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The cause of this momentary distress? Why, the earnings report, naturally. Seems the company lost a good deal of money. Analysts, those oracles of finance, figured they’d lose six cents a share. Intuitive Machines, however, managed to exceed expectations – by losing fifty-nine million dollars! And they reckon they’ll lose another hundred and six million next year. That’s a hefty sum, enough to make a Mississippi gambler blush. On a hundred and eighty million shares outstanding, that amounts to a loss of thirty-three cents a quarter, and fifty-nine cents for the year. Ouch, indeed. A man could lose his shirt on figures like that.

Both companies, it must be said, operate in realms of considerable ambition, and correspondingly, considerable risk. One deals in the relatively established, if competitive, business of launching payloads into orbit. The other proposes a future where personal aerial vehicles flit about like oversized dragonflies. A charming vision, certainly, but one that presupposes a level of technological advancement and regulatory approval that is, shall we say, optimistic.

As of December 31, 2025, Land & Buildings’ Centerspace holding represented 9.19% of its 13F AUM. The fund’s broader portfolio holdings, as of the same date, included:

These three – ExxonMobil, Chevron, and ConocoPhillips – they all had a bit of a wobble in 2025. Lower earnings across the board. Crude prices dipped, and suddenly everyone was feeling a little… exposed. It’s funny, isn’t it? How quickly things change. One minute you’re feeling invincible, the next you’re scrambling to explain why your numbers aren’t quite as shiny as you hoped.

The stock, like a weathered boot, showed some polish, climbing nine percent by midday. A temporary shine, no doubt, but a shine nonetheless. These things happen. The market, it’s a restless beast, quick to offer a hand and quicker still to snatch it back.

The secret sauce? AI, naturally. Everyone’s building data centers, and apparently, they all need a lot of memory. It’s like the digital equivalent of a national hoarding problem. And when demand outstrips supply, well, basic economics kicks in. Micron’s gross margin more than doubled, leaping from 36.8% to a frankly suspicious 74.4%. Net income? Up 771%. I’m starting to suspect they’re running a casino on the side.

Analysts anticipated a loss for Red Cat in the final quarter, but the actual deficit proved slightly larger than predicted – $0.17 per share, against an expected $0.14. The figures, while small in isolation, revealed a pattern. A pattern of expenditure exceeding income.

The stock, a monument to perceived security, has fallen. Ten percent in a single morning, a swift and brutal reckoning. Below one hundred dollars it now trades, a price not seen since the naive optimism of early January. Nearly thirty percent evaporated from its peak, a phantom limb aching with lost value. It’s a disquieting spectacle, this dance of numbers, revealing so much about our collective, and often irrational, desires.

Recent performance has been modest, the fund currently trading approximately 8% below its recent high. This is not a precipitous decline, but in a world where substantial yields are increasingly difficult to find, even incremental advantages deserve scrutiny. The eagerness with which some proclaim ‘buying opportunities’ should always be met with a degree of skepticism; the market rarely offers genuine charity.

The fund’s stake, once a respectable 5.85% of reportable assets under management, has dwindled to a mere 4.07%. A decline, one might observe, not merely in percentage points, but in ambition. It is a curious spectacle, watching the custodians of capital admit, through their actions, that their initial assessment proved… optimistic. A lesson, perhaps, for us all: even the most discerning eye can be deceived by a cleverly marketed misfortune.