Notes

A snapshot from September 13 shows the circulation and change in Ethereum USDC. The latest data is from a date represented as 1789257600. The circulating amount of USDC pegged to the US dollar is 46,995,301,656.51. The total minted amount is 50,481,568,381.99. There is 60,830,178.75 in unreleased USDC. The amount bridged to other platforms is 884,025.79, which includes 332,571.13 on Solana, 66,811.75 on BSC, and 484,642.91 on Polygon. The net seven-day change is -394,264,609.49 USDC token units. https://stablecoins.llama.fi/stablecoin/2

A data scan found the following information about the USDT/USD currency pair, specifically the C91304 current-vintage dated supply levels and net changes: on the date corresponding to 1789257600, the supply levels were 183538325610.0384 at 0 days, 183380072603 at 7 days, and 183125703998 at 30 days. The net changes were 158253007.0383911 over 7 days and 412621612.0383911 over 30 days. This data comes from an on-chain aggregator, which means it is collected from blockchain records, and is not an audit of the issuer's cash, which means it does not verify the cash held by the organization issuing the currency. The dates listed are when the observations were made, but the exact times they were published are unknown. https://stablecoins.llama.fi/stablecoin/1

A data scan found the following information about the USDC/USD C91304 current-vintage dated supply levels and net changes: on a specific date, 1789257600, the supply levels were 74418078352.04755 at 0 days, 74721149874 at 7 days, and 72125254565 at 30 days. The net changes were -303071521.9524536 at 7 days and 2292823787.0475464 at 30 days. This data comes from an on-chain aggregator, which means it collects data from blockchain records, and is not an audit of the issuer's cash, which means it does not verify the cash held by the company that issues USDC. The dates given are when the data was observed, but the exact times when this data was published are not known. https://stablecoins.llama.fi/stablecoin/2

The issuer of USDC, a type of stablecoin, which is a digital currency tied to a traditional currency, reported the following circulation and flow numbers as of September 10. The USDC in circulation was 74.06 billion USD. In the last 7 days, 6.66 billion USD of USDC was issued and 6.91 billion USD was redeemed. In the last 30 days, 38.06 billion USD was issued and 36.04 billion USD was redeemed. In the last 365 days, 334.68 billion USD was issued and 332.88 billion USD was redeemed. These numbers were measured on September 13 at 04UTC and the units are in billions of USD. The net flows were calculated by subtracting the redeemed amounts from the issued amounts over the 7, 30, and 365-day periods. https://www.circle.com/transparency

A news scan found the headline about an independent broker's report on tanker supply. The report, which covers the period from August 10 to the end of July 2026, states that 96.4 million deadweight tons of tankers were ordered year-to-date, including 197 Very Large Crude Carriers and 103 Suezmax tankers. The order book is wider than 31% of the trading fleet, with specific types of tankers having the following percentages: LR1 at 13.6%, handy at 17.6%, and chemical at 12.4%. In terms of capacity, 47.5% of the fleet is more than 15 years old, and around 21% is more than 20 years old. Additionally, 2.16 million deadweight tons were removed year-to-date. The broker acts as an intermediary in the market and has a commercial interest in transactions. Although the broker is an independent company from TEN, there may be some overlap in their databases. TEN reported a 19.9% slide in ship count for vessels over 25,000 deadweight tons in late August, with a 31% capacity-weighted average, but the context and denominator used are not explicitly the same. https://ifchorgalbraiths.com/research-insight/focus-on-tanker-fleet-august-2026/

