Yeebitda

I’m starting to think most investors are NPCs bc they all come and say the exact same thing with words they heard from someone else clearly. “Anthropic has 70% inference gross margins” “Funny bc Anthropic is kind of accidentally profitable they had so much demand they couldn’t get more compute” “They are close to break even and should be FCF positive later this year” “No I have not seen their financial statements” “No I don’t know if any of this accounts for their future training run needs”

Pentwater claims they need to disgorge 94,000 total shares of what they sold. $CAR says on the call they’ll pursue every dollar they can. $1.75b of proceeds at stake. “Our second-largest shareholder, Pentwater Capital, who filed as a 9% owner of our company as of December 31, 2025, crossed the 10% ownership threshold on February 20 and became a Section 16 insider. On that day, Pentwater disclosed they held an economic interest of 39% of our company through stock and cash-settled swaps. By March, they disclosed that economic interest increased to 51%. In the span of a month, Pentwater's public filings showed their economic interest increased substantially. We believe that this significant increase in ownership, combined with the high short interest in our name, resulted in a short squeeze. That much is well understood. Here's what we're absorbing just now. After market closed yesterday, Pentwater disclosed the sale of 4.3 million shares for gross proceeds of $1.75 billion on April 22 and April 23. Given the quantum of shares sold in such a short span of time, our stock price experienced a significant decline. It is important to note that Avis has not bought or sold a share since 2024. Our largest shareholder, SRS, has not bought or sold a share since 2023. It seems the only insider active during this period of excess volatility was Pentwater Capital. Pentwater has acknowledged that its sale of Avis stock, at least in part, was violative of the SEC Section 16 short swing profit rules. Avis has requested Pentwater furnish it all relevant information concerning the trades, and Avis will aggressively pursue all rights on behalf of our stockholders.”

If negative gearing the capital gains tax discount do have their final curtain call, there will be no hiding from the fact that the housing deficit is driven overwhelmingly by high migration. Excuses about property investors will begin to swiftly ring hollow.

PIMCO chart of the day: the average price gap on loans held by multiple BDCs is now over 5 points. Most of these managers use the same 3rd-party valuation firms. The firms still can't get them within range of each other on the same loan.