Core Insights - The article discusses the activities of an active investment group led by Denislav Iliev, focusing on identifying mispriced investments in fixed-income and closed-end funds [2] Group 1: Company Overview - Denislav Iliev has over 15 years of experience in day trading and leads a team of 40 analysts [2] - The investment group, Trade With Beta, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [2] Group 2: Services Offered - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [2] - Active investors are invited to join on a free trial to engage with the community and ask questions [1]

Core Insights - The article discusses investment opportunities in the business development company (BDC) sector, specifically focusing on Great Elm Capital Corporation (GECC) and its baby bonds [1]. Group 1: Company Overview - Great Elm Capital Corporation (GECC) has faced significant challenges recently, impacting its performance in the market [1]. Group 2: Investment Strategy - The article highlights the approach of Denislav Iliev, an experienced trader with over 15 years in day trading, who leads a team of 40 analysts to identify mispriced investments in fixed-income and closed-end funds [1]. - The investment group, Trade With Beta, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [1].

Core Insights - The article focuses on Golub Capital BDC (GBDC), a business development company that has been underperforming in the market [1]. Group 1: Company Overview - Golub Capital BDC is highlighted as a "beaten-down" business development company, indicating potential investment opportunities due to its current valuation [1]. Group 2: Investment Strategy - The article mentions the investment approach of Denislav Iliev, who leads a team of analysts identifying mispriced investments in fixed-income and closed-end funds [1]. - The service provided by Denislav's group includes frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [1].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 17, 2025 [1][3][4] Group 3: Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price is 87050 in domestic and 10881 in LME with a ratio of 8.05; March price is 86900 in domestic and 10878 in LME with a ratio of 8.01. Spot import equilibrium ratio is 8.06 with a profit of - 920.93, and spot export profit is 134.77 [1] - **Zinc**: Spot price is 22480 in domestic and 3201 in LME with a ratio of 7.02; March price is 22465 in domestic and 3026 in LME with a ratio of 5.82. Spot import equilibrium ratio is 8.48 with a profit of - 4661.65 [1] - **Aluminum**: Spot price is 21910 in domestic and 2832 in LME with a ratio of 7.73; March price is 21840 in domestic and 2861 in LME with a ratio of 7.69. Spot import equilibrium ratio is 8.31 with a profit of - 1639.17 [1] - **Nickel**: Spot price is 121550 in domestic and 14696 in LME with a ratio of 8.27. Spot import equilibrium ratio is 8.16 with a profit of - 2326.46 [1] - **Lead**: Spot price is 17400 in domestic and 2044 in LME with a ratio of 8.52; March price is 17505 in domestic and 2068 in LME with a ratio of 10.90. Spot import equilibrium ratio is 8.70 with a profit of - 352.43 [3] Cross - period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 620, - 620, - 610, - 620 respectively, while theoretical spreads are 540, 977, 1424, 1870 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 305, - 265, - 225, - 200 respectively, while theoretical spreads are 217, 339, 462, 585 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 175, - 135, - 130, - 125 respectively, while theoretical spreads are 221, 343, 465, 587 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 135, - 125, - 115, - 100 respectively, while theoretical spreads are 213, 322, 431, 541 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 1420, - 1220, - 990, - 740 respectively [4] - **Tin**: 5 - 1 spread is - 480 with a theoretical spread of 6028 [4] Spot - futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 475 and - 145 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 250 and - 55 respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 230 and 95 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 3.87, 3.98, 4.96, 0.97, 1.25, 0.78 respectively; in London (triple - continuous) are 3.59, 3.80, 5.26, 0.95, 1.38, 0.68 respectively [5]

Group 1 - Public Storage (PSA) is one of the largest Real Estate Investment Trusts (REITs) globally, managing over 3,400 properties with more than 250 million square feet of leasable space [1] - The company has established a strong reputation in the market, indicating its reliability and stability in the REIT sector [1] - Denislav Iliev, an experienced day trader with over 15 years in the field, leads a team of 40 analysts focused on identifying mispriced investments in fixed-income and closed-end funds [1] Group 2 - The investing group Trade With Beta, led by Denislav Iliev, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1,200 equities, IPO previews, and hedging strategies [1] - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [1]

Core Insights - The article discusses the activities of an investment group led by Denislav Iliev, focusing on identifying mispriced investments in fixed-income and closed-end funds [2] Group 1: Company Overview - Denislav Iliev has over 15 years of experience in day trading and leads a team of 40 analysts [2] - The investment group, Trade With Beta, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [2] Group 2: Services Offered - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [2] - Active investors are invited to join on a free trial to engage with the community and ask questions [1]

Core Insights - The article introduces Gladstone Land Corporation (LAND) and its preferred stocks, aiming to assess them and provide a credit rating using Moody's methodology [1]. Group 1: Company Overview - Gladstone Land Corporation is the focus of the analysis, with an emphasis on its preferred stocks [1]. Group 2: Investment Strategy - The article highlights the approach of identifying mispriced investments in fixed-income and closed-end funds, led by Denislav Iliev, who has over 15 years of day trading experience [2]. - The investment group Trade With Beta offers features such as frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2].

