Friday, June 12, 2026

Braemar Hotels & Resorts: Internalizing Management

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Throwing together a quick note on Braemar Hotels & Resorts (BHR) (~$180MM market cap) before I start a busy Friday, forgive me if there ...
9 comments:
Monday, June 1, 2026

Investcorp Credit Management BDC: Visiting the Private Credit Garbage Bin

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Investcorp Credit Management BDC (ICMB) ($17MM market cap) is a distressed subscale BDC that was forced to refinance maturing debt in March...
5 comments:
Thursday, March 12, 2026

Thoughts on Private Credit (OWL, MLCI), BDCs (OTF) and CLO CEFs (CCIF)

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I typically stay away from truly controversial stocks, but the current hysteria around all things private credit and software is going a bit...
30 comments:
Thursday, March 5, 2026

Theravance Biopharma: Failed Phase 3 Trial, Strategic Review

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Theravance Biopharma (TBPH) ($700MM market cap) announced earlier this week their Phase 3 trial evaluating ampreloxetine for the treatment o...
7 comments:
Thursday, February 19, 2026

Braemar Hotels & Resorts: HST Four Seasons Sale, Updated Thoughts

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This week, Host Hotels & Resorts (HST) (the grand daddy of lodging REITs) announced the sale of two luxury properties , the Four Seasons...
15 comments:
Tuesday, January 13, 2026

Green Dot: Creating a Standalone BaaS Bank

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Green Dot Corporation (GDOT) (~$715MM market capitalization) is one of the original fintech firms targeting the underbanked population in th...
7 comments:
Wednesday, December 31, 2025

Year End 2025 Portfolio Review

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Another ugly year for me, that's three of the last four.  My portfolio was down -5.93% on the year, compared to a positive +17.91% for t...
22 comments: