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Re: Where to find low-rated bond yields?

by Rob Levis

Thanks, Mike. Rob Please excuse my typos and misspellings. Thank you. Sent from my iPhone On Sep 6, 2026, at 21:50, Dr. Michael Crain <craincpa(a)gmail.com> wrote: If you have the information, you analyze the default risk of each note’s debtor. Otherwise, you are making an educated guess of which ratings to assign to the notes. Dr. Michael A. Crain, CPA, CFA, ABV, CFE On Sep 5, 2026, at 5:05 PM, Rob Levis <levis(a)levisconsult.com> wrote: Thank you, Mike and John. The Estate has numerous Notes with varying degrees of security and terms. I am thinking the yields on specific categories of bonds as determined by the rating agencies is the most sensible approach and which category is applicable to the Notes in the portfolio will depend upon the facts regarding each of the Notes. I don’t think a specific “Guideline Company” type of an analysis will add much value to the exercise. Thoughts? Thank you, all, in advance. Rob Levis, Grosdidier & Associates, LLC Main: 719.226.3702 | Cell: 719.651.7295 www.levisconsult.com<http://www.levisconsult.com/> From: Dr. Michael Crain <craincpa(a)gmail.com> Sent: Saturday, September 5, 2026 12:08 PM To: John Schumacher <JCS(a)tfpov.com>; Rob Levis <levis(a)levisconsult.com>; LLC ERC (listserv(a)ercllc.net) <listserv(a)ercllc.net> Cc: Dan Grosdidier <Dan(a)levisconsult.com> Subject: Re: [Listserv] Re: Where to find low-rated bond yields? Rob: I believe John’s comments about CapIQ for aggregate yields by agency rating is the most obvious choice. If you want yields of specific bond issues, I recall there is a public source as well as CapIQ. I would need to look up the source(s) for specific issues as it’s been a while. Also, I am not sure what you want if you mean bonds with very poor credit ratings and be anything other than high yield. Dr. Michael A. Crain, CPA, CFA, ABV, CFE From: ERC listserve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Reply-To: John Schumacher <JCS(a)tfpov.com<mailto:JCS@tfpov.com>> Date: Friday, September 4, 2026 at 3:17 PM To: Rob Levis <levis(a)levisconsult.com<mailto:levis@levisconsult.com>>, ERC listserve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan(a)levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Re: Where to find low-rated bond yields? Rob, If you have CapIQ and were amenable to using a composite rate, the “IQ_Full_CURVE_Annual” data element allows you to specifically select one of four different ratings below investment grade rating: 1. HY 2. BB 3. B 4. CCC I just did a lookup using 9/1/26 as the pricing date, AllCorp as the Sector, 20-Yr. as the tenor, USD as the currency and got a yield of 20.014% Not sure if there is additional reporting out of CapIQ to tell you how many bonds are part of their composite rates/yield curves. I know I have also used CapIQ’s screening tool for getting yields at a bond level, but it has been awhile. I seem to recall it was good at capturing yields as of bond issuance, but less so on implied yields from bond trading activity. Hope that helps. John John Schumacher, CFA Email: jschumacher(a)truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Friday, September 4, 2026 11:00 AM To: LLC ERC (listserv(a)ercllc.net<mailto:listserv@ercllc.net>) <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan(a)levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Where to find low-rated bond yields? Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don’t publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 <image001.png>

Sept. 7, 2026

Re: Where to find low-rated bond yields?

by Dr. Michael Crain

Sept. 7, 2026

Re: Where to find low-rated bond yields?

