2021/01/amgn-bif-btz-crm-dcomp-eaf-ed-gass-gd.html" style="text-align: left;">Item # 1.D. Pared TRST-Sold 10 at $6.72 (1/9/21 Post)</a><span>; </span></span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent_27.html" style="text-align: left;">Item # 3.A. Eliminated TRST Sold 56+ at $8.8 (11/27/19 Post)</a>(profit snapshot = $68.51); <span><a href="https://tennesseeindependent.blogspot.com/2019/11/observations-and-sample-of-recent.html" style="text-align: left;">Item # 2.B. Sold 125 TRST at $8.6 (11/2/19 Post)</a><span>; </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4903215-update-regional-bank-basket-strategy-7-26-16" style="text-align: left;">Item # 2 Sold 100 TRST at $6.69 Update For Regional Bank Basket Strategy As Of 7/26/16-South Gent | Seeking Alpha</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2015/01/sold-315-trst-at-692added-to-macsx-at.html" style="text-align: left;">Item # 1 Sold 315+ TRST at $6.92 (1/11/15 Post)</a></span><span>(largest gain to date = </span><span style="color: #6aa84f;">$549.47</span><span>)</span><span>; </span><a href="http://tennesseeindependent.blogspot.com/2013/11/update-for-regional-bank-and-lottery.html" rel="nofollow" sasource="blogbody" style="text-align: left;" target="_blank">Sold 50 TRST at $7.29 (11/25/13 Post)</a><span>; </span><a href="http://tennesseeindependent.blogspot.com/2013/10/update-for-lottery-ticket-and-regional.html" rel="nofollow" sasource="blogbody" style="text-align: left;" target="_blank">Sold 308 TRST at $6.64 (10/28/13 Post)</a>(profit snapshot = <span style="color: #6aa84f;">$238.38</span>)(on a reverse split adjusted basis, the sales price was $33.2)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>G. Started SAMG - Bought 10 at $15.65</u></i></b></span>: </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4_RSh5Sz62t9FfSenvbhsbldjDeMG-U-T7i7h2Ph9QP0aA8rI5UfTXXr68bshFDTDl9E-RFQhPc_1e9RfmBaNU6af-sPeRktLcLT_8YNTpnhPKnjMibYYWz1h0GKsAtSfRif_lQEoGPNmUFcmWPcwycQxTsArUMHoF91xDH-xDdD2ObdZ92lvmstuoQ3u/s2404/SAMG.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="110" data-original-width="2404" height="15" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4_RSh5Sz62t9FfSenvbhsbldjDeMG-U-T7i7h2Ph9QP0aA8rI5UfTXXr68bshFDTDl9E-RFQhPc_1e9RfmBaNU6af-sPeRktLcLT_8YNTpnhPKnjMibYYWz1h0GKsAtSfRif_lQEoGPNmUFcmWPcwycQxTsArUMHoF91xDH-xDdD2ObdZ92lvmstuoQ3u/s320/SAMG.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><p style="text-align: justify;"><span style="font-family: georgia;">Quote: <a href="https://www.marketwatch.com/investing/stock/samg?mod=search_symbol" style="text-align: left;">Silvercrest Asset Management Group Inc. Cl A</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost $156.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Silvercrest Asset Management Group, Inc., through its operating subsidiary, Silvercrest L.P. and its subsidiaries "<span style="text-align: left; white-space-collapse: preserve;">provides investment management and family office services to individuals and families and their trusts, and to endowments, foundations and other institutional investors primarily located in the United States of America." </span> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1549966&owner=exclude">SAMG SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1549966/000095017023058425/samg-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1549966/000095017023005837/samg-20221231.htm">2022 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.marketwatch.com/investing/stock/samg/analystestimates?mod=mw_quote_tab">SAMG Analyst Estimates | MarketWatch</a> (3 analysts, average 2024 E.P.S. currently at $1.77, up from an estimated $1.44 in 2023)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Dividend</i></u>: Quarterly at $.19 per share, last raised from $.18 effective for the 2023 third quarter payment. </span></p><p style="text-align: justify;"><a href="https://seekingalpha.com/symbol/SAMG/dividends/history" style="text-align: left;"><span style="font-family: georgia;">SAMG Stock Dividend History & Date</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $15.65</u></i> = <b>4.86</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Next Ex Dividend</i></u>: 12/7/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (Q/E 9/30/23): <a href="https://www.sec.gov/Archives/edgar/data/1549966/000095017023058411/samg-ex99_1.htm" style="text-align: left;">SEC Filing</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Diluted E.P.S. = $.34, down from $.35</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Adjusted Diluted E.P.S. $.36, up from .34</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Revenue: $29.704M, up from $29.042M</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Average Assets Under Management (AUM): $31.6B, up from $28.1B</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiixXYbHjQq1-ittUimZrEJIhwM73_S3kg6FQg7EL8uUvG9lxC2Cw6iUekNUf-V4K2XjdkOmPl1JJKpGsXwR0isO0pu2iNV4s9ALIlsIQyFyZ0zS-3f7yQA4xeJZscozg-jrPUuoQ1LdRbH4d5QY2rWDxSWktTvLVXkHFFqHtMbzgsfQxMj-h2oxLoUaeCK/s3240/Screenshot%202023-11-29%20at%2011.19.57%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="726" data-original-width="3240" height="72" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiixXYbHjQq1-ittUimZrEJIhwM73_S3kg6FQg7EL8uUvG9lxC2Cw6iUekNUf-V4K2XjdkOmPl1JJKpGsXwR0isO0pu2iNV4s9ALIlsIQyFyZ0zS-3f7yQA4xeJZscozg-jrPUuoQ1LdRbH4d5QY2rWDxSWktTvLVXkHFFqHtMbzgsfQxMj-h2oxLoUaeCK/s320/Screenshot%202023-11-29%20at%2011.19.57%E2%80%AFAM.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">AUM at Quarter's End: $31.2B, up from $27.4B</span></p><p style="text-align: justify;"><span style="font-family: georgia;">"<span style="min-width: fit-content; text-align: left; white-space-collapse: preserve;">The increase was attributable to market appreciation of $2.9 billion and net client inflows of $0.9 billion."</span><span style="min-width: fit-content; text-align: left; white-space-collapse: preserve;"> Fee income is dependent on AUM and the value of those assets. Hopefully, the value has been rising this quarter. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="min-width: fit-content; text-align: left; white-space-collapse: preserve;"><i><span style="color: #800180;"><u><b>H. Started WBA - Bought 5 at $20.14; 5 at $19.75</b></u></span></i>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXAsMYEuOl5Ch1HKephvoxAkt0p0I_6XbwkpZS0i9VfQZaBHt1D-TZ1EQ1qdXTJa_oVfLTTwDbTF2tW3Fermbcwiq94zbPsslXz95_iqhXzkVCC1poge6RAuLNamQ_EUtDNR7jQcBYDaFFWM7r068nlDr_Eah8W2-VbYjui3LUsuG0gd7Ys-tv_jmMLxGJ/s2704/WBA%205%20$20.14%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="258" data-original-width="2704" height="31" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXAsMYEuOl5Ch1HKephvoxAkt0p0I_6XbwkpZS0i9VfQZaBHt1D-TZ1EQ1qdXTJa_oVfLTTwDbTF2tW3Fermbcwiq94zbPsslXz95_iqhXzkVCC1poge6RAuLNamQ_EUtDNR7jQcBYDaFFWM7r068nlDr_Eah8W2-VbYjui3LUsuG0gd7Ys-tv_jmMLxGJ/s320/WBA%205%20$20.14%20.png" width="320" /></a></span></div><span style="font-family: georgia;"><br /><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghFe3f3sY9ozDbvhHaNSRXn5zQh0DITGc7X_kzO0t8FzYgI4IoktO3y3cpilY6WK3EdI5n7-fLeXNPDUMO4m0icLZbEStxh1o_EOH5xuVgXwaAtPytDDvDt7y5kdMs1BtK2xWY1Z4XdCSYdWyJ5WyeT477Xiz-kLom2sGcbeJCq35bdnOLDvt1yeniMAmv/s2724/Screenshot%202023-11-30%20at%2012.31.40%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="226" data-original-width="2724" height="27" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghFe3f3sY9ozDbvhHaNSRXn5zQh0DITGc7X_kzO0t8FzYgI4IoktO3y3cpilY6WK3EdI5n7-fLeXNPDUMO4m0icLZbEStxh1o_EOH5xuVgXwaAtPytDDvDt7y5kdMs1BtK2xWY1Z4XdCSYdWyJ5WyeT477Xiz-kLom2sGcbeJCq35bdnOLDvt1yeniMAmv/s320/Screenshot%202023-11-30%20at%2012.31.40%E2%80%AFPM.png" width="320" /></a></div></div></span><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="min-width: