| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.9% | 6.8% | 6.8% |
Cedar Creek Partners delivered 6.8% returns in Q1 2026 while major indices declined due to Middle East uncertainty, with the fund's 20-year track record of 14.9% annual returns significantly outpacing benchmarks. The portfolio trades at attractive valuations of 7.2x forward earnings and 4.7x earnings net of cash, with 30% exposure to expert market stocks and 16% in community banks. Key performance drivers included a 34% gain in the control position Solitron Devices, which benefits from defense spending on HIMARS and missile programs. The community bank basket includes Steele Bancorp at 5x cash earnings, Skyline Bankshares at 6x earnings, and River Financial at 7x earnings. Harbor Diversified represents a special situation with potential for capital return or strategic acquisition. Cash levels remain elevated at 13% but are being deployed as attractive opportunities emerge. The manager maintains conviction in the microcap value strategy despite market volatility.
Cedar Creek Partners focuses on concentrated microcap and over-the-counter stocks trading at deep discounts to intrinsic value, with portfolio holdings at 7.2x forward earnings and 4.7x earnings net of cash, believing these undervalued securities will generate superior risk-adjusted returns over time.
The manager expects Harbor Diversified to either acquire a business at a fairly attractive price or return capital to shareholders based on language in their 10-K filing. The fund continues to have more attractive ideas than capital, indicating optimism about the opportunity set.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 18 2026 | 2026 Q1 | ENDI, RVRF, SLBK, SODI, STLE | Community Banks, defense, Microcap, OTC, value |
EXCE PHIG HRBR SODI ENDI STLE SLBK RVRF |
Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defense-exposed Solitron Devices. Expert market exposure at 30% provides unique opportunities. Cash being deployed into attractive microcap value plays. |
| Jan 21 2026 | 2025 Q4 | ENDI, MCBS, SLBK, SODI, SPY | Community Banks, defense, Expert Market, Microcap, Natural Gas, OTC, value |
MCBS PHIG FLFG EXCE SODI ENDI SLBK |
Cedar Creek delivered 29.6% returns in 2025 through concentrated microcap value investing, particularly expert market securities and community banks. Major new position in natural gas producer Exco Resources positioned for production growth. Defense contractor Solitron shows record bookings. Portfolio trades at 7.1x forward earnings with strong fundamentals and clear catalysts for value realization. |
| Oct 21 2025 | 2025 Q3 | CZBS, ENDI, FIEB, MCBS, PCHM, PDRX, PHIG, PROM, ROYTL, RTX, SLBK, SODI | Community Banks, defense, Expert Market, Microcap, OTC, small caps, undervalued, value |
SODI ENDI PHIG SODI ENDI PHIG |
Cedar Creek delivered 9.9% in Q3 and 26.5% year-to-date through concentrated microcap value investing. Holdings trade at 7.7x forward earnings with expert market positions driving performance. Cash increased to 17% from asset sales, being deployed into community banks at 5-6x earnings. Strong defense momentum and attractive valuations support continued outperformance despite liquidity constraints. |
| Jul 23 2025 | 2025 Q2 | ENDI, IQV, MCBS, PCHM, SLRC, SODI | Asset Management, defense, Expert Market, Microcap, OTC, value |
PROM ENDI PROM SODI PCHM ENDI |
Cedar Creek delivered 5.8% in Q2 and 15.1% year-to-date through concentrated microcap investing, particularly in expert market stocks where regulatory restrictions create inefficiencies. Control positions in defense contractor Solitron and asset manager ENDI drove performance, while the fund deployed cash into an 11%-yielding revenue royalty on growing CrossingBridge Advisors. |
| Apr 15 2025 | 2025 Q1 | IQV, MCBS, SLRC, SPY | Community Banks, defense, dividends, Expert Market, Microcap, OTC, value | - | Cedar Creek's microcap value strategy delivered 8.7% returns while markets declined, driven by expert market holdings up 35% and merger activity in community banks. Portfolio trades at 8.0x forward earnings with 35% expert market exposure generating alpha. Defense contractor Solitron received record defense orders while community banks offer compelling value at attractive multiples. |