by Rob Levis

Thank you, Mike and John. The Estate has numerous Notes with varying degrees of security and terms. I am thinking the yields on specific categories of bonds as determined by the rating agencies is the most sensible approach and which category is applicable to the Notes in the portfolio will depend upon the facts regarding each of the Notes. I don’t think a specific “Guideline Company” type of an analysis will add much value to the exercise. Thoughts? Thank you, all, in advance. Rob Levis, Grosdidier & Associates, LLC Main: 719.226.3702 | Cell: 719.651.7295 www.levisconsult.com<http://www.levisconsult.com/> From: Dr. Michael Crain <craincpa(a)gmail.com> Sent: Saturday, September 5, 2026 12:08 PM To: John Schumacher <JCS(a)tfpov.com>; Rob Levis <levis(a)levisconsult.com>; LLC ERC (listserv(a)ercllc.net) <listserv(a)ercllc.net> Cc: Dan Grosdidier <Dan(a)levisconsult.com> Subject: Re: [Listserv] Re: Where to find low-rated bond yields? Rob: I believe John’s comments about CapIQ for aggregate yields by agency rating is the most obvious choice. If you want yields of specific bond issues, I recall there is a public source as well as CapIQ. I would need to look up the source(s) for specific issues as it’s been a while. Also, I am not sure what you want if you mean bonds with very poor credit ratings and be anything other than high yield. Dr. Michael A. Crain, CPA, CFA, ABV, CFE From: ERC listserve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Reply-To: John Schumacher <JCS(a)tfpov.com<mailto:JCS@tfpov.com>> Date: Friday, September 4, 2026 at 3:17 PM To: Rob Levis <levis(a)levisconsult.com<mailto:levis@levisconsult.com>>, ERC listserve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan(a)levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Re: Where to find low-rated bond yields? Rob, If you have CapIQ and were amenable to using a composite rate, the “IQ_Full_CURVE_Annual” data element allows you to specifically select one of four different ratings below investment grade rating: 1. HY 2. BB 3. B 4. CCC I just did a lookup using 9/1/26 as the pricing date, AllCorp as the Sector, 20-Yr. as the tenor, USD as the currency and got a yield of 20.014% Not sure if there is additional reporting out of CapIQ to tell you how many bonds are part of their composite rates/yield curves. I know I have also used CapIQ’s screening tool for getting yields at a bond level, but it has been awhile. I seem to recall it was good at capturing yields as of bond issuance, but less so on implied yields from bond trading activity. Hope that helps. John John Schumacher, CFA Email: jschumacher(a)truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Friday, September 4, 2026 11:00 AM To: LLC ERC (listserv(a)ercllc.net<mailto:listserv@ercllc.net>) <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan(a)levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Where to find low-rated bond yields? Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don’t publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 [cid:image001.png@01DD3D47.FFDC8F80]

Sept. 5, 2026

Re: Where to find low-rated bond yields?

by Dr. Michael Crain

Rob: I believe John’s comments about CapIQ for aggregate yields by agency rating is the most obvious choice. If you want yields of specific bond issues, I recall there is a public source as well as CapIQ. I would need to look up the source(s) for specific issues as it’s been a while. Also, I am not sure what you want if you mean bonds with very poor credit ratings and be anything other than high yield. Dr. Michael A. Crain, CPA, CFA, ABV, CFE From: ERC listserve <listserv(a)ercllc.net> Reply-To: John Schumacher <JCS(a)tfpov.com> Date: Friday, September 4, 2026 at 3:17 PM To: Rob Levis <levis(a)levisconsult.com>, ERC listserve <listserv(a)ercllc.net> Cc: Dan Grosdidier <Dan(a)levisconsult.com> Subject: [Listserv] Re: Where to find low-rated bond yields? Rob, If you have CapIQ and were amenable to using a composite rate, the “IQ_Full_CURVE_Annual” data element allows you to specifically select one of four different ratings below investment grade rating: 1. HY 2. BB 3. B 4. CCC I just did a lookup using 9/1/26 as the pricing date, AllCorp as the Sector, 20-Yr. as the tenor, USD as the currency and got a yield of 20.014% Not sure if there is additional reporting out of CapIQ to tell you how many bonds are part of their composite rates/yield curves. I know I have also used CapIQ’s screening tool for getting yields at a bond level, but it has been awhile. I seem to recall it was good at capturing yields as of bond issuance, but less so on implied yields from bond trading activity. Hope that helps. John John Schumacher, CFA Email: jschumacher(a)truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis via Listserv <listserv(a)ercllc.net> Sent: Friday, September 4, 2026 11:00 AM To: LLC ERC (listserv(a)ercllc.net) <listserv(a)ercllc.net> Cc: Dan Grosdidier <Dan(a)levisconsult.com> Subject: [Listserv] Where to find low-rated bond yields? Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don’t publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 [cid:image001.png@01DD3D3F.EE96FF10]

