Morty

@rev_cap It could actually be worse x.com/i/status/20116…

> buy mutual conversion > buybacks + sale will make you rich > underperform the indices > curse conversions > bank gets taken out > strategy is amazing > buy more conversions Inspired by $FFBW which has done everything right but sell itself

Insider purchases resume at $AFCG post earnings

Interesting conversation with $AFCG management: - Plan to grow the book with debt, not equity - Pipeline predominantly non-cannabis - Management is in a blackout period and can't buy stock until earnings released I recommend watching the full video if you have time.

$AFCG wasting no time pivoting from cannabis

@Eumoshn3174 I would guess a significant portion of the $51m CECL reserve is for this loan although they don't break it out. I guess your point is it's all baked in?

@ItsProbablyLuck Is this booked to CECL yet?

$AFCG bear case: the $78m Justice Grown loan (>20% of book) is in non-accrual with courts blocking foreclosure. 3rd circuit appeal hearing in March with some questions of enforceability of contracts on business violating Federal law. It is messy. However, the recent BDC conversion may allow for an equity workout ($75m business value) if AFCG prevails in court rather than a forced foreclosure ($6m alleged land value).

If you think I'm confused about how tax brackets work...bogleheads.org/forum/viewtopi…

NY state "benefit recapture" mechanism is infuriating. > 100% marginal tax rate at times because the new marginal rate applies to all your income. How is this real?

$AFCG small marijuana REIT recently converted to BDC. Dropped from Russell 2000 today as a result. No Q4 dividend due to loan writedowns. P/B 0.35x, but writedowns have been shrinking book value. Resumption of dividend, rescheduling potential catalysts. I'm long

Estimated tax payments are a great reminder to do your annual backdoor Roth and HSA contributions

@leveredvalue @InsideArbitrage @valu_investor99 @FrancoOlivera @BerkelKip Didn't do via IBKR, but Fidelity processed everything on 12/24 for me

@ItsProbablyLuck @InsideArbitrage @valu_investor99 @FrancoOlivera @valu_investor99 @BerkelKip anyone else holding shares at IBKR and waiting for them to process the rights shares/oversubscription amount? process has been dragging for a bit now..

552k shares of $GLIBK go to rights holders who oversubscribed if my math is right. No common proration factor. You just have to wait and see what gets deposited in your account. Each extra share is ~$10 windfall given the current price...

@valu_investor99 @leveredvalue @InsideArbitrage @FrancoOlivera @BerkelKip Same for me. Oversubscribed and got about 9% more than standard subscription

@leveredvalue @ItsProbablyLuck @InsideArbitrage @FrancoOlivera @BerkelKip I participated in the offering via Schwab. I had received a dividend of 1,161 rights. I subscribed + put in an order for another 1,161 shares for oversubscription. I ended up receiving 1,270 shares. So, I got 9% (1270/1161) more.

@stoked_on_waves @kingdomcapadv @thewritser @TiehackCapital I believe $TTSH will continue to trade on the Pink Limited Market and shareholders will get annual and quarterly results.

@kingdomcapadv @thewritser @TiehackCapital I think my impression from prelim proxy was they were going fully dark

$ttsh is a fascinating case study. Peter Kamin seems happy to cash out small fish arbing the reverse split at $6.60 / share for a whopping $32m, much more than anticipated as per the proxy. Yet shares are now trading at half that price. Either Kamin or the market is very wrong.

@Jweds65 Love to see it!

@ItsProbablyLuck 1.8 million shares printed on the close on Friday

Russell 2000 ETF $IWM appears to still be holding $TTSH as of 12/19, so the forced selling isn't done

$TTSH..clear forced index selling. The valuation work is done for you in the proxy. OTC and questions around go-forward disclosure? I can live with that

@LoneWolfTwit58 @HiddenGemsInves @FrancoOlivera @TSOH_Investing @Bonhoeffer_KDS Schwab yes, Fidelity no

Have any holders of $GLIBK NOT received their $GLIBR rights distribution yet? Not sure of the timing of this. @HiddenGemsInves @FrancoOlivera @TSOH_Investing @Bonhoeffer_KDS

Nearly half of outstanding shares of $LNW traded today driven by heavy index selling and the stock was down... < 4%? Not the obvious trade I was expecting