| Feb 10 2025 | 2024 Q4 | DIA, IQV, RTX, SPY | Banking, Buybacks, defense, dividends, Expert Market, Microcap, OTC, value | - | Cedar Creek Partners targets deeply undervalued microcap stocks trading at 7.7x forward earnings. Defense contractor Solitron Devices benefits from record HIMARS and AMRAAM demand driven by Ukraine conflict. Portfolio includes shareholder-friendly companies executing buybacks and special dividends. Expert market exposure at 31% despite regulatory headwinds. Strong long-term track record with 14.0% annualized returns over 19 years. |
| Oct 23 2024 | 2024 Q3 | CZBS, ENDI, FIEB, IQV, PCHM, PDRX, PROM, ROYTL, SODI | concentrated, Expert Market, Microcap, OTC, value | - | Cedar Creek's microcap value strategy delivered flat Q3 performance but maintains 14.1% annualized returns over 18 years. Portfolio trades at 8x forward earnings with 28% expert market exposure driving current underperformance. Manager sees attractive opportunities across concentrated holdings including overcapitalized bank Citizens Bancshares and growing asset manager ENDI Corp, maintaining low cash and patient capital approach. |
| Jul 30 2024 | 2024 Q2 | CZBS, ENDI, FIEB, IQV, LNF.TO, MFBP, PCHM, PDRX, PROM, ROYTL, SODI | Community Banks, Expert Market, Microcap, OTC, value |
FIEB ENDI PCHM PROM ROYTL CZBS |
Cedar Creek Partners targets deeply undervalued microcap stocks, particularly expert market securities and community banks. The concentrated portfolio trades at 8x forward earnings with strong long-term performance of 14.4% annualized returns over 18 years. Recent moves include exiting poorly managed M&F Bancorp while maintaining positions in attractively valued banks and specialty companies. |
| May 20 2024 | 2024 Q1 | CZBS, ENDI, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI | Asset Management, Banking, energy, Microcap, OTC, value | ENDI | Cedar Creek's microcap value strategy delivered 2.4% in Q1 while deploying cash into undervalued OTC securities. Key holding ENDI Corp surged 60%+ as the asset manager expanded AUM to $2.9 billion. Portfolio trades at 7.9x forward earnings with expert market exposure at 28%. Long-term track record of 14.4% annualized returns validates patient approach to concentrated microcap investing. |
| Jan 23 2024 | 2023 Q4 | CZBS, HRBR, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI, UBAB, UNTC | Banking, Concentration, Microcap, OTC, undervalued, value |
PROM SODI PDRX CZBS UBAB SKAS |
Cedar Creek Partners delivered 20.3% returns in 2023 through concentrated microcap value investing. The fund trades at 7.9x forward earnings with significant exposure to illiquid expert market securities. Key holdings include failed merger arbitrage Propel Media and undervalued ECIP banks. Manager maintains optimism despite some disappointments, seeing abundant opportunities in undervalued small-cap securities. |
| Dec 10 2023 | 2023 Q3 | - | Concentration, Fundamental Analysis, Intrinsic Value, small caps, value | - | Cedar Creek Partners runs a concentrated value strategy targeting smaller companies trading below intrinsic value. The fund takes large positions in best ideas rather than diversifying equally, maintaining 68% in top five holdings. Manager focuses on fundamental analysis and security selection over market timing, building cash when opportunities are scarce. |
| Jul 21 2023 | 2023 Q2 | CZBS, FIEB, IQV, MFBP, PDRX, PROM, ROYTL, SODI | Banking, Expert Market, M&A, Microcap, value | PROM | Cedar Creek Partners deploys concentrated microcap value strategy, finding exceptional opportunities in expert market securities trading at 5x earnings. Major position in Propel Media acquisition target could generate 50% fund returns if IQVIA deal closes. Strong long-term track record of 14% annualized returns over 17 years through disciplined value investing in illiquid small-cap situations. |
| Apr 25 2023 | 2023 Q1 | BMTX, CZBS, MFBP, PDRX, ROYTL, SODI, TMUS | Community Banks, concentrated, Expert Market, Microcap, value | - | Microcap value fund targeting businesses below intrinsic value, particularly community banks with Emergency Capital Investment Program funding and expert market securities. Portfolio trades at 5.1x forward earnings with 27% expert market exposure. Strong long-term track record of 14.4% annualized returns through concentrated positioning in undervalued, cash-rich businesses with regulatory tailwinds. |
