After the first trade, T. Rowe Price does not assign profit numbers per lot sold but only the total year to date. To arrive at the profit for this 100 share sale, I simply deducted from $5,682.41 the prior total which was $3,966.73.  

Prior Sell Discussions: Item # 1. Pared PRWCX - Sold 100 at $35.84. (6/5/25 Post)(realized gain  was $1,624.69 for this lot); Item # 1.A. Pared PRWCX-Sold 100 at $34.98 (3/18/25 Post)(profit = $1,538.79); Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post)(profit snapshot = $803.25); Item # 1.A. Sold 50 PRWCX at $38.94 (11/14/24 Post)(profit snapshot = $967.35)(subsequent to that sale, the fund went ex dividend on 12/18/25 for a $3.5922 per share dividend which reduced the price by that amount on the ex dividend day)  

New Average cost per share: $21.94  (653+ shares)

Total Realized Gains PRWCX (400 shares): +$6.649.76

I did not sell any shares until November 2024. 

B. Pared PRPFX - Sold 10 at $68.09 - Schwab Account: 

Quote: Permanent Portfolio; Investor Class Overview 

2/19/25 Close: $63.86

Proceeds: $680.90

Profit Snapshot: $271.28

SEC Filed Annual Report for the F/Y Ending 1/31/25 

Portfolio Allocation as of 1/31/25: 

Page 3, Annual Report

This report includes other mutual funds.  

PRPFX-Morningstar (5 stars, classified as a moderate allocation fund). The rating is based on performance within that classification. 

PRPFX – Portfolio Lists top 10 equity holdings.  Click the "Others" tab to see the gold and silver bullion data. Click the "Bond" tab to see the top 13 bond holdings. 

Remaining shares: 207+ after pare

Average cost per share: $40.96

Price as of close on 6/26/25

I am using average cost per share so there is no change in my AC per share when I sell shares, unless I buy additional shares or reinvest the dividend which I do not plan on doing. I am in a light liquidation mode. My last elimination was in 2017. Item # 2.A. Eliminated PRPFX - Sold 125+ at $40.22 (8/7/2017 Post)

Dividends: Paid Annually

PRPFX Stock Dividend History & Date | Seeking Alpha

Dividends Paid 2020-2024: $6.06 per share

I have taken the dividends in cash. 

Last Discussed: Item # 3.E. Pared PRPFX - Sold 10 at $67.16 (6/12/25 Post)(profit snapshot = $261.97); Item # 1. Sold 10 of 237+ PRPFX at $66.01 (5/16/25 Post)(profit snapshot = $250.48)(In that post, I included  snapshots of prior realized gains including $590.26 in 2015, noting that the fund paid $10.21 per share in dividends in 2013-2015 when I owned shares)

PRPFX Realized Gains to Date:  $1,682.83

My last elimination was in 2017. Item # 2.A. Eliminated PRPFX - Sold 125+ at $40.22 (8/7/2017 Post)(profit snapshot = $308.84)

2. Small Ball Buys: 

A. Added to GTY - Bought 2 at $28.79, 3 at $28.5; 2 at $28.35; 3 at $27.66 - Fidelity Account: 

Quote: Getty Realty Corp. (GTY)

Cost = $282.76

7 shares bought shortly before the ex dividend data and the last 3 shares were bought on the ex dividend date. I also currently own 25 shares in my Schwab account.   

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

"Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of March 31, 2025, the Company’s portfolio included 1,119 freestanding properties located in 42 states across the United States and Washington, D.C."

The properties include "convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), and certain other freestanding retail properties, including drive-thru quick service restaurants and automotive parts retailers."

New average cost per share this account: $28.68 (20 shares)

Snapshot Intraday on 6/26 after last add

Dividend: Quarterly at $.47 per share ($1.88 annually), last raised from $.45 effective for the 2024 4th quarter payment. 

Yield at New AC: 6.555%

Last Ex Dividend: 6/26/25 (owned 17 this account as of)

Last Elimination:  Item # 3.A. Eliminated GTY - Sold 5 at $45.65 and 20 at $35.69  (1/3/23 Post)(profit snapshots = $211.35) 

Last Earnings Report (Q/E 3/31/25): I discussed this report in a recent post: Item # 1.F. Added to GTY in Schwab Account - Bought 4 at $28.55; 5 at $28.3; 5 at $27.5 (4/25/25 Post); SEC Filed Press Release and SEC Filed Earnings Slide Presentation

B. Added to LXP - Bought 15 at $8.36 - Fidelity Account: 

Quote: LXP Industrial Trust  (LXP)

Cost $125.4

I also own shares in my Schwab account. 

