Federal tax law gives laid-off workers with 401(k) loans until their tax return due date to roll over the offset amount, and that deadline could be as late as October.
Workers must fund the rollover with outside money like severance or savings, since the original loan proceeds were spent years earlier.
The extended deadline only applies to offsets from job separation, not missed-payment 'deemed distributions,' which are taxable and cannot be rolled over.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
A worker in her late 50s gets the layoff call and remembers the outstanding 401(k) loan she took two years ago. Somewhere in her memory sits a warning: repay it within 60 days or the IRS treats the balance as a taxable distribution, plus a possible 10% penalty. She is 58, so the penalty exposure feels real. The panic is understandable. It is also largely based on an outdated version of the rule.

#deadline #loan #taxable #penalty

VOO crossed $1 trillion first in ETF history, charging 3 basis points against SPY's 9.45 for identical S&P 500 exposure.
SPYM charges just 0.02%, undercutting even VOO, but its $916 million ****** et base delivers wider spreads and nearly no options coverage.
SPY's 75% five-year gain means taxable account holders face a capital gains bill that could erase years of fee savings by switching.
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The SPDR S&P 500 ETF Trust (NYSE:SPY) has been the default S&P 500 vehicle since January 23, 1993, and its $9.8 billion-plus ****** et base reflects three decades of habit, deep options liquidity, and institutional inertia. SPY holders own it for a reason: it is the most-traded ETF on the planet, and for anyone running short-dated options or executing block trades, that liquidity is a genuine feature. But a quieter rival is about to hit a milestone SPY never will at current fees. The Vanguard S&P 500 ETF (NYSEARCA:VOO) holds $1.03 trillion in ****** ets, making it the first ETF to cross the trillion-dollar mark, and it does so while charging SPY holders roughly one-third of the fee for the same 500 stocks.

#options

SPSM charges 84% less than IWM in annual fees and has outperformed it by over 37 percentage points across the past decade.
The S&P 600's profitability screen bars money-losing companies from entry, removing the drag that pulls Russell 2000 returns lower across full market cycles.
In taxable accounts, stopping new IWM contributions and redirecting them to SPSM avoids triggering capital gains while still capturing the fee advantage.
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The iShares Russell 2000 ETF (NYSEARCA:IWM) is the default small-cap vehicle for most portfolios, holding roughly 2,000 US small companies in a single ticker. Investors reach for IWM to add domestic small-cap exposure, tilt toward companies most sensitive to US rate cuts, and diversify beyond a large-cap-heavy S&P 500 allocation. That is a reasonable goal. The question is whether IWM is the best tool to execute it. A quieter alternative from State Street, tracking a different small-cap index with stricter admission standards, has been doing the same job at a fraction of the cost.

#russell #Invest #nysearca

Medicare's two-year lookback means a 2026 distribution sets 2028 premiums, costing married couples up to $1,783 yearly once MAGI exceeds $137,000.
Crossing $109,000 MAGI can make 85% of Social Security taxable, stacking costs that push the effective marginal rate on 401(k) withdrawals toward 40%.
Retirees can limit surcharges by modeling MAGI below thresholds, using QCDs up to $111,000 from an IRA, or filing Form SSA-44 after life-changing events.
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A 66-year-old retiree with $1.4 million in a traditional 401(k) pulls $60,000 in 2026 to renovate a kitchen. Combined with $28,000 in Social Security and a modest pension, modified adjusted gross income lands at $112,000. Nothing dramatic happens on the 1040. In January 2028, the Medicare bill jumps.

#security #year

VOO holds the exact same portfolio as VFIAX but skips the $3,000 minimum and the ~$75 fee Fidelity charges to buy it.
NVDA and AAPL top both funds' identical holdings, with one-year returns differing by just 0.03% between VOO and VFIAX.
Vanguard allows a one-way, tax-free conversion from VFIAX to VOO in taxable accounts, but selling elsewhere triggers capital gains on any appreciation.
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Owning Vanguard 500 Index Fund Admiral Shares (NASDAQ:VFIAX) is one of the most common ways American investors hold the S&P 500. The Admiral share class delivers low-cost index exposure, and Vanguard's brand loyalty runs deep enough that many holders have never questioned whether the mutual fund wrapper still makes sense. But for readers who already own VFIAX or are about to buy it, there is a cheaper share class of the exact same portfolio sitting one ticker away, removing two frictions the Admiral share class imposes.

