barowsharo

I claim them all. - The Savage

[barowsharo @barowsharo]

why is this so complicated for people? since top U's now allocate 1/3 of admits to less qualified blacks/hispanics, the non-legacy whites/asians have limited angles to play on college apps. it's not about MLB, it's about DIII recruiting or at least making varsity HS for the college apps.

[barowsharo @barowsharo]

@marginofdanger @rule_of_law_guy what is $STHO's tax basis in the shares of $SAFE? it is not merely the FMV of $SAFE at the time of the spin, much more complicated & not publicly disclosed.

[barowsharo @barowsharo]

@RealAssetsValue I think this is one of those times when using cash vs GAAP NOI meaningfully understates IOS b/c of free rent or sthg - see p. 10 of 3Q25 supp. IOS was $10.2MM GAAP for Q3. Ind/IOS comb $90MM NOI run rate.
PKST-Supplemental-09-30-2025-Final-as-Filed.pdf

[barowsharo @barowsharo]

@RealAssetsValue if they hit midpoint of office sales indicated last quarter and w/ current IOS run rate, it's a 7.25% cap blended. that excludes their bloated G&A. would that change your thoughts on a competing bid?

[barowsharo @barowsharo]

@PinkPoloShorts @thepupil11 "zero bid" = 6.25% cap. i need a full conversion chart

[barowsharo @barowsharo]

@RealAssetsValue i think a better way to say it is that the office trades at implied 38% cap rather than 11% overall. agree with your NAV except i prefer GAAP NOI. lowers office but raises industrial which was hit by a one time non-recurring thing. footnote 2 p. 14
https://t.co/fpLUVK4x7E

[barowsharo @barowsharo]

great find. i think there's a chance these co-inv LPs may be the roadblock to CMTG recap. no affirmative rights but they & almanac may have negative control rights & be able to veto any reduction in CMTG mgmt fees which would go a long way in inducing inst scale recap of the REIT.