Saturday, October 31, 2026

When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet 2027 debt maturities.

ABR $2.2B

John Hempton's Newsletter Oct 31 3 clicks

Oct 31 LITE $62B

Expert Call | Optical Module Ramps, Lumentum vs. Coherent Momentum, Server CPU, and Advanced Packaging Constraints

P Equity Research 1 click

Oct 31 VRRM $505M

Verra veerer

The Oak Bloke 2 clicks

From X

@Mr_Neutral_Man Oct 26 4 clicks

Mr Neutral Man aka "Howard Marks of REITs” on X

As someone who grew up in the restaurant business and provided a lot of free child labor, there is nothing passive or boring about any of these businesses. These kind of tweets are harmful! Want 7.2-8.3% passive income? You may want to consider the $REXR $PSA $VNO preferred https://t.co/y1NuP1BOcD

@valuedontlie Oct 26

Colin King on X

Flagstar $FLG probably outside my "circle of competence" but can't help looking... Cut FY27 EPS guidance from $1.65 to $0.90 (ouch) and pushed out to FY28 (because higher rates?) $60bn loan book with half of it in questionable CRE/MF loans concentrated in NYC (former NYCB), another ~third in growing C&I loan book Efficiency ratio ugly $10 stock with $15/sh TBV = 0.67x Maybe a value trap?

@BarbarianCap Oct 26 1 click

Barbarian Capital on X

$EWZ : $SPY Lula : AOC 2026 : 2028 -25% : -XX%

@InvestSpecial Oct 26 1 click

Dalius - Special Sits on X

$NDLS is back at SSI write-up levels after a wild ride. Q3 results are weeks away, and the strategic review could wrap up soon. Activists own >50%, and a sale would give them a clear way out. Stock looks interesting again. Full update on SSI👇 https://t.co/5NMtZQjCME

@stockgutter Oct 26 4 clicks

SG on X

$SE selloff getting overdone? Had not looked at this for a while and was surprised to see how for it had dropped. https://t.co/uZ8Eh037Us

@convequity Oct 26 1 click

Convequity on X

The neocloud debt pullback is about how long delivery takes, and the useful response is a targeted renegotiation that pays lenders for more time, not a liquidation of the borrowers. Demand for AI compute is huge, and investors were eager to fund the buildout. That demand is still there. What is drying up is debt for neoclouds that cannot show revenue outside AI data centers. In our view the pullback is almost entirely about timing. Compute gets billed only once the site is built, powered and staffed, long after the cash has gone in. That wait is the squeeze. As a hypothetical, if the neoclouds could stand compute up and start billing ten times faster, the problem would ease. They would be generating revenue and cash flow to fund more of the next investment themselves, and outside investors could ask less interest on future money. On the latest reported figures, $CRWV's operating cash flow is positive but its free cash flow is negative, because the build is still being paid for. Lenders are now pulling back from neoclouds that have no revenue outside AI data centers. The race between neoclouds pushed CoreWeave too far. They took the debt probably knowing the delivery timetable was tight, because a firm that is not aggressive enough ends up with no compute at all. If lenders call a default and CoreWeave is then bankrupted and liquidated, the credit investors are left holding the GPUs. Taking the collateral does not make it earn. Someone still has to power, staff and bill the site, so the lenders must find another company to run it. In our view they lose money net-net, the handover is costly, and the buildout stalls to a degree. Amazon, Microsoft and Google can keep funding GPUs from businesses that already earn. A stall on the independent side leaves more AI compute with them, which in our view is bad for an AI-led economy. Who would buy a failed neocloud is still open. Blanket leniency would be a moral-hazard problem. If every late project gets time for free, covenants stop binding and the next borrower takes the same risk again. The exception here is that the demand behind the loans is still there. A lender can give more time to a project that will cover its debt once it is billing, and be paid for the wait with a higher margin, a fee or upside. When the cash flow recovers, that is the lender's reward. Musk predicting that 200-plus neoclouds will fail or consolidate makes the pullback worse. More credit investors step back, and the wait gets longer for everyone still building.

@junkbondinvest Oct 26 1 click

junkbondinvestor on X

Every investor learns it eventually. EM is a trade, not an investment. $EWZ

@kab604 Oct 26

kab60 on X

@jefke00 $PAX ... Attractive business model (PE/CREDIT/INFRA - sticky capital/recurring mngmt fees), ~70% of rev. in hard currencies (none of that EM currency BS) and as a nice bonus, no WHT on divys

FTAI 3Q26: Aero margins in focus

FTAI’s Aerospace Products margin rebounded to 31% as CFM56 module output rose, while Power deposits and contracted deliveries fund its 2027…

FTAI $16B

Stock Thoughts Oct 31 4 clicks

SoFi Technologies: Nobody Saw This Coming

SoFi raised its 2026 guidance after a blowout Q3 and issued a strong 2027 outlook, with revenue projected to reach $5 billion by Q4 2030.

