Reverse mortgages were at one time considered the Wild West of financial products, associated with aggressive and even predatory sales tactics targeting seniors in the United States.
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House rich, cash poor: When a reverse mortgage might make sense
Rakuten: 100% Cashback On Surfshark
Update 7/13/26: Available again
Update 3/1/26: Available again at 100% on Rakuten. $113 is the max spend with the 2 year plan. New Surfshark customers only – first purchase. Limited to one per member.
The Offer
Direct link to offer
Topcashback is offering 108% cash back on SurfShark VPN purchases
Our Verdict
It’s common to see high cash back rates on VPN purchases, but never seen any above 100%. Some people have issues with Topcashback tracking and paying out, so keep that in mind. Probably wouldn’t do this deal just for the extra cash back, but could be handy if you need a VPN.
Deal History:
- Update 12/1/25: Available again.
- Update 5/24/25: Available again.
- Update 2/24/25: Offer is back on Rakuten for 100% (ht TheGreatJoules)
- Update 8/28/24: Rakuten 100% on Surfshark
- Update 8/12/24: Available again (ht not sam)
- Update 5/13/24: Available again.
- Update 5/6/24: NordVPN up to 100% again on Rakuten
- Update 4/29/24: Available again
- Update 2/20/24: Available again at 100%/100x back at Rakuten.
- Update 11/29/23: Rakuten is now at 100x/100% for Surfshark, highest purchase is $115.68 (ht InevitableOk7737)
- Update 11/22/23: Surfshark is also 120%.
- Update 11/21/23: Back to 120%.
- Update 11/16/23: NordVPN is at 120% on TCB, today only (ht reader Fantasy)
- Update 11/11/22: SurfShark now up to 110%. (ht YF) NordVPN still at 105%.
- Update 11/9/22: Now NordVPN is at 105% (SurfShark is the parent company of NordVPN). ht Sam Y.
- Update 10/9/22: SurfShark offer is back slightly lower at 105% this time (ht random52)
Is Crypto Derivatives Trading Legal in India? Delta Exchange CEO Pankaj Balani Explains
💡 Open your account on Delta Exchange now –
source
Sen. Lindsey Graham died from an aorta rupture stemming from hardening of his arteries
Sen. Lindsey Graham, one of President Donald Trump’s closest allies in Congress who traveled the globe to advocate for a more aggressive U.S. foreign policy, has died after a “brief and sudden illness.” He was 71.
His office’s statement posted on social media early Sunday said his family “appreciates prayers at this time and asks for privacy during this incredibly difficult period.” It did not provide any additional details about the circumstances surrounding the Saturday night death of the prominent South Carolina Republican, a former Air Force lawyer who served in Congress for three decades.
Hours later, another statement from Graham’s office said the Medical Examiner of the District of Columbia’s preliminary findings are the senator died of aortic dissection due to arteriosclerotic cardiovascular disease. That is an aorta rupture stemming from hardening of Graham’s arteries.
Trump, who talked to Graham frequently, said he was “like a member of the family. It’s very tough.” He said on NBC’s ”Meet the Press” that Graham had called him on Saturday night after returning from a trip to Ukraine and “sounded a little bit tired, but perfect.” The president ordered that flags across the country be flown at half-staff until Saturday evening.
A noted hawk, Graham was one of the most influential figures in Washington on foreign affairs and he advised Trump on matters such as the Iran war and Russia. On Friday, Graham had announced an agreement with the Trump administration to move forward on a package of Russia sanctions.
As chairman of the Senate Budget Committee, Graham also had a central role during Trump’s second term as Republicans pushed major legislation on party-line votes while holding a narrow 53-47 majority in the chamber.
Under South Carolina law, Republican Gov. Henry McMaster will appoint a temporary replacement for Graham, who was seeking a fifth term in November. A new nominee will be selected in a special primary, which is required to be held within weeks of a vacancy. The winner of November’s general election will start a full six-year term in January.
Graham had a close, complicated relationship with Trump
Graham, elected to the Senate in 2002 after serving in the House, long promoted a policy of robust U.S. military interventionism and strong national defense that in later years would put him at odds with the growing isolationist wing of his party.
