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Tuesday, November 10, 2026

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@junkbondinvest

junkbondinvestor on X

Quick follow-up on $CRWV after the call...funding picture better than the release suggested: > Next DDTL expected to be IG at 7-7.5% and fund 90%+ of capex. Hasn’t launched yet. > The $9bn of prepayments is from signed contracts. $3bn+ of it is from recontracting existing GPUs. > 2027 capex flat at $37-39bn if they only build committed backlog. > Ampere and Hopper pricing up 30-50% QoQ, above original contract prices. That’s shortage pricing though. > ST deals at ~$40mm/MW vs $20-25mm on 4-5 yr contracts. > No new unsecured through 2027 at current yields and <$5bn of parent-level capital needed. They didn’t say where that comes from. ATM? > No downside case given for what happens if supply catches up. NT funding concern mostly answered. The open question is whether today’s pricing lasts. Thoughts?
@KEDM_COM

KEDM.com on X

Once a year, Bill Ackman @BillAckman of Pershing Square bangs the drum on Fannie Mae $FNMA and Freddie Mac $FMCC. They are high-quality, low-risk businesses currently trading at 1.5x earnings and operating under state conservatorship, even though Trump repeatedly mentioned taking the companies public. Ackman mentioned what a member of President Trump's administration said: “We can’t take the risk of the Communists taking control of Fannie and Freddie”. Bill’s letter makes his tweets look short by comparison, but it offers some good insights.

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The AutoNation Story

AutoNation shed rentals and megastores, focused on dealerships, and retired 91.1% of its shares through buybacks after its 1990s roll-up…

AN $6.1B
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The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to…

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Orphan REITs 2 clicks

No title

SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

PWR $77BRIOT $5.8B
Monte Independent Investment Research 3 clicks
CPT · long

Camden Property Trust

Camden Property Trust owns multifamily properties across the U.S. Southeast and Southwest.

CPT $12B
Value Investors Club 2 clicks

Rocket Lab Deep Dive

Rocket Lab’s $8 billion Iridium acquisition adds 2.6 million subscribers, L-band spectrum and Pentagon-linked satellite revenue alongside…

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CV's Substack

RI(N)sing higher

RIN prices near all-time highs reflect tighter renewable-fuel mandates, a shrinking credit bank, and biodiesel production shortfalls.

FF $237M
Treasure Hunting 4 clicks

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