Sept. 5, 2026

Re: Where to find low-rated bond yields?

by John Schumacher

Rob, If you have CapIQ and were amenable to using a composite rate, the "IQ_Full_CURVE_Annual" data element allows you to specifically select one of four different ratings below investment grade rating: 1. HY 2. BB 3. B 4. CCC I just did a lookup using 9/1/26 as the pricing date, AllCorp as the Sector, 20-Yr. as the tenor, USD as the currency and got a yield of 20.014% Not sure if there is additional reporting out of CapIQ to tell you how many bonds are part of their composite rates/yield curves. I know I have also used CapIQ's screening tool for getting yields at a bond level, but it has been awhile. I seem to recall it was good at capturing yields as of bond issuance, but less so on implied yields from bond trading activity. Hope that helps. John John Schumacher, CFA Email: jschumacher(a)truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis via Listserv <listserv(a)ercllc.net> Sent: Friday, September 4, 2026 11:00 AM To: LLC ERC (listserv(a)ercllc.net) <listserv(a)ercllc.net> Cc: Dan Grosdidier <Dan(a)levisconsult.com> Subject: [Listserv] Where to find low-rated bond yields? Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don't publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 [cid:image001.png@01DD3C77.B84BE7E0]

Sept. 4, 2026

Where to find low-rated bond yields?

by Rob Levis

Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don't publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 [cid:image001.png@01DD3C54.18DE1570]

Sept. 4, 2026

Re: ERC- 2026 ERI Renewal

by Greg Kaseno

Hi Jamie, Please renew. Thanks, Greg Gregory A. Kaseno, CPA/ABV/CFF, CVA ACCOUNTING OFFICES OF GREGORY A. KASENO, APC [Kaseno_Logo_Final] Note New Primary Mailing Address: Camas, Washington Office: 2005 SE 192nd Avenue, Suite 200 Camas, Washington 98607 La Jolla, California (Satellite Office): 888 Prospect Street, Suite 200 La Jolla, California 92037 (858) 361-3222 (Voice) (858) 362-7450 (Fax) greg(a)kasenocpa.com<mailto:greg@kasenocpa.com> (E-mail) www.kasenocpa.com<http://www.kasenocpa.com/> (Website) Make a Payment: Press Control-Click >>>CPACharge<https://secure.cpacharge.com/pages/kaseno/payments> This email may contain material that is confidential and/or attorney-client privileged and is for the sole use of the intended recipient. Any review, reliance or distribution by others or forwarding without express permission is strictly prohibited. If you are not the intended recipient, please contact the sender and delete all copies. From: Jamie Badger via Listserv <listserv(a)ercllc.net> Sent: Thursday, September 3, 2026 8:20 AM To: listserv(a)ercllc.net Cc: Nick Balgaard <nbalgaard(a)gfkcpa.com> Subject: [Listserv] ERC- 2026 ERI Renewal All - following are the participants who have shared in the cost of the ERI (Salary Assessor) subscription. This is one we divide the total cost by the participants, so the per person cost is dependent on that. WHAT YOU NEED to DO (by 9/18/2026): 1. If you have your own ERI subscription, or simply don't care about this subscription - you can ignore this and have a nice day :) 1. If you are on this list, you need to reply to me (only) to confirm your renewal (Note: with this number of participants we had last year, the cost will be around $375/ea) 1. Charlie Burak 2. Don DeGrazia 3. Jeff Denning 4. Jerome Johnson 5. Greg Kaseno 6. Clay Price 7. Ron Seigneur/Brenda Clarke 8. Sheri Fiske Schultz 9. Diane Womack 10. Clay Danielson 1. If you are not on this list and want to be added, please reply to me (only) Once we have the list finalized, we will send invoices. Thank you, Jamie Badger JBadger(a)gfkcpa.com<http://JBadger@gfkcpa.com/> Direct Dial: (517) 664-9386