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

LXP SEC Filings

Website: LXP Industrial Trust - Preeminent single-tenant U.S. industrial REIT

Properties | LXP Industrial Trust  

Property Data: 

SEC Filing at page 16 

New Average cost per share: $8.41 (60 shares)

Snapshot Intraday on 6/26 after add

Dividend: Quarterly at $.135 per share ($.54 annually), last increased from $.125 effective for the 2023 4th quarter payment. 

LXP Stock Dividend History & Date | Seeking Alpha

The dividend was cut from $.1775 per share to $.1025 effective for the 2019 first quarter payment. The reduction occurred after LXP disposed of office properties which turned out to be fortuitous. Lexington Realty Trust Announces Disposition of 21 Office Assets for $726 Million to Joint Venture

Yield at New AC = 6.421%

Last Ex Dividend: 6/30/25 (owned all as of)

Last Earnings Report (Q/E 3/31/25): 

SEC Filed Press Release and Supplemental 

Revenues: $88.863M, up from $86.251M 

GAAP to AFFO Calculation: 

GAAP E.P.S. = $.06

Adjusted FFO per share: $.16

The two largest adjustments to GAAP net income in the FFO calculation were to add back $48.822M in the non-cash depreciation expense and to subtract a $24.633M gain on selling real estate.  

The company sold one warehouse property during the quarter for $34.967M that was 100% leased and paid off $50M of its $300M term loan.  

2025 Guidance: AFFO per share $.61-$.65.

Unencumbered assets: $4.5B

Top 15 Tenants:

Page 17 Supplemental

The properties are "primarily net leased to tenants".  10-Q at page 9 Debt is listed and discussed starting at page 15. 

Sell Discussions: Item # 1.I. Pared LXP in Schwab Account - Sold 20 at  $10.53 (8/2/24 Post)(profit snapshot = $23.61); Item # 2.D. Eliminated Duplicate Position in LXP - Sold 20 at $10.29 - Fidelity Account (7/26/24 Post)(profit snapshot = $32.25); Item # 1.D. Eliminated LXP - Sold 20+ at $11.57 (2/13/23 Post)(profit snapshot = $33.37); Item # 1.C. Sold 137+ LXP at $9.08 and 53 at $9.06 In 2 Separate Roth IRA Accounts (9/12/18 Post)(profit snapshot = $914.11); Sold 100 LXP in Fidelity Roth IRA at $11.15 (1/6/17 comment- profit of $271.9 referenced with no snapshot)(snapshot in Gateway Post for Equity REITs); Item # 2 Sold 250 LXP on Ex-Dividend Date in Two Taxable Accounts-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $224.65); Item # 1.B. Eliminated LXP - Sold 155+ at $9.46 (6/26/19 Post)(profit snapshot = $6.37); Item # 1.B. Sold 108+ LXP at $9.45-Used Commission Free Trade (2/6/19 Post)(profit snapshot = $79.9);; Item # 1 Sold 150 LXP in Vanguard Roth IRA-Update For Equity REIT Basket Strategy As Of 6/24/16 - South Gent | Seeking Alpha (profit snapshot = $80.19); Item # 1. Sold 54 LXP at $11.44 Vanguard Roth IRA (1/27/15 Post)(profit snapshot = $64.4); Item # 1 Sold 101+ LXP at $10.65 (10/28/14)(profit snapshot = $51.76)   

LXP Realized Gains to Date: $1,989.94

This REIT has proven that it is not suitable for a long term hold. I have been successful so far in trading it.  

C. Added to NSA - Bought 5 at $31.8: 

Quote: National Storage Affiliates Trust (NSA) - Internally Managed Storage REIT

Cost: $159

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

NSA SEC Filings

Website: National Storage Affiliates Trust (NSA)

New average cost per share: $33.72 (35 shares)

Dividend:  Quarterly at $.57 per share ($2.28 annually)

NSA Stock Dividend History & Date | Seeking Alpha

Yield at $33.72: 6.76%

Yield at 31.8: 7.17%

Last Ex Dividend: 6/13/25 (owned 25 in this account as of)

Last Sell Discussions:  Item # 2.C. Pared NSA in Fidelity Account - Sold 5 at $48.54 (9/19/24 Post)(profit snapshot = $52.95); Item # 2.B. Eliminated Duplicate Position in NSA - Sold 7 at $41.91 (Schwab Account) and Pared NSA in Fidelity Account  Sold 5 at $53 (8/15/24 Post)(profit snapshots = $67.91)(mentioning in that report that I was not impressed with the 2024 second quarter earnings report, SEC Filing)

