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Saturday, October 31, 2026

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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 3 clicks

From X

@OddDiligence 9 clicks

Odd Diligence on X

Interesting $FSLY finding from testing Meta Muse. Through a series of hundreds of tests, it appears that the $FSLY role with Meta Muse is greater than analysts have noted Over the past week, I created several test websites and ran 738 controlled tests to send traffic from Muse agents to my websites I set up analytics on my website, and I was able to track things like IP address, user agent, operating system, etc From the IP addresses, across the 738 tests, Muse sent traffic from: -Cloudflare: 37.0% -Fastly: 29.3% -Meta: 19.4% -AWS: 14.4% Cloudflare is not a surprise – as there has been a lot of analyst commentary about Muse using Cloudflare. Fastly, on the other hand, was a surprising result I ran many different situations and tasks to try to understand why, or when, Muse sends traffic through Fastly – or others. And when I looked deeper, Muse used Fastly for 100% of the tests when browser navigation was required (e.g., “go to my favorite restaurant’s website and find me the menu”). And when Muse was requested to navigate on a website (e.g., make me a doctor appointment), Fastly was used in 100% of tests Then in other situations, for example when an API is involved or a curl request required, Cloudflare was used in 100% of tests Lastly, when requesting Muse to search the web, Muse split traffic through Fastly, Cloudflare, Meta directly, and AWS

Investor Letters

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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 1 click
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

The Data Center Bridge

Small- and mid-cap data center stocks trade as one despite sharply different funding bridges: 12 of 15 cover fixed costs on signed…

IREN $9.9BFRMI $1.3B
CV's Substack 16 clicks

Molina & Kinsale

Molina Healthcare and Kinsale Capital’s earnings are reassessed through a long-term lens, emphasizing conviction and detachment during…

KNSL $8.8B
Bearstone 8 clicks

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