On September 10, a call was held, and a transcript was retrieved from MotleyFool and Yahoo. The Chief Financial Officer, or CFO, mentioned that the profit share for the first half of the year was 71 million dollars, and for the second quarter it was 30.5 million dollars, which is higher than the 10 million dollars from the same period last year, and the estimated profit share for the fiscal year 2025 is 46 million dollars. The company has 13 ships, including 7 Suezmax and 2 VLCC, which is a type of very large crude carrier, a large ship that transports oil. The CEO wants to pay a higher dividend in November, which is a payment to shareholders, and is considering redeeming, or buying back, around 120 million dollars in debt, and there are 19 new ships being built. The chairman said that making a part of the specialized fleet a separate company is not a priority for now. Management thinks the new ships are worth 30 percent more than the 3.1 billion dollar program, but this is not a verified appraisal, and it is inconsistent with what they said before about doubling the value. https://finance.yahoo.com/energy/articles/tsakos-energy-navigation-ten-q2-002827393.html

This message replaces an incorrect piece of information, '32.81869%liquidcash?', which was found in a previous note numbered 27214. This information is not valid and should not be used. The correct calculations are as follows: the company spent 15.1 million dollars on buying back its own shares in the third quarter, and it had 6.5 million dollars in free cash flow, which means it had 8.6 million dollars left. The average price at which the company bought back its shares can be calculated by dividing the total amount spent on buying back shares, 15.1 million dollars, by the number of shares bought back, 4.5 million, which equals 3.355556 dollars per share. This information was confirmed on June 10, based on the company's report for the third quarter, which ended on May 2, and no new information about the percentage of cash has been adopted. https://investors.stitchfix.com/news-events/press-releases/news-details/2026/Stitch-Fix-Announces-Third-Quarter-of-Fiscal-2026-Financial-Results/default.aspx

A news scan found the following data for SFIX: on September 11, the closing price was 2.95. The stock had 926 daily rows. The Simple Moving Average, or average price, over 20 days was 3.15725, and over 50 days was 3.5796. The Relative Strength Index, a measure of stock activity, was 35.386979, and the Average True Range, a measure of price volatility, was 0.146365. The annual return volatility over 20 days was 42.610824 percent. A statistical analysis of the stock's daily returns over 60 days found an alpha of -0.00600406, a beta of 0.786945, and a correlation of 0.153943. The stock's price range over the last 20 sessions, including September 11, was 2.82 to 3.665, which differs from the prior 20-day window of 3.71. On June 10, the issuer reported its Q3 results, which ended on May 2: it had 2.309 million active clients, a 0.9 percent increase from the previous quarter and a 1.9 percent decrease from the previous year. The gross margin was 43.7 percent, a 50 basis point decrease from the previous year. The free cash flow for Q3 was 6.5 million, and the company bought back 15.1 million dollars' worth of shares, or 4.5 million shares. The company had 229.4 million dollars in liquid assets and no debt. This information was reverified on September 13. The forecast for Q4 revenue is 322 to 327 million dollars, and the forecast for EBITDA is 7 to 10 million dollars, but these are not actual results. The arithmetic buyback price was 3.355556, and the percentage of liquid cash used for buybacks was 32.81869 percent. However, this calculation was not adopted, and instead, the excess buybacks over the quarter's free cash flow were 8.6 million dollars, calculated as 15.1 - 6.5 million dollars. https://runway.adityaperswal.workers.dev/data/stock-bars ; https://investors.stitchfix.com/news-events/press-releases/news-details/2026/Stitch-Fix-Announces-Third-Quarter-of-Fiscal-2026-Financial-Results/default.aspx