| Jan 20 2023 | 2022 Q4 | CZBS, MFBP, MGAG, PDRX, ROYTL, SODI | - | - | |
| Oct 20 2022 | 2022 Q3 | BFCC, BMTX, CZBS, FSWA, HRBR, MFBP, PDRX, RBCN, ROYTL | - | - | |
| Jul 28 2022 | 2022 Q2 | BMTX, HRBR, NNUP, ROYTL, WCRS | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Community BanksFund has built a basket of attractively priced community banks representing 16% of the portfolio. Holdings include Steele Bancorp trading at 5x cash earnings, Skyline Bankshares at 6x earnings, and River Financial at 7x earnings. Nearly all are modestly growing and trading at less than six times earnings, believed to be attractive acquisition candidates. |
Regional Banks Value Small Caps Consolidation Earnings |
Defense SpendingSolitron Devices has defense/aerospace exposure to increased production of HIMARS launchers, AMRAAM missiles, and Standard Missiles 2, 3 and 6. The President's defense reconciliation proposal asks for $350 billion including multi-year procurement for critical munitions, which could be significant for the company's growth prospects. |
Defense Ammunition Government Aerospace Growth | |
| 2025 Q4 |
AIAI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. Manager believes incumbent software firms with domain expertise and proprietary data are better positioned than AI-native startups to capture long-term benefits from AI integration. |
Artificial Intelligence Software Automation Technology |
SoftwareSoftware sector treated as monolith awaiting AI disruption, but manager sees meaningful distinctions between companies. Dominant vertical software platforms that successfully integrate AI can thrive and fend off new entrants, with incumbents having structural advantages through engineering talent and proprietary systems. |
Enterprise Software SaaS Technology Vertical Software | |
ValueManager emphasizes value-oriented special situations approach amid market volatility. Notes irony that software holdings are cheaper than traditional value industrial exposure, highlighting disconnect between fundamentals and market perception in current environment. |
Value Investing Special Situations Contrarian | |
HotelsChoice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiples due to cyclical headwinds. Company shifting toward higher-revenue segments like Extended Stay and international markets, with potential for significant capital unlock and share buybacks. |
Hospitality Franchising Real Estate Travel | |
| 2025 Q3 |
Community BanksThe fund is particularly attracted to smaller community banks trading at 5-6 times forward earnings estimates. These banks are similar to Skyline Bankshares, featuring growing earnings and extremely low valuations. The manager sees significant value in this sector with banks trading at under six times earnings despite strong fundamentals. |
Banking Valuation Earnings Small Caps Value |
DefenseSolitron Devices has seen material uptick in defense orders, including large orders for HIMARS components from L3Harris and AMRAAM components from RTX. The company's bookings have significantly exceeded sales in recent quarters, with strong momentum in defense spending driving growth. |
Defense Spending Aerospace Components Government Orders | |
ValueThe fund's holdings trade at incredibly attractive valuations - 7.7 times estimated forward earnings and 6.2 times earnings net of cash as of September 30. The manager emphasizes finding undervalued securities with strong fundamentals trading at significant discounts to intrinsic value. |
Valuation Earnings Undervalued Price-to-Book Multiples | |
| 2025 Q2 |
Defense SpendingSolitron Devices received significant defense orders including $5+ million from RTX for AMRAAM components and orders from L3Harris for HIMARS components. Strong domestic and foreign demand continues for both HIMARS and AMRAAM systems. Military has submitted unfunded priorities list for doubling AMRAAM production by 2028. |
HIMARS AMRAAM RTX L3Harris Missiles |
Asset ManagersENDI Corp owns CrossingBridge Advisors which grew assets under management over 30% in 2024 from $2.6 billion to $3.4 billion, reaching over $4.0 billion by June 2025. The fund invested in CBE LLC which purchased 25% of CrossingBridge for $25.9 million, structured as a revenue royalty yielding approximately 11%. |
