excess spread 🇺🇸

Seemed like a good idea

@yenoms Can they take me out at par already

$LTSAP

We had a good thing, you stupid son of a bitch. We had an AI super cycle. We had deflationary growth. You could've shut your mouth, grifted, and made as much money as you ever needed. It was perfect. But no. You just had to blow it up. You. And your pride and your ego.

@junkbondanalyst fixed it

Legend.

@WaltLightShed if these guys figure out how to run a proper oligopoly focusing on their converged footprints, look out. You can probably guess which I’m long.

@MSVCap Yes they should.

Friday afternoon 8K. $VZ no longer reporting wireless service revenue. Rolling FIOS into that line. So weak. #SchulmanEffect

Shouldn’t analysts be more focused on rev/ebitda/eps/fcf trends than net adds? And yes, I get the churn math, etc. but if the market is saturated, managing subs and margins is more important? Has long seemed mkt is a slave to the net add number and the mkt dynamics are changing to more bundled economics, not captured by net adds kpi. Not a fan of VZ btw.

And dropping this Friday after the close tells you most of what you needed to know. #SchulmanEffect $VZ

Anyone have a $ZAYO fiber prospectus? DM's open. Happy to share what I'm looking for. thx

@MinotaurStocks Yes?

$CVNA excess spread compression spotted!

@chipperPat @PSchrags eh, still has small hands

@PSchrags He’s got a ring! Retired by 30 and still a Pitt legend. Not a bad life.

Kenny Pickett's fifth team in five NFL seasons. Wild journeyman career; still just 27-years-old.

i bot some airlines, too many jet fuel experts on here all of a sudden

Friday afternoon, what are we doing?!

A thought on timing: If your letter on EEFT bumps the stock, he's just going to dump a convert on us to refi the '26 euro paper. @AggieCapitalist

@MSVCap bygones

found this on RIG's 10-k @Ultradeep3

@ClarkinM @Ron284Ron @Zach44787581 In '26, they'll pay out ~$1 of core earnings, and we'll get another .70-.90 from the DUS sale and the eventual unwind of the auto loan book. Call it $1.75 '26 div or $13.41 one year fwd. I think they pay out $1.08 @ 80% payout ratio in '27, 8.1% core div yld.

@Ron284Ron @Zach44787581 Sounds like it’s going to be a variable dividend, I wouldn’t necessarily annualize it, they’re intentionally not growing and just going dividend out excess capital

$MCHB Huge increase to its dividend to $.40 a share quarterly from $.21. Or $1.60 vs. $.84 annualized. That's 11%+ guys. Record 3/9, payable3/19 Credit goes to @Zach44787581 for seeing it.

it's... march 3rd.

@BeachedCapital Not sure what I expected… Pretty sure the company is for sale. I did the same btw. Was curious if there was something the machines or I missed.

@MSVCap GPT 5.2 says “preserving NOLs for higher-rate years, smoothing earnings, protecting covenants, prepping for a sale (382 limits), or expecting no near-term cash taxes.“

Question for the group: Management of company in an asset heavy industry tells you likely won't be taking allowable bonus depreciation. Company has a sizeable NOL but is projected to be (very) profitable next year. Company is not taking the bonus depreciation because __________?

@yummyCenturyEgg @pvtcreditguy lol

@pvtcreditguy Onset from Utah

Any ideas for smallcap ABL / revolver lenders? Helping make an intro for a company that is looking for a $10mm size facility based in US. DM and I can share more details if any firms come to mind.