Over time, Graham became well-known for his close ties with Trump, whom the senator briefly ran against for the presidential nomination in 2016.
Their relationship would begin on a rough note, with Graham calling the then-New York businessman “unfit for office.” Graham used a profanity to describe Trump after Trump made disparaging comments about Arizona Republican John McCain, Graham’s best friend in the Senate and a Vietnam War veteran. McCain and Graham, along with Sen. Joe Lieberman, I-Conn., were known as the “Three Amigos” and frequently traveled together to promote their foreign policy views around the globe.
During a campaign rally in South Carolina, Trump read out Graham’s personal cellphone number and continued to belittle him throughout the 2016 race as Graham made it clear he would not support Trump.
Graham, however, shifted significantly once Trump won the White House and emerged as one of Trump’s top allies — speaking with him frequently and becoming a regular presence on the golf course alongside the president — even as McCain remained a critic.
In a 2018 interview with The Associated Press, Graham explained his pivot by saying McCain taught him that the country must move forward after elections and that meant “you have an obligation” to help the president. McCain ran twice for the White House.
“And I’ve tried to be helpful where I could because I think he needs all the help he can get,” Graham said of Trump. “You can be a better critic when people understand that you’re trying to help them be successful.”
Graham was a prominent defender of Trump during the president’s two first-term impeachments — a reversal from Graham’s role as a House prosecutor during Democratic President Bill Clinton’s impeachment in 1998, when he urged senators not to make up their minds before listening to all of the arguments. Both Trump and Clinton were eventually acquitted.
Graham appeared to break with Trump after the Jan. 6, 2021, attack on the Capitol, saying in a dramatic speech on the Senate floor that night, “Count me out. Enough is enough.” But the senator soon returned to Trump’s side and the two remained close during Trump’s second term.
Foreign policy was a focus for Graham
Graham had just been in Ukraine to meet with Ukrainian President Volodymyr Zelenskyy, who said the senator visited his country 10 times during the years since Russia invaded in February 2022. “Lindsey was a true defender of freedom and the values that make our world safer,” Zelenskyy said.
He was also one of the chief backers of Trump’s war in Iran, having advocated for years for direct confrontation between Washington and Tehran. Graham continued to defend Trump this summer even as many of fellow Republicans questioned a tentative June ceasefire agreement that they worried could send billions of dollars to Iran.
“I’d rather try diplomacy than take it off the table,” Graham said of Trump’s memorandum of understanding with Tehran.
Graham’s travels made him a familiar face to dozens of world leaders.
Israeli Prime Minister Benjamin Netanyahu said Graham understood that the security of Israel and the United States was inseparable.
“Israel has lost one of its greatest friends. America has lost a great patriot. I have lost a beloved friend,” Netanyahu said.
Graham led both the Senate Budget and Judiciary committees
As Budget Committee chairman, Graham helped oversee a Senate procedure that allowed Republicans to pass significant policies such as last year’s tax law without the threat of a Democratic filibuster.
He had previously led the Senate Judiciary Committee when Republicans confirmed Amy Coney Barrett to the Supreme Court in 2020. The senator was in line to regain that gavel if the party kept its majority after the midterm elections and had pledged to confirm “as many conservative judges as possible.”
Graham was a key player in the Senate’s efforts to craft a massive immigration overhaul in 2013 as a member of a bipartisan group. The legislation passed the Senate with 68 votes but was never taken up by the House, so it did not become law.
Graham’s views on immigration, particularly an endorsement of a path to citizenship for people in the U.S. without legal status, put him at odds with some Republican factions.
Illinois Sen. Dick Durbin, a Democrat who was his ally on that issue, said Graham was “part of every important policy issue and an indispensable player” in bipartisan negotiations.
An ‘irreplaceable’ force in the Senate
Graham often worked across the aisle, even as he remained fiercely loyal to Trump. Virginia Sen. Mark Warner, a Democrat, said in a statement that “personal relationships often mattered more to him than the political disagreements of the day.”
Sen. Richard Blumenthal, D-Conn., said Graham was “over the moon” with the Russian sanctions deal announced Friday. “The last thing in the world I would have guessed was that he was sick or ill or in any way vulnerable,” Blumenthal said.
