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Saturday, August 29, 2026

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@marginofdanger 3 clicks

marginofdanger on X

$LIEN is an interesting small cap BDC. $13.26/share NAV, stock last $10.20/share, dividend yield of 13.3%. Company is doing an all-stock deal with $REFI which will essentially double the asset base to c. $800 million. Larger asset base should help narrow NAV discount given economies of scale and better cost of capital. Portfolio is largely cannabis credit, which is high coupon / low leverage and the $LIEN mgmt team has done a good job with its credit underwriting.
@marginofdanger 2 clicks

marginofdanger on X

$LIEN is an interesting small cap BDC. $13.26/share NAV, stock last $10.20/share, dividend yield of 13.3%. Company is doing an all-stock deal with $REFI which will essentially double the asset base to over $600 million. Larger asset base should help narrow NAV discount given economies of scale and better cost of capital. Portfolio is largely cannabis credit, which is high coupon / low leverage and the $LIEN mgmt team has done a good job with its credit underwriting.
@majgeoinvesting 1 click

Maj Soueidan on X

With OCC, using historical backlog, conversion multiples, the backlog implies that they can report $.25 EPS. The wildcard here is two things. 1. Have operating expenses stabilized? 2. Will backlog remain strong so that the company can at least hold that new level of EPS if they achieve it? To be clear, a bullish EPS outlier scenario could occur because I used the historical low-end backlog to revenue multiplier. I haven’t modeled $RFIL. I’m just using their shareholder letter as a barometer, where they talk about stronger markets and more visibility. It’s worth noting that both companies are moving into their seasonally stronger quarters. They’re also both benefiting from a recovery in their legacy telecom markets. Furthermore, I don’t think either of them have seen much contribution from their data center business. So, hopefully, you have this perfect storm situation where their legacy markets, along with new markets are hitting it in stride at the same time Personally, I think RFIL is the better company, long-term, but that OCC can have the biggest wow factor for the quarter. RFIL has done a better job at addressing its entire business plan to reduce cyclicality, even within its legacy markets. I’m not convinced OCC has done that.

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The Verra Sneerer (NASDAQ:VRRM)

Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…

VRRM $536M
The Oak Bloke 6 clicks

NCLH or her grandma Saga?

Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…

NCLH $6.5B
The Oak Bloke 13 clicks

Vistance Networks (NASDAQ: VISN)

Vistance Networks plans a large post-Ruckus-sale dividend, leaving Aurora Networks valued below 4x guided EBITDA after $1.88 billion of…

VISN $1.5B
Triple S Special Situations Investing 7 clicks

[OTCM] Listings for the rest of us

OTC Markets gives smaller, distressed, and lightly disclosed companies a trading venue outside NYSE and Nasdaq, with lower listing barriers…

OTCM $653M
scuttleblurb 3 clicks

Seer

Seer trades at $2.04 against $3.90 per share of net cash as activists press a board that rejected five buyout proposals and won reelection.

SEER $104M
Triple S Special Situations Investing 4 clicks

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