Last Earnings Report (Q/E 3/31/25): I discussed this report in my last post and have nothing further to add here.  Item # 3.B. Added to NSA in Fidelity Account - Bought 5 at $32.37 (6/26/25); SEC Filing

D. Added to CGBD - Bought 5 at $13.96 - Schwab Account: 

Position in this Account

Snapshot Intraday on 6/26/25 after add

Quote: Carlyle Secured Lending Inc. (CGBD) - Externally Managed BDC

CGBD SEC Filings

10-Q for the Q/E 3/31/25 

SEC Filed 2024 Annual Report (Summary of risk factors starts at page 31 and ends at page 66) 

Last Discussed: Item # 3.C. Pared CGBD in Fidelity Account  - Sold 9+ at  18.11 (11/26/24 Post)(profit snapshot = $83.93, reduced AC per share in this account to $6.58). 

Last Buy Discussion: Item # 1.B.  Added 10 CGBD at $13.95; 10 at $13.5; 10 at $12.6 (1/13/19 Post)

Net Asset Value per share history: 

3/31/25:   $16.63

12/31/24: $16.8

12/31/23: $16.99

New Average cost per share this account: $10.77 (45 shares)

This purchase raised my average cost per share from $10.37. 

Regular Dividend: Quarterly at $.40 per share

CGBD Stock Dividend History & Date | Seeking Alpha

The regular dividend was last raised from $.37 effective for the 2024 first quarter payment. 

Special Dividends:   

BDCs that rely heavily on floating rate loans based on spreads to short term rates had their loans repriced at higher coupons when during the FED was in a rate hiking cycle. For CGBD, the increases in NII resulted in several special dividends starting in 2023. 

2025 to date: $.05 per share paid in the first quarter. 

2024 special dividends = $.27 per share (included $.05 that will go ex dividend on 12/31/24 with a 1/17/25 pay date) 

2023 special dividends = $.28 per share (includes $.07 per share that went ex dividend on 12/28/23 with a 1/18/25 payment date) 

Yield at $10.77:  14.86%  (regular dividends only)

Last Ex Dividend: 6/30/25 (owned all as of)

Last Earnings Report (Q/E 3/31/25): 

SEC Filing 

Adjusted NII per share: $.41, down from $.54

Weighted average yield on debt investments: 10.8%, down from 12.7%

Non-accrual loans based on "fair value": 1.6% 

Non-accrual loans based on amortized cost: 2.2%

CGBD Assessment of How Changes in Interest Rates Impact NII: 

10-Q at page 93 

CGBD Assessment of Credit Risks: 

Page 77, 10-Q

Other Sell Discussions:  Item # 1.C. Pared CGBD in Schwab Account - Sold 10 at $17.06 (12/5/24 Post)(profit snapshot = $32); Item # 2.F. Pared CGBD in Schwab Account - Sold 6 at $17.37 (9/26/24 Post)(profit snapshot = $20.63); Item #2.D. Pared Duplicate Position in Fidelity Account - Sold 2 at $16.78 (9/12/24)(profit snapshot = $14.69);; Item # 2.D. Pared Duplicate Position in CGBD - Sold 9 at $17.57 (Schwab Account) (5/10/24 Post)(profit snapshot = $4.8); Item # 2.C. Pared CGBD in Fidelity Account - Sold 7+ at $17.41 (3/15/24 Post)(profit snapshot = $37.81); Item # 3.H. Eliminated CGBD in Vanguard Taxable Account-Sold 10 at $15.1 (2/5/23 Post)(profit snapshot = $65.6); Item # 2.E. Pared CBGD in Fidelity Taxable Account - Sold 25+ at $14.46 (3/24/22 Post)(profit snapshot = $31.09) 

CGBD Realized Gains to Date: $262.08 (Some trades were not discussed including all small ball trades made in RI accounts)

Goal: Any total return in excess of the dividend payments. Since I sold shares in September 2024, the price has declined from $18.11, the last sales price, to $13.96 or 22.92%. I would attribute part of that decline to investors no longer willing to pay a premium price to net asset value per share. While other causes are debatable, the most likely drivers would be recession fears and lower NII due in large part to the decline in short term rates.  

E. Added to Falling Knife CLX - Bought 1 at $117.69: 

Quote: Clorox Co.  (CLX) 

CLX did rally on 7/1/24, closing at $123.54, up $3.47 or 2.89%. I did not see any news that would explain the up move. 