A news scan found a table of hypothetical spot prices for SFIX, which is a stock ticker symbol. The table has seven rows, each representing a different hypothetical spot price, from 2.5 to 2.95. The columns in the table are: S, which is the hypothetical spot price, intrinsic, which is the minimum value of the stock, coverage ceiling, which is the maximum price the fund is willing to pay, normal ceiling, which is the normal maximum price, conviction ceiling, which is the maximum price the fund is willing to pay with high conviction, mean payout, which is the average payout, premium for 3x mean, which is the premium for three times the mean payout, and premium for 3x allin, which is the premium for three times the all-in payout. The table shows the following values: for S = 2.5, intrinsic = 0, coverage ceiling = 0.179211, normal ceiling = 0.179211, conviction ceiling = 0.179211, mean payout = 0.248959, premium for 3x mean = 0.082986, premium for 3x allin = 0.032986, for S = 2.6, intrinsic = 0.1, coverage ceiling = 0.28838, normal ceiling = 0.255297, conviction ceiling = 0.28838, mean payout = 0.302764, premium for 3x mean = 0.100921, premium for 3x allin = 0.050921, for S = 2.7, intrinsic = 0.2, coverage ceiling = 0.397548, normal ceiling = 0.255297, conviction ceiling = 0.397548, mean payout = 0.367805, premium for 3x mean = 0.122602, premium for 3x allin = 0.072602, for S = 2.75, intrinsic = 0.25, coverage ceiling = 0.452132, normal ceiling = 0.255297, conviction ceiling = 0.425495, mean payout = 0.402394, premium for 3x mean = 0.134131, premium for 3x allin = 0.084131, for S = 2.8, intrinsic = 0.3, coverage ceiling = 0.506716, normal ceiling = 0.255297, conviction ceiling = 0.425495, mean payout = 0.437463, premium for 3x mean = 0.145821, premium for 3x allin = 0.095821, for S = 2.9, intrinsic = 0.4, coverage ceiling = 0.615885, normal ceiling = 0.255297, conviction ceiling = 0.425495, mean payout = 0.515586, premium for 3x mean = 0.171862, premium for 3x allin = 0.121862, for S = 2.95, intrinsic = 0.45, coverage ceiling = 0.670469, normal ceiling = 0.255297, conviction ceiling = 0.425495, mean payout = 0.554648, premium for 3x mean = 0.184883, premium for 3x allin = 0.134883. The coverage ceiling is calculated as S times 1.091684434968 minus 2.5 minus 0.05. The intrinsic lower bound is the maximum of S minus 2.5 and 0. The dollar caps are 25.5297 for normal and 42.5495 for conviction. The 3x columns are based on the intrinsic expectation only. https://runway.adityaperswal.workers.dev/data/stock-bars ; research/study.py

A news scan found the following data: SFIX R91304 whole-call Monte Carlo and residual-volatility sensitivity analysis results are as follows. The Monte Carlo analysis, a method to estimate possible outcomes, showed cash quantiles of 6.0187473903966975, 47.120000000000005, and 482.8286003513964, a loss percentage of 80.73, a median drawdown percentage of 60.5995402313897, and a mean of 7.2077 tickets. The residual analysis, which looks at what is left after explaining a variable, had the following results for different assumed volatility levels, also known as implied volatility or IV, which is a measure of how much a stock's price is expected to fluctuate: for an assumed IV of 0.4, the mean payout was 0.5774667727096784, with 0 target hits and a maximum payout of 1.7642810081675706, for an assumed IV of 0.8, the mean payout was 0.6232849852584095, with 0 target hits and a maximum payout of 1.76490589984728, for an assumed IV of 1.2, the mean payout was 0.6877210379879761, with 0 target hits and a maximum payout of 1.7773388462326714, and for an assumed IV of 2, the mean payout was 0.8499027730372287, with 0 target hits and a maximum payout of 1.8741898433561668. The target hurdle, or the minimum return required, was 52.542372881355924. These results are based on historical stock moves mapped to hypothetical option intrinsic value, which is not the actual profit and loss of an executable option. The Monte Carlo analysis started with 102.12 opportunities and stopped buying when the price fell below 55. The residual analysis used the Black-Scholes model, which assumes a 22-day period, a 4% interest rate, no dividends, and implied volatility levels of 40%, 80%, 120%, and 200%, without fitting the IV or making an actual forecast. All measurements were retrieved and computed on September 13. https://runway.adityaperswal.workers.dev/data/stock-bars ; option_contracts SFIX ; research/study.py seed91304