SOFI $22B

Riyado Sofian Oct 31

Life360 ($LIF): The Family App Wall Street Fell Out of Love With

Life360 has fallen 60% despite 40% revenue growth, 100 million monthly users and profitability, as its family-safety subscriptions and…

LIF $3.6B

Substack von Philipp Oct 31 3 clicks

American Tower's Starlink Opportunity

American Tower could gain $1.13 to $3.54 in AFFO per share if Starlink accesses 80,000 U.S. cell sites and becomes a fourth major tenant.

AMT $88B

Dane Bowler Oct 30 3 clicks

Bloom: Chinese Scandium Supply Route Restarts

Bloom may have reopened imports of scandium-containing components from China to the United States, according to new trade data.

BE $67B

Hunterbrook Oct 30 4 clicks

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

MKL $23BADT $7.2B

TSOH Investment Research Oct 30 1 click

Wall Street Erased $16 Billion From a Legal Monopoly Over an AI Myth.

Verisk Analytics’ 40 petabytes of proprietary insurance data and regulatory infrastructure shield its underwriting business from generative…

VRSK $26B

First Strike Research Oct 30 7 clicks

Tango: Upgrading 'Buy' Based On ESMO 2026 Vopimetostat PDAC Data And Pathway Advancement Clarity

Tango Therapeutics reported an 82% response rate and 88% nine-month PFS for vopimetostat plus RASONQUE in RAS-mutant pancreatic cancer,…

TNGX $3.9B

Terry Chrisomalis Oct 30 2 clicks

What a Marvell-Lumentum Deal Means for DSPs, Lasers, and Modules

Marvell’s reported Lumentum bid would combine DSPs, lasers and optical modules, but $4 billion of cash and $5 billion of debt point to a…

LITE $62B

Vik's Newsletter Oct 30 1 click

Smart Fit: Global Fitness Ambitions (Ticker: SMFT3)

Smart Fit, Brazil’s SMFT3, is expanding its low-cost gym network across Latin America, with corporate-wellness platform TotalPass adding to…

ESMR $1.9M

Emerging Moats Research Oct 30 2 clicks

PSN · long

Parsons CORP

Parsons generates roughly half of its $6.4 billion revenue from Federal Solutions, serving defense and intelligence customers.

PSN $5.6B

Value Investors Club Aug 2

The Fed Hiked And Dynex Bled, Rithm Held

Rithm Capital’s 0.74x-book valuation and 2.2x dividend coverage contrast with Dynex’s payout above earnings, leaving RITM better positioned…

DX $2.8BRITM $5.2B

Benjamin C. Barry Oct 30

Another Haircut with Avy the Barber

SoFi’s stock case hinges on interest rates, tangible book value and private-credit loan sales after its $1.5 billion equity offering.

SOFI $22B

WHAT ARE WE DOING? “Contrarians At The Gate” Oct 29 3 clicks

Miami International: Q3 Growth And Operating Leverage Impress (Rating Upgrade)

Miami International Holdings posted 20% Q3 revenue growth and 47% EBITDA growth as options volumes, market-share gains and operating…

MIAX $3.2B

Seeking Profits Oct 29 4 clicks

Twilio CEO: ‘Buy the dip!’

Twilio CEO Khozema Shipchandler urged investors to “buy the dip” after earnings sent the software maker’s shares down 17% after hours.

TWLO $31B

The Technology Letter Oct 29 2 clicks

Incyte (INCY) Q3 FY 12/26 Earnings Review

Incyte reported Q3 FY26 revenue of $1.56 billion, up 14%, while a $1.23 billion Vega acquisition charge drove a $708 million operating loss.

INCY $24B

Cestrian Capital Research Oct 29 2 clicks

OSS Q3 FY12/26 Earnings Analysis

One Stop Systems grew Q3 continuing-operations revenue 36% to $12.6 million, raised FY2026 revenue guidance to $45 million, and used $11.8…

OSS $129M

Cestrian Capital Research Oct 29 1 click

CoStar: 3Q26 Business Recap

CoStar’s 3Q26 revenue growth slowed to 14% as bookings fell to $37 million, while cost cuts lifted EBIT margin to 8.8%.

CSGP $12B

Speedwell Memos Oct 29 3 clicks

Carpenter Technology (CRS) Q1'27: The Sell-Off Resets the Entry Point

Carpenter Technology fell 25% after Q1 2027 despite revenue rising 9%, EPS up 34%, and commercial aerospace bookings up 25%.

CRS $15B

Monte Independent Investment Research Oct 29 3 clicks

Alamos Gold: Minor Delays With Island Gold Growth, But There Is Still A Lot Of Value Here

Alamos Gold targets nearly 1 Moz of annual production by decade-end as Island Gold shaft commissioning offsets recent Young-Davidson…

AGI $12B

Bang For The Buck Oct 29 1 click

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