LRDs are interpreted as high-inclination hyper-Eddington accreting SMBHs analogous to SS 433, with V-shaped SEDs, X-ray weakness, and Balmer breaks emerging from disk self-shielding geometry.
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DESI DR1 yields 314k high-mass and 9.6k dwarf AGN, extending the M_BH-M_star relation to log M_star ~7.8 and suggesting two evolutionary pathways for galaxies and black holes.
Migration traps concentrate stellar-mass black holes in AGN disks, generating self-regulated magnetic reconnection heating that yields excess short-timescale optical/UV variability, flattened structure functions, and deviations from the τ∝λ^{4/3} lag relation.