fit-content; text-align: left; white-space-collapse: preserve;">Quote: </span></span><a href="https://www.marketwatch.com/investing/stock/wba?mod=search_symbol" style="text-align: left;">Walgreens Boots Alliance Inc. (WBA)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $199.45</span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/wba/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">WBA Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1618921&owner=exclude">WBA SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1618921/000161892123000062/wba-20230831.htm">Annual Report for the F/Y Ending 8/31/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">As of 8/31/23, Walgreens had 8,600 retail stores in the U.S. and 4,297 internationally. There were also 529 healthcare locations in the U.S. that were not located in the retail stores. </span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCG9g4B0M7xV7Vbvb5WDPDWcNh7YzX1fXvAkSNdZlNmD04OJuv0-YBx6dUSsiWfmeuhOWBgCl0OV4zgLrQCBOvVEJDAZg3xRmb2fSEIgANcMb-mah2nyrk4ceEtQltb55mf6pdrwH0bInJLKPfr1lUcM6glpnwbtaPiOZbtBMivzrGJLGmYIzugRHM3jL5/s3246/Screenshot%202023-11-30%20at%2011.42.16%E2%80%AFAM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="1058" data-original-width="3246" height="104" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCG9g4B0M7xV7Vbvb5WDPDWcNh7YzX1fXvAkSNdZlNmD04OJuv0-YBx6dUSsiWfmeuhOWBgCl0OV4zgLrQCBOvVEJDAZg3xRmb2fSEIgANcMb-mah2nyrk4ceEtQltb55mf6pdrwH0bInJLKPfr1lUcM6glpnwbtaPiOZbtBMivzrGJLGmYIzugRHM3jL5/s320/Screenshot%202023-11-30%20at%2011.42.16%E2%80%AFAM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Page 35</span></td></tr></tbody></table><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">"The Company filled 801 million prescriptions (including vaccinations) in the segment in fiscal 2023. Adjusted to 30-day equivalents, prescriptions filled were 1.2 billion in fiscal 2023." (page 4)</span></span></p><p style="text-align: justify;"><span style="text-align: start;"><span style="font-family: georgia;">Created at the beginning of fiscal 2022, the "U.S. Healthcare segment currently consists of a majority position in VillageMD, a national provider of value-based care with primary, multi-specialty, and urgent care providers serving patients in traditional clinic settings, in patients’ homes and online appointments; Shields, a specialty pharmacy integrator and accelerator for hospitals; CareCentrix, a participant in the post-acute and home care management sectors, and the Walgreens Health organic business that contracts with payors and providers to deliver clinical healthcare services to their members and members’ caregivers through both digital and physical channels." (page 6)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia; white-space-collapse: preserve;">I took a snapshot of a five year chart intraday on 11/29/23. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_NBLiWRbT6Je9VQthb5jv5IAbUNzxoVnmPLTrJhUnyniXubx5gqTzg9eezYtQikIbcbLnpx5qYYDx1h0jKRrY3eE0NnPuiQ0q7_pd3LerHimomU2NAx9-QvYFgg5-CMLcLbDgev8PDzHOEOzKKGEAwazZYH9Iuj0Oe8X_m5au9mLtkmj7ksKg5IKQk609/s1752/WBA%205%20YEAR%20CHART.%20.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="670" data-original-width="1752" height="122" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_NBLiWRbT6Je9VQthb5jv5IAbUNzxoVnmPLTrJhUnyniXubx5gqTzg9eezYtQikIbcbLnpx5qYYDx1h0jKRrY3eE0NnPuiQ0q7_pd3LerHimomU2NAx9-QvYFgg5-CMLcLbDgev8PDzHOEOzKKGEAwazZYH9Iuj0Oe8X_m5au9mLtkmj7ksKg5IKQk609/s320/WBA%205%20YEAR%20CHART.%20.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">75.19% decline in price</span></td></tr></tbody></table><p></p><p style="text-align: justify;"><span style="font-family: georgia;">This is not a total return chart. The total return with dividends reinvested was <b><span style="color: red;">-</span></b>70.42% or an average annual total return of <b><span style="color: red;">-</span></b>21.62%. <span style="white-space-collapse: preserve;"><br /></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;">I have not owned WBA during that 5 year period. The stock's destruction shown in this chart has some appeal to me for a first purchase. For it not to have some appeal, I would need a brain transplant. </span></span></p><p style="text-align: justify;"><a href="https://www.fool.com/investing/2023/11/21/looking-for-a-high-yield-stock-avoid-walgreens/" style="text-align: left;"><span style="font-family: georgia;">Looking for a High-Yield Dividend Stock? Avoid Buying Walgreens Boots Alliance. | The Motley Fool</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$19.94</b> (10 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividend</u></i>: Quarterly at $.48 per share ($1.92 annually)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.nasdaq.com/market-activity/stocks/wba/dividend-history">WBA Dividend History | Nasdaq</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;">The dividend is nowhere near safe. It is not possible to look at the stock price chart and have any comfort in anything other than the knowledge that the stock was not owned during that decline. The yield implies a consensus opinion that the dividend will be slashed soon. That is not as certain IMO as the current price suggests. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at Average Cost per share</u></i>: <b>9.63</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Ex Dividend</u></i>: 11/13/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Earnings Report</u></i> (F/Q ending 8/31/23): This report added to the angst. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;"><a href="https://www.sec.gov/Archives/edgar/data/1618921/000119312523254615/d558457dex991.htm">SEC Filed Earnings Press Release</a> </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;">This report is for the 4th fiscal quarter.</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;">GAAP E.P.S. (-.21)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="white-space-collapse: preserve;">Adjusted E.P.S. +$.67, down 18%</span></span><span style="background-color: white; text-align: left;"> "on a constant currency basis, reflecting a 23.5 percent headwind from significantly lower </span><span style="background-color: white; text-align: left; text-wrap: nowrap;">COVID-19</span><span style="background-color: white; text-align: left;"> vaccine and testing volumes."