AUM CrossingBridge Revenue Growth Royalty | |
Small CapsCedar Creek focuses primarily on microcap stocks and over-the-counter stocks in particular. Fund holdings were trading at 8.4 times estimated forward earnings and 6.8 times earnings net of cash. Weighted price-to-book was 1.6 with dividend yield of 2.5%. |
Microcap OTC Valuation Earnings Book | |
| 2025 Q1 |
Small CapsCedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with fund holdings trading at attractive valuations of 8.0 times forward earnings and 6.6 times earnings net of cash. The fund significantly outperformed small cap indices in Q1, with expert market exposure at 35% of the fund generating strong returns. |
Microcap OTC Valuation Expert Market Small Cap |
ValueFund holdings demonstrate compelling value characteristics with weighted price-to-book of 1.5, dividend yield of 3.4%, and expected return on equity of 18.5%. The manager emphasizes purchasing undervalued securities at attractive multiples, with several positions trading at significant discounts to intrinsic value estimates. |
Undervalued Price-to-Book Dividend Yield ROE Multiples | |
Community BanksThe fund holds multiple community bank positions including Citizens Bancshares, First IC, and Skyline Bankshares. These banks offer attractive valuations with Citizens trading at seven times earnings despite being massively overcapitalized, and Skyline purchased at just over five times earnings with 4% dividend yield. |
Regional Banks Overcapitalized Merger ECIP Dividends | |
DefenseSolitron Devices, where the manager serves as CEO, received significant defense orders including $8.9 million in Q4 bookings with major contracts from L3Harris for HIMARS components and RTX for AMRAAM missile parts. The company's backlog increased to $18.1 million, reflecting strong defense spending trends. |
Defense Spending HIMARS AMRAAM Missiles Backlog | |
| 2024 Q4 |
DefenseSolitron Devices received record bookings of $8 million in Q3, driven by HIMARS and AMRAAM programs. Production capacity for HIMARS doubled to 96 units in 2024 and is running at maximum capacity due to Ukraine demand. AMRAAM production increased 50% to 1,200 missiles annually with over 3,300 foreign orders in the past 12-15 months. |
HIMARS AMRAAM Defense Electronics Missile Systems Ukraine |
BuybacksWestern Capital Resources reduced share count from 9.1 million to 6.0 million shares through strategic buybacks and LLC interest purchases. Citizens Bancshares reduced share count by 10% over two years from 2.0 million to 1.8 million shares while maintaining dividend payments. |
Share Repurchases Capital Return Share Count Reduction | |
DividendsPardee Resources paid a $25 per share special dividend in December 2024, continuing a pattern of large year-end special dividends ($15 in 2021, $20 in 2022, $15 in 2023). The company also maintains a regular quarterly dividend of $1.80 per share. |
Special Dividends Regular Dividends Cash Distribution | |
| 2024 Q3 |
ValueFund holdings trading at 8 times estimated forward earnings and 6.5 times earnings net of cash, with weighted price-to-book of 1.3. Manager emphasizes finding undervalued securities through concentrated portfolio approach versus broad index holdings. |
Undervalued Price-to-book Earnings multiple Concentrated Mispriced |
Small CapsCedar Creek focuses primarily on microcap stocks and over-the-counter stocks in particular. Fund compares performance against Russell MicroCap index and emphasizes superior returns in this space over 18+ year history. |
Microcap OTC Russell MicroCap Small companies Illiquid | |
| 2024 Q2 |
Community BanksThe fund holds multiple community bank positions including First IC Corporation, Citizens Bancshares, and exited M&F Bancorp. These banks offer attractive valuations with strong fundamentals, though management quality varies significantly across holdings. |
SBA Loans Dividends Efficiency Ratio Book Value ECIP |
ValuePortfolio trades at 8 times forward earnings and 6.5 times earnings net of cash, with weighted price-to-book of 1.7. Manager emphasizes finding undervalued securities trading at significant discounts to intrinsic value estimates. |
Earnings Multiple Price-to-Book Intrinsic Value Discount ROE | |
| 2024 Q1 |