Brands | The Clorox Company

CLX Analyst Estimates | MarketWatch

CLX SEC Filings

10-Q for the Q/E 3/31/25

New Average cost per share: $122.53 (4 shares)

Dividend: Quarterly at $1.22 per share ($4.88 annually)

CLX Stock Dividend History & Date | Seeking Alpha

CLX has raised its dividend for 20 consecutive years. 

Yield at $122.43: 3.986%

Last Ex Dividend: 4/23/25

Last Earnings Report (Q/E 3/31/25): I discussed this report in a recent post and have nothing further to add here: Item # 2.A. Bought 1 CLX at $126.87; 1 at $124.4; 1 at $121.5 (6/18/25 Post) 

F. Restarted KMB as a Placeholder - Bought 1 at $126.49: 

Quote: Kimberly-Clark Corp.

SEC Filings

SEC Filed 2024 Annual Report

KMB Analyst Estimates | MarketWatch As of 6/27/25, the average E.P.S. estimate for 2025 was at $7.57, $7.95 in 2026 and $8.38 in 2027. 

Using the 2026 estimate of $7.95, the forward P/E at 126.49 is 15.91 which is reasonable IMO given the stability of earnings, the projected growth in E.P.S. in these forward estimates, and the likely dividend growth. That opinion assumes that the earnings forecasts turn out to be spot on. 

Last Buy Discussion: Item # 2.I. Restarted KMB - Bought 1 at $120.69; 1 at $119.4 (11/11/23 Post)

Last Elimination: Item # 1.R. Eliminated KMB - Sold 2 at $146.44 (4/4/25 Post)

Prior Elimination: Item # 3.A. Eliminated Remaining KMB in Fidelity Account - Sold 5+ at $137.87 (1/3/23 Post)(profit snapshot = $52.8)

KMB Analyst Estimates | MarketWatch

SEC Filings

SEC Filed 2024 Annual Report

Brands include Kleenex, Scott, Cottonelle, Huggies, Depend, and Kotex. 

Dividend: Quarterly at $1.26 ($5.04 annually), last raised from $1.22 effective for the 2025 first quarter payment.  

KMB Stock Dividend History & Date | Seeking Alpha

Consecutive Years of Dividend Growth: 52 years

Yield at $126.49: 3.98%

Last Ex Dividend: 6/6/25

Last Earnings Report (Q/E 3/31/25): 

10-Q and SEC Filed Earnings Press Release 

Comparisons are to the 2024 first quarter. 

10-Q at page 1

Revenues: $4.84B, down from $5.149B

"Net sales of $4.8 billion for the three months ended March 31, 2025 declined 6.0% primarily due to unfavorable currency impacts, divestitures and business exits and lower organic sales. Organic sales decreased 1.6% driven by lower pricing as a result of ongoing strategic investments in price-pack architecture and enhancing value propositions across our portfolio, while volume and mix were flat compared to the prior year." 10-Q at page 16 The business exit included ending the sale of private label diapers to Costco. Kimberly-Clark ends partnership with Costco for diaper production (12/13/24). The other major exit was to sell KMB's personal protective equipment business, referred to as PPE in KMB's reports. Ansell completes acquisition of Kimberly-Clark’s Personal Protective Equipment Business (7/2/24)

Diluted GAAP E.P.S. $1.7, down $1.91

Adjusted E.P.S.  $1.93, down from $2.01

Reconciliation:    

Costs relating to the 2024 transformational plan are excluded from GAAP. That plan is discussed in a 3/27/24 press release: Kimberly-Clark Unveils Next Chapter of Strategic Transformation to Unlock Highest Value Growth Opportunities - Mar 27, 2024

Purchase Restriction: 1 share lots with each purchase required to be at the lowest price in the chain. 

Maximum Position: 10 shares

KMB Average Annual Total Returns:  Includes dividend reinvestment

5 Year Annual Average Total Return through 6/27/25: 1.8%   

10 Year Annual Average Total Return: 5.35%

20 Year Annual Average Total Return: 7.46%

DRIP Returns Calculator | Dividend Channel

While the 52 years of dividend growth is a major positive, as is the well established brands, the 5, 10 and 20 year average annual return have been unsatisfactory with the 5 year annual average being below the dividend yield during that period. This history suggests that the stock needs to be traded rather than held long term. I lack any enthusiasm.   