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;">Average non-GAAP E.P.S. estimate: $.69</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;">2023 F/Y results had a number of unusual items: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;"><span style="background-color: white; text-align: -webkit-left; white-space-collapse: collapse;">"Net loss in fiscal 2023 was $3.1 billion, compared with net earnings of $4.3 billion in the </span><span style="background-color: white; text-align: -webkit-left; white-space: nowrap;">year-ago</span><span style="background-color: white; text-align: -webkit-left; white-space-collapse: collapse;"> period. This decrease is driven by a <b>$5.5 billion </b></span><span style="background-color: white; text-align: -webkit-left; white-space: nowrap;"><b>after-tax</b></span><span style="background-color: white; text-align: -webkit-left; white-space-collapse: collapse;"><b> charge for opioid-related claims and litigation</b> in the period and lapping of a $2.5 billion </span><span style="background-color: white; text-align: -webkit-left; white-space: nowrap;">after-tax</span><span style="background-color: white; text-align: -webkit-left; white-space-collapse: collapse;"> gain on the Company’s investments in VillageMD and Shields Health Solutions in the year-ago period, partly offset by a $1.7 billion </span><span style="background-color: white; text-align: -webkit-left; white-space: nowrap;">after-tax</span><span style="background-color: white; text-align: -webkit-left; white-space-collapse: collapse;"> gain from the partial sale of the Company’s investments in Cencora and the complete sale of the Company’s investment in Option Care Health. Adjusted net earnings were $3.4 billion, a decrease of 20.5 percent on a constant currency basis, primarily driven by lower adjusted operating income." (emphasis added)</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span style="white-space-collapse: preserve;"><span style="background-color: white; text-align: -webkit-left; white-space-collapse: collapse;">Pharmacies that filled prescriptions for Opioid prescriptions were a primary target for lawsuits along with the manufacturers in lawsuits filed by states including my own. </span></span></span><a href="https://www.tn.gov/attorneygeneral/news/2023/6/9/ma23-33.html#:~:text=Tennessee%20will%20receive%20%24419%20million,Tennessee's%20share%20exceeds%20%241billion." style="text-align: left;">Teva, Allergan, CVS, and Walgreens Finalize Opioid Settlement Agreements</a> (Tennessee's share will be about $419M paid over 15 years). </span></p><p style="text-align: justify;"><span style="background-color: white; font-family: georgia; text-align: -webkit-left;">Fiscal 2024 Guidance: Adjusted E.P.S. $3.2 to $3.5</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;"></span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><span style="white-space-collapse: preserve;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTedxEkZFQWKXDcZP7wAMvyl4zc_lRXN2UltQntU3pSD8Z_99xwPmbHzEZq0_l1WNiHmAdSMGj1vh55OJ-XY6aXKF5UIxjwnzsE5kDGAo0weK-KhnoEqIPZPYFa44JXnEzhNIOF0uyZGbWHzyvNDtbn5fvsBPn68H_eQ5bxwdfHMcIOmAGwESTuaTOGOy4/s1866/Screenshot%202023-11-30%20at%2011.59.59%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="494" data-original-width="1866" height="85" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTedxEkZFQWKXDcZP7wAMvyl4zc_lRXN2UltQntU3pSD8Z_99xwPmbHzEZq0_l1WNiHmAdSMGj1vh55OJ-XY6aXKF5UIxjwnzsE5kDGAo0weK-KhnoEqIPZPYFa44JXnEzhNIOF0uyZGbWHzyvNDtbn5fvsBPn68H_eQ5bxwdfHMcIOmAGwESTuaTOGOy4/s320/Screenshot%202023-11-30%20at%2011.59.59%E2%80%AFAM.png" width="320" /></a></span></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><u><i>SU Bond Trades</i></u>:</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://tennesseeindependent.blogspot.com/2017/07/observations-and-sample-of-recent_12.html">Item # 1.C. Sold 2 WBA 3.45% SU Bonds at 100.727 (7/12/17 Post)</a>(profit snapshot = $34.04)</span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><a href="https://tennesseeindependent.blogspot.com/2019/09/observations-and-sample-of-recent_14.html">Item # 4.B. Sold 2 WBA 3.3% SU Maturing on 11/18/21 at 102.127 (9/14/19 Post)</a>(profit snapshot = $62.54) </span></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><span>I currently own 2 Walgreens 3.8% SU bonds maturing on 11/18/24. </span></span></span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=931427AH1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Based on my credit risk concerns, which are not currently acute, I will own no more than 2 WBA SU bonds at any given point in time. So I will need to receive the proceeds from the 2 bonds that mature next November before buying 2 more. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #800180;"><u><i>I. Added to HTBK - Bought 5 at $8.57 - Vanguard Accoun</i><i>t</i></u></span></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: georgia;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLqIAvA2YrUUE-fiaveKSjZaqPbKLQsfCvdYWgV-gxX35CoAEq2Kl0K7-JRq2-58Ysq9YYorilAbxBQYAB3sKuvK6Ga7Le_8JEvaswFhF97c-4hR63Ytwvt9fjWAyL8hOh2fGf2C0UobsMbG66gGkFaJ9boZ3e0QsKV7_mFJPXlzjqAAy-DHt3R4V4VszY/s2348/HTBK%205%20at%208.57%20.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="256" data-original-width="2348" height="35" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLqIAvA2YrUUE-fiaveKSjZaqPbKLQsfCvdYWgV-gxX35CoAEq2Kl0K7-JRq2-58Ysq9YYorilAbxBQYAB3sKuvK6Ga7Le_8JEvaswFhF97c-4hR63Ytwvt9fjWAyL8hOh2fGf2C0UobsMbG66gGkFaJ9boZ3e0QsKV7_mFJPXlzjqAAy-DHt3R4V4VszY/s320/HTBK%205%20at%208.57%20.png" width="320" /></a></span></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span>Quote: </span></span><a href="https://www.marketwatch.com/investing/stock/htbk?mod=over_search" style="text-align: left;">Heritage Commerce Corp.</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Cost $42.85</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.sec.gov/edgar/browse/?CIK=1053352&owner=exclude" style="text-align: left;">HTBK SEC Filings</a></span></span></p><p style="text-align: justify;"><a href="https://heritagebankofcommerce.bank/locations-and-hours/" style="text-align: left;"><span style="font-family: georgia;">Locations-Heritage Bank of Commerce</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Investment Category: </span><a href="https://tennesseeindependent.blogspot.com/2020/08/regional-bank-basket-strategy.html" style="text-align: left;">Regional Bank Basket Strategy</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><i><u>Last Discussed</u></i>: </span></span><a href="https://tennesseeindependent.blogspot.com/2023/05/ccnep-cubipre-eai-egbn-fhn-fidu-fultp.html" style="text-align: left;">Item # 3.B. Added 5 HTBK at $6.9 (5/13/23 Post)</a>; <a href="https://tennesseeindependent.blogspot.com/2023/04/atlo-bcbp-ccne-cvbf-htbk-mbwm-mtb-stba.html" style="text-align: left;">Item # 2.A. Added 5 HTBK at $7.92 (4/22/23 Post)</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The lower cost shares were bought after the Silicon Valley Bank failure that would be followed by two more regional bank collapses caused by deposit runs. The entire regional bank stock sector tanked in response. Heritage has some operations in the same geographic area served by Silicon Valley Bank but has not experienced, since that bank failure, any of the same problems at a level that concerns me. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">The main problem has been net interest margin contraction that is commonplace among banks. The contraction is caused by the shift in Federal Reserve monetary policies starting in March 2022 that resulted in the cost of bank funds (deposits and borrowings) to rise faster than interest income. The cost of deposits includes more than higher savings account and CD rates and includes a massive shift out of interest free deposits into interest bearing ones. Many customers did not care about having excess funds in interest free deposits when interest bearing deposits paid almost nothing. The sharp rise in short term interest rates resulted in more customers moving deposits into accounts that paid interest. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>New Average cost per share this account</u></i>: <b>$9.2</b> (70 shares) </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Dividend</u></i>: Quarterly at $.13 per share ($.52 annually), last raised from $.12 effective for the 2020 first quarter payment</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://seekingalpha.com/symbol/HTBK/dividends/history">HTBK Stock Dividend History & Date</a></span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Yield at New AC</i></u> = <b>5.65</b>%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><i><u>Last Ex Dividend</u></i>: 11/16/23 (owned 65 as of)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><span><u><i>Last Earnings Report</i></u> (Q/E 9/30/23): </span></span><a href="https://www.sec.gov/Archives/edgar/data/1053352/000155837023016890/htbk-20231026xex99d1.htm" style="text-align: left;">SEC Filed Press Release</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Comparisons are to the 2022 third quarter</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>E.P.S. $.26, down from $.30</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NIM: 3.57%, down from 3.73%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Efficiency ratio: 52.89%, up from 47.02%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Tangible Book value per share: $7.94, up from $7.09</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NPA Ratio: .1%, up from .02%</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>NPL Ratio: .17%, up from .03% </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Coverage Ratio: 869.84% (allowance for credit losses to non-performing loans)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>ROTE: 13.6%, down from 16.6% </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><a href="https://www.sec.gov/Archives/edgar/data/1053352/000155837023017629/htbk-20230930x10q.htm">10-Q</a>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span></span></span></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhfwYv5gpwl1Jf6DKOoU8ReDgKi97sLFJH_HFuJIYO7OJomWhefnpW7uqfRU9zZoccCXfyfUMci8NGVYKuO2VLc2ekJnmbSVjtaSPUe5njtNrpiWanw8Qmm09uprqeeKr2agX8VUYgMeHfNL_N15QciqxC34aaaqrgFjL0NdXaQBdHQya2vVUhq8o8hyphenhypheng1/s2700/Screenshot%202023-11-30%20at%201.44.23%E2%80%AFPM.png" style="margin-left: auto; margin-right: auto;"><span style="font-family: georgia;"><img border="0" data-original-height="536" data-original-width="2700" height="64" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhfwYv5gpwl1Jf6DKOoU8ReDgKi97sLFJH_HFuJIYO7OJomWhefnpW7uqfRU9zZoccCXfyfUMci8NGVYKuO2VLc2ekJnmbSVjtaSPUe5njtNrpiWanw8Qmm09uprqeeKr2agX8VUYgMeHfNL_N15QciqxC34aaaqrgFjL0NdXaQBdHQya2vVUhq8o8hyphenhypheng1/s320/Screenshot%202023-11-30%20at%201.44.23%E2%80%AFPM.png" width="320" /></span></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><span style="font-family: georgia;">Owned Securities, page 61 </span></td></tr></tbody></table><p style="text-align: justify;"><span style="font-family: georgia;"><span>Weighted average life of investment portfolio: 4.72 years </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe; font-weight: bold;">2. Treasury Bill Auction Purchases</span></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>A. Bought 1 Treasury Bill at the 11/28/23 Auction</u></span></b></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEik-K3RmV1ak9mD9Z2Qbs23NtQ1o23VzqpuT73NlE15fPZL1YjfiRf3aRYxdjbZjklWoyhiTRTTD6c4wOobyFZt4Wx502a3AwWifWbJDyJTOYZIKJrkcLZZzrmdsOHGQiEWAqPjx__XJy7nME63aMEc1Mlxz3K84MrG7N0swz_BpsqoKJE64wxOsuMmuOQj/s2878/Treasury%20(1)%2011:29:24.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="194" data-original-width="2878" height="22" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEik-K3RmV1ak9mD9Z2Qbs23NtQ1o23VzqpuT73NlE15fPZL1YjfiRf3aRYxdjbZjklWoyhiTRTTD6c4wOobyFZt4Wx502a3AwWifWbJDyJTOYZIKJrkcLZZzrmdsOHGQiEWAqPjx__XJy7nME63aMEc1Mlxz3K84MrG7N0swz_BpsqoKJE64wxOsuMmuOQj/s320/Treasury%20(1)%2011:29:24.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;">1 Year T Bill</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Matures on 11/29/24</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Interest: $50.04</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment Rate: <b>5.214</b>%</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpzMed9hR1tN3hcFmiBKZLLHPqTfmPZjgfOgeWxol6omtfABjoE9v4-a3UdKxFV6JtJD2hKSZr5LASV47ljJ3iQ5zxS57NALo6bPfZ7JsFX6c4yckkXw_ZVabSr3b3yPsV1x-MFXVjLsbncOFjACc7bdphGG0rjxZ8GOWeC-9QfOZz3veCZPBcOQtCl3Ya/s1132/Screenshot%202023-11-28%20at%2012.51.02%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="476" data-original-width="1132" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpzMed9hR1tN3hcFmiBKZLLHPqTfmPZjgfOgeWxol6omtfABjoE9v4-a3UdKxFV6JtJD2hKSZr5LASV47ljJ3iQ5zxS57NALo6bPfZ7JsFX6c4yckkXw_ZVabSr3b3yPsV1x-MFXVjLsbncOFjACc7bdphGG0rjxZ8GOWeC-9QfOZz3veCZPBcOQtCl3Ya/s320/Screenshot%202023-11-28%20at%2012.51.02%E2%80%AFPM.png" width="320" /></span></a></div><span style="font-family: georgia;"><div><span style="font-family: georgia;"><br /></span></div><b><span style="color: #800180;"><i><u>B. Bought 2 Treasury Bills at the 11/29/23 Auction</u></i></span></b>: </span></div><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeQMzyd59s1elpO8GJeDBfVawvcuph60Hv1tfMbVlCiIW4J-xbLqUff9L9mZx23ybIYnA4VxVAEdAhHRqo3YBWwY0BrYYLZqLWt3kmdWKbmgZX0P9VMUP31YFBf1tTntKgAfZCf1yyF0voSbMnlfJOaQ0K3tGNcp6gRa6xstVeExOo2hpdVd9tTwHC4GyF/s2386/Treasury%204:2:24%20(2)%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="496" data-original-width="2386" height="67" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeQMzyd59s1elpO8GJeDBfVawvcuph60Hv1tfMbVlCiIW4J-xbLqUff9L9mZx23ybIYnA4VxVAEdAhHRqo3YBWwY0BrYYLZqLWt3kmdWKbmgZX0P9VMUP31YFBf1tTntKgAfZCf1yyF0voSbMnlfJOaQ0K3tGNcp6gRa6xstVeExOo2hpdVd9tTwHC4GyF/s320/Treasury%204:2:24%20(2)%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">119 Day Bill </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Matures on 4/2/24</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Interest: $34.64</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Investment Rate:<b> 5.421</b>% (.207% higher than the 1 year)</span></div><div><span style="font-family: georgia;"><br /></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFsK6IESqU4aJeDSqa4tKETyrahCxDT6oDLz9OnD9onMRrAZK341cbSNaubcdgCVLyBrWCqg9GF9pKUiECLUTo0HYRSnUJ7DlJqVLw1BM9d0GQTx55dg204SZIUdFB3MoKte_Y_OnYTu2apVvcwhVDrQNK94iJLO0Vml1vGgg2Qto5TcpzaNjY6Pr_3njk/s1218/b.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="570" data-original-width="1218" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFsK6IESqU4aJeDSqa4tKETyrahCxDT6oDLz9OnD9onMRrAZK341cbSNaubcdgCVLyBrWCqg9GF9pKUiECLUTo0HYRSnUJ7DlJqVLw1BM9d0GQTx55dg204SZIUdFB3MoKte_Y_OnYTu2apVvcwhVDrQNK94iJLO0Vml1vGgg2Qto5TcpzaNjY6Pr_3njk/s320/b.png" width="320" /></span></a></div></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #800180;"><b><i><u>C. Bought 3 Treasury Bills at the 11/30/23 Auction</u></i></b></span>: </span></div><div><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiz7uvHjfz4zFV0pciFCzXqg2XMPOmxTSZQalApNcRJ7DX5mLgZubpo0Kr7R2irdtCQ9WJUUGQBdpg35PNsejal2faxxK3t3oR60UG8oFuxfBI8UDhJKgsyDvROPVzn0M4JV7d8NBPGgptkTTk0nRoLgcGvDdkHBU24Iq9-NWa08_Wt0cmw2un6gyRyv-Tz/s2762/Screenshot%202023-11-30%20at%2012.16.34%E2%80%AFPM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="174" data-original-width="2762" height="20" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiz7uvHjfz4zFV0pciFCzXqg2XMPOmxTSZQalApNcRJ7DX5mLgZubpo0Kr7R2irdtCQ9WJUUGQBdpg35PNsejal2faxxK3t3oR60UG8oFuxfBI8UDhJKgsyDvROPVzn0M4JV7d8NBPGgptkTTk0nRoLgcGvDdkHBU24Iq9-NWa08_Wt0cmw2un6gyRyv-Tz/s320/Screenshot%202023-11-30%20at%2012.16.34%E2%80%AFPM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;">56 Day Bill</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Matures on 1/30/24 </span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Interest $24.64</span></div><div><span style="font-family: georgia;"><br /></span></div><div><span style="font-family: georgia;">Investment Rate: <b>5.412</b>%</span></div><div><span