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Wednesday, November 4, 2026

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The Buyback Shows Up (ESRT Q3 2026)

Empire State Realty Trust repurchased $85.8 million of shares at $4.56 each, using 1359 Broadway sale proceeds to fund buybacks and debt reduction.

ESRT $1.3B
Orphan REITs 6 clicks

From X

@StableBread

Fajasy on X

Alpayana, a private Peruvian mining group, asked for 19.9% of Magna Mining $MGMNF (TSX: $NICU) when management was “thinking something probably below 9.9,” per CEO Jason Jessup. On August 28, 2026, Alpayana, chaired by Alejandro Gubbins, bought 62,356,682 shares at CAD$2.25/share for US$99M. The US$99M more than quadrupled Magna’s cash at the time. Alpayana runs six underground mines in Peru and Mexico, most of them bought from other miners, including the Los Quenuales mines from Glencore $GLNCY in December 2022 and Sierra Metals, a copper-zinc miner, for ~US$176M in 2025. While it holds at least 10%, Alpayana can join future equity raises and top up after dilution, and it gets one board nominee or an observer. Jessup says Magna’s pre-deal plan already funded Levack, its flagship restart project, from cash and the cash flow of McCreedy West, its producing mine. So the US$99M mainly spares Magna from “delaying the startup construction at Crean Hill,” its permitted nickel mine, “by 1 or 2 years,” and gives it “a bit of a war chest” for acquisitions in Sudbury, Ontario, where its mines are. He also says Magna “could have five mines in production in 5 years and not have to ever do another financing again.” Neither restart study is out yet (both are due in the first half of October), so the claim rests on capital budgets investors haven’t seen. After the deal, Alpayana holds 19.9%, institutions 47.4%, retail investors 26.9%, and management and directors 5.8%. The institutional stake includes the 16.0% held by Dundee Corporation $DDEJF, a Toronto investment company.

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Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…

SITC $192MCURB $3.6B
Real Assets, Real Value 5 clicks

Stevanato down 30%. Yikes.

Stevanato fell 30% after forecasting low-single-digit 2027 growth as lower Nexa syringe volumes from a GLP-1 customer offset solid Q3…

STVN $3.6B
Best Anchor Stocks 3 clicks
PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.9B
Value Investors Club

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…

ABR $2.2B
John Hempton's Newsletter 4 clicks

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $333M
The Oak Bloke 3 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 $117M
Cestrian Capital Research 1 click

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