Small CapsCedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with fund holdings trading at attractive valuations of 7.9 times estimated forward earnings. The manager notes that smaller companies lagged in Q1 with Russell 2000 up 5.2% and Russell MicroCap up 4.7%, while Cedar Creek's microcap focus delivered 2.4% returns. |
Microcap OTC Russell 2000 Small Cap Valuations |
ValueThe fund's holdings demonstrate classic value characteristics with weighted price-to-book of 1.6, dividend yield of 1.7%, and expected return on equity of 20%. Manager emphasizes finding under-valued securities trading at significant discounts to intrinsic value, exemplified by positions like ENDI Corp trading at two times earnings net of cash. |
Price-to-book Dividend Yield ROE Undervalued Intrinsic Value | |
| 2023 Q4 |
ValueFund holdings trading at 7.9 times forward earnings and 6.4 times earnings net of cash, with weighted price to book of 1.7. Manager emphasizes purchasing undervalued securities at attractive multiples with strong balance sheets and cash positions. |
Undervalued Multiples Book Value Cash Balance Sheet |
Small CapsCedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with significant exposure to expert market securities. Portfolio concentrated in small, illiquid companies with market caps under $200 million. |
Microcap OTC Expert Market Illiquid Concentration | |
Community BanksMultiple ECIP recipient banks in portfolio including Citizens Bancshares and United Bancorporation of Alabama. Manager sees value in banks that received government capital and can deploy it effectively while returning capital to shareholders. |
ECIP Capital Return Dividends Share Repurchases Government Capital | |
| 2023 Q3 |
ValueThe fund applies fundamental value investing principles, seeking securities trading at a discount to intrinsic value. The manager emphasizes finding smaller companies with solid management teams that can grow intrinsic value over time, believing this creates potential for superior returns. |
Intrinsic Value Undervalued Fundamental Analysis Small Companies Management Quality |
| 2023 Q2 |
Community BanksManager holds multiple community bank positions including Citizens Bancshares and M&F Bancorp, both recipients of Emergency Capital Investment Program funds. These banks trade at attractive valuations with potential for earnings growth through strategic acquisitions or organic expansion. |
ECIP Banking Capital Lending Deposits |
ValuePortfolio holdings trade at extremely attractive valuations with fund average of 5.0 times forward earnings and 4.0 times earnings net of cash. Manager emphasizes finding undervalued securities trading below intrinsic value. |
Undervalued Earnings Book Value Multiples | |
Small CapsFund focuses primarily on microcap stocks and over-the-counter securities, seeking concentrated positions in smaller companies with attractive risk-adjusted returns compared to passive benchmarks. |
Microcap OTC Concentration Outperformance | |
| 2023 Q1 |
Community BanksFund holds multiple community bank positions including Citizens Bancshares and M&F Bancorp, both recipients of Emergency Capital Investment Program funds. These banks are trading at attractive multiples with potential for earnings growth through acquisitions or organic expansion. |
ECIP Banking Acquisitions Deposits Earnings |
ValuePortfolio holdings trade at extremely attractive valuations with fund average of 5.1x forward earnings and 4x earnings net of cash. Manager emphasizes buying below book value and finding businesses trading below cash and receivables minus liabilities. |
Valuation Earnings Book Value Cash Undervalued |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | EXCE | Exco Resources | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | Dubai Financial Market | energy, Expert Market, Fairfax Backing, natural gas, Onshore Production, PV-10 Valuation, Value | Login |
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | PHIG | PHI Group | Capital Markets | Airlines | Bull | Dubai Financial Market | air medical, Bankruptcy Recovery, Expert Market, First Pacific Advisors, helicopter services, Oaktree, Oil & Gas Services, turnaround | Login |
