A little bit of (mildly) off topic personal finance advice for those of you (like me) who live in high income tax states. Sometimes, you need to lay out the numbers to realize how much of a burden it is to actively trade stocks when you live in a high income tax state. Please

$FPH refi announced today. Only reducing debt by $75mm. What’s the extra cash going to be used for? My bet: Dividend or buyback of $100mm+.

$PLAY new CEO optimistic about the stock. If he achieves just a fraction of what he expects, massive upside.

$FPH has a LOT of dividend capacity now. In addition to a $153mm freebie basket in 4.08(a)(iii)(f) and a $75mm general basket in 4.08(b)(5), they also have a leverage based dividend basket in 4.08(b)(17) of 0.25x which is based on pro forma net debt divided by net debt +

$FPH moving next phase of Valencia forward signalscv.com/2025/10/county…

$MCEM and $WEBC are two companies that could potentially be large beneficiaries of the AI-driven boom. The capital requirements are absolutely enormous (measured in the trillions or even 10s of trillions) and involve construction of new power plants and large datacenters. These

$600mm casino opening a few miles north of $TRC next month. abc7.com/post/hard-rock…

$FMBL closes $200mm preferred equity investment from undisclosed investor. investors.fmb.com/news-events/pr…

$FMBL reports Q3 with improving results and resumption/initiation of $10mm buyback. investors.fmb.com/news-events/pr…

Strong results at $HAFC probably a decent indicator for perennially undervalued $CBBI ir.stockpr.com/hanmi/sec-fili…

Some signs of life at $SLRK. Wondering why.

$FPH earnings as expected. CFO called out the new notes’ covenants now allowing dividends and buybacks. And, they previously announced the upsized RC.

Worked out

$ALEX is a pure play Hawaiian REIT with a portfolio of irreplaceable trophy assets— primarily grocery anchored centers, industrial parks and ground leases. Think of their cash flows as turbocharged treasuries with growth! The business is subscale for the REIT universe and

Interesting situation at $TIPT (@ $19/share). Holdco w/ mgmt selling all operating assets (mostly an insurance biz called Fortegra). Pro forma NAV/share (virtually all cash/treasuries) will be $24+/share and reflects all deal fees and taxes. Insiders own ~40% of the company