VICI Research Note — The Tenant Concentration Test
VICI looks inexpensive on AFFO and yield, but Caesars lease talks and two-tenant concentration explain why the discount persists.
Market Outlooks
VICI Deep Coverage Review — Analysis as of August 7, 2026
VICI offers a covered 6.75% yield and fixed-rate debt, while Caesars lease uncertainty keeps tenant concentration at the center of the thesis.
WULF Research Note — Backlog Meets Dilution
WULF’s HPC mix shifted sharply, but declining revenue, negative adjusted EBITDA and a rising share count keep financing quality central.
WULF Deep Coverage Review — Analysis as of August 5, 2026
WULF’s HPC mix reached 71% of quarterly revenue, but negative adjusted EBITDA and a 17.9% quarterly increase in shares leave the cash bridge unresolved.
TSM Research Note — Capacity Meets the Macro Test
TSMC’s margins and revenue remain strong today, while macro risk and capital conversion define the next test for the foundry’s premium valuation.
TSM Deep Coverage Review — Analysis as of August 7, 2026
TSMC’s operating record remains strong, while CPI, parity and capital conversion define the next test for its record margin and full utilization.
JQC Research Note — Coverage Has to Catch Up
JQC’s 11.01% discount is clear, while 75% historical distribution coverage leaves the March payout reset awaiting September confirmation from Nuveen.
JQC Deep Coverage Review — Analysis as of August 7, 2026
JQC trades at an 11.01% discount to NAV, but 75% historical distribution coverage leaves the post-cut income thesis awaiting September proof.
WOLF Research Note — Evidence Meets Execution
Wolfspeed has improved gross margin and normalized capital spending, but factory economics, revenue pressure and cash use remain unresolved.
WOLF Deep Coverage Review — Analysis as of August 7, 2026
Wolfspeed has added positive operating evidence, but declining revenue and continued cash use leave the August 19 report as the decisive test.