#vfiax #fund #exact

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Reaching $1.5 million in your 401(k) plan could feel like touching the finish line of a decades-long marathon. It's obviously a time for celebration.
But there's someone else celebrating with you: the taxman.
With such a large balance in your retirement account, you're potentially at risk of triggering required minimum distributions (RMDs) in your retirement, according to the IRS (1). Simply put, an RMD is the minimum amount you have to withdraw from your 401(k) each year during retirement — and it's fully taxable as ordinary income.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

#Retirement #minimum #finance

Federal tax law gives laid-off workers with 401(k) loans until their tax return due date to roll over the offset amount, and that deadline could be as late as October.
Workers must fund the rollover with outside money like severance or savings, since the original loan proceeds were spent years earlier.
The extended deadline only applies to offsets from job separation, not missed-payment 'deemed distributions,' which are taxable and cannot be rolled over.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
A worker in her late 50s gets the layoff call and remembers the outstanding 401(k) loan she took two years ago. Somewhere in her memory sits a warning: repay it within 60 days or the IRS treats the balance as a taxable distribution, plus a possible 10% penalty. She is 58, so the penalty exposure feels real. The panic is understandable. It is also largely based on an outdated version of the rule.

#workers #deadline #federal

VOO crossed $1 trillion first in ETF history, charging 3 basis points against SPY's 9.45 for identical S&P 500 exposure.
SPYM charges just 0.02%, undercutting even VOO, but its $916 million ****** et base delivers wider spreads and nearly no options coverage.
SPY's 75% five-year gain means taxable account holders face a capital gains bill that could erase years of fee savings by switching.
Don't wait: the ****** yst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
The SPDR S&P 500 ETF Trust (NYSE:SPY) has been the default S&P 500 vehicle since January 23, 1993, and its $9.8 billion-plus ****** et base reflects three decades of habit, deep options liquidity, and institutional inertia. SPY holders own it for a reason: it is the most-traded ETF on the planet, and for anyone running short-dated options or executing block trades, that liquidity is a genuine feature. But a quieter rival is about to hit a milestone SPY never will at current fees. The Vanguard S&P 500 ETF (NYSEARCA:VOO) holds $1.03 trillion in ****** ets, making it the first ETF to cross the trillion-dollar mark, and it does so while charging SPY holders roughly one-third of the fee for the same 500 stocks.

#holders #first #liquidity #spym

A $1,000 IRA withdrawal in the 22% bracket can trigger $407 in federal tax because it also makes $850 of Social Security newly taxable.
Middle-income retirees are most exposed to the torpedo, as frozen 1980s thresholds drag more households into the zone every year with each COLA increase.
Roth conversions before claiming Social Security, qualified charitable distributions, and delaying benefits to 70 can each reduce or eliminate torpedo zone exposure.
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A band of retirement income exists in which each additional dollar withdrawn from a traditional IRA is subject to an effective federal tax rate above 40%, even when the household is nominally in the 12% or 22% bracket. Financial planners call it the Social Security "tax torpedo." A $1,000 IRA withdrawal that should cost $220 in tax can actually cost $407. That extra $187 stems from a rule most retirees never see on a tax table.

#security #federal

Surrendering a whole-life policy can trigger a taxable gain that spikes MAGI and pushes Medicare beneficiaries into higher IRMAA brackets two years later.
A $52,000 taxable gain hidden inside an $84,000 surrender check doubled one widow's Part B premium from $203 to $406, costing her roughly $2,885 extra that year.
Before surrendering, ask the insurer for the estimated taxable gain, add it to projected MAGI, and consider a Section 1035 exchange to defer the tax hit.
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A 68-year-old widow surrendered a whole-life policy her late husband bought in 1988. The insurer sent her roughly $84,000. Her basis, the premiums paid over 37 years, adjusted for any prior distributions, was about $32,000. She spent the money on a kitchen remodel and a grandchild's tuition, filed her tax return, and moved on. Eighteen months later, her Medicare notice arrived. The Part B premium had doubled.

#gain #whole

Our ***** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Performance was driven by strong recurring earnings and consistent realization activity, maintaining a robust undistributed taxable income (UTI) balance of $0.87 per share.
The company achieved a 24% year-over-year credit portfolio growth to $2 billion, focusing almost exclusively on first lien senior secured loans to mitigate risk.
Management highlighted their internally managed structure as a key efficiency driver, achieving 1.4% operating leverage compared to the BDC industry median of 2.6%.
Strategic penetration into the lower middle market is evidenced by screening 1,300 deals annually, while maintaining a disciplined 1.5% close rate.