Jaime Harrison, a former national and state Democratic Party chairman who unsuccessfully ran against Graham in 2020, said that even during their “fiercest political battles” the two men “could still share a conversation, a laugh, and a mutual respect for South Carolina.”
Graham was unique in the Senate for his influence not only on Trump, but also with his fellow Republicans who were aware of his ability to sometimes move the president’s thinking. He was also known for his sense of humor, often deployed to diffuse tensions.
Wyoming Sen. John Barrasso, the second-ranking Republican, said Graham will be missed for his “quick wit and infectious laughter.”
McMaster said in a statement that Graham was “irreplaceable.” Former Republican President George W. Bush said Graham “understood how the world works” and “was a kind and funny man who loved our country and loved serving it.”
Graham often spoke about his humble roots, growing up in the back of a South Carolina bar and helping to raise his sister, Darline, after his parents died at a young age. Graham was not married and did not have children.
Special election to replace Graham could be within weeks
Graham won 57% of the GOP vote in South Carolina’s primary in June and was up against Democrat Annie Andrews, a pediatrician, and several minor party and independent candidates in November.
His death will likely prompt a scramble to fill a rare open Senate seat.
A number of Republican names began circulating as possible replacements to serve out the rest of Graham’s term, including Reps. Nancy Mace and Russell Fry.
Kentucky Sen. Mitch McConnell, the former longtime Republican leader, was hospitalized weeks ago for undisclosed health reasons.
Beyoncé Controls One Critical Business Asset That Most Corporate Leaders Quietly Give Away
Most leaders plan quarters. Beyoncé plans eras.
How Matt Picaro Uses 203K Loans to Scale
| Name | Matt Picaro |
| Location | Long Island, New York |
| Occupation | Real estate investor |
| Assets | Three owner-occupied units |
| Investment strategy | House hacking, flipping |
| Financing | FHA 203K (3.5% down) |
Matt Picaro grew up in a blue-collar household watching his parents’ construction business swing between good months and bad ones, and money stress shaped him early. He landed a good job in New York City, but it came with a three-hour daily commute and the slow realization that a steady paycheck wasn’t the answer he was looking for.
Matt picked up a used copy of Rich Dad Poor Dad from a street vendor and got hooked on the idea of real estate, but quickly hit a wall: He had no savings and no idea how to afford a down payment in one of the most expensive markets in the country.
A conversation with a local real estate agent introduced him to a loan product he’d never heard of, one most agents and lenders barely understand themselves. He used it to buy a condemned, feces-covered duplex for $9,500 out of pocket. Eight months later, he had $150,000 in equity and a real estate career.
Here’s how he did it.
You only had $9,500 to put toward your first deal. How did you actually finance buying and renovating a property that needed $80,000 to $100,000 of work?
The FHA 203K loan changed everything. It’s a 3.5% down, owner-occupied product, the same as a regular FHA loan, except it lets you finance the renovation directly into the mortgage. Your loan amount becomes the purchase price plus the renovation budget, all rolled into one 30-year mortgage.
I found a two-family property listed at $290,000 that was a total disaster: squatters, feces on the walls, the works. Because it was a duplex, the lender let me forecast the future rental income from the second unit, which bumped my preapproval from $300,000 up to $360,000.
All in, the loan covered $350,000, the purchase price plus rehab. I only had to bring $9,500 to closing. The loan was even wrapped in six months of mortgage payments, so I didn’t have to pay anything while the place was unlivable.
What did the actual renovation and payoff look like?
The rehab took eight months and was genuinely brutal. I was the only one on my team who’d ever done one of these loans, so we were figuring it out as we went. But when it was done, the appraisal came back at $500,000. I’d built $150,000 in equity off $9,500 out of pocket.
I moved into one unit and rented the other for $2,500 a month. My mortgage was about $2,900, so I was living in a half-million-dollar house in New York for roughly $400 a month. I took that equity and rolled straight into flipping and later did two more 203K projects that now make up three units worth over $2 million combined, with more than $1 million in equity.
How does the money actually flow during the renovation? Do you have to front contractor costs yourself?