Sept. 3, 2026

ERC- 2026 ERI Renewal

by Jamie Badger

All - following are the participants who have shared in the cost of the ERI (Salary Assessor) subscription. This is one we divide the total cost by the participants, so the per person cost is dependent on that. WHAT YOU NEED to DO (by 9/18/2026): 1. If you have your own ERI subscription, or simply don't care about this subscription - you can ignore this and have a nice day :) 1. If you are on this list, you need to reply to me (only) to confirm your renewal (Note: with this number of participants we had last year, the cost will be around $375/ea) 1. Charlie Burak 2. Don DeGrazia 3. Jeff Denning 4. Jerome Johnson 5. Greg Kaseno 6. Clay Price 7. Ron Seigneur/Brenda Clarke 8. Sheri Fiske Schultz 9. Diane Womack 10. Clay Danielson 1. If you are not on this list and want to be added, please reply to me (only) Once we have the list finalized, we will send invoices. Thank you, Jamie Badger JBadger(a)gfkcpa.com<http://JBadger@gfkcpa.com/> Direct Dial: (517) 664-9386

Sept. 3, 2026

Utility depreciation specialist recomendation

by Chris Rosenthal

Everyone - I have fellow board member at The Appraisal Foundation who is looking for the following expert: "I need a utility depreciation / original-cost specialist - someone who lives in the NARUC Uniform System of Accounts world: depreciated-original-cost studies, service lives and survivor curves, CIAC and contributed-asset treatment. The system dates from 1907 to 2010, so early-vintage original-cost records will be thin, and the specialist needs to be comfortable working in a regulatory setting and standing behind the work if called on." Anyone have such expertise? [logo-email] R. Christopher Rosenthal, CPA/ABV/CFF, ASA, AEP Managing Member One Annapolis Street, Suite 201 Annapolis, Maryland 21401 Baltimore/Annapolis: 443-482-9500 x104 150 I Street, S.E., Office #104 Washington, DC 20003 DC: 202-652-4500 x104 625 E. Twigg St., Suite #117 Tampa,<https://www.google.com/maps?q=150+I+Street+SE++Office+#104%20Washington%20D…> Florida 33602 FL: 813-402-8840 x104 Cell: 410-453-2557 Fax: 443-482-9069 crosenthal(a)vallitadvisors.com<mailto:crosenthal@vallitadvisors.com> www.vallitadvisors.com<http://www.vallitadvisors.com/> [Image result for small linkedin button for email signature]<https://www.linkedin.com/in/r-christopher-rosenthal-b853821/>[cid:image003.png@01DD395E.A7D4C0B0]<https://www.vallitadvisors.com/site/wp-content/uploads/2019/03/R_-Christoph…>

Aug. 31, 2026

unsystematic risk and the 10th decile

by Ron Seigneur

I am curious as to who in our group uses any of the subsets of the 10th decile in developing discount rates. I am solidly in Mike Crain's corner on this being bad science for all the reasons he has articulated in his recent academic study. We are considering a BVR webinar on this topic with added discussion of how to address the unsystematic risk component generally in the build up method. We have an analytical framework we use to support our professional judgment on what to add to the other premia. Is anyone here interested in potentially being part of a webinar with Mike and I to kick this all around? There is nothing on the books yet and the timing can be whatever will work for all ahead. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD3949.833ECDF0] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image002.png@01DD3949.833ECDF0] [Diagram Description automatically generated] [cid:image004.png@01DD3949.833ECDF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD3949.833ECDF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image007.jpg@01DD3949.833ECDF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Aug. 31, 2026