#performance

Social Security calculates benefits from your 35 highest-earning years, so a lower-wage job can't reduce a benefit already built on decades of tech salaries.
Claiming at 62 instead of 67 permanently cuts a $3,200 monthly benefit by roughly $960, while waiting until 70 pushes it to nearly $3,970.
Mark's pharmacy-tech paycheck serves as a bridge to delay claiming, while lower taxable income creates room for Roth conversions at reduced tax brackets.
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Seattle's job market is silently rewriting itself. Over the past month, truck-driver postings in the region spiked 231% and security-guard openings jumped 146%, while software-engineer openings suffered the steepest drop, down 56%, according to KUOW reporting on data from the Workforce Development Council of Seattle-King County. Nearly three-quarters of the 7,453 workers laid off in H1 2026 were in the information sector, and Washington state's tech layoffs now rank second highest in the country.

#nearly

I'm not going to lie, I'm pretty addicted to collecting passive dividend income. While I love working, nothing beats getting paid for work someone else did. With a yield of more than 10%, few passive-income investments pay as well as Ares Capital (NASDAQ: ARCC) -- it's almost 10 times higher than the S&P 500's current yield of 1.1%.
That monster yield is why I just bought even more shares of this business development company (BDC).
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
A dividend yield of 10% or more is usually a major red flag. However, that's not the case with Ares Capital. For starters, it's a BDC, which must distribute at least 90% of its taxable net income to shareholders in dividends to remain in compliance with IRS regulations. Given that payout requirement, it's going to have a high yield.
Further, where Ares Capital shines is in its ability to sustain and grow its dividend. It has maintained or raised its payout for 17 consecutive years. That's impressive for a BDC, as most of its peers have had at least one dividend reduction during that time frame. This durability is a testament to the company's strong underwriting, as its ******* ulative investments of more than $73 billion have a net realized loss of less than 0% since inception. That's a far better loss ratio than other BDCs (-1.1%) and even banks (-0.6%). By minimizing losses, Ares Capital has a long history of generating earnings that more than covered its dividend.

#capital #flashing #going

IRC Section 1014 resets an inherited portfolio's cost basis to date-of-death value, legally erasing a lifetime of capital gains before heirs sell.
The step-up covers only taxable accounts such as stocks, ETFs, and real estate, while inherited IRAs and 401(k)s face ordinary income tax on every withdrawal.
Portfolios that declined before death step the basis down, permanently wiping built-in losses heirs could have captured through pre-death selling.
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If you've ever inherited a taxable brokerage account, mutual funds, or individual stocks from a parent, there is a rule sitting inside the tax code that can erase decades of capital gains overnight. It's called the step-up in basis, and it's the reason a daughter can inherit an $800,000 portfolio her mother built from a $50,000 seed in the 1980s, sell every share the next month, and owe the IRS nothing on the gain.

#inherited #death #stocks

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Deciding to retire can feel a bit unnerving. Retirees have plenty to potentially worry about – some of which they have no control over – like how the market will perform and how fast prices at the supermarket will increase.
But regardless of the economic environment, simple mistakes can prove costly for retirees.
Here are some common mistakes that you'll want to avoid as you enter your golden years. And if you need additional help planning for retirement, consider connecting with a financial advisor.
Did you know that you may need to pay income taxes on your Social Security benefits? In fact, up to 85% of your benefits may be taxable, depending on your other sources of income. The income thresholds that trigger taxes are set at specific amounts and don't adjust for inflation, which means more retirees hit those tax limits every year.

#taxes

Moving from California to Nevada eliminates the 9.3% state income tax on RMDs, saving six figures over 20 years on a $2.1 million IRA.
Nevada residency doesn't fix federal exposure: IRMAA surcharges kick in above $109,000 MAGI, and up to 85% of Social Security stays federally taxable.
A Qualified Charitable Distribution of up to $111,000 in 2026 can satisfy the entire first RMD and keep it out of AGI completely.
Two retirees, same $1 million, same 4% rule, buy one finished with $1.4 million, the other hit $0 in 12 years. Our free reader guide explains the flaw that separated them, and the income-first method built to avoid it.
A recent post on r/personalfinance describes exactly this move: a father who rolled a large 401(k) into a traditional IRA at 72, then relocated from California to Nevada for what the poster called "a 9.3% instant savings once RMD hits." The specifics fit a common profile: a $2.1 million balance, a first required minimum distribution one year away, and a California tax bill that grows every year the account does. The math on why the U-Haul is worth it, and the federal trap the move does not solve, is more interesting than the headline.