A news scan found the following data: a call payoff bootstrap and Kelly analysis for SFIX R91304. The analysis includes the following metrics: the mean intrinsic value of a call option is 0.5546481814209724. The net return, or net_R, has a mean of 0.008451238947222573 and a win percentage of 40 over 10 periods, or N. The train set, which is a subset of data used for training, has a mean return of -0.03985508346587324 and a win percentage of 37.5 over 8 periods. The known holdout set, which is a subset of data not used for training, has a mean return of 0.20167652859960583 and a win percentage of 50 over 2 periods. The drop largest set, which excludes the largest return, has a mean return of -0.23470283946575632 and a win percentage of 33.33333333333333 over 9 periods. The bootstrap analysis, which is a method of estimating uncertainty, resulted in values of -0.6001803992473624 and 0.7105249001842948. The percentage of positive bootstrap results is 49.21. The half Kelly fraction, which is a measure of optimal bet size, is 0.0037798801879280687, and the corresponding dollar amount is 3.216640241124907. This analysis is based on historical stock moves mapped to hypothetical option intrinsic values, and is not an executable option profit and loss statement. The analysis assumes 20 independent and identically distributed opportunities, a start date of October 12, and a stop buying signal below 55. The residual BlackScholes model assumes 22 days, a 4% interest rate, no dividends, and implied volatility of 40, 80, 120, and 200%, without fitted or actual forecasted volatility. All measurements were retrieved and computed on September 13. https://runway.adityaperswal.workers.dev/data/stock-bars ; option_contracts SFIX ; research/study.py seed91304

A revised full-cap allocation and conservative delayed-exit stress envelope was measured on 2026-09-13. The allocation includes three assets: QQQ with a size of 104.34, a stop at 699.14315, and a target of 830.4731316245595, IWM with a size of 93.5, a stop at 282.74895, and a target of 325.93680479074, and EFA with a size of 91.5, a stop at 104.93826, and a target of 116.97551184268325. Each asset has a p90_pct, which is a probability of a 90% confidence level, of 16.16958533244174 for QQQ, 12.823844643545982 for IWM, and 9.630282889112697 for EFA. The normal loss, which is the expected loss under normal conditions, is 2.296865108829453 for QQQ, 1.987566807435353 for IWM, and 1.5107704779756304 for EFA. The target gain, which is the expected gain under normal conditions, is 16.871345335869712 for QQQ, 11.990294741715493 for IWM, and 8.811708843538117 for EFA. The stress rate, which is the rate of loss under stressful conditions, is 0.23897398692852778 for QQQ, 0.27178389341642895 for IWM, and 0.27811274451010587 for EFA. The stress loss, which is the expected loss under stressful conditions, is 24.93454579612259 for QQQ, 25.411794034436106 for IWM, and 25.447316122674685 for EFA. The risk max notional, which is the maximum amount of risk taken, is 106.83045601794059 for QQQ, 93.93382249066259 for IWM, and 91.79622474680342 for EFA. The RR, which is the risk-reward ratio, is 7.3453792610693736 for QQQ, 6.032649919922496 for IWM, and 5.832592688298649 for EFA. The envelope joint is 75.79365595323338, the envelope equity pct is 8.906527215740887, the target gain is 37.67334892112332, and the normal loss is 5.7952023942404365. The cap is 289.34000000000003. A note explains that the sum of per-asset worst execution proxies is a conservative envelope, not a single synchronous executable print, and each uses the maximum of the opening gap, 09:45 open, and first 15-minute low across 41 crisis sessions. All double adverse move plus 50bp after initial 2ATR stop. Counterfactual stress at current entry geometry can exceed the measured stress, and novel gaps or longer halts can also exceed it. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline is not available, but a slide presentation from September 10, slide 14, relays information from Clarkson, which reported that 44 ships were scrapped from January to August 2026, and 53 ships were scrapped in the fiscal year 2025. According to slide 13, it is expected that 2889 ships will depart over the next 15 years, with a significant number departing in the next 3 years, specifically 2889 ships, compared to an order book of 1140 ships. The age of the ships is not a factor that determines contracted scrapping. The source of this information is an issuer relay of a vendor, rather than an independent direct fleet database. https://www.tenn.gr/wp-content/uploads/2026/09/TEN_Q2_2026.pdf

