United Bancorporation of Alabama Inc

• Alluvial Capital Management Second Quarter 2024 Letter to Limited Partners ↗ Alluvial Fund retained Net Lease Office Properties as its largest position, arguing that asset sales and debt reduction should narrow its steep valuation discount. The fund added conviction to McBride’s turnaround and Talen Energy’s asset-sale strategy, while exiting Harbor Diversified after its arbitration claim failed and financial statements required restatement. Second Quarter 2024 HRBR $129MMCB $401MNLOP $142M +4
• MR Merion Road Capital Q2 2026 ↗ Honeywell Aerospace was added after its separation from Honeywell, with conservative guidance and a discount to peers seen as setting a low hurdle for execution. United Bancorporation of Alabama faced an open-letter campaign seeking better capital allocation, lower expense growth, improved profitability and stronger governance. Q2 2026 HONA $48B
• 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 $334MCBL $1.5BGTX $4.9B +6

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