Core Natural Resources, Inc.

• KC Kingdom Capital Advisors Q2 2026 Investor Letter ↗ Kingdom Capital built a major Beasley Broadcasting stake, arguing its recapitalization pressures the founding family to sell assets and preserve control. The portfolio re-entered Entravision on Smadex’s growth and valuation, added Core Natural Resources, and pursued event-driven opportunities in Agility Robotics, Elme Communities and Scully Royalty. Q2 2026 BBGI $12MCNR $4.1BEVC $870M +2
• KC Kingdom Capital Advisors Q3 2026 Investor Letter ↗ Kingdom Capital Advisors attributes the drawdown chiefly to Entravision and Beasley Broadcasting, arguing that Smadex’s ad-tech franchise is misunderstood and that Beasley must still monetize assets. The portfolio retains positions in UNFI, Magnera and NLOP, while awaiting catalysts at Enviri, Monro and Harbor Diversified. Q3 2026 BBGI $12MEVC $870MMAGN $474M +2

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