Bahnhof AB Series B

• Alluvial Capital Management Letter to Limited Partners Third Quarter 2024 ↗ Alluvial Fund added Zegona Communications for its Vodafone Spain turnaround and Bahnhof AB for its capital-light, negative-working-capital internet model. The fund retained conviction in Net Lease Office Properties, McBride, FitLife Brands and Talen Energy, while exiting Butler National, Hammond Manufacturing and Scandic Hotels over governance, capital-allocation and valuation concerns. Third Quarter 2024 ZEG $5.3B0RD7 BAHN-B $473M +6
• Alluvial Capital Management Q1 2025 Letter to Limited Partners ↗ Alluvial Fund credited its London-listed Zegona Communications and McBride holdings for offsetting a weak small-cap backdrop, while arguing that both remain undervalued. The fund backed cement producers, discounted real estate and office assets, sold Supremex and BankFirst to fund better opportunities, and expects asset sales and portfolio upgrades at Net Lease, Peakstone and CBL to unlock value. First Quarter 2025 BFCC $349MCBL $1.6BGTX $4.2B +6

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