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Thursday, September 3, 2026

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@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

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Sangamo Bankruptcy (SGMOQ)

Sangamo Therapeutics’ Chapter 11 asset sales leave common equity tied to $100 million in PTC Fabry therapy approval milestones and a…

SGMO $58M
Triple S Special Situations Investing 6 clicks

EVC Update

EVC reported a solid second quarter and outlook.

EVC $727M
Nat Stewart - Stock Picking Newsletter 15 clicks
TOYO · short

Toyo CO LTD

TOYO CO LTD is the target of a short thesis.

TOYO $192M
Value Investors Club
BE 2026-08-29

Bloom Energy: 5 Links That Cannot Break

Bloom Energy’s 80x forward earnings valuation relies on concentrated megaprojects, sustained AI data-center power demand and continued…

BE $83B
Valuation Rewind 2 clicks

QXO Inc.

QXO is building a North American construction-products distributor through Beacon, Kodiak and TopBuild, targeting $18.1 billion of combined…

QXO $12B
SixSigmaCapital: Navigating the Financial Markets

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