#california #distribution #federal

SPYI and QQQI deliver 12% and 14% monthly yields using Section 1256 index options, shielding most distributions from ordinary income tax rates.
JEPI and JEPQ distribute ordinary income from equity-linked notes, creating higher tax drag that compounds against taxable-account investors over time.
ISPY's daily call reset preserves more S&P 500 upside, delivering 17% total returns at a lower 4.6% yield than SPYI or QQQI.
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Covered call ETFs promise double-digit yields from a broad equity index. Three funds stand out for how they handle taxes: the NEOS S&P 500 High Income ETF (NASDAQ:SPYI), the NEOS Nasdaq-100 High Income ETF (NASDAQ:QQQI), and the ProShares S&P 500 High Income ETF (NASDAQ:ISPY).

#spyi #high

VTI's dual share class nearly eliminates capital gains distributions, giving it a compounding tax advantage over ITOT and SCHB in taxable brokerage accounts.
SCHB's Schwab fractional-share access puts every automated contribution dollar to work immediately, a platform-specific edge VTI and ITOT cannot match inside Schwab.
Don't wait: the **** yst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
Three total market index ETFs dominate the do-it-yourself investor's shortlist for whole-market US equity exposure: Vanguard Total Stock Market ETF (NYSEARCA:VTI), iShares Core S&P Total U.S. Stock Market ETF (NYSEARCA:ITOT), and Schwab U.S. Broad Market ETF (NYSEARCA:SCHB). All three charge 0.03% in annual expenses, hold thousands of US stocks, and post nearly identical trailing returns.
The one-year numbers cluster tightly: VTI at around 21%, ITOT at roughly 21%, and SCHB at about 21%. Over a 30-year holding period, small structural differences in index depth, tax treatment, and ecosystem fit start to matter, and picking the wrong container for the same underlying market can quietly cost meaningful compounded dollars.

#itot #schb #Share

Thiel loaded PayPal (PYPL) and Palantir (PLTR) founder shares into a self-directed Roth IRA, turning $2,000 into $5 billion completely tax-free.
A self-directed Roth, unlike a standard Schwab (SCHW) account, lets you hold private startups, real estate, and LLC interests tax-free.
Triggering IRC Section 4975's prohibited transaction rules collapses your entire Roth into a taxable distribution, plus a 10% penalty if under 59½.
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If you own a Roth IRA, you own the same tax shelter Peter Thiel used to turn $2,000 into roughly $5 billion. This is the exact same account type, governed by the exact same tax code, sitting in millions of ordinary brokerage logins right now. The buried feature: a Roth IRA can hold far more than index funds. It can hold private startup shares, LLC interests, real estate, and other alternative ******* ets, and every dollar of growth comes out tax-free after age 59½.

#hold #same #self #directed

SPY's 8.82% early-2026 slide let IRA holders convert shares at a lower taxable value, sheltering the entire rebound inside a Roth permanently.
Filling the 22% bracket during a dip and paying conversion taxes from a taxable account moves every share into the Roth intact.
Since 2018, conversions cannot be undone, and large ones can trigger IRMAA surcharges or push long-term capital gains into a higher rate.
Don't wait: the ***** yst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
If you have a traditional IRA or an old 401(k), the IRS runs a quiet sale every time the market dips. It is baked into how the tax code prices a Roth conversion: you pay ordinary income tax on the dollar value of what you move, on the day you move it. When your portfolio is down, that bill shrinks even though your share count does not.

#move #since #irmaa

As the old adage goes, the only certainties in life are death and taxes. But an old rule applied in a new way for ETFs challenges one of those certainties.
Section 351 exchanges rely on a little-known provision of the U.S. tax code that, under specific conditions, allows appreciated securities to be contributed to a newly formed ETF without triggering an immediate taxable event. Especially for investors with concentrated stock positions, 351 conversions can provide a tax-efficient path to enhancing portfolio diversification. (Read: "Got Cap Gains? How Portfolios Can Move Into ETFs Tax-Free")
While Section 351 has been around for decades, only recently have ETF issuers applied the rule towards new ETFs. We recently sat down with independent tax management expert Brent Sullivan to better understand the opportunities (and obstacles) ETFs launched via Section 351 may present to investors.
Below is a lightly edited transcript of our conversation.
You're obviously passionate about taxes. Why does this topic interest you so much?