G. Added to Falling Knife CPB - Bought 2 at $30.67: 

Quote: Campbell's Co. (CPB)

Cost: $61.33 

CPB Analyst Estimates | MarketWatch

CPB SEC Filings

10-Q for the Q/E 4/27/25

Chart: Bear Market Pattern of Unknowable Duration 

Packaged food stocks are in a bear market. The downtrend accelerated after General Mills lowered guidance for its fiscal year ending when announcing on 6/24/24 a year-over-year decline in quarterly earnings. SEC Filed Press Release (Diluted GAAP E.P.S. $.53, down 46% with non-GAAP E.P.S. reported at $.74, down 27% in constant currency; guides fiscal 2025 to adjusted E.P.S. down 10-15% from the actual adjusted 2025 E.P.S. of $4.21)   

The problems for packaged food companies include continued input cost inflation aggravate somewhat by the republican tariff taxes, consumer resistance to price increases even for relatively inexpensive products, competition from store brands and negative volume trends that have multiple causes including financially stressed consumers reducing discretionary spending on snacks and other non-essential food categories.     

New Average cost per share: $36 (36+ shares)

Dividend: Quarterly at $.39 per share ($1.56 annually)

CPB Stock Dividend History & Date | Seeking Alpha

Yield at $36: 4.33%

Last Ex Dividend:  Today, 7/3/25 

Last CPB Earnings Report (F/Q ending 4/27/25):  I discussed this report in a recent post and have nothing further to add here:  Item # 2.C. Added to CPB - Bought 2 at $32.64; 3 at $32 (6/18/25 Post); SEC Filed Press Release

H. Started VSH - Bought 10 at $15.79: 

Quote: Vishay Intertechnology Inc. (VSH) 

I have never owned this stock before this purchase. 

VSH "manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that support innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Semiconductors include MOSFETs, diodes, and optoelectronic components. Passive components include resistors, inductors, and capacitors.  Our semiconductor components are used for a wide variety of functions, including power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation. Our passive components are used to restrict current flow, suppress voltage increases, store and discharge energy, control alternating current (“AC”) and voltage, filter out unwanted electrical signals, and perform other functions." SEC 2024 Filed Annual Report at page 4 A more detailed description of the products and applications can be found at pages 8-12. 

I have zero expertise in all of those businesses. 

I have read that some of the products are used in AI and smart grid infrastructure. Vishay Intertechnology (VSH): Capitalizing on AI and Smart Grid Growth Through Tariff-Proof Strategy (6/12/25)

Investment Category: Lottery Ticket Basket

The classification is based on an extremely erratic earnings history that may have hit an annual low point in the 2024, extending quarterly into 2025.  

VSH SEC Filings 

10-Q for the Q/E 3/31/25  2025-03-29

VSH Profile Page at Reuters  

VSH Key Metrics 

The Price to Sales Ratio is low at .74 using TTM. 

Tangible Book Value per share: $13.03 

Cash per share: $4.57

VSH  Analyst Estimates | MarketWatch As of 7/1/25, the average E.P.S. for 2025 was at $.89 and at $1.38 in 2026. Those are most likely non-GAAP estimates. 

Recent Annual Earnings History: 2022-2024 

2024 SEC Filed Annual Report at page 39 The adjustments made in GAAP earnings in 2022 are difficult to understand and are in part discussed in the 2022 Annual Report at page F-19,  Note 5. 

Historical Earnings 2019 to 2021: 

SEC Filed 2021 Annual Report at page 30  

I am making this investment based solely on the numbers, including the P/S ratio, the estimated average non-GAAP E.P.S. growth forecasted by analysts, TBV, a rising book-to-bill ratio which was below 1 for most of 2024, ticked up to 1.01 in the 2024 4th quarter and at 1.08 for the 2025 first quarter, and a comment made by the CEO that much of the channel inventory that had restrained results last year has normalized. 

Dividend: Quarterly at $.10 per share, last raised from $.095 per share effective for the 2021 4th quarter.  

VSH Stock Dividend History & Date | Seeking Alpha

Yield at $15.79: 2.52%

Last Ex Dividend: 6/18/25  

Last Earnings Report (Q/E 3/31/25): SEC Filed Press Release 

Revenues: $715.2M, down 4%

GAAP E.P.S. = ($.03)

Book-to-Bill of 1.08 "with book-to-bill of 1.12 for semiconductors and 1.04 for passive components"

Depreciation and amortization non-cash expense: $53.733M 

VSH owns a number of factories worldwide. A list of owned locations can be found at page 27 of the 2024 Annual Report. 