style="font-family: georgia;"><br /></span></div><div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE4TvJH9jrCXrq2qz6t_GuqiXS5Ib3mjDlHlPuqTaelGMNOXr9EMFjbET5VyI25PJwYIRTgIAoHd973-o5I0055DENrxHW_-2urKPD8o5TfqM2omLoo-WlrK-mv8EkHkEa_sH9b6MJgD9yFpy3EafYcV_sBgzCAOvqT74L1xgYG7opOTSVxr_VLCgR_j07/s1192/Screenshot%202023-11-30%20at%2011.27.17%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="572" data-original-width="1192" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiE4TvJH9jrCXrq2qz6t_GuqiXS5Ib3mjDlHlPuqTaelGMNOXr9EMFjbET5VyI25PJwYIRTgIAoHd973-o5I0055DENrxHW_-2urKPD8o5TfqM2omLoo-WlrK-mv8EkHkEa_sH9b6MJgD9yFpy3EafYcV_sBgzCAOvqT74L1xgYG7opOTSVxr_VLCgR_j07/s320/Screenshot%202023-11-30%20at%2011.27.17%E2%80%AFAM.png" width="320" /></span></a></div></div><p style="text-align: justify;"><span style="font-family: georgia;"><span style="color: #2b00fe;"><b>3. Corporate Bonds</b></span>: </span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><i><u><b>A. Bought 2 Brixmor Operating LP 3.85% SU Maturing on 2/1/25 at a Total Cost of $97.31</b></u></i></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh71mtKmO3ma5RbNKg5v9IAUSQi0Cw592jesfXMmraheb5_KJENe3CBZ-H-YyWbPIoXHhw_OB28EQef47Na8B502nCS-qxRa9yJdvSGXJL2EDbrxm8k6Ak-PJyXpFFttrytI0VopM1ukktWNgWif38l1qCMpzaRMMpB1ldy0KJSvoxf8Dl-8WnVzrAN1RjV/s2458/Brixmor%203.85%25%202:1:25%20(2)%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="738" data-original-width="2458" height="96" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh71mtKmO3ma5RbNKg5v9IAUSQi0Cw592jesfXMmraheb5_KJENe3CBZ-H-YyWbPIoXHhw_OB28EQef47Na8B502nCS-qxRa9yJdvSGXJL2EDbrxm8k6Ak-PJyXpFFttrytI0VopM1ukktWNgWif38l1qCMpzaRMMpB1ldy0KJSvoxf8Dl-8WnVzrAN1RjV/s320/Brixmor%203.85%25%202:1:25%20(2)%20.png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: Operating entity for </span><a href="https://www.marketwatch.com/investing/stock/brx?mod=search_symbol" style="text-align: left;">Brixmor Property Group Inc. Stock Quote (BRX)</a> who does <i><u>not</u></i> guarantee the notes. A guarantee is better than no guarantee but is not material to the overall credit risk since the properties are owned by the partnership, see page 6, <a href="https://www.sec.gov/Archives/edgar/data/1581068/000158106823000059/brx-20230930.htm" style="text-align: left;">10-Q</a>)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1581068&owner=exclude">BRX SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1581068/000158106823000060/brx-20231030ex991.htm">SEC Filed Earnings Press Release for the Q/E 9/30/23</a> and <a href="https://www.sec.gov/Archives/edgar/data/1581068/000158106823000060/brx-20231030ex992.htm" style="text-align: left;">Supplemental</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">(revenues at $307+M; properties 364; FFO of $151.184M)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1581068/000158106823000059/brx-20230930.htm" style="text-align: left;">10-Q for the Q/E 9/30/23</a> (debt discussed starting at page 18)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>New Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=11120VAA1&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: Baa3/BBB</span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1630031/000119312515011988/d846604d424b2.htm"><span style="font-family: georgia;">Final Prospectus Supplement</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>6.248</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC =<b> 3.96</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #800180;"><i><u>B. Bought 2 Affiliated Managers 3.5% SU Maturing on 8/1/25 at a Total Cost of 95.843</u></i></span></b>: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQxtJ_mJa5TQ5lj56annLI6HXtvHxGXhuKHpZiDQCjCeQSzWyqeCofc27sBf735ue5Kiv5rhyiyuTLujyqGb5UwfHacXA1ar08YS1OgNLyjAQhHRo0JZw_Tib9Rftprgoac0NplRpkfC52eakIVb0jixcbRWFZ6zFwXmpqjgvAObI7lQYqTaU-iB7elU53/s2442/Affiliated%20Man%203.5%25%208:1:25%20(2).png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="738" data-original-width="2442" height="97" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQxtJ_mJa5TQ5lj56annLI6HXtvHxGXhuKHpZiDQCjCeQSzWyqeCofc27sBf735ue5Kiv5rhyiyuTLujyqGb5UwfHacXA1ar08YS1OgNLyjAQhHRo0JZw_Tib9Rftprgoac0NplRpkfC52eakIVb0jixcbRWFZ6zFwXmpqjgvAObI7lQYqTaU-iB7elU53/s320/Affiliated%20Man%203.5%25%208:1:25%20(2).png" width="320" /></span></a></div><p></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/amg?mod=search_symbol" style="text-align: left;">Affiliated Managers Group Inc. (AMG)</a> </span></p><p style="text-align: justify;"><a href="https://www.marketwatch.com/investing/stock/amg/analystestimates?mod=mw_quote_tab"><span style="font-family: georgia;">AMG Analyst Estimates | MarketWatch</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1004434&owner=exclude">AMG SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1004434/000100443423000031/amgq32023ex991.htm">AMG SEC Filed Earnings Press Release for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1004434/000100443423000034/amg-20230930.htm">10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1004434/000100443423000010/amg-20221231.htm">2022 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>New Finra Page: </span><a href="https://www.finra.org/finra-data/fixed-income/bond?cusip=008252AN8&bondType=CA" style="text-align: left;">Bond Page | FINRA.org</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Credit Ratings: A3/BBB+</span></p><p style="text-align: justify;"><span style="font-family: georgia;">YTM at Total Cost: <b>6.15</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Current Yield at TC = <b>3.65</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;">I own 4 AMG 4.25% SU bonds that mature on 2/15/24. In effect, I am extending the maturity by about 18 months for 2 of the 4 bonds that mature on 2/15/24. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">4. U.S. Equity Preferred Stocks</span></b><span>: </span></span></p><p style="text-align: justify;"><span style="color: #800180; font-family: georgia;"><b><i><u>A. Bought 5 DBRGPRJ at $20.85</u></i></b></span><span style="font-family: georgia;">: </span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8_T9Y1g1l5Hckqihm89kp-i4vl_iu5zixS5bi5h7eBuDGM7Fx3Jjz_abG4NLpCB_dV0f6VJxzUl3dI-r5M9b1eVKFYWIBrWL5OhgHq3gqh1eDY7eDIxC5wVZUPPBq1CzzgdlUITWwDyIZlOPW6oV5pWAiYS9Vr3ZkkaQzm4WuAcXguMehQWkpCTXJse1L/s2810/dbrgprj%205%20at%20$20.85%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="106" data-original-width="2810" height="12" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8_T9Y1g1l5Hckqihm89kp-i4vl_iu5zixS5bi5h7eBuDGM7Fx3Jjz_abG4NLpCB_dV0f6VJxzUl3dI-r5M9b1eVKFYWIBrWL5OhgHq3gqh1eDY7eDIxC5wVZUPPBq1CzzgdlUITWwDyIZlOPW6oV5pWAiYS9Vr3ZkkaQzm4WuAcXguMehQWkpCTXJse1L/s320/dbrgprj%205%20at%20$20.85%20.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://finance.yahoo.com/quote/DBRG-PJ?p=DBRG-PJ&.tsrc=fin-srch" style="text-align: left;">DBRG-PJ</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Cost: $104.25</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Issuer: </span><a href="https://www.marketwatch.com/investing/stock/dbrg?mod=search_symbol" style="text-align: left;">DigitalBridge Group Inc. (DBRG)</a> The company was originally called Colony Northstar. The name was changed to DigitalBridge in June 2021. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">DBRG <span style="text-align: left; text-indent: 30px;">"</span><span style="text-align: left; text-indent: 30px;">is a leading global digital infrastructure investment manager. The Company deploys and manages capital on behalf of its investors and shareholders across the digital infrastructure ecosystem, including data centers, cell towers, fiber networks, small cells, and edge infrastructure."