#etfs #section #taxes #applied

Old National Bancorp (NASDAQ:ONB) reported stronger-than-expected second-quarter 2026 results on Wednesday, driven by higher revenue, solid loan growth and record profitability.
The bank posted adjusted earnings per share of $0.65, ahead of the ******* yst consensus estimate of $0.63. Revenue on a fully taxable equivalent basis totaled $740.06 million, exceeding market expectations of $716.25 million.
Following the earnings release, shares of Old National rose 3.17% in premarket trading.
Net income attributable to common shareholders reached a record $249.4 million, equal to $0.65 per diluted share.
Total revenue increased 13% year over year from $654.4 million in the second quarter of 2025.

#bancorp

Medicare sets premiums using your MAGI from two years prior, so a $350,000 pension lump sum can spike Part B costs from $203 to $649 monthly.
IRMAA surcharges act as cliffs, where crossing a threshold by just $1 triggers the full penalty and costs Frank roughly $6,400 in a single year.
A trustee-to-trustee IRA rollover keeps a pension buyout out of MAGI entirely, spreading taxable income over years to stay below IRMAA thresholds.
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He retired at 65 from a machine parts company that offered him a choice: a monthly pension check for life, or a one-time cash buyout of roughly $350,000. He took the lump sum. It felt safer to control the money himself, and the company had been shaky for years. He rolled some into an IRA, kept a chunk in a taxable brokerage account for a kitchen remodel, and started Social Security at 66.

#monthly

Converting $600,000 in $75,000 annual Roth IRA slices locks in sub-22% tax rates before RMDs stack with Social Security at 73.
Spreading conversions below the $218,000 IRMAA threshold avoids Medicare surcharges reaching $6,900 per person, since any overage triggers the full cliff penalty.
Delaying Social Security to 70 adds 8% yearly to the benefit while keeping taxable income low, maximizing Roth conversion headroom during the window.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
A 63-year-old couple with $1.5 million in a traditional 401(k) and no earned income has just entered the most valuable tax planning window of their lives. From now until age 73, when required minimum distributions begin, they get to decide exactly how much taxable income to show each year. Most people fill that window with a few small IRA withdrawals and a delayed Social Security claim. That decision costs tens of thousands of dollars in avoidable taxes.

FLBR charges 0.19% versus EWZ's 0.59% and has outperformed by roughly 5 percentage points year-to-date in 2026.
FLBR excludes Nu Holdings and runs heavier exposure to Vale and Petrobras, a construction difference that has driven its 2026 edge.
Taxable EWZ holders with large embedded gains may need years to recover from switching, given the capital gains tax hit of 15 to 20 percent.
Don't wait: the ******* yst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
The iShares MSCI Brazil ETF (NYSEARCA:EWZ) is the reflex trade for U.S. investors seeking single-ticker exposure to Brazilian large caps. It has been around since 2000, tracks the MSCI Brazil 25/50 Index, and sits on $88.51 billion in ******* ets, making it the deepest, most liquid vehicle for the trade. EWZ holders own it for a reason: broad exposure to Vale, Petrobras, Itau, and the rest of the Bovespa heavyweights in one line item. The question is whether they are paying a premium for that convenience when a near-identical alternative has quietly done the same job cheaper and better this year.

Delaying Social Security to 70 earns 8% annually, turning a $2,500/month benefit at 67 into roughly $3,100 per month. That represents a permanent $600/month gain for both spouses.
Freed home equity replaces unclaimed Social Security income, shields investments from forced selling, and delivers tax-free spending cash during the bridge years.
Married couples can exclude up to $500,000 in home-sale gains, but excess gains are taxable and can spike Medicare IRMAA premiums two years later.
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A couple in their late 60s sells the house they raised kids in (stairs are annoying, property taxes climb, two bedrooms sit empty) and buys something smaller. They walk away with roughly $300,000 in cash after closing. The question: do they turn on Social Security, or use that freed equity to wait?

A large IRA withdrawal triggers Medicare's IRMAA surcharge two years later, costing a retired couple between $2,400 and $3,900 in extra annual Part B premiums.
The same withdrawal can make up to 85% of Social Security benefits taxable, compounding the financial hit in the year of the distribution itself.
Splitting the withdrawal across two tax years, with half taken in December and half in January, can keep income below IRMAA thresholds and reduce Social Security taxation.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
The old advice was to downsize in retirement. A Wall Street Journal trend piece, published July 16, 2026, describes wealthy boomers doing the opposite: one Northern California couple traded a ranch house under 2,000 square feet for a 5,000-square-foot sprawling property they bought next door, more than doubling their footprint in the same neighborhood. Home equity makes it feel affordable.