No, and that’s one of the biggest misconceptions about this loan. When you close, the seller gets paid, and the remaining balance, plus a mandatory 10% contingency, goes into an escrow account.
From there, it works like a construction draw. The 203K consultant walks the property as work gets completed, verifies it matches the scope, and submits a draw request to the bank, which pays the contractor directly, usually within a day or two.
As the borrower, you never write a check to the contractor yourself. It also protects the contractor, because the bank is the one releasing payment based on completed work, not a homeowner who decides halfway through they don’t like the cabinet hardware and tries to withhold money.
What’s the biggest mistake you see people make with this loan?
Going with the cheapest contractor. If you get three bids and they come back at $90,000, $95,000, and $50,000, that low number isn’t a gift; it’s a missed scope of work. You won’t find out until the contractor walks off the job halfway through, and now you’re stuck finding someone else to finish it for whatever’s left in escrow, which usually means coming up with the gap yourself.
The fix is simple: Get your scope of work written by the 203K consultant first, before you bring in any contractors, so every bid is apples to apples. Then pick based on who can actually deliver the scope, not who’s cheapest.
Why do you think more investors don’t know about this loan?
Because almost nobody who could explain it actually understands it past their narrow piece of the transaction. Agents think it’s too much paperwork. Lenders who haven’t done one assume it’s a hassle.
None of that matches what I experienced. You need a line-item scope of work, a licensed and insured contractor, and a 203K consultant who functions like a referee between you and the contractor. That’s it.
This loan is investing with training wheels on. It built me three times my salary in equity in six months. I’m still surprised more people aren’t using it.
Maximize Your Rewards! Here Are the Best Credit Cards For Gas Station Purchases
Best Credit Cards For Gas Purchases
Gas is a big monthly expense for many Americans. On average, each American drives a bit more than 1,000 miles per month. That adds up to a couple of hundred dollars a month and a few thousand dollars per year. So you should maximize credit card rewards and discounts whenever possible.
I would suggest first looking as gas rewards deals from supermarkets such as Kroger, Stop & Shop, Giant, Walmart+ and many others. You can get half off or even close to free gas in some cases. I often post those deals here, so make sure you subscribe by using the form on the right hand side. After that, take a look at this list of best credit cards for gas.
When it comes to credit cards, don’t get tempted by those gas station cards advertisements that you see posted at the pump. You will always get better value with general rewards credit cards, and you will not have to fill up at the same gas station brand to earn rewards.
How This Ranking Works
Below, you can find the cards you should use every time you fill up, or make a purchase at your local gas station. I’ll start with the cards that give you the highest rates and are widely available, and work my way down from there.
I’ll value all points at 1 cent per points to make the ranking easier, but for same rates, I’ll rank Chase Ultimate Rewards cards first, then American Express Membership Rewards cards next, and ThankYou Points and Capital One miles after that.
Wyndham Rewards Earner® Business Card
Abound Credit Union Platinum Visa
- Earn unlimited 5% Cash Back rebates on gas purchases
- No Annual Fee
- 5% quarterly rotating categories, up to $2,000 spend per quarter
- Read more about the card
PenFed Platinum Rewards Visa Card
- Earn unlimited 5X in points on gas purchases, 3X on groceries
- No Annual Fee. Points can be redeemed on hotel stays for up to 1.25 each or gift cards for less than 1 cent.
- Bonus of $100 Statement Credit when you spend $1,500 in first 90 days.
- Read more about the card
Citi Custom Cash
- 5% cash back on your top category each billing cycle, up $500 (gas stations included)
- No Annual Fee
- The card also comes with a $200 bonus if you spend $1,000 in first 3 months
- LEARN MORE
Amex Old Blue Cash
- Earn 1% at U.S. supermarkets, gas stations & drugstores for first $6,500 in purchases in a reward year, and 5% after that, up to $50,000 per year in purchases.
- No Annual Fee
- The card is no longer available for signups.
- Read more about the card
Amex Business Gold
Sam’s Club Mastercard
- 5% cash back on gas (on first $6,000 per year in purchases, then 1%)
- No Annual Fee
- You need to be a Sam’s Club member in order to apply. Membership costs $45 but they often have promotions. You can sign up here for example to get a $20 gift card. The card comes with a $45 bonus also.