</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span style="text-align: left; text-indent: 30px;">I have never owned the common stock. This is my first purchase of a DBRG preferred stock. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Website: <a href="https://www.digitalbridge.com/">DigitalBridge</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/edgar/browse/?CIK=1679688&owner=exclude" style="text-align: left;">DBRG SEC Filings</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1679688/000167968823000017/dbrg-20221231.htm">2022 Annual Report</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1679688/000167968823000119/dbrg-20230930.htm">DBRG 10-Q for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><a href="https://www.sec.gov/Archives/edgar/data/1679688/000167968823000112/dbrg3q2023earningspresen.htm"><span style="font-family: georgia;">SEC Filed Third Quarter Investor Presentation</span></a></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1679688/000167968823000112/ex992-q32023supplemental.htm" style="text-align: left;">SEC Filed Supplemental Financial Report for the Q/E 9/30/23</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><a href="https://www.sec.gov/Archives/edgar/data/1679688/000119312517286397/d450205d424b5.htm">DBRG.PRJ Prospectus</a> </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Coupon</u></i>: 7.125% paid on a $25 par value</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Dividends</u></i>: Paid quarterly and cumulative. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at $20.85</u></i>: <b>8.54</b>%</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>Last Ex Dividend</i></u>: 10/6/23</span></p><p style="text-align: justify;"><span style="font-family: georgia;">The call protection expired in September 2022. </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><b><span style="color: #2b00fe;">5. Exchange Traded Baby Bond</span></b>: </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><b><span style="color: #800180;"><u>A. Added 5 ARGD at $21.97</u></span></b></i><span>: </span></span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCNGCwjR0v1tek2gE9D1r6fu1pDDi4GjUCjeUllylZ3uU4QuLXPyvVWYeFxKpaQSl3gLT1zsYt1YsojUjKCB_F9jc9g-UFIF5uy7AqyGSfWGttMehDv4TB0jhWlKp_lHDJUczo6IOFE4-cfuBzPAsKTcYZIR2jDJNcH-UZY_l8uVWl5KcYi1pw9ijVbt1G/s2884/21.97.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="258" data-original-width="2884" height="29" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCNGCwjR0v1tek2gE9D1r6fu1pDDi4GjUCjeUllylZ3uU4QuLXPyvVWYeFxKpaQSl3gLT1zsYt1YsojUjKCB_F9jc9g-UFIF5uy7AqyGSfWGttMehDv4TB0jhWlKp_lHDJUczo6IOFE4-cfuBzPAsKTcYZIR2jDJNcH-UZY_l8uVWl5KcYi1pw9ijVbt1G/s320/21.97.png" width="320" /></span></a></div><p style="text-align: justify;"><span style="font-family: georgia;"><span>Quote: </span><a href="https://www.marketwatch.com/investing/stock/argd?mod=search_symbol" style="text-align: left;">Argo Group International Holdings Ltd. 6.5% Senior Notes Due 2042 (ARGD)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Both ARGD and ARGD.PRA traded yesterday under their existing symbols, but there was some indication that both will soon be subject to a name, symbol and/or CUSIP change. I will know more next week. </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Investment category: <a href="https://tennesseeindependent.blogspot.com/2017/01/exchange-traded-baby-bonds.html" style="text-align: left;">Exchange Traded Baby Bonds</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Argo was just acquired by </span><a href="https://www.marketwatch.com/investing/stock/bnre?mod=search_symbol" style="text-align: left;">Brookfield Reinsurance Ltd. (BNRE)</a> and is currently a wholly owned subsidiary of BNRE. <a href="https://www.businesswire.com/news/home/20231115914463/en/Brookfield-Reinsurance-Completes-1.1-Billion-Acquisition-of-Argo-Group" style="text-align: left;">Brookfield Reinsurance Completes $1.1 Billion Acquisition of Argo Group</a> (11/16/23) In this press release, it is stated that "<span style="background-color: #fefefe; color: #444444; text-align: left;">Argo and its insurance subsidiaries are rated ‛A-’ by Standard and Poor’s." I am not sure whether that is a financial strength rating which may be different from a SU bond credit rating. </span>Prior to the acquisition, this bond was rated by BBB- by S&P and I did not see any change in that rating at the relevant S&P webpage. As a practical matter, Brookfield, having paid about $1.1B in cash to acquire Argo, is not going to allow a bond default if it can do something to prevent it. </span></p><div style="text-align: justify;"><span style="font-family: georgia;"><span><u style="font-style: italic;">ARGD</u>: </span><a href="https://www.sec.gov/Archives/edgar/data/1091748/000119312512398425/d410461d424b2.htm" style="background-color: white; text-align: left;">Final Prospectus Supplement</a></span></div><div style="text-align: justify;"><span style="font-family: georgia;">Par Value: $25</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Coupon: 6.5%</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Placement in Capital Structure: Senior Unsecured Bond</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Maturity: 9/15/2042</span></div><div style="text-align: justify;"><span style="font-family: georgia;">Issuer Optional Call on or after 4/17/2017 </span></div><div style="text-align: justify;"><span style="font-family: georgia;">Interest paid quarterly</span></div><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><div style="text-align: justify;"><span style="font-family: georgia;">Trades flat</span></div><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Average cost per share</u></i>: <b>$22.64</b> (115 shares)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Yield at New AC</u></i> = <b>7.18%</b></span></p><p style="text-align: justify;"><span style="font-family: georgia;">(.065% coupon x. $25 par value = $1.625 annual interest payment per share ÷ $22.64 average total cost per share = 7.1776%)</span></p><p style="text-align: justify;"><span style="font-family: georgia;"><i><u>Last Quarterly Ex Interest Date</u></i>: 11/30/23 (owned all as of) </span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><u><i>Previous Sell Discussions</i></u> (includes trades under former symbol AGIIL): </span><a href="https://tennesseeindependent.blogspot.com/2022/11/abbv-argo-argd-cag-cfg-dgx-fnb-ftklx.html">Item # 6.H. Sold 5 ARGD at $20.8 - Schwab Taxable Account (11/8/22 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2020/05/argd-chn-chiq-clou-ebgef-ftsprm-gnl-mnr.html" style="text-align: left;">Item # 5.A. Pared ARGD in Schwab Account- Sold 25 at $25.4-Part of Highest Cost Lot (5/23/20 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2019/09/observations-and-sample-of-recent_25.html" style="background-color: white; text-align: left;">Item # 3 Sold 50 AGRD at $25.87 (9/25/19 Post)</a><span>; </span><a href="https://tennesseeindependent.blogspot.com/2017/09/observations-and-sample-of-recent_25.html" style="text-align: left;">Item # 4 Sold 100 AGIIL at $25.11 (9/25/17 Post)</a><span>; </span><a href="https://seekingalpha.com/instablog/434935-south-gent/4885394-update-exchange-traded-bonds-preferred-stocks-basket-strategy-6-3-16" style="text-align: left;">Item # 4 Sold 50 AGIIL at $26.89 - Update For Exchange Traded Bonds And Preferred Stocks Basket Strategy As 6/3/16 - South Gent | Seeking