Notes

On August 28, the issuer of FRO's Q2 report stated that for Q3, they have booked a VLCC, which is a type of large oil tanker, at a rate of $15,690 per day, with 86% of the quarter covered, a Suezmax, which is another type of oil tanker, at $11,740 per day with 79% covered, and an LR2, a type of smaller oil tanker, at $10,000 per day with 70% covered. The estimated 12-month cash breakeven points are $23,800 for VLCCs, $25,700 for Suezmax, and $22,200 for LR2s. The issuer noted that the full-quarter time charter equivalent, which is a measure of revenue, will be lower due to ballast, which means the ship is sailing without cargo. Two new VLCCs have been contracted for one year at $12,000 per day, and two 2016 ships have been contracted for two to three years at $9,000 and $7,500 per day. These are forward contracts and estimates, not the rates paid on September 12. Conflict can affect the ships by removing cargo and increasing ballast, while fixed hires can limit potential gains as well as protect against losses. https://www.frontlineplc.cy/fro-second-quarter-and-six-months-2026-results/

On August 13, the issuer announced that Alunorte received approval to self-import and signed a temporary agreement for access to the CELBA terminal, allowing the ramp-up towards full capacity. This is expected to make up for an estimated lost output of 100,000 to 120,000 tons, with a midpoint of 110,000 tons. The impact on the third quarter is estimated to be between 75 and 100 million USD, which includes the cost of expensive gas. It was not proven that full output was achieved by September 12. On August 11, the original estimate was 50 percent production, as stated on the company's website. The same issuer is the source of this information, and as a direct borrower and customer to the supplier, management estimates are biased towards a successful recovery. https://www.hydro.com/en/global/media/news/2026/alunorte-ramps-up-alumina-production/

On September 11, 2026, the Saudi Press Agency published a statement from an Energy Ministry source, saying that there were attacks on September 10 in the Riyadh and Medina regions, which led to a precautionary shutdown of the East-West pipeline. The source reported injuries and said a technical and emergency inspection was underway, with updates to follow. The original Arabic statement was found through a web search, but the direct HTML link is a JavaScript shell. The government, which is a party to the conflict, is close to making an operational decision, but it does not have independent flow measurement. No information was given about the number of barrels per day lost, the current throughput, or how long repairs will take. On September 12, the Gulf Cooperation Council condemned the incident, but did not provide a second independent physical measurement. https://www.spa.gov.sa/N2674019

At 08:17 UTC, a process called list_jobs verified 236 items, which finished running at 08:16:03.106 and produced output at 08:16:41.144, and it completed successfully with an exit code of 0, finishing all 3 tasks. The latest information for FTK is from September 9, and for ACDC it is from August 6, with the top 3 items in the FTK IR remaining unchanged. There are 9 runs left to cover the research period starting at 00:00 UTC. This information replaces a pending receipt from 08:16 in an earlier report numbered 26492. This update only includes index metadata, and does not include any new information about paid cash, which is a payment made in cash, a type of payment where the buyer pays the full amount upfront. https://data.sec.gov/submissions/CIK0000928054.json

A data scan found a list of files with their sizes and unique identifiers, or sha256, which is a type of digital fingerprint. The list includes daily_raw.json with 201645 bytes and sha256 14181fab85f6ac677c06a95752b01107e42b2a642f84132d92bbbcf451bded68, daily_all.json with 197436 bytes and sha256 902d780f8afbeedfef14e4a5016a00c8be5bd6ceecf1d865ac616e47c522f4eb, intra_raw.json with 7275031 bytes and sha256 a46963ff1b9177391a0ebcf3967e689be2771ed305317417a077e6544c95b7be, raw_results.json with 3561 bytes and sha256 cd046b582e965b6cb30e9d683c6c53487729428484cc132d96fe27124d2be4aa, raw_trades.json with 75686 bytes and sha256 179cc499e884f6bed904151d502c55bf8c68156e68a3fc6282b21b5216e5dd89, stats.json with 1639 bytes and sha256 c52a564d28eb1c488aa8cdca1bd489d23ae20c849c893744e04e630fdcfbd4c1, calendar.csv with 114369 bytes and sha256 f25db8c047be2b3b067f855272c6369e1e05d1603f203d8dfe9051e4c6cc2c9b, raw_backtest.py with 4157 bytes and sha256 ca7534f5578d5e5b5ebbd07a909f79e88413a3651fdb04f0961ac7a8448c6433, and intra.py with 993 bytes and sha256 5a56916edc35b83078cf9e703045ec00cdf9f524a308c8642e4892bad4679e57. The FRO daily raw data has 1682 rows from 2020 January 2 to 2026 September 11, and the intraday data has 62806 rows from 2021 January 4 to September 11, with the last update at 23:45 UTC. The XNYS calendar, which is a schedule of trading days from the New York Stock Exchange, was accessed via exchange_calendars, a library that provides trading calendars, and it covers the period from 2020-01-01 to 2026-12-31. There were 36959 samples of regular trading hours, or RTH, which refers to the hours when markets are open, with 75 missing samples expected. The process initially failed to complete 40 page caps, but it completed all yearly chunks with unique timestamps, which are records of when each chunk was processed. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the list of jobs for September 12. The last run was at 07:45:58 and the output was received at 07:46:02 with an exit code of 0, indicating successful completion. All 6 tasks were completed successfully with no errors. There were 70 runs left. Another run occurred at 06:16:02 with output at 06:16:22, also with an exit code of 0, and all 3 tasks were completed with 10 runs left. A run at 08:16 had not yet been observed. The United States Department of Agriculture period from August 30 to September 5 had 10 tasks completed successfully. On September 11 at 13:30, a job for HAS AI PA 403 and MOFCOM timed out, resulting in a partial coverage exit code of 0. All 5 active jobs are covered until September 13 at 00 UTC, so no replacement is needed. There is no inference of absence of news. https://runway.adityaperswal.workers.dev

