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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 4 clicks

From X

@convequity

Convequity on X

Batch size sets the trade-off between speed and cost in AI inference. An AI server answers many users at once by bundling their requests into one batch. Our $CBRS note compares this to running a bus. There are two ways to run it, and each gives something up. 1. Fill the bus. Put as many passengers as possible on every run. More stops slow each passenger's trip, but the cost of the run is spread across more people, so the cost per passenger falls. Larger batches do the same: each user's answer is slower, and the cost per token falls because the system produces more tokens from the same hardware. 2. Carry fewer passengers and stop less. Each trip is faster, but fewer seats mean the cost of the run is spread less well, so the cost per passenger rises. Smaller batches are fast for one user and raise the cost per token. So in the analogy, speed for each user is how fast each passenger arrives. Cost per token is cost per passenger. A system set up for one gives up some of the other. When someone compares two inference systems, check the batch size behind each number. A speed figure or a cost-per-token figure quoted without it cannot be compared fairly.
@KEDM_COM

KEDM.com on X

ProQR Therapeutics $PRQR CEO Daniel de Boer bought $513K across two separate purchases on July 7 and July 9, and a company director bought another $229.5K in late June (real money for a Dutch CEO). PRQR is a small-cap RNA-editing biotech backed by a major pharma partner: Eli Lilly. Their collaboration, running since 2021 and expanded in 2022, could pay ProQR up to $3.75 billion in milestones plus royalties, real validation for a company this size. The balance sheet just got stronger too: ProQR raised roughly $59 million in late June 2026, with Lilly buying in alongside the public offering to keep its stake intact, a vote of confidence from the partner who knows their science best.

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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 $20B
Stock Thoughts 5 clicks

CVX Earnings Review

Chevron’s Q3 revenue rose 35% to $65.2 billion and EBITDA 75% to $20.2 billion, while production trailed guidance and refining margins…

CVX $423B
Cestrian Capital Research 4 clicks

SNY Earnings Review

Sanofi raised FY26 guidance after Q3 sales grew 14.3% at constant currency, led by 34.8% Dupixent growth; vaccines declined 6.6%.

SNY $114B
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 $5.3B
Value Investors Club

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” 3 clicks

Intel Q3 2026: Dead Inside

Intel’s Q3 2026 datacenter CPU shortage reflects wafer-start planning failures, not substrate constraints, after demand shifted from client…

INTC $287B
Irrational Analysis 2 clicks

INTC Q3 FY12/26 Earnings Review

Intel's Q3 revenue rose 21% to $16.5 billion, led by 78% data-center and AI growth, but Q4 guidance of $15.5 billion trailed consensus.

INTC $287B
Cestrian Capital Research 4 clicks

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