EBITDA: $54.458M

Segment Information: 

Page 17, 10-Q

10-Q 

3. Small Ball Sell: 

A. Pared MDT - Sold 5 at $86.06: 

Quote: Medtronic PLC (MDT)

Proceeds: $430.3

I sold my highest cost lots. 

MDT Estimates | MarketWatch

MDT SEC Filings

Investor Relations | Medtronic - Overview

Last Discussed: Item # 4.E. Eliminated Duplicate Position in MDT - Sold 4 at $89.79 (8/29/24 Post)(profit snapshot = $38.9) 

Last Buy Discussion: Item # 1.B.  Added to MDT - Bought 5 at $77.3 (7/5/24 Post)

Profit Snapshot: $37.81

New average cost per share: $77.48 (25 shares)

Snapshot Intraday on 6/27/25 after pare

Dividend: Quarterly at $.71 per share ($2.84 annually), last raised from $.7 effective for the 2025 third quarter payment. 

Last Ex Dividend: 6/27/25 (I sold on the ex dividend day) 

5 Year Chart Through 6/27/25: 

This chart suggests formulating a trading strategy. Starting in 2023, the stock has been in a whipsaw channel pattern moving mostly in the $80 - $90 range with short term moves higher or lower. 

With this chart and longer term annual average total returns, I do not need much unfavorable news to sell my highest cost shares profitably.  There have been a number of recalls over two years so this is a cumulative issue for me. 

Last Earnings Report (F/Q 4/25/25): This was for the 4th fiscal quarter. 

Comparison are to F/Q ending on 4/26/24. 

Revenues: $8.927B, up from $8.589 

Breakdown of Revenue by Product Category: 

GAAP E.P.S. $.82, up from $.49

Non-GAAP E.P.S. $1.69, up from $1.46

Reconciliation: 

2025 Fiscal Year Non-GAAP E.P.S. =  $5.71

Generally, I will accept adding back non-cash amortization of intangibles that was $1.14 per share in the last fiscal year, the $.14 per share added back for unrealized losses on minority investments and the tax adjustment of $.05 per share primarily related "to amortization of previously established deferred tax assets from intercompany intellectual property transactions." 

I am inclined to accept the adjustment for complying with new European regulations for approved products since that is a probably a one time expense. 

I have questions about the other items since the expenses are actual cash expenditures that are frequently occuring. 

The guiding principle for me is to dismiss or discount add backs that are recurring cash expenditures. Those items frequently include restructuring expenses and expenses relating to acquisitions and divestitures that are so frequent that I view them as ordinary rather than extraordinary one time items. 

Guidance: "Including a potential impact from tariffs as detailed in the company’s earnings presentation, Medtronic is guiding FY26 diluted non-GAAP EPS in the range of $5.50 to $5.60. The lower end of the EPS range assumes that the bilateral US/China tariffs resume at the higher rates following the 90 day pause, while the higher end of the EPS range assumes that the bilateral US/China tariffs currently in effect during the pause remain in place through fiscal year 2026."

Of that amount, $1,797.34 originated from trades in 2011 and 2014: 

239+ Shares +$883.29 in 2011

30 Shares +$914.05 in 2014

I started to make and store round-trip trade snapshots in 2008 and do not have any MDT snapshots prior to 2011.  

The MDT annual average total return for the 5 year period ending 6/27/25 was just 4%. DRIP Returns Calculator | Dividend Channel So the stock is struggling for upside traction. 

I sold 30 shares at $64.4 on 9/23/14. The MDT average annual total return (dividends reinvested) starting on 9/23/14 through 6/27/24 was 5.27%. 

B. Eliminated TRST Again - Sold 15 at $34.53: 

Proceeds: $517.9

This kind of earnings history indicates that TRST is at most a trading vehicle rather than a long term hold. Given the recent erratic earnings history, I am buying fewer shares than in the past and exiting the position when the stock price approaches the upper end of a channel.  

2 Year Chart as of 7/1/25: 

The share price was trading near $35 in July 2015 adjusted for the subsequent 1 for 5 reverse split. 

Profit Snapshot: $51.55

Dividend: Quarterly at $.36 per share, last raised from $.35 effective for the 2022 4th quarter.   

Last Ex Dividend: 6/6/25

I received that dividend on the 15 share lot.  

$5.4

NIM is trending higher but remains low. E.P.S. increased to $.75 per share, up from $.64. Coverage ratio is 269.8% (allowance for credit losses to nonperforming loans). Nonperforming loans and nonperforming assets are steady and at what I would view as an acceptable level.  