Alpha</a><span>; </span><a href="http://tennesseeindependent.blogspot.com/2014/06/dpg-rmtcvosold-roth-ira-50-eprprf-at.html" rel="nofollow" style="box-sizing: border-box; color: #024999; outline: 0px; text-align: left;" target="_blank">Item # 2 Sold 50 AGIIL at $24.21-Roth IRA (6/28/14 Post)</a><span>; </span><a href="http://tennesseeindependent.blogspot.com/2014/06/roth-ira-sold-100-mdiv-at-2181-and-50.html" rel="nofollow" style="background-color: white; box-sizing: border-box; color: #024999; outline: 0px; text-align: left;" target="_blank">Item # 2 Sold: 50 AGIIL at $24.48 (6/7/14 Post)</a></span></p><p style="text-align: justify;"><span style="font-family: georgia;"></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><u><i>ARGD-AGIIL Realized Gains to Date</i></u>: <span style="color: #6aa84f;">$653.79</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span><b><span style="color: #2b00fe;">6. Cash Flow into my Fidelity Account 11/20 and 12/1 (1 of 5 taxable accounts)</span></b>: </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>The following snapshots reflect one aspect of my investment approach that places a strong emphasis on a constant flow of interest and dividend payments and proceeds received from maturing fixed coupon investments. Sourcing will be from a highly diversified and large number of holdings. The primary emphasis will be on interest payments generated by bonds (corporate and municipal), treasury notes,treasury bills, and CDs. </span></span></p><p style="text-align: justify;"><span style="font-family: georgia;"><span>Corporate Bond Treasury Redemptions: $9,000 (The treasury notes were bought at a discount to par value in the secondary market)</span></span></p><p style="text-align: justify;"><span style="font-family: georgia;">Tennessee Municipal Bond - Tax Free Interest: $703.13 (all five bond lots except for the 10 Sumner County GO Maturing on 12/1/34, rated at AA+) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">$1,000 Par Value Corporate Bond Interest Payments: $343.88 (1 or 2 bond lots, except for a 3 bond lot in the Welltower 2025 SU and a 3 bond lot of the Entergy Mississippi first mortgage bond maturing in 2027, of which $113 originates from electric utility first mortgage bonds)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Treasury Note Interest Payments: $80.63</span></p><p style="text-align: justify;"><span style="font-family: georgia;">CD Interest Payments (all monthly): $33.61</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Exchange Traded Bonds Interest Payments (Quarterly): $39.22 (of which $36.56 comes from the first mortgage bonds EAI and ELC that are owned in 3 taxable accounts and both RI accounts). </span></p><p style="text-align: justify;"><span style="font-family: georgia;">CEF Monthly Dividend Payments: $105.12 (AIO, AOD, AVK, BHK, BWG, ERC, FAX, GDO, GLQ, JQC, KIO, MMT, NCZ, PPT, THQ, WIW)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Common Stock Dividends: $69.96</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Preferred Stock Dividends: $7.9 ($3.45 monthly-GOODN)</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Other Dividend Payments: $21.95</span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Dividends and Interest Payments 11/30 and 12/1 - Fidelity Account = $1,335.44 (Tennessee municipal bond interest payments are made on the first and will be larger than the corporate bond payments made that day. The corporate bond interest payments will occur throughout the month and will generally be larger than the municipal total for each month.) </span></p><p style="text-align: justify;"><span style="font-family: georgia;">Total Cash Flow with $9,000 in Redemptions: $10,335.44</span></p><p style="text-align: justify;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv9Fwm7qEvDDk8NiTPgYGG80GEP1OipRSgaSoYBH3VIBs1BTyHrFthwbHOaDfmgWpL58lVzGUqEq32DfB7euAedsz06aitM-3U5Z01HkiZ29oAMShpw5ppSGePq8KcTS_q3FlamamIzJ2b_etTL2S6nN9mVoh4AaRpWeDx8Aas9_8FRYHburfIUDhaBzfo/s2040/1.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1740" data-original-width="2040" height="273" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv9Fwm7qEvDDk8NiTPgYGG80GEP1OipRSgaSoYBH3VIBs1BTyHrFthwbHOaDfmgWpL58lVzGUqEq32DfB7euAedsz06aitM-3U5Z01HkiZ29oAMShpw5ppSGePq8KcTS_q3FlamamIzJ2b_etTL2S6nN9mVoh4AaRpWeDx8Aas9_8FRYHburfIUDhaBzfo/s320/1.png" width="320" /></span></a></div><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjed0alrWqGaTkvvP0_JQ0nfeT6uDAbhZs58b0a9CpQu_3nB-xGpFKLLsfFnIvitJbeHVURe6AxjTgjEj1MBxmbzZ_iWqdrimpqZ1I8xu6dsiaOq-5cpxVQF_PMK2lvRfYoXsjZGaOtDY3Fo8PziLEyT6TWE3mC11BA3WZ2CPzFdV9s5HTZ5QQuzscBBJtm/s2028/5.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1026" data-original-width="2028" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjed0alrWqGaTkvvP0_JQ0nfeT6uDAbhZs58b0a9CpQu_3nB-xGpFKLLsfFnIvitJbeHVURe6AxjTgjEj1MBxmbzZ_iWqdrimpqZ1I8xu6dsiaOq-5cpxVQF_PMK2lvRfYoXsjZGaOtDY3Fo8PziLEyT6TWE3mC11BA3WZ2CPzFdV9s5HTZ5QQuzscBBJtm/s320/5.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSHMkhQDCcpKDlBIw81Iiy4pcJH6BgJWV4qBBQ0Gr8wse6F1XXlAcHZpY-nc0aJfXADfopRMbralnJI28kyqal9ZobYmheiuXOK9YjAPfQKvhL-IrJiibo93cMIM07GYHZEMqX22WPZhKUeiEtdNOFDEKKIDkfeKTG9eCR1w1Ld75G1vbQLzd8Okss6nNB/s2070/4.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1778" data-original-width="2070" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSHMkhQDCcpKDlBIw81Iiy4pcJH6BgJWV4qBBQ0Gr8wse6F1XXlAcHZpY-nc0aJfXADfopRMbralnJI28kyqal9ZobYmheiuXOK9YjAPfQKvhL-IrJiibo93cMIM07GYHZEMqX22WPZhKUeiEtdNOFDEKKIDkfeKTG9eCR1w1Ld75G1vbQLzd8Okss6nNB/s320/4.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmKZhcCCW5Fdz9wnhO9EkCxjAExQsSX26hPz2KWxO7oozoQaWoqJDw41i1xAXWbLrQOE3b__8oM12-1sU4jLpCCbwESo-1Zc4V04_wG0ILMOMLmrO29fdXkA1OgGGiFoYaEip04iBAAKGulXTsiYyp7YWAx1ReNiPZzQcSha7gy3yl03rLaxagAi4H76VP/s2090/3.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1736" data-original-width="2090" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmKZhcCCW5Fdz9wnhO9EkCxjAExQsSX26hPz2KWxO7oozoQaWoqJDw41i1xAXWbLrQOE3b__8oM12-1sU4jLpCCbwESo-1Zc4V04_wG0ILMOMLmrO29fdXkA1OgGGiFoYaEip04iBAAKGulXTsiYyp7YWAx1ReNiPZzQcSha7gy3yl03rLaxagAi4H76VP/s320/3.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS9Ui_0EPFEbvEtjGOvZDnjY9avvPT8B6GeJDcFWvPPk9XzlVvazwKK-_bzKGk0RT-rpAsfstQDZ5E47O_79vv0Z6bTGR8Ui-9vP06z-E9TOteTwr2Aqub4oaGdlx9vK0M5fDWkDg6G49HbTFK0bbo82IBePg_O8yw0amJr8rCL4fvrSZdmO-UP37dF1RA/s2070/2.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1782" data-original-width="2070" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS9Ui_0EPFEbvEtjGOvZDnjY9avvPT8B6GeJDcFWvPPk9XzlVvazwKK-_bzKGk0RT-rpAsfstQDZ5E47O_79vv0Z6bTGR8Ui-9vP06z-E9TOteTwr2Aqub4oaGdlx9vK0M5fDWkDg6G49HbTFK0bbo82IBePg_O8yw0amJr8rCL4fvrSZdmO-UP37dF1RA/s320/2.png" width="320" /></span></a></div><div><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhngxGszWyhOV0MWazLbFOX7_oYDauVZSPnWr4KC10QIAbkSDxwdb__FQ6nY6lSUEY9Tp1O8djw8A4jM4vXuJWH9ESNE9nswlJIW8xUUgBlhyc_hm7eW5EXvZsWSlNQavKkeiYfxV7v55jeCTFn7KIMSTbdReEVZhLPV_tIVUqERdrJSoDgqjjDPm4Krl6P/s2076/6.%20.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1610" data-original-width="2076" height="248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhngxGszWyhOV0MWazLbFOX7_oYDauVZSPnWr4KC10QIAbkSDxwdb__FQ6nY6lSUEY9Tp1O8djw8A4jM4vXuJWH9ESNE9nswlJIW8xUUgBlhyc_hm7eW5EXvZsWSlNQavKkeiYfxV7v55jeCTFn7KIMSTbdReEVZhLPV_tIVUqERdrJSoDgqjjDPm4Krl6P/s320/6.%20.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRRi5gBTmVrj-2RqKmaji1iFLVCcUmc7wl0tBzsTe0R0IQC-dk2EgYzXuWUnSi-BryDT_cCBU57-suckJQiqCUFqXXVWRf3oZOeLiJZzhdNtZkwdc2uX0s-mYEs0eTWLzqFJYLcye5naoR1TkVt0JBfzTnzImvuz9FrzbmkSZElY8Vwalzv1JWisOrEUUA/s2058/7.