@CDInewsletter@tbonecapital 2025 FFO $172 mm, subtract $40 mm capex, $80 mm leasing costs, $14 mm cash interest = $38 mm FCF. If you double their lease costs (REIT spinout), the retail ops generated -$42 mm FCF
@DivGrojourney You’re comparing a car loan to a margin loan. I’m comparing a margin loan to a margin loan. On this basis it is a shitty rate. Pretty simple
@DivGrojourney It’s a margin loan, they can be margin called if their collateral falls below a certain level. This is not a new or innovative financial product
@MarkMcGrathCFP@canandre12@jasonpereira It’s interesting as a society that we demonize active investing in companies but we heavily encourage entrepreneurship (when the survival rates are equally abysmal). Not a value judgement, just an odd contradiction