A news scan found the raw audit statistics and sizing scenario for FRO R91208. The bootstrap statistics are as follows: from 2021-01-01, there were 31 periods with a mean percentage of 1.4456053083571125 and a 95% confidence interval of -2.3253119842292405 to 5.654043709063035, and from 2025-01-01, there were 16 periods with a mean percentage of 3.504449729324182 and a 95% confidence interval of -1.9328456055288563 to 9.086704830483828. The simulation scenarios include: base scenario with notional of 85.099, 20000 paths, 20 trades, return percentages of -5.16356208083442, 2.551523308669179, and 11.998601859776908, a 95% drawdown percentage of 7.1411777219829204, and loss odds percentage of 30.314999999999998, and another base scenario with notional of 21.27475, 20000 paths, 20 trades, return percentages of -1.300983314100825, 0.6562402314532756, and 2.907140829030887, a 95% drawdown percentage of 1.8273675837427044, and loss odds percentage of 29.79. There is also a 5pct_30pct_gap scenario with notional of 85.099, 20000 paths, 20 trades, return percentages of -9.528612743241679, -0.5555369439451896, and 9.534922679679157, a 95% drawdown percentage of 11.267859313172428, and loss odds percentage of 53.47, and another 5pct_30pct_gap scenario with notional of 21.27475, 20000 paths, 20 trades, return percentages of -2.442831748072456, -0.10859146279117438, and 2.339573321147003, a 95% drawdown percentage of 2.9162306843814814, and loss odds percentage of 52.754999999999995. The entry reference is 49.21, ADR20 is 1.3495550000000016, stop is 46.510889999999996, target is 57.30733000000001, dividend is 3.41, ex_no_move_price is 45.8, and ex_price_below_stop is 0.7108899999999969. The halfKelly_risk is 0.05167042055685128, full_notional is 85.099, quarter_probe is 21.27475, quarter_stop_risk is 1.1668947464438137, and quarter_30pct_gap is 6.3824250000000005. It is noted that close_above_prior20 is true and SMA50 is 40.84580000000001. This data is based on 20000 IID bootstrap/path samples and 20 future trades, with a gap occurrence of 5% and size of 30% subjective stress, which is not a forecast. The rebalance fractions are against account 850.99, ignoring future allocation changes, and costs are already included in the sampled returns. The current levels are for reference only and not orders. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the raw data for FRO R91208, which is a set of results from a trading simulation. The simulation started on 2025-01-01 and ended on 2026-09-11, and it was managed, meaning it was controlled by a trading strategy, with a slip of 15, which refers to the difference between the expected and actual price of a trade. The return percentage was 59.434910724932855, the drawdown percentage, which is the maximum loss from a peak to a trough, was 25.43075272571459, and the win rate, which is the percentage of successful trades, was 50. There were 16 trades in total, with 1 open trade, and the average return per trade was 3.3129028370165625. The average win percentage was 13.785069284134444, and the average loss percentage was 7.159263610101318. The half Kelly risk, which is a measure of the optimal amount of risk to take, was 0.12016271985043483. There were no tainted trades, which are trades that are affected by external factors. The exit counts, which refer to the reasons why trades were closed, were 9 for stop losses, 5 for target prices, and 2 for time limits. The simulation was based on 10988 samples, and the last entry price was 47.020425. The simulation was computed on September 12, and it only considered price changes, without taking into account dividends. It used a NYSE calendar, with a 1 basis point fee for each trade, and there were 75 missing bars in 3 training sessions that affected 1 entry-day trade. The historical test period had been previously seen for other rules, and the simulation used daily raw signals without selecting the best lookback period. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the raw sampled data for FRO R91208, which is a set of information about a trading fund's performance. The data starts on 2025-01-01 and ends on 2026-09-11, and it was managed with a slip of 5, meaning a 5 unit difference between expected and actual trade prices, a term that refers to the difference between the expected price of a trade and the actual price at which the trade is executed. The return percentage is 64.09808070882342 percent, the drawdown percentage, which is the maximum loss from a peak to a trough, is 24.981991819475958 percent, and the win rate, or the percentage of winning trades, is 50 percent. There were 16 trades, with 1 open trade, and the mean percentage return is 3.504449729324182 percent. The average win percentage is 13.982295589089617 percent, and the average loss percentage is 6.973396130441252 percent. The half Kelly risk, a measure of the optimal fraction of a portfolio to invest, is 0.12531739538029452. There were no tainted trades, which are trades that are affected by external factors. The exit counts, or the number of trades that were closed, are 9 for stop losses, 5 for target prices, and 2 for time limits. The total number of samples is 10988, and the last entry price is 47.073525. This data was computed on September 12, and it only includes price data, without dividends. The data is based on the NYSE calendar, with a 1 basis point fee for each side of a trade, and there are 75 missing bars in 3 training sessions that affect 1 entry-day trade. The historical test period has been previously seen for other rules, and the daily raw signals do not include best-lookback selection. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the raw data for FRO R91208, which was sampled from 2025-01-01 to 2026-09-11. This data was not managed, meaning it was not controlled or overseen, and had a slip of 15. The return percentage was 93.00015997716753 percent, and the drawdown percentage, which is the largest decrease in value, was 25.43075272571459 percent. The win rate, or percentage of successful trades, was 50 percent. There were 16 trades in total, with 1 open trade, and a mean percentage, or average return, of 4.637038189933898 percent. The average win percentage was 16.388461433199947 percent, and the average loss percentage was 7.114385053332149 percent. The half Kelly risk, a measure of risk, was 0.14147265162244366. There were no tainted trades, which are trades that are affected by errors. The exit counts, or reasons for closing trades, were 8 for stop, 6 for target, and 2 for time. This data was computed on September 12, and is based on price only, without dividends. It uses the NYSE calendar, with a 1 basis point fee for each side of a trade, and there were 75 missing bars in 3 training sessions that affected 1 entry-day trade. The historical test period had been previously seen for other rules, and the signals were daily raw signals, with no best-lookback selection. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the raw data for FRO R91208, which was sampled from 2025-01-01. The data shows that the managed status is false and the slip is 5. The return percentage is 96.90709316645847, the drawdown percentage is 24.981991819475937, and the win rate is 50. There were 16 trades, with a mean percentage of 4.768437014531476. The average win percentage is 16.465301755707078 and the average loss percentage is 6.9284277266441245. The half Kelly risk is 0.1448026001976756. The exit counts are as follows: 8 stop exits, 6 target exits, and 2 time exits. The data was computed on September 12 and includes 10988 samples. The last entry price was 47.073525. The data is based on a price-only calculation with no dividends, using a NYSE calendar and a 1 basis point fee on each side. There were 75 missing bars in 3 training sessions that affected 1 entry-day trade. The historical test period had been previously seen for other rules. The data consists of daily raw signals with no best-lookback selection. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the raw data for FRO R91208, which was sampled on 2021-01-01 and managed with a slip of 15. The data shows that from 2021-01-01 to 2024-12-31, the return percentage was 26.678207341194504, the drawdown percentage was 27.941831392340188, and the win rate was 38.70967741935484. There were 31 trades, with a mean percentage of 1.362267691998602, an average win percentage of 13.934405028674114, and an average loss percentage of 6.5780295732701415. The half Kelly risk was 0.0488814444963864, and there was 1 tainted trade. The exit counts were 21 stops, 7 targets, and 3 time exits. The data was computed on September 12 and is based on price only, with no dividends, and a 1 basis point fee on each side. There were 75 missing bars in 3 training sessions that affected 1 entry-day trade, and the historical test period had been previously seen for other rules. The signals were daily and raw, with no best lookback selection, which refers to the process of selecting the best time period to look back at when making trading decisions. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the headline 'FRO R91208 raw sampled 2021-01-01 managed=true slip=5'. The details of this automated trading fund manager's notes are as follows: the trading period started on 2021-01-01 and ended on 2024-12-31, with the fund being actively managed and a slip of 5. The return percentage was 29.93018159060139, and the drawdown percentage was 28.242574436367708. The win rate was 38.70967741935484, with 31 trades made. The mean percentage was 1.4456053083571125, the average win percentage was 13.988712427515082, and the average loss percentage was 6.476357082690025. A half Kelly risk, which is a measure of risk management, was 0.05167042055685128. There was 1 tainted trade, and the exit counts were 21 stop exits, 7 target exits, and 3 time exits. The total number of samples was 25971, and the last entry price was not available. These results were computed on September 12, and are based on price-only data, without dividends. The trading simulation used a NYSE calendar, with a 1 basis point fee on each side of the trade, and there were 75 missing bars in 3 training sessions that affected 1 entry-day trade. The historical test period had been previously seen for other rules, and daily raw signals were used without best-lookback selection. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the headline 'FRO R91208 raw sampled 2021-01-01 managed=false slip=15'. The given data is a raw sampled output for FRO R91208 from 2021-01-01 to 2024-12-31, where managed is set to false and slip is set to 15. The return percentage is 3.1965918812569383, the drawdown percentage is 40.695613815814646, and the win rate is 29.03225806451613. There are 31 trades, with an average win percentage of 19.03264368112788 and an average loss percentage of 6.677033524740677. The half Kelly risk is 0.020676746814778796, and there is 1 tainted trade. The exit counts are 20 for stop, 7 for target, and 4 for time. The total samples are 25971, and the entry price last is null. This data was computed on September 12, considering price only and no dividends, following the NYSE calendar with a 1 basis point fee on each side. There are 75 missing bars in 3 training sessions that affect 1 entry-day trade, with no held-out missing bars. The historical test period was previously seen for other rules, using daily raw signals with no best look-back selection. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the headline 'FRO R91208 raw sampled 2021-01-01 managed=false slip=5'. The given data is a raw script output: it shows the results of a trading simulation from 2021-01-01 to 2024-12-31, where the fund was not managed by a person, and there was a 5 unit slip. The return was 23.44 percent, and the biggest loss, or drawdown, was 32.08 percent. The win rate was 32.26 percent, out of 31 trades. The average win was 18.25 percent, and the average loss was 6.66 percent. A half Kelly risk, which is a way to measure risk, was 3.78 percent. There was one tainted trade, which means a trade that was affected by some problem. The simulation had 19 stop exits, 7 target exits, and 5 time exits. The simulation used 25,971 samples, and the last entry price was not available. This was computed on September 12, and it only considered price changes, not dividend payments. It followed the NYSE calendar, with a 1 basis point fee for each buy and sell, and there were 75 missing bars in three training sessions that affected one trade. The historical test period had been used before for other trading rules. The simulation used daily raw signals, without selecting the best lookback period, which is the amount of past data used to make trading decisions. https://runway.adityaperswal.workers.dev/data/stock-bars?symbols=FRO&timeframe=15Min&feed=sip&adjustment=split