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1582" data-original-width="2058" height="246" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRRi5gBTmVrj-2RqKmaji1iFLVCcUmc7wl0tBzsTe0R0IQC-dk2EgYzXuWUnSi-BryDT_cCBU57-suckJQiqCUFqXXVWRf3oZOeLiJZzhdNtZkwdc2uX0s-mYEs0eTWLzqFJYLcye5naoR1TkVt0JBfzTnzImvuz9FrzbmkSZElY8Vwalzv1JWisOrEUUA/s320/7.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4GXpRD17yN5WFPZ78QzMaJLlV_TolGahoUBkCx9CdfKaX5K54wr6vhCgSAU5RBA0LjwRZjJBz5ZOiYMSaEqp7KrjZD0kHlS0o0prcRmv2wFeIy768lXy_HC7buoQV3SnfvMcLpIaQQ81xV-VQDjWtoMtH2KZvGie0KlH2ObSllX6V7MJ1KPCojo99mAph/s2058/8.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="1604" data-original-width="2058" height="249" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4GXpRD17yN5WFPZ78QzMaJLlV_TolGahoUBkCx9CdfKaX5K54wr6vhCgSAU5RBA0LjwRZjJBz5ZOiYMSaEqp7KrjZD0kHlS0o0prcRmv2wFeIy768lXy_HC7buoQV3SnfvMcLpIaQQ81xV-VQDjWtoMtH2KZvGie0KlH2ObSllX6V7MJ1KPCojo99mAph/s320/8.png" width="320" /></span></a></div><span style="font-family: georgia;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh31sZycjzH7gRoCQdzSMnFSDbMMM5guLlW17bF3TCjMsvGRv5XM8MqxVtg1JjpyhXMCUt3rDXxV9JEB7NzZxetnejXvQv-9Y0dKeQuQFAyYMR_mDOVXQC-umzh9SyVJcvqVVjWOXU519lUXB-r__mBGw7Q0MIdMOgrgd6xj3Fw3UDKo-ApF5hGeEIS4Di0/s2050/9.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="876" data-original-width="2050" height="137" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh31sZycjzH7gRoCQdzSMnFSDbMMM5guLlW17bF3TCjMsvGRv5XM8MqxVtg1JjpyhXMCUt3rDXxV9JEB7NzZxetnejXvQv-9Y0dKeQuQFAyYMR_mDOVXQC-umzh9SyVJcvqVVjWOXU519lUXB-r__mBGw7Q0MIdMOgrgd6xj3Fw3UDKo-ApF5hGeEIS4Di0/s320/9.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Asset Allocation in this account as of 12/2/23</i></u>: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijdcnZhvNEb8k50rMsbymH9MIJYLYn28LQQgBhFgHJ8DjUAjFvTDO-xsQ5aAcBf7hhBgp5ImYJHtzeEUBPUYudAOdXpwb8seBi-MT9Xu7jM4ENqj0PDoh_gtQ9oIGJrBjZCbFfxclXDHevsM4GZ0YYkat6sq2EpQdlDN47WKyVtLmpYRp45Qyg6tTUy2Vs/s1112/Screenshot%202023-12-02%20at%2010.09.04%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="666" data-original-width="1112" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijdcnZhvNEb8k50rMsbymH9MIJYLYn28LQQgBhFgHJ8DjUAjFvTDO-xsQ5aAcBf7hhBgp5ImYJHtzeEUBPUYudAOdXpwb8seBi-MT9Xu7jM4ENqj0PDoh_gtQ9oIGJrBjZCbFfxclXDHevsM4GZ0YYkat6sq2EpQdlDN47WKyVtLmpYRp45Qyg6tTUy2Vs/s320/Screenshot%202023-12-02%20at%2010.09.04%E2%80%AFAM.png" width="320" /></span></a></div><span style="font-family: georgia;">Bond Portfolio this account: $600+K</span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZ_QR6rONwBr__ZkWW2c35qaHXhS3tWQVUp1mGNCfnVzAhkYvJnE0KhwPmY1bnMWqU_x4SN88sXOPSwhlQLb5mrfnn2oagogJ5EjagTwjah3ns_QNKkbP0LLkO0jIlFtBz33kxKpsWQdBfEkxviQWnwqGsFGnDti1Mk7J0hrHyWeyItK1aKHS0GobXhbGe/s1094/Screenshot%202023-12-02%20at%2010.19.01%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="602" data-original-width="1094" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZ_QR6rONwBr__ZkWW2c35qaHXhS3tWQVUp1mGNCfnVzAhkYvJnE0KhwPmY1bnMWqU_x4SN88sXOPSwhlQLb5mrfnn2oagogJ5EjagTwjah3ns_QNKkbP0LLkO0jIlFtBz33kxKpsWQdBfEkxviQWnwqGsFGnDti1Mk7J0hrHyWeyItK1aKHS0GobXhbGe/s320/Screenshot%202023-12-02%20at%2010.19.01%E2%80%AFAM.png" width="320" /></span></a></div><div style="text-align: justify;"><span style="font-family: georgia;">Even though I increased my dollar exposure to stocks in this account during November and prices were up, the percentage allocation went down as the much larger bond allocation went up in value so much that the allocation percentage to bonds increased by about 1.5%. Fidelity classifies CDs and treasury bills as part of its bond classification. More than 1/2 of the bond portfolio will mature in 2024-2025. </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><u><i>Stock Selection Style per Fidelity</i></u>: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwrhGOukQ7UR32fEhsHbGs8Sku5oki2k96NAO2Fv1J6cEMZUKX_PWcjWCCNkRYYDtGY1aZeq8o2NV70zHcC8GOv61gttQipQlMsdefDB3XsJXKQRPD0DIgv4BiTLzKYJ2peVNa6DVod7UsohaEqNqRoZfs6l30ezU_DUkYOppyGv25r1MyjnjZ_xHOP45z/s1296/Screenshot%202023-12-02%20at%2010.28.04%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="634" data-original-width="1296" height="157" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwrhGOukQ7UR32fEhsHbGs8Sku5oki2k96NAO2Fv1J6cEMZUKX_PWcjWCCNkRYYDtGY1aZeq8o2NV70zHcC8GOv61gttQipQlMsdefDB3XsJXKQRPD0DIgv4BiTLzKYJ2peVNa6DVod7UsohaEqNqRoZfs6l30ezU_DUkYOppyGv25r1MyjnjZ_xHOP45z/s320/Screenshot%202023-12-02%20at%2010.28.04%E2%80%AFAM.png" width="320" /></a></div></div><div style="text-align: justify;"><u style="font-family: georgia;"><i>12/1 Performance vs. S&P 500 per Fidelity</i></u><span style="font-family: georgia;">: </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><br /></span></div><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi13iwsWe07x4EyDCL5QtVdqj9GHnaS6jQj8-F559c_0qyGxwfzzM1X675fAF9DfiihFLr61PV01QJ1c7yj2PB2wMHse9OzHqJA8aOoOmQamKAWWZRDqjFKQ71secGzzeCFubk9jNRsNIRnfQyiQWmK-Ks3NjLzJIXtuoqnw61Z55i73P9_i-5oyVd8y-Ct/s1212/Screenshot%202023-12-02%20at%2010.13.43%E2%80%AFAM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: georgia;"><img border="0" data-original-height="502" data-original-width="1212" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi13iwsWe07x4EyDCL5QtVdqj9GHnaS6jQj8-F559c_0qyGxwfzzM1X675fAF9DfiihFLr61PV01QJ1c7yj2PB2wMHse9OzHqJA8aOoOmQamKAWWZRDqjFKQ71secGzzeCFubk9jNRsNIRnfQyiQWmK-Ks3NjLzJIXtuoqnw61Z55i73P9_i-5oyVd8y-Ct/s320/Screenshot%202023-12-02%20at%2010.13.43%E2%80%AFAM.png" width="320" /></span></a></div></div><div style="text-align: justify;"><span style="font-family: georgia;">My Fidelity Roth IRA account was up 1.9% yesterday based on better performance than the S&P 500 in my stock selections as well as my smaller bond allocation in that account (33 gainers over 3%, of which 4 were up over 10% and 3 declines of less than .5%). </span></div><div style="text-align: justify;"><span style="font-family: georgia;"><b><br /></b></span></div><div style="text-align: justify;"><span style="font-family: georgia;"><b>Disclaimer</b>: <span style="background-color: white;"><span style="box-sizing: border-box;"><span>I am <span style="box-sizing: border-box;"><b>not</b></span></span><span> 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 d</span><span>escription or summary of all available data relevant to making an investment decision. Instead, </span><span>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.</span><span style="color: #333333; font-weight: bold;"> </span><span style="box-sizing: border-box;"><span style="color: red;">All investors need to perform their own due diligence before making any financial decision</span></span><span style="color: #333333;"> </span><span>which requires at a minimum reading original source material available at the SEC and elsewhere.</span></span><span> </span><span style="box-sizing: border-box;"><span style="color: #333333;">A failure to perform due diligence only increases what I call </span><span style="color: red;">"error creep</span></span><span style="color: red;">". </span></span><a href="http://tennesseeindependent.blogspot.com/2011/12/error-creep-and-investing-process.html" style="background-color: white; color: #666699;">Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS</a><span style="background-color: white; color: #333333;"> </span><span style="background-color: white; box-sizing: border-box;">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.</span><span> </span><span> </span><span> </span></span></div></div>TENNINDEPENDENThttp://www.blogger.com/profile/17444227958539559639noreply@blogger.com15