- Read more about the card
U.S. Bank Altitude Connect
PNC Cash Rewards Visa
- 4% cash back on gas station purchases, up to $8K annually
- No Annual Fee
- Earn $100 Bonus after you make $1,000 or more in purchases during the first 3 months
- Read more about the card
Huntington Bank Voice Business Card
- 4% back up to $7K quarterly at Grocery stores, Gas Stations, Office Supply Stores etc
- No Annual Fee
- No signup bonus and available in branch only in OH, MI, IN, PA, KY, WV, IL & WI
- Read more about the card
Costco Anywhere Visa
- 4% cash back on gas (on first $7,000 per year in purchases, then 1%) and 5% on Costco gas
- No Annual Fee
- Costco members only. Membership costs $60. Rewards earned with this card are sent out with an annual certificate in February. They are redeemable for cash or merchandise at Costco only.
- LEARN MORE
Bank of America Cash Rewards Credit Card
- 1% cash back on every purchase, 2% at grocery stores and wholesale clubs and 3% on select categories including gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
- No Annual Fee
- The card has a public $200 bonus. Also if you qualify for Platinum Honors, you get a 75% bonus, which gives you 5.25% cash back on gas.
- Read more about the card
Wells Fargo Autograph
Amex Blue Cash Preferred
- 3% Cash Back at gas stations
- $95 Annual Fee
- LEARN MORE
Citi Strata Premier
- 3X ThankYou points at Gas and EV charging stations, as well as supermarkets and restaurants
- $95 Annual Fee
- Current Offer: bonus_miles_full
- LEARN MORE
US Bank Altitude Reserve
- 3X points on mobile wallet purchases using Apple Pay®, Google Pay™ and Samsung Pay
- $400 Annual Fee
- Current Offer: 50,000 bonus points when you spend $4,500 within the first 90 days.
- LEARN MORE
Robinhood Gold Card
- 3% Cash Back on all purchases
- No Annual Fee
- LEARN MORE
US Bank Business Triple Cash
- 3% cash back at gas stations, restaurants, office supply stores and cell phone service providers
- No Annual Fee
- Current Offer: $500 bonus after spending $4,500 in the first 150 days
- LEARN MORE
Wells Fargo Amex Propel Card
- 3x points on Gas stations, dining rideshares, and transit; Flights, hotels, homestays, and car rentals and popular streaming services.
- No Annual Fee
- The card often comes with a $200 bonus if you spend $1,000 in first 3 months.
- Read more about the card
UMB Simply Rewards
- 3% at Gas stations, Grocery stores, Discount stores, Restaurants
- No Annual Fee
- $200 bonus and could be limited based on your location
- Read more about the card
Amex Hilton Honors Surpass
- 6X Hilton points on gas purchases, dining at U.S. restaurants and takeout/delivery, and groceries at U.S. supermarkets.
- Annual Fee: $95
- Earn 130,000 Hilton Honors Bonus Points after you spend $2,000 in 3 months.
- LEARN MORE
Other 2% Cards
Cards with 5% Rotating Categories
Some cards have 5% rotating categories each quarter. Gas stations sometimes are one of those categories, which would temporarily make them the best credit cards for gas purchases. So it’s a good idea to keep an eye out if you have these cards, and maximize the spending when possible.
Let me know if there are any other products that you think I should include in the list of best credit cards for gas purchases, especially if they’re widely available. And also share your opinions on which card you would consider as the best overall.
Check out the best credit cards for:
MBA findings add pressure on tri-merge status quo
A switch from the industry’s standard tri-merge to a single-credit file could be done in such a way that loan-level price adjustment variations would be within acceptable limits, according to a new Mortgage Bankers Association study.
Processing Content
The analysis of Intercontinental Exchange data from 105,000 loans originated in the first half of 2025 finds that within the range of 700-plus scores
The association specifically points to the 700-719 score band, within which it finds nearly 68% of loans would stay in the same loan price bucket while around 91% in total would either stay unchanged or move up or down one notch, with a roughly equal share of loans in each category.
