Thanks guys. I am very familiar with TA Mahoney's Ferm. They have about $5K of my $$$ already on the Wellcraft build, electronics, wire and rigging stuff. They also have the PGAC (Pretty Girl At the Counter). She knows more than most men do about boats and she loves to fish.
But I digress.
This trailer only has about 3000 miles on it in the past year and a half. I will be the first to admit I ain't been too good about greasing the bearings. Twice to be exact. I have not had a bearing failure in a long time so I got lax. I think water got in there to cause the bearings to fail, then the castle nut pushed the bearing buddy off like Destroyer and Blue pointed out. I have lost dust caps without bearing failure before but never the other way around.
Time to rip into it. I will let you know shortly.