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | HRBR | Harbor Diversified | Airlines | Airlines | Bull | Dubai Financial Market | Air Wisconsin, Asset Sale, capital return, cash-rich, Expert Market, holding company, liquidation value, strategic alternatives | Login |
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | SODI | Solitron Devices | Semiconductor Equipment & Materials | Electronic Equipment & Instruments | Bull | - | Aerospace, Amraam, Control Position, defense electronics, Defense spending, Himars, Standard Missiles, strategic alternatives | Login |
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | ENDI | ENDI Corp | Asset Management | Asset Management & Custody Banks | Bull | - | asset management, AUM growth, cash-rich, CrossingBridge Advisors, fixed income, Interest rates, product launch | Login |
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | STLE | Steele Bancorp | Banks - Regional | Regional Banks | Bull | - | Bank Merger, Cash Earnings, community bank, Pennsylvania, Rural Banking, synergies, Value | Login |
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | SLBK | Skyline Bankshares | Banks - Regional | Regional Banks | Bull | - | Cash Earnings, community bank, Price Appreciation, regional banking, Value | Login |
| Apr 18, 2026 | Fund Letters | Cedar Creek Partners | RVRF | River Financial Corp | Banks - Regional | Regional Banks | Bull | - | Alabama, community bank, Direct Purchase, Large Assets, Local Ownership, Normalized Earnings, Securities Loss | Login |
| Jan 21, 2026 | Fund Letters | Tim Eriksen | MCBS | MetroCity Bankshares, Inc. | Financials | Banks | Neutral | NASDAQ | Deposits, loan growth, M&A, Regulation, valuation | Login |
| Jan 21, 2026 | Fund Letters | Tim Eriksen | PHIG | PHI Group, Inc. | Industrials | Airlines | Bull | Dubai Financial Market | Margins, Medevac, Net-Deleveraging, Offshore, Utilization | Login |
| Jan 21, 2026 | Fund Letters | Tim Eriksen | FLFG | Federal Life Group, Inc. | Financials | Life & Health Insurance | Bull | Dubai Financial Market | Insurance, Minority, profitability, Reinsurance, Takeout | Login |
| Jan 21, 2026 | Fund Letters | Tim Eriksen | EXCE | EXCO Resources, Inc. | Energy | Oil & Gas Exploration & Production | Bull | Dubai Financial Market | CapEx, cashflow, Hedging, Naturalgas, Reserves | Login |
| Jan 21, 2026 | Fund Letters | Tim Eriksen | SODI | Solitron Devices, Inc. | Information Technology | Electronic Components | Bull | Dubai Financial Market | backlog, Bookings, Defense, Programs, semiconductors | Login |
| Jan 21, 2026 | Fund Letters | Tim Eriksen | ENDI | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | Dubai Financial Market | Accounting, AUM, EBITDA, Fixedincome, Margins | Login |
| Jan 21, 2026 | Fund Letters | Tim Eriksen | SLBK | Skyline Bankshares, Inc. | Financials | Banks | Bull | Dubai Financial Market | Bookvalue, buybacks, Credit, Deposits, M&A | Login |
| Oct 21, 2025 | Fund Letters | Tim Eriksen | SODI | Solitron Devices Inc. | Information Technology | Aerospace & Defense | Bull | - | Amraam, backlog, Contracts, Defense, Himars, margin expansion, semiconductors | Login |
| Oct 21, 2025 | Fund Letters | Tim Eriksen | ENDI | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | - | asset management, AUM, fixed income, Liquidity, Margins, valuation | Login |
| Oct 21, 2025 | Fund Letters | Tim Eriksen | PHIG | PHI Group Inc. | Financials | Aerospace & Defense Services | Bull | Dubai Financial Market | Aviation, deleveraging, Margins, Oil & Gas, restructuring, turnaround | Login |
| Oct 21, 2025 | Fund Letters | Tim Eriksen | SODI | Solitron Devices Inc. | Information Technology | Aerospace & Defense | Bull | - | Amraam, backlog, Contracts, Defense, Himars, margin expansion, semiconductors | Login |
| Oct 21, 2025 | Fund Letters | Tim Eriksen | ENDI | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | - | asset management, AUM, fixed income, Liquidity, Margins, valuation | Login |
| Oct 21, 2025 | Fund Letters | Tim Eriksen | PHIG | PHI Group Inc. | Financials | Aerospace & Defense Services | Bull | Dubai Financial Market | Aviation, deleveraging, Margins, Oil & Gas, restructuring, turnaround | Login |
| Jul 23, 2025 | Fund Letters | Tim Eriksen | PROM | Propel Media Inc. | Energy | Interactive Media & Services | Bull | - | advertising, arbitrage, digital media, microcap, valuation | Login |