“The findings suggest that a move to a single credit file would have minimal impact on credit risk or GSE pricing revenue,” the MBA wrote.
The association has been looking into the possibility with the aim of addressing members’ concern about what they say is a rise in the price of a tri-merge credit pull in the past few years from $30-$40 per loan to around $150 as the cost of required scoring also has increased.
Broader debate over single-file use
The new Mortgage Bankers Association research adds to debate over whether government-sponsored enterprises Fannie Mae and Freddie Mac should allow a less costly alternative to the tri-merge in a growing body of research on the topic.
It follows
The Consumer Data Industry Association that represents the three major credit bureaus and many other players in that space has pointed to that report in its pushback against tri-merge alternatives.
In response to the mortgage banking group’s latest study, CDIA reiterated previous statements arguing for “more data, not less.”
“Requiring tri-merge reports across all acceptable scoring models ensures consistency, reduces risk, and preserves the integrity of the credit evaluation process for lenders, investors and borrowers,” the group said in an emailed statement.
Where the GSEs stand
Federal Housing Finance Agency Director Bill Pulte, who oversees the enterprises, decided not to immediately address the questions of whether an alternative to the tri-merge might be viable when he
However, he has shown concern about the lock the three major credit bureaus have had on the mortgage market in line with the administration’s focus on generating cost efficiencies, which Pulte has aggressively pursued in other policy actions.
While his attention is currently split between his FHFA role and other downsizing he’s been engaged as acting director of national intelligence, Pulte could revisit the possibility of a tri-merge alternative down the road.
President Trump has said that he does not plan to make Pulte the permanent national intelligence director but also had stalled efforts to name a replacement.
The GSEs have moved ahead with some credit-related policy actions while Pulte is juggling both roles, recently announcing
Rising tempo of combat in battle for Hormuz tests market’s confidence that the worst is over on Iran
U.S. stock futures dipped late Sunday while oil prices rose, but didn’t spike, as investors kept their cool after a weekend packed with new fighting in the Persian Gulf.
Futures tied to the Dow Jones industrial average fell 100 points, or 0.19%. S&P 500 futures were down 0.27%, and Nasdaq futures lost 0.48%.
U.S. oil futures rose 3.2% to $73.70 a barrel, while Brent crude also climbed 3.2% to $78.45. Gold dropped 0.7% to $4,085 per ounce.
Bob McNally, founder and president of Rapidan Energy, told CNN that crude oil markets have been “blowing off this geopolitical risk for years” and described Sunday’s rise in prices as “pretty tame.”
Traders are confident that the worst of the Hormuz conflict is over and see the beginnings of a recovery in ship crossings as well as oil production around the Gulf, he explained, adding that the stock market hasn’t cared about Iran since April.
“So there’s a lot of complacency, a lot of confidence, built into the market right now about oil,” McNally, a former White House energy adviser, said.
On Sunday evening, U.S. Central Command announced yet another set of strikes on Iran, aimed at “degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz.”
It marked the fifth round of attacks in the past week and the third over the last 24 hours, signaling that the operational tempo is quickening.
The latest wave came after the Islamic Revolutionary Guard Corps targeted a commercial ship, prompting U.S. forces to intercept an Iranian missile and drone.
Earlier on Sunday, the U.S. conducted a “few strikes” on Iranian missile and air-defense systems as well as small boats around the strait.
Before then, U.S. forces had already hit 300 targets over three prior rounds, with Saturday alone seeing 140 targets bombed, including missile and drone sites, naval capabilities, ammunition storage facilities, communication networks, and coastal surveillance locations, Central Command said.
For its part, Iran has paired its attacks on commercial ships with salvos against its Gulf Arab neighbors, including Bahrain, Kuwait, Qatar, Jordan and Oman.
Iran has argued that the memorandum of understanding signed with the U.S. last month gives it authority to regulate ship traffic and has attacked ships that are not using a regime-backed corridor that runs along the Iranian coast.
But the U.S. has demanded that freedom of navigation in Hormuz must be fully restored and established an alternate corridor that hugs Oman’s coast. Since early May, U.S. forces have helped more than 800 commercial vessels and 400 million barrels of crude oil transit the strait.
