09-30-26 spal
BHR-PD
Trading at ~$16.05, the Series D Preferreds (BHR-PD) yield ~12.8%. This provides a strong income buffer while the company navigates its corporate restructuring.
Because BHR operates exclusively in the ultra-luxury and resort sector (properties like Ritz-Carlton St. Thomas, Four Seasons, and Pier House Resort), it sits in a demographic tier that remains relatively price-inelastic. Strong Operating Metrics: Q2 2026 results demonstrated a 12.3% YoY increase in RevPAR to $396, driven by average daily rate (ADR) strength, pushing Comparable Hotel EBITDA up 14.2% to $48.4 million.
Luxury vs. Mid-Scale: While middle-tier leisure and urban business hotels struggle with interest rates and consumer spending fatigue, luxury resort RevPAR continues to hold steady, generating the operational cash flow required to service preferred obligations.
The largest structural drag on Braemar (BHR) has been its external advisory agreement with Ashford Inc., managed by Monty Bennett. Historically, Ashford’s fee arrangements and termination penalties heavily favored the advisor over common shareholders.
The Breakup Strategy: Braemar announced the termination of its advisory agreement to transition to internal self-management, aiming for over $25 million in annual G&A cost savings. Funding the Separation via Asset Sales: To satisfy termination obligations and reduce debt, BHR is liquidating select flagship assets. A prime example is the sale of the Four Seasons Resort Scottsdale at Troon North for $372 million (deposit went non-refundable on September 23, 2026).
Proxy & Governance Battle: Activist pressure (from firms like Al Shams Investments and Blackwells) has forced the appointment of independent board candidates and accelerated the exit from Ashford.
While this creates short-term headline noise, it fundamentally realigns corporate incentives toward asset coverage rather than management fee extraction. |
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09-30-26 spal
Today's burst was quite something ... 100% algo driven ... but they are up against cyber Schpal
;) |
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09-30-26 spal
Today's burst was quite something. I think that the disruptions can last say 12 months - this means that the tension is now between momentum and overshooting (which I encourage) and the inevitable sell off when the true horizon is seen.
Still we will have fun watching AI implode in the meantime. |
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09-30-26 panasonic
"the new dollar printers"
Congrats! should have gone all-in :-)))
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09-30-26 spal
| FECCF - FSRU Express ready soon to deploy to Puerto Bahia - Excelerate Energy is moving forward with a refit of a second ship Methane Patricia Camila for stage 2 build out. Gas shortage in Colombia is acute. |
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09-30-26 spal
| ALVOF ... stabalizing ex-div and should resume climb as the reserves in north Brazil are proved out ... drilling program well in process ... should this prove successful then the total gas field rerates. |
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09-30-26 hann
Govt financial assets mainly pension fund which generates 5x
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5x of outflow. US/Eu govt's pension is pay as you go (meaning there's no funded pool to draw from). However Jp actually has a big pool. Even in worst case it's funded from pool for 100 years. If Jp grows a little and pool earns 5% rather than 3%, pension earnings will be 15-20x of outflow. |
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09-30-26 hann
09-30-26 savo
https://www.linkedin.com/posts/ryanlemand_japan-has-twice-the-debt-ratio-of-the-us-share-7509513679340720129-voZh
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https://youtu.be/xO2aDuaabj8?si=Xm-NiBN_Z9iSlUwX
Takuji Aida advisor to PM Takaichi on Jp economic policy and stats.
Very surprising, not as bad as it looks. Govt net debt only 63% of GDP. Corporate sector net cash and GDP is growing. Govt financial assets mainly pension fund which generates 5x
Yen is weak but allows repatriation od income from offshore assets.
150ish is sweet spot. Jp can export. Focus on increased private/public investmetn - dual use defense, semiconductors, self sufficiency, physical AI, robotics, automation. I guess tightening foreign residency is a way to boost income (by reducing labor supply). Demographics an issue but automation allows labor to do/earn more.
Ai checked some of this. Seems correct. Surprising.
However, regularly spending time there seems Jp retains a lot dynamism. So much construction in Fukuoka/Kyushu. 2 TSMC plants, new museums, rebuilding downtown, improving main park, train system etc. |
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09-30-26 spal
| Tankers go BRRRRR .... the new dollar printers |
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09-30-26 spal
| Seems every fund in the world wants to close the month and quarter with strong gains on tanker schtocks |
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09-30-26 spal
HAFN
HAFNIA LTD
Also ... BTW they are the largest SH in TRMD. |
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09-30-26 spal
| TRMD ... very strong ... probably biggest gainer from the "disrupted" O&G supply lines |
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09-30-26 carib
Savo.
Japan owes ¥ to the Japanese. Japan can print ¥ or legislate about its own domestic debts. It is a Japanese issue.
The USA owes US$ it can print, but non residents are amongst the large creditors. the US$ in the main global reserve and trade currency. Hence it is an issue with global implications.
According to Martin Wolf, the global debt/GDP ratio actually improved since 2021, and the outlier is mostly the USA.
Let us review on Nov 3rd. |
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09-30-26 savo
| https://www.linkedin.com/posts/ryanlemand_japan-has-twice-the-debt-ratio-of-the-us-share-7509513679340720129-voZh |
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09-29-26 carib
The correlation between the price of West Texas Intermediate crude and the 10-year Treasury yield hit 65 per cent this month, according to derivatives firm Cboe, putting it within touching distance of the level set following Iraq’s invasion of Kuwait nearly four decades ago.
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09-29-26 spal
FRO FRONTLINE PLC
09/29/2026 as of 09/28/2026
Qualified Dividend
09/29/2026 as of 09/28/2026
Special Qual Div
All for a good cause. |
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09-29-26 spal
Fearnley Securities raised its target price for Hafnia ($HAFN) to NOK 115 from NOK 90 while reiterating a buy recommendation, based on a Tuesday analysis citing product tanker market recovery.
Analysts expect product tanker earnings to catch up to crude tankers through higher spot and time-charter rates, driven by increased refinery activity in China and the Middle East.
Fearnley lifted Hafnia's 2026 EBITDA estimates by 11% and 2027 estimates by 166%, projecting average MR tanker rates of $30,000 per day next year. |
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09-29-26 savo
tricky business gold pana
short sellers can sell without posting margin in physical gold....just cash.
If prices go up... exchanges ramp up margin... if it goes down they don't. |
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09-29-26 panasonic
"gold down 3.5%"
Adding on weakness.
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09-29-26 panasonic
Merlino, you are perfectly right, the culture of "death".
All other religions embrace life.
Would you feel ok if Shiites had nukes? |
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09-29-26 savo
if by loyal you mean "kiss ass" people I agree.
this presidency has turned into some form of CFK kiss ass presidency.
The president lies or says stupidities and the cronies around clap.
incidentally:
La inflación en España se disparó hasta el 4,9% en septiembre, seis décimas más que en agosto, impulsada principalmente por el encarecimiento de los combustibles y lubricantes para vehículos, según el indicador adelantado del Índice de Precios al Consumo (IPC) publicado este martes por el Instituto Nacional de Estadística (INE).
I do not think it is any different in the rest of europe or the US. |
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09-29-26 carib
| PS: the impression is Trump is waiting for nov 3 to accept strategic defeat with Iran. But the impression might be mistaken. |
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09-29-26 carib
| Savo: Peter Thiel, his longest-running Silicon Valley backer, last week said that Trump was served by “not very smart but very loyal people”. |
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09-29-26 carib
| Pill: I did not say that "making a deal" would imply the end of the iranian regime, but that some regime hardliners might feel that way.The "hard way" might be the only viable solution, after all. |
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