Luke DealWalker

@SawyerMerritt @SpaceX If this is true for @Fidelity customers, and they don’t help their retail who is just below that amount (but above $300K), I will (god as my witness) walk my ass over to @vladtenev & @RobinhoodApp to join their ranks. Some bullshit right there with that $500K Min.

I’ve been asked by many to create one comprehensive post explaining how to prepare for @SpaceX’s IPO if you use one of the brokerages listed in SpaceX’s S-1 filing to allocate IPO shares to retail investors. Here it is: Fidelity: 1) $500,000 minimum account balance required to participate (including IRAs, individual, etc, but excluding 401k). 2) Enter an indication of interest. The indication of interest provides Fidelity with the maximum number of shares a customer is interested in purchasing. 3) Confirm your indication of interest shares on Fidelity's website after the registration statement has been declared effective and the offering has priced, which is typically after 7 PM ET on the night of pricing. Indications of interest may not be confirmed prior to the registration statement being declared effective and the offering pricing established. By confirming your indication of interest, you are placing an order to buy shares at the offering price. If you do not confirm your indication of interest, you will not be eligible for an allocation of shares. 4) Allocation of shares will occur on the morning following pricing and is usually complete before 9:30 AM ET. An alert will be sent once allocations are complete, and you can check your account to determine whether you were allocated shares. If you receive an allocation of shares, you must have adequate funds available to settle the purchase in the settlement date which is typically the trade date plus one business day. 5) You may increase your indication of interest up through the close of the indication of interest period. You may decrease or cancel an indication of interest until share allocation takes place. Once share allocation takes place, your indication may not be canceled or modified. Charles Schwab: 1) $100,000 minimum account balance required to participate (including IRAs, individual, etc, but excluding 401k). 2) On Schwab's website, under the Trade tab, select the IPO page to view the Calendar of Offerings, a list of upcoming IPOs. Once the IPO offering window opens (expected first week of June), investors will have the ability to submit a Conditional Offer to Purchase (COTP), also known as an Indication of Interest, from this page. 3) During an IPO's open COTP window, select Start COTP to review offering details and the preliminary prospectus. Then select the green button to proceed to the Eligibility Questionnaire, which is required to confirm investors meet eligibility criteria and are not restricted (per FINRA rules) from participating. After completing the questionnaire, you'll be able to indicate how many shares you're interested in purchasing based on the price range provided. Select Confirm to submit the COTP. 4) After the COTP has been submitted, regularly monitor the IPO page, which will indicate the Status of Your Conditional Offers to Purchase (COTPs), the expected pricing date, and current pricing status, plus any changes in the prospectus. When the IPO has been priced, you will affirm your COTP. You must affirm your COTP once the effective price is established in order to be eligible to purchase shares. To do so, select Affirm Now to review and finalize the share quantity. Robinhood: 1) There's no minimum account size requirement, but you must have enough buying power to cover your requested shares if you are allocated any. You must have an individual brokerage account. Retirement, custodial, and multiple investing accounts are not eligible for IPO Access. 2) Make sure IPO Access is enabled in your Robinhood app. Turn on your IPO notifications so that Robinhood notifies you when the SpaceX IPO comes online. 3) Request Shares: Once the IPO is announced and available, you can request shares through the app or website. This is a request for IPO shares. By placing a conditional offer to buy (COB), you’re asking for the opportunity to purchase a quantity of shares at the IPO price. An investor may place, edit, or cancel a COB after the initial price range is published and before the confirmation period ends. 4) Allocation is random and not guaranteed. The number of shares you request factors into how many you actually get, but it doesn’t affect the likelihood that you’ll get any allocation. You may get all, some, or none of the IPO shares you request. E*Trade: 1) E*TRADE does not publicly list a specific minimum account size required to participate in IPOs, but contact them to double check. That said, allocation priority for “hot” IPOs may still favor larger or more active accounts in practice, even if there’s no official minimum balance requirement. 2) Be a U.S. resident, have an active E*TRADE account (Individual, Joint and IRAs are all eligible) and complete the investor profile questionnaire. 3) Sign up for IPO alerts. 4) Submit a conditional offer to buy ("COB"). As part of this submission, you specify the number of shares and the maximum price you are willing to pay per share. COBs can only be submitted via the New Issue Center. A COB may be submitted once an offering is listed as "open" up until the status is changed to "closed." COBs that have already been submitted may be amended or cancelled after an offering is "closed" up until the status is changed to "allocate." At this point, no further changes may be made to a COB and you are bound by the terms of your COB. If there is no material change in an offering, customers will not need to reconfirm their COBs. If you have submitted a conditional offer, you must have available buying power to cover the full amount of your conditional offer in the account through which you submitted the conditional offer. 5) Shares are allocated to eligible accounts as a proportion, or percentage, of the size of their COB. The percentage is based primarily on the number of shares provided to E*TRADE for sale to its customers and the size of the overall demand for shares from E*TRADE's customers. Given the expected high demand for this offering and the limited availability of shares available for sale to E*TRADE customers, many COBs may not be allocated shares (according to E*Trade). Additionally, in many instances, allocations will be significantly smaller than the size of shares requested in a customer's COB. 6) E*TRADE makes its allocations after the pricing of the overall offering but before the stock begins trading. E*TRADE will inform customers via alert or email whether they have been allocated shares. Any allocation should be reflected in the relevant customer account once that allocation has been processed by E*TRADE. Sofi: 1) There is no minimum account balance/size requirement. Have an active Self-Directed Invest account. 2) Go to the “IPO Investing” section in the app or website 3) Select the IPO 4) Complete the IPO suitability questionnaire 5) Submit an “Indication of Interest” (IOI), which is basically a non-binding request for shares. 6) When the IPO is officially priced, SoFi will notify you to confirm your order. NOTE: Don’t be surprised if you receive fewer IPO shares than you requested, or none at all. Demand for the limited number of IPO shares available to retail investors will likely be extremely high, and each participating brokerage will only receive a limited allocation of shares to distribute to retail investors. For our international friends, keep in mind that @SpaceX said in their S-1 filing that allocations will also be made to retail investors by the underwriters, which include: • Goldman Sachs • Morgan Stanley • Bank of America • Citigroup • J.P. Morgan • Barclays • Deutsche Bank Securities • RBC Capital Markets • UBS Investment Bank • Wells Fargo Securities • Allen & Company • Cantor • Needham & Company • Raymond James • Societe Generale • Stifel • William Blair • BTG Pactual • ING • Macquarie Capital • Mirae Asset Securities • Mizuho • Santander so you can try reaching out to one of these places if you have assets with them and you may be able to request an allocation of some shares. I've already seen that happen with some Goldman Sachs clients. Lastly, and I stated this in a previous post, @SpaceX specifically stated in their S-1 filing that any purchase of their Class A common stock in this offering through these platforms will be at the same IPO price, and at the same time, as any other purchases in this offering, including purchases by institutions and other large investors, which means any retail investors that are lucky enough to get allocated some SpaceX IPO shares will pay the same price as the big guys. This will likely be the largest retail IPO share allocation in history, by far. If you have more questions, reach out directly to your brokerage and/or bank. And no, this post wasn't written by AI lol. Not financial advice.

