Yet, at least one time, it was. This is a story I heard from Dave Hannaman, who worked at an Army human resources organization when I met with him many years ago. (Dave died in 2021.) Dave had been in the Army, including a stint as a "tunnel rat" in Vietnam. He was one of the brave soldiers who would go down into the tunnels the Viet Cong had constructed and booby-trapped. He was that kind of guy.
MFA's dividend is not covered by current earnings. The company reported $0.20 per share in distributable earnings for Q3 2025 while paying out $0.36 per share in dividends. That's a payout ratio of 180%. Over the trailing twelve months, earnings totaled $1.12 per share against dividends of $1.44, yielding a payout ratio of 128.6%. Full-year 2024 showed improvement, with operating cash flow of $200.1 million covering the $176.7 million dividend obligation at 1.13x.
Revenue -- $2.2 billion, representing 5.7% year-over-year growth and 4.5% organic growth in the second quarter. EBITDA margin -- 11.8% for the quarter, a 70 basis point year-over-year increase, aided by strong program execution and favorable technology mix. Adjusted diluted EPS -- $6.81, up 14% from the prior year, reflecting higher operating income and a lower share count. Free cash flow -- $138 million in the quarter, with day sales outstanding at 57 days.
The primary advantage of forex trading is its exceptional liquidity, which allows traders to enter and exit positions quickly without significant price slippage. Transaction costs are typically lower due to tight bid-ask spreads, especially for major currency pairs. Additionally, forex markets are heavily regulated in most countries, providing traders with better consumer protection. The standardized nature of currency pairs makes it easier to develop consistent trading strategies across different market conditions.
The price of bitcoin, which more than doubled last year in a trend that many attributed to the "Trump trade," obviously played a big role in this alchemy, but there was also another factor-one that did seem a little magical, or insane, depending on your viewpoint. As MicroStrategy expanded its purchases, eventually accumulating more than three per cent of all the bitcoins in existence, its purchases helped drive the price of the digital currency higher.
Entrepreneurship is entering a new era-one defined not by hustle culture, but by clarity, systems, and smart leverage.In 2026, the entrepreneurs who win won't be the ones grinding the longest hours. They'll be the ones who think strategically, adapt quickly, communicate clearly, and build businesses that function even when they step away. Here's the mindset shift every founder needs before stepping into the next year.
When President Donald Trump began his tariff rollout, the business world predicted that his unprecedented attempt to reshape the economy would lead to a major recession, if he went through with it all. But the markets stabilized and, in recent months, have continued to surge. That has some people worried about an even bigger threat: that overinvestment in artificial intelligence is creating a bubble.
Fitch cited CCM's strong market share in the distributed retail channel, solid operating track record, experienced management team and conservative leverage as credit strengths. The company ranked as the eighth-largest lender in the first half of 2025, with $23.05 billion in originations, according to Inside Mortgage Finance. But Fitch also flagged challenges, including exposure to cyclical mortgage market conditions, reliance on secured short-term wholesale funding, regulatory risk tied to Ginnie Mae loans and key personnel risk related to majority shareholder Ron Leonhardt.
It was always much more than just a precious metal. It's a secure haven in turbulent times, a trade instrument, and also an emblem of prosperity. A favorite among institutional investors, portfolio managers as well as retail investors is gold futures. They let you benefit from price fluctuations and protect against the effects of inflation. Before you begin, it is important to be aware of how gold futures work as well as the risk involved and the strategies you can employ to remain ahead.
Ever since the Surrendergate Nine capitulated to the Trump administration, pledging nearly a billion dollars worth of free legal work, the firms have bent over backward to shrug it off as no big deal. As the months dragged on, and the firms lost more talent and more clients, stories started cropping up suggesting that the firms viewed the deals as unenforceable all along and that it's business as usual over there.