| Jul 23, 2025 | Fund Letters | Tim Eriksen | ENDI | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | - | asset management, AUM growth, cash flow, Margins, valuation | Login |
| Jul 23, 2025 | Fund Letters | Cedar Creek Partners | PROM | Propel Media | Communication Services | Interactive Media & Services | Bull | Expert Market | Asset-based lending, digital advertising, dividend, Expert Market, Failed M&A, Healthcare Marketing, programmatic advertising, Revenue Growth, Value | Login |
| Jul 23, 2025 | Fund Letters | Cedar Creek Partners | SODI | Solitron Devices | Information Technology | Electronic Equipment, Instruments & Components | Bull | OTC | Amraam, Control Position, Defense Contractor, Himars, Hypersonic Defense, L3Harris, missile systems, RTX, semiconductors, turnaround | Login |
| Jul 23, 2025 | Fund Letters | Cedar Creek Partners | PCHM | PharmChem | Health Care | Life Sciences Tools & Services | Bull | OTC | Chairman, Control Position, Drug Testing, M&A, Niche Healthcare, strategic sale, Sweat Patches, value creation | Login |
| Jul 23, 2025 | Fund Letters | Cedar Creek Partners | ENDI | ENDI Corp | Financials | Asset Management & Custody Banks | Bull | OTC | asset management, AUM growth, cash generation, fixed income, high yield, Interest rates, short-term bonds, Value | Login |
| Jul 30, 2024 | Fund Letters | Cedar Creek Partners | FIEB | First IC Corporation | Financials | Regional Banks | Bull | OTC Expert Market | community bank, dividend yield, Expert Market, Korean-American, regional banks, SBA lending, takeover target, Value | Login |
| Jul 30, 2024 | Fund Letters | Cedar Creek Partners | ENDI | ENDI Corp | Financials | Asset Management & Custody Banks | Bull | OTC | asset management, AUM growth, Execution, net cash, portfolio optimization, scalable business model, Value | Login |
| Jul 30, 2024 | Fund Letters | Cedar Creek Partners | PCHM | PharmChem | Health Care | Life Sciences Tools & Services | Bull | OTC | Control Position, Drug Testing, Life Sciences Tools, Medical devices, niche market, revenue diversification, Sweat Patches | Login |
| Jul 30, 2024 | Fund Letters | Cedar Creek Partners | PROM | Propel Media | Communication Services | Interactive Media & Services | Bull | OTC Expert Market | asymmetric risk-reward, digital marketing, dividend yield, Expert Market, Failed M&A, Special Situation, Value Disconnect | Login |
| Jul 30, 2024 | Fund Letters | Cedar Creek Partners | ROYTL | Pacific Coast Oil Trust | Energy | Oil & Gas Exploration & Production | Bull | OTC Expert Market | Asset Retirement Obligation, Cash Flow Yield, energy, Expert Market, liquidation value, Oil Trust, Royalty trust, Special Situation | Login |
| Jul 30, 2024 | Fund Letters | Cedar Creek Partners | CZBS | Citizens Bancshares | Financials | Regional Banks | Bull | OTC | Atlanta, community bank, ECIP Capital, Overcapitalized, regional banks, Share Buybacks, shareholder-friendly, Value | Login |
| May 5, 2024 | Fund Letters | Cedar Creek Partners | ENDI | ENDI Corp | Financials | Asset Management & Custody Banks | Bull | OTC | Acquisitions, asset management, AUM growth, cash generation, financial services, microcap, turnaround, Value | Login |
| Jan 22, 2024 | Fund Letters | Cedar Creek Partners | PROM | Propel Media | Communication Services | Interactive Media & Services | Bull | Expert Market | analytics, Asymmetric Risk, Dividend Paying, Expert Market, Failed Acquisition, Healthcare Data, turnaround, value unlocking | Login |
| Jan 22, 2024 | Fund Letters | Cedar Creek Partners | SODI | Solitron Devices | Information Technology | Electronic Equipment, Instruments & Components | Bull | OTC | acquisition, Adjusted Earnings, Electronic Components, Insider Management, Medical Industry, semiconductors, value creation | Login |
| Jan 22, 2024 | Fund Letters | Cedar Creek Partners | PDRX | PD-Rx Pharmaceuticals | Health Care | Pharmaceuticals | Neutral | Expert Market | balance sheet strength, cash-rich, Contract Loss, Expert Market, management issues, pharmaceuticals, turnaround potential | Login |
| Jan 22, 2024 | Fund Letters | Cedar Creek Partners | CZBS | Citizens Bancshares | Financials | Banks | Bull | OTC | Atlanta, banking, capital return, community bank, dividend yield, ECIP Capital, Share Buybacks, Value | Login |
