A Dividend and a Date


The specificity of the planned conversion date is most welcome. And $10/share is better than a sharp stick in the eye while a heavy slug of cash remains on the balance sheet.

I’ll stay away from over-reading the dividend tea leaves for the time being. The “new guys”, having a ton of cash and freedom, might go in a direction that makes us wish conversion happened a long time ago.

Let us never forget that this all could have been avoided.

Happy Thanksgiving!


We’ve been conditioned to expect a big lump of coal in our stocking.

The period between now and 1/1 is relatively unproductive in banking, capital markets, law, and the like. My base case is a postponement. What’s yours?

3Q20 Earnings


Expenses moving down.

What was sold?

The Trust recognized land sales revenue of $11.5 million for the third quarter ended September 30, 2020 and $4.6 million for the comparable period of 2019.

$46mm in net income + $4mm in depreciation = $50mm more cash on the balance sheet.  Add that to the $258mm from the end of Q2 to get $308mm or ~$40/share or 8.5% of market cap.

Update:  The actual cash number is $316mm.