Some  Sell Discussions: There was a 1 for 5 reverse stock split in 2021. 

TRST Realized Gains to Date: $1,611.14

3. Canadian Reset Equity Preferred Stocks: 

A. Pared ENBPRP:CA - Sold 100 of 500 at C$20.82 (C$1 Interactive Brokers  Commission):

ENB-PP.TO

Issuer: Enbridge Inc. (ENB). I own the common shares which was last discussed at  Item # 1.S. Pared ENB - Sold 5 at $45.45 (4/4/25 Post)(profit snapshot = $66.91) 

Proceeds: C$2,081

I sold my highest cost 100 shares. 

Par Value: C$25

Coupon: Resets every 5 years at 2.50% spread to the 5 year Canadian Government Bond yield. Press Release (1/31/24) The rate calculation date is the 30th day prior to the first day of the subsequent five year reset period.

Current Coupon: 5.918% to but excluding 3/1/2029

Optional Redemption: Every 5 years on the reset date, so this preferred stock is call protected until the next reset date in 2029. This limited call option distinguishes 5 year Canadian reset equity preferred stocks from the U.S. fixed-to-floating rate stocks that can be called at par anytime after the transition from the fixed to the floating rate. 

Position in Capital Structure: Equity Preferred stock, senior only to common stock.  

Dividend: Paid quarterly and cumulative

Canada Withholding Tax = 15%

Foreign Tax: Credit or Deduction? | Charles Schwab I claim a tax credit and fill out the IRS Form 1116.

Profit Snapshot: C$191

Purchase History Remaining Lots: 

Average cost per share:  C$15.34  (400 shares)

Snapshot after Pare/Price as of 6/27/25 Close

The average cost per share was reduced from C$16.05.   

Yield at C$15.34: 9.64% (that yield is to the next reset date)

Computation: .05918% x. C$25 par value = C$1.4795 annual dividend per share ÷ $15.34 average cost per share =9.6447% 

Prior Sell Discussions: Item # 1 Sold 100 of 600 ENBPRP:CA at C$20.06 (5/23/24 Post){profit snapshot = C$19, selling my highest lot purchased at C$19.85,Item # 6.A. Bought 100 ENBPRP:CA at C$19.85 (10/3/24 Post)}; Item # 1.A. Sold 100 out of 400 ENBPRP:CA at C$20.20 (12/31/21 Post)(profit snapshot = C$368); Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)(profit snapshot = C$963, contains a snapshot of a prior realized gain of US$1,458.25 converted from C$ 1,814.)    

ENBPRP:CA Realized Gains to Date: +C$3,355

The tax reportable USD gain would be lower. 

4. Corporate Bonds: 

With the recent decline in interest rates, I have reduced my purchases of corporate bonds and will continue to do so below normal weekly purchase levels ($10K-$20K) until I have a better risk/reward balance on interest rate risk.  

Interest rates are moving higher today and rose yesterday after the Vietnam tariff announcement. It is only in the Orwellian Fake Reality of TrumpWorld that tariff taxes are not paid by U.S. consumers through higher prices.   

A. Bought 1 Prudential 5.25% SU Maturing on 5/15/35 at a Total Cost of 99.2: 

Issuer: Prudential Financial Inc. (PRU)

I have eliminated my small ball common stock position. Item # 2.B. Eliminated PRU-Sold 5 at $107.88 on Ex Dividend Date - Vanguard Account   (2/23/24 Post)(profit snapshot = $223.42)

PRU SEC Filings 

PRU Analyst Estimates | MarketWatch

SEC Filed Earnings Press Release for the Q/E 3/31/25

Finra Page: Bond Page | FINRA.org

Credit Rating: A3/A

YTM at Total Cost: 5.355%

Current Yield at TC = 5.292%

I also own 1 in a RI account: 

B. Bought 1 Toronto Dominion 5.4% SU Maturing on 1/18/2034 at a Total Cost of 99.505: 

Issuer: Toronto-Dominion Bank  (TD) 

I have eliminated my common stock position and this bond is the only one that I own now. 

TD Bank Group Reports Second Quarter 2025 Results 

Finra Page: Bond Page | FINRA.org

Credit Ratings: A2/A-

YTM at Total Cost: 5.473%

Current Yield at TC = 5.427%

C. Bought 2 American Honda Finance 5.2% SU Maturing on 3/5/35 at a Total cost of 99.245 - Interactive Brokers Account:

Issuer:  American Honda Finance Corporation (AHFC)  is a wholly-owned subsidiary of American Honda Motor Co., Inc. (AHM). Honda Canada Finance Inc. is a majority-owned subsidiary of AHFC. AHM is a wholly-owned subsidiary  of Honda Motor Co., Lt. which has an A3 rating from Moody's. 

