Warrior Met Coal, INC.

• O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2026 ↗ Sotera Health was added after Warburg Pincus exited, leaving a discounted sterilization duopoly with high switching costs, constrained industry capacity and a path toward lower capital spending and litigation risk. Qualcomm and Corning were trimmed and hedged after AI-driven appreciation, while cash remained a major holding as the firm watches software dislocation and broader AI uncertainty. Q2 2026 SHC $5.1BCALY $2.5BGLW $136B +3

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