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Tuesday, November 10, 2026

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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 $13.88 per share.

ESRT $1.3B
Orphan REITs

From X

@DOMOCAPITAL 2 clicks

DOMO Capital Management, LLC on X

Fantastic quarter from $ALTO - massive beat. 45Z credits continue to expand. Columbia now at $0.30 / gallon! Looks like a run rate of >$7M a quarter now. Management confirmed they expect exports to Europe to resume in 2027 - a large reason being the depreciation of the Brazilian Real post Brazilian elections... ALTO Adjusted EBITDA was pretty stunning. Despite lower crush margins they essentially matched Q3 2026. They can now produce profitable quarters, quarter after quarter, even if crush margins are low. The company paid off another $6.5M in debt and has now paid off $26.5M YTD on a loan that has a 10% interest rate. Sounds like Pekin will be at either a $0.30 or $0.40 / gallon run-rate in 2027 as they have also been able to partner with farmers to purchase low carbon corn. Some of these additional profits will be shared with the farmer. Sounds like we'll also get an update soon on Pekin CO2 monetization opportunities to get the 45Q utilization credit on currently vented CO2 from the wet mills. Columbia is also having the extra CO2 storage tank installed in Q4. Management has yet to guide the additional millions the Columbia plant will earn in 2027 due to this - would expect an update on the next call. Fantastic earnings, fantastic call... stock should be much higher. Management additionally confirmed that zero shares were sold using the ATM and that it wasn't contemplated at all even when the shares were in the $5-$6 range and certainly not now. This should be of zero concern at these levels.

Investor Letters

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💥Tead-ering💥

Teads’ revenue fell 26% and its stock dropped 38% as Google AI summaries cut publisher referral traffic, worsening losses and straining its…

TEAD $17MGUTS $13M
PETITION

Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading.

BKRKY $23B
Asian Century Stocks 1 click

Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $96M
Atrium Research - Equity Research

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $372M
Orphan REITs 2 clicks

STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 1 click
AVO · long

Mission Produce INC

Mission Produce (AVO) is pitched long as a consumer-staples investment, countering a September 2024 short case.

AVO $1B
Value Investors Club

Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks

Diamond Estates: Research Note

Diamond Estates converts $4.7 million of Lassonde debentures at a 69% premium, cutting debt to $10.9 million and raising Lassonde ownership…

LSDAF $1.2B
Atrium Research - Equity Research 3 clicks

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