American Honda Finance SEC Filings 

American Honda Finance SEC Filed Annual Report for the Fiscal Year Ending 3/31/25 

Page 24

Finra Page: Bond Page | FINRA.org

Credit Ratings: A3/A-

YTM at Total Cost: 5.3%

Current Yield at TC: 5.24%

D. Bought 2 Oneok 5.05% SU Maturing on 11/1/34 at a Total Cost of 97.498: 

Issuer: ONEOK Inc. (OKE) - Energy Infrastructure

I own 8+ common shares with an average cost per share of $21.44. 

Price as of close onf 6/30/25

The current quarterly dividend is at $1.03 per share ($4.12 annually). OKE Stock Dividend History & Date | Seeking Alpha At the current dividend rate, the yield at $21.44 is 19.22%. 

I last sold 1 share at $111.71. Item # 2.J. Sold 1 OKE at $111.71 - Schwab Account (11/17/24 Post)(profit snapshot = $83.79)

OKE SEC Filings

10-Q for the Q/E 3/31/25  Long term debt at $29.781B

SEC Filed Earnings Press Release for the Q/E 3/31/25 

Finra Page: Bond Page | FINRA.org

Credit Ratings: Baa2/BBB

YTM at Total Cost: 5.394%

Current yield at TC: 5.18%

Other Currently Owned Oneok SU Bonds: 

2 Maturing on 9/15/25

2 Maturing on 7/13/27, Bond Page | FINRA.org

4 Maturing on 9/24/27, Bond Page | FINRA.org

2 Maturing on on 3/15/29, Bond Page | FINRA.org

I had 2 SU bonds mature on 3/15/25. 

5. Treasury Notes Sold: 

$8,000 par value  

Received $8,187.79 in principal   

Realized Gain at +$258.63 (All of the notes were bought in the secondary market at discounts to par value and sold at premiums to par value). 

I am still concerned about inflation coming back later this year that may result in lower prices for long term maturities. 

I consequently lightening up on treasury notes when (1) the YTM at my sales price is less than 4%, (2) the maturity is 2029 or later, and (3) the coupon is 4.5% or lower.   

A. Sold 2 Treasury Notes with a 4.5% Coupon Maturing on 11/15/33 at 102.6 -Schwab Account: 

Profit Snapshot: $76.37

Received interest of $10.52 (accrued paid by buyer)

B. Sold 1 Treasury Note 4.375% Coupon Maturig on 11/30/30 at 102.407:  

Profit Snapshot: +$30.9

Received interest of $3.59 (accrued paid by buyer)

C. Sold 2 Treasury Notes 4.375% Coupon Maturing on 12/31/29 at 102.2969: 

Profit Snapshot: $59.96

Received Interest of  $43.75 Paid by the U.S. Treasury

This was not an accrued interest payment made by the buyer but the entire semiannual payment made by the treasury. I sold on a day when no accrued interest was payable by the buyer. 

D. Sold 2 Treasury Notes 4.5% Coupon Maturing on 12/31/31 at $102.884: 

Profit Snapshot: $63.81

Received Interest of $45.5 Paid by the U.S. Treasury

This was not an accrued interest payment made by the buyer but the entire semiannual payment made by the Treasury. 

E. Sold 1 Treasury Note 4% Coupon Maturing on 2/28/30 at $100.8062: 

Profit Snapshot: $27.59

Received Interest of $13.26 (accrued paid by buyer)

6. Treasury Bills Purchased at Auction: 

A. Bought 5 Treasury Bills at the 6/30/25 Auction - Schwab Account: 

91 Day Bills

Mature on 10/2/25

Interest: $53.53

Investment Rate: 4.34%

B. Bought 2 Treasury Bills at the 6/30/25 Auction - Fidelity Account:

182 Day Bill 

Matures on 1/2/26

Interest: $41.78

Investment Rate: 4.256%

This is the first 6 month T Bill whose maturity is in 2026. By holding the bill to maturity, the interest will be taxable in 2026. I am only starting to shift the tax recognition of interest income into 2026. I will accelerate the shifting later in the year when I have more information on my marginal tax rate for income received in 2025.

C. Bought 5 Treasury Bills at the 7/2/25 Auction: 

119 Day Bills

Mature on 11/4/25

Interest: $69.17

Investment Rate: 4.303%

Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.