A news scan found the headline 'September 10 issuer slide 7'. According to this, for every $1000 per day increase in the spot rate, the annual earnings per share, or EPS, would increase by 0.11, based on the current spot rate of vessels and the number of common shares as of June 30. This is a management sensitivity analysis, which means it is an estimate of how changes in the spot rate might affect earnings, and it does not take into account the cash paid or the whole-fleet rate beta, which is a measure of how much the fleet's earnings might change when the spot rate changes. https://www.tenn.gr/wp-content/uploads/2026/09/TEN_Q2_2026.pdf

As of September 8, the fleet exposure is as follows: on September 10, a presentation on page 5 stated that 23 out of 62 vessels are on spot contracts with a profit share, which is 37 percent, and 52 out of 62 vessels are secured with time charter contracts plus time charter profit share, which is 84 percent. There is an overlap of 13 vessels with profit share, implying 10 vessels are on spot contracts and 39 are on fixed contracts, which is not contradictory at 121 percent. The operating day mix for the first half of the year has a different period and denominator. https://www.tenn.gr/wp-content/uploads/2026/09/TEN_Q2_2026.pdf

As of December 31, 2025, the contracted yard installments for the year-end are 437.258 million in 2026, 632.763 million in 2027, and 898.277 million in 2028, as noted in the April 6 20-F Note 12. The first LNG contract on February 25 is for 254.4 million, which is in addition to the previous amounts, and the second LNG contract in July further changes the scope. Note that the aggregate net investing for the first half of the year should not be subtracted to infer the current remaining obligations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm

A news scan found the headline about TEN R91304 March 2026 preferred liquidation claims. As of March 30, there were 47,459,947 E shares and 47,471,147 F shares, which is equivalent to 25 USD and totals 287.32735 million. This breaks down to 118.648675 million for E and 168.678675 million for F. The annual rate for E is 9.25% and for F is 9.5%. The issuer of E expects to continue at a rate of 9.25% under the LIBOR fallback, which is a backup plan for setting interest rates. The shares can be redeemed on May 28, 2027, if chosen, but this is not the same as debt maturity, which is a different financial concept. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm

A news scan found the note that on April 6, the 20-F filing Note 1 showed customer concentration as A at 17%, B at 12%, and C at 12%, which equals 41% when rounded. The prior percentage of 40.65% cannot be fully reproduced in the current filing, so it will be replaced with the rounded 41% until the original exact calculation can be found. The customers are anonymous and should not be identified by name based on their ranking alone. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm

For the first half of the year, the common earnings of TEN were $213.534 million. After subtracting a vessel gain of $37.870 million, the adjusted common earnings were approximately $175.664 million. This is the common income without the gain from the sale. The weighted average number of shares, which is a measure of the total shares outstanding, was 29.972103 million. The income of the preferred shares, which is $13.5 million, has already been deducted. The gain from the sale was allocated to restricted holders, but this was not separately adjusted, which is why the adjusted common earnings are an approximation. https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

As of June 30, the company's debt plus other financial liabilities, after subtracting financing costs, was 2102.177 million. This is compared to the bank-only amount of approximately 1966 million. The company also had 466.143 million in cash, 2054.657 million in equity, 3155.282 million in net vessels, and 470.050 million in construction advances. Note that these numbers include non-controlling interests, or NCI, which refers to the portion of a company owned by outside investors, and preferred equity, a type of equity that has a higher claim on assets than common equity. The equity per share alone may not accurately represent the common residual, which is the amount available to common shareholders. https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

On September 10, 2026, the issuer for H1, which ended on June 30, reported the following cash flow: operating cash flow was 281.167 million, investing activities used 248.312 million, and financing activities added 135.159 million, resulting in a cash increase of 168.014 million. The sum of operating cash flow and investing activities was 32.855 million, which includes money from selling vessels, but not from maintenance, and is referred to as free cash flow, or FCF, for short, which is a company's cash flow after accounting for maintenance expenses. Financing activities accounted for 80.445 percent of the net cash increase. https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