@aimeepicchi wrote this article talking about the one factor determining if Americans will have wealth. And she also thinks that the YOUNGEST millennials were born about 1986? And the YOUNGEST millennials were around 34-42 years old in 2019? Talk about clueless and unable to fact check properly.

@Davo0820 Thanks David!

Give Rosanna a follow. Excellent insight on $OPEN

@robbiehendricks It’s a sour mood in the office today.

This move in the treasuries has got to be breaking hearts. We had this gut feeling last year that 3.5% (on the 5 year) was a low on rates. Ended up locking a 4.8% and a 4.48% fixed on our two largest assets. Next maturity in our portfolio is in 2030. Cheers to good sleep.

@BigGlennNetwork @JManziel2 Something related to Drakes new album is my first guess.

@JManziel2 Translation for the employed please?

No fuckin way he put that shit on the album 😂😂😂 what a ripper for the gang 🦉🦉

@Jefffeldman Market just wanted to send Jpow out on a high note?

What happened now?

@texasrunnerDFW @SaraEisen What about the word “transitory”? That was the wording consistently used that got us partly involved in this current mess.

@SaraEisen In order to have achieved the soft landing, inflation would have needed to LAND ON OR BELOW THE 2% TARGET It never did. His legacy will be printing 9 trillion during Covid

Jay Powell’s last day as Chair is tomorrow, wrapping up 8 years of leading the Federal Reserve. His legacy: a champion for Fed independence, saving the world economy from a deep depression during the COVID shutdown, and fighting 41-year high inflation without wrecking the economy or jobs, achieving the rare soft landing.