Group 1 - The Treasury market has experienced significant volatility, with 10-year yields currently at 4.14%, up four basis points for the week, while two-year yields have also increased by four basis points [2] - The performance of the Treasury market is closely linked to stock market movements, particularly the S&P futures, which trade nearly 24 hours and show a correlation with Treasury yields [2] - European counterparts, particularly the UK and France, are facing fiscal challenges, with the UK having a £20 billion budget deficit, leading to rising yields in their bond markets [3][4] Group 2 - Despite the upward trend in yields, the Treasury market has not reached its highest yield close for the month, indicating a persistent expectation of high yields [5] - The relationship between equity markets and Treasury yields is highlighted, where declines in equities lead to lower Treasury yields, and recoveries in equities result in rising yields [6]

Financial Data and Key Metrics Changes - As of September 30, the company reported Assets Under Management (AUM) of $989.1 million, with Q3 average AUM increasing to $950.7 million from $760.2 million in Q2 and $789 million in Q1, driven by crypto price movements and positive cash flows into ETP products [3][10] - Q3 revenue was $22.5 million, bringing cumulative IFRS revenues for the nine months ended September 30 to $80 million [3][10] - Q3 effective staking and lending income yield was 3.1%, down from 3.6% in Q2, attributed to lower protocol rewards [3][4] - Q3 operating income was $9 million, with a net income after tax of $3.9 million for the quarter and $33.8 million for the nine months [7][10] Business Line Data and Key Metrics Changes - The company staked approximately 58% of its AUM at the end of Q3, with a management fee yield of 1.2%, slightly up from 1.1% in Q2 due to new management fee-bearing products [4][3] - Valour was highlighted as a major driver of performance, achieving net inflows every month year-to-date, with $38.8 million of inflows during Q3 [10][11] - Stillman Digital generated $2.2 million in trading commissions in Q3, continuing to strengthen its position in institutional trading [11] Market Data and Key Metrics Changes - The company noted a bullish outlook for cryptocurrency prices, with Bitcoin holding around $100,000, and increasing institutional and retail participation expected to drive prices higher [7][10] - The company is optimistic about expanding its addressable market in Europe, particularly in France, where institutional participation is beginning to increase [22][45] Company Strategy and Development Direction - The company plans to focus on maximizing AUM and monetization through new product launches and expanding into new capital pools, including debt markets [41][42] - The recent $100 million equity financing will support increased staking and facilitate ETP market making on a larger AUM base [8][9] - The company is actively seeking creative M&A opportunities to strengthen its long-term growth prospects [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and ability to capitalize on market opportunities, despite macroeconomic headwinds [10][14] - The incoming CEO, Johan Wattenstrom, emphasized the importance of maintaining a high focus on core strategies while exploring new geographic markets and product offerings [18][41] - Management acknowledged delays in DeFi Alpha opportunities but reiterated the strength and profitability of the underlying business [5][13] Other Important Information - The company repurchased nearly one million shares for $2.44 million during the quarter, indicating a commitment to returning value to shareholders [12] - The venture portfolio includes 12 private investments, with Amina Bank being the largest, representing 83% of the portfolio's fair value [8] Q&A Session Summary Question: Do Alpha trades carry a liquidity or price liability? - Johan Wattenstrom explained that all market risk for core operations is hedged, with some profit retained in tokens, which may fluctuate with market conditions [35][36] Question: What key message do you want to give long-term shareholders? - Johan Wattenstrom stated that the long-term core strategy remains unchanged, focusing on maximizing AUM and expanding into new product offerings [41] Question: Can you provide insight on the investment pipeline? - Johan Wattenstrom mentioned that the company is looking at various opportunities but remains selective, ensuring that any potential acquisition aligns with long-term strategic goals [59][60] Question: What is the outlook for geographic expansion? - Andrew Forson confirmed that the company is working on geographic expansion and has had success in securing new markets, although specific details cannot be disclosed until regulatory approval is obtained [27][28] Question: What is driving the revenue guidance for Q4? - Paul Bozoki clarified that the company expects to achieve $36 million in Q4, contingent on crypto price movements and operational performance [64][65]

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.Oxford Lane Capital Corporation ( OXLC ) is a well-established player in the CLO investment space. In this analysis, we assess its financial health and compare the risk and return characteristics of its financial instruments to determineArbitrage Trader, aka Denislav Iliev has been day trading for 15+ years and le ...