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Subscribers (thousands, nightly)
27K on Sep 10, 2026 → 28K on Oct 21, 2026
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Rank in Substack’s finance leaderboard: #88 today · #92 a week ago · #102 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 42 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 17%
- Best rank seen
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- Rank, 7 days
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- Rank, 30 days
- +14 places
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- Reactions tracked
- 751
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- 13
of 525 ranked finance newsletters
on Oct 20, 2026
since tracking began
since tracking began
last 30 days
average, recent posts
across 25 posts
in tracked posts
Most-reacted post we have seen: CoreWeave ($CRWV): $34 Billion of Equity and Bonds Yielding 15%...How? (Part 1) — 117 reactions on Oct 20, 2026.
Recent posts
- CoreWeave ($CRWV): $34 Billion of Equity and Bonds Yielding 15%...How? (Part 1)
They teach you this on day 1. Equity takes first loss. Debt gets paid ahead of shareholders. The higher up you sit, the less risk you take. This is finance 101. Everybody knows this. So how can a company with a $34 billion market cap have bonds that yield 15%? This is supposed to be THE neocloud, the company that rents Nvidia’s chips to Microsoft, Meta, and OpenAI, with a $100bn+ backlog. Nvidia even wrote them a $2bn equity check back in January . In March, they closed an $8.5 billion investment grade facility secured by its GPUs. Every junk bond deal they brought to market got done and…
- Credit Weekly: The Cost of Capital Finally Bites
Wednesday should have been a bad day for bonds. September core CPI printed 0.33% m/m (vs. a consensus 0.2%), the largest upside surprise in over 2 years. The 2-year proceeded to sell off as much as 16bps in the first hour. Then it reversed. By the close, the 2-year was more than 15bps below its morning high, the long end had rallied outright, and the curve had bull flattened on a day when inflation came in HOT. There was no dovish catalyst either. Mid-morning, semis fell 3%, the neocloud basket was down again, and rates started reflecting the growth consequences of a 5% 10-year rather than…
- Special Situation: Six Flags ($FUN) Senior Notes After the Goliath Accident
You’ve probably seen the headlines by now. In case you haven’t, a rider was thrown from Goliath at Six Flags Over Georgia on October 12 and killed. A sad and horrible tragedy. Within 2 days, the company proceeded to shut 9 other coasters at 6 parks with no timeline to reopen them. This was right in the middle of the Halloween season and right as 2027 season passes went on sale. The stock is sitting at $9.54 as I write this, down ~16% from last Thursday and ~40% since early September. The bonds have sold off in sympathy with the long end now yielding 13%. To be clear, Six Flags was in a tough…
- Credit Weekly: Tightening by Proxy
The Fed spent last week explaining why it can wait. The September minutes showed most participants expecting another hike by year-end, with little urgency about timing. Waller wants two more hikes, though not at consecutive meetings, and Williams sees no need to rush. Even Dallas Fed President Lorie Logan, who said earlier this month that rates need to rise at least another 50bps, noted that higher term premiums can slow the economy and reduce the need for the Fed to tighten. That works if higher long-term yields discourage borrowing. And normally they do. Issuance falls, supply eases, and…
- Capital Southwest Corp ($CSWC): Does a Premium Stock Make a Better Bond?
Most BDCs trade below NAV right now. The market spent the past year deciding it doesn’t fully trust private credit marks, and some of the largest names in the sector sit at 0.7x NAV or worse. trades at 1.4x NAV, and it has traded at a premium for most of the last decade. Equity investors pay a premium for a BDC they believe can keep earning more than its cost of capital and keep growing, and CSWC has done both. Bondholders, however, don’t capture any of that upside. They lend at a fixed rate and care mostly about one thing, which is whether there will be enough value behind them if the loans…
- Credit Weekly: A Record Book, a Smaller Bid
Paramount sold the biggest junk bond deal ever on Wednesday. By Friday, the people who bought it were collectively down hundreds of millions of dollars. That isn’t supposed to happen. The deal had months of marketing and a syndicate that has done this many times before. It happened anyway, and the reason is in who carried the risk. Paramount got a cheaper coupon. The banks had far less at stake than they typically do. And the buyers got the bill. I said last week that this deal would tell us more about the reach of the bid than another index close. It did. The full package was about $52bn of…
- Cable One ($CABO): The Making of a Distressed Credit
This week I’m looking at Cable One. A lot of you asked for more distressed coverage in the recent reader survey ( link ), and the timing just got more interesting. This morning, CABO announced it is in advanced discussions with GTCR, certain of its existing lenders, and a consortium of private lenders on financing to address its upcoming capital needs. The same release pushed the deadline to close its ~$480mm purchase of the rest of Mega Broadband from October 1 to October 9. Two weeks earlier, the company drew the last $700mm on its revolver. The 4% 2030 notes trade around 28, the equity is…
- Credit Weekly: Rates Did Most of the Damage
The Fed hiked 25bps. And then the market hiked another 60. The second move is the one high yield investors should be watching. Since the end of August, the peak policy rate priced into futures has risen about 60bps. The 5-year Treasury closed above 5% for the first time since 2007, and the high yield index has lost 1.84% in September, with rates doing most of the damage and wider spreads adding to it. Every borrower that needs to refinance now faces a higher base rate. How much that hurts depends on what the borrower does with the money. This week showed who can absorb it. SoftBank borrowed…
- Keel Infrastructure ($KEEL): What Are the Converts Worth Without a Lease?
Will they announce a deal? Every Bitcoin miner trying to reinvent themselves as an AI/HPC data center developer gets asked that question. And every one of them has the same pitch. We have the sites, we have the power, we are in discussions with prospective tenants. And the market is waiting for one thing before it gives them credit for any of it... a tenant’s name on a lease. Keel Infrastructure (recently known as Bitfarms) is running that same playbook. Meanwhile, its converts have recently traded down to the 80s from 130 back in June. They’re not distressed by any means; just out of the…
- Credit Weekly: Who the Hike Hits
The Fed hiked. It was the first increase since 2023, the vote was unanimous, and the 25bps move takes the range to 3.75% to 4.00%. Warsh called it removing “a dose of accommodation.” He also said strong growth and the AI buildout’s competition for debt are part of why Treasury yields are up. The 10-year is at its highest level since 2007. So what happens 2 days later? A bitcoin miner sells $2.3bn of five-year notes at 8.25% to build a data center for Meta. And gets about $10bn of orders. That deal was in the works before the hike, so it doesn’t tell you anything about the hike. But it shows…
- Gray Media ($GTN): The Last Two Cheap Coupons
Gray’s audience is dying. Literally. The people who watch local news at 6pm are in their 60s and 70s. Every year some of them stop watching because they are gone, and the people who would have replaced them get the same information from their phones. The cord cutters take the retrans dollars with them. The advertisers follow the audience. Core has grown in the odd quarter, and there is no version of this where it grows for long. Lenders have kept lending anyway. The cash flow is there, political money covers a lot every other November, and management has paid debt down when it could. That is…
- Credit Weekly: When the Pentagon Becomes the Lender
Brought to you by 9fin The next lender to Fluidstack may be the Pentagon. I’m not kidding. The Department of Defense’s Office of Strategic Capital is reportedly talking about a roughly $5 billion loan to the GPU cloud provider, last valued at about $18 billion . And the money is for domestic supply chain and manufacturing capacity for data center components. It’s under discussion, not signed. Now $5 billion is about 28% of Fluidstack’s latest valuation, so this is not pocket change. And the company’s valuation more than doubled this year. Meanwhile, issuers have raised more than $400+ billion…
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