No High Water Mark Capital

Recovering retail bagholder. Now I know what I'm doing. Generalist equities & corp credit

[No High Water Mark Capital @Xienon0]

@junkbondinvest Long CVNA and short NFE

[No High Water Mark Capital @Xienon0]

@AskOffTrack Amazing audio quality for a live show!

[No High Water Mark Capital @Xienon0]

@WestJet my flight was cancelled 4 hours ago and I haven't been rebooked. Your call center says it's too busy to handle the call volume, and your chat isn't working either. Can you help?

[No High Water Mark Capital @Xienon0]

@junkbondanalyst Wes Edens

[No High Water Mark Capital @Xienon0]

@christankerfund In the first quarter of 2025 Alunorte initiated arbitration proceedings. Alunorte claims it is owed damages for alleged delays by the Company to supply gas at the Barcarena Facility and is claiming damages up to BRL 375.7 million

[No High Water Mark Capital @Xienon0]

@christankerfund As the required $79,100 bank guarantee was not provided on 8/17/25, a majority of debenture holders have the right declare an event of early maturity. If the holders declare an early maturity, substantially all of the Company’s outstanding indebtedness would be payable on demand.

[No High Water Mark Capital @Xienon0]

@cate_long "Based on the numbers so far, 3.1 million people are expected to ride Brightline in 2025, which is 53% below last year’s estimate, according to company reports. Revenue is running 67% below projections."

NFE investors are used to this level of misses vs projections 🤣

[No High Water Mark Capital @Xienon0]

@bayblackdiamond @junkbondanalyst You do realize that NFE is cash EBITDA negative with $800mm+ a year in interest expense and leases right?
https://t.co/7Zh2nNGSOp

[No High Water Mark Capital @Xienon0]

@PlainviewCap @cate_long Easy, just burn diesel at San Juan like its been doing for much of the last few months. Nfe isn't even shipping all the gas PR needs and is instead selling the gas to Europe.

[No High Water Mark Capital @Xienon0]

@junkbondinvest NFE 12s in the 60s also before 1st coupon is made

[No High Water Mark Capital @Xienon0]

@cate_long @itsatrappp She seems very tight with Wes Edens/NFE

https://t.co/QUytO0Sjy9

[No High Water Mark Capital @Xienon0]

@cate_long @itsatrappp She seems to be in favor:

https://t.co/YIFd9Gqw2Z

[No High Water Mark Capital @Xienon0]

@cate_long @itsatrappp Correct.

They're also trying to raise power rates by over 5% to fund their 110mm incentive fee (while so many Genera plants are offline)

https://t.co/SU435ZgtEb

[No High Water Mark Capital @Xienon0]

@itsatrappp @cate_long They own a few of small supply vessels to supply Mexico and FLNG. It's of negligible value.

They don't own any of the LNG tankers or FSRUs, it was all sold to Apollo. Yes the consolidate the earnings of those ships but read the "failed sale leaseback" accounting treatment

[No High Water Mark Capital @Xienon0]

@itsatrappp @cate_long Where does it say NFE owns these ships?! Energos (Apollo) owns them, NFE leases them.

[No High Water Mark Capital @Xienon0]

@cate_long The market is quickly coming to the realization that they're running out of ways to kick the can down the road. They monetized their most valuable gas contract in Q4 and now their most valuable project just to fund the capex overruns for FLNG.

[No High Water Mark Capital @Xienon0]

@itsatrappp @cate_long They sold their entire stake in Energos already. It's only due to some accounting quirk (failed sale-leaseback) that they continue to include ship revenues in their earnings. . It's backed out of their cashflow statement

https://t.co/ZaEt8PMadJ

[No High Water Mark Capital @Xienon0]

@junkbondanalyst DQs != Defaults

[No High Water Mark Capital @Xienon0]

@junkbondinvest "seed to fork" was mentioned in the OM of the Rise Baking bond

[No High Water Mark Capital @Xienon0]

@buccocapital $LMND and $PGR
$UPST and $OMF/any subprime lender.