Equity Minus Fixed Income ETF flows have meaningfully retraced, while Cyclical Minus Defensive Sector ETF Flows have also retraced from extremes. What can we expect moving forward? Click the link to learn more:

Equity rotation seen in skews. Put skew is concentrated in the large-cap cap-weighted indices: $QQQ (+3.64 vols, 81st pctl) $SPX (+3.84 vols, 77th pctl) closed Friday in the top quartile of their past year on 1M 25d put-over-ATM skew $DIA (+1.81 vols, 64th pctl) $IWM (+2.15 vols, 50th pctl) sit lower

EQUITY LIFESTYLE PROPERTIES $ELS Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $409.9M (Est. $405M) 🟢; vs $393.3M LY 🔹 EPS: $0.45 (Est. $0.50) 🔴; -11.1% YoY 🔹 Normalized FFO/Share: $0.79; +4.6% YoY 🔹 FFO/Share: $0.72; -6.1% YoY FY26 Guide: 🔹 EPS: $2.00-$2.06 (Est. $2.03) 🟡 🔹 Normalized FFO/Share: $3.15-$3.21 🔹 Core Property Operating Revenues: 4.0%-4.6% 🔹 Core MH Base Rental Income: 5.4%-6.0% Q4 Guide: 🔹 EPS: $0.50-$0.56 (Est. $0.53) 🟡 🔹 Normalized FFO/Share: $0.78-$0.84 🔹 Core MH Base Rental Income: 5.4%-6.0% Core Portfolio (YoY): 🔹 Property Operating Revenues: +4.4% 🔹 Property Operating Expenses: +1.3% 🔹 Income from Property Operations: +6.7% 🔹 MH Base Rental Income: +5.7% 🔹 RV & Marina Base Rental Income: +2.1% 🔹 RV & Marina Annual Base Rental Income: +5.3% Other Q3 Metrics: 🔹 Adj. EBITDAre: $192.5M (Est. $191M) 🟢 🔹 Core MH Occupancy: 93.8%; vs 94.3% LY 🔹 New & Used Home Sales: 244 Key Updates: 🔹 Deferred tax valuation allowance: $12.1M 🔹 Insurance proceeds due to catastrophic weather events: $0.2M 🔹 Other items: $0.4M 🔹 2027 MH rent growth assumption: ~5.1% 🔹 2027 Core RV annual rent growth assumption: ~4.7%

Equity holders who need cash usually have to sell their shares. On @kamino, they can deposit tokenized stocks like SPYx and borrow stablecoins while keeping their market exposure. Learn how it works: