RE:Apples to OrangesYou're right, the comparison to previous quarters does not tell the story. Bottom line is that the third quarter played out as expected and they seem to have done a good job setting the post-merger monthly distribution at 0.057/month as they want to be very close to 100% payout ratio. I don't expect a change to the distribution unless they see real challenges maintaining it going forward. Based on history, they will cut it if necessary, as they did with TMC from 0.067 to 0.06.
I expect to be a shareholder for many more years. TF still trades below book value, which makes it undervalued relative to it's peers (AI,FC,MKP etc).