Had someone ask if I worry that posting CRE jokes or memes may detract from people taking me seriously. Short answer: No. Zero percent. If I can’t have fun, I don’t want to do it. One of my gripes with the commercial real estate industry is its inability to laugh at itself. Everyone takes themselves so seriously. Relax, guys. You’re playing grown up monopoly with a bunch of big words. Have some fun. Post some memes. Laugh a bit. You’re not that important, and neither am I.

@gordonkeith his new car is a black Audi and he refused to wave at me on the DNT

Bill Millers is subpar food IMO and truly fascinated why it’s so beloved. Only good thing on the menu IMO is the bucket of Iced Tea and the Carne Guisada breakfast tacos. I will say though - they have a great program for their employees and helping them advance their lives with educational cost assistance and other benefits.

San Antonio has unquestionably the best Mexican food in Texas, but they LOVE ruining their food opinion validity by having a weird love for Bill Miller's

@mhp_guy @fortworthchris I’ll go one further and say that his sons are some of the best guys in the business. He’s raised them right and they are great to work/deal with.

@fortworthchris that guy is a legend. he owns so much land between 121 and OK border. genius

There is only one city in the United States that doesn't grow north - Minneapolis-St. Paul, restricted by geography. Every other city in the country grows north. That's the framework Rex Glendenning has been using for 40 years to position himself in front of growth. People in Celina laughed at him 30 years ago for buying dirt in the boondocks. He plowed every dollar after taxes and overhead back into 40 and 50-acre tracts anyway. In this clip from this week's episode - the rule of thumb Rex says should be on the first page of every real estate book.

Does anyone have any contacts at Lender shops willing to make loans for “BTR” properties? We have a single platted existing new build BTR. Trying to pay off their construction loan. 55% LTV. Reasonable value (5.25-5.50% cap rates). Cash neutral. Deal is currently on life support.

I’m always surprised when I see real estate developers trying to block the construction of new housing.

@therealfacts01 @ElijahSchaffer I would still trust my 3YR old more.

@ElijahSchaffer Giving a car to middle aged Indian woman is like giving a kitchen knife to a 3 year old

I am nearly killed almost every day by an Indian on Frisco roads I’ve never had to drive so attentively, aggressively and proactively. It’s like do or die out here. Feels closer to driving in a 3rd world country some days The insane car accidents are unexplainable Insanity

@texasrunnerDFW @nickgerli1 One of my good friends from college lives in a 4200sf newer build house in Frisco. They rent for $3200 a month but the landlord would take a $900K offer today to sell. Those numbers don’t align.

@nickgerli1 Rent growth has been declining in most of these submarkets too It really is unprecedented. But so was what happened in 2020-2022

Collin County, TX is in the midst of a stiff housing correction in 2026. Inventory has spiked 62% above the long-term average, to over 4,300 listings. This high supply is causing values to drop, down -6.1% over the last year already. Sellers in cities like Frisco, Prosper, and Plano are even beginning to take losses on some houses they purchased near the peak in 2022/23. Ultimately, this is great news for North Texas buyers. This could finally be the time to swoop in and make below-list-price offers. Track the data on our app to see the 12-month forecast: reventure.app/mobile

@DallasAptGP Interesting rumor I heard about Goldman? They were carpet bombing the local country clubs offering $500K per head to skip the wait lines and paying for the initiation fees. Wonder how that’s played out for them?

Why? Critical mass. When Goldman builds a campus, the fund administrators, counsel, and counterparties follow. The talent follows. Then the next firm looks at the map. Half their people are already in Dallas. So they come too. The cycle compounds.

Let's talk about what's going on in Texas

@basepowerco I just ran through your power offer and EFL. $13.8/kwh, but I just signed new contract with @GexaVoice at $12.3/kwh. Help if make sense?

@CaseyMericle Lenders reading this:

When are lenders gonna start discounting?

@resetbasis His name is Penjamin!

Vape pen, huh? That's pretty cool. How long have you been unemployed?

@jayparsons Are they wrong though? The cowboys do suck and LA is terrible, but at least they’ve made it to the Super Bowl more recently.

"Dallas sucks." "L.A. is terrible." "I could never live in ____." All fine and good to have a strong opinion, but a friendly reminder: You and your social circle are not necessarily representative samples.

@Jefffeldman I think it’s more like this:

Debt brokers on LinkedIn when they see a sponsor post asking if anybody has a lender for their deal.