The standoff has fueled increasingly violent skirmishes as Iran seeks to preserve its main source of leverage, namely the ability to effectively shut down Hormuz traffic.
For Sal Mercogliano, a Campbell University professor who specializes in military and maritime history, the recent combat was an ominous sign, as he called the ceasefire a “facade.”
“And it’s been a facade for quite a while,” he said on a YouTube post on Sunday. “And one of the things I fear is that we’re finding ourselves in this undeclared naval war. And an undeclared naval war can escalate.”
What Does the Sale of Rapport Therapeutics Stock Worth Over $400,000 by the Chief Operating Officer Mean for Investors?
Cheryl Gault, Chief Operating Officer of Rapport Therapeutics (RAPP 0.71%), reported the sale of 10,000 shares of common stock for approximately ~$416,000 across multiple open-market transactions on June 30, 2026, as disclosed in a recent SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 10,000 |
| Transaction value | ~$416,000 |
| Post-transaction shares (direct) | 149,914 |
| Post-transaction value (direct ownership) | ~$5.9 million |
Transaction value based on SEC Form 4 weighted average reported price ($41.58). Post-transaction value based on July 1 closing price.
Key questions
- How does the size of this transaction compare to Cheryl Gault’s historical selling activity?
The 10,000-share sale matches the largest trade size in her historical record, aligning with the upper end of her recent “sell only” transactions, which have ranged from 2,014 to 10,000 shares per event. - Is there evidence of accelerating or irregular selling cadence in 2026?
No irregular escalation is evident; since November 2025, Gault has executed four sell transactions, each representing between 1.17% and 6.25% of her then-direct holdings, reflecting a measured and consistent disposition pace governed by a 10b5-1 plan. - Did this transaction materially change her ownership position in Rapport Therapeutics?
The sale reduced Gault’s direct stake by 6.25%, leaving her with 149,914 shares, which, as of July 1, 2026, is valued at approximately ~$5.9 million and represents 0.41% of the company’s outstanding shares. - What is the context for the transaction’s timing relative to Rapport Therapeutics’ stock performance?
The sale was executed near the close of a period in which Rapport Therapeutics shares appreciated 223.67% year-over-year (as of July 1, 2026), indicating the transaction capitalized on a period of elevated valuations, consistent with prudent liquidity planning.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 7/1/26) | $39.39 |
| Market capitalization | $1.42 billion |
| Revenue (TTM) | $20.00 million |
| 1-year price change | 223.67% |
* 1-year price change calculated using July 1st, 2026 as the reference date.
Company snapshot
- Rapport Therapeutics develops small-molecule therapeutics targeting central nervous system disorders, with a lead candidate (RAP-219) focused on focal epilepsy and additional pipeline programs for pain and hearing impairment.
- It operates a clinical-stage biopharmaceutical model.
Rapport Therapeutics is a clinical-phase biotechnology company specializing in innovative therapies for central nervous system (CNS) conditions. The company’s pipeline is anchored by RAP-219, a highly selective AMPAR inhibitor with potential applications in epilepsy, pain, and psychiatric disorders.
By advancing differentiated small-molecule candidates and leveraging proprietary receptor-targeting platforms, Rapport aims to address significant unmet needs in neurology and establish a leadership position in CNS therapeutics.
What this transaction means for investors
COO Cheryl Gault’s June 30 sale of Rapport stock came on the day the share price hit a 52-week high of $43.76. Even so, her disposition was a non-discretionary transaction. The sale was part of a pre-arranged Rule 10b5-1 trading plan, adopted in December of 2025.
Such plans allow insiders to sell shares at predetermined times to avoid concerns of trading on non-public information. Gault’s sale was perfectly timed to coincide with the stock’s rise, but given its non-discretionary nature, it does not appear to signal a red flag for investors. She also held nearly 150,000 shares post-transaction, maintaining a sizable equity stake that aligns with shareholder interests.
Rapport Therapeutics shares soared because the company reported positive clinical trials news for its treatments. In addition, it exited the first quarter of 2026 with $476.8 million in cash, cash equivalents, and short-term investments. According to Rapport management, this provides a projected runway for operations into the second half of 2029 as it works towards achieving government approval for its therapies.