M&T Bank on Wednesday reported second-quarter net income of $818 million, or $5.32 in diluted earnings per common share, the highest earnings per share in the company's history, the company said. That compared with net income of $716 million, or $4.24 per diluted share, in the same period a year earlier.
Net interest income climbed 4.6% year over year to $1.79 billion, up from $1.71 billion in the second quarter of 2025. The net interest margin widened to 3.70% from 3.62% a year ago. The company said the increase in taxable-equivalent net interest income from the year-earlier quarter reflected growth in average loans and investment securities and favorable repricing of earning **** ets and interest-bearing liabilities.
Average total loans expanded to $141.4 billion from $135.4 billion in the second quarter of 2025, driven by a $5.0 billion increase in commercial and industrial loans, a $1.4 billion gain in residential real estate loans, and a $1.4 billion rise in consumer loans. Those gains were partially offset by a $1.8 billion decline in average commercial real estate balances, the company said.
Noninterest income totaled $740 million, compared with $683 million in the year-earlier quarter, according to Reuters. Trust income came in at $197 million, up from $182 million a year ago, while mortgage banking revenue slipped 2% to $127 million.
The provision for credit losses eased to $120 million from $125 million in the prior-year period. Nonaccrual loans dropped 23% to $1.2 billion from $1.6 billion at the end of the second quarter of 2025, the company said.

Franklin BSP Realty Trust, Inc. (NYSE:FBRT) is one of the top beaten-down REITs ready for a rotation rally. On July 6, Citizens ****** yst Chris Muller reiterated a Market Outperform rating and an $11 price target on Franklin BSP Realty Trust, Inc. (NYSE:FBRT).
Muller announced the decision after reviewing Franklin BSP's first-quarter 2026 results. He used the insights from the review to update his firm's internal financial model for the company.
One of the things Muller picked from the earnings report is Franklin BSP's ongoing shift toward becoming a full-service real estate platform. He noted that this transition is creating some earnings pressure in the short term. The ****** yst added that despite the near-term drag on earnings, the platform shift should eventually lead to more stable and predictable earnings for the company. There is also potential upside to book value, largely because of the tax advantages tied to operating more activity through a REIT structure rather than a taxable REIT subsidiary, Muller stated.
Muller detailed that the $11 price target is built around a required dividend yield of 7.3%. The yield is applied to Franklin BSP's annualized dividend of $0.80 per share, which works out to $0.20 per quarter. That target also corresponds to a price-to-book value multiple of 0.75 times once the company's platform transition is fully reflected in its books. For context, Franklin BSP's shares were trading at a price-to-book ratio of 0.55 at the time, meaning the stock was valued well below the multiple implied by Citizens' target price.
Franklin BSP Realty Trust, Inc. (NYSE:FBRT) is a real estate finance company. It originates and manages a diversified portfolio of commercial real estate debt investments through a REIT structure in the United States and internationally.

Western Alliance Bancorporation (NYSE:WAL) is one of the top bank stocks to buy now according to **** ysts. Wall Street has a consensus Moderate Buy rating on Western Alliance Bancorporation (NYSE:WAL). A total of 41 hedge funds have positions in the stock.
On July 6, Western Alliance Bank, the primary subsidiary of Western Alliance Bancorporation, announced financing for Marble Manor Phase I, a 138‑unit mixed‑income housing project northwest of downtown Las Vegas. The package includes $31 million in tax‑exempt construction bonds, $2 million in taxable bonds, and $19.46 million in tax‑exempt permanent bonds, with R4 Capital Funding managing construction and permanent **** ets.
The development will feature five residential buildings with one‑ to five‑bedroom family rental homes. Thirty units will be market‑rate, while 108 will serve families earning 30–60% of the area median income. Plans also include 3,000 square feet of retail **** e and supportive services from the Southern Nevada Regional Housing Authority. Brinshore Development and SNRHA are co‑developers, Metcalf Builders is handling construction, and Enterprise Community Partners is providing $21.7 million in tax credit equity. HUD awarded a $53 million Choice Neighborhoods Grant, and construction began in April 2026.
Western Alliance has financed similar projects in Reno and Las Vegas. However, on July 2, Jefferies Financial (NYSE:JEF) filed suit alleging the bank unlawfully froze a $25 million account tied to Point Bonita Capital, sparking a legal dispute over losses linked to First Brands Group.
Western Alliance Bancorporation (NYSE:WAL), the holding company for Western Alliance Bank, offers a range of commercial and consumer banking services across Arizona, California, and Nevada.