| Jan 22, 2024 | Fund Letters | Cedar Creek Partners | UBAB | United Bancorporation of Alabama | Financials | Banks | Bull | OTC | Alabama, banking, capital deployment, Cheap Valuation, community bank, ECIP Capital, loan growth, preferred stock | Login |
| Jan 22, 2024 | Fund Letters | Cedar Creek Partners | SKAS | Saker Aviation | Industrials | Transportation Infrastructure | Bull | OTC | Asymmetric Risk, Aviation, cash-rich, Concession Agreement, liquidation value, Manhattan Heliport, Monopoly Asset, Transportation | Login |
| Jul 21, 2023 | Fund Letters | Cedar Creek Partners | PROM | Propel Media | Communication Services | Interactive Media & Services | Bull | Expert Market | adtech, DeepIntent, Expert Market, FTC Review, Healthcare Advertising, Illiquid Securities, Merger Arbitrage, programmatic advertising, Special Situation | Login |
| TICKER | COMMENTARY |
|---|---|
| SODI | the bid price for shares increased from $18.69 per share to $25.00 per share during the first quarter. As a reminder, the fund manager is CEO and a board member of Solitron. The fund owns 11% of Solitron's outstanding shares and the fund manager and his immediate family own 3%. In our 2025 year end letter we discussed the increasing backlog at Solitron. As a reminder Solitron has defense/aerospace exposure to increased production of HIMARS launchers, AMRAAM missiles, and Standard Missiles 2, 3 and 6. We noted that the increased backlog positions the company for increased revenue. On February 3, 2026, Solitron announced that it would be evaluating strategic alternatives after having received an unsolicited acquisition proposal that did not come to completion. |
| ENDI | we profiled ENDI in our 2024 first quarter letter. The share price declined during the first quarter from $16.75 per share to $15.00 per share. ENDI owns CrossingBridge Advisors, which manages fixed income mutual funds and a few managed accounts. Assets under management (AUM) for CrossingBridge grew over 19% in 2025 and 30% in 2024. While AUM was flat in Q4 and up modestly in Q1 of 2026, we think the current interest rate environment is fairly attractive for short term bonds versus money markets. ENDI has approximately 6.67 million shares outstanding, resulting in a market cap of ~$100 million. Cash and investments were $55 million as of December 2025, and the only debt was a $10 million note. Adjusted EBITDA for 2025 was $11 million. |
| STLE | In the last few months, we have built a position in Steele Bancorp (otc: STLE). Steele is the product of a merger of two rural Pennsylvania banks – Mifflinburg Bancorp and Northumberland Bancorp. Assets are $1.26 billion. Equity is $118 million. Steele has only reported two quarters of results since the merger, but the synergies are impressive. When we back out the bargain purchase gain adjustment in Q4 and the related merger expenses, the bank earned $1.54 per share using a 17% tax rate (their actual rate was far lower). In addition, intangible amortization was $0.20 per share, thus adjusted cash earnings were ~$1.74 per share, or $7 per share annualized. The bank trades at $36 or just five times its current cash earnings run rate. |
| SLBK | We profiled Skyline Bankshares (otc: SLBK) in our Q1 2025 letter. We built a position a year ago at under $13 per share and it closed Q1 at $21.75 per share. It still trades at just six times our estimate of cash earnings for 2026. |
| RVRF | River Financial Corp. (otc: RVRF) is based in Alabama. Most shares are locally owned and we purchased most of our position directly through the bank in October at just over $33 per share. We took out all the sellers. Shares can be challenging to buy through certain brokers. We could not buy in our Schwab account for some reason. River Financial has nearly $4 billion in assets and $300 million in equity. 2025 earnings per share were $5.43, but that doesn't show the true earnings level. In 2025 they sold some of their securities portfolio which incurred a loss of $10.1 million. Since reported pre-tax income was $54.6 million, earnings were reduced by roughly 20%. Excluding the loss, earnings would have been about $6.50 per share. We calculate adjusted Q4 at $1.71 per share, or $6.85 annualized. The share price has risen recently to $46.50 per share, or about 7 times earnings. |
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