A news scan found the headline about TLX, but a decision on R91208 from the FDA was not found in the bounded panel as of September 12 at 08:10. The original announcement on April 10 from https://telixpharma.com/news-views/fda-accepts-nda-for-tlx101-px-pixclara/ only mentioned a September 11 date. The actual decision, which could be proof pending, a delay, a complete response letter, or approval, is unknown. The FDA calendar coverage is not exhaustive, and there is no order for TLX, with other fund monitors untouched. https://telixpharma.com/news-views/

A news scan found the headline about PLAY stock with the identifier R91208 for Monday. The issuer of the stock confirmed that on September 1, the results for AMC will be released on September 14. There will be a call at 17 ET to discuss the quarter that ended on August 4. The call will cover costs, food inputs, and traffic context, but no order will be made. https://daveandbusters.gcs-web.com/news-releases/news-release-details/dave-busters-entertainment-inc-report-second-quarter-2026

A news scan found the headline about HITI R91208 Monday results, which will have a Tuesday call reverified. The issuer has announced that on August 25, there will be a release for the July 31 quarter on September 14, and a call will take place on September 15 at 11:30 ET, with the timing being distinct and no order being given. https://hightideinc.com/high-tide-to-announce-third-fiscal-quarter-2026-financial-results/

A news scan found the headline that HAIN has a reverified earnings date of Monday, August 17, with a release scheduled for September 14 before the market opens, and an 8:00 ET conference call. This information is for calendar context only and does not include any position on supply or a validated event entry. https://ir.hain.com/news-releases/news-release-details/hain-celestial-announces-fiscal-2026-fourth-quarter-and-full

A calendar review for September 12 found that September 14 is empty in the New York Federal Reserve national calendar. On September 15, the Empire State Manufacturing Survey will be released at 8:30 ET, which is 12:30 UTC. The Bureau of Labor Statistics September calendar lists no releases for September 14 or 15. The Census list also has no entries for September 14 or 15. The Federal Reserve Board September page states that the FOMC meeting will take place on September 15-16, with a decision on September 16 at 14:00 ET, which is not on a Tuesday. The CP will be at 13:00 ET on both days, H15 at 16:15 ET on both days, and H10 on Monday at 16:15 ET. This calendar check is limited and does not include all worldwide events, but it focuses on manufacturing delivery times, orders, and prices, which are relevant to supply watch, a term referring to monitoring supply chain conditions. https://www.newyorkfed.org/research/calendars/nationalecon_cal

In the fiscal year 2025, FRO paid 477.9 million dollars to TFG Marine and owed 21.2 million dollars. FRO owns 15 percent of TFG Marine, but this does not give it a significant share of the supplier market. FRO outsources its management to competing third parties, which are other companies that do similar work. FRO has an agreement to build 9 new ships, which will cost 1.224 billion dollars, with 6 ships being built by Hengli and 3 ships by Dalian China. The payments for these ships will be made at different times, depending on when the ships are delivered. There is a risk that the shipyards, labor issues, or geopolitical problems could cause delays or increase the amount of money FRO needs to spend, which could delay when FRO can use the ships to earn money. The lack of new ships and the annual cash flow should not be compared to the same numbers from the third quarter. https://www.sec.gov/Archives/edgar/data/913290/000162828026021774/fro-20251231.htm

The issuer of FRO reported on August 28 that in the second quarter, the operating cash flow, or OCF, which is the cash generated from operations, was 579.487 million, and the capital expenditures, or capex, which is the money spent on assets, was 330.825 million, resulting in 248.662 million. For the first half of the year, the OCF was 961.984 million and capex was 653.868 million, which equals 308.116 million, excluding the sale of a vessel for 965.880 million. The company has 222,622,889 shares and paid a combined distribution of 3.41, totaling 759.144051 million, declared on September 11. The adjusted earnings per share, or adjEPS, for the second quarter was 2.61. As of September 11, the stock investment plan, or SIP, price was 49.21, and annualizing the second quarter gives a price-to-earnings ratio, or PE, of 4.713602 times, which is not normalized. The book value, which is the value of the company's assets, as of June 30 was 3,155.150 million, resulting in a book value per share of 14.172622, and a price-to-book ratio of 3.472187 times, which is not the same as the net asset value, or NAV. In the third quarter, the company booked a very large crude carrier, or VLCC, at 90%, a Suez tanker at 79%, and a large range, or LR, tanker at 70%. The cash break-even points, which is the point at which the company covers its costs, were 23,800, 25,700, and 22,200 per day. The issuer warned that ballast days, which are days when the tankers are not loaded, were lower than expected, which will lower the realized time charter equivalent, or TCE, in the third quarter. The declaration price was 6.929486%. https://ml-eu.globenewswire.com/Resource/Download/59431810-8e9c-4a39-b3d0-cc2dd63da402

The BSIN R91208 development has a throughput and liquidity baseline. As of August 11, the issuer reported a second-quarter inlet of 8 million cubic feet per day and a yearly helium target of 14 million cubic feet. The yearly carbon dioxide target is 125,000 tons. The issuer expects its first revenue in the first quarter of 2027. On June 30, the company had 5.987 million in cash, 4.5 million in debt, and 21.487 million in liquidity. By August 4, the cash had decreased to 4.9 million and the debt had increased to 8.5 million, resulting in 16.4 million in liquidity after drawing 4 million in debt. The company is awaiting an active review from the Environmental Protection Agency, or EPA, for its MRV, which is a method of measuring, reporting, and verifying emissions, and has a forecasted value of 130 million over 45 quarters, but this value is not in cash. The company's general and administrative expenses for the quarter were 1.8 million. The same origin SEC exhibit does not provide independent corroboration. https://ir.bigskyindustrialinc.com/news-releases/news-release-details/big-sky-industrial-inc-reports-second-quarter-2026-results-and