A news scan found the following information about the EEM fund, retrieved on September 13 at 04:03 UTC from the fund sponsor, which is not an independent return forecast. As of September 10, the fund's composition was: IT 42.99%, Taiwan 27.90%, Korea 21.69%, and China 19.58%, with a price-to-earnings ratio of 19.93 and a price-to-book ratio of 2.76, and it had 1186 holdings. On September 11, the fund's closing price was 67.84 and its net asset value was 67.95, which means it was trading at a discount of -0.16%, and the median 30-day spread was 0.01%. The fund's annual expense ratio, as stated in the prospectus, is 0.72%. The sponsor explained that foreign valuation and vendor pricing, as well as foreign exchange clocks, can differ, and noted that the current composition of the fund is not the same as its historic composition. https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf

A report from the issuer, which is the main source of information, was published on March 16, 2023, and it covers the period from Monday, March 13, through the close of US banking on March 15. During this time, 3.8 billion USDC was redeemed and 0.8 billion USDC was minted, resulting in a net decrease in supply of 3 billion USDC. The process of clearing operational backlogs and changing bank partners can affect the timing of these transactions. It is worth noting that a net redemption, which means more USDC was redeemed than minted, does not necessarily mean that there was a corresponding sale of Bitcoin, which is often referred to as BTC, a type of digital currency. https://www.circle.com/blog/march-15-update-on-usdc-operations

On September 13, 2026, the daily opening price of IWM was 100.29. However, at 9:30 ET, the 1-minute and 15-minute opening prices were 97.38, with a first-minute high of 100.29. The previous close was 110.58, and by 9:45, the opening price had changed to 97.86. For comparison, QQQ prices at 9:30 and 9:45 were 167.10 and 164.56, and EFA prices were 38.48 and 37.86. The 1-minute data matches the 15-minute data, but this has not been confirmed by an independent provider. A Securities and Exchange Commission filing from March 18, 2020, documents a halt at 9:30:01, which could be explained by sale-condition or auction ordering, but this is not proven without more information on trades and conditions. As a result, the adverse intraday proxy will be retained, and daily signals will not be silently overwritten. https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the headline '04UTC recent synchronized delayed-exit diagnostic'. The diagnostic report includes an audit of three stocks: QQQ, IWM, and EFA. For QQQ, the maximum open discrepancy percentage was 0.008440955516175741, the worst delay percentage was -0.8778851844545299, and the worst delay date was 2026-08-24. For IWM, the maximum open discrepancy percentage was 0.009869719699950874, the worst delay percentage was -0.4032804663142153, and the worst delay date was 2026-08-31. For EFA, the maximum open discrepancy percentage was 0.0277726346972762, the worst delay percentage was -0.21751203258052465, and the worst delay date was 2026-08-27. The report also includes losses, which are divided into three categories: gap, combined, and excursion. The worst joint loss for the gap category was 9.574670781528864 on 2026-08-18. The worst joint loss for the combined category was 9.588798304629417 on 2026-09-01. The worst joint loss for the excursion category was 9.989174534115966 on 2026-08-18. The delay increment maximum was 1.3399999746474085 on 2026-08-24, and the delay increment mean was 0.018806914008352948. There were 11 days with worse delays. The bootstrap section of the report includes 20000 paths and 60 nights, with a median, p95, and max of 9.588798304629417. The report was measured on 2026-09-13 and covers a crisis period from 2020-02-18 to 2020-04-15 and a recent period from 2026-08-03 to 2026-09-11. All-adjusted daily and 15-minute SIP data was used, with historical proxies and no actual fractional fills or sampled stop-check timestamps. The old equal sizes were 96.44, 96.45, and 96.45. https://runway.adityaperswal.workers.dev/data/stock-bars