Core Insights - Galaxy Digital is in discussions to become a liquidity provider for Polymarket and Kalshi, reflecting a trend of trading firms entering the prediction market space as adoption increases and compliance risks decrease [1][2][7] Group 1: Market Making and Liquidity - Galaxy Digital is experimenting with market-making on prediction markets, aiming to provide broader liquidity in the future [2] - The entry of institutional market makers like Galaxy could enhance market depth and reduce costs for users in a sector currently characterized by tight liquidity [3] - The presence of large market makers could facilitate arbitrage opportunities, addressing significant price divergences in prediction markets [4] Group 2: Institutional Interest and Historical Context - The prediction market sector is witnessing increased interest from institutional traders, with firms like Jump Trading and Alameda Research exploring opportunities similar to those in the cryptocurrency market prior to 2016 [5] - Kalshi has onboarded Susquehanna as its first major institutional market maker, indicating a shift towards institutional participation in prediction markets [5][8] Group 3: Regulatory Environment - Regulatory approvals have eased the entry of institutional trading desks into the prediction market space, enabling firms like Galaxy Digital to provide liquidity [7] - The regulatory landscape has significantly changed since 2022, when the CFTC ordered Polymarket to withdraw from the U.S., allowing for new partnerships and market-making opportunities [8]

Group 1 - The article focuses on Alpine Income Property Trust, Inc. (PINE) and its recent activities in the fixed-income securities market [1] - Denislav Iliev, a seasoned trader with over 15 years of experience, leads a team of 40 analysts who specialize in identifying 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] Group 2 - The article invites active investors to join a free trial and participate in discussions within a chat room populated by sophisticated traders and investors [1] - The focus on newly listed fixed-income securities indicates a strategic interest in emerging investment opportunities within this sector [1] - The emphasis on simple-to-understand financial logic suggests a commitment to transparency and accessibility in investment strategies [1]

megaeth pre-deposit opens tomorrow 9am est at $999m fdv. pre-market already trading $0.28 on hyperliquid, pricing it at $2.8b. that's 180% above the deposit entry. $250m cap, no individual limit. either pre-market traders are wrong or you're getting monad's valuation at 60% discount. $1.39b tried to get into the $50m sale. tomorrow decides who gets the arb. ...

Group 1 - Maven Securities initiated a new equity stake in CyberArk Software Ltd. by adding 15,000 shares valued at approximately $6.5 million [2][6] - This new position represents 1.5% of Maven's reportable assets under management, outside its top five holdings [3][6] - As of November 19, 2025, CyberArk shares were priced at $475.67, reflecting a 51% increase over the past year, outperforming the S&P 500 by 43 percentage points [3][4] Group 2 - CyberArk Software Ltd. reported a total revenue of $1.30 billion and a net income of -$227 million for the trailing twelve months [4] - The company specializes in privileged access management, endpoint security, cloud entitlements, and identity management solutions, serving various sectors including financial services, healthcare, and government [8][9] - CyberArk's acquisition by Palo Alto Networks was approved by shareholders, with the deal valuing CyberArk at $25 billion, while it was trading at a $22 billion valuation at the time of the announcement [10]

Financial Data and Key Metrics Changes - In the third quarter of 2025, the company reported a profit of $40.3 million, or $0.18 per share, with an adjusted profit of $42.5 million, or $0.19 per share. This adjusted profit decreased by $37.8 million compared to the previous quarter, primarily due to a decline in time charter earnings from $283 million to $248 million [4][5] - Ship operating expenses increased by $3.1 million from the previous quarter, attributed to a decrease in supply rate and costs related to a change in ship management for seven LR2 tankers [5] - The company has strong liquidity with $819 million in cash and cash equivalents as of September 30, 2025, and no meaningful debt maturities until 2030 [6][7] Business Line Data and Key Metrics Changes - The company achieved $83,300 per day on VLCC fleet, $60,600 per day on Suezmax fleet, and $42,200 per day on LR2/Aframax fleet for the third quarter of 2025, showing significant increases compared to the previous year [3] - The average cash-based breakeven rates for the next 12 months are estimated at approximately $26,000 per day for VLCCs, $23,300 for Suezmax tankers, and $23,600 for LR2 tankers [8] Market Data and Key Metrics Changes - Oil in transit has reached record highs, with year-on-year increases in export volumes, particularly from the Americas and the Atlantic Basin [10] - The company noted logistical challenges around the trade of sanctioned export oil, which has been amplified by sanctions on companies like Lukoil and Rosneft [11] - The demand for compliant crudes, especially in the Middle East, has increased, leading to higher crude price levels [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet while generating cash flow, with a strategy that emphasizes efficient fleet management and capitalizing on market opportunities [6][20] - The management highlighted a shift back to a VLCC-centric trade pattern, driven by positive export numbers from Brazil, Guyana, and Canada [12][20] - The company is cautious about expanding its fleet due to the current market dynamics and is considering focusing on VLCCs for future growth [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, citing high utilization rates, strong oil exports, and limited growth in the compliant tanker fleet [20] - The company anticipates a prolonged period of tight physical shipping markets, with key fundamentals supporting continued demand [66] - Management acknowledged the volatility of the market but indicated that current conditions suggest a strong outlook for Q1 2026 [66] Other Important Information - The company has converted existing credit facilities into revolving reducing credit facilities, allowing for greater financial flexibility [7] - The average age of the fleet is seven years, consisting entirely of ECO vessels, with 56% fitted with scrubbers [7] Q&A Session Summary Question: Will the company focus on deleveraging the balance sheet while maintaining dividends? - Management indicated that they are different from peers and prefer not to operate with low loan-to-value ratios, focusing instead on generating cash quickly without aggressive debt reduction [24][25] Question: How do older ships become less efficient without being scrapped? - Management explained that older ships face high insurance costs and limited trading options, making them less efficient in the compliant oil market, which could lead to a wall of scrapping in the future [26][30] Question: What is the outlook for the dark fleet and its impact on the market? - Management noted an increase in vessels sitting idle and discussed potential solutions for recycling sanctioned vessels, indicating that the dark fleet's dynamics are complex and evolving [34][36] Question: How does the current market environment affect vessel demand? - Management highlighted that the current contango in oil pricing could extend trade lanes, positively impacting vessel demand, although they noted that floating storage is not currently a commercial strategy [41][62] Question: What is the outlook for Q1 2026 compared to Q4 2025? - Management expressed confidence that Q1 2026 could sustain strong rates due to favorable market conditions and key drivers that were not present in Q4 of the previous year [66]

Group 1 - The article discusses the activities of an investment group led by Denislav Iliev, who has over 15 years of experience in day trading and manages a team of 40 analysts [2] - The group focuses on identifying mispriced investments in fixed-income and closed-end funds, utilizing straightforward financial logic [2] - Features of the investment service include frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, hedging strategies, and an actively managed portfolio [2]

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]