Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Saturday, August 29, 2026

Back to today

From X

@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.

Investor Letters

All letters

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

The Junk (Mail) Merger Arb

Star Equity’s $5 per-share Harte-Hanks acquisition offers $2.50 cash plus 0.25 STRRP per share after proration, against a $2 break price.

STRR $37MHHS $35M
Triple S Special Situations Investing 8 clicks
STRL · short

Sterling Infrastructure INC

Sterling Infrastructure short pairs STRL against EME and FIX, arguing data-center sitework contractors lack the margin upside available to…

STRL $16B
Value Investors Club

[VRSK] Verisk has standards

Verisk’s exit from healthcare, financial-services and energy data restored a pure-play insurance analytics model, but D.E.

VRSK $22B
scuttleblurb 1 click

Adobe Deep Dive

Adobe trades at 14x earnings after a 65% decline, with AI, Canva and Figma threatening subscriptions, customer acquisition and…

ADBE $99B
Speedwell Memos 2 clicks

Publications we follow

Every publication on this site, hand-picked.

108 publications

Newsletters 91

YouTube 4

Blogs 12

Seeking Alpha 29 of 159

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

68 accounts
Nominate an account

Investor letters we follow

78 firms

Sectors

Ordered by how often our editor reaches for them.