Bullpen.News From Edwin Dorsey
Submit an Article

Saturday, August 29, 2026

From X

@marginofdanger 11 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 6 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 3 clicks

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 $696M
The Oak Bloke 8 clicks
QDEL · long 2026-04-26

Quidelortho CORP

QuidelOrtho is presented as a long idea after falling to 52-week lows, with the thesis centered on misvaluation.

QDEL $1B
Value Investors Club 2 clicks
TTAN · long 2026-04-26

Servicetitan INC

ServiceTitan (TTAN) is shifting from vertical software for trades businesses toward the operating layer for scaled essential-services…

TTAN $8.8B
Value Investors Club 2 clicks
BNO · long 2026-04-26

United States Brent Oil Lp

United States Brent Oil Fund LP (BNO) is a bullish trade via shares, call options or a July $60–$70 call spread.

BNO $106M
Value Investors Club 3 clicks

Publications we follow

Every publication on this site, hand-picked.

31 publications
Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

34 accounts
Nominate an account

Topics

Ordered by how often our editor reaches for them.