Special situations which don't fall into the broad umbrella of investing. This will mainly contain certain corporate actions with advantageous terms, like tender offers with priority for odd-lot shareholders.
Arbitrage
* National Healthcare Properties offered to repurchase $100M of preferred shares ($NHPAP/$NHPBP) at $22.50 each, with priority for odd-lot holders * Tender offer is well funded, with the recent IPO of the company's common stock generating $531.3M in proceeds * Current prices offer a spread of 0.
Arbitrage
* TTSH has received approval from shareholders on 12/3/25 to go private by eliminating smaller shareholders, expected to cost $8.6M and save the company $2.4M annually following delisting. * TTSH announced a 3,000 to 1 